March 2009 - Ghanaian-German Economic Association

NEWSLETTER No. 47 MARCH 2009 Page 1 of 15
Ghanaian Trade Mission to Germany
* Visit Resale 2009 – No 1 Trade Fair in the used machinery market
Date: Tuesday 21 to Sunday 26 April 2009. See page 2
Dear members, Dear clients,
On April 6 th 2009, the GGEA will be 10 years old. We
will have a year-long celebration under the theme “A
decade of improving economic relations between
Ghana and Germany among private sector operators”.
Our celebrations will begin with a business luncheon
on the 25 th of March 2009 and the Honourable Hanna
Tetteh, Minister for Trade and Industry will be our
Special Guest of Honour. Hon. Hanna Tetteh has been
a member of the GGEA (representing GAFCO) since
the GGEA was formed in 1999. In effect we can say
that we will also be celebrating the elevation of one of
our own to the apex of the very important Ministry of
Trade and Industry.
In April we will have a trade mission to the Resale
Trade fair in Karlsruhe. In conjunction with the
Chambers of Commerce and Industry in Karlsruhe and
Rheine-Nectar, there will be a joint matchmaking event
between members of the trade mission and
prospective German companies.
June promises to be a busy month as The Ghana
Information Day, an annual occasion when Ghana is
marketed to German business interest, will take place
in Munich. At the end of June, the Afika-Verein will
lead a trade mission to Ghana and Sierra Leone. Again
the central focus of this mission is to match business
people from Ghana with members of the German
business delegation. Partnerships and join-venture
projects will be one of the highlights of the programme.
Sierra Leone was included on this mission to expand
the scope of business relations between Germany and
ECOWAS with Ghana as the hub.
The second edition of the German European Trade
Fair (GEREU) will take place in October. Based on the
feedback that was provided by the participants and
other stakeholders, GEREU will take place at the
International Conference Centre instead of the
National Theatre in Accra.
Finally we will round up our celebrations with a newly
instituted GGEA annual dinner.
Ten years ago, the founders of our association had a
dream and that dream was to expand the boundaries
of trade, investments and business contacts between
private sector operators in Ghana and Germany.
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
Whilst a lot of efforts have been made and are being
continually made to actualize that dream, the fact of
the matter is that the GGEA needs to do more to
realize the noble ideals of our founders.
On behalf of the Board Members, let me assure all of
you that we will redouble our efforts to advance the
vision of our founders.
Long live the GGEA!
Best Regards,
Stephen Antwi
President GGEA
Advertise on
GGEA Website and Newsletter
1 yr Banner Advert (Website) - € 750.00 (members)
€ 900.00 (non-member)
1 yr Advert in Newsletter - € 750.00 (members)
€ 900.00 (non-member)
GGEA Member Sub-Website
This is the opportunity for members to develop their
own web presentation and be able to update it as and
when it is required through a program called Content
Management System (CMS).
1 yr GGEA Member Sub-website – GH¢ 250.00
UPCOMING EVENTS
Telephone: +233-21-257837, Fax: +233-21-257838
Mobile: +233-24-4715454
Email: info@ggea.net Website: www.ggea.net
Join the Ghanaian Trade
Mission to Germany and
visit the No. 1 Trade Fair
in the used machinery
market
The Ghanaian-German Economic Association (GGEA)
and the Chambers of Industry and Commerce of
Karlsruhe and Rhein-Neckar in Germany, wish to invite
manufacturers and company representatives with an
interest in Germany to join our trade mission to
Germany.

Newsletter February 2009 Page 2 of 15
Date: Tuesday 21 to Sunday 26 April 2009
Mission Fees: € 3,900 per participant
Package includes:
• Lufthansa return air ticket
• Hotel accommodation (four nights)
• Bus shuttle service during the entire trade
mission
• Entry Ticket Resale 2009 for 2 Days
• Joint Match making event with German
member companies of the Chamber of
Commerce & Industry Karlsruhe and Rhein-
Neckar
• Visit of the Heidelberg Castle and the ancient
city of Heidelberg
Group picture of 2008 Trade Mission to Germany
With us, visit the world’s
leading International Trade
Fair for Used Machinery and
Equipment: The RESALE
2009 in Karlsruhe
Click HERE to download the application form. Please
note that there will be a company screening fee for
non-member companies.
For further details contact the GGEA Office on +233 21
257837/8; tradefair@ggea.net
Deadline for registration and payment is:
March 27 th 2009
The theme for the fair is:
“Overcoming the global financial crisis by
exploring new markets in West Africa”
Trade Fair Package:
Each exhibitor will get one Shell scheme exhibition
booth and will have:
• 1 table
• 2 chairs
• 2 shelves
• 2 spotlights
• 1 power point
• 1 waste paper basket
• Name written on fascia
Reservation of exhibition booth will be on a first come,
first serve basis. An exhibition booth is guaranteed and
selected once payments are made.
To become an exhibitor click HERE to download the
application form and prices.
