Mothers Microfinance rescues women from credit crunch

What began as a credit scheme 13 years ago has now transformed into a microfinance company. Ama Amankwah Baafi reports


Until now, the Christian Mothers Association Credit Scheme (CHRISMACS) was the financial wing of the Christian Mothers Association (CMA), a non-governmental Christian women organisation in the Catholic Church and was committed to empowering women.

It registered as a subsidiary of the mother organisation, targeted to grow into becoming CMA group of companies and operated under the supervision of the Department of Social Welfare and also under the umbrella organisation of Association for Financial NGOS.

Subsequently, by a Bank of Ghana (BoG) regulation of the activities in the microfinance sub-sector, CHRISMACS now known as the Mothers Microfinance Company Limited (MOMFIN) opted to operate under Tier 2, as part of its vision to become a mothers’ bank. By the regulation it has now moved from a financial (NGO) to microfinance.

The Programmes Manager of MOMFIN, Mr Edward Onyameba Boafo told the GRAPHIC BUSINESS that because of the vision that the mothers had for their economic empowerment programme, they deemed it more prudent to be a microfinance company than to remain where they were.

Now MOMFIN is mandated to mobilise savings, give loans, take collateral and register with the treasury at the BoG and does all these under the supervision of the BoG. It is also under the Ghana Association for Microfinance Companies.

“In the past, we gave out small loans but we are now strong enough to give bigger loans and to collect them back. Our main idea is to give regular and easy access to credit for all enterprising women in Ghana,” Mr Boafo explained.



STRATEGY

Numerous baseline surveys the group conducted gave an idea of how to engage the women and help them. A sponsorship from the BUSAC Fund enabled MOMFIN to research into the challenges facing enterprising women in their businesses.

It emerged the challenge of access to credit dominated and so through the NGO, MOMFIN trained such women to effectively manage credit, add value to whatever they produce, while it adopted a ‘know your client strategy’ to get closer to them.

MOMFIN took into consideration the available commodity in each area, put the women in groups and gave them loans which they are able to pay back.

Mr Boafo said “invariably the most outstanding hallmark has been that those who were down and had nothing can now justify that indeed the programme has brought life into their homes. Most of them who are single parents are now able to send their children to school and livelihoods have improved generally.”



IMPACT

Access to credit remains an issue to women in enterprises and that is what MOMFIN says it has worked at and continues to work on. Unlike other microfinance institutions, MOMFIN boasts of a regular and quality service. Even after a loan cycle ends clients are guaranteed a second amount which may be bigger.

“Everybody who has been with us will tell you the benefit that has come to them. People are flooding our office as a result. Some have gone through and now they tell us that they want to work with their own savings and they want to work with the capital that has,” he said.

MOMFIN is still among the least when it comes to interest charge. The ultimate among the CMA is that because of its holistic approach to women’s development in Ghana, the moment they go through economic empowerment, automatically they are also engaged for their civic rights to enable them take part in decision-making and political positions.

The oldest partner of the CMA has been the Konrad-Adinauer Stiftung (KAS) that has as part of its social development agenda, encouraged them to move beyond prayers and credit union activities to support in the delivery of civic rights, while KAS gave them resources to engage women, especially at the district level.



MOMFIN’S ASSOCIATION WITH EED

Church Development Service (Evangelischer Entwicklungsdienst - EED) is an association of the Protestant Churches in Germany. By means of financial contributions, personnel involvement, scholarships and consultancy services EED supports the development work of churches, Christian and secular organisations.

Therefore, for the CMA’s economic empowerment programme through MOMFIN, EED has been its main partner for the past nine years. However, since it set off on the path of sustainability, it has asked the EDD to show them how to “fish” and not give them fish.



CLIENTELE

The clientele base has increased from 5,000 to over 10,000 with 17 branches nationwide, except the three northern regions. It employs 46 full staff and six casuals.

“There is no MFI that has been formidable as ours. The structure is solid and we have engaged professionals to run affairs. We believe with support of the board we will be able to economically empower women in Ghana,” Mr Boafo said.

About five per cent of MOMFIN’s clientele are men and are marching the challenge very well, but then its focus is women and so cannot give higher amount to the men.



CHALLENGES

The management of MOMFIN welcomed the directive to mobilize savings and never envisaged the challenges it is facing. Unlike the Christian mothers who due to the faith and cohesion and group work pay back loans, ‘outside’ clients are different and put up tricks to avoid repayment.

Therefore, it does due diligence before it gives out loans though it is in to help women it is careful as to who to lend to.



EXISTING PRODUCTS

Formerly because it was a financial NGO it could only do compulsory savings, which acted as cash collateral for loan.

Other group products include the Mothers Product for enterprising mothers (members of the CMA), Semanhyia which moved them to another level where money was given to individuals in groups, Emuye (the sweetness of the pudding lies in the eating), through which they created jobs for other women and the small and medium enterprise product.



