By Patrick PAINTSIL Ghana’s four finalists for the “Ernst & Young Entrepreneur of the Year 2012” have been introduced to the public at a special event in Accra. The event was organised to recognise and appreciate the efforts of the finalists before they leave the country to participate in the final awards ceremony in Lagos, Nigeria. The four finalists are Mr. Roland Agambire, Chief Executive Officer, RLG Communications; Mr. William Ato Essien, Chief Executive Officer, First Capital Plus Limited; Ms. Adelaide Ahwireng, Managing Director, FIO Enterprises Limited; and Mr. Frank Adu, Chief Executive Officer of CAL Bank. They will compete with equally distinguished entrepreneurs selected from across the West African region for the coveted Entrepreneur of the Year award later this month. The annual event is designed to celebrate and recognise entrepreneurs who have through ingenuity and hard work created and sustained successful businesses with national as well as regional and global programmes. Mr. Ferdinand Gunn, Country Leader, Ernst & Young Ghana, said the finalists are people identified as having distinguished entrepreneurial skills that have made stories which impact lives and are winners in their own right. He said the awards are evidence of the giant strides entrepreneurs and business leaders are making in this part of Africa, stressing “the continent’s progress has been phenomenal as it has remained the most attractive for investment in recent times.” Mr. Gunn applauded the finalists for reaching this far while encouraging other entrepreneurs to get aboard the programme. Ernst & Young plays a supportive role in recognising and honouring entrepreneurs who have achieved success across a variety of industries and communities, and have truly made a difference in their business domains. Mr. Henry Egbiki, Ernst & Young Managing Partner for West Africa, said the award goes to motivate and encourage entrepreneurs in the West African region to maximise their potentials. He said the recognition comes at a time when focus is being placed on emerging markets, which Africa happens to be part of. Mr. Egbiki said with the mass of opportunities in West Africa due to its numerous resources, there is need to encourage entrepreneurs to invest into these potentials so as to put the continent on the global market. “These entrepreneurs are people who see possibilities in adversity, so there is a need to celebrate such people so that they will continue to create more value for the people,” he said.

AngloGold Ashanti says that it had signed an agreement with Mining & Building Contractors (MBC) management, shareholders and the Ghana Mine Workers Union aimed at ushering in a new era for Obuasi Last month, AngloGold Ashanti terminated its underground development contract with Mining & Building Contractors (MBC) in order to secure the viability and long-term sustainability of the mine. AngloGold Ashanti has recruited approximately 700 new employees, most of them former MBC employees, and will assume full responsibility for underground development with immediate effect. AngloGold Ashanti has traditionally undertaken underground production using its own employees and equipment. The company will continue as an owner-operator in production and will now also assume underground development. Mr. Kwesi Enyan, MD of Obuasi mine, said: “We are delighted to have reached an agreement with MBC management, MBC’s shareholders and the Ghana Mine Workers Union. This provides a great deal of certainty for affected workers as we assume full responsibility for our own underground development work. We believe that this is an important step in the transformation of Obuasi Mine into a world-class asset.” In terms of the separation agreement, AngloGold Ashanti will fund the employee entitlements owed by MBC to MBC employees directly affected by termination of the relationship between the two parties. These entitlements will be paid from today until all payments have been completed as outlined in the agreement. All MBC employees will be paid their outstanding benefits, leave pay, repatriation entitlements and a 13th month cheque, and will receive a food parcel in December. MBC employees can verify their entitlements through the main MBC office, and can expect payments to their bank accounts as per usual. Mr. Enyan has noted: “We have a responsibility not only to the people employed by the mine, but also to the broader Obuasi community to ensure that the decisions we take are in the interests of Obuasi’ s long-term viability. I would like to thank all concerned for ensuring a smooth transition, and look forward to working with the many hundreds of new AngloGold Ashanti employees as we embark upon the exciting prospect of conducting our own underground development.”

