Black Stars should not expect high bonuses :-Jon Benjamin

The British High Commissioner to Ghana Jon Benjamin has said professional footballers who are earning well in their clubs should not be expecting high bonuses when called for national duties. “...For example, I bet everyone in this room could hazard a guess at Avram Grant’s starting eleven for the next Black Stars fixture against Mauritius tomorrow. And, incidentally, on that I hold the very old-fashioned view that already highly paid footballers given the high and patriotic honour of representing their countries should not also expect large appearance bonuses for doing so,” the outspoken diplomat told a gathering at the Sports writers awards over the weekend. Commenting further on sports, Mr. Benjamin urged sports journalists in the country to give fair coverage to the other sporting disciplines in order to encourage the athletes. “I would appeal to you, the sportswriters of Ghana to do a little more to balance reporting across the entire spectrum of Ghanaian sport”. Below is the full speech of Mr. Benjamin I am so delighted to have been asked to speak here today and thank the Sportwriters Association of Ghana for their kind invitation. The British High Commission is committed to partnership with Ghanaian media houses. Indeed, we regard our collaboration with you as an essential part of our work here. I’d particularly like to greet my friend the Honourable Minister for Youth and Sports, as this is my first chance to thank him publicly for the time and effort he spent last week in accompanying our royal visitor, HRH Prince Edward during his visit to Ghana. HRH was mostly here to promote the Duke of Edinburgh’s award scheme and its Ghanaian affiliate, the Head of State Awards Scheme. And that served as useful reminder that the Minister oversees the Ministry of Youth and Sport, not just the Ministry of Sport, so I really hope the visit was useful for your important task, too, Honourable: thank you again. But it is, indeed, sport that brings us together this evening. And sport is about its players and participants, its administrators, its followers, indeed all those who are passionate about it, and above all, this evening, it is about those who write about it. When I say sport, I do mean all sport, not just football. But, let’s face it, it’s scarcely a secret - in Ghana, in the UK and in a clear majority of all the countries around the world, football is the number one sport, and often by a very large distance. So, let’s start with football. My own single earliest memory is from when I was just 3 ½, the same age my own son is now. I recall vaguely people jumping up and down in the front room of our then house in front of the TV - an unfeasibly chunky and not very reliable box with an unstable, grainy black and white picture - as England won the World Cup. It was 1966. And of course, England won particularly thanks to the efforts of three players – Bobby Moore, Geoff Hurst and Martin Peters, all of whom played for West Ham United at the time. So, completely neutrally and objectively of course, I think it’s fair to say that, in fact, West Ham won the World Cup. That’s what I choose to believe anyway! But it’s been a very long wait since then, exactly half a century in fact for England to win anything else. But I know that all of you sportswriters here are about confidently to write or broadcast next week that England will win Euro 2016. Just as I know that many of you predicted last August that Leicester City were going to win the English Premier League – I know that because some of you have claimed to me recently that you did, indeed, tip Leicester, though I am struggling to find the evidence! In fact, how could England not win the Euros with 18-year old wonder kid Marcus Rashford up front? And, yes, Ladies and Gentlemen – 18 year old Marcus, really is ... 18. A player's football and official age should of course always happily coincide. Now, I expect that all of you here are of the common opinion that sports writing

constant rise in FSI level could trigger rebound on GSE

   

The financial stock index [FSI], a key determinant of the daily market returns on the bourse has lagged behind the composite index for some time now on the bourse probably due to the sluggish performance of the banking and finance industry in Ghana. The main contributors to the index level are listed banks on the stock market. The FSI current level is at 1646.69 with a year-to-date change of -14.68% on the Ghana Stock Exchange (GSE). The high NPL ratios, the increase in the Cost- to-Income ratios of most banks as well as the low turnout of profits from the banking sector has contributed significantly to the downturn of general returns on the equity market. Economic pressures and the issue of financial integrity may play a significant role in determining the future of the FSI level and the returns on market as a whole. Market returns are currently in the negatives probably due to the fact that some financial institutions recorded poor results and in some cases losses in their books of accounts at the end of 2015. Some key indicators such as the level of customer deposits, Profits-After-Tax [PAT] and Cost to income ratio determine the fundamentals of the banking sector. Most listed financial equities such as Ecobank Transnational Incorporated [ETI], CAL, Ecobank Ghana [EGH] and GCB contribute significantly to liquidity on the bourse and price movements of financial stocks are significant in the attraction of foreign investors to the market. Groupe Nduom (GN) Analysts posit that consistent improvement in the current level of the FSI will be a key driver to trigger a market rebound. Trading activity on the bourse ended with 1 gainer [PZC] and 1 loser [BOPP] yesterday. ETI topped trading chart as 132,300 shares worth GHS 25,142.00 changed hands. Returns on the Composite and Financial Stock Index pegged at -12.20% and -14.68% respectively. Activity on the Ghana Alternative Market (GAX) was hushed as no shares traded yesterday. HORDS currently lead record capital gains on the GAX, appreciating by 25% from year open. The Cedi lost to the Dollar and the Pound but gained to the Euro yesterday. The local currency exchanged at a mid-rate of GHS 3.8402 to the USD, GHS 5.5423to the GBP and GHS 4.2646 to the EURO. The GCFM Cedi index, a measure of the holistic performance of the Cedi on the interbank market now records a year-to-date depreciation of 1.40%.

