President John Dramani Mahama has said government would continue to take tough and bold decisions to help stabilize the economy and to create a better environment for businesses to thrive. Addressing the quarterly Ghana Investment Promotion Centre breakfast meeting of Chief Executive Officers of various companies, President Mahama said a strong and resilient economy was key to the success of businesses.

The Presidential Breakfast Meeting with the Ghanaian Business Community afforded both parties the opportunity to have intimate dialogue and to discuss pertinent issues relating to the private sector.

He said an unstable economy and business atmosphere was dangerous for the private sector as the uncertainty made planning and decision-making difficult, and this did not augur well for the sustainable growth of businesses.

In a speech that touched on areas of government’s focus such as electricity supply, macro-economic stability and socio-economic development, President Mahama said efforts to stabilise the economy was showing all the right signals.

He said government was working to bring down the deficit, halt the depreciation of the cedi to make it more predictable for the business community to plan and to reduce the debt to GDP ratio, which is on the decline.

President Mahama said government target is to bring the public debt to GDP ratio to 40 per cent by 2021 from the current level of about 67 per cent while the wage bill would be brought down to about 49 per cent of total revenue.

In this direction, he said, government had put a cap on commercial and non-concessionary borrowing in line with the debt management strategy.

On the power crisis, President Mahama said he understood the impact of the crisis on the business community and their contributions to the country’s revenue as far as the payment of taxes was concerned.

He said while the power situation had improved considerably in line with the investments into the sector, the adjustment in the power sector would soon launch Ghana into an era of over generation, necessitating the need to sell to neighbouring countries or to expand local demand to absorb the increased capacity.

President Mahama said government would continue to explore various off-grid options for communities to boost generation capacity. 

Mr. Carl Nelson, Chief Operation Officer GIPC, in his welcome address, said the quarterly Breakfast seminar series are organized to develop dynamic and innovative solutions for the challenges encountered to further enhance government policies. He said the event has been a great platform for business leaders to network with their peers and at the same time it was geared towards influencing government policy formulation at the highest level.

 Source:ghananewsagency.org

Newmont Golden Ridge Limited has been adjudged the best company in the fifteenth edition of the Ghana Club 100 awards organized by the Ghana Investment Promotion Center (GIPC).

The company was followed by indigenous oil marketing company, Goil. Golden Star Resources, Total Petroleum Ghana and Ecobank Ghana followed in the third, fourth and fifth positions respectively. UniBank was adjudged the sixth best company, while Zenith bank came seventh. Other companies followed to the hundredth position.

Delivering a welcome address, the Chief Executive Officer of the GIPC, Mrs. Mawuena Trebarh stated that this year’s edition focused on ways to expand Ghana’s manufacturing sector. According to her, Ghana’s manufacturing sector holds the key to expanding the economy through export. “The theme for this year, ‘Manufacturing, Steering Ghana’s Development’, could not have been more appropriate given that the country is in an era where government’s focus is on leveraging investments in manufacturing,” she said.

 She stated that the focus of manufacturing is part of a broader import substitution strategy to grow the economy. She pointed out that, the GIPC as the lead investment promotion agency in the country, has over the few years prioritized the manufacturing sector as a major opportunity area for both local and foreign companies. “In that respect this, [the GIPC ACT 865 of 2013], makes provision for special incentives for manufacturing entities,” she said. She explained that the manufacturing sector holds an important role in linking all economic activities in the country to stimulate growth and create jobs.

 Citing some achievements made by Ghanaian indigenous manufacturers in creating jobs, Mrs. Trebarh announced that there are many Small and Medium Enterprises (SMEs) in all the ten regions manufacturing products for export into the West Africa region. “This is what the Ghana Club 100 shows to the world. Since it started, it has become the most prestigious awards ceremony in the country,” she said.

President John Mahama was the Special Guest at the ceremony.

Source: citifmonline.com

Global technology powerhouse Siemens has announced further significant investment in gas and steam energy generation projects in Ghana over the next three to five years.

One of the world’s largest energy, industrial and infrastructure companies, Siemens will roll out a series of projects, including new gas and steam turbines contributing hundreds of megawatts to the national power grid in Ghana.    

At a VIP event held in Accra, Siemens Southern and Eastern Africa CEO, Sabine Dall’Omo, said the global company was committed to assisting Ghana in meeting the country’s expanding energy needs.

“We have identified Ghana as one of our key countries and our further investment is aimed at helping the country reach its economic goals and secure it as a serious contender on the African continent,” Dall’Omo said.

The event was attended by Ibrahim Murtala Mohammed, Ghana’s Deputy Minister of Trade and Industry.

With a current power generation capacity of 2936 MW, Ghana requires significant further energy investment.

Hydropower is by far the largest contributor to the country’s energy supply at 1580 MW, and the Ghanaian government aims to increase overall capacity to 5000 MW through harnessing renewable energy projects in the future.   

Partnering with local companies to meet local power needs- one of such project is for ENI in Sanzule where Siemens has been contracted to deliver two gas compression packages for its onshore receiving facility.