By Ekow Essabra-Mensah Government needs to enact pragmatic policies that will make it attractive for corporate organisations to engage in Corporate Social Responsibility (CSR) programmes, Ms. Ivy Arcos, Africa Representative of the Canada Export Centre, has said. “Instead of treating corporate entities as ‘cash-cows’ ready to be milked, government should see corporate entities as developmental partners with the resources and capabilities to help government fulfil its social obligations to its citizens. “For example, government should not hesitate to use the hyper-efficient supply-chains of organisations to deliver aid and assistance to disaster-hit areas. “In return, government should reward organisations with incentives such as tax-breaks and/or other innovative programmes.” Ms. Arcos said this at the second annual CSR conference in Accra under the theme “Mainstreaming Emerging Issues of Corporate Social Responsibility into Organisational Behaviour in Ghana”. It was organised by CSR Foundation in collaboration with Global Compact Network Ghana. “Whereas developed nations like Canada, USA, and Germany have well-structured corporate social responsibility programmes, the reverse is true when it comes to most parts of sub-Saharan Africa,” she said. “The benefits of CSR are not just limited to big organisations. As with good corporate governance practices, CSR is equally relevant to smaller companies as, fundamentally, they both draw upon the same universal principles of accountability, honesty, transparency, and sustainability. “For any CSR programme to really succeed, it is incumbent upon the CEOs, board-members, and senior management like you present today to provide the needed leadership. “To achieve lasting success, the attitudes and daily practices of every member of society need to change. As key players in society, businesses can set a powerful example.” She explained that the corporate sector has some of the brightest minds in the world, and possesses tremendous financial resources. In some cases, the corporate sector is also better positioned to mobilise in ways that complement government initiatives. Such moves can be done within the framework of a public-private partnership (PPP). She commended the Environmental Protection Agency (EPA) for recently establishing a Cleaner Production Centre (CPC) in Tema. The purpose, she explained, is to encourage industries and companies to go green by providing advice on cleaner production techniques that help to reduce the impact on the environment while maximising profit. In essence, it is to help advance the cause of sustainable development. Such initiatives demonstrate government’s commitment to promoting sustainable development, she said. CSR is commonly described by its promoters as aligning a company's activities with the social, economic and environmental expectations of its stakeholders.   It involves integrating ethical and responsible practices into a company’s business strategies and operations. CSR is not just about what a company does with the profits it makes; it’s about how a company makes its profits in the first place. Mr. Benjamin Aryee, Chief Executive Officer, Minerals Commission, explained that the CSR programme in the country is still evolving and that it is a dynamic process of sustainable development. The Commission, he said, is leading the development of a national framework to define guidelines for mining companies on how to carry out CSR programmes in the country.

By Evans Boah-Mensah Some Israeli companies are lobbying government to adopt renewable energy, as a way to diversify the country’s energy mix and also reduce the reliance on hydro power in the provision of power. The companies, which are acting through the Israeli government, are knocking on the door of government at a time when the Volta River Authority (VRA) has a renewable energy policy plan to make renewable energy 10 percent of the country’s energy portfolio within the next eight years. The Deputy Chief of Mission of the Israeli Embassy, Eyal Lampert said the Embassy has invited the head of Eilat-Eilot Renewable Energy Initiative, which brings together renewable energy producers in Israel, to the country to collaborate and explore the huge potential in the renewable energy sector to benefit the country, saying: “Our knowledge and technologies could be relevant to Ghana.” The Founder of Eilat-Eilot Renewable Energy Initiative, Ms. Davidovich-Banet, explained in an interview with the B&FT in Accra that it has become necessary to attempt to influence policy decisions in the face of the country’s over-reliance on thermal and hydro for energy supply. “We are doing a lot of lobbying because it is not easy for the government to decide and think differently. The government often sees turbines. They don’t see renewable energy, and it is very hard for them to understand how to distribute the renewable energy sources,” she said. Ms. Davidovich-Banet said renewable energy generation can be expensive, but explained that in the long-term it is cheaper and cleaner than other sources of energy like thermal and hydro. She noted that though Photovoltaic (PV) solar systems can generate the country’s energy needs, the best-fit solution to improve the country’s energy supply situation is the hybrid and off-grid solar systems that can be linked to rural communities. “The government has to understand what is cheap and economical for them. They have to invest a lot of time in innovation and new technologies. “I understand that the cost of electricity production and transmission in Ghana is about 15 cents per unit. With this, you can do renewable energy by PV by grid-parity without feed-in tariffs,” she said. Last year, government passed the renewable energy bill into law -- which introduces a feed-in-tariff into the power sector in a move to incentivise investors to go into renewable energy supply. The feed-in tariffs oblige electricity companies to pay people an amount yet to be determined for the power they produce at home from renewable energy sources, such as solar or wind, and a further payment will be given for any electricity fed into the grid. This is expected to spur the usage of renewable energy, especially solar PV roofs, at an enormous cost to the government.                                                                               

