tag:blogger.com,1999:blog-79248010080846711572024-03-29T07:24:07.535+00:00Goodman AMC's BlogOfficial blog of Goodman AMC; a management consulting, research, data and advisory firm.Unknownnoreply@blogger.comBlogger39125tag:blogger.com,1999:blog-7924801008084671157.post-17186350140867050072018-06-07T00:39:00.001+01:002018-06-20T17:39:58.400+01:00Rubber & Cashew Threatens Ghana’s Cocoa Production<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY0xsH5g-qNcUwrXkZzKMnejbGZLvXa87YWGC-tCNrUcsapr1SEK8JX169pErNkyrN6zRVWoKDGkHUNotsDe6_Bs2bD-6J1_LV12tB84BXKyBdQOntS6iGpzBOcwYSd6_9CP6krD0gBUev/s1600/cocoa.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="426" data-original-width="640" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY0xsH5g-qNcUwrXkZzKMnejbGZLvXa87YWGC-tCNrUcsapr1SEK8JX169pErNkyrN6zRVWoKDGkHUNotsDe6_Bs2bD-6J1_LV12tB84BXKyBdQOntS6iGpzBOcwYSd6_9CP6krD0gBUev/s640/cocoa.jpg" width="640" /></a></div>
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<span style="font-family: "arial" , sans-serif;">Yields from
cocoa in recent years have been dwindling as a result of illegal mining
activities in Ghana. This has had a major effect on large tracts of arable
cocoa plantations. Communities that were once noted for cocoa production are
now impoverished after farmers sold their lands to illegal miners for money. The
situation has resulted in an economic downturn in cocoa farming communities.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Illegal mining has been a major cause of Ghana’s dwindling cocoa production, however the steps taken by the government to ban small scale mining and review all mining licences has been quite successful in reducing a further extensive impact of the practice on cocoa production. Currently other major concerns which we project will have a long term impact on Ghana's cocoa production is the trend of farmers moving into growing cashew, and opting for rubber plantations.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Ghana Rubber
Estate Limited (GREL), a company in which the Ghana government holds 25
percent of the shares has acquired more than 51,000 acres of land which it is
developing into rubber plantations. Most of these lands which were already being used
to cultivate cocoa are being cleared to make way for rubber plantations even though the cocoa trees haven't ended their 30-year life span.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">GREL and other
Rubber companies have offered cocoa farmers very attractive incentives to
go into rubber plantation since cocoa farmers are highly overburdened with huge
operational cost including high price of farm inputs especially fertilizer
among others.</span><br />
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<span style="font-family: "arial" , sans-serif;"><span style="font-family: "arial" , sans-serif;">Despite the fact that Ghana is the second highest producer of cocoa, its farmers have not benefited substantially from its cultivation. C</span><span style="font-family: "arial" , sans-serif;">ocoa farmers earn a per capita daily income of approximately USD $0.40-$0.45 on cocoa. This amounts to an annual net income of USD $983.12 - $2627.81 and accounts for two thirds of cocoa farmers’ household income according to Cocoa Initiative. </span></span><span style="background-color: white; font-family: "calibri w01 light" , "lato" , "arial" , sans-serif; font-size: 16px;">The profitability in cocoa farming is therefore on a rapid decline as a result of </span><span style="background-color: white; font-family: "calibri w01 light" , "lato" , "arial" , sans-serif; font-size: 16px;">low earnings coupled with weak economic resilience.</span></div>
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<span style="font-family: "arial" , sans-serif;">According to the government of Ghana, it plans to help make cocoa
profitable enough so the land owners will not give their cocoa lands away. The government's stance on taking steps to make cocoa production profitable again further depicts the extent to which cocoa production has not been a profitable venture to farmers in Ghana, hence their need to find alternate use for their lands by switching to rubber cultivation or
selling their lands to rubber companies in order to be able to meet their household needs.</span></div>
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<span style="font-family: "arial" , sans-serif;">Though only a
fraction of Ghana’s 1.7 million hectares of cocoa has been converted to rubber plantations,
if left unchecked, will spread to different parts of the country and make Ghana
lose its position as Africa’s number two cocoa producer with time.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Cashew production is also another major trend which is currently swaying more farmers from the cultivation of cocoa in various farming communities. Cashew has now become an attractive alternative crop
for a lot of farmers. A kilo of cashew nuts sells at </span><span style="font-family: "arial" , sans-serif;">Gh¢</span><span style="font-family: "arial" , sans-serif;">8, and a hundred-kilo, </span><span style="font-family: "arial" , sans-serif;">Gh¢</span><span style="font-family: "arial" , sans-serif;">800; slightly above cocoa. Farmers are therefore beginning to become very
optimistic that cashew production is going to alleviate their communities from
poverty. </span></div>
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<span style="font-family: "arial" , sans-serif;">Cashew production on the other hand has been linked with poverty reduction and has become a more attractive venture for the youth who wish to engage in farming, according to African Cashew Alliance. An increase of 25 per cent in value-added cashew products would have a great impact on poverty reduction, generating over $100 million in household income for rural families.</span></div>
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<span style="font-family: "arial" , sans-serif;">Ghana’s cashew
sector is now the leading agricultural non-traditional export, with a total
amount of $197 million worth of export revenue in 2016, representing 53 per
cent of the total revenue of $371 million.</span><br />
<span style="font-family: "arial" , sans-serif; font-size: 11pt;"><br /></span><span style="font-family: "arial" , sans-serif; font-size: 11pt;">A shift into cashew and rubber cultivation by farmers are major trends which are likely to impact cocoa production in Ghana in the mid to long term if steps are not taken by the government to curb this. Cocoa farming must
therefore be promoted as an attractive agribusiness venture by the government to help
entice more of the youth especially into its cultivation to make up for aging
farmers and curb the sudden shift of farmers into cashew and rubber cultivation.</span></div>
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<!--[endif]--></span>Unknownnoreply@blogger.com19tag:blogger.com,1999:blog-7924801008084671157.post-4980529878762732122018-05-28T10:31:00.000+01:002018-05-30T22:36:22.688+01:00Interoperability Likely to Impact MTN’s Projected Revenue Despite Envisaged Oversubscribed IPO<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0olgjEIK86ILrATF2ounuFa_ottQ2cESDy2N5P7kfoRsCvLyudS_QBeTElk7W4u09NK-6yA1sxZ-Tvp2cMvnUStVJyO9UZzMJ879tzlyJuBhJf9W7pjfI2WLtYemggteo65gCwGYy8Bxg/s1600/-1x-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1068" data-original-width="1600" height="425" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0olgjEIK86ILrATF2ounuFa_ottQ2cESDy2N5P7kfoRsCvLyudS_QBeTElk7W4u09NK-6yA1sxZ-Tvp2cMvnUStVJyO9UZzMJ879tzlyJuBhJf9W7pjfI2WLtYemggteo65gCwGYy8Bxg/s640/-1x-1.jpg" width="640" /></a></div>
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<span style="font-family: "arial" , sans-serif;">MTN
Ghana is raising an IPO on May 29 2018 in a bid to raise about $787 million.