To become a sponsor (Gold, Silver, Bronze, Media)
click HERE to down the sponsorship benefit package
For further details contact the GGEA Office on +233 21
257837/8; tradefair@ggea.net
End of registration: 31 st July 2009
Website: www.ggea.net
German European
Business in Ghana
(GEREU) 2009
The GGEA announces the
upcoming 2 nd German European Business in Ghana
Trade Fair 2009 at the Accra International Conference
Centre from the 30 th September - 3 rd October 2009.
The Trade Fair is expected to attract more than 70
exhibitors from Europe and Ghana/ECOWAS and
1500 professional visitors from Ghana, West Africa
and Europe.
The 2 nd German European
Business in Ghana Trade
Fair will under the
patronage of the German
Ambassador, H. E. Dr.
Marius Haas, and the
Minister for Trade and Industry, Hon. Hanna Tetteh
with support from the Head of European Delegation
and several EU member countries
Hannover Messe 2009 (20-24 April 2009)
HANNOVER MESSE remains the world's leading
showcase for industrial technology.
It is the ideal place to obtain the latest industrial knowhow.
Established sixty years ago HANNOVER MESSE
today ranks as the leading international showplace for
industrial technologies, materials and product ideas.
Over the years the focus has shifted from stand-alone
components to end-to-end solutions. Technical
innovation is one key element in the success of
HANNOVER MESSE. Another is its sharp focus on the
creative application of existing knowledge. Only at
Hannover can the visitor experience complete value
chains and swap information with experts from a
complete spectrum of industrial sectors.
*Tickets are available at GGEA office - EUR 53.00
Visit the website: www.hannovermesse.de

Newsletter February 2009 Page 3 of 15
Resale 2009 (22 - 24 April 2009)
GGEA MEMBERS NEWS
Stanbic Bank holds Stanbic
Fest 2009
Within a decade, RESALE has grown into the world’s
leading trade fair for used machinery and equipment.
It is now the most important forum for the global used
machinery market - a trade fair where important deals
are done and new contacts made. And: It is the only
event where used machinery calls the tune.
• 504 exhibitors from 31 countries
• Over 160,000 machines on offer
• 10.081 visitors from 118 countries
• 70 publishing houses participating from 10
countries
• Excellent business in all sectors on offer
• 80 % of exhibitors want to return
*Tickets are available at GGEA office - EUR 43.00
Visit the website: www.resale-germany.com
Contact:
Kwame Darkwah-Dwamena
Trade Fair & Marketing Officer
Stanbic Bank is gearing up for
what it says is an unprecedented
three-day banking festival at the Accra International
Conference Centre next Thursday, March 19 to 21.
The bank is hoping to outdoor all its products, job
openings and services, including investment banking
and advisory services to corporate clients and the
general public at the fair dubbed Stanbic Fest 2009.
Stanbic will be holding banking seminars during the
fairs where it hopes to reduce banking issues to the
bare for all who turn up and also outdoor what Mawuko
described as “very useful, very relevant products” such
as a New Business Online Product for corporate
clients and products suited for all others who would
avail themselves of the opportunity.
Stanbic Bank’s Head of Marketing and Public Affairs,
Mawuko Afadzinu, in an interview, said given the
difficulties and challenges brought on by the global
financial crisis, there couldn’t have been a better
opportunity for the investing world to seek counsel on
what opportunities are available to them and what
investment portfolios offer them the best of returns.
“It’s about you dreaming, you believing in your dreams
and acting on your dreams. Basically Stanbic Fest
2009 is going to be a one shop opportunity where you
have full exposure to all the financial packages,
services and products that you can get. And it is not
just about seeing the products…you also move to the
level where you get the opportunity to talk to a
consultant who is able to customize and give to you
suggestions very ideal and very suitable for your
circumstances.”
Stanbic will be holding banking seminars during the
fairs where it hopes to reduce banking issues to the
bare for all who turn up and also outdoor what Mawuko
described as “very useful, very relevant products” such
as a New Business Online Product for corporate
clients and products suited for all others who would
avail themselves of the opportunity.
The seminars will focus on SMEs, the National
Pension Reforms to assist fund managers, and then a
general seminar on the global recession and what it
means for the individual.
The fairs open from 1pm to 9pm for Thursday and
Friday, and from 10am to 9pm on Saturday, the final
day. www.myjoyonline.com

Newsletter February 2009 Page 4 of 15
Ecobank, Nedbank in alliance
South Africa’s number four banking
group, Nedbank, and Ecobank
Transactional Inc. are forming a pan-
African business alliance to expand
their reach on the continent, officials of the companies
have said. The tie-up between Nedbank, which is
strong in South Africa, and Ecobank, which operates in
West, East and Central Africa, would create a network
of 1,000 branches and banking outlets in 30 countries,
a joint statement by the banks said. While Nedbank
would keep its focus on southern Africa, it said the
alliance with Ecobank would provide its clients with
banking services elsewhere on the continent. Ecobank
would stay focused on pushing into less mature, highgrowth
markets. The companies said they would
explore joint investment opportunities. South African
banks have been expanding in the rest of Africa as
their corporate clients push north into new high growth
markets, requiring banking services. ECOBANK is
trying to raise money through a share issues to help it
expand its network of 500 branches in Africa.
