Tag: Ghana

  • Nigeria, Ghana emerging markets top global equities returns

    Nigeria, Ghana emerging markets top global equities returns

    Emerging markets dominated the global equities returns chart for the first half with Nigeria, Ghana, Venezuela and Pakistan posting some of the biggest returns during the six-month period.

    Global stock market indices showed a healthy recovery across the markets in the first half. Emerging markets showed higher returns in double-digits compared with single-digit return by advanced markets of America and Europe.

    Nigerian stock market recorded a six-month average return of about 28.8 per cent, indicating approximately N2.45 trillion in capital gains during the period. In value terms, the increase of N2.45 trillion in the first half has already surpassed total gains of N2.44 trillion recorded for the entire 2012. However, the real benchmark return of 28.80 per cent is some 6.65 percentage points below the average full-year return of 35.45 per cent recorded in 2012.

    A comparative review of major advanced and emerging markets showed that Ghana recorded the highest return in Africa with the Ghana Stock Exchange (GSE) All Share Index (ASI) opening the last trading day of the first half with a return of 57.3 per cent. South Africa’s stock market was almost flat. The ASI of JSE Stock Exchange of South Africa indicated a marginal return of 0.8 per cent, according to data tracked by the Wall Street Journal. Egypt’s stock market reflected the challenged political transition in the country with its CASE 30 Index posting a negative return of 14.2 per cent.

    Venezuela recorded an exceptional three-digit return of 144 per cent, as measured by the Caracas General. Japan’s Nikkei 30 followed with a return of 32.6 per cent while Pakistan’s KSE 100 recorded a yield of 24.3 per cent.

    The Global Dow Index and DJ Global Index, two key indices that measure global market performance, closed the first half with returns of 5.7 per cent and 5.1 per cent respectively.

    In Europe, Stoxx Europe 600 indicated average return of 1.9 per cent, reflecting the troubles with some struggling European economies. The London stock market showed brighter prospects than average European return. The FTSE 250 and FTSE 100, two broad measures of the United Kingdom market, recorded average returns of 11.5 per cent and 5.4 per cent respectively. Germany’s DAX indicated a return of 4.6 per cent while France’s CAC 40 returned 2.7 per cent over the period.

    Meanwhile, Russia posted one of the worst returns during the period with the RTS Index indicating a return of -16.5 per cent.

    Global equity recovery was driven by economic data indicating improvements in manufacturing, employment and retail positions in the USA amidst other positive global economic reports.

    The stock market performance was boosted significantly by inflows of foreign portfolio investors and renewed domestic investors’ confidence, which drove the market to five-month capital gains of N3.10 trillion by May. It was however moderated by declines towards the end of the last month.

     

  • GHANA PRESIDENT CUP: Rangers play TP Mazembe for bronze

    GHANA PRESIDENT CUP: Rangers play TP Mazembe for bronze

    Lose 2-1 to Medeama 

    Medeama SC beat Nigerian side Enugu Rangers 2-1 on Friday in Sekondi in the semi-final of the 2013 Ghana President’s Cup.

    Midfielder Victor Ayireh opened the scoring after 17 minutes when he headed in a free-kick from Hans Koufie at the Essipong Stadium.

    This took the Mauve and Yellows in the break with a 1-0 lead.

    After 66 minutes, Godbless Asamoah powered in the second after taking one three defenders and rounding up the goalkeeper for the second.

    But Rangers pulled one back in the 88th minute through Azuduko Ugochukwu who fired in from the area.

    Medeama will meet Hearts of Oak in Monday’s final at the Accra Sports Stadium while Rangers will play TP Mazembe for bronze.

  • Quote of the day

    Quote of the day

    “Nigerian women and children are taken from Nigeria to other West and Central African countries, as well as to South Africa, where they are exploited for the same purposes. Children from West African countries – primarily Benin, Ghana, and Togo – are forced to work in Nigeria, and many are subjected to hazardous labour in Nigeria’s granite mines. Nigerian women and girls – primarily from Benin City in Edo State – are subjected to forced prostitution in Italy, while Nigerian women and girls from other states are subjected to forced prostitution in Spain, Scotland, the Netherlands, Germany, Turkey, Belgium, Denmark, Finland, France, Sweden, Switzerland, Norway, Ireland, Slovakia, the Czech Republic, Greece, and Russia”.

    The United States Department of State report on Trafficking in Persons in Nigeria. The 2013 report was released on Wednesday.

  • Virgin to pull out of Ghana

    The employees of Virgin Atlantic in Ghana will lose their jobs in three months as the airline will shut its offices in Accra after its last flight on September 23.

