The Business Executive Magazine - Issue No. 89

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....Custodians of Corporate Ghana

StrMatoevgiincgally

GBeHyondNaAid

H.E. (NPraensiadeAndt odfothDeaRnekpwubalhic Akufo-Addo

of Ghana)

InfluentrtaiianillbGfelahmzaeanrleas

Issue 89

STANDARD ACCURACY TIMELINESS GHANA ...................... Ghc25.00
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Best of Ghana 3

CONTENTS

COVER STORY SPECIAL REPORT ECONOMY BANKING

Nana Akufo-Addo: Africa:Expanding infra- IMF exit welcomed; but Ghana’s banking ecosystem
Strategically Moving structure to boost the world’s has Ghana really divorced transformed after reforms
‘Ghana Beyond Aid’ largest free trade bloc Bretton Woods?
Page 24 Page 26 Page 30
Page 13
FEMININE HALL OF FAME TOURISM EDUCATION
AGRICULTURE

Integrated pest management: Ghana Feminine Hall ‘Year of Return’: Ghana Christian Univer-
The best for producing quality of Fame A reunion to build bridges across sity College trains trans-
Page 01 the Atlantic formational leaders
vegetables Page 34 Page 44
GLOBAL ECONOMY Page 40
DIPLOMACY
GLOBAL ECONOMY ICT

Ghana-China relations US-China trade war to cost Trade wars could ship- How Companies Can
deepening for mutual US$455 billion in lost wreck global economy-top Use Instagram to Sell
output - IMF
benefits Page 48 banker Products
Page 46 Page 49 Page 51

SPORTS The Business Executive Limited SUBSCRIBE
P.O.Box 892, Odokor - Accra NOW
Africa: Making Sports a [email protected]
Business and Brand [email protected]
Page 54 Location: 220 King Tackie Road,
Mile 7 Achimota, Accra
+(233) 302-431608
+(233) 248-135645

4 The Business Executive

EDITORIAL

CEO/DIRECTOR, WEST AFRICA In the era of ‘Ghana Beyond Aid’:

Paulette Kporo Headquarter AfCFTA
Secretariat to speed up
MANAGING DIRECTOR integration

Friday Billy No economist or development expert can controvert the fact that effective economic
integration will speed up the development of Africa – the claimed goal of every government
EDITOR of each state of the 55-member African Union (AU).

Ayuure Kapini Atafori In pursuit of development, all post-independent governments have tried to integrate the economies
of their respective countries. The knotty and naughty tackle has been these countries’ inability to
CONSULTING EDITOR integrate.

Toma Imirhe It all started with the groups which emerged before the founding of the Organization of African
Unity (OAU), now known as AU. On 6th March, 1957 when Prime Minister Kwame Nkrumah declared
FOREIGN NEWS EDITOR the British Gold Coast colony independent and to be known as Ghana, the first colony south of the
Sahara to attain self-determination, he was forthright with the new country’s integrative approach
Robert Kofi in Africa. “The independence of Ghana is meaningless until it is linked with the total liberation of the
African continent.”
FOREIGN CORRESPONDENT
In April 1958, Premier Nkrumah convened the Conference of Independent African States. He followed
Ibrahim Alhassani that up with the All-African Peoples Conference in December of the same year, in an attempt to
decolonize some colonies, unite them and chart a course of paradigmatic development.
AFRICA CORRESPONDENT
Similar seminal integrative groups such as the Ghana-Guinea Union, and later the Ghana-Guinea-
Portia Matlombe Mali Union, Casablanca Group and Monrovia Group, East African Federation and such other
formations evolved. These varied manifestations finally coalesced to form the OAU on 25th May, 1963
FOREIGN BUSINESS DIRECTOR in Addis Ababa, where the Pan-African body is headquartered. One of the cardinal objectives of the
OAU, which it had failed to fulfill, was to achieve the economic integration of Africa.
Paul Francois
After several decades of inertia with regard to economic integration, the OAU was transformed into
MARKETING MANAGER the AU to accelerate the integrative process. Though still challenged with lack of political will and
resources like its predecessor, the AU has made some headway. As far as integration is concerned,
Benjamin Henaku the latest success story of the AU, despite the reservations and skepticism of critics, is the conception
of the African Continental Free Trade Area (AfCFTA) and the roadmap for its implementation. The
HEAD, BUSINESS DEVELOPMENT AfCFTA, the world’s largest free trade enclave, formally took off at the AU summit in Niamey, Niger,
on 5th July, 2019 (See page 24 for details on AfCFTA).
Utche Okwuosah
In the era of ‘Ghana Beyond Aid’ and the ‘Year of Return, 2019’ (Read pages 14 and 40 for more
CIRCULATION & SUBSCRIPTION information on them), fortune smiled on Ghana when she was selected at the Niamey summit to
host the headquarters of the AfCFTA Secretariat. Besides its past Pan-African commitment and
Edmund Boateng credentials, perhaps, the country was rewarded for being the first to ratify the AfCFTA agreement.
Abdul Salam Allotey That is a celebratory development to Ghana: Headquartering will make the country the new econo-
commercial-trading heartland of Africa, the continental investments center, among others.
ADMIN / PRO
The AfCFTA Headquarters may also attract major international financial houses to locate or relocate
Tracy Billy in Ghana. International corporate bodies in Africa are likely to consider Ghana as their destination
of choice for business. With the AfCFTA headquarters in Accra, jobs will certainly be created for
EVENTS MANAGER Ghanaians.

Pearl Hanson Our concern is not the benefits that headquartering the Secretariat will give to Ghana. The gravamen
of our concern is how the country can use its status as the AfCFTA headquarters to speed up the
EVENTS/SALES EXECUTIVES economic integration that the new free trade area is intended to do.

Theresa Ayesu Ghana is capable of leveraging on its status to fast track the achievement of the goals of the
Joyce Asare AfCFTA. It is, therefore, heartwarming that the government decided to contribute US$5 million to the
Shine Amegashie AU for setting up the Secretariat. Ghana’s public and private sectors are being prepared to take
Eunice Abuuk advantage of the opportunities that the AfCFTA will offer when it is fully implemented in July 2020. But
how is the government nurturing these sectors to push the integration agenda forward?
DESIGN & PRODUCTION MANAGER
The Business Executive Ltd., the publishers of this magazine, are complementing the efforts of the
Daniel Sackey Yobo government with the hosting of the Africa Business Executive Excellence Conference and Awards
in November 2019 in Accra on the theme ‘Africa Free Trade Area: Understanding its Impact and
IT/SOCIAL MEDIA Benefits in a Competitive Global Trading System.’

Emmanuel Bedzo We are also giving the ‘Ghana Beyond Aid’ agenda of the government a supportive boost with a
series of Special Supplements which begins in this edition of The Business Executive (Refer to pages 14
INTERNS and 17). Lastly, we entreat our readers to enjoy the well-packaged interesting profiles of the Ghana
Feminine Hall of Fame nominees (Starting on page 01).
Abigail Nyamekye
Mabel Ohenewaa Bremang [email protected]
Joy Agyeiwaa Adjei
Vanessa Boakye-Dankwa
A. Naa Deedei Ammah

The Business Executive 5

TESTIMONIAL

6 The Business Executive

TESTIMONIAL

The Business Executive 7

The Business Executive

WEST Africa BRIEFS

GHANA Energy Minister asked to Ghana, Cote d’Ivoire to
meet IPPs over $700 million pay 70% of floor price to
debt cocoa farmers

Tourism minister launches The Energy Minister, John Peter Amewu, has
‘Year of Return’ cloth been directed by the NPP government to
engage the six Independent Power Producers
(IPPs) threatening to shut down their plants
over debts owed them. The IPPs said Power
Distribution Services (PDS) owes them over
$700 million. They warned that they will be
forced to shut down their plants that supply
the country 1,500 megawatts of electricity if
the payments are not made.

Ghana and Cote d’Ivoire will pay a
minimum of seventy percent of the
agreed floor price to cocoa farmers in
both countries. By this, the farmers are
expected to receive 1,820 dollars per
ton of cocoa beans sold when the floor
price is held constant at 2,600 dollars.

The Minister of Tourism, Arts and Culture, The Energy Minister, Hon. John Peter Amewu In addition, the farmers will be protected
Mrs. Barbara Oteng-Gyasi, has launched from any significant drop in prices on
the 2019 ‘Year of Return’ cloth in Accra Minister for Information Kojo Oppong the international world market. It follows
in July. Mrs Oteng-Gyasi unveiled the Nkrumah told the media that the government what the two countries have agreed
cloth at the third edition of the Ghana has asked Amewu to meet the managers of on as living income differentials for
Diaspora Celebration and Homecoming PDS and the IPPs immediately to find a way the producers of the cash crop. The
summit, 2019, which is part of activities around of the issue. “On Thursday night, this two countries at a meeting in Abidjan,
earmarked for the celebration of the matter came to our attention while we were capital of Cote d’Ivoire, on 3rdJuly, 2019
‘Year of Return’ in Accra. on Cabinet retreat to see how far we’ve and agreed on an additional 400 dollars
come in the first half of this year on the very per ton price fwor cocoa going forward.
She said since its launch, the ‘Year of many deliverables before government and This is to ensure that the minimum floor
Return’ had endorsed over 78 events the Energy Ministry was instructed to quickly price of 2,600 dollars per ton for the
for a year-long celebration and re-engage with PDS and the sector players commodity is achieved at any time.
commemoration. Mrs Oteng-Gyasi
added that the Ghana Diaspora The IPPs comprise Sunon-Asogli Power The CEO of COCOBOD, Joseph Boahen
celebration and home coming summit, (Ghana) Limited, BXC Solar Ghana, Cenit Aidoo, in a media engagement, said
one of the pillars of the ‘Year of Return’ Energy Limited, Cenpower Generation the move should improve the welfare
activities come at a time when the Company Limited and Karpowership Ghana of farmers. Aidoo explained that
potential landscape of opportunities in Company Limited, which are all members the Anglophone and Francophone
the country is growing. of the Chamber of Independent Power countries have initiated plans to set
Producers and Bulk Consumers (CIPDIB), a up a stabilization fund to cater for
She said in tourism, while the Ghanaian lobby group. extreme drop in prices of cocoa on the
Diaspora was an important part of international market. For the stabilization
inbound market, the key role the fund, an achieved price in excess of
Ghanaian Diaspora play in job creation 3,000 dollars for any production year will
across the tourism value chain cannot be channeled for further distribution in
be underestimated. “Many hotels, times of global price drop.
guesthouses, hostels, restaurants, sites
and attractions are either owned or GIPC signs MoU with strategic think-tank composed of officers
managed by the Ghanaian Diaspora.” Malta Enterprise to boost from both agencies and partnered
trade & investment stakeholders who will devise a three-year
She said in this ‘Year of return’ we are strategy which cover areas of mutual
keen to closely engage the second and The Ghana Investment Promotion interest.
third Ghanaian generation, the bulk of Centre (GIPC) signed a Memorandum
whom have never visited Ghana to look of Understanding (MoU) with Malta Yofi Grant, the CEO of GIPC, signed on
at Ghana as their holiday destination Enterprise, Malta’s economic behalf of GIPC while Micheal Grech,
and a country of new frontiers and development agency in charge of the Director of Malta Enterprise, signed
opportunities.” attracting new foreign direct investment on behalf of his agency, to collaborate
and facilitating the growth of existing in setting up regular information-sharing
operations, on 24th June, 2019. The mechanisms.
MoU empowers both parties to set up a

The Business Executive 9

WEST Africa BRIEFS Firm adopts Google
Flutter to build
NIGERIA Professionals to build productive apps for
world-class transport professionals
administration institute

ECOWAS to use ECO in The Chartered Institute of Transport Nigeria-based mobile app building
2020 Administration of Nigeria (CIOTA) is company, Weprototype Technologies,
to build a reputation as a world-class has adopted the Google Flutter
Leaders of the Economic Community institute by providing and advancing Software Development Kit and
of West African States (ECOWAS) top-notch study, training, certification App Prototyping technique to build
have adopted the name ECO for a and practice of transport management applications for senior professionals to
planned single currency to be used in and administration, and other related deliver entrepreneurial ambitions to the
the sub- region next year. matters. public.
The 15-member bloc announced this
at the end of the ECOWAS summit CIOTA articulated a strategic road The company, which disclosed this at a
in Abuja, Nigeria’s capital, in July map for its growth and development, press conference in Lagos, described
2019. Six member countries, namely following the recent enactment of the the Google Flutter as an open source
Gambia, Ghana, Guinea, Liberia, Act which establishes the Institute by mobile application development,
Nigeria and Sierra Leone will swap the Federal Government. Speaking at cross-platform framework that builds
their currencies for the ECO. Initially to its maiden news conference in Lagos in beautiful native apps for Android and
be launched in 2000, the date for the July 2019, CIOTA National President Dr. iOS users in record time. According
use of the ECO have been postponed Bashir Jamoh said the Institute would to the Chief Executive Officer of the
many times. expand the transportation practice company Mayowa Okegbenle, with
footprint across Nigeria by becoming the Flutter software, clients get beautiful
Eight ECOWAS countries, made up a reputable organization. Jamoh and fast apps in less time, adding that
of Benin, Burkina Faso, Guinea-Bissau, added that the six geo-political zones the payment plans offered are also
Cote d’Ivoire, Mali, Niger, Senegal and will be duly covered to lead specific convenient for a salary earner.
Togo currently use the CFA franc. transportation-related initiatives from the
ECOWAS will be liaising with the West roads in the East, to the North-Central Okegbenle explained that Weprototype
African Monetary Agency, West Africa where a lot of mining is presently going combines prototyping and Google
Monetary Institute and the respective on while in Lagos, the hub of the South- Flutter technology to build beautiful and
central banks to speed up the West, focus will be on pipelines, cable fast mobile apps that have a better
implementation of a new roadmap for transportation and aviation. chance of market success.
the proposed single currency.
Tokunbo Afikuyomi, an economic CIOTA intends to establish valuable NCC urges software,
analyst, stated that if implemented, partnerships and strategic alliances hardware providers to
people in the sub-region would be with all target stakeholders such as the obtain licenses
able to move and spend money Federal Ministry of Transport, and other
across different countries without related Ministries, Department and Nigerian Communications Commission (NCC) has
exchange costs. Afikuyomi said a Agencies (MDAs) in aviation, roads, rail, urged members of the Association of Handset,
single currency would only work maritime, pipelines, transport, labour and Hardware and Software Repairer of Nigeria
if all the countries involved were the National Union of Road Transport (AHHSRON) to register with relevant government
economically aligned, which is not the Workers (NURTW). Jamoh said CIOTA agencies and obtain operating licenses for their
current case. would continue to train professionals. businesses.
He advised the government and all
The African Development Bank Group, stakeholders to adopt and implement NCC, in a statement, said this was as a result of
in a report, said the 2020 deadline global best practices in transport investigations carried out by the zonal office, which
for the single currency will most likely administration. revealed the existence of such group in the South
be postponed again unless the sub- West zone of the country. It said the zonal office
region can align its monetary and then invited the leadership of the association to
fiscal policies. a formal meeting for discussions on the need to
collaborate towards effective governance of the
telecom sector.

Yomi Arowosafe, controller of Ibadan Zonal Office
of NCC, told members of the association that the
discussion had become necessary in keeping with
the spirit of the last item of the eight-point agenda
of the management of the commission, which
focuses on ensuring regulatory excellence and
operational efficiency.

