Story: Michael Donkor
THE Kofi Annan International Peacekeeping Training Centre (KAIPTC) has launched the annual review of global peace operations 2008 in , with a commitment to train more peacekeepers to respond to the numerous conflicts in the world.
THE acting Commandant of the centre, Commodore Albert Addison, who launched the review, said with so many conflicts plaguing the world, the demand for peace operations was constantly on the increase.
Commodore Addison said it was for that reason that the KAIPTC had taken the lead to provide training for both civilian and military peacekeepers.
He said every year the centre ran about 20 different courses for military and civilian personnel involved in peace support operations which were intended to develop regional capacity in peacekeeping.
The German Ambassador to Ghana, Dr Marius Haas, said UN peacekeeping operations had reached a record high this year.
He said with $6.8 billion for peacekeeping operations, the budget of the UN peacekeeping missions was as high as ever before.
Dr Haas said in some conflict regions the UN remained the peacekeeper of last resort because it was the only politically viable actor and had the capacity to remain engaged over a long and difficult period of time.
He said since the beginning of 2008, the German government had considerably increased its funding for peacekeeping globally.
He said the Federal Foreign Office of Germany was supporting crisis prevention, conflict resolution and post-conflict peace-building measures world-wide to the tune of 60 million Euros.
He said much of the funding would flow into projects in Africa.
Dr Haas said an additional 30 million Euros would be used to improve Africa’s civilian security architecture, to enhance police work in Africa and to combat the causes of border conflicts.
Dr Sarjoh Bah of the Centre on International Co-operation, New York University, said the year in review was a difficult one for the United Nations (UN) and non-UN peace operations, and might bring about more challenges for the year ahead.
He said by the end of 2007, it appeared as it peacekeeping had become the reflex solution to crisis, often in the absence of viable political framework or peace agreements.
He said the year also witnessed more peace operations with ambitious mandates, often in places with no peace agreements.
Dr Bah said the complexity and breadth of peace operations began to expose cracks in the international peacekeeping system.
Thursday, June 26, 2008
Monday, June 23, 2008
Its Globacom: NCA Finally Confirms(Front Page) June 21, 2008
Story: Michael Donkor
THE National Communications Authority (NCA) has confirmed that Globacom Telecommunications has won the competitive bidding to operate mobile services in the country.
The NCA, about 11 weeks ago, called for bidding for a mobile licence in a bid to avail the people of better telecom services.
Eleven companies bid for the licence but after careful scrutiny by the NCA, Globacom beat all the companies with its technical presentation, pedigree and extensive roll out plan for the country.
At a news conference in Accra yesterday to show its appreciation to the government and the people of Ghana, the Head of New Markets, Globacom, Mr Yinka Alafimihan, said the company was pleased and challenged by the confidence the NCA and the general public had reposed in it.
He said the licence fee had been paid and it was determined to extend to Ghana a world-class reputation as the harbinger of hope and great things.
He said Globacom would ensure that the trust so freely reposed in it by the people was not misplaced.
“Globacom is about people; it is about service; it is about possibilities,” he said, adding, “We are consciously founded on the philosophy of elevating people and giving life more positive meaning. Our entrance into Ghana, at this time, is at once destined and calculated.”
Mr Alafimihan said when the company first launched its services in Nigeria in August 2003, its vision was to build for Africa the biggest and the best telecommunication network.
He said presently, with over 18 million subscribers, it was also bidding for telecom licences in other African countries.
As the most innovative telecommunication brand in Nigeria, he said, the company launched the network on the popular per second billing platform, a payment scheme that enabled subscribers to pay only for the service they utilised.
He said it also crashed the cost of SIM acquisition from a prohibitive high to almost zero.
Mr Alafimihan said the move to Ghana was another step in the realisation of the company’s Pan-African vision, adding that the task ahead might look tough but gave the assurance that it would meet and surely surpass expectations.
He said the personal passion of the Chairman of Globacom, Mr Mike Adenuga Junior, was to empower Africans and prove that given the same opportunity, the African could attain any height.
