July 2010 - Ghanaian-German Economic Association

NEWSLETTER No. 61 July 2010 Page 1 of 14
Dear Members, Dear Clients,
In the month of July, the GGEA received two very
important delegations from Germany. The first
delegation was from North-Rhine Wesphalia. (See page
14 also) It will be recalled that the Government of the
German State of North-Rhine Wesphalia (NRW) signed
an agreement of cooperation and friendly relations with
the Republic of Ghana in November 2007. Within the
framework of this agreement, the NRW Ministry of
Intergenerational Affairs, Family, Women and
Integration (MGFFI) was charged with the responsibility
of identifying potential areas of cooperation between
Ghana and NRW.
In line with this mandate, Representatives of “Duisport”
(operators of the inland harbor of Duisburg, the biggest
in Europe) and MGFFI embarked on a mission to
Ghana to visit the Tema and Takoradi ports to explore
possible areas of collaboration. The Duisport group of
companies is specialized in harbor planning,
construction and Logistics. They had fruitful discussions
with officials of the two harbours and it is expected that
there will be opportunities for cooperative ventures
between them in future.
In the spirit of the partnership agreement between
Ghana and NRW, the GGEA will organize a trade
mission to NRW to explore and firm up partnership
opportunities between member companies and
companies in NRW. It is the belief of the GGEA that
parties to this agreement need to do more to give
meaning, vitality and life to the partnership agreement
and proactive steps need to be implemented by the
governments to bring the private sector operators in
Ghana and NRW closer together.
The second delegation came from the German State of
Rheinland-Pfalz. The delegation which was organized
by the State Ministry of Economics, Transport,
Agriculture and Viniculture included industry players
from the Solar, Confectionary and Engineering sectors.
The GGEA organized a very successful B2B session
where some of our members met and discussed
partnership projects with them. Members of the
delegation were somewhat impressed with the overall
business environment in Ghana.
Stephen Antwi
President of the GGEA.
GGEA – Ghanaian-German Economic Association
Esseefo Street, Asylum Down, P.O. Box KA 9227, Accra, Ghana
Office time: Monday to Friday 9.00 to 17.00 hrs
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GGEA MEMBER NEWS
GGEA members co-operate
successfully in a substantial deal
Three GGEA members namely MBG
Ltd., Hippo Ltd., and LENZ Finance Management KG, cooperate
successfully to import of trucks from MAN through
MBG Ltd., on behalf of Hippo Ltd., for which LENZ Finance
Management KG arranged finance.
The taking over ceremony of the trucks
took place in Tema on Friday, 9 th July,
2010.
Tigo opens Customer Service Centre in
Sunyani
Millicom Ghana Ltd., operators of Tigo mobile,
has opened a new customer service centre in Sunyani to
provide support services to subscribers. The centre, located
at Sunyani Zongo, opposite the Municipal Hospital, would
also address peculiar problems that confronted customers
in the area and the region as a whole. At a short ceremony
in Sunyani to open the Cenrer, Mr Anthony Dadzie, the
company’s Territorial Manager, said Millicom started
operations in Ghana with only 17 subscribers. He said due
to the company’s quality network, users in the country had
Telephone: +233-30-7011206 / 7; 21-257837, Fax: +233-21-257838
Mobile: +233-26-3007588; 24-4715454
Email: info@ggea.net Website: www.ggea.net

Newsletter July 2010 Page 2 of 14
appreciated its existence of Tigo, saying the company
currently had a national subscriber base of 3.5 million
and has a nationwide coverage. Mr Dadzie assured
customers that the company would continue to find
innovation ways to ensure that they used the service
without any hindrances. Business & Financial Times
ensure the overall growth of the group,” she said. ETI
operated in Ghana, Nigeria, Liberia, Sierra Leone and The
Gambia. Ms Tall said despite the economic meltdown the
performance of the West African sub-region was resilient.
“Customer desposits rose 25 per cent to US$1,024 million,
resulting in total assets growth of 28 per cent to US$1,451
million,” she added. The Ghanaian Times
Zoomlion to venture into large scale
agriculture
Zoomlion Ghana Ltd., a leading waste
management firm, says it is ready to
venture into large scale agriculture production to
support efforts for national food sufficiency. The
company’s agriculture project, which would be
undertaken nationwide on large farmlands, is expected
to provide employment to thousands of Ghanaian
youths across the country. A large range of food crops
would be produced on the farms in addition to poultry
and livestock production. Mr Samuel Opoku Manu,
Manager of Zoil Services Ltd, a subsidiary of the waste
management company, who disclosed these at
Zoomlion’s midyear review meeting with the media in
Accra, said the company was collaborating with the
Ministry of Food and Agriculture (MOFA) and other
related agencies on the agriculture project. He said the
management of Zoomlion was currently working out the
modalities for the project with the sector ministry for a
successful take off. The Ghanaian Times
Ecobank Ghana receives
thumbs up as it contributes 89%
in West Africa
Ecobank Ghana, in spite of the
global economic and financial crisis, last year
contributed significantly to the Ecobank Group profit for
the West African sub-region. The bank last year
contributed 89 per cent of the West African region profit
and 23 per cent of the overall group profit. Evelyn Tall,
Regional Head for the West African Region, answering
questions at a press conference in Nairobi, Kenya
shortly after the 22 nd Annual General Meeting of
Ecobank Transitional Incorporated (ETI), parent
company of the Ecobank Group, said Ecobank Ghana
continued to play a crucial role in the group’s
performance last year. “I’ll urge the management of
Ecobank Ghana to continue with their good work to
MTN ends Yello care
The Mobile Telecommunications Network
(MTN) Ghana Foundation has ended the
fourth edition of the MTN staff voluntary
service programme, dubbed “21 Days of Yello Care.” The
programme, an initiative of the chief executive officer (CEO)
of the MTN Group in 2007 became an annual MTN Group
event geared at encouraging all MTN staff in all operating
units in Africa, Asia and the Middle East to commit
themselves to improve on the well-being of communities.
The MTN Foundation is the social support wing of the
company and the Yello Care programme this year attracted
a staff participation of 1,589, representing 80 per cent, an
increased participation rate over the 905 participants or 60
per cent in 2009. The Corporate Services Executive of MTN
Ghana, Mawuena Dumor, said activities and projects for
the fourth edition of the Yello Care programme, as in the
years before, provided MTN staff opportunities to go down
to the grass roots to interact with communities and lend
their support. As part of this year’s programme, MTN
registered some residents of Chorkor and its surroundings
communities in Accra to benefit from the National Health
Insurance Scheme (NHIS) and embarked on a blood
donation exercise to support the National Blood Bank.
Daily Graphic
Lufthansa and Swiss Air win
European top awards
Airlines of the Lufthansa Passenger Airline Group have
again reached top ranking at this year’s World Airline
Awards by Skytrax, with Lufthansa and Swiss International
Air Lines as well as their respective hub airports in Munich,
Germany and Zurich, Switzerland being voted the best
across several categories by passengers from over 100
countries. Lufthansa was also voted Best Airline in Europe,
while SWISS earned the top award for service excellence.
Lufthansa was awarded Best Airline in Europe taking over
the prize from family-member SWISS, which won the title
last year. SWISS in return ranked number-one in the

