GB&F July 2016 by Ghana Business & Finance

JULY 2016 / ISSUE 062 GH¢10.00

Deregulation simmers hot petro-prices & subsidies debates?

Huge potential for AGOA exports

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

Stemming FDI down-trend in recession

THE FIRST BUSINESS READ IN GHANA

CONTENTS ISSUE 062 / JULY 2016 can assist SMEs to make the right choice. Most SMEs do not have strong research departments to make them really understand the products churned out by the banks, notes columnist Yaw Kyei Ohemeng.

26 Trade

AGOA can provide export diversification and help business people to build partnerships with their US counterparts. How has Ghana reaped some benefits from the initiative?

32 The Mexican embassy in Accra is Front Cover: Mawuena Trebarh CEO, Ghana Investment Promotion Centre (GIPC)

6 Briefs

Snapshots of business and financial stories which trended in Ghana, Africa and the rest of the globe in June.

12 Economy

After the deregulation of the petroleum sector, the many hot partisan debates over fuel subsidies and prices in the media seem to be decreasing. But what has deregulation really done for consumers?

16 Banking

Banks’ CSR activities involve the provision of schools, clinics, boreholes, electricity and scholarships. One cannot discount competition being the driving force for the activities.

strengthening bilateral trade with Ghana. So the embassy organised the first Mexican business mission to the country to invest in the manufacturing, agro-processing, pharmaceutical and other sectors.

At a time when customers have more choices and know the power they wield, customer satisfaction comes first, and profit comes second, contends columnist Jerry Halm.

22 Media

Publishers need to rethink the meaning and value of their brands in order to thrive in the freshly disintermediated publishing world.

36 Cover

The current figures indicate that Foreign Direct Investment inflows into Ghana are slumping, obviously reflecting the global downturn in investments in the present recession. GB&F editor Ayuureyisiya Kapini Atafori analyses the trends.

40 Agriculture

The production of vegetables and their exportation are underperforming because growers do not get adequate support. Ghana needs to reposition itself by improving its infrastructure and technical abilities, and taking a second look at its marketing strategy.

This second part of the article continues with the expose of the discussions at the GIMPA ICC conference. It also critically examines issues such as the indictment of African leaders, the slamming of Tony Blair by the UK Iraq War Inquiry report, why the ICC won’t indict Blair and the politicisation of the ICC.

52 Outlook

Cyber-attacks in utilities and manufacturing sectors could cause physical damage and business interruption, with ill-prepared industrial control systems targets.

54 Perspective

Crucial questions must be answered before one commences a branding process for increased productivity and profitability.

56 Events

Visit conferences to be held around the world that interest you and your business.

57 Stats & Indices

Figures speak louder than words for the Ghanaian economy.

58 Commodities

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

42 Communications

Operating out of a small apartment as an agent selling Internet backbone connectivity via satellite to clients, Ecoband is a testament to the giant strides that have been made in the past 15 years in the sector.

46 SMEs & Microfinance

Knowledge in financial literacy

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 2016

34 Science & Technology

Science communication is essential for transformative sustainable development in every country. But columnist Dr Nana Ama Browne Klutse writes that communicating Science in Ghana has not attained the level it deserves.

20 Corporate Progress

48 International Law

Editor’s Note The popular column, BUSINESS & MANAGEMENT, will be back in the August edition of GB&F. Sorry for any inconvenience caused for its absence in the current edition.