THE National Communications Authority (NCA) has confirmed that Globacom Telecommunications has won the competitive bidding to operate mobile services in the country.
The NCA, about 11 weeks ago, called for bidding for a mobile licence in a bid to avail the people of better telecom services.
Eleven companies bid for the licence but after careful scrutiny by the NCA, Globacom beat all the companies with its technical presentation, pedigree and extensive roll out plan for the country.
At a news conference in Accra yesterday to show its appreciation to the government and the people of Ghana, the Head of New Markets, Globacom, Mr Yinka Alafimihan, said the company was pleased and challenged by the confidence the NCA and the general public had reposed in it.
He said the licence fee had been paid and it was determined to extend to Ghana a world-class reputation as the harbinger of hope and great things.
He said Globacom would ensure that the trust so freely reposed in it by the people was not misplaced.
“Globacom is about people; it is about service; it is about possibilities,” he said, adding, “We are consciously founded on the philosophy of elevating people and giving life more positive meaning. Our entrance into Ghana, at this time, is at once destined and calculated.”
Mr Alafimihan said when the company first launched its services in Nigeria in August 2003, its vision was to build for Africa the biggest and the best telecommunication network.
He said presently, with over 18 million subscribers, it was also bidding for telecom licences in other African countries.
As the most innovative telecommunication brand in Nigeria, he said, the company launched the network on the popular per second billing platform, a payment scheme that enabled subscribers to pay only for the service they utilised.
He said it also crashed the cost of SIM acquisition from a prohibitive high to almost zero.
Mr Alafimihan said the move to Ghana was another step in the realisation of the company’s Pan-African vision, adding that the task ahead might look tough but gave the assurance that it would meet and surely surpass expectations.
He said the personal passion of the Chairman of Globacom, Mr Mike Adenuga Junior, was to empower Africans and prove that given the same opportunity, the African could attain any height.
Thursday, June 19, 2008
Give NADMO commission status(Page 47) June 19, 2008
Story:Michael Donkor
PARTICIPANTS at a conflict and crisis management course have suggested that the National Disaster Management Organisation (NADMO) should be granted a commission status to handle all national emergencies and crisis situations.
They have also called for a national emergency fund to be established by an act of parliament to be used to tackle the new mandate of that commission.
The participants said the current situation where the Minister of the Interior was responsible for policy guidelines and ensuring that adequate resources existed at all times and co-ordinated all agencies involved in disaster management through NADMO, hampered the smooth running of the machinery, especially during preparations for and responses to crisis management.
They said during emergencies, mobilisation of funds took a long time, while allocation was untimely and the quantum inadequate.
They made the call at the end of a three-week course held for them at the Ghana Armed Forces Command and Staff College (GAFCSC) at Teshie, near Accra to brainstorm and make recommendations on a proposed national disaster management plan at the weekend.
The programme was sponsored by the British government in collaboration with GAFCSC.
The participants were made up of senior personnel from the security agencies and included NADMO, Ghana Health Service, National Ambulance Service and the Judicial Service.
The call formed part of the recommendations made by the participants to the government at the end of the course.
The participants said the new mandate should include the handling of all national emergencies and crisis situations, sourcing for funds from sources such as bilateral, multi-lateral and other agencies.
They said the proposed National Disaster Management Commission should be headed by a commissioner and should have departments for emergency prevention, co-ordination, disaster and crisis management, training and research.
They said all these departments should be headed by deputy commissioners.
The participants noted that if this was done it would make the proposed commission independent and devoid of any political influence.
A Minister of State at the Ministry of the Interior, Nana Obiri-Boahen, in an address, said since crises did not give warning before striking, it was important to have a well- rehearsed plan in which all stakeholders knew their roles.
Mr Obiri-Boahen commended the GAFCSC for introducing innovative programmes in its curricula to bring together agencies of state to learn and deliberate on common approaches to important national issues.
He said this initiative was commendable and urged ministries, departments and agencies to give the necessary support to sustain the programmes.
