News FT TECHBIZ Tigo shelters tFinancial Times How to build a Obeng Yaw tManagement Review by Harvard Business Service tech empire at L/A School age 24 BUSINESSPage 5 Inside DAYPage 24 www.businessdayghana.com Monday 17 - Sunday 23 August 2015 * VOL. 2, * NO.77 GH¢ 2 GHANA Cedi to end year at 3.9 - Analyst Business desk the US Dollar. market, would see the cedi stabi- likely to end at the former. Mr Martey, who is a Senior lize against the dollar. “!e expectation was that the n economic analyst, Economic Analyst at Databank, He indicated that Databank cedi would end the year between Courage Kingsley Mar- indicated that the current eco- Research had earlier in the year 3.9 and 4.3 maximum to a dollar. tey has said that all nomic conditions in addition to predicted the local currency to However given the recent develop- things being equal, the the anticipated revenue from the hover between 3.9 and 4.3 Ghana ments on the market and expected Acedi would end the year at 3.9 to sale of bonds on the international Cedis to a dollar, but looks more Continues on page 4

Sponsored by Ghana turns to sea to solve ‘dumsor’ INTEREST RATES From our desk Date: 14/07/2015 Percentage o u t h A f r i c a a n d Ghana are looking to Inflation Rate June.. 2015 17.9% rental of power ships — a special purpose marine vehicle on BoG Policy Rate May. 2015 22.00 whichS a power plant is in- stalled as a short-term solution TREASURY SECURITIES RATE to solve the energy crisis. The Ghanaian government 14/08/-2015 has already ordered two power 91 Day Bill 25.21% ships from Turkish energy 182 Day Bill 25.93% producer Karadeniz Holdings’ Karpowership unit. 1 Year Note 22.50% This potential solution was 2 Year Fixed Rate Note 23.00% also presented to South Africa’s Eskom, the Department of Energy and the Department of MONEY & CURRENCY MARKETS Public Enterprises by the same Daily Interbank FX Rates Continues on page 4 14/08/2015 Buy Sell £(Pound Sterling) Gh¢ 6.0317 Gh¢ 6.0397 US$ (Dollars) Gh¢ 3.8712 Gh¢ 3.8751 Stanchart sacks workers, closes two branches € (Euro) Gh¢ 4.3118 Gh¢ 4.3156

See page 4 2 National News * BusinessDay - Monday 17 - Sunday 23 August 2015

Solutions for youth employment sets ambitious goal

o mark International Youth Day, the Solu- tions for Youth Employ- ment (S4YE) coalition is launchingT an ambitious "ve-year strategy that will tackle major challenges of youth employment worldwide. S4YE is a global coalition of civil society actors, government officials, foundations, private sector entities, international or- ganizations, and young people that seeks to "ll the gap in youth employment. The initiative was launched in October 2014. !e strategy - "rst of three to be developed during the 15-year initiative - has a bold target: to support 150 million youth across the world by 2030. S4YE will en- able innovative solutions at scale through practical research and ac- tive engagement with public and Ghana’s fishing failure private stakeholders. !e coalition combines a pragmatic approach hana’s poor pro- Competition is leading to a monitor, control and surveillance "sherman Tetteh complains about to identifying solutions for youth tection of its "shing race to the bottom. Chief "sher- system to combat illegal "shing, the di%culty in dealing with "sh- employment with an evidence- resources is hurting man Okaishie says: “!ey [canoe but it is critical that this approach ermen who illegally use lights to based advocacy platform to in- small-scale fisher- "shermen] are trying to compete has an adequate investment of attract fish. He got involved in crease access to productive work men and is causing with the big trawlers. Take the cost "nancial and human resources,” a brawl with a group and took for young people. disputesG with the country’s major of the premix fuel for example. Martin argues. them to the police station, but the While the youth employment trade partners. You might buy 30 gallons, and one !e knock-on e$ects of unsus- offenders were never charged. challenge has a global scope, S4YE Law no dey (there is no law) gallon is 7.10 cedi. Fishermen can tainable "shing practices are dam- Instead, Tetteh and his crew were will focus its work its interventions While the government has be going to sea a week without aging livelihoods across Ghana. held. Agbla, a fellow "sherman, where the youth employment stepped up its efforts since the a catch. Sometimes they borrow Hundreds of coastal communities complains: “Law no dey (there is challenge is a national priority, European Union (EU) awarded a the money before buying the fuel.” depend on the fishing trade as no law).” including the Middle East, North ‘yellow card’ warning for its failure Caught under mountains of their main source of income. Corruption allegations Africa, Sub-Saharan Africa, Latin to "ght illegal "shing in 2013, it debt and needing to fish ever Fish is a key contributor to Kyei Kwadwo Yamoah, a pro- America, the Caribbean, and Asia. has not been able to stop practices greater quantities to keep up, food security, as two-thirds of gramme manager for the non-gov- Unemployment figures are that pollute the environment and many engage in illegal fishing. Ghana’s consumers eat "sh as the ernmental organisation Friends of staggering. Over the next decade, decimate "sh populations. “!ey put a generator bulb into only source of animal protein. A the Nation, points to corruption as a billion more people will enter !e problem is not limited to the sea from their small boat continued decline in "sh stocks a force that weakens regulations. the labour market and "ve mil- Ghana, and the Gulf of Guinea is and lower it,” explains Okaishie. and growing consumption mean “[!ere is] political interference lion new jobs will need to be cre- renowned for widespread #outing “When they spark the generator, that Ghana depends on imports to with enforcement. Some politi- ated each month to absorb them. of "shing laws. all the "sh around that area will meet 40% of its national demand. cians have vessels themselves. 600 million youth globally are According to the Africa Prog- come to where the light is. !ey A weak legal framework to Some "shermen are funding po- unemployed and not in school ress Panel think tank, around leave one person to lift the light enforce "sheries legislation and litical parties,” he adds. or receiving training. Youth are $1.3bn is lost each year in West slowly and the "sh follow.” limited capacity to monitor and Yamoah reports that the num- also three times more likely to be Africa to illegal "shing. James Agbla, who has been patrol have undermined Ghana’s ber of small sardines, a local unemployed than adults. Some 50km east of Accra is "shing for 32 years in Prampram, "sheries sector. !e combination staple, are dropping. Fishing com- “!e World Bank Group’s twin Prampram, a "shing community says: “With the lighting system, of strong demand and a loose reg- munities like Prampram report goals are to eliminate extreme where most of the men have at "sh that would normally be in the ulatory framework has attracted regular declines in their catch, poverty and to boost shared pros- some stage in their lives been sea for three months will be caught foreign industrial vessels that can and the government admits it does perity for the bottom 40 percent engaged in "shing. in two days.” Others use carbide or make considerable profits from not have the capacity to produce of the population by 2030.Access Jacob Tetteh Ayin has been the pesticide DDT to daze the "sh the "shing black market. thorough statistics on the legal and to productive employment is the "shing for 22 years and has seen and make them easier to catch. Government e$orts have cen- illegal "sh trade. most effective way to share the how the practice has changed: Alberto Martin of the Envi- tred on intelligence and surveil- Local communities also com- growth dividend and escape pov- “Since 2000, the "shing business ronmental Justice Foundation lance of illegal activities. The plain that the government is bi- erty. Investing in employability for has been like anybody does what explains that these practices un- government established the "sh- ased against them and unwilling youth - especially the most disad- he or she wants to do.” dermine fish stocks by hitting eries enforcement unit within the to hold the operators of foreign vantaged - is an essential part of Many small-scale fishermen juvenile populations. "sheries ministry in response to trawlers to account. this process,” says Arup Banerji, have seen their trade devastated Targeting those young "sh is the 2013 EU warning. A naval o%cer based in Tako- World Bank’s Senior Director for by the arrival of industrial ves- creating a crisis. “In response, !e unit’s sta$ are drawn from radi, the capital of the Western Re- Social Protection and Labor, and sels. Nii Kai Okaishie III has been the government is developing a the navy, marine police, the "sh- gion, veri"ed claims that foreign S4YE Board Member. “We support Jamestown’s chief "sherman for eries ministry and the Bureau of trawlers simply buy their way out this multi-stakeholder coalition two years. There are more than National Investigation. of prosecution. which aims to provide leadership 600 "shermen in the community, !ey total 55 people seconded The officer, who requested and catalytic action to mobilize which is one of the oldest areas from their respective institutions. anonymity, says: “!ere is a lot of e$orts to increase the number of of Accra. “!ese big, big trawlers Despite their limited number, the frustration after carrying out the young people engaged in produc- are supposed to fish deep, but unit is supposed to patrol a coast- hard work to bring foreign vessels tive work.” sometimes they come down and line of more than 500km and cover to dock and arresting the crew, “We believe that tackling the come and "sh where these people a maritime area of 228,000km2. that the majority of these ships youth employment and entre- [canoe "shermen] "sh,” he tells James Azamesu, a public rela- are back out to sea after paying preneurship challenges of our !e Africa Report. tions o%cer at the "sheries min- undisclosed out-of-court settle- time requires cross-sector col- Livelihoods ruined istry, argues that the government ments. !e high "nes are hardly laborations, which is why we are When this happens, trawlers has made considerable progress ever ordered by the courts.” a founding private sector partner can destroy canoes and rip nets since 2013: “I would say that we !e "sheries ministry strongly of S4YE. !is strategy is ambitious apart. !e cost of canoes starts at are over 80% there. A big step was denies the claims but acknowledg- and focused on action, investing 30,000 cedi ($9,100), with the net the establishment of the "sheries es that the judiciary is a weak link. in proven solutions that build the and motor costing another 10,000 enforcement unit, and ensuring Without matching effective law capabilities of young people and cedi. When small-scale "shermen collaboration across the major se- enforcement with a stronger and equip them with the skills they return to their boats after a trawler curity agencies was an important better-funded regulator, Ghana need to succeed,” says Jill Huntley, has passed, they can find their development.” risks killing the "sh that lays the Managing Director of Global Cor- livelihoods ruined and are unable People on the ground see golden roe. porate Citizenship at Accenture, to trace the culprits. things di$erently. In Prampram, !e Africa Report and S4YE Board Member. BusinessDay - Monday 17 - Sunday 23 August 2015 National News 3 BoG moves to inject liquidity into economy

LAWRENCE SEGBEFIA

n an effort to improve the circulation of currencies in the country to stimulate economic growth and ag- Igregate demand, the Bank of Ghana has stated that it will merge the Monetary Policy Rate and the Reverse Repo Rate, with effect from August 13, 2015. This follows the outcome of the recent Monetary Policy Com- mittee meetings, where the Bank decided to merge the Monetary Policy Rate and the Reverse Repo Rate (the effective rate at which Bank of Ghana lends to com- mercial banks) with effect from August 13, 2015. According to the Central Bank, the merged rate shall continue to be referred to as the BEIGE Capital reviews mid-year performance Monetary Policy Rate and will be he Management of sets increased by 28%. Total services in spite of our size ability for our Shareholders. In positioned at 24 per cent. This BEIGE Capital has Assets position at GHc695m and capacity, due to regulatory times as challenging as now, it’s merger is to ensure transparency met to review the represented 27% of the in- limitations within the Bank- prudent that we invest only in in the monetary policy stance of bank’s mid-year per- dustry total. Loans and Ad- ing Act for Savings and Loans quality assets”. the Bank of Ghana. formance. The mid- vances increased by 12%. Cash companies. Considering that Mr. Nyinaku also predicted These changes, in effect, will yearT review, which happened and Bank balances stood at our current stated capital falls that the third quarter would be not reflect a change in monetary at BEIGE Academy in Accra, GHc47m an increase of 64% just a shade short of the Cen- challenging for the industry in policy stance, since the maxi- took stock of the bank’s current from the December 2014 po- tral Bank’s minimum capital general, because of the dollar- mum lending rate of the Bank performance with reference to sition. Shareholders’ Funds requirements for Universal cedi instability facing industry of Ghana remains unchanged at the Strategic Operational Plan stood at GHc132m represent- Banks, we’re actively seeking and the difficult economic con- 25 per cent. (SOP) for 2015. ing 35% of the industry. equity partnership from inter- ditions facing industry at large. The Bank has also introduced BEIGE Capital’s SOP 2015 Although the bank achieved ested investors as we consider During the review, the various a 7-day Reverse Repo (lending) set targets, which sought to a significant increase in its moving up the Tier. In so do- branches of BEIGE Capital did Facility, available to all banks maintain and consolidate its Demand Deposits Book, the ing, we have also not ruled out presentations of their individual to help them manage liquidity leadership position among results at the end of the period the possibility of listing on the positions with respect to the over- more effectively. the Tier II Category of banks was below expectation. The Stock Exchange.” all performance of the bank. !e The Reverse Repo Facility is in Ghana. The bank was able CEO, Mike Nyinaku said “we Mr. Nyinaku congratulated top "ve (5) performing branches the principal instrument through to achieve averagely 85% of its have successfully created a management and staff but cau- were honored by management. which Bank of Ghana will inject mid-year targets for all key per- platform that will enable us tioned management not to be Since inception in 2008, liquidity into the banking sys- formance indicators. Deposits to consolidate our leadership complacent. He said, “the bank BEIGE Capital has seen consis- tem during periods of general increased by 28% from 2014 in the industry and hope- cannot afford to be complacent tent growth both in the size and liquidity shortage. The detailed year-end position of GHc413m. fully transition into universal at the No.1 position”. He added scope of its operations. BEIGE modalities and procedures for Borrowings also increased by banking, if need be. Our key that, “this is the time to put in Capital has business offices in accessing the facility have al- 55% from the December 2014 challenge now is our inability our maximum effort to drive several parts of the country and ready been communicated to figure of GHc24m. Total As- to offer certain basic banking business and improve profit- employs about 700 people. the banks.

Ghana to Host UNWTO conference FG does not manage hana is set to host an said the conference would provide international conference a major opportunity for Africa to on Tourism scheduled to harness the potential of tourism take place in Accra from to foster development, increase its Nigeria’s airspace - GCAA GMonday, August 17 to Wednesday, participation in the global econ- August 19. omy and generate revenues for The three-day conference is investment in other activities. he Ghana Civil Aviation Nigeria to "nd out exactly what ministry led by Permanent Secre- aimed at building capacity in Africa Mrs Ofosu-Adjare said tourism Authority, GCAA, has de- they mean because Ghana is not tary, Hajiya Binta Bello. for the realization of a strong image was one of Africa’s most promising nied reports that Ghana managing the airspace of Nigeria. !e permanent secretary later and repositioning Africa as a com- sectors in terms of development, manages the airspace of Unlike Togo and Benin, where we told State House journalists that petitive destination for tourism, adding that in 2014, Africa received NigeriaT over the Gulf of Guinea. manage their airspace, we do not Buhari ordered her ministry to business and investment. 56 million international tourists, up According to the GCAA, Ghana know about the management of begin the process of securing More than 150 international from 26 million in the year 2000, only manages the airspace of Togo the Nigeria’s airspace.” the management of the Nigerian delegates, including representa- while international tourism re- and Benin. Alhassan disclosed that the airspace which, she noted, Ghana tives from national tourism orga- ceipts in Africa amounted to US $36 Deputy Director General, Fi- IATA council is handling the issue had been managing since 1945. nizations, tour operators and travel billion or 7 per cent of all exports on nance and Administration of and in fact they have even sent a The permanent secretary said agencies, are attending the confer- the continent. Ghana Civil Aviation Author- delegation to Nigeria to ascertain Togo and Benin Republic had equal- ence to discuss issues on branding, She noted, however, that the ity Abdullai Alhassan, disclosed the truth in the matter since they ly concluded arrangements to take e-communication, media relations growth of Africa’s tourism and the that International Civil Aviation are all aware that Ghana does not over their airspaces from Ghana. and key challenges facing African capacity of the tourism sector to Organization, ICAO, has sent a manage the airspace of Nigeria. “We have a directive by the countries as well as exchange na- develop were often hindered by the delegation to Nigeria to ascertain !e latest development follows president to start the process of tional experience on branding. negative perception of Africa and the truth concerning President reports that President Buhari has securing the management of the It is being organized by the the generalization of crisis situa- Muhammadu Buhari’s order to Ni- directed the Ministry of Aviation Nigerian airspace over the Gulf United Nations World Tourism tions for the whole region. geria’s Ministry of Aviation to take to take over from Ghana, the man- of Guinea which Ghana has been Organization (UNWTO) on the For example, she said, even over the security of the nation’s agement of the Nigerian airspace maintaining since 1945, and there theme, “Enhancing Brand Africa: though only four countries in airspace over the Gulf of Guinea in the Gulf of Guinea. is a move on the ground by Togo Fostering Tourism Development”. Africa were a$ected by Ebola, the from Ghana. He is reported to have given and Republic of Benin to take over In a keynote address at a news media portrayed it as if the whole Alhassan said: “At the inter- the directive at the State House in their own airspace from Ghana,” conference in Accra, the Minister of Africa was a$ected, with serious national civil aviation level, they Abuja last week while receiving a she said. for Tourism, Culture and Creative implications for the tourism sector have sent the regional director to brie"ng from top o%cials of the Vanguard Arts, Mrs Elizabeth Ofosu- Adjare, in Africa in 2014. 4 National News * BusinessDay - Monday 17 - Sunday 23 August 2015

