Original hords cocoa drink

A fake Brown Gold cocoa powder bearing the brand name Hords is being sold on the market.

The Food & Drugs Board (FDB), which made this known in a statement issued recently and signed by Dr Stephen Opuni, its chief executive, said the fake Hords Brown Gold cocoa powder has features like the original Hords product and it is being distributed by Buchberger Enterprise, a firm located off the Spintex Road at Baatsonaa, Accra.

It added that Patrick Amankwah-Edusei, owner of Buchberger Enterprise, has been producing the fake cocoa powder.

He has been arrested by the police for further investigations into why he produced a fake product at an unlicensed facility under unhygienic conditions contrary to provisions of the Food and Drugs Law, 1992 (PNDC L 305B).

Meanwhile, operations of the said factory have been suspended.

The statement said items used in its production and packaging, including some finished products that were found at the premises, have been intercepted for destruction.

According to the FDB: “Activities of Buchberger Enterprise pose a great public health risk as products from the facility have not been evaluated by the Food & Drugs Board and confirmed as safe for human consumption.”

It therefore advised members of the public to look out for the embossed ‘Hords’ logo on the plastic bottle neck in their quest to purchase a Hords cocoa powder.

It further called on the public to draw the attention of the FDB to any person or persons, who may be involved in the production or sale of any fake food product.

“Any Hords Brown Gold cocoa powder without this embossed logo should not be used as its quality and safety cannot be guaranteed,” it emphasised.

From Business Desk

Ghana cedi

George Kweku Ofori, president of the Ghana Union of Traders Association (GUTA), has stated that traders will embark on a demonstration to register their displeasure over the depreciating value of the cedi against the U.S dollar.

He stated that the high exchange rate is greatly affecting business operators since most of them import goods into the country.

The local currency has in the past weeks devalued against the dollar to the extent that $1 is currently being exchanged for GH¢1.70p.

The situation has compelled the Bank of Ghana (BoG) to inject a total of about $600 million into the market in the past two weeks to shore up the value of the cedi.

The intervention by BoG is in response to the increased demand by commercial banks which have complained of inadequate dollars for their operations.
In an interview with BUSINESS GUIDE, Mr. Ofori admitted that the intervention by the Central Bank was a mere “hoax.”

“BoG’s intervention is a hoax because we, the affected traders, are not feeling its effects on the ground. They are simply not telling us the truth,” Mr. Ofori noted.

He added that “there is a deliberate attempt by the government and BoG to conceal the actual truth regarding the state of the cedi against the dollar.”

Mr. Ofori said ever since the value of the local currency dropped sharply at the beginning of the year, their businesses have suffered greatly, with some traders considering closing down their shops.

He emphasised that “because the purchasing power of people are dwindling as a result of salaries remaining the same, we are recording low sales, a situation which is compelling a lot of businesses to collapse.”

The president of the Ghana Union of Traders Association indicated that if businesses collapse as a result of this phenomenon, the country’s economy will be adversely affected.
He therefore advised government and the BoG to put in place feasible measures to save the cedi from further decline.

“If the worst happens, the private sector which has been touted as the engine of growth, will be the one to suffer the consequence.”
Meanwhile, BoG has stated that the cedi would stabilize appreciably by the end of this month as a result of its intervention.

Apart from releasing dollars into the market, the central bank is hoping to strengthen its interventions by equally matching demand of foreign currency with supply, as well as setting up a committee to put in place measures to support the cedi.

By Esther Awuah

‘Kudi Nkosuo’ is a hybrid savings and credit account designed for the informal sector. This account helps the customer to cultivate the habit of saving and also makes them eligible to secure a loan to expand their businesses.

A fixed amount (determined by the customer) is contributed on a daily, weekly or monthly basis. Contributions have to be consistent without any withdrawal for a minimum of six months to make the customer eligible to apply for a loan.

For purposes of reconciliation, a passbook is given to the contributor while the bank maintains its copy.

Who Qualifies?

‘Kudi Nkosuo’ is targeted at all categories of self-employed persons: small-scale businessmen and women, traders and artisans among others.

Benefits

The bank’s agent collects contribution at customers’ convenience in their shop, office, at the market or any appropriate location. Customers’ savings balance earns interest when it gets to the interest-bearing threshold. No deduction is made to their contribution at the end of the month.

Customers can apply for a loan once they are able to contribute consistently for six months. The repayment of the loan is not expected to exceed customers’ regular contribution.

After loans are granted to customers, they have the flexibility of making withdrawals as they continue.

Loan Accessibility

When a loan is approved, the amount a customer gets will be determined by the regular amounts of contribution they have been making.

Their six months (or more) contribution can be used as a partial or total collateral depending on the loan amount granted to repay the loan.

SIC Insurance

SIC Insurance has stated that it is working on a project to expand its operations across the West African sub-region targeting Sierra Leone and Liberia.

Benjamin K. Acolatse, MD, SIC Insurance, who disclosed this to BUSINESS GUIDE in an interview said, “Currently, we are well capitalised and profitable with operations spanning the whole country.  This has enabled us to take advantage of opportunities to grow and to make tangible progress towards maintaining our leadership position in the insurance industry in the country and beyond.

“We are also creating new business models and structures with a focus on our customers and shareholders supported by stronger governance and risk control mechanisms.  Our new core values of respect, trust, professionalism, sense of urgency and relationship building are aimed at putting our cherished customers at the centre of our business models.

“Our progress is the result of the talent and dedication of hundreds of employees, who have been unwavering in their pledge to serve customers and reward our shareholders.

SIC Insurance Company Limited is one of the oldest non-life (general business) insurance companies in Ghana. It was incorporated in February 1962 by Executive Instrument (E.I) No.17, as State Insurance Corporation which was passed under the Statutory Corporation Act, 1962 (Act 232).

Established as a corporate body by L.I. 424 of 1964 with an initial paid-up capital of GH¢1 million, it was converted from a corporation into a public limited liability company on August 28, 1995. Renamed State Insurance Company of Ghana Limited, it currently has a paid up capital of GH¢25 million. 

In 2007, the sole shareholder offered 60 percent of the company’s shares to the Ghanaian public by listing on the GSE.  This was oversubscribed by 97 percent. The government of Ghana however retained 40 percent equity share.  

As at 31st December 2010, the company’s assets totalled GH¢137.44 million and an annual gross premium of GH¢64.04 million.  

Mr Acolatse added that SIC Insurance writes virtually all sorts of short term insurance including motor, fire, marine, aviation, general accident, as well policies for the hospitality industry.

Some products

1. Workman’s compensation

It indemnifies the employer against his legal liability for injuries to his employees resulting from accidents occurring in the course of their employment. 

The Workmen’s Compensation Act 1987 makes it compulsory for any employers of labour to set aside funds to compensate any worker who may sustain injury at the workplace whether or not the employer is to blame.   

2. Motor

SIC’s motor insurance business is the biggest in Ghana. More than 50 percent of its gross premiums written come from this category with an average industry market share of 43 percent for the period 2002-2005 (latest data available from the NIC).

The company’s motor insurance business is national in scope and covers both private and commercial motor users.