NEW PRODUCTS

Its Department for Monitoring and Evaluation after a research end of last year came out with new products.

These include Ketewa biaransua (little drops of water makes a mighty ocean). MOMFIN always pegs its rate up to three per cent over that of BoG’s baseline rate; Core savings account which within 24 hours a client can get his / her money back; Peykinkran a core account like the normal commercial bank interest given to them at BoG baseline rate; Hyehyeehye (a core savings account) which is an investment of a sort which gives two per cent on the treasury bill interest rate.

Some of MOMFIN’s loan products are Gyae suu, a funeral products that has brought a lot of people who are not Catholics on board; Menso metwi bi (car loan); Prosperity account mostly for wholesalers engaged in imports who make orders outside while MOMFIN’s contact person follows up to ensure that quality is not compromised. MOMFIN said within the shortest possible time these wholesalers see their margin and are able to pay back their money.



HOW MOMFIN STANDS OUT

Mr Boafo said anyone who wants to grow his / her business must come to MOMFIN. “Wherever every commercial bank or MFI ends that is where we start from. We believe in negotiation so whatever you have to invest we sit down with you, talk it over and do proper documentation so always the customer is gaining. Everybody must come to us for us loan because our conditionality is flexible,” he added.

Even when a person takes a loan from MOMFIN and passes away leaving outstanding amount, there is a package that caters for that and so MOMFIN does not demand from the family. Indeed, it makes a donation to the family.

Also, each client is given the chance to bring at most two relations on board such that if anything happens MOMFIN can show love.



FUTURE

It hopes establish branches in the three northern regions soon. By the year 2016, MOMFIN hopes to be a fully fledged savings and loans company and is working fervently to achieve this.

Youth must take to skills training - Nsoh Amoah

THE passion to be self-employed attracted him to the art of basket weaving. Today, Mr David Nsoh Amoah, Managing Director of Dasoa Company Limited has a market worldwide for his products. Ama Amankwah Baafi reports




WEAVING has been a traditional skill of the people of Bolgatanga in the Upper East region for years.

Popularly known as Bolga baskets, on both the local and international markets, these baskets are exclusively woven by the indigenous people of Bolgatanga.

Bolgatanga literally means soft soil, rocky land.

Little wonder that at the age of 23 Mr Amoah began dealing in straw baskets, shuttling between Accra and Takoradi in the Western region to ply his trade.

He began weaving baskets for a living in 1975 after completing secondary school form four. His company, known as Dasoa Company Limited is headquartered in Bolgatanga and with a branch in Lashibi, near Tema.

At that time, he started with a capital of four hundred cedis (now GH₵40). Initially, he transacted business with Takoradi British Society and later determined to look for markets outside for his products.

Consequently, he registered with the Ghana Export Promotion Authority (GEPA) in 1991 and went through the export school, where he was taught how he can make it through his business and how to look for markets.

“In fact, the export school was helpful. I recall my first participation in an exhibition was in Germany, through the support of the GEPA. Then I began marketing in Burkina Lome (Togo). I have establised markets in Germany, United States of America, Japan, Australia, France and Italy through the exhibition of my products,” he told the GRAPHIC BUSINESS.

Unlike other entrepreneurs who explore the African market, before going to Europe, he thought there was no big market for handicrafts in Africa and therefore conconcentrated on countries outside the continent.

However, he acknowledged that the market for handicrafts in Africa was picking up, though on a very low profile. Now, he has expanded by adding other products namely drums, fans, hats, musical instruments (xylophone), household items (tables, stools, etc), oware (local game), Ashanti dolls and other decorative items.



SOUCING FOR RAW MATERIALS

The straw is the main raw material used. It is obtained from a tropical grass locally known as elephant grass (its technical name is “veta vera”). The grass grows along the banks of rivers, streams and swampy areas. The straw is harvested wet, then sun-dried, and becomes ready to go through the weaving process.

Unfortunately, Mr Amoah said basket weavers like him are compelled to travel to Kumasi to either harvest the straw themselves or buy it from the open market because they are now extinct in Bolgatanga, as people have farmed along the banks of rivers.

Weaving process begins by splitting the straw into two halves by biting every single piece in the middle at one end with the teeth to open it into two. The split straw is wrapped together in a wet sack to keep it wet and prevent it from breaking during the twisting process. The split piece of straw is then twisted by rolling the two halves together. Traditionally, this is done on the weaver's thigh. However, today, a piece of bathroom sandal is tied against the thigh for the rolling process.

Different lengths and thickness are best used for different parts of the basket. The weaver carefully selects the appropriate straw for the different parts of the basket. He said the ability of the weaver to select the most appropriate straw goes a long way towards the outcome of a good basket.

