1. A M O N T H L Y M A G A Z I N E
BUSINESS & FINANCE JAN - FEB 2011 / ISSUE 002 GH¢5.00
The ECO:
A common currency
fantasy?
(page 41)
Kweku Awotwi
CEO, Volta River Authority
Ellen Johnson Sirleaf
President of Liberia
Ghana's oil:
Zero gas-flaring
John Atta Mills
President of Ghana
to bring lower
cost electricity
to West Africa
Yahya Jammeh
President of The Gambia
(page 15)
Ernest Bai Koroma
President of Sierra Leone
Goodluck Jonathan
The Ivorian Crisis
President of Nigeria
An economic gain for Ghana?
(page 46)
USA.......................$5.00 EUROPE............... E4.00 CFA ZONE...... CFA 2,500 SOUTH AFRICA.........R25
UK.........................£3.00 AUSTRALIA......... A$7.50 NIGERIA.................N500 SOUTHERN AFRICA...R25
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3. GHANA
BUSINESS & FINANCE JAN - FEB 2011 / ISSUE 002
Managing Editor
Mark A. Kwateng
makwateng@ghanabizmedia.com
Contents
Special Reports Editor
Evans Boah-Mensah
ebmensah@ghanabizmedia.com
Copy Editor
Nana Spio-Garbrah
nspio-garbrah@ghanabizmedia.com
Contributors Leader
Emilie Norkor Kinkan
Raphael Adeniran 5..... To collateralise or not to
Fred Alipui collateralise -That is the question!
Nana Robert Mensah The key debate in the Parliament of
Director, Sales & Marketing Ghana late last year on whether or not
Martino Kashif to use the country's petro-carbon resources
mkashif@ghanabizmedia.com as collateral for loans has brought to the
Deputy Manager, Marketing fore the possibility of exploring other
Michel Kouassigan tradable national assets that could be
mkouassigan@ghanabizmedia.com securitised for the same purpose.
Deputy Manager, Circulation & Subscriptions Energy: The role that Volta River
Josiah Spio-Garbrah Authority (VRA), was going to
jspio-garbrah@ghanabizmedia.com Bulletins play as the anchor customer for
Editorial Committee 8..... The economy this month gas. Page 15
Prof. Paul N. Buatsi Get updates on Ghana's new global
Prof. Kwame Addo reform status, fresh economic policies
Mr. Gaddy Laryea
Dr. Ekwow Spio-Garbrah and other socio-economic trends.
Mr. Ray de Bono
Nana Robert Mensah 11..... Business & finance this month
Mr. Fredrick Alipui Check out which companies are getting
Ms. Susie Efua Kotoku listed on the Ghana Stock Exchange,
Ms. Johanna Awotwi those announcing their final results
Ms. Dede-Esi Amanor-Wilks as well as those getting back in business
Dr. Stephen Ayidiya after a long break.
Mr. Sam Fletcher
Office Location:
Ghana Business & Finance
African Business Media Energy
House No. 7, 15..... VRA positions Ghana as
Lamb Street (Off Farrar Avenue) West Africa's power hub Insurance: Time to deepen
Adabraka, Accra insurance penetration in Ghana.
Ghana The policy of zero gas-flaring in Ghana's
Page 26
oil fields has brought into sharp focus the
Mailing Address: strategic importance of the Volta River
P.O. Box 0772, Osu, Accra, Ghana Authority to generate low cost electricity
Tel: +233 302 240 786 for Ghana and the entire sub-region
Fax: +233 302 240 783 through the West Africa Power Pool
editor@ghanabizmedia.com project.
adverts@ghanabizmedia.com
subscriptions@ghanabizmedia.com
info@ghanabizmedia.com Banking
18..... Banks complete phase one
of recapitalisation
Branding, Layout & Design of the
The first deadline for the phased
“Ghana Business & Finance” magazine recapitalisation of Ghana's banks
by Dmax Studios in Malta, EU. (www.dmax.tv) was reached December 31, 2010
and some banks may need to raise
CEO & Art Director Property & real estate: Sold
Ray de Bono
additional capital urgently in order before even reaching completion.
ceo@dmax.tv to meet the second phase deadline Page 22
of December 31, 2012.
