Category: Uncategorized

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Closing the gap: The government is working on tightening foreign exchange markets

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Rising external pressures, as well as a drop in key foreign currency earners and export revenues have caused the Ghanaian cedi to struggle in recent years. The combination of internal and external challenges includes the country’s balance sheet, commodity prices, the cost of imported oil and gas for power generation, and the rising demand for imported consumer goods. As of June 1, 2015 the cedi had dropped 21% on the year, trading at GHS4.1050 making it the worst performer against the dollar among the 24 African currencies tracked by Bloomberg. While the scope of the problem may be larger than its peers, Ghana is not

Pham Hong Hai-CEO-HSBC Vietnam

Gaining ground: New foreign-currency issuances and a debt management strategy are providing a new way forward

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A macroeconomic overhaul is currently under way in Ghana, including in its borrowing practices. A shift is being made to reduce bond issuance in the domestic market, to extend the overall maturity of its existing debt profile and to lower the debt-toGDP ratio, which stood at 65.3% at the end of the first quarter of 2015, according to statistics from the central bank, the Bank of Ghana (BoG). The statistic tells the story of how the country’s approach to debt has changed. It had hoped

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Capital ideas: Banks remain well capitalised and liquid

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The banking sector underwent a major round of recapitalisation between 2008 and 2012, when institutions were required by the regulator to increase their minimum capital from GHS7m ($1.9m) to GHS60m ($16.7m), and this lifted the relevant ratios, which were already high, to levels that suggest safety and soundness by a comfortable margin. Above & Beyond The Banking Act 2004 sets the minimum ratio at 10%, while the cash reserve requirement is fixed by the central bank, the Bank of Ghana (BoG). In an attempted to mop up excess liquidity, the cash reserve requirement was lifted, from 9% to 11%, in April 2014, and then taken

Ghana Oil Company Limited: Distribution

Posted OBG AdminPosted in Uncategorized

The Company Ghana Oil Company Limited (GOIL) was incorporated as a private limited liability company on June 14, 1960 as AGIP Ghana Company Limited with the objective of marketing petroleum products and related products – particularly fuels, liquefied petroleum gas, lubricants, bitumen, and specialty products in Ghana. The shareholders were the Italian companies AGIP and Snam. On December 16, 1968, Snam transferred its 10% shareholding, representing 95,000 shares to Hydrocarbons International Holdings of Zurich, Switzerland. In 1974 the Government of Ghana acquired the shares of AGIP and Hydrocarbons International Holdings in AGIP Ghana Company Limited and by a special resolution in 1976 changed the name

Peter Wong-Deputy Chairman and Chief Executive-HSBC

The micro push: New polices are expanding options for the uninsured

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Great strides have been made in Ghana in recent years in terms of promoting microinsurance by developing a framework for the segment and introducing new delivery mechanisms. Insurers have eagerly begun to offer new products that will help rural and low-income customers access cover. The country has set a strong foundation for increasing inclusiveness and getting penetration above the current rate of about 2%. More regulation is needed in order to ensure consumers have adequate protection and further promotion would be helpful. Micro Rules The National Insurance Commission (NIC) established the Microinsurance Market Conduct rules in 2013. Under the guidelines, an insurance company is not

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

A small fortune: The government is focusing on reforming small-scale mining

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The role of galamsey, or artisanal, small-scale miners, in Ghana has become increasingly important. This group is currently responsible for all diamond production and its share of gold production has more than doubled since 2008, as the rise in gold prices has attracted more people to try their hand at mining. These operators are currently not heavily regulated and do not pay taxes. Reforms aimed at changing this are likely in the coming years. Categorisation Ghana’s small-scale artisanal gold mining sector was first legalised in 1989 with the promulgation of the Small-scale Gold Mining Act, which established the Precious Minerals Marketing Corporation (PMMC), the industry’s

George Richani-CEO-Al Ahli Bank of Kuwait

Looking east: Trade with Asia is growing and diversifying

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Following a difficult period for the international shipping market, in 2012 the container route from Shanghai to the Gulf through Dubai saw the second-highest rate of freight growth in the entire Asian region. This was part of an emerging trend of the maturation of GCC-Asia trade. A relationship that was once just based on energy demand is diversifying and the GCC is seen as a viable market for Asian goods and investment, a key transit point – given its developed infrastructure – for the fast-growing markets of Africa, and a high-quality producer of goods and services in its own right. Shifting Patterns The change in

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Attracting interest: Streamlining the licensing process in order to enhance the emirate’s business environment

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In a bid to attract new foreign investment inflows across a host of high-priority sectors, the government of Ras Al Khaimah launched a number of new initiatives for prospective and existing businesses in 2014. The RAK Department of Economic Development (RAK DED) recently announced plans to work with the UAE’s Ministry of Economy (MoE) to improve the emirate’s business environment, with the new agreement slated to streamline and de-centralise business licensing procedures, in addition to attributing new fee collecting responsibilities to RAK DED, highlighting the

Mohammed El Etreby-Chairman-Banque Misr

Value for money: Property size, quality and affordability remain major draws for the emirate

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The real estate rental market provides fascinating insights into Ras Al Khaimah’s evolving relationship with the other emirates. While the price cycle from 2008 to 2014 may have tracked the fortunes of other UAE markets in some respects, in other ways RAK stands apart, with its own identity and offerings. Survey Asteco Property Management’s review of property trends in the UAE from 2008 to 2014 compares the fortunes of the seven emirates. Its figures for the fourth quarter of 2014 show that rental prices were highest in Abu Dhabi and second-highest in Dubai. For studios and two- and three-bedroom properties, RAK’s rents in the fourth

George Richani-CEO-Al Ahli Bank of Kuwait

A profitable lesson: Private institutions are drawing the attention of financiers

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The UAE’s private education sector is rapidly expanding and Ras Al Khaimah is no exception – as its population rises against a backdrop of economic development, the emirate has seen a number of new private schools open of late, particularly in the post-secondary segment. A focus on science, technology, engineering and maths (STEM) training has benefitted the K-12 and post-secondary segments. Private Market Expansion Although all Emiratis are provided free, state-funded education up to the post-secondary level, the UAE’s expanding expatriate population is unable to utilise this system and has thus driven growth in its private school market. According to a July 2014 report published