MTN plans to list a 35% stake on Ghana’s bourse valuing the unit at $2.2
billion. This was part of arrangements made when the company acquired the 4G
license in 2015.</span></div>
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<span style="font-family: "palatino linotype" , serif; font-size: 16.0pt; line-height: 115%;">Why investors will scramble for it<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">MTN
is the largest telecommunications company in the country. It has the largest subscription number of 16.2
million subscribers. It also leads the sector in mobile money subscription
with 7.4 million active users. It has repeatedly posted profits year on year
with the 2017 figures at GH¢ 238 million.</span><br />
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<span style="font-family: "arial" , sans-serif;">It
is also the leading telecommunications company with 327,929 subscribers</span><span style="background-color: white; color: #595959; font-family: Roboto, sans-serif; font-size: 14px; text-align: start;"> </span><span style="font-family: arial, sans-serif;">serving on the 4G spectrum. This represents a 77.7% market share of the 4G subscribers.</span></div>
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<span style="font-family: "arial" , sans-serif;">The
company’s total revenue jumped to GH</span><span style="font-family: "arial" , sans-serif;">¢ </span><span style="font-family: "arial" , sans-serif;">3.4 billion in 2017, as compared to
GH</span><span style="font-family: "arial" , sans-serif;">¢ </span><span style="font-family: "arial" , sans-serif;">2.77 billion revenue recorded in 2016. Strong service revenue growth of
29.3% year on year was also recorded in the first quarter of 2018, led by a
51.5% increase in data revenue.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">MTN is the market leader in terms of mobile money. The overwhelming subscribers on its platform has allowed MTN to control the Mobile Money market in Ghana and <span style="font-family: "arial" , sans-serif; font-size: 11.0pt; line-height: 115%;">had made it</span> difficult for users of Vodafone Cash and Airtel Money or TIGO Cash to
send money to users on their platforms. </span><span style="font-family: "arial" , sans-serif;">It could be said that out of every 10 mobile money users in Ghana at least 5 of them were MTN subscribers, users</span><span style="font-family: "arial" , sans-serif;"> on other networks were therefore pressured to acquire MTN Sims and move to the network in order to enable them send funds via
mobile money to MTN users and make transactions more convenient; t</span><span style="font-family: "arial" , sans-serif;">his contributed to the growing
subscriber base of the Telco and accounted for 15% of the company’s revenue in
the first quarter of 2018. </span></div>
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<span style="font-family: "arial" , sans-serif;">The
mobile money interoperability which is in force now changes that trend. In fact data
from GhIPPS reveals that after a week of rolling out the
interoperability, Vodafone Cash gained the most; the interoperability platform
recorded over 22,919 successful transfers, and more than half of that 13,504
was on the Vodafone Cash platform. </span><span style="font-family: "arial" , sans-serif;">The
total for the first six days stood at a little over GH</span><span style="font-family: "arial" , sans-serif;">¢</span><span style="font-family: "arial" , sans-serif;"> 1.8 million and Vodafone
alone recorded GH</span><span style="font-family: "arial" , sans-serif;">¢</span><span style="font-family: "arial" , sans-serif;"> 1.17 million representing some 65% of the total. </span><span style="font-family: "arial" , sans-serif;">So
clearly, the mobile money interoperability could cause a slight decline in MTN's subscriber base as well as active mobile money users, and this is likely to affect MTN's projections with regards to revenue and profits declared to shareholders by the close of the year.</span></div>
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<span style="font-family: "arial" , sans-serif;">We
at Goodman AMC envisage this MTN IPO to be oversubscribed and will be one of the
successful IPOs on the Ghana Stock Exchange.<o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;"><o:p> </o:p></span><span style="font-family: "arial" , sans-serif;">By
Isma-il Sulaiman & Bernard Boachie-Danquah</span></div>
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<span style="font-family: "arial" , sans-serif;">Send
your inquiries to: <a href="mailto:relations@goodmanamcllc.com">relations@goodmanamcllc.com</a><o:p></o:p></span></div>
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<span style="font-family: "arial" , sans-serif;">Website:
<a href="http://www.goodmanamcllc.com/">www.goodmanamcllc.com</a><o:p></o:p></span></div>
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<span style="color: #7f7f7f; font-family: "arial" , sans-serif; mso-style-textfill-fill-alpha: 100.0%; mso-style-textfill-fill-color: #7F7F7F; mso-style-textfill-fill-colortransforms: lumm=50000; mso-style-textfill-fill-themecolor: background1; mso-themecolor: background1; mso-themeshade: 128;">Image Credit:
Waldo Swiegers/Bloomberg<o:p></o:p></span></div>
<br />Unknownnoreply@blogger.com15tag:blogger.com,1999:blog-7924801008084671157.post-55077146049967399922017-07-27T08:00:00.000+01:002018-05-30T22:31:10.189+01:00DSTV Provides The Perfect Partnership For Netflix's Expansion In Africa<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZzYnfq0PH6H8qadyCPsRloGrv3LcbCXplid0TrRWeeDVK5KNBM0SJYQSzC5bQFkYoQnDWm84UBjjnjdQejCErP9-0gJ2vILEzVCVvEl1S9UQo-vKf4boszb7uMnUzNaoL4PR0C2X638Zg/s1600/netflixvsdstv.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="532" data-original-width="918" height="185" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZzYnfq0PH6H8qadyCPsRloGrv3LcbCXplid0TrRWeeDVK5KNBM0SJYQSzC5bQFkYoQnDWm84UBjjnjdQejCErP9-0gJ2vILEzVCVvEl1S9UQo-vKf4boszb7uMnUzNaoL4PR0C2X638Zg/s320/netflixvsdstv.jpg" width="320" /></a></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Netflix </span><span style="font-family: "georgia"; font-size: 12pt;">announced recently that it had</span><span style="font-family: "georgia"; font-size: 12pt;"> added 5.2 million additional new subscribers this quarter, </span><span style="font-family: "georgia"; font-size: 12pt;">which is</span><span style="font-family: "georgia"; font-size: 12pt;"> above the 3.2 million new subscriber </span><span style="font-family: "georgia"; font-size: 12pt;">targets t</span><span style="font-family: "georgia"; font-size: 12pt;">hat it set itself</span><span style="font-family: "georgia"; font-size: 12pt;">.This caused its stock to</span><span style="font-family: "georgia"; font-size: 12pt;"> promptly jump nearly </span><span style="font-family: "georgia"; font-size: 12pt;">by </span><span style="font-family: "georgia"; font-size: 12pt;">9 percent. More than 4 million of th</span><span style="font-family: "georgia"; font-size: 12pt;">es</span><span style="font-family: "georgia"; font-size: 12pt;">e new subscribers are international viewers</span><span style="font-family: "georgia"; font-size: 12pt;">. </span><span style="font-family: "georgia"; font-size: 12pt;">The company in January </span><span style="font-family: "georgia"; font-size: 12pt;">also </span><span style="font-family: "georgia"; font-size: 12pt;">said its net subscriber additions came in at 2 million domestically</span><span style="font-family: "georgia"; font-size: 12pt;"> (U.S.)