SARPONG'S BLOG

Participants at a disability awareness and sensitization workshop have appealed to policy makers to ensure the implementation of all national laws regarding the rights of Persons with Disabilities (PWDs). They said this would promote the rights of PWDs and facilitate their access to social services. The programme, organized by Ghana Federation of Disabled (GFD), was aimed updating participants with current trends in the disability sector and developing strategies to ensure a ‘disability inclusive development’ process in the Effutu Municipality. It was also to foster effective and productive relations between the Assembly and PWDs in the Municipality. Participants at the event included members of the Effutu Assembly, heads of departments, development planning sub-committees of the Assembly, Ghana Health Services, Ghana Blind Union, Society of the Physically Disabled and Association of the Deaf. Participants suggested that service providers in the area should engage sign...

The World Bank is funding the construction of fifty-eight latrines with hand washing facilities for selected schools in the Effutu Municipality. The project, which is being executed through the International Development Authority’s Sustainable Rural Water and Sanitation Project, is valued at GH¢ 287,548 and it is expected to be completed within six months. Speaking at handing over ceremonies at separate construction sites, Mr Henry Franklin Asangsah, Central Regional Chief Water and Sanitation Engineer, said the project is designed to help address sanitation concerns in schools. He said sixteen districts including the Effutu Municipality are beneficiaries of the programme in the Central Region and commended the municipal authorities for being the first to commence work. Mr Asangsah also urged the relevant authorities of the Assembly to pay regular visits the sites to see the progress of work being done. Nii Ephriam, Effutu Municipal Chief Executive, thanked the World Ba...

The Japan International Cooperation Agency (JICA) has handed over three new classroom blocks and 3-seater toilet facility for the Bereku Nyamebekyere Primary School to the Ghana Education Service in the Assin North District of the Central region last Tuesday. The handing-over ceremony is part of the activities of the Project for Improvement of Access to Basic Education in Deprived Areas which started in 2010 at the request of the Government of Ghana (GoG) to the Government of Japan (GoJ) to construct schools for the most deprived areas in Ghana. Among other objectives, the Project seeks to eradicate poor and dilapidated school structures that often characterize basic education in deprived areas across the country. The hand-over ceremony was attended by visibly-elated chiefs, elders, women and school children in the community. School teachers, Ghana Education Service officials, Municipal Director of Education and JICA officials also graced the occasion.  The Proje...

Ghana Cocoa Board (COCOBOD) has secured US$1.2 billion trade finance facility, which is aimed at ensuring that cocoa farmers in Ghana are paid fairly and promptly for their cocoa produce. The facility was secured in collaboration with a consortium of International Financiers after an agreement was signed in Paris, France to that effect. In a statement issued and copied to the Daily Express the Public Affairs Departments of COCOBOD stated that the injection of US$1.2 billion facility into the Ghanaian economy is to help purchase cocoa for the 2013/2014 season. ‘The facility once again was oversubscribed and is the largest soft commodity deal in sub Saharan Africa,’ said the COCOBOD. Mr. Federico Turegano, Managing Director of SG Corporate and Investment Banking commended COCOBOD for putting in place good management and financial structures that have given the banks trust to continue to raise the funds for COCOBOD. Chief Executive of Officer (CEO) of COCOBOD, Mr. Anthony ...

Mantrac Ghana, an authorized caterpillar dealer in Ghana will host operators in the Quarry industry to an event dubbed “Mantrac Quarry Day”. The event will held on Thursday 26th September, 2013 at the Golden Equity Quarry and Mansco Stone Quarry sites, off the Accra- Nsawam road. The event is aimed at impacting customers in the quarry industry with caterpillar and Mantrac capabilities that will enhance efficiency of quarry operations, improve end product quality and lower customers’ cost per ton. The theme for the event: “lower cost per ton – all day, every day,” will afford the players in the Ghana quarry business to improve and benefit from expert consultation and on site demonstration. There will also be the presentation of quarry machine product line and work tool line-up available on the market today, after sales support and service capabilities, tailored financing solutions provided by Cat financial in collaboration with Stanbic Bank. About 80 customers drawn f...

The year 2012 saw very significant growth in Star Assurance’s gross premium production. Gross Premium grew from GH¢35.1 million in 2011 to GH¢61.8 million, representing 76% growth. The company’s Profit before Tax also grew from GH¢3.7 million in 2011 to GH¢8.1 million in 2012, representing 119%. Investment Income for 2012 grew by 250% over the 2011 figure of GH¢1.4 million to GH¢4.9 million. This sterling performance has earned them the prestigious Insurance Company of the year 2012 award by the Chartered Institute of Marketing Ghana. In 2012 the top six classes of insurance that delivered the most premium income and the percentage of total premium income they provided were: Accident (46.10%), Motor (30.97%), Fire (11.30%), Marine (5.41%), Aviation (5.24%), and Travel (0.98%) The red and white façade of its head office situated in Kokomlemle, Star Assurance Company Limited is unmistakably professional and customer friendly in everything it does, including even where it...