He gave the assurance that the Interior Ministry would help to sustain the programme after the British government withdrew its support.
The Commandant of GAFCSC, Major-General Richardson Baiden, urged the participants to impart the knowledge gained at the training programme to their colleagues.
He said the doors of the school were open to new initiatives that would enhance the knowledge base of the students of GAFCSC.
PARTICIPANTS at a conflict and crisis management course have suggested that the National Disaster Management Organisation (NADMO) should be granted a commission status to handle all national emergencies and crisis situations.
They have also called for a national emergency fund to be established by an act of parliament to be used to tackle the new mandate of that commission.
The participants said the current situation where the Minister of the Interior was responsible for policy guidelines and ensuring that adequate resources existed at all times and co-ordinated all agencies involved in disaster management through NADMO, hampered the smooth running of the machinery, especially during preparations for and responses to crisis management.
They said during emergencies, mobilisation of funds took a long time, while allocation was untimely and the quantum inadequate.
They made the call at the end of a three-week course held for them at the Ghana Armed Forces Command and Staff College (GAFCSC) at Teshie, near Accra to brainstorm and make recommendations on a proposed national disaster management plan at the weekend.
The programme was sponsored by the British government in collaboration with GAFCSC.
The participants were made up of senior personnel from the security agencies and included NADMO, Ghana Health Service, National Ambulance Service and the Judicial Service.
The call formed part of the recommendations made by the participants to the government at the end of the course.
The participants said the new mandate should include the handling of all national emergencies and crisis situations, sourcing for funds from sources such as bilateral, multi-lateral and other agencies.
They said the proposed National Disaster Management Commission should be headed by a commissioner and should have departments for emergency prevention, co-ordination, disaster and crisis management, training and research.
They said all these departments should be headed by deputy commissioners.
The participants noted that if this was done it would make the proposed commission independent and devoid of any political influence.
A Minister of State at the Ministry of the Interior, Nana Obiri-Boahen, in an address, said since crises did not give warning before striking, it was important to have a well- rehearsed plan in which all stakeholders knew their roles.
Mr Obiri-Boahen commended the GAFCSC for introducing innovative programmes in its curricula to bring together agencies of state to learn and deliberate on common approaches to important national issues.
He said this initiative was commendable and urged ministries, departments and agencies to give the necessary support to sustain the programmes.
He gave the assurance that the Interior Ministry would help to sustain the programme after the British government withdrew its support.
The Commandant of GAFCSC, Major-General Richardson Baiden, urged the participants to impart the knowledge gained at the training programme to their colleagues.
He said the doors of the school were open to new initiatives that would enhance the knowledge base of the students of GAFCSC.
Political parties urged to draw up succession plan(Page 17) June 19, 2008
Story: Michael Donkor
THE Deputy Chairman of the Electoral Commission (EC), Mr David Adeenze Kangah, has proposed that political parties should have a chain of succession for candidates to national elections well ahead of election years.
He said that should apply to the situation where party lists were used for proportional representation elections.
Speaking at a public lecture organised by the Ghana Academy of Arts and Sciences in Accra last Tuesday, Mr Kangah said the process of identifying candidates for national elections, as was practised by political parties in Africa as a whole and Ghana in particular, left much to be desired, since it was fraught with rancour.
He said that was because the parties generally did not practise internal democratic principles.
He was speaking on the topic: “Ensuring democratic participation in Africa”.
Mr Kangah cited the situation in an African country where primaries were conducted at the constituency level and a candidate identified but at the end of it all the party at the national level replaced the name of the candidate with that of another person chosen by the national executive to be gazetted and he took the seat.
He called for African countries to institute electronic and Internet voting schemes in the future.
He said it was estimated that the initial cost of Internet voting could be 10 times as high as that of community voting but expressed the hope that the cost would come down with the expansion of Internet facilities and improvement in mobile communications.
He explained that in Ghana political parties participated in balloting to determine the position of their candidates on the ballot paper and said in the future a more credible method should be adopted for that purpose, as the present method lent itself to luck.
