GB&F October 2016

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OCTOBER 2016 / ISSUE 065 GH¢10.00

Special Report: Renewable energy engenders prosperity for the future

‘THE EXCHANGE’-

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THE FIRST BUSINESS READ IN GHANA

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EDITORIAL TEAM Editor Ayuureyisiya Kapini Atafori editor@ghanabizfinance.com Staff Writer Anthony Sedzro sedtony@yahoo.com +233 204 914 420 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 Columnists Jerry Halm Yaw Asamoah Dr Nana Ama Browne Klutse Yaw Ohemeng Kyei Contributors Oppong Baah Ebenezer T. Hanson Kennedy Addai Kuffour Adnan Adams Mohammed Design & Production Manager Benjamin Tetteh btetteh@ghanabizfinance.com

MANAGEMENT TEAM General Manager Martin-Luther C. King mking@ghanabizfinance.com pressicon@gmail.com +233 265 272 117 Business Development Manager Josiah Spio-Garbrah jspiogarbrah@ghanabizfinance.com +233 264 510 396 Head of Finance/Administration/HR Issaka Salisu isalisu@ghanabizfinance.com +233 244 252 724 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

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OCTOBER 2016

Why does Ghana not have an allencompassing Broadcasting Law? Even with the growing popularity and dominance of social media, radio and television still predominate the daily lives of majority of Ghanaians whose literacy level is nill than the new media as means of mass communication. “By far the most people friendly media for democratic practice is the radio. Besides its far reach as a mass media form, the radio does not require literacy on the part of its consumers, and is therefore accessible to the masses of people. As a mediated oral mode of expression, it has a greater potential for interactive behavior than print press,” notes Prof. Kwesi Yankah in ‘Language, the Mass Media and Democracy in Ghana’ (2004).

‘Guidelines for Local Language Broadcasting’ (National Media Commission) states clearly: “From a policy perspective, this means media pluralism and diversity make sense only if the majorities of the people are given the opportunity to participate in national dialogue through broadcasting in their local languages.”

From the two quotes above, the importantly preponderance of radio in the everyday lives of the people of Ghana cannot be overstated. The electronic media enhance life in many aspects: socially, economically, politically, culturally and spiritually. The radio and TV stations and the Internet must, therefore, operate in a manner that promotes and safeguards public order, the peace, public morality, national security; privacy and confidentiality; and the best public interest.

Lamentably, that is not the case at present in Ghana due to lack of a holistic legal and regulatory framework.

The first radio station in the Gold Coast, ZOY, was set up in 1935 primarily to play an educational role. Since 1935, there has not been a single comprehensive law on broadcasting in the colony/country. Moves to get a Broadcasting Act stated around 2005. But till date, Ghana does not have such an Act. Why? Is it lack of political will? Is it due to sheer political expediency that none of the governments in the Fourth Republic put into force a Broadcasting Act? Nonetheless, several attempts have been made to formulate and pass an all-compassing law on broadcasting (for radio, TV, Internet and, partly, telecommunications) but no law has been effectuated yet. The Ghana News Agency (GNA) reported that a seven-member technical committee which would review the existing laws on broadcasting, and draft a Broadcasting Bill was inaugurated in Accra on September 7, 2010. But the committee did not do that! “The broadcasting bill was drafted and submitted to the cabinet secretariat. The final stakeholder meeting has also been held so the bill is now ready to go before cabinet,” assured former Information Minister Mahama Ayariga. The bill was not finalised before Hon. Ayariga was replaced by Hon. Fritz Baffour who assured Ghanaians that the bill would get to Parliament soon. Hon. Harruna Iddrissu, Minister for Communications, reassured that the bill would be passed. When Dr Edward Omane Boamah took over from Hon. Iddrissu, he regurgitated the assurances and reassurances of his predecessors.

Media practitioners, academics, experts, owners and other stakeholders have tried, but failed, to get a Broadcasting Bill passed. “ The Public’s access to accurate, reliable and informed information, which is facilitated by a Plural Broadcasting environment and a Free Press, is the bedrock of sustained and Democratic Governance in Ghana. Thus there is the need for an expeditious passage and Presidential assent of the BROADCASTING & RIGHT TO INFORMATION BILLS at least one year ahead of the next General Election in 2016,” participants at the National Conference on Broadcasting Pluralism Press Freedom and Democratic Governance held in Accra on November 19-21, 2014 declared in a communique. Alas, 2016 is ebbing to an end. And there is no serious discussion of finalising a Broadcasting Bill for parliamentary approval and presidential assent.