Motor premium rates vary according to usage. The less extensive the cover the smaller the premiums. SIC’s dependence on motor premiums is diversified across a broad customer base and no customer influences more than two percent of gross premiums.

Apart from the standard coverage of third-party liability and comprehensive insurance, the company also handles additional perils for both private and commercial motor users under both its comprehensive and third-party liability coverage.

Examples of perils include flood, volcanic eruption, earthquake or other convulsions of nature, strikes, riots and civil commotion.

3. Fire

Fire insurance gives the insured the requisite financial protection against assets acquired during their lifetime so that in the event of any misfortune the insured would be put in the same financial position they enjoyed just before the loss. 

There are two (2) main potential buyers of fire insurance – the individual and the organization.  The individual needs fire insurance as protection against their property including buildings, household goods and personal effects. The Organization including Commercial and Industrial concerns could insure its buildings, plant, machinery and equipment, stock of raw materials, finished goods and profits.

b. Machinery Breakdown & Construction Plant and Machinery

The policies cover unforeseen and sudden physical loss or damage from causes such as defects in castling and material, faulty designs or from any other causes not specifically excluded in a manner necessitating repair or replacement or cash payment whilst the machine is at work, at rest or being assembled.

c. Electronic Equipment

The cover indemnifies the insured from loss or damage resulting from causes such as negligence, operation, willful act by third parties, explosion, implosion, over voltage, under voltage.  The cover applies whether the insured items are at rest, at work or being dismantled.

d. Boiler & Pressure Vessel Insurance Policy

Provides indemnity against damage to the insured boiler as a result of explosion or collapse.  The policy also covers damage to the third party properties and bodily injury or death to third parties.  All legal costs and expenses of third parties are paid as well as all expenses and cost incurred with the written consent of the insurer.

5. Marine & Aviation

Marine: SIC’s marine portfolio consists of hull and cargo.

The cargo business covers insurance of goods carried on board ships or vessels and aircrafts. The hull business covers the insurance of ships, fishing vessels etc as well as the liability coverage of ports and harbour operators, stevedorers, shorehandlers, ship repairers and third party liability coverage of vessel owners or operators.

Aviation

The company’s aviation insurance products cover risks associated with the manufacture, ownership, operation, and maintenance of aircrafts and the operations of aviation facilities on the ground (i.e. airports and airport facilities).

Gross premiums from marine and aviation contributed an average of 18% of total gross premiums written for the years ended December 31, 2002 to 2006.

SIC grants special discounts to select customers. The company, however, does this without compromising underwriting profits. 

6. The Accident Insurance generally covers unforeseen, accidental and sudden loss of or damage to property and injury/death to persons.

There are four classes of accident policies:

Insurance of the person

Property insurance

Pecuniary insurance

Liability insurance

1. Insurances of the person

Personal Accident

Family Personal Accident

Group Personal Accident

Foreign Travel Insurance

2. Property Insurance

Contractors All Risk and Erection All Risk

Bankers Indemnity

Burglary

Pedal Cycle

Machinery Breakdown

Electronic Equipment

Goods-in-Transit

3. Pecuniary Insurance

Cash-in-transit and Cash-in-Safe

Fidelity Guarantee

Public Liability

4. Liability Insurance

Workmen’s Compensation

General Liability

Products Liability

Professional Indemnity

Gross premiums from accident insurance contributed approximately 14% to the company’s total gross premiums written for the years ended December 31, 2002 to 2006.

In its underwriting of accident risks, the company exercises flexibility in order not to compromise underwriting profitability.

It also ensures that market sentiments and the competitive nature of the insurance industry serve as guidelines in the setting of appropriate rates.

Oil & Gas

In the light of the oil find along the western coast of Ghana, the company has positioned itself to underwrite Oil and Gas and other ancillary business in the country. Further to this, Ghana Insurers Association (GIA), as a way of building capacity and positioning itself to adequately handle all related insurances on Oil and Energy Risks, formed a Pool.  

All insurances relating to exploration, drilling, through to the production of oil and gas are placed in the pool.  

SIC Insurance Company was appointed as the pool manager based on our capital base, human resource capacity, and track record among other things. This responsibility involves dealing with all the local insurance companies participating in the pool, the clients, and other stakeholders as well as the overseas re-insurers.

Market Share

SIC is the leading provider of non-life insurance products in Ghana with an estimated market share of over 25%.  

The company exceeds the minimum stated capital requirement of US $1million (GHc 1.42million) set by the National Insurance Commission of Ghana.  

Corporate Vision

We will maintain our dominance in the insurance industry.

Corporate Mission

To provide innovative and competitive insurance and allied financial services to our clients through a highly skilled and motivated workforce with a commitment to deliver value to all stakeholders.

Corporate Values

At SIC, we customize the insurance products for every client – the right product for the right person at the right time!

We will achieve this by applying our guiding principles of:

Trust - It is the backbone to a healthy business relationship.  We will never break a promise to our clients or make a promise we cannot keep.

Relationship - The value of building long-lasting relationships with our clients is crucial for our businesses.   We will always be there for our clients.

By Samuel Boadi

Local shareholders of Tullow Oil Plc have expressed confidence in the management of the Jubilee Oilfield and other operations in Ghana.

Key shareholders embarked on a tour of facilities and infrastructure being managed by the company recently.

Tullow Oil organized the tour to build corporate relationships with them.

14 top shareholders made up of institutions and individuals were flown from Accra to Takoradi where they visited a number of facilities including the Commercial Port, the Logistics Base, Naval Base.

During a helicopter fly-over, they saw the FPSO and the Eirik Raude in operation.

The team was briefed on arrival in Takoradi by the Area Manager, Joseph Klemesu and TGL’s Licence and Business Manager, Kevin Quinn on the on-going activities of the company including preparations being made towards receiving the licence to develop the Tweneboa, Enyenra and Ntomme fields this year.

Supported by Robert Gettka of TGL’s Engineering Operations Department, the two managers answered questions posed by the shareholders.

They said on Christmas Day, the Partners would produce the 25^th million barrel of oil.

“In all sincerity, I must say I found the tour well-organized, the staff well informed and the briefing session very good.”

“It was good and well organized, but I think Tullow should provide binoculars for people when they fly over the FPSO and the Jubilee Field.

“I have one concern though. How do we know that all that is being produced on the field is being pumped into the FPSO,” asked Frank Adu, Managing Director of Cal Bank and an investor.

Jacob Vanderpuije, another investor noted: “With what I have seen, I can only be hopeful that we shall succeed in this venture.”

Abena Amoah, an Investment Analyst, noted that the tour which came after the first oil and subsequent listing of Tullow on the Ghana Stock Exchange (GSE), was timely and exceedingly relevant.

“I think that following this tour, my confidence in Tullow has risen knowing that Tullow is being run efficiently and profitably, particularly the high standards being applied in all areas of the business.”

By Samuel Boadi

PV Obeng

Paul Victor Obeng, Chairman of the National Development Planning Commission (NDPC), has noted that despite excitement in Ghana about investment, the investment situation in the country is nothing to write home about.