Ghanaian Times
German political
organisation applauds civil
society
German political foundation, Konrad Adenauer-Stiftung
(KAS), has applauded the role of civic society in
pushing governments for social accountability. Mr
Isaac Owusu-Mensah, a senior programme manager
of KAS, said social accountability should not be
concentrated at the national level only but must trickle
down to the community level. Mr Owusu-Mensah said
this at the opening of a three-day workshop on local
governance for 120 participants from traditional rulers,
traders, civil society organisations, assembly
members, religious bodies and representatives of
political parties from Nkoranza District and the Wenchi
and Techiman municipalities. Under the theme,
“Informal sector and local governance accountability”,
the workshop was organised by the Ghana Union of
Traders Associations and sponsored by KAS. The
objective of the workshop is to create awareness,
recognition and support for social accountability
initiatives through participatory work and to also
support them to identify follow-up action to strengthen
social accountability at various levels of operations,
community and district
level. Ghanaian Times
Mergers & acquisitions best for
Ghanaian banks – KPMG
KPMG, in collaboration with the
Chartered Institute of Bankers of
Ghana, has organised a seminar in Accra on the
recapitalisation of the Ghanaian banking industry,
emphasising that mergers and acquisitions seem the
best option for the industry. The seminar focused on
issues relating to the objectives and strategic options
for recapitalisation, of mergers and acquisitions. Other
areas included the process and challenges of
integration as well as raising capital. In June 2008, the
Bank of Ghana (BoG) set a higher minimum capital
requirement of banks operating in the country to USD
60 million (or GH¢ 60 million) in order to obtain a classone
banking licence, which allows banks to operate a
universal banking model. The deadline for banks to
comply with this directive on new capital requirements
is December 31, 2009. Ghanaian banks operating in
the country have, however, been given the opportunity
to extent the period for which they are supposed to
raise fresh capital. Banks with indigenous share
ownership are expected to attain a minimum capital
requirement of GH¢ 25 million by the end of 2012.
Business & Financial Times

Newsletter February 2009 Page 5 of 15
Genuine Land Rover spare parts reduced to clear
with 50% discount
Mechanical Lloyd has in stock original Land Rover
parts for Land Rover Discovery 2 & 3, Land Rover
Free Lander (2000 model & older) land Rover
Defender, Range Rover.
* Get a whopping 50% off all purchases
Sales strictly on first come - first served basis.
Contact Mechanical Lloyd Co. Ltd
Tel:
Accra - 021 229386,
Adenta - 021 921484,
Kumasi - 051 41607/80213
Email: sales@mechlloyd.com
GGEA MEMBER FEATURE
McDan Shipping Company
Limited
McDan Shipping Company
Limited was established in 1999 and has over the
years gained a great deal of experience and maturity in
cargo handling, custom brokerage, warehousing, doorto-door
delivery, haulage, consolidation and
deconsolidation, and general freight forwarding and
provides comprehensive, cost effective freight
forwarding and logistics services that support
organization in their diverse and ever-changing
shipping needs.
With shipping services created with a focus on optimal
deliverability and exceptional customer services,
McDan Shipping provides the tools necessary to
achieve maximum satisfaction for all your freight
forwarding and logistics needs.
McDan Shipping Company Limited, through the years,
has grown from an office in Accra to establishing
additional coordinating offices in Accra and branches
in Tema and in Europe, China and the USA.
Our vision is to be one of the major companies in this
sector, providing the highest quality services and
playing a major role in the development of the activities
of our clients. Our Mission is to continuously be part of
our clients’ endeavours in achieving their targets. The
company has the state of the art communication
equipment to effectively coordinate its activities. The
company also has a spacious and well secured
warehouse, cold room up-to-date machinery and
equipment such as trucks, forklifts, delivery vans,
weighing scales, among others to ensure easy and
safe operations
The company has developed from offering custom
brokerage services in the first year of
operation to rendering the following:
• International Sea and Air Freighting
• Cargo Handling
• Door-to-door Delivery
• Consolidation and Deconsolidation
• Warehousing
• Custom Brokerage
• Haulage
• Consultancy Services
• Cargo GSA
Documentation Requirements
McDan Shipping will require the following
documentations.