10 The Business Executive

WEST Africa BRIEFS

GAMBIA Gov’t receives 50 tons of pre-existing macroeconomic weaknesses will
seed groundnuts be crucial for building a resilient economy
1st Annual Women in that promotes inclusive growth and reduces
Business Forum Launched The government has received 50 metric poverty, according to the update.
tons of shell groundnuts as seeds for
vulnerable farmers, as part of a Japanese The SLEU is an annual publication that
grant to Gambia. reports on and analyses recent economic
developments, reviews regional and global
According to officials, the groundnut contexts and analyses the implications for
seeds would be distributed to the country, and presents the medium-term
underprivileged farmers in the form of a outlook and prospects for the economy.
loan which they would be repaid in kind
at the end of the cropping season. According to the SLEU, the medium-term
Abba Sankareh, the Director of Agri- outlook is promising, with economic growth
business, said the groundnut seeds expected to reach 5.2 percent by 2021,
would be handed over to the Regional anchored primarily by supply side factors,
Agricultural Directorates which would including favourable agricultural output,
determine the underprivileged farmers in uptick in mining activities and strong
their regions, and give it to them as loan. performance of the services sector.
Groundnuts are one of the major cash
crops of Gambia. World Bank approves
US$40m grant to support
reforms

The Gambia Women’s Chamber of Sierra leone The World Bank has approved a US$40 million
Commerce (GWCC) has held its official International Development Association
launching and the 1st Annual Women Sierra Leone’s macroeconomic situation (IDA) grant to support key policy reforms in
in Business Forum, with the theme remains challenging despite bold policy order to promote sustainable and inclusive
‘Unleashing the Economic Potentials of measures adopted by the government, growth and build economic resilience in
Women Owned Businesses.’ says a new World Bank Economic Update the Sierra Leone.
country.
The Forum is meant to aggregate the The Second Productivity and Transparency
interest of women in terms of access The second edition of the Sierra Leone Support Grant (PTSG-II) supports ongoing
to finance and to establish dialogue Economic Update (SLEU) was recently reforms to enhance macroeconomic
among women leaders. GWCC’s vision launched by the World Bank in Freetown, stability, and increase productivity in
is to provide opportunities and visibility the country’s capital city. The SLEU stated agriculture and fisheries while promoting
for women in business. Its mission is that at 3.7 percent, growth is low; inflation transparency and accountability.
to educate, empower, mentor and and exchange rate depreciation are high at
promote women’s businesses as well as 16.8 and 11.8 percent respectively; the fiscal Beyond leveraging increased productivity
foster meaningful business relationships and current deficits are high (6.6 and 13.8 in the real sector, the program also supports
among members. percent, respectively); and increasing debt the strengthening of economic and political
has resulted in the country being downgraded governance which is focused on improving
Dr. Isatou Touray, the Vice President of from moderate to high risk of debt distress. government’s treasury management and
Gambia, said the Gambian economy is procurement; promoting transparency in
dominated by the informal sector, with World Bank Country Manager Dr. Gayle Martin mining sector contracts; and building an
women performing a key role since 80% effective asset disclosure system to fight
of the women are involved in trading, Unlocking the bottlenecks to robust and corruption and promote public sector
gardening, handicraft and artisanal sustained real economic growth through accountability.
trade. economic diversification and addressing
PTSG-II, the second in a programmatic
Naffie Barry, the President of GWCC, series of three operations to support the
said the Chamber has been an active implementation of the government’s
and constructive group that created priorities articulated in the National
networking and advocacy opportunities Development Plan, covers five policy
for its members and provided excellent areas, namely agriculture, energy and
role models for women in business. extractives, education, public financial
management (Treasure Single Account and
The Business Executive 11 e-procurement) and asset disclosure.

WEST Africa BRIEFS Finance company gets new
US$20m to support SMEs
LIBERIA

Central Bank launches economic
forum to create public awareness

The Central Bank of Liberia (CBL) has launched an economic forum Dr. Papa Kwesi Ndoum (5th from left), LEDFC and
to open public dialogue on topical domestic and global economic GN Bank representatives
issues. According to a press statement issued by the CBL, the event is
the first in a series of bi-monthly economic forums that will create public The Liberian Enterprise Development Finance
awareness among key CBL stakeholders on the economic policies of Company (LEDFC) has received another boost in
the government its efforts to support small and medium enterprises
in the country through a loan of US$20 million.
Hon. Nathaniel R. Patray, the CBL Executive Governor, launched
the forum and gave the keynote address. The theme of the maiden The signing ceremony of the loan agreement was
economic forum is: ‘Taking Stock of the Central Bank of Liberia’s chaired by Groupe Ndoum, a Ghanaian finance
Monetary Policy Regime and Operations over the Last Eighteen Years company operating in partnership with the
Overseas Private Investment Corporation (OPIC).
(2000 – 2018).’ OPIC is a self-sustaining U.S. government agency
that helps American business invest in emerging
Gov’t, foreign investors sign markets.
communique to invest

Andrew T. Forrest (seated, center), CEO of Forescue Mining The LEDFC, following a performance assessment
Company, and F. Musa Dean, Liberia’s Justice Minister, sign- of its operations by the OPIC, has won a chance
for the second time in row to receive US$20 million
ing the communique for lending. This was announced by Dr. Papa Kwesi
Ndoum, President and CEO of Groupe Ndoum,
Sheikh Ahmed Dolmook Al MakToum, member of the Royal family the parent company of LEDFC. According to Dr.
of Dubai, United Arab Emirates (UAE), and Andrew T. Forrest, CEO of Ndoum, the money would be used to lend to
Forescue Mining Company, which is reported to be the fourth largest Liberian-owned small and medium enterprises
mining company in the world, have signed a communique for the (SMEs) and it is hoped that an additional US$16
company to invest in Liberia. million would come from unnamed sources to
increase the lending pot to US$36 million.
Trokon Kpui, Minister of State without Portfolio, told newsmen that in
Monrovia that upon the arrival of the investors that the delegation is “It is because of OPIC the first US$20 million
interested in exploring investment opportunities in the country. came. This second US$20 million demonstrates,
on the part of OPIC, not just a common support
At the signing ceremonies held at President George M. Weah’s Villa, to the SMEs, but commitment to the revival of the
government officials from different ministries and agencies were seen Liberian economy,” he said. “OPIC helps American
engaging members of the delegation in discussions. Kpui said the Royal businesses gain footholds in new markets, catalyzes
Family member’s visit is in furtherance to President Weah’s visit to UAE. new revenues and contributes to jobs and growth
opportunities both at home and abroad,” Ndoum
added.

LEDFC is the only Central Bank of Liberia licensed
development finance company in the country and
is a member of Groupe Ndoum, a multinational
company that has investments in Liberia.

“I want to ensure that the young people have economic opportunities
and remain excited to assist Liberia develop its economy,” Forrest said.
He stated that he was prepared to do business with Liberia if given the
chance by the government.

12 The Business Executive

StrMatoevgiincgally

GBeHyondNaAid

H.E. Nana Addo
Dankwah Akufo-Addo

(President of the Republic of Ghana)

The Business Executive 7

c ov e r sto ry

Nana Akufo-Addo: Strategically
Moving Ghana Beyond Aid

L-R: H.E. Vice President Mahamudu Bawumia in a chat with President Akufo-Addo

“I believe in Ghana” was the mantra that ‘can do’ spirit fuelled by patriotism. The can create the Ghana our forefathers
Nana Addo Dankwa Akufo-Addo sang ‘Ghana Beyond Aid’ document sets envisaged, the current generation
when he was campaigning for power out the national plans and strategies for aspires to have, and our posterity will be
as the opposition leader. When Nana making the country self-reliant, without proud to inherit,” he said.
Akufo-Addo got power, he moved from depending on external financial and He added that the agenda of ‘Ghana
the mantra to action with the launch of material resources. Beyond Aid’ was essentially is to mobilize
the ‘Ghana Beyond Aid’ document. and conscientize Ghanaians “that no
“We must turn our back on the old one was going to come from anywhere
His vision of ‘Ghana Beyond Aid’ is to economy, and build a value-added, to develop Ghana for them other than
build a self-sufficient and prosperous industrialized economy with modernized Ghanaians themselves.”
nation governed according to the rule agriculture, which is neither victim nor
of law, respect for human rights and pawn of the world economic order. Before the formal launch of the
individual liberties and the principles of Our relations with the world must be ‘Ghana Beyond Aid’ charter, almost
democratic accountability. characterized by an increase in trade all governmental bodies, state-owned
and investment co-operation, not aid,” enterprises, semi-governmental entities
The document provides a roadmap he said. and some private sector companies
for Ghana to build an economically embraced the concept and re-
independent country which is Good work done strategized their policies, plans, programs
prosperous enough not to need aid, and and projects in line with its tents. Now
competitive enough to engage with President Akufo-Addo launched the that the document has been launched,
the rest of the world through trade and document at this year’s May Day parade every aspect of the operations of the
investment. It contains strategies on how at the Independence Square in Accra. Ministries, Departments and Agencies
the country’s resources can be harnessed “I wish to thank the ‘Ghana Beyond Aid’ (MDAs) seemed to be hinged on the
effectively and deployed creatively Committee for the good work done. ‘Ghana Beyond Aid’ agenda. When
and efficiently for rapid economic and ‘Ghana Beyond Aid’ is setting our nation receiving the charter at the Jubilee
social transformation. It also suggests on an irreversible pathway of prosperity. House in Accra, President Akufo-Addo
how Ghanaians can break from the With the blessing of the Almighty and our stressed that the document will “give
mentality of dependence and adopt a collective efforts, we will march boldly guidance to the work of all institutions of
from poverty to prosperity so that we

14 The Business Executive

c ov e r sto ry

state; the Executive, Legislature, Judiciary, social transformation. “This will require hard At a roundtable with selected Chief
across board and social institutions.” work, enterprise, creativity and a consistent Executive Officers of leading African and
The document, which was produced by fight against corruption in public life. It will international companies on the sideline
a 13-member committee constituted also require that we break from a mentality of the 5th Africa CEOs Forum in Geneva,
by the President in June last year, will of dependency and adopt a confident, Switzerland, on 20-21 March, 2017, President
be subjected to scrutiny and debate by can-do spirit, fuelled by love for our dear Akufo-Addo said: “We want to build a
Parliament, and adopted as a follow up to country,” he said. Ghana beyond aid; a Ghana which looks
the Co-ordinated Programme of Economic to the use of its own resources. We want to
and Social Development Policies. The Hon. Yaw Osafo-Marfo, Senior Minister build an economy that is not dependent
nation will then know in detail how we on charity and handouts, but an economy
intend to move Ghana to a situation The Senior Minister, according to a release that will look at the proper management of
beyond aid,” he had said earlier. When from his office, explained that ‘Ghana its resources as the way to engineer social
the blueprint gets to Parliament, it will Beyond Aid’ was aimed at creating a and economic growth in our country.”
certainly be vigorously dissected by the prosperous and self-confident country that
opposition given that debates in the House was in charge of its economic destiny, a Sule N. Jotie, a journalist who works with the
are often characterized by highly partisan “transformed Ghana that is prosperous Ministry of Information, believes that the
diatribe. Ghanaians await the government enough to be beyond needing aid and pronouncements of President Akufo-Addo
to submit the charter for dispassionate which engages competitively with the rest and his officials are not mere rhetoric, as the
and non-partisan public discussions and of the world through trade and investment.” New Patriotic Party (NPP) government has
constructively critical examination. He explained that the document was shown its readiness to build Ghana without
not a development plan but a call for a reliant on external aid. “Evidence on the
Multi-stakeholder committee paradigm shift through attitudinal and ground suggests that Government’s One
mindset change by all citizens of the District, One Factory project is encouraging
The multi-stakeholder committee consisted country. He argued that ‘Ghana Beyond investment across the length and breadth
of representatives of the Ghana Trades Aid’ was not a rejection of foreign aid. He of Ghana, a positive sign of the beginnings
Union Congress (TUC), Association of pointed out that “we should determine of value addition to the country’s resources
Ghana Industries (AGI), Private Enterprises what the aid should be used for in order to to move the economy from one reliant on
Federation (PEF), Ghana National benefit our people.” production and export of raw material to
Association of Teachers (GNAT), Ghana a value-added industrialised economy,”
National Chamber of Commerce and Not dependent on charity and handouts Jotie claims.
Industries (GNCCI), National Union of In a Reuters interview in May 2018, Finance
Ghana Students (NUGS) and selected Minister Ken Ofori-Atta emphasized that Ghana’s bilateral and multilateral
ministries. The ‘Ghana Beyond Aid’ “‘Ghana Beyond Aid’ for foreign investors development partners have also jumped
Committee had created sub-committees should be seen as a strategy to create unto the ‘Ghana beyond Aid’ bandwagon.
which included agricultural modernisation, irreversibility and new policies because Country Director of World Bank Henry
finance and economy; private sector it’s going to be a narrative that is shared Kerali said an empowered and energized
development; values and attitudinal by the country, and therefore investors independent media which informs and
change; labour and employment; are assured of the principles on which we educates the public to make informed
infrastructure; human development; and are going to develop, what we call, a choices to propel the growth of Ghana was
publicity and pubic engagement. The sub- ‘WISE’ society.” With the “WISE” society, needed for the success of ‘Ghana Beyond
committees were mandated to develop representing ‘Ghana Beyond Aid,’ it Aid.’ Kerali said the ‘Ghana Beyond Aid’
ideas and structures that would help build “means taking into account the entire agenda was in line with the World Bank’s
the strategy document. Position papers wealth of society, taking advantage of all mission to end extreme poverty. He was
and contributions were solicited from the our resources and rights so that we bring speaking at the launch of the Institute of
public. wealth for an inclusive society,” Ofori-Atta Financial and Economic Journalist (IFEJ)
said. Flamingo Awards for Business and Financial
Thirty institutions, including academia, Journalism in Accra on 17th July, 2018.
the research community, civil society
organizations (CSOs), professional bodies, The first step in the implementation of the
among others, were invited to present ‘Ghana Beyond Aid’ agenda went wrong.
papers, with 22 of them responding. Each Critics took the government on for using a
Ministry submitted input to the outline of photograph from Kenya on the cover page
what could be done to support President of the strategy document. In a statement
Akufo-Addo’s ‘Ghana Beyond Aid’ vision. issued on 31st May, 2019, Dr. Eric Yeboah,
Also, voluntary contributions of papers and secretary of the committee, apologized for
ideas from Ghanaians, both at home and the mismatch. “It has come to the attention
abroad, were tendered to the committee of the Ghana Beyond Aid Committee that
headed by Yaw Osafo-Marfo, the Senior the commissioned photograph of the
Minister. cover of the ‘Ghana Beyond Aid Strategy
Document’ … emanates from Kenya,” Dr.
Speaking at a meeting in May 2019 to Yeboah admitted.
brief members of the Council of State
on the Ghana Beyond Aid Charter and (Read the series on ‘Ghana Beyond Aid’ in the
Strategy Document, Osafo-Maafo stated next edition of this magazine).
that for the vision to be actualized, the
country needs to harness its own resources
effectively and deploy them creatively
and efficiently for rapid economic and

The Business Executive 15

CONTACT

Yasmine Ivy Wereh

Plot 40 Haatso Junction
Tel: +233246855979 | +233208780888 | +233 302547983

www.cafemagnifico.com | [email protected]
The Business Executive

c ov e r sto ry

Why Ghana must go
beyond aid

The turnaround in Ghana’s fortunes from economic mess in the early 1980s to a model for the African
renaissance by the mid-1990s, and now a leading emerging market economy, has been achieved largely
through the support of the international community in the form of development assistance. However, the
country’s circumstances have changed as has the attitude of its development partners towards it.
Now, the incumbent administration is seeking to make Ghana more self-reliant by weaning it off foreign
development assistance. TOMA IMIRHE examines why this is crucial and how the government intends
to achieve it. This article on ‘Ghana Beyond Aid’ is part of a series which will be continued in the subse-
quent editions of The Business Executive.