Senior Designer-in-Charge of Publication
Sasha Vella
Project Coordinator
Shaun Caruana
Studio Support Executive
(in charge of GB&F Online)
Jonathan Galea
IT Strategy Director
Uwe Schoenfeld Subscribe online at www.ghanabizmedia.com
or please refer to page 10
Contents continued overleaf
All information contained within this magazine is the property of Ghana Business & Finance and is not to be used without written authorisation from
GHANA
the publishers. Although every effort is made to ensure the correctness of information submitted for publication, the magazine may inadvertently contain
technical inaccuracies or typographical errors. Ghana Business & Finance assumes no responsibility for errors or omissions in this publication or other
documents that are referenced by or linked to this publication. BUSINESS & FINANCE
3

4. GHANA
BUSINESS & FINANCE JAN - FEB 2011 / ISSUE 002
Contents
Property & real estate GB&F Aviation
22..... Bright prospects for housing 32..... Ghana Business & Finance 44..... New Accra route posts
in Ghana magazine launched record success for Virgin Atlantic
Investors have long discovered that if The launch ceremony of Ghana's first With recovery in sight for many global
one can get an acre of land in a prime global business publication was aired businesses following the recent world
location in Accra, and pay even live on Metro TV and attracted economic crisis, Virgin Atlantic shares
US$ 500,000 to US$1 million for it, one the nation's top-tier media audience. its remarkable success story in Ghana.
can put up between 6-10 luxury
condominiums and apartments. These
apartments can cost an average of Telecom Politics
US$ 100,000 for one or two bedrooms,
and up to US$ 500,000 for 3-4 bedrooms 34..... Internet pioneers leave 46..... The impact of the Ivorian Crisis
or penthouse suites and most are sold the playground to on Ghana
even before they reach completion. the next generation The ongoing Ivorian constitutional-
The early entrepreneurs who ventured political crisis that began after the
into setting and providing residential November 28, 2010 presidential runoff
Insurance internet services in Ghana have almost may have an impact on Ghana.
all moved on to different sectors or to Considering that during the Ivorian
26..... Micro-insurance takes more elaborate IT applications and civil war in 2004, the effect on Ghana
centre stage systems. was positive as it diverted cargo shipment
Following the rebasing of the Ghana's from ports in Côte d'Ivoire to Ghana,
national accounts in November 2010 But did they choose to jump to better should the latter country be worried
which disclosed that the service sector opportunities or they were pushed out that the current crisis might affect its
had overtaken agriculture as the highest of the still lucrative internet services economic fortunes?
contributor to the country's Gross market?
Domestic Product, the insurance
regulator, believes it is time to deepen Stock market
insurance penetration in Ghana. Manufacturing 51..... Ghana's Stock Market looks up
Is the anticipated expansion in the 38..... Industrialists' concerns about to a good 2011
insurance industry going to come from 2011 budget Activity on the Ghana Stock Exchange
catering to the growing number of small Government's budget for the first year is expected to gather more momentum
and medium scale businesses? of Ghana's oil economy, 2011, promised this year than it did last year, in the light
to stimulate growth and create jobs for of both fundamental and technical signs
the people, but not many local of bullishness analysts see in the market.
ICT Investment industrialists seem to agree that the
policies it contains are business and
28..... Cape Coast ICT park project investor friendly. Mining
gears up for take off
Examples abound of cities around the 54..... Akwatia diamonds spark fresh
world which have succeeded in using Ecowas investor interest
technology to provide world-class The Eastern Regional town of Akwatia,
facilities in electronics, precision 41..... The ECO: a common currency home of once world's famous Ghana
engineering and bio-technology to create phantasm or certainty? Consolidated Diamonds Limited (GCD)
jobs for local entrepreneurs. The plan by the Economic Community and West Africa's biggest industrial
of West Africa States to have a common diamonds mining concern, could
Can Ghana replicate this with the monetary union with a single currency spring with renewed life and vigour
prospect of an ICT park that promises has been put forward several times, as the government's Divestiture
to transform the country's Central leaving business people, cross-border Implementation Committee is close
Regional capital, Cape Coast, known traders and financial analysts sometimes, to identifying a technically and
for its abundant slave trade relics, into wondering when the proverbial 'old financially capable investor to
a knowledge capital? lady' will finally shove off her 'stick'. take over GCD's operations.