Furthermore, on July 22, 2015, Dr Omane Boamah argued at a stakeholders’ forum on the Broadcasting Bill in Accra that the current legislative framework did not fully address the requirements for sustainable broadcasting in a technological environment. He averred that it was necessary to have a broadcasting law in order to address the legal and regulatory challenges that deter the promotion of the social, political, economic, educational, developmental, cultural and spiritual lives of Ghanaians.

At the forum, the stakeholders discussed the Constitutionality of the Bill; the Relationship between the National Communications Authority (NCA) and the National Media Commission (NMC); Validity Period for the Broadcasting Authorisation; Provision of Content Regulations; and Television Receiving Set Licence Fees. Other issues also tackled included the Comprehensive Review of Public Service Broadcaster; Renewal of Broadcasting Authorisation; Emergency Powers of Government; Provisions on Content Regulation; and digital migration, inter alia. The Bill was to be sent to Parliament. Kabral Blay-Amihere, Chairman of NMC, said “it’s been a long awaited document, the process started about 10 years ago but hopefully before the 2016 elections, we shall have the Broadcasting law.”

It is indicatively clear that the Executive has failed to push for a broadcasting law. Yet the law is an urgent imperative that is required to regulate the broadcasting landscape which is currently not effectively regulated by many laws such as the 1992 Constitution, National Communications Authority Act, 2008 (Act 769) and National Media Commission Act, 1993 (Act 449).

Ayuureyisiya Kapini Atafori Editor (+233 242 385374 / 206 608733)

Mail to the Editor

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

pattinyababia@yahoo.com

GHANA BUSINESS & FINANCE

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EDITOR’S SUITE

The Urgent Imperative!

GHANA BRIEFS

ABCDE receives cash donation from GCNet for mentorship African Business Centre for Developing Education (ABCDE), a non-governmental Organisation (NGO) that bridges the gap between industry and education, has received a generous donation of Ghs35, 000 from the Ghana Community Network Services Limited (GCNet). The donation is GCNet’s contribution to stimulate students’ awareness of industry, enterprise and career options. Alwin Hoegerle, General Manager of GCNet, reaffirmed the need for students to be mentored and given internship opportunities to prepare them for the world of work. GCNet has for the past couple of years supported ABCDE in mentoring students in Senior High Schools and provided opportunities for internship to graduates, including ABCDE trainees.

Felix Yirdong and Matilda Arthur, National Co-ordinator and Business Development Manager respectively of ABCDE, received the cheque and thanked GCNet for its continuous support.

Export earnings from processed sub-sector drop Export earnings obtained from the processed and semi-processed sub-sector in 2015 saw a decline of 2.27 per cent, Ghana Export Promotion Authority (GEPA) data has showed. Last year, the value of the sub-sector amounted to US$212 million compared to US$216 million earned in 2014. GEPA attributed the decline to low performances of some key products such as cocoa paste, natural rubber sheets, aluminium plates and sheets, and oil.

The top ten leading processed and semi-processed products were cocoa paste and powder, canned tuna, plastics, lubricating oil, shea oil, aluminium plates and sheets, machine parts, natural rubber sheets and freshly cut fruit.

Ghana signs US$700 million guarantee for Sankofa Oil project The Government has signed an agreement worth US$700 million with the World Bank to provide financial guarantee for the Sankofa, Gye Nyame oil and gas project located 60 kilometres offshore Takoradi, the Western regional capital, according to a Citi FM report. The World Bank has already negotiated the legal documentation with the project sponsors – ENI, Vitol, Ghana National Petroleum Corporation (GNPC) and the government. Sankofa will generate about 180 million standard cubic feet of gas to the national grid.

BoG maintains policy rate at 26%

The Monetary Policy Committee of the Bank of Ghana (BoG) has once again maintained the policy rate at 26 per cent, the fourth consecutive time that the BoG has done so since January this year. Dr Abdul Nashir Issahaku, the BoG governor, attributed the decision to the stability in inflation for the period. Ghana’s inflation rose to 16.9 per cent in August, from the 16.7 per cent recorded the month before. Dr Issahaku believed it informed the decision to maintain the rate at 26 per cent. The BoG last increased the policy rate in November 2015. The policy rate is the rate at which commercial banks can borrow from the central bank.

