,Ghana, AA stepstep closercloser towardstowards Jerry John Rawlings, democracydemocracy inin AfricaAfrica a president who left an indelible mark on ON 3RD JANUARY 2009, THE FLAGS OF THE NATIONAL DEMOCRATIC CONGRESS (NDC) FLOATED IN THE WIND TO CELEBRATE the country THE VICTORY OF DEMOCRACY. JOHN EVANS ATTA-MILLS IS THE SUCCESSOR TO JOHN KUFUOR, MARKING THE END OF EIGHT YEARS IN POWER OF THE NEW PATRIOTIC PARTY (NPP) OF JOHN KUFUOR. TODAY, GHANA IS AN EXAMPLE TO OTHER AFRICAN COUNTRIES, WHICH HAVE FAILED THE DEMOCRATIC TRANSITION. IT TOOK, HOWEVER, TWO COUPS D’ÉTAT IN 1972 AND 1981, IN ORDER FOR IT TO BE TRULY INSTALLED IN THE COUNTRY WITH THE ACTIVE SUPPORT OF FORMER PRESIDENT .

The opposition candidate, John Evans Atta-Mills is the new president © JJ Rawlings Archival Library JOHN EVANS ATTA-MILLS TOOK OFFICE IN JANUARY 2009, AT THE AGE OF SIXTY-FOUR YEARS. Born in 1947, JJ Rawlings was the head of Ghana from 1981 to 2001. ■ This is the second time in ten years that a head of state elec- The currency has devaluated in ted in Ghana transfers power to the opposition after an election. recent years; the implementation of In 1981, when he assumed the Elected with 50.23% of the vote, Mills won the presidency of the costly campaign promises will be a presidency of the state, the country country on his third attempt. A lawyer by profession and profes- delicate exercise in dealing with was in a very difficult economic period. sor at the University, his political journey was accomplished in international financial institutions There was high inflation, insufficient large part alongside former President Rawlings, to whom he was whose help is indispensable. exploitation of natural resources and battered public finances. He managed Vice President between 1997 and 2000. to win the good graces of the IMF and At the head of a nation split in two, major economic and H. E. Professor John Evans Atta Mills, implemented a vast comprehensive political projects now rest in his hands. President of the Republic of Ghana program of economic reforms from 1983-1984. Elected for the second time in January 1993, Rawlings announced the Fourth Republic. The view of the Minister of Finance, The political climate remained unstable and considerably worsened in 1994, Dr. Kwabena Duffuor following serious ethnic conflicts that threatened the authority of power. The Fiscal and monetary policy Meanwhile, the World Bank has granted Jerry Rawlings was forced to promise the country $535 million USD for general the holding of new elections. It took burden Faced with a banking sector opened too budget support, the transportation sec- place at the end of 1996 and of oil much and too early by the former govern- Mr. Kwabena Duffuor, tor (“Infrastructure is our major cons- consolidated the influence of the For years, the ment, K. Duffuor implements an austerity Minister of Finances traint," says K. Duffuor) and governance of strongman of the country: he was health of the budget in order to cope with growing in- natural and environmental resources. comfortably re-elected to the presidency, economy of Ghana was crucially depen- flation and slow the free fall of the Ghana his party, the National Democratic dant on the production of gold and cocoa. cedi against major foreign currencies. According to Dr. Duffuor, the inflow will Congress, retained an absolute majority In 2007, oil was discovered (West Cape He undertook to reduce the current bud- increase significantly the level of reser- in the Assembly. Three Points and Deepwater Tano) get deficit of 15% of GDP to 9% at the ves of the country, strengthen the cedi In December 2000, in accordance with this could help accelerate economic end of 2009. "The release of this figure is in and increase confidence in the economy. the Constitution that was ratified, he development. Indeed, its total income no way linked to the existence of a pro- It will also allow better funding of the could not present himself for the will increase, as revenue from oil gram with the IMF and does not depend on budget from external sources, thus redu- presidential elections. Marking the first will subsequently impact the next any conditions," says K. Duffuor. cing the domestic debt of government peaceful transition in Ghana, this and inflationary expectations. election saw the victory of the budget. The support of the opposition represented by John Kufuor The first phase of production of crude oil International Monetary Fund Development sectors and the versus the Vice President and protégé in Ghana, estimated at 120,000 barrels / In July 2009, the IMF Executive Board has use of oil revenues: of Jerry Rawlings, John Evans Atta-Mills. day, should start in the first quarter of granted a first loan of $597 million USD Improved infrastructure is essential be- These fifteen years of power were a 2010. However, the oil itself will not be to support the balance of payments and cause Ghana does lack roads in good pivotal period for the country. A true the only real financial benefit. One of the another $425 million USD to support the condition. Similarly, education, health and economic revival was established intentions of oil production is to reduce external reserves. This amount is "the lar- employment are three areas where the through the leadership of Rawlings who costs in the energy sector in order to gest funding granted in Africa," declared government wants to invest to improve converted to a market economy with increase Ghana’s exports. the help of financial institutions. Mr. Duffuor. the living standards of Ghanaians. This strategy participated largely to the political change. Emblematic symbol and moral authority, Ghana remains an exception within Rawlings has a large support from Sub-Saharan Africa because it continues Ghana at a glance Ghanaians because he never lost touch to experience political alternations without major clashes or ethnic tension. Capital Accra with voters in his country. As a true The recent visit of President Obama to Land area, (in thousands km) 239 km2 leader, he feels strongly and expresses Accra highlighted this peculiarity by the disappointment of activists of the referring to Ghana as the example to Population (2009) 23 487 019 National Democratic Congress, who follow for other African nations. The GDP per capita (2007) 306 World Ranking: 103/231 expecting rapid change instead noticed American president, wanted to highlight Life expectancy (2007) 49, 8% this great Ghanaian exception which Illiteracy rate (2007) 21, 1% things were moving slower than they according to him, justified his presence. might have wished, which was evident The fact that Ghana becomes a producer Parity Purchasing Power 1 245 USD during the first six months of the of oil from the end of 2010, with proven Human Development 5, 5 / 10 Presidency of John Evans Atta-Mills. reserves that now appear to exceed one Currency Ghanaian cedi (GHS) Voters, who wanted "sweeping changes", billion barrels, is probably unrelated to the sudden U.S. interest. If the occupant of the White House has changed since Official Language English are now facing a policy of small steps. 2008, the political cynicism which prevails remains the same. National Day March 6 Their impatience is being felt Religion 30% Muslim, 24% Christians, increasingly all over the country. Jean-Michel Metthey 38% local beliefs, 8% Other1 Directeur Ghana Cocoa Board, mainstay of the cocoa industry