Since the beginning of Ghana’s Fourth Republic at the start Atta Mills government, also announced that it would strive
of 1993, every successive political administration has come for a ‘Better Ghana,’ a vision retained by its offshoot, the
up with a slogan meant to encompass its primary vision for President John Dramani Mahama administration.
the development of the country.
In the 1990s, the President Jerry John Rawlings All of these successive governments were guided by their
administration declared its vision of making the ‘Private respective visions, making varying degrees of headway
Sector the Engine of Growth.’ During the following towards fulfilling them but inevitably falling short of making
decade, its successor, the administration of President them concrete reality. The incumbent administration of
John Agyekum Kufuor proclaimed that it was ushering in a President Nana Addo Dankwa Akufo-Addo has unveiled
‘Golden Age of Business.’ Its successor, the President John its vision of ‘Ghana Beyond Aid.’

The Business Executive 17

c ov e r sto ry

This is, perhaps, the most arduous, complicated task taken Since then, that is what has happened and Ghana’s huge

up by an administration since the commencement of appetite for debt now has to be satisfied by commercial

the Fourth Republic. Development assistance has been lenders at much higher interest rates, with no chance

the pivot on which Ghana achieved its success and whatsoever of write-offs. A key strategy used by Ghana

became a leading emerging market economy. But the over the past 12 years has been to open up government’s

country’s circumstances are changing. Ghana’s success Cedi-denominated debt securities to foreign portfolio

has taken it into middle income status. So by the rules investors who hold nearly a third of the domestic debt

of the country’s development partners, the country no securities currently in issuance. This has enabled successive

longer needs such assistance in large quantum because governments to extend the tenor of the public debt.

it is now strong enough to chart its own course. There are Ghana now issues Cedi bonds of up to 15 years, whereas

a lot of other countries in and outside Africa which need prior to this change of policy the longest were for three

the development aid which is decreasing because global years. And now the first 20-year bond issuance has been

economic liberalization has brought with it a change in scheduled. It has also reduced commercial borrowing

doctrine from aid to trade as the path to economic growth cost since foreign investors have generally been willing to

and development for relatively poor countries. This makes accept lower coupon rates than their local counterparts.

the vision of ‘Ghana Beyond Aid’ most relevant at this time. Perhaps, it is most important for the government as this

Model for reform in Africa has enabled it attract foreign exchange debt financing

without the associated exchange rate risk which is borne

From when Ghana agreed to an International Monetary by the investors themselves.

Fund (IMF)-supervised Structural Adjustment (SAP) program

in 1984 which was supported by the World Bank, the But recent trends have illustrated, more than any before,

country served as a model for reform across Africa. Deep the reliance on foreign sources of financing. Since the

economic liberalization which involved the dismantling second quarter of 2018, foreign portfolio investors have

of one of Africa’s most centralized been disinvesting from Ghana’s

economies, followed by a transition from “ This is perhaps the most public Cedi debt, attracted
autocratic military rule to a multi-party arduous, complicated by rising yields in the Western
democracy and the restoration of social task taken on by any hemisphere. This has given
justice and the rule of law, created a administration since the government severe financing
potentially successful model for the rest commencement of the shortfalls and created foreign
of Africa to emulate. And the Western exchange supply worries
hemisphere’s rich economies partnered that have fuelled major Cedi

the IMF and the World Bank to make 4th Republic; simply put depreciation.

sure this potential was actualized. development assistance

By the late 1990s, up to a third of has been the platform Even more fundamentally,
Ghana’s spending was derived from on which Ghana has reduced foreign aid has
foreign aid in the form of project and built its success into had strong adverse effects
program grants and long-term loans becoming a leading on Ghana’s development
“
on concessionary terms from the emerging market course. In particular, capital

multinational institutions and sovereign economy. . expenditure on development
governments which were collectively projects and programs has

dubbed, development partners. The been cut heavily.

following decade, Ghana benefited

from two separate debt forgiveness

initiatives. First, the Heavily Indebted Poor Countries (HIPC) While the most recent rebasing of the economy has

initiative, and second, the Multi-Donor Debt Relief initiative created new fiscal space for further public borrowing

– which together wiped away more than half of Ghana’s (again from a statistical point of view rather than that

foreign debt from official sources, which made up mostly of of debt sustainability), it has also exposed the fact that

the country’s external debt. even as Ghana continues to borrow, its tax revenues are

significantly lower, when measured as a proportion of Gross

By the end of the decade, however, Ghana had Domestic Product, than those of its peers – about 12% for

consequently grown into a lower middle income country, Ghana as against an average of 22% for lower middle

a position further enhanced by its first ever rebasing of the income countries worldwide.

economy which resulted, at least statistically, in the size of

the economy expanding by half. Given the increasing debt and low revenues, the current

government’s ‘Ghana Beyond Aid’ vision aims to make

This meant Ghana was, henceforth, disqualified from much the country rely more on its own resources for its economic

of the concessionary lending and outright grants it had growth and development. The premise is that simple.

been benefitting from. Foreign bilateral lenders, having Implementing it though will be a difficult, complex task.

written off much of the monies they had given Ghana

previously, were only too happy to use this newfound status

of the country to refrain from providing new monies on old

terms and quickly declared their intention to change the

terms of engagement from aid to trade and investment.

Huge appetite for debt

18 The Business Executive

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The Business Executive

special SUPPLEMENT

GHANA BEYOND aid

GPHA INNOVATES AND
IMPROVES INFRASTRUCTURE TO SUPPORT
‘GHANA BEYOND AID’ AGENDA

The leading trade and logistics hub of West Africa

PORT OF
TAKORADI

Facilitating Trade
Creating Business Opportunities

he Ghana Ports and Harbor Authority (GPHA) is • GPHA Clinic-Tema

sident Nana Addo Dankwa makes it possible for the storage of all types ofimplementing expansion projects that will bring about • GPHA Hospital-Takoradi

improvement and innovation in port management, • International Maritime Hospital-Tema

o cut the Tsod for the Takoradi commodities like Flour, Sugar, Rice, Wheat,handling of cargo and general business in order
project, satoysiunppgortththee ignovietrinamteinvt’se‘Gwhaanas BeyoFnderAtiidl’izersTe,mDa Paornt-ThgeeCroontauinser HCubaorf gWeost andAfrica: Vehicles.
The Port of Tema which was built in 1962 is the largest of
Ghana’s two main ports and handles about 80% of Ghana’s
seaborne trade. The port covers a land area of 3.9 million
square metres and is flanked by an industrial city. It is fast
developmental agenda.

efforts to modernise its portThe Authority manages and operates the sea ports of

r to step ahead of its Off-Dock Terminals:Ghana and various business units in collaboration with a
number of private service providers in the areas of vessel

he West African sub-region. The To further boost container traffic throughandling, stevedoring, transfer, storage, receipt and
emerging as a regional hub for West Africa.
Capacity:
delivery of containerized and general cargo. Others are

as seen over US$370 the Port, GPHA in partnership with Ibistesafety, security and conservancy services.

The Business Units are:

injection to upgrade and hTaesrmincoanl -sTtrAuCctOedTELthtoeopeTraaktoeraandui ltrCa-omnotadienrePort of Tema
ities. The port is also actively• Port of Takoradi

Inland Container Depot (ICD). The 87,000sqm• Tema and Takoradi Fishing Harbours
ke advantage of the growing• Tema Shipyard and Drydock
ustry. It will also become the facility is 6km away from the Port and ca• The Authority’s Transit Sahelien Liaison Office in
The port has the capacity to handle all types of vessels
and a range of commodities including dry and liquid bulk,
containers, vehicles and breakbulk. There are 18 berths
with draughts ranging from 8.0 metres to 11.4 metres.
The almost-complete new terminal will have 16.0 meters
draught capable of handling some of the largest vessels in
operation.

Burkina Faso. accommodate 7,500 TEUs and will be linke

or for the proposed Takoradi by both rail and road to the Port termina
20furniTshheeBdusinwesistEhxeccuutivteting edge technology an
nal.
ed Port, it is serviced by all the

special SUPPLEMENT

GHANA BEYOND aid

Expansion: Port of Takoradi- Facilitating Trade –

The goal is to transform Tema Port into a leading container Creating Business Opportunities:
hub and a beacon of trade and industry in West Africa.
The current port expansion project, under a public-private Recently, President Nana Addo Dankwa Akufo-Addo cut
partnership (PPP) arrangement, is expected to allow Tema the sod for the Takoradi Port expansion project, saying
to handle up to 3.5 million TEUs, making it the biggest the initiative was part of Ghana’s efforts to modernize its
container port in the sub-region. port facilities in order to step ahead of its competitors in
the West African sub-region. The Takoradi Port has seen
This will boost the port’s revenues, improve its cargo over US$370 million capital injection to upgrade and build
handling and lead to greater port utilisation – all helping new facilities. The port is also actively expanding to take
to make Tema even more competitive with other ports advantage of the growing oil and gas industry. It will also
in the sub-region. The first 2 berths will be completed and become the terminal operator for the proposed Takoradi
operational by end of June 2019. Dry Bulk Terminal.

Port Performance: A fully diversified Port, it is serviced by all the leading global
carriers such as Maersk, MSC, COSCO, Grimaldi, Delmas,
The port has had consistent and impressive growth in cargo CMA CGM, and the Bollore Group which have extended
traffic from approximately 12.1 million tonnes handled the trading influence of our clients globally.
in 2015 to 16.6 million tonnes of cargo in 2018. Container
traffic also grew from 782,502 TEUs in 2015 to 1,007,065 TEUs Major export commodities handled through the Port
in 2018. This throughput accounts for about 70 per cent includes: Manganese, Bauxite, Cocoa (bulk & bagged)
of Ghana’s international maritime trade. Imports include and Sawn Timber. Import commodities handled includes:
cement, clinker, machinery and equipment, wheat, crude Clinker, Gypsum, Ammonium Nitrate, Containerized Cargo,
oil, rice and sugar. Exports include cocoa, fruit, shea nuts, Petroleum Products (LPG, Bitumen, Gas Oil), Wheat,
shea butter, Cashew nuts and aluminium ingots. Quicklime, Utility Vehicles and Chemicals, Machinery/
Automation: Equipment for the Mining and Oil and Gas industries.
Berthing Facilities:
As Ghana’s biggest port, we are in the process of
completely transforming the port into an E-port; automatic Berthing facilities range from 8.4 to 16m. These include
gating systems with boom barriers and turnstile systems dedicated and multipurpose berths and additional buoys.
to electronically verify vehicles and port user have been
installed. Electronic vessel booking as well as automatic Storage Capacity:
vessel identification to enhance the port’s vessel traffic
services by ensuring safe and efficient movement of vessels There is a 10,960sqm covered storage capacity inside the
is available. The introduction of the paperless regime and Port for bagged cargo. This is supported by about 80,000sqm
automated billing systems have significantly improved of storage capacity in and around the metropolis, which
cargo and service turnaround time and also lead to cost makes it possible for the storage of all types of commodities
savings for our customers. like Flour, Sugar, Rice, Wheat, Fertilizers, Dangerous Cargo
and Vehicles.
Tema Port is implementing the Jade Master Terminal System
to enhance operational activities. It also operates an Off-Dock Terminals:
Integrated Management System in line with ISO 14001:2015
(environmental management), ISO 9001:2015 (quality To further boost container traffic through the Port, GPHA
management) and OHSAS 18001:2007 (occupational in partnership with Ibistek has constructed the Takoradi
health and safety). Container Terminal -TACOTEL to operate an ultra-modern
Inland Container Depot (ICD). The 87,000sqm facility is 6km
Transit: away from the Port and can accommodate 7,500 Teus
and will be linked by both rail and road to the Port terminal
Tema port plays a vital role as the gateway for Ghana’s furnished with cutting edge technology and equipment
which meets international standards. The terminal operates
landlocked neighbours. The provision of a dedicated transit as a One Stop Shop with all the national Agencies in the
clearing system.
terminal, tariff rebates, hassle-free corridors coupled with
In addition to the above, an off-dock car terminal operated
strategic security and focused customer services have by Safe Bond Company Limited in partnership with GPHA
has been developed about 6.5km away from the Port. The
yielded remarkable results. Transit traffic hit 1.043,771 million 3,000-car unit holding capacity has positioned the Port to
handle both domestic and transit car traffic.
tonnes in 2017 and further grew to 1,251,129 million tonnes
Oil and Gas Support Base:
in 2018 representing a 19.9 per cent growth.
Over the last 12 years, the Port’s strategic proximity to
Cruise and leisure industry Ghana’s oil/gas fields at Cape Three Points in the Western
Region has essentially positioned the Port as an intermodal
The GPHA is considering opening up the Tema Port for storage and control facility to support the logistical
the cruise and leisure industry in a bid to boost tourism processes required to deliver hydrocarbons to the market
which the government has prioritized under the ‘Ghana end of the supply chain. This is complemented by well-
Beyond Aid’ policy. This proposed endeavor is particularly developed facilities and prompt cost efficient professional
welcoming because of the fact that Tema lies in the middle service attracting other companies in the industry operating
of the world at the Greenwich Meridian. Numerous tourist in West Africa
from all over the world will flock to the Tema Port to enjoy
memorable cruises and savor the beautiful sights and
sound of the country.

The Business Executive 21

special SUPPLEMENT

GHANA BEYOND aid

Tullow Oil, ENI and Aker Energy, the oil/gas majors in the Proposed Keta Port
Ghanaian Industry are being supported from a Logistics
base constructed in the Port to support their operations GPHA has the President’s vision well integrated into its long
offshore by Support service providers of the industry like term managerial policy decisions. The anticipated growth of
General Electric (GE), Belmet 7, Sri Emas, Bajfreight and the economy and the deliberate attempt to wean it off aid
Viking Offshore, Modec, Shlumburger, MI Swaco, Technip in the future through the interventions of government have
Key. encouraged GPHA to set out to build a third Port at Keta
to be known as ‘Port of Keta’. The Executive Instrument to

Oil/Gas Hub: declare the place as a Port has already been issued.