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General Manager Josiah Spio-Garbrah jspiogarbrah@ghanabizfinance.com +233 264 510 396 Editor Ayuureyisiya Kapini Atafori editor@ghanabizfinance.com Columnists Anthony Sedzro Jerry Halm Yaw Asamoah Dr Nana Ama Browne Klutse Yaw Ohemeng Kyei Contributors Martin Luther C. King Oppong Baah Kennedy Addai Kuffour Adnan Adams Mohammed Ebenezer T. Hanson Design & Production Manager Benjamin Tetteh btetteh@ghanabizfinance.com Circulation & Subscription Ernest Awo 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 enquiries@ghanabizfinance.com Brand Advisor Dmax Studios in Malta, EU. (www.dmax.tv) Credits GNA Daily Graphic radioxyzonline.com Mergermarket Group ghanabusinessnews.com

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Trade is crucial for the economy to grow. External and internal trade facilitation is in the hands of the Ghana Community Network Services Limited (GCNet). GCNet is an information and communication technology Public-Private Partnership (PPP) company which provides electronic solutions for trade to Government. Set up in 2000, GCNet has paid GHS89 million as dividends to Government in about a decade. A few weeks ago, GCNet paid GHS10 million to the Ghana Revenue Authority (GRA) as its final dividend instalment to the government for 2015, making the total dividend payment of GHS25 million. GHS5 million and GHS2.5 million dividends have also been paid to the Shippers’ Authority and GCB Bank respectively, which like the Custom Division of the GRA, Ecobank Ghana and Société Générale, are shareholders. Presenting a symbolic cheque for the GHS10 million dividend in Accra recently to George Blankson, the Commissioner General of the GRA, and Deputy Finance Minister Mona Helen Quartey, Dr Nortey Omaboe, the Executive Chairman of GCNet, said: “Besides the direct dividend payment made, GCNet as a corporate entity, has over the years paid income tax, VAT, and withholding tax as part of its statutory obligation to Government. In 2015 for instance, GCNet made an income tax payment of GHC24.584 million, paid GHC20.963 million as VAT, and GHC 5.4 million as withholding tax.” Dr Omaboe further observed: “The dividend was made within the context of a number of investments that GCNet is making to enhance the various systems that it has deployed to ensure that these systems continue to operate at the leading edge technology.” Quartey stated: “We wish to congratulate GCNet for the consistency in paying dividend. I would like to take this opportunity to urge you to be strong, reliable and profitable to enhance the dividend that you pay to government.” As the e-solutions provider mainly for Government and statutory agencies to promote and facilitate trade, business competitiveness and improve revenue collection, GCNet has adopted the slogan ‘B2G,’ which means ‘Your Business to Government Company.’ GCNet provides e-solutions through the development and deployment of e-systems for processing trade transactions and custom clearance, registration of businesses and for tax administration. With the assistance of West Blue Consulting and other partners, GCNet has successfully developed and deployed the Ghana National Single Window platform for multiple access and processing of all stakeholders’ documents through the Ghana Integrated Cargo Clearance System (GICCS); Ghana TradeNet (an Electronic Data Interchange) System; Ghana Customs Management System (GCMS); i-Transit System for the processing of cargo in transit to the land-locked neighbouring countries; Electronic Registration of Business System; and the Electronic Tax Administration System. These electronic systems are integrated into the Single Window. GICCS provides an online cargo tracking service; eMDA Portal is for trade-related documentation overseen by government bodies; eTax Portal is for managing tax documentation and payments; and eRegistrar Portal is for registering legal entities. Thus, the Single Window is a common one-stop shop for the submission and handling of data and documents on export and import trade in the Ghanaian economy to satisfy all regulatory requirements. When letters of credit, bills of lading and permits/certification are input, the valuation report, export/import clearance and invoice are produced for the transactions of exporters and importers to be facile. The success of GCNet is a testament to the reality that PPPs are benefits-yielding. PPPs should, therefore, be promoted in some instances in Ghana. The GCNet PPP model is worth emulating by African countries like Nigeria which have adopted the Single Window projects to facilitate and transform their trade. But the challenges associated with the implementation of the National Single Window in Ghana must be overcome for GCNet to optimise its operations and maximise profits in order to be able to pay more dividends to the shareholders, and contribute more tax revenues to Government. Without any hesitations and reservations, GB&F says ‘Ayekoo’ to the Management and Staff of GCNet.