Ghana turns to sea to solve ‘dumsor’ posal as a short-term Stanchart sacks workers, Continued from page 1 solution for SA. Turkish company. This is because the Department of Energy power ship only has a deputy director-gener- generation capacity of al for policy, planning 310MW, which is too closes two branches small to feed into the and clean energy Ompi Aphane said it was look- national grid. ing into short-term alter- But Brian Day, power native solutions such as expert and MD of the a power barge and power South African National ships. Energy Association, ar- Karadeniz Holdings gues that power ships p r e s e n t e d t h e p o w e r are a suitable solution ships as an alternative to for SA’s power crisis be- Eskom’s open cycle gas cause generation capac- turbines that use expen- ity of 310MW is equal to sive diesel to generate one unit of a two-unit electricity during peak 600MW power station, demand. and power ships can de- The two open c ycle liver at R2-R2.50/kWh, gas turbines plants were substantially less than built on the basis that Eskom’s turbines, which the technology had been cost R3-R4.50/kWh. proven all over the world Karadeniz Holdings with numerous suppliers, says the power ships can along with the advantage be ready within 60 to 180 of being built in three days and will need an on- to four years. The tur- shore substation to feed bines, built in 2004, have the power into. a 1,000MW generation However, the estimat- capacity and a life span ed costs of the power of about 25 years. ships are still significant- Despite the turbines’ ly more expensive than reliability, power ships independent power pro- are increasingly viewed ducers (IPPs); therefore as a more efficient alter- the government could native for mitigating SA’s look into opening up the LAWrenCe seGBeFiA The bank is said to be ment Team to lead and while Southern, Western market to IPPs as a short- preparing to close one run the Group, led by Bill and Eastern Africa, Paki- energy crisis. Instead of diesel, for term solution that may h e d e c i s i o n more branch in the Ashanti Winters, who will be the stan and the UAE will op- have long-term benefits. region by the end of 2015. Group Chief Executive. erate under Africa and the instance, the power ships o f S t a n d a r d use heavy oil fuel to gen- For instance, the lev- Chartered plc In a recent press re- As part of the Group’s Middle East and led by Mr. ellised costs of solar pho- lease, the Group stated new geographical struc- Sunil Kaushal, currently erate electricity, and to embark on a Karpowership is plan- tovoltaic power in 2030 global restruc- that it is simplifying its ture, the bank rationalised the CEO of Stanchart In- (in today’s prices) are organisational structure its eight existing regions dia. The UK and the US ning to use natural gas in Tturing aimed at enhancing the long run. The energy projected to range from to improve accountability, into four new regional will fall under the Europe the bank’s financial per- producer also operates 54c-78c/kWh, with wind formance is beginning to speed up decision making, businesses with the first and Americas. at about 60c/kWh. and reduce bureaucracy. comprising Hong Kong, The simplified organ- and maintains its own manifest as it closes two of power ships with two-to If the government is its branches and sends over According to the release, China, Korea, Japan, and isational structure will be to consider this propos- the restructuring is intended Taiwan, all falling under phased in from October 1, five-year rental contracts. a hundred workers home. The technology allows a al, there are important The bank has so far to “play a key part in de- Greater China and North 2015, and will be fully in questions that it needs to livering the previously an- Asia. Singapore, Malay- place by January 1, 2016. station to operate for 12 closed its Agbogbloshie hours a day in a 12-day address. What environ- and Tarkwa branches in nounced US$1.8bn of cost sia, Indonesia, India and The Group’s financial re- mental effect will the pro- savings by the end of 2017”. Bangladesh were all cat- porting will be based on cycle and, when out of the Greater Accra region power, draws energy from curement of power ships and Western region re- The bank further an- egorised under the ASEAN the new structure from have in the construction nounced a new Manage- and the South Asia region; January 1, 2016. a ship moored next to it. spectively. In 2006, the Western of the onshore infra- Cape used a power ship structure? Given that during routine mainte- the company proposed operating and maintain- Continued from page 1 “In the short term I don’t nance at Koeberg, when Cedi to end year at 3.9 - Analyst ing its own power ships, see any increase in the de- the utility rented a barge- mounted turbine to sup- are the costs inclusive of in#ows for the second half stability in the second half of year, the country’s balance mand for real estate. Any ply power. Thus, Eskom the rental, operation and of the year, we will lean the year due to COCOBOD’s of payment de"cit was $850 available mortgage right is aware of the potential maintenance? towards the lower band of expected loan facility of $1.8 billion. !is, he said, led to a now will include a higher of power ships, although Indeed, this deal may GH¢3.9 to a dollar by the billion and the government’s shortage of foreign currencies exchange rate so that pricing Andrew Etzinger, Eskom’s form part of the IPPs, but end of the year,” he said. Eurobond sale expected to on the market, culminating regime cannot be reduced head of integrated de- the costs seem uncom- Ghana’s central bank con- rake in $1.5 billion. in the sharp depreciation of within a space of three weeks mand management, says petitive when compared "rmed in June that it would !is increased in#ow of the cedi in the first half of cedi appreciation. Eskom is not convinced with solar or wind alter- release a daily amount of $20 dollars will support Ghana’s the year. “What they would want to by the power ship pro- natives. million in an e$ort to stabilize reserves position, allow- Mr Martey said there was do is to recover the cost they the cedi. !e move ultimately ing the Bank of Ghana to the need to increase exports have incurred over the "rst led to a sharp appreciation smoothen volatility on the through economic diversi"- six months of the year before of the cedi against the major foreign exchange market till cation while adding further looking at adjusting their foreign currencies. at least the end of the year,” value to the country’s prod- prices again,” he said. !e past few weeks saw he said. ucts to ensure that external Managing Director the cedi depreciate slowly Mr Martey said that al- vulnerabilities are reduced. of Lamudi Ghana, Akua but this has been compen- though these interventions The cedi’s appreciation Nyame-Mensah said: “The sated with more stability would stabilize the local cur- against the dollar led to price cedi’s stabilization is essen- in recent times. Mr Martey rency in the short term, more reductions among some tial. Businesses have not been believes that the central needed to be done to ensure commodities, namely crude able to adequately plan all bank’s intervention could be its stability in the long term. products. year and have been spending a leading factor. The economic analyst What does this mean for on unbudgeted expenses. He added that the gov- hinted that a repeat of the the real estate sector? “As a result of a more ernment’s expected in#ow cedi’s depreciation could oc- Mr Martey said he doubts stable currency, mortgages from its Eurobond sale cur in the "rst half of 2016 due it would have any signi"cant would become more acces- coupled with COCOBOD’s to inherent challenges. !e e$ect on demand in the short sible. !is has a positive e$ect expected loan facility are biggest challenge, he said, term. He said it is because on the economy because de- two other factors that would is the country’s balance of mortgage lenders are unlikely velopers and mortgage lend- ensure the stability of the payment de"cit and election to reduce prices, which could ers are to meet their "nancial local currency. uncertainty. see them post losses instead objectives while the housing “!e cedi will see more In the "rst quarter of this of pro"ts. de"cit is reduced.” BusinessDay - Monday 17 - Sunday 23 August 2015 National News 5 July inflation hits 17.9 % age rate of 7.6 percent. Tigo shelters Obeng LAWRENCE SEGBEFIA She mentioned that the he Consumer Price non-food group recorded a Index (CPI) which year-on-year inflation rate m e a s u r e s t h e of 24.6 percent in July 2015, change over time compared to the 23.6 per- Yaw L/A School cent recorded for June 2015. inT the general price level of goods and services stood at According to her, five beng Yaw, a of these children who in 17.9 percent in July 2015. subgroups recorded year- community future will build Ghana. This shows 0.8 percent- on-year in#ation rates high- in the Upper By providing both the age point increase from the er than the group’s average West Akyem pupils and teachers with 17.1 percent recorded in rate of 24.6 percent. district of the a conducive learning en- June 2015. “Housing, water, elec- OEastern region is the lat- vironment they can con- !is rate of in#ation for tricity, gas and other fuels est to bene"t from Tigo’s centrate on their studies”, July 2015 is the percentage recorded the highest in#a- Shelter for Education proj- she said. change in the CPI over the tion rate of 27.1 percent, fol- ect. The community has !e Chief of the com- twelve-month period, from lowed by Transport (25.7%), received a six unit class- munity, Nana Obeng Yaw July 2014 to July 2015. Recreation and culture (25.5 room block, this replaces II, lauded Tigo for the !e monthly change rate %), Clothing and footwear their old school building initiative and pledged to for July 2015 was 2.3 percent (24.9%) and Furnishing, which has seen no major ensure the new building compared to the 1.8 percent household equipment renovation since it was is well maintained for the recorded for June 2015. and routine maintenance constructed in the 1980s. bene"t of the children in Releasing the figures at (24.9%)”, she said. Additionally Tigo has the community. the premises of the Gha- “Education recorded in- also constructed a staff Shelter 4 Education is na Statistical Service, the #ation rate of 24.6 percent, common room, a Head- Tigo’s new CSR initiative Government Statistician the same as the group’s aver- master’s office and toilet - the company is putting Dr. Philomena Nyarko ex- age of 24.6 percent. In#ation facilities. up a six unit classroom plained that the food and was lowest in Communica- At a short ceremony block with headmaster’s non-alcoholic beverages tion subgroup (13.1%)”, she in Obeng Yaw, the Head- o%ce, sta$ common room group recorded a year-on- added. master, pupils and entire and toilet facilities for year in#ation rate of 7.6 per- At the regional level, Dr. community gathered at the some selected schools cent. Nyarko announced that the forecourt of the new school in makeshift structures “This is 0.2 percentage year-on-year inflation rate building to officially re- across Ghana. point higher than the 7.4 ranged from 14.3 percent ceive the keys to the school S o m e r u n - d o w n percent recorded in June in the Northern Region to from Tigo. schools will also be reno- 2015”, she said. 19.8 percent in the Central !e CEO for Tigo, Roshi vated. All the selected Dr. Nyarko stated that Region while four regions Motman, said Tigo’s ‘Shel- schools will be furnished seven subgroups of the food (Central, Ashanti, Volta, and ter 4 Education’ initiative teaching and learning in nation building and as a with tables and chairs, and non-alcoholic beverages Upper East) recorded in#a- is aimed at providing good rural Ghana. brand we want to contrib- school uniform and books group recorded inflation tion rates above the national infrastructure for quality “Education is key in ute in shaping the lives for the pupils. higher than the group’s aver- average of 17.9 percent. 6 National News * BusinessDay - Monday 17 - Sunday 23 August 2015

Give us funds -circle traders cry

AGNES ANSAH

ome victims of the June 3 disaster which occurred at the Kwame Nkrumah Circle in Accra are appealing to gov- Sernment for "nancial aid to revamp their businesses. !e appeal was made when Busi- ness Day visited the Pedestrian Shop- ping Mall at Nkrumah Circle to "nd out business activities two months after the #ood and "re disaster. !e traders complained that the relief items presented to them were woefully inadequate and therefore called on government to set up a special fund to help them come back in the short term. “We lost a lot of things after the #ood. !erefore, we were expecting the government to give as some- thing manageable only for him to come and give us rice and oil worth GHS32. How can you give rice and oil to someone who has lost goods worth GHS1, 200? It is not worth it,” Bismark, a dealer in second -hand clothing lamented. A dealer in women clothes, Mercy Mantse told Business Day that she lost some clothing worth GHS7, 400 but only received a student mattress as compensation. “I had about 40 pieces of suit and Emirates announces service to Panama City 72 pieces of dresses amounting to GHS7, 400 which got spoilt as a result mirates, a global con- gateway to tropical destinations, America, the Caribbean and the plained Eduardo Fonseca Ward, of the #ood. So I thought the govern- nector of people, places Panama City is also the economic northern part of South Ameri- Consul General of the Republic of ment will give us some money to kick and economies, has and "nancial centre of the country ca,” said His Highness Sheikh Panama, in Dubai. “!is link will start our businesses but they only announced its plans with the major industries being Ahmed bin Saeed Al Maktoum, generate a broader global net- gave us mattress and rubber buckets”, to launch services to international banking, commerce, Chairman and Chief Executive work with countless commercial she lamented. EPanama City, beginning 1st Febru- and tourism. Ideally located be- of Emirates Airline & Group. and cultural opportunities for the ary, 2016. !e new service will be tween North and South America, “We’re also pleased to be the two regions. It has been a plea- Gov’t increases the longest non-stop #ight in the as well as the Atlantic and Paci"c only commercial airline to of- sure to work with the Emirates monthly payment to world (17 hours 35 minutes in the Oceans, Panama City has devel- fer a daily, First Class service team, who have shared the vision westbound direction) and will be oped an unrivalled transportation to travellers on what will be the of Panama and Dubai as hubs of beneficiaries of leap Emirates’ "rst gateway destination and communication network. It world’s longest non-stop flight.” trade, prosperity and hope.” in Central America. operates two of the busiest ports in “It is gratifying to see how dip- Later this year, Emirates will overnment has increased Service to Panama City, Pan- Latin America, including the Co- lomatic e$orts focused on gener- be adding 4 additional routes the monthly stipend to bene"ciaries of the Live- ama’s capital and largest city by lon Free Trade Zone - the world’s ating development and prosper- to its global network including lihood Empowerment population, will commence with second largest free trade zone. Ad- ity for Panama materialise,” said Mashhad, Iran and Orlando in GAgainst Poverty (LEAP) programme. a daily #ight operated by a Boe- ditionally, the ongoing expansion !e Honourable Isabel Saint Malo September; Bamako, Mali in Oc- From September this year, one ing 777-200LR aircraft in a 3-class of the Panama Canal has helped de Alvarado, Vice President of tober; and Bologna in November. member household which received layout - 8 in First, 42 in Business, contribute to Panama’s economic the Republic of Panama. “New Emirates #ight EK251 will de- GH¢24, will now receive GH¢32 and 216 in Economy. The air- growth in recent years. doors to the country will open part Dubai at 08:05 and arrive in cedis. Two member households craft can carry up to 15 tonnes of “Panama City will be our with a direct connection to the Panama City at 16:40 daily. !e which received GH¢30, will now cargo. Key imports to the country first destination gateway in Middle East - a strong and thriv- return flight EK252 will leave receive GH¢38, while three member include pharmaceuticals, machin- Central America, providing ing region with great synergies to Panama City at 22:10, arriving in households which received GH¢36, will receive GH¢44. Four or more ery products, iron/steel rods, and a convenient option for our both Panama and Latin America.” Dubai at 22:55 the next day. member households will now be electronics. Service to Panama passengers travelling from “!is new direct #ight between Tickets for travel to Panama given GH¢53. City will operate through Tocumen or through our global hub in Dubai and Panama City will City are now available to purchase The Minister for Gender, Chil- International Airport (PTY). Dubai and onward to desti- connect Latin America with the via Emirates.com or your pre- dren and Social Protection, Nana Both a vibrant metropolis and nations throughout Central Middle East, Asia and Africa,” ex- ferred Travel Agent. Oye Lithur, made the announce- ment when she visited the Northern Region to monitor the enumeration of bene"ciaries onto LEAP 1000 at Nanundo in the Mion District over Govt to issue 5 year domestic bond the weekend. !e Minister said as part of measures to capture as many ger-term debt issuance using the would be used for medium and the Budget such as the Ghana vulnerable persons in social inter- LORETTA ADJETEY book runner system to extend long-term securities and would Infrastructure Investment Fund, vention programmes as possible, maturities, “Finance Minister, run on a pilot basis alongside Sinking Fund, Ghana Exim, the Ministry was targeting inmates s part of initiative aimed at reorganizing the Mr. Seth Terkper told investors the existing central bank auction Escrow and on-lending,” Mr of leprosariums and orphanages for and media at the launch. system. Terkper added. the LEAP programme. national debt, Govern- Two hundred twenty two in- ment has announced !e book building approach, Mr. Terkper explained that the Mr Terkper said a key objec- mates of leprosariums are already Aplans to issue a "ve-year bond to compared to the auction process, book-building approach was de- tive of public debt management on LEAP while 400 elderly people raise GH₡ 500 million in August. involves more intensive engage- signed to be complementary to is to promote the development of in the Ngani Camp in the North- !e bonds would be avail- ment with the likely clientele for the established BoG methods of an e%cient primary and second- ern Region are being targeted to able for investment through the the medium to long-term instru- issuance and not a replacement. ary domestic securities market be included in the programme. In Bank of Ghana (BoG) appointed ments- institutional investors “!e issuance of short-term that would provide benchmark all, over 813 elderly persons in the primary dealers and be listed on such as pension funds, insurance instruments will continue rates for the entire economy and northern region are to be registered companies, mutual funds, provi- through the weekly Bank of across maturity spectrum. onto the LEAP; this automatically the Ghana Stock Exchange. Currently, short term debts dent funds and unit trusts. Ghana auction. Dr. Sam Mensah, a govern- will make them bene"ciaries of the Government has appointed Following a successful pilot, ment advisor on securities, said National Health Insurance Scheme accounts for about 42 per cent of (NHIS). !e enthusiastic elderly per- the total domestic debt. Barclays, BoG, Stanbic Bank this approach will eventually be the medium to long-term bonds sons who lined up to be registered “It is our plan to gradually Ghana and Strategic African used for the medium to long- would help in infrastructural de- onto the LEAP were appreciative of shift from the issuance of short- Securities as joint book runners term issues,” he said. velopment while the short-term the support, since to them, it was term instruments for capital to rally investors for the bond. “!is is part of the debt man- issues could be used primarily to fuel for their survival. expenditure to medium and lon- !e book runners approach agement initiatives outlined in boost liquidity. ISD BusinessDay - Monday 17 - Sunday 23 August 2015 7 8 BusinessDay - Monday 17 - Sunday 23 August 2015 Business Day - Monday 17 - Sunday 23 August 2015 Editorial 9 Let’s help the YES initiative to succeed BUSINESS DAY ome youth this initiative was receiving the mon- tremendous decline o f G h a n a launched with an ini- etary support. in capital investment. Ghana Team breathed a tial capital of GH¢10 P r e s i d e n t J o h n We also believe that sigh of relief million. The facility is Dramani Mahama, this conveys a mes- Managing Editor l a s t w e e k an interest-free loan who presented the sage of hope for the FELIX DELA KLUTSE whenS One hundred which is to be paid amounts averaging sector which will, for and seven young peo- back under flexible GH¢25,700 per ben- the foreseeable future, News Editor ple were led into the but stringent terms. eficiary at a ceremony remain the dominant VINCENT BAFFOUR-ACHEAMPONG world of entrepre- We believe this feat at the Flagstaff House, sector of our economy neurship with mon- is good and positive said the beneficiaries even as we encourage Reporters etary support totaling since one of the best would also receive other sectors to grow. LAWRENCE SEDEM SEGBEFIA KWAME ASARE about GH¢2.7 mil- ways to address un- technical support to More significant is JOHN KELLY lion under the Youth employment was to fix grow their businesses. the fact that this ini- Enterprises Support the mindsets of young These youth, are the tiative will debunk the (YES) initiative. graduates that creating first batch of young general notion that the Kumasi Office The YES initiative, their own businesses entrepreneurs ben- youth of Ghana, do not REGIONAL HEAD which was born out was the way to go. efitting from the ini- have any interest in - 0266868583 of a collaboration Some of these young tiative, which was the agriculture sector. between the govern- business people will launched a year ago. The president has Circulation & Marketing Officer ment and the youth, be starting their own From the statistics assured that there is DAVID AFUM is aimed at growing businesses, while oth- received, 63.55 per a second batch of 350 0245622098 young entrepreneurs ers will expand theirs cent of the beneficia- applicants who would to help address the to employ other youth. ries were into agricul- equally have to pres- Finance & Administration country’s unemploy- From what we gath- ture and agribusiness, ent and defend their ADEDAYO ADETOYE ment problem. er, Applications re- while ser vices and proposals very soon. Chief Finance Officer It was instituted out ceived by the YES cottage industry cov- We, at Business Day of an awareness to go Secretariat num- ered the remaining wish them all the best SHEILA A. WILLIAMS HR & Administrative the extra mile to ad- bered over 2,000, out 36.55 per cent. and we pray that those Executive dress one of the most of which 365 appli- We think this move who qualify and are pressing problems of cants presented and is laudable and worth ready to expand their world youth today; defended their busi- praising since the ag- businesses are given Advert Department unemployment. ness proposals, with riculture sector over the opportunity to do PATRICIA SETORWU AGBOTSE We can recall that the successful ones the years has suffered so. Advert Manager +233264708551