If there is need to apply dye, a pot of water is brought to boil and the dye is added. The straw is then submersed into the solution and pressed down. The actual weaving process starts with the base of the basket. Once the body of the basket is completed, the rim is added.

Trimming involves the cutting off the remaining ends of the straw on the body of the basket (both in and outside of the basket). “We design and add colours that will suit each season; spring, winter,” he said.

Dasoa Company employs over 100 permanent staff and also employs contract staff when it gets big orders.



HOW GHANAIAN PRODUCTS FARE OUTSIDE

Mr Amoah recognised finishing is an issue to most Ghanaian entrepreneurs. Particularly, when they take orders beyond their production capacity and try to deliver at all cost. “You see sometimes you take on other people to work and since they are not conscious about finishing, you need to be vigilant or else they will mess you up,” he said.

Sadly, the weaving industry he said was threatened by cheap products from Vietnam and Philippines, and as a result reduced patronage. “In the 1990s it was so good in Germany. A customer could take about 100,000 baskets from me a year, but now it is USA which takes over 50,000 baskets a year,” he lamented.

Thankfully, ours is the original or natural straw so patronage it has picked up.



ACHIEVEMENT

Mr Amoah has made it in life through the business and says has no regrets. Yet, he still wants to grow it big so that others may also benefit from it. He has several assets, is also a registered contractor and has invested in other sectors.

He has also trained about eight people who are well established now. Mr Amoah is happy to be associated with a tradition from his ancestry and also makes an effort to bring young people in.

Since its inception, Dasoa Company has received about 10 different awards, from both local and international institutions. Just last year the company received a silver award at the 22nd National Awards for Export Achievement.

His major challenge includes securing markets and how to get bigger support to expand the business. Though, the Export Development and Agricultural Investment Fund (EDAIF) come in handy, the process to accessing the facility is cumbersome. He appealed to government to organise soft loans for such entrepreneurs, as they also contribute to the growth of the economy.



FUTURE PLANS

In the next five years, Mr Amoah hopes to see Dasoa Company involved in other projects that would expand the company and get more buyers in countries he is not established.

When he is not weaving baskets he loves to dance to highlife music, watch films and surf the Internet.

He said the youth need to find the art or craft that really interests them. “Sometimes it takes a while. Not everything comes in youth. Find good teachers and books if you can. They always need to work hard and not rush,” he advised.

He has adopted five children whom he has put through school from his area and also contributes immensely to BONABOTO, a non-political, non-religious development-oriented association of people who have the interest of seeing to the holistic development Bolgatanga, Bongo and Talensi-Nabdam districts of the Upper-East Region.

Mr Amoah hails from Zaare in the Upper East Region and married to Grace Amoah, a teacher (formerly a weaver), with whom they have five children. He schooled in Katole Middle School in Zaare in 1970.

Water and sanitation project for Accra

The World Bank is to finance a sanitation and water project for Accra which is expected to bring a transformational access to safe water and improved sanitation service delivery. Ama Amankwah Baafi reports

The US$150 million Greater Accra Metropolitan Area (GAMA) project to be implemented this year with emphasis on how to improve access to sanitation water service delivery to low income communities, the World Bank said.

The Sector Leader for Sustainable Development at the World Bank Ghana Office, Mr Waqar Haider, disclosed this at a consultative forum with a section of the media in Accra on the bank’s new strategy on Ghana, the “Country Partnership Strategy”.

Mr Haider said water and sanitation were areas that the bank was extremely concerned about, particularly with the inability of the Ghana Water Company Limited (GWCL) to make profit, a situation which had made it difficult for the company to reinvest in expansion and improvement in service delivery.

Yet, he recalled, attempts to reform the company, which brought in management contract among others initiatives, had just not yielded the desired results, though water as a basic necessity for everyday life, businesses and commercial ventures.

“Water and sanitation in Ghana presents an extremely dysmal situation so we are trying to move away from the convention of financing assets of GWCL to a results-based arrangement. We are now starting with GAMA project where 31 municipalities in and around Accra will be provided with access to water and sanitation services,” he explained.

Mr Haider said the bank would basically focus attention on low income communities through transparent and documentation process.

“This project will go the board on May 30, 2013 and it is another way of trying to basically crack the nut,” he said.

On assertion that institutions in the sector lack capacity to implement policies, he said, the bank was in the scheme of things going at the grassroots level, basically at the local government level and engage the community and useful bodies at the local government level.

He admitted that clearly there was capacity gap also at that level but at least in terms of ownership of the project, there was a much stronger one. Therefore, the project will build capacity within the implementing institutions.

He added that the project was also intended to move from approaches centred on Accra, saying “We did have GWCL basically responsible for water provision in the country but had limitation, so we are basically trying to work with local governments, while at the time enhancing their capacity,” he added.

