Business & Financial Times Limited
Contact Person (Name) : Edith Dankwa
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Address : PMB CT 16, Cantonments-Accra
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Website : www.thebftonline.com
Business & Financial Times (B&FT) is currently Ghana’s biggest business newspaper with a varied readership base across the 10 administrative regions of the country.
Established in 1989 as a weekly publication, the newspaper is a now a daily paper delivering business and financial news and information to the business community in the country and internationally.
Over the years, Business & Financial Times Limited has rolled out a cocktail of other publications including the pan African business magazine, Business Times; Energy Today and the online portal: thebftonline.com as well as the B&FT Weekend, which is dedicated to social issues and discovering the social side of Corporate Ghana.
Business & Financial Times (B&FT) is also involved in a number of international publications and has affiliates in Nigeria, South Africa, Zimbabwe, Kenya and the UK.
Aside the publications, the company is also involved in event management. It has over the years successfully organised a number of local and international events including Ghana’s Most Respected CEO and Company Awards, Best Sector Performance Awards, the Life Assurance Forum, the Ghana Private Medical and Dental Awards, West African Banking Congress, Ghana Auto Expo, Northern Business and Investment Fair and the internationally acclaimed Pan-African leadership event, the annual African...please read more
The Ghana Community Network Services Limited (GCNet) has held the fifth edition of its annual thanksgiving service at its head office in Accra, with its Executive Chairman-Dr. Nortey Omaboe, urging staff to adhere to integrity, teamwork, humility and service.
“As a company integrity is important, especially in the environment in which we are; and I charge all of you and pray that integrity prevails in everything we do,” he said.
He observed that although the company faced some challenges in previous years, the good Lord had helped it to grow from strength to strength.
Dr. Omaboe assured the staff that their welfare will continue to be paramount to his administration, because without that the company won’t meet its...please read more
Medication adherence is defined by the World Health Organization as “the degree to which the person’s behavior corresponds with the agreed recommendations from a health care provider.
The treatment of chronic illnesses like autoimmune conditions commonly includes the long-term use of drugs. Although these medications are known to be effective in combating disease, their full benefits are often not achieved because about 30 to 60percent of patients do not take their medications as prescribed.
Successful management of chronic diseases, like lupus, involves a partnership based on a mutual understanding of specific treatment goals, which is the best way to minimize morbidity and improve clinical outcomes.
Why is Adherence Important?
Ward et al. showed that Lupus patients who participated more actively in their care had less organ damage over a median follow-up period of 4.7 years(1).
Nonadherence with medication regimens may result in increased use of medical resources, such as physician visits, laboratory tests, unnecessary additional treatments, emergency department visits, and hospital or nursing home admissions. Nonadherence may also result in treatment failure.
In one study, one-third of...please read more
Africa World Airlines (AWA) has submitted a proposal and held discussions with the Aviation Ministry to be designated as the country’s flag-carrier, Togbe Afede XIV – Co-Chairman of AWA and Chief of Asogli State – has said.
When designated as the national flag-carrier, AWA will be able to operate flights between Accra, Ghana, and all other countries around the world with which the country has a bilateral air service agreement.
“We submitted our proposals and had meetings with the aviation authorities, and I must credit them for their openness and desire to make it happen for Ghana – and we are happy to be part of that process.
“Our key partner, Hainan Airlines, is part of the HNA group. Deals done by the HNA group over an 18-month period is in excess of US$40billion, so we come with a lot of financial muscle. And, of course, technical capacity is also assured, because within the HNA group we have more than 14 airlines. So, we come in with the global connections and a worldwide network necessary for the success of a national carrier,” he told the B&FT at the launch of its maiden flight from Accra, Ghana, to Monrovia, Liberia.
Government is seeking to establish a new national airline under a public-private-partnership (PPP) arrangement, in order to realise its vision of making Ghana an aviation hub in the West African sub-region.
To this effect, the Aviation Ministry has received about 20 applications and is perusing them with government’s Economic Management Team to make a decision on the...please read more
The Karadeniz Energy Group has given indication it will use its “strong operating base in Ghana,” to spearhead its expansion into the West African sub-region, and the African continent at large.