As the main strategic support base for the oil/gas industry, a We areThloe oleakdiningg trfaodrewanadrldogitsoticsphuabrtonf WerestDAiafrimcaond Cement to

200sqm hub will be developed in partnership with the private
sector to support the industry. The project details include the

GPHA INNOVATES AND IMPROVES INFRASTRUCTUREreclamation of 32 acres of the old Port basin (former cocoa
TO SUPPORT ‘GHANA BEYOND AID’ AGENDAwharf), construct a 600metre quay way with berth pockets
dredged to -10 Chart Datum. When completed, the hub be the first operator. We are doing this because as our
economy grows so should we be thinking of expanding our
port frontiers. We believe Keta, when fully completed can
easily compete with Lomé port for business. We also believe

this will also help open the eastern corridor in terms of trade
will coTmheplGemhaennat PthoertsexainstdingHafarbcoilirtieAsuttohoorfifteyr (dGePdHicAa)teisdimpleamnednetiansgy aexcpcaenssstioonpoprrtofjaecctilsititehsafot rwbiollth import and export.
servicebsritnogthaeboouil/tgiamspinrdouvsetmry.ent and innovation in port management, handling of cargo and general

business in order to support the government’s ‘Ghana BeFyeoansidbiAlityids’tuddeiveesloapremuendtaelrawgaeyndwait.h Tthhee appointment of

Authority manages and operates the sea ports of Ghana athned Dvairericotuosr bouf sKineetass Puonritt.s Tihniscoshlloawbosragtoiovnernment’s total

with a number of private service providers in the areas ocf ovmesmseitlmheanntdtloinsge,esttheivs epdroojreicntgt,htrroaungshfe. r,

storage, receipt and delivery of containerized and general cargo. Others are safety, security and

conservancy services. The Business Units are:

• Port of Tema
• Port of Takoradi
• Poposed Port of Keta
• Tema and Takoradi Fishing Harbours
• Tema Shipyard and Drydock
• The Authority’s Transit Sahelien Liaison
O Office in Burkina Faso.
• GPHA Clinic (Tema)
• GPHA Hospital (Takoradi)
• International Maritime Hospital (Tema)

Contact Us

HEADQUARTERS

P.O.Box 150, Tema-Ghana
Tel: +233 (0) 303-219120-35
Fax: +233 (0) 303-202812
Email: [email protected]
Website: www.ghanaports.gov.gh

PORT OF TEMA

P.O.Box 488, Tema-Ghana
Tel: +233 (0) 303 204385-8
Fax: +233 (0) 303 204136
Email: [email protected]
Website: www.ghanaports.gov.gh

GHANA PORTS AND HARBOUR The leading trade PORT OF TAKORADI
and logistics hub of
S AUTHORITY P.O.Box 708, Takoradi-Ghana
West Africa. Tel: +233 (0) 31 2024073
Fax: +233 (0) 31 2022814
w w w. g h a n a p o r t s . g o v . g h Email: [email protected]
Website: www.ghanaports.gov.gh
22
BURKINA FASO
Immeuble Lady Gym
Avenue Leonard Frobenus
11 BP 276 CMS, 11 Ouaga-Burkina Faso
Tell: (226) 50 30121
Email: [email protected]
Website: www.ghanaports.gov.gh

The Business Executive

The Business Executive

s p e ci a l r e po rt

Africa:Expanding infrastructure
to boost the world’s largest free
trade bloc

The planned expansion of the existing key element of the AU’s ambitious Agenda says “boosting intra-African trade is the most
infrastructure at the national, subregional 2063. Fifty-two countries have now signed the effective way to speed up Africa’s economic
and continental levels could boost the agreement; 44 out of the AU’s 55 member states transformation.” Speaking at the Africa
largest free trade area in the world, the signed the AfCFTA charter in Kigali, Rwanda Session of the Aid for Trade Global Review,
African Union’s (AU) African Continental Free on 21st March, 2018 when it first founded. Karingi added that “trade contributes towards
Trade Area (AfCTFA), contend experts. Reclusive Eritrea is the only AU member-state industrialization and structural transformation.”
which has not joined the AfCFTA bandwagon, Though the creation of the continental free
With efficient road, rail, air and port networks, considering that the Sahrawi Arab Democratic trade area has entered into force, the AfCFTA
the AFCFTA is set to bring about the integration Republic is not a fully recognized self-governing has a large number of challenges ahead of it.
of African economies with a combined GDP state.
of US$2.5 trillion. The implementation of the The AfCFTA also signals a renewed push for
AfCFTA, which aims to boost intra-Africa trade, The agreement initially requires members to more integration across Africa in a bid to ease
took off in April 2019 when Gambia ratified remove tariffs from 90% of goods, allowing free movement and trade. The AU launched a
the agreement to square up the 22-country access to commodities, goods, and services single air transport market to boost connectivity
threshold. Ghana and Kenya were the first across the continent of about 1.2 billion people. and cut travel costs across the continent.
and second countries respectively to ratify the The AfCTFA requires that African countries look Recognizing that freer intra-Africa movement
AfCFTA. inward and make it easier to trade with each is not dependent on cheaper flights alone, the
other by removing current barriers to increased AU has initiated an ‘African Union passport’
The agreement went into force on 30th May, trade on the continent such as current high which, while still unavailable, could potentially
2019 and entered its operational phase tariffs. Having access to a larger market of resolve problems Africans face when traveling
following the AU summit held in Niger on 7th July, around 1.2 billion people will potentially trigger within the continent.
2019. Initially reluctant to sign the agreement, industrialization and manufacturing across the
Nigeria, the continent’s largest economy and continent and, in turn, create vast employment The adoption of common standards and the
most populous country, joined the AfCFTA opportunities on a continent home to the progressive elimination of customs duties should
at the AU summit. While Nigeria is one of the world’s fastest-growing labor force. promote the industrialization of economies and
last countries to sign the pact, it could be the increase regional trade. Currently, only 16% of
biggest beneficiary of the AfCFTA, says Landry A recent report by the United Nations African countries’ trade is with other countries
Signé, a Brookings Institution fellow. “The Conference on Trade and Development on the continent, while intra-European trade
unique continental market access combined (UNCTAD) estimates that the AfCFTA will is 65%. Increasing intra-African trade – which
with the increasing focus on industrialization increase intra-African trade by 33% and reportedly stands at 13% – will require the
as a catalyst for growth and priority of the generate US$16.1 billion in additional revenue. removal of certain barriers in order to improve
government to shift away from over-reliance If signatory countries follow through with connectivity, including improvement of custom
on volatile primary commodity exports will policies that spur local productivity, the free procedures, reduction of transit and other
contribute to boosting Nigeria’s manufacturing trade argument could boost intra-African trade costs, and, importantly, development of
sector and exports,” Signé says. But as is true trade by 52% by 2022, estimates the United reliable transport infrastructure. Some inroads
for every other African country, signatures Nations Economic Commission for Africa have already been made in the expansion of
alone are enough. To benefit from the AfCFTA (UNECA). Once up and running effectively, Africa’s rail, road, and port networks to connect
fully, Nigeria will have to “increase its global the continent-wide free trade zone could lead the fragmented African market. However,
competitiveness” as well as improve on the to a 52%, that is US$35 billion, increase in intra- regional and continental cooperation in
ease of doing business to attract investment, African trade in the next five years, according implementing infrastructure projects in the
Signé adds. to the UNECA. air transport sector seems to be non-existent.
The signing by Nigeria gives a new fillip to the A sample of some of the projects dotted in
continental free trade area. The creation of The UNECA’s Stephen Karingi, who heads different parts of the continent are rendered
the single market for goods and services is a its Regional Integration and Trade Division, below.

24 The Business Executive

s p e ci a l r e po rt

The Ethiopia-Djibouti The launch of the first fully electric cross-border West Africa Regional
Rail Link railway in Africa is welcome news. Linking Rail Integration
Ethiopia’s capital Addis Ababa with Djibouti
The Trans-African City – a stretch of more than 750 kilometers A group of West African countries and mines have
Highway – the new line will incredibly cut travel time poured significant investment into an ongoing
Doraleh between the two countries. extensive rail project which will boost trade in the sub-
Multipurpose region.
Port Running at 120km per hour, the rail journey,
which lasts about three to four days by road, When completed, the track will be 3,000 km long and
now only takes 12 hours. Each freight train connect Niger, Benin, Burkina Faso, Côte d’Ivoire,
reportedly transports the same cargo as 200 Ghana, Nigeria and Togo.
trucks, with the cost reduced by a third. The network will add newly built tracks to existing
The line, which cost US$4.2 billion, is a significant ones which will be upgraded. This project will greatly
step towards elevating the poor levels of trade benefit landlocked countries like Burkina Faso, Niger
between African countries. Ethiopia plans to and Mali, which face constant transport problems.
construct another 5,000 km-long network of These three Francophone countries largely rely on
rail by 2020, linking to Kenya, Sudan and South their neighbors’ seaports and road infrastructure to
Sudan. carry their imports and exports.
The West African Regional Rail Integration project is
Envisaged more than 40 years ago by the a response to the need for better infrastructure and
UNECA, the Trans-African Highway is an reliable transport to move minerals from one West
ongoing network of highways intended to African country to another, and from the mines to
connect all corners of Africa from north to major ports. Cote d’Ivoire has a rail line connects it to
south, east and west. Burkina Faso, but the railway needs to be expanded
and rehabilitated. Ghana is constructing the Accra-
The ambitious plan, first proposed in 1971, Paga railway to link it with Ouagadougou, the
is aimed at boosting internal trade on the Burkinabe capital.
continent by building nine roads linking major
cities across Africa. These networks would The East African Rail Masterplan
collectively measure nearly 60,000km.
Billed as Kenya’s largest infrastructure project since
While progress has been slow, the completion independence, the first section of the US$13.8 billion
of this project will mark a new day for intra- railway officially opened in June 2017, connecting the
African trade. One of the nine planned roads is capital, Nairobi, with the port city of Mombasa.
already complete – the 4,400km Trans-Sahelian
Highway which runs through seven countries,
connecting Dakar, Senegal, to Ndjamena,
Chad. While more than half of the network has
been paved, maintenance remains an issue.
Conflicts in countries such as the Democratic
Republic of Congo, Sierra Leone, Liberia, and
Angola have led to both the destruction of
some highways and hampering of construction.

Doraleh Multipurpose Port The train will shorten travel time between the two cities
Djibouti recently opened its new 690-hectare from 12 hours to four, with freight trains set to carry 25
Doraleh Multipurpose Port after two years of million tons a year.
construction. The US$590 million project, one
of the most advanced ports on the continent The East African Masterplan will eventually extend to
in terms of facilities, can handle almost nine Uganda, Rwanda, South Sudan and Ethiopia – a move
million tons of cargo per year. that will further strengthen trade relations between the
East African neighbors.
Despite its small size, Djibouti is one of the
important trading hubs on the continent, thanks (Research and compilation by Editor, TBE)
to its convenient and strategic geographic
location of connecting Africa to Asia and
Europe by sea.
Ports in the tiny East African country of less than
a million people receive the bulk of cargo from
Asia, followed by Europe, and then Africa.

The Business Executive 25

ECONOMY

IMF exit
welcomed;
but has
Ghana
really
divorced
Bretton
Woods?

By Ayuure Kapini Atafori

Hon. Ken Ofori-Atta, Minister for Finance

With great joy and jubilation, the current NPP bright but with threats. The IMF proposed measures that
government, led by Finance Minister Ken could be implemented to take the Ghanaian economy
Ofori-Atta, celebrated Ghana’s exit from the out of the woods. The reviews concluded that Ghana’s
stranglehold of the International Monetary macroeconomic performance has significantly improved
Fund’s (IMF) indirect management of the economy since in the last two years under the ECF-supported program.
the immediate past Mahama-led administration signed The IMF stated that growth was robust in the first three
the Extended Credit Facility (ECF). quarters of 2018, on the back of oil production. Inflation
has continued to decline, to 9% in January 2019, within the
The never-again triumphalism of Mr. Ofori-Atta in Bank of Ghana’s (BoG) band around the inflation target.
Parliament was expectable. “I am glad to announce that The fiscal position (excluding financial sector-related
it [the ECF] is now a mission accomplished! Mr. Speaker, costs) has continued to improve in 2018, despite persistent
let me reiterate as I indicated in the 2019 Budget that, revenue collection challenges; and the current account
the completion of the ECF Programme notwithstanding, deficit was lower than anticipated.
Ghana remains a member in good standing with the IMF
and we will continue our productive policy and technical The reviews observed that the BoG dissolved nine insolvent
collaboration. We do have choices within the Article IV banks over a period of 18 months, in line with its commitment
framework to ensure positive engagement of the IMF as to clean up the banking sector; and structural reforms to
a Trusted Advisor,” Ken Ofori-Atta, Minister for Finance told strengthen public financial management and oversight of
parliamentarians with glee on 28th March this year. the state-owned enterprises have continued. Challenges
remain though.
The ECF officially and formally ended at the close of April
2019, but the relationship between Ghana and the IMF is a Before the last one, there have been two reviews of
separation but not a divorce, as the country is voluntarily Ghana’s ECF arrangement approved by the Executive
a member of the Bretton Woods giant, a sister of the World Board of the IMF on 3rd April, 2015. The ECF-supported
Bank. Whether the ECF was good or bad, the fact remains program was extended by one year on 30th August, 2017,
that the IMF is still very potently influential in economic which ended on 2nd April, 2019.
policy direction and implementation in the West African
country with a population of about 30 million. But recent alerts by the IMF about threats to the economy
and well-conceived reservations by analysts indicate that
At the Seventh and Eighth Reviews under the ECF it is not yet Uhuru for Ghana, a fledging low-level Middle
arrangement published in April 2019, the IMF gave a seeming Income country ensconced in the coast of West Africa
balanced assessment of the growth of the economy: and grappling with over-importation, low industrialization

26 The Business Executive

ECONOMY

and massive unemployment. Experts rely on Ghana’s cyclical
economic history to predict that the neo-liberal, neo-colonial
economy cannot divorce the IMF forever, given the country’s
over five decades marriage to the Bretton Woods behemoth.

The threats include the elevated debt burden and fiscal
risks from the financial and energy sectors limit policy space;
and the large loss of foreign exchange reserves in 2018 as a
pointer to Ghana’s exposure to shifting investors’ sentiment
and external shocks, amplified by the government’s still
elevated financing needs. The others are Ghana’s legacy of
political budget cycles will test the authorities’ commitment to
macroeconomic discipline and reform in 2020—a challenge
that the authorities intend to face head on. The IMF report
noted: “Political pressures to spend more and tax less are
evident and Ghana has de facto entered pre-election
campaign.”

Fiscal indiscipline have characterized every election year since

1992 as budget overruns frustrated and torment government

economic management teams and policy implementers.

The subsequent fiscal and financial crunches usually compel

governments to race to the IMF for policy credibility to attract Dr. Albert Touna, current IMF Resident Representative to Ghana
external private capital for development. Under the IMF deal,

the 2016 deficit was supposed to be the equivalent of 5.25% largest ever recorded fiscal deficit in Ghana. And the level of

of annual gross domestic product (GDP), but it was about 9%. overshooting in fiscal election cycles has increased over the

past decade with the discovery of offshore oil fields in 2017.

Michael Geiger, Senior Economist, and Between 2005 and 2012, public

Arthur Mendes, Research Consultant “ Ghana has suffered expenditure rose rapidly – related to
of the World Bank, predict in blogs. from large fiscal increased spending on wages due
worldbank.org that “The next election volatility around to the introduction of the single spine
cycle (2020) will likely fall into a boom election cycles for the salary structure, which standardized
phase. In a stark contrast to the past two decades. the public sector pay scale across
mere 3.4% real GDP growth in the government entities and grade levels
last [election] cycle (2016), growth is – from 20% to 30% of GDP.”

expected to be above 6% over the This volatility has been The economists wrote that the
period 2019 to 2021, and potentially identified as one of fiscal policy in Ghana is notably
higher if oil output can be increased the key challenges procyclical. The cyclicality of public
in the short-term. The macro-fiscal for Ghana’s future expenditure can be measured
economy is largely back on track after development path in as the correlation between real
years of adjustment, supported by the 2018 World Bank government expenditure and real
the World Bank and the International GDP (the business cycle). Ghana was

Monetary Fund. This means that Ghana Systematic Country among the most procyclical countries
will go into the next fiscal election cycle over the period 1980 to 1999, with
in 2020 from a much stronger position ”Diagnostic... a correlation of 0.7. And there is a
than in 2016.” clear bias towards overspending
during good times, which explains

Geiger and Mendes are not so optimistic why procyclicality is higher in boom

about the impending turn of events. “There are downsides as than in bust periods. Strikingly, Ghana has become even more

well, of course, as witnessed by the recent banking sector procyclical in the recent period from 2000 to 2017, while many

resolutions, which cost the equivalent of 3.4% of GDP in 2018. countries were able to leave fiscal procyclicality behind.