</span><span style="font-family: "georgia"; font-size: 12pt;"> and 5 million internationally, well above what Wall Street expected at the time.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Netflix has had to figure out ways to grow </span><span style="font-family: "georgia"; font-size: 12pt;">its</span><span style="font-family: "georgia"; font-size: 12pt;"> international audience as the company started to make a larger push there as it </span><span style="font-family: "georgia"; font-size: 12pt;">has </span><span style="font-family: "georgia"; font-size: 12pt;">increasingly </span><span style="font-family: "georgia"; font-size: 12pt;">captured the attention of its domestic viewers already.</span><span style="font-family: "georgia"; font-size: 12pt;"> </span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">S</span><span style="font-family: "georgia"; font-size: 12pt;">treaming has proven quite popular with Netflix subscribers</span><span style="font-family: "georgia"; font-size: 12pt;">. This however offers some limitations with regards to Netflix</span><span style="font-family: "georgia"; font-size: 12pt;">’s expansion in Africa</span><span style="font-family: "georgia"; font-size: 12pt;">. </span><span style="font-family: "georgia"; font-size: 12pt;">Even though</span><span style="font-family: "georgia"; font-size: 12pt;"> Netflix is well primed for success in Africa, its expansion strategy however needs to focus on expanding its subscriber base in Africa through satellite TV and not through online streaming (</span><span style="font-family: "georgia"; font-size: 12pt;">since </span><span style="font-family: "georgia"; font-size: 12pt;">many </span><span style="font-family: "georgia"; font-size: 12pt;">Africans </span><span style="font-family: "georgia"; font-size: 12pt;">are likely to find themselves</span><span style="font-family: "georgia"; font-size: 12pt;"> on Netflix</span><span style="font-family: "georgia"; font-size: 12pt;"> </span><span style="font-family: "georgia"; font-size: 12pt;">with</span><span style="font-family: "georgia"; font-size: 12pt;"> buffering </span><span style="font-family: "georgia"; font-size: 12pt;">videos )</span><span style="font-family: "georgia"; font-size: 12pt;">.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Netflix</span><span style="font-family: "georgia"; font-size: 12pt;">’s major challenge in Africa currently is the slow internet service and expensive cost of internet data. The lack of affordable internet services in most African countries and the limited and slow internet connections in majority of these countries will make it quite a herculean task for Netflix to increase its market share in Africa if it does not restrategize.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">F</span><span style="font-family: "georgia"; font-size: 12pt;">igures from Nairobi-based startup</span><span style="font-family: "georgia"; font-size: 12pt;"> </span><span style="font-family: "georgia"; font-size: 12pt;">Angani</span><span style="font-family: "georgia"; font-size: 12pt;"> show that a connection to the Kenya Internet Exchange for one gigabit</span><span style="font-family: "georgia"; font-size: 12pt;"> per second costs internet service providers (ISPs) $350 per month, while the same amount of data from an international submarine cable costs a staggering $200,000. So even if a user pays an ISP for a fast internet connection in Kenya, data may flow much more slowly from overseas.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Also, i</span><span style="font-family: "georgia"; font-size: 12pt;">n Nigeria, a 2 gigabyte data plan can cost as much as $20 per month. Regular viewing of Netflix will use several times that amount of data in a month. That’s a lot of money for data in a country where the average university graduate earns around $500 a month.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Watching movies or TV shows on Netflix use about 1 GB of data per hour for each stream of standard definition video, and up to 3 GB per hour for each stream of HD video. This can create headaches for Netflix </span><span style="font-family: "georgia"; font-size: 12pt;">subscribers in Africa</span><span style="font-family: "georgia"; font-size: 12pt;"> who have a monthly bandwidth or data cap on their Internet service.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Also the lack of accessibility to internet by majority of the African populace will be a big issue for Netflix. </span><span style="font-family: "georgia"; font-size: 12pt;">F</span><span style="font-family: "georgia"; font-size: 12pt;">igures from the International Telecommunications Union</span><span style="font-family: "georgia"; font-size: 12pt;"> has shown that</span><span style="font-family: "georgia"; font-size: 12pt;"> just over 20% of Africans have internet access.</span><span style="font-family: "georgia"; font-size: 12pt;"> According to WEF, only 1.4% of sub-Saharan Africa have fixed broadband while only 16.6% also have mobile broadband with a total of only 16.9% being active internet users.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">With these major Netflix problems, the bright light lies in the fact that there is a huge market for satellite TV in Africa currently and we believe this will be the way Africans will enjoy good television for centuries to come. Within our estimation 5 out of 10 houses in urban Accra, (Ghana) alone have access to one form of satellite T.V.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Just like how a portion of Netflix subscribers in the USA still use DVD services, Netflix needs to also view Africa as a different case; i</span><span style="font-family: "georgia"; font-size: 12pt;">n the second quarter of 2017, Netflix had 3.76 million </span><span style="font-family: "georgia"; font-size: 12pt;">DVD subscribers in </span><span style="font-family: "georgia"; font-size: 12pt;">U.S.</span><span style="font-family: "georgia"; font-size: 12pt;"> </span><span style="font-family: "georgia"; font-size: 12pt;">alone.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Therefore a strategic partnership between Netflix and South Africa based Naspers (owners of DSTV and ShowMax); whereby Netflix acquires a minority (or a majority stake) in Naspers will position Netflix for market dominance in Africa.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">From our estimations, Naspers' pay satellite TV; DSTV is in a right spot to help further Netflix’s agenda in sub-Sharan Africa. By taking a stake in Naspers, Netflix could build a working relationship with DSTV and this would allow Netflix to gain access to the over 11 million subscriber base of DSTV alone across Africa, as disclosed by </span><span style="font-family: "georgia"; font-size: 12pt;">N</span><span style="font-family: "georgia"; font-size: 12pt;">aspers’ payTV and entertainment unit</span><span style="font-family: "georgia"; font-size: 12pt;">.