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Analysis

Investing capital: Reforms are under way to improve the capital investment environment for insurers
OBG
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There are not many attractive options for Ghanaian insurers when it comes to investing – capital markets in the country are small, inactive and provide few choices. However, they are expected to see an improved list of securities and other potential investments in the coming years. As of March 2012 there were 34 companies trading on the Ghana Stock Exchange (GSE), with 2011 seeing a record set…

Analysis

Branching out: The country is looking to diversify its industries to ensure the benefits of growth are felt by all
OBG
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Driven largely by the start of oil production and commodity price increases, the Ghanaian economy has been expanding extremely rapidly in recent years. This growth has been attracting investment and is set to benefit a variety of industries. However, there is widespread consensus that in order to ensure growth remains sustainable and is accompanied by job creation, as well as poverty reduction,…

Analysis

Joining forces: Insurers have come together to provide coverage for the energy sector
OBG
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Risk insured outside Ghana is considered a lost income opportunity, and Ghanaian law and regulations are designed with that in mind. Companies operating in the country are required to insure their risks domestically, or to at least exhaust local capacity before going abroad. However, as economic activity grows in scale and complexity, the size and types of risks to be insured increasingly exceed…

Analysis

Growing together: The ECOWAS countries are looking to deepen the level of integration
OBG
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The Economic Community of West African States (ECOWAS) represents a grand ambition. Dedicated to establishing a single currency and Customs union, with fully integrated economies and open borders, the path ahead for ECOWAS is a challenging one, involving sensitive decisions on issues of economic sovereignty and a significant amount of political will. The tribulations of the EU bear witness…

Analysis

Home loans: A strong long-term outlook for the mortgage sector
OBG
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Mortgages remain underdeveloped in Ghana, with the segment facing problems such as a lack of new housing supply, complications surrounding land ownership and a dearth of interest from banks due to issues such as the disconnect between the long-term nature of mortgage investments and Ghana’s mostly short-term banking deposit structure. A relatively marginal element of lending in Ghana, mortgage…

Analysis

Budgetary spending: Government expenditure focuses on improving infrastructure
OBG
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The key theme of the 2012 budget – the first to be prepared following the beginning of Ghana’s commercial oil production – is infrastructure spending, with a particular focus on transport and energy. It encompasses agricultural, water, health and education facilities as well. While the government initially made efforts to ensure that spending remained in line with its initial deficit target,…

Analysis

HFC Bank Ghana: Banking
OBG
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THE COMPANY: HFC Bank Ghana was incorporated in May 1990 as the Home Finance Company under the Companies’ Act 1963 (Act 179), and obtained its licence as a non-bank financial institution in August 1994. The bank, which commenced operations as a mortgage finance institution in July 1990, has since evolved into a fully fledged bank. It went public in October 1994 and listed on the Ghana Stock Exchange…

Analysis

Major players: A breakdown of the biggest insurers in the market
OBG
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The insurance market may lose some players in the next few years, if a plan headed by the National Insurance Commission (NIC) to encourage consolidation through minimum capital requirements is successful. The list of leading insurers is also expected to change after some potential mergers and acquisitions. “Five of the big companies control about 65% of the market, so with the new rules there…

Analysis

Improved access: Plans to open a new equity market for smaller businesses
OBG
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While small and medium-sized enterprises (SMEs) in many ways constitute the backbone of the economy, they continue to face challenges, one of the largest of which is access to finance. Alongside initiatives to improve the availability of bank credit (see Banking chapter), the authorities are moving to create an equity market for SMEs with reduced listing requirements. RAISING FINANCE: SMEs are…

Analysis

Creating jobs: Several initiatives are under way to generate more employment
OBG
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With employment a perennial political hot potato, the authorities have been undertaking a number of schemes to boost job prospects in the country. These include training initiatives, backed by international donors, as well as policies targeted at maximising the number of positions to be awarded to Ghanaians, especially within the energy sector. The Fifth Round of the Ghana Living Standards Survey,…