    In a statement last weekend, the airline, which operates direct flights on the Accra-London route, said it was closing shop in Ghana.

    It said its decision was due to “exceptionally high fuel costs, a challenging wider economic environment and an inability to operate morning arrivals from Accra due to scarcity of slots at Heathrow.”

    When the last flight takes off in September,the airline will close  its offices in Accra and the 16 staff hired through a General Sales Agent will be made redundant, Joanne Foster, Virgin’s Communication Manager in-charge of the UK, India, Middle East and Africa, said.

    Asked about the implication of the decision on the employees, she said: “We are discussing the details with the employees and will be offering them a redundancy package as well as provide support to assist in their efforts to seek re-employment.”

    Ms. Foster also said the airline might return when the economy improved.

  • Nigeria, Ghana parley on film business

    A three-day meeting between the National Film and Video Censors Board (NFVCB) of Nigeria and the Ghana Cinematograph Exhibition Board of Control (GCEBC) on film regulation alliance ended yesterday, with both countries signing a communique that is expected to guide their bilateral relationship in future business dispensation.

    After a preliminary meeting with the Ghanaian Deputy Minister of Information, Hon. Murtala Mohammed on Wednesday where the mission of the Nigerian delegate was defined, there appeared to be a common understanding on the need to strengthen the enabling laws, as a way of preventing dumping of films by one country on the other.

    The meeting arose from incidences of pornographic movies, voodoo contents and other perceived illicit themes considered detrimental to the image of the country of production. With the objectives clearly spelt out, the door was opened for the Censors Board’s Acting Director General, Madam Patricia Bala, Deputy Director, Corporate Affairs, Yunusa Abdullahi Tanko, Zonal Director, South West, Edward and senior actor, Segun Arinze, to meet with the filmmakers and marketers on the second day.

    The Press Hall of the Ministry of Information, located at Adabraka, Accra was full to capacity. The huge media presence gave credence to the import of the event that had the Nigerian Television Authority (NTA), AIT, Voice of Nigeria (VON) and a life broadcast by the Ghana Television (GTV) among other local media.

    The event provided a platform for the stakeholders and other publics to air their views on the films being produced by both countries, adding up to the agenda for the agencies to deal with. And in view of the different government policies, the strengths and limitations of both regulatory agencies were considered and agreed should be complimentary as partners in progress.

    Some of the officers from the Ghanaian authorities included Mr. Ben Imoro, Assistant Director, Ministry of Information and Mr. Ken Addy, member of Ghana Cinematograph Exhibition Board of Control .

    The gathering averred that film is a powerful medium of communication and behavioral change, and that practitioners must look beyond commercial gains alone by helping also to transmit some of the African cultures that may appeal to the outside world.

    Participants decry the proliferation of contents on voodoo and sex, agreeing that issues of morality is a universal problem and both countries appeared embarrassed by the development. They are worried that, through some film messages, wrong signals and perceptions are impacted on the public. They reasoned that a situation whereby every old woman is portrayed as a witch, and every rich man is thought to have engaged in some money ritual is not only telling the young ones that they may not make riches through hard-work, but also makes everyone suspicious of the other person. Thus, filmmakers were charged on the need to to try and strike a balance in the areas of perception when producing their movies.

    Madam Bala expressed worries on how some films get to the market without going through the proper channels. the said in Nigeria, it is expected for anyone intending to distribute movies to get a license which the Board provides.

    “If a Ghanaian wants to be a distributor, they are allowed to float a company, get a license and distribute.” She said although marketers who mostly fund movie productions, may require that they inject indecent scenes in their films as a catch for the market, it is important for them not to compromise professionalism and civic responsibility. She condemn the use of indecent languages, drawing inferences from the old culture of story telling whereby parents chose their words right, and yet communicate their messages effectively. “What signals are we sending to the future generation by using vulgar languages. We should look at what is positive and emulate it and not what is negative. When you are doing your movies to send to Nigeria, be conscious of such Indecencies. You may also need to moderate the use of some of the shots,” the NFVCB boss stated.

    Mallam Tanko, emphasized the need also strike a balance Between creativity, finnancial lure and sense of responsibility. He argued that it is needless to shy away from voodoo which is a part of the reality of our existence as Africans, but that it must be presented in a creative and responsible manner. Using the Hollywood Harry Porter series as an example, Tanko said no subject is bad on its own, but much is expected from the mode of presentation.