4 GHANA
BUSINESS & FINANCE

5. ENERGY
VRA positions Ghana
as West Africa's
power hub: with gas
generation, the days
of lower-cost electricity
are expected
As the first barrel of crude oil poured from
the belly of Ghana's Jubilee field last December,
attention was drawn to the massive natural gas
potential associated with it and the role the state-
run generator of electricity, the Volta River
Authority (VRA), was going to play as
the anchor customer for that gas.
Kweku Awotwi, CEO of VRA
T
he policy of zero gas-flaring in Ghana's oil fields When the segment from Côte d'Ivoire to Togo is completed,
has been hailed by many as the answer to a cheaper VRA can send a lot of electricity with very little loss across the
source of electricity not just for Ghana but also sub-region. Where previously VRA sent electricity up to the north
for the whole sub-region through the West Africa and ran it on a 161KV line and got a 4% loss, VRA now runs it
Power Pool, a project which enables countries in on a 330KV line and the loss should be less than 2%. This means
the sub-region with excess power to export to those when the new transmission lines are completed, electricity could
that have shortfalls. "Ghana is very fortunate to be where it is in be sent all the way to Niger and Mali on a 330KV line with very
West Africa. We are geographically in the centre of West Africa. little loss.
Furthermore, we are on the coast and we are enjoying the benefits
of the almost completed West Africa gas pipeline which is a "The new line has already improved reliability of service. Whereas
demonstration of the kind of regional collaboration that we can previously the 161KV line could get over-loaded, now with the
do," Kweku Awotwi, CEO of VRA told GB&F in an exclusive 330KV we have extra reserve. It's like a road, the broader it is,
interview. the more cars can go through," Awotwi explained.
"Nigerian gas is moving 400 miles to Ghana and we are getting "The next two lines will connect our western neighbours, from
90% of that gas. Now Ghana has found gas in her own backyard Côte d'Ivoire to Sierra Leone, and beyond. It is the early days but
with the prospect of finding even more.” I think the hope is that within 10 years, all of West Africa will be
inter-connected with transmission lines," he said.
“Today, even at a fairly high price, gas is half the cost of what However, back home, the VRA is faced with daunting challenges
VRA pays for crude oil. If VRA's crude bill was US$40 million of old infrastructure and insufficient funding for investment from
this month, gas comes in at US$20 million. And if you consider government.
that the crude oil bill alone constitutes 80% of the electricity
tariff, then if the gas continues to come then we could generate "The fact of the matter is that a good chunk of our current
electricity at a lower cost," Awotwi said. The first segment of the network, as much as 40% in some cases, is 40 years old. There
West Africa power pool inter-connection, called the Aboadze- is another good chunk which is 20 years old and here we are with
Volta line, has just been activated. It is a 330 kilovolt (KV) line electricity demand growing annually at 10% or more and we have
which was energised in the last quarter of 2010 to serve as a not kept pace. So what we have found is that, the ordinary man
supplementary line to the existing 161KV line which is what is on the street bears the brunt of this under-investment and poor
available in Ghana. service," said Awotwi.
GHANA
BUSINESS & FINANCE
15

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7. BANKING
Banks complete
Phase One
of recapitalisation:
Capital raising
needed urgently
for Phase Two
The first deadline for the
phased recapitalisation
of Ghana’s banks was reached
December 31, 2010 and
the country’s banking industry
regulator must be happy
that so far all the banks
have met their new
capital targets.
The Cedi House where the Ghana Stock Exchange (GSE) is housed. Some banks may use the GSE to raise funds to meet new capital targets
T
he on-going recapitalisation exercise of all 26 banks “We don’t have a difficulty as a bank in meeting the new capital
in Ghana is set out in two phases and aims to targets. If you look at our audited financials for 2009, you will
dramatically improve the core capital of the industry see that we have our stated capital at GH¢50 million already.
from a previous minimum per bank of just So, all we need between now and 2012 is to top up with
GH¢10 million to GH¢60 million (US$40 million). GH¢10 million. And we have a significant amount of funds
in income surplus which we can transfer to our stated capital
The first phase required that all majority locally-owned banks to satisfy the requirement,” Stephen Kpordzih, Managing
achieve a minimum core capital of GH¢25 million Director of Agricultural Development Bank (ADB), told
(US$16.6 million) by the end of 2010 and that all majority foreign- GB&F in an interview.
owned banks raise theirs to GH¢60 million (US$40 million) by
that time. In the latter case though, two foreign banks that opened “We have a three year programme to increase our capital (from
their doors in 2008, BSIC Ghana and Bank of Baroda, have up profit retention) to GH¢100 million. And we intend to do that
to the end of 2011 to recapitalise, having been given a special by transferring another GH¢50 million from our income
dispensation by the Bank of Ghana. surplus account between now and 2012.” Kpordzih added.