Talking about the company’s future at the official commissioning of the 470MW Osman Khan powership at the Tema Fishing Harbour, CEO of the group, Orhan Remzi Karadeniz, said his outfit would be “proud” to play a part in making Ghana an energy hub for the sub-region.
“We are now looking forward to relocating to Sekondi within the next year, start operating with Ghana’s indigenous gas, continue to be lowest cost and most reliable solution partner for Ghana, and spearheading our expansion into the region – ECOWAS and the continent – from our strong operating base in Ghana,” he said.
The company is yet to move away the first powership, the 235MW Aysegul Sultan, which Osman Khan replaced.
An industry source told the B&FT that this could be because the company is looking at other energy markets in the sub-region, possibly Togo, Burkina Faso or Nigeria.
“I mean, why would they be in a rush to take it away when there is such a huge energy deficit in the sub-region?” the source said. “It could well be left here; transmission lines could deliver the power to say Burkina Faso or Togo, with transmission charges attached.”
According to Orhan Remzi Karadeniz, the company is inching closer to hitting 5000MW of generation capacity across the globe, with a...please read more
Siemens and Rotan Power have signed a memorandum of understanding (MoU) to develop and build a combined cycle power plant with a capacity of 660 megawatts (MW) at the Aboadze Power Enclave located in the Western Region.
The MoU was signed in the presence of vice president Dr. Mahamudu Bawumia and Brigitte Zypries, the German Federal Minister of Economics and Energy. The plant will be the most efficient and environmentally-friendly thermal plant, setting new standards in sub-Saharan Africa. It will be built in two phases, with the commercial operation date of the first phase scheduled for 2023, with the second phase scheduled for 2025.
The German Export Credit Agency and Euler Hermes are set to provide financing for the project, which will be the largest plant in Ghana.
CEO of Siemens sub-Saharan Africa, Sabine Dall’ Omo says: “This project underlines the strategic partnership between Germany and Ghana, and underpins the engagement of Siemens as leading global technology company in Africa. Together, we...please read more
The removal of import duties on spare-parts and other items will begin in 2018, the Ghana Revenue Authority (GRA) has said.
This due to completion of the processes and legal framework necessary for implementation of the decision announced by government in its 2017 budget.
It also follows the expected operationisation of the ‘Harmonised System – the ‘ECOWAS Common External Tarif and Other Schedules’- in the coming year, which is based on the revised 2017 version of the Harmonised Commodity Description and Coding System (HS).
The HS, which Ghana signed to by virtue of its membership of the World Customs Organisation, is the basis upon which tariffs of member countries are decided. It is also the document upon which the ECOWAS Common External Tariff was developed for use by it member countries.
As result of this, the Sector Commander for Brong Ahafo Region and...please read more
First National Bank Ghana, a subsidiary of the FirstRand group of South Africa, has introduced its merchant-acquiring solution into Ghana. Commonly known as a Point of Sale (PoS) device, this will be available to all qualifying businesses such as retail outlets, fuel stations, restaurants, churches etc.
As one of the fast-growing commercial banks in country, First National Bank has confirmed its determination to help Ghanaians transform from a cash-based economy to a card or cash-lite economy.
The First National Bank’s PoS devices are enabled to accept all Visa or MasterCards.
According to Delali Dzidzienyo, Head, Marketing and Corporate Affairs: “The introduction of PoS machines is timely, especially as the country is moving from a cash-based economy to a more secure cashless one. Our commitment to ensuring quick penetration and usage has informed the decision to initially offer the devices to businesses free of charge.”
“This means we are waiving the rental cost on...please read more
For a lot of nurses, they are expected to have caring hearts, exhibit kindness and selflessness to people who are under their care. After all, the nursing profession was built on these attributes and many more by the founder of modern nursing Florence Nightingale.
When 24-year-old Loretta Nana Ama Asante, signed up for Nightingale’s call to duty, she didn’t sacrifice her childhood passion of painting. She was the type of toddler that would go to sleep clutching onto her priceless crayons.
When other toddlers her age were busily playing with their Barbie dolls and what have you, Loretta will be busily drawing stuff her parents could hardly decipher but as long as she was passionate about what she was doing, they cared less about it.
