Story: Maxwell Adombila Akalaare
Business Leaders in the country have brainstormed a range of criteria and modalities to be adopted as benchmarks towards selecting prospective award winners for the upcoming Ghana Investment Awards night.
At a stakeholders meeting in Accra, representatives from the investment community, among other things, proposed that prospective award winners should be interviewed by the awards selection committee.
That, they maintained, would help reveal the capabilities of deserving firms and individuals of the various award categories.
The meeting, the second of its kind, was to review suggestions made by the stakeholders at an initial meeting held on February 8.
The President of the Premier Networking Investment Club (PNIC), organisers of the GIA, Mr Kwame D Amporful, said the meeting was meant to engage stakeholders in the “weighting to be attached to the criteria to ensure that the selection process is participatory.”
The GIA, the first of its kind in the country, is being organised by the PNIC under the auspices of the Association Chartered Certified Accountants (ACCA) and is slated for April 16 this year.
There are 16 award categories to be bestowed on deserving firms and individuals that distinguished themselves in the investment sector in the 2010 working year.
According to Mr Amporful, the awards criteria were prepared by Hatfield Business Consult in consultation with Morningstar Research, organisers of the Canadian Investment Awards.
He noted that the GIA would help spur excellence and tighten up competition in the country's investment sector.
"We believe the awards would stimulate competition among the industry," the president said, adding that the awards dinner is meant to award industry excellence while creating an opportunity for stakeholders to network.
He said though the award scheme would be administered by a jury, members of that jury would not be disclosed until a few hours to the ceremony, a move which he insisted was necessary to help bring sanity into the event.
Friday, March 4, 2011
BaFSA holds capacity building seminar
Story: Maxwell Adombila Akalaare
THE Banking and Finance Students Association (BaFSA) of the Institute of Professional Students (IPS), has organised a three-day capacity building seminar for its members.
The annual seminar, which was organised in collaboration with CDH Securities and Akotia and Partners Limited, both consultancy firms based in Accra, was to expose students to practice experiences in the job field and afford them the opportunity to interact with renowned industry practitioners in the country.
Speaking on the need for an investment culture among young persons, Prof J. B. Aheto, a chartered accountant and lecturer at the Central University College called on the students to adopt an investment philosophy as a guideline to their investment.
He bemoaned the lack of investment habit among the youth and thus called on them to take up the initiative of investing in lucrative ventures as they await their future.
On the need for the seminar, Mr James Quaye Ayertey, president of the BaFSA said students over the years "chew theory and go out there to perform abysmally in practice."
He observed that most of the theories taught students in Ghana were foreign-based making it difficult for fresh graduates to fully apply what they have learnt at the job market.
"We need practical experience to compliment what we have learnt in the classroom", Mr Ayertey said adding that the association was optimistic the seminar would "equip students with the needed experiences" as they prepare to meet the practical realities of what they had learnt.
The CEO of Akotia and Partners Limited, Mr Aseye Akotia, and a resource person at the seminar said the gap between theory and practice in the country was further widening and therefore needed redress.
"There is a big gap between theory and practice in this country", he said adding that his management consultancy firm had realised this and was therefore partnering the student groups as a way of helping bridge the existing gap.
Mr Akotia was of the view that theoretical ideas taught students without practical direction was useless and hoped that the students would at the end of the seminar get "at least a sentence from these practised professionals that would help impact positively in their professional lives".
Mr Akotia furher disclosed that the firm would in the coming months be organising same capacity building seminars in other tertiary institutions throughout the country as a way of exposing them to the realities of the job market.
THE Banking and Finance Students Association (BaFSA) of the Institute of Professional Students (IPS), has organised a three-day capacity building seminar for its members.
The annual seminar, which was organised in collaboration with CDH Securities and Akotia and Partners Limited, both consultancy firms based in Accra, was to expose students to practice experiences in the job field and afford them the opportunity to interact with renowned industry practitioners in the country.
Speaking on the need for an investment culture among young persons, Prof J. B. Aheto, a chartered accountant and lecturer at the Central University College called on the students to adopt an investment philosophy as a guideline to their investment.
He bemoaned the lack of investment habit among the youth and thus called on them to take up the initiative of investing in lucrative ventures as they await their future.