Jon Benjamin Lunch initiative to prosper SME's

n Benjamin, the British High Commissioner, on Wednesday launched, in Accra, an initiative aimed at growing small and medium enterprises dubbed: “Capital SMEs”. Capital SME’s current target is to support a minimum of five SMEs in listing on the Ghana Alternative Market (GAX) within one year of implementation. The primary objective of the project is boosting the capital market activity in Ghana and encouraging more SMEs to list on the GAX, which is the alternative stock market, administered by the Ghana Stock Exchange (GSE). It is targeted at small businesses “with potential for growth”. Further stages of the project include increased engagement with Government Ministries, Departments, and Agencies (MDAs) and financial institutions to support the development of the capital market; and hosting of informative conferences and related networking events. Mr Benjamin said an economic growth that created jobs was simply the best way of helping developing countries to eradicate poverty. He said what Ghana and other developing countries really needed was to create jobs; explaining that, “Due to population growth, creating jobs for today and tomorrow’s youth is extremely important”. He said governments must set-up the framework and create the congenial atmosphere, which would allow the private sector to create jobs. “It is SMEs, which becomes big enterprises to create jobs”. Mr Benjamin said industries that create jobs could transform the lives of the growing population. “Our basic aim is to stimulate private-sector led growth in Ghana by encouraging more SMEs to list on the GAX,” he said. He said the British High Commission would continue to work with the government and civil societies to help SMEs to overcome barriers to growth; thereby secure a competitive environment within which businesses could thrive. He said the Capital SME idea was borne by the then Lord Mayor of the City of London, Alderman Alan Yarrow, during his visit to Accra in October 2015, in collaboration with Barclays, as part of efforts to stimulate economic growth. Mrs Magdalene Apenteng, the Director of the Public Investment Division, Ministry of Finance, said SMEs would continue to remain the backbone of Ghana’s economy due to the important role of stimulating domestic demand through job creation, innovation and competition. “There is no doubt that SMEs have the potential to mobile domestic resources and boost international trade and demand,” she said. “Prioritising SME development is, therefore, critical for promoting inclusive economic growth globally.” She affirmed the government’s commitment to supporting the rapid growth of the SMEs sector to position it to play the desired role in Ghana’s pursuit for efficient, vibrant and liquid capital market. Dr Adu Anane Antwi, the Director General of the Securities and Exchange Commission, said the 2013 Banking Survey Report estimates that about 90 per cent of companies registered in Ghana were SMEs and the sector contributed to about 49 per cent of Ghana’s Gross Domestic Product in 2012. He said these SMEs were, however, facing many challenges with the major one being how to access finance. He attributed the situation to the perception that SMEs were risk ventures

Mahama grabs national highest award in Cote d lvoire

President John Dramani Mahama has received the highest national award the Grand Croix, in Côte d'Ivoire. The Ivorian President, Alasanne Ouattara decorated President Mahama at a ceremony in Abidjan on his official visit to the country. President Mahama´s meeting with Alasanne Ouattara centred on boosting economic activities between the two countries, and also to strengthen regional integration efforts of the sub-region. President Mahama was accompanied by his wife, Lordina, and a high powered government delegation and he is expected to return to Accra today. President John Dramani Mahama has received the highest national award the Grand Croix, in Côte d'Ivoire. The Ivorian President, Alasanne Ouattara decorated President Mahama at a ceremony in Abidjan on his official visit to the country. President Mahama´s meeting with Alasanne Ouattara centred on boosting economic activities between the two countries, and also to strengthen regional integration efforts of the sub-region. President Mahama was accompanied by his wife, Lordina, and a high powered government delegation and he is expected to return to Accra today.

Future of Komenda sugar factory very bright - Omane Boamah

Communication minister Dr. Edward Omane Boamah says the economic prospects of the Komenda Sugar Factory are very bright in spite of fears that the revamped factory faces an uncertain future. He explained that government has addressed an important concern about the consistent supply of raw material. The factory will buy 60% of the sugarcane it needs from farmers within the catchment area and 40% will be produced and supplied by the company’s own farm. The usual pomp accompanied the President’s commissioning of the Komenda Sugar Factory in the Central region Monday. He called the revamping a resurrection of the vision of Ghana’s first president Dr. Kwame Nkrumah. He built the factory in the 1960s as part of an industrialization plan to create a self-reliant economy. But the facility struggled to operate in the 1980s, a period of austerity and economic decline. It finally collapsed. More than 20 years later, the facility has began processing sugarcane into exportable products and by-products. But there is cautious optimism surrounding the economic breakthrough. Questions are been asked if it will not go the way of the Pwalugu Tomato Factory, now the Northern Star Tomato Processing Factory. The tomato factory, another built by Dr. Kwame Nkrumah in the 1960s was revamped in 2006 and later in 2009. But it is still struggling to stay afloat. Omane Boamah explained that the factory that could soon erase the import of 375,000 metric tonnes of sugar is worth any operation challenge it may face. "Apple, Samsung, Huawei and several multinational companies face challenges," he said. “When you translate challenges to mean permanent problems then, you do not have the attitude and mindset to transform that national asset”, he said. He pointed out that Ghanaian management of the Ghana Airport Company has proved to be a success story. The company is funding the building of an aerodrome