Newsletter July 2010 Page 3 of 14
category Staff Service Excellence, followed by Austrian
Airlines, another member of the Lufthansa Group.
Lufthansa SWISS, Austrian Airlines and British carrier
BMI, another Lufthansa subsidiary, jointly serve 15
destinations across the Middle East from their
respective hubs in Frankfurt, Munich, Zurich, Vienna
and London-Heathrow. Not only in the air but also on
the ground, Lufthansa and SWISS are offering awardwinning
services. Lufthansa’s First Class facilities are
among the sixth-best worldwide, according to the
survey. Earlier this year, Lufthansa’s Munich hub was
voted fourth-best airport in the world, followed by Swiss
International Air Lines’ home base Zurich Airport. Mr
Joachin Steinbach, Lufthansa’s Vice President Sales &
Services Southeast Europe, Africa and Middle
East/Pakistan, said: “management is very proud of the
results of Lufthansa and our partner airlines SWISS and
Austrian Airlines in Europe.” Business & Financial
Times
Cement production at Nawuley to
proceed
A Sekondi High Court (Three) presided
over by Justice Charles Agbevor, has
lifted the injunction it earlier placed on Ghacem Ltd.,
and Multiwall Paper Sacks (WA) restraining the
companies from mining and crushing limestone
deposits at Nawuley in the Jomoro District for cement
production. This followed the intervention of the Nzema
Manle Council represented by Awuley Agyefo Kwame
II, Omahene of Nsein Traditional Council and Awulae
TU Agyen III, Omahene of Gwira Traditional Area to
withdraw the case for an amicable out-of-court
settlement. When Justice Agbevor placed the chief’s
request before counsel of the two parties at the sitting of
the court, Mr Kojo Erskine, counsel for the plaintiffs, and
Mr D. D. Gwira, counsel for the defendants, did not
object. The stance of the counsels compelled Justice
Agbevor to invite the two parties, their counsel and the
two paramount chiefs into his chambers to deliberate on
the issue. The deliberations lasted about an hour. The
judge ordered that Ghacem could carry on with
essential services like maintenance and servicing of
equipment at the site as well as administrative work
until a final agreement had been reached. However, he
said, “what we have also agreed upon was that no
excavation should be undertaken by Ghacem until the
case is resolved.” The Ghanaian Times
Zenith Bank partners with Virgin Atlantic
Airlines
Zenith Bank (Ghana) Ltd. has once again
clinched a partnership deal with Virgin Atlantic, one of
the world’s leading airlines which recently launched its
flights between London and Accra. The partnership
stems from the good working relationship between the
Zenith Bank Plc of Nigeria, the parent company of Zenith
Bank Ghana and the airline. Under the partnership, Zenith
Bank collaborates with Virgin Atlantic to support its
pay@bank module known as “Easy Virgin” in Ghana. The
system allows passengers and travel agents to book for
tickets either online or via the Global Distribution System
(GDS) and make payments at any Zenith Bank branch
nationwide, a payment process that takes no longer than
five minutes. Business & Financial Times
GIPC records appreciable levels of
investments
The Ghana Investment Promotion Centre (GIPC) recorded
a total of 257 investment projects with a total estimated
value of 619.99 million Dollars last year. Out of this, a total
Foreign Direct Investment (FDI) of 551.30 million Dollars
representing 88.92 per cent was recorded. According to the
quarterly update report of GIPC, investors made a total of
108.60 million dollars transfers. It said for the first quarter of
this year, FDI recorded 161.34 million dollars which showed
an increase of over 800 per cent compared with 16.53
million dollars recorded in the corresponding quarter of
2009. The report said; "This increase was as a result of a
renewed confidence by investors in the Ghanaian
investment environment. www.ghanaweb.com
Amalbank rolls Junior Internship to her
Child Customer
Amalbank has this year rolled out her Junior Internship
programme available to her child customers.
From this July to September 2010, child customers, aged
between 10 and 16 years can register (with the approval of
the Parent and Guradian) at any of Amalbank's Business
office (Branches) and partake in Junior Internship
Programme. In this programme, lasting a minimum of 5
working days, child customers work in Amalbank branches,
undertaking basic duties such as simple clerical
duties(photocopying, stamping, sorting out account opening
forms etc), data entry, customer service and marketing.
At the end of the internship, the child customers write a
report of their internship; after which they are awarded
internship certificates for participation. While on internship,
the Bank is responsible for their lunch, health and safety of
child customer.
The child customer is not to undertake personal errand of
the bank staff whilst on internship. Additionally once a
week, they are taken through career counselling on
Banking and other revelant topics necessary for their
development of the future careers. It is planned that for this
year, Amalbank will offer Junior Internship to 300 child
customers across her 18 branches located across
the breath of Ghana.