On the need for the seminar, Mr James Quaye Ayertey, president of the BaFSA said students over the years "chew theory and go out there to perform abysmally in practice."
He observed that most of the theories taught students in Ghana were foreign-based making it difficult for fresh graduates to fully apply what they have learnt at the job market.
"We need practical experience to compliment what we have learnt in the classroom", Mr Ayertey said adding that the association was optimistic the seminar would "equip students with the needed experiences" as they prepare to meet the practical realities of what they had learnt.
The CEO of Akotia and Partners Limited, Mr Aseye Akotia, and a resource person at the seminar said the gap between theory and practice in the country was further widening and therefore needed redress.
"There is a big gap between theory and practice in this country", he said adding that his management consultancy firm had realised this and was therefore partnering the student groups as a way of helping bridge the existing gap.
Mr Akotia was of the view that theoretical ideas taught students without practical direction was useless and hoped that the students would at the end of the seminar get "at least a sentence from these practised professionals that would help impact positively in their professional lives".
Mr Akotia furher disclosed that the firm would in the coming months be organising same capacity building seminars in other tertiary institutions throughout the country as a way of exposing them to the realities of the job market.
KPMG opens new office
Story: Maxwell Adombila Akalaare
KPMG has opened its Development Advisory Services (DAS) office in Ghana with a promise to lay its expertise at the door steps of government, donor and development agencies in the country and the sub-region.
The Ghana office would also serve as a hub for other selected West African countries by offering fund management advisory services to governments, development and donor agencies operating in region.
The Director of the West African DAS, Dr George Manu, said, “Ghana joins a growing list of hubs within KPMG Africa, all fully dedicated to offering development advisory services on the continent.”
He said the DAS was bringing the expertise and integrity of an international professional advisory firm, KPMG, to bear on its activities in Ghana and the selected West Africa countries as well.
The KPMG Ghana is an accounting and advisory firm operating in the country and is the local representative of KPMG International, a network of independent member firms that offer advisory services in tax, audit and accounting.
Dr Manu noted that the DAS was borne out of the recognition that professional service organisations had a role to play in Africa’s development agenda.
As a result, Dr Manu said, “KPMG remained committed to rendering of relevant support to the continent; We have adopted a Pan-African development approach to work, employing full time experienced experts within the KPMG Africa team.”
He observed that the expertise of the DAS would, however, remain dormant if development, donor and government agencies did not access them. “A lot would depend on what we are entrusted with,” he added.
According to him, most of the money that entered the country as donations, loans and other revenues are not well managed, a situation he said led to improper usage of the monies for their intended purposes.
He was, however, optimistic that the launch of DAS in Ghana would help reduce the inconveniences associated with money management in the country and the sub-region as a whole.
A senior partner of the KPMG Ghana, Mr Joseph Winful, also observed that the continent was presently going through numerous development stages and thus needed independent minds and expertise to help partner the various governments, development and donor agencies in that regard.
He noted that the DAS was modelled in a manner that made it fitting to the current development needs of the continent and the sub-region in particular.
KPMG has opened its Development Advisory Services (DAS) office in Ghana with a promise to lay its expertise at the door steps of government, donor and development agencies in the country and the sub-region.
The Ghana office would also serve as a hub for other selected West African countries by offering fund management advisory services to governments, development and donor agencies operating in region.
The Director of the West African DAS, Dr George Manu, said, “Ghana joins a growing list of hubs within KPMG Africa, all fully dedicated to offering development advisory services on the continent.”
He said the DAS was bringing the expertise and integrity of an international professional advisory firm, KPMG, to bear on its activities in Ghana and the selected West Africa countries as well.
The KPMG Ghana is an accounting and advisory firm operating in the country and is the local representative of KPMG International, a network of independent member firms that offer advisory services in tax, audit and accounting.
Dr Manu noted that the DAS was borne out of the recognition that professional service organisations had a role to play in Africa’s development agenda.
As a result, Dr Manu said, “KPMG remained committed to rendering of relevant support to the continent; We have adopted a Pan-African development approach to work, employing full time experienced experts within the KPMG Africa team.”
He observed that the expertise of the DAS would, however, remain dormant if development, donor and government agencies did not access them. “A lot would depend on what we are entrusted with,” he added.
