Saturday, September 3, 2011
Thursday, March 17, 2011
New larger FPSO on Tullow’s cards for Ghana oil fields development
Tullow indicated in its 2010 Financial Results that it is focused on optimising the recovery of the light oil discovered at Enyenra and maximising both liquid and gas recovery from Tweneboa, and therefore, it has included in its conceptual developments the use of a large FPSO vessel with liquid rates in the ranges of 75,000 to 125,000 barrels of oil per day. The FPSO in use currently at the Jubilee fields has a maximum capacity of 120,000 barrels of oil per day.
A spokesperson for Tullow Oil, Kate Lahane told ghanabusinessnews.com by email that Tullow is continuing to work on the development of its assets in Ghana and as mentioned in their results statement last week, this development would include the use of a large FPSO but no further information is currently available.
Tullow also said water and gas is expected to be injected into reservoirs to optimise both oil and condensate recovery levels.
According to Tullow, gas export infrastructure to shore will also be put in place to satisfy the growing demand in Ghana.
“A Plan of Development will be prepared for submission in the first quarter of 2012 and, pending approvals and a timely sanction of the project, first production would be anticipated before the end of 2014,” the company said.
The FPSO which is being used to produce oil at the Jubilee fields currently is said to use the biggest turret ever constructed in the oil industry and can process 120,000 barrels of oil a day. It has a storage capacity of 1.6 million barrels and estimated to have cost $875 million.
Source: ghanabusinessnews.com
The GFA’s UK excursion: A case of misplaced priority!
People’s concerns stem from the sheer numbers involved because normally only members of the Black Stars Management Committee, Emergency Committee members and the technical team travel with the national team for such friendly matches.
The decision is unprecedented and has raised lots of eyebrows with many questioning the rationale for such a venture since it’s not all too clear what benefits a few days spent in the Queen’s country would bring to the local football game.
Few questions have popped up with many wondering who is going to finance the trip and what kind of capacity building programmes will be available for the FA entourage in London.
Again, questions have been asked about how the FA is going to finance this “excursion” (my own word)? Is it from the appearance fees for the game, a special sponsorship drive or from the accumulated accounts from Ghana’s participation in the 2010 FIFA World Cup?
One thing is for sure though, there is no free lunch anywhere in the world and the FA’s adventure is bound to have several opportunity costs and not everybody is in total agreement.
It was with such bitterness and indignation that the President of the Ghana Amateur Football Club Owners Association (GAFCOA) Seth Dogbe last Wednesday spoke on the issue describing the decision as unfair considering the burden juvenile league clubs have been going through the years to cater for their clubs with little or no support from the FA.
Mr. Dogbe argues that the FA could have spent the money on helping juvenile clubs pay their affiliation and refereeing fees rather than “sponsoring CEO’s of Professional clubs who are in full time employment and can afford travelling costs to watch FIFA World Cup and friendly games but neglect amateur football.”
This is despite the FA President’s assurance that the “excursion” is worth taking since in his view club representatives would get a once in a lifetime opportunity to network and also build capacities.
“Somebody may through this trip strike a partnership that will further his football or business,” Nyantakyi told Radio Gold adding that “it is also an opportunity for them to interact with the Football Association of England.”
Mr. Nyantakyi seems to be in a party mood following his election to the CAF Executive Committee and this latest decision seems to have received massive support presumably from the FA’s Executive Committee and other members of the FA who stand to benefit.
But notwithstanding the explanation from the man who has led Ghana to two successful World Cup appearances, this decision is sure to re-enforce the belief of the stereo-types who have long held the view that the GFA only cares about the senior national team the Black Stars while grassroots football is left to fend for itself.
In this era of globalisation where you virtually have the world at your feet with a click of the mouse, it’s still mind boggling that the FA would send a whole delegation of football chiefs to London to acquire contacts and build capacity.
What happened to the great learning institution in the country like GIMPA, University of Cape Coast, etc i.e. if really the FA wants to improve the skills and knowledge of club executives?
It would have made some sense if the administrators were to attend a week long seminar in club administration while in the U.K. You might probably still ask whether if organising a management course for our administrators at the Ghanaman Soccer School of Excellence might be a better alternative?
In theory, it is difficult to rationalise what a four day stay in the U.K. will do to enhance the skills of the club administrators amidst the buzz about the friendly game.
There is no denying the fact that the local game is in dire straits with clubs grappling with the issue of lack of finances on a regular basis.
The decision to undertake the “field excursion” comes at a time when club sides are crying for their part of the league sponsorship which is yet to be paid by Glo Mobile Ghana due to an ongoing court case.
The 16 clubs in the Glo premier league are yet to receive their share of the sponsorship money following the failure of the league’s title sponsor to release the funds on time.
Is the GFA saying that after 54 years of Independence, (I’m not discounting the great improvements the British have made in terms of human resource and technology) is this the best opportunity to undertake such a venture?
At best, the timing of the trip is all wrong as it comes two days after an African Nations Cup qualifier against Congo-Brazzaville
The reality though is that the GFA and its huge entourage will be in the U.K for the friendly with our former colonial masters after undertaking a “Noah Style Voyage”.
It is however noteworthy that a month after the trip, most of the people who will make that trip, will congregate at the FA’s headquarters to elect a new President for the football family.
At best this decision appears to be “politically correct” but on the whole can best be described as a totally misplaced priority.
By Erasmus Kwaw
Nigeria, Ghana and US lead in online fraud – Report
According to payment management company Cybersource’s 2011 Online Fraud Report, many UK merchants have been forced to refuse orders from certain countries with Nigeria, Ghana and the US topping the list.
The company analysed 200 UK companies – 55% of these say they refused to ship to Nigeria at all, 34% to Ghana and 25% did not ship at all to the US.
Of digital-only companies (companies that ship downloadable goods as opposed to physical ones) Nigeria again headed the blacklist, with 47% avoiding it ahead of Vietnam, China and South Korea on 29% each, and the US on 24%.
Meanwhile, Cybersource had predicted earlier this year that online fraud is likely to increase as 77% of UK merchants project positive growth in eCommerce in 2011. Only 2% of merchants expect a decline in eCommerce, a Cybersource survey found out.
Even though, Ghana’s Communications Minister, Haruna Iddrissu said in May 2009 that “Ghana will soon introduce a Cyber Security Bill to check the growing menace of cyber crimes occurring in the country,” no such Bill has gone before Parliament.
Mr. Iddrissu told the media during a Meet-the-Press series that the Bill would empower the security agencies and other organizations to “wage an effective war against cyber crime in the country.” He also said the National Communications Authority (NCA), the national regulator of the Information Technology and Communication (ICT) sector would embark on regular monitoring exercises of internet service providers to check their activities.
Checks made by ghanabusinessnews.com in Parliament House show that no such Bill has been mentioned. It is also not clear when such Bill would go before the House, phone calls made to the Minister for his comments were not returned.
Source: ghanabusinessnews.com
Ghana to lose 3% of GDP to rising oil prices – ODI
Ghana for instance could lose 3% of its growth, according to Britain’s Overseas Development Institute (ODI).
Overall, the ODI which is an economic development group says, there could be a 1% decline in gross domestic product (GDP) of countries and some African countries could see a much bigger decline, possibly 3 to 4%.
Dirk Willem te Velde, ODI’s head of programme says, “The oil price at the moment is about 40% higher than it was on average last year. So an increase in the price of oil by 40% will have quite some implications for the world economy and also developing countries and in particular oil importing countries.”