Speaking at the launch of the Investment Monitoring Platform (IMP), a web-based interactive database, Thursday in Accra, Mr Obeng said targeted investment promotion should be practised to meet the supply and demand needs of investment promotion services.

He said the Ghana Investment Promotion Centre (GIPC) and private enterprises should target the right investors in order to attract the needed attention and tasked GIPC to upgrade the skills of its staff.

The NDPC Chairman further called on GIPC, the Minerals Commission, local businesses and other stakeholders to modify their operational systems.
According to him, the platform was aimed at reversing the trend of low returns on investments.

The IMP project, which provides detailed information on foreign and domestic enterprises in some sub-Sahara African countries, including Ghana, is supported by the United Nations Investment Development Organisation (UNIDO), the Africa Union and GIPC.

It entails a collection of investment data expected to enhance the impact of foreign investment inflows into Ghana, government’s policy on investment as well as the private sector’s reactions.

Mr Obeng said that the platform, if used discreetly, would attract more investments into the economy.

The GIPC’s third quarter report for 2011 indicates that a total of 161 new projects were registered with a total initial capital transfer of GH¢ 41.65 million.

The total estimated value of the newly-registered projects was GH¢4.88 billion, out of which the STX project accounted for US$ 2.5 billion, with the remaining 160 projects valued at US$ 750 million.

The sectoral composition of the projects included agriculture (3), building and construction (21), export trade (7), general trading (27), liaison (9), manufacturing (16), service (69) and tourism (9).

George Aboagye, Chief Executive Officer (CEO), GIPC, at a press conference in Accra, said the new projects were expected to create 38,410 jobs with 35,543 of the jobs for Ghanaians and the remaining 2,867 for expatriates.

He said the foreign direct investment inflows into the country for the first half of the year rose by 18.35 per cent compared to the same period in 2010.

By Samuel Boadi

Dr Ahmed Mustapha

Speculations were rife that the Ghana Armed Forces (GAF) was preparing to take over the STX Housing project but BUSINESS GUIDE can confirm that although it has expressed interest in the controversial project no firm decision has been taken yet.

The Deputy Minister of Water Resources, Works & Housing, Major (Rtd) Dr Ahmed Mustapha Ahmed, in an interview, hinted that as far as government was concerned, the door was open to any investors who showed interest in addressing the housing deficit.

He noted that although government was looking for reliable alternatives for the failed project, there had not been any agreement between government and GAF over a possible take-over.

“A lot more companies have been invited. Indeed recently the GAF did a presentation and came out with their own proposal and it is being considered alongside others.”

According to him, there was space for investors who were interested in helping government to achieve its goal of building 30,000 houses for the security agencies.

Already, he said a number of companies had submitted proposals but added that government was exercising due diligence in the selection process in order not to repeat the brouhaha that characterised the relationship between the initial partners of the project.

Shelter Afrique, a Nairobi-based pan-African housing finance company, was identified as one of the companies that were interested in executing the project.

“Shelter Afrique has been operating since 1982 and from the inception it escaped the radar of Ghana. This means that Ghana did not take the opportunity to become a member to enjoy the benefits of that institution.

“It was only last year that Ghana applied to become a member of Shelter Afrique, duly pursued that agenda and went ahead to buy shares up to $10 million so that we could have a very commanding position in the institution and perhaps be able to contribute a member to their board.”

He revealed that given the foregone, “the institution has finally processed Ghana’s admission papers and has come to the country to announce to us about Ghana’s full acceptance into the organisation. This was set up by member African countries including another key pan-African financial institution which is the African Development Bank and the Africa Reinsurance.”

Dr Ahmed noted that Ghana’s housing deficit currently stood at 1.5 million units, adding that the security agencies, particularly the police, were affected the most.

Government signed the deal with STX Korea to construct 200,000 houses estimated at US$10 billion in Ghana over a five-year period.

It was initially designed to start with the construction of 30,000 housing units for the security agencies at a proportionate cost of $1.5 billion, but could not materialize.

The Ghana Real Estates Development Association (GREDA), for instance, had argued strongly that it had the capacity to undertake the project after its initial bid of building the 300,000 houses over the same period at a cost of $7billion. However, government rebuffed the offer.

The GREDA president, Alexander Tweneboah, recently noted that his members would be involved in the execution of the project, adding, “majority of our members have the capacity to undertake the project.”

“Whether it is the same form of contract or a different one, GREDA and some of its members would be involved in producing affordable housing for Ghanaians.”

Shelter Afrique and Ghana Home Loans recently signed a $5 million facility agreement to support the operations of Ghana Home Loans in Ghana.

By Karim Naatogmah

Ghana has introduced stringent measures to tackle pollution and waste of resources in order to protect the environment.

Figures show pollution levels have been relatively high over the past years.

The socio-economic development of Ghana, like many other African countries, has led to continuous degradation of the environmental ranging from widespread land degradation, deforestation, loss of biodiversity, decline in soil productivity, depletion of fresh water resources and deteriorating air quality.

Industrial development in Ghana has contributed to a large extent to the degradation of the environment as in most instances trees are cut to make way for the construction of buildings that serve as factories and offices.

In many instances, some of these companies have been accused of polluting water resources by discharging untreated effluent into river bodies.

They also pollute the air. At the Tema industrial area and parts of the South industrial area in Accra, there are days when thick smog is seen in the atmosphere reducing visibility.

These negative developments in the end impact the environment and human lives negatively.

On October 6, 2011 when the Environmental Protection Agency released its 2011 environmental assessment of 61 companies, none of 50 manufacturing companies and 11 mining companies had an excellent rating.

The disclosure, which was the second since the initiative commenced in November 2010, showed that most companies performed poorly in terms of environmental assessment.

A year ago when a similar disclosure was made some companies that performed badly did not mince words at all.

They claimed they were not involved in the process undertaken by the EPA which is aimed at reducing the impact of the operations of companies in the country on the environment.

Known as AKOBEN, the environmental performance rating currently covers the operations of players in the mining and manufacturing sectors but there are plans to expand its coverage.

Since the programme was launched in November 2010, the EPA has conducted hundreds of site audits and verification visits which have facilitated the building of an advanced environmental database and computerized rating systems to ensure accuracy, consistency and timeliness of the ratings.

So far the programme has mainly been a ‘name and shame’ activity but the EPA has announced that it would soon issue a new regulation that would make companies that perform badly in terms of environmental laws of the country pay financially as part of moves to safeguard the environment.

Daniel S. Amlalo, Acting Executive Director of the Environmental protection Agency, who is unhappy with the conduct of some players in the industrial sector, explained that the negative impact associated with their activities have wider implications on food security, sustainable natural resource management and human health as well as mitigate efforts towards poverty eradication.

To him industrial development within urban settlement, particularly lagoon catchments areas, has negatively impacted wetlands in most of the urban areas.

He recalled that at the time of the country’s industrial development, discharge of untreated effluent was predominant.

This concept, he said, has not been helpful as it was wrongly assumed that the assimilative capacities of water bodies, wetlands and the marine and coastal ecosystem could not be exceeded.