Newsletter July 2010 Page 4 of 14
RECENT EVENTS
GGEA ECOWAS PROJECT FORUM
The GGEA organized a forum dubbed “The ECOWAS
Project: Using Ghana and Nigeria as the Pivot to
Promote Economic Integration” at the Novotel Hotel On
Wednesday 30 th June, 2010. (See page 12 also)
Speakers and issues discussed at this forum included:
Overcoming the Challenges of Trade between Ghana
and Nigeria (Hon. Hanna Tetteh, Minister for Trade and
Industry), Opportunities for Ghanaian Entrepreneurs in
Nigeria (H.E. Senator Musiliu Olatunde Obanikro,
Nigerian High Commissioner in Ghana), Regional
Integration in Europe: A Lesson from recent history (Mr.
Hans Christian Winkler, Ag Ambassador, German
Embassy) and Issues in the Business relationship
between Ghana and Nigeria from the Private Sector
(Mr. Kennedy Okosun, MD of Krif Ghana Ltd.)
Member companies present at the event include:
Riepco Ltd., GTZ, Amalgamated Bank Ltd., and
Atlantic Computers. Others include: Poly Group of
companies, Ringway Estates Ltd. and Camelot Print
Ltd.
GGEA organizes Business to Business Meetings for
Trade Delegation from Rheinland Pfalz, Germany
GGEA played host to a trade Delegation from
Rheinland Pfalz on the 7 th July 2010 by organizing a
Business to Business Meeting for the four (4)
companies at Labadi Beach Hotel. These Companies
included Schott AG (Solar Engery); Kocks Consult
GmbH (Consulting Engineers); Wawi Schokolade
(Chocolate Confectionary) and Fuhrlaender AG (Wind
Energy, Renewable Energy Production).See page 14
also.
Individual meetings were organized for these
companies to meet with potential Ghanaian companies
in their line of business who could serve as potential
business partners. Dr Gorn of Schott AG met with
companies including Mr Vermeer (Energiebau
Sungery), Richard Arku (Richco Solar Energy), Mr M.
Otoo (Stom Engineering), Mr Omane Frimpong (Wilkins
Engineering), Mr Sey (TradeWorks Ltd) and Professor
Amo-Thompson (Consultant). Mr Leinhos of Kocks
Consult GmbH held meetings with Mr R. K. D. Van-Ess
(Community Water and Sanitation Agency), Mr Addai
(Bans Consult-Transport Engineering and project
management), Mr Ebenezer Gabrah of Ghana Water
Company and Mr Ahwireng of Ghana National
Petroleum Corporation. Mr Fuhrlaender of Fuhrlaender
AG met with representatives including Mr Sey
(Tradeworks Ltd), Professor Amo-Thompson
(Consultant), and Mr Omane-Frimpong (Wilkins
Engineering). Mr. Mueller of Wawi Schokolade met with
MR Ohene-Kena (Kasapreko) and with Mr Baah-Duodo of
Cocoa Marketing Company (GH) Ltd.
The delegation was led by Mr Juergen Weiler, Chief Officer
Foreign Trade of the Ministry for Economics, Transport,
Agriculture and Viniculture of the State of Rheinland Pfalz,
Germany.
UPCOMING EVENTS
GGEA BUSINESS FORUM
Topic: Land Administration in Ghana; the way forward
Date of Forum: 28 th July, 2010
Location: Novotel Hotel, Accra
Speakers:
1. Minister of lands and Natural Resources (Hon. Alhaji
Collins Dauda): “The future of Land Administration in
Ghana”.
2. The Deputy Project Director, Land Administration Project
(LAP) Mr. Jimmy Aidoo: “LAP the panacea to land
administration issues in Ghana”.
3. Acting Executive Secretary, Lands Commission:
Modalities for the sale and transfer of landed properties in
Ghana. Dr. Odame Larbi
4. Private Sector Issues on land Administration in Ghana
a. MD of Lakeside Estate: Mr. Sallah Kalmoni
b. MD of Zenith Bank: Mr. Daniel Asiedu
c. others.
Members: GHȻ 10.00
Non-members: GHȻ 30.00
Exhibit at Tendence 2010 – promote
Ghanaian handicrafts
Tendence at Frankfurt is the most important consumergoods
event and the leading design platform for the second
half of the year. It is aimed primarily at design-oriented
dealers and the high-grade accessories and gift-article
trade.
GGEA invites Ghanaian exporters of handicraft products to
exhibit at Tendence 2010 to help promote the Ghanaian
products on the international market.
Dates for Tendence: 27 – 31 August 2010
Venue: Frankfurt, Germany
Deadline for Exhibitor Application: 31 May 2010.
Contact the GGEA Office for further information.

