GB&F JULY 2015

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JULY 2015 / ISSUE 050 GH¢10.00

HMD Forewin USA..........................................$5.00 UNITED KINGDOM.....................£3.00 EUROPE....................................€3.50 AUSTRALIA.............................AS5.00 CFA ZONE...........................CFA 2,000 OTHER AFRICAN COUNTRIES.US$4.00

takes the heavy & light machinery market by storm

THE FIRST BUSINESS READ IN GHANA

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CONTENTS ISSUE 050 / JULY 2015

Proper disposal of plastic waste should be encouraged, and the laws should be enforced. Investment in waste could generate revenue and make Ghana clean.

30 Cover

6 Briefs

Short reports of business and financial news in Ghana, Africa and the rest of the world.

34 Agriculture

10 Economy

Ghana has a record of poor fiscal management. A paper by Dr John K. Kwakye discusses the role that ‘fiscal policy rules’ can play to improve fiscal management in the country.

Despite the Bank of Ghana’s unfavourable report about the performance of the banks last year, a careful look at the banks’ financial statements shows that they made considerable profits.

Microinsurance protects low income earners against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of risk.

21 Finance

With the current total tertiary enrollment of about 350,000 students increasing annually, it is profitable for the private sector to partner the Student Loans Trust Fund to finance students’ education.

26 Science & Technology

The continuation of Kweku Darko Ankrah’s article on how Ghana’s heritage is under-utilised and under-marketed reveals that the country has an abundance of ancient and modern houses with unique architectural designs; and some monuments which serve as remembrance of great PanAfricanists and past Ghanaian presidents.

As a Millennium city, Accra is engulfed by filth due to lack of competency and efficiency in urban management. Yet the metropolis’ massive waste could be a gainful resource if well harnessed.

52 Integration

A dispassionate study of ECOWAS’s achievements so far shows that the regional group has not scored the most important goals of its founding father. The second part of Ayuureyisiya Kapini Atafori’s analysis was first published in the May edition of GB&F.

56 Events

Visit conferences and exhibitions of your choice worldwide and sell your products and services or buy new technologies and gadgets or learn new things.

57 Stats & Indices

Figures speak louder than words for Ghana’s economy.

58 Commodities

Discover the prices of agricultural produce in selected local markets, as researched and compiled by Esoko.

In order to prevent the recurrence of spreading the Annual Budget Funding Amount funds thinly over a wide range of projects that make little impact in the economy, Ghana’s petroleum revenues watchdog has made recommendations for transparency and accountability.

46 Corporate progress

Companies know that continuous

Find us online at www.ghanabizfinance.com All information contained within this magazine is the property of Ghana Business & Finance and is not to be used without written authorisation from the publishers. Although every effort is made to ensure the correctness of information submitted for publication, the magazine may inadvertently contain technical inaccuracies or typographical errors. Ghana Business & Finance assumes no responsibility for errors or omissions in this publication or other documents that are referenced by or linked to this publication.

JULY 2015

48 Perspectives

42 Energy

22 Online foreign exchange trading

is fast becoming an alternative investment venture for many in Ghana.

There are three key forces in the world, Religion, Politics and Business, which every nation needs to have healthy and sound interactions.

38 Tourism

18 SMEs & Microfinance

The Ghana Grains Council provides an extraordinary bouquet of value-added services to cereal and legumes farmers and other agricultural value chain actors to make Ghana food self-sufficient.

37 Business & Management

14 Banking

HMD Forewin Ltd. is making giant strides in offering various brands of machinery and aftersales services in the highly competitive construction, mining, logistics and road infrastructure market in Ghana.

training helps to teach employees newer and more efficient ways of working.