According to him, most of the money that entered the country as donations, loans and other revenues are not well managed, a situation he said led to improper usage of the monies for their intended purposes.
He was, however, optimistic that the launch of DAS in Ghana would help reduce the inconveniences associated with money management in the country and the sub-region as a whole.
A senior partner of the KPMG Ghana, Mr Joseph Winful, also observed that the continent was presently going through numerous development stages and thus needed independent minds and expertise to help partner the various governments, development and donor agencies in that regard.
He noted that the DAS was modelled in a manner that made it fitting to the current development needs of the continent and the sub-region in particular.
Tuesday, March 1, 2011
Cocoa revenue to stay same; Despite higher global prices
The political tussel in the Cote d' Iviore, the world's leading producer of cocoa has sent prices of the commodity pulling up. But can Ghana, the second largest producer of the crop take advantage of the hiking global cocoa prices to rake in more revenue? Maxwell Adombila Akalaare reports
Ghana’s revenue from cocoa exports is likely to stay same despite soaring prices of the commodity on the international market.
The Ghana Cocoa Board (COCOBOD), which oversees all activities relating to the crop says the country’s buying arrangements in which a large quantity of the commodity is sold in advance has denied the nation any gains from the current escalating global prices.
The Public Relations Officer of the board, Mr Noah Kwesi Ameyah explained to the Graphic Business that the country’s beans are always used as a syndicate for loans “even before they are produced”.
“We always need money (loans) for the farmers to enable them go into production. But before we can get those loans, we need to garantee for them. So we sell forward a certain quantity of the cocoa yet to be produced,” Mr Ameyah explained.
Global cocoa prices have been stretching up since the political crisis in Cote d’ Ivoire begun late last November.
The political stand off between Laurent Gbango and Alhassan Outtara induced the prices up from about US$2,279 before the start of the tension to close the year at well over US$3,000.
Cocoa prices again started the year on record highs after the crisis continued to protract in the world’s leading cocoa producing nation.
Following a one month ban placed on export of the commodity by Alhassan Outtara on January 22, prices of the commodity again jumped to a record year high of US$3,340 per metric tonne and currently sells at (today’s price) raising speculations among local industry experts and dealers that Ghana, the second largest producer of the crop would as well reap maximum revenues from the high prices.
But the PRO of the nation’s cocoa governing body, explained that Ghana’s buying arrangements makes taking advantage of the present Ivorian crisis very minimal.
According to him, Ghana as at September last year had already used about 700,000 tonnes of yet to be produced cocoa beans as garantee to a US$1.5 billion loan that it needed to finance this season’s productions.
The Managing Director of the Cocoa Marketing Company (Ghana) Limited, the marketing subsidiary of the COCOBOD Nana Oduro Owusu last Thusday lauded the advance buying strategy of the board saying the move has even made it possible for the COCOBOD to determine a free on-board (FOB) price.
According to him, COCOBOD’s success in external borrowing for the trade facility which, in the last 16 years has enabled the board to finance cocoa purchasing was due to the forward buying strategy.
“Quite a large quantity of Ghana’s cocoa has been sold already,” the PRO said noting further that the buying arrangement makes it impossible for the country to reap from any ripples that may always emerge in the market.
Prices of cocoa at the time of Ghana’s syndication of the 700,000 metric tonnes were barely inching above US$ 2,800.
“You see, cocoa production is not done in the factory. If the tree produces 400 beans, you do not expect that same tree to give you 800 just because there is a boom in the price of the commodity in the market. Increased production means more time, years and prices at those times would as well be determined by prevailing situations “, the PRO stated.
On the present world prices, Mr Ameyah said “it is good news for the cocoa community” but only in the “short term”.
He explained that continues price soars would much likely cause cocoa buyers and users to begin to look for substitutes to the commodity, a situation the PRO further observed could as well cripple the entire cocoa industry.
According to him, it was the COCOBOD’s resolve that the present Ivorian crisis would end soon “for the Cote d’ Ivoire cocoa farmer to get back his money”.
But about the Ghanaian farmer, Mr Ameyah said the current higher prices in the global cocoa market meant “higher bonuses to them”.
“They would always benefit because of the bonuses we pay to them. If we sell above the anticipated market prices, then we would pay bonuses to them”, he added
Torching on production capacity, Mr Ameyah expressed optimism that the measures put in place by the board would yield higher production results in the coming years.
