SARPONG'S BLOG

Mining giant AngloGold Ashanti is expected to spend about  220 million dollars on its planned retrenchment of some workers. Senior Vice President of the firm , Mark Morcombe  disclosed this at a staff  durbar at Obuasi. Joy Business' George Wiafe said about 4,300 are expected to be laid off. 400 of them are expected to go home by August with the rest due to be laid off in batches. Each worker sent home would be given 25 per cent of salary multiplied by the number of years served. According to Wiafe, the underground operations of the mine will be shutdown be there will still be surface mining operations. The expected lay-off of workers has received mixed reactions from residents, political heads and economists. While some believe the lay-off could affect the general economic activity in area over the long term, others believe with the necessary education and investments, the affected workers will still make good use of the severance packages. Credit: m...

Etihad Airways obviously had a clear agenda when redesigning the cabins on its Airbus A380 and Boeing 787 Dreamliner passenger jets -- come up with a product so outlandishly luxurious that the world's jet setters are left with no question as to who's leading the inflight glitz game. Case in point: on Etihad, travelers will soon be able to fly commercially in their own private residence with access to a Savoy Academy-trained butler, gourmet chef and concierge. Unveiled at a weekend launch to introduce Etihad's redesigned/renamed A380 and B787 cabins, "The Residence by Etihad" -- available only on the airline's A380 jets -- is a three-room VIP suite with its own living room, double bedroom and ensuite shower. Etihad says the space will sit in the upper-deck cabin and be available for single or double occupancy. One rung down on the luxury ladder, the upper deck of the new A380s -- the first of which is due for delivery in December -- will als...

Nissan Ghana last Saturday launched the 2014 Pathfinder and Teana models at the Chase Restaurant in Accra. Powered by Nissan's legendary 3.5 litre V6 petrol engine, producing 190kW power and 325Nm of torque, the new Nissan Pathfinder offers smooth, premium driving and 4x4 capabilities that push the limits of any terrain. The 2014 Pathfinder model's spacious interior is designed around passenger comfort and the power delivery is both effective and appropriate for the vehicle’s purpose. Pressed into service as the family car for a weekend away, the Pathfinder’s roominess and outward vision in all three rows is an impressive feature. The seats are deeply cushioned yet still very supportive. For the All-New Nissan TEANA, every inch and detail of the car has been meticulously crafted for those who appreciate beauty. Sleek stylish curves, advanced innovation and luxury seamlessly meet to offer an exceptional ride. Equipped with the newly developed QR25DE engine ...

The Lead Project Manager of the Ghana Corporate Social Responsibility (CSR) and Awards, Mr. Kojo Williams has commended the media for helping propagate the concept of CSR in Ghana. According to him: ‘It is very important that businesses understand that CSR is not just obligatory, it is a business concern that must be embedded in the business plan of every company. Many businesses think they understand CSR, but in reality, they have skewed or misconceived understanding about it. It is not limited to donations to the less privileged and the needy as many believe, it involves putting good corporate governance systems in place at the workplace and conducting business in strict compliance with required legal, ethical and social obligations.’ More than 44 media organisations spanning print, television, radio and online attended and reported on the third edition of the coveted Ghana CSR Diary & Awards this month at the Golden Tulip Hotel in Accra, when leading socially-responsible co...

By: Fred Yaw Sarpong Countrymen Cane Weavers Association (CCWA), an umbrella body of cane weavers in Accra, is calling for support to help improve upon their finished products for export.   ‘What we need is a support from the government so that we can produce more quality products for both local and international markets. We can earn a lot of foreign exchange from this work,’ Mr. Jonas Kusis, Chairman of the CCWA told the Daily Express. Mr. Jonas Kusi is the Chairman of the CCWA, he told Daily Express that their products are quality, compared to other products from other countries such as China and other Asia countries as well. ‘Our products are of high quality compared to others from other countries such as China and other Asian countries,’ he said. Though the cane weavers say they have been in existence for years, the association, numbering about 70 was formed two years ago after they realized they have to come together to promote their common interest. The ...

London (UK) - 23 May 2014 – The Times/OTCEER - Barclays has been fined £26 million by regulators after one of its trader’s manipulated the setting of the price of gold, in the latest scandal to hit the banking industry. A former director of the bank’s precious metals desk abused weaknesses in Barclays’ (risk management) systems to bolster his order book by $1.8 million at the detriment of the customer, the Financial Conduct Authority found. The regulator’s investigation into the gold fix widens the array of misconduct probes into the industry that already includes price manipulation and rate-rigging. One instance of gold price fixing came only the day after Barclays was fined £290 million for a similar manipulation of Libor, the interest rate at which banks lend to each other. As a result of the scandal, Bob Diamond was forced to quit as boss of Barclays in 2012. The FCA said: “On 28 June 2012, former Barclays trader Daniel James Plunkett exploited the weaknesses ...

By: Fred Yaw Sarpong The Omanhene of the New Juaben Traditional Area, Dasebre Professor Emeritus Oti Boateng has stated that the economic models and solutions of the International Monetary Fund (IMF) are necessary for Ghana, but statistically they are not sufficient for the country. Supporting the home grown efforts proposed by government to solve Ghana's economic challenges, the Emeritus Statistician said   the nation needs sufficiency model which must come from the communities themselves and indigenously germinated. "We cannot go any other way except it is home grown. I am glad the Senchi accord has a consensus on home grown development model," said Dasebre Oti Boateng. The New Juaben Omanhene said this when members of the Institute of Financial and Economic Journalists (IFEJ) called on him at the New Juaben Secretariat Board at Koforidua in the Eastern Region of Ghana. Dasebre Dr. Oti Boateng said it is important to empower communities as far...

Access Bank (Ghana) is partnering the Ministry of Youth & Sports to promote Ghana during the 2014 FIFA World Cup in Brazil. The Bank together with the ministry will be creating a Ghana Village in Brazil during the biggest soccer fiesta in the world to   help   position Ghana as a trade, tourism and investment destination. The partnership will also be extended to soccer enthusiasts by making it possible for millions of Ghanaians to catch the World Cup euphoria at various theme parks to be dotted across Ghana. The sector Minister, Hon. Elvis Afriyie Ankrah, indicated that the partnership with Access Bank is a collaborative effort with the Ghana Investment Promotion Centre (GIPC) and the Ministry of Tourism. He explains, “This is the third time we are going to the World Cup and we are building on the knowledge and experience of the last two. The World Cup is one of the biggest platforms one can use to market a country; so beyond the football we want to create a...