The 2013 Budget statement reported that under the Water and Sanitation Component of the Local Services Delivery and Governance Programme (LSDGP), 404 new boreholes were constructed and fitted with hand pumps last year, 65 boreholes rehabilitated and fitted with new hand pumps, two piped schemes rehabilitated while 40 rainwater harvesting schemes were completed.

Also eight piped schemes based on ground water were completed and feasibility studies completed for two additional ground-water based piped schemes.

According to the budget, extending surface based piped schemes to 37 communities in the Greater Accra Region was 80 per cent complete, while 156 institutional latrines as well as 24 Ferro tanks were completed.

In 2013, the budget expects a revision in the national water policy document to incorporate new ideas, while it leads the development of rain water harvesting strategy to guide the water sector and water-related actors in the promotion of rainwater harvesting as a supplement to water service delivery. GB

Painting industry needs attention - Artist

Government has been asked to take a critical look at developing the painting industry or else risk losing the little we have as a county. Ama Amankwah Baafi reports



Most painters reckon that government has over the years not given the sector the attention it needs.

Even at 56 years, the country cannot boast of a national gallery where players in the industry can showcase their works.

Mr Samuel Asamoah of Prophask Studio said as a result of this most painters have resorted to haphazard painting just to make a living. He said the idea of a national gallery and subsequently regional ones is imperative as failure to do so could totally cripple the industry.

“The problem is that most our leaders know next to nothing about the sector and do not recognise the importance of painting as an art, let alone come out with policies to realise its potential to create jobs and contribute to economic growth,” he told the GRAPHIC BUSINESS at his studio at Madina, a suburb of Accra.

He recognised attempts at the education level where creative art has been included as an elective subject at the senior high level, yet there still a long way to go. He said the public should be sensitised to appreciate painting because it is another way to put the country on the world map.



PROPHASK

He began developing his artistic talent at an early age by scribbling on the ground, leaves and wall surfaces. Due to his ability to initiate concepts through painting he was affectionately referred to as a prophet, hence, he coined his trade name by adding his given names, Samuel Kwame Asamoah to make Prophask.

Though he had a dream to become an artist, he did not know what that would be. At the senior high school he chose to read visual arts after which he enrolled at the College of Arts at the Kwame Nkrumah University of Science and Technology (KNUST) pursue a degree in integrated rural art and industry.

Surprisingly, he did not study painting but has taken to painting and is now among the best painters in Ghana meeting the international standard. He has participated in several exhibitions both locally and internationally.

Apart from the exhibitions in Ghana his works has been part of exhibitions in the United Kingdom, United States and in most African countries. Some of his works can be seen at the Artist Alliance Gallery in Ghana and most of the top Galleries in Ghana. In 2011, Prophask had an opportunity to hung some of his works in ‘Monument de la Renaissance Africaine, Galerie Kemboury’ and some other top galleries in Senegal.

Samuel believes he is talented and innovative and refers to his collection as “the land of colours.”



HIS MOTIVATION

He aspires to be a great painter and as at now thinks that he is gradually getting there because he sees improvement every year, particularly in getting new markets. “I find it more enjoying to paint and more painful not to,” he said.

Samuel’s inspirations are also from proverbs, wise sayings, daily activities and dreams.

His designs

Samuel said he always puts down whatever comes to mind. Also he observes the work of others and whatever he comes out with is influenced by the change of environment whenever he travels.

Duration of painting depends on the type work, at most two weeks which demands that one works at all times. “It is all about hard work and the interest in what you are doing. If I start working at 6 am I can work until 12 midnight,” he explained.

He gets raw materials locally and prefers to use acrylic on canvass because it lasts longer unlike paper and also paint the surface so it does not appear at the back after painting.

Samuel creates abstracts and realistic works. In addition to the painting, he does hand-designed tee shirts, which he said he uses quality tee shirt and quality paints so it neither fade nor overstretch.

“I believe I come out with good concept and produce quality paintings. For decades Ghanaian painters do women carrying pots and when asked for meaning they say pot career. There should be philosophical meaning to whatever painting one does so it will catch on,” he said.



SOME ACHIEVEMENTS

Samuel has on several platforms been recognised including far away South Korea and Dubai. He has so far marketed his works in Senegal, Burkina Faso, Benin, Lagos and Togo.

Getting market access is also fulfilling. Prophask has registered with the Ghana Export Promotion Authority and also a registered member of the Ghana National Chamber of Commerce and Industry. Locally he sells his works at notable places in Accra and Kumasi but sells more outside. He often source for markets on his own through researching on the internet.

His major challenge initially was finding seed money to start work and finding appropriate market. More so, his family was not so supportive when he started. However, there is an improvement since he has been moving from country to country to market his works.

He observed that outside Africa, African paintings are deemed to be of poor quality, a situation he admitted, saying, “Somehow it is true because most of our artists do not use quality paints so when you hang it for sometime it starts to fade.”