• Original Airway Bill/Bill of Laden
• Original Invoice
• Original Parking List
• TCC
• FCVR
• CEPS/GIPC/VAT Exemptions if necessary
Key affiliate and partners in our global network:
• Intraspeed South Africa
• Universal Freight Organization
• International Air cargo Association
• International Federation of Freight Forwarders
• Ghana Institute of Freight Forwarders
Contact Details:
Accra-KIA
Block # 10, Room A & B, AVIANCE, Cargo Village,
Airport – Shell Road, Kotoka International Airport
Tel: +233 (21) 762 280
Fax: +233 (21) 770 456
Cell: +233 (24) 4 384 163

Newsletter February 2009 Page 6 of 15
Tema
1 st Floor, Room 206, GIFF Secretariat Building
Opp. Meridian Hotel, Tema Main Harbour Area
Tel: +233 (22) 210 146
Fax: +233 (22) 216 495
Email:mcdan55@yahoo.com,
dan@mcdanshipping.net, eve@mcdanshipping.com
Website: www.mcdanshipping.com
Mr. Daniel McKorley
Managing Director, McDan Shipping
NB: For the year 2009, McDan Shipping Company
Limited is offering to all GGEA Members, a 50%
discount on all their service charges including
Customs Brokerage (clearing and forwarding),
Haulage and Warehousing.
GGEA RECENT EVENTS
Lenz Finance Management arranges Individual
Business Trip to Ghana by GGEA
8 th Jan – 13 th Jan 2009
GGEA organized a business trip for Mr. Wolfgang
Lenz, CEO of Lenz Finance Management KG from
Germany who recently joined as a new member to the
GGEA.
The core competence of LENZ Finance Management
KG is the elaboration of finance concepts for corporate
customers and the support in their implementation.
LFM stands for independent and sophisticated
financial consultancy services to the medium-sized
industry outside the stock-exchange.
Mr. Lenz visit was aimed at discussions and knowledge
sharing of the potential risks and benefits of Trade &
Investment Finance in Ghana and the ECOWAS
region, consultancy & advisory services for ECOWAS
& EU and cooperation for market research & potential
for the Trade & Investment Finance between Ghana
(ECOWAS) and Germany (European Union).
Meetings were organized with
various financial and non-financial
institutions and companies including
KEK Insurance Brokers, Ghana
Leasing Company Ltd, Ghana
Investment Promotion Centre,
AmalBank, Stanbic Ghana Ltd,
Zenith Bank Ghana Ltd, Ecobank
Ghana Ltd, BPI Bank Ghana Ltd. and UT Financial
Services.
GGEA as part of its services organises business trips
for individuals and groups to link them with contacts
and businessmen in related areas of their core
business.
LENZ Finance Management KG
Brunostrasse 2
D-64653 Lorsch
Phone: +49 (0) 62 51 -94 39 16
Fax: +49 (0) 62 51 -94 39 15
Mobile: +49 (0) 172 -8 40 55 41
Email: info@lenzfinance.de
Website: www.lenzfinance.de
NATIONAL / ECONOMIC NEWS
Bank of Ghana has announced an increase in the
prime rate from 17% to 18.5%
Dr. Acquah told the media that the decision to raise the
prime rate from 17% to 18.5% was
informed by a number of factors
among which are the global food and
crude oil crisis “which threatened
macroeconomic stability particularly in
emerging markets and developing economies.” Dr.
Acquah said, different countries have responded
differently to these crises. Citing the effects of the
crises on Ghana, he noted that expansionary fiscal
policies underlined by sharp increases in capital
expenditure, fiscal cost of energy subsidies, rising
wages and salary bill, rapid demand and GDP growth
has resulted in wider fiscal and external current
account deficits.
The Governor also said, “Inflation pressures have
persistently remained high.” Adding that, “core inflation
has been rising steadily and surged above headline
inflation with higher volatility in prices and in the
exchange market.” Dr. Acquah therefore, said it is
necessary for monetary policy to be tightened “to break
this incipient dynamics of price inflation and exchange
rate expectations.”
Pass agric credit bill —
Peasant farmers
The Peasant Farmers
Association of Ghana (PFAG)
has called on the new
government to pass the Agricultural Credit and
Competitiveness Bill into law to grow the agricultural
sector with the provision of cost effective and reliable

Newsletter February 2009 Page 7 of 15
access to financing. Among other things, the bill seeks
to make available to farmers and farm-related
enterprises, financial resources for agricultural
production and marketing and enhance their access to
cost effective credit facilities for production and
marketing.
PFAG said it would be heart-warming for the
government to pass the law in the first 100 days so as
to pave the way for unprecedented agricultural
activities, which has been touted as the core of the
Ghanaian economy. Officials of PFAG who made the
call in an interview with the Daily Graphic said the
association had already taken far reaching steps and
painstaking efforts in drafting the bill, with sponsorship
from the Business Sector Advocacy Credit (BUSAC).
The agricultural sector contributes significantly to the
economy of Ghana. It is estimated that the sector’s
contribution to gross domestic product (GDP) currently
stands at over 40 per cent, while its contribution to net
foreign exchange earning is about 33 per cent, thanks
largely to the cocoa sub sector.
abroad to open savings and investment accounts in
Ghana. “This enables them to purchase bonds and
other financial instruments as a means of generating
income. This allows members of their family to get
access to funds for their upkeep.
Although this will reduce the frequency of the
remittances the economy will also benefit from long
term investments in the local economy,” he stated.