Biriwa Posuban (War shrine): Page 38

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Subsidisation, deregulation and cartelisation General Manager Josiah Spio-Garbrah jspiogarbrah@ghanabizfinance.com +233 264 510 396 Editor Ayuureyisiya Kapini Atafori editor@ghanabizfinance.com Senior Staff Writer Kweku Darko Ankrah kdankrah@ghanabizfinance.com Columnists Jerry Halm Dr Nana Ama Browne Klutse Contributors Martin Luther C. King Oppong Baah Anthony Sedzro Kennedy Addai Kuffour Design & Production Manager Benjamin Tetteh btetteh@ghanabizfinance.com Circulation & Subscription Jeffrey Dapaah subscription@ghanabizfinance.com Editorial Committee Prof. Paul N. Buatsi Prof. Kwame Addo Ms Johanna Awotwi Mr Gaddy Laryea Mr Ray de Bono Mr Nana Robert Mensah Mr Frederick Alipui Ms Dede-Esi Amanor-Wilks Ms Nana Spio-Garbrah Office Location Ghana Business & Finance African Business Media House No. 7 Lamb Street (off Farrar Avenue) Adabraka, Accra, Ghana Mailing Address P. O. Box O 772, Osu, Accra, Ghana Tel: +233 302 240 786 Fax: +233 302 240 783 info@ghanabizfinance.com Brand Advisor Dmax Studios in Malta, EU. (www.dmax.tv) Credits

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Ghana Business & Finance magazine is published by

Petroleum products are politically-sensitive commodities in Ghana. In the past, an increase in the prices of the petroleum products automatically led to an increment in transport fares, which usually culminated in a rise in the prices of goods and services. Workers decried the increases, with threats of strikes; and the political opposition cried foul, rallying antigovernment demonstrations. The pricing of petroleum products in Ghana is a serious political exercise. Petro-politics has been, and is still, very much at the heart of governance in the country.

Take, for instance, subsidisation of petroleum products. While the government says it used to spend about GHC78 million every month on subsidies; some well-informed commentators swear that there are no subsidies on petro-products. Yet the cost of subsidies to the state is evidenced in the GHC3.4 billion that the government owes the Bulk Oil Distribution Companies (BDCs) as at June 18. The government’s gargantuan debt has inhibited the BDCs’ access to bank credit to import crude.

Another bone of contention is the gainers and losers of subsidies. Whereas some experts argue that the affluent gain more from subsidies than the poor for whom the subsidies are intended, others disagree, vouching that the removal of the subsidies will definitely impoverish the poor the more. As if to satisfy both rich and poor, the National Petroleum Authority (NPA), the regulator, offered a sop - automatic price adjustment formula.

The problem? The formula, which allows an upswing in the price of petroleum products in the local market when the world market price of crude ups, and vice versa, was not implemented with the desired sincerity. The domestic prices were severally and variedly adjusted upwards when world market prices rose. But when the prices plummeted twice or more, NPA did not effectuate price decreases. Public complaints were galore. NPA did nothing. And no one did something to NPA. NPA took Ghanaians for granted. Behold, we lived up to our nonchalance and docility.

Seeking a way out of the debilitating subsidies dilemma and partial automatic price adjustment formula, NPC leaned on laissez-faire liberalisation of petroleum products prices. “The NPA will monitor the application of the Prescribed Petroleum Pricing Formula [PPPF] to ensure that all Petroleum Service Providers apply the formula in the right way and defaulters will be duly sanctioned,” noted a recent NPA statement. Employing the PPPF, the Oil Marketing Companies (OMCs) on June 16 increased ex-pump prices for petroleum products by four per cent. That is the first significant step towards the full implementation of the deregulation of the prices of petroleum products. The partial deregulation is intended to allow importers and marketers of petroleum products to fix prices, ending NPA’s role in setting prices and bidding farewell to subsidies. The catch is: Does NPA have the technical capacity to monitor and sanction erring profiteering OMCs and BDCs? Many matters arise from the ongoing deregulation. A few of them is raised here. First, some analysts state that the timing of the implementation of the regulation is inopportune and inappropriate due to the present challenged economy. GB&F acknowledges that the withdrawal of the subsidies is a bold step by the Mahama administration as elections are about 17 months away. But the government may pay a high price for the removal of the subsidies at the polls if deregulation results in rising prices of petro-products which cause rippling increases in fares and prices of goods and services.