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Though DSTV is not an internet streaming service like Netflix, the advantage lies in the fact that it operates a satellite service and won't need internet for its connectivity and this could be very key to the success of Netflix in Africa.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">This proposed working relationship between DSTV with Netflix could also push in new capital that will also enable DSTV to expand its satellite services to cover the entire continent in Africa and also to cut down on the high cost of its satellite TV services in most African countries. This could further boost subscriber base and make it more accessible to Africa’s surging middle class and also give Netflix access to a wide array of DSTV’s localized content.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">DSTV’s subscriber base grew by 8% year on year from 10</span><span style="font-family: "georgia"; font-size: 12pt;">.</span><span style="font-family: "georgia"; font-size: 12pt;">2 million </span><span style="font-family: "georgia"; font-size: 12pt;">in 2016 </span><span style="font-family: "georgia"; font-size: 12pt;">to </span><span style="font-family: "georgia"; font-size: 12pt;">11 million by March 2017</span><span style="font-family: "georgia"; font-size: 12pt;">. Nigeria leads its African footprint with 40% of the total subscriber base. By implication, DSTV and </span><span style="font-family: "georgia"; font-size: 12pt;">its subsidiary, </span><span style="font-family: "georgia"; font-size: 12pt;">GoTV put together have 4.4 million subscribers in Nigeria</span><span style="font-family: "georgia"; font-size: 12pt;"> alone</span><span style="font-family: "georgia"; font-size: 12pt;">.</span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">By forming a strategic partnership with Naspers, Netflix could also gain access to </span><span style="font-family: "georgia"; font-size: 12pt;">ShowMax</span><span style="font-family: "georgia"; font-size: 12pt;">, </span><span style="font-family: "georgia"; font-size: 12pt;">an online subscription </span><span style="font-family: "georgia"; font-size: 12pt;">video on demand</span><span style="font-family: "georgia"; font-size: 12pt;"> (SVOD) service </span><span style="font-family: "georgia"; font-size: 12pt;">owned by Naspers. </span><span style="font-family: "georgia"; font-size: 12pt;">ShowMax </span><span style="font-family: "georgia"; font-size: 12pt;">has already </span><span style="font-family: "georgia"; font-size: 12pt;">employ</span><span style="font-family: "georgia"; font-size: 12pt;">ed</span><span style="font-family: "georgia"; font-size: 12pt;"> a localisation strategy to take on established video on demand competitors with a focus on local </span><span style="font-family: "georgia"; font-size: 12pt;">African </span><span style="font-family: "georgia"; font-size: 12pt;">content</span><span style="font-family: "georgia"; font-size: 12pt;">. Already, </span><span style="font-family: "georgia"; font-size: 12pt;">ShowMax has announced that total views of TV shows and movies watched by its customers exceeded 10 million.</span><span style="font-family: "georgia"; font-size: 12pt;"> </span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Netflix could also therefore tap into the vast local content owned by both DSTV and ShowMax through its alliance with Naspers.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">Also. as part of the strategic partnership, DSTV subscribers will be provided or allowed to select a ‘Netflix Option’ on their DSTV decoders which viewers could visit and pay for movies or TV series they choose to watch, payments for the service could also be made by using Mobile payment services like M-Pesa. With credit card payment systems not popular in Africa ShowMax for instance accepts mobile money payments options which makes it easier for a subscriber in Africa to pay for content. This could be useful to Netflix as well looking at Africa’s huge mobile money market.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">With the rise in Africa’s middle class and their increasing spending power as well as their aspirational attitude, Africa’s </span><span style="font-family: "georgia"; font-size: 12pt;">middle class</span><span style="font-family: "georgia"; font-size: 12pt;"> is estimated to be around </span><span style="font-family: "georgia"; font-size: 12pt;">123 million,</span><span style="font-family: "georgia"; font-size: 12pt;"> that is </span><span style="font-family: "georgia"; font-size: 12pt;">13% of the population. By 2060,</span><span style="font-family: "georgia"; font-size: 12pt;"> this figure is projected to grow</span><span style="font-family: "georgia"; font-size: 12pt;"> </span><span style="font-family: "georgia"; font-size: 12pt;">to </span><span style="font-family: "georgia"; font-size: 12pt;">1.1 billion (42% of the predicted population)</span><span style="font-family: "georgia"; font-size: 12pt;">. Netflix’s market share in Africa could increase in 10-folds if it uses the satellite TV approach and a strategic partnership with Naspers to target the increasing middle class in Africa.</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">by Bernard Boachie-Danquah & Isma-il Sulaiman</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 12pt;">(Both Bernard and Isma-il are management consultants at <a href="http://www.goodmanamcllc.com/">Goodman AMC</a>)</span><span style="font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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Unknownnoreply@blogger.com17tag:blogger.com,1999:blog-7924801008084671157.post-80591138067067670482017-05-09T22:58:00.000+01:002017-06-01T12:18:43.828+01:00A Guide To Starting A Business In Ghana<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhV5GB24npD_PM1l2bTkSD2wm1_0A2mobWWQRFhkCXmgVDTA9KoNJ_gyz1UGbbBVQLAdO0YXehZplvhjBy9kycXOiZv0kttTpImR4uijK9-HmocCfOiL_JXQVTUm0ERBxiGXsQzwtcVnKpu/s1600/CpBkQdLWYAAo7Yn.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="428" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhV5GB24npD_PM1l2bTkSD2wm1_0A2mobWWQRFhkCXmgVDTA9KoNJ_gyz1UGbbBVQLAdO0YXehZplvhjBy9kycXOiZv0kttTpImR4uijK9-HmocCfOiL_JXQVTUm0ERBxiGXsQzwtcVnKpu/s640/CpBkQdLWYAAo7Yn.jpg" width="640" /></a></div>