Ayuureyisiya Kapini Atafori Editor (+233 024 2385374)

JULY 2016

Mail to the Editor

Send your articles, comments and letters to the editor at editor@ghanabizfinance.com

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EDITOR’S SUITE

GCNet PPP model worth emulating but …

GHANA BRIEFS

ABCDE holds programme for students The African Business Centre for Developing Education (ABCDE), a student-focused NGO, has held its maiden Out-of-School Programme for students mentored for three months under the ABCDE Club. The programme saw two pioneer schools, Accra Girls Senior High School and Ghanata Senior High School, awarded certificates. Dr Ekwow Spio-Garbrah, the chairman and founder of ABCDE, interacted with the students and encouraged them to aspire for higher goals and choose courses that are relevant to today’s market. Dr Spio-Garbrah asked the students not just to study courses for the sake of obtaining degrees. He urged the mentees to be industrious in relation to the Industrial Studies Project being carried out by ABCDE. Felix Yirdong, the National Co-ordinator of ABCDE, entreated the mentees to make choices and decisions wisely, urging them to put to good use the mentoring they had undergone by effectively managing their time. Yirdong wished them well for the just-ended WASSCE papers that the mentees had written. In attendance were the staff and volunteers of ABCDE and the media. ABCDE is a not-for-profit organisation dedicated to developing the skills, knowledge and core competencies of students needed for their personal and professional growth.

May inflation stands at 18.9% Inflation for May went up marginally to 18.9 per cent, figures released by the Ghana Statistical Service (GSS) showed. The rate went up by 0.2 per cent from the 18.7 per cent in April. The monthly change rate for May was 1.1 per cent. The GSS said the non-food group of inflation, namely transport, housing, water, electricity, education and recreation, among others, accounted for the increase. Inflation for April was 19.2 per cent.

The Trust Hospital launches new website

The Trust Mother & Child Hospital, located at Nyaniba Estates in Osu, Accra, has launched a new website, www.thetrusthospital.com. The hospital offers healthcare services ranging from DNA, dental care, eye, ear and throat, dietetics, clinical psychology, paediatrics, obstetrics and gynaecology and radiology. Other services include ophthalmology, physiotherapy, neurology, plastic surgery, orthopaedic surgery, urology, diagnostic cardiology, among others. A unique feature of the website is that it offers online appointments to patients who want to consult doctors. Present at the launch were James Addy of the Corporate Affairs section of the Social Security and National Insurance Trust (SSNIT); Dr Darius Osei, the General Manager (Medical) of the Trust Hospitals Company Limited (TTHCL), the holding company that manages the hospitals; board members of the TTHCL and staff of the hospital.

EDC launches money market fund EDC Investments Limited, a subsidiary of Ecobank Group, launched Ghana’s first collective investment scheme -The EDC Money Market Fund (MMF) - last month. The Initial Public Offering (IPO) of the fund run from June 27 to July 18, and has the objective of maximising income in line with the prevailing money market rates. The fund is open to individuals, societies, clubs, churches and corporate institutions. The minimum amount retail investors (individuals) can invest is GHS100, while GHS50,000 is for institutional investors. The fund is open-ended, meaning an investor can join and exit at any time.

Airtel inaugurates STEM clubs in schools Airtel Ghana, the leading telecom company, has, in collaboration with the Ghana Education Service and the Exploratory – an initiative of the African Women Advocacy Project, activated the third phase of its Evolve with the Science, Technology, Engineering and Mathematics (STEM) initiative with the inauguration of STEM Clubs for three schools within the Ablekuma Central Circuit. The clubs will provide a practical and funny ways for pupils to learn and engage with STEM outside of the classroom and provide the over 100 signed up pupils from the Holy Family Catholic, Anglican and Mataheko JT schools the opportunity to undertake projects and learn basic computer coding and programming. Airtel donated books, STEM kits and other learning materials to support the clubs. A STEM Fair was organised in partnership with The Exploratory, STEM Centre, GH Scientific, Novan Education and ThreeSixtyGh. In another development, Airtel has opened a customer experience centre at the Achimota Retail Centre in Accra to cater exclusively to the telecommunication and lifestyle needs of its premier customers. Rosy Fynn, Airtel’s Marketing Director, stated that the centre has been strategically located to give customers a great experience. The centre boasts of an array of phones, connectivity options, tailor - made Airtel Premier products and services that promise to transform the social and professional lives of its exclusive customers.