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SIC Insurance wins Best Insurer award

SIC Insurance Company Limited has been adjudged the overall best insurer for 2015 at the just-ended 7th Cedants awards organised by the Ghana Reinsurance Company Limited (Ghana Re). The second and third prizes went to Phoenix Insurance Company and Ghana Union Assurance Company respectively.

For its prize, SIC Insurance took home US$10,000, a shield, a certificate and a scholarship for a one-year diploma programme for selected staff members.

The annual Cedants’ award seeks to reward stakeholders and business partners in the insurance industry for their contribution to the growth of the industry. The event was held on the theme ‘Insurance Awareness and Positive Image - a Necessary and Positive Prerequisite for the Growth of the Insurance Industry in Ghana.’

Dr Abiba Zakariah, the Managing Director of the Ghana Re, bemoaned the low level of insurance penetration in the country.

Ghana launches US$750 million Eurobond at 9.25%

Ghana’s public debt hits Ghs109.8 billion Ghana’s total public debt is estimated at Ghs110 billion as at last July. The figure increased from Ghs108.6 b i l l i o n recorded in June to Ghs109.8 billion in July, according to the latest economic and financial data from the Bank of Ghana.

The data shows that although total debt increased from Ghs100.2 billion to Ghs109.8 billion between 2015 and July 2016, the debt-to-GDP ratio fell from 71.6 per cent at the end of December 2015 to 65.9 per cent at the end of last July. In the banking sector, non-performing loans increased from 14.6 per cent to 19.1 per cent.

GHANA BUSINESS & FINANCE

Ghana has launched a US$750 million bond due in 2022 at a yield of 9.25 per cent. It is the second time Ghana attempted to sell sovereign notes, having postponed an offering in August because of disagreement with investors over pricing levels. The bond has a weighted average life of five years with three equal repayments in 2020, 2021 and 2022, according to Reuters. Bank of America Merrill Lynch, Citigroup and Standard Chartered were the lead arrangers of the Eurobond. Last August, Ghana bought back just under US$100 million of the bonds through a tender that still went through despite the postponed new issue.

OCTOBER 2016

GHANA BUSINESS & FINANCE re-structures to lead the West Africa market

Martin-Luther C. King

As part of its strategic vision of transforming into a pan-West African business journal, Africa Business Media Limited (ABM), publishers of Ghana’s premier and award-winning monthly magazine, GHANA BUSINESS & FINANCE (GB&F), has announced the appointment of Martin-Luther C. King as its General Manager. Founded in 2010, GB&F is focused on engaging business leaders, investors and policy makers in an ongoing discourse about the health of the Ghanaian economy in particular, and those of other West African countries, in addition to its coverage of global affairs.

King will drive Ghana’s only monthly magazine’s transformation into an authoritative pan-West African business publication. Other new key appointments include Issaka Salisu as Head of Finance, Administration and Human Resources; and Josiah SpioGarbrah as Business Development Manager. Ayuureyisiya Kapini Atafori remains the Editor of GB&F, while

Anthony Sedzro has been confirmed as the Staff Writer.

Kwadwo Ohemeng Asumaning, the Chairman of ABM, said King “will focus on overall strategic direction of the business, both local and external, editorial and publication side of the business, including annual, quarterly and monthly editorial planning and execution; and, general well-being and conducive environment for prosperity of the company.”

A veteran international journalist and astute media business development strategist, King was, for seven years, the West Africa editor of the London-based AfricaToday, the pan-African news magazine, covering the sub-region from Nigeria to Senegal during which period he helped increase the publication’s global circulation by 20 per cent.

Between 2011 and 2012, King was Regional Peer Reviewer for West Africa in the Washington DC-based Global Integrity’s African Integrity Indicators survey. King was also lately a contributing editor to Yahoo! News.com, and has freelanced for several other highly influential international news organisations, including BBC World Service and South Africa’s Media24.