In this instance, Siemens has entered into a joint venture with local company Draper Oil and Gas Limited to form Siemens Oil and Gas.

“Siemens is committed to collaborating with Ghanaian companies to ensure improved energy availability, building of local expertise as well as economic growth through job creation,” Dall’Omo said.

Other flagship projects being undertaken by Siemens includes the rolling out a steam turbine project with Group 5 in Kpone – the largest steam plant in the country contributing 350 MW to the grid.

Another project under way is the Tema Thermal Power Plant. The Tema plant is being rolled out in two phases and includes the installation of eight gas turbines overall.

It has the advantage of flexibility in times of unsecure gas supply and will ultimately add 82 MW to the national grid.

“Siemens will in future be working with stakeholders to look into opportunities to harness wind energy to meet Ghana’s energy needs,” Dall’Omo said.

It was announced that Edmund Acheampong, a Ghananian who has been working with Siemens in the United States, has been appointed as the new Ghana country manager of Siemens in Accra.

His team will be responsible for business development, sales and project execution.

Mr Acheampong said at the event Siemens is currently active in more than 200 countries and has a 165-year track record in engineering excellence, innovation, quality and reliability.

“Siemens has a deep understanding of Ghana’s current and future energy issues and is well placed to assist the country in addressing these challenges.   

“Our commitment to Africa as a continent, and Ghana in particular, has been characterised by more than just the provision of infrastructure that has helped grow the economy, however.

Our conduct has always been characterised by a desire to see and contribute towards genuine and sustainable social upliftment in close collaboration with our local partners,” Acheampong concluded. 

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 165 years.

The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization.

Source: www.ghananewsagency.org

Multimedia Group Limited (MGL) has been adjudged the most Child Friendly Business Organization at the Ghana Club 100 awards held over the weekend.

A citation from UNICEF, read by its Country Representative, Susan Namondo Ngongi, acknowledged the tremendous investments MGL has made in the lives of children.

“Multimedia Group Limited has taken decisive steps towards child issues and respect and support for children’s rights”, Ngongo said.

Joy News Editor Araba Koomson who picked up the award on behalf of the company thanked the GIPC and UNICEF for the honour accorded MGL.

“It’s not surprising. It is reflective of the kind of work we do. We make the effort to highlight the issues of children in the reports, features and documentaries we air. We also have designed programmes tailored towards empowering children”, she added.

The ultimate award – the top company on the Ghana Club 100 rankings – went to Newmont Golden Ridge Limited. They knocked Tullow Ghana off the number one spot.

Two other gold mining firms made it to the top ten, Golden Star Resources at number three and Newmont Ghana Gold Limited at number eight.

Ghana Oil Company moved from 8th in the 2014 rankings to 2nd and Total Petroleum occupied the number 4 spot.

The top ten spot was however dominated by the banks; Ecobank at number 5, Unibank at number 6, Zenith Bank at number seven, and Cal Bank at number 10.

The newly introduced company of the future award aimed at motivating Small and Medium scale Enterprises, who have enough promise to succeed in the next five to ten years went to Agro Africa Limited.

President Mahama was special guest of honour at the ceremony which was themed, “Manufacturing, steering Ghana’s development”.

The annual awards ceremony is organized by the Ghana Investment Promotion Center (GIPC) to celebrate corporate excellence. 

 Source: www.myjoyonline.com

Indigenous bank UniBank has been named Ghana’s 6th Best Company at the 2016 Ghana Club 100 Awards.

Held at the plush Kempinski Hotel in Accra, UniBank made the top list out of 100 local successful corporate stories.

Finest local heads in Ghana’s corporate ecosystem attended the event, which was also graced by Ghana’s President John Mahama.

Mawuena Trebarh, Chief Executive Officer of the GIPC, organizers of the event said, “next year our attention would continue to be on the critical sectors for investors, what is that we need to do as a country to progress to an upper middle income status.”

She added “We will continue to grow, we will continue to learn from every experience, we will take feedback from our Club 100 members to inform on the next club 100 event.”

UniBank (Ghana) Limited was incorporated as a private company in December 1997 to operate as a bank. It is a wholly owned Ghanaian bank authorized to undertake a broad range of banking Services. The Bank opened its door to customers in January 2001.

Led by Felix Nyarko-Pong, it seeks to be the leading and preferred Bank offering comprehensive financial solutions to our chosen customers (SME and Personal Banking markets) in a professional, caring, responsive and profitable way.

A seriel award winner, it has grown to become Ghana’s bank of choice across various fields.

Started in 1998, the Ghana Club 100 is an annual compilation of the top 100 companies in Ghana to give due recognition to successful enterprise building and was launched in 1998 by the Ghana Investment Promotion Centre (GIPC). The GC 100 is about corporate excellence. Companies making it into the GC 100 are to serve as role models for the private sector and provide a forum for corporate Ghana to interact with the government at a high level.