However, “time has proven that ecosystems have finite capacities and therefore require prudent and cleaner production approaches,” said the EPA boss.

A new approach has been found now and this time it is to convert industries from polluters to protectors.

Ghana has now established a clean production center which is to help industries reduce their impact on the environment while improving environmental performance.

The centre, located in Tema, is the first in West Africa to teach companies how to minimize waste by embracing the culture of reusing and recycling which would lower their cost of operation.

Sherry Ayittey, Minister of Environment, Science and Technology is all for the idea of promoting clean production and says it would in addition to maximizing the profits of companies increase satisfaction amongst the growing environmentally conscious consumers.

She was of the view that every effort must be made to green the supply and production chain in order to protect the environment and save human lives.

She recommended that “companies must make it a policy to recover and utilize their own waste generated in their production and processes,” while her ministry works on a recycling and reuse information policy and the implementation of the waste stock exchange management information system.

The policy and waste stock exchange system, she explained, will provide the public with information related to environmental sustainable technologies, methodologies, and services regarding supply and demand for renewable and recyclable resources in waste streams.

This, she said, would help “institutionalize a recycling economy and promote active enterprise cooperation in the comprehensive use of resources that hitherto have been labeled ‘waste.”

With the establishment of the Ghana Clean Production Centre, Lambert Faabeluon, head of Manufacturing Industries Department of the EPA is optimistic the environmental performance of companies would improve.

He noted that the center would provide services to companies including large and small and medium-scale enterprises in meeting national environmental legislation.

“We would offer affordable and solution oriented services to ensure that companies protect the environment and make efficient use of resources.”

By embracing clean production, it is expected that companies would tackle environmental degradation.

Davidson Akwada, a Health Safety Environmental Cordinator at Textile Ghana Limited, whose company was included in the piloting of the clean production initiative in Ghana, is now a campaigner for the approach and touts its benefits.

“We used to utilize a lot of water in our operations as we used it once and then we discharged it,” he said.

“Now things have changed the company invested in a technology to harvest the used water which is reused and then the cycle continues.”

He revealed that previously his outfit used to spend over GH¢30,000 on water every month but now records an insignificant saving of GH¢6000, representing 30 per cent savings on monies paid to the Ghana Water Company.

“This is a good initiative that all companies and even individuals must embrace,” said Mr Akwada.

“Through this project I am helping to manage the world’s scare resources, mitigating the situation of water shortage and promoting public health.”

Isaac Nuamah-Yehoah

The Christmas holidays are over and many people are expected to get out of their beds in the early hours to undertake their duties daily.

It is important to set targets for yourself. Effective planning starts with evaluating your performance in the previous year and developing new ideas.

The Pledge

As usual most people begin a new year with the best of intentions promising to reform. They therefore make resolutions and set targets.

Though some people do it casually, others make resolutions when the year is about to end in anticipation of a better year.

However, New Year resolutions are mostly made on the first day of the first month or a few days into the New Year and it takes discipline and hard work to get the best results.

If you have not yet made your resolution for this year, it is not too late since the saying goes it is better late than never.

Targets  

Have you pledged to achieve bigger and better things in your professional life? This is the perfect time to set your career plan in motion bearing in mind two key steps.

The first is to establish clear objectives and secondly identify specific steps to pursue your goals.

Below are resolutions of some professionals for the year 2012.

Eunice Yaa Asabea

Eunice Yaa Asabea, General Manager of Africabricks Concept Limited, Ghana, intends to improve her business with special focus on customer service.

“I intend to give my customers first class attention,” said the slender lady, who also has her eyes fixed on a $3,500 packaged promised by her employers for the best worker at the end of 2012.

“I am targeting that money and I will not mind working extra hours until it is mine. Yes I can.” 

To increase her productivity, Ms Asabea plans to be punctual at work. “I will therefore leave home early to beat the heavy traffic. Infact there will be no traffic jam excuses.”
“I will be “pure and transparent to all my managers, colleagues and customers. May God help me.”

Esther Agiri

Esther Agyiri, who workers with the Social Security and National Insurance Trust (SSNIT), intends to go back to school to pursue a Master of Business Administration (MBA) this year.

To achieve this goal, the graduate of Central University College has strategically developed her plan by choosing a university.

Though newly-wedded, the optimistic lady says she is ready to combine education, work and marriage.

“Well I want to climb the career ladder to its highest point, and I will also have the right attitude with my colleagues,” she added.

Isaac Nuamah-Yeboah, a journalist at the Accra-based  Independent Newspaper, shares his career and personal goals.

The journalist, who realizes that planning can be one of the most important activities in achieving one’s goals, has really been working on it.

Looking into the future with optimism, the senior journalist aims to switch jobs.

The most difficult thing, he says, is to access himself, as it takes a lot of discipline to carry out plans and achieve better results at the end of the year.

“I am determined to achieve my professional goals and I want to possibly establish my own Public Relations firm.”

Samuel

Samuel Nana Owusu-Yeboah, in a relax mode said, “I am hoping to advance myself in my career by giving off my best in the discharge of my duties,” said the information officer at the Information Service Department of the Ministry of Information.

This year, the enthusiastic Owusu-Yeboah is hoping to secure promotion to any of the government agencies as Public Relations Officer (PRO).

“I will as well undertake some advanced courses to enhance my skills and want to punctual this year,” said Mr Owusu-Yeboah.  

Ethel

Ethel Kangberee, a product of Robert Gordon University said, “I intend to work and do it well because at the company I work for, we are rewarded for productivity.”

“By working like a donkey this year, I will get more money and be able to afford a flat of my own.”

With her fingers crossed, Ms Kangberee said those funds will be invested in a business of my own because I prefer people working for myself and not the other way around.”

Well if you have not made your resolution do not put this off any longer. Start coming up with your New Year resolutions.

Once you have a list, prioritize each item on the list and then start working down the list and by the end of the year you will be amazed at how much you have accomplished.

What’s on your list?

Tips

Reward yourself. As you reach milestones in your career, take the opportunity to acknowledge your success. This will go a long way to keep you motivated and ready to tackle new challenges.

Use levity, when appropriate, to build rapport with your colleagues and ease tension that arises. You will distinguish yourself by motivating others to perform at higher levels.

It is good to take an objective look at your skills and identify your strengths and weaknesses as you move on, and in the course of the year take some time to identify areas where you think you are performing creditably.

History of New Year’s Resolutions

The tradition of the New Year’s Resolutions dates back to 153 B.C.

Janus, a mythical king of early Rome, was placed at the head of the calendar with two faces indicating he could look back on past events and forward to the future.

Janus became the ancient symbol for resolutions and many Romans pleaded for forgiveness from their enemies and also exchanged gifts before the beginning of each year.

The New Year has not always begun on January 1, and it does not begin on that date everywhere today.

It begins on January 1 for people that use a 365-day solar calendar since 46 B.C. when Julius Caesar developed a calendar that would more accurately reflect the seasons than previous calendars had.

The Romans named the first month of the year after Janus, the god of beginnings and the guardian of doors and entrances.