Ghana will benefit immensely from remittance inflow by
streamlining existing procedures and instituting
innovative policies to create the enabling environment
for stakeholders. Daily Graphic
The sector also accounts for close to 50 per cent of all
jobs within the economy. However, the agricultural
industry has a plethora of problems, including severely
limited access to reliable and cheap credit facilities that
are capable of providing farmers and others involved in
the sector (including agro-processing, marketing and
distribution enterprises) with short to long-term
financing. Daily Graphic
How to enhance development
impact of remittances
Trade attachés at the foreign
missions should initiate
programmes and engage
discussions with indigenous Ghanaian enterprises in
those countries to find out obstacles to importation and
how goods from Ghana are paid for, Mr Kofi Fosu, the
Director of Business Development, Express Funds Ltd,
has suggested. His message which was carried in an
article in the Daily Graphic, urged the government to
resource the Trade Attachés to enable them to
compete professionally to market Ghana as a safe
destination for investment. “Ghana can take advantage
of the current global financial crises to attract floating
capital, technology and skills from the developed
economies,” he said. He added that the foreign
missions should hold frequent consultations with
Ghanaian Hometown Associations (HTAs), churches
and other groupings to discuss programmes such as
the National Health Insurance Scheme (NHIS) to work
out modalities to allow them to participate and benefit
from the scheme. They should also discuss problems
affecting their ability to remit funds to Ghana and make
appropriate recommendations to the Bank of Ghana
(BoG). Mr Fosu said local banks should review their
account opening procedures and Know Your Customer
(KYC) policies to encourage Ghanaian residents
Budget deficit
Ratings agency Fitch has
warned that Ghana’s widening
budget deficit will eventually
threaten its credit rating after its new leadership said
the country was effectively “broke” after elections. The
administration of new President John Atta Mills said
earlier this month that overspending by the previous
government in the run-up to elections meant that “in a
word, the government of Ghana is broke”. Fitch rates

Newsletter February 2009 Page 8 of 15
Ghana as B+ with a stable outlook. The West African
country successfully issued a USD 750 million
Eurobond in 2007 and had been touted as one of
Africa’s most appealing new frontier markets.
Business & Financial Times
No default on Eurobond payments
Ghana’s new administration does not intend to default
on repayments of the USD 750 million Eurobond
issued in 2007, its transitional finance committee has
said. A government spokeswoman said Ghana was
“broke” after spending by the previous government
pushed up the fiscal deficit, raising concerns among
investors holding the Eurobond. “We are committed to
making good our obligations,” said Moses Asaga, a
former deputy finance minister who sits on the threeman
committee. Ghana has been paying semi-annual
instalment of around USD 33 million since April 2008,
in accordance with the bond’s terms. Last week,
ratings agency Fitch expressed worry about Ghana’s
widening budget deficit, but Asaga said the
administration had used the word “broke” to illustrate
the severity of the economic situation to Ghanaians.
Business & Financial Times
Ghana’s bilateral trade with
India will grow to USD 1 billion by 2012-15 with special
focus on steel, engineering, tourism and jute
industries, High Commissioner of Ghana to India John
Bentum-Williams has said. Talking to media persons
after announcing the appointment of Mr D.P. Tantia as
Honorary Consul for Ghana in West Bengal, the High
Commissioner said the trade target would be achieved
by investments in other sectors, such as fishing, non–
ferrous metals, tea and sports. Mr Bentum-Williams
noted that the trade turnover between the two
countries had gone up to USD 947.62 million in the last
fiscal as compared to USD 563.84 million in 2006 –
2007. Business & Financial Times
INDUSTRY/BUSINESS NEWS
Bilateral trade with India
Another sub-marine cable for
Ghana
A West African Company, MainOne Cable Company,
is to lay a submarine cable from Portugal in Europe to
Nigeria through Ghana. MainOne Cable Ghana, a local
subsidiary, will manage Ghana’s facility which will
terminate at a beach in Nungua in Accra. The USD
200 million project is being funded by the West African
start-up company with other private equities sourced
from West Africa. It holds its franchise though from
MainOne Cable Company of Mauritius. The Chief
Executive and Founder of the company, Ms. Funke
Opeke, said the fibre optic cables carrying 1.92
terabytes per second capacity for data and voice was
expected to lower the cost of telecommunications by
between 10 and 20 per cent. Using Dense Wave
Multiplexing technology with two fibre pairs, the Main
One cable is designed to deliver more capacity to the
region than any of the other existing or proposed
under-sea fibre projects. When it becomes operational
in June 2010, the facility would offer connectivity
platforms to telecommunications companies already
operating in the country, including internet service
providers (ISPs) and cellular phone operators. It would
offer them a high capacity bandwidth that would
connect them straight to similar facilities and base
stations in Portugal. Portugal owns a lot of
telecommunications infrastructure that offers
developing and emerging economies direct and
reliable connectivity to Europe. This means that with
the entry of Main- One open access fibre cables, other
intra-country fibre optic infrastructure owners wired
across the country may decide to come into some
agreement for one to manage the system, while the
others concentrate on their core business. The first
phase of the project will span 6,900 kilometres,

Newsletter February 2009 Page 9 of 15
extending from Portugal to Nigeria and Ghana on the