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<a href="https://www.blogger.com/null" name="OLE_LINK1"></a><span style="font-family: "georgia"; font-size: 11pt;">Thousands of people set up their </span><span style="font-family: "georgia"; font-size: 11pt;">new</span><span style="font-family: "georgia"; font-size: 11pt;"> businesses </span><span style="font-family: "georgia"; font-size: 11pt;">in Ghana </span><span style="font-family: "georgia"; font-size: 11pt;">every year</span><span style="font-family: "georgia"; font-size: 11pt;">, According to the World Bank, </span><span style="font-family: "georgia"; font-size: 11pt;">13</span><span style="font-family: "georgia"; font-size: 11pt;">,</span><span style="font-family: "georgia"; font-size: 11pt;">15</span><span style="font-family: "georgia"; font-size: 11pt;">4 people were reported to have registered their businesses in Ghana in 2012 alone.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Some </span><span style="font-family: "georgia"; font-size: 11pt;">investors or business people set up businesses in Ghana </span><span style="font-family: "georgia"; font-size: 11pt;">because they want to work for themselves, others because they have a great idea and have spotted a gap in the </span><span style="font-family: "georgia"; font-size: 11pt;">Ghanaian </span><span style="font-family: "georgia"; font-size: 11pt;">market. And of course there are those who know they can make lots of money</span><span style="font-family: "georgia"; font-size: 11pt;"> by investing in a specific industry in Ghana</span><span style="font-family: "georgia"; font-size: 11pt;">.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Although enthusiasm is important, good planning </span><span style="font-family: "georgia"; font-size: 11pt;">and a thorough understanding of the industry you would like to venture into </span><span style="font-family: "georgia"; font-size: 11pt;">is a must. Without good </span><span style="font-family: "georgia"; font-size: 11pt;">research</span><span style="font-family: "georgia"; font-size: 11pt;"> you could struggle </span><span style="font-family: "georgia"; font-size: 11pt;">in setting up a viable business in Ghana.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 12pt;">Turn</span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 12pt;">ing</span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 12pt;"> your idea </span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 12pt;">or plans </span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 12pt;">into a business</span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">1. Research, research, research! </span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "georgia"; font-size: 11pt;">If no initial research has been done on the viability of your business idea, it would be very important to undertake a feasibility study or a market entry analysis to ascertain the viability of your business in the Ghanaian market before you invest any capital.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">2. Be willing to </span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">make changes </span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">to your business</span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Do not hesitate to make changes to your idea if the initial feasibility study or market analysis research points the weaknesses in your business idea and gives its recommendations in it's research findings. Neglecting the obvious weaknesses in your idea could cost you </span><span style="font-family: "georgia"; font-size: 11pt;">money in the long-term.</span><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">3. Write a business plan</span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "georgia"; font-size: 11pt;">This</span><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;">needs to clearly show the results of </span><span style="font-family: "georgia"; font-size: 11pt;">feasibility study or market entry analysis</span><span style="font-family: "georgia"; font-size: 11pt;"> research and explain how you can turn your idea into viable business</span><span style="font-family: "georgia"; font-size: 11pt;"> using strategy and planning.</span><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">4. Advise</span></b><b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<span style="font-family: "georgia"; font-size: 11pt;">You </span><span style="font-family: "georgia"; font-size: 11pt;">will </span><span style="font-family: "georgia"; font-size: 11pt;">need good </span><span style="font-family: "georgia"; font-size: 11pt;">and trusted </span><span style="font-family: "georgia"; font-size: 11pt;">advisers -</span><span style="font-family: "georgia"; font-size: 11pt;">consultants</span><span style="font-family: "georgia"; font-size: 11pt;"> - </span><span style="font-family: "georgia"; font-size: 11pt;">especially if you are new to the African business environment. This is very essential since it will help you to avoid any unpredictable risk.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<a href="http://www.goodmanamcllc.com/2017/04/how-to-unpredictable-risks-involved-in.html"><u><span class="15" style="color: #2e75b5; font-family: "georgia"; font-size: 11pt;">Click here to read our guide on how to avoid unpredictable risks when doing business in Ghana</span></u></a><span style="color: #2e75b5; font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt; letter-spacing: 0pt;">5. Business Registration</span></b><span style="font-family: "arial"; font-size: 7.5pt; letter-spacing: 0pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">If you are located outside </span><span style="font-family: "georgia"; font-size: 11pt;">Ghana</span><span style="font-family: "georgia"; font-size: 11pt;"> and wish to </span><span style="font-family: "georgia"; font-size: 11pt;">register</span><span style="font-family: "georgia"; font-size: 11pt;"> a company in the </span><span style="font-family: "georgia"; font-size: 11pt;">country</span><span style="font-family: "georgia"; font-size: 11pt;">, then we’ve created this step-by-step resource to explain the process, and </span><span style="font-family: "georgia"; font-size: 11pt;">to </span><span style="font-family: "georgia"; font-size: 11pt;">show you exactly what you need and ho</span><span style="font-family: "georgia"; font-size: 11pt;">w you can commence and expand your business without too much hassle. </span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Here are some of the steps required to legally set up </span><span style="font-family: "georgia"; font-size: 11pt;">a </span><span style="font-family: "georgia"; font-size: 11pt;">company</span><span style="font-family: "georgia"; font-size: 11pt;"> in Ghana:</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Acquire a Tax Identification Number</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 2 days on average</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete</span></b><span style="font-family: "georgia"; font-size: 11pt;">: no charges</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Registrar-General Department or Ghana Revenue Authority</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">As of 2012, the applicant needs to acquire a TIN before proceeding to company registration. The applicant needs to complete a Ghana Revenue Authority Taxpayer Registration</span><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;">Form</span><span style="font-family: "georgia"; font-size: 11pt;">-</span><span style="font-family: "georgia"; font-size: 11pt;">Organisation.</span><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;">The Ghana Revenue Authority(GRA) officers after processing the TIN, sends a text message to the applicant to collect the TIN. This applies to both forms of application submission, whether online or physical filing in person.