At midnight on December 31, the Romans imagined Janus looking back at the old year and forward to the new.

 By Emelia Ennin Abbey

Dai Jones-Tullow Oil Ghana MD

Ghana’s hopes of producing 120,000 barrels of crude oil on a daily basis have been dashed as the Jubilee Oil partners have indicated production will peak at 90,000 barrels per day this year.

Tullow Oil, lead operator of the Jubilee Oil field, which made this known at a news conference last Wednesday in London, said the partners’ inability to produce as expected stems from some technical difficulties that have been spotted at some of the production wells. It said the 120,000 barrels per day production could materialize by 2013.

In line with this, Government has charged the Ghana National Petroleum Corporation (GNPC) to investigate circumstances that could prevent the Jubilee Oil partners from realizing their target this year.

The oil production deficit could affect government’s projected revenue for the 2012 fiscal year if it registers anything below the anticipated levels.

Government indicated last year that it expected about US$1.2 billion from oil revenues in 2012 if the partners’ projected target materializes.

One of the production wells was said to be functioning below its optimum capacity and that necessitated additional investment from the partners to relocate and revamp it. The partners have indicated that the technical problems are being fixed but with caution.

Tullow Oil last year announced it encountered oil in one of its appraisal wells in more than 3,600 feet of water off Ghana’s coast.

According to the company, oil was encountered at its Enyenra-3A well in its Tano licence. Pressure data indicated there was a continuous oil column of at least 1,197 feet.

The reserve was encountered after Tullow’s drill ship drilled in water depths of more than 3,600 feet.

The company and its partners in Ghana achieved a milestone in December 2010 when commercial oil flowed from the area for the first time. That was when it announced that production there could increase to 120,000 barrels per day.

By Samuel Boadi

Ghana cedi

George Kweku Ofori, president of the Ghana Union of Traders Association (GUTA), has stated that traders will embark on a demonstration to register their displeasure over the depreciating value of the cedi against the U.S dollar.

He stated that the high exchange rate is greatly affecting business operators since most of them import goods into the country.

The local currency has in the past weeks devalued against the dollar to the extent that $1 is currently being exchanged for GH¢1.70p.

The situation has compelled the Bank of Ghana (BoG) to inject a total of about $600 million into the market in the past two weeks to shore up the value of the cedi.

The intervention by BoG is in response to the increased demand by commercial banks which have complained of inadequate dollars for their operations.
In an interview with BUSINESS GUIDE, Mr. Ofori admitted that the intervention by the Central Bank was a mere “hoax.”

“BoG’s intervention is a hoax because we, the affected traders, are not feeling its effects on the ground. They are simply not telling us the truth,” Mr. Ofori noted.

He added that “there is a deliberate attempt by the government and BoG to conceal the actual truth regarding the state of the cedi against the dollar.”

Mr. Ofori said ever since the value of the local currency dropped sharply at the beginning of the year, their businesses have suffered greatly, with some traders considering closing down their shops.

He emphasised that “because the purchasing power of people are dwindling as a result of salaries remaining the same, we are recording low sales, a situation which is compelling a lot of businesses to collapse.”

The president of the Ghana Union of Traders Association indicated that if businesses collapse as a result of this phenomenon, the country’s economy will be adversely affected.
He therefore advised government and the BoG to put in place feasible measures to save the cedi from further decline.

“If the worst happens, the private sector which has been touted as the engine of growth, will be the one to suffer the consequence.”
Meanwhile, BoG has stated that the cedi would stabilize appreciably by the end of this month as a result of its intervention.

Apart from releasing dollars into the market, the central bank is hoping to strengthen its interventions by equally matching demand of foreign currency with supply, as well as setting up a committee to put in place measures to support the cedi.

By Esther Awuah

Local shareholders of Tullow Oil Plc have expressed confidence in the management of the Jubilee Oilfield and other operations in Ghana.

Key shareholders embarked on a tour of facilities and infrastructure being managed by the company recently.

Tullow Oil organized the tour to build corporate relationships with them.

14 top shareholders made up of institutions and individuals were flown from Accra to Takoradi where they visited a number of facilities including the Commercial Port, the Logistics Base, Naval Base.

During a helicopter fly-over, they saw the FPSO and the Eirik Raude in operation.

The team was briefed on arrival in Takoradi by the Area Manager, Joseph Klemesu and TGL’s Licence and Business Manager, Kevin Quinn on the on-going activities of the company including preparations being made towards receiving the licence to develop the Tweneboa, Enyenra and Ntomme fields this year.

Supported by Robert Gettka of TGL’s Engineering Operations Department, the two managers answered questions posed by the shareholders.

They said on Christmas Day, the Partners would produce the 25^th million barrel of oil.

“In all sincerity, I must say I found the tour well-organized, the staff well informed and the briefing session very good.”

“It was good and well organized, but I think Tullow should provide binoculars for people when they fly over the FPSO and the Jubilee Field.

“I have one concern though. How do we know that all that is being produced on the field is being pumped into the FPSO,” asked Frank Adu, Managing Director of Cal Bank and an investor.

Jacob Vanderpuije, another investor noted: “With what I have seen, I can only be hopeful that we shall succeed in this venture.”

Abena Amoah, an Investment Analyst, noted that the tour which came after the first oil and subsequent listing of Tullow on the Ghana Stock Exchange (GSE), was timely and exceedingly relevant.

“I think that following this tour, my confidence in Tullow has risen knowing that Tullow is being run efficiently and profitably, particularly the high standards being applied in all areas of the business.”

By Samuel Boadi

PV Obeng

Paul Victor Obeng, Chairman of the National Development Planning Commission (NDPC), has noted that despite excitement in Ghana about investment, the investment situation in the country is nothing to write home about.

Speaking at the launch of the Investment Monitoring Platform (IMP), a web-based interactive database, Thursday in Accra, Mr Obeng said targeted investment promotion should be practised to meet the supply and demand needs of investment promotion services.

He said the Ghana Investment Promotion Centre (GIPC) and private enterprises should target the right investors in order to attract the needed attention and tasked GIPC to upgrade the skills of its staff.

The NDPC Chairman further called on GIPC, the Minerals Commission, local businesses and other stakeholders to modify their operational systems.
According to him, the platform was aimed at reversing the trend of low returns on investments.

The IMP project, which provides detailed information on foreign and domestic enterprises in some sub-Sahara African countries, including Ghana, is supported by the United Nations Investment Development Organisation (UNIDO), the Africa Union and GIPC.

It entails a collection of investment data expected to enhance the impact of foreign investment inflows into Ghana, government’s policy on investment as well as the private sector’s reactions.

Mr Obeng said that the platform, if used discreetly, would attract more investments into the economy.

The GIPC’s third quarter report for 2011 indicates that a total of 161 new projects were registered with a total initial capital transfer of GH¢ 41.65 million.

The total estimated value of the newly-registered projects was GH¢4.88 billion, out of which the STX project accounted for US$ 2.5 billion, with the remaining 160 projects valued at US$ 750 million.

The sectoral composition of the projects included agriculture (3), building and construction (21), export trade (7), general trading (27), liaison (9), manufacturing (16), service (69) and tourism (9).

