Bank of Ghana receives 300 applications for Microfinance Operations

The Bank of Ghana has received over 300 applications from firms seeking to operate under the second tier of the regulated microfinance institutions.

Regulated activities under the Non-bank Financial Institutions Act 2008, increased from a single tier to four tiers, to include Susu companies, Susu collectors, money lenders and Financial NGOs.

Susu companies taking deposits and making profits are to operate under the second tier of regulated regime, which was expected to take effect from January 2012.

Such companies are to hold an initial minimum paid-up capital of not less than Gh¢100,000.00 for one unit office.

Franklin Belnye, Director, Banking Supervision Department, Bank of Ghana says issuance of licensing should begin by the end of this quarter, when processing of applications is concluded.

“The licensing process is going to be in two steps; the provisional process and the final license. The provisional process allows us to see that your position is feasible, the business can operate but we need to know more about the people behind the company; we have to do due diligence checks on them…after that only can we issue the final license”, he told Luv Biz Report at the maiden Annual General Meeting of the Ghana Association of Microfinance Companies (GAMC) – Northern Sector.

The AGM was on the theme: “The Era of Microfinance Regulations in Ghana, Prospect and Challenges.

The Association is recognized by the Bank of Ghana as an umbrella body for second tier microfinance operators, to ease dissemination of policies and programmes and instill sanity in the industry.

National Board Chairman, Collins Amponsah-Mensah, says the regulation is enriching the operations of the sector “because the regulation comes with conditions and we’re all putting our systems in place in a way that we’ll be able to qualify for the license from the regulator”.

The Association is intensifying its outreach programme to register more microfinance firms to obtain the requisite license to operate.

Source: myjoyonline.com

A Ghanaian Chief advises Entrepreneurs to save with Credible Financial Institutions

The Paramount Chief of Lower Dixcove, Nana Kwasi Agyemang IX, on Wednesday admonished entrepreneurs and businesses to utilize their resources judiciously by saving with credible financial institutions.

He entreated petty traders and entrepreneurs to investigate the credibility of financial institutions before transacting business with them so that they do not run at a loss.

Nana Agyemang gave the advice at the opening of an ultra modern office complex of GHAMFO in Takoradi to coordinate and administer its activities.

He commended the GHAMFO Investment Savings and Loans Limited for distinguishing itself as a credible financial institution over the years and offered financial support to women in particular to boost their trade.

Ms Elizabeth Tawiah, Chief Executive Officer (CEO) of GHAMFO, said the company had 15 branches in Western and Central Regions.

Some of the branches are located in Sekondi, Daboase, Aiyinase, Tarkwa, Agona Nkwanta, Dixcove, Mankessim, Simpa, Dompim, Akwidaa, kojokrom, kokompe, Essiama, Takoradi and Nsuaem.

Ms. Tawiah said the company started as a non-governmental organization in 2007, which trained women in batik, tie and dye, soap making, sewing and catering.

After sometime, the NGO developed into a micro support scheme and offered financial support to women to improve their businesses.

It later methaphosized into a financial institution and offered services such as fixed deposit, loans, educator savings plan, old-age savings plan and kiddies savings plan to its customers, she said .

The CEO said the company aimed at ensuring financial independence to the needy and underprivileged in society.

Source: Ghana News Agency 

Tradeline Consult to create 1,000 jobs in Ghana

Microentrepreneurs in Osu, Accra. © EnterpriseAfrik

   

Tradeline Consult (TLC), Ghana, a registered liability company, aims to create 1,000 jobs in three years for degree and diploma holders as well as school leavers with the potential to develop their entrepreneurial skills and competencies.

This was made known during the TLC’s second in the series of Business Seminars for Small and Medium Scale Enterprises in Accra, which highlighted the significance of goal-setting with a practical demonstration, which challenged the businessmen and women in attendance to set personal and business goals in order to grow their businesses.

Mr Sam Zeph Atiemo, Lead Partner of TLCt, who took the participants through the basics of goal-setting on the theme: Goal Setting for Business Growth said it was the key obstacle to business development and growth in Ghana.

He noted that setting personal and business goals enhance the growth of the business as well as the quality of service and products delivered by the business.

“The essence of setting goals is to have a sense of fulfillment and achievement. It helps you to increase production and quality of service with a sense of urgency. One of the greatest drawbacks of a business without set goals is procrastination due to fear,” he said.

Underscoring the importance of goal setting, Mr Atiemo said: “Fear prevents us from setting goals,” and urged the participants not to “set goals for other people but for yourselves and your businesses as this is a display of the fear of goal-setting. Be clear with yourself and everything that you want to achieve in life will be made possible,” he said.

As a concrete example of goal setting and the clarity it brought to businesses, groups and individuals, Mr Atiemo outlined TLC’s goals for the next three years as the desire to reach out to 10,000 SMEs; create jobs for 1,000 young graduates with degrees and diplomas as well as school leavers with business development potential and create 10 Regional SME Associations.

In addition, Tradeline intends to graduate 30 per cent of its clients from micro to small scale enterprises; 20 per cent of clients into medium scale enterprises; 10 per cent of clients into large scale business enterprises with a further goal to provide training to 1,000 professionals in diverse business sectors of the economy.

A total of 35 participants benefitted from the training, which also had a consultant, Mr Eric Agyare, of SNV (Netherlands Developments Organisation) as a resource person to talk about available funds from the Business Development Services Fund (BDSF), which provides matching grants to qualified businesses for growth and service improvement.

Mr Agyare explained that the BDSF is a business assistance fund set up by Government with support from the World Bank with three windows of support opened to clients seeking support - micro, small and medium scale enterprises.

The fund, according to Mr Agyare, has a total outlay of $2,800,000 to disburse over its lifetime.

Mr Agyare said only few businesses could access the facility due to the challenge of mobilising the 50 per cent matching fund requirement.