    “Every subject is good, even juju, it is the treatment that matters. Harry Porter is juju, well packaged. Whatever is African must be seen as African. There are hunted homes in Europe, and we are afraid of expressing ourselves. Let’s not condemn our films, let’s just look at better ways of telling them. If however we are tired of juju, the market will determine how it fizzles out. It’s a passing phase.” He noted.

    But Mr. Samuel Odoi Mensah, President of Ghana Actors’ Guild is worried that voodoo films appear to be easily accepted as against films with hard liquor. He said due to the dearth of cinemas, CDs and DVDs go straight to the market and kids can just pick them up and watch. He noted that the churches have taken over the cinemas, such that censorship becomes almost impossible. He suggested that films that carry indecent contents should be banned outrightly instead of asking the producers to to expunge some scenes. He said until the board starts to bite, the people will keep doing the wrong thing.

    As expected of a town hall meeting, opinions vary from one person to another, and so some filmmakers insist that they are inspired to produce romantic movies because sex subjects sells and as producers, they desire to recoup their investment. They believe that censorship is killing creativity, and that rather than ban films, It is the duty of censorship board to advise producers to do sex films in a way that sends positive messages.

    Actor Segun Arinze appeared concerned about local children’s content. “We have lost values for our children.” He said, recalling the old television days as a child. He told the gathering that there is a conscious in South Africa in recent times whereby children are taught in the local languages.

    The issues also dwelled on the post modern world, and a contributor thought that the gathering may just be pretending to be solving the problem by hiding certain contents from children. He said it would be more dangerous if the kids get to see the contents elsewhere.

    Another participant is of the opinion that Africa is losing its identity through imported telenovelas.

    Adding his thought on the issue, Edion expressed that the municipal laws of every country must be respected. He advised that any Nigerian film that is found in Ghana without due censorship must be taken off, while the promoters are arrested. He said that the roles of the Censors Board in Nigeria is complimented by the Nigerian Broadcasting Commission which is responsible for the regulation of television contents, in terms of the percentage of local contents, the belt hour for foreign films among other mandates.

  • Ghana cabinet approves anti-terrorism amendment law

    Ghana cabinet approves anti-terrorism amendment law

    The Ghanaian cabinet has approved the anti-terrorism amendment law and forwarded the same to the Parliament.

    Mr Ibrahim Mohammed, Deputy Minister of Information and Media Relations, made this known on Monday during a media briefing in Accra.

    He said the amendment was necessary following increased threat of terrorists attacks in the country.

    The minister further said that the law when operational would enable the country have the powers to punish groups and individuals involved in terrorism.

    “Currently, Ghana cannot punish or freeze the accounts of groups or persons engaged in terrorism without first referring to the UN Security Council Laws.

    “The passage of this amendment after parliament’s approval will enable Ghana as a state to punish groups and individuals found culpable in the menace,’’ he said.

    He said apart from domesticating the law, the amended portion would also empower the courts to give stiffer punishment to those engaged in the practice.

    Mohammed further stated that Ghana’s Whistle Blowers Act would be extended to politicians and public office holders to also enable them to check the activities of private sector operators.

    “Whenever we talk of transparency and accountability, the focus has always been on public officials and politicians, forgetting that the private sector is also corrupt,’’ he said.

  • CHAN QUALIFIERS Ivorians prepare for Eagles with Ghana friendlies

    CHAN QUALIFIERS Ivorians prepare for Eagles with Ghana friendlies

    IVORY COAST have started their preparations for the crunch African Nations Championship qualifier against Nigeria, by arranging a friendly match with Ghana. Both nations will face off in a two legged friendly encounter, and the home-based Black Stars will assemble on Monday for the up-coming double international friendly.

    The Ivorians will arrive in Ghana today for the matches scheduled for June 12th and 14th at the Baba Yara Sports Stadium and the Len Clay Stadium. The first leg will be played in Kumasi on Wednesday at 4pm.

    Coach Dauda Lutterodt’s 26-man squad for this friendly will return to camp after the weekend’s round of Premier League matches. The next edition of the CHAN tournament will take place in South Africa next year, and Nigeria has never qualified for the Finals.

  • Wizkid  promises to rock ‘Ghana Meets Naija’

    Wizkid promises to rock ‘Ghana Meets Naija’

    WITH back to back hit bangers taking over nightclubs, radio and television stations all over the continent, Wizkid is probably one of the most sought-after acts, and fans cannot wait to chant along with him at the 3rd edition of Ghana Meets Naija musical concert.

