Ghana is ranked 72nd in the world when it comes to the state
of globalisation. This is according to the DHL Global Connectedness Index
(GCI), a comprehensive analysis of the state of globalisation around the world,
which was released this week.
The Ghana Shippers Authority (GSA) has been awarded the
prestigious International Quality Crown Award in the Gold category by the
Business Initiative Directions (B.I.D), currently the most important private
organisation in the world presenting a Quality Award.
The Whitaker Group has been named the “Company of the Year”
by the African Diaspora Association at the Applause Africa’s second Annual
African Diaspora Awards ceremony in New York City early this month.
Economic challenges for new govt with the keenly contested
elections over, the new government will have to grapple with the
economic realities of the country to ensure that the economy records
real growth. Charles Benoni Okine & Samuel Doe Ablordeppey report.
Mr Kenneth Ashigbey, Managing
Director of Graphic Communications Group Ltd, recently presented a
paper at the maiden Ghana’s super brands 2012 awards ceremony in Accra.
In view of the importance of the event and the paper we publish the
full text of his presentation.
TROPICAL Cable and Conductor
Limited (TCCL) has been adjudged the Best Manufacturing Company in the
Electrical and Electronics sector by the Association of Ghana Industries
(AGI) in its maiden National Industrial Awards.
HFC Bank has increased its
stated capital from GH¢45million to GH¢95 million as the result of the
private placement the bank undertook to shore up its minimum capital
requirements as stipulated by the Bank of Ghana. The bank has
therefore added 112,420,246 ordinary shares to the company’s number of
issued shares bringing the total number of issued shares to
The bank’s shareholder’s funds have equally increased to GH¢129 million and this has changed the shareholding structure. The
existing shareholders which comprises Social Security and National
Insurance Trust, Aureos Africa Fund and Ghana Union Assurance took a
total of 70.82 per cent of the amount offered while a new investor,
Republic Bank of Trinidad took up 29.18 per cent.
Republic Bank of
Trinidad is the largest financial institution on the Caribbean with
total assets of over US$7 billion and has over 60 years experience
in the financing of the oil and gas sector in Trinidad and Tobago. According
to the HFC, with this fresh of capital injection, the bank is poised to
grow all aspects of its universal banking business by working together
with their customers.
HFC Bank was incorporated on July 7 1993, as a
wholly-owned subsidiary company, Home Finance Investment Fund Limited
(HFIF), to undertake the business of an investment company. October 1
2001 HFIF changed its name to HFC Investment Services Limited(HFC-ISL)
in order to take on other businesses. The organization was licensed by Bank of Ghana as a Non-Bank Financial Institution (NBFI) in August 1994
under the Financial Institutions (Non Banking) Law, 1993 (PNDCL 328).
converted to a public company on October 5 1994 and got listed on the
Ghana Stock Exchange (GSE) on March 17 1995 at an IPO price of ¢100
per share and issued with a Deposit-Taking Authorisation by Bank of
Ghana on July 30 2001. This was followed with the issuance of a
Universal Banking License by Bank of Ghana on November 17 2003 as a
HFC Bank provides a comprehensive range of
mortgage financing, commercial banking and investment banking services.
In this regard, HFC has played a pivotal role in the development of
Ghana’s money and capital markets.
HFC offers mortgage loans to
enable individuals purchase and own houses. The bank provides special
packages are available for recognised groups, associations and
institutions to meet the home ownership goals of their employees and/or
HFC Bank established the first unit trust in Ghana, HFC
Unit Trust, which began operations in July 1991 and also the first real
estate investment trust, HFC Real Estate Investment Trust (HFC-REIT), in
Through its banking and investment management
operations, a wide range of financial and investment services are
offered to individuals and corporate bodies. Funds management,
Brokerage, Property management, Current and Deposit accounts and all
forms of credit facilities are provided. Currently HFC-ISL manages the
following funds; The HFC Unit Trust; HFC REIT; HFC Equity Trust and HFC
Future Plan Trust.
On September 17, 17 1996, HFC issued the first
corporate bond (HFC Housbond) on the Ghana Stock Exchange with a shelf
registration of $35 million to finance foreign currency mortgages. GB
ALL eyes fall on AngloGold Ashanti, and possibly on other players in
the South African mining sector, following a proposal to unbundle Gold
Fields' South African assets, a transaction that was broadly welcomed by
“I think this is a breath of fresh air,” said Peter
Major, an analyst for Cadiz Corporate Solutions in Johannesburg. “I
think the rest of the mining sector can take a leaf out of Gold Fields’
book, staring with AngloGold Ashanti,” he added.