Ghana is the safest investment destination - Ambassador Joseph Henry Smith

Peace and stability, the two most important essentials every investor look out for is what Ghana is offering investors who are contemplating investing in Africa; His Excellency, Lt. Gen. Joseph Henry Smith, Ghana’s Ambassador to the United States assured Business Executives and Investors in New York on Saturday, May 21, 2016.

Ambassador Smith was speaking at a two-day summit “Bridge to Africa Economic Summit” in New York to explore Investment Avenues in Africa and bring participants up to speed with the latest trends in various industries and markets on the continent.

The summit was attended by high-profile experts and business leaders from Africa and U.S.

The event brought together investors, trade experts, entrepreneurs, manufacturers and industrialists (Small and Medium Scale) to network, market their businesses and brainstorm on the way forward.

Presentations were made by His Excellency, Lt. Gen. Joseph Henry Smith, Ghana’s Ambassador to US, Congressman Eliot Engel, Ranking member of on the House Foreign Affairs Committee, Mr. Timothy H. Marshall, President/CEO of JBRC, INC, Ms. Ruth Hassell-Thompson, New York State Senate and Mayor Richard Thomas, City of Mount Vernon, New York.

Ghana, Ambassador Smith said, for 25 years, has been stable and peaceful after seven uninterrupted elections since 1992, hence the international community’s recognition that the country is a model of democracy on the African continent.

He said the country is endowed with abundant natural resources which continue to attract the attention of global business magnates into all sectors of the Ghanaian economy.

He named a few as Gas and oil, hydropower, fruit and vegetable farming, food processing which including fish canning, production of agro chemicals, pharmaceuticals and IT.

Ambassador Smith said the government’s on-going privatization initiatives have also opened up a number of sectors for new business partnerships and investment, notably the Banking, Finance, Insurance and Tele-communication sectors.

On energy sufficiency, he said the government is determined to make Ghana the industrial hub of the West African sub-region and hinted that Ghana would be adding 5,000 megawatts to its power distribution by the end of 2017.

This, he said, would create a sub-region self-sufficient with energy and also create a political climate considered very vital for any investor looking for investment destination in Ghana.

University of Ghana, others win research grant on inclusive finance

The University of Ghana is part of a consortium that has won a £2,017,452 (approx. $2.93 million) research grant in inclusive finance. The project is funded under the DFID-ESRC (Department for International Development and Education Systems Research Programme) Growth Research programme. The project is led by Professor Victor Murinde at the University of Birmingham and the other collaborating institutions include SOAS University of London, Institute of Development Studies at the University of Sussex, Loughborough University, the Overseas Development Institute, the University of Nottingham, the University of Groningen, Netherlands, Université Laval in Québec, Canada and Columbia in the US, and the African Economic Research Consortium (AERC).

The research will be facilitated in Ghana by the dean of the University of Ghana Business School (UGBS), Professor Joshua Yindenaba Abor and Dr Mohammed Amidu of the Business School. It is well known that financial institutions and markets foster the flow of information about resource availability, especially the required financial resources for supporting economic growth. However, it is much less clear how financial development can be inclusive – some households and enterprises are unable to fully participate in the financial sector; globally, some countries may not access international capital markets. While new technology, such as mobile money transfer systems, has strengthened financial inclusion, gaps in access to finance as well as gaps in the development of financial systems seem to be getting wider following the 2007-09 global financial crisis. Overall, the current consensus is that there is an urgent need for research on inclusive finance and its potential contribution to lifting low-income countries to the level of their medium income peers. The research project focuses on delivering inclusive financial development, with a focus on low-income countries in Africa. Professor Victor Murinde, the Principal Investigator, said “the project will: deliver rigorous, high quality research to support financial inclusion policies; develop innovative financial products in collaboration with households, banks, and the private sector; involve collaborative research to enhance methodologies and data for the promotion of inclusive finance; and engage with policy-makers to provide research-based advice on financial inclusion in Africa”. He also mentioned, “this research is vital for embedding financial inclusion in African economies, and aims to have a significant impact on society as a whole”. The research, to be delivered over a four-year period (2016-2020), addresses three core questions: (i) How can institutional frameworks support inclusive financial development? (ii) What role do private and public capital inflows play in domestic financial inclusion in Africa? (iii) How can private and public institutions in Africa be a catalyst and channel for technological diffusion and financial inclusion? The research project will be launched in conjunction with the AERC Biannual Research Workshop, for dialogue and input from stakeholders, including senior policy officials, private sector actors, and civil society,in Nairobi on Monday, May 30, 2016.