The COCOBOD has a production target of 800,000 metric tonnes in the 2011 season and a one million metric tonne by 2013.
And its CEO, Anthony Fofie said the company is “edging closer to the one million metric tonne target”.
Last year’s better weather conditions coupled with other management factors increased the crop’s production making it possible for the COCOBOD to buy about 643,000 metric tonnes of the bean from farmers within the year.
Ghana’s revenue from cocoa exports is likely to stay same despite soaring prices of the commodity on the international market.
The Ghana Cocoa Board (COCOBOD), which oversees all activities relating to the crop says the country’s buying arrangements in which a large quantity of the commodity is sold in advance has denied the nation any gains from the current escalating global prices.
The Public Relations Officer of the board, Mr Noah Kwesi Ameyah explained to the Graphic Business that the country’s beans are always used as a syndicate for loans “even before they are produced”.
“We always need money (loans) for the farmers to enable them go into production. But before we can get those loans, we need to garantee for them. So we sell forward a certain quantity of the cocoa yet to be produced,” Mr Ameyah explained.
Global cocoa prices have been stretching up since the political crisis in Cote d’ Ivoire begun late last November.
The political stand off between Laurent Gbango and Alhassan Outtara induced the prices up from about US$2,279 before the start of the tension to close the year at well over US$3,000.
Cocoa prices again started the year on record highs after the crisis continued to protract in the world’s leading cocoa producing nation.
Following a one month ban placed on export of the commodity by Alhassan Outtara on January 22, prices of the commodity again jumped to a record year high of US$3,340 per metric tonne and currently sells at (today’s price) raising speculations among local industry experts and dealers that Ghana, the second largest producer of the crop would as well reap maximum revenues from the high prices.
But the PRO of the nation’s cocoa governing body, explained that Ghana’s buying arrangements makes taking advantage of the present Ivorian crisis very minimal.
According to him, Ghana as at September last year had already used about 700,000 tonnes of yet to be produced cocoa beans as garantee to a US$1.5 billion loan that it needed to finance this season’s productions.
The Managing Director of the Cocoa Marketing Company (Ghana) Limited, the marketing subsidiary of the COCOBOD Nana Oduro Owusu last Thusday lauded the advance buying strategy of the board saying the move has even made it possible for the COCOBOD to determine a free on-board (FOB) price.
According to him, COCOBOD’s success in external borrowing for the trade facility which, in the last 16 years has enabled the board to finance cocoa purchasing was due to the forward buying strategy.
“Quite a large quantity of Ghana’s cocoa has been sold already,” the PRO said noting further that the buying arrangement makes it impossible for the country to reap from any ripples that may always emerge in the market.
Prices of cocoa at the time of Ghana’s syndication of the 700,000 metric tonnes were barely inching above US$ 2,800.
“You see, cocoa production is not done in the factory. If the tree produces 400 beans, you do not expect that same tree to give you 800 just because there is a boom in the price of the commodity in the market. Increased production means more time, years and prices at those times would as well be determined by prevailing situations “, the PRO stated.
On the present world prices, Mr Ameyah said “it is good news for the cocoa community” but only in the “short term”.
He explained that continues price soars would much likely cause cocoa buyers and users to begin to look for substitutes to the commodity, a situation the PRO further observed could as well cripple the entire cocoa industry.
According to him, it was the COCOBOD’s resolve that the present Ivorian crisis would end soon “for the Cote d’ Ivoire cocoa farmer to get back his money”.
But about the Ghanaian farmer, Mr Ameyah said the current higher prices in the global cocoa market meant “higher bonuses to them”.
“They would always benefit because of the bonuses we pay to them. If we sell above the anticipated market prices, then we would pay bonuses to them”, he added
Torching on production capacity, Mr Ameyah expressed optimism that the measures put in place by the board would yield higher production results in the coming years.
The COCOBOD has a production target of 800,000 metric tonnes in the 2011 season and a one million metric tonne by 2013.
And its CEO, Anthony Fofie said the company is “edging closer to the one million metric tonne target”.
Last year’s better weather conditions coupled with other management factors increased the crop’s production making it possible for the COCOBOD to buy about 643,000 metric tonnes of the bean from farmers within the year.
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