He stated the need to educate local artists, particularly wayside ones so they can improve on their work;- they should be encouraged to use quality materials.

In terms of career development Samuel said he continues to study on his own, while waiting for the opportunity to study formally. Besides painting, he enjoys listening to music sometimes.

He advised aspiring artists to develop the habit of keeping a sketchbook in they draw as much as possible. He believes that drawing trains the eye to see what is really there and not just what you think is there.

“They should not be in a rush to develop a style. Play around with experiment,” he advised. He said parents should also encourage their children to pursue their interest, particularly in painting, as society often looks down on such skill.

His dream is to open his own gallery in Accra and later expand nationwide.

Kumasi traders complain of low development

Traders at the Kumasi central market in the Ashanti Region have complained about the lack of sanitary facilities within the market which makes carrying out their activities very uncomfortable.

Most traders said although they honour their tax obligations daily to the Kumasi Metropolitan Assembly (KMA), pay income tax to the Ghana Revenue Authority (GRA) regularly as well as pay store license fee monthly, they are yet to see any meaningful development and improvement in the market.

Checks done by the GRAPHIC BUSINESS indicates that the central market cannot boast of a single toilet facility meaning whenever an individual needs to use such a facility, he or she has no choice than to move out from the market to the Kejetia lorry terminal.

A cosmetics trader, Madam Akua Adoma during a field survey on the 2013 Budget and Economic Policy Statement of the government accused city authorities for non-commitment to the development of the market.

Interviewing people on their views on this year’s budget statements and their expectation in certain parts of Kumasi, the market women appealed to city authorities to provide them with sanitation facilities to improve conditions at the market.

The Institute of Financial and Economic Journalists (IFEJ) as part of its advocacy programme and with support from Star Ghana embarked on a number of field trips to some selected districts throughout the country to find out if people really care about budget statements of governments.

Findings from the survey revealed that respondents pay tax to government, to assembly or local authority and expect it to be used for development projects, while others also said they had no knowledge of what taxes they pay are used for.

Most of them also had no knowledge of the content in the budget. Meanwhile they agreed that government has not shown enough commitment politically and financially to improve agriculture, education and health facilities adding improvement in agric, education and health should be a priority.

“I have no knowledge what the taxes we pay are used for. I have been selling here for the past 15 years and I am yet to see any development. In fact, things are even getting worse,” Madam Akua Adoma complained.

Other traders told the GRAPHIC BUISNESS that coupled with the above; the market is now overcrowded, and thereby makes it difficult for the fire service for instance, to have access to operate whenever there was a fire outbreak.

“Now it is very difficult to move through the market comfortably due to overcrowding. Thoroughfares have been taken over by colleague traders while others are totally blocked,” Mrs Margaret Appenteng said.

The traders also said they are now responsible for cleaning the market including the pavements and the lanes between their stores after selling, which according to them was not the case

Consequently, during rainy season gutters within the market overflow because they are choked and have not been de-silted for years.

“Everything that needs to be done in the market nowadays is our responsibility. We have KMA authorities and officials but we do not see them taking any action to address our concerns, except probably locking and opening of gates,” a trader said.

Recently, the Member of Parliament (MP) for Subin, Mr Isaac Osei during a visit to the market after a fire outbreak called for bold action to reconstruct the Kumasi Central Market, to end the frequent fire outbreaks which results in destruction of traders’ wares.

He appealed to the KMA to link up with government to implement the decision to rebuild the market; something he said had been on the drawing board for some time now.

Unlike formerly, thousands traders come together seven days a week in trade in the central market which was moved to its current location in 1922.

Despite its congestion, it still remains the main market where people in the region shops for most their daily needs.

GB

I’M ready for the task ahead - Dr Wampah

He feels honoured to be chosen by the President as Governor of the Bank of Ghana because of his ability to contribute to a sound macroeconomic stability. Ama Amankwah Baafi writes



Dr. Henry Akpenamawu Kofi Wampah appeared likely to be appointed as Governor of the Bank of Ghana when he took over in an acting capacity following the then Governor, Kwesi Amissah-Arthur’s confirmation as Vice President of the Republic of Ghana.

What really came as a surprise to him was his earlier appointment as the First Deputy Governor. “I was not so much surprised with this latest appointment because I have been in the acting position for a while and I had some belief that I would be selected. I am grateful to the President, H.E. John Dramani Mahama for that privilege” he told the GRAPHIC BUSINESS.

Among his key tasks are price stability, broadly stable exchange rates, and a viable financial sector; assignments he says, he is ready for.

He sounded prepared for the job because he strongly believes that the bank has laid the ground to ensure macroeconomic stability. Undeniably, he sees it as a challenging job considering the pressure, yet he hopes to perform while counting on the strong technical support provided by bank staff to succeed.