Newsletter July 2010 Page 5 of 14
German European Businesses Trade
Fair (GEREU) 2010
(29 Sept – 2 October 2010)
Venue: Accra International Conference
Exhibition Stand = 1,500 USD per 9sqm
Centre.
Category of Sponsorships:
Gold Sponsor (inclusive of exhibition booth) = 5,000
USD
Gold Sponsor (exclusive of exhibition booth) = 4,000
USD
Silver Sponsor = 2,000 USD
Bronze Sponsor = 1,000 USD
Companies interested in participating are welcome.
NB: Deadline 30 st July 2010.
NATIONAL / ECONOMIC NEWS
Set up Ghana-Nigeria Trade Commission - Okosun
THE Chairman of Krif Ghana Limited, Mr Kennedy
Okosun has recommended the establishment of a
Ghana, Nigeria Trade Commission to solely work
towards overcoming the challenges of trade between
the two countries. He further recommended the
commission could be a non-governmental, quasi
diplomatic commission to be headed by a distinguished
former political leader.
Speaking at a Ghanaian-German Economic Association
(GGEA) ECOWAS project forum in Accra, Mr Okosun
said if the resultant gains in implementing the ECOWAS
protocol were to be harnessed, then appropriate laws
within member countries had to be fine-tuned in favour
of ECOWAS citizens. The aim of the forum was to look
into the concept of ECOWAS and the pertaining issues
of implementing the laid down protocols. He noted that
trade between the two countries should be deepened
for the mutual benefit of the two countries, stressing that
relations between the two countries dates back to
history and therefore there was the need to consolidate
that relationship.
Ms Hannah Tetteh, the Minister for Trade and
Industries, said Ghana and Nigeria are to sign a
Memorandum of Understanding (MoU) on how to
facilitate business transaction between the two
countries. The MoU is expected to spell out the
procedures an investor would have to follow in
transacting business in both countries. She explained
that it was the expectation of the ministry that with the
signing of the MoU the procedure for doing business in
Ghana would become clearer to Nigerian businesses.
She said “after this is done I will expect every foreigner
who come into the country to invest to follow the laid
down procedures and the laws that govern the trade
sector of the country.
The Nigerian High Commissioner to Ghana, Senator
Musiliu Olatunde Obanikro said the present democratic
dispensation was aware that the ideals of democracy would
only flourish on the bedrock of a strong and virile economy.
He said due to this, one of the methods adopted towards
attaining that objective was through the incentives that had
been put in place to encourage Nigerians and foreigners to
invest in Nigeria. Mr Obanikoro said his country was
endowed with natural resources, huge deposits of oil and
gas, bitumen and other mineral resources which Ghanaians
could invest into. He explained that having experienced
unpleasant experiences in political instability, corruption
and poor macroeconomics management, the present
administration was convinced of the need to come up with
the business as usual syndrome. Mr Obanikro stated that
the government had also put in place an array of incentives
and liberal tariff regime in order to sustain and stimulate
private investment from within and outside Nigeria. Other
contributors including the Managing Director of
Amalgamated Bank, Mr Menson Torkornoo, supported the
idea of putting in place measures to realise the aims of
ECOWAS trade protocol. Daily Graphic
Major relief for workers as parliament approves new
income tax regime
On the heels of the recent increases in utility tariffs,
Parliament has finally approved a new salary tax regime,
the Income Tax Rates (amendment) Regulations, 2010 (LI
1965). With immediate effect, the first GHS 1008.00 per
annum will not attract any tax. The taxable income begins
with the next GHS 240.00, which will attract five per cent,
while the next GHS 720.00 and GHS 14,232.00 will attract
10 per cent and 17 per cent respectively. The introduction
of the new income tax rates is expected to bring relief to all
workers in the country. It is also expected to get workers to
improve upon their productivity as their take-home salaries
go up. While some workers have described the review as
insignificant, the Trades Union Congress (TUC) thinks
otherwise. According to the Deputy General-Secretary of
the TUC, the increase in the threshold “is significant and
the union of its achievement as far as its ability to negotiate
this for the government to agree was concerned.” Graphic
Business
Merger of Revenue Agencies to improve tax
compliance
The amalgamation of the three revenue
agencies aimed at reducing tax evasion is an international
best practice that wil enhance revenue mobilisation and
improve tax compliance, Mr George Blankson,
Commissioner-General of the Ghana Revenue Authority
(GRA) has said. The three revenue agencies undergoing
the integration process are the International Revenue
Service (IRS, the Customs, Excise and Preventve Service
(CEPS) and the Vale Aded Tax (VAT) Service. The process
would operate mainly on an improved automation
technology platform under the e-Government project to