As she grew older, she became more obsessed with recreating her world, first in her jotter, then on her canvass. Her obsession led her to choosing Visual Arts programme in senior high school at Serwaa Nyarko Girls in...please read more
Desire is a powerful urge to have or do something. It is far stronger than merely wanting or wishing. Desire is a state of mind. It is a key factor for success in every endeavor. To desire something means you yearn for it so intensely that you are prepared to hurdle over any obstacle and endure any discomfort to reach your goal.
When you desire someone, what happens to you? You hold a picture of the person in your mind. You think about that person. You are passionate about them. You want to listen to them and speak to them as often as possible. You want to be with the object of your strong feelings. So your behavior changes. You look for opportunities to be in contact with that person. If those opportunities are not available, you seek to create them so you can reach you goal. As it is with a loved one, so it is with public speaking.
See yourself succeed
How can desire help you become a masterful public speaker? In your mind’s eye, see yourself as a confident person with a useful message that you communicate in an interesting way to a receptive audience. Try and make your...please read more
In the early weeks of November this year, a team of young enterprising engineers set off to do something unconventional. Their talents and dexterity would now be put to the test. Equipped with the idea and learning from the old success stories, they believed it could be done. Indeed, these engineers succeeded in building a bamboo wheelchair.
Working for Bright Generation Community Foundation with technological support from Ghana Bamboo Bikes Initiative, Marjelle Scheffers, a Dutch Biomedical Engineer from University of Delaware and Asante Eric, an Engineer with Ghana Bamboo Bikes Initiative, turned the idea from a concept to a physical prototype.
It all began with Solomon Owusu-Amankwaah and Bernice Dapaah (CEO/Founder) of Ghana Bamboo Bikes Initiative, who had brainstormed about the possibility of extending the application of bamboo and creating an assistive device to support the many physically challenged in Ghana.
When they realized the severity of the current issue of lack of accessibility to wheelchairs, the idea of using bamboo to make wheelchair became more than just a passing thought.
Asante had built a rather complex model in...please read more
Government has asked Danish investors to take advantage of the numerus opportunities that exist in various sectors of the economy, as the country prepares to move from aid to trade and become Africa’s manufacturing hub.
Speaking to Danish investors who are currently on a two-day visit with Queen Margarethe II of Denmark, Trade Minister Alan Kwadwo Kyerematen, said “our vision is to become the new manufacturing hub for Africa,” adding that Ghana has a very conducive legal and political environment for businesses to thrive.
“My friends from Denmark, these are exciting times for our country. There are a number of things that investors look for. First is political stability, and as a country, we are a beacon of hope in terms of our democratic credentials in the whole of Africa. As an investor you want to make money, but you want to stay alive and enjoy the fruit of your labour, and that’s why safety and security is very important.
We also have probably one of the most robust judicial systems in the whole of the continent. And as businessmen, we may run into problems but the key is to have a system that provides fairness and equity for both parties. So, we are ready for business and we want to develop a strategic partnership for the Danish private sector,” Mr. Keyerematen said.
He further said that government is creating opportunities for investors...please read more
There has been a series of attacks on web based applications in Ghana in recent times. In the past three years, Ghanaian organizations and agencies, most especially government agencies have experienced severe cyber-attacks.
Most organizations in the country operate their web based applications without protecting the HTML codes. HTML (Hypertext Markup Language) is the set of markup symbols or codes inserted in a file intended for display on a World Wide Web (www) browser page. The markup tells the web browser how to display a web page’s words and images for the user.
On Friday, 12 May 2017, it was reported that over 250,000 computers were infected with WannaCry Ransomware attacks in over 150 countries. The private media houses in Ghana had earlier experienced a major cyber attack on their websites which rendered the sites inaccessible to readers. The media websites attacked included ghanaweb.com, peacefmonline.com, myjoyononline.com and adomonline.com.
This report indicated that Ghanaian organizations needed to embrace the global cyber security threat against institutions. The global cyber threat against institutions like banks, schools, data storage agencies, health institutions, law firms etc are intended to steal data, money, erase data or permanently destroy sensitive data.
Organizations must therefore be extremely cautious about how to protect its collected data, how to process, transmit and store information of its employees, suppliers, vendors, etc.
The Bank of Ghana, startled by the recent cybercrime activities in Ghana, has warned banks in the country to...please read more
Airlines operating flights to and from Accra, Ghana are changing their aircraft in response to increased capacity on the route, demand by passengers for enhanced comfort and improved on-board services, starting a healthy competition that will benefit consumers.