Kingdom that are tested before appro- long-term interest and costs of the gro- Expansion projects ving the use of any fertilizers or chemicals. wing industry. Above all, the essential ele- The main objective related to the expan- ment of the health of the cocoa market in Thus, the unit of seed production is able to sion of the company is increasing produc- Ghana is to maintain the quality. produce quality seeds for farmers. tion units as well as local grain processing As a result, "several important interven- Twenty-five companies, both local and fo- units. For now, the processing of grain by tions were conducted by Cocoa Board to reign acquirers of cocoa are registered the same company is limited to 40%. meet its goals," said Tony Fofie. with the Ghana Cocoa Board. They buy "Our goal is to increase the capacity of The production of the company is increa- grains for farmers and distribute it to the treatment units at 60%. For that we need sed by 600 000 tones per year. The goal is Cocoa, the backbone Cocoa Marketing Company, located in the investment," said Tony Fofie. United Kingdom, a subsidiary of the Ghana to reach one million tones in the next two of the Ghanaian In addition, the company also wants to sti- Cocoa Board. years. mulate the consumption of cocoa at the economy Similarly, the company intends not to An excellent quality of cocoa is very diffi- local level. Indeed, at present, the compromise the production of cocoa and The establishment of Ghana Cocoa Board cult to obtain. A timely fermentation of consumption rate is only a kilogram per the quality thereof, which has been the was conducted in three stages. the grains of approximately six to seven person per year. First, the Gold Coast Marketing Board, the days and a thorough drying is imperative case in Côte d'Ivoire, where the income first version of the company, was establis- if one wants a delicate chocolate flavor. earned through this trade have also hel- The mission of Chief Executive hed in 1947 by government decree. Then The cocoa seeds are dried by the sun and ped to finance armed conflict and enri- Officer, Tony Fofie. packed for export. ched opportunities for government to in 1957, it became the Ghana Cocoa The first objective is to increase and im- increase the new forces through corrupt Marketing Board, to finally take the name "A lot of our funds are dedicated to main- prove the cocoa production and proces- practices and misuse of the benefits of Ghana Cocoa Board in 1984. taining a superior quality of our seeds. Our sing. Tony Fofie wants to increase cocoa of cocoa. Today, Ghana is the second largest cocoa goal is to provide the best quality of cocoa consumption in Ghana: "We are promoting In Ghana, agriculture is the key to econo- producer after Ivory Coast, with 20% of products in all possible forms in the world. chocolates on the 1st of October each year, mic recovery. In rural areas, farmers world production. We want to be the best, with the best cost", declared as the day of Cocoa. Similarly, we themselves derive benefits of cocoa. They The purpose of this company is to encou- said the CEO of Ghana Cocoa Board, put forward other holidays such as have a good income; the fertilizers are rage the production of cocoa, coffee, Mr. Tony Fofie. Valentines day also commonly referred to subsidized and they have free access to coconut and cashew nuts. Programs have in Ghana as Chocolate Day." The role of infrastructure programs related to health and quality therefore been initiated to control pests Most of the chocolate produced in the The main problem faced by the Ghana controls. and diseases to the cocoa pods and get west contains milk, sugar and other addi- Cocoa Board is the lack of adequate Approximately ten million Ghanaians the best possible quality. tives flavored and very little cocoa. transportation system. benefit, directly or indirectly, from the Cocoa and its wastes are treated in order cocoa industry. Ghanaian chocolate contains, 35% cocoa. to create value added for export and local Indeed, the goods are transported from Studies have shown that cocoa products consumption through local processing Takoradi, Tema and Kumasi by railroads, The Ghana Cocoa Board borrows funds have certain medicinal properties and a units such as Cocoa Processing Company which are not functioning optimally. from offshore banks, particularly in daily consumption of chocolate contai- Ltd (which has a cocoa plant and other Ghana needs to develop efficient railway Europe. In addition, harvesting generates ning 50 to 60% cocoa helps maintain our confectionery) and West African Mills system for effective transportation of about $1 trillion USD annually. In Ghana’s vascular system in perfect condition. Company Limited. goods under vigilant conditions. international trade, all of this contributes significantly to government revenue The Ghana Cocoa Board is also responsible "It is urgent to establish an adequate in- and GDP. for regulating the entire cocoa market frastructure in our country. We need inves- and support the development of the tors to help us create a better rail network, " Today, the cocoa market represents cocoa industry in the territory of Ghana. said Mr. Fofie. approximately 6% of GDP of Ghana. At the end of 2008, Ghana Cocoa Board Flawless quality The current record high price of signed an agreement for credit facilities The company has to ensure high product cocoa and its impact on Ghana of $1 billion USD with 23 international quality. In fact, it has different branches, Cocoa Board banks to buy the production of cocoa which include a department of quality The stability of current prices of cocoa and beans during the 2008-2009 seasons. This control. The Cocoa Research Institute regu- its high rates are a blessing to the country. operation is the largest that Ghana has larly sends samples of grains to the United However, this is not enough to maintain known in the last sixteen years.