In addition, the objective of the central bank has been clearly enshrined in the BoG Act 612, that is, to ensure price stability and create an enabling environment for sustainable economic growth. Together with his team, he intends to pursue these objectives with a high level of commitment.



CAREER PATH

Dr. Wampah began his career at the Bank of Ghana in September 1986 as a Deputy Manager and rose through the ranks to become a Director in 2006. He has served the Bank of Ghana in various capacities as Head of Statistics Office, Head of Public Finance Office and Head of the Research Department.

Whilst still with the bank, he worked at the International Monetary Fund, Washington DC with the Monetary Operations Division of the Monetary and Exchange Affairs Department and the Africa Department as a Special Appointee from May to December 1998.

He was appointed to the position of First Deputy Governor of the Bank of Ghana in April 2009. Prior to this appointment, he was the Director of the Research and Statistics Department of the West African Monetary Institute (WAMI).

In this capacity, he supervised the planning and implementation of the macroeconomic convergence monitoring programme of the West African Monetary Zone (WAMZ), and was extensively involved in preparing the five member countries of the zone (The Gambia, Ghana, Guinea, Nigeria and Sierra Leone) for the proposed monetary union, in the areas of macroeconomic convergence and policy harmonization (monetary policy, statistics, fiscal policy and exchange rate management).

He participated in a Technical Assistance Mission on Monetary Operations and Banking Soundness to the Gambia, and also worked on a project on economic integration in East Africa.

Dr. Wampah has a background in teaching, having undertaken summer teaching appointments with McGill University, Montreal, Canada and also assignments with the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Legon in the areas of economic statistics and mathematics.

He has also participated in several international conferences and seminars and authored a number of publications and working papers.



EDUCATIONAL BACKGROUND

The new Governor obtained a B.A. (Hons) Economics and Statistics degree in 1977 from the University of Ghana, Legon. He studied for a Masters’ Degree (1983) and a Ph.D (1986) in Economics with specialisations in econometrics and public finance from McGill University.

He had his secondary education at Hohoe E. P. Secondary School (GCE ‘O’ Level) and Konongo-Odumase Secondary School (GCE ‘A’ Level). He had his elementary education at Ve Golokwati E.P. Primary and L.A. Middle Schools.



HOBBIES

He is a football enthusiast and used to play for Akuafo Hall, Annex II in the inter-hall matches at the University of Ghana, Legon and also in the inter-house competitions in Konongo Odumase Senior High School where he had his ‘A’ level education. Nevertheless, he is now more of a spectator.



FAMILY BACKGROUND

The head of the Central Bank comes from a very humble beginning yet he enjoyed his childhood. His father worked with the Ghana Highway Authority and was posted to several regions including Ashanti, Volta, Northern part of Volta, Western and Brong Ahafo.

This afforded him the opportunity to know places and make lots of friends, such that since his confirmation he has received several congratulatory messages from all over the country.

He is married to Mrs. Victoria Wampah, a business woman and blessed with two girls and three boys. Though he comes from Anfoega Bume in the Kpando District of the Volta region, he lived mostly in Hohoe and was born in Worawora in the Jasikan district. GB

Public buildings must be disabled friendly

The Ashanti Region branch of the Ghana Society of Physically Disabled has expressed concern about the manner in which structures are put up in Ghana, without any consideration for the special needs of persons with disabilities (PWDs).


The group said almost all public and private structures in the country are unfriendly to PWDs, and have remained so, in spite of incessant appeals by the association, civil society organisations and individuals who have the welfare of PWDs at heart, to policy makers and other stakeholders to consider PWDs in putting up structures.

They said the current situation poses great challenge to them as PWDs as they try to access services from government institutions.

A former executive of the group, Mr Francis Opoku told the GRAPHIC BUSINESS in Kumasi on their views on this year’s budget statements and their expectation called on government to ensure that public buildings are designed to take care of their needs.

The Institute of Financial and Economic Journalists (IFEJ) as part of its advocacy programme on this year’s budget and with support from Star Ghana embarked on a number of field trips to some selected districts throughout the country to find out if people really care about budget statements of governments.

He said a policy to build disabled friendly structures are some of the policy issues that they expected to hear in the budget statement but unfortuantely this did not happened.

“It is imperative to factor in a policy to ensure that public buildings and other infrastructures are disabled friendly”, he stated.

“It has always been our hope that the budget would tackle such projects. At 56 and as a country, it is about time we refocus our infrastructure development to be favourable to us who are physically challenged.”

“We wish to draw the attention of the public to consider that all buildings that are put up, even our individual are disabled friendly because in old age most people become disabled,” he said.

He said the association would intensify its advocacy on disability friendly infrastructure to enable the government to examine, strengthen and implement policies that will ensure quality and positive outcomes in its infrastructural development drive.

Unlike developed countries, most public infrastructure in Ghana such as schools, hospitals and other public buildings have poor infrastructural conditions, most of which are unfriendly to PWDs.