To qualify, Mr Agyare said “a business must have wider impact on employment generation and skills training for members of the community”.

Additionally, he said individuals and business entities that had difficulty raising the required 50 per cent could form business groups to access funding by pooling their resources together.

TLC therefore intends to facilitate access to funds by leveraging the partnership with SNV and BDSF for the growth and development of its clients.

Other areas of training covered during the seminar were - Importance of goal-setting; Common mistakes of goal-setting and Principles of goal-setting.

The participants, many of whom had never been privileged to attend any business development training were grateful to TLC and urged the organisers to continue with the programme and open it up for potential business entrepreneurs and unemployed youth in the other regions.

TLC which is based in Ghana and Malawi provide services to SMEs in Business Planning/Business Plan Development, Strategic Planning, Financial Management, Training in Customer Care, Sales and Marketing, Agribusiness and Entrepreneurship, Business and Management Coaching, Motivational Business Seminars and Feasibility Studies.

Source: Ghana News Agency

Ghana Trade Ministry Launches $2.8 million Fund to support MSMEs

Palm oil producers in Kumasi. © EnterpriseAfrik

Traders in Nima market. © EnterpriseAfrik

The Minister of Trade and Industry, Ms Hanna Tetteh has launched a 2.8 million dollar Business Development Services (BDS) Fund with a call on the private sector to access the facility to improve their business performance.

The fund, in its second phase, is a matching grant scheme that aims to provide the Micro Small and Medium Enterprise (MSME) with technical assistance to improve their business operations and competitiveness.


Out of the total grant amount available, 1.3 million has been earmarked for projects in the area of renewable energy under the Ghana Energy Development and Access Project.

This support for renewable energy is to stimulate and develop markets, suppliers and projects for renewable energies, targeting electricity provision for mini-grid, grid-connected and off-grid applications

Small and Medium Enterprises (SMEs) account for over 80 percent of businesses in the country but are constrained by access to capital, markets and many other services.

Ms Tetteh urged potential applicants to submit their applications for assistance on time as the second phase would end in October this year

Francis Kusi, Coordinator of the Micro Small Medium Enterprises, said the fund would subsidies a maximum of 50 percent of the total costs of approved projects.

He said under the access to Finance component, support is given to increase the creditworthiness of prospective clients of the partner banks, thus increasing the number of new SME loans and also assist those SMEs, which received loans from partner banks to remain bankable.

It would also provide support to financial institutions that wish to develop and expand term lending to SMEs or to develop additional financial instruments suitable for SMEs.

On access to markets, he said the fund, support eligible MSMEs to get non-financial services that could improve their productivity and competitiveness, enable BDS providers to develop and market specialized BDS that are appropriate and affordable to MSMEs;

In addition, improve market information and public-private dialogue through support to business associations and policy advocacy groups. The Fund will also facilitate linkages between MSMEs and larger firms and markets through support to clusters of firms or lead firms working with such clusters of MSME suppliers.

The BDS fund, which is currently being implemented by Triodos Facet of the Netherlands and SNV Netherlands Development Organisation is focused on MSMEs throughout the country, with emphasis on value chain, such as cosmetics, fish, fruit, plastics, salt, palm oil and other value added activities.

Local Enterprise Programme supports 78 trainees in Ghana

Palm oil producers in Kumasi, Ghana. © EnterpriseAfrik

As part of measures to create a sustainable local enterprise across the nation, the Local Enterprise Skills Development Programme (LESDEP) has presented tool kits to seventy-eight trainees.

The programme which is being initiated by government is to help address the unemployment rate in the country.

Some of the tool kits received by the trainees include hair dryers, steaming machines, utensils, cooking oil, cylinders, ice chests, tricycles, mobile shop van, sewing machines, and sterilizers.

The trainees who pursued a six-month refresher course in catering, dress making, hair dressing, and barbering were awarded certificates in their field of study.

Speaking at the graduation ceremony on Friday, Mr. Francis Adu-Blay Koffie, Member of Parliament for Prestea Huni/Valley said the project aimed at enabling unemployed persons to earn a living.

He said the aspiration of the district on the programme was to support and produce trainees suitable for self employment for the community and the country at large.

Mr. Koffie assured all that the assembly will not discriminate in the allocation of resources to individuals who participate in the programme.

In an interview with the Ghana News Agency, Mr. Japheth Duga, Western Regional coordinator for LESDEP explained that the program will be implemented nationwide and was opened to every Ghanaian above 18 years.

He said the objective of government was to equip the unemployed in the society who had learned a trade but needed support in terms of resources to enable them to set up their own businesses.

Mr. Duga said although the trainees were required to pay for the tool kit being offered, the mode of payment will be made flexible to ensure that the trainees were not over-burdened.

The coordinator pointed out that the greatest challenge hindering the programme was the mode of selection for the trainees.

He said because the project was open to all workers also took advantage to register thereby preventing those who really needed help.

Mr. Duga said leaders of LESDEP will coordinate with the chiefs and assembly members to ensure that the unemployed were assisted.

Mr. Alhassan Zibrim a beneficiary commended government and called on Ghanians to take advantage of the programme as well as other government interventions.

Source: Ghana News Agency

 

Related Articles: 

World Bank funds NYEP in Ghana with 65 million dollars

More Ghanaian Unemployed Youth to be trained

LESDEP turns 1000 Unemployed Youth into Professionals

World Bank funds NYEP in Ghana with 65 million dollars

The World Bank has provided 65 million dollars to support Youth Enterprises under the National Youth Employment Programme.

According to the leadership of the NYEP, the World Bank’s support for youth enterprise programmes in Ghana is an indication that the programme is being well managed despite the challenges it faces.

In an interview with Citi News, the Deputy Coordinator of the NYEP, Ibrahim Mutala Mohammed said companies and organizations should submit proposals geared towards providing permanent jobs for the youth.