THE OBJECTIVES

• Develop an open information culture within the Ghanaian corporate sector
• Provide incentives for improved corporate performance
• Develop a uniform criteria for evaluating corporate performance
• Establish an annual and current analysis of Ghana’s corporate sector.

Source: kasapafmonline.com

By Belinda Ayamgha,GNA

Accra, Aug. 24, GNA – Mr Robert Porter Jackson, Ambassador of the United States of America to Ghana says the launch of the Appolonia Business Park will attract more investment into Ghana.

He said the 70-acre-park, designated for light industrial companies, will offer Ghanaian and international companies, access to world-class infrastructure and estate management services, which will allow businesses to focus on their core businesses and expand and optimise production processes.

Speaking at the launch of the Appolonia Business Park, park of the 2,250-acre Appolonia City development, Mr Jackson lauded the project’s potential to attract increased investment into Ghana.

“The park really offers opportunities and can bring more local and international investment to Ghana”.

He said the opening of the Business Park, backed by US investment, was an evidence of the strong commercial relationship between Ghana and the US, adding that the embassy expected a number of US companies to invest in the country.

He said the Park will make Ghana a more attractive investment destination and help to achieve the vision of doubling the amount of bilateral trade between the two countries over the next three years.

Ambassador Jackson said the renewal of the Africa Growth and Opportunities Act (AGOA) for a further ten years was the longest extension in the history of the program saying the US is serious about expanding its trade relationship with Africa.

“We congratulate Rendeavour for its dedication to bringing the Appolonia development to reality. It is really an investment in the future; positioning this area as a social and economic hub with the potential to create significant jobs” he said.

Mr Stephen Jennings, Founder and CEO of Rendeavour, the lead investor and developer in the Appolonia City development, in partnership with the Appolonia Development Company Limited, said the Rendeavour’s platform will hugely reduce the hassles normally associated with land ownership and industrial infrastructure.

“Rendeavour offers your business the best and most secure platform for growth in Ghana and across Africa’ he said.

Mr Holgar Adam, Country Head of Rendeavour, said the Park, will offer business all amenities including water, power from its dedicated 33KV power station, as well as facilities management services.

Mr Fredrick Alipui, the Policy Advisor of the Ministry of Trade and Industry, commended Rendeavour for the laudable initiative that sought to impact livelihoods of citizens by creating   jobs.

He said the launch of the Appolonia Business Park was a model development in Ghana especially when it aimed at creating a continental free trade area.

“Indeed we share the vision of the founder and vision of Appolonia that aims at making Ghana West Africa’s Silicon Valley,” he said.

Mr Alipui urged all land developers to emulate Rendeavour and Appolonia’s initiative for commercial entities that would serve the country economically.

He pledged of the Ministry’s commitment in making the goals of Rendeavour and Appolonia worthwhile.

Mr James Asare-Agyei, the President of the Association of Ghana Industries, said the availability of such platforms would help industries in the country to grow.

“We need more of such initiatives and we are inviting all our members to take advantage of the project and all who are not members too, take advantage of it so we don’t go through the hassle,” he said.

Nii Neurtey Amobi II, the Chief of Appolonia, said the partnership between Appolonia and the community is one bond to better their surroundings and the launch of the Business Park was another step in building the community.

He commended Rendeavour for helping to develop the Appolonia community.

Source: www.ghananewsagency.org

Ghana and Iran have held bilateral talks and business forum as part of efforts to explore ways of forging tighter trade and security co-operation to enhance growth.

The two countries sought to foster closer ties in medical care, education, politics, economics, trade, industry, and power as well as fighting terrorism and extremism which pose a major threat to security and peace.

The meetings followed the visit by the Iranian Foreign Minister, Dr Mohammed Javad Zarif, to Ghana during which he called on the Minister of Foreign Affairs and Regional Integration, Ms Hannah Serwaah Tetteh.

Ms Tetteh told journalists after a close-door session that both countries discussed “actual bilateral” issues including medical care that would bring Iranian doctors to Ghana to offer their services to the people.

She said both ministers stressed the importance of furthering international co-operation to combat terrorism and extremism.

They also explored ways of strengthening and enhancing such collaboration in areas like education, agriculture, trade and industry, she said.

Dr Zarif expressed profound confidence in Ghana’s economic and peaceful social environment as being favourable for the two countries to forge tighter trade and security co-operation to spur economic growth.

“Ghana is a window and gateway to engage businesses in West Africa,” Dr Zarif said later during the opening of a business forum.

The joint trade forum was organised to give an opportunity to the Ghana-Iran business communities to brainstorm on ways to deepen their business relationship.

Dr Zarif led a 70-member delegation to the country for a two-day visit to hold bilateral talks with government officials.

“This is the strongest delegation we have ever led to any country,” he said adding that Iran had respect for Ghana.

He said Ghana’s principled position during the Iran-Iraq war and Dr Kwame Nkrumah’s rise against western influence made the West African country to command huge respect.

He praised Ghana for having a strong voice at the African Union and the United Nations.

 Source: www.ghananewsagency.org