An overall 1% decline translates into a loss of about $500 billion from the global economy. The overall sub-Saharan economy could lose $8 billion, the group said.
An ODI research indicates that Ghana, Lesotho, Swaziland, Togo, Honduras, Moldova and Nicaragua could lose more than 3% of their GDP to soaring oil prices.
Source: ghanabusinessnews.com
Wednesday, March 16, 2011
Ghana makes $500m from tourism in 2010, but sector ranks low in the world
In a report titled World Economic Forum’s (WEF) Travel & Tourism (T&T) Competitiveness Report 2011 Ghana was ranked 123 out of 139 countries that the report covered. The report was released March 10, 2011.
The country also ranked 67 for overall prioritization of the sector with an average government spending on the tourism industry. Under ensuring excellent destination-marketing campaigns to attract tourists, and collecting tourism data in a timely fashion, Ghana ranked 100.
The report, which is a global survey of the most competitive countries in travel and tourism industry ranked “Ghana at 108th position out of 139 countries worldwide with a score of 3.44 over 10”.
The country was however ranked 10th in Sub-Saharan Africa with countries like Mauritius, South Africa, Namibia, Cape Verde, Botswana, Gambia, Rwanda, Kenya and Senegal all ahead of Ghana from 1st to 9th accordingly.
The report indicates that Ghana is ranked 45th for the country’s overall affinity for travel & tourism, with the sector representing an important part of the economy and the general attitude of the population to foreign travelers being very welcoming.
The country’s tourism infrastructure, WEF says is less developed (105th), and policy environment is not supportive of the development of the sector (ranked 115th).
But the country benefits from price competitiveness (ranked 26th), with relatively high prices overall and taxation although this would be improved through lower ticket taxes and airport charges, and more competitive hotel prices.
The report also ranked the country 98th in safety and security levels which are not good by regional standards. In terms of challenges, the government is not seen to be making an effort to develop the industry in a sustainable way (ranked 86th), this could be backed up by more stringent and well-enforced environmental regulations (ranked 89th and 90th respectively).
According to the WEF, the drop in rank is attributable to declines across most areas measured by the Index, and particularly those measuring the quality of infrastructure, including transport, tourism and ICT infrastructures.
The Forum’s forecast for the country’s travel and tours to grow by 7.1% between 2011 and 2020 with an estimated 4000 jobs to be created within this period.
By Ekow Quandzie
ghanabusinessnews.com
TV3 Ghana sold finally
In the last couple of months, ghanabusinessnews.com carried a number of stories saying that the station was up for sale at $2.8 million.
The buyers, Media General Ghana Ltd. today, March 12, 2011 announced in a press release that they have acquired 90% equity interest in TV3 Network Limited (TV3), 10% is held by Ghanaian company Winmat.
According to the release, the Share Purchase Agreement between Media General Ghana and Media Prima Berhad (MPB) of Malaysia through its wholly owned Ghana subsidiary Gama Media International (BVI) was signed on January 6, 2011.
By this agreement Gama Media sells 111,896,057 of its shares, representing 90% equity interest in TV3 to Media General, for a total consideration of $2.8 million. The divestment is expected to be completed by the third quarter of 2011.
The deal, according to the company secretary of Media General, Mr. Abgesi Dzakpasu, who was cited in the release, the process of acquisition is expected to last for six months during which the necessary regulatory approvals are expected to be acquired.
Source: ghanabusinessnews.com
Strong competition makes MTN Ghana spend more – Group CEO
The company spent over 3 billion South African rand,approximately $450 million for its operations in Ghana.
According to Phuthuma Nhleko, out-going Chief Executive Officer and President of MTN Group, MTN Ghana spent more money in the face of the competition and this has resulted in a trend bucking on its capital expenditure for the year 2010.
“Ghana is really the operation that has bucked the trend on capital expenditure. It is very much as a result of the huge competition in Ghana”, Mr Nhleko told the press in South Africa on March 9, 2011 when he presented the company’s financial results for the year 2010.
“We’ve got five competitors and very strong competitors. We’ve got Vodafone, Millicom, Bharti and Glo to enter the market fairly soon. So we have had to ensure that as we did in Nigeria we’ve got sufficient capacity and coverage at a fairly acceptable level”, he added.
We have been able to maintain market share by and large.
According to the National Communications Authority’s market share data of all the mobile phone operators as at December 2010, some phone companies gained and others lost with marginal per cent.
MTN started the 2010 year with a market share of 50.27% and ended the year with 49.23%, Tigo had 21.26% at the beginning of 2010 but up 22.58% at the end of 2010.
Vodafone had 17.12% at January 2010 and it dropped 15.37% at December 2010.
Zain now Airtel had 8.07% at January 2010 and that rose to 9.90% at December 2010.
Kasapa now Expresso had 1.52% and 1.35% in January and December 2010 respectively.
The rest of the market share which was less than 2% was for fixed lines from Vodafone.
And even though MTN Ghana’s market share dropped, it still maintains the majority share in a five player market. The MTN boss agreed that it was quite a sterling effort.
“Yes, we dropped from 55% to 53%, but I’m sure you will agree that in a five player market that was quite a sterling effort.”
Mr Nhleko says competitive products like MTN Zone and MobileMoney has allowed the company to optimize its capacity for the majority market share.
By Ekow Quandzie
ghanabusinessnews.com
Ghana-England game tickets sold out – FA
“England’s game with Ghana on Tuesday 29 March has now completely sold out”, a statement from the English FA published on its website said on march 14, 2011.
The statement also urges all supporters not to travel unless they have a ticket for the match.
“There will not be any tickets for sale on match day, so we urge supporters not to travel unless they have a ticket for the match” the statement concluded.
The FA said this match will be a tough test for Fabio Capello’s squad.
The game will be the first time that Ghana would be playing against the Three Lions of England, and the Black Stars will be cheered on by an army of supporters in excess of 20,000 fans, the largest away following for any nation since the opening of the new Wembley.
By Ekow Quandzie
ghanabusinessnews.com
Steven Gerrard likely to miss Ghana-England showdown
The England player will not be part of his club ahead of their game against Braga in Portugal in the Europa League last 16 first leg. It is feared that he could be facing an operation.
“The 30-year-old has been carrying the injury for a month and has already missed four matches for club and country as a result, with possible surgery also likely to rule him out of England’s Euro 2012 qualifier with Wales and the friendly against Ghana”, SkySports said today March 10, 2011.
Liverpool’s Coach Kenny Dalglish, told the publication that Steven Gerrard has a problem which needs to be fixed amid growing concerns that the Liverpool captain requires groin surgery.
Steven Gerrard is one of the English players that most Ghanaian footballer lovers would like to see in the friendly match. Therefore it will be disappointing not to see the midfield general on the field for the most publicized friendly match.
Already Ghana has sold out 20,000 tickets for the match against England and over 700 million people are expected to watch the game according to organizers Mel Goldberg Law.
By Ekow Quandzie
ghanabusinessnews.com
Major changes at MTN Ghana, Brett Goschen goes to Nigeria
Ahmed Farouk has been appointed the Vice-President for the West and Central Africa Region,which includes Ghana, Nigeria, Cote d’Ivoire, Cameroon, Congo Brazaville, Guinea Bissau, Guinea Conakry, Liberia and Benin.
Goschen , a chartered accountant, was Chief Financial Officer (CFO) of MTN Nigeria from 2002 to 2006 before he was appointed MTN Ghana CEO.
Ikpoki joined MTN Nigeria as Regulatory Adviser in 2001 and was promoted to General Manager of Regulatory Affairs in 2004.