Given the capacity of these aircraft, airlines would have to be creative and intensify their marketing efforts. This will see announcement of very competitive prices from Accra to various destinations around the world for the benefit of passengers.
Addis-Ababa based Ethiopian Airlines on November 14, 2017, deployed an Airbus A350 to serve the Accra route.
Mrs. Genet Michael the Area Manager in Ghana told the B&FT during the maiden flight of the A350 to Accra that: “We expect Ghanaians to reciprocate the good feature from ET by further Supporting our Airline.
The change in equipment highlights the company’s strong commitment to...please read more
In an effort to free the Newmont Ahafo Mine concession from illegal mining activities, Newmont Ghana Gold Limited (NGGL) has initiated steps to create an alternative means of livelihood for the illegal miners.
The agro-based initiative is expected to create about 26,600 jobs in the first five years. The company said it will partner agencies like the United States Agency for International Development (USAID) and the Deutsche Gesellschaft fur International Zusammenarbeit (GIZ) in the implementation process.
“From a developed economic feasibility study, we have selected three crops – cassava, maize and plantain – for the job revolution. It is estimated that within the first five years of the initiative, it will create about 26,000 farmer-based jobs and 500 to 600 agro processing jobs at peak period,” Derrick Boateng, Newmont’s Senior Manager for Sustainability and External Relations, said.
Years before Newmont started mining, cultivation of cassava, maize and plantain was among the major economic activities in the two host districts of Newmont Ahafo Mine-Asutifi North and Tano North.
Many of the farmers have lost their...please read more
Golden Star Resources has been awarded the 2018 Environmental and Social Responsibility Award by the Prospectors and Developments Association of Canada (PDAC).
Selected by PDAC’s Board of Directors, this award recognizes an organization that demonstrates outstanding initiative, leadership, and accomplishment in establishing and maintaining good relations with local communities and in protecting and preserving the natural environment during an exploration program or operation of a mine.
Golden Star will be honored at an awards ceremony to be held during PDAC’s annual convention in Toronto on March 6, 2018.
Sam Coetzer, President and Chief Executive Officer of Golden Star, commenting on the award said Golden Star was very proud to receive the PDAC 2018 Environmental and Social Responsibility Award.
“Responsible mining is at the heart of our company and we are committed to working with the highest level of respect for the communities and environments in which we operate. Whenever I visit our operations I am humbled by the passion and commitment shown by our team to working in a...please read more
President Nana Addo Dankwa Akufo-Addo has pledged government’s support for the housing sector, urging private entities to come on board to reduce the country’s growing housing deficit.
Speaking at the ground-breaking ceremony for commencement of the first phase of the affordable housing project at Appolonia City, located in the Kpone Katamanso Constituency, the President called the project laudable as it is line with government’s vision of addressing housing challenges in the country.
“The government, I believe, is the natural cheer-leader for the private sector, and we shall do all we can to provide an enabling environment for the private sector to flourish in Ghana. I promise the private partners of this project that Ghana will be a great place to do business under my watch.
“The project is in line with government’s vision of using an appropriate mix of public policy and private-public investment to deliver quality, affordable social housing, and private housing solutions that meet the needs and financial capacity of the ordinary Ghanaian. It is a laudable initiative, and I want to encourage others to emulate it,” he said.
With a housing deficit of over 1.7 million housing units, the Appolonia City project is one of several initiatives designed to ensure the...please read more
Mr. Kwabena Okyere Darko (MP), Deputy Minister of Aviation, has disclosed that about 20 international and local airlines have expressed interest in partnering government for the establishment of a new national carrier.
Mr. Okyere Darko, who represented the sector minister, Ms. Cecilia Dapaah, at the welcome ceremony to receive Ethiopian Airline’s Airbus A350 to Accra’s Kotoka International Airport (KIA), said over 20 Airlines have applied to work with Ghana to start its own home-based Carrier. The Cabinet, he says, has given policy approval to start the Airline.
“Ethiopian has being giving Ghana a great service and hopefully it would support Ghana as it plans to set up a home-based Carrier,” he said.