Second, the legality of the deregulation has been questioned. Reports have it that Cabinet is reviewing the current laws on petroleum products pricing. GB&F thinks a flexible legal regime will ensure the success of deregulation. Third, there are fears that deregulation will lead to cartelisation, as the BDCs and OMCs could collude to fix prices of petro-products arbitrarily. This apprehension has not been allayed by official assurance, except the prosaic assertion by NPA that the BDCs and OMCs will be checked. NPA must explain to the public clearly how it will check them.

The good news, however, is that the government has clinched an arrangement between the Bulk Oil Storage and Transportation (BOST), a public entity, and GOIL, a state-owned OMC, to keep prices lower than what the privately-owned OMCs will quote. The BOST-GOIL deal may be the stabilising factor in deregulation. It is also instructive that price increases will not inexorably lead to increased transport fares with their knock-on effects on the prices of goods and services. This is due to the understanding between the government and Ghana Private Road Transport Union (GPRTU) to bump up fares only in January and June every year.

All in all, GB&F believes the way forward is petroleum products price stability deliberately caused by economic reasonableness on the part of the BDCs and OMCs. Otherwise, petropolitics will be hijacked by petro-profiteering.

Ayuureyisiya Kapini Atafori Editor (+233 024 2385374)

JULY 2015

Letters to the Editor send your letters to the editor at

editor@ghanabizfinance.com

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EDITOR’S SUITE

Petro-politics:

GHANA BRIEFS

NIB pays dividend in 12 years The National Investment Bank (NIB) has, for the first time in 12 years, paid a dividend of GH¢0.05 to its shareholders. This followed an impressive profit after tax of GH¢79.39 million that NIB recorded in 2014. It represents a 106 per cent increase over the 2013 figure of GH¢38.52 million. The balance sheet of NIB also continued to strengthen as shareholders’ funds grew by 70.58 per cent to GH¢486.82 as of the end of 204 compared to GH¢285.40 million as of the end of 2013. NIB’s total assets also grew by 94.93 per cent from GH¢1,189.95 million at the end of 2013 to GH¢2,319.57 million in 2014.

Speaking at the annual general meeting of NIB, Togbe Afede XIV, the board Chairman, said the board proposed “the payment of a dividend of GH¢0.05 per share in order to have a positive balance on the income surplus account in accordance with statutory requirements and best practice. He explained that the improvement in the bank’s balance sheet size was largely due to the 77 per cent growth in deposits over the year-end 2013 position from GH¢759.23 million to GH¢1,343.81 at year-end 2014, as well as growth in profit after tax and re-evaluation of landed properties.

NIB Managing Director Ernest Mawuli Agbesi said the bank’s performance was an indication of the board and management’s resolve to restructure and reposition it to be more profitable in spite of the prevailing economic difficulties.

ABL supports flood victims Accra Brewery Limited (ABL), Ghana’s premier beverage manufacturer, has donated assorted consumer goods worth GHC30,000 to the National Disaster Management Organisation (NADMO) to support persons displaced by floods and the victims of the fire outbreak at the GOIL filling station at the Kwame Nkrumah Circle. The items include 50 bags of rice, 100 gallons of cooking oil, 100 bags of maize, 50 bags of sugar, 50 cartons of milk and 100 cases of club minerals.

Adjoba Kyiamah, Corporate and Legal Affairs Director of ABL, noted that the company donated “to enable the affected persons reorganise themselves to return to their normal daily activities.”

World Bank approves US$700 million for oil exploration World Bank has approved US$700 million for the government for exploration of oil and gas offshore Cape Three Points in the Western Region. The amount is expected to be used by ENI Spa, Italy’s largest oil company, and its partners for drilling and other works.

