SARPONG'S BLOG

The Sekondi-Takoradi Chamber of Commerce and Industry (STCCI), has established an Alternative Dispute Resolution (ADR) Center to assist its members to amicably settle business disputes. He said ADR provides a simple, fast, cost effective and flexible procedure for members of the chamber to negotiate a settlement of their commercial disputes. Mr. Ato Van-Ess, Chairman of the STCCI, announced these at a breakfast meeting for members of the Chamber and stakeholders, including representatives of financial institution at Takoradi. He said ADR mechanisms were completely voluntary and must be agreed to by both parties involved in a dispute, except in a few cases when it was ordered by a court or any other body. Mr. Van-Ess said all over the world, settling business disputes through ADR had become one of the leading functions of Chambers of Commerce and Industry. He said benefits of ADR to corporate businesses; include avoidance of loss of money due to judicial corruption and re...

The minimum capital of Rural and Community Banks (RCBs) is to go up from GH¢150,000 to GH¢300,000, the Bank of Ghana (BOG) has hinted. According to Mr Franklin Belnye, Head of Banking Supervision Department of BOG, “Notification to that effect will soon be issued with a time frame for compliance”. He gave the hint at the 12th National Conference of RCB Managers in Ho under the theme: “Making the Rural and Community Banks more efficient to improve customer satisfaction.” In 2008 the minimum capital of the RCBs went up from GH¢50,000 to GH¢150,000 “with a flexible time frame for compliance,” as a condition for paying dividends and opening new branches. Mr Belnye explained that the revision had become necessary because “capital is the lifeblood of any viable banking institution and the more the better.” “It is unfortunate some RCBs have still not been able to meet the revised (2008) minimum capital requirement,” he said. “In today’s computerized world, appropriate re-toolin...

Ghana sets pace in the West African sub-region as it plans to list the country's second Eurobond on the Ghana Stock Exchange (GSE) next month. The move is expected to give local investors an opportunity to actively trade in the Bond. According to lead managers of Bond, this would also be the second time a sovereign is being traded on a local bourse in the whole Africa, after a similar move by South Africa. Speaking to Joy News at a forum in New York, Chairman of the governing council of the Ghana Stock Exchange, Dr Sam Mensah, said the listing would boost the development of the GSE. "The fact that it is listed on the Ghana Stock Exchange is symbolic...It is a vote of confidence in the Ghana Stock Exchange and reflects government's policy to create a dynamic bond market", said Dr Mensah. He adds that Ghanaians who have bought into the Bond would be able to trade in it locally while making gains from a bond that is international and "very liquid...

State Pension Trust, SSNIT, Agricultural Development Bank and Ghana Statistical Service now have new board members. The members for the respective institutions were inaugurated today by acting Minister of Finance Haruna Iddrissu. Rector of the University of Professional Studies, Joshua Alabi Chairs the SSNIT board, Nana Soglo IV for ADB while, Dr Boah Ocansay former PEF boss is the chairman for Ghana Statistical Service. Haruna Iddrisu told JOY BUSINESS, "The expectation of the president is for them to provide leadership with the management of the fund and to operate with high standard of care in guaranteeing the security of the fund and ensuring prudent management and investment of the fund. "In respect of the ADB board, the president has tasked them to improve their capitalization and for the Bank of Ghana to review its ownership and interest in ADB to allow for a floatation of shares on the Ghana Stock Exchange market." Chair of the SSNIT board, Professor ...

Story by: Fred Yaw Sarpong United Bank for Africa (UBA) has officially launched remittances office in some of it branches in Accra, with the hope to make it available in all UBA branches across the country. The initiative is to decongest the banking halls nationwide with queue less alternative in which recipients of money transfers from the Diaspora will forever enjoy stress free, safe and fastest transfer transaction in less than five minutes. In a statement issued by the Corporate Communications Department of the bank and copied Daily Express stated that, currently the REDSHOP services are available in UBA branches at Spintex, Madina and Abossey Okai. The model of the REDSHOP in these selected localities was based on closeness to the ideal target market of receivers, visibility at street level and visit areas. The service REDSHOP is designed to operate as a separate from UBA banking hall activities with solely remittances responsibility for recipients of Mon...

The Board of Directors of Vodafone Ghana have appointed Haris Broumidis as the new Chief Executive Officer (CEO). His appointment took effect from July 15, 2013. Haris Broumidis joined Vodafone in 2002 as the Marketing Director and Enterprise Unit Director in Vodafone Greece and moved on to Vodafone Albania as the CEO in 2007. Under his leadership, Vodafone Albania became the undisputable leader in the telecoms sector. In 2012, he joined Vodafone Group in its h eadquarters, London, as the Commercial Director for Europe. Among several other responsibilities he was tasked with the acceleration and implementation of Vodafone’s commercial priorities in European markets. He brings on board several years of experience and a winning strategy to strengthen Vodafone Ghana’s number two position in Ghana’s telecom market and also make it the undisputed leader for enterprise. Haris Broumidis is from Greece and studied Economics at the University of Athens. He pursued his MBA at the ...

Story by: Fred Yaw Sarpong United Bank for Africa (UBA) has officially launched remittances office in some of it branches in Accra, with the hope to make it available in all UBA branches across the country. The initiative is to decongest the banking halls nationwide with queue less alternative in which recipients of money transfers from the Diaspora will forever enjoy stress free, safe and fastest transfer transaction in less than five minutes. In a statement issued by the Corporate Communications Department of the bank and copied Daily Express stated that, currently the REDSHOP services are available in UBA branches at Spintex, Madina and Abossey Okai. The model of the REDSHOP in these selected localities was based on closeness to the ideal target market of receivers, visibility at street level and visit areas. The service REDSHOP is designed to operate as a separate from UBA banking hall activities with solely remittances responsibility for recipients of Money...

By Fred Yaw Sarpong National Food and Agriculture Show (FAGRO), which aimed at showcasing Ghanaian farm produce to the world is partnering Agritech, an Israeli non-profit organization to introduce new technologies into Ghana’s agricultural sector. The partnership, which will be fully take off next year is to promote FAGRO in Israel while Agritech will transfer several technologies into Ghana, in order to assist Ghanaian farmers. The initiative came into being after FAGRO held exhibition in Israel recently to showcase their farm produce. At a media briefing in Accra last week, Dr. Torgbor Mensah, the Executive Chairman of ……… said he was happy the initiative has yield a fruitful result. According to him farming activities are not punishment and for that matter Ghanaians, especially the youth must enter into it as their business entities. ‘Through Agritech, next year FAGRO exhibition will be more revolution and more technologies will be introduced,’ said Dr. Mensah. Da...