GHANA BUSINESS & FINANCE

JULY 2016

ECONOMY

With full deregulation on course â&#x20AC;Ś

Partisan petroleum price & subsidies debates taking a bow? BY MASAHUDU ANKIILU KUNATEH

Over a year after the application of the Prescribed Petroleum Pricing Formula (PPPF) in the petroleum downstream sector, the litany of heated partisan political debates over fuel subsidies and prices on Ghanaâ&#x20AC;&#x2122;s airwaves and in the social media seems to be taking a bow. At present, the hot political arguments that used to characterise the increment in the prices of petroleum products and subsidies are reducing since the commencement of the full deregulation regime of the petroleum sector. But the debates are not totally over yet.

he deregulation of the petroleum sector has been on the drawing board of various governments in Ghana for decades but the fear of implementation has now been buried totally by the incumbent National Democratic Congress (NDC) government. This followed the historic passage of the National Petroleum

Authority (NPA) (Amendment) Bill, 2015 (Act 691) into law on March 15 by Parliament. The coming into effect of the amended Act means that the government has fully adopted a full deregulation policy which takes off its hand in the pricing of petroleum products. The new law, therefore, seeks to ensure that full cost recovery and competitive pricing of

GHANA BUSINESS & FINANCE

petroleum products is determined by the market, using the PPPF. Under the previous amended law, the NPA had the mandate to price petroleum products in the country. The NPA Act, which was passed in 2005, introduced private participation in the downstream petroleum business allowed Oil Marketing Companies (OMCs) and other private companies to import

JULY 2016

BANKING

Banks move CSR beyond tokenism BY EBENEZER T. HANSON

Many corporate entities in Ghana had engaged, and have been engaging, in a variety of corporate social responsibility (CSR) activities for various reasons. Broadly CSR means meeting the â&#x20AC;&#x153;economic, legal, ethical and discretionary expectations that society has of organisations at a given point in time.â&#x20AC;?

ince CSR falls under Public Relations, a discipline which has, as one of its aims, the building and maintaining of a positive image and a favourable reputation of an organisation in the minds of the public, CSR has unsurprisingly been skewed towards outward and tangible programmes and projects aimed at catching the attention of the public. Globally, the concept of CSR is a relatively new one which has been in wide use since the 1960s. But while the economic, legal, ethical and discretionary expectations placed on organisations may differ, notes the

Encyclopedia of Business (Second edition), it is probably accurate to say that all societies at a point in time have had some expectations that organisations would act responsibly, by some definition. The concept of CSR is derived from the Systems Theory which holds that society consists of interdependent and interrelated parts which all function together to achieve a common goal. CSR is the idea that organisations have a duty towards society and they demonstrate this responsibility through the provisioning of some needs. Thus CSR is more of a voluntary action than a compulsory one.

GHANA BUSINESS & FINANCE

A lot of reasons have been proffered for corporate bodies engaging in CSR activities. Some posit that CSR programmes are undertaken for altruistic purposes; others claim that CSR is a tactic adopted by organisations to secure social licence. Another position rejects the foregoing, and argues that CSR is employed by organisations as a tool to fend off government interventions and interferences in their activities, thereby gaining undue power and influence in the society. There are, however, two main schools of thought on CSR. One argues for it while the other opposes it. Those who support CSR are of

JULY 2016

TRADE

Huge potential for AGOA exports BY ANTHONY SEDZRO

American Chamber of Commerce in Ghana (AMCHAM), the African Growth and Opportunity Act (AGOA)’s Trade Resource Centre (ATRC) at the Ghana National Chamber of Commerce and Industry (GNCCI) and the USAID’s West African Trade Hub (WATH) held the first in a series of information and education workshops on May 27 at the Fiesta Royale Hotel, Accra.