Hon. Emmanuel Armah-Kofi Buah, Minister for Petroleum, said the government was excited because the development of Ghana’s oil and gas fields would boost the economy. The country has already signed another agreement for the development of the Offshore Cape Three Points (OCTP) integrated oil and gas project in January 2015. The US$7 billion project, being undertaken by ENI Spa in collaboration with Vitol Energy, would see the development of the Sankofa and Gye Nyame fields to provide substantial gas to operate thermal power plants for 20 years.

Tigo gives 10KVA generator in ‘Yensor Nkoaa’ promotion After a month of giving away 3KVA power generators daily, telecommunication company Tigo has given away the first monthly prize of a 10KVA power generator. The winner, a 27-year-old actress who lives on the Spintex Road in Accra, Xandra Kamel, was happy at a short presentation ceremony in Accra. “This is a big surprise because I did not subscribe to any short code and therefore least expected it. A 10KVA power generator is far too big for my house so I will connect and share with my neighbour,” Kamel said.

Tigo ‘Yensor Nkoaa’ promotion was developed to help customers cope with the current power supply challenges. Tigo customers get the opportunity to own alternative sources of power including the daily prizes of 3KVA power generators, power banks and rechargeable lamps. The monthly prizes include a 10KVA, 20KVA and 30KVA power generators and 3000 Watt power inverters. A total of 93 power generators, 1,260 rechargeable lamps, 450 power banks and 12 power inverters will be given away in the 90- day promotion which begun on May 14.

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GHANA BUSINESS & FINANCE

JULY 2015

ECONOMY

of policy proposals. In some countries, FPCs/PBOs also play a ‘watchdog’ role by monitoring compliance with fiscal rules.

Embedding Fiscal Rule in Legislation For the fiscal rule to be effective, it may have to be embedded in legislation—a kind of Fiscal Responsibility Law (FRL)— as Chile did. The FRL will back the fiscal rule by providing for enforcement and sanctions, among others. Many of the existing Ghanaian public finance legislations are weakened by lack of sanctions provisions.

The Chilean Experience Chile has successfully used fiscal rules and its experience is a useful blueprint. Chile adopted a fiscal rule after reducing its debt from 165 per cent in 1985 to 20 per cent of GDP in 2000.

The rule requires that the cyclically adjusted primary balance be in surplus, and it was written into law in 2006. The ceiling under the budget balance was originally set as one per cent of GDP. The calculation of ex-ante revenues is the lynchpin of the rule. The computation takes into account cyclical factors and copper price fluctuations. The fiscal surplus rule adopted implies that eventually the government must be a net creditor.

Every country is different though, and appropriate rule will be necessary in each case.

budget process and produce cyclically adjusted figures. There is transparency in the process as the calculation of the cyclically adjusted balance is presented and explained to the public.

The special relationship and roles of the Legislature and the Executive are significant. The power to set the budget is entirely in the hands of the Executive. The Legislature is not allowed to reduce taxes or raise spending.

Recommendations and Conclusions To be effective, the fiscal rule requires a number of supporting arrangements and mechanisms, including strengthened budget preparation; an independent FPC or PBO to provide independent assessment and monitoring of the budget; and legislative changes. The changes include the enactment of a Fiscal Responsibility Act to give legal backing to the rule which is binding. Also, there is a need for ‘Escape Clauses’ to ensure flexibility in dealing with unanticipated shocks.

Discretionary fiscal policy has failed Ghana. The incessant resort to IMF bail-outs is a reminder of this failure.

Adopting a fiscal policy rule embedded in legislation will help to entrench much-needed fiscal discipline in Ghana.

The writer is a Senior Economist at the IEA Ghana. This article is an edited version of a power-point presentation on ‘Improving Fiscal Management in Ghana: The Role of Fiscal Policy Rules’ that he made at a discussion held in Accra on June 16, 2015.