“The preparedness of the World Bank to give that amount of money to us is a clear indication of how well the program is managed, despite the challenges,” he opined.

According to him, the physically challenged will particularly be factored into the disbursement of the funds to keep them off the streets.

More Ghanaian Unemployed Youth to be Trained

About 20,000 unemployed and under-employed youth will be trained and equipped under the Local Enterprises and Skills Development Programme (LESDEP) by the end of 2012.

Mr. Isaac Owusu Asante, the Brong-Ahafo Regional Coordinator of LESDEP, announced this at a one day workshop organised by LESDEP in collaboration with Tano South District Assembly at Bechem.

The workshop was attended by 52 participants registered in different modules under LESDEP Programmes

Mr. Asante explained the workshop was to empower the beneficiaries in managerial capabilities to maximize profit in their modules.

The beneficiaries would be provided with equipment support as a loan payable between six months and two years at a flexible repayment agreement with no collateral or guarantor.

The regional co-ordinator advised the youth who had not registered under any of the modules to do so without delay.

Mr. Zakari Bukari Anaba, the District Chief Executive, called on the youth to embrace LESDEP programmes to acquire skills to secure jobs.

He said modules like catering, barbering, beauty care, mobile phone repairing, fashion dressing and many more had been established under the LESDEP Programme.

Mr. Richard Adampoah, Tano South District Coordinator of LESDEP thanked the government for its vision and concern for unemployed youth.

Source: Ghana News Agency

A Young Ghanaian shoemaker named Young Entrepreneur of the Year 2011

The Global Professional Achievers Award (GPA) has adjudged a young shoe manufacturer, Mr. Tonyi Senayah, the Chief Executive Officer of Horseman Shoes, as the Young Entrepreneur of the Year.

The ceremony took place in Accra at the weekend at the 10th Anniversary dinner and awards night of GPA held in Accra, according to a statement released in Saturday.

The awards dubbed: 10 Years of Celebrating Icons of Innovation, was aimed at inspiring young professionals to develop a mindset of becoming globally viable.

The statement said several distinguished personalities in law, architecture, sports, health, banking and finance, fashion and beauty were given awards.

Others were in communication and media, agriculture, marketing, insurance, entertainment, business as well as special awards for humanitarians and social care, innovation, dedication and excellence, GPA business class, champion and lifetime achievement.

Horseman shoes is a Ghanaian based footwear manufacturing company that makes quality and fashionable footwear with the finest of leather. Some of them are men’s dress shoes, Unisex sandals and slippers, School sandals and Security boots.

The statement said the GPA awards since its inception had offered a platform not only for rewarding and promoting the cream of business and professional community but also promoting international trade through networking between professionals, business and high profile decision makers both in Ghana and the United Kingdom.

Mr. Senayah said: I'm grateful to God, my family, workers and customers; I dedicate my award to the youth of Ghana especially those who have started their own business. It is not easy but we will all get there.

I believe in Ghana and also believe there are a lot of opportunities in Ghana and pray the youth take advantage. The vision of Horseman Shoes is to be the biggest footwear manufacturing company in Ghana and beyond in terms of employment and brand preference.

The statement named other recipients of the awards as Roland Agambirey, the CEO of RLG, William Atu Essien, CEO of First Capital Plus, Goldfields Ghana, Richard Abbey of Xodus Communication, Gloria Buckman Yankson of Plan It Ghana, former first lady, Nana Konadu Agyeman Rawlings, ex-president John Agyekum Kufuor and Azumah Nelson.

The statement said Mr. Senayah's Horseman Shoes was one of the 10 finalists of My Business 2010, a Joy FM young entrepreneurial mentorship programme and a prize winner in the 2010/2011 UT/Enablis Business Launch pad competition to unearth young entrepreneurs.

Source: Ghana News Agency

LESDEP Turns 1000 Unemployed Youth Into Professionals

Microentrepreneurs in Accra, Ghana. © EnterpriseAfrik

The Government`s steadfastness in investing in people for sustainable development is bearing good fruit following the empowerment of the youth into Self-Managed Businesses through a major intervention programme launched in April 2011.

The Local Enterprises and Skills Development Program (LESDEP) is aimed at empowering the youth through skills training and business setups to enable them take up their destiny into their own hands.

LESDEP has successfully graduated 1,000 beneficiaries at a colourful ceremony in Accra. The beneficiaries have been well equipped with marketable skills in various business areas to make a sustainable living for themselves and society in general.

Speaking at the passing out ceremony, the Local Government and Rural Development Minister, Mr. Samuel Ofosu-Ampofo said, LESDEP which is an initiative of his ministry with active collaboration with the private sector , is a demonstration of government`s commitment to make the youth active partners in development. The minister was very optimistic that with the support of LESDEP, enterprises set up by the graduates will grow to employ more people whiles the disposable incomes will enhance the living standards of people irrespective of where they found themselves, saying that was what the NDC Manifesto calls “Investing In People”.

He revealed that new modules are being explored to cater for professional has and middle level personnel to resolve the problem of graduate unemployment. Past national service personnel would be engaged for a year`s internship in their various fields of specialty for possible absorption by the Metropolitan, Municipal and District Assemblies, (MMDAs).

Mr. Ofosu-Ampofo reiterated that, LESDEP will decentralize its training and equipment assistance at the various MMDAs. He encouraged the graduates to be up and doing and not to see their passing out as the end of their learning. “Apply all the trade skills and entrepreneurial insights you have acquired over the period .Embrace the culture of continuous improvement and never allow your business to die a small business”, he said.

 
The Minister therefore advised the beneficiaries to form partnerships and synergies that can result in multinational companies in future.

