Today’s Business Headlines

Mr. Senyo Hosi, Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors addressing the forum

Total supports young entrepreneurs with GH¢160,000
Total Petroleum Ghana Limited, through its “Startupper challenge”, has committed GH¢160,000 to support startup entrepreneurs in the country.
This is to motivate and support young entrepreneurs with the aim of promoting economic development in the country.
The winner of the challenge will take home GH¢80,000 with the second and third receiving GH¢48,000, and GH¢32,000 respectively.
This was revealed by the Managing Director of Total Ghana, Mr Oliver Van Parys, at the launch of the contest in Accra.
The challenge seeks to identify and reward the best projects in enterprise creation or development less than two-years old across the country.
This initiative is being replicated in 34 other African countries simultaneously to motivate and support young entrepreneurs.
Mr Van Parys said the contest was part of its global initiative to support the socio-economic development of all the countries it operated in.

Achimota Mall management assures public of security, safety comfort
The management of Achimota a Retail Centre have assured customers and visitors of maximum security, safety, comfort and convenience at the mall.
The 60 million dollar investment in the mall include the establishment of a state-of-the-art security apparatus which assists management to keep an eye on every activity on the premises and helps to prevent and control untoward conduct by trouble makers.
The Manager of the Centre, Mr. George Boakye Sarpong told Journalists at a briefing that in order to ensure that shoppers and visitors are safe and secured, Achimota Shopping Centre operates a two-tier security regime involving a top-of-the-range electronic surveillance and monitoring system and a well trained and highly disciplined physical security force on the ground.
‘Our electronic surveillance system is so efficient, robust and constantly in operation and it is effective in assisting our manual ground security team to identify and disengage trouble makers in good time’, said Mr. Sarpong.

Ghana targets 150,000 tonnes of cashew nuts — By 2025
The Ministry of Food and Agriculture (MoFA) is hopeful efforts put in place by public and private sector institutions would help raise output of cashew nuts from the current 50,000 tonnes to 150,000 tonnes in the next 10 years.
The increased production is needed to fetch the country more revenue as well as feed local industries, majority of which have closed down due to a combination of factors that range from low output to lack of finance to meet rising costs.
The Deputy Director in-charge of Cashew at MoFA, Mr Seth Osei Addo, said at a validation workshop in Accra that the ministry was worried about the country’s inability to raise output figures to appreciable levels despite having a conducive environment that supported commercial production of the crop.
“This informed the decision to map out and apply strategies that aimed at raising output while supporting companies in the value-chain to operate efficiently”, he said.
Mr Addo mentioned increased supplies of cashew seedlings to farmers, introduction of improved and high-yielding varieties and financial support to players as some of the interventions that were being worked on by the industry.

‘Remove barriers to exploration of virgin lands’
The Ghana Chamber of Mines has advocated the removal of barriers to the exploration in green fields (virgin lands) in order to attract more foreign direct investments into the mining sector.
Alhaji Sulemanu Koney, Chief Executive Officer (CEO) of the Chamber, made the appeal during the Annual Media Interaction on its operation in Takoradi, on Saturday.
He said although Ghana is the hub of mining in the West Africa Sub-region, in view of its competencies, institutions and track record, the high Value Added Tax (VAT) on mining inputs for laboratory and drilling services is serving as disincentive for potential investors venturing into exploration.
He suggested the waiving of VAT on exploration inputs in order to motivate investors to undertake exploration that would be a springboard for increase in production of minerals in the future.

NCA, GRA lock horns over Subah, ICH, telcos
Ghana’s telecom industry regulator, National Communications Authority (NCA) and the state revenue agency, Ghana Revenue Authority (GRA) are engaged in a fierce turf war over who has the right to monitor the revenue flow of telecom operators in the country.
The battle may have started years ago, but in the last few months, the two institutions have been flying directives and counter-directives to telcos and the company appointed by the GRA to monitor revenue from the telecom operators on behalf of the state, Subah Infosolutions Ghana Limited.
The latest directives and rebuttals appear to be the last straws pulled by the two organizations, following which the next action could be a legal battle.
NCA orders Subah
NCA, in a letter dated October 30, 2015, signed by the Director-General, William Tevie, ordered Subah to “cease operations in the telecoms sector by Thursday, November 12, 2015” or face legal sanctions.
The NCA said it had looked at the contract GRA awarded Subah to do real time monitoring of international traffic for revenue assurance and realized Subah needed a license from the NCA but it has no license.