EMMANUEL KOJO BEDIAKO Marketing Executive

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BD LAGOS, NIGERIA AGHAEZE FESTUS MONDAY Senior Production Executive 08067183118 10 Comment BusinessDay - Monday 17 - Sunday 23 August 2015 The great democracies’ new harmony

hen Indian some called the “Hindu rate of weapons, intermediate-range universities, with none ranked Prime Minister economic growth”: a little more missiles, 1.3 million military among the world’s top 100. Narendra Modi than 1% per year. It might more personnel, and annual mili- India’s high-tech exports are Winvited US Presi- properly have been called a tary expenditure of nearly only 5% of its total exports dent Barack Obama to attend 1930s British socialist rate of $50 billion (3% of the world compared to 30% for China. his country’s Republic Day growth. After independence in total). And, in terms of soft India is unlikely to develop ceremonies earlier this year, it 1947, India adopted an inward- power, India has an estab- the power to become a global signaled an important change looking planning system that lished democracy, an influ- challenger to the US in the first in relations between the focused on heavy industry. ential diaspora, and a vibrant half of this century. Indeed, world’s two biggest democra- Market-oriented reforms in popular culture with transna- even in terms of soft power, a cies. Ever since the 1990s, three the early 1990s changed that tional influence. Bollywood recent study by the Portland American administrations pattern, and annual growth ac- produces more films every Consultancy in London placed JOSEPH S. NYE have tried to improve bilateral celerated to 7% under the Con- year than any other country, India outside the top 30 coun- relations, with mixed results. gress party, before slumping to out-competing Hollywood in tries. China ranked 30th, and Joseph S. Nye, Jr., a former US While annual trade between 5%. Since the 2014 general elec- parts of Asia and the Middle the US came in third, behind assistant secretary of defense the countries has soared during tion brought Modi’s Bharatiya East. the United Kingdom and Ger- and chairman of the US National this period, from $20 billion to Janata Party to power, the But one should not under- many. Intelligence Council, is University more than $100 billion, annual government has reversed the estimate India’s problems. Nonetheless, India has Professor at Harvard Univer- US-China trade is worth six slowdown. Population alone is not a considerable assets that already sity and a member of the World times more, and the political And prospects for contin- source of power unless those affect the balance of power in Economic Forum Global Agenda relationship has had ups and ued growth are strong. India human resources are devel- Asia. While India and China Council on the Future of Govern- downs. has an emerging middle class oped, and India has lagged signed agreements in 1993 and ment. The two countries have of several hundred million, well behind China in terms of 1996 that promised a peace- (c) Project Syndicate a long history of confusing and English is an official literacy and economic growth. ful settlement of the border each other. By definition, any language spoken by some 50 Despite its progress, around dispute that led them to war alliance with a superpower to 100 million. Building on a third of India’s population in l962, the issue has heated up is unequal; so efforts to estab- that base, Indian information lives in conditions of acute pov- again, following Chinese ac- lish close ties with the United industries are able to play a erty, making the country home tions in recent years. States have long run up against major global role. to a third of the world’s poor. India and China are fellow India’s tradition of strategic Moreover, with a popula- India’s $2 trillion GDP is only members of the BRICS (along autonomy. But Americans do tion of 1.2 billion people, a fifth of China’s $10 trillion, with Brazil, Russia, and South not view democratic India as a India is four times larger than and a ninth of America’s $17.5 Africa). But cooperation within threat. On the contrary, India’s the US, and likely to surpass trillion (measured at market that caucus is limited. success is an important US China by 2025. Its sheer scale exchange rates). While Indian officials are interest, and several factors will be increasingly impor- Likewise, India’s annual per often discreet in public about promise a brighter future for tant not only to the global capita income of $1,760 is just relations with China, and the bilateral relationship. economy, but also to balanc- one-fifth that of China. Even wisely want bilateral trade and The most important factor ing China’s influence in Asia more striking, while 95% of the investment to grow, their se- is the acceleration in India’s and managing global issues Chinese population is literate, curity concerns remain acute. economic growth, which the such as climate change, public the proportion for India is only As part of the group of Asian International Monetary Fund health, and cyber security. 74% – and only 65% for women. countries that will tend to bal- projects will exceed 7.5% India also has significant A symptom of this problem is ance China, India has already through 2020. For decades, military power, with an India’s poor performance in begun to strengthen its diplo- India suffered from what estimated 90-100 nuclear international comparisons of matic relations with Japan. Polio’s last stand t has been a tough year tion. The fact that a country as nizations, and community lead- Nigeria in 2014, by enabling for Nigeria. In the last 12 troubled as Nigeria could pull off ers, all working together, man- contact tracing and surveillance. months, the country has such an important feat is cause aged to identify and bridge the These efforts have the ad- Isuffered attacks by child for celebration and provides gaps that have historically im- ditional benefit of ensuring that suicide bombers and brutal mas- grounds for optimism, not only paired access to polio vaccines. Nigeria cements its polio-free sacres by Boko Haram. The vast in the fight against polio, but for In early 2012, for example, Ni- status. The health infrastructure majority of the 276 schoolgirls global health efforts in general. geria’s government established put in place during the eradica- abducted in Chibok last year Nigeria’s success shows that it is dedicated emergency operations tion campaign has enabled the are still missing. And yet, during possible to bring the miracles of centers to coordinate data flow, deployment of injectable polio this time, despite such horrors, modern medicine to the world’s facilitate decision-making, and vaccines, which will comple- MUHAMMAD PATE Nigeria has quietly managed most marginalized and hard-to- improve accountability within ment the oral vaccines in en- to achieve something truly re- reach children. the program. With support from suring that the virus does not Muhammad Pate, a former markable: an entire year without This has huge implications Gavi, the Vaccine Alliance, Nige- return. Nigerian health minister and for- a single new case of wild polio. for the reduction of childhood ria also installed more than 1,600 This was also the pattern in mer Chairman of the Presiden- This is a great achievement mortality. The children that had solar-powered refrigerators, India, the most recent country tial Task Force on Polio Eradica- for Nigeria and all of its part- previously not been reached which are critical to ensuring to be declared officially free of tion in Nigeria, is a professor at ners in the effort to eradicate with polio vaccines live in com- that vaccines remain safe and ef- polio, with no cases since 2010. Duke University’s Global Health the disease. Less than 30 years munities with little or no access fective during their long journey The infrastructure put in place Institute. ago, polio plagued 125 countries, to routine immunization, ma- through the distribution chain. to deliver polio vaccines there is Project Syndicate paralyzing 1,000 children a day. ternal healthcare, nutritional These investments in physi- now being used to increase cov- Until now, there were only three supplements, deworming, or cal and social infrastructure erage of routine immunization, countries where the virus was malaria prevention. They are provide a means of protecting like the 5-in-1 pentavalent vac- still considered endemic: Af- the children who are most at risk children from a range of dis- cine. India can now wind down ghanistan, Pakistan, and Nigeria. of dying before they reach their eases. Already, polio workers in its polio-eradication campaigns, Health officials wait three years fifth birthday. Nigeria are spending more than but still maintain its polio-free before declaring a country polio- Nigeria’s success in reaching half their time providing unre- status. free, but the one-year milestone these children is the result of lated but vital health services. So far, in 2015, only 34 cases in Nigeria raises hopes that we the efforts of thousands of dedi- The infrastructure has helped of polio have been documented may have already seen the last cated local volunteers, some of introduce new vaccines – such worldwide – the majority of case of wild polio in the country whom lost their lives in the pro- as pneumococcal conjugate them in Pakistan. There is now a – and the whole of Africa. cess. Since 2012, there has been vaccines, which protect against very real prospect that we could In addition to the logistical nearly a fivefold increase in the pneumonia, the biggest killer of see the last ever case of wild challenge of reaching every number of volunteers involved children under the age of five polio – a disease that once threat- child in Africa’s most populated in mobilizing communities dur- – and increased coverage of rou- ened millions of people – before country, the Nigerian polio- ing immunization campaigns. tine immunization against mea- the end of 2016. To eradicate the eradication campaign has had Meanwhile, government, sles and rubella. Thanks to the disease, however, we will have to to overcome security issues, global health organizations like emergency operations centers, build on successes like Nigeria’s opposition by religious funda- the World Health Organization this infrastructure even helped and strengthen routine immuni- mentalists, and rampant corrup- and UNICEF, civil-society orga- to stop the Ebola outbreak in zation efforts. BusinessDay - Monday 17 - Sunday 23 August 2015 Comment 11 How humans cause mass extinctions