Reasons for the Chilean Success There exists a Committee of Independent Experts to oversee the budget process. The Committee is responsible for providing the government with assumptions regarding GDP and long-run copper prices since the metal is the South American country’s main foreign exchange earner. The experts are involved in the

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JULY 2015

SMEs & MICROFINANCE

The state of microinsurance in Ghana:

Prospects and chal

BY YAW OHEMENG KYEI

Insurance products are perceived to be the preserve of the affluent in society. Where insurance products are sold to low income households against specific events in exchange of payment of premium, it is called microinsurance.

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edia reportage of events like fires ravaging markets and gutting farms, rainstorms destroying lives and property, and death as a results of motor accidents are common in Ghana. Such sad stories about the informal sector are accompanied with pathetic scenarios of loss of income and assets by business owners, employees, parents and the government. With risks happening regularly, there is an urgent need to find a panacea to them in order not to retard and stagnate business activities which could lead to underdevelopment.

In fact, the World Bank asserts that risk and vulnerability

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to risk are fundamental causes of underdevelopment. In a survey of income shocks in rural parts of Ethiopia

by Stefan Dercon, he argues that if the shocks had been insured and smoothed, poverty would have been lower by a third. It is against this background that the idea of microinsurance has been hailed as a crucial giant step that cannot be overlooked if businesses are to flourish to benefit all stakeholders by bringing about sustainable development.

According to Churchill, microinsurance is a mechanism to protect low income people against specific perils in exchange for regular premium payments

GHANA BUSINESS & FINANCE

proportionate to the likelihood and cost of risk involved. Microinsurance is different from the conventional insurance in terms of the size of the premium, the amount insured and the tailor-made products.

Irregular cash flows In microinsurance, premiums are designed to accommodate irregular cash flows and are mostly tied to other financial services. Microinsurance is designed to take care of those excluded from conventional insurance for reasons of ignorance and complexity of conventional insurance. Microfinance institutions assume risk when they give out loans while microinsurance clients assume risk when they pay premium.

Because of the likelihood that they may not be reinstated when the unfortunate happens, microinsurance and microfinance are related and linked.

A global research conducted

by Microinsurance Network revealed that 57 per cent of carriers that are marketing microinsuurance products

JULY 2015

EDUCATION

ABCDE partners corporate leaders to mentor students

BY ROBERT AFULIMI

Africa Business Centre for Developing Education (ABCDE), in pursuing its mission of mentoring students in Senior High Schools and tertiary institutions in Ghana, held its School Mentorship Programme at the Accra Girls Senior High School in Accra on June 17. The event took place at the school’s Dining Hall where the students and some of their tutors, including, Veronica Akapame, the Headmistress of the School, listened attentively to educative, insightful and thought-provoking presentations delivered by experienced personalities in the corporate world in Ghana.

ABCDE is the Accra-headquartered international non-governmental organisation which is dedicated to bridging the gap between the needs of

industry and the reality of education in Africa by bringing corporate knowledge and professional experience into classrooms.

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The event was graced by Hon. Dr Ekwow Spio-Garbrah, the Minister for Trade and Industry, who is the founder and Chairman of ABCDE. Hon. Dr 3

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(1) A cross-section of students at the ABCDE School Mentorship Programme (2) Veronica Akapame, Headmistress of Accra Girls Senior High School, welcoming the dignitaries and the students (3) Petra Asamoah sharing her experiences with the students (4) Special Guest of Honour, Hon. Minister for Trade and Industry, Dr Ekwow Spio-Garbrah, sharing his experiences from his school days to career life

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GHANA BUSINESS & FINANCE

JULY 2015

COVER

HMD Forewin takes the heavy & light machinery market by storm

BY KWEKU DARKO ANKRAH

Quality beads, according to the sages, do not rattle. The beads make no claims. They lie quietly and allow their sampling and use to speak of their wonderful attributes and benefits. Therein emanates the philosophical truth of why they do not boast of their quality. The Latin punch-line is simple: “Res ipsa loquitur,” - “The thing speaks for itself.” That is how the products of HMD Forewin Ltd. (part of Forewin Group), the fast-growing dealers in the exclusive supply of heavy and light machinery, are.