MTN Ghana is the country’s largest mobile provider. The provider recorded a 9% increase in subscribers to 8.7 million as at December 2010 and 70% of its subscribers have been registered in fulfilment of regulator, the National Communications Authority (NCA) requirements to register all SIM cards by June ending 2011, the company has said on its website.
Source: ghanabusinesnews.com
Covering corruption in Ghana football
From the numerous petitions to the GFA by some club administrators, it would appear that, the problem of corruption in the game goes much deeper than previously thought.
Indeed it is not uncommon to hear about situations where regional FA bosses literally choose which teams get promoted to play in the second and first divisions.
In that sense, the football league is played as a mere formality as everything is made possible for such teams to win matches whether by fair or foul means.
The recent petitions to the FA by the founder of Ketu Stars, Abdul Kadiri, and the owner of Suhum Maxbees, Nana Budu, point to that fact.
To make matters worse, most of the regional FAs do not have their accounts audited at the end of year. For example, the Volta Regional FA’s accounts have not been audited for the past nine years.
Local Black Stars’ performance linked to corruption!
In the aftermath of the local Black Stars’ disastrous performance at the 2011 African Nations Championship, some attempts have been made to link the team’s performance to perceived corruption and injustice in the league.
Ghanaians had high expectations after the head coach of the team Hebert Addo selected the cream of players from the defending league champions Aduana Stars and the current league leaders Berekum Chelsea.
But many have been left wondering whether indeed we have been crowning worth champions following the national team’s indifferent showing in Sudan.
I remember an interview I had with former GFA boss Ben Koufie before the current league campaign started last year. The experienced coach and administrator expressed grave worry about the future of the local game due to the worsening case of bribery of match officials.
On the same programme, a FIFA Refereeing Instructor Joseph Wellington confirmed my worst fears that bribery of match officials has become widespread; he therefore urged the need to nip the act in the bud.
Well, months on you will want to ask whether any steps have been taken to check the menace? It is business as usual.
The role of the media
Where corruption or the perception of corruption exists, the role of the journalist is to help the general public make sense of the issue(s) through informed systematic inquiry. Unfortunately, the need to better understand issues relating to corruption (real or perceived) is often misconstrued as attempts to “pull him down”.
Given the real and alleged levels of corruption within football administration in Ghana, there is a need for those of us in sports journalism to do an introspective self-examination to see whether we are helping to address the problem, or simply adding fuel to the problem through our actions or inaction.
Under no circumstance should the media be seen as getting its hands dirty by actively meddling in the affairs of the Ghana Football Association, primarily as members of club sides. For example, journalists should not manufacture stories that have no factual basis just to antagonize or discredit legitimate processes.
Likewise, journalists should not muddy or “water down” stories for which there is reasonable cause for further journalistic investigation to gain a better understanding of the issues at stake. If journalists did any of these two things, that would constitute a surrendering of the moral high ground.
Sadly though, this practice of surrendering the moral high ground, often to the highest bidder, is very common in certain quarters. In other cases, journalists take up positions as the public relations officers of club sides in the country because of the unique positions they occupy in society.
To put it bluntly, how can the media fulfill its Fourth Estate obligation to the public at large if we confuse our need for close access to football administrators with being part of the “team”?
Once compromised, it is easy to understand why some journalists show a significant degree of discomfort with, and disinterest in, particular news stories that have a negative impact on their interest i.e., “team”.
I have watched in horror over the past few months as some media elements wage an unrelenting attack on other media personalities whom they tag as “anti-GFA”.
The Graphic Sports in particular has come under heavy criticism for its reportage on possible corruption at the GFA, the most recent story being the alleged $4,000 payments to Executive Committee members of the FA who did not travel to the 2010 World Cup in South Africa.
Despite the Graphic Sports’ alleged hate campaign and conspiracies, the stories that the national paper has vigorously pursued have generally turned out to have some element of truth to them.
Cheerleading and scapegoating
Matters also came to a head following FA President Kwesi Nyantakyi’s election to the CAF Executive Committee position in Sudan.
Some supporters of Mr. Nyantakyi’s administration used the occasion to cast aspersions on perceived opponents of the FA. Sadly, it seems there are journalists who cannot separate the joy of seeing a fellow Ghanaian elected to CAF’s executive committee from outstanding questions about the administration of football in Ghana.
Are we to believe that the honor of being elected to a position of authority equates to vindication on any or all outstanding matters of criminal or ethical relevance? Does it mean the new position absolves the FA of other lingering questions of national significance?
Having said that, it is instructive to note that in the final analysis; even some FA members do value the role the media plays in developing the game and therefore see criticism as a good way of checking excesses in their administration.
It will be erroneous to conclude that a media house or a media person is an enemy of the FA simply because he/she criticises or reviews questionable FA practices.
Way forward
I once overheard a journalist say that it was no longer necessary to talk about the “never ending story” of corruption at the Eastern Regional Football Association (RFA) because in his view, the football authorities would simply not take any action against the RFA Chairman, Mohammed Lawal.
But there has to be an alternate way forward.
A case in point is the International media’s exposure on how International Olympic Committee members traded their “votes for cash” in what became known as the ‘Salt Lake Scandal’ over a decade ago.
For strangers in Jerusalem, Salt Lake City won the right to host the 2002 Winter Olympics by offering scholarships to the children of IOC members, land in Utah and other lavish gifts.
The IOC has been able to streamline its voting procedure to avoid another such scandal. It might not be full-proof but at least they have made an attempt to tackle what was a very serious issue.
I can only borrow a quote from the BBC’s James Pearce who wrote a piece on possible lessons that FIFA could learn from its counterparts, the International Olympic Committee following the controversial award of the World Cup hosting rights to Russia and Qatar.
Mr. Pearce’s said “the only way FIFA will change is if there is strong and united international pressure.”
Conclusion
There is the need for a concerted effort to tackle the unsavory and compromising manner in which sports, especially football is covered in Ghana by the media.
To that effect, I believe the new leadership of the Sports Writers Association (SWAG) and the Ghana Journalists Association (GJA) have the onus of responsibility to create a platform for a dispassionate discussion on effective and forward looking coverage of sports in Ghana.
Perhaps, a stakeholders meeting of sports journalists could lead to the development of a framework for coverage of sports in Ghana.
Such a framework will help current and aspiring journalists cover sports in a manner that most benefits the nation and helps the different sporting disciplines move forward in highly productive yet accountable ways.
By Erasmus Kwaw
World’s 5.3 billion mobile phone users send 6.1 trillion SMS in 3 years
According to International Telecommunications Union (ITU) recently released data titled “The world in 2010: ICT facts and figures”, 940 million out of the total 5.3 billion mobile subscriptions are third-generation (3G) mobile services subscribers.
“More than 90 per cent of the world’s population now has access to a mobile network, making mobile telephony truly ubiquitous,” it said.
According to the data growth was strong in developing countries (which have 3.8 billion subscriptions), from 53 per cent of total mobile subscriptions at the end of 2005 to an estimated 73 per cent at the end of 2010.
In Africa, penetration rates were forecast to reach an estimated 41 per cent at the end of 2010 compared to an estimated 76 per cent globally, leaving a significant potential for growth.
Statistics provided in the data show that 6.1 trillion Short Message Services (SMS) were sent globally between 2007 and 2010.
“The total number of SMS sent globally tripled between 2007 and 2010, from an estimated 1.8 trillion to a staggering 6.1 trillion. In other words, close to 200 000 text messages are sent every second”, the data revealed.