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Check for availability of company name and submit company documents to obtain the certificate of incorporation</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 1 day</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">- Name search GHC 25</span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">- Name reservation GHC 50 </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">- Complete set of Incorporation forms GHC 15 </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">- Registration fees GHC 230 </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">- GHC 5 per certification of regulations (assuming 3 certificates)</span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Customers Service Office of the Registrar General's Department</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">The promoter/applicant shall request for a search to be conducted at the Companies Registry (customer service office ) to ascertain the availability and acceptance of the proposed name of the company, and submit the company documents for registration. The Registrar may, on a written application and on payment of the prescribed fee, reserve a name pending registration of a company: section 15(13) of the Companies Act 1963 (Act 179)</span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">Applicant may pick up a prescribed Form A from the in-house bank, and submit filled forms at the bank. The Registrar examines and issues business registration certificate as well as certified true copy of the form to be submitted as attachment.</span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">The incorporation documents and forms can be downloaded online at http://www.rgd.gov.gh. They include:</span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">• Company regulations (four copies) </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">• Tax identification number form (one copy) </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">The forms require the following information: </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">• Nature of the business that subscribers intend to engage in </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">• Full names of subscribers and shareholders, their addresses, percentage shareholdings, occupation, and any directorships in any other company </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">• Full name and address of company secretary and auditors (a letter of consent to act as auditor is attached) </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">• An attestation that the minimum nominal capital complies with the requirement that a company 100% Ghanaian-owned have minimum nominal capital of at least GHC 500 </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">The tax identification number (certificate) is usually obtained by the Registrar General's Department on behalf of the incorporated company. A letter from an auditing firm must also be presented at the moment of document submission.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">A Commissioner of Oaths authenticates forms required for the certificate to commence business</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Commissioner of Oaths</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;">1 day (simultaneous with previous procedure)</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> GHC 10</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Form 4 must be completed for the issuance of the certificate to commence business, which requires authentication before a Commissioner of Oaths. The Commissioner for Oaths, located in the Registrar General Department, usually swears the oath within 1 day so that the company can obtain the certificate to commence business.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Obtain from the Registrar-General Department the certificate to commence business</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Registrar-General Department</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 2 days</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;">0.5% of the stated capital as commencement tax + GHC 10 (registration fee with Ghana Revenue Authority) + GHC 100 form fees</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">After incorporating the company, the founder must complete Forms 3 and 4 within 28 days, indicating, among other information, the names, addresses, businesses, and occupations of the company’s secretary and directors; name and address of the company’s qualified auditor; the address of its registered office; its register of members; the amount of stated capital; and the number of issued and unissued company shares. Forms 3 and 4 must be signed by all company directors and the secretary. As the company's commencement tax, 0.5% of the stated capital is collected by the Registrar-General’s Department on behalf of the Internal Revenue Service (IRS). There is also a 100 GHC fee for forms 3 and 4. Four or five copies of the company regulations and Forms 3 and 4 are required (auditors, banks, solicitors, company secretaries may each require a copy). </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">The Registrar of Companies now automatically registers new companies with the IRS. VAT is charged at 15% including a national health insurance levy (NHIL) of 2.5%.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Deposit paid-in capital in an account</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Bank</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 1 day</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> no charge</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">The following documents must be presented to deposit paid-in capital in a bank account: copies of company regulations; the certificate of incorporation and the certificate to commence business; and signatures of the authorized company representatives. </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">As part of the KYC (Know Your Customer) procedures, most banks require introductory letters from the company's solicitors in order to open the account. Additionally, some banks conduct a physical inspection of the company address.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Apply for business licenses at the Metropolitan Authority</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Metropolitan Authority</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 7 days</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> GHC 270</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">The cost to apply for a Business Operating Permit (BOP) at the Metropolitan Authority depends on the type of business and the category in which it falls. Documents to be submitted depend on the type of enterprise (for example, restaurants must have permits from the fire department and the Town and Country Planning Authority—and, among other documents, an inspection certificate from the Ghana Tourist Board). </span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;"><br /></span><span style="font-family: "georgia"; font-size: 11pt;">Fees are subject to charge by the Metropolitan Assembly, according to law. According to the Accra Metropolitan Assembly Fee-Fixing Resolution 2015, the fee for a commercial retail/wholesale standardized shop "Cat. E" is GHC 270.