Newsletter July 2010 Page 6 of 14
reduce costs and enforce the tax law efficiently.
Government and its development partners including the
World Bank and the German Agency for Technical
Corporation (GTZ) have already pledged US$104
million for the establishment and operation of the GRA.
At a media interaction in Accra organised in
collaboration with the Ghana Journalists Association
and aimed at providing an informal platform for the
management of the Authority and the stakeholders, Mr
Blankson said: “In modern tax administration, voluntary
compliance is the bedrock on which efficient and
enhanced revenue mobilisation is founded.” Business
& Financial Times
increase yield. The move is to ensure that Ghana becomes
a major exporter of pineapple within the next three years.
Mr Mahama Ayariga, the Deputy Minister of Trade and
Industry announced this after inspecting a 3,000-acre
pineapple plantation being cultivated by the management of
Jei River Farms Ltd at Kasoa in the Central Region. He was
accompanied by Mr Kobina Ade Coker, Board Chairman of
Ghana Export Promotion Authority (GEP). Mr Ayariga said
Ghana had the potential to produce pineapples in
abundance to meet the rising demand by the international
market. Daily Graphic
Moves to boost rice production up
North
With increasing world price of rice
amidst shortages as a result of
increasing demand and supply forces, Ghana has no
other option than to double her efforts to boost domestic
rice production to sustain internal supply needs. Rice
consumption in Ghana is increasing at an alarming rate.
Between 1988/89 per capita rice consumption was
pegged at 7.0 kg; this figure rose sharply to 16.3kg
between 1994/95. Currently, it is hovering around 30kg
per capital per annum. Domestic rice production on the
hand is characterised by poor farmer access to
production factors such as improved seedling,
technology, fertiliser and credit. As a result, domestic
rice production is trailing far behind demand, standing at
about 30 per cent of demand. Data available shows that
the Northern, Upper East and West regions account for
about 64 per cent of domestic local rice production.
Experts believe that if the northern rice production
sector is properly managed it would cater for production
imbalances in the country. To alleviate the resultant
food insecurity the associated costly food relief actions,
huge food imports and trailing domestic rice production,
the West Africa Rice Centre, Catholic Relief Services
(CRS), USAID Famine Intervention Project and the
International Centre for Soil Fertility have led a network
of organisations and local implementing partners to
adopt an Emergency Rice Initiative a two-year initiative
(2009/10) to boost rice production in Ghana along with
three other West African countries, Mali, Nigeria and
Senegal. Business & Financial Times
Two to promote pineapple production
The Ministry of Trade and Industry
(MOTI) is to collaborate with the Ministry
of Food and Agriculture (MOFA) to promote pineapple
production in the country. Under the arrangement, both
ministries would run an out-grower’s scheme to
strengthen the capacity, as well as encourage private
firms engaged in commercial pineapple production to
Interest rates to go down
The Bank of Ghana has taken a giant step
towards a lower interest rate regime, with
the establishment of the Collateral Registry, the first ever in
Africa. By this institution, borrowers and lenders in the
country are now required to register their transaction and all
charges relating to it with a new body, giving details of the
collateral used to back the deal. The Collateral Registry,
known in other jurisdictions as a Registry of Secured
Transactions, takes records of loan amounts from GH₵500
and above and the collaterals – both movable and
immovable – used to secure the credit. This mandatory
registration guarantees that the lender can easily enter the
collateral and realise is value within 30 days of receiving
notice of default without recourse to a court action.

Newsletter July 2010 Page 7 of 14
According to the Registrar of Collaterals, Mr Mike
Oppong Adusah, the system was to improve the
mechanism for enforcing credit agreements, as it cuts
out the protracted court process associated with such
enforcements and also cuts down on risk premium that
lenders slapped on creditors that had made the cost of
credit in the country exorbitant, the highest in the world.
“The Act mandates the agreed parties (borrowers and
lenders) to fully disclose all information regarding the
transactions, including all charges. This does not leaves
room for hidden charges and so financial institutions
cannot have an excuse for piling up risk premium on the
borrower,” the registrar of collaterals told the GRAPHIC
BUSINESS. The registry, which takes its mandate from
the Borrowers and Lenders Act 2008, Act 773, allows
the use of movable assets such as television sets,
securities, wrists watches, vehicles, machinery and so
on, to secure loans. Graphic Business
Utilities tariff increase meet public outcry
Industrialists have expressed their apprehension about
the 89 per cent increase in electricity tariffs, saying it will
further undermine the country’s precarious industrial
sector. “The AGI is presently collating all information on
the matter to come out with an appropriate response
after we have analysed its exact impact on the various
categories of users; but I can tell you it will have
adverse implications for national competitiveness, for
the strength of our currency, and for our employment
situation,” the President of the Association of Ghana
Industries (AGI), Nana Owusu-Afari, said. Speaking to
B&FT, Nana Owusu-Afari pointed out that the AGI
Business Barometer for the first quarter of 2010
revealed industrialists were confronted with high raw
material costs, jacked-up import tariffs on specific
imported raw materials that industrialists only get to
know of when they go to clear their goods at the ports,
and unreliable and poor power supply, among others.
“The AGI’s position on the proposed power tariff
increase of 154 per cent was that such a huge increase
should be staged over a number of years to enable
consumers, especially business people, to factor that
into their annual budgets. “An annual increment of 10
per cent or 15 per cent could enable industrial
consumers to plan and have some control over their
costs, but an 89 per cent increase definitely throws your
budget out of control,” Nana Owusu-Afari said.
Business & Financial Times
Ghana / India creating enduring partnership
The Minister of Trade and Industry, Ms Hanna Tetteh, has
called on Indian investors to deepen their engagement with
Ghana’s private sector while viewing the whole sub-region
as a good investment destination with great potential. “Our
peoples have enjoyed healthy relations pre-dating our
independence, and we must endeavour to make that
relationship even stronger through investments and the
transfer of appropriate technology,” she said. Ms Tetteh
pointed out that the West African sub-region had moved
beyond the era of political and civil conflicts, thus creating
new investment opportunities. Ms. Tetteh, speaking at the
opening session of the 12th Confederation of Indian
Industry (CII)–Exim Bank Regional Conclave on India-
Africa Project Partnership in Accra, highlighted Ghana’s
rich endowment of industrial metals which provided a solid
foundation from manufacturing activity. “The sharing of
knowledge and technology is the best way to accelerate
economic development since that will allow our countries to
go beyond dependence on export of primary commodities
and diversity into manufacturing,” she said. The Togolese
Prime Minister, Gilbert Hounghou, reiterated the need for
investment projects to have a sub-regional outlook, saying:
“any project in one country must be designed to serve the
whole sub-regional market so as to prevent duplication in
the various countries. Business & Financial Times