a2 An economy Ghana Commercial Bank in motion ■ GCB was founded in 1953 and now has Many industrial sectors are working hand With optimal use of electronic means of 149 branches throughout the country. in hand with the Bank: energy, factories, communication and information techno- Ghana's economy is predominantly Based in Accra, it has been listed at the services, agriculture and construction. logy (the reduced costs related to banking agricultural. The country is rich in raw materials, and also offers resources Ghana Stock Exchange and is part of the At the edge of modernity can reach 30% by the creation of an GSE All-Share Index. The government Intranet system, for example) . including cocoa, bauxite, aluminum, rice... owns 21% of the shares. The ATM network of the Bank is one of the most extensive in the territory of Ghana. The future of the Bank Compared to other African countries, Services to businesses It is the only one to be in partnership with Today, in addition to these investments to the industry is relatively developed: and individuals MasterCard International. Thus, the rela- increase the efficiency of the banking metallurgy, oil refining ... Moreover, the discovery of significant offshore oil Currently the largest bank in Ghana, tions and exchanges with international system, Ghana is committed to ensuring resources in the western region (Cape organizations and financial transfers are transparency vis-à-vis its customers and Ghana Commercial Bank (GCB) works well Three Point) was announced in 2007. in conjunction with the private sector as greatly facilitated. foreign banks, unlike some neighboring This new production could become a well as the public sector. Financial services With the overwhelming competition from countries. source of added income. and products offered are large loans, other banks, a significant investment was Indeed, many Nigerian banks do not savings, investments, credit cards, therefore effected in ICT (Information and always respect international law: cheating A double crisis, trade and budget, and mortgages… Communications Technologies). The aim on the dollar and interest rates, liquida- to solve In addition, the Bank demonstrates an is to centralize and automate the various tion of foreign currency in the black The current budget deficit of the undeniable proximity with businesses. administrative tasks. market... country amounts to about $1.35 billion USD. As a result, the government Services are also offered to small and ATMs have been installed with E-zwich, restricted its capacity for securing medium-sized enterprises to help them which becomes the primary payment essential development projects and develop the techniques needed to system for all banks, companies, savings social services. Implementing the wage complete transaction efficiency. and loans in Ghana. increase announced by Kufuor is a challenge for the economy. Moreover, the trade deficit has swelled because imports ($8.60 billion USD) now take precedence over imports Volta River Authority, ($5 billion USD). current primary source of energy