West Coast of Africa. The second phase is expected to
extend by another 6,000 kilometres to South Africa and
Angola. Daily Graphic
TV3 goes public
TV3, a private television station in
Accra, will later in the year give
investors the opportunity to buy its
shares in an Initial Public Offer (IPO). This comes at a
time money market (treasury bills in particular) offers
very attractive yields. Investments in money and
capital markets have always been such that attractive
returns in one market mean unattractive returns in the
other. Presently, the money market seems to be
drawing investors from the capital market due to the
ongoing corrections (the falling prices of stocks) in the
capital market and the relative attractive interest rates
in the money market. However, because money
market investments are basically short term in nature,
investors with long-term objectives still prefer rightly
priced capital market investment products and not
prone to suffer deterioration through price correction in
the long run. TV3, being in operation for the last 11
years, is entering an important phase of its growth and
wants to raise money to expand its operations to cover
the whole of Ghana, replace obsolete equipment with
modern equipment, train staff and provide superior
entertainment. Above all, the TV station wants to do
even better as a business entity and pay shareholders
decent returns. The media and entertainment business
in Ghana is growing rapidly and nowhere near its full
potential. For once, the investor will have the option of
a different kind of stock to invest in, not a financial
institution or a mine or a consumer goods
manufacturer, but a television station, a giant in the
fourth estate of the realm. As a communication
medium, television is second to none. Ghana’s
foremost private free-to-air television network is the
most watched and preferred channel in the stations
core coverage areas with its programmes consistently
ranking among the top 20 programmes viewed in
Ghana. Its revenues have been equally impressive. In
1998, revenues totalled GH¢ 112,500 and by 2008, it
was in the region of GH¢ 7 million. The company’s
shareholder fund has more than doubled over the last
five years. Daily Graphic
MUNICH TO MAURITIUS
Deepen intra-regional trade
West Africa needs to cooperate,
eschew unnecessary suspicion
and fashion out effective policies
to facilitate trade within the
regional bloc. Mr Kenneth Olise, a Senior Lecturer at
the Lagos State University Master of Business
(LASUMBA) Programme, who made the observation
noted that “these problems in West Africa are manmade”
and had led to various constraints such as high
cost of production, inefficiency and restrictive
movement of goods and persons. He said such
problems had conspired to cripple the sub-regional
grouping for a long time and needed to be curtailed
with urgency, saying the way forward for the West
African economies to develop was trade and not aid,
especially inter-community trade. He made the
observation in a paper delivered at the University of
Ghana Business School (UGBS), Legon on “Export
incentives and trade development in West Africa,” at
the weekend. The lecture formed part of an interactive
session between UGBS and LASUMBA, in line with
collaborative efforts between the two institutions. Mr
Olise said there was the need to increase the volume
of trade within the Economic Community of West
African States (ECOWAS) and that grants and special
subsidies should be extended to exporters who
exported above certain volumes within West Africa. He
advised that the common external tariff regime should
be implemented by all member states to the letter,
since the export of one country was the import of
another, saying it would not be useful granting export
incentives in one country, while another killed it with
import tariffs. Daily Graphic
Africa’s growth slowdown may be
much sharper – IMF
The slowdown in economic growth in
Africa this year may be much sharper
than the International Monetary Fund
(IMF) is currently forecasting, a
senior IMF official has said. The IMF has updated its
forecasts and is now expecting growth of 3.3 per cent
in 2009 in Africa, down three percentage points from
its April 2008 outlook. “The slowdown in growth could

Newsletter February 2009 Page 10 of 15
be much larger that we estimate currently,” the IMF’s
Africa Department Director, Antoinette Sayeh, said at a
seminar. The slowing economy has sent demand for
African exports tumbling and prices of commodities
such as cotton, copper and oil have fallen.
“Remittances, tourism revenue and even aid, we feel,
could fall further,” she said. Investment flows have also
dropped as investors prefer to put their money into
safer havens. This has created pressure on reserves
and foreign exchange rates. Business & Financial
Times
Vehicles sales still growing in
Africa
Vehicle sales in Africa are still
growing, defying global trends,
says the General Manager of
Nissan Africa Regional Office (ARO), Jim Dando.
Vehicle sales worldwide have dipped dramatically over
the past few months as access to credit has all but
dried up. “Africa has not yet been affected by the credit
problems experienced in the rest of the world,” says
Dando, who heads the ARO unit, which falls under
Nissan South Africa. “I’m still relatively optimistic about
the outlook for the rest of our financial year 2008,
which ends in March, beyond that, though; it is difficult
to make any forecasts”. Dando says the credit problem
would start affecting the continent’s vehicle sales “at
some point,” but probably not as severely as
elsewhere in the world, as “Africa by and large, pays
cash.” He attributes recent growth to a rising African
middle class, fuelled by governmental organisation
support, and the development of the continent’s
mineral wealth. Ghanaian Times
SES Special Offer for
companies in Ghana to
recruit a German Expert
The Ghanaian German
Economic Association would like to remind its
members and clients of the existence of the Senior
Experten Service also known as SES.