He said when all candidates had unique serial national ID numbers, those numbers could be used to arrange the candidates on the ballot paper.
Mr Kangah stressed the need for open-air and under-tree polling stations to be replaced with well-constructed polling tents.
He called on all, particularly educated individuals such university lecturers, to participate in the electoral process as polling agents for the candidates they supported, be vigilant and act to defend the integrity of the poll.
Mr Kangah noted that delays in the release of resources or their inadequacy for electoral activities had tended to make election management bodies act in very uncertain ways.
He expressed the hope that budgets for elections would, in the future, be finalised at least one year to the start of preparatory activities for elections and the release of funds for the activities would be effected at least a month to the effective date of the activity.
A lecturer at the Department of Political Science, University of Ghana, Dr Maame Adwoa Gyekye-Jandoh, called for the revamping of the electoral process in many African countries.
She said the electoral environment itself should be open and peaceful to allow free campaigning by competing parties, with sharp crackdowns on political opposition and state-sponsored limitations on the competitive process becoming things of the past.
Dr Gyekye-Jandoh said election management bodies should be independent of the governments of the day and should be seen to be neutral, objective and effective.
She said the judiciary in African countries needed to be professional and independent of the executive arms and they should also be strengthened in their capacity to enforce the rule of law.
She called for the creation of separate election courts to tackle election malpractice and disputes promptly, while special funds should be reserved for post-election disputes.
The Immediate Past President of the Ghana Academy of Arts and Sciences, Nana S.K.B. Asante, said if the 1951 election held in the Gold Coast could be replicated across Africa or the world, the world would be in good shape.
He said that election was conducted by the colonial masters and Dr Kwame Nkrumah, who had been incarcerated, won it.
Nana Asante said the colonial masters followed the logic of the election by releasing Dr Nkrumah to form a government, while the losing party accepted the results gracefully, without crying foul.
THE Deputy Chairman of the Electoral Commission (EC), Mr David Adeenze Kangah, has proposed that political parties should have a chain of succession for candidates to national elections well ahead of election years.
He said that should apply to the situation where party lists were used for proportional representation elections.
Speaking at a public lecture organised by the Ghana Academy of Arts and Sciences in Accra last Tuesday, Mr Kangah said the process of identifying candidates for national elections, as was practised by political parties in Africa as a whole and Ghana in particular, left much to be desired, since it was fraught with rancour.
He said that was because the parties generally did not practise internal democratic principles.
He was speaking on the topic: “Ensuring democratic participation in Africa”.
Mr Kangah cited the situation in an African country where primaries were conducted at the constituency level and a candidate identified but at the end of it all the party at the national level replaced the name of the candidate with that of another person chosen by the national executive to be gazetted and he took the seat.
He called for African countries to institute electronic and Internet voting schemes in the future.
He said it was estimated that the initial cost of Internet voting could be 10 times as high as that of community voting but expressed the hope that the cost would come down with the expansion of Internet facilities and improvement in mobile communications.
He explained that in Ghana political parties participated in balloting to determine the position of their candidates on the ballot paper and said in the future a more credible method should be adopted for that purpose, as the present method lent itself to luck.
He said when all candidates had unique serial national ID numbers, those numbers could be used to arrange the candidates on the ballot paper.
Mr Kangah stressed the need for open-air and under-tree polling stations to be replaced with well-constructed polling tents.
He called on all, particularly educated individuals such university lecturers, to participate in the electoral process as polling agents for the candidates they supported, be vigilant and act to defend the integrity of the poll.
Mr Kangah noted that delays in the release of resources or their inadequacy for electoral activities had tended to make election management bodies act in very uncertain ways.
He expressed the hope that budgets for elections would, in the future, be finalised at least one year to the start of preparatory activities for elections and the release of funds for the activities would be effected at least a month to the effective date of the activity.
A lecturer at the Department of Political Science, University of Ghana, Dr Maame Adwoa Gyekye-Jandoh, called for the revamping of the electoral process in many African countries.