here is no doubt that ing per capita consumption. Indeed, it means more micro- ter Horizon, which famously Earth is undergo- We are destroying habitats to scopic plastic particles in the blew up in the Gulf of Mexico ing the sixth mass make way for farms, pastures, biosphere – particles that may in 2010, began a mile beneath Textinction in its roads, and cities. Our pollu- be toxic or accumulate toxins the water’s surface and drilled history – the first since the tion is disrupting the climate on their surfaces. As a result, a few miles into the rock be- cataclysm that wiped out the and poisoning the land, water, all living things – us included fore finding oil. This required dinosaurs some 65 million and air. We are transporting – have been plunged into a a huge amount of energy, and years ago. According to one invasive organisms around sickening poisonous stew, when the well blew, it was recent study, species are go- the globe and overharvesting with organisms that are un- far harder to contain, causing ing extinct between ten and commercially or nutritionally able to adapt pushed further large-scale, ongoing damage several thousand times faster valuable plants and animals. toward extinction. to the biodiversity of the Gulf than they did during stable The more people there are, With each new person, and the adjacent shorelines, periods in the planet’s history, the more of Earth’s productive the problem gets worse. Since as well as to numerous local and populations within spe- resources must be mobilized human beings are intel- economies. PAUL R. EHRLICH cies are vanishing hundreds to support them. More people ligent, they tend to use the The situation can be sum- or thousands of times faster means more wild land must most accessible resources marized simply. The world’s Paul R. Ehrlich is Professor of than that. By one estimate, be put under the plow or con- first. They settle the richest, expanding human popula- Population Studies, Department Earth has lost half of its wild- verted to urban infrastructure most productive land, drink tion is in competition with of Biological Sciences, Stanford life during the past 40 years. to support sprawling cities the nearest, cleanest water, the populations of most other University. There is also no doubt about like Manila, Chengdu, New and tap the easiest-to-reach animals (exceptions include (c) Project Syndicate the cause: We are it. Delhi, and San Jose. More energy sources. rats, cattle, cats, dogs, and We are in the process of people means greater de- And so as new people ar- cockroaches). Through the ex- killing off our only known mand for fossil fuels, which rive, food is produced on less pansion of agriculture, we are companions in the universe, means more greenhouse gases fertile, more fragile land. Wa- now appropriating roughly many of them beautiful and flowing into the atmosphere, ter is transported further or half of the energy from the all of them intricate and perhaps the single greatest purified. Energy is produced sun used to produce food for interesting. This is a tragedy, extinction threat of all. Mean- from more marginal sources. all animals – and our needs even for those who may not while, more of Canada needs In short, each new person are only growing. care about the loss of wildlife. to be destroyed to extract joining the global population With the world’s most The species that are so rapidly low-grade petroleum from oil disproportionately adds more dominant animal – us – taking disappearing provide human sands and more of the United stress to the planet and its half the cake, it is little won- beings with indispensable States needs to be fracked. systems, causing more envi- der that the millions of species ecosystem services: regulating More people also means ronmental damage and driv- left fighting over the other the climate, maintaining soil the production of more ing more species to extinc- half have begun to disappear fertility, pollinating crops and computers and more mobile tion than members of earlier rapidly. defending them from pests, phones, along with more generations. This is not just a moral filtering fresh water, and sup- mining operations for the rare To see this phenomenon at tragedy; it is an existential plying food. earths needed to make them. work, consider the oil indus- threat. Mass extinctions will The cause of this great It means more pesticides, try. When the first well was deprive us of many of the acceleration in the loss of the detergents, antibiotics, glues, drilled in Pennsylvania in ecosystem services on which planet’s biodiversity is clear: lubricants, preservatives, 1859, it penetrated less than our civilization depends. Our rapidly expanding human and plastics, many of which 70 feet into the soil before population bomb has already activity, driven by worsening contain compounds that hitting oil. By comparison, claimed its first casualties. overpopulation and increas- mimic mammalian hormones. the well drilled by Deepwa- They will not be the last. Africa’s green energy opportunity limate change confronts it will be possible to provide enough. At the current rate of projects that imply a large developing countries energy access to those most change, the total share of global carbon footprint, and coordinate with a dilemma. On in need while cutting annual electricity production from stakeholders and investors, so Cone hand, they are carbon-dioxide emissions by renewable sources will reach that risks can be mitigated and particularly vulnerable to its 5.5-7.5 gigatons – roughly what just 20% by 2030. That is less private-sector finance can be effects, giving them a strong the United States emits in a year than half the 41% target that the attracted. interest in the global reduction today. International Energy Agency Cooperation between the of greenhouse-gas emissions. Already, investments in clean recommends if the world is to public and private sector can On the other hand, they are in energy are soaring as the cost of avert global warming of more improve the risk-reward profile desperate need of energy, with producing it plunges. In many than two degrees Celsius during of low-carbon energy projects. some 1.3 billion people around places, solar and wind energy this century. Companies have a clear stake in the world – and two out of three are now competitive with fossil Africa, where much of the low-carbon infrastructure, as Africans – currently lacking ac- fuels. As prices continue to fall energy infrastructure is being climate change poses substantial NGOZI OKONJO!IWEALA cess to electricity. and technologies mature, each built from scratch, could take risks for global supply chains. In the past, the solutions to dollar invested produces more the lead in renewable energy The private sector can shift Ngozi Okonjo-Iweala is a former these imperatives would have power. The $270 billion invested production. Indeed, the Inter- investment toward renewables been at odds with each other. in renewable energy in 2014 national Renewable Energy through new financial instru- minister of Nigeria, and former Providing more people with created 36% more generating Agency estimates that the con- ments like credit guarantees and Managing Director of the World access to electricity would capacity than the $279 billion tinent’s potential for wind and currency swaps, co-investment have necessitated emitting invested in 2011. Thanks to this solar power alone amounts to funds, and green bond markets. Bank. more greenhouse gases, ag- trend, the installation of capac- more than 1.5 trillion gigawatt The change is already under- Project Syndicate gravating the consequences of ity for the production of renew- hours a year. way: issuances of green bonds climate change. Fortunately, the able energy exceeded that for But if this opportunity is to more than tripled between 2013 economics of energy has shifted fossil-fuel-based production for be seized and the clean-energy and 2014, to more than $35 bil- significantly in recent years. It is the first time ever in 2013. transition accelerated, a series lion worldwide. now possible to expand access to The costs of off-grid electric- of institutional bottlenecks must Developing countries no energy in developing countries ity are also falling, providing be removed. Governments must longer have to choose between while also limiting emissions – if exciting new opportunities to put in place stable and sup- energy production and sustain- investments are channeled into provide affordable and reliable portive policies and regulations, ability. Affordable solutions to clean energy. power to rural communities. reduce investment risks in the both problems are within reach, In 2013, roughly $1.6 trillion Solar photovoltaic modules, sector, and properly price clean and much of the world – par- was invested in energy infra- which are about 80% cheaper energy. Steps should include ticularly Africa – has a unique structure worldwide, with about now than they were in 2008, the elimination of fossil-fuel opportunity to leapfrog to the 70% going to systems that de- can be used in isolated locations. subsidies, setting a price for next generation of electricity pend on burning fossil fuels and And new developments in bat- CO2 emissions, and improving generation. As the international the rest going to clean energy. tery technology, together with the governance of electricity community works this year to Fortunately, these percentages declining manufacturing costs, markets. address the challenges of climate are starting to change; with the are expanding the availability of Meanwhile, multilateral and change and promote sustainable right policies, they could be off-grid energy storage. national development banks development, efforts to expand reversed. If investment in clean And yet, despite these ad- should increase funding for access to clean energy should energy can be raised to at least vances, the transition to clean climate-related investments, be placed near the top of the $1 trillion per year by 2030, energy is not happening fast shift resources away from agenda. 12 Business Day - Monday 17 - Sunday 23 August 2015 BusinessDay - Monday 17 - Sunday 23 August 2015 13 Features Living beyond your means is overtrading ate got employed in one of the highly respected banks in Accra just after her national service withK a net salary of GHS 24,000 per annum. With excitement, she walked up the altar to give thanks at church the next Sunday about her breakthrough and an- nounced this to the congregation her relocation from the village to the city. She then decides to look for a suitable accommodation; a two bed room house to rent, and also furnish her apartment to “meet her new corporate class” as a banker. She applied for a loan of GHs 40,000 payable in four years, rented an apartment for GHs 7,200 and furnished it with GHs 8,000. She bought a used vehicle for GHS 24,400, upgraded her wardrobe with GHS 400 and brought three of her siblings from the village to stay with her in Accra. Within a month Kate had spent up to what she will earn in two years and if she had saved, it would take her about 5years to accumulate GHS 40,000. Now with the loan she took, she will pay about GHS 1,300 monthly to the bank, leaving her with GHS 700 as take home salary for her upkeep. Factoring in all the various costs (utilities, grocer- ies, fuel, car maintenance etc) individual. My blog on Budget- cerned with understanding the rUBLF
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Short-term finance gmail.com. 14 West Africa News BUSINESSDAY: www.businessdayonline.com Monday 17 - Sunday 23 August 2015 GAMBIA WEST AFRICA CAMEROON Rice farmers’ prez It’s not over for Ebola survivors More rice farms detained 162 days explained. for UNVDA he rice farmers’ president, A need for care who was arrested and de- Beyond the need to better un- tained at the National Intel- derstand the long-lasting e$ects of ligence Agency (NIA) head- Ebola, the more immediate need for Tquarters in Banjul since 2nd March these survivors is care. 2015, has neither been release nor “When you say joint pain, it taken before any court of law. sounds like a minor thing, [but] it However, the detention of Mr. can be quite a major thing for many Gassama without trial and denial people,” Bausch said, explaining of access to family and friends has that many people in these three prompted his colleagues to select a countries rely on farming and other three person delegation to meet with manual labour for their survival, but the president of the republic in a bid are now unable to go back to work to secure his release, according to a and provide for their families. family source. For eye problems, in particular, !e source added that the del- if the in#ammation, which causes egation had already submitted a vision problems, is left untreated, letter to request for an audience with the person can go completely blind, the head of state on the issue. He according to WHO. said the entire family is appealing to !ere are no known treatments the authorities to help facilitate this for any of these ailments, however, he commitment of the UN- meeting of the delegation with the and trained eye specialists are rare. VDA agro- industry to pro- president for him to help in securing In Sierra Leone, for example, there est Africa’s Ebola “We have very preliminary data duce more rice is evident the release of their loved one. are just two ophthalmologists for the outbreak might be - and I will again stress it is very with 700 more hectares of Mr. Gassama was elected un- entire country. riceT farms being developed in the winding down, but preliminary - that suggests that opposed as president of the Rice Doctors say they are currently the struggles facing patients who may have had more villages of Bambalang, Balikumbat, Farmers’ Cooperative Ltd at its An- treating people’s symptoms on a survivors in Guinea, severe, acute disease may have more Bamunkubit and Bafanji. nual General Meeting (AGM) on 5 Liberia and Sierra Leone are far case-to-case basis, using general The development will step up W severe chronic disease after the medications, such as steroid eye January 2011. from over. initial recovery,” said Doctor Daniel the 3303.25 hectares already put to He was arrested on the day that drops or arthritis pain relievers. Beyond psycho-social problems Bausch, a clinical infection control rice production in 2014. It emerged the sta$ of the Sheri$ Division were To reach survivors in other areas related to stigma and post-traumatic specialist for WHO. from the 48th ordinary session of in the Lower Fulladu District execut- of the country, WHO is now working stress disorder, more than half of But while studies from previ- ing the judgment order delivered with local governments and organ- the Upper Nun Valley Development survivors say they are su$ering from ous outbreaks have shown that the by the high court on the 12 January isations in all three countries to Authority, UNVDA, that the good debilitating joint pain, headaches, virus can survive in certain parts 2015 in their favour as plainti$ (Gas- create mobile eye clinics, as well as harvest of the season caused the and fatigue. At least 25 percent have of the body, where the immune sama and his committee) and for o$er other treatment for the various agro industry to spend more than experienced some degree of change system does not reach, such as the the defendants Alhagi Musa Gimbo ailments facing survivors. the budgeted FCFA 250 million to in vision, with many now close to eyes and testes, even for months Trawally and his committee to hand In Liberia, the country’s first collect paddy from farmers. In e$ect, being blind, according the World after recovery, Bausch said nobody over the assets of the Rice Farmers Ebola Survivor Clinic is now opera- an extra FCFA 50 million was spent Health Organization (WHO). knows why patients are experienc- Cooperative Society Ltd. forthwith to tional at the ELWA Hospital on the on more paddy rice produced. “I was cured from Ebola last ing other physical problems, such the duly elected executive. outskirts of Monrovia. The clinic, !e puri"cation of deteriorated October, but since then I have been as headaches and joint pains, in The said order also direct the which is funded by the US-based suffering from severe pain in my places where the immune system seed by PRODERIP/JICA is on defendants to give a true and proper charity Serving in Mission (SIM), joints,” 45-year-old Kebeh Jomah, can reach. course. Meanwhile the introduc- account of the "nancial state and as- o$ers free consultations, care and who lives in Monrovia, told IRIN. “That’s really one of the big tion of the Chinese hybrid seed, sets of the said society and for each medications to survivors. “Sometimes it is so serious that I knowledge gaps in which we need ‘Louyou 10’ is welcome. !e General of the defendants to refrain from According to Doctor John don’t walk around ... I hardly visit more research,” Bausch said. Manager, Chin Richard Wirnkar said continuing to present themselves as Fankhauser, the deputy medical people anymore. All day I am sitting During past outbreaks, the num- trials in their soils give the hybrid members of the executive or acting director at the ELWA Hospital, they home crying from joint pain.” ber of people infected was always seed, a yield response of 10 tons per in such capacity during the term of see more than two dozen patients Chris Tuan, 18, said his vision much smaller and so was the num- hectare, when compared to the 3-5 the new executive. each day. has been getting increasingly worse ber of survivors, making it di%cult hectares currently obtained with since he was discharged from an “We see a lot of muscular prob- to perform studies on a largescale. lems, people who come in with very farmers. !ey revealed that quality Ebola Treatment Unit (ETU) in Li- Now, there are more than 13,000 Ndop rice is available in major cities. beria in November. severe pains in their hips, in their survivors across the three most- joints and in their knees,” Fankhaus- To improve production, UNVDA has “I hardly see from a far distance a$ected countries, giving experts a also restructured local organizations anymore,” he said. “I am gradually er said. “Some of them even have chance to have a more comprehen- a hard time working shu'ing into into cooperative Societies operat- losing my eyesight. I am worried. sive look at the various long-lasting ing under an umbrella cooperative Sometimes I can’t walk alone. Some- clinic. And these are patients who e$ects of Ebola. have been suffering from this for society. one has to help me to move around Even that, however, may be dif- !eir equipment pool showcases ... !is is no joke.” months [without care].” "cult, as the testing requires special Many people hope the clinic will 17 tractors, up from barely four, in Medical mystery biosafety facilities and can some- Doctors and other Ebola spe- "nally o$er some relief. 2011 plus a delivery Van. !e agro times be invasive for the survivor. “My little baby you see here is an cialists say they are still unsure ex- “It would be di%cult... to really industry has opened over 100 km actly why recovered Ebola patients, Ebola survivor,” said Morris Kollie, of farm roads since the relaunch do studies that would measure, for inside the Survivor Clinic.”By the months later, are still su$ering from example, cleaning the virus out of of its restructuring. Some 30 km of these lingering side-e$ects, which special grace of God, he survived the 50 kilometres programmed for the eye, because that requires a and just turned "ve [years old] this many refer to as “post-Ebola syn- relatively complicated procedure 2015 have already been opened in drome.” It is also unclear why the year. But he continues to complain Balikumbat sub division and lower of tapping [and] putting a needle in of severe headaches and pains. We symptoms manifest themselves in someone’s eye - that’s [something] Bamunka. !e company has con- so many ways in different people have taken him all over the place, structed four rice buying centers not too many of you would prob- but no cure yet.” and to varying degrees. in Balikumbat, Bamukumbit and ably likely to volunteer for,” Bausch Source: IRIN Bafanji with a capacity of handling 300 tons each year. Four dams are under construc- New transparency move tion to facilitate irrigation, bridges, culvert crossings and box culverts. igerian President Muham- for Vice President Yemi Osinbajo, told to recover large sums of money stolen !ey are in the process of acquiring madu Buhari has ordered reporters. !e order requires that all from the oil sector, which provides renovators for soil tilling. UNVDA is all government o%cials to receipts due to the government or about 70 percent of revenues of the virtually becoming an educational use approved government any of its agencies must be paid into government in Africa’s biggest crude God father for students from many Nbanks for transactions involving accounts maintained by the central producer. universities and higher institutions public funds. bank unless speci"c permission has Nigeria’s political system has been of learning. !e O%ce of the Vice President been granted not to do so. plagued by corruption, including the UNVDA Board Chairman, Tikela said the order is part of a drive to “This measure is specifically to mismanagement of public funds. Kemonne presided the 48th Board improve transparency, check corrup- promote transparency,” Akande said. !e Economic and Financial Crime meeting at the Sabga neighborhood tion and part of a campaign promise Buhari’s order ends the use of several Commission estimates that public of- during which management also to fight endemic graft in Nigeria. fragmented accounts for government "cials have stolen about $150 billion, featured challenges which includes, “President Muhammadu Buhari revenues, which had reportedly led to in public funds, in the past decade. the high expectations from bene"- has ordered each and every federal the loss or leakages of income meant While raising optimism that the ciaries in terms of rural roads and government ministry, department or for the federal government’s account. government is serious on curbing agency to start paying into a Treasury Akande also pointed out that the corruption, the e$ectiveness of this market channels which are yet to Single Account (TSA) for all govern- TSA would be linked to other govern- change in public accounting remains be exploited. ment revenues, incomes and other ment bank accounts. to be seen. Source: Cameroon Tribune. receipts,” Laolu Akande, a spokesman Buhari’s administration has vowed President Buhari Source: "e Africa Report West Africa News 15 Monday 17 - Sunday 23 August 2015 BUSINESSDAY: www.businessdayonline.com LIBERIA MAURITANIA iberian President Ellen WFP avoids Johnson-Sirleaf says she has accepted the resigna- Agric minister resigns suspension of tion of her controversial Agriculture Minister Dr. refugee food support FlorenceL Chenoweth. Responding to a FrontPage Africa inquiry Tuesday, the President, speaking through her press secretary Jerolinmek Piah con"rmed that she has indeed accepted Che- noweth’s resignation and explained that the only reason it had not been made public is because she is still in the process of "nding a successor. It is unclear whether the Minister was asked to resign or left on her own. Haunted by ‘79 Rice Riots unding for Malian refugees Chenoweth who was appointed in south-east Mauritania is in 2009, endured a turbulent six-year vital. WFP needs US$3.5 mil- run as Minister. Her appointment lion until the end of January immediately resurrected concerns F2016 to support those living in the about her previous stint as Minister Mbera camp. Up to now, only half of of Agriculture. While serving in that the necessary resources have been capacity in the government of Presi- secured. Current food stocks allow dent William R. Tolbert, Chenoweth WFP to distribute about 55 percent of in early 1979 made a proposal to the the regular ration in August, and 62 cabinet for an increase in the subsi- percent in September. dized price of rice from US$22 for a “Nearly 50,000 refugees in the 100-pound bag to US$26. camp continue to need humanitar- Chenoweth at the time rational- ian assistance to meet their food and ized the increase as an inducement other basic needs. With the security for rice farmers to stay on the land situation in northern Mali still pre- and produce food for themselves carious, we count on our partners’ and for sale instead of leaving to support to provide the refugees with work for wages in the cities or on the life-saving assistance otherwise they rubber plantations. !e plan spurred risk falling into oblivion,” said Suvanto. strong resentments from political Ellen Johnson Sirleaf, president of Liberia !anks to ECHO - one of WFP’s opponents who accused Chenoweth top three donors in Mauritania - and and the Tolbert family of being large other donors, WFP has been providing scale rice farmers who stood to pro"t female Minister of Agriculture at the managers and a senior surveyor of the food insecure and could swell to nutrition and food assistance to the handsomely from the price increase. age of 32, serving from 1977 to 1979. Ministry of Lands, Mines and Energy 300,000. High prices for key staples Malian refugees of Mbera camp since !e Progressive Alliance of Libe- Dr. Chenoweth earned her doctorate are being tried for their alleged roles have only exacerbated widespread 2012. !is assistance includes month- ria (PAL) looking to reject the move, in Land Resources at University of in facilitating the wrongful and illegal food insecurity. Labor shortages ly food distributions to all refugees; called for a peaceful demonstration in Wisconsin, Madison, where she has issuance of up to 61 PUPs that autho- continue to make it di%cult for rural forti"ed nutritional supplements for Monrovia, and on April 14 about 2,000 also been awarded Honorary Doctor rized commercial loggings operations farmers to bring in the harvest, and children under "ve and pregnant and activists were assembled to march on of Philosophy in Human Letters. on nearly 2.5 million hectares of land nearly 65 percent of agricultural nursing women to treat and prevent the Executive Mansion to protest the Back in the job - 30 Years Later area of Liberia. !ey were accused of households worry that their harvest moderate acute malnutrition; and a proposed price rise. !e orderly pro- Returning to the post 30 years later criminal conspiracy, forgery or coun- will be smaller than last year, accord- daily hot meal to children in schools. test turned violent with widespread in 2009, Chenoweth held no punches terfeiting obtaining and deceptive ing to a recent cell phone survey. With Source: UNWFP looting of retail stores and rice ware- as she told a Senate confirmation writings obstruction of Government two years remaining to the end of her houses in what has come to be labeled hearing she did not come looking by public servant in connection with presidency, "nding a replacement for as the April 14, rice riots. Damage to for a job but was pursued. “I am not the much-publicized PUP saga. Chenoweth could prove complicated private property was estimated to looking for job; I was pursued for two Void at Under-Performing Ministry for Sirleaf as she struggles to "ll what is COTE D’IVOIRES have exceeded US$40 million as Tol- years for this job, so if anyone who is Chenoweth’s legacy at Agriculture, undoubted one of the most important bert called in troops from neighboring quali"ed comes in, I will take my exit one of the notably under-performing sector in her administration. Guinea to ease the tension. because I’m qualified and market- Ministries of the Sirleaf presidency, The President’s delay in finding Air Cote d’Ivoire !e two countries had only three able.” Chenoweth endured numerous has been marred by massive failure. a replacement, Executive Mansion week earlier signed a mutual defense criticisms during her tenure including However, Chenoweth acknowledge sources say could also be driven by begins flights to treaty. At least 40 demonstrators and mounting calls for her dismissal after during her con"rmation hearing in the enormous challenges facing the rioters were killed and more than a Special Independent Investigating 2009 that although the soil of Liberia agriculture sector. !e Global Index 500 injured. Hundreds more were Body (SIIB) set up by President Sirleaf was depleting, it could still benefit reports has consistently labeled Li- Nigeria arrested, and police were ordered to to investigate the issuance of Private farmers in the country adding that beria a highly food insecure country, ote d’Ivoire has com- storm the PAL headquarters. Several Use Permits (PUPs) in the forest the major obstacle facing the agricul- with a “serious” state of hunger rating. menced operations into members of PAL were rounded up sector, recommended a one month tural sector is the issue of funding to The World Food Program con- the Nigerian aviation indus- as Tolbert blamed the progressives suspension of the Minister. the sector. cluded in 2012: “While the country try with scheduled #ights for the destruction done by the mob !e investigative body cited the Dr. Chenoweth told the Sen- is blessed with a climate favorable to betweenC Abidjan and Lagos, a move during the Rice Riots. Minister’s failure to provide proper ate committee on Agriculture that agriculture, extensive biodiversity, the airline said would go a long way Tolbert closed the university and oversight of the Forestry Develop- presently Liberia does not have any and vast natural resources, decades to strengthen trade and diplomatic suspended due process. Chenoweth ment Authority (FDA) as well as her processing plant and other farming of war and low economic and social relations between the two countries. was replaced as Minister of agricul- failure to conduct due diligence in facilities due to the lack of funding investments have ravaged Liberia’s Moustapha Fofana, country man- ture after admitting publicly that she the issuance of Private Use Permits. to the agricultural sector. She added: productive assets. Relative political ager for Air Cote d’Ivoire at a forum had erred in proposing the price rise. !e committee also recommended “!ere is a need for quality control but stability has returned to the country held for travel agents and journalists Tolbert reassured the country that that the Board of Directors be appro- money is the major problem for us at since the end of the civil war in 2003, in Lagos on Tuesday said, in recent the subsidized price of rice would be priately reprimanded for breach of the Ministry”. Minister Chenoweth but Liberia still struggles to overcome years there had been a huge gap oc- kept at US$22 per 100 pounds and their duty and also failure to conduct called on government to assist small the social, economic, and human casioned by a rise in passenger tra%c subsequently reduced it to US$20. due diligence and provide e$ective skill farmers to enable the produce costs of its history.” between Nigeria and Cote d’Ivoire. Chenoweth reinvented herself fol- control over the operations of FDA in crops that are consumable in the !e list of potential prospects to He said such rise came from lowing the ‘79 episode. Prior to ac- the issuance of PUP. country. Until the submission of her fill the void at agriculture appears private business owners, diplomats cepting the appointment in 2009, Dr. The Committee recommended letter of resignation, Liberia is still to be short with Chenoweth’s three and corporate establishments and Chenoweth was Distinguished In- that the suspended FDA Manag- lacking processing plant for farmers. principal deputies: Mrs. Seklau Wiles, for which the airline had to step in ternational Visitor at University of ing Director, Moses Wogbeh, be Agriculture has accounted for Deputy Minister for Administration; to "ll with a direct #ight emanating Wisconsin-Madison and Managing dismissed for gross misconduct, approximately half of GDP in the Dr. Charles McClain, Deputy Minister from Abidjan to Lagos. Director of the Wisconsin Human abuse of power, economic sabotage post-war period, and the majority of for Planning and Development and “!is country (Nigeria) o$ers a Rights Initiative. and insubordination to the FDA’s Liberians depend on agriculture for Dr. Moses Zinnah, Head of Program huge business market with a growing Previously, she was Director of the Board and prosecuted appropriately. their livelihood. !e government has Management Unit at the ministry movement of individual businesses Food and Agriculture Organization Wogbeh who is currently facing trial committed to increasing its budget likely to lead the whirlwind of specu- and telecoms, banks, manufactur- (FAO) of the United Nations Liaison testi"ed recently how the 61 Private share for agriculture from the current lations. ers, oil and gas multinationals from O%ce in New York (LON) and Rep- Use Permits (PUPs) were allegedly level of approximately 3 percent to National Patriotic Party’s Dr. Ro- Nigeria to Cote d’Ivoire,” said Fofana. resentative to the UN between 2001 approved by Chenoweth, who was 10 percent by 2017 in support of a land Massaquoi, a Professor at the Indeed, the Nigerian aviation market and 2007. Earlier, Chenoweth worked the board chair of the FDA and Agri- national food security and nutrition College of Agriculture and Forestry, has been described by many analysts with FAO in South Africa and The culture Minister without naming her plan. According to latest World Bank at the University of Liberia and Dr. to be growing in leaps and bounds in Gambia and served as Chief of Party in the indictment. Group estimates, Liberia, Guinea and Othello Brandy, currently Head of recent years and Fofana said since and Advisor in Zambia. !e Minister Specifically, the dismissed FDA Sierra Leone are poised to lose at least the Land Reform Commission and the commencement of operations started her career in Liberia, where boss told the court that “All of the 61 US$1.6 billion in forgone economic a former Agriculture Minister during early 2015 patronage has kept going she worked in the Ministry of Plan- PUPs were approved by the chairper- growth in 2015 as a result of the deadly the reign of President Charles Taylor higher. ning, Ministry of Finance and Min- son of the FDA and sometimes by Dr. Ebola virus epidemic could likely add to mix of potential Source: "e Guardian istry of Agriculture. Dr. Chenoweth Florence Chenoweth’s proxy.” Wog- !e report noted that more than replacements. became Liberia’s (and Africa’s) "rst beh together with three other FDA 170,000 are estimated to be severely Source: Front Page Africa