The number of Internet users has doubled in the last five years. The data says the number has surpassed the two billion mark at the end of 2010. But only a few people in Africa have access to the Internet – standing at a mere 9.6 per cent, which is far behind both the world average of 30 per cent and the developing-country average of 21 per cent.
China is the largest Internet market in the world, with more than 420 million users, according to the data.
Although fixed broadband subscriptions are increasing with 555 million globally, Africa’s penetration rate is less than one per cent which demonstrates the challenges that persist in increasing access to high speed, high-capacity internet access on the continent, the ITU said.
In Ghana, however, mobile phone penetration has reached 75% of the country’s population of 23 million people, according to the National Communications Authority.
By Emmanuel K. Dogbevi & Ekow Quandzie
ghanabusinessnews.com
IFC to support small mining companies in Africa with $300m
According to IFC’s Senior Investment Officer for Africa, Christian Mulamula, this equity investment will help small mining companies seeking finance for exploration projects and feasibility studies since mining is a major source of employment, revenue and skills transfer for countries across the continent.
“IFC is looking to support mid-tier mining companies by participating in project and corporate financing partnerships that will support mining development and expansion,” Mulamula told South Africa’s Mining Weekly on March 4, 2011 adding “the $300 million investment was reflective of IFC’s optimism in the African mining sector.”
According to Mining Weekly, IFC’s global mining portfolio spanned 37 countries, 17 of which were in Africa, totalling more than $400 million.
The IFC also recently invested in the Africa-focused New Africa Mining Fund II to help provide funding for junior mining companies.
By Ekow Quandzie
ghanabusinessnews.com
Globacom founder Mike Adenuga joins world’s richest men
According to Forbes Magazine, which released the 2011 rich list today March 10, 2011, Mr Adenuga, a Nigerian, is worth a net of $2 billion.
Mr Adenuga placed 9th in Africa and 595 in the world on the list.
Forbes says the source of his money is from banking and his own self.
Nigerian Aliko Dangote is Africa’s richest man worth $13.8 billion.
According to Forbes, he made his first million at age 26 selling lace and distributing Coca-Cola and then won a contract to build military barracks in the late 1980s in Nigeria.
Mr Adenuga owns a stake in the Equitorial Trust Bank and chairs Niger Delta oil exploration firm Conoil.
Last year, the telecoms magnate was reportedly worth $6 billion by the Encomium magazine but Forbes excluded him from the list.
He started Globacom in Nigeria in 2005, expanded to the Republic of Benin in 2008 and now has licences to operate in Ghana.
Meanwhile Mexico’s Carlos Slim is still the world’s richest man with his wealth grew by more than a third. His fortune rose by $20.5bn (£12.65bn) to $74bn, again beating Microsoft founder Bill Gates ($56bn) into second place.
More than 200 people joined the billionaires list as their numbers rose to a new record of 1,210, Forbes said.
By Ekow Quandzie
ghanabusinessnews.com
Signature Metals to raise $16m for Ghana gold project
According to Oliver, the company has secured firm commitments from subscribers to participate in the placement which will raise the said amount.
“The Company has secured firm commitments from subscribers to participate in a placement by which the Company will raise $9.2 million (before costs) through the issue of 278.9 million shares at an issue price of 3.3 cents each (Placement)”, Oliver said.
In addition to the Placement, Bill Oliver added “the Company will undertake a one-for-ten non renounceable entitlements issue at 3.3 cents per share to raise approximately $7.05 million (Offer).
By Ekow Quandzie
ghanabusinessnews.com
GNPC lifts first crude oil from Jubilee field
Confirming the story to ghanabusinessnews.com on phone today March 10, 2011, Mr. Thomas Manu, the Director of Exploration and Production at the GNPC, said GNPC lifted over 995,000 barrels of crude oil. He also indicated that the oil will be refined by Sunoco Incorporated, one of the largest independent petroleum and petrochemical products refiners in the United States.
The GNPC has 10% carried interest in Jubilee.
Ghana found oil in June 2007. Commercial production began on December 15, 2010.
The CEO of GNPC Nana Boakye Asafu-Adjaye told the media at a press conference in Accra that since production began 3.6 million barrels of oil have been shipped out of the country.
Source: ghanabusinessnews.com
MTN Ghana data revenue boosts Group earnings
The company has reported a 49% leap in data revenue from the 2010 financial year and MTN Ghana has made a significant contribution to that jump.
MTN’s outgoing CEO Phuthuma Nhleko has said that MTN Ghana’s data revenue has increased 87% at year end December 31, 2010. Nigeria also made a significant contribution to revenues with increase in sale of data-related services increasing 25%.
Nhleko attributes this success to the introduction of bundled offerings and reduced data prices in these countries.
According to Nhleko, the booming figures include packet switched data users, which increased from 6.6 million to 9.2 million in South Africa. Meanwhile, 3G handsets were up by three million units, including the sale of 1.6 million smartphones.
He said MTN’s Syrian operation experienced data revenue growth of over 100%. MTN attributes this success to better value propositions for both pre and postpaid offerings in the market.
MTN Ghana is the largest mobile service provider in the country with 8.7 million subscribers according to Ghana’s industry regulator, the National Communications Authority (NCA).
Source: ghanabusinessnews.com
Petroleum prices push Ghana’s inflation for February to 9.16%
Dr. Bediako indicated that petroleum prices were among the non-food items that had the highest impact on inflation. Other non-food items that had high impact on inflation also included water.
Inflation for the month of January rose to 9.1% on petroleum price increases from a December rate of 8.58%.
The National Petroleum Authority (NPA) announced a 30% increase in petroleum prices, followed by an 18% increase in transport fares in the country.
Source: ghanabusinessnews.com
Ghana’s health insurance system not working for many – Oxfam
Oxfam International says the reported official coverage is also exaggerated. The system according to Oxfam is not benefiting many poor Ghanaians who need the system most.
Oxfam indicates in a report on Ghana’s health system which was released today March 9, 2011 that the “major health insurance system that the World Bank is pushing as a successful model for other developing countries is severely flawed and not working for many Ghanaians.”
The CEO of the National Health Insurance Authority (NHIA), Mr. Sylvester has said on TV Africa recently that 16.8 million Ghanaians are registered on the scheme, but Oxfam says that figure is exaggerated. According to Oxfam however, the actual figure of Ghanaians who are actively covered by the scheme “could be as low as 18%” of Ghana’s population.
Speaking to ghanabusinessnews.com on the phone, Oxfam’s Ghana Country Director, Mr. Sebastian Tiah said the data as kept by the NHIA doesn’t allow for estimation of the actual number of people who are benefitting from the scheme. He said the NHIA uses cumulative data to tell the number of subscribers of the sheme. He argued that many people are registered on the scheme, but not all of them are active members of the scheme because not all subscribers renew their membership when it expires.
The Oxfam report said some people have registered more than once and these are all captured as new subscribers.
According to the report titled; Achieving a Shared Goal: Free Universal Health Care in Ghana, analysis of available data indicates that membership of the largely tax funded National Health Insurance Scheme could be as low as 18% – less than a third of the coverage suggested by the NHIA and the World Bank.
It says despite the introduction of the NHIA, the majority of citizens continue to pay out of pocket for their health care in the parallel ‘cash and carry’ health system, or resort to unqualified drug peddlers and home treatment due to lack of funds.
“The richest women are nearly three times more likely than the poorest to deliver at a health care facility with a skilled birth attendant,” the report said.
According to the report every Ghanaian citizen pays for the NHIS through VAT, but as many as 82% remain excluded, adding that twice as many rich people are signed up to the NHIS as poor people.