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Inspection of work premises by the Metropolitan Authority</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Metropolitan Authority</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;">1 day (simultaneous with previous procedure)</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> no charge</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">An officer visits the business premises and reports to the Revenue Accountant of the Metropolitan Assembly, who then submits a report to the Revenue Mobilization Subcommittee of the Metropolitan Assembly. The subcommittee meets to deliberate on the report and then recommend to the Executive Committee of the Metropolitan Authority, whether any adjustment is required.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Apply for social security</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Social Security Office</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 1 day</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> no charge</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">To apply for social security, the company must attach the list of employees, their respective salaries and social security numbers, and the company’s certificate of incorporation and certificate to commence business.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Registration with the Ghana Investment Promotions Center (for investors)</span></b><b><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></b></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Agency:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> Ghana Investment Promotions Center (GIPC)</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Time to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> 5 days (max)</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="font-family: "georgia"; font-size: 11pt;">Cost to complete:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Wholly Ghanaian Owned Business (Trading)</span><span style="font-family: "georgia"; font-size: 11pt;"> - GHC </span><span style="font-family: "georgia"; font-size: 11pt;">10,500</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Wholly Ghanaian Owned Business (Others)</span><span style="font-family: "georgia"; font-size: 11pt;"> - GHC </span><span style="font-family: "georgia"; font-size: 11pt;">1,050</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Joint-venture (i.e. $200,000 minimum foreign equity)</span><span style="font-family: "georgia"; font-size: 11pt;"> - GHC </span><span style="font-family: "georgia"; font-size: 11pt;">10,500</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Wholly Foreign (i.e. $500,000 minimum foreign equity)</span><span style="font-family: "georgia"; font-size: 11pt;"> - GHC </span><span style="font-family: "georgia"; font-size: 11pt;">16,800</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">Manufacturing/Export Trading</span><span style="font-family: "georgia"; font-size: 11pt;"> - GHC </span><span style="font-family: "georgia"; font-size: 11pt;">21,000</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">General Trading (i.e. $1,000,000 minimum foreign equity)</span><span style="font-family: "georgia"; font-size: 11pt;"> - GHC </span><span style="font-family: "georgia"; font-size: 11pt;">31,500</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;">In order to apply, i</span><span style="font-family: "georgia"; font-size: 11pt;">nvestors are required to complete </span><a href="http://www.gipcghana.com/press-and-media/downloads/forms.html?download=31:investor-registration-form"><span style="font-family: "georgia"; font-size: 11pt;">Investor Registration Forms (Form GIPC/R1)</span></a><span style="font-family: "georgia"; font-size: 11pt;"> in triplicate. Within five (5) days from the date of orderly receipt of these forms (and its attachments)</span><span style="font-family: "georgia"; font-size: 11pt;">, </span><span style="font-family: "georgia"; font-size: 11pt;">GIPC will formally register the investment.</span><span style="font-family: "georgia"; font-size: 11pt;"> Registration needs to be renewed after every 2 years.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">Source:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> World Bank, GIPC, Ministry of Trade and Industry</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">Image Credit:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> @chambersassoc</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1e4d78; font-family: "georgia"; font-size: 11pt;">Note:</span></b><span style="font-family: "georgia"; font-size: 11pt;"> </span><span style="font-family: "georgia";"><span style="font-size: 11pt;">The business registration </span><span style="font-size: 14.6667px;">guidelines</span><span style="font-size: 11pt;"> are general in nature and not warranted or guaranteed. Readers are cautioned not to rely on this information. Because laws change over time</span></span><span style="font-family: "georgia"; font-size: 11pt;"> and registration processing could also be delayed due to unpredictable circumstances</span><span style="font-family: "georgia"; font-size: 11pt;">, it is</span><span style="font-family: "georgia"; font-size: 11pt;"> therefore</span><span style="font-family: "georgia"; font-size: 11pt;"> imperative that you </span><span style="font-family: "georgia"; font-size: 11pt;">seek professional advise before beginning this process.</span><span style="font-family: "georgia"; font-size: 11pt;"><o:p></o:p></span></div>
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<span style="font-family: "georgia"; font-size: 11pt;"> </span><a href="http://www.goodmanamcllc.com/p/advisory-services.html"><u><span class="15" style="color: #2e75b5; font-family: "georgia"; font-size: 11pt;">Click here to learn more about our Start-up Advisory Services</span></u></a></div>
Unknownnoreply@blogger.com21tag:blogger.com,1999:blog-7924801008084671157.post-25782288393413300452017-05-09T00:29:00.002+01:002017-06-01T12:38:10.766+01:00Ghana's Cocoa Processing Industry: An Attractive Investment Option<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7GAu1QYKIhkoKDVxC9tCHJjffsQf8X2V81UbgX-7HO3ZLr3xFCQZ5FbxRv3lUeSQF83Fqn_7tQLS5p3LK9jDI39DAWxYwQYujKPEmLT9xjJof0NOHLYtzDszpQ5SdysPrm1xTthyphenhyphen1Xcrt/s1600/holdingcocoa.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="402" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7GAu1QYKIhkoKDVxC9tCHJjffsQf8X2V81UbgX-7HO3ZLr3xFCQZ5FbxRv3lUeSQF83Fqn_7tQLS5p3LK9jDI39DAWxYwQYujKPEmLT9xjJof0NOHLYtzDszpQ5SdysPrm1xTthyphenhyphen1Xcrt/s640/holdingcocoa.jpg" width="640" /></a></div>
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<b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Global Cocoa Production </span></b></h1>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa is an important agricultural product in the global economy. World production for the 2013/2014 season was forecast to top over 4.3 million tonnes with the export of beans and semi-processed products valued at over US $5 billion. The demand for cocoa has risen three times faster than population growth over the last 15 years and industry forecasts predict a 20% growth over the next decade.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In 2014/2015, 4.2 million metric tonnes of cocoa with an approximate value of US$ 12 billion was produced worldwide. 73% of global productions were grown in West Africa, 17% in South and Central America and 10% in Asia. The eight largest producer countries were Ivory Coast (42% of world production), Ghana (18%), Indonesia (8%), Ecuador (6%), Cameroon (5%), Brazil (4%), Nigeria (4%) and Peru (2%).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span><br />