BusinessDay -Monday 17 - Sunday 23 August 2015 17

Contact: +2348023216225, [email protected] Executive Motoring Volvo plans XC90 recall for third row airbag glitch

olvo Cars is prepar- this issue,” the spokesman said. ing a global recall and Fewer than 2,000 vehicles are a delivery stop for an affected, he said. unspecified number of !e XC90 is a crucial launch for Vthe redesigned seven-seat 2016 Volvo. It is the "rst vehicle Volvo XC90 crossovers for a potential has developed independently airbag problem. since Ford Motor Company sold The airbag curtain in the the Swedish brand to China’s Zhe- third row may not function jiang Geely Holding Group Co. properly because of a prob- !e seven-seat, full-size crossover lem with a trim panel. “This is uses a new #exible platform that not an issue with the airbags will underpin most of Volvo’s fu- themselves, but a trim panel ture models and a new family of that could interfere with de- four-cylinder engines. ployment. This is not related to Earlier this year, Volvo Cars any Takata recall. It is not dan- of North America recalled 2016 gerous to drive affected cars.” a XC90s for a front-seat wiring Volvo spokesman said. harness problem that affects The unspecified fix will mod- the side impact protection sys- ify the design of the panel sur- tem and disables the front-side Pajero receives rounding the airbag curtain to side impact airbag, according to make sure the airbag inflates NHTSA. “If the wiring harness properly, the company said. is routed incorrectly, the wir- Volvo said it would “soon” ing may be damaged, disabling cosmetic enhancements notify customers with details the front seat side impact air for fixing the problem, but has bag, NHTSA said. According to ike the new Toyota For- !is is a lot more than just a de- interior has a more upmarket not yet determined how many NHTSA document, 584 vehicles tuner that is the direct sign refresh, as numerous improve- appearance, while also o$ering XC90s would be affected by the were potentially affected and competition amongst ments to the suspension, body more in the way of gadgetry, such recall. “There have been no in- the recall was scheduled to start other brands, Mitsubi- mounts and a new engine have as a multi-around monitor, touch- cidents or accidents related to last month. shi’s redesigned Pajero made it quieter and more comfort- screen infotainment system and LSport has broken the conservative able according to Mitsubishi. electric parking brake. shackles of its predecessor with a New under the bonnet is a Still perceived an old-school daring design that could prove to 2.4-litre Mivec2 turbodiesel en- SUV icon, Pajero is still one of Hilux bounces back to SA sales chart be polarising. gine, mated to Mitsubishi’s "rst the “real” all-terrain vehicles in !e 2015 model year range, in eight-speed automatic gearbox. the market, rather than the ever- both short and long-wheelbase !e engine produces 133kW at growing number of urban soft- versions, features a number of 3500rpm and 430Nm at 2500 roaders that are not necessarily cosmetic enhancements as the revs (up from the previous 2.5’s designed to get their tyres muddy. last upgrade on the current de- 131kW/400Nm) and it’s 17 per- Point this Mitsubishi at a rug- rivative before it is replaced by cent more economical, Mitsubishi ged 4x4 trail and it has all the the "fth-generation Pajero in two says. tools needed to plod through years’ time. !e new Pajero Sport will be picturesque pastures and duel At the front is no-holds-barred available with an improved ver- with deep dongas with minimum interpretation of Mitsubishi’s sion of Mitsubishi’s Super-Select chance of getting stuck. ‘Dynamic Shield’ design seen on 4WD-II four-wheel drive system, A lofty 235mm ground clear- recent concept cars while tyre- with low-range gearing, as well as ance, a 36.6 degree approach an- kickers are in for a shock when Hill Descent Control (HDC) and gle (superior to some rivals) 25 moving to the back, where the it’s a better swimmer thanks to im- degree departure angle, selecta- new SUV has long, vertical tail- proved wading depth. ble all-wheel drive, low range, and lights that appear to drip into the But it’s on-road ability that centre and rear di$erential locks bumper. counts for more these days and as ensured that the long-wheelbase he Toyota Hilux clawed of hope, with a modest 0.7 percent Built in !ailand and based a result, the new SUV is available Pajero cruises through steep and back to the top of the sales gain over July 2014. on the new Triton Pick-up, the with a glut of new active safety fea- slippery o$-road trail. charts in July in South Af- Wesbank Motor executive Sim- new Pajero Sport will be sold in 90 tures, including blind spot warn- For both old and new models, rica; the departure point phiwe Nghona said: “Major com- countries, including Nigeria and ing, forward collision mitigation ABS brakes, stability control and Tof some of the Japanese models to petition and very attractive market- South Africa, although there is no and an ‘ultrasonic mis-accelera- six airbags gives peace-of-mind, other parts of sub-Sahara Africa ing incentives from manufacturers speci"c date on when it will be en- tion mitigation system’. and the Pajero has a 5-Star Euro markets with 3546 units. Recent re- have driven LCV sales all year. Even tering into regional markets. !e redesigned seven-seater NCAP safety rating. ports say new vehicle market is de- though sales in this segment look clining at an increasingly rapid rate. relatively #at, they are quite posi- On the local sales charts, Toy- tive given the overall market condi- Continues on page 16 ota’s Hilux bounced back with a tions.” Audi A3 upgrade coming next year vengeance after being beaten by the !e overall market decline came !ose models account for ap- Ford Ranger in recent months with in spite of a strong contribution by proximately 40 percent of unit will help make further progress the Japanese Pick-up truck outsell- the rental industry, which gobbled sales. Luca de Meo, Member of the manufacturer already delivered in "elds of Audi connect and the ing its rival by over 900 units. 11.1 percent of the pie, while dealer Board of Management of AUDI 902,389 cars with the Four Rings smart factory. Worldwide, it in- After June’s 4.8 percent year- sales accounted for just 82.4 per- AG for Sales and Marketing, said: in the "rst six months of this year tends to expand its workforce with on-year drop, July saw the overall cent; corporate #eets took 3.4 per- “We intend to grow also in the full (2014: 869,357). !e A3 family and approximately 6,000 new employ- sales fall 6.1 percent, compared to cent and government 3.1 percent. year and will continue to success- the SUV models Q3 and Q5 are ees by the end of the year. July last year, to 54 112 - this year’s According to NAAMSA, intense fully master the many challenges particularly popular with custom- In the full year, the company biggest decline so far, Business Day competition between car compa- facing us.” Due to the high volatil- ers worldwide. plans to deliver more brand vol- checks reveal. nies in this di%cult environment is ity of markets and rising costs for Audi has already taken more ume than in 2014. A challenge in !e passenger car market is continuing to put pressure on pro"t the next stage of the model initia- than 2,000 new employees on this context is that the economic taking the most strain, falling 8.8 margins while the recent 0.25 per- tive, cautious business operations board; with plans to recruit ap- environment features signi"cant percent year-on-year in July, while cent interest rate increase is expect- are of key importance. proximately 4,000 people in Ger- uncertainties. At the same time, medium and heavy truck sales (a ed to hurt the industry further, as With an increase in unit sales many alone by the end of 2015. In advance expenditure is growing certain indicator of business con"- will the subdued economic growth, of 3.8 percent in the "rst half of particular, Audi is seeking experts for new production capacities, in- dence) slipped by 1.6 and 6.3 per- new vehicle price increases due to the year, Audi is on track to set for alternative drive systems. novative technologies and attrac- cent respectively. Light commer- rand weakness and lower business a new record for full year 2015. !e automaker is also looking tive new automobiles. cials provided the only real glimmer con"dence. !e Ingolstadt based automobile for digitalization specialists who

BusinessDay - Monday 17 - Sunday 23 August 2015 19 Tourism THE BIG TREE “I don’t look down on tourism. I live in Hawaii where we have 7 million visitors a year. If they weren’t there, there would be no economy. So I understand why a tourist economy is necessary”. Paul !eroux !is week’s tourist attraction may be unknown to some readers. !at would not be surprising since it was new to the Hidden Treasures team when the name was Hidden treasures of the Gold Coast mentioned. Nonetheless, that is the very reason the tourist attraction is featur- ing this week. Similar to most attractions in Ghana, particularly those that have featured on this page, this tourist attraction is not devoid of myths and spiritisms. It is part of what gives the attraction its identity, regarding its location. !e Big Tree, is considered to be the biggest tree in West Africa. It is located in the forest of Akim Oda. Its girth, diameter and circumference along with its features and other abilities will leave tourists and readers amazed. VINCENT BAFFOUR!ACHEAMPONG Not to take the wind out of its sails, join Hidden Treasures as we visit “the Big tree”, a spectacular sight that is characteristic of its home country, Ghana... Enjoy… setting, especially Ghana, many spiritual myths sur- round the existence of the !e Big Tree tree. It is believed that the he big tree is one tree was first discovered of the promi- by a hunter named Yaw nent, astonish- Andoh from Akim Asante- ing and out- man, several years past. standing tourist Several attempts made attractionsT in the Birim to cut and/or uproot the Central and for that matter miraculous tree has re- Ghana. It is located in one sulted in casualties for the of the District’s nine forest victims. Legend has it that, reserves, called the Esen traditionalist from Akim Apam Forest Reserves, Asanteman who attempted about 22 kilometers from to cut the tree down, died a Akim Oda on the Oda- few days after the attempt. Agona Swedru trunk road. In the year 1930, a farm- !e tree is believed to be er who also attempted to the biggest in West Africa burn the tree by setting "re with a diameter of 3.22 me- around it, died later. ters at 1.37 meters, 2.72 me- In 1966 however, a chain ters at 3.1 meters, making saw operator by name An- 12 metres in circumference tieh is said to have succeed- and 66.5-90 metres tall. ed in cutting down the tree It also has a girth of 10.11 but it was believed to have meters at 1.4 meters and mysteriously reinstated to 8.63 meters at 3.1 meters. its original position after Growing in the forests three days. The operator of Akim Oda in Ghana’s is believed to have died Eastern region, the tree later on. known locally as “the Big After all the mysterious Tree” is of the Bako species events, the tree is now an and its botanical name is ancestral home for the their annual festival. tieghemela heckle. The people of Akim Asante- It would interest you to Baku species of plants are man. It is also a spectacular know that during all these both biologically and eco- tourist attraction in the years, the tree has attracted nomically endangered and country. !e tree is a holy people from di$erent parts unique tourist attraction in tage object and an object site where natives of Akim of the world, especially the threatened with extinction the region and the country of worship and has been in the wild. Asanteman pay homage Asian Continent and India as a whole. reserved over the years. to their ancestors and the to be speci"c. The few available spe- !e tree serves as a heri- Typical of the African cies are conserved through spirit of the tree during According to the au- management intervention. thorities, these foreigners !is is because of the high visited at the time to pur- demand of that unique posely perform rituals and type of tree species due seek spiritual help. The to its durably hard and mysterious tree is a durable unusual cylindrical shape. and hard wood which is !e tree also has a low also resistant to impregna- natural regeneration suc- tion and surprisingly resis- cess rate which has also tant to insects and disease contributed to the likeli- attacks. hood of its extinction. The tree is an impres- Its unique nature has led sive tourist attraction sees to the intervention by the many local and foreign Ghana Forestry Commis- visitors visiting in e$orts to sion. !is magni"cent tree see the spectacular gift of is believed to be about 350 nature and have "rst-hand to 400 years old. Surpris- information on the biggest ingly, the tree has a unique tree in West Africa. feature of a cylindrical It is believed that the necessary rituals, is healed shape with a thick grey tree has curative abilities spiritually. bark and is longitudinally as well. It is believed that It is also believed that in- ridged with slash bright a sick person who visits fertile women can conceive pink leaves. !is makes it a the site and performs the when they use the leaves and BusinessDay -Monday 17 - Sunday 23 August 2015 21