Merchant Bank Ghana Limited on Wednesday launched a mutual fund christened the Merban Fund . The Fund is an open-ended collective investment scheme. This means that the fund can issue an unlimited number of shares and can redeem such shares at anytime. According to the bank, the Fund's objective is to invest in money market instruments,listed equities and other regulated financial instruments in the country on behalf of shareholders. The initial price offer is valued at GH¢0.10 per share, and with a minimum of GHc10 translating into 100 shares, interested persons can be part of the fund in the next 21 days. The fund which will be managed by Merban Investment Holdings Limited (MIHL); a wholly owned subsidiary of Merchant Bank is targeted at individuals, pension and provident funds, and other corporate institutions. Launching the fund, General Manager Consumer Banking of Merchant Bank, Henry Baye said the fund is in line with the bank’s objective to deepen long term i...

A Deputy Information Minister has said it is misleading for the Minority in Parliament to criticize government for what it calls "excessive borrowing" without reconciling it with the numerous infrastructural projects government was undertaking. The Minority claimed Ghana has borrowed eight billion Ghana cedis in eight months, but the governing National Democratic Congress(NDC) has insisted that the country's debt is within manageable limits. The Minority in Parliament fears Ghana risks having its international credit rating downgraded, if government does not halt the trend of "excessive borrowing from both domestic and international markets". NPP MP for Tafo Pankrono, Dr. Anthony Akoto Osei, who addressed the media on behalf of his colleagues said: "It also needs to be pointed out that this 49.5% debt ratio means the country is on the verge of crossing the 50% threshold". But responding to the Minority, Felix Kwakye Ofosu, Deputy Minister...

President John Mahama has announced at the 68th UN General Assembly Thursday that his administration will introduce another programme to address unemployment in the country. It is dubbed “Youth Jobs and Enterprise Development Fund”. He said "it is our intention to bring an end to youth unemployment. What we have done in Ghana to address this issue is create the Youth Jobs and Enterprise Development Fund, a program that will provide young people with entrepreneurial skills and access to the funds needed to establish businesses or expand existing ones, thereby creating new employment opportunities." This announcement comes after the President ordered for a prosecution of officials of the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA) who have been indicted in a scandalous report. The report describes serious lapses and a disturbing trend of financial impropriety at the youth employment agency. A finance expert Sydney Casely-Hayford called fo...

Newmont Ghana says approximately 300 of its miners are expected to lose their job by the end of the fourth quarter of 2013, as part of the mine's ongoing operations to streamline cost structure and improve business efficiency. The massive job-cuts reflect the company's work to improve its increasing cost structure while creating value for all its stakeholders. “Ongoing price volatility and steadily rising costs create intense pressure for us to continuously improve our efficiency and effectiveness to ensure that our operations are profitable and sustainable. “We face some very difficult decisions in streamlining our organisation and are committed to treating people fairly throughout this process,” said Dave Schummer, Regional Senior Vice President - Africa Operations. Officials at the Newmont's Corporate Communications office told B&FT in a telephone interview that discussion and negotiations are ongoing regarding the compensation and severance packages ...

A total of five thousand youth who successfully underwent an intensive training in ICT, Mobile phone and computer repairs and assembling in the Nigerian state of Osun have graduated at a ceremony in the state capital Osogbo. The ceremony was attended by an array of high profile dignitaries including the Osun State Governor, Chief Engineer Rauf Aregbesola, his deputy, traditional rulers, representatives of labor unions as well as officials of the ruling party in Nigeria. The training is part of a partnership agreement between Rlg Communications (Nigeria) Ltd and the Osun Youth Empowerment Scheme Technology (OYESTEC), a state sponsored initiative to make the youth economically resourceful. Under the partnership, RLG Communications is contracted to train 20,000 youth in the Osun state alone on ICT related disciplines such as mobile telephone assembly and repair, computer technologies and entrepreneurial skills, with each training lasting for a 6 month period. The training ...

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...