“64% of the rich are registered compared with just 29% of the poorest,” it says.
The report also criticizes the NHIA for lack of transparency. It says as the NHIA is responsible for managing a large public budget as well as the individual contributions of NHIS members, its poor transparency is of great concern.
“Financial reports are difficult if not impossible to obtain and in 2008, 45% of NHIA funds went unaccounted,” it says.
Based on its findings as outlined in the report Oxfam urged the government of Ghana to overhaul the system.
“The Ghanaian government is actually in a very strong position to overhaul the entire insurance scheme and replace it with a tax-based system that would give free health care to all its citizens at a lower cost. It’s time for the Bank to take off its blinkers and help Ghana do the right thing, and to stop promoting an inequitable health insurance system to other developing countries,” it says.
Source: ghanabusinessnews.com
Nelson Mandela goes into fashion business
The Associated Press (AP) reports that the 46664 Apparel line, designed by Seardel, South Africa’s biggest textile and clothing manufacturer, features men’s sportswear and intricately patterned, African-influenced women’s wear.
The line is named after Mandela’s prisoner number at the infamous Robben Island Prison, where he was the 466th prisoner in 1964. The anti-apartheid icon spent 27 years in prison before becoming South Africa’s first black president in 1994.
Proceeds from the sale of the clothing line items will be used to help sustain the foundation’s charitable gifts.
The money will help the foundation’s sustainability, Dangor told the AP, revealing that last year it had been forced to stop supporting projects in Ghana and Tanzania.
He said Mandela’s image would not appear on any of the clothing.
According to Dangor, 46664 will be available online, for sale internationally in August.
Prices of the Mandela wear ranges from $26 to $200 depending on the product type.
By Ekow Quandzie
ghanabusinessnews.com
Smartphones may be suspects in Ghana mobile network congestion
Have you ever wondered what might have been causing this? What are some of the factors responsible for this?
According to the International Telecommunications Union (ITU), smartphones are part of the problem. Smartphones such as Iphone, Android, Black Berry, Nokia ‘N’ series among others not to talk about Tablets like Samsung Galaxy Tab and Ipad also cause mobile network congestion.
This, according to ITU, is because these smartphones use five or more data capacity than ordinary phones within a limited mobile broadband spectrum.
“Smartphone users already consume on average five times more data capacity than users of ordinary mobile phones”, says ITU Secretary-General Dr Hamadoun Touré.
According to Dr Touré, the number of smartphones is set to rise from today’s global estimate of 500 million handsets in use, to almost two billion by 2015 which means that the problem will worsen if measures such as expansion of broadband spectrum are not put in place.
Although mobile operators are investing billions of dollars to improve the performance of their networks, Dr Touré said users are still frustrated by chronic problems of network unavailability.
“Mobile operators have been investing billions to upgrade and improve the capacity and performance of their networks, we are still seeing users frustrated by chronic problems of network unavailability.”
In Ghana, the problem is not different from what the ITU Boss indicates.
Mobile phone operators in Ghana are selling and advertising smartphones and tablets like Black Berry, Nokia, Samsung Galaxy Tab among others. And even though, some of them are investing in expanding their netwoks, there isn’t much improvement in their services as callers continually experience problems like unavailability of service, call drops and poor call quality.
Governments of the day is not suppose to be taken out of this mobile network jamming since it has also failed woefully in providing a more wider mobile broadband spectrum to ease the congestion.
Even though the national regulator, the National Communications Authority (NCA) has issued a press release early this year indicating that it has awarded a $5.5million Broadband Wireless Access (BWA) licenses in the 2500 – 2690 MHz band to a company for the next ten years to provide wireless broadband connectivity to subscribers and to develop and operate broadband networks to provide nationwide BWA services as well as a suitable technology of their choice and to provide fixed, nomadic or mobile broadband services throughout Ghana, the measure seems not to be enough even though it is a good start.
The ITU has said that mobile broadband is increasingly the technology of choice for hundreds of millions in the developing world, where fixed line infrastructure is often sparse and expensive to deploy.
“ITU therefore estimates that the number of mobile broadband subscriptions will reach one billion in the first quarter of 2011. With ninety per cent of the world now covered by a mobile signal, it is clear that mobile is a key tool to bridging the digital divide. By 2010, 73 per cent of total mobile cellular subscriptions were from the developing world
This is also due to new trends in technology with the popularization of social media networks such as Facebook, Twitter and Skype.
The report urged governments not to limit market entry, not to tax broadband and related services too heavily, and to ensure ample availability of spectrum to support mobile broadband growth.
Smartphone users in Ghana are set to increase even though the official subscriber base is not yet known. Efforts to get the number of smartphones in the country from the mobile phone operators were unsuccessful as the companies did not reply our enquiries on the matter.
Apart from the mobile operators selling both smartphones and tablets, other mobile phone retail vendors are also selling these phones.
As at December 2010, the number of people using mobile phones in Ghana has hit 75% of the country’s estimated 23 million population.
According to statistics on the website of the industry regulator, the National Communications Authority (NCA), the total number of mobile phone subscribers in Ghana is over 17.4 million.
It puts the figure specifically at 17, 436, 949 subscribers which is an increase of 2.2% from the November figure of 17,062,917. And the 2.2% increase in subscriber rates in the month of December is the highest increase in the entire year 2010.
By Ekow Quandzie
ghanabusinessnews.com
African proverbs and gender construction – Perspectives on women
Introduction
The African continent is known for its rich oral traditions. Proverbs are the most widely and commonly used in this tradition of oral arts. The use of proverbs permeates the entire African society – it is the foundation of social and cultural wisdom.
The influence of proverbs on African thought is so strong to the point that even the concept of gender is so persistently carved from it.
According to Ssetuba (2002:1) in Africa, “the proverb is regarded as a noble genre of African oral tradition that enjoys the prestige of a custodian of a people’s wisdom and philosophy of life.”
Finnegan (1970:390) also posits that “in many African cultures a feeling for language, for imagery, and for the expression of abstract ideas through compressed and allusive phraseology comes out particularly clearly in proverbs.”
Finnegan’s idea is reflected in this Igbo proverb which says, “Proverbs are the palm-oil with which words are eaten.” (Oha, 1998:87). If proverbs are the palm-oil with which words are eaten, it is logical then for words that portray gender to be embraced in proverbs.
Proverbs, therefore, to a large extent form the basis of African thought, including gender construction.
There is however, a disturbing trend in the interpretation of proverbs. In African societies, proverbs are considered to be absolute truths. Major decisions in life are often taken based on truths that are inherent in proverbs.
Ssetuba (2002) reports, “definitions of the term ‘proverb’ have centred on its economy of words, origins in human experience and observation of social phenomenon, folkloric and communal belonging as well as the claim of being general or absolute truth. Of all the definitional ingredients, the claim over truthfulness is rather disturbing. It actually reflects the user’s or society’s aspiration for control and desire to impose a given view of life as unshakeable and accepted. This is where the proverb helps patriarchy to live on from generation to generation by presenting it as a stable immutable part of social order.”
African proverbs as source of wisdom
According to Gyekye (1996), wisdom, like knowledge, is conceived in traditional African societies as having a practical as well as a theoretical dimension, but theoretical wisdom must have direct relevance to practical problems of life, to dealing with concrete human problems. The intellectual activities of the traditional African sages, or thinkers, are of course theoretical, even though the basis of their wisdom is in human experience. African maxims, which are generally the creations of the sages, are intended to convey truths that are profound and abstract.
