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Tuesday, 12 June 2012

Government denies plan to ban dollar accounts

Government has denied reports the Bank of Ghana intends to outlaw the operation of bank accounts in foreign currencies.

It follows widespread reports regulators of the sector are contemplating the ban as one of the measures to arrest the sharp decline of the cedi. The domestic currency has lost about 20 percent of its value to the US dollar since the beginning of the year and there are fears one may soon need 2 cedis to purchase one dollar.

Deputy Finance Minister, Seth Tekper however says the Bank of Ghana is only taking steps to stop certain uses of foreign accounts that are in breach of the foreign exchange laws and thus leading to a dollarization of the economy.

“Opening a Foreign Currency Account is a legal requirement and until parliament passes a new law, that remains so. But there is a difference between using that account for one’s business purposes in and the person offloading his or her currency to another business or Forex Bureau which implies trading in the currency which would be outside the law. The Bank of Ghana is therefore only drawing attention to the fact that such uses of the account may be in breach of the act”

MEST graduates 17 ICT professionals into the global market

Meltwater Entrepreneurial School of Technology (MEST) has graduated it fourth batch of 17 young Ghanaian Information Communication Technology (ICT) Scholars, after a two year programme in software entrepreneurship.

The students pursued the programme to acquire the needed ICT skills to become successful software entrepreneurs and to help create jobs and wealth locally.

Mr. Jorn Lyseggen, Founder and Chief Executive Officer of Meltwater Group, tasked the graduates to take their destinies into their own hands and confront the world and in the process conquer failure.

He said it was critical for the graduates to make use of the experience derived from MEST to inspire young people to believe in themselves.

While urging the graduates not to forget what they had learnt during their training, Jorn Lyseggen said the curriculum was expected to have equipped them with more than technology to also help them develop perspectives, critical thinking, values and success principles.

Mr. Lyseggen challenged them to be assertive and not to be afraid of failing since failure represented a learning process, adding that “success takes one step to complacency”.

He said even though it is good to desire for success, it was more desirable to be patient because they cannot afford to be obsessed with changing the world today.

“Success may not come immediately, and while it may also be desirable to start off perhaps with a job opportunity or adventure with life to identify what exactly graduates may decide to settle with, they should never stay away from serving humanity, and more importantly, doing the things that make them happy”, he said.

He urged them to use their talents and the knowledge gained to develop their economic prospects in the global market.

The Meltwater Entrepreneurial School of Technology, a non-profit arm of the meltwater Group, started operations in Ghana in February 2008, to provide students with skills in software entrepreneurship.

During the intensive two-year programme at MEST, Entrepreneurs in Training (EITs) work with experienced business executives, university graduates and current MBA members from top universities worldwide to develop software applications and prepare them for launch in the global marketplace.

University graduates accepted into the MEST programme receive a fully sponsored hands-on training in software development, basic business fundamentals and entrepreneurship in a fast-paced, challenging, start-up environment. Also, the Entrepreneurs in Training (EITs) work with world-class executives from around the world to create their own software prototypes and ultimately start their own companies.**
This week in Focus

SharesBonds

 DateVolumeGSE Composite Index(GSE-CI)Market Capitalization GH¢ millionValue of Coporate Bonds Traded US$Value of Government Bonds Traded GH¢ million

Monday11-Jun-122500411022.9954894.6800

Tuesday      

Wednesday      

Thursday      

Friday  
 

GSE Indices (2012-06-11)

Composite Index
1022.99  +4.15
Fin. Stocks Index
879  +0.29

Forex Bureaux Rates (BOG)

USD ($)
buy / sell
1.666 / 1.711
EUR (€)
buy / sell
2.140 / 2.200
GBP (£)
buy / sell
2.549 / 2.60
 
 
 
Company Values
AADS
0.5200 0.0000
ACI
0.0800 0.0000
AGA
34.0000 0.0000
ALW
0.0600 0.0000
AYRTN
0.1700 0.0000
BOPP
1.6400 0.0000
CAL
0.2200 -0.0100
CLYD
0.0400 0.0000
CMLT
0.1200 0.0000
CPC
0.0200 0.0000
EBG
3.0100 0.0000
EGL
0.2800 0.0000
ETI
0.1300 0.0000
FML
1.9000 0.0000
GCB
1.9200 0.0000
GGBL
1.9700 0.0000
GOIL
0.4800 -0.0100
GSR
2.7500 0.0000
GWEB
0.0400 0.0000
HFC
0.4500 0.0000
MLC
0.1000 0.0000
PBC
0.2400 0.0000
PKL
0.0600 0.0000
PZC
0.2200 0.0000
SCB
47.0000 0.0000
SCB PREF
0.5200 0.0000
SG-SSB
0.3600 0.0000
SIC
0.3500 0.0000
SPL
0.0400 0.0000
SWL
0.0200 0.0000
TBL
0.4000 0.0000
TLW
38.5400 0.0300
TOTAL
19.4700 -0.0100
TRANSOL
0.0500 0.0000
UNIL
8.3000 -0.0500
UTB
0.3200 0.0000

Ghana earns $2.4b from non-traditional exports for 2011



Ghana earned 2.4 billion dollars from the export of its non-traditional exports for last year.

This is the highest earnings grossed by the country in a long while.

Last year’s earnings represent a 50 percent increase over the 2010 figure of 1.6 billion dollars.

Earnings for last year came mainly from processed and semi processed goods, agriculture and handicrafts.

Non-traditional goods are all other export commodities apart from the popular exports such as the cocoa beans, timber and minerals, which the country is well-known for. Processed and semi processed goods contributed almost 90 percent of the earnings whilst agriculture and handicrafts made up for the rest. Of the about 400 different products that were exported, cocoa paste alone grossed 673 million dollars, the highest earner. Half of the exports went to European destinations, whiles ECOWAS took up 27 per cent. Chief Executive of the Ghana Export promotion Authority, Kwadzo Owusu Agyeman attributes the sterling performance to among others aggressive promotion by the authority and proper coordination of all the sectors under it.

Among the European countries Netherlands absorbed most of the products constituting about 403 million dollars.

The Ghana Export Promotion Authority is projecting to gross 5 billion dollars in the next three years from non-traditional ex-ports.