SARPONG'S BLOG

President John Dramani Mahama says under the Public Private Partnership (PPP) initiative his government will partner the private sector to establish new national airline to meet the current economic demands in the aviation industry. According to the President, feasibility studies have taken place and the new airline project is set to take off this year. The country’s national airline, Ghana Airways, ceased operations in 2010 due to financial and operational challenges. Addressing parliament on the state of the nation last week, President Mahama hinted that feasibility for the construction of aerodromes in some regional capitals around the country will also take place this year. “Expansion of airport in Kumasi, Tamale, Sunyani and Takoradi, feasibility study of aerodromes in Ho, Cape Coast, Koforidua, Bolgatanga would be undertaken this year. We will also begin feasibility on the establishment of a new national airline in collaboration with the private sector under a PPP arran...

Government has indicated that it is in talks with the World Bank Group to determine if it could further extend the tenor for its bonds aimed at boosting infrastructural development in the country. Seth Terkper, Minister of Finance & Economic Planning, who disclosed this at Standard Bank’ West Africa Investment Forum last week in Accra, said government wants long-term bonds of between 12 and 15 years because it intends to open up the economy and facilitate private investment through public-private-partnership to expand infrastructure. Also, he said government is considering exporting power to expand into oil services, adding, “We want to make Ghana a hub of the oil services industry.” “There are also strategies to boost investment in oil and gas and also in the agro-services sector.” Touching on why the country recorded a huge budget deficit for 2012, he noted that the petroleum subsidies by Government was responsible for that, adding the public sector wage policy contribute...

Access Bank Ghana will this year reward over 100 customers of the bank with a Lifetime free Commission of Turnover (COT) and other bank charges. This is part of the bank’s initiative to recognise its customers who update their account information. Apart from this, the first 10,000 customers will receive instant branded gift items from the bank. Also customers who update their records with the bank would continue to enjoy easy access to some range of products and services, which include Electronic statements, Internet banking, Mobile banking and other exciting bouquet of electronic products. Customers with updated records will also receive regular updates on key financial and marketing information. The Group Head of Retail Banking at Access Bank Ghana, Stephen Abban announced this to the media in Accra last week during the launch of the bank’s first major customer campaign of the year, dubbed “Knowing You Better”. The campaign which is expected to run from now till...

Dr Edward Omane Boamah, Minister of Communication last week said the National Communications Authority (NCA) would adopt measurable quantitative measures in accessing the quality of services provided by telecom operators. He however pledged government’s commitment to support Agencies and Departments under the Ministry to improve on their operation in order to facilitate the Better Ghana Agenda. Dr Boamah made this known when he paid a working visit to the NCA. He said employment creation is on top of the agenda of President John Dramani Mahama. He said the NCA as telecom regulators must be concern with the quality of service of telecom operators. Dr Boamah said the Authority could collaborate with the Ghana Investment Fund for Electronic Communication to invest in the mounting of mobile cells at areas where there is poor communication network and a threat to national security. Paarock Vanpercy, Director General of the NCA said the Authority regulates the inter...

By Kofi Ahovi According to data from the Bank of Ghana, all the financial sector soundness indicators measured by earnings, liquidity and capital adequacy recorded some growth last year. Total assets of the banking industry amounted to GH¢27.2 billion in December 2012, compared with GH¢22.1 billion in December 2011. The growth in assets was supported by a deposit growth of 22.5 percent during the period. Industry Capital Adequacy Ratio (CAR) trended up from June 2012 as banks worked towards meeting the minimum capital requirement. By end 2012, the industry CAR was 18.6 percent, up from 17.4 percent in 2011. Similarly, there was some improvement in the Non-Performing Loans (NPL) ratio which moved down to 13.2 percent in 2012, from 14.2 percent in 2011. By the end of 2012, all banks had met the GH¢60 million revised minimum capital requirement. The banking sector continued to be profitable and solvent” said Dr. Kofi Wampah BoG’s acting Governor. The pace of money ma...