News Headlines

Duffuor adjudged best African finance minister

The Minister of Finance and Economic Planning, Dr Kwabena Duffuor, has won the prestigious Finance Minister for Africa award for 2011 after beating six other African finance ministers shortlisted for the award.

The authoritative London-based magazine, The Banker, published by the Financial Times Group since 1926, conferred the award on Dr Duffuor for leading a team that initiated prudent fiscal policies anchored on checking waste in public spending, ensuring quality of expenditure and enhancing domestic revenue mobilisation through improvement in tax policies.

In its January 2011 edition, the publication considered that in less than two years at the Ministry of Finance and Economic Planning, the minister "has been leading an arduous campaign to weed out wasteful public spending and enhance revenue",

It stated, "His vision for the medium term has been to accelerate growth of the Ghanaian economy without compromising macroeconomic stability."

It added that Dr Duffuor had also implemented fiscal and financial policies that promoted fiscal sustainability and support for the domestic financial system.

Dr Duffuor told the Daily Graphic that he was happy when he received the gipc_news, as it went to show that the nation's efforts at turning the economy around within a short period had received international recognition and approval.

But he would not like to take the credit but rather dedicated the award to the people of Ghana and the President, Prof. John Evans Atta Mills, who, he said, did not only appoint him but also gave him the necessary support and personal commitment to ensure that the economy became sustainably stable.

The African finance ministers who raced with Dr Duffuor were those from South Africa, Egypt, Kenya, Tanzania and Rwanda.

"The distance we have travelled in these few months is remarkable. The benefits of the government's commitment to its economic programmes are clearly visible and the decline in the overall budget deficit this year (2010) is appropriate," the Finance Minister told The Banker.

The Independence, a local gipc_newspaper, crowned Dr Duffuor Man of the Year in 1997. Around the same period, he was also crowned the Marketing Man of the Year by the Chartered Institute of Marketing, Ghana (CIMG).

Just last year, Dr Duffuor also received the International Distinguished Merit Award from the Gambia-based West African Institute of Insurance (WAII).

Dr Duffuor holds a PhD from the University of Syracuse, New York. His dissertation was titled:

"The impact of the post 1971 exchange rate system on developing countries, with special reference to Ghana".

The Finance Minister also holds two masters degrees - an MBA in Finance and Banking and a Master of Arts in Economics.

Source: Daily Graphic

 

Ghana improves in rankings of business-friendly countries

Ghana has moved up 10 places from 77 to 67 in the latest rankings of countries where the environment for doing business is good.

The 2011 World Bank/International Finance Corporation Doing Business report ranks 183 economies around the world who have improved the environment for local businesses especially to thrive.

The forward looking rankings track some regulatory reforms that have taken place from June 2009 and May this year which has gone a long way to improve the environment for doing business.

The report is based on 10 indicators that track the time and cost involved to meet government requirements in starting and operating a business. It also looks at other factors such as trading across borders, paying taxes, closing a business, getting credit, enforcing contracts and protecting investors.

Ghana also came up as the global best reformer in access to credit and still the best place for doing business in West Africa.

The rankings also revealed that Ghana made some strong showing in protecting investors ranking 44th out of 183 countries.

The rankings also showed that Ghana has shown continued improvement over the past five years in improving the environment for doing business.

Source: Joy Business/Ghana

 

Renewal of GIPC Registration by All Companies

PUBLIC NOTICE

RENEWAL OF GIPC REGISTRATION BY ALL COMPANIES

The Ghana Investment Promotion Centre (GIPC) wishes to inform all companies registered with the Ghana Investment Promotion Centre (GIPC) under the GIPC Act,  1994, ACT 478 and all its predecessor institutions under repealed legislation such as the Ghana Investment Centre (Investment Code 1985, PNDCL 116), that as a new policy directive, all existing companies registered with the Centre and its predecessor institutions prior to February 2007are required to apply for the renewal of their registration documentation before the 30th of April 2011. Such renewals will henceforth be valid for two(2) year period, only.

This policy directive is to ensure that the records of applicable companies are kept up to date at the GIPC and that such companies are compliant with GIPC legislation. It is recommended that the renewed Certificate be displayed at company premises for ease of inspection during official monitoring and visits.

It must be emphasised that renewals will ensure that your company continues to enjoy the benefits, incentives and guarantees under GIPC ACT 478 as well as to support services provided by the GIPC to its clients.