    EME/Starboy superstar, Wizkid, is promising to bring his ‘A-game’ to the Accra International Conference Centre and deliver what he refers to as ‘one of the biggest performances of my career.’ Armed with an array of hits which include the likes of The Matter, Samba (Beat of Life), Baddest Boy, and a few others, it should not be too difficult for the ‘Starboy’ to rock the crowd with other Nigerian acts like; Burna Boy, Timaya, R2Bees, Samini, D-Black, Raquel and E.L, among other artistes.

    According to organizers, this year’s concert will be bigger, even more spectacular and is sure to give music fans an experience to truly relish.

  • Elina : Ghana castle where dark history comes to life

    Even today, it towers above its surroundings like a white beacon of hope. The scenery is beautiful, peaceful and serene with the huge structure framed by the surging ocean on one side and ringed by rows of tall coconut trees on the other.

    This cool ambience, though is deceptive, for in its heyday, this majestic building, the Elmina Castle, Elmina, Ghana, was the location of one of the most horrendous, horrible and brutal acts ever committed by man against his fellow human being. It was in this place that thousands of African slaves were kept in subhuman conditions, brutalized and eventually shipped to America, the Carribean and other far-flung parts of the world to work as slave labourers.

    “It is difficult for us today to imagine what these captives or slaves went through both while they were kept in this place and even before they arrived,” said Phillip, a guide at the castle.

    On this bright and sunny afternoon, he was taking a small group of foreign tourists, including this reporter, round the huge castle. He is very knowledgeable about its history, often giving graphic descriptions of life within its walls both for the captive slaves and the slave masters.

    It’s a tale of immense misery, pain and suffering beyond belief. Indeed, the contrast between the beautiful castle and the horrors that took place within its thick walls is just too hard to contemplate.

    A hellish life

    The castle was like a transit point for captives before they were to be transported to foreign lands. They were brought from all over the west coast, trekking barefoot all the way, sometimes about 300 miles from the places where they were captured to the coast.

    “The slaves walked from all over West Africa- from the present day Nigeria, Togo, Benin Republic, Ivory Coast, other parts of Ghana and other places. The journey could take months,” he explained.

    He noted that the captives, who were in chains, were given very little food and water and never bathed. Those who became very weak and sick, he added, were left in the forest to die or to be at the mercy of wild animals.

    “By the time they arrived the castle, they would have grown very weak, sick and exhausted. Many died in the process. Those that survived were kept in the dungeons inside the castle,” disclosed Phillip.

    There are several dungeons for male as well as female slaves in the castle. The main female dungeon is a long, narrow room. Apart from a little opening at the upper side of the wall, there are no windows. In this stuffy, airless enclosure were kept about 400 women slaves.

    Life in the dungeons was hellish. The captives were held in there for a maximum of one or two months, depending on the availability of ships to take them away. Given enough food and water to keep them barely alive, they were rarely brought out for exercise and sunlight, nor allowed to bathe.

    “In the case of the women who had their menstrual period, they were not given clothes or pads for the flow. So, they just did it there on the floor. Those who were too weak to ease themselves in the containers placed at corners of the dungeons as toilets were forced to do it on the floor,” said Phillip. Thus, the floor on which the captives slept was often filled with human waste, blood, urine and vomit. All this stench, coupled with the heat, made life harrowing and unbearable in the dungeons. “It’s no surprise that many of the captives died before they were transported abroad,” Phillip stated.

    As if the dehumanising conditions under which the captives lived was not bad enough, they had to contend with all forms of harassment from their captors. The female captors, for instance, were sexually abused by the slave masters.

    Hear Phillip: “Whenever the governor of the castle wanted a woman, he went about it this way. He would stand on the balcony overlooking the female dungeons and order the women to be brought out and assembled. He would then pick the woman he wanted.”

    The chosen female would be by this time, filthy looking and unkempt as she might have been in the dungeon for a month or so without a bath or other forms of personal hygiene.

    “Since she could not meet the governor in her condition, she was usually cleaned by the soldiers, dressed, fed and taken up a flight of stairs and through a trap door off the inner courtyard known as the private entrance to the governor’s bedroom,” said the guide.

    These regular sexual assaults by the captors resulted in pregnancies among some of the captives. Those who became pregnant were freed, but it was a bittersweet freedom as many could not make their way back to their places of origin.

    “Since the captives came not only from present-day Ghana, but also from Togo, Burkina Faso, Ivory Coast, Benin and a host of other places, when these women were freed, they could not return to the villages where they originally came from,” Phillip explained.

    Some of the captors who had impregnated the women subsequently built houses in the village where some of them were kept to deliver their babies.