resent at the well-attended event were Dr Ekwow SpioGarbrah, the Minister of Trade and Industry, Melinder Tabler-Stone, the Charge d’Affaires of the US Embassy in Accra, Joe Mensah, the Board Chair of AMCHAM and the Country Manager of Kosmos Energy, Angela KyerematenJimoh, an executive of AMCHAM, Kwesi Amanfu, Head of Special Projects at the GNCCI, Jeff Povolny, Chief of Party of the WATH, Directors of MoTI, Simon Madjie, Executive Secretary of AMCHAM, Ghanaian business people, policy makers, among others. AGOA is a US legislation that accords duty-free treatment to over 6,400 products exported by 37 beneficiary Sub-Saharan African (SSA)

countries into the US. It also provides beneficiary countries with the most liberal access to the US market than any other country or region that has not negotiated a free trade agreement with the US. The AGOA Act was passed in 2000; the Act expired in June 2015; and has been extended to 2025. Despite the Act coming into force in 2000, Spio-Garbrah, who was the Ghanaian ambassador to the USA at the time of the congressional debates on the AGOA Bill, said discussions on the Bill began long before it became public. “I used to be Ghana’s ambassador to the United States and indeed it was during my era, between the years 1994-1997, during the Clinton Administration that the whole concept of AGOA was first mooted and when some of us as ambassadors had to meet on a monthly

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basis to begin to take strategic decisions on what Africa’s position should be in coming up with the AGOA agreement,” the Minister disclosed. The objective of the workshop was to increase awareness of exports under the AGOA for members of both chambers, and is part of the WATH’s efforts to make companies and enterprises in Ghana more competitive and ready to take maximum advantage of AGOA. Aside providing quotafree access to the single largest market in the world, it provides beneficiary countries with a significant competitive advantage over non-AGOA countries which must pay normal tariff rates to the US government. This is especially true in the cases of the products with very high US tariff rates on apparel (clothing), footwear and agricultural

JULY 2016

TRADE

First Mexico mission seeks investment opportunities BY ANTHONY SEDZRO

In May, a 10-member Ghana business and government delegation led by Mawuena Trebarh, the Chief Executive of the Ghana Investment Promotion Centre (GIPC), visited Mexico. The visit was at the instance of the Mexican ambassador to Ghana, H.E. MarĂa de los Angeles Arriola Aguirre, and the Mexican investment promotion agency, ProMexico. It was meant to strengthen trade relations between Ghana and Mexico.

exico had an embassy in Ghana in the 1960s but it was closed down in 1980. The embassy was re-opened in Accra in 2014 with Mexicoâ&#x20AC;&#x2122;s aim of strengthening bilateral trade with Ghana. As a sign of the seriousness of the embassy of Mexico to Ghana, the first Mexican business mission met

the media on June 9 at the La beach Hotel in Accra. It was a 15-member delegation made of businesspeople, representing manufacturing, agroprocessing, pharmaceutical, construct iEXICOon and others. H.E. de los Angeles Arriola Aguirre; Prof. Francisco Gonzalez Diaz, the Executive Director of ProMexico; Trebarh; James ZugahTiiga, the Chief Executive of the Ghana

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JULY 2016

COVER

Stemming FDI down-trend in recession BY AYUUREYISIYA KAPINI ATAFORI

The latest statistics shows that Foreign Direct Investment (FDI) inflows into Ghana are moving downwards; obviously reflecting the global slump in investments which comes from scarce capital in the present recession. In Ghana, the down-trending in FDI for the past three years is quite unsettling. Enticing increased numbers of external investors to the country is one of the current serious preoccupations of the government.