 Seventeen socially-responsible companies will on Friday, November 16 receive recognition for the corporate social responsibility (CSR) activities they implemented between 2011 and 2012. The annual Ghana CSR Diary, a free CSR magazine that catalogues corporate social responsibility activities of companies in Ghana, will also be officially outdoored. The Ghana CSR Diary and Awards is endorsed by the Association of Ghana Industries (AGI), the Ghana Chambers of Commerce and Industry (GCCI) with support from the Ministry of Trade and Industry. Last year, Hanna Tetteh, Minister for Trade & Industry together with Nana Owusu-Afari, the AGI President, assisted by Mr. Jiro Inamura, Chief Representative of the Japan International Cooperation Agency (JICA) launched the first edition of the Ghana CSR Diary & Awards. Since then, more than 5,000 free copies of the Ghana CSR Diary have been distributed to government agencies, development partners, companies, media-houses, NGOs, and airlines among others. Mr. Kojo John Olabode-Williams, Lead Project Manager for the Ghana CSR Diary & Awards said: “The concept of CSR is gradually getting demystified in Ghana. Many companies are beginning to appreciate the fact that CSR goes beyond mere donation to orphanages and that it includes adherence to standards and best practices that guide each company’s field of endeavour.”  He said: “This year, through the partnership of the two most influential business associations in Ghana (AGI & GCCI), we are recognising companies on the basis of the CSR activities they have implemented and submitted to us for verification.” The theme for this year’s event is ‘Ghana CSR Diary & Awards…making CSR more meaningful and impacting’.

By Evans KORANTENG The Royal Danish Embassy, as part of the Danida Business Partnerships (DBP) programme, has ended this year’s match-making event between Danish and Ghanaian companies in Accra.   The objective of the event was to create partnerships between Ghanaian and Danish companies with a view of transferring the best of Danish technology, management and knowledge to local enterprises. This is line with the theme of the just-ended West African Clean Energy and Environment Conference and Exhibition (WACEE’12), which focused on the energy sector with particular emphasis on increased use of green technology, energy-efficiency and protection of the environment. Mr. Carsten Nilaus Pederson, Danish Ambassador to Ghana, said Danish companies’ emphasis will be on partnerships that are likely to contribute to the achievement of the overall objective of DBP by creating growth and employment in Ghana. He said the energy sector was particularly chosen because issues in the sector such as environmental degradation and global warming put the planet at risk. “Ghana’s environment is coming under extreme pressure with high deforestation, depleting biodiversity, poor waste-management, and “galamsey” which have resulted in the pollution of most surface water,” he noted. Mr. Pederson said economic growth coupled with population growth has caused demand for energy to soar, thereby intensifying the pressure on vital natural resources. “A united effort in tapping into the potential of sustainable energy resources is crucial,” he said.Denmark, he said, is highly dedicated to international cooperation on green growth, and is a frontrunner in renewable energy resources. DBP supports the establishment of partnerships that have significant impact on development in poor communities with the aim of creating value for partners and the local community. The programme lowers the risk of entering into new partnerships by contributing toward relevant expenses related to transfer of knowledge and skills, covering from 50% to 75% of cost of activities.