George Aboagye, Chief Executive Officer (CEO), GIPC, at a press conference in Accra, said the new projects were expected to create 38,410 jobs with 35,543 of the jobs for Ghanaians and the remaining 2,867 for expatriates.

He said the foreign direct investment inflows into the country for the first half of the year rose by 18.35 per cent compared to the same period in 2010.

By Samuel Boadi

Original hords cocoa drink

A fake Brown Gold cocoa powder bearing the brand name Hords is being sold on the market.

The Food & Drugs Board (FDB), which made this known in a statement issued recently and signed by Dr Stephen Opuni, its chief executive, said the fake Hords Brown Gold cocoa powder has features like the original Hords product and it is being distributed by Buchberger Enterprise, a firm located off the Spintex Road at Baatsonaa, Accra.

It added that Patrick Amankwah-Edusei, owner of Buchberger Enterprise, has been producing the fake cocoa powder.

He has been arrested by the police for further investigations into why he produced a fake product at an unlicensed facility under unhygienic conditions contrary to provisions of the Food and Drugs Law, 1992 (PNDC L 305B).

Meanwhile, operations of the said factory have been suspended.

The statement said items used in its production and packaging, including some finished products that were found at the premises, have been intercepted for destruction.

According to the FDB: “Activities of Buchberger Enterprise pose a great public health risk as products from the facility have not been evaluated by the Food & Drugs Board and confirmed as safe for human consumption.”

It therefore advised members of the public to look out for the embossed ‘Hords’ logo on the plastic bottle neck in their quest to purchase a Hords cocoa powder.

It further called on the public to draw the attention of the FDB to any person or persons, who may be involved in the production or sale of any fake food product.

“Any Hords Brown Gold cocoa powder without this embossed logo should not be used as its quality and safety cannot be guaranteed,” it emphasised.

From Business Desk

It is demoralizing to see how most roads in Ghana deteriorate soon after they have been constructed these days.

This development could be attributed to the shoddy work carried out by most contractors who have complained that government has not been up-and-doing as far as the prompt payment of loans secured from banks for such projects are concerned.

Ghana’s development partners who offer money for the construction of roads expect roads to last for at least 10 years. The Ghanaian taxpayer expects to get value for money, but such expectations have only turned to be a mirage.

Simply put, we are heavily paying for the incompetence and indiscipline of some government officials who must ensure that such facilities are provided.

In countries such as Tunisia, Egypt, America, Germany and other developed countries, durable roads mean so much to both governments and the people. There are roads which have lasted for decades and these have been constructed with hard sea rocks.

Interestingly, politicians in Ghana travel to those countries and attend the various international summits and conferences, yet they are unable to replicate same here when they return.

It appears a spell has been cast on the minds and eyes of our political leaders with regard to economic development. They are only interested in completing road projects hurriedly during electioneering periods in order to get votes from the masses.

But why should our governments-both past and present- wait until electioneering periods before completing most of the roads.

In most cases, the quality of our roads has been sacrificed on the altar of ‘giving brown envelopes’ – a condition which is required to be met before contracts are awarded by some ministers of state. Every year, road contracts are offered but they are annulled immediately due to shoddy work, among others.

BUSINESS GUIDE urges the government to readily provide the means to allow contractors to execute road contracts qualitatively.

We further appeal to the present government to investigate corrupt government officials and personnel of the various ministries who only think about their pockets and not the general well-being of Ghanaians.

There is no way we are going to see any progress with such attitude.

Many Ghanaians have raised concerns about government’s recent withdrawal of fuel subsidies.

While there have been two schools of thought on this development, BUSINESS GUIDE would like to take this opportunity, first and foremost to applaud Ghanaians for the level-headed manner in which they addressed the issue and never allowed confusion to take the better part of them.

This is worth applauding because in Nigeria, when this same issue of fuel subsidy withdrawal was raised, the people embarked on demonstration.

Though the Ghana TUC has noted that it may announce at a later time, any appropriate action to be taken, should government fail to heed its call for a restoration of the facility, this paper believes that it should not undertake any activity that will threaten the lives of people.

Dr Joe Abbey, a celebrated economist, has thrown his weight behind government’s decision, explaining that it is the rich who tend to enjoy from fuel subsidies.

But the TUC also has kicked against the stance, saying the working masses have been plunged into deeper economic crisis as a result of the withdrawal of the subsidies.

Particularly coming just after Christmas, when a lot of the people have not even received their salaries, the fuel subsidy withdrawal has dealt a heavy blow to most families. Government has however not said anything since that time and the plight of the unfortunate continues.

We would like to ask government to heed the call of labour since the ‘bitter pill’, as described by President John Mills, is not treating any malady on the part of workers but continue to worsen the plight of the people.  

The time has come for Government to deliberate with labour so as to create a convenient situation for both parties.

As a ‘listening government,’ we hope this should not be a problem at all.

Samsung Electronics, the world’s largest maker of computer memory chips, plans to issue its first overseas bonds since1997 to expand production of processors used in mobile devices including Apple Inc.’s iPhone.

The company has sent requests for proposals to banks to borrow as much as $1 billion to expand production capacity at its factory in Austin, Texas, James Chung, a Seoul-based spokesman for Samsung, said , confirming a report in the Korea Economic Daily yesterday.

The bonds will be issued by Samsung’s U.S. unit and may have maturities of five years, Chung said.

Samsung joins cash-rich technology companies including Google Incorporated in entering the bond market as borrowing costs fall, making it cheaper for the company to raise funds to meet surging smartphone demand.

Suwon-based Samsung’s credit rating, on par with that for South Korea, suggests strong demand for its bonds, said Louis Shin of Woori Investment & Securities Co.

“Samsung will probably receive very positive feedback from global investors,” Shin, a credit analyst at Woori Investment in Seoul, said by telephone. “Investors are thirsty for companies with good credit.”

President Nicholas Sarkozy

Ratings agency Moody’s has said it is maintaining France’s top AAA credit rating for now, three days after the country was downgraded by another agency, Standard & Poor’s (S&P).

But Moody’s said it would update its position on France later this quarter.

European stock markets were flat on Monday, despite S&P’s decision to cut credit ratings for France and several other EU countries.

Earlier, Asian markets had suffered slight falls.

Analysts said the downgrades came as little surprise to investors, given the recent woes suffered by eurozone economies.

The main French and German indexes were up about 0.3 percent, while the UK’s FTSE 100 was flat.

President Goodluck Jonathan

Nigeria’s unions have suspended their strike after the president agreed to cut the cost of petrol following a week of protests.

The strike was called after prices doubled when President Goodluck Jonathan removed fuel subsidies on 1 January 2012.

Earlier on Monday, he announced that he would restore part of this subsidy.

Nigeria is Africa’s biggest oil producer but it imports almost all of its refined fuel.

Correspondents say many Nigerians see cheap fuel as the only benefit they get from their country’s oil wealth, much of which is pocketed by corrupt officials.

The unions had said that all street protests should be cancelled because of the security situation. However, police in the commercial capital, Lagos, on Monday fired live bullets into the air and tear gas to disperse hundreds of protesters.