The renewal procedure entails the submission of the following:

  • GIPC Renewal of Registration Form/ written request to the Centre for renewal with information provided on the company’s name, address an original registration dates. Kindly attach a copy of the original registration documentation if available.
  • A copy of the latest Audited Accounts or Annual Report of your company
  • A fee of US$500.00 or its Ghana Cedi equivalent by Bankers Draft, ( Note that this is reduced from the renewal fee of US$1500.00 payable by companies who registered with the GIPC after February 2007)

For further information Please contact Augustine O. Otoo on +233-302-665125 to 9 

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tullow finds signs of more crude and gas off Cape Three Points

Jubilee operator, Tullow has announced that it has found signs of crude oil and gas offshore Ghana.

This follows appraisal works at its Teak-2 well, a major oil field away from Jubilee.

Director of Corporate Affairs, Tony Aubynn has told Joy Business more work needs to be done to establish the extent of deposits.

The discovery he said, "is good gipc_news for Ghana, is good gipc_news for the Jubilee Partners because there is more oil and gas."

Dr. Aubynn however said he could not confirm reports that Tullow was seeking to buy a further 3.5 percent stake in Ghana's offshore Jubilee field for $300 million from Jubilee partner, EO Group.

The Financial Times reported the purported sale, citing unidentified industry officials in Ghana and London.

The acquisition according to the FT, would raise Tullow's stake in the field to close to 26.5 percent.

Source: Joy Business/Ghana

Ecobank Opens China Desk

The Ecobank Group and the Bank of China have jointly opened the first China Desk at Ecobank Ghana to provide banking services to Chinese companies doing business in Ghana and also to Ghanaian businessmen who have or want to do business in China.

The desk will be manned by two Chinese staff of the Bank of China and some Ecobank Ghana staff and will facilitate trade and investment between Ghanaian and Chinese businesses.

The desk is a manifestation of an agreement between Ecobank and Bank of China in 2009 and subsequent signing of a pact in July, 2010.

Managing Director of Ecobank Ghana, Mr. Samuel Adjei noted that the significance of the desk is based on records available at the Ghana
Investment Promotion Council, which indicate that trade and investment between Ghana and China reached $2.05 billion last year, jumping from $1.3 billion in 2009.

"This is the first time trade between Ghana and any country has crossed the two-billion-dollar mark and that is very significant for both countries."

"Records at the GIPC also show that Chinese companies top the list of registered companies in Ghana in terms of foreign direct investment (FDI)" he said.

Mr. Adjei also noted that China's foreign direct investment (FDI) has also grown by 80 per cent in recent years, with the scope of investment spanning mining ICT/telecommunication, manufacturing, tourism and agriculture.

He said the China Desk would therefore provide an opportunity for the Bank of China to provide more focused solutions to its clients in Ghana and also allow Ecobank to expand its business in China.

Mr. Albert Essien, Executive Director of Corporate Banking at the Ecobank Group and he told Adom gipc_news that the volume of trade and investment between China and Ghana now is one of the highest and there was need for more proactive measures like the China Desk that Ecobank has opened.

He noted that the desk will provide a bouquet of banking services such as loans, project funding, and other support services to both Chinese and Ghanaian business persons whose activities have mutual benefits for Ghana and China.

"In the coming months we will open similar desks in all 32 African countries that Ecobank operates in," he said.

The Minister of Trade and Industry, Ms. Hannah Tetteh urged Chinese investors in Ghana not to focus only on trade but also on investing in processing of raw materials in Ghana.

She reminded them that Ghana was now focusing on processing more of its raw materials and adding value to them before exporting, so government was willing to support investors who would focus more on government's vision than on those who are only interested in buying and selling.

Ms Tetteh noted that even though trade between Ghana and China had reached record high in terms of the financial value, there was a huge disparity in terms of benefits, saying "Chinese businesses are benefitting more than Ghanaians are."

"I hope Ghanaian businesses will take advantage of the platform provide by Ecobank to close the gap as much as possible," she said.

The minister lauded Ecobank for the initiative and expressed the hope that other banks in the country would emulate them.

The Head of Banking Supervision at the Bank of Ghana, Mr. Nicholas Sai also lauded Ecobank but urged them to manage the risks involved more effectively to prevent unforeseen challenges. He also pledged the BOG's support for such initiatives.

Ecobank Group Chief Executive, Arnold Ekpe said the initiative was significant for Chinese-Africa co-operation, adding that the desk is opened to Chinese companies in the rest of Africa and also to Ghanaian businesses with interests in China.

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