Newsletter July 2010 Page 8 of 14
Infrastructure gap estimated at USD 2.3 bn
Ghana faces an annual infrastructure spending deficit of
USD 2.3 billion needed to attain middle income status
by the year 2020. This is according to a case study on
Ghana under the Africa Infrastructure Country
Diagnostic (AIFC) survey, an infrastructural research
analyses undertaken by the World Bank in more than
40 sub-Saharan African countries. This figure
represents 14 per cent of GDP and includes spending
needs for investment, rehabilitation, and operations and
maintenance in the transportation, power and water,
agricultural, and ICT sectors. Out of the total figure, the
power sector gap alone contributes about USD 1.2
billion and is said to harbour a huge efficiency gap that
acts as a drag on the growth of GDP. The report
estimates that unreliable power supplies held growth
back by 0.5 percentage points per capital in the period
2000 to 2005. According to the World Bank, Ghana’s
most pressing infrastructure challenges lie in the power
sector, where unreliable supplies have led to economic
losses valued at two per cent of GDP in recent years.
The total burden of power sector inefficiency is said to
cost about 2.8 per cent of GDP. Business & Financial
Times
IMF approves USD 119 m for
disbursements
The International Monetary Fund (IMF)
has approved the first and second
reviews of Ghana’s economic performance under the
Extended Credit Facility (ECF) arrangement. The
approval will enable Ghana to draw USD 119 million,
bringing total disbursement under the arrangement to
USD 218 million. In completing the reviews, the Board
granted waivers for the non-observance of the
continuous quantitative performance criterion on the
contracting or guaranteeing of non-concessional
external debt and the non-observance of the September
30, 2009 quantitative performance criteria on the overall
budget (fiscal) deficit. The Board approved on July 15,
2009 a three-year arrangement under the Poverty
Reduction and Growth Facility. While the fiscal deficit
was significantly reduced in 2009, revenue shortfalls
resulted in the accumulation of domestic payment
arrears. “Reduction of the budget deficit to eight per
cent of GDP in 2010 will require tight controls over
spending, including public administration costs, and
strengthening revenue mobilisation. To safeguard against
new domestic payments arrears, the government should
stand ready to tighten fiscal policies promptly, if the need
arises,” the IMF Mission said in a report. Business &
Financial Times
INDUSTRY / BUSINESS NEWS
Belgium delegation explores business partnership
A 40-member business executive delegation from the
Belgium Chamber of Commerce, Industry and Agriculture
has interacted with their Ghanaian counterparts to explore
avenues of partnership and cooperation to boost trade
between the two countries. Mr Maurice Vermeesch,
Chairman of East-African Chapter of Belgium Chamber of
Commerce, Industry and Agriculture said they decided to
establish trade partnerships with Ghanaian firms because
of the strength and stability in the economy. He said in
addition, Ghana upheld international best standards of
business transactions coupled with her improved relations
with the World Bank and other international organisations
convinced the delegation that their investments would be
safe in Ghana. Mr Vermeesch said members of the
delegation were interested in partnerships in water
treatment, logistics, ports and agri-business. The Deputy
Minister of Trade and Industry, Mr Mahama Ayariga, said
the government was implementing reforms on legislative
and administrative procedures to ensure that the country’s
investment environment was friendlier to investors.
Business & Financial Times
Banks loan quality drops – PWC Survey
The quality of banks’ loan and advances
deteriorated last year as compared to 2008, the 2009
Banking Survey report released by Pricewaterhouse
Coopers has showed. The survey which is in its 10 th year
and done in association with the Ghana Association of
Bankers indicated that the industry’s average impairment
charge to gross loans almost doubled from 2.2 per cent in
2008 to 4.2 per cent in 2009. The report cites increased
cost of funds, inflation, depreciation of the cedi and the
delay in paying contractors and other service providers as