Microsoft has agreed a deal to buy Nokia's mobile-phone business for 5.4 billion euro (US$7.2 billion; £4.6 billion). Nokia will also license its patents and mapping services to Microsoft. The companies said in a joint news release that the deal will be finalised in early 2014, when about 32,000 Nokia employees will transfer to Microsoft. Nokia, once a global leader in the mobile phone market, has struggled in recent times amid increased competition from rivals such as Samsung and Apple. The transaction is subject to approval by Nokia shareholders and regulators. "It's a bold step into the future - a win-win for employees, shareholders and consumers of both companies," said Steve Ballmer, chief executive officer of Microsoft. 'Number one priority' Microsoft, one of the biggest names in technology sector, has struggled as consumers have shunned traditional PC and laptops in favour of smartphones and tablet PCs. Critics say the firm has been too slow ...

Perseus Mining Ghana Limited, a gold exploration firm, has provided a GH¢380,000 financial assistance to support some Ghanaian youth in trade apprenticeship. Selected beneficiaries undergo a six month certification program under the National Vocational Training Institute (NVTI). They are trained mainly in electrical installation, masonry, carpentry and plumbing to improve their livelihoods. The first batch of 72 trainees, who graduated at Wasa-Abenabena in the Western region, has received start-up kits to commence operations. “Perseus will continue to partner our communities for development opportunities that are sustainable and provide independence to the youth to support the development of their communities”, stated Edwin Allotey Acquaye, Sustainability Manager at Perseus Mining. He says a scholarship scheme has been instituted to support students at all levels of education, especially to pursue further studies at the universities and polytechnics. The company is also s...

Minister of Energy and Petroleum, Emmanuel Armah Kofi-Buah has disclosed Ghana’s willingness to take advantage of the Japanese government’s proposed $32billion intended to support developing economies in Africa. The proposed fund will be channeled towards infrastructure development and energy, to improve living standards in the region. Mr. Kofi-Buah made the disclosure during a courtesy call on him by delegation from Sojitz Corporation, a Japanese company undertaking the $125 million seawater desalination project in Nungua, Accra to discuss progress of the project and other investments opportunities in the Energy sector. He noted that Ghana’s excellent relationship with Japan could be further strengthened with increase investments. The Minister, accompanied by his Deputies; Benjamin Dagadu and John Jinapor assured leader of the delegation and Executive Vice President of Sojitz Corporation Mr. Joji Suzuki of government’s support for foreign investments, adding, “Ghana has ...

The first ever Ghana e-Commerce Expo, which will exhibit the information and communication technology tools which can be used to enhance business transactions, has opened in Accra. Communications Minister, Dr. Edward Omane Boamah, whose ministry is supervising and implementing the e-Ghana project, opened the e-Commerce Expo. He said, “This e-commerce Expo is a welcome development in the promotion of ICT for our national development [because] it brings out the valued responses to the numerous initiatives that Government is putting in place to transform our economy and country from an agrarian raw-material-dominated production-base into a forward-looking, information and knowledge-based society that holds the key to our eventual prosperity.” According to organizers, the event, which is under the theme: “Building Ghana’s Businesses Online,” was designed to help make Ghana the hub of ICT investments and gateway to Africa. Dr. Boamah said the government had recognized the phen...

Ghana Post, has in collaboration with Star microinsurance company, paid their first claim to a client of their Abusua Nkyemfa policy. The client, Mr. Kwabena Akyea who lives at Mampong in the Ashanti region, was recently involved in an accident leading to his nine-days hospitalization. Since the cost involved in cases such as this usually drains the little savings of low income earners, the company introduced the Starmicro Abusua Nkyemfa policy to help its clients access the needed help in exchange for very little premium contributions. The product also allows cover for the principal assured and seven other family members against perils such as death and hospitalization. Prior to Mr. Francis Kwabena Akyea’s accident, he signed onto the policy at the Mampong Post Office. He therefore contacted the company to inquire if his situation made him qualify for a claim. "It was realised that not only did Mr Akyea qualify for a claim, but he was actually a customer in good sta...

Globacom has reaffirmed its commitment to excellent service delivery to its subscribers across West Africa, as it chalks 10 years. In a message issued from the company’s Headquarters in Lagos to mark the occasion of its 10th anniversary, the African telecommunications giant expressed gratitude to the governments of, and its subscribers in Ghana, Benin and Nigeria for their respective support for the network over the past ten years. Globacom became 10 years old last week, having commenced business in Nigeria on August, 29, 2003. A Press Statement signed by the company’s Group Chief Operating Officer, Mohamed Jameel said it had been an eventful and fulfilling first decade of operations. Jameel said since 2003, Globacom had remained committed to providing its customers with world-class information and communication technology (ICT) services through regular deployment of latest technologies. This, he noted, was in line with the corporate promise at launch that Globacom would ...