Ghana to get Single Point Mooring facility in Tema
The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, (CBOD) Senyo Hosi, has hinted of plans by the Chamber to develop a new USD40 million Single Point Mooring (SPM) facility in Tema in the next two years.
The SPM facilitates the convenient handling of large vessels, petroleum and oil products and will be the first privately owned facility of its kind in Ghana.
Senyo Hosi made the disclosure while addressing the first ever Ghana International Petroleum Conference (GhipCon) in Accra on the theme: “The Changing Phase of Petroleum Repositioning Industry”, which aimed to discuss and find solutions to challenges that negatively affect the performance of the petroleum sector.
Mr Senyo Hosi described GhipCon as an annual mid and downstream petroleum platform for industry education, policy construction, review and modification to drive industry momentum for growth and development.
It also seeks to deepen the constructive role of the mid and downstream sectors in the growth of the economy and to foster co-operation between stakeholders and policy makers.

MTN chief executive quits after fine
The boss of Africa’s biggest mobile company, MTN, has resigned after receiving a $5.2bn (£3.4bn) fine from Nigeria.
Chief executive Sifiso Dabengwa tendered his resignation with immediate effect, saying it was “in the interest of the company and its shareholders”.
The fine, which amounts to double MTN’s profit last year, was for failing to cut off unregistered mobile users.
The firm was given until 16 November, just two weeks, to pay the penalty.
The company is in talks to reduce the fine.
“Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, in the interest of the company and its shareholders, have tendered my resignation with immediate effect,” said Mr Dabengwa in a statement.
He had been in the post since 2011.

Ghanaian Cocoa Farmers win awards in Paris
Two Ghanaian cocoa farmers namely; Osabarima Adusei Peasah IV Chief of Akyem Tafo in the Eastern Region, and Abubakari Alidu of Ahafo Ano South in the Ashanti Region, have received the internationally acclaimed Cocoa of Excellence award 2015.
The awards ceremony, took place at the Porte de Versailles Exhibition Centre, Paris during the 21st Edition of the just ended five days Salon Du Chocolat 2015 exhibition.
The Cocoa of Excellence (CoEx) programme, is a biennial event which offers cocoa farmers the entry point to participate in the International Cocoa Awards (ICA), the only competition of its kind recognizing the work of cocoa farmers and celebrating the diversity of cocoa flavours globally.
The aim of the awards, is to recognise quality, flavour and diversity of cocoas according to their origin.
The ICA programme is spearheaded by Bioversity International, an international research organisation set to deliver scientific evidence, management practices and policy options to use and safeguard agricultural biodiversity to attain sustainable global food and nutrition security, and Event International the organisers of Salon Du Chocolat, a yearly trade fair for the international chocolate industry

GOIL is number one OMC in Ghana according Club 100 Ratings
The Ghana Investment Promotion Centre (GIPC) has adjudged Ghana Oil Company Limited (GOIL) as the number one in the Oil Marketing Company (OMCs) category and number 8 in the overall 2015 Ghana Club 100 listing.
The longest standing indigenous OMC received the award at the 2015 Ghana Club 100 ceremony held at the State House Banquet Hall in Accra.
Commenting on the award, the Managing Director of GOIL, Mr. Patrick A.K. Akorli, who received the award said, “GOIL still remains the number one OMC in the Retail division, with its vision to be a world-class provider of goods and services in the petroleum and other areas of the energy sector.”
He said even though the company has gone through some  turbulent times recently, its dedicated Board, Management, Staff and Agents “have worked tirelessly to ensure we reach this far”.
“We dedicate this award to all who have played various active roles in ensuring GOIL remains the number one OMC retail division; and number 8 on Ghana Club 100 2015 listing”, Mr. Akorli added.

Nwabiagya Rural Bank wins BID Business Gold Award
The Business Initiative Directions (BID), a Spanish-based  international organisation that promotes quality in  business and commitment to leadership , technology and innovations, has presented the Gold category of its  business award to the management of  the Nwabiagya Rural Bank.
The award was in recognition of the bank’s strong commitment to quality and excellence in its business operations.
The 2015 Quality Awards, held at the Espace Etiole Palais des Congres Convention Hall in Paris ,was in recognition of the commitment of the recipients to quality in the areas of business, services and industry.
The event, where companies and organisations from  49 countries around the world  were awarded for their achievements in quality and excellence, was presided over by Jose E. Prieto, President and Chief Executive Officer of the BID Group.
In an address, Mr Prieto noted “ The award recipients are icons of commitment to leadership, technology and innovation, making them models for others in their sectors”.
According to the BID CEO,  “companies and organisations who were recognised for their achievements and commitment to quality have now joined the historic group of prestigious BID Winners” .

Credit: Joy Online, Graphic, Herald, GNA

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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