He argues further that, wisdom – both practical and theoretical-is, in the Akan culture, contrasted with foolishness or stupidity. The fool is a person who not only cannot comprehend or disentangle theoretical matters but also cannot apply his mind to dealing with practical issues, even issues concerning his own life.
Regarding the theoretical ineptitude of the fool, there is an Akan maxim that contrasts foolishness with theoretical wisdom:
“It is only the fool to whom a proverb is explained.”
Another Akan maxim says that the wise person, however, has the intellectual ability to grasp the profound meaning of a maxim, to comprehend the implications of such pithy sayings:
“The wise person is spoken to in proverbs, not in words [or, speeches].
The fool is constantly confused, unable to sort out the practical issues that affect his own well-being. He is careless with his life, not giving the required attention or concentration to what he wants to do. Thus the following maxims:
“When the fool is squandering his gold, he says his scales are out of order.”
“It is the fool whose own tomatoes are sold to him”.
From Gyekye’s view, it is evident to draw the inference that, in African societies, the influence of proverbs is pervasive. Wisdom is expressed in proverbs. A wise person must understand proverbs and be able to use these wise sayings to solve some of the daunting issues of life. Invariably, one of the daunting tasks confronting humans is how to perceive him or her self and how to conduct life as either male or female.
Difference between gender and sex
All societies across the world are generally male dominated. Patriarchy is viewed as legitimate by men, because it keeps women in subordinate positions to the advantage of men who do not want to lose the privileged roles, and therefore, the power their gender as men gives them, including access to power and the scarce resources available to all.
Sex refers to the biological difference of male or female. Our sexual organs are different, our hormones and chemical functions are different. Our biological and physiological conditions as male or female are obviously different. Women get pregnant and give birth, and men don’t. These fixed biological and physiological differences are what define sex.
Gender, on the other hand, is the result of cultural, social and psychological factors. These are differences acquired not through birth, but through socialization. People are brought up to act and think as male or female. Every society establishes a set of accepted behaviours to which males and females are expected to conform.
According to Hussein, “gender ideology is a systematic set of cultural beliefs through which society constructs and wields its gender relations and practices.” He argues further that, “gender ideology contains legends, narratives and myths about what it means to be a man or a woman and suggests how each should behave in the society.”
According to Hussein a society’s gender ideology is grounded largely in religious and social principles, which are then used as grounds to justify different rights, responsibilities and rewards to each gender.
Indeed, every society has a set of systems to censure and control the normative concepts of masculine and feminine behaviours. For example, “some occasions are organized to routinely display and celebrate behaviours that are conventionally linked to one or the other sex category.” (West and Zimmerman, 1987:139).
The African gender ideology is a system of shaping different lives for men and women by placing them in different social positions and patterns of expectations. In Africa, rituals, legends, name-giving ceremonies, oral narratives, proverbs, aphorisms and usages have been in the vanquard of mobilizing gender ideology. (CGSPS, 2001; Oha, 1998; Oluwole, 1997).
According to Hussein, (2004), and Oha (1998), the African oral traditions portray women in general as foolish, weak, jealous, evil, unfaithful, dependent, frivolous and seductive. However, there is the other image of women in African oral traditions, which reflects women a symbol of warmth and all nourishing goodness.
The oral traditions cultivate also, men’s prerogatives to the allegiance and subservience of women, and legitimize men to exercise their power over women to sustain the latter’s subordination and marginalization.
FGM as a means of control
This notion of control is reflected in the practice of female genital mutilation (FGM). The idea is to deny women the ability to have sexual pleasure, because the woman is thoroughly, an object of a man’s pleasure. This notion of a woman’s sexuality belonging to a man is vividly illustrated in this Igbo proverb: “A woman carrying a vagina would ask to be sexed, that the vagina is her own, but when it causes trouble, the (real owner of the vagina) would be looked for.” (Oha, 1998).
So from this proverb, a woman does not even have the right to her own sexuality. The idea in the proverb explicitly denies the woman her right to sexual pleasure.
Just being curious. Let me ask. Does that explain why Ghanaian men are not romantic?
Gender and intelligence
According to Oboler, men are believed to be more intelligent than women. Women are thought particularly to be incapable of foresight and lack the ability to make and carry through sensible and realistic plans.
For this reason, it is generally agreed that husbands should administer the family estate and wives for the most part concur with husbands’ plans. It is commonly claimed that if a woman tried to manage property, she would very likely make a mess of it. (Oboler, 1985; 60, cited in Bulow, 1993;539).
An Akan proverb entrenches this idea when it says, “when a woman buys a gun, it is kept in a man’s room.” This proverb shows that women do not have the capacity and ability to manage valuable property¸ an indication that they must play insignificant and subordinate roles to men with regards to property ownership.
As a result, it is common to find in most African societies, where a wife owns a house or a car, but it is held in trust by the husband and or a son, and she would not openly claim ownership of the property. A woman, who does so, would be seen as disgracing her husband. And the only time the truth comes out, is when the marriage runs into difficulties and the issue of divorce comes up.
Women own property but the documents on those property are in the men’s names. Women therefore, are unable to access credit with these documents, further worsening their chances of economic freedom.
Another Akan proverb says, “the man is the woman’s honour”. Therefore, if a woman marries a man who is poor and owns no property and she on the other hand, is materially endowed, she would have to pretend that all the wealth belongs to her husband. Because it is the only way, the man could become her symbol of honour.
As a result of these strongly held beliefs, some men are known to have forcefully claimed property belonging to their wives in the event of a misunderstanding in the marriage or divorce.
This situation of property ownership according to gender, which is perpetrated through proverbs, has become the basis for gender roles in society.
The roles and responsibilities, constraints, opportunities and the needs of men and women in African societies have largely been defined and established through the oral traditions.
Proverbs as a tool for objectifying women
The use of proverbs in some African societies become the tool through which men control positions of social and economic influence by objectifying women and limiting their participations to domestic spheres. (Collins, 1996).
The ways women are objectified differ from one culture to the other, but there is one type which is widespread in Africa. In Africa, women have for a long time been used as a conduit through which men formed and solidified their relations with other men. Families enhance their wealth and alliance by giving away their female children in marriage, often against the wish of the daughters. For instance among the Somali, women served as a commodity to seal peace between feuding groups in inter-tribal warfare (Lewis, 1985).
The following proverbs portray women implicitly or explicitly as objects:
An Igbo proverb says “When a woman is getting old, it would seem as if money (bride price) was not paid to marry her.” (Oha, 1998)
This Tsonga-Shangana proverb says, “to beget a woman is to beget a man.” (Mbiti, 1988). A woman just can’t be a woman, she must be a man, in a sense if you have a daughter you can use her as an object to acquire a friend or build alliance with a prominent man.
Unfortunately, this idea of women as objects that male members of the society can use to acquire status and wealth has been largely used in advertising.
Indeed, female sexuality is used to sell almost everything including body sprays for men.
For instance, there is an advertisement for a male body spray called ‘Men Only’ running in the Ghanaian media. The billboard for this product for men has a five foot image of a woman sitting in a suggestive position.
And the TV advert for this same product depicts women as weak, unintelligent and objects of men’s ridicule and mirth.
In this advert, three women traveling in a car had one of their tyres punctured by an object. These women got down from the car, took out wheel spanners, but were confused and did not have a clue as to what to do about the problem. And across the street stood a muscular man who was laughing loudly over the women’s stupidity, and then a voice over booms, “for men only.”