But the medium-term fiscal outlook is still positive. With the

fiscal responsibility law and the fiscal council now in place, the “In an attempt to overcome the fiscal election cycles, Ghana

2020 election provides a unique opportunity to break the ever- introduced a fiscal responsibility law and a Fiscal Council in

increasing fiscal election cycles as strong economic growth in December 2018. The law establishes a de facto 5% cap on

the medium-term does not require additional fiscal stimulus in fiscal deficits in any given year. While this is a relatively high

2020.” annual ceiling (the West Africa Monetary Zone primary

convergence criteria for fiscal deficit is 4% of GDP), it is a

They put it: “Ghana has suffered from large fiscal volatility suitable target to contain excessive fiscal over-expenditure

around election cycles for the past two decades. This volatility in election years, where deficits tend to overshoot. While the

has been identified as one of the key challenges for Ghana’s exact implementation of the Fiscal Council, which ideally

future development path in the 2018 World Bank Systematic would be an independent body with sanctioning authority, is

Country Diagnostic. Fiscal deficits increased sharply and still the subject of public discourse in Ghana, the establishment

above 5% of gross domestic production (GDP) in all but the of the law and the council are critical first steps to lock in a

2004 election year since 2000. At 11.5% of GDP, 2012 had the sustainable long-term fiscal path,” the duo stated.

The Business Executive 27

ECONOMY

With the government’s pursuit of growth engineered by The history of the IMF’s lending arrangements for Ghana is
its ‘Ghana Beyond Aid’ policy which seeks reliance on instructively interesting. On 17th May, 1966, the country took
harnessing domestic resources to develop, without ultimately its first standby arrangement. From 24th May, 1968 to 29th
rejecting external assistance, sparks have emerged recently May, 1969, the National Liberation Council, the clique of
between Ghana and the IMF in policy matters. In May 2019, the military-cum-police which overthrew President Kwame
Alan Kyerematen, the Minister for Trade and Industries, Nkrumah’s government on 24th February, 1966, and its
contradicted the stance of an IMF official. Is it interference successor civilian government of the Progress Party (PP) led
by the powerful international financial institution? by Prime Minister Kofi Abrefa Busia, went for three standby
arrangements. From 29th May, 1969 to 28th May, 1970,
The IMF asserted that the gold-, cocoa- and oil-producing Premier Busia went to the IMF for another standby facility.
country risks facing revenue shortfall if it implements the
African Continental Free Trade Agreement (CFTA) this year. Between 10th January, 1979 and 14th October, 1987, four
Albert Touna Mama, Country Representative of the IMF, standby facilities were shared between the Peoples National
noted: “Our policy message is to try to put the necessary Party (PNP) government of President Hilla Limann and the
infrastructure or policies [in place] to shelter part of the Provisional National Defense Council (PNDC) military regime
population that will be affected by [the AfCFTA].” In a under Flt.Lt. Jerry John Rawlings. There was a structural
rebuttal at in Accra on 7th May, 2019 at the Meet the Press adjustment commitment from 6th November, 1987 to 9th
series, Kyerematen said: “I’m surprised.” I don’t have access November, 1988 under the PNDC. Between 6th November,
to what you are quoting but if the IMF is saying that the CFTA 1987 and 2nd April, 2019, seven ECF occurred among the
is going to cause a major challenge for us in terms of job governments of Rawlings, President John Agyekum Kufour
creation, for me it doesn’t add up.” (2001-2009), President John Evans Atta Mills (2009-2012) and
John Mahama (2012-2016).
The Trade Minister is not yet done: “This is to be the single
most important stimulus for investment in Africa because Why does Ghana keep going to the IMF periodically?
everybody is targeting the African market, but if the investor Kwame Nkrumah seemed to have academically provided
knows that by locating in an African country, he can export the answer: neocolonialism. But not aware of its agenda in
duty-free, quota-free, he’ll bring the investment to the African and other developing countries, it was Nkrumah who
country, so, how could that be a disincentive in terms of led Ghana to sign the IMF treaty. Yet Nkrumah rejected the
employment creation? Please, … ask the IMF to check their stringent IMF conditionality imposed on the country when his
facts.” government knocked the doors of the multinational lender
and advisor seeking succor.
Ghana joined the IMF on 20th September, 1957, about
six months after it obtained political independence from Criticisms of the activities IMF abound. They range from
colonial Britain. Founded in 1944, the IMF and World austerity, one-size-fits-all approach, tested-and-failed neo-
Bank Group (the Bretton Woods institutions) are twin liberal policies, double standards to lack of transparency
intergovernmental institutions that were initially created and accountability. The IMF have been criticized for
with the intent of rebuilding the devastated economies of allowing inflationary devaluations. The IMF give loans
Western Europe after the Second World War. Later, they conditional on the implementation harsh policies such as
evolved to become influential in shaping the structure of the reducing government borrowing (higher taxes and lower
world’s development and financial order. The key decisions spending); higher interest rates to stabilize the currency;
that led to the establishment of both institutions were largely allowing failing firms to go bankrupt; structural adjustment
steered by the United States (US) and, to a lesser extent, the based on privatization and deregulation. These rigid policies
United Kingdom. During the post-war period, the IMF was of structural adjustment and macroeconomic intervention,
significantly influenced by the US’s geopolitical strength. some contrarian economists argue, more often than not,
Initially claimed to be apolitical, some analysts had viewed make difficult economic situations worse.
the Bretton Woods Siamese twins as tools used to defend
or expand the western capitalism in the face of a potential “By far the most prominent criticism of the IMF has been
challenge from the Soviet Union, and to promote US interests directed at the conditionality attached to the loans that it
in particular. provides… Under this system the loan recipient country must
comply or risk losing the financial support of the organisation.
The 189-member IMF works to foster global monetary Conditionality normally involves ‘fiscal and monetary policy
cooperation, secure financial stability, facilitate international measures, exchange rate policy, public sector reform,
trade and promote sustainable economic growth across trade liberalisation, and financial sector and labour market
the world. The IMF lends under concessional and non- reforms’ (Zhang, 1998, p.43). The criticisms of conditionality
concessional arrangements. A lending arrangement, which often centres on the fact that the policy programmes that
is similar to a line of credit, is approved by the IMF Executive the IMF prescribes for loan recipients often hit the poorest
Board to support a country’s adjustment program. The sections of society most, whilst benefiting the capitalist class,
arrangement requires the member to observe specific terms purportedly to stimulate economic activity in the country,”
and subject to periodic reviews in order to continue to draw notes Derek McKenna of Dublin City University.
upon it.

28 The Business Executive

The Business Executive

BANKING

Dr. Ernest Addison
Govenor of the Bank of Ghana

Ghana’s banking
ecosystem transformed
after reforms

Ghana’s banking industry has recently passed To President Akufo-Addo, “The banking sector has emerged
through several transformational phases as a stronger from these developments, and inspired confidence
result of the gradual but steady implementation in it. In all this, I have been anxious that our local banks are
of the financial services reforms. The main purpose for helped and given as much support as possible, which has
implementing the financial reforms is to build a competitive been done, but l will not be on the side of criminal behavior
and stable banking industry in order to enhance the banks’ if that is discovered.”
efficiency, and ultimately, boost economic growth and
development. As if the high cost of the reforms is not enough, there is high
interest rates spread, suggesting high lending rates and
The reform of Ghana’s banking sector last year, however, low deposit rates. Financial experts argue that the healthy
has come with a huge cost to the local tax payer. Speaking competition in the banking industry should have propelled
in Parliament in Accra during the State of the Nation Address a reduction in interest rates. But that is not so - a situation
in February 2019, President Addo Dankwa Akufo-Addo said: that needs critical redress.
“The clean-up has cost the national treasury GH¢12.7 billion,
money we can ill afford, but which was necessary to sanitize The experts recommend that customer satisfaction is
the sector, minimize job losses, and protect deposits of required to conduce the growth of the banks. Consumer
1,147,366 Ghanaians and their businesses and the people expectations are not usually met.
they employed.”

30 The Business Executive

The Business Executive

BANKING

Yet many banks are under pressure as loans. “Some of these banks were “ The recapitalization
they are unable to keep up with modern insolvent and illiquid, others were solvent ended on a solid note
trends of service delivery as demanded but illiquid. This state of affairs was largely with a more consoli-
by customers, especially with regard a result of poor corporate governance, dated banking sector
to technology. Banks are, therefore, false financial reporting, and insider as weaker and un-
compelled to comply by spending a dealings,” the BoG said in a press release der-capitalized banks
large part of their discretionary budget issued on 4 January this year. “The Bank that posed risks to fi-
on building processes and systems of Ghana had in the past continued to nancial stability were
to keep up with the ever-increasing provide liquidity support to these failing removed. This has en-
demand and requirements. banks, without addressing the underlying hanced the efficiency
problems that led to the illiquidity and and profitability of the
Banking gurus also suggest that the insolvency of these institutions. In short, remaining banks and
appointment of politicians as directors the financial system had reached a helped restore confi-
and board members of banks should be tipping point and we could not have dence and resilience
discouraged by the Bank of Ghana (BoG), assumed business as usual,” the release in the banking sector,
the central bank. This recommendation is stated. with the banks now
really significant to the development of better positioned to
the local banks. There are several cases Following the recapitalization exercise support private sec-
of persons whose only qualification is that ended on 31 December, 2018, there ”tor-led growth in the
party loyalty have been appointed as are now 23 universal banks operating Ghanaian economy,
directors and board members of banks. in Ghana. These banks have all met
Luckily, the new corporate governance the new minimum paid-up capital of The reforms requires the boards of the
requirements by the BoG bars politically- GHC400 million. There were 36 banks banks to be composed of persons who
connected individuals from serving on operating in the country in July 2017. are capable of exercising strong and
boards of the banks. independent oversight. That will ensure
The central bank has affirmed that that the banks protect the interests
Financial intermediaries the recapitalization exercise has of all relevant stakeholders. “Risk
repositioned the banking sector to be management is to be integrated in the
Banks are financial intermediaries that better capitalized, liquid, stronger and strategic focus of the governance and
accept deposits from surplus spending more resilient. management of the financial institutions;
units and channel them in the form of compliance with regulatory requirements
loans to deficit-spending units in the The on-going strengthening of the and ethical standards are embedded in
economy. Experts opine that banks’ regulatory and supervisory framework the overall risk management; and the
non-performance is disastrous to the has ensured that the banks are well- BoG’s supervisory systems, processes
economy of the country. governed, well-managed and better and teams are better able to identify
supervised. This has restored and early warning signs, enforce regulatory
The Banking Act, 2004 led to the maintained much-needed confidence requirements and ensure that prompt
elimination of secondary reserves and in the sector. corrective action is taken by banks to
adjustments in the minimum capital. The recover quickly from distress,” Dr Addison
minimum capital was initially increased “The recapitalization ended on a solid observed.
to GHC60 million in 2007, and was note with a more consolidated banking
increased to GHC100 million in 2013. sector as weaker and under-capitalized The need for maintaining regulatory and
The Act also saw the introduction of banks that posed risks to financial stability supervisory vigilance to safeguard the
the universal banking license, which were removed. This has enhanced post-reform banking ecosystem cannot
allows banks to provide various forms of the efficiency and profitability of the be overstressed.
banking services. remaining banks and helped restore
confidence and resilience in the banking
Developments on the banking sector in sector, with the banks now better
recent years led to the collapse of seven positioned to support private sector-led
indigenous banks, prompting the central growth in the Ghanaian economy,” Dr
bank to push ahead with efforts to Ernest Addison, the Governor of BoG, said
strengthen the domestic banking sector. at the Currency Research International
The BoG encouraged the consolidation held on 11-14 February, 2019 in Accra.
of local financial institutions and
strengthen local players to compete Benefit of shareholders
better with foreign lenders and expand
internationally. The banking reforms aimed at
strengthening the sector to become
According to the BoG, the financial strong, solid, well capitalized, and
system was under a considerable better positioned to support a fast-
state of distress, with banks that were growing economy. It is expected that
not meeting the capital adequacy shareholders of banks would exercise
requirement and others whose capital control over the financial institutions for
was eroded with high non-performing the benefit of shareholders and related
parties.

32 The Business Executive

The Business Executive

A G R I C U LT U R E

Some trainees on a field study

Integrated pest management:
The best for producing quality

The Ministry of Food and Agriculture recently banned the export of Capsicum, Solanum, luffa and all leafy
vegetables to the international market indefinitely from 1st June, 2019. The reason for the ban is “the high level of
local interceptions at the exit points; the alarming rate of external notifications, and the new EU (European Union)
directives to all countries to re-provide dossiers to the EU on the management of harmful organisms on some of the
above vegetables.”

Before the advent of the ban, some selected vegetables farmers in the Central, Greater Accra and Volta regions of
Ghana recently received training in integrated pest management to enable them cultivate quality and healthy
products for the export and local markets.

Held on the theme ‘Integrated Pest Management for Quality Vegetables Production’, 10 nucleus farmers
selected from various farmers’ associations in each of the three regions were taken through a three-day training of
trainers (TOT) course on effective IPM. The participants cultivate chilli pepper, tomatoes, okra, eggplants, cucumber
and others. In the end, the 30 trained farmers are expected to roll out the training to cover 300 more farmers within
the intervention areas.

The training was organized by the Vegetable Producers and Exporters Association of Ghana
(VEPEAG) and supported by GIZ, the German Agency for International Cooperation, in partnership with
Ghana’s Ministry of Food and Agriculture (MOFA).

After the TOT course, The Business Executive interviewed Mr. Charles Mintah, a Ghanaian food safety
specialist and agribusiness consultant, who was the trainer of the farmers. Read excerpts of the interview below.