Shares in AngloGold
Ashanti gained nearly four per cent in Johannesburg which some analysts
interpreted as expectations the R106bn gold group might attempt a
similar unbundling of its ageing South African assets.
Ashanti didn’t comment directly on its plans, suffice to say it has
repeatedly recognised the strategy was “an option”. A company
insider, however, commented: “It helps that someone is at the vanguard
of this thing,” referring to Gold Fields’ proposals. In terms of the
unbundling, Gold Fields has proposed creating a new company – Sibanye
Gold – that will consist of the mature South African mines KDC and
Beatrix that produced 1.4 million ounces of gold in Gold Fields’s 2011
financial year, and a pretax profit of about R6.2bn.
leave in Gold Fields the 700,000 oz/year project, South Deep, on
Johannesburg’s West Rand, as well as the group’s existing African,
Australian and South American mines, and some exploration prospects.
Gold Fields would have production of 2.2 million oz/year and 64 million
oz in gold resources.
According to a market source, Mark Cutifani,
AngloGold Ashanti CEO, had already lined up a proposal with a similar
outcome to that announced by Gold Fields such that its shareholders
would have the option of investing in either the firm's South African or
non-South Africa (international) assets, or both.
“I think they
were waiting for the conclusion of Manguang (ANC elective conference)
and Cutifani will be quite annoyed Gold Fields has come out with this
first," a US-based source told Miningmx.
"Gold Fields now has first
mover advantage. I think he [Cutifani] was first just getting all his
ducks in a row first,” he added. Asked to comment on whether the
Gold Fields deal could open the way for the creation of other South
African-focused companies, Nick Holland, CEO of Gold Fields said:
“Anglo-Gold has been grappling with the same problems as us; their
decline in production is the same as ours.”
“The question for them,
as for us, was how to deal with the demands of investors who have
choices. They’ve got to be thinking about it,” Holland said. Cadiz’s
Major says the creation of Sibanye offers a return to the dedicated
gold vehicles available to investors in the Eighties and Nineties. “The
reason the ratings of South African gold companies are at a 25 to
30-year low is that you don’t know what you’re getting from them. With
gold [metal], you do”. A gold company with nothing but South African
mines offers a certain profile, and return, that investors can
understand. “There’s none of this subsidisation of offshore mines using
South African cash flows or vice versa,” said Major.
“Others have to
follow this. Shareholders will demand it,” he said. Major also
suggested that other mining companies, such as Anglo American Platinum,
currently applying the finishing touches to an operational review, could
do the same.
“Harmony Gold is another. I’ve told Graham Briggs
[CEO] that its Indonesian project [Wafi/Golpu in Papua New Guinea] has
been taken past the value curve. It’s over-drilled and now people are
starting to see the negatives in it,” he said.
Sholto Dolamo, an
analyst for asset management company, Stanlib, agreed the Gold Fields
unbundling could be applied elsewhere in the industry. “I wouldn’t be
surprised if there was thinking along similar lines.
“If you could
make the South African mines cash cows that would make sense from an
economies of scale point of view, especially if you could put them
together. Mponeng [an AngloGold Ashanti mine] and KDC [Gold Fields mine]
perhaps in the same complex would make perfect sense,” he said.
Every nook and cranny of the country is now bustling with a
lot of political activities in the form of debates and campaigns of all kinds
by the various political parties contesting this crucial elections in their
quest to win the hearts and minds of the electorate.
Corruption has never been more prominent in the development
debate. In the UK, eliminating
corruption is at the heart of the Prime Minister’s golden thread, and has been
a leitmotif of his government’s approach to aid: we will commit to 0.7 per
cent, but we will be tougher on how it is spent.
The Local Enterprises and Skills Development Programme
(LESDEP) is to assist an additional 60,000 people to acquire the necessary
technical and entrepreneurial skills to help them establish their own
businesses or improve upon the performances of existing enterprises.
Three private sector players – Mantrac Ghana, Cat Financial
Services and Standard Bank – have come together to provide equipment financing
solutions to facilitate the acquisition of heavy duty equipment for
construction works across several sectors of the economy.
The Minister of Trade and Industry, Ms Hannah Tetteh, has
stressed the need for Ghana to deal with its infrastructural deficit in order
to enable it create the enabling environment for businesses and industries to
Guinness Ghana Breweries Limited (GGBL) was on Saturday,
November 24, presented with two top awards at the maiden edition of the Ghana
Industries Awards organised by the Association of Ghana Industries (AGI). The
awards sought to recognise, celebrate and reward deserving businesses that
excelled in six categories for the year 2011.