Ghana's Energy Sector, Oil and Gas News
Tullow tops Ghana Club 100 awards for 2013/2014
Tullow Ghana Limited has been adjudged winner of the 14th Ghana Club 100 (GC100) awards for 2013/2014 at a ceremony in Accra.
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The petroleum and mining service giant emerged winners, having competed with other 100 limited liability firms operating in the country.
The annual event was organised by Ghana Investment Promotion Centre (GIPC) to celebrate and motivate Ghana’s leading businesses in all sectors of the economy.
The theme for this year’s celebration was “Impact Investment and Sustainable Economic Development.”
The Chief Executive Officer (CEO) of the GIPC, Mrs Mawuena Trebah, said the centre had put in place pragmatic measures to attract investors for sustainable economic development of the country, adding that they had been running a campaign called “Think Ghana, Make it Happen.”
That, Ms Trebah said, was geared towards highlighting the business opportunities available for investors countrywide.
“Impact on investment is based on the criteria that go beyond financial returns and attempts to create benefits for both society and environment. The development should have an effect on development economies and take precedence if companies place greater emphasis on social welfare, resources protection and pollution control from the outset of rolling out of their various projects,” she said.
According to her, one of the eligibility for ranking is that companies must be limited liability firms. Where companies have government interest, shared ownership should be less than 50 per cent, unless they are listed on local bourse.
Commendation
In a speech read on his behalf, the President John Dramani Mahama commended the companies that made it to the rank of GC100 and asked them to mentor other companies to emulate their best practices to enable them to grow to join the rank in future.
“Let me indicate that the temptation of our profit-oriented motives should not sway us from the call to invest responsibly to the collective benefits of our stakeholders, the citizenry, the government and last but not least the unborn generation,” he said.
The President urged private businesses to formulate and implement policies that would be geared towards sustaining economic development of the country, adding that promoting the culture of corporate transparency and openness within the Ghanaian business environment was crucial to its standard success.
“The various state institutions have been adequately resourced to play their roles in ensuring that our objective of attaining remarkable achievements in impactful sustainable economic development is achieved,” he explained.
The Awardees
Tullow Ghana Ltd ranked number one at the 14th Ghana Club 100 awards while Ramel Business Services Limited was adjudged the first runner up.
The Chief Executive of Ramel, Mr Amartey Nuno-Amartefio, attributed its success on the rankings to consistency and teamwork.
“We are going to contribute to growth, we are going to expand our franchise across Ghana, West Africa and the world,” he explained.
Ernst and Young compiled the 2013/2014 list based on rankings in profitability and growth of the companies.
Company size was given a weight of 40 per cent, while profitability and growth were weighed 30 per cent each.
The overall score for each company was then determined by totalling the company’s weighted average for all three criteria.