There is a special offer for Ghanaian companies
urgently seeking to uplift their input and productivity to
apply using SES on a volunteer basis.
It is requested from the applicant to provide
accommodation and daily allowance of EUR 7.00
(seven Euros) per day for the volunteer.
Some companies that have applied for the SES
program since January 2009 include Fraga Oil and
Plot Enterprise Ghana Ltd. Some old members include
Danadams Pharmaceuticals who has had his 3 rd SES
experience.
Application forms for SES projects are available at the
GGEA Office. Please contact:
Patrick Martens
Executive Secretary-GGEA
233-21-257837/8
233-244-715454
Projects and Tenders in Ghana
Based on Contacts with the AHK Delegate Office of
German Trade and Industry at Washington DC,
available projects, tenders and reports are available at
the following links:
Transport Sector Project
Ghana Natural Resource and Environmental
Governance - DPO
Further Information about World Bank programmes
and Ghana, visit: www.worldbank.org/ghana
Resource:
Dr. Christoph Schemionek
International Financial Institutions Liaison
Office of the Representative of German Industry and Trade
Phone: + 1 (202) 659 4777
Direct: + 1 (202) 659 6821
Email: cschemionek@rgit-usa.com
Germany Trade
and Invest
Germany Trade
and Invest is the new foreign trade and inward
investment agency of the Federal Republic of
Germany. Formed following the merger of the German
Office for Foreign Trade and the Invest in Germany
GmbH, Germany Trade and Invest officially came into
being on January 1, 2009. Germany Trade and
Invest’s mission is to promote Germany as a location
for industrial and technological investments and to
identify investors for the German market. The
organization advises and supports foreign companies
seeking to expand into the German market and assists
German companies looking to enter foreign markets.
Germany Trade and Invest provides comprehensive
and client-oriented economic and industry data as well
as information about calls for proposals in foreign
countries, investment and development projects, and
legal and customs regulations. The promotion of
economic activity in Germany’s new federal states,
including Berlin, also forms an integral part of the
agency’s external trade and business location
marketing remit. Germany Trade and Invest is
supported by the Federal Ministry of Economics and
Technology
and the Federal Ministry of Transport,
Building and Urban Affairs based on a German
Parliament resolution. http://www.gtai.com

Newsletter February 2009 Page 11 of 15
GGEA Member Sub Website Offer
GGEA offers its members a sub website with easy
m anagement from the comfort of their offices for only
GH 250.00.
Pictures of a member sub-website-
• Vicdoris Pharmaceuticals Limited
Some of the GGEA Member currently enjoying this
feature includes Vicdoris Pharmaceuticals, Digoltz
Limited and Quddus Ventures. Take this opportunity to
market your products and services online to meet a
wider customer pool.
Visit some of the member sub websites at:
V icdoris Pharmaceuticals:
www.ggea.net/vi cdorispharma
Digoltz Limited:
www.ggea.net/digo ltzltd
Quddus Ventures
www.ggea.net/quddusventures

Newsletter February 2009 Page 12 of 15
REAL ESTATE MARKET UPDATE
RESIDENTIAL PROPERTY (ACCRA)
SALE
CLASSIFICATION TYPE RENTAL/ MNTH - PRICE -$
$
1 ST CLASS
SINGLE/TWO STOREY HOUSE, 2800.00 - 350,000 –
SELF COMPOUND
6000.00
700,000
FLATS/APARTMENTS/TOWN 3000.00-5000.00 275,000-
HOUSES/CONDOS
4000,000
2 ND CLASS
SINGLE/TWO STOREY HOUSE, 1200.00 – 280,000 -375,000
STAND ALONE
2200.00
FLATS/APARTMENTS/TOWN 1500.00 – 150,000-200,000
HOUSES/CONDOS
2200.00
LOWER END SINGLE/TWO STOREY HOUSE, 200.00 – 800.00 50,000 -180,000
STAND ALONE
FLATS 300.00 – 800.00 40,000 – 120,000
RECOMMENDED AGENTS
FRESNO GH. RONI PROPERTIES
PENNY LANE,
H WAGNER
RONI PROPERTIES
JOHN AMENUVOR
ONEILL
REYNOLDS CHATT
TOM ESTATES
IDEAL REAL ESTATE
RONI PROPERTIES
SERVICES
COMMERCIAL PROPERTY (ACCRA)
CLASSIFICATION TYPE – based on facilities RENTAL/MNTH - $ SALE PRICE - $ RECOMMENDED AGENTS
1 ST CLASS
PARKING,LIFT,GENERATOR, 10. 00 – 24.00 SQ Nil (7)
J BRADBURTY
SECURITY, AIR CONDITIONING M
H WAGNER
JOHN AMENUVOR
PENNY LANE
RONI PROPERTIES
2 ND CLASS PARKING, AIR CONDITIONING 4.00 – 8.00 SQ M nil (7)
FRESNO GH
JOHN AMENUVOR
ONEILL
RONI PROPERTIES
RETAIL
SHOP IN COMMERCIAL 8.00 – 15.00 SQ M Nil (7)
ONEILL
SHOPPING
DISTRICT, APPROX 25 SQ M IN
SIZE
TOM ESTATES
IDEAL REAL ESTATES
KOA CONSULT
VALUATION AND
INVESTMENT
ASSOCIATES
WAREHOUSING OPEN PLAN SPACE, MAY 1.00 – 5.00 SQ FT 800,000.00
JBRADBURY
INCLUDE OFFICES
FOR
- 2.4m
KOA CONSULT
MANAGEMENT
JOHN AMENUVOR
RONI PROPERTIES
INDUSTRIAL PROPERTY (A CCRA)
CLASSIFICATION
TYPE
RENTAL/
MNTH -$
SALE PRICE-$
GOVERNMENT APPROX 1.5 – 5.0 ACRES 8.00 1.5 MILLION TO
LEASES
2.5M
PRIVATE LEASES
AND UNDEV.