The Airbus A350 has been...please read more
The latest figures from the Bank of Ghana shows that banks’ base rates have dropped by 0.3 percent, bringing the year-to-date drop to 1.9 percent.
The monthly Annual Percentage Rates (APR) of interest charged on loans and credit advances and the Average Interest (AI) paid on deposits by banks show that the industry average base rate, as at October 31, was 25.7percent – a marginal decrease of 0.3 percent compared to 26 percent at the end of September.
At the start of the year (end-January), the industry average base rate was 27.6 percent, giving a year-to-date drop of 1.9 percent.
The average deposit rate as at October 31 was 10.4 percent, the same rate...please read more
A new entity, Airteltigo, has been announced following the long-awaited merger of the two mobile telecommunication entities, Airtel–operated by Bharti Airtel and Tigo–operated by Millicom Ghana Limited.
Senior management staff of the newly-emerged entity yesterday met employees at a staff durbar to unveil the identity of the new entity and share with the staff the vision of the new company.
Speculations were rife before the unveiling that French telecoms company, Orange, was in pole position to annex the merged entity. But the unveiling done in the presence of workers, senior management members among other key stakeholders, waters down on the speculation of the Orange takeover.
Roshi Motman, former Managing Director of Tigo, who is expected to lead Airteltigo, acknowledged the support of the employees throughout the rather long period of uncertainty–the period between the start of merger talks and to the approval granted by the regulator, National Communications Authority (NCA).
According to her, the new entity, which becomes the second largest mobile telecoms operator in the country after MTN, will rely on the...please read more
HFC Bank Ghana, a subsidiary of Republic Financial Holdings Limited has been recognized as the Best Pension Custodian Bank at the Ghana Accountancy & Finance Awards.
The Award is in recognition of the Bank’s enormous contributions in the Custody Services including Trade Settlements, investments collections, cash collection services, detailed valuation reporting and twenty-four hours turnaround time of customer complaints and enquiries.
Commenting on the recognition, the Acting Managing Director of HFC Bank Ghana, Mr. Anthony Jordan said that the Bank appreciates the delicate nature of the pensions business and has as such, invested heavily in the state of the art IT infrastructure to help run its Custody operations.
Mr. Anthony Jordan also believes that beyond the state of the art infrastructure, the professional, tailor-made and unparallel customer service offered by the Custody Services department contributed to the Bank’s recognition.
He therefore took the opportunity to recognize the work by the Custody Services Unit led by Elias Augustine Dey.
“Since the setup of the Custody Services Unit five years ago, the team has worked very hard to significantly grow their assets base to become a leading investment and pension custodian in Ghana serving Blue-Chip companies in the country’’ he noted.
The Acting Managing Director of...please read more
Business & Financial Times (IIPGH) in partnership with the Institute of ICT Professionals Ghana (IIPGH) will publish weekly articles (every Monday) on ICT. The column is called “ICT Insight with Institute of ICT Professionals”
As part of the partnership, IIPGH members would send articles on ICT weekly to IIPGH internal editorial board (email@example.com), the articles would be reviewed before sending to B&FT for publication.
In addition, daily subscription of B&FT newsletter would be shared with members to subscribe where softcopy of the newspaper can be accessed online. This is different from the https://thebftonline.com/
The first edition of the article has been published in both print...please read more
The Minister for Finance, Ken Ofori-Atta will be presenting the 2018 budget statement and economic policy of government on November 15,2017 which is expected to focus on Industrialization; Agriculture and consolidation gains made after almost a year in office.
This was communicated to Members of Parliament during the presentation of the Business Statement by the Majority Leader, Osei Kyei-Mensah-Bonsu on the floor of the house on Friday.
He read: “The Minister for Finance is expected to appear before the House on Wednesday, 15 November 2017, to present the Budget Statement and Economic Policy of the Government for the year ending 31st December 2018. The Business Committee therefore urges...please read more
Industries could heave a sigh of relief by January, following a revelation by Vice President Mahamudu Bawumia that power tariffs could be reduced by as much as 25 percent.
“We will actually be seeing some significant reduction in the cost of electricity for industrial production next year in Ghana, and that can be as much as 25%…And that should be a major catalyst for industrial production,” the Vice President said at the Global Business Forum on Africa in Dubai.
