Business Day Ghana
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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 Swhich 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 Tlaunching 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. Gdisputes 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.