The concept of women as marketing objects is so pervasive that, it has become near to impossible to market a product successfully without using the image of women.
Ironically, though, a woman, in spite of her perceived ‘weakness’, is supposed to be very hardworking. Her role as a farm-hand is crucial in the sustenance of the husband and the family. A woman is somewhat an economic asset and farm manual chores are part of her existence.
As a result, there are proverbs that shower praises on the hardworking woman and emits fiery scorn against the lazy one:
“A woman stands by the hoe”.
“The hardworking woman brings forth food; the lazy one, weed”.
“A lazy woman resents the falling rain”.
And “A hardworking woman allows you to keep a shield nearby at mealtime”.
Our own interpretation points to the well-fed man who, as a result, is always ready to go to war but generally, the ‘shield at mealtime’ is taken to be the man’s hand gesture to indicate to his wife that he is satisfied and should not be served more food. (See Walser-1984).
It should, however, be understood that the images of the woman in the above proverbs do not necessarily relate to what she is but rather what ought to be. It is basically a matter of the way she is ‘seen’ and ‘wanted’ and not the way she is. This is an illustration of culturally imposed and enhanced stereotypes that, ultimately, aim at conditioning the woman’s perception both by her self and others. (Ssetuba, 2002).
The timeliness of proverbs
Some African proverbs have become outmoded and of no use, except for their literary and historical significance, while others are for all times.
Indeed, in the face of social change, and the economic empowerment of women which to some extent have been influenced by western thought, education and democracy, proverbs laden with allusions of female subordination to males have been challenged and in most cases discarded.
There are proverbs according to Ssetuba, that articulate women’s unfitness to assume important places in society, and by implication, emphasize the necessity of their social and emotional dependence on men.
An Oromo proverb says, “women are bulky, but not great.” This proverb is an express depiction of women as inferior and therefore unable to exercise authority or occupy public office.
An Acholi proverb that “women have no chief,” is the patriarchal view that women by nature are a weak group and no woman is thus better than the other.
However, events in our world today, even in Africa shows that, this notion is changing. We currently have a female elected as president in Liberia.
Ghana’s Chief Justice is a woman, the first in the history of the country. The country has created a Ministry for Women and Children.
There are women in parliament, and other women are occupying cabinet positions in government in Africa. And in most societies of the continent, the role of women have been appreciated and accepted in leadership.
There are numerous examples of successful female CEOs in industry and commerce. Women have been elected as presidents, chancellors and pro-vice chancellors of universities and colleges all over the world. Women have therefore, been accepted as employers of men and men take instructions from women in the performance of their official functions without friction.
Conclusions
The regard of proverbs as an important aspect of the literary genre of the African society is significant. It is to the extent that, proverbs permeate every aspect of the African society. While some of these proverbs have been documented by scholars, others, though, widely in use in the oral traditions of Africans are yet to be documented.
Proverbs are the foundation of social and cultural wisdom and therefore, serve as the basis for formulating concepts that govern social relations. These social relations include gender relations. But largely due to the patriarchal nature of the African society, just like most societies of the world, the subordination of women has been prominently expressed in proverbs, which has further exacerbated the disadvantaged conditions of women.
The changes in our society have affected the meanings of some proverbs with regard to the role of women in some African societies. These days, women in some African societies, who hitherto, have no right to own property, and assume leadership roles, have now taken up to such roles with ease and immense success.
The traditional stranglehold on African societies notwithstanding, the challenges confronting African thought and concepts of gender in recent times will gradually portend a shift in the ideology and give women their rightful place in the society.
Authored by Emmanuel K. Dogbevi
Email: edogbevi@hotmail.com
Mobile Number Portability: Ghana set to go
Ghana is set to activate the system known as MNP by the middle of the year as the process of starting the system has fully been put in place and the mobile service providers are all on board, the National Communications Authority has said.
Officials of the National Communications Authority (NCA) told journalists in Accra Monday March 7, 2011 that with a large number of the country’s population using mobile phones, the time is ripe for the system to begin. The NCA says it would launch the MNP system in July 2011.
According to statistics from the NCA about 75% of the country’s 23 million population uses mobile phones. The MNP, the NCA believes would bring about competition among mobile service providers and lead to improved services.
The total number of mobile phone subscribers in Ghana is over 17.4 million at December end 2010. It puts the figure specifically at 17, 436, 949 subscribers.
And there are six service providers licensed to do business in the country. Five are active and one is yet to start operations. The five active mobile providers are MTN, Tigo, Vidafone, Airtel and Expresso. The sixth operator yet to roll out services is Globacom.
The MNP is a system that allows a subscriber from one network who is dissatisfied with the services of the existing network provider to switch over to another service provider he or she thinks is offering a better service without losing his or her number.
The fear of losing or changing mobile phone numbers which have already been widely circulated to friends and associates had made subscribers stay with a mobile provider even when the service is poor. But with MNP, switching over to another network provider is made easier.
The system to be implemented in Ghana, according to Mr. Joshua K. Peprah, Director, Regulatory Administration at the NCA is “recipient network driven”. What this means, he says, is that the network that the subscriber is switching to is the one to initiate the move. “The subscriber only has to go to the recipient network, or the network he or she wants to switch to and the switch is initiated at that point.”
He said the donor network or the network provider the subscriber is switching from would only have to accept or reject with reasons.
According to the NCA there are only few reasons for rejecting a switch. These are: number not being active on the donor network – that is the network that a subscriber is moving away from. Fraud having been reported; phone reported stolen; not enough of the ID items matching with the request.
The port or request to switch to a different operator may not be rejected in the case of debt still owed to the donor network, according to the NCA.
It also says the donor network is obliged to refund any unused portion of deposit that the customer paid to it, after subtracting unpaid bills and usage that has not yet been billed, especially in the case of post-paid customers.
Prepaid subscribers however, would lose their credits if they switch to another provider before they have exhausted their calling credits, the NCA says.
Source: ghanabusinessnews.com
Tullow touts Ghana success as profits soar on oil prices
Tullow said successful equity placing in 2010, coupled with the planned Uganda farm-down, and the increased cash flow from Ghana, will ensure that the Group remains well funded to execute its exploration-led strategy and continue to grow the business.
“With First Oil in Ghana and an excellent exploration and appraisal success rate, 2010 was undoubtedly a transformational year for Tullow. This contrasted with slower progress on our agreed farm-down in Uganda,” Aidan Heavey, Chief Executive Officer of Tullow said.
Tullow Oil saw a 19% rise in revenues to $1 billion in the year to 31 December.
It indicated in a press release issued Wednesday March 9, 2011 and copied to ghanabusinessnews.com that working interest production averaged 58,100 barrels of oil per day (bopd); with three year reserves replacement ratio of 250% at the Jubilee field in Ghana.
Tullow said its financial results went up on 2009 and will be transformed in 2011 by Jubilee production.
Balance sheet strengthened during the year through additional debt and equity totalling $2.35 billion, it said.
Tullow began commercial production of oil in Ghana on December 15, 2010.
“We are now a deepwater development operator having delivered production on schedule, within 5% of the original budget. The facilities uptime has been exceptional at over 90% and we will continue to ramp-up production over the next few months,” the release said.
Tullow said in the release that strong financial performance in 2010 revenue benefited from higher oil prices offset by slightly lower sales volumes.
“First Oil in Ghana was a major milestone for the Group and will transform Tullow‟s financial profile in 2011” Tullow said in the release.