The various fields of the LESDEP programme includes, Laptop and mobile phone assembly/repair, catering, fashion, photography, intra-city goods transport services, farm gate transport services, constructional services, aquaculture, honey production, beads making, goods distribution vans, sales van, mobile car washing services among others which 10,00 youths are expected to benefit from. These businesses are expected to produce strategic manpower for Districts and the nation in some years to come.


Source: ghanaweb.com

Introduction to How to Brand Yourself

For many entrepreneurs, it's easier to brand themselves than the business. Here are four ways to do both.

Entrepreneurs have always been focused on building the brand names of their companies, and for good reason. How else would people know they exist, what they offer and even where they're located. Some entrepreneurs invest in expensive PR companies, hoping for publicity in mainstream news outlets. Others, such as bootstrapper entrepreneurs, use guerilla marketing tactics to generate interest with almost no budget. We're living in a world where consumers and journalists alike are looking to connect directly with entrepreneurs and hear their stories. It's not just about what your company does, but why you started it, its purpose and your vision. Social technologies, such as blogs, Facebook and Twitter, have enabled entrepreneurs to become known, connect directly with their audience and build relationships on a global scale. As an entrepreneur, you need to become the brand.

1. Become an expert on something that relates to your business.

Entrepreneurs looking to garner media attention, attract new clients and build their businesses should focus on becoming an expert in their field. For instance, Alexa von Tobel, CEO of Learnvest.com, has branded herself as a personal finance expert for young people. As a result, Fox Business, The New York Times, and other media outlets have interviewed Alexa, which provides exposure for her company. Avoid establishing an expertise that's irrelevant to your corporate mission, goals, and vision because you'll be wasting your time. If you own a record label, it's probably not wise to brand yourself as a nutrition expert.

2. Establish a website or blog under your full name.

The media and your customers both use search engines to research you, connect with you and potentially either do business with you or interview you. That's why you need to purchase your full name as a domain name (yourfullname.com). By developing either a static website or a blog under your domain name, you will own the first result for your name in Google and other search engines. This should be a separate site than your company's website. After purchasing your domain name, add your picture, a bio, your e-mail address and links to the rest of your online presence (i.e. Facebook, LinkedIn, Twitter). This way, people can get in touch with you in their medium of choice. Claim your name before someone else does.

3. Learn how to be a good source.

Find out which media sources your audience reads, listens to or watches, research the types of content they provide and locate the exact gatekeeper to pitch. You or your publicist can also e-mail journalists and editors in response to one of their articles, with a note that you are available to comment on future articles. If and when a journalist e-mails or calls you for an interview, respond with haste because they are typically on deadline for their stories. Answer their questions thoroughly, while making sure that you get your message across.

When you're interviewed by the media, you will always be able to promote your company through your byline, which will help build both yours and your company's brand. Once the interview is complete, send a follow-up e-mail asking if they have any more questions, and make sure you include your bio and your picture.

4. Generate brand awareness through networking.

You should be connecting with other entrepreneurs in your industry using social networks, such as Sprouter.com, and commenting on their blogs. Networking is one of the best ways to become known in your industry. By forming relationships with people in your audience you can grow your business and your brand long-term.

The four rules of networking that you should keep in mind are mutualism, giving, targeting and reconnecting.

• Mutualism: You have to create win-win relationships in business, making sure that you don't benefit more than the other party.
• Giving: Help someone out, before asking for anything in return. This makes people want to support you.
• Targeting: You want to be very specific with the types of people you network with, in order to save time and to attract the right people to your brand.
• Reconnecting: Never lose touch, that way networking contacts remember you when new opportunities surface.

These days, branding your company isn't enough. The world wants to hear what you have to say, If you aren't building your own brand, your company will suffer. If you want your company to succeed, become an expert in your field, claim a website under your own domain name, connect with the media, and build relationships with your audience.

Source: The Entrepreneur

How to Get Customers to Help Build Your Brand

Lead generation for any business is expensive. Brand building even more so.

But when it comes to a choice between building a brand or getting more leads, always opt for leads, because they, in turn, will help you build your brand. How exactly?

By developing your reputation as “the go-to” place or person that consistently delivers excellence to new and repeat customers.

That way, you can build your brand on the experiences your customers have with your company based on their own perceptions.

An emotionally satisfying customer experience can be powerful, especially these days when service expectations are so low.

Nothing is more valuable to your business than a great impression that lasts beyond a single purchase or transaction. Remember that today’s exceptional service means customer loyalty and repeat business over time, and better yet, great word-of-mouth for your company.

The key, of course, is being able to deliver what you say you’ll deliver, when you say you’ll deliver it, whether it’s your product, service or some kind of positive result.

It also helps to start thinking in terms of the type of value you can deliver in exchange for the prices you charge.

• Could it be value up-front or added value on the back-end?
• Could it be value based strictly on service, delivery or another factor, such as innovation, design, packaging, a unique location or business model?
• Can you leverage that value five or 10 times (either actual or perceived value) compared to what your prices are?

Setting up and planning your business this way can shift your priorities dramatically, and can save you a lot of time and expense for the up-front costs of branding that can waste a lot of your precious start-up resources.

Simply put, you can have a great logo, signs, business cards and website, but until you have a customer, you don’t have a business.

Start with a simple “type treatment” -- meaning your company name staged in a simple, or even unique font -- for your logo or brand identity, and start focusing on how you can add value to your customers’ experience.

Then, focus on a systemized, low-cost way to generate qualified leads that can be replicated.

This may mean setting aside your preconceived notions of advertising that “looks good” and generates a response, or considering online or social media channels of lead generation versus conventional or off-line methods.

It could also mean creating some informational or educational "white papers," case studies or brochures that focus less on the products or services you have and more on what those products or services can do for your customers.

Your focus on these two areas will not only save you money upfront and set you up for ever more profitable business down the road, but you’ll also be able to:

1. Develop an exceptional go-to reputation that will go further in building your brand than any expensive ad campaign could ever do.