Army checkpoints have been seen in parts of the city for the first time since the protests began a week ago.

Giving the union response to the president’s announcement, Nigeria Labour Congress chief Abdulwahed Omar told a news conference in the capital, Abuja that “Labour and its allies formally announce the suspension of the strike, mass rallies and protests across the country.”

Aliko Dangote

A Nigerian construction mogul has topped a list of Africa’s richest people.

Aliko Dangote, with a stake in Dangote Cement and interests in flour milling and sugar refining, has a fortune of $10.1bn (£6.4bn).

Forbes magazine’s inaugural list of the 40 richest people in Africa put South Africa’s Nicky Oppenheimer at number two with $6.5bn.

The total wealth of the list is $64.9bn.

By comparison, the wealthiest 40 people in Taiwan are worth $92.7bn.

The average age of those on the African list – which contains no women – is 61.

Mr. Dangote and Mr. Oppenheimer of diamond miners De Beers are two of 16 billionaires on the list.

De Beers recently agreed a $5.1bn deal to sell the Oppenheimer family’s 40 percent stake to Anglo American.

Egypt had the most billionaires, with seven coming from two families, the Sawiris and Mansours, according to Forbes.

Forbes said it had reached the values using stock prices for publicly-traded companies and estimates of revenues or profits for the many privately-held businesses.
The magazine ignored dispersed family fortunes such as the Chandaria family of Kenya.

With the right market research, start ups can avoid certain drawbacks which can cause businesses to fail

Business ideas are developed everyday, however only a few people are able to nurture these ideas and turn them into profitable ventures. Yet for those who are able to implement their ideas they still end up failing along the line due to several reasons.

One will ask why do start ups fail. Logically analyzing the situation though, start ups fail because they do not carefully research on their target market or the market they want to venture into.

Market research is a valuable planning tool for businesses of all sizes and types to determine their idea’s potential. It helps in knowing your customers perceptions and preferences and how they make buying decision, as well as help in making a decision about where to direct advertising and marketing resources.

Isaac Akroful, an entrepreneur in the building industry, said “Many start-ups however do not take time to conduct a proper market research and just plunge into business and they end up failing.

“Before conducting a research, there’s the need for start ups to think of their idea in terms of its product or service features, the benefits to customers, what key messages they’ll be relaying and the core promises they’ll be making to customers,” he added.

He noted that entrepreneurship is about giving your customers products and services they need and not what the entrepreneur thinks customers will want.

“You need to produce products or services that users will need. If you make something users want, you’ll probably be fine but then if you don’t make something users want, then you’re in for a major failure.”

He explained that there’s the need to research and find out how customers perceive your product or service by giving free samples. By giving free samples the entrepreneur gets feedback as to how his potential customers will find the product or service.

There are actually three different customers entrepreneurs need to think about in relation to their idea; purchasers (those who make the decision or write the check), influencers (the individual, organization or group of people who influence the purchasing decision), and the end users (the person or group of people who will directly interact with your product or service).

Getting information about your potential customers will help you serve them better.

Another research area is to conduct a Strength Weakness Opportunity and Threat Analysis (SWOT). This means that the entrepreneur should analysis the strengths of his product and service against the industry he’s going into; the weaknesses of your product (such as design flaws); opportunities that could be derived from it and potential threats (such as the economy).

The SWOT analysis will enable entrepreneurs to quickly understand whether their products or services will make it in the current environment.”

Another reason why many start ups do not make it is because they fail to concentrate on a niche market.
In today’s competitive business climate, one has to separate him or herself from the pack and create a niche. This can be done by offering something no one else has and by targeting your business to a few select markets.

Advantages of a Niche marketing is that by creating a product or service that so completely fills a need, your customers will have a hard time imagining life before you came on the scene. The most successful marketers are those with special, specific expertise in a particular area.
Finding your own niche is often a matter of putting a new twist on what you already do. Ask yourself, how can I differentiate my business from others? How can I create the perception that my market simply cannot live without me. What do I have to offer?

After carefully creating a niche, there’s the need to do it all over again when your niche has grown old. Look at where your market has been and where it’s going. Brainstorm on new products and services to add to your business mix and be prepared to respond to change. The secret to successful niche marketing is the ability to grow and evolve with the times.

Mr. Akroful noted that another reason why start ups fail is their poor financial management.

“Managing cash flow is a big deal in any business, and been able to manage ones finances isn’t something taught in school. It is leant,” he reiterated.

He said start-ups are sometimes unable to manage their finances properly because they are not able to separate their personal finances from their business finds.

He revealed that some entrepreneurs are unable to separate their personal finances from the business ones because they are unable to distinguish between the two. “They believe that the profit that comes out of the business is for their personal use, and fail to realize that they can use that money to manage the business or invest in other projects. That is why there is the need for entrepreneurs to seek professional advice on the types of investment options available to them.”

Poor location of the business is also another reason why start-ups fail, Mr. Akroful stressed. Citing a company at a strategic location should be something that entrepreneurs should look out for, he noted.

Too often business locations are selected without proper study, investigation, and planning. Some start-ups choose a particular location just because they noticed a vacant building and occupied it, forgetting that it might not be favorable for them. That is in terms of reaching out to customers.

But Mr. Akroful says the location also depends on the industry the entrepreneurs is involved in. “For those in the manufacturing sector, because of the kind of machines they use, they have to be in a particular location so they won’t disturb others. But the right location where consumers can easily be reached is very important.”

He indicated that before entrepreneurs start any venture they should seek professional advice from friends and organization on how to run a successful business.

He said most often entrepreneurs who are starting up think that because they’ve been able to come up with an idea, it will be so simple to run it all by themselves.

“The fact that the entrepreneur has an idea and a passion to pursue it is not enough to succeed.

There are some aspects of running a business that needs the expertise to handle, and entrepreneurs must endeavour to consult others for help when the need arises.”

This is not a complete list of why start ups fail. However they are the main points start ups need to know when they want to venture into any business.

The way to succeed is to have a vision of what you want to achieve, and to hold true to it no matter what setbacks you encounter. So don’t get too attached to your original plan, because it might probably be wrong.

Most successful startups end up doing something different than they originally intended. You have to be prepared to see the better idea when it arrives. And the hardest part of that is often discarding your old idea.

Prince Kofi Amoabeng

There is no doubt that Prince Kofi Amoabeng, Chief Executive Officer (CEO) of UT Bank and UT Group, has carved a niche for himself in the country’s financial sector.

The loan recovery techniques of Mr Amoabeng, one of Ghana’s most enterprising CEOs and entrepreneurs in the country, have created a unique platform that has helped to develop several Small and Medium-scale Enterprises (SMEs) in Ghana.

In an exclusive interview with this paper, Mr. Amoabeng acknowledged that the growth of UT Group was not achieved on a silver platter, but determination and zeal to succeed developed the Group.     

Profile

Mr. Amoabeng started school at the Kukurantumi Catholic Primary School after which he gained admission to Adisadel College in Cape Coast in 1964. With a passion for sports, he became a sprinter, played table tennis and cricket and also became a member of the school’s boxing club.