It is also be- lieved that infer- tile women can conceive when …a look at Ghana’s untapped resources they use the leaves and the bark of the tree as herbs

healed itself. More wine bottles and most of them were full. Entry Fee There are occasions where pupils from first cycle schools are made to go to the attraction site free of charge. The following rates are made available. First cycle institutions GH¢0.50 Second cycle attractions nearby include Birim (North and South), institution GH¢1.00 Ter- historic places, sanctuaries Bemu Blocks I, II, III. tiary GH¢1.50 Foreigner and waterfalls as well as CREDITS GH¢5.00 other reserves such as Esu- Source: DearGhana.com Accommodation and aboni Forest Reserve, Pra Visitor Account: je#bevghana- how to get there !e place mission.blogspot.com has no formal accommo- dation except with a local family. Nevertheless, good accommodation settings exist at Oda, the District capital. Among others are Ntiamoah hotel, Premier hotel, Raphin hotel, Alright 80 feet around and a couple hotel and Car Price guest of hundred feet high. It house. was discovered over 400 There is easy access years ago. !ere are a lot to the attraction through of rituals and superstitions Suhum, Agona Swedru surrounding this tree. One and New Abirem Junction of them is that if you run with Metro Mass. Other around the tree three times it will change your gender. Neither one of us wanted to give it a try. Another one is if you go there and make a wish or request and then leave some wine it will come true. !ere were many bot- tles of wine all around the trunk. You can see them in the picture behind Elder Nielson (below). !e Lord’s handy work in the garden really comes to light in this place. !ere is no lack of beautiful and wondrous things to behold here. On the right side of the the bark of the tree as herbs. to see this big tree. It is the tree you can see a ring or Visitor Account biggest tree in western Afri- lump on the trunk, they On the way to the town of ca. !e pictures do not do it said that in the past some- Oda we ventured out into the justice as to it’s size. It was one tried to cut the tree jungle a few hundred yards “huge”. I think it was over down but could not and it 22 BusinessDay - Monday 17 - Sunday 23 August 2015 Business Day - Monday 17 - Sunday 23 August 2015 Top Hotels in Ghana 23

Mövenpick Ambassador Hotel Accra Mövenpick Ambassador Hotel Accra, PMB CT 343, Canton- ments Ridge | Accra | Ghana +233 302 611 000 | Reservations. [email protected]

Ramada Beach Resort Tel: +233 302717235-7 / +233 572233171. Email: info@rama- daresortaccra.com. Location: Teshie-Nungua, O$ the Accra- Tema Road, Ghana.

NOVOTEL HOTEL Novotel Hotel, Barnes Road PO BOX 12720 , 0 ACCRA GHANA Tel (+233)302/63 38 63 Fax (+233)302/667533 E-mail [email protected]

GS Plaza Hotel Plot No. 26 South Legon Shiashie - Accra, Ghana West Africa, TEL: +233-302-962-845 EMAIL ADDRESSES : GENERAL INFORMATION info@ Safari Beach Lodge… gsplazahotel.com ROOMS & RESER- VATION reservation@gsplazahotel. com, SALES & MARKETING [email protected] escape, indulge, unwind http://www.gsplazahotel.com African Royal Beach Hotel LAWRENCE SEGBEFIA DTD 51 Beach Drive, Nungua, Greater Accra Region, P.O.Box TN1009, Teshie Nungua Estate, Phone Number: 00233 ith an eye- – (0)302 71 11 11 – 8 catching www.africanroyalbeachhotelaccra.com environ- m e n t , the Safari Holiday Inn Accra BeachW Lodge in Akwidaa PMB Ct 97 Cantonments Accra, in the Western region of Ghana, Call:1 888 HOLIDAY Ghana is a perfect place (1 888 465 4329) to escape to, indulge and www.holidayinn.com unwind. !e Safari Beach Lodge is an Eco-Lodge lo- cated on a secluded beach near a small "shing village. Coconut Grove !e lodge is built in tradi- Regency Hotel tional style with thatched Coconut Grove Regency Hotel roofs which help it to blend P.O. Box CT 3998, Cantonments, in with the environment as Accra-Ghana well as keeping cool. !e the perfect venue for your antiques, African art and Each suite contains a four [email protected] overall feel is a perfect private party, special event textiles. A ceiling fan is poster king bed, large bu- mix of modern design and and corporate functions. provided in each room to reau, vanity table, seating Sonant Hotel African rustic elegance They can also help you enhance the cool ocean area and two private beach +(233)-(30)-2520212 termed Eco-Luxury. !ere organize a memorable breezes. lounges. A double bed can +(233)-244764612 are seven beautifully deco- stay with cultural perfor- Each double room is be added to accommodate www.sonantcourt.com rated beach front chalets mances, special menus uniquely decorated and families or larger groups. [email protected] and a well appointed two and private bookings. contains a four poster If you desire for a fresh Christian Centre, East Legon, Accra bedroom beach houses. The hotel has seven double bed, large locking and natural environment, Greater Accra, Ghana Explore the area by tak- individual chalets, three bureau, desk and seat- then the Safari Lodge is ing one of the community beachfront suites and four ing area. !e Two Double one of the few places you double rooms. Situated rooms have private shower can get satisfaction in Diplomat Resort & Hotel based tours to the nearby Address: No. 19 Beach Cresent, Nungua, mangroves or just relax on under a canopy of palm and shower and toilet fa- Ghana. So, whenever you Accra, Ghana, Phone: 0302712273 a beach lounge and look trees each chalet has an cilities. visit Ghana, try and refresh Mobile phone: 0275379467 for whales and turtles. ocean view and is beauti- !e suites are large and yourself at the Safari Beach Fax: 0302712273 Stroll around the Afri- fully furnished with cus- spacious with a private toi- Lodge for a memorable Website: www.diplomatsbeachresort.com can art gallery and see au- tom furniture, colonial let, sink area and shower. treat. thentic masks, statues and Erata Hotel Location: Ouagadougou Avenue, other tribal artifacts from Okponglo, East Legon remote corners of the con- P.O.Box KIA 9968, Airport, Accra tinent. !e main attraction (+233) - 0572-717590, 0544-336761 , is the innovative cuisine 0263-003927 Fax : (+233) 302 505 119 Email: info@ prepared with dishes such eratahotel.com as wasabi drizzled sword- [email protected] "sh, creamy lobster risotto [email protected] Website : or seared ostrich "llets. www.eratahotel.com Equally appealing is the Ange Hill Hotel hospitality you will receive Mail Address: from the friendly sta$ and Ange Hill Hotel local village. PMB Ka 61 Kotoka Int. Airport, !e Safari Beach Lodge Accra is the perfect place to Ghana - West Africa. spend your vacation or Tel: (+233-30)2517514 | (+233- 30)2517270(+233-24)3405125 your special event. Manag- FAX: + (+233-30)2517515 ers specialize in creating 24 Business Day - Monday 17 - Sunday 23 August 2015 TECHBIZ With Vincent Baffour-Acheampong How to build a tech empire at age 24

e may have been “When you’re growing up in in a #edgling tech environment, dubbed “!e Mark Ghana,” Owusu says, “[elders] tell Owusu says. “In Africa, when Zuckerberg of Ac- you a lot of stories about Anansi: you’re young and you’re doing cra” by Forbes Af- How smart it is. How it outsmarts business, it’s really difficult for rica, but tech en- the tiger and everything else. So I people to take you seriously,” he Htrepreneur Raindolf Owusu has felt it right to use Anansi in a good says. “They would rather ‘ride’ his eyes set on much bigger goals. context.” [invest based] on experience than Owusu wants to bring the Inter- As Owusu lists o$ other proj- ride on competence because the net to all Africans — and train the ects and products from Oasis Web- older people know better.” next generation of tech leaders on soft, it’s obvious that giving back to So investors and government the continent. the community is at the forefront support are hard to come by, Owu- “I’m planning on starting a of the company’s mission. su says. “It’s very di%cult changing coding institute where I get to Dr. Diabetes, for example, is a the minds of some of the old guys teach people how to write soft- web application that provides in- to understand that technology ware,” Owusu says. “At the same formation to users about whether is here to stay, and they should time, I want to bring them into my or not they’re prone to develop- utilize some of the things we do.” company to work on some of our ing diabetes. And the latest Oasis So what keeps Owusu moti- client’s projects.” Websoft application, Bisa (which vated? Easy: his mother. Like Zuckerberg, Owusu start- means “ask” in Twi), helps young “She sacri"ced a lot for us, and ed building a tech empire at a people with sexually transmitted that’s something that keeps driv- young age. diseases get medical advice. ing me,” Owusu muses. “I want to When he was 21 years old, “I’m looking at the younger buy her a house, I want her to sit Owusu launched Oasis Websoft, generation because I know sexu- in my jet. !ese are some of the a software development house in ally transmitted diseases is very things when I’m like so tired from Accra, Ghana, which aims to solve huge, but people are stigmatized,” the work I do, I’m like, ‘No I have problems faced by Africans. A year Owusu says. !rough Bisa, users to do this for my mom before I can later, the company had his "rst big can anonymously submit their actually sleep.’ “ success: the Anansi web browser. symptoms to health specialists on And as for that comparison to Hailed as “Africa’s first web the mobile app. Zuckerberg, Owusu is quick to browser,” Anansi helps users with One of five siblings, Owusu shrug it o$. unreliable internet connections grew up with very little. Neither “Over time, I realized I need- stay connected. The browser is of his parents had a chance to get ed my own identity as Raindolf programmed with many offline an education, but they wanted to Owusu,” he says. “People in Africa features, such as games and a web make sure that wasn’t the case for will more easily relate to Raindolf camera. Owusu says those features their children. Owusu than Mark Zuckerberg.” were added so users don’t have to When Owusu was 11, his father “I want people to be able to shut down their computers simply brought home a computer. !en relate to Raindolf as a person. because they can’t connect to the his mom paid for him to take pro- I’m not coming from a rich back- internet. gramming lessons — and he was ground,” he adds. “But I’m man- !e word Anansi means spider hooked. Since then, he has been aging to build my way to the top in the Ghanaian language Twi. It’s focused on building a successful with learning more, meeting good also the name of a African folktale company. people and focusing on God.” character. It hasn’t always been easy to Raindolf Owusu NPR be a young software developer

hana Robotic Academy Foundation (GRAF), a leading giant in inspir- Graf leads students in robotics ing, unlocking creativ- ity,G innovation and passion for science and technology for young inspires and energize teachers, Ghanaians, organised a three day middle school, high school and Booth camp at the Labone Senior college students in Ghana to High School in Accra. pursue education and careers in !e workshop which is organ- science, technology, engineering, ised every year, is structured to and mathematics (STEM) by using equip students in teams with the the motivational e$ects of robots perquisite skills and techniques on to connect theory with practice. how to build Robot, programme As part of the Ghana Robotics robots, to perform a particular Academy Foundation (GRAF) task, such as locomotion, grasp- activities, this year’s camp event ing, audio and video signal, voice will also prepare teams for In- recognition and much more. ternational Tournament. The The training provided par- foundation intends to facilitate ticipants from the Mount Olivet many teams (a total of 9 teams, Academy, Day Spring Montes- from primary to University) to sori Int. School, East Airport Int. represent Ghana for WRO 2015 School, Labone Senior High, (WORLD ROBOT OLYMPIAD) in Methodist High school, Aburi Doha, Qatar- which is scheduled Girls High School and individ- to take o$ in November. ual groups to learn essential The Director of RiSE and life development skills as they Founding Member of GRAF, Dr. undertook project in Robotics - Yaw Okraku-Yirenkyi, awarded which helped in developing their participating students and tutors presentation skills, Team work in recognition of their participa- abilities, analytical and problem tion and contribution to the de- solving skills in a stimulating set- velopment of Robotics and the has challenged him to be serious ting that broadens their intellect. expressed keenly how Robotic in school, the club activities sciences. He encouraged partici- with studies in other to acquire Nana Kodwo a student from studies are helping him in the have broadened his knowledge pants to always think outside the more knowledge. Day Spring Montessori Inter- maths and science. He says, on certain topics which was not box in order to provide practical !e workshop over the years national School in Dansoman, since he joined the Robotic club privy to him. As a result of this it solutions to life problems. Business Day - Monday 17 - Sunday 23 August 2015 TECHBIZ 25 All you need to know about Google to restructure into new digital terrestrial migration