2. Establish the basis for a referral-based business, because old-fashioned word-of-mouth is the least expensive and most effective advertising you could ever want for your business.

Can this approach work in any industry or category? If you don’t think that it can, you may just need to find some key points of difference you can offer that will immediately set you apart from the competition. Consider the following:

•  Are you in an industry that prides itself on complexity and customer indifference? Offer simple solutions and great service.

•  Are you in an industry that doesn’t offer a guarantee? Be the first to offer one.

•  Are you in a category known for pushy sales people and expensive add-ons or fees? Find ways to streamline delivery and hire the best, most personable sales people you can find.

No matter what you do, make it unique. You’ll not only effectively position your company against your competition, you’ll also successfully anchor it in your customer’s own mind. There’s no better branding strategy than that.

Better yet, you’ll reap the benefits of your campaign not with high scores in some focus group, but with profits you can literally take to the bank.

Source: The Enterpreneur

To Find Local Customers, Use Local Resources

For business owners, it's likely well-known that understanding how your customers consume news and information can help you target your marketing efforts to better reach them. So here's a question: Do you know what resources your customers rely on for local news?

Your first stab at an answer might be that older folks turn on the TV or pick up a newspaper, while the younger generation turns to their computers. But as it turns out, a new study shows that it’s a lot more complex than that, and savvy business owners would be well advised to take notice.

The survey, from the Project for Excellence in Journalism (a Pew Research Center project), breaks down local information into 16 topics -- ranging from weather and breaking news at the top to social services and zoning issues at the bottom. Here's that topical breakdown by medium and why it matters for businesses:

Television, for instance, is where most of us go for breaking news, weather and traffic. Newspapers are the primary source for news on community events, crime and local government. The daily paper ties with the Internet for news on housing, schools and jobs, and it ties with TV on local political goings-on. Most go online for information on restaurants and other local businesses. And radio ties with TV for traffic news.

This survey dispels the belief that we’re all married to a primary source for most of our local news and that, in fact, while local TV remains king, when broken down by topic, the tube is a primary source for only three subjects -- breaking news, weather and traffic.

Though, surprisingly -- and here’s where owners need to tune in -- print newsletters, online listservs and good old word of mouth ranks second as the source people use weekly. Those surveyed said newspapers and their websites rank first or are tied for first place in 11 of the 16 key topics. But for the nearly 80 percent of respondents who go online, the Internet ranks as a top source of information on most of the local topics. For those under 40, the Internet is top choice (or tied for first) for 10 of the topics and is a close second for four others.

What's more, 64 percent of those surveyed said they turn to at least three media sources for local news each week, with 45 percent of those claim they don’t have one particular favorite source. As far as the 16 local topics are concerned, weather tops the chart as the most sought-after information (89 percent), with breaking news following at 80 percent, local politics at 67 percent and crime at 66 percent.

And while it’s seen as supplemental, nearly half of the adults surveyed (47 percent) said they use mobile device such as smartphones to get some of their news and information, a trend that’s certain to grow rapidly in the future.

Ghana to complete Aburi Crafts Village

Ms Hannah Tetteh, Minister of Trade and Industry, says government would work with traditional authorities to develop viable economic ventures that have the potential to create jobs for the youth.

She said government through her ministry has resolved to develop the creative industries such as the Aburi Crafts village to ensure healthy partnership between the people and the government.

Ms Tetteh assured the chiefs and people of Aburi that government had taken notice of the potential of the Aburi Botanical Gardens and the Crafts Village and plans are advanced for the facilities to be given the required attention.

She said the Crafts village which had reached the third phase would be completed whilst the botanical gardens would be given a facelift to meet the tourism demands and to create jobs for the people in the area.

The Minister was speaking at a durbar of the chiefs and people to mark the annual Odwira festival at Aburi over the weekend.
 
Nana Kwasi Otobuour Djan Kwasi, Aburihene in an address appealed for the renovation of the Aburi Botanical Gardens and the completion of the Aburi Crafts village, which he said had the potential to create jobs to hundreds of the youth in the area and boost tourism.

On behalf of Government, the Eastern Regional Minister, Dr Kwasi Akyem Apea-Kubi, donated GH₵4,000 and 20 cartoons of assorted drinks to the chiefs and people of Aburi as government contribution towards the observation of the festival.

Source: GNA

Ghanaians honoured at Ernst and Young Entrepreneurs Global awards

Prince Kofi Amoabeng, CEO of UT Bank

Three of Ghana’s most successful entrepreneurs have picked up top awards in the West Africa edition of the global Ernst and Young Entrepreneurs awards.

The three, Prince Kofi Amoabeng CEO of UT Bank, Edward Effah CEO of Fidelity Bank and Joseph Agyepong, CEO of Zoomlion competed with other top West African businesses.

The three beat their competitors based on key qualities such as innovation, strategic thinking and direction for their companies, showing good financials among others.

The three spoke to Citi Business News when they touched down in Accra over the weekend from Nigeria where the ceremony was held.

According to UT’s Prince Kofi Amoabeng, “it was quite an interesting experience, we went as finalists, and we’re proud to have represented Ghana.

It was very competitive and in the end we were all winners but of course one company had to be on top and it happened to be a Nigerian. But I think were respected and our stories were quite unique and appreciated by all”.

On his part, Edward Effah said “The recognition means a lot to Fidelity Bank, being recognized beyond the shores of Ghana is further testimony we’re on track to achieve our vision of creating a world class Ghanaian bank, run by Ghanaians owned by Ghanaians and to give further encouragement to fellow Ghanaian entrepreneurs that if they put their minds to it, they can get there”.

The CEO of Zoomlion Joseph Agyepong believes “this country has the people with rich experience and talents to help contribute to the development of the nation.

"The country must recognize people of this calibre and the see how best we can all contribute to the development of Ghana”.

