Gov’t to wean off EPA from subventions
The Environmental Protection Agency (EPA) has declared its readiness to stop receiving government subventions from next year.
The EPA is one of six major state institutions that will be weaned off government subventions in 2016.
These institutions will have to mobilize their own revenue to support their operations. Government anticipates saving about GHC25 million from the move.
The Finance Minister, Seth Terkper who announced this during the presentation of the 2016 budget in parliament believes the move will significantly reduce the public wage bill.
In spite of the fact that the EPA regards the move as a challenge, the institution said it hopes to make the best out of the policy.
A Deputy director at the EPA Kyekyeku Oppong-Boadi told Starr News the organization has positioned itself well for the switch.
October inflation remained at 17.4%
Inflation rate for the month of October 2015 stood at 17.4 per cent. It is the same rate recorded in the previous month; September 2015.
The monthly change rate was however 2.7 per cent for October, compared to the -0.1 per cent recorded last month.
Inflation, which is measured by the Consumer Price Index (CPI), looks at the change over time in the general price level of goods and services that households acquire for the purpose of consumption.
At a press conference in Accra, the Government Statistician, Dr Philomena Nyarkoh, said the situation was attributable to the rate of the food and the non-food components of the inflation basket.
The food and non-food inflation, according to her, recorded inflation rates of 7.8 and 23 per cent respectively, the same rates recorded in September this year.
The main price drivers for the food inflation rate were vegetables, which recorded 13.6 per cent and mineral water, soft drinks, fruit and vegetable juices also recording 8.5 per cent.
“The non-food inflation rate was also influenced by recreation and culture, 29.9 per cent; education, 28.8 per cent; transport, 25.7 per cent; clothing and footwear, 24.5 per cent, furnishings, household equipment and routine maintenance, 24.5 per cent, while housing, water, electricity, gas and other fuels all recorded 23.1 per cent,” she added.
$180m gas-powered project takes off
A joint venture agreement valued at $180 million has been signed for the development of a gas- powered plant to deliver 140 megawatts by August 2016, to bridge the energy gap that has plunged the nation into an energy crisis.
The agreement, between Wuta Energy and Cummins Cogeneration Limited (CCL), will see the development of the power plant at Beyin in the Jomoro district of the Western Region. This agreement is the first of two phased projects which seek to produce 300 megawatts.
After successfully operating 100 megawatts of gas-based power projects in Nigeria, Wuta Energy – the clean energy group – is thus ready to introduce the same core technology to Ghana by 2016.
The facility, the Beyin Power Plant Project, is expected to make use of Ghana’s substantial natural gas reserves and will be the first development in the region to utilise an Organic Ranking Circle, which captures waste heat from the plant to generate additional energy.
This not only delivers a very significant economic benefit, but significantly improves the environmental impact of the power plant.
Deepak Khilnani, Chairman of CCL, noted that since the discovery of Ghana’s natural gas reserves it has been expected that gas will play a prominent role in the country’s energy sector.
GSE pursues integration of African capital markets
The Ghana Stock Exchange (GSE) has taken the lead in pursuing an agenda for the integration of West African capital markets.
The aim is to enhance greater access to the West African financial markets by issuers and investors.
The move is also expected to lead to the harmonisation of the requirements, rules and procedures that govern financial markets in the sub-region.
Announcing this at the launch of the 25th anniversary of the GSE in Accra, the Managing Director, Mr Kofi Yamoah, said towards that end, the GSE had planned to consolidate its achievements and focus efforts on improving its market.
“We want to consolidate the achievements of the past, particularly the recent past, and focus efforts on improving all three market segments as far as liquidity, efficiency, transparency and sustainability are concerned,” he said.
That, he said, would culminate in greater financial autonomy and security for the GSE.
Concerning returns to investors, he said aside the significant dividends that many of the listed companies had paid over the years, capital appreciation had been very good.
Recounting some of the achievements of the GSE, Mr Yamoah said 21 out of the 25 years of the exchange had recorded positive returns in its share index.