He had led Leadership magazine, South Africa’s foray into West Africa in 2010. A hard-nosed newsman, King covered the 1996 United States elections; Liberia’s 2005 transition elections that brought President Ellen Johnson Sirleaf to

power; and Ghana’s 50th anniversary celebrations in 2007, among several major international assignments. He also interviewed many political and military leaders, including President John Agyekum Kufuor of Ghana; Dr Ibn Chambas and Ambassador Victor Gbeho, two past Presidents of the Economic Community of West African States (ECOWAS) Commission; as well as General Martin Luther Agwai, the former Force Commander of the United Nations-African Union Force for Sudan, among others.

King has also been part of several ECOWAS Election Observer Missions to countries across West Africa, including Ghana’s 2008 elections. A specialist in managing successful political campaigns and transitions, King consults for several political leaders across West Africa who seek elective offices.

King is the President of Journalists for Regional Integration (JORIN), West Africa’s regional integration advocacy group. JORIN is a network of journalists from West Africa who campaign to fast-track the integration of the economies and political institutions of countries in the sub-region in order to achieve greater global relevance.

He holds an advanced Journalism degree from the International Institute of Journalism (IIJ), Berlin, Germany. King is married with children.

GHANA-CHINA Business Breakfast Meeting

Africa Business Media Limited (ABM), publishers of GHANA BUSINESS & FINANCE (GB&F) magazine, Ghana’s award-winning business journal, in conjunction with private sector partner organisations from China and Ghana, is initiating and promoting a quarterly Ghana-China Business Breakfast Meeting.

AIMS/ OBJECTIVES: • To advance Ghana-China trade relations and evolve businesses to meet mutual economic interest.

• To improve and facilitate trade access between China’s and Ghana’s markets for both imports and export from each country.

• To bring Ghanaian and Chinese entrepreneurs together to discuss, in a friendly ambience and on a regular basis, mutual business interests.

Date: 30th November 2016 Venue: Tang Palace Hotel, Roman Ridge, Accra Time: 7:00am Speakers: Ministry of Trade and Industry, Chinese Embassy Trade Counsellors, Investors from Ghana and China, Local and Foreign Enterpreneurs Also in attendance: All stakeholders desirous of furthering Ghana-China trade relations

For sponsorship enquiries and attendance, contact the event desk via email: enquiries@ghanabizfinance.com or call for assistance on 0302240786 / 0243085865 OCTOBER 2016

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FINANCE

At the Ghana Banking Awards’ digital payments debate

BoG to sell Treasury bills through mobile money

BY ANTHONY SEDZRO

The Bank of Ghana (BoG) is to launch a programme through which Ghanaians can buy Treasury bills by using their mobile phones. The purchase will be done through the mobile money service. The minimum price for the Treasury bills is expected to be GHS5. Dr Settor Amediku, the Head of Payment Systems at the central bank, disclosed this.

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he decentralised policy shift is in line with the dramatic rise in the use of mobile money in Ghana. With the Treasury bill rate hovering around 24 per cent, it has become a popular source of investment, as it is considered risk-free. Dr Amediku made this revelation at a mobile money conference on August 24 at Kempinski Gold Coast Hotel, Accra.

The conference, a prelude to the recently held Ghana Banking Awards, was organised by Corporate Initiative Ghana, organisers of the annual banking awards, and Joy Business,

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a subsidiary of Multimedia Ghana.

Vodafone Ghana was a joint sponsor of the conference which was on the theme ‘Mobile Money-Complementary or Competitive?’ Dr Amediku said the BoG was inundated with requests, so it formalised mobile money transactions.

Since its revolutionary adoption, mobile money has, in the last five years, seen an exponential growth, bringing about substantial financial inclusion. In 2012, the value of mobile money transactions totalled GHS594.12 million. In 2015, the transactions totalled GHS35 billion; the banks kept a float of

GHANA BUSINESS & FINANCE

GHS600 million. Last June, the total transactional value of the service was GHS30.6 billion, with total floats at the banks standing at GHS700 million, Dr Amediku revealed. He said the BoG was engaging stakeholders to change the current mobile money guidelines into a Bill for legislation in order to make the guidelines legally binding. The BoG introduced the E-Money Issuer (EMI) guidelines in July 2015 to guide mobile money operations. The EMI guidelines directed all banks to pay interest on float at current account rate.

OCTOBER 2016

BUSINESS EXCELLENCE AWARDS & CAROLS NIGHT (BEACON)

Africa Business Media Limited (ABM), publishers of GHANA BUSINESS & FINANCE (GB&F) magazine, Ghana’s award-winning business journal, in conjunction with strategic partner organisations, is initiating and promoting the Business Excellence Awards & Carols Night, BEACON Awards, to reward excellence in an entertaining and relaxing atmosphere.