However, the other 10 foreign-controlled banks and the Of the local banks that still need to raise new capital, only
14 majority Ghanaian-owned ones have all met their respective two, HFC Bank and UT Bank, are already publicly listed.
stipulated new capital targets. Ghana Commercial Bank, another Ghanaian-controlled bank,
is also publicly listed but does not need to raise new capital
Now though, comes the hard part. Over the next two years, the on account of the fact that it is one of the most heavily
14 Ghanaian-controlled banks will have to raise their own capital capitalised banks in the country with a capital base far
base to GH¢60 million, to complete the second phase of the exceeding GH¢60 million.
recapitalisation exercise and bring them at par with their foreign
counterparts. However, some of the other 11 local banks would
desperately need to look for ways to meet their new
For many of the Ghanaian controlled banks which are small to capital targets to complete the second and final phase
medium sized and that have only recently raised their capital to of the recapitalisation exercise. One of the most obvious
GH¢25 million, this means having to more than double their ways to do this would be to seek listing on the Ghana Stock
respective capital bases within a relatively short period. Exchange.
18 GHANA
BUSINESS & FINANCE

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9. PROPERTY & REAL ESTATE
Bright prospects for housing in Ghana
A casual drive through downtown Accra these days shows many luxury condominiums and
apartments sprouting up. These apartments can cost an average of US$100,000 for one or two
bedrooms, and up to US$500,000 for 3-4 bedrooms or penthouse suites. Most are sold even before
they reach completion.
Premium apartments are the preferred choice for expatriates and Ghanaian returnees from abroad
D
iscerning investors have long discovered that if In addition, the association wants tax exemptions on imported
you can get an acre of land in a prime residential materials for construction.
location in Accra, and pay between US$500,000
and US$1 million for it, you can sub-divide the Before government had time to consider GREDA’s proposal,
property and build between 6-10 homes on it, the National Association of Graduate Teachers (NAGRAT)
and sell the homes for a total of more than US$3- announced plans to build a housing project for its
US$5 million, and make a tidy profit in less than two years. This members and has called on the government to grant it similar
practice has placed excessive demand pressure on prime lands in concessions as requested by GREDA.
Accra, and also increased the rents of ordinary people in most
suburbs of Accra. Ghana’s upmarket housing sector continues If the government heeds calls by these groups, granting tax
to grow quickly and keeps attracting more investment from both waivers and specific construction concessions, the floodgates
local and foreign companies. The recent signing of a will open. Members of various labour unions and other entities
US$10 billion housing deal between the government and the currently bear the brunt of exorbitant rent charges from
South Korea-based real estate developer STX, is seen as the landlords who take advantage of the supply shortfall to charge
needed catalyst to open up more business opportunities at the usurious fees for their heavily sought-after accommodations.
lower end of the property market, for flats or apartments priced
in the US$30,000 to US$60,000 range, and bring more vibrancy According to Kojo Addo-Kuffour, CEO of a local mortgage
and growth to the housing sector. company, Ghana Home Loans, even if these new developments
planned across the country came to fruition, they would hardly
The government’s active involvement in the housing sector in meet the growing demand, a significant part of which comes
2010 has already started motivating the private sector to show from the increasing number of middle income earners in the
interest. Some labour unions are considering putting their member country and Ghanaians resident abroad who are returning home
dues into real estate investments. The Ghana Real Estate or want second homes in Ghana.
Developers Association (GREDA) is planning a massive housing
project and has asked government for some concessions. Various experts, including GREDA and the Ministry of Water
Resources, Works and Housing, put annual demand for home
GREDA wants the government to grant it a sovereign guarantee units at about 100,000 units. On the supply side, all efforts by
for securing the funding to construct 300,000 units of housing developers put together hardly add up to 70,000 units annually
estimated at a total cost of US$7 billion over the next decade. on average, leaving an annual shortfall of about 30,000 units.
22 GHANA
BUSINESS & FINANCE