LOCATIONS
RECOMMENDED AGENTS
KOA CONSULT , JBRADBURY
RONI PROPERTIES, VALUATION
AND INVESTMENT ASSOCIATES
APPROX 1 – 10 ACRES 8.00 NEGOTIATED ONEILL, TOM ESTATES, RONI
PROPERTIES
IMPORTANT FACTS TO NOTE
1. Prices Quoted are usually what is required by the landlord and may be open to negotiations.
2.
3.
Property owners may accept either Euro or Pound though most rates are quoted in US dollars, but others may not.
The Market is mainly a sellers market and has been largely for the past 8 years for prime property.
4. Most lower end properties are usually just as good as prime properties.
5. Most lower end properties are usually just as good as Prime properties. The difference exists mainly in location i.e. distance for the CBD, availability of
amenities i.e. roads, underground drainage, water and electricity.
6. Industrial properties hardly come on sale on the Open Market; however warehousing is usually more easily accessible.
7. Most commercial properties are not sold because they are usually built for investment or part of the owners main structure.
8. It’s usually more cost effective to negotiate a sale than a rental of Industrial properties.
1
The above document is prepared based on an analysis of current open market values of the rents and sale values for real estate in Ghana.
Prepared
by FRESNO REAL ESTATE SERVICES, fresnoeasyproperty@gmail.com

Newsletter February 2009 Page 13 of 15
BIBLIOGRAPHY
A . LIST OF VALUERS
• SEGU CONSULT,
P.O. BOX 12437, ACCRA NORTH
NO C755/3, 2 ND CRESCENT NEAR BURKINA FASO EMBASSY, ASYLUM DOWN, ACCRA
seguconsult@hotmail.com, 021-229676
• VALUATION AND INVESTMENT ASSOCIATES
P.O. BOX CT 338, CANTONMENTS, ACCRA
NO. 16 MANGO TREE AVENUE, ASYLUM DOWN, ACCRA
Valuation-invest@consultant.com, 021-243650
• KOA CONSULT
P.O.BOX AN 11562, ACCRA-NORTH
3 RD FLOOR TEACHERS HALL COMPLEX, ADABRAKA, ACCRA
admin@koaconsult.com, 020159675, 021 - 224877
B . REAL ESTATE AGENTS
• FRESNO GHANA LIMITED, 0244774773, fresnoeasyproperty@gmail.com,
• H WAGNER, LABONE ESTATES - 021 773171, rosampah@hotmail.com,
• PENNY LANE REAL ESTATE SERVICES – 0244329343, zhannahorn@yahoo.co.uk,
• JOHN AMENUVOR - 0277407059
• TOM ESTATES - 0244712232
• AFSR REAL ESTATE LTD - 0244317720
• RONI PROPERTIES - 0246399399
• JB PROPERTY SERVICES - 0243568045
• REYNOLDS CHATTELS - 0243788056
• ONEIL INVESTMENT - 0244279766
C . ARCHITECTS
• EKAD CONEPT, P.O.BOX TN.1501, ACCRA, senadake@gmail.com, 0277432191
• GEO-BENZE LTD, P.O.BOX CT.28 ACCRA, kekeliko@yahoo.com, 0246333863
• TRISONIXX PROPERTIES LTD - trisonixx @yahoo.com
D . OTHER SOURCES
• REAL ESTATE FINANCE AND INVESTMENTS – WILLIAM D. BRUEGGEMAN AND JEFFREY FISHER.
• HOME BUYING FOR DUMMIES – Eric Tyson and Ray Brown
• RICS MANUAL
• GHANA INSITUTUION OF SURVEYORS – VALUATION DIVISION SEMINAR REPORTS (REAL ESTATE IN
GHANA)
• GHANAIAN DAILY NEWSPAPERS (GRAPHIC, BUSINESS AND FINANCIAL TIMES)

Newsletter February 2009 Page 14 of 15