THE VOLTA RIVER AUTHORITY (VRA) WAS FOUNDED IN 1961, ITS MAIN FUNCTION IS TO GENERATE AND SUPPLY ELECTRICAL ENERGY

Mr Ing Owura K. Sarfo, DESTINED FOR INDUSTRY, TRADE AND DOMESTIC USE IN GHANA. IT WILL BE THE MOST CHOSEN ENERGY HUB IN THE SUB-REGION OF C.E.O WEST AFRICA.

■ The company is also responsible for the The mission of the company completed and operational from the year Lake Volta area and managing the envi- 2010. Reliability, efficiency and service to consu- ronmental impact on those cities and sur- mers are the three main pillars of VRA. rounding regions and their inhabitants. The Importance of The aim is to produce and supply electri- Telecommunications Despite having started with hydroelectric city to their consumers. Similarly, VRA is power, VRA now broadens to other types VRA’s effective communication network committed to fulfilling the expectations of energy such as thermal energy. enables remote locations to enter into im- of shareholders in regards to the econo- mediate contact with the control center mic development of Ghana as well as the of Burkina Faso. Mali and other countries in case of problems. sub region, while maintaining optimum are also on the agenda of future exports. The choice of technology to promote the protection of the environment. In terms of openings, this perspective will network was validated by the construc- The future of VRA provide new developmental opportunities tion of a fiber-optic system integrated to Today, the effective functioning of the in the country. a grounding conductor. As a result, VRA is company enables export of electricity to Currently, the construction of a thermal considering the possibility of marketing Benin and Togo as well as the border cities plant of 230 MW is planned which will be the resulting excess capacity.

Mr. Accad has developed greatly in recent years. After significantly “Ghana has evolved into a mature demo- expanding the Nissan brand from cracy and women play an important role his company Auto Parts Limited in all levels of society. In our country there he also developed the Volkswagen are numerous investment opportunities brand in the country, soon he will and the country’s stability is a major also represent Porche, which advantage”. will allow him to cover all the Mrs. Sabah Zita Okaikoi, automobile market segments in Mr Subhi A.R.Accad, MD Minister of Information the country. Tema Development Corporation, a leader in the sector of real estate

THE TEMA DEVELOPMENT CORPORATION (TDC) HAS EXISTED SINCE 1952. IT IS ENTIRELY OWNED BY improvement on land ac- THE GHANAIAN GOVERNMENT. ITS PRESENT FORM IS THE RESULT OF A NUMBER OF STRUCTURAL the land is the prio- quisition AND ADMINISTRATIVE CHANGES. rity of the company: are com- water, electricity, pleted wi- ■ Its functions are multiple: build and de- Corporate responsibility infrastructure, drainage systems ... The thin four velop the Tema area, building roads and The current implementation of several de- ground work for buyers is improved so weeks. public buildings, prepare and implement velopment plans is intended to ensure the that they can easily build their custom- The com- housing development plans, developing creation of economically independent built houses. pany in- industrial and commercial sites, providing communities. Schools, places of worship, spects Mr Joe Abbey, MD utilities such as sanitation, electric clinics and shops are situated around the The benefits of owning and ap- lighting… main residential lots so that people do not TDC land proves all construction plans. Finally, The latest major activity to date is main- have to travel long distances to conduct A government corporation, TDC owned TDC is a strong brand, with over fifty years taining residential and commercial ren- their daily activities. land is sound and devoid of land disputes. of experience and it guarantees the tals. The aim is to extend this operation to Twenty-four communities have been de- Its road network is maintained regularly assurance of a high resale value in the include the maintenance of industrial land veloped until present. Each of them covers and is in the hands of the Department future. on a large scale. a little over 600 square metres. Constant of Urban Roads. Documents relating to