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GHANA BUSINESS & FINANCE

JULY 2015

ENERGY

PIAC seeks accountability from government:

Optimise spending of petroleum revenues (I)

BY AYUUREYISIYA KAPINI ATAFORI

The Public Interest and Accountability Committee (PIAC) has recommended that the government should optimise the use of the Annual Budget Funding Amount (ABFA) to clock tangible results with the revenues accrued from Ghana’s petroleum resources. In ‘Public Interest and Accountability Committee Report on Management of Petroleum Revenues for Year 2013,’ the latest annual evaluation of how Ghana’s petro-dollars was expended, PIAC asked the government to be more accountable in utilising the cash from the country’s petro-resources.

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GHANA BUSINESS & FINANCE

JULY 2015

PERSPECTIVES

Accra:

An emerging Millennium City engulfed by filth

BY GRACE A. ECKLU

This Millennium City invokes images of posh modern high-rise buildings which reflect neat streets on their glass walls and facades. That is Accra; but only a small beautiful part of it. Outside these few enclaves of spotless beauty, the picture of Accra’s sanitation challenge is evident. It only has to rain for the filth that engulfs the city to become even more glaring. Accra has so far been unable to solve its waste problem and this has resulted in deaths, health and environmental setbacks, and the spill-over economic doldrums.

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he question of what to do with Accra’s garbage is not a recent one. It has spurred debates over the years. Like many debates on issues in Ghana, a comprehensive answer has yet to be effected by the people who matter. The question has become much more important as Accra is increasingly becoming the poster child for West Africa. The annual outbreaks of cholera and the revolting scenes of rubbish heaped in various parts of the city, however, necessitate the quest for sustainable and comprehensive responses to the filth challenge once and for all.

Accra has been called Ghana’s dirty capital. Estimates put the amount of waste generated in the city daily at 2,500 metric tonnes. Daily, about 500 metric tonnes of waste is not collected, and this makes the sanitation situation is very bad. Sometimes, for months, the city found itself unable to haul away the garbage produced because of challenges involved in securing final dumping or landfill sites. According to the United Nations Children’s Fund (UNICEF) and the World Health

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Organisation (WHO), in 2011, Ghana ranked among the 10 dirtiest countries in the world, and the second dirtiest in West Africa. This unflattering label is largely due to the huge waste disposal challenges in Accra, the cynosure of Ghana since it is its capital city.

The filth is everywhere and takes on different forms. The most obvious is the plastic bags that litter streets, pavements, paths, parks, bushes, beaches and corners in the city. You do not have to look hard to find so-called ‘pure water’ sachets abandoned on the sides of the roads after its contents have quenched the thirst of many a weary city dweller. From Makola to Achimota, along the coast, and even in plush wealthy neighbourhoods in Accra, it is not difficult to find small heaps of rubbish resting nauseatingly, and desirous of clearing by the city managers.

How and why Accra got here Filth is a social problem caused by attitudes of how it is viewed, collectively and individually. Our socialisation in an urban environment induces us

GHANA BUSINESS & FINANCE

to shirk individual responsibility by placing how to get rid of filth squarely on the shoulders of city authorities.

Without absolving the authorities of their responsibility, the attitude that “someone” will take care of it that permeates the way we think about the rubbish piles dotted all over the city is one of the biggest reasons Accra is engulfed by filth.

This attitude of personal irresponsibility is closely related to the “not in my backyard” (NIMBY) syndrome. Interestingly enough, many people’s homes are free of filth, but when you take a few steps to the gutter in front of their properties, a startling mess of refuse awaits you. Accepting personal responsibility for the garbage one produces allows waste management to be tackled from the source; and this can significantly reduce the cost of cleaning up the city.

The Accra Metropolitan Assembly (AMA), on its website, lists “poor conceptualisation of sanitation” as the first challenge confronting the city’s waste management efforts. This raises the question of how, as a society, we perceive filth. Training from when

JULY 2015

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