She said the electoral environment itself should be open and peaceful to allow free campaigning by competing parties, with sharp crackdowns on political opposition and state-sponsored limitations on the competitive process becoming things of the past.
Dr Gyekye-Jandoh said election management bodies should be independent of the governments of the day and should be seen to be neutral, objective and effective.
She said the judiciary in African countries needed to be professional and independent of the executive arms and they should also be strengthened in their capacity to enforce the rule of law.
She called for the creation of separate election courts to tackle election malpractice and disputes promptly, while special funds should be reserved for post-election disputes.
The Immediate Past President of the Ghana Academy of Arts and Sciences, Nana S.K.B. Asante, said if the 1951 election held in the Gold Coast could be replicated across Africa or the world, the world would be in good shape.
He said that election was conducted by the colonial masters and Dr Kwame Nkrumah, who had been incarcerated, won it.
Nana Asante said the colonial masters followed the logic of the election by releasing Dr Nkrumah to form a government, while the losing party accepted the results gracefully, without crying foul.
Tuesday, June 17, 2008
Globacom to operate here. But NCA tight-lipped(Front Page) June 17, 2008
Story:Michael Donkor
GLOBACOM Telecommunications Services, operators of Glo Mobile, has won the licence to operate mobile cellular service in the country.
Glo Mobile becomes the sixth mobile service operator in Ghana.
In a letter to the management of Glo Mobile Ghana dated June 12, 2008, Ghana's telecommunication regulatory body, the National Communications Authority (NCA), said its Board of Directors had declared Glo Mobile Ghana winner of the well contested international bid for the award of a mobile cellular licence in the country.
According to a credible source at Glo Mobile office in Nigeria, the NCA congratulated Glo Mobile on the feat, adding that it looked forward to the telecom giant's contributions to the development of Ghana's Information Communications Technology (ICT) industry.
Eleven companies applied for the licence and were narrowed to two after the NCA scrutinised them.
The two, which were Waried Telecom from the Middle East and Glo Mobile, were further re-assessed and the latter emerged the winner.
Meanwhile, when the authorities at the NCA were contacted, they could not confirm nor deny the story.
The source said after the keenly contested open international bid, the NCA adjudged Glo Mobile as the winner of the technical bid, anchoring its verdict on the superiority of Glo's technical presentation, pedigree and extensive roll out plan for Ghana.
It said Glo Mobile also emerged tops in the commercial bid, leading to its eventual announcement as the winner of the GSM licence.
In a swift response, Glo Mobile's management expressed gratitude to the NCA for the confidence reposed in the company and promised to roll out aggressively in the country very shortly.
The management said the people and government of many African countries had been clamouring for Glo to come and replicate in their countries its phenomenal success story in Nigeria, which was spurred by Glo Mobile’s superior network quality, pocket friendly tariffs, life transforming promotions and innovative products and services.
Glo began operation with the first GPRS/2.5G network in Nigeria in August 2003 and pioneered the introduction of revolutionary products and services to the Nigerian telecoms market. Some of those products and services are Per Second Billing, Mobile Internet, Mobile Banking, Vehicle Tracking, Magic Plus, Multimedia Messaging Service (MMS) and Blackberry.
With more than 18 million subscribers, Glo Mobile is regarded the fastest growing telecommunication operator in Africa and the Middle East and is chaired by entrepreneur extraordinaire and multi-billionaire businessman, Dr. Mike Adenuga Jr.
According to the management of Glo Mobile, aside building the biggest and best telecommunication network in Africa, they were developing Glo 1, Africa's first private submarine optic fibre cable that will run from Lagos in Nigeria through 15 African countries to Portugal and England.
It said it would also extend to New York in the United States of America.
It said on completion, the project would bring incredible bandwidth to the African continent and revolutionise the way business was done in Africa.
GLOBACOM Telecommunications Services, operators of Glo Mobile, has won the licence to operate mobile cellular service in the country.
Glo Mobile becomes the sixth mobile service operator in Ghana.