According to Tullow, during the year it raised $1.45 billion from an equity placing and took the opportunity, based on good operational performance and a strengthening external environment, to increase its debt capacity. Finalisation of the Ugandan farm-down will secure significant funding for the medium-term and ensure it is well capitalised for an ambitious growth programme.
Source: ghanabusinessnews.com
Ghana drops one place in FIFA rankings but still tops Africa
The country scored 931 points, losing nine points from her previous score of 940 points in February.
Ghana has therefore dropped to the 16th position in world football as against 15th in the February ranking but still tops Africa.
The last time Ghana was ranked at the 16th position was in January this year when she had 924 points.
Ivory Coast, Egypt and Nigeria placed 2nd, 3rd and 4th respectively on the African continent.
Meanwhile, world cup winner Spain still leads the rankings followed by Netherlands, Germany, Argentina, Brazil and England.
By Ekow Quandzie
ghanabusinessnews.com
IMF projects 13% growth in Ghana’s economy in 2011
According to the IMF the expansion of the economy will be as a result of growth in the non- oil sector and the start of oil production in the country.
“For 2011, the economy is projected to expand by about 13 percent, broadly evenly divided between growth of the non-oil economy and the start of oil production. The balance of payments is projected to remain in surplus, despite further import growth”, said Mr Peter Allum, IMF Mission Chief for Ghana, in a press release published on its website.
Mr Allum, who visited the country together with his IMF team from February 16-March 1, 2011, said it had discussions with government officials for the third and fourth reviews under the IMF’s Extended Credit Facility (ECF) and for the 2011 Article IV consultations.
On budget policy, Mr Allum and his mission recommended to government that an additional effort should be done to strengthen the projected 2011 outturn, both to limit near-term financing needs and put the budget on a sounder footing over the medium term.
The IMF mission says Ghana’s tax revenues, at less than 14 percent of GDP in 2010, fall well below the average of 20 percent of GDP for lower middle-income countries and discussions with Dr Kwabena Duffuor, Ghana’s Finance Minister, focused on how to improve revenue performance, as well as on the government’s plans to strengthen expenditure control and develop a comprehensive strategy for managing arrears and related obligations.
The mission also held talks with Kwesi Amissah-Arthur governor of the Bank of Ghana.
“Discussions with the Bank of Ghana focused on sustaining low inflation and policies to address non-performing loans in the banking sector. Risks to inflation have shifted to the upside, reflecting rising demand pressures, global commodity prices, and easing domestic liquidity. To consolidate inflation in single digits, policy tightening may be needed in the course of 2011” Mr Allum said.
“During the mission, progress was made in identifying options to further strengthen fiscal performance and agreement was reached on a range of other policy issues. Continuing discussions will seek to confirm a policy framework that could allow the IMF Executive Board to consider the third and fourth reviews under the ECF together with the 2011 Article IV consultation in May 2011”, He added.
By Ekow Quandzie
ghanabusinessnews.com
Tullow finds more oil in Enyenra-2A well in Ghana
In a press release copied to ghanabusinessnews.com, Tullow Oil which holds the largest share in Ghana’s oil industry says the Enyenra-2A appraisal well, in the Deepwater Tano licence offshore Ghana, has successfully encountered oil in excellent quality sandstone reservoirs.
“Good evidence of communication with Owo-1 confirms that the Owo oil discovery, now renamed Enyenra, is a major light oil field,” Tullow adds.
According to Tullow, the well which is located over seven kilometres south and down-dip of Owo-1, was drilled to appraise the Upper and Lower Channels of the Enyenra oil field. Results of drilling, wireline logs, samples of reservoir fluids and pressure data show that Enyenra-2A has intersected 21 metres of net oil pay in the Upper Channel and 11 metres of net oil pay in the Lower Channel.
Tullow indicates that pressure data from the Upper Channel has also demonstrated that the oil is in communication with the Owo-1 well. Oil pressures in the Lower Channel suggest it may also be in communication with the deeper pools seen in Owo-1 and its sidetrack, the company said.
The Exploration Director of Tullow Oil, Angus McCoss, was quoted as saying, “The discovery of oil this far down-dip in
Enyenra-2A, and the confirmation of its communication with the Owo-1 oil discovery, is an exceptional result. This represents a major step forward in the appraisal of the Enyenra-Tweneboa area and is highly encouraging for our target to declare commerciality later this year.”
Tullow Oil began commercial production of oil in Ghana on December 15, 2010.
The country’s Parliament, Wednesday March 2, 2011 passed the Petroleum Revenue Management Bill which would regulate the oil industry in Ghana.
Source: ghanabusinessnews.com
World Bank brings Asia’s economic approach to Africa
The World Bank says this new approach is to respond to the enormous opportunities that the continent provides in order to improve the lives of Africans.
According to a press release from the Bank the plan has been approved by its Board of Executive Directors and it is to show the organisation’s continuing support for the continent.
Obiageli Ezekwesili, Vice President of the World Bank for Africa Region said the plan is also to help countries to attain the Millennium Development Goals by 2015.
“In implementing the strategy, the World Bank Group shall remain fruitfully engaged with citizens as they demand greater participation in the benefits of improved economic performance, deploy our partnerships, knowledge and finance to work with governments, private sector, civil society and other partners and help countries to speed up the attainment of the MDGs, expand economic prosperity and reduce poverty”, Ezekwesili said.
Laid out in three main business lines, the program, according to the World Bank was crafted over more than a year through extensive research and international consultations, especially with the people of Africa and it shifts from a more general focus on seeking economic stability and sound fundamentals to emphasize the need for attention in three key areas.
The key areas are competitiveness and employment, vulnerability and resilience and as well as governance and public sector capacity.
By Ekow Quandzie
ghanabusinessnews.com
NCA unaware of TV3 sale
The Malaysian owners of the TV station Media Prima Bhd are selling 90% shares in the Ghana subsidiary.
However, a source at the NCA has told ghanabusinessnews.com that, the decision to sell the station has not come to the regulator’s notice.
According to the source, the NCA which is the regulator of the frequency that the station is operating on needs to be informed if it the station wants to change ownership.
“As I speak to you no such information about the sale of the station has come onto the NCA’s table”, the source said.
The source also added that the NCA can not determine who the new owners of the station should be, but it needs to know who the new buyers are, since they will use the frequency.
According to Media Prima Bhd group which owns TV3, under its Ghana subsidiary, Gama Media International (BVI), it is selling to Media General Ltd, an investment holding company in Ghana. The sale deal it said is near completion awaiting approval from Ghanaian authorities.
“We hope to complete the disposal by third quarter of this year because we need to obtain approval from the local authority in Ghana”, Datuk Amrin Awaluddin, Media Prima Managing Director was reported to have said by the Malaysian media.
Early January this year, news reports from Malaysia said owners of GAMA Media, the Ghana subsidiary and managers of TV3 Ghana had entered into a sale purchase agreement to divest 90% equity interest in TV3 to Media General Ghana Ltd., for RM8.63 million (Malaysian Ringgits), which is approximately $2.8 million.
Media Prima said in its filing to the Bursa Malaysia, an exchange holding company which operates a fully integrated exchange that the divestment was in line with the group’s strategy to focus on domestic operations.
Meanwhile, in December 2009 Media Prima indicated that it was looking for other options apart from an earlier announced proposal for an initial pubic offer (IPO) on the Ghana Stock Exchange to raise additional capital.
Media Prima said then that it was looking for the options to raise funds as a result of what it described as “unfavourable market conditions.”
The company said it needed the money to expand its operations in Ghana, replace obsolete equipment and train staff to do better programmes.
By Ekow Quandzie
ghanabusinessnews.com
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