end of the process, the analogue holding company called Alphabet EDEM AGBLEVOR transmitters are switched off. The good news is that, when he tech compa- hana will be finally this migration takes place, one ny announced on migrating from Ana- does not need to buy a new M o n d a y t h a t i t logue to Digital Ter- television set if one already has would rebrand itself restrial Broadcasting an analogue television. With an as Alphabet – a new Gby march 2016.This has been the existing analogue TV set one Tholding company whose larg- news moving on the airwaves for only needs to buy an approved est wholly owned subsidiary some time now and Ghanaians Set Top Box that complies with will be Google. are still wondering how ‘big a Ghana’s Digital Terrestrial Tele- In a surprise blogpost made deal’ this migration is supposed vision (DTT) receiver standard public after the stock markets to be. and has the ‘Digital Ghana’ closed, Larry Page and Sergey People are asking questions conformance logo. Brin, Google’s co-founders, that include what the migra- Since analogue TV sets can- announced a radical shake-up tion from analogue means; why not receive digital TV signal of the company’s corporate the migration is happening, directly, an intermediary device structure and management, when the migration will take popularly called Set-Top Boxes handing control of its core place, how it would affect the (STBs) or decoders can be in- search engine business to ris- individual, why the need for the stalled to enable TV viewers to watch digital TV services on ing star Sundar Pichai. manager,” he said. “It may be overly optimis- migration as well as if the migra- The new company, Alphabet, tion has taken place anywhere their current analogue TV sets. All shares of Google will tic at this point to hope for To give understanding to will preside over a collection of automatically convert into cor- discrete business unit break- in the world. companies, the largest of which All these questions surely what a Set Top Box is, it’s a unit responding shares of Alphabet, outs,” he wrote, noting that ma- that receives the digital TV sig- will be Google. Even the site’s which will continue to trade jor holes in investor knowledge have answers that would put new address eschewed conven- the average Ghanaian’s mind nal captured over the air by an under the stock ticker symbols included Google Display Net- antenna and decodes the digital tion: https://abc.xyz/ GOOG and GOOGL. Shares in works, which Wieser estimated to rest and prove to them that, “As Sergey [Brin, co-found- the Digital Migration is surely signal into a will depending on Google soared 5% in afterhours at $5bn by itself. how you would want to operate er] and I wrote in the original trading. The new structure is It remains to be seen wheth- a ‘big deal’ for Ghana to en- founders letter 11 years ago, able broadcasters to offer more the TV Sets. said to be similar to Warren er Google will simply continue If a person has more than two ‘Google is not a conventional Buffett’s Berkshire Hathaway, to tell shareholders to be con- programmes, services, improve company. We do not intend to quality as well as improve spec- television sets, it is possible to which wholly owns a number tent with their profits when it feed all sets from one set top box become one’,” wrote Page. of diverse holdings and has comes to some major business trum and energy efficiencies. “As part of that, we also In analogue broadcasting, but, they will all show the same stakes in several others. segments. programme that is selected. Due said that you could expect us Page will become Alphabet’s Page characterized the the signal is in the form of a to make ‘smaller bets in areas continuous wave, where as to this, for the television set to CEO. Brin will be its president, Google to come as “slimmed show different programmes, that might seem very specu- and Eric Schmidt will be the down”. Companies that are digital is in the form of discrete lative or even strange when bits of information. In addition each television set needs to executive chairman of Al- “pretty far afield of our main be connected to a separate Set compared to our current busi- phabet. Ruth Porat will be its Internet products” will be the digital signal is encoded and nesses’. From the start, we’ve can be compressed to allow for Top Box. CFO, and David C Drummond contained in Alphabet, he said. In any case, one has to en- always strived to do more, and will be the chief legal officer Google’s health efforts like Life more channels to be broadcast. to do important and meaning- For Ghana not to be left out sure that, the set Top Box and and secretary. The company’s Sciences and Calico, a division Integrated Digital TV conforms ful things with the resources chief business officer, Omid investigating aging and other in this change, she is supposed we have.” to migrate to ensure that broad- to Ghana’s Digital Terrestrial Kordistani, will step down and diseases, will have their own Television (DTT) Receiver stan- Google has come under become an adviser to Alphabet chief executives. Non-Google casting services are protected pressure as its founders have from interference from neigh- dard. Conformance to Ghana’s and Google, according to the divisions of Alphabet will also DTT standard is marked by the used the enormous success company’s SEC filing. include X lab and Wing, its boring countries; provide im- of its search engine to fuel proved services and to bring digital Ghana logo affixed on Page, Brin, Schmidt and drone delivery effort, as well the receiver. Alternatively one riskier bets on autonomous Drummond will leave Google, as Nest, its “internet of things” great benefits of digital broad- cars, smart household devices, casting to Ghanaian television can buy a Digital Television set whereas Porat will keep her division. which is able to receive digital internet-delivering balloons CFO role there and Pichai will Google Fiber, the company’s viewers and broadcasters. and cutting-edge medical re- take over as CEO. broadband arm, will also be- search. The major restructur- Some analysts were skepti- come a new entity managed ing will ostensibly give inves- cal about the level of clarity outside of Google proper, as tors greater insight into how the move would actually add to will the company’s investing the money is being spent. Google’s financial statements. arms, such as Google Ventures Colin Gillis, technology “On balance the news is and Google Capital. analyst at BGC Partners, said positive,” wrote Pivotal Re- “Fundamentally, we believe the move would allow inves- search analyst Brian Wieser, this allows us more manage- tors to assess Google’s core “as this provides for incremen- ment scale, as we can run business more clearly while tal transparency into Google’s things independently that allowing Google to highlight its business and suggests the aren’t very related,” said Page. other assets. “It’ll give people company is looking for ways The new segments will be a truer picture of the nature to balance founder and em- broken out in Alphabet’s fi- and specifics of Google’s core ployee interests with those of nancials in early 2016, though operation,” he said. investors.” the holding company will be He also praised Google’s ap- Wieser added a note of cau- registered “later this year” ac- pointment of Pichai. “My sense tion, though, saying that it cording to the filing. is that here’s someone in high wasn’t clear how much of its Reactions ranged from demand and in one fell swoop quarterly financial info Google amused bafflement to imme- Google have kept him as a key was anxious to share. diate speculation. “Hate saying this, but does make sense for Alphabet to buy $twtr (T is for Twitter, yeah yeah), not $goog,” tweeted Mitchell Holder. Also Ghana’s migration would signals directly from an antenna. Google – sorry, Alphabet – lead to the release of some valu- In this case, there is definitely was not above poking a little able spectrum currently used for no cause for alarm of discarding fun at itself: embedded in the analogue television broadcast- your analogue television when script on the blogpost was a ing for the provision of mobile the migration takes place pro- link to the company website broadband services. vided a Set Top Box is available for Hooli, the fictional ver- Now, the migration from to support it. sion of Google from the Mike Analogue to Digital Broadcast- Asking the question if this Judge’s HBO comedy Silicon ing simply refers to the process migration has happened any- Valley, a poison-pen letter to in which television services where in the world, the answer is the tech industry that has had operating on analogue networks a yes. The United State of Amer- particularly acerbic things to are transferred to digital based ica completed digital migration say about Google. transmission networks over a The Guardian period of time in which at the Continues on page 26 26 TECHBIZ Business Day - Monday 17 - Sunday 23 August 2015 All you need to know... Open source for small businesses Continued from page 25 pen source software as de- in 2009 and most countries in "ned by the Open source Europe completed by 2012 while Initiative (OSI) is a soft- a few Africa countries including ware that can be freely Rwanda and Tanzania have also used,O changed, and shared (in modi- migrated. "ed or unmodi"ed form) by anyone. It has come to my notice that Open source software is made by most television sets entering many people, and distributed un- the system these days are High der licenses/ polices or agreement Definition Television (HDTV), that comply with the Open Source Standard Definition television De"nition. In simple language Software (a (SDTV) and Integrated Digital computer program) normally comes Television (IDTV). to you as a user in a commercialized I believe one is wondering form (i.e. you have to buy the soft- the difference between these ware and own a product key with a television sets. license before you use the software); High Definition Television but then there are a group of people (HDTV) is digital television who believe that freely do they work format whose display resolution as such their products are not to be is higher than that of Standard “sold”, therefore they develop these software, frameworks, etc. for free Definition TV offering high and may ask for donations to keep picture resolution and enhances the project going. Also these open sound quality whiles Standard source software developers leave want because those users can have systems and software applications to Suites Definition Television (SDTV) is the software “open” such that any a hand in making it so. It’s not a communicate, exchange data, and Very few companies using Micro- a digital television format that other developer can pick their codes matter of the vendor giving users use the information that has been soft O%ce actually require support provides lower resolution than and make meaningful contribution, what it thinks they want--users and exchanged.) with other businesses, from Microsoft, so using an open HDTV and higher resolution repackage and redistribute and sell developers make what they want, computers and users, and don’t source alternative can make good than analogue TV. the modi"ed version. and they make it well. At least one want to be limited by commercial "nancial sense. Open-source suites Also Integrated Digital Tele- Take a look at the next desktop recent study has shown, in fact, that data formats, open source software are compatible with Microsoft O%ce vision is a television set which PC or laptop you come across. 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on-going, time is very limited and_open-source_software_pack- because after digital switcho- to be better: a software package ages created by a handful of develop- Paul A. Williams – pwilliamsgh@ ver, analogue transmitters will ers, or a software package created gmail.com (MBA-MIS, MBCS, MC- be switched off and analogue by thousands of developers? Just ITP, ITIL ) sets would be unable to receive as there are countless developers Paul is an Information Systems television programmes without and users working to improve the analyst/ consultant with varying a set top box. security of open source software, so experiences from various industries. Therefore if a consumer is are there just as many innovating He is an adjunct lecturer and consults unable to acquire a set top box new features and enhancements to on various projects for !rms in the those products. or an integrated digital TV one areas of ERP implementation, Secu- cannot access TV programmes. In general, open source soft- rity, Networking, Business continuity ware gets closest to what users & Intelligent Systems. BusinessDay - Monday 17 - Sunday 23 August 2015 27 28 BusinessDay - Monday 17 - Sunday 23 August 2015 PROPERTIES FOR SALE/ TO LET CONTACT FELIX ON: 0243226596 1. GIMPA- 20 ACRES OF LAND 2. NORTH AIRPORT- 1.6 ACRES OFLAND NEAR ACCRA MALL. 3 . EAST AIRPORT - 3 ACRES OF LAND NEAR POLO GROUNDS 4 . 2 ACRES OF LAND AT KOKOMLEMLE. 5. 4 ACRES OF LAND AT CANTOMENTS 6. 5 ACRES OF LAND AT RIDGE 7. 20 ACRES, MILE 7 NEAR ACHIMOTA 8. THREE PLOTS AT KOTOBABI 9. 15 ACRES OF LAND ON THE ROAD SIDE, TEACHER MANTE ON THE NSAWAM KUMASI ROAD. 10. 100 PLOTS AT OBOTAN NEAR DOBORO ON NSAWAM ROAD 11. ONE PLOT WITH A SHOP AT NORTH KANESHIE . 12. 4 PLOTS AT MADINA ABURI ROAD, ASHARE BOTWE JUNCTION FOR FILLING STATION. 13. 100 ACRES OF LAND AT OBUODAKA NEAR ABURI 14. 300 ACRES AT NSAKYE---- POKUASE ROAD. 15. 20 PLOTS AT OYARIFA 100 ACRES AT AGYANOI 0N THE ABURI NSAWAM ROAD. BUSINESS DAY PUBLIC NOTICE ADVERTISE IN BUSINESS DAY FOR RESULT Your small colour advert can make the maximum impact.

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0244708551 / 0267729748 E-mail: [email protected] BusinessDay - Monday 17 - Sunday 23 August 2015 BeautyBeyond the Pews 29 Nurturing a culture of gardening in our places of worship and communities

ince time immemori- expressed by 19th Century New #agship event of the Ghana al, gardens have been York-born writer, Christian Garden and Flower Movement a trait of open spaces Nestell Bovee, has been ad- will this year boast a bevy of ac- and have been fash- opted by several churches the tivities aimed at garden experts ioned into amongst world over. and novices alike. Sother things, grounds for relax- Many have identi"ed with !e "ve-day extravaganza ation, solace and meditation. the concept of tending gardens will once again be held at the !ese pockets of paradise are within church grounds; which Efua Sutherland Children’s refreshing for limitless rea- are freely accessible not only Park from the 10th to the 14th sons. Whatever to the congregation but sur- of September, and will not only your individual motivation rounding communities and be a one-stop shop for all for may be for visiting or keeping a general public. !e innumera- #ower, garden and home wants garden, we can all agree that it ble #ora including exotic fruits, and desires but will also play is uplifting to just have a physi- vegetables and trees with their host to a variety of gardening cal space where we can experi- medley of hues, scents and workshops for adults and chil- ence and soak in creation with medicinal properties, have the dren, pottery classes and un- the company of others or on ability to permeate every as- forgettable happenings. our own. pect of our being, while facili- As part of this year’s Move- !e mention of church often tating emotional, mental and ment, the fostering of team and conjures imagery of together- physical healing plus spiritual community togetherness will ness and a sense of commu- rejuvenation. also be channelled through nity; a place of spiritual res- !roughout the Bible, gar- competitions geared at award- toration where parishioners dens have been intricately wo- ing communities who have gather to worship and foster a ven into the fabric of some of of plants, spices and vegeta- ture - it a$ords an opportunity embodied the spirit of clean secure environment of encour- the key messages and lives of tion – aloe, #ax, barley, apples, to bind people from all walks of and beautifully cultivated agement and concern for their individuals represented; the cucumber, cinnamon, beans, life and backgrounds together spaces for their residents. fellow man. However, many Gardens of Eden and Geth- "gs, sa$ron and palm... the list for a greater cause. !e acts Why not challenge mem- churches in Ghana are not semane, the Hanging Gardens is endless. of digging, weeding, planting, bers of your congregation and readily known for having spac- of Babylon, King Solomon’s !e bene"ts of taking the fertilizing and watering, it has communities to create gardens es dedicated to nurturing the #ower, herb and spice gardens time and making an e$ort to been said, provide a chance for unique to your church and mind, body and soul through and King Ahab’s infamous cultivate the habit of gardening re#ection on the changes and places of worship, and trans- the outdoors and connecting vineyard to name a few, all em- in our churches and communi- opportunities for cultivation in form them into harmonious with nature. body elements of fertility and ties goes beyond growing #ow- one’s own life. and serene sanctuaries where ‘To cultivate a garden is to beauty. ers, fruits and vegetables for !e third annual Ghana the mind, body and soul are walk with God’. !is sentiment Mention is made of an array aesthetic purposes and nur- Garden and Flower Show, the fed beyond the pews. 30 BusinessDay - Monday 17 - Sunday 23 August 2015 34 BusinessDay - Monday 17 - Sunday 23 August 2015 BusinessDay - Monday 17 - Sunday 23 August 2015 National News 35 MTN mobile money records Fidelity Bank launches GH¢ 18.5m monthly

elecommunication gi- “Save for Gold” promotion ant, MTN Ghana Lim- ited, records GH¢ 18.5 i d e l i t y B a n k h a s million transactions Ton its flagship mobile money launched a “Save for Gold” Promotion to re- services every month across the ward its loyal and com- country. mitted customers with The mobile money service, Fopportunities to win gold bars which was introduced in 2009 and coins. onto the Ghanaian market, has The “Save for Gold” promo- since registered 4. 8 million tion is also meant to encourage customers with 19,500 mer- the culture of savings and also get chants across the country. customers to realise the profound The service, which was ini- bene"ts that come with savings. tially offering few services such Mr Edward E$ah, the Manag- as money transfer and airtime ing Director (MD) of Fidelity Bank, top up, is currently offering said this during a media launch of wide range of services includ- the promotion in Accra. ing, the payment of utility and “Every year, Fidelity Bank cre- DSTV bills, school fees and ates an exciting platform for its bulk payment, whilst partner loyal and potential customers to save towards a set goal and at the institutions such as Lyca, World same time win great prizes, rang- Remit and Xpress Money help ing from the Fidelity Go for Gold customers receive money from promo, Reach for Gold promo, and relatives in abroad instantly on their mobile phones. Big Fat zero Promo, to the Save for Executives of the Bank and NLA launching the “Save for Gold” promo Gold Promo,” he said. The Acting Western Regional !e promotion was launched Bank, said all existing and new three gold coins; "fth prize, two customers would be required Senior Manager of MTN, Mr. by the Bank in partnership with customers would have the oppor- gold coins; while the sixth to 20th to top up their account balance Laud Nii Ayi Armah, who is in the National Lotteries Authority tunity to win over GH¢500,000.00 winners would each receive a with a minimum of GH¢300 or charge of South West Business (NLA) under the Caritas platform. worth of gold bars and coins. gold coin. multiples of it to stand the chance Office, made this known dur- Mr E$ah said last year, more He said the promotion would “To participate, new custom- of winning in both the monthly ing the launch of MTN Mobile than 75,000 Ghanaians com- span six months, with "ve monthly ers would be required to open a and the grand draws and every Money for the month of August, mitted to saving some of their draws and a grand draw. current or savings account with GH¢300 deposited quali"ed for in Takoradi. income towards the realisation At each monthly draw, 20 gold a minimum deposit of GH¢300 one chance of coupon. It aimed at whipping up of personal ambitions and won coins would be won by 17 lucky or multiples of it, maintain it for “The longer the period you interest of the public, to register amazing prizes that transformed customers who would be drawn at least one month, to stand the maintain your money, the greater with the service to enhance the their lives through the Big Fat Zero from branches nationwide. chance of winning in a monthly your chance of winning in the performance of businesses. savings promotion. He stated: “As Mr Baiden announced that the draw,” he said. subsequent monthly draws and the The launch was preceded by a Bank, we believe that savings is ultimate winner would be given a Mr Baiden said if the quali"ed grand draw, that is, if the amount a two-hour health walk through critical to a comfortable life style one kilogramme 24 carat gold bar; amount was maintained for the was maintained till the "nal draw,” some principal streets of and we will always do our part to the second prize winner would subsequent months and through- he said. Mr Baiden urged all Gha- promote a savings culture among Takoradi by members of some receive a 500 grammes gold bar, out the promotion period, it quali- naians and non-Ghanaians to keep-fit clubs in the Sekondi- Ghanaians”. and the third prize winner would fied for the remaining monthly participate in the promotion, em- Takoradi metropolis. Mr Jim Baiden, the Deputy get a 250 grammes gold bar. draws as well as the grand draw. phasizing, “Save for a rainy day and The theme for the campaign Managing Director of Fidelity The fourth prize comes with !e Deputy MD said existing win Gold to transform your lives”. was: “Mobile Money, Driving Financial Inclusion in Ghana”, aimed at delivering financial services at affordable costs to all segments of Ghanaian Universal Merchant Bank to GEPA calls on exporters to society. Dr. Dan Anane Frimpong, establish Chinese desk focus on export volumes Senior Medical Officer at the Kwesimintsim Hospital, ad- he Universal Merchant sal Banking License and currently r Gideon Quarcoo, Mr Quarcoo said there was an vised Ghanaians to take proper Bank (UMB) is to estab- has 29 branches in "ve regions. the Chief Executive urgent need for the country to care of their diet to avoid con- lish a desk centre for the Mr Poku said the Bank is rec- Officer of the Ghana increase products in the export Chinese business com- ognised for its entrepreneurial Export Promotion market, hence these initiatives tracting diseases like diabetes Tmunity in Ghana to provide e$ec- approach, innovative use of tech- MAuthority (GEPA), has called on by both government and the and hypertension. tive and e%cient services to meet nology, and distinctive banking exporters to focus on increasing private sector to focus attention He said chronic high level their needs. solutions. He said it is the Bank’s the volume of exports to the on the international market. of sugar in the blood could !e bank noted that the Chi- vision to retain its position as international market. He therefore called for an ef- result in multiple ailments and nese businesses are growing the premier corporate bank and Mr Quarcoo, speaking at the fective collaboration to enable affects one’s vital organs such across the globe and that there expand the retail banking space launch of the Made-in-Ghana products and services to pen- as the kidney, eyes, heart and is the need to have a separate saying this could be achieved by Product Fair 2015 to be held in etrate the international market intestines, that may result in desk that would understand their expanding into the value chain of Milan, Italy, urged exporters to to develop the economy. stomach ulcers, blindness and banking needs for e$ective busi- our corporate portfolio. also adhere to standards and Mr Wakefield Ackuaku, the kidney failure, as well as other ness transactions. Mr Poku said the Bank has cur- quality principles to ensure Business Development Manag- health complications. Mr Kwame Poku, Director of rently established a hire purchase that their export products meet er, Doulos Consult Limited, or- He urged Ghanaians to Corporate Banking, UMB said and leasing entity in the country; international requirements. ganisers of the Fair, said the aim eat balanced diet at the right this at a Chinese Business Semi- the promotion and formation of The Fair scheduled for October of the event was to also establish time during the day and sleep nar on the theme: “Challenges the "rst discount house and initi- 12 to October 15, is to promote Ghana as a reliable source of properly to ensure adequate and Opportunities for Growth of ated the preparatory work in the Ghanaian products, services, supply of raw materials, semi relaxation for the body. Chinese Businesses in Ghana.” establishment of the Ghana Stock businesses and brands to the and finished products for the !e seminar provided the op- Exchange. He urged the Chinese European market. European market. He said the portunity for the bank to highlight community in the country to open It is also to attract invest- Fair was to position, Ghana as its product and services to the an account with UMB for smooth ment, cooperation and part- a major outlet for repackaged Chinese community and also and excellent banking services. nership for the various sectors goods for the Italian and the interact with them on the coun- Mrs Baohong Sun, Chinese of the economy. Mr Quarcoo European market. try’s tax laws, the operations of Ambassador, commended UMB implored players in the export The Business Development Ghana Investment Promotion for the initiative and said the and productive sectors to en- Manager said it was also to com- Centre and partnership with local gesture signified a long-term sure that goods destined for the plement government’s efforts in businesses. commitment in exploring busi- international market were of the championing the export trade He said the Bank was estab- ness opportunities. She said the highest quality in order to be in the country, adding that, “it lished on March 15, 1972 as the Chinese economy is driven by in- competitive. is to provide an opportunity for premier merchant bank and in novation and urged Ghanaians to “Do not cut corners in ex- businesses to expand their clien- 2005 introduced retail banking be creative to promote and sustain porting inferior products on to tele base and seek investors and with the acquisition of a Univer- business development. the international market,” he said. partnership for their businesses”. 36 Management Review