After completing Sixth Form, he gained admission to the University of Ghana, Legon to study Accounting and Economics and graduated with a Second Class (Upper Division).

He undertook his national service at Accra Academy and later joined the Ghana Military Academy in 1975. He passed out the same year and obtained a scholarship to study Accountancy in the United Kingdom after which he decided to go into business.

Mr. Amoabeng, in 1990, formed a consultancy to assist people to raise loans from the banks and when this failed, he decided to form his own finance company to assist those who wanted loans which led to the establishment of Unique Trust in 1997.

About UT Group

From humble beginnings as a privately-owned company in Ghana, UT has evolved into a publicly-owned company with subsidiaries outside the shores of the country. Its shares are listed on the Ghana Stock Exchange. 

With over 300 staff members spread across Ghana, UT has become a household brand that offers both the formal and informal sectors a partnership of value, partnership that will assist private individuals and businesses to achieve success.

Currently, the UT Group comprises UT Bank; UT Collections – a collection, management, and recovery of debt company, UT Logistics – the trading and logistics arm of UT Holdings; and UT Properties – a valuations, advisory and consulting firm with options in the real estate industry.

The company, in 2008, started operations in Hamburg, Germany as UT Logistic GmbH and is also present in Nigeria.

Mr. Amoabeng asserted that the uniqueness of UT Bank lies in the fact that the company itself started as an SME.

“We started as a micro, small and medium enterprise and then we became a large firm. Now we are a bank. No bank has been created that way, at least in our part of the world.

“So we are unique as far as serving SMEs is concerned because we have been in that category ourselves. Now that we’ve become a bank, we are the only bank that really understands the SME sector.

He revealed that because of this SMEs prefer to do business with them.

“For now, we are probably the only bank which you don’t need to have an account with but can secure a loan from us within 48 hours,” the CEO said.

Innovation

“Innovation, for me, means challenging the status quo and trying to break down barriers and creating more efficient products at the right time with more convenience.” This, he said, is what UT believes in. The company has over the years tried to be innovative with its approach to doing business. Examples of such innovative products are the ‘Phone for loan’ and Loans in 48 hours products.

Innovation, he added, comes from anticipating and satisfying the needs of people. “You must anticipate the needs of people, and you will realize that it will give them value.”

He said a few entrepreneurs and companies are blazing the trail in terms of innovation, especially within the banking sector. Competition from Nigerian banks, he said, has compelled most Ghanaian banks to develop a lot of innovative products for their customers.

He however noted that entrepreneurs are not being innovative enough in other industries, considering the stiff competition from their foreign counterparts.

He therefore advised entrepreneurs to develop innovative ways to meet the ever changing needs of their customers.

State and Private Sector Partnership

The astute entrepreneur said the state must support the private sector to flourish. For this to happen, he suggested that certain basic fundamental structures and institutions must be put in place.

He stated that “if the institutions of state are not strong enough to project and protect entrepreneurs in the private sector, they certainly cannot flourish.

“I personally believe that the state should not go into any business venture, but must rather create the enabling environment like providing access to good roads and basic amenities which will go a long way to facilitate the growth of the private sector.”

Awards

UT Group has over the years won several enviable awards which demonstrate its uniqueness. During the celebration of Ghana’s 50th anniversary in 2007, UT won a Gold Award for contribution to the Social and Economic Development of Ghana. In March 2008, UT won the second Most Respected Company.

Additionally, Kofi Amoabeng won the Most Respected CEO award in 2008 and 2010 respectively. He also won the Marketing Man of the Year 2006 and Order of the Star of the Volta in 2008.

In May 2011, he was adjudged the Best Entrepreneur for the year 2010 at the maiden Ghana Entrepreneur Awards.

He was among three most successful entrepreneurs who recently picked up top awards during the 2011 West Africa edition of the global Ernst & Young Entrepreneurs awards.
The others were Edward Effah, CEO of Fidelity Bank and Joseph Agyepong, CEO of Zoomlion. The three personalities competed with other top West African businesses.
They competed based on key qualities such as innovation, strategic thinking and direction for their companies and display of good financials, among others.

The story of UT Bank is very interesting and spectacular because of the way we started. We started with a capital of about $15,000; a staff of three and a one-room office in 1997. Our growth since that time till now is an indication that we have been able to make some impact in the sector.”

The exciting thing about the award is that even though it was a competition for entrepreneurs UT stood out because of its mission of empowering entrepreneurs in all sectors.

“Our growth is based on creating entrepreneurs from the informal sector, and that is very unique. What we’ve been doing is creating entrepreneurs, letting people realize their God-given talents. I think it was quite impressive as far as the panel members were concerned.”

Way Forward

He said the company in the coming years will venture into several untapped business areas which will go a long way to delight customers.  

Charles Cofie, a Council Member of the GSE supported by Ian Springett to ring the bell to signal commencement of trading

The Ghana Stock Exchange (GSE) became the third biggest stock exchange in Africa last Wednesday, July 27, 2011 after Johannesburg Stock Exchange (JSE) and the Nigerian Stock Exchange (NSE) when Tullow Oil Plc listed approximately 3.5 million shares valued at GH¢27.6 billion on the Accra Bourse.

The market capitalization of the GSE shot up from GH¢20.4 billion ($13.6 billion) to approximately GH¢48 billion ($32 billion). Tullow Oil thus becomes the biggest listed firm on the Accra Bourse.

Kofi Yamoah, Managing Director, officially admitting Tullow onto the exchange, said the listing of the oil giant will bring immense benefits to the Accra Bourse.

Kofi Yamoah

International News

US stocks fell on Monday as jitters about euro zone debt bailouts, including more financial reforms by Greece, and doubts about the pace of global growth encouraged investors to shed riskier assets.

A gauge of manufacturing in New York State tumbled much more than expected in May to its lowest level in five months, the New York Federal Reserve said in a report, further souring investor sentiment.

In deal news, shares of NYSE Euronext fell 10.1% to $36.77 after Nasdaq OMX Group Inc and Intercontinental Exchange withdrew their bid for the rival exchange.

“The issue about Greece and the drop in commodity prices are raising many questions. Is the expansion over and will the European debt crisis be resolved?” said John Canally, investment strategist for LPL Financial in Boston.

The Dow Jones industrial average was down 54.64 points, or 0.43%. The Standard & Poor’s 500 Index was down 6.53 points, or 0.49%, at 1 331.24. The Nasdaq Composite Index was down 16.36 points, or 0.58%, at 2 812.11.

Epack                                                            MFund

Last Price     :     GH¢1.04                            Bid Price       :GH¢0.3054 Gain/Loss     :     GH¢0.0022                       Offer Price     :GH¢0.3085

Gain (%)       :       4.08%                             Annualized Yield: 14.55%

BFund                                                              Gold Fund

Bid Price        :   GH¢0.1671                           Offer Price     : GH¢585.00

Offer Price     :    GH¢0.1688                         Price Change   : GH¢2.00

Year-To-Date :     8.72%                                 Year-To-Date  : 0.86%