Newsletter July 2010 Page 9 of 14
the key factors for the worsened asset quality. Industry
concentration indicates a shift towards the utilities and
construction sector primarily due to the industry support
in developing infrastructure in the telecommunication
sector and rehabilitating the power sector. UTBank and
Unibank improved on their loan recoveries and covered
part of the impairment charges incurred in previous
year. Business & Financial Times
Anglogold Ashanti pays USD
220m in taxes
AngloGold Ashanti has paid more than USD 220 million
in the form of direct and indirect taxes in the last five
years to the government, a regulator and shareholder of
the company. The company, created in 2004 as a result
of combination of the assets of the former AngloGold
and Ashanti Goldfields, has also spent about USD 1.1
billion in the same period on wages and salaries, utility
bills and importation of raw materials and services.
AngloGold Ashanti (AGA) has produced 3.2 million
ounces of gold from the Iduapriem and Obuasi mines
since 2004 and until recently the two operations
produced 12 per cent of the entire AngloGold Ashanti
group gold production. The Vice President of AngloGold
Ashanti, Ghana, Dr Toby Bradbury, disclosed this at the
West Africa Mining and Exhibition Conference in a
presentation on the contribution of AngloGold Ashanti to
the economy of Ghana. Dr Bradbury noted that beyond
the heavy investments in the industry, AGA also
contributed a lot to the health, education, sports and
agricultural sectors of the economy. Graphic Business
Newmont creates more business
opportunities
Newmont Ghana is integrating local business within its
areas of operation into its supply chain business.
Officials of the company said the initiative was an
important component in sustaining mining operation and
local development. That, the company said, was to
maximise local content in its operations at the Ahafo
Mine, where the mining company had, in partnership
with the International Finance Corporation (IFC), set up
a comprehensive intervention, the Ahafo Linkages
Programme (ALP) in 2007. The overall goal of the
Ahafo Linkages Programme is to create income and
employment opportunities for local communities around
the Ahafo Gold Project, particularly micro, small and
medium enterprises (MSMEs) and to help them become
sustainable businesses. It is also to provide business
opportunities beyond Newmont Ghana through
facilitating Newmont with businesses within and outside
Ghana, local businesses within the Asutifi and Tano
North districts of the Brong Ahafo Region. Graphic
Business
New strategy to boost palm oil production
New global strategy that could raise the nation’s
competitiveness in palm oil production is being
developed by experts from the International Finance
Corporation (IFC), the private sector arm of the World Bank
Group. The strategy, to be ready in September 2010, is
expected to quick-start a multi-million dollar oil palm
programme for policymakers and government and will focus
on access to financing, certification, land-use policy,
technology transfer, and infrastructure development from
the farm to the port, as well as pricing mechanism and
marketing. This is aimed at maximising development
outcomes for the communities while minimising adverse
social and environmental impacts of the sector and
supporting smaller businesses, as well as alleviating
poverty. Analysts say the strategy is timely as Ghana is
expected to export 36,000 metric tonnes of palm oil to
China next year, following the conclusion of a USD 21.6
million deal between Chyuan Ghana Limited and China-
Africa Economic Trade Limited. The palm oil to be exported
by Chyuan Chya will mainly be purchased from small and
medium-scale smallholder producers across the country.
Business & Financial Times
MUNICH TO MARITIUS
Governors endorse increase in AfDB’s capital base
The governors of the African Development Bank (AfDB)’s
have endorsed the tripling of the bank’s capital resources to
nearly USD 100 billion. This substantial increase allows the
AfDB to sustain a higher level of lending, including to the
private sector, in response to overwhelming demand in all
countries. In response to the financial crisis, the bank had
frontloaded its commitments, put in place new instruments
to facilitate trade, and restructured its portfolio. As a result,
the bank had used its available resources more quickly
than previously expected. Africa was badly hit by the
financial crisis, which threatened to set back the progress of
improved economic growth that the last decade witnessed.
When member countries came to the bank for support in
the midst of the financial crisis, the bank stepped up to the
plate – it frontloaded commitments, restructured portfolios
to release additional resources, and quickened its
operational process. This has happened at a moment when
Africa faces significant hurdles, such as financing gaps in
excess of USD 117 billion in 2009 and USD 130 billion in
2010 just to meet the Millennium Development Goals.
Graphic Business

Newsletter July 2010 Page 10 of 14
South African economy to grow 3.3%
this year
South Africa’s economic growth is likely to exceed the
Treasury’s target this year and next as a global
economic rebound bolsters demand for exports, the
Organisation for Economic Cooperation and
Development (OECD) forecasts. Africa’s largest
economy will probably expand 3.3 per cent this year
and five per cent in 2011, after contracting 1.8 per cent
last year, the Paris-based OECD said in a report
released on its website. In the Feb. 17 budget, the
Treasury forecast growth of 2.3 per cent this year and
3.2 per cent in 2011. “The risks to the outlook are
balanced,” the Paris OECD said. “Overly tight monetary
conditions, while confidence remains fragile, many hold
back the recovery. On the other hand, higher
commodity prices and larger capital inflows may provide
further impetus to domestic demand.” Economic growth
accelerated to an annualised 4.6 per cent in the first
quarter as record low interest triggered a rebound in
consumer spending, while demand from abroad
boosted mining and manufacturing, the statistics
agency has said. Business & Financial Times
CIM RETURNING EXPERTS
PROGRAMME
Fostering development by supporting
returning graduates and experienced
experts.
Returning experts who have acquired their professional
skills in Germany have an important role to play in their
countries of origin. When they are integrated
professionally, they can make a sustainable contribution
to the economic, technological and social development
of their country. Their professional know-how is cuttingedge.
They have international contacts, are at home in
several cultures and speak at least two languages
fluently. The Returning Experts Programme puts this
potential to work for development. It supports the
professional integration of university graduates and
experienced experts from developing, emerging and
transition countries, who have completed their training
in Germany and are interested in returning to their
countries of origin. The focus is on placing professionals
in areas of particular relevance to development. In
addition to placement and advisory services, the
programme offers financial support to experts interested
in returning to their own countries. Employers, too, can
benefit from programme services such as assistance
with recruiting employees.
• Publish your job offers where qualified candidates will be
sure to see it
• We could forward to you the profiles of suitable persons
from our pool of applicants
• We could search for qualified candidates for your position
through our contacts with universities and student
organizations
• We conduct interviews in advance to preselect candidates
with the professional and personal qualities you need.
Together with our advisors for returning experts in Ghana
we provide the following support:
INFORMATION AND ADVISORY SERVICES ON THE
JOB MARKET IN GHANA
JOB PLACEMENT
arranging of contracts with public and private employers,
NGOs and development cooperation institutions
NETWORKING setting up contacts with associations of
returned experts and development cooperation institutions
and experts.
The Returning Experts Programme is implemented by the
Centre for International Migration and Development (CIM)
on behalf of the German Federal Ministry for Economic
Cooperation and Development (BMZ). CIM is a joint
operation of the Deutsche Gesellschaft fϋr Technische
Zusammenarbeit (GTZ) GmbH and the International
Placement Services (ZAV) of the German Federal
Employment Agency (BA)
For more information, contact:
David Yawo-Mensah Tette
Adviser Returning-Experts Programme
GTZ-Office Accra
Tel: +233-30-2760448, 2 777375
Mob: +233-24-4 36 47 80
Fax: + 233-21-773106
Email: david.tette@gtz.de
Would you like to tap the potential of a
returning expert from Germany by
employing such a person yourself? If
so, take advantage of our package!
Forward a description of the position
you have to offer with a profile of the person you want
for that job