In a letter to the management of Glo Mobile Ghana dated June 12, 2008, Ghana's telecommunication regulatory body, the National Communications Authority (NCA), said its Board of Directors had declared Glo Mobile Ghana winner of the well contested international bid for the award of a mobile cellular licence in the country.
According to a credible source at Glo Mobile office in Nigeria, the NCA congratulated Glo Mobile on the feat, adding that it looked forward to the telecom giant's contributions to the development of Ghana's Information Communications Technology (ICT) industry.
Eleven companies applied for the licence and were narrowed to two after the NCA scrutinised them.
The two, which were Waried Telecom from the Middle East and Glo Mobile, were further re-assessed and the latter emerged the winner.
Meanwhile, when the authorities at the NCA were contacted, they could not confirm nor deny the story.
The source said after the keenly contested open international bid, the NCA adjudged Glo Mobile as the winner of the technical bid, anchoring its verdict on the superiority of Glo's technical presentation, pedigree and extensive roll out plan for Ghana.
It said Glo Mobile also emerged tops in the commercial bid, leading to its eventual announcement as the winner of the GSM licence.
In a swift response, Glo Mobile's management expressed gratitude to the NCA for the confidence reposed in the company and promised to roll out aggressively in the country very shortly.
The management said the people and government of many African countries had been clamouring for Glo to come and replicate in their countries its phenomenal success story in Nigeria, which was spurred by Glo Mobile’s superior network quality, pocket friendly tariffs, life transforming promotions and innovative products and services.
Glo began operation with the first GPRS/2.5G network in Nigeria in August 2003 and pioneered the introduction of revolutionary products and services to the Nigerian telecoms market. Some of those products and services are Per Second Billing, Mobile Internet, Mobile Banking, Vehicle Tracking, Magic Plus, Multimedia Messaging Service (MMS) and Blackberry.
With more than 18 million subscribers, Glo Mobile is regarded the fastest growing telecommunication operator in Africa and the Middle East and is chaired by entrepreneur extraordinaire and multi-billionaire businessman, Dr. Mike Adenuga Jr.
According to the management of Glo Mobile, aside building the biggest and best telecommunication network in Africa, they were developing Glo 1, Africa's first private submarine optic fibre cable that will run from Lagos in Nigeria through 15 African countries to Portugal and England.
It said it would also extend to New York in the United States of America.
It said on completion, the project would bring incredible bandwidth to the African continent and revolutionise the way business was done in Africa.
UN to assist Ghana to crack down on illicit drugs(Centre Spread) June 17, 2008
Story: Michael Donkor
THE government, in collaboration with the United Nations Office on Drugs and Crime, is establishing units at the country’s seaports to crack down on the importation of illicit drugs into the country.
Consequently, some officials from the Customs, Excise and Preventive Service (CEPS), the Narcotics Control Board (NACOB) and the Police Service have been trained on how to handle the equipment to be used in tracking down containers that carry those drugs in the first phase of the project.
This came to light when a team from the United Nations Office on Drugs and Crime called on the Minister of the Interior, Dr Kwame Addo-Kufuor, in Accra yesterday to discuss details of the operations to be carried out at the seaports.
The Senior Programme Co-ordinator, Global Container Control Programme of the United Nations Office on Drugs and Crime, Mr Keti Otterson, said Ghana was selected among three other countries because the country had been used as a drug trafficking point in recent times.
He said as part of the first phase, which would be on pilot basis, experts from the United Nations and their counterparts from Ghana would be stationed at the Tema Harbour to scan all high-risk containers that arrived in the country.
He mentioned the other three countries which would also benefit from the project as Pakistan, Equador and Senegal.
Mr Otterson said the project would also develop a communication system that would enable the experts to share information on the activities of drug barons for their possible crack down.
He said the United Nations would also send down some experts who would work with their Ghanaian counterparts to that effect.
Dr Addo-Kufuor said the government would provide accommodation and other structures as its contribution to the programme.
He said the move had become necessary because Ghana was gaining a reputation which was not good for its image in international circles.
He said the drug menace would be tackled in earnest to redeem the image of the country.