The announcement confirms an earlier statement by the Energy Minister, Boakye Agyarko, that “our next mandate after stabilising power supply is to begin the reduction of prices”.
The Vice President told the investor community in Dubai that the government of Ghana had shifted its focus from taxation – as in many other countries in Africa – to production, and is working hard to formalise the economy using technology as one of the pivotal points.
The reduction of the cost of power, he said, had become necessary in order to accelerate industrialisation of the Ghanaian economy.
“What we are doing is to basically understand what the linkages are among the various sectors in the macroeconomy. It is very important to set the macroeconomy right, so that there is stability that will drive industrialisation,” he said.
Following complaints by the Association of Ghana Industries that it was...please read more
The implementation of the cylinder recirculation model which is expected to start in 2019 and seen as a roadmap to help curb frequent gas explosions would also come at a cost for users of cylinders.
CEO of the National Petroleum Authority (NPA) Hassan Tampuli, explained that the pricing of Liquefied Petroleum Gas (LPG) will now be influenced by a new element in the supply chain when the policy rolls out: the cost of bottling the commodity.
“We are introducing a new element into the supply chain, and that is the LPG bottling plants, we used not to do that. So those in the value chain have to be co-factored into the pricing regime so that they [investors] will get some returns on their investments and be able to take care of the recurrent expenditure,” Hassan Tampuli said when he appeared before Parliament’s Mines and Energy Committee.
Under the policy that is set to start in January 2019, consumers will be required to...please read more
Minister for Defence, Mr. Dominic Nitiwul, has cautioned individuals or groups of persons occupying Ghana Armed Forces land across the country to vacate said land by the end of this year.
“Well, ignorance is not an excuse, it is your duty to go to the Lands Commission and check if the land sold to you is for government or a stool land; if you build on any of the Armed Forces land, you are doing it at your own risk – and for that you will not be compensated,” he said.
“Encroachment is a serious problem and the Armed Forces must show a little of their muscle in protecting their lands, and government will support them,” he added.
The minister was speaking to the media when he visited the Western Naval Command at Sekondi as part of his two-day working visit in the Western Region.
“I have asked the Navy to write to the Regional Minister and the Metropolitan Chief Executive so that they will be taking action by December 31, 2007 to remove all those who are illegally encroaching on those lands,” he said.
He pointed out that the...please read more
The Minority in Parliament, has accused the government of causing financial loss to the state with the recent issuance of the Energy Sector Bond.
According to the minority, the below GHc 6 billion yield of the bond is a solid basis for the Finance Minister, Ken Ofori-Atta, to be hauled before the House to explain why investment advice from places such as the IMF among others was ignored
Addressing the press in Parliament, Minority Spokesperson on Finance, Cassiel Ato Forson, said the complex structure of the bond and unrealistic assumptions by the government caused what the Minority called the spectacular failure of the bond.
“The simple point is that, instead of them issuing a bond called plain vanilla, they decided to use this complex structure that has cost the taxpayer some 200 basis points,” Mr. Ato Forson stated.
The 200 basis marks about 2 percent of the GHc 6 billion sought, amounting...please read more
Scores of petty traders and hawkers operating at some unauthorised points in and around the major trading centres of the Kumasi Metropolis have been moved to other satellite markets in the city, ahead of the yuletide and the Asantehemaa’s funeral.
The development has significantly eased commuting and vehicular movement in and around the city’s trading centres like Kejetia, Central Market and other parts of the commercial district of Adum.
Although this is not the first time such adecongestion exercise is being carried out, some commuters were hopeful that the exercise will not be a charade since the traders are likely to return some few days after the exercise.
But according to the Kumasi Metropolitan Assembly (KMA), the relocation exercise is being carried out in collaboration with the Ashanti Regional Coordinating Council (ARCC) for a number of reasons – including paving the way for some other works by the contractors working on redevelopment of the Kejetia Market.
The KMA also noted that it forms part of the plans to ensure that the city centre and other major trading centres are freed for easy movement of vehicles and shoppers – particularly as Christmas approaches.
And with the announcement of funeral rites for the late Asantehemaa, Nana Afia Serwaa Kobi Ampem II, by the Manhyia Palace, the development will also help to remove the unending traffic and congestion in some of these areas of...please read more