Marketing Participants must explain how they achieved fantastic marketing results and what sets them apart from their competitors. Open to all organizations across the private and public sectors, this category is segmented into: • Outstanding Marketing Campaign • Outstanding Public Relations Campaign • Outstanding Website Organisation Wide Entrants must explain what they set out to achieve and how they have performed; and what can entrant’s competitors learn from them. Open to private and public sector organisations of any size, this category is awarded in: • Outstanding Business • Outstanding Fast-Growth Business • Outstanding Community Initiative • Outstanding New Product / Service (less than two years old) • Outstanding Product / Service • Outstanding Customer Service Initiative • Outstanding HR Initiative • Outstanding Financial Initiative • Outstanding Educational Service

Personal Participants must explain how they got where they are today and where they are going; and how their skills benefited the organisation and its customers. Open to individuals across the private and public sectors, this category will be awarded in: • Outstanding Personal Achievement • Outstanding Entrepreneur Team Entrants need to justify how their team excelled and helped the organisation to grow and meet its objectives. Entrants can focus on specific projects or the ongoing day-to-day work they deliver at an outstanding level. Open to teams of two or more people across the private and public sectors, and awarded in the following segments: • Outstanding Marketing Team • Outstanding Public Relations Team • Outstanding IT Team • Outstanding HR Team • Outstanding Customer Service Team • Outstanding Financial Team

Deadline for entries is 20th November, 2016 Event Date: 20th December 2016 Speakers: Ministry of Trade and Industry, Leaders of Corporate Ghana, Leaders of business membership organisations, Major stakeholders in the Ghanaian economy, etc.

In attendance: All stakeholders desirous of furthering the prospects of Ghana’s economy

For entries, sponsorship enquiries and attendance, contact the event desk via email: enquiries@ghanabizfinance.com or call for assistance on 0302240786 / 0243085865

COVER

‘THE EXCHANGE’– The largest residential & commercial landmark in Accra

BY AYUUREYISIYA KAPINI ATAFORI

‘The Exchange,’ West Africa’s largest multi-use real estate project, and the first of its kind in Ghana, is now under development and set to change the way people live. It is expected that ‘The Exchange’ will become a focal point in Accra, with the complex offering a unique combination of attractions, including a retail park, a hotel, luxury residences and office spaces.

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he first phase of the project is expected to be ready in 2018. ‘The Exchange’ is a multi-purpose complex encompassing a supermodern hotel, retail mall, residences and office accommodation – all operating with internationally appraised and approved practices and standards. It has been described elsewhere as “a visionary development conceived by highlyacclaimed real estate experts” with the aim of uplifting Accra’s residential scene while achieving international leisure and business standards. ‘The Exchange’ has proudly become the first project in Africa to receive the EDGE certification. EDGE honours projects of high environmental awareness that embody consciousness when compared to conventional developments. ‘The Exchange’ will impressively achieve more than 20 per cent reduction in energy and water use.

According to Mabani Holdings Ghana Limited and Actis LLP, 30

the investor-partners of the project, work on the concept started in 2011.

It has since gone through the design stage and construction has already commenced on the site. Over 2,000 job opportunities will be created during the construction stage, with many more available after completion. “The project is set to benefit the Ghanaian economy immensely, with over 90 percent of the project to be sub-contracted to local companies, which is very important to bring in the value that is expected,” says Ghassan Yared, CEO of Mabani and Forewin Group. The project manager is Profica, the quantity surveyors are Farrow Laing of South Africa, while the architects are HOK of the United Kingdom, and Dar-al-handasah is providing engineering and services.

‘The Exchange’ is poised to be the city within the city of Accra. “’The Exchange’ is here for life, for business, for the pleasure of our cherished clients and customers,” the partners have promised. ‘The Exchange’ is designed

GHANA BUSINESS & FINANCE

to be a genuine and truly beautiful destination for singles, friends, couples, families; and will cater for all generations, from babies and children to the elderly. Sampled depictions of the multiple-use project bring the components of ‘The Exchange’ more to home for the reader to appreciate this novelty.