THE government, in collaboration with the United Nations Office on Drugs and Crime, is establishing units at the country’s seaports to crack down on the importation of illicit drugs into the country.
Consequently, some officials from the Customs, Excise and Preventive Service (CEPS), the Narcotics Control Board (NACOB) and the Police Service have been trained on how to handle the equipment to be used in tracking down containers that carry those drugs in the first phase of the project.
This came to light when a team from the United Nations Office on Drugs and Crime called on the Minister of the Interior, Dr Kwame Addo-Kufuor, in Accra yesterday to discuss details of the operations to be carried out at the seaports.
The Senior Programme Co-ordinator, Global Container Control Programme of the United Nations Office on Drugs and Crime, Mr Keti Otterson, said Ghana was selected among three other countries because the country had been used as a drug trafficking point in recent times.
He said as part of the first phase, which would be on pilot basis, experts from the United Nations and their counterparts from Ghana would be stationed at the Tema Harbour to scan all high-risk containers that arrived in the country.
He mentioned the other three countries which would also benefit from the project as Pakistan, Equador and Senegal.
Mr Otterson said the project would also develop a communication system that would enable the experts to share information on the activities of drug barons for their possible crack down.
He said the United Nations would also send down some experts who would work with their Ghanaian counterparts to that effect.
Dr Addo-Kufuor said the government would provide accommodation and other structures as its contribution to the programme.
He said the move had become necessary because Ghana was gaining a reputation which was not good for its image in international circles.
He said the drug menace would be tackled in earnest to redeem the image of the country.
Tuesday, June 10, 2008
BoG introduces fast cheque clearing system (Business Page) June 10, 2008
Story:Michael Donkor
THE Bank of Ghana (BoG) will by the end of this month introduce a system of codeline truncation to facilitate the quick clearing of cheques.
It will also introduce an automated clearing house (ACH) for the clearing of electronic debits and credits by the same period.
The Governor of the BoG, Dr Paul Acquah, announced this when he launched the Ghana Banking Survey 2008 results in Accra yesterday.
The survey was conducted by PricewaterHouseCoopers and the Ghana Association of Bankers,and covered all the banks in the country.
On the theme: “Raising the Bar: increase in the minimum capital requirements and implications for the industry,” the annual survey seeks to assess the current performance of the banking industry as an important component of the economy, and project trends in the coming years.
Dr Acquah challenged commercial banks to raise their capital base to meet the opportunities and challenges that had come along with reforms in the industry.
He said if that was done, the economy would grow at an accelerated pace and the standards of living of the people would rise while the country advanced towards a middle income status.
The BoG last year prepared a discussion document asking banks to increase their minimum capital from GH¢7 million to GH¢60 million by 2012, in view of the sophistication of the financial system, the ever growing local economy and the fact that local banks should be able to compete internationally.
Dr Acquah noted that the economy was becoming increasingly complex, and that high value financial transactions were likely to occur in the future.
He has therefore urged commercial banks to inject capital into the industry to build the capacity so as to financing bigger projects as well as volumes of trade without posing risks to financial stability.
Dr Acquah said the range of financial services had broadened with innovation, which had become a characteristic of the industry.
He said the potential for expanding loan portfolios and providing sophisticated financial services was constrained by a bank’s capital.
He said total shareholders’ funds stood at approximately Gh$870 million at the beginning of this year for all the 25 banks.
Dr Acquah said this figure could be compared with the annual syndicated short-term loan of some $800 million raised on the international capital market for the purchase of cocoa.
He said from the perspective of the BOG as a regulator, the growing sophistication of the banking system required that they introduced risk-based supervision along with an electronic reporting system to reinforce the macro-prudential anchor.
He gave the assurance that the BoG would continue to pursue policies and programmes aimed at developing a vibrant financial system capable of harnessing financial resources for the development and growth of the economy.
He said the BoG appreciated the healthy working relationship that existed between the BoG, banks and other stakeholders.
He expressed the hope that the co-operation would be deepened to enhance performance of the banking industry by using the new bar set by the increase in the regulatory capital as a pivot and a historic benchmark for the growth of the industry.