Explaining to Citi Business News about how competitive the program was, the Country Leader of Ernst and Young Ferdinand Gunn said; “the process was very competitive. They’ve learnt a lot, because they went through a nomination process, checked if they met the criteria, shortlisted, went through interview process, some dropped further while the others went through for further scrutiny.

Meanwhile the CEO of Access Bank Aigboje Aig-Imoukhuede will be one of the two representatives for West Africa at the global Ernst and Young Entrepreneurs awards in Monte Carlo, USA next year.

The Ernst and Young global awards has been running for the past 25 years but this is the first time Ghana has participated.


Source: ctifmonline

MASLOC gives Kokompe fire victims GH¢1m

The Micro-Finance and Small Loans Centre (MASLOC) has presented a cheque for GH¢1 million to the fire victims of the Darkuman Kokompe Spare Parts Market in Accra.

A total of 210 spare parts dealers whose wares were destroyed by the fire a month ago are to benefit from the loan.

The loan, which is to be paid within 12 months with a two-month grace period, attracts a total of 24 per cent interest.

The release of the loan followed a directive by the Vice-President, Mr John Dramani Mahama, to MASLOC to assist the fire victims to get back to business. That was when he led a government delegation to make a donation of roofing sheets, pieces of wood, bags of cement and nails to the victims a month ago.

Fire gutted more than 4,000 shops at the market a month ago, destroying vehicles, spare parts and other items running into thousands of Ghana cedis. No life was lost.

Presenting the cheque, the Chief Executive Officer of MASLOC, Ms Bertha Ansah-Djan, said the spare parts dealers played a crucial role in terms of selling vehicle spare parts to many Ghanaians.

Therefore, she said, the extension of the loan was to help the fire victims to re-start and grow their businesses so they could continue to serve the people.

Ms Ansah-Djan asked the spare parts dealers to build their stores in concrete to prevent or mitigate the effect of fire outbreaks.

She stressed the need for them to insure their wares to enable them to get some assistance to re-start business in the event of any loss of property.

She urged the expected beneficiaries, who had been constituted into 10-member groups, to try to repay their loans on time.

The Accra Metropolitan Chief Executive, Mr Alfred Vanderpuije, said the presentation of the cheque was a testimony of the Better Ghana Agenda, which sought to improve the living standards of the people.

He charged the spare dealers to continue to maintain the standards that had enabled them to secure the loans, since that was the only way that they could grow their businesses.

Mr Vanderpuije stressed that many Ghanaians depended on them for spare parts and asked them to be “responsible in their operations”.

The Chairman of the Kokompe Spare Parts Dealers Association, Mr Kingsley Anane Yeboah, thanked the government for the prompt manner it facilitated the release of the loans.

He said the loans would assist the fire victims to get back to business, and gave an assurance that those who would benefit from the facility would repay the loans promptly.

Source: citifmonline

Keep Your Business and Personal Finances Separate

Business owners interchange business and personal finances so often. After all, you are your business, but muddling up the two will mean a mess at tax time.

Even if you're just starting out, it's essential to split up these two parts of your money life. Treat your business, big or small, like a viable entity.

"That starts with tracking your business expenses separately from your personal, even though initially it may feel like they are one in the same if you are a one-man shop," says Cynthia Heil, a certified financial planner with Cascade Financial Management in Tampa, Fla.

Here's how you can separate your business away from your personal finances.

1. Maintain separate checking accounts
   Start with your bank. Open a business checking account.
   
   "If there's ever a question as to whether it's a hobby or a business, the IRS looks to see if you have a separate checking account," says Richard Salmen, a certified financial planner with GTRUST Financial Partners in Overland Park, Kan.
   
   If you use Quicken, Quickbooks or Microsoft Money, Salmen advises making sure you have two separate systems: one for personal and one for business.
   
   Not only is having two accounts tax-smart, it will also improve your organization.
   
   At the end of the year, all your income and expenses will be in one place, making record keeping and tax filing easier. If you try to separate all your records in March or April, you won't be able to accurately remember all the money moves from the prior tax year. Keeping good records year-long will give you proof of your business expenses if you do get audited.
2. Use a business credit card
   Lending requirements are quite strict for small businesses. Still, try to get a business credit card. Like the separate checking account, a credit card will help your record keeping and give you something to show the IRS if you're audited.
   
   The business credit card could give you an extra tax deduction too.
   
   "If you need to carry a balance on a business credit card, that's the only credit card interest that's deductible as a business expense," Salmen says.
3. Make it official
   Consider establishing a limited liability company (LLC) or an S Corp for your business.
   
   Sit down with your team of advisors--attorneys, CPAs, financial planners and insurance agents--and determine what entity makes the most sense, how this business will impact your taxes and financial plan and what insurance coverage you should consider, Heil says.
   
   These business entities will also give your personal finances a new level of liability protection, which could come in very handy of your business is ever sued.
4. When it's time to file
   Having a checking account, credit card and record keeping software earmarked exclusively for business use will give you most of what you need to file your taxes and to prove to the IRS that your business really is a business. But there are other considerations, too.
   
   If you use a home office, you're eligible for a deduction, but only if you do it right. Even then, you could be in for an audit.
   
   Salmen shared the story of one of his clients. The wife was a salaried employee and the husband ran money-losing photography business out of a home office. He was eligible for the home office deduction, but because his business lost money, Salmen warned it might be a red flag for an audit.
   
   It was.
   
   They took photos of the office, which was used solely for business, and after the audit, they were able to keep the home office deductions.
   
   "People are way too afraid to take the home office deduction because they don't want to be audited, but take it if it's legitimate," Salmen says. "The key is that it has to be used exclusively for business. You can't have a daybed in it for visitors."

Web savvy Africans fuel growth in online shopping

Young Africans browsing the internet in a cybercafe in Ivory Coast.