Why did the Vegetable Producers challenges that we have at the national for them to be able to apply the right
and Exporters Association of Ghana level. You would realize that the export practices and adopt good approaches
organize the course? of selected vegetables from Ghana was that will ensure that we will not have
banned by the EU and has been lifted challenges of pest and diseases on
We have seen the challenges that now. The rationale for the TOT course is their farms which can lead to a ban.
vegetable producers go through in to ensure that Ghana will not reach that That is why the Vegetable Producers
this country, especially the small holder level when vegetables for export will be and Exporters Association of Ghana
producers. They do a lot of things that banned again. To be able to achieve decided to organize this program with
can be improved upon and most of the this, we have to provide the farmers, the support of GIZ.
time it is the inaction or actions of small especially the small holder farmers, with
holder farmers that culminate into the the requite information and knowledge

34 The Business Executive

A G R I C U LT U R E

Some of the participants having a group discussion What do you expect the farmers to take
away from the training?
What is the intention of the TOT course?
They are expected to take a lot of
There are so many small holder vegetables After monitoring the pest, then comes learning and information away after
farmers scattered across the districts, the economic threshold – that is the level the training. From their excitement and
and we think that as many farmers as at which the pest can cause economic comments, I realized that they have
possible will be reached with this kind of damage to the farmer and for which improved their knowledge in IPM. Some
information and knowledge. To be able to reason the farmer will be obliged to of the unhealthy practices that they are
do that, we have adopted an approach apply some chemicals if biological and used to, they have seen the alternatives
which is cost-efficient and effective. To other means of control fail. We are sure which they can adopt and discard those
do this, we decided to use the farmer that the farmers will be able to apply the practices.
peer-to-peer approach to ensure the economic threshold principles to their
dissemination of the information. So we farms. They have taken away the idea that
organized the training of trainer to build they should share information with other
the capacity of the farmers. So that when Then we looked at biological control farmers. They are taking away quality
they go back, at their community levels, because we want to discourage farmers knowledge and their competence has
they can also provide similar training and from adopting chemical application. We also improved.
furnish other farmers with the information want them to adopt alternative methods
and integrated pest management to chemical use so that they will minimize What suggestions do you have for
methods that they have learnt. as much as possible the use of chemicals the Ministry of Food and Agriculture
on their farms. Alternative methods like (MOFA) in terms of assisting small-scale
Can you run readers through some of biological control whereby the farmer vegetable farmers in Ghana?
the topics that you discussed with the uses predators and other organisms that
farmers during the course? will not harm their crops but will attack Mr. Charles Mintah, the trainer
the pests on their farms.
The entire training was about integrated The MOFA is expected to play a leading
pest management (IPM). Several issues We examined physical control like using role in programs like this that will bring
come to play when we discuss IPM. For nets to cover your beds if the farm is information and knowledge to small-scale
a farmer to be able to implement an not so large. Picking the organism by farmers. So we are expecting MOFA to
integrated pest management approach hand and crashing it. We also looked at facilitate the organization of such training
on his or her farmer, he or she must know chemical control which we emphasized activities at the districts, and if possible at
what pests are and the different types that should be last option for the farmer. the community levels. They are donors
of pests. Farmers must know the general We discussed how a farmer can select and funding institutions such as GIZ that
definition of pest and link it to the concept the appropriate pesticide and apply, will gladly partner with the MOFA. If the
of integrated pest management. and how farmers can read labels on the MOFA drafts good proposals, it can get
Identification is very important. We also chemicals. We discussed advantages funding from the donor community and
looked at scouting. To be able to detect and disadvantages of chemical replicate a program like this all over the
pests on your farm in the first place, you application. country.
should be able to perform credible and
effective scouting on your farm. The To crown it all, we had some field visits We think that a lot of the knowledge
farmers must be able to detect that pests where we demonstrated to the farmers deficit that is at the small holder level can
present in the farms. how we can do effective scouting. be tackled through effective extension
We had earlier taken them through the activities by the MOFA. We appeal to the
Knowledge of the principles of IPM is also processes and methods of scouting. MOFA to intensify extension activities for
significant. Then the farmer must be able vegetable farmers. It should generate
to monitor the pest. training materials, and come out with a
lot of pictorials which demonstrates some
of the things that they want farmers to
adopt in simple terms and language. I
believe if the MOFA is able to do these
things, they will go a long way to help
the growth of the agricultural sector in
Ghana.

The Business Executive 35

i n d ust ry

Manufacturers urge
government to energize
their sub-sector for growth

L-R: Nana Osei-Bonsu, President of PEF, Deputy Trade Minister Ahomka-Lindsey, and Madam Josephine Okutu,
Council Member of GNCCI, Accra

Manufacturers and industrialists have Dr. Nana Appiagyei Dankowoso I made United Nations Industrial Development
urged the government do more to the statement at the maiden Ghana Organization (UNIDO). A directory
protect local industries from the current Manufacturers’ Business Summit held in of Ghanaian manufacturers was
uneven and unhealthy competition Accra on 29th May, 2019. Hon. Robert also launched with the assistance of
from imports than it is doing to “grow Ahomka-Lindsey, a Deputy Minister for sponsors such as AirtelTigo, Kasapreko
local industries more than what obtains Trade and Industry, was the keynote Company Limited, GIHOC Distilleries
today.” speaker, while Nana Osei-Bonsu, Ltd., GTP and Ethiopian Airlines.
President of the Private Enterprise
“We are struggling with outdated Federation (PEF), the most powerful and Continuing, the GNCCI President said:
policies that are sharply out of touch autonomous apex body of all private “Again, such vital growth variable like
with modern realities, policies that businesses and trade associations in infrastructure – power, water roads,
date back to our colonial past that Ghana, was the chairperson of the etc. – is becoming more and more
still emasculate and frustrate the event. It was on the theme: ‘Achieving rare and this is further shooting up our
robust growth needed to compete Growth Turn-Around in Manufacturing: cost of production and making us
favorably with the rest of world. I see The Role of Government.’ uncompetitive, that is, for those who
a thorough policy review, as far as manage to find ever scarce affordable
industries are concerned, as one of the The Summit was hosted in partnership capital to remain afloat.”
most important imperatives for growth with the Ministry of Trade and Industry,
turn-around,” said Dr. Nana Appiagyei Ministry of Business Development, He said it was no hidden fact that the
Dankowoso I, President of Ghana Ghana Trade Fair Authority (GTFA), One performance of the manufacturing
National Chamber of Commerce and District One Factory Secretariat, Ghana subsector has been on the decline in
Industry (GNCCI), in a statement read Revenue Authority (GRA), Private the past decade. “Indeed, to say the
on his behalf. Enterprise Federation (PEF), GNCCI and least, it has been a fluctuating trajectory

36 The Business Executive

i n d ust ry

Nana Osei-Bonsu Hon. Ahomka-Lindsey Cross section of the participants

that has been dipping more than it has Feminine Ghana Achievement Awards, government, with the sole purpose
been climbing, and the consequence organized the Summit. The company of ultimately achieving an enabling
of such development is clearly showing is also the publisher of the widely- policy and economic environment for
on the economy, especially in the circulated The Business Executive consistent growth. The other objective
performance of the Cedi. magazine. The organizers noted that of this year Summit is to examine how
the event is a sector-specific concept Ghana can benefit from the current
Manufacturing companies are folding designed to convene annually for United Nation’s decade (2016-2025)
down while those who are managing stakeholders to deliberate on issues of for Industrial Development (the Third
to weather the storm are downsizing growth opportunities, investment and Industrial Development Decade for
as the only way to stay alive and in challenges confronting the sub-sector Africa (IDDA III)).
business. A gathering like this gives us and consistently seek ways to achieve
the opportunity to begin to ask the all- progressive productivity. The PEF was very supportive of the
important and relevant questions like, Summit. The Federation, which started
what is actually going on? How can According to them, the theme was as a Foundation, was established in
we have things turn-around so that we chosen to reiterate the government’s 1994 as the apex business council in
can begin to satisfy our local needs responsibility to the subsector and Ghana to forge consensus and provide
and compete satisfactorily on the to create a fresh forum for dialogue the leadership voice for advocacy that
global sphere?” the President of GNCCI which would, in turn, provide insight will lead to the creation of an enabling
queried. to guide the intended governmental environment for private sector growth
interventions for the country’s and development.
He argued that it is imperative that forward match towards growth. “We
the government should begin to do have deliberately singled out the It was established on the initiative of
more deliberately and strategically manufacturing sub-sector for this the Association of Ghana Industries
to provide manufacturers and the special consistent focus because of its (AGI), GNCCI, Ghana Employers’
other sub-sectors of the private sector importance to Ghana’s economy and Association (GEA), and the Federation
the enabling environment, but not also, to complement government’s of Associations of Ghanaian Exporters
necessarily through interventions, efforts in real terms,” the organizers (FAGE), with the support of the United
by urgently reviewing and updating stated. States Agency for International
relevant policies to reflect the present The paramount objective of the Summit Development (USAID). Over time, the
reality both locally and globally. is to kick-start the actual growth process membership of the Federation has
of the manufacturing subsector and increased from four to a total of 15
The Business Executive Limited, stay on the path until actual results begin business associations and chambers.
organizers of the prestigious Ghana to manifest, and then subsequently,
Industry CEO Awards, Ghana Trade and to sustain it. This shall be done through
Commerce Awards, African Business annual intra-sectoral rubbing of minds
Executive Excellence Awards and and direct engagement with the

The Business Executive 37



HoF

Ghana
Feminine

HALL OF FAME

01 Ghana Feminine Hall of Fame

I N T R O D U CT I O N

Feminine Ghana Achievement
Awards – The premier scheme

The first of its type in this country, Mrs. Paulette Kporo Awards convener
the maiden Feminine Ghana
Achievement Awards scheme was Rationale for Ghana
organized by The Business Executive Feminine Hall of Fame
Ltd. in 2015.
Consecutively, The Business Executive Ltd. has
The objective of the series of awards organized and hosted the Feminine Ghana
is to identify, recognize and reward Achievements Awards from 2015 to 2019.
great women in the public and private During that period, over 100 very important
sectors whose personal and professional female personalities have been honored with
conduct have impacted positively on the the awards. The awardees include female
Ghanaian society with their exemplary Ministers of State, diplomats, top-notched
and outstanding achievements. The CEOs, technology innovators, high-level public
pioneering awards scheme recognizes sector officials and private sector corporate
women with economically and socially executives and accomplished entrepreneurs.
impactful accomplishments who operate
as entrepreneurs, corporate executives, The awards organizers realized it was prudent
managers, diplomats, sportswomen, and beneficent to induct selected awardees
traditional rulers and professionals, among into what they call Ghana Feminine Hall of
others. All in all, the awards set out to Fame. The rationale for the concept is noble
correct the situation whereby men are and enviable. The Hall of Fame will create
accorded recognition to the neglect of a platform or forum for the inductees to
women by publicly celebrating women of combine their collective gravitas in order to
substance and achievements in Ghana. leverage their special status for the good of
all Ghanaians, as a consequent of the respect
Usually, the awardees are selected through accorded
a rigorous competitive selection process
which involves a combination of research, them by Government, the media, the
expert consultations, due diligence and corporate and diplomatic communities, civil
verification of nominations by the able society and the international community in
Selection Committee. After that, a shortlist Ghana.
of the nominees are published in Daily
Graphic. The accomplishments of the This will enable the selected Hall of Famers to
awardees classified under categories, make invaluable contributions to public policy
including Achievers in various sectors and formulation that will support the current and
Lifetime Achievement. successive governments to achieve economic
growth and concomitant development in
The fifth edition of the widely-acclaimed their efforts to improve the living standards of
Feminine Ghana Achievement Awards Ghanaians. As role models, the Hall of Famers
was held on 27th April, 2019 at La Palm will train, coach and mentor young women
Royal Beach, Accra, with about 50 and girls to aspire to be like them and later
awards conferred on female achievers. It contribute their individual and collective
is was on the theme ‘The Role of Women quotas to overall national development.
in Contemporary Society,’ and attended For starters, we have profiled some selected
by prominent personalities, among others, awards honorees in this Special Edition of The
like Madam Cynthia Mamle Morrison, Business Executive magazine.
Minister for Gender, Children and Social
Protection; and Professor Jane Naana 02 Ghana Feminine Hall of Fame
Opoku Agyemang, a former Minister for
Education (See photos on opposite page).

The other awards organized by The
Business Executive Ltd. include: African
Business Executive Excellence Awards,
The Technology Impact Awards, The
Environment, Health and Safety Awards
and The West African Business Awards.

The 5th Feminine Ghana Achievement Awards held P I CTO R I A L
at La Palm Royal Beach, Accra, on 27th April, 2019

For more pictures, visit:

Ghana Feminine Hall of Fame 03 www.feminineghanaachievers.com

PROFILE

Ms. Sylvia Asana
Dauda Owu-

the dynamic maritime expert

Ms. Sylvia Asana Dauda Owu is a very dynamic and transport. The institutions with representation on the Governing
result-oriented individual whose impact to the Board include Ghana Timber Millers Association, Ghana Supply
Ghana Shippers’ Authority (GSA) was immediately Company Ltd., Association of Ghana Industries, Ministry of
felt when she joined in 1993. Trade and Industry, Ghana Revenue Authority and Timber
Industry Development. The others are Ghana Chamber of
Her zeal and determination towards her work has made her Commerce, Ghana Chamber of Mines, Cocoa Marketing
rise through the ranks from a Freight and Research Officer to Company, Ghana Ports and Harbour Authority and Ghana
become the Deputy Chief Executive Officer (DCEO) of the Shippers’ Authority.
G S A . Prior to her appointment as the DCEO in July 2015, she
w a s the Head of Freight and Logistics of the Authority. The GSA’s Secretariat is managed by a group of highly skilled
M s . Owu was the Senior Freight Officer at the Tema Branch professionals who are directed by a Chief Executive Officer.
from 2001 to 2002. She then became the Branch Manager at In its efforts to extend its services to many more shippers, the
the Takoradi Office from 2002 to 2007 and the Head of the Authority has established three branch offices which are
Shipper Services Department from 2007-2013. strategically located in Kumasi, Takoradi and Tema, with the
Head Office in Accra.
As an advocate for women, she was one of the founding
members/executive member of the Ghana Chapter of the The Authority operates through eight functional departments,
Women’s International Shipping and Trading Association namely: Freight and Logistics; Research, Monitoring
(WISTA) in 2010. She is currently the President of the newly and Evaluation; Shipper Services and Trade Facilitation;
established Women in Maritime of West and Central Africa Management Information Systems; Finance; Communications/
(WIMOWCA) that aims at empowering and encouraging Public Relations; Legal, Estate and Procurement; and Human
women participation in the maritime sector. Resource and Administration. The work of the Authority is also
supported by an Internal Audit Unit.
Ms. Owu’s hard work, commitment and dedication has been
recognized by institutions locally and abroad earning her Some of the avenues by which the Authority extends its services
various awards. In October 2016, she received an award “in to shippers across the country is through the Import/Export
recognition for her tremendous contribution to the socio- Shipper Committees and the Shipper Complaints and Support
economic development and transformation of our nation Units. These committees comprise mainly of private sector
Ghana” during the 5th National Achievers Award 2016 by the importers and exporters from small-scale to industrial giants
National Youth for Peace and Development. which meet regularly to discuss common problems affecting
In September 2016, she was given a meritorious award as the the shipping industry in Ghana. At present, there are about
Freight and Logistics Women of the Year in 2016 at the African 10 committees in ten regions in Ghana as well as the Shipper
Maritime and Energy awards organized by African Business and Complaints and Supports Units located in Aflao, Paga, Elubo
Support Services. and Kotoka International Airport (KIA).

In August, 2017 she received the Best in International Trade
Support & Facilitation at the 3rd Feminine Ghana Achievements
Award in August 2017 organized by The Business Executive. In
October, 2017 she was inducted into the 2017 Class of MMS
Plus Women of Fortune Hall of Fame of women leadership and
empowerment programme, a platform for training, mentoring
and career guidance of students.

Ms Owu holds a Bachelor of Arts (Hons) in Psychology with
Sociology from the University of Ghana, Legon (1992); a
Master of Science in Shipping Management (Commercial)
from the World Maritime University, Malmo, SWEDEN, (in 1998)
and an Executive Masters in Business Administration (Strategic
Management & Consultancy) from the Paris Graduate School
of Management, FRANCE.

Ghana Shippers’ Authority

The Ghana Shippers’ Authority operates under the ministerial
responsibility of the Ministry of Transport and has a two-tier
organisational structure, namely the Governing Board and the
Secretariat.