    Door of no return

    When the ships that would take the captives away arrived, those sold were taken to a room now known as the “room of no return”. A very low door leads to this room. Unless you are a dwarf, you will need to bend to enter. The captives, all in chains, were led to this room and made to exit through another door. From this door (known as the door of no return), they were taken down a ladder to canoes and finally the ships that would take them to unknown places in the world. This journey called the “middle passage” saw the captives being shipped across the mighty Atlantic Ocean to Europe, the Caribbean, the Americas and other places. It was a long tortuous journey in which many of the slaves died from hunger, disease and brutality and horrible conditions in which they were kept. Those who perished were thrown into the sea.

    “Over 60 million Africans were captured during the three centuries or so the evil trade in humans lasted. Only 20 million survived and ended up in foreign lands to work as slaves under terrible conditions,” stated Phillip.

    From one power to the other

    The castle, which was at the epicentre of the evil trade, began life innocently enough. Built by the Portuguese in1482, it was originally used as a trading post for goods. The Portuguese first arrived Elmina in 1471 and began to trade with the Africans. Back then, the system of trade was by barter, that is the exchange of goods for goods. The Portuguese exchanged items like guns, hard liquor, gunpowder, enamel bowls, tobacco, iron bars for such items like gold, ivory, spices and artifacts from the Africans. The locals had a lot of gold to exchange with the foreigners. This gave them the impression that the village was full of gold. Thus they called the place, “El Mina” (the mine). This name was corrupted to today’s Elmina.

    This mutual trade in goods continued till the early 16th century when the trans-Atlantic slave trade began. In 1637, the castle was taken over by the Dutch after a fierce battle. They held fort there, using it as a transit for shipment of slaves to the West until the British gained possession in 1872. By this time, the trade in slaves had mercifully been abolished.

    Today, the castle, with its different sections such as the courtyards, dungeons, cells, official quarters for the slavers, church, mess, kitchens and others, stands empty of both slave masters and ill-treated captives. All that remain within its thick walls are echoes of a past that saw the worst form of man’s inhumanity to man. Well- maintained by the Ghanaian government, it’s a magnet for tourists from all over the world. Briana Wilson, an African-American from Atlanta, Georgia, is one of them.

    “I had heard so much about this place that I just had to come here. This is my first visit to Africa. Seeing the place where my ancestors stayed before being taken away to other parts of the world gives one goose pimples. There are no words to describe the feeling. You can read all you want and watch all the documentaries you like about slavery. But they don’t give you the same experience as being there and seeing and feeling how those people must have suffered. It’s an unforgettable experience,” the 56 year old school teacher stated.

  • Ghana, Nigeria, Japan lead global equities rally

    African equities have been the most resurgent so far this year as investors in Ghana and Nigeria scooped above-average returns on the back of increased domestic participation and stable foreign inflows.

    Year-to-date analysis of global equities’ returns showed that average return by Nigerian equities was nearly twice that of equities in United States of America (USA) and United Kingdom (UK). The analysis was based on opening data for Friday, May 10 tracked by FSDH Merchant Bank.

    The Ghana Stock Exchange (GSE) All Share Index (GSE ASI), which serves as benchmark for the Ghanaian stock market, indicated the highest return of 53.30 per cent. Japan’s benchmark Nikkei 225 Index recorded average return of 36.52 per cent. Nigerian Stock Exchange (NSE)’s benchmark index, the All Share Index (ASI), opened last Friday with a return of 27.43 per cent.

    The Dow Jones Industrial Average (DJIA) and the S & P 500 Index, which benchmark the USA market, returned 15.10 per cent and 14.06 per cent respectively. The FTSE 100 Index, which mirrors the UK stock market, recorded average return of 11.78 per cent.

    Turnover on the NSE last week stood at 1.69 billion shares worth of N21.39 billion in 28,392 deals. Financial services sector dominated the activities chart with a turnover of 1.31 billion shares valued at N12.17 billion traded in 15,796 deals. Banking subsector accounted for turnover of 917.182 million shares worth N8.53 billion in 11,236 deals.

    The ASI rallied 2.57 per cent to hit a high of 36,010.28 points while aggregate market capita-lisation of all equities rose correspondingly by 2.57 per cent to close at N11.513 trillion.

    Meanwhile, the rights issue of Transnational Corporation of Nigeria (Transcorp) has opened following approval-in-principle by the Quotations Committee of the NSE. Transcorp is issuing about 12.91 billion ordinary shares of 50 kobo each at N1 per share. The right issue is expected to close on May 31, 2013.