Armed with her mobile phone, Temiloluwa Akinremi embarks on her daily online routine, 
scouring the internet to keep up-to-date with what's happening in her city of Lagos, Nigeria.

But these days, along with her daily dose of news and e-mail, Akinremi's web expedition also involves one of her favorite pastimes: shopping.

"I go online every day," says Akinremi, a 26-year-old store manager, "to check for something, to just see if I can get whatever I want to buy. Online shopping saves you time and money because it is cheaper and fast," she adds.

Akinremi is among a growing generation of young, internet-savvy Africans who have embraced new technology, driving efforts in the continent to bridge the gap between the virtual and real worlds.

According to the International Telecommunication Union (ITU), internet-user penetration in sub-Saharan Africa has grown from 0.5% in 2000 to 10.6% last year.

Although the figure is still far behind the world average of about 30%, an increasing number of Africans are becoming more familiar with online shopping.

Both the proliferation of mobile phones and the rollout of faster internet networks -- like the fiber-optic cables launched in areas such as east Africa -- have helped the expansion of e-commerce activities in countries such as Nigeria, South Africa and Kenya.

Mobile Phone vendors at a every corner in  Accra.

©2011 EnterpriseAfrik

In South Africa, 51% of those with access to the internet are shopping online, according to a 2011 MasterCard Worldwide survey. In Kenya, a recent survey by TNS Research International and the Kenya ICT Board found that 18% and 24% of the 1,700 respondents go online to purchase music and movies, and electronic books.

In Nigeria, Africa's most populous country, internet penetration is at about 28%,according to ITU figures, boosted by the rapid growth in the country's telecoms sector. In recent years, the number of mobile cellular subscriptions has skyrocketed from 30,000 in 2000 to over 87 million in 2010.

Nigeria's untapped mobile market

Yet, the country's online buying culture is still in its infancy.

"While internet usage has hugely increased in Nigeria over the past few years, the online shopping market is still quite small by world standards," says Loy Okezie, founder of Techloy.com, a Lagos-based technology news and research startup.

"One would expect the Nigerian online shopping market to be huge and highly lucrative -- instead, the market is still at an infant stage, although with huge potential to explode in the next five years," he adds.

It is this big potential that has prompted the emergence of a new crop of internet developers in the country, eager to tap the money-making opportunities available online.

One of them is Sim Shagaya, a Nigerian technology entrepreneur who has founded DealDey, a Groupon style group-buying site that offers its members in Lagos discounted deals on a range of products and services.

Every day DealDey sends an email to customers like Akinremi with all the latest discounts such as restaurant and spa offers. If the required amount of customers is reached, members receive a coupon along with details about their purchase's collection.

Shagaya, who has also worked for Google and RealNetworks, says the model has struck a chord with customers looking to make the most out of the benefits of online shopping -- DealDey plans to expand to Abuja, Nigeria's capital, and claims to have over 50,000 members since its launch in March, adding about 1,000 people per day, Shagaya says.

Yet, promoting e-commerce in a country with high internet costs, slow connectivity and a bad reputation for online scams does not come without its challenges.

Shagaya says that building a strong logistics infrastructure is necessary for the growth of e-commerce in developing countries. For that reason DealDey has invested in in-house systems as well as pick-up points where customers can collect their items.

"If you start an internet business in Nigeria, it's not about a web browser or a mobile phone browser," he says. "Many times the internet is an enabler of a business but you still need an offline component, strong logistics, you still need to be able to have a physical presence in front of the developing country customer to keep that customer thinking that you are real and are here for the long-run."

Analysts say that a major problem confronting users in the country is the lack of a convenient and reliable electronic payment service that enables consumers to make payment for goods bought online -- the penetration of debit and credit cards is still low and in many cases online shoppers are still required to physically go to the bank and make a deposit to confirm their purchase.

Okezie notes that Nigerian consumers with reliable internet access are still skeptical about shopping online, since there's a feeling that such transactions are risky and prone to fraud.

"Consumers hardly want to make payments for goods via an online platform, especially since they wouldn't like to give out their personal details on the internet for fear of identity theft and other related issues," he says.

"Most people still prefer to visit their favorite retail shops and make their purchases, where payments are usually made with cash," adds Okezie.

Samuel Abdulazeez, head of Nigerian operations for Kalahari, a South Africa-based online retailer that expanded last year in Nigeria and Kenya, says that shifting consumer behavior toward e-commerce and building trust is a gradual process.

"The experience has been that when people come in, they try to test with a little amount of order and then when we deliver to them they consider to buy and increase their amount," says Abdulazeez. "That shows us that a lot of people have that fear."

Yet, despite all the challenges, analysts believe Nigeria's e-commerce sector has the potential to take off within the next few years as the market continues to develop at a fast pace.

"I think that Nigerians would eventually embrace online shopping as long as it offers them an easy, safe and convenient way to shop online," says Okezie.

And for some young shoppers like Akinremi, e-commerce is here to stay. "Online shopping has already become a success story in Nigeria, especially amongst the youth of today," she says.

Source: CNN

A Trained Lawyer now a Fashion Designer

African Dream: Nigeria's Lisa Folawiyo

Nigeria's fashion designer Lisa Folawiyo's shiny clothes have captivated people from Lagos to Cape Town, London, Paris, New York and Hollywood.

Lisa Folawiyo

She is the founder and creative director of Jewel by Lisa, a brand that specialises in Ankara textiles, the vibrant wax-resist dyed fabrics characteristic of West Africa and widely used across the continent.

These clothes, originally based on traditional Indonesian batik and formerly known as Dutch wax, have been popular in Nigeria for generations.

"Our mothers, grandmothers and probably great-grandmothers have worn this fabric," Ms Folawiyo told the BBC series African Dream.

But, as though they were not already bright enough, she decided to embellish them with beads, sequins and crystals, all sewn by hand, and the chic combination became an instant success.