The Governing Board is made up of an institutional
representation of various importers and exporters as well as
government agencies responsible for maritime trade and

04 Ghana Feminine Hall of Fame

Mrs. Elizabeth PROFILE

Wyns-Dogbe: Engineering from Kwame Nkrumah University of Science and
Technology. She has advanced Diplomas in Insurance from
A critical thinker the CII and Ghana Insurance College. She also possesses
Certificate in Life Underwriting, Disability and Critical Illness
Rev. Dr. Elizabeth Wyns-Dogbe is strategic, innovative from the CII and a Certificate in Company Direction from
and analytical personality who is a critical thinker the Institute of Directors, UK.
and has good interpersonal and communication Elizabeth is a Reverend Minister with Jesus Generation
skills. Rev. Dr. Wyns-Dogbe is assertive, passionate Ministries. She has been in active Christian ministry since 2004
and results-oriented with a strong internal locus of control. and has a PhD. in Theology from Immanuel Bible Institute
She has extensive training in leadership and corporate and Seminary, Brooklyn, United States.
governance and exhibits more participatory and
transformational leadership skills. SIC Life Company Limited

Rev. Dr. Wyns-Dogbe is a Chartered Insurer who has fifteen The SIC Life Company Limited (SIC Life) originally existed
years’ experience in insurance and risk management. She as the Life Division of the reputable multi-line insurer,
started her insurance career with KEK Insurance Brokers’ SIC Insurance Company Limited. In conformity with the
Ltd., a leading insurance brokerage and consultancy Insurance Act, 2006 (Act 724), SIC Life was established as a
firm in Ghana and the local representatives of Aon Plc. fully licensed life insurance company in 2007.
Rev. Dr. Wyns-Dogbe has extensive experience in risk The company is the first life insurance company to be
management and worked as a risk engineer for Integrated inducted into the CIMG Hall of Fame in the 2017 awards
Risk Management (W/A) Ltd, an affiliate of Hydrocarbon ceremony, having won the CIMG Life Insurance Company
Risk Consultants, United Kingdom (UK). award for five consecutive times. Currently, SIC Life is the
largest and most reputable life insurance company.
For several years, she worked with a team of local and The vision of SIC life is to be the leading and most trusted
international engineers and insurers who restructured and brand in our industry. The mission of the company is to be
managed the risk management and insurance programs committed to employing a highly motivated and efficient
of Tema Oil Refinery (TOR) and other energy and mining workforce to offer innovative, value-priced life insurance
companies in Ghana. and other financial products while ensuring optimal returns
She is skilled in life and non-life insurance with the strength to its shareholders.
and strategic modeling to provide company direction, The corporate objectives of SIC Life is: To create the
technical insurance operations, strategic business best place to work, attracting highly skilled, committed
development, bancassurance partnerships and mobile and performance-driven people; exceed customer
insurance development and implementation. She expectations to build sustainable relationships; develop
spearheaded the design and implementation of one of simple and efficient processes driven by cutting edge
Ghana’s first mobile micro-insurance products - MTN MiLife technology; consistently and innovatively grow our business;
Insurance which could be bought, managed and claimed prudently manage our resources to maximize shareholder
all through the mobile money wallet. value; and to be the most trusted brand. Its many products
include family security plan and sika plan.
She was also key in the partnership between UT Life
Insurance, Vodafone Ghana, Bima, Millennium Insurance
and USAIDs’ sustainable fisheries management project to
design and develop insurance solutions for fisher folks along
coastal Ghana. The aim of the project was to expand
financial inclusion to the underserved. She was part of the
strategic decision making, restructuring and driving force
that catapulted UT Life Insurance to its current feat. Before
her appointment as Managing Director of SIC Life, she was
the General Manager, Operations at UT Life Insurance
Company Limited, which she joined in July 2009.

Rev. Dr. Wyns-Dogbe is the Vice-Chairperson of the Advisory
Board of Lilitan Research and Development Consultants,
a Fellow of the Boardroom Institute and a Senior Fellow
of the African Good Governance Initiative. She was a
board member of Union Rural Bank and has successfully
completed a one-year Bulletproof Management Series
Program with Crestcom International and a certificate
course in Company Direction by the Institute of Directors,
UK. She is an Associate Member of the Chartered Insurance
Institute (CII), UK. She is also the Publicity Director of the
Chartered Insurance Ladies Association of Ghana (CILAG).
She was adjudged the Best Achiever in Insurance at the 5th
Feminine Ghana Achievement Awards in 2019.

Rev. Dr. Wyns-Dogbe holds a Master of Business
Administration (Finance option) from Central University
College and a Bachelor’s degree in Material Science and

Ghana Feminine Hall of Fame 05

PROFILE

Mrs. Faustina Adofo Adjagar:

The beautician par excellence

Mrs. Faustina Adofo Adjagar is often described by
clients and her competitors as the beautician par
excellence because of her unparalleled output
which is widely admired in Ghana.
Mrs. Adjagar, the founder and CEO of First Choice Hair &
Beauty, is a highly respected beauty consultant. She has
over 20 years experience in the beauty and cosmetology
industry where her capabilities and accomplishments are
now legendary. Her specialties are styling, hair cutting,
hair coloring and hair treatment. Indeed, she is an expert
in everything that is concerned with the health of hairs of
all types. She nurtured First Choice Hair and Beauty into a
leading business with expertise and facilities in virtually every
other aspect in beauty treatment.

That is why First Choice is now the largest and most patronized
one-stop beauty service provider in Ghana. True to its name,
it is the most preferred option for astute and enlightened
women in the country. Instructively, discerning men also use

the grooming services specially designed for males.

Mrs. Adjagar began her career training at Top Model First Choice Hair & Beauty offers stylish services
Beauty Salon in Accra as an apprentice in the early 1990s
after she completed her secondary education at Nkawkaw First Choice Hair and Beauty is the leading name in the
in the Eastern Region. After almost two years of working beauty and cosmetology industry in Ghana. Founded over 21
experience at the salon, she started a salon called First years ago, it has grown in expertise and experience providing
Choice Hair and Nails Designs which is situated at Zongo customers with cutting edge professional hair care, nails care,
Junction, off the Kaneshie-Korle Bu highway in Accra in foot care and specialized body care solutions. Its professional
August 1997. Over the past two decades, she transformed team of stylists, therapists, barbers and beauty consultants
the business into Ghana’s truly world-class beauty facility. are very well trained to give customers an unforgettable
experience.
Due to her passion for seeing other young individuals,
especially women, get into gainful employment and living First Choice Hair & Beauty consistently offers its clientele
self-sufficient lives, Mrs. Adjagar has trained and groomed the contemporary styles and ideas by keeping up with the
about 700 beauticians over the past 20 years. Speaking at current trends and constantly educating its workforce about
the launch of the 20th anniversary of First Beauty & Hair in the best practices in the industry. The company represents the
Accra on 28th February 2018, Mrs. Adjagar touched on some trending new hair styles in Ghana and always strive to make
of its enviable achievements. “Twenty years of leading the customers’ experience as unique and memorable as they
way in the hair and beauty industry in Ghana and 20 years desire.
of exceptional quality and professional service delivery to
Ghanaians and other nationals,” she said. She thanked the In offering its services, First Hair & Beauty pays close attention
customers for their loyalty. to the details of its services, maintains the highest standards
in the cleanliness of its environment, exceeds customers’
Her desire for and the high value she placed on continuous expectations and keeps them coming back for more exquisite
education led her to get herself trained in new techniques in services.
the beauty and cosmetology industry. She has been trained in
and learnt new skills in maintaining good and healthy hair, hair Its services includes hair care; washing, setting, relaxing and
cutting and styling techniques, hair coloring and treatment styling; hair treatments (protein, anti-freezer and moisturizer);
techniques and others in Germany, United Kingdom (UK), coloring, dying; hair extensions; nails care services; and
Italy and the United States (US). She is also a member of the acrylic, gel and refill. The spa service include manicure,
Professional Beauticians Association (PBA), US. pedicure, massage (Swedish, hot stone, neck and shoulder);
facial (acne treatment, anti-ageing /wrinkle treatment,
She has been deservedly conferred with several awards for relaxation); waxing (eye brows, mustache, armpits and bikini).
her entrepreneurial success and serving as a trainer of the The men grooming entails haircut (adult, kids and European
youth. The two most recent awards are the Best Enterprise cuts); manicure; facials; and many others.
Certificate Awards - U.K and the Excellence in Beauty and
Cosmetics conferred on her by the Ghana Gold Coast
Excellence Awards. At the 2018 Ghana Makeup and Beauty
Awards held at Kempinski Hotel in Accra, Mrs. Adjagar was
among the 22 industry personalities who were honored.

Mrs. Adjagar is happily married to Mr. Marcus Adjagar and they
have three children. She adeptly combines her professional
and domestic responsibilities effectively. She is a committed
Christian and devoutly worships at the International Central
Gospel Church, Christ Temple, at Abossey Okai, Accra.

06 Ghana Feminine Hall of Fame

Mrs. Rosemary PROFILE

Agoe Pappoe- business for the needed success and growth.

certified consultant Special Diet and Diet Therapy

Mrs. Rosemary Ago Pappoe is a certified This is our flagship program with a target to provide special diet
Organisation Development (OD) consultant and diet therapy for optimum health and quality lifestyle of
from the Institute of Organisation Development, executives and leaders in society. We believe that the health
Florida - USA, Sonoma State University, USA and of this class of people is equally important and delicate thus
the African Institute of Organisation Development. She is the we have designed this program to assist improve their choice
Managing Director of Milstreet Catering Limited, Ghana and of diet and eating habits. This would help them stay healthy
Milstreet Oil and Gas Service SL, Equatorial Guinea. and optimize performance for the benefit of organizational
growth and society at large.
Mrs. Pappoe was key in the set up and management of Mea
Catering and Investment Ltd. and worked as it‘s General SERVICES
Manager for 7 years plus. The former Head of the Instructor and
Master Craftsman Training Department and Domestic exams Special Diet, Diet Therapy, Offshore Catering, Onshore
coordinator of the National Vocational Training Institute (NVTI), Catering, Contract Catering, Private Dining
Ghana (10 year plus).
Hospitality Related Services:
Mrs. Pappoe has a rich background in catering and
hospitality management and has worked in the industry for Housekeeping, Laundry, Business and Office Services, Event
20 uninterrupted years with excellence. She has had 11 years Management, Project Management, Provision of Labor and
in education and training and nine years in the offshore and Customized Training.
remote site catering sector. She is the author of the Accredited
Standardised Ghanaian Cookery Book. Security and Health

She is certified in Human Resource Planning and Development - We work diligently to provide, promote and maintain safe and
Institute of Manpower Research, Delhi - India, Human Resource healthy working conditions; follow practices
Management - HCM Rajasthan State Institute of Public that protect our staff and client resulting in safe working
Administration, Jaipur – India, Modern Trends in the Hospitality environment and operations.
Industry - Helwan University, Cairo – Egypt and Hotel Catering We are your catering system of choice. You will never regret
and Institutional Management - Ho Polytechnic, Ghana. She choosing us because we have the knowledge, experience,
is also a trainer of trainers and involved in Curriculum Based expertise and the right resources to execute our job to make
Training (CBT) Syllabi Development. the difference as the catering company of excellence.
www.milstreetcatering.com
Mrs Pappoe is a Christian, happily married and blessed with [email protected]
three wonderful children. Her core values which give meaning
to her character includes respect for all, integrity (honesty and
trust), passion for excellence, positive attitude, attention to
details, humility and love.

Milstreet Catering Limited – Energy for Quality and Productive
Life

The desire to impact the life of individuals and the Corporate
world through the provision of quality life services gave birth
to Milstreet Catering. Our vision is to be the number one point
of reference in Quality life services in West Africa and beyond.
Milstreet Team of great talent, exceptional and over decade
of experience in Catering and Hospitality Services receive
continuous training in latest international trend in the industry
to constantly innovate, improve and provide the best catering
and hospitality solutions.

We deliver excellent services while meeting the highest health,
safety, environment and quality standards; nothing is taken
for granted. Our research team ensures our culinary team are
always abreast with current international trends in the Industry.
Our team of extraordinary people would always provide
extraordinary service.

Our client plays an important role in the planning and
selection of our menus; they are given expert’s advice to
inspire, enlighten and aid them make the right choices. We
also partner our clients to create bespoke services that work in
synergy with their brand, aspirations and cultural values so they
can be at peace and concentrate on their core

Ghana Feminine Hall of Fame 07

PROFILE

CLAUDIA TURBAY QUINTERO

With a marked vocational service, her
abilities have been developed across
different disciplines which combine to
integrate the vision behind her activities.
Starting from the principle of contributing to the
improvement of the living standards of Colombians
and being part of Colombia’s necessary integration
within the international community, Ambassador
Turbay Quintero has been busy promoting Colombia
in the international arena, both bilaterally and
multilaterally through the various positions she has
held in Colombian public service.

Ambassador Turbay Quintero has studied at Fordham
University, New York University and other notable
institutions of higher learning, is a Journalist and a
Business Promoter by training. Her diplomatic career
began fourteen (14) years ago during which time she
has served as Ambassador in Latin America, Europe
and currently in Africa.

The importance of humankind and the sharing of
human values, fairness and justice, which she has
promoted as a Colombian Ambassador, have led
to the forging of links, bonds and synergies which
strengthen the country and its relations with the
international community. She has further developed
activities across the political, social, economic,
international trade and cultural spectrums, amongst
others.

Ambassador Turbay Quintero was the President
of Proexport Colombia, currently ProColombia;
the institution responsible for providing business
opportunities, clear information on requirements,
strategies for expanding services and goods at an
international level. With a capacity for leadership
and the conviction that teamwork and the creation
of human networks are the most effective way to
attain given objectives, and having empathy and
respect for others, whoever they may be, as a driving
force, she prioritizes the development of relationships
between people and nations.

The Embassy of Colombia to Ghana, under the
leadership of Ambassador Turbay, has concurrent
accreditation to a total of nineteen (19) West &
Central African countries. Ambassador Turbay is
currently the Ambassador of Colombia to eleven (11)
of these countries, including ECOWAS.

In 2004, Ambassador Turbay Quintero authored
a book of original poems entitled “De la Piel al
Corazon” (From the skin to the heart). She has also
been responsible for many different articles of an
investigative nature, with reporting, personal and
scientific interviews published in the Colombian daily
newspaper “El Tiempo”.

08 Ghana Feminine Hall of Fame

PROFILE

Mrs. Mary Brown:

The veteran banker

Mrs. Mary Brown has always successfully combined Mary is a Qualified Lumina Learning Practitioner and her main
academic, corporate and personal life with the interest now is in promoting entrepreneurship and in assisting
best of her abilities; and believes she is now in a and coaching young professional women in self-awareness
position to give back to her country and society and leadership development. She also owns a Beauty and
at large. Fashion business she has run for over 20 years now.

With over 40 years of banking experience, Mrs. Mary Brown She is currently working with the China Europe International
has made her mark in the overall development of indigenous Business School (CEIBS) as a Principal Consultant since January
banking in Ghana and in particular the success of one 2018. Her position requires her to promote Executive Education
indigenous private financial institution could be associated as an important avenue to upgrade ones skills and stay abreast
with her drive to excel. of the fast-changing business and academic environment.

Mrs. Brown joined Prudential Bank Limited, a new indigenous and She served on the boards of several institutions such as the
privately owned bank, in 1996 as a pioneer Assistant Manager Takoradi Polytechnic, and continues to serve on The CEIBS
where she quickly rose to the position of Senior Manager, and Advisory Council. She is the Board Chair for Functions Risk
then General Manager in a period of seven years. She was Management Limited. She joined several social clubs such as
later promoted Director and then appointed and served as the Holy Child Past Students Association (HOPSA), CEIBS Alumni
Deputy Managing Director in charge of Banking Operations of Association Africa Chapter, Zonta International and Inner
the Bank for nine years until her retirement in May 2017. She Wheel Club and played roles in executive positions in these
served at Prudential Bank for 21 years where together with her clubs and associations. She is the Vice President of The Uriel
team, she was directly responsible for growing the bank into Bascy For All Foundation, a newly founded charity, which has
the successful indigenous financial institution that it is now. just been incorporated in Accra.