The Institute of Financial and Economic Journalist (IFEJ) conducted the survey in several communities in Ghana, with sponsorship from STAR Ghana and technical support by the World Bank.

Hailflow SAL trains clients

To fulfil the promise made last year at the grand opening of its ultra-modern showroom on the Spintex road, Haiflow SAL, a privately owned high quality sanitary ware distributing firm, held a one-day training seminar for its contractors, tillers and plumbers in Accra. The training was aimed at educating the artisans to acquire the appropriate technical knowledge on how to install, repair and use their new products in accordance with international best practices.


Haiflow represents world famous brands such as Grohe, Villeroy and Boch, Pavigres, Tredex and Gardenia Orchedia.

Speaking at the training, Mr. Karim Ghazale, General Manager of Haiflow SAL, disclosed that, the training will offer a high level of pre and post-sale services, as well as technical support to customers in the West African market. “This training will be of much benefit to the end users of our products and also become very familiar with it, and at the long run benefit highly as partners”.

Mr. Ghazale further stated that, to ensure the company's client service was performing at the highest levels while maintaining quality brand and standards, “we undertake continuous testing to improve our products.” Mr. Ghazale stressed that this kind of training programs will create a friendly environment and partnership where all stakeholders will keep communicating to get the best.

“Haiflow SAL is a fashion leader when it comes to the latest innovative designs in our industry. We offer our clients a variety of products that cater not only to their individual needs, but also their budgets” he added.

Mohammed Akanbi, training and after sales coordinator of GROHE, West Africa, lauded the initiative of the company for the added value through processing of designs, purchasing, to the installation of products.

“Our company grows with its customers in mind, and this makes us one of the environmentally friendly company in sanitary wears, ceramic tile, bathroom accessories, shower enclosures, bathroom cabinetry and Jacuzzis through the designs of our product”, he said.

Michel Accad, Regional trainer and after sales Manager of GROHE, Egypt said “As part of a large group of companies that specialize in the building materials market, we have the knowledge and expertise to serve the African Market. Our dedicated team of sales professionals is well trained in both the technical and design aspects of our industry which enables them to provide our clients with the quality customer service they deserve. Our exclusive programs offer our clients the ability to exceed their clients’ expectations.”

Participants of the training included construction professionals and representatives from various local and international construction firms across the country. They were taking through various installations, processes and usage of high quality GROHE products.

Sound public financial management required - To prevent corruption

THE acting Governor of the Bank of Ghana, Dr Henry Kofi Wampah, has called for stronger partnership between the government and development partners to work together to achieve a long lasting improvement in the management of public funds.

Dr Wampah explained that a sound public financial management system was a precondition for effectively channelling resources to service delivery, such as basic education and health services, adding that “good public financial management systems can help prevent corruption and foster aid effectiveness.”

The acting governor made these observations when he opened a West African regional course on Public Financial Management (PFM); Budgeting, Planning and Performance in Accra last Monday. The nine-day course is being organised by the West African Institute for Financial and Economic Management (WAIFEM) and the African Capacity Building Foundation (ACBF).

Dr Wampah underscored the importance of good public financial management systems for democratic governance, macroeconomic stability, effective use of resources and poverty reduction.

He said although much had been done to improve the quality of PFM, through the development of medium-term expenditure framework and moves to adopt fiscal responsibility act, a lot remained to be done to achieve the desired results.

“It is even more important that international donors, governments, national and local institutions, including regulators and professional bodies work together in partnership to achieve long-lasting improvements, transparency and accountability in PFM,” he stressed.

The Director General of WAIFEM, Professor Akpan H. Ekpo, said the course was in response to the realisation that economic development and the fight against poverty and corruption could only be enhanced under an environment of good governance and that an efficient framework for transparent management of public finances was key.  

He acknowledged that as a strong PFM framework served as a catalyst for economic growth and development, so should sound PFM structures increase the demand for performance information, improve the efficiency of service delivery and bring accountability to government operations in delivering public goods and services to citizens.

He said poverty reduction was not merely a question of spending more, but instead, using existing resources more effectively, and that could be achieved through effective PFM systems which ensured accountability and efficiency in the management of public resources.

“PFM, thus, continues to play a critical role in contributing to economic stability, nation-building, growth and poverty reduction in our economies,” he said.

Some key topics expected to be covered at the course include; planning, budgeting and financial management in the public sector; fiscal performance and fiscal rules; fiscal policy and economic growth; and public expenditure programme.   

WAIFEM was established as a collaborative sub-regional capacity building organisation in July 1996 by the central banks of the five Anglophone countries of West Africa, namely, the Gambia, Ghana, Liberia, Nigeria and Sierra Leone.

Last year, the board admitted the Central Bank of the Republic of Guinea into WAIFEM.