THE HOTEL – RADISSON BLU Radisson Blu is the chosen 4-star business hotel located within ‘The Exchange’ which will consist of 206 rooms, several restaurants and a wonderful seating area, with an outdoor pool and bar. This part of the project is the re-definition of the world of executive class and luxury travel which will take Accra by storm. Managed by the acclaimed Carlson Rezidor Hotel Group, the premium hotel is at the heart of the whole ‘The Exchange’ experience.

Amanda Jean-Baptiste, Director of Real Estate at Actis, observes: OCTOBER 2016

HEALTH

The Save Your Life Campaign:

Practical ways of combatting breast cancer Understanding your customer is, and should always be, like being in a love-filled relationship. When you first meet someone who interests you, you are very eager to know them. The person’s name, age, favorite food, occupation, expectations and preferences, you want to know.

Breast Awareness A woman’s breast can go through many changes throughout her lifetime. They are affected by hormonal changes during her menstrual cycle, pregnancy, breastfeeding and menopause. Breasts are the source of sexual pleasure for most women. For some mothers, they find breastfeeding as good bonding with her baby. It is a way of nurturing the baby’s life and keeping her nourished.

It is important that every woman should become aware and remain aware of her breasts throughout her lifetime. Breast size and shape vary considerably from woman to woman, and so do nipple size and shape.

Breast awareness means knowing how

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your breast look and feel normally so that you will be able to detect a change or changes which might be unusual. Although breast problems can sometimes be painful, they can usually be treated easily and rapidly. Breast problems should always be reported to your doctor. Most breast problems may prove to be harmless or benign.

It is very important to be breast-aware because breast cancer is a possibility for all of us, including men. Men too get breast cancer, so they should report a breast problem to their doctor. Detecting breast change early means that treatment may be more effective and may cure the patient.

The prognosis is, therefore, good when

GHANA BUSINESS & FINANCE

breast cancer is detected and treated early.

No one knows your body better than yourself. Everyone will have his/her own way of touching and looking for changes. Breast SelfExamination (BSE) is simply knowing what your breasts look and feel like normally, being on the look out for unusual changes and getting them checked.

Breast Cancer Sign and Symptoms Breast cancer symptom is an indication that a person has a breast(s) disease.

Common signs and symptoms of breast cancer include:

OCTOBER 2016

TRADE

Envoy wants UK-Ghana trade above US$1.3 billion by 2020 …Newly-launched Chamber to boost commerce

BY ANTHONY SEDZRO

“There has been a downturn [in trade] which is not unique to UK-Ghana trade, as there has been a downturn worldwide, and in many trading relationships, but we hope between now and 2020 we can get it back and beyond the US$1.3 billion which is the recent high point in total bilateral trade,” Jon Benjamin, United Kingdom (UK) High Commissioner to Ghana, assures, beaming with a smile.

Benjamin adds that the UK hopes to double its total exports to the rest of the world to UK£1trillion in a decade.

“The British economy is very strong on services so in the direction [of trade and investment] from UK to Ghana, as Ghana develops economically, there will be more and more emerging middle class. So you see companies coming here like Prudential [Insurance]. It is one of the biggest recent British entrants, selling life insurance. This is not something that was probably in 36

much demand in Ghana 10 or 20 years ago. But with the emergence of a new middle class, financial services are in demand,” Benjamin says.

Benjamin explains in an exclusive interview with GB&F that a diversified mix of British companies will contribute to the realisation of the trade increase in 2020. He spoke to GB&F after the launch of the UK-Ghana

GHANA BUSINESS & FINANCE

Chamber of Commerce (UKGCC) on September 1 at his Cantonments residence in Accra. The UKGCC, which has about 20 member companies, will promote and represent UK business interests in Ghana. The Chamber will also serve as the first point of call for Ghanaian companies which seek to export products into the UK. “UKGCC will host a multi-sector business trip to OCTOBER 2016

SPECIAL REPORT

Renewable Energy engenders prosperity for the future Globally, Germany has played a pioneering and leading role in the development of renewable energy (RE). Says Stephen Kohler, Chief Executive of the German Energy Agency: “In the last three years, the contribution of renewable energies to electricity generation has increased almost threefold, from 8 per cent to 23 per cent. A further increase to 50 per cent is planned in the next 20 years. Countries around the world can therefore benefit from Germany’s experience of developing renewable energies.”