BEIGE Capital set to groom youth for job market
BEIGE Capital, a leading non- financial banking institution in the country, has inducted another batch of young people into its career development hub known as BEIGE Academy.
The company early this year rolled out a comprehensive program as part of its corporate strategy to develop a solid human capital to maintain its leadership on the market.
At a special ceremony held at the academy’s office in Accra, over 100 young people were ushered into the academy to undergo intensive training to prepare them for the company and other companies on the job market.
The inductees will go through 9 months of intensive training program in time management, corporate etiquette, grooming, effective communication, handling procrastination and self confidence building techniques.
The training which is in three trimesters is tailored to identify and develop Ghanaian youth.
From this group of trainees, the BEIGE Group will build an army of quality talents to meet its human resources needs.
During the training the inductees will be dispatched to various strategic units of BEGE Capital where they will go through on job practical work.
However, they will be expected to write tests at the end of every trimester after performance appraisals.
“After the 9 months, the BEIGE Group will put you on a specific training program which eventually leads to a supervisory role in the group” Abena A. Adu Larbi Manager of the BEIGE Academy told the inductees.
Prudential Bank pledges more support for SMEs
Prudential Bank Limited (PBL) has opened its 35th branch at Nungua, Accra, with a firm pledge to offer more support to small and medium enterprises (SMEs) and non-traditional exports.
The Deputy Managing Director in charge of Finance, Administration & Credit of the bank, Dr J. Okine-Afrane, who announced this at a ceremony to officially open the new branch, said PBL was committed to making banking services truly beneficial to the people.
“This is why we continue to open more branches to bring our services to the doorstep of our customers. In addition to this new outlet, we have 21 branches and two agencies in Accra/Tema, six in Kumasi, two each in Takoradi and Cape Coast, and one each in Techiman and Tamale,” he pointed out.
He said the bank had resolved to provide banking services to all sectors of the economy with special focus on micro, small and medium-scale enterprises engaged in trading, handicraft production and export.
“We also have packages for players in the fishing and cold storage business, transport services, hospitals and clinics, hotels and guest houses, food processing, manufacturing, furniture production, churches, catering, among others,” he assured.
Transfast engages young African entrepreneurs
Transfast, a leading money transfer service provider, has engaged the services of qualified local personnel to run the company’s operations in the country.
The company and its partner banks–UMB, First Atlantic Bank, Unibank, and HFC among others– now employ tens of locally trained personnel responsible for ensuring that remittance from Ghanaians in the diaspora sent via Transfast is available to friends and family instantly.
“In the coming year, the partnership is poised to expand in many other countries around the globe, focusing on providing money transfer services to families and friends while also allowing beneficiaries of international money transfer to receive money directly into their accounts in any currency,” Transfast’s Global Marketing Director, Jay Vix, said.
“African entrepreneurs are very hard-working and determined to succeed. We are here to help ensure that funds from relatives in the diaspora for business expansion is quickly and safely available to such entrepreneurs,” he said.
Businesses tasked to support Ghana’s entrepreneurial ecosystem
The Managing Director of CAL Bank, Frank Adu Jnr has urged his fellow business executives to support the development of the entrepreneurial ecosystem in the country.
Mr. Adu who is also a leading member of the Ghana Angel Investor Network (GAIN) challenged other leading business executives who were present at the cocktail event organized for members of GAIN in Accra.
Capital isn’t the only pain point for startups – research shows that new businesses have a higher success rate when they are supported by a robust ecosystem, inclusive of finance, mentors, business support services, human capital and the necessary policies to support private sector growth.
While GAIN provides a platform for startups to access capital, there has still been the need to build strategic partnerships with organisations who provide complimentary services and particularly in mitigating the risk associated with investing in startups to boost investor interest.
Some of the reasons investors shy away from startups include, the quality of the team and its ability to take the idea to market, effectively monitoring the startups to ensure financial discipline and last but not the least, providing an ease of exit for the investors.
Credit: Joy Online, Graphic, BFT, Starr Online