"I can confidently say that Jewel by Lisa was the originator of the embellished Ankara which we see today everywhere," the designer said.

"I have a huge clientele and I have been able to hire a showroom in New York, for instance, and from that showroom we have been able to be stocked in about two stores in New York. Also, I am stocked in a store in South Africa," she added.

Teamwork

Ms Folawiyo attributes her company's success to the way it imbues traditional clothing with a very modern look.

She also thinks that a great deal of Jewel by Lisa's achievements have to do with the people she works with.

"I have a great team. That is how I have been able to make a good business out of this," she said. 

"When I started Jewel by Lisa, I worked from home, by myself, and hired able hands of one or two tailors, and it was very much a passion, just something I loved doing," Ms Folawiyo explained.

She says that the excitement is still there but that her team helps her to keep focused and to have a good structure in place.

"This enables me to still run away with my creativity and run away with my passion but then they definitively make sure that the numbers are adding up," she told the BBC's Tomi Oladipo.

Not only glamour

Ms Folawiyo believes that there is still room in the industry for new entrepreneurs.

"Because of my story I do know that you don't have to go to a design school to be a good designer but I do think that you must have a good eye, you want to understand garment-making as opposed to wanting to be called a designer," she said.

In her opinion, many young people have the wrong impression of a designer's life.

"They see the glamorous side. They see us when we go for a fashion show. They see when you go on the runway and take your bow, and they see you've been featured in magazines, and they think: 'Oh, I want that'.

"But it's a lot of hard work; it's a lot of passion." 

Source: BBC

Steve "Apple" Jobs Quotes

1 -  “Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.” (businessbrief.com)

2 - “Do your best at every job. Don’t sleep! Success generates more success so be hungry for it. Hire good people with a passion for excellence.” (businessbrief.com)

3 - “Be different. Think different. Better to be a pirate than to join the navy.”(businessbrief.com, paraphrased or quoted from “Young Guns: The Fearless Entrepreneur’s Guide to Chasing Your Dreams and Breaking Out on Your Own” (2009)by Robert Tuchman)

4 - “It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.” (BusinessWeek, May 25, 1998)

5 - “Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?” (what he said to make John Sculley quit working for Pepsi and become Apple’s CEO, “Odyssey: Pepsi to Apple”)

6 - “That’s been one of my mantras–focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains.” (BusinessWeek, May 25, 1998)

7 - ”My job is not to be easy on people. My job is to take these great people we have and to push them and make them even better.” (allaboutstevejobs.com)

8 - ”Innovation distinguishes between a leader and a follower.” (Subconscious Films/chrishenslin.com)

 

9 - ”Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world are the ones who do.” (Jobs’ voiceover from an unaired Apple commercial featuring Virgin’s Richard Branson)

10 - “Being the richest man in the cemetery doesn’t matter to me…Going to bed at night saying we’ve done something wonderful–that’s what matters.” CNN, May 25, 1993

Source: Shockya

The 11 Step Business Action Plan

Many people don’t like planning. But in business, your action plan is the key to focusing on the right information in the right order—much like the combination to a safe—and it helps measure progress toward your goals.

Here's how you should use an action plan to accelerate growth and increase your revenues and income.

1. Create a revenue plan

Identify your sources of revenues, the product or services that you offer, how many you plan on selling, and the price you will charge. This will let you know if it’s possible to achieve your financial goals.

2. Map your gap

This is the distance from where you are to where you want to be. This includes your financial, non-financial and personal goals—revenues, profits, volume of sales, number of customers etc. It’s a snapshot for you to decide if it’s the journey you want to take, or change it.

3. Know your customer

Make sure you know who your ideal customer is, because it’s often not who you think it is, or who you are currently selling too. Knowing the profile of your customer will help you save time and money when it comes to acquiring them. This is the foundation for every business.

4. Document how your prospects/customers think and behave

Specifically, you should think about why customers decide to purchase—which is the key to making the sale. Every decision starts with a desire created by internal emotion or external influence. If you follow the way they think and act then you can place your product or service right in front of them at the point of decision.

5. Create a unique positioning in your market

In a world of clutter, what gets heard is a simple message. Identify the biggest problem in your marketplace and then tell people how you solve that problem and say it in less than 1 minute.

6. Know what sets you apart

Write down the biggest benefit that you offer your customers (a benefit that your competition doesn't offer). It doesn’t have to be a coherent statement, it just has to have impact.

7. Take action

This is what is missing from the book The Secret which talks about using The Law of Attraction to bring abundance into your life. You cannot attract abundance without taking action. Affirmations, visualizations and meditation all work together when you add action to the formula.

8. Success starts with the belief that it’s possible

Your current belief system may not be helping you achieve your goals. Old paradigms (beliefs) are the number one reason for holding us back from achieving what’s possible. Click here for a copy of Chapter 7 from my book The Answer to help you change your paradigm.

9. Determine which distribution channels you will use for your business

A distribution channel is simply the place where the transaction takes place between you and your customer—otherwise known as the Point of Sale. The seven distribution channels to choose from are: retail, online, direct sales, events, mail order, phone sales or agents.

10. Select the right strategies

These should get people to the Point of Sale identified in step No. 4, and there are about 130 strategies and tactics to choose from (i.e., advertising, direct mail, copywriting, tele-marketing, Internet marketing, etc.).

11. Create a 90 day sales and marketing schedule

This will help you plan the strategies, tactics, timing and who will be responsible for implementation. Once you get your thoughts on paper (or excel spread sheet) you will feel less overwhelmed that you now have some direction to follow or action items to delegate.

These 11 steps are not intended to represent a complete guide to creating a detailed Action Plan—they are intended to help you get started. Now you have something to measure against and you can review things periodically to see if you are on track. Ask yourself every day if you are on track or if something needs to be adjusted.

Source: Murray Smith, Open Forum, American Express