Germany’s RE model is ideal for Ghana to emulate. Yet it seems Ghana is not ready to learn from Germany. The enactment of the Renewable Energy Act, 2011 (Act 832) was a significant step taken by Ghana to develop renewables which are sustainable sources of energy and the in-thing for the future. But the proactive and effective implementation and enforcement of Act 832 is lacking. For instance, the establishment and operation of the Renewable Energy Fund is yet to receive the proper official action.

What happened to the National Biofuels Policy Recommendations drafted in 2005?

What is the status of Caltech Ventures Limited, the joint Ghanaian-Dutch Company which was to produce ethanol and other by-products from cassava by 2008?

The Energy Commission must be recommended, however, for initiating and holding the annual Ghana Renewable Energy Fair (consisting of conferences and an exhibition) series since 2015. The Savannah Accelerated Development Authority (SADA) has done well by acquiring land for RE projects; undertaking RE feasibility studies and environmental impact assessments; assisting to obtain RE permits, power purchase agreements and government clearance; providing for partial risk guarantees; and contributing RE equity.

The Delegation of German Industry and Commerce in Ghana (AHK) and its partners also deserve commendation for hosting the yearly West African Clean Energy & Environment Exhibition & Conference (WACEE) for the last five years to promote RE.

This seven-page Special Report intends to reawaken and motivate the government and the private sector to invest in RE seriously so as to develop the subsector, as it has a great potential to provide for the energy needs of Ghana sustainably today and tomorrow.

Editor, GB&F

SPECIAL REPORT

Ghana’s renewables Vision 2020 on course?

BY ANTHONY SEDZRO

The energy needs of many African counties, including Ghana are not met.

Increased electricity access for many rural dwellers and industrial activities in many of the countries has led to demand outstripping supply. The demandsupply imbalance has led to electricity crises not only in Ghana, but also in many other African countries.

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lot is being done to even the imbalance. On June 30, 2013, United States (US) President Barack Obama launched the ‘Power Africa’ initiative to double sub-Saharan Africa’s energy supply while on a visit to South Africa. Over two-thirds of the population of sub-Saharan Africa is without electricity, and more than 85 per cent of those living in rural areas lack access. Sub-Saharan Africa requires about US$300 billion in investment to achieve universal electricity access by 2030, according to the International Energy Agency. Renewable Energy (RE) is one area that will receive much investment.

In 2011, Ghana’s Parliament passed the Renewable Energy Act, 2011 (Act 832) to govern and push the drive for RE. By 2020, 10 per cent of the country’s energy mix should come from RE. Section 2 of Act 832 defines RE as “…energy obtained from non-depleting sources including (a) wind (b) solar (c) hydro (d) biomass 42

(e) biofuel (f ) landfill gas (g) sewage gas (h) geothermal energy (i) ocean energy and (j) any other energy source designated in writing by the Minister [of Energy].” The Energy Commission is the technical regulator of Ghana’s RE industry, and the advisor of government on energy matters. The Act mandates the Commission to, among others, (i) create a platform for collaboration between government and the private sector and civil society for the promotion of renewable energy sources, (ii) promote the benefits of renewable energy to facilitate its utilisation and (iii) facilitate investment in the renewable energy sector.

With mandate in mind With this mandate in mind, the Commission held the second Ghana Renewable Energy Fair on August 9-11 at the Accra International Conference Centre on the theme, ‘Renewable Energy & Energy Efficiency: Accelerating Energy Access & Security.’

The first fair was held on November

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3-5, 2015 on the theme ‘Renewable Energy Technologies for Sustainable Development’ in Accra. The fair featured a conference with panel discussions on RE and an exhibition. Many papers were presented by energy experts drawn from regulatory institutions, independent power producers, financial institutions and academia. Some of the topics discussed at the sessions included: ‘Reducing Energy Consumption in Industry;’ ‘Government Interventions on Productive Uses of Renewable Energy;’ ‘Biogas Technology: What Works for Ghana;’ ‘Renewable Energy Interventions for Agribusiness;’ ‘Spatial Planning Approach to Renewable Energy Generation and Distribution in Ghana;’ and many others. The fair was attended by distinguished persons, and brought together investors and over 40 local and international exhibitors, including officials from the Ministry of Power, Volta River Authority and Electricity Company of Ghana.

Technologies on display included those for solar photovoltaic, biogas, biomass OCTOBER 2016