Valuation and Assets Services, an international valuation and financial consulting firm, says it is poised to establish a presence in the country. “This will be in the form of partnerships and affiliations with established practitioners in the valuation profession,” Mr. Kweku Boison, founder and managing principal, told B&FT. The firm, he said, specialises in valuation of business assets as a service to financial institutions, lawyers and accountants. It provides multi-disciplinary valuation and financial consulting services which include Plant, Machinery and Equipment Valuations; Inventory Appraisals; Business Enterprise and Intangible Assets Valuations; Business Real Estate Valuations; Cost Segregation Studies; Transaction and Risk Advisory; and Machinery & Equipment Brokerage. Mr. Boison said the valuation profession in Ghana is dominated by experts in land valuation; but as the economy grows and contracts become much more sophisticated and exacting, there is need for specialised valuations to support the transactions -- whether in mergers, acquisitions or litigations.   He pointed out that most valuation practitioners in Ghana have a narrow specialisation in land and land improvements, and often engage mechanical engineers to assist them with valuations of plants, machinery and equipment.   “But mechanical engineering and valuation are separate disciplines, and without the appropriate training the engineer may not utilise the appropriate value premises in the valuation and may not identify the market nuances impacting the asset,” he said.   He advised financial/lending institutions and all users of valuation opinions to engage valuers certified in that class of assets.  “For example, it is not in the interest of lending institutions to rely on reports of engineers who are not certified as valuers.  The engineers are not obligated to comply with the ethics, rules and standards of any professional valuation body.” Mr. Boison said Valuation and Assets Services’ practices are dictated by standards and ethical rules of the professional bodies to which the firm’s associates belong.   He said the firm has the resources to provide companies with reports, analyses and opinions that they need across a wide variety of markets, products and industries which will also hold up to the scrutiny of lenders, insurers, tax authorities, the courts and other government agencies and third parties. The firm’s inventory services include providing appraisals for retail inventory, wholesale inventory, and manufacturing inventory. “Our business and intangible asset valuations provide an unbiased third-party value of a business or intangible asset that is a reliable basis to use for buy-sell transactions, purchase price allocation, partnership and corporate dissolution,” he said. Valuation and Assets Services’ associate real-estate valuers have over 25 years of experience valuing complex commercial and industrial properties as well as specialised assignments such as condemnation and right-of-way valuations. The financial consulting services of the firm include providing field examination services to financial institutions in the area of surveys and recurring examinations. Valuation and Assets Services was formed in 2004 and has resources and expertise to provide services in both national and international locations.  The firm has been engaged to value assets located in Australia, Canada, Middle East and the United States.   The firm’s valuers maintain their designations as Accredited Senior Appraisers (ASA), Certified Machinery and Equipment Appraisers (CMEA), and Certified Public Accountants (CPA). Mr. Kweku Boison has been invited as guest-speaker by financial institutions to speak about machinery and equipment appraisals as it relates to lending institutions.  He was also a presenter at the National Association of Certified Valuators and Analysts (NACVA) and the Institute of Business Appraisers’ (IBA) 2012 Annual Consultants' Conference June 20-23, 2012 at Dallas, TX. He is a regular contributor to accounting and appraisal (valuation) journals and is also an adjunct instructor at a Washington DC college, where he teaches financial accounting and auditing.

Government has secured a US$75m grant from the Global Partnership for Education to enhance education delivery in deprived communities across the country. The amount is also intended to improve quality of teaching and learning, teacher motivation, research and purchase of supplementary aids for teaching. Minister for Education Lee Ocran made the announcement at Ho in the Volta Region when he handed-over locally assembled rlg laptops and accessories to basic schools in the region. 280 basic schools in the region will share a total of 6,720 laptops, with each school getting a set of 24 laptops, a trolley and other accessories. The laptops for schools is part of the basic school computeriSation project being implemented by the ministry of Education and rlg Communications with funding from the Ghana Education Trust Fund (GETFUND), with the aim of improving teaching and learning in general and promotion of ICT literacy in particular. The ceremony was attended by municipal and district chief executives, directors of education, school-heads and a large number of schoolchildren. Similar events have been held in the Eastern and Brong Ahafo regions.The Minister said the US$75m grant will be used to support quality education delivery in 57 selected districts beginning next academic year. He also announced government has signed an agreement with rlg Communications to train 65,710 teachers nationwide in computer literacy, programming and applications to enhance the teaching of ICT in schools. The Deputy Volta Regional Minister, Henry Ametepe, paid tribute to the late President Prof. Evans Atta Mills for conceiving the project, and pledged the NDC government will do everything possible to ensure its sustenance. He described as a bold attempt government’s decision to place emphasis on quality instead of quantity in its education agenda. The Minister later inspected a newly-refurbished computer at Ho Kpodzi Junior High School. Mr. Ocran handing over the laptops to Mr. Ametepe