BUSINESSDAY: www.businessdayonline.com BusinessDay - Monday 17 - Sunday 23 August 2015

New research on working parenthood: Men are more egalitarian, women are more realistic

STEW FRIEDMAN to do with the fact that it is now two-career relationships: Men reer will make it di%cult for me to away at the established order and socially and culturally acceptable, are less likely to agree with those be an attentive spouse or parent. pursue new options. at least in the West, for a woman statements than they were 20 years In 1992, we saw no di$erence Mayer is only one person, and a very fortunate one at that. But he arrival of Yahoo to have a child while taking on a ago, while women are more likely between men and women in the as both a new CEO and a new CEO Marissa Mayer’s high-powered executive position. to agree with them. Compared to way they answered those ques- mother, she represents something baby on Sept. 30 has Even "ve years ago this was not graduates 20 years ago, young men tions, but in 2012 we find that more: a new, prospective model of returned pregnancy, the case. graduating today are more egali- women are more likely than men what’s possible. !at this choice working parenthood We’re going to see the emer- tarian in their views and women to agree with those statements. was available to her doesn’t mean, andT maternity leave to the fore- gence of more alternative career less so, perhaps because the latter Again, women today have a less of course, that such possibilities front of the national debate. I have paths, if my research on business are more realistic. sanguine view of what’s possible. are now here for all. But her choice mixed feelings about this. school students at the University Men and women today are How can this be good news? is real. We are at the cusp of the Mayer’s situation is extremely of Pennsylvania’s Wharton School more likely than the previous gen- While it used to be that women emergence of new models. Young unusual. A short maternity leave is any indication. In 1992 we sur- eration to share the same values had aspirations for hierarchical people will increasingly be active may be relatively easy for her, in veyed over 450 Wharton students about what it takes to make dual- advancement that were lower than in carefully, consciously and de- part because she and her spouse at the moment they graduated. career relationships work. One those held by young men, today liberately crafting their roles. are very wealthy and because, !en, this past May, we asked the implication of this "nding is that those aspirations are the same Attitudes are changing. Yes, it as CEO, Mayer has considerable same set of questions of the Whar- there is greater solidarity among for men and women. But now remains incredibly difficult for discretion about how to spend ton undergraduates in the class of men and women and therefore women’s family ambitions (if we women to break through to the her time. !is is not the case for 2012. In part, the surveys explored more flexibility about the roles can call them that) are lower than top strata in business. It’s still pri- most working women – or most attitudes about two-career rela- that both men and women can they were 20 years ago. In 1992, marily a man’s world at the most working men. tionships. We asked students to legitimately play in society. !ere 79 percent of women graduating senior levels and there are all kinds And yet, the fact that Yahoo’s what extent they agreed with these is now a greater sense of shared from Wharton said they defi- of additional burdens that women board agreed to hire Mayer as two statements: responsibility nitely planned to have children, continue to carry. And yes, it still CEO while she was pregnant is a — Two-career relationships for domestic life. Young men while only 42 percent make that remains di%cult for men to opt for sign of real progress for both men work best when one partner is not only realize they have to do claim today. !ere is now greater the nontraditional role of being a and women. !e decisions made more advanced than the other. more at home than their fathers awareness of constraints, and stay-at-home dad. by the board and by Mayer signal — Two-career relationships did, they actually want to take on expectations are being adjusted But we are seeing more ex- something important to us all: work best when one partner is less those responsibilities. accordingly. pressed freedom, more realistic greater freedom. !is episode is involved in his/her career. Our survey also asked men and All this sounds like a reduction goals and more unity among but one highly visible example of In 1992, men were much more women to indicate how strongly in freedom, right? But perhaps young men and women as they the many new options available likely to agree with both these they agreed with the following with a more clear-eyed vision of create new ways to pursue lives to people as they struggle to pur- statements than were women. !e statements: what’s to come – and with men that "t with who they truly want to sue lives that "t with their most preliminary analyses performed — It is easier for men to com- and women holding more aligned be. And that’s a good thing. precious values. !e choice that by my Wharton colleagues and I bine the demands of work and views about the value of work and Mayer made wasn’t simply a result show that in 2012, however, there family. parenting – people will take more of her "nancial wherewithal; it had is a convergence of attitudes about — Pursuing a demanding ca- focused, concerted action to chip

Brought to you courtesy of First Bank of Nigeria BusinessDay - Monday 17 - Sunday 23 August 2015 37 38 BusinessDay -Monday 17 - Sunday 23 August 2015 BusinessDay - Monday 17 - Sunday 23 August 2015 National News 39 Revenue ‘Ghana ill-equipped to manage tax status of oil price fall’ - economic analyst workmen r Mark Evans, an evenue O%cers of the economic analyst, Ghana Revenue Author- with the Natural ity (GRA) are obliged to Resources Gov- verify from construction ernance Institute, Rsites about the tax compliant sta- Msays Ghana has found itself ill- tus of workmen on the job. equipped to manage the rapid fall Under the law, itinerant in oil prices. workmen, including carpenters, He said the country was not electrical technicians and masons fully prepared to manage swings in among others should acquire ‘tax commodity prices and to transform stamps’ just as other craftsmen, its resource revenues into mean- ingful development outcomes small-scale hairdressers and table because of huge liabilities incurred top traders to operate. in order to pay the wage bill. Mr Joseph K Kumah, Head of Mr Evans revealed that in 2011, the Domestic Revenue Authority Ghanaian legislators enacted Division of the GRA in Ho said this important governance reforms during interaction with partici- to manage resource extraction, pants at a Tax Education Seminar having been stung by its previous held in Ho on Tuesday. experiences as a gold producer. A participant had complained !e Petroleum Revenue Man- about Tax O%cers concentrating agement Act (PRMA) was meant on the few artisans in workshops to quarantine petroleum revenues while leaving the droves of them from other fiscal revenues and doing brisk business from spot to enable journalists, civil society spot. groups and parliamentarians to Mr Kumah said it was easier undertake forensic analyses of tackling artisans working for lim- government’s management of the ited liability companies than the proceeds from oil. #oating workmen. It also created a framework for Another Participant suggested managing revenue volatility and that issues of taxation and links savings for the future. He noted: “!e wall built into to national development should the government budget to sepa- be taught in schools to inculcate rate petroleum revenues did help in Ghanaians the willingness to create a huge amount of citizen comply with tax laws. interest in the oil sector and pro- Mr John Ko" Tsrakasu, a Ho- moted robust oversight. telier, said tax men in Ghana were “However, the last four years too militant and oriented more to o$er an important lesson for all of desk work than reaching out to the us who have been working to pro- prospective tax payer. mote effective and accountable He said revenue demands from "nancial management in Ghana. multiple state agencies in di$erent “!e bene"ts of enacting rules shades, be it fees, levies, registra- for resource revenues are lost if tion among others had made the the broader budget is not man- of annual expenditures, o%cially for additional "scal rules in petro- breach of the law. Ghanaian “very overtaxed”. aged with the same aims. !is is designated as deriving from petro- leum revenue management. “While this would not be a fool- Mr Tsrakasu suggested that the something we should carefully leum revenues, to be directed to- He said in Ghana, such an proof method against the recur- GRA was more outgoing, using #y- consider.” In Ghana, oil proceeds ward public investment,” he said. approach would have the added rence of such problems, it could ers with simple messages to get the only contribute about eight per “Capital spending on the whole bene"t of giving the Public Interest help focus minds on these "scal attention of tax payers, wondering cent to total government revenue. has actually fallen from about 26 and Accountability Committee the issues and can serve as a catalyst whether there was any evaluation Mr Evans noted that while the per cent of spending to 17 per cent mandate to oversee key bench- for much-needed fiscal reform process by those who made the government managed to save – since oil production began,” the marks of "scal responsibility. and consensus building.” tax laws to test their e%cacy and GHC1.7 billion (USD 500 million) economic analyst said. He stated: “However, Ghana !e Government, he said, had in its petroleum funds by the end fairness. Mr Rodger Kumah, As- He said organisations such could benefit from enshrining shown how to build a broad con- sistant Commissioner and Head of of 2014, the PRMA did nothing to as the Institute of Economic Af- fiscal limitations in legislation. sensus around this kind of law constraint the damaging e$ects of Medium tax O%ce observed that fairs, the Africa Centre for Energy A limit on recurrent expenditure while the PRMA was, to a great taxation was propelled by law and a GHS 60 billion (USD18 billion) Policy, the Africa Center for Eco- growth or the "scal de"cit would extent, a success story in holding increase in public debt over the the taxpayer had no other choice nomic Transformation, along with have made the problematic in- the government to an array of than to comply. same period. the Bank of Ghana, had advocated creases in spending in 2012 a budget arrangements. “!e PRMA calls for a majority Nestlé Central and West Africa committed to youth employment Hords Limited lists shares on Ghana alternative market estlé Central and West around open markets. Creating Shared Value.” ORDS Limited, an agro- He said this combined with un- Africa has introduced Nestlé helps them to set up With 12th August marking the processing company bridled competition from cheap two initiatives through their kitchens and provides them International Youth Day, Nestlé that adds value to vari- foreign products was threatening the sale of hot Nescafe with all the equipment, as well saluted its MYOWBU and Pus- ous agricultural prod- the collapse of many SMEs. inN crowded areas and open mar- as providing continuous train- chart sellers. uctsH and other non-food products, Nana Afari said with support from kets while creating job opportu- ing on safety, hygiene and basic Bouda Elisabeth a MYOWBU has begun trading on the Ghana GAX, many SMEs would survive and nities for the youth. business skills seller in Ouagadougou, Burkina Alternative market, following the grow and called on them to list to In the “My Own Business” In 2014, about 55 million Nes- Faso said: “I have been a MYOW- listing of 80,000 shares on the raise long-term capital for growth. (MYOWBU) initiative, young café cups were sold on the streets BU seller for one year now. Ghana Alternative market. Mr Samuel Appenteng, Chair- people majority of whom are in Ghana, Côte d’Ivoire, Gabon, !anks to this activity, I can pay The company, which raised man of the GAX Governing Com- female, sell hot Nescafé from Senegal, Cameroon, Nigeria, and for my daughter’s schooling and GH¢ 4 million from its initial mittee, reiterated the need for specially designed backpacks, Burkina Faso, creating more than evening classes for myself. I can public o$ering, said it would use good governance and deliberation which enables them to dispense 4,500 jobs. also help my parents "nancially.” the funds to expand its operations. by Hords’ board to maximise pro"t co$ee by the cup. “Youth unemployment is a “!anks to my job as Nescafé HORD’s listing follows that for shareholders. Nestlé in a statement issued major issue in Central and West seller, I have been able to rent an of Samba Foods and Meridian Mr Kofi Yamoah, Managing in Accra said in the “Pushcart” Africa and as Nestlé grows we apartment and I am looking for- Marshalls. Nana Owusu Afari, Director of the Ghana Stock Ex- initiative, Nescafé sellers mainly have also the opportunity to sup- ward to saving enough in order a former President of the Asso- change, said efforts are being young males are provided with port the economy. Empowering to build my own shop. Because ciation of Ghana Industries (AGI,) made to get more SMEs listed on pushcarts, instead of backpacks. young women and men in this the peak time for selling co$ee is said although Small and Medium the market. He said the market In both cases, the Nescafé way can help their communi- early in the morning, I can still go Enterprises constituted more than is likely to see the listing of four sellers get hot water from micro- ties and at the same time create to school or participate in other 80 per cent of industries, lack of companies, including Intravenous entrepreneurs who run their business opportunities for our business ventures for the rest of capital and technology were re- Infusion and Ghana Homes, be- small enterprises in kitchens company – this is what we call: the day. tarding their growth. fore the end of the year. BUSINESS DAY GHANA www.businessdayonline.com.gh - Monday 17 - Sunday 23 August 2015 BDSPORTS Ghana FA unhappy with Black Stars coach mer Chelsea boss disgruntles the Stories by ANTHONY NLEBEM officials of the Ghana Football Association. he Ghana Football As- “He asked for a one month sociation has expressed leave and the one month is over. dissatisfaction over the We were expecting him to arrive continue stay of coach at the end of the month but as I AvramT Grant in Europe. speak he is still not in the country,” Grant has been out of the coun- a close source of the FA disclosed. try for more than a month after “!e FA is very worried about the Black Stars 7-1 mauling over his prolonged stay in Europe. Mauritius in an Africa Cup of Na- We have already contacted him tions quali"er. to return so that the preparation The Israeli trainer who was will begin for the game against expected to be in the country to Rwanda.” monitor the domestic League is !e 60-year-old is expected to Court dismisses case said to have asked for a one-month arrive to begin preparation ahead leave from his employers. of the 2017 Cup of Nations quali- !e extensive stay of the for- "er against Rwanda in Kigali. against FA elections he Ghana Football As- president Kwesi Nyantakyi. namic Heroes of Winneba to stop sociation (GFA) is set The GFA’s astute lawyer Thad- the election from taking place. for the election of its deus Sory effectively argued that Describing himself as a foot- president next week he has no locus in football to ball administrator, legal practi- after an Accra Fast call for the election to be halted tioner, John Quayson, filed an TTrack Court dismissed an injunc- insisting he is not a member of ex-parte injunction application tion on the electoral process and the Ghana Football Association. to halt all activities concerning slapped the plaintiff with $2,000 The judge dismissed the case the upcoming polls. in costs. and slapped Lawyer Quayson Lawyer Quayson was seeking The judge dismissed the case with costs of Eight Thousand an interpretation as to why the that was seeking to halt the GFA’s Ghana Cedis to be paid to the district level elections and the elections in Tamale by ruling that GFA. regional level elections wouldn’t John Quayson has no capacity to John Kwame Quayson was be held before the main FA presi- bring the case against the GFA’s partnering football club Dy- dential elections?. 2017 AFCON: Big blow for Ghana … as Kwadwo Asamoah ruled out of Rwanda clash uventus midfielder Kwad- wo Asamoah will have to wait a little longer to stage his return to the Black Stars Jafter being ruled out of the country’s 2017 Africa Cup of Na- tions qualifier against Rwanda on September 6th due to his knee injury. Asamoah, 26, has not played for the Black Stars close to a Baba Rahman passes Chelsea medical year since he suffered a serious career threatening injury in No- helsea-bound Ghana Bridge. vember last year. defender Baba Abdul- The 21-year-old move to The former Udinese man is Rahman has passed Chelsea now looks imminent as expected to return to action next a medical in Paris on the medical was completed in month, which effectively rules CFriday morning ahead of his Paris; the right back is expected him out of the clash against the imminent move to Stamford to sign a five-year contract with Amavubi early next month. Chelsea.

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