A partner of the Advisory Services at PricewaterHouseCoopers (PWC), Mr Vish Ashiagbor, who presented a synopsis of the report said the survey which was conducted annually focused on analysis of financial performance using information reported by the banks.
He said at the end of the survey, although the price of crude oil shot up, the economy stayed on course.
Mr Ashiagbor said the banking industry had reached a stage where survival was strictly tied to creativity and ability to grab opportunities.
He said any slip ups would be heavily punished by the market, while “creativity and hard eye for opportunities” will be rewarded.
Mr Ashiagbor said the industry grew, and deposits as well as credit followed suit.
He said it was also realised that as competition intensified, margins squeezed and portfolio management improved.
The PWC Partner said the banking industry was making significant progress with most of the growth indicators on the ascendancy.
THE Bank of Ghana (BoG) will by the end of this month introduce a system of codeline truncation to facilitate the quick clearing of cheques.
It will also introduce an automated clearing house (ACH) for the clearing of electronic debits and credits by the same period.
The Governor of the BoG, Dr Paul Acquah, announced this when he launched the Ghana Banking Survey 2008 results in Accra yesterday.
The survey was conducted by PricewaterHouseCoopers and the Ghana Association of Bankers,and covered all the banks in the country.
On the theme: “Raising the Bar: increase in the minimum capital requirements and implications for the industry,” the annual survey seeks to assess the current performance of the banking industry as an important component of the economy, and project trends in the coming years.
Dr Acquah challenged commercial banks to raise their capital base to meet the opportunities and challenges that had come along with reforms in the industry.
He said if that was done, the economy would grow at an accelerated pace and the standards of living of the people would rise while the country advanced towards a middle income status.
The BoG last year prepared a discussion document asking banks to increase their minimum capital from GH¢7 million to GH¢60 million by 2012, in view of the sophistication of the financial system, the ever growing local economy and the fact that local banks should be able to compete internationally.
Dr Acquah noted that the economy was becoming increasingly complex, and that high value financial transactions were likely to occur in the future.
He has therefore urged commercial banks to inject capital into the industry to build the capacity so as to financing bigger projects as well as volumes of trade without posing risks to financial stability.
Dr Acquah said the range of financial services had broadened with innovation, which had become a characteristic of the industry.
He said the potential for expanding loan portfolios and providing sophisticated financial services was constrained by a bank’s capital.
He said total shareholders’ funds stood at approximately Gh$870 million at the beginning of this year for all the 25 banks.
Dr Acquah said this figure could be compared with the annual syndicated short-term loan of some $800 million raised on the international capital market for the purchase of cocoa.
He said from the perspective of the BOG as a regulator, the growing sophistication of the banking system required that they introduced risk-based supervision along with an electronic reporting system to reinforce the macro-prudential anchor.
He gave the assurance that the BoG would continue to pursue policies and programmes aimed at developing a vibrant financial system capable of harnessing financial resources for the development and growth of the economy.
He said the BoG appreciated the healthy working relationship that existed between the BoG, banks and other stakeholders.
He expressed the hope that the co-operation would be deepened to enhance performance of the banking industry by using the new bar set by the increase in the regulatory capital as a pivot and a historic benchmark for the growth of the industry.
A partner of the Advisory Services at PricewaterHouseCoopers (PWC), Mr Vish Ashiagbor, who presented a synopsis of the report said the survey which was conducted annually focused on analysis of financial performance using information reported by the banks.
He said at the end of the survey, although the price of crude oil shot up, the economy stayed on course.
Mr Ashiagbor said the banking industry had reached a stage where survival was strictly tied to creativity and ability to grab opportunities.
He said any slip ups would be heavily punished by the market, while “creativity and hard eye for opportunities” will be rewarded.
Mr Ashiagbor said the industry grew, and deposits as well as credit followed suit.
He said it was also realised that as competition intensified, margins squeezed and portfolio management improved.
The PWC Partner said the banking industry was making significant progress with most of the growth indicators on the ascendancy.
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