3 Ghana, producer and exporter of oil Ghana National Petroleum Corporation ■ Although commercial quantities of In 1982 the Ghanaian government esta- GNPC is to become a globally renowned offshore oil have been discovered in blished the Ghana National Petroleum company capable of making Ghana the Ghana in the 1970s, production was still Corporation (GNPC) to promote explora- quickest and safest future destination for negligible until around 1990. tion and production of oil. The company investments in West Africa. Soon, Ghana, immediately signed dynamic, prosperous and powered by its agreements with a own hydrocarbon resources, will be an number of foreign autonomous country in terms of oil companies. production. The company's "Our goal is to become a world-class com- mission pany in the field of oil and gas," confirms Promotion, explora- the Managing Director of GNPC, Mr. Nana Mr Nana Asafu-Adjaye, MD tion and develop- Boakye Asafu-Adjaye. ment of hydrocarbon An asset for investors resources of the na- rels. Since, we have put in place infrastruc- Today, in Ghana, the political environ- tion are the require- ture and equipment that permitted us to ment is favourable, the petroleum geo- ments desired discover three new smaller reserves. We are logy is good and there is an excellent legal by the company actively pursuing the exploration,” framework for investment in the country. through effective revealed the MD of GNPC. technology-based The energy sector is one in which invest- The company also needs partners and as- investments to en- ment opportunities are the largest. sociate companies ready to help market hance economic de- "The Jubilee field, discovered offshore in its gas production and build a pipeline of velopment of Ghana. 2007 is one of a kind, with reserves estima- 80 kilometres, from the Jubilee field to The current goal of ted between 800 million and 1.8 billion bar- the coasts of the country.

Ghana Oil Company Limited (GOIL)

■ Ghana Oil Company Ltd. has been in dent companies such as Economic consumers and ensures they can cope existence since 1960. The Ghanaian Allied Ghana Oil Company, challenges the with price fluctuations. government acquired it in its entirety in Ghana has in all about 50 dis- company faces The discovery of oil fields will increase the 1974. The Ministry of Energy represents tribution companies of economic value of the country. With the Ghana will become an oil the state in transactions with the petroleum products. profits generated by oil sales, hospitals, producing country by company. "GOIL is renowned for its schools and roads, among others, will 2010. Its main activities are marketing and quality service and organized emerge. distribution of petroleum products in The rate reduction is a network of its stations. "I hope people appreciate our brand, and Ghana. The bulk of its revenues come goal set up so that the go- It is also more experienced relate to it, so that GOIL can contribute from the sale of diesel and gasoline. vernment takes cogni- than most of its competitors, effectively to economic development," zance of the financial In addition to international companies "says CEO, Mr. Yaw Mr Yaw Agyemang-Duah, reveals Mr Agyemang-Duah. MD resources of its Ghanaian such as Total, for example, and indepen- Agyemang-Duah.

Ghana International Airlines, the national airline

■ Created in 2004, the com- capital. "We are actively seeking investors who can help us pany is a partnership between achieve our goals," said the CEO, Mrs. Gifty E. Annan- the Ghanaian government, Myers. which owns 70% shares, and a group of international private The current priorities of the company investors (GIA-USA), who hold "Development" is the watchword. The majority of custo- the remaining 30% shares. mers are composed of Europeans and expatriate It conducts regular flights for Ghanaians. both passengers and freight. The extension to Düsseldorf has demonstrated an impact Mrs Gifty E. Annan-Myers, Its main destinations are on flight projects. More investment will be substantial, Acting CEO London Gatwick (daily the larger the expansion will be and the faster the imple- flights), Johannesburg OR Tambo (seasonal flights) and mentation in the sub-region (Dakar, Monrovia, Freetown Düsseldorf International Airport since late 2008 (number and Abuja). of flights vary depending on season). "We want to make Ghana the backbone of air transport," In addition, management wishes to establish a network reveals Mrs. Gifty E. Annan-Myers. reaching throughout the West African coast. Indeed, Ghana, located near the equator, may be the shor- In light of the complexity of the program and lack test path to any destination. "We hope to introduce of equipment, the company now needs to garner new shortly a journey to the United States" confirms the CEO.

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