In 1978, she started work with the Agricultural Development Mrs. Brown has been married for 39 years to Mr. Adotei Brown,
Bank (ADB) as a Project Officer after her National Service. She an architect, and has three grown-up children. The eldest,
served ADB for 19 years in various other positions such as Senior Alvin is Financial Controller, Stevens Omni in Canada; the
Project Officer, Technical Head, Assistant and Deputy Manager second, Azalea, runs her own cleaning and interior decorating
and Branch Manager of several branches, ending up as the company, while Kevin attends university in Ghana.
Acting Deputy Head of the Banks Foreign Department.

Mrs. Brown started her career on a firm foundation having
obtained a BSc. (Honours) Degree in Agriculture, majoring
in Animal Science. She attended the Holy Child Secondary
School, Cape Coast, from 1967 to 1974 and obtained her GCE
‘A’ Level Certificate.

She is a pioneer member of the first Cohort of the Executive
MBA of the prestigious China Europe International Business
School (CEIBS), and graduated in 2010 with a CEIBS EMBA
in Innovation. She was the first President of CEIBS Alumni
Association-Africa Chapter from 2010 to 2014 when the
association was newly formed.

In 2014, she was a Diamond Donor, contributing GH¢10,000.00 to
the CEIBS Ghana Alumni Fund. In 2015 and 2017, she upgraded
to a Platinum Donor when she gave out GH¢20,000.00 each
year to the CEIBS Ghana Alumni Fund.

Awards crowned her lifelong achievements in the corporate,
academic and social life arenas. She was the Banking
Personality of the Year 2016 at the 4th Annual National Women
in Banking and Finance Awards, 2017; TNG Business Woman
of the Year 2016 at The Heroes of Distinction Awards, 2017;
and Most Outstanding Corporate Executive in the Banking
Sector at the 2nd Feminine Achievement Awards, 2016. She
was acclaimed the CEIBS Alumnus of the Year 2016 for her
dedication, contribution and overall support to CEIBS Africa
Alumni Association and the Ghana Chapter in particular;
and awarded the CEIBS Life Achievement Award 2017 for
her exceptional mark within the Ghana Chapter Alumni
Association, CEIBS Africa and Society in general.

Ghana Feminine Hall of Fame 09

PROFILE

MRs. Roberta ACP has a Wealth Management division called ACP Wealth
Annan: based in Mauritius, which offers family office services that
are of interest to clients and can be tailored for their desired
High-net business baroness purpose. It provides clients with professional and insightful
investment strategies that will not only preserve their capital,
Aphilanthropist, mother, businesswoman and but diversify their investment in sectors which will give an
mentor, Roberta Annan stand out among appreciable return on their investments. ACP also focuses on
her peers. A self-starter who has transformed assisting clients make impact all over the globe by promoting
her career in pursuit of giving back to women relationships with other institutions that provide them with
in Africa and tackling key social issues through her solutions needed to increase their wealth and enable them
business portfolio. make great impact with their investments. ACP implores
strategies that create stable and suitable investment plans
Ms. Annan started her career as an intern at the United for our clients to thrive, meeting their needs and ensuring the
Nations and worked her way diligently to become a results are in line with their objectives.
competent consultant. This experience led her to an
opening in relations to work with high-net worth ‘family The vision of ACP is to be the global leading service provider
offices’ that later became her clients. The beginnings of wealth management by delivering superior family office
of Roberta’s business portfolio through these ‘family services that enable families preserve their legacies and
offices’ enabled her to add to her expertise through protect the investments of ultra-high net-worth families. Its
providing consultation, organisational redesign, mission is to aid clients in the preservation of capital, facilitate
restructuring of processes and high-level Public smooth succession of wealth from one generation to the
Relations. This led Roberta to her next opportunity to next, while it preserves and grows the equities of clients.
work in PR and global positioning to ensure that the
African ‘family offices’ were properly positioned for the The ACP team made up of astute intelligent and disciplined
global market. personalities who are passionate about helping families
succeed. ACP brings together a team of experienced wealth
Later, Roberta worked with several of Africa’s high-net worth managers, investment and financial analysts who aid clients
families. Her businesses expanded at this stage and brought in creating, managing and controlling their wealth. The
opportunities for people to invest in Africa. This was the team is a blend of astute professionals who bring years of
genesis of Roberta Annan Consulting. Roberta then formed a experience in working with clients worldwide. So the clients
partnership with L J Partnership to further develop their African are assured that their investments are well managed and
business; this created what became known as LJ Africa preserved.
Advisers. The new partnership delivered the same services
as the consultancy but expanded the scale of operations ACP’s clients are ultra-high net-worth individuals, families
significantly. Roberta remained in the partnership for several and organizations who are assisted in identifying investment
years and decided to start a new venture in Mauritius with a opportunities and developing rock-solid wealth management
few of the family offices in Africa. Thus Annan Capital Partners strategies that help them achieve their objectives. The
(ACP) was birthed with Roberta as the Managing Partner. company provides world-class advisory services and strategic
investment planning for clients in various industries around the
Roberta has become the recipient of several leadership world.
awards such as ‘20 under 40 Influential Business Leaders
in Ghana’, ‘Feminine Ghana Achievement Award’ and
‘Woman 2.1 Summit Award’. She was the youngest African
to be inducted into the African Leadership Hall of Fame.
Roberta is part of the Young Leaders Circle for Milken
Institute, Young Presidents Organization (YPO) and a member
of the Trade and Investment Taskforce for the B20- Business
arm of the G20. In 2019, Roberta was appointed a member
of the High-level Steering Committee for the Colloquium on
Culture and Creativity as a tool for inclusive development
by the European Commission. She recently launched and
is managing a fund in partnership with the United Nations
International Trade Center called the Impact Fund for African
Creatives (IFAC).

She studied at Georgetown University where got a Master
in Biotechnology. She graduated with Highest Honours from
Carleton University in Biochemistry and Biotechnology.

ACP aligns investors with government agencies

Annan Capital Partners (ACP) is a specialized boutique
financial advisory company active in industries like energy,
health, education, real estate, agribusiness and technology.
ACP is a registered company in Mauritius with partner offices
in London, UK, Switzerland, Abidjan, Cote d’Ivoire and
headquarters in Accra. Its values are passion for excellent
delivery, leadership, accountability, integrity, teamwork and
commitment in protecting clients’ legacies.

010 Ghana Feminine Hall of Fame

PROFILE

Mrs. Francisca

Nyamekye Karikari

– The accomplished financial icon

Mrs. Francisca Nyamekye Karikari Rating Company (GCRC). Excellence 2016. She was honoured as the
is an accomplished leader, with ‘2017 Outstanding Insurance Personality’ at
a track record of working with Mrs. Karikari’s has shared her professional the Women in Banking and Finance Awards.
high-growth companies. She knowledge, experience and expertise Mrs. Karikari was endorsed and conferred
brings a great mix of leadership, inspiration, with academia. She is a part-time lecturer with Centre for Economic and Leadership
operational experience, technical breadth at the Ghana Insurance College, where Development’s (CELD) Global Female
and depth and passionate professionalism she has lectured in Insurance Practice, Leadership Impact Award, and was
for the exponential growth of all the Reinsurance and Risk management inducted into the Global Women Leaders
companies she headed and managed. She from the inception of the College in Hall of Fame (GWLHOF) in Dubai in 2018.
has a very rich experience in the insurance 2007 to date. She has also been a part- In addition, she emerged in the Amazons
industry that spans nearly three decades. time lecturer with the Management, Watch Magazine’s blue-ribbon listing of
Development and Productivity Institute of Top 100 Most Influential Women in Emerging
Mrs. Karikari is the founder and Chief Ghana. She is a member of the Institute of Economies, and featured in the Magazine’s
Executive Officer of Glorygate Capital Directors, Ghana and serves on the boards special exclusive SAMEAWS edition, with
and currently Partner/ Managing Director of several organizations. cover focused on the “Top 100 Most
of Liberty Insurance Brokers (LIBRO). As an Influential Women in Emerging Economies
accomplished top financial player, she has As a Risk Manager, she started her to Watch in 2019.”
created a number of avenues for Ghanaian insurance career with Enterprise Insurance
women entrepreneurs to grow and develop. as a Technical Trainee in March 1993. She attended the Kwame Nkrumah
She later worked with the Metropolitan University of Science and Technology, and
Mrs. Karikari has devoted some quality time Insurance Company as Head of Corporate holds a first degree in Economics and Law.
to women development and the platforms Risks. She is a Chartered Insurer (CII, UK) and
created have been quite successful in holds Master of Science (MSc.) degree
providing some solutions for small businesses Mrs. Karikari has won many awards for her in Insurance and Risk Management and
owned by women in Ghana. Mrs. Karikari distinguished achievements in corporate Financial Services Management from the
has passion for women development and Ghana. She is a recipient of the prestigious Cass Business School, City University, UK
this has led to the designing of women Nobles International Award presented and the London Metropolitan University, UK,
investment product called Glory Women to her by the West Africa Nobles Forum respectively.
Investment Club which is geared towards for men and women who have excelled
women entrepreneurs and their financial in their various chosen fields. She was Some of the courses she attended that
empowerment. awarded by the Global Women Inventors
& Innovators Network (GWIIN) based in has shaped her career to date include
Under the leadership of Mrs. Karikari, the UK, in collaboration with the Ministry of
Glorygate Capital Limited has developed Women and Children’s Affairs (MOWAC) Effective Management and Supervision,
Glory Strategic Investment IncomePlan, for superb valuable contribution to
Glory Fixed Income Investment Plan and individuals’ or organisations’ growth and her Reinsurance Practice, Property Insurance,
Glory Private Wealth Management Plan, inspiring leadership qualities that motivate
all of which are geared towards enabling other women to be high achievers and Marine and Engineering and Reinsurance
Ghanaians come out of poverty and successful in the workplace and business
achieve their financial goals. environment. She was fittingly conferred the Technical Accounts. The other courses
title INNOVATIVE WOMAN IN BUSINESS & THE
Mrs. Karikari is the immediate past Managing WORKPLACE WITH LEADERSHIP QUALITIES. are Corporate Governance, Corporate
Director of Donewell Insurance Company For her remarkable contribution to the
Ltd (DICL). As an adept manager, she was growth and empowerment of women in the Finance, Securities Trading and Investment
responsible for turning the company around vast SMEs sector in Ghana, Mrs. Karikari was
into profitability as well as spearheading its awarded the GOLD QUALITY AWARD OF Advisory Techniques, Investment Analysis
phenomenal growth, shaping its strategic EXCELLENCE FOR WOMEN EMPOWERMENT IN
direction, establishing the needed GHANA at the 5th Fashion & Life International and Portfolio, Pension Management and
organizational structure. Conference and Achievements Awards.
She has also been awarded as the “Most Entrepreneurship. Her research interest
Before joining Donewell, she was the Outstanding Insurance Practitioner” at the
Managing Director of Liberty Insurance second edition of the Feminine Ghana includes Insurance and Risk Management,
Brokers. She set up the ‘building blocks’ of Achievement Awards for her excellent
the company and established structures leadership, innovative and creative Product Development, Women
and systems to propel it into growth. She was contributions and track record in building
the General Manager of CDH Insurance and profitable companies. Development and Entrepreneurship.
steered the company to success. Between
2009 and 2013, she was Managing Director She was also awarded as the “Most Mrs. Karikari has been married for 25 years
of GLICO General Insurance Company and Outstanding Woman in Structured Finance’ to Dr. Anthony Yaw Karikari. She enjoys
was instrumental in significantly turning the at the Feminine Ghana Achievement marriage counselling. Her passion is to
company’s fortunes around. She was the Awards recently in Accra. Her company, encourage young people to grow in the
competent driving force behind GLICO’s Glorygate Capital Limited, was awarded Lord and to live their dreams.
now-enviable growth. He unmatched “Ghana’s Fastest Growing Investment
contribution resulted in the company being Institution for SME Growth” by the 2nd West
awarded an A-Rating by the Global Credit Africa SME International Award of

Ghana Feminine Hall of Fame 011

PROFILE

Mrs. Maebelle Denya Nortey:

Award-winning marketer, banker & manager

Mrs. Maebelle Denya Nortey is a General She implements measures for direct reports and provides
Manager and Divisional Head (Marketing) regular feedback and honest assessment of achievements
in Zenith Bank (Ghana) Limited with over by herself and her team.
eighteen (18) years’ experience in the Banking
industry. She has oversight responsibility for some sectors As someone who firmly believes in dynamism and
and branches in the Bank and leads them in the acquisition continuous self-development, she remains focused on
and maintenance of business accounts as well as achieving enhancing her professional, career and educational
the Bank’s goals and objectives. development in order to improve personal effectiveness
and efficiency while recognizing her strengths as well as
Prior to joining Zenith Bank, she was the Regional Director challenges.
(Retail and Consumer Banking) at Standard Trust Bank
(now UBA Ghana Ltd.). She started her career as an She has attended numerous workshops and executive
Account Relationship Manager at Lintas, then Ghana’s programs at Harvard University, Wharton University and
foremost advertising agency. She previously also worked Massachusetts Institute of Technology, both in the United
as the Brands Manager at the Accra Brewery Limited and States, as well as working visits to a host of countries,
was the Head of Marketing at SG-SSB Bank (now Societe including Nigeria, South Africa and United Kingdom.
Generale Ghana Ltd.).
Her admirable work and professionalism earned her a
Maebelle holds a degree in Administration (Management) nomination for the CIMG Professional Marketer of the Year
and a Master in Business Administration (Marketing), both in 2003 and was also awarded Best Marketing Person at
from the University of Ghana, Legon. Standard Trust Bank (United Bank for Africa) in 2005. At this
year’s 5th Feminine Ghana Achievement Awards held
She is an award-winning Banker and an exceptional in April, she was awarded the Banking Personality of the
Marketer with a wealth of experience in product Year Award for her accomplishments in Ghana’s financial
development, brand strategy, channel management and sector.
business planning and strongly believes that excellence is
achieved through hard work.

In her role as Divisional Head (Marketing), Maebelle
ensures the optimization of account portfolios through
the provision of tailor-made banking products and
services that meet the banking needs of customers in a
very innovative and efficient way. She is also in charge of
building a strong network of contacts that drive proactive
business development for the Bank through the delivery of
exceptional customer service at all times.

Maebelle’s marketing expertise and proactive personality
has contributed immensely to boosting Zenith Bank’s
revenue growth, customer acquisition levels and
profitability. Her personal philosophy which drives her in the
Bank is to be the highest achiever of goals set, combining
creativity and a strong understanding of her role to provide
the utmost value for the Bank.

She is a leadership figure and a role model in the Bank
with qualities worth emulating. She also ensures that each
employee’s role and contribution to the growth of the Bank
is acknowledged and duly appreciated.

Maebelle is an advocate for the training and development
of members of staff. She believes that the maximum
potential of every staff can be unearthed through constant
training. She also coaches and mentors members of staff
to help build the awareness of their strengths, personal
development needs and challenges.

012 Ghana Feminine Hall of Fame