ndexMundi, a multiple-source data portal, defines FDI as the direct investment equity flows in an economy. “It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. This series shows net outflows of investment from the reporting economy to the rest of the world,” the portal states. The second quarter report of this year is yet to be released, but the reports of the Ghana Investment Promotion Centre (GIPC) and

projections by experts reveal a continuing slowdown in FDI flow in Ghana. The GIPC Quarterly Report (January – March 2016) documented 39 new projects registered by the GIPC, which operates directly under the Presidency. The total estimated value of these projects was US$248.89 million. “The FDI component of the estimated value of registered projects was US$157.57 million and the local component amounted to US$91.92 million. The total initial capital transfers for the newly registered projects during the quarter amounted to US$17.31 million. A total of 2,487 jobs will be created from the total projects registered during the quarter,” says Mawuena Trebarh, the CEO of the GIPC, in a message in the first quarter report. The report, however, marked improvement in the results recorded

GHANA BUSINESS & FINANCE

Mawuena Trebarh, CEO of GIPC

for investments by local investors. The results from investments showed a significant increase compared to the corresponding quarter of 2015 of over 200 per cent in the local component of

JULY 2016

COMMUNICATIONS

Ecoband toasts to 15 years of providing Internet connectivity BY ANTHONY SEDZRO

Internet and connectivity solutions company, Ecoband Networks Limited, has celebrated its 15th anniversary at its new corporate head office at Carlton House in Accra. Guests of honour present at the event included Dr Ato Sarpong, Deputy Minister of Communications, Estelle Akofio-Sowah, Country Manager of Google Ghana and Patrick Martens, Delegate of the (AHK Delegation of German Industry and Commerce in Ghana). Also present were representatives of international partners of Ecoband such as Sonema from Monaco, Globecomm and Inmarsat from South Africa, SatADSL from Belgium, Gillat Satcom from Israel and Signalhorn from Germany as well as numerous clients of Ecoband such as Leonora Dowley, Country Director of Varkey Foundation and representatives of the local banking community. The mood at the celebration was a happy one and it was marked by speeches, networking and well wishing, perhaps signifying the remarkable growth the company has achieved from its modest beginnings. Alexander Sulzberger, CEO of Ecoband, and Eric Gbeho, Chief Operating Officer of the company, took GB&F through the genesis of the company. Ecoband started with Sulzberger and Gbeho as partners in 2001. Operating out of a small apartment as agents selling Internet backbone connectivity via satellite to ISP clients, Ecoband is a testament to the giant strides they have made in the past 15 years. “I do remember when my partner and I started out

using his apartment as an office and my car to get around … and then we moved into Busyinternet [at the time the largest Internet Café with an incubator space for start-up companies which rented small office spaces], then into this building here, Carlton House and eventually acquiring two floors in the building. So it has been a steady progression for us,” he recounted. The story of Ecoband mirrors the growth story of the telecommunications sector in Ghana. These were the days of VSAT providing Internet connectivity to submarine cables and fibre optic networks. Gbeho added: “When we first came into the business, we were just agents selling VSAT but I guess because of our good services, a lot of our clients demanded additional services and so were forced into becoming an ISP just to satisfy those demands and it has been one step after the other right till we have gotten here.” Sulzberger agreed: “It hasn’t been easy doing business in the communications sector in Ghana. My partner Eric and I founded the company in 2001. Then there wasn’t any submarine fibre-optic

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cable connecting Ghana to the rest of the world. So our core business was delivering satellite capacity to ISPs, telcos and large Internet cafes like Busyinternet, which was one of our first customers. When we started, the ISP sector was relatively small, with about five or six players on the market. Today, we have more than 20 companies delivering Internet service, including the 3G and 4G operators.” Comprehensive and flexible satellite Today, Ecoband offers comprehensive and flexible satellite, microwave and fibre-optic based solutions for Internet backbone connectivity as well as broadband wireless services. The company had to adapt to the changing dynamics of the telecommunications sector in the country, a strategy which has paid off in making it one of the most reputable operators in the industry. “After developing the ISP market here in Ghana, we went to Togo and Benin, and to some extent, in Ivory Coast and sold DVB and SCPC satellite solutions to telcos and ISPs in these countries. But in 2005 when the first submarine

JULY 2016