Newsletter July 2010 Page 11 of 14
PRESENTATION BY MEMBER COMPANY
INSURANCE SOLUTIONS LIMITED (INSURANCE
BROKERS AND CONSULTANTS)
This is to introduce Insurance Solutions Ltd (ISL), a
Ghanaian owned Limited liability Company, licensed by
the National Insurance Commission to engage in
Insurance Broking and Consulting Services in Ghana.
OUR TEAM: ISL is headed by Ms Josephine Amoah
(BSc, ACII , FGII) a chartered insurer with 30 years of
experience in Insurance; 22 years of it as an Insurance
Executive and 8 years as Commissioner of Insurance in
charge of regulation and supervision of Insurance
business in Ghana. Our technical team is well rounded
in Insurance practise with a combined experience of 62
years of Insurance practise ranging from Insurance
Underwriting and Claims, through Insurance
Supervision to Insurance Broking and Consultancy. Our
In-depth knowledge of the market, especially the
providers and products, places us in a unique position
to help you get maximum benefit from your Insurance.
OUR SERVICE: Among others, ISL is well placed to
provide the following services;
• Assist you in the identification of your Insurance
needs, guide you to arrange appropriate and
adequate insurances and negotiate favourable
terms and conditions for you.
• § Provide you with advisory services on your
insurance claims to ensure judicious and timely
settlement of legitimate claims.
• § Assist you to gain a better understanding of
your Insurance cover.
WHY YOU NEED OUR SERVICES
• COMPLEX INSURANCE DOCUMENTS:
Insurance policy documents are often
voluminous and contain technical terms which
most people do not understand. ISL will assist
you to know exactly what you are buying and
the ‘dos’ and ‘donts’ contained in your
insurance documents.
• COMPETITIVE TERMS: Our knowledge of the
market enables us to negotiate more
competitive terms for you than you can on your
own. We can for instance access some discounts
you may not be aware of.
• CLAIMS HANDLING: Processing of Insurance
claims could sometimes be cumbersome and
protracted, additionally if claim forms are not
completed properly it could result in your inability to
make some genuine claims. Our expert guidance in
times of a claim will be of invaluable benefit to you.
ISL will help you through the entire claims process.
We will use our expertise to help you get a
judicious and speedy settlement of all your
legitimate insurance claims.
• SAVINGS: Besides making savings on premiums,
we will save you valuable man hours by taking up
the liaison between you and your insurance
company, and delivering all your insurance
documents at your doorsteps. REVIEW OF
POLICIES: We will review your existing insurances
to ensure that the cover is appropriate and
adequate, and make recommendations which will
enable you to obtain maximum benefit from your
insurances.
• FREE SERVICES: Unlike intermediaries in other
industries, the invaluable services we render to you
are free of charge to you. The Insurance
Companies we place business with, in line with
Insurance practise, pay us commission on your
premium payments. Please note that this in no way
increases your premium. You shall in fact pay the
same premium (or even more) if you deal directly
with the Insurance Companies.
• SERVICING YOUR ACCOUNT: We would assign
to you a relationship officer for your account, who
would among other things give you technical
insurance advice, and perform other duties such
as: 1. Visit you regularly to address your insurance
concerns 2. Arrange new insurances with your
consent 3. Remind you on due dates about the
renewal of your insurance policies. 4. Follow up
on your Insurance claims. As an independent
Insurance intermediary, ISL is free to place your
insurance with any registered insurer of your
choice. We look forward to the opportunity to be of
service to you and your organisation and its
employees and clients.

Newsletter July 2010 Page 12 of 14
GGEA ECOWAS FORUM (30TH JUNE 2010) IN PICTURES
Hon. H. Tetteh, Minister for Trade Mr C. Winkler (Ag. Ambassador, H.E. Senator M. O. Obanikro
& Industry German Embassy) Nigerian High Commissioner in Ghana
Cross Section of speakers
Section of participants
Mr. M.Tokornoo (MD, Amal Bank)
Mr. S. Antwi (President, GGEA) Mr. K. Okosun (MD, Krif Ghana Ltd.) Question time
Question time
Cross section of participants

Newsletter July 2010 Page 13 of 14
GEREU 2010 ADVERTS

Newsletter July 2010 Page 14 of 14
GGEA BUSINESS DELEGATIONS
TRADE DELEGATION FROM NORTH-RHINE WESPHALIA
Delegation at Tema Vice President of Duisport,
Mr Thomas Schlipkoether, in Diskussion with
Mr Antwi and Mr Arthur-Mensah
Delegation at Tema Harbour just before starting
Left -right: Dr Ghanem Degheili, Managing Director of
of Duisport Facility Logistics GmbH, Mr Richard Anamoo,
Director of Port Tema, Mr Thomas Schlipkoether,
Mrs Christiane Neuchel-Moellering Head of Department
Good Governance and Infrastucture at the German
Ministry (MGFFI) in North-Rhine Westfalia, Mrs Alice
Torkornoo Marketing Manager Tema Harbour
TRADE DELEGATION FROM RHEINLAND PFALZ, GERMANY (7 TH JULY 2010)
Mr Leinhos (Kocks Consult) in a discussion with
participating companies
Mr. Mueller (Wawi Schokoladi, Germay)
Dr. Gorm (MD,Schott Solar AG) and Mr. Otoo
(MD, Stom Eng.)
section of participants on business to business meeting

Newsletter July 2010 Page 15 of 14