 

MTN launches cloud services

MOBILE Telecommunications Company, MTN Ghana, has launched cloud services to help small and medium enterprises (SMEs) to cut down on the cost of information technology (IT) software and hardware.

MTN is the first mobile network operator in Africa to launch the cloud service brokerage model which is expected to improve productivity and efficiency of businesses.

Cloud computing is one of the new innovations in the IT world and it involves the delivery of hosted services over the Internet, enabling users to access services anywhere and at any time.

The service centralises remote access to data and applications where a third party, in this case, MTN, acts as the single point of contact for customers.

This allows companies to focus on their core businesses instead of concentrating on infrastructure costs.

It also allows businesses to come out with information processing requirements of the average organisation in terms of secure data management, fire wall protection and some application to remove the infrastructure that allows functioning just as the user. 

In effect, it is the delivery of hosted service over the Internet or any secured virtual private network (VPN). 

The Chief Executive of the MTN Ghana, Mr Michael Ikpoki, said at the launch in Accra that the introduction of the cloud services marked an important milestone in the life of MTN Business, a division in the company.

The MTN Business was launched in 2011 to provide information, communication and technology (ICT) solutions for SMEs and other corporate institutions in the country.

Mr Ikpoki said out of six markets – Cameroon, Nigeria, Uganda, Cote d’Ivoire and South Africa – selected by the MTN Group, Ghana was the first country to launch the service in West Africa.

“Cloud services constitute a recent innovation in the IT space and we are very proud to be leading in this market. With the rapid development in ICT and telecoms sector, driven by strong desire to provide customer experience, there is expectation that technology can do more for SMEs,” Mr  Ikpoki said at the event.

He thus called on SMEs and large corporate organisations to invest in new technologies and new solutions to drive growth in their respective businesses.              

The Head of Business Solutions at MTN Ghana, Mr Eric Nsarkoh, said the idea of the MTN Cloud was to manage stress aspect of organisations.

“In terms of its uniqueness, there is a lot of flexibility because all you are required to do is to register and you have access. It is as easy as setting up an email address,” he said.

New credit bureau launched

DUN and Bradstreet Credit Bureau Limited, an organisation that will provide comprehensive consumer credit information to customers in the country, has been launched in Accra.

The bureau receives information and processes them for lending and credit institutions to build borrowers’ credit profile and repayment records.

This form of reputational collateral has proven to be as reliable as the usual physical collateral demanded by lenders in support of credit.    

Dun and Bradstreet was incorporated in Ghana in June 2008 and awarded a provisional Credit Bureau License from the Bank of Ghana in October 2010. After fulfilling the requirements of a provisional license, it received its final license in February, 2012.

The launch, which makes Dun and Bradstreet the third credit bureau in the country, is expected to increase competition within the Ghanaian credit market by providing credit providers with greater bureau choice and improved transparency for businesses and consumers.

Again, it is expected that as the availability of credit increases, businesses and consumers will enjoy more credit.

The government passed the Credit Reporting Act, 2007 (Act 726) not only to provide the necessary legal and regulatory mechanism for the licensing and operation of credit bureau, but also to protect the public against fraud.

The Minister of Finance and Economic Planning, Mr Seth Tepker, in an address read on his behalf said the services of credit bureau therefore facilitate screening of applicants for credit, leading to cost reduction for the provider and enhances lender’s ability to predict default.

“Rapid growth has direct correlation with an increased risk of low repayment. Credit bureau provides the best mechanism to improving the rate of default and mitigating the threat to the financial system.”

‘Also the demand for consumer credit will increase lending to general increase in demand for goods and services thereby increasing growth in the economy,” he said.

He emphasised the need to promote convergence, integration and development of the entire financial service sector in order to exploit the full potential for effective financial intermediation and sustained growth.  

He also announced that the government had developed the second phase of the Financial Sector Strategic Plan (FinSSP 1) that focused on strengthening all sub-sectors of the financial sector, including banking, securities, insurance, pensions and non-bank financial institutions, with implementation planned for next year.

Touted as a global leader in business information reports, the Managing Director of Dun and Bradstreet, Mr Evans Sarpong, said it would from its portfolio of global products and services offer a range of tools to help lenders manage their clients through the entire life cycle and better understand risks involved.   

This, he said, included instant notification when changes occurred within a customer portfolio and tools needed to improve the quality of customer data.

“In order to provide responsible access to credit for businesses and consumers, it is important for banks and other credit providers to have access to globally proven alternatives to determine the credit worthiness of potential borrowers,” he said. 

The Chief Executive Officer of Dun and Bradstreet, Mr Miguel Llenas, said the experience of credit bureaus in other countries showed that over time, borrowers stood to benefit from faster credit applications processing, faster disbursement of loans, fairer assessment and better adjusted quantum.

He said the organisation’s experience with government and private credit bureaus across the world had facilitated it in building the robust bureau for Ghana.