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><span style="background: rgb(255 , 255 , 255); box-sizing: border-box; color: #0b5394; font-family: "arial" , "helvetica" , sans-serif; font-size: large; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;"><a href="https://drive.google.com/file/d/0B8S7ODNbOsDZVTJQTUVKQXl4QXM/view" style="background: rgb(255, 255, 255); box-sizing: border-box; font-family: "times new roman"; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;" target="_blank">Download full Report Here (PDF</a>)</span></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Global cocoa production decreased by 217,000 tonnes in the 2015/2016 cocoa season, to 4.031 million tonnes, a decline of 5% compared to the previous season. At the regional level, production is estimated to have fallen in Africa by 124,000 tonnes (or almost 4%) to 2.949 million tonnes and in the Americas, by 120,000 tonnes (almost 16%) to 655,000 tonnes. On the other hand, cocoa output in Asia and Oceania increased by 28,000 tonnes (almost 7%) to 428,000 tonnes.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In terms of its share of total world production, Africa remains by far the largest cocoa producing region, accounting for 73% of world cocoa output in 2015/2016. The shares of the Americas and of the Asia and Oceania regions are 16% and 11% respectively.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">During the 2015/2016 season, Ivory Coast’s production fell to 1.581 million tonnes, significantly below the previous season’s level. Compared to the 2014/2015 season, the main crop increased slightly by 0.3% to 1.261 million tonnes, although the mid-crop dropped significantly by 40% to almost 320,000 tonnes. While the main crop is reported to have reached a historic high, the mid-crop, on the other hand, has generally suffered from the vagaries of the weather.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">According to the ICCO’s projections, cocoa output for Ivory Coast is expected to reach at least 1.900 million tonnes in 2016/2017 compared to 1.581 million tonnes recorded in the previous season. The ICCO further surmises that although the main crop witnessed a slow start, at the time these projections were made, reports by one mainstream news agency for cumulative season cocoa arrivals to ports in Ivory Coast indicate that cocoa arrivals reached 1,351,000 tonnes by 12 March 2017 as compared to 1,258,000 tonnes in the same period for the previous year.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">ICCO’s Quarterly Bulletin of Cocoa Statistics also forecasts that the cocoa market is bracing itself for a significant supply surplus, of around 264,000 tonnes whiles world cocoa bean production is also expected to increase by almost 15% to 4.552 million tonnes.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In February 2017, cocoa prices averaged US$2,034 per tonne, down by US$162 compared to the average of the previous month (US$2,196), and ranged between US$1,935 and US$2,142 per tonne. However, analysts polled by Reuters have indicated that cocoa prices should regain some ground by the end of 2017 following a prolonged slide fueled by expectations for a global surplus in the current 2016/2017 season.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Moody's has also flagged the potential for growth in world cocoa consumption, given that per capita demand in China and India, at about 0.1 kilogrammes a year, is a fraction of the 4.7 kilogrammes seen in western Europe, including 9.2 kilogrammes in Switzerland. According to the ratings agency, this indicates further potential for cocoa production to meet growing demand over time as those markets are likely to deepen. Moody’s has further surmised that, although still possible, depressed prices were unlikely to persist over many years since the growing demand from the developing world is likely to provide support to a recovery in prices over the long term.</span><span style="color: #3f3f3f; font-family: "cambria"; mso-bidi-font-family: Arial; mso-fareast-font-family: Arial; mso-spacerun: 'yes';"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024222"></a><b><span style="color: #0070c0; font-family: "georgia"; font-size: 18pt;">Cocoa Governance Structure In Ghana</span></b><b><span style="color: #0070c0; font-family: "georgia"; font-size: 18pt;"><o:p></o:p></span></b></h1>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">GHANA COCOA BOARD (COCOBOD)</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The Ghana Cocoa Board established in 1947 has had a long history of overseeing the cocoa sector of Ghana. COCOBOD serves as the exclusive marketing intermediary between primary producers and processors of cocoa beans in Ghana. Since Ghana’s cocoa industry became established, COCOBOD has undergone various transformations. However, its modern constitution and mandate reflects the modern trends in the industry especially in the light of Ghana’s socio-economic and political aspirations.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Reforms carried out beginning from the 1980s through 1990s to present have restructured COCOBOD significantly. There was the Cocoa Sector Rehabilitation Project funded by the World Bank which included reducing COCOBOD in size by restructuring and re-organising some of the subsidiaries to enhance the share of farmers in the earnings from cocoa exports.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">COCOBOD’s efforts to ensure quality, traceability, and social responsibility have awarded Ghanaian cocoa a 4%-6% price premium on the international market. Currently, COCOBOD is a relatively slimmer organisation with five main subsidiaries including the Quality Control Company and the Cocoa Marketing Company which both play lead roles in addressing the overall organizational goal of exporting premium and high-quality cocoa.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">COCOBOD regulates the activities of Ghana’s cocoa sector and also maintains functionally strong linkages with the critical actors especially its subsidiaries, the Licensed Buying Companies, the Cocoa Research Institute of Ghana, the Cocoa Swollen Shoot Virus Disease Control Unit (CSSVDCU) and the Seed Production Unit (SPU).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">LICENSED BUYING COMPANIES (LBCs)</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The purchasing of cocoa and its evacuation from the cocoa villages is a daunting task which has implications for the political economy of the crop. The role of the LBCs in tackling this task determines to a large extent the success of reaching the global market with Ghana’s cocoa. The largest Licensed Buying Company, the Produce Buying Company (PBC) used to be a subsidiary of the COCOBOD. It used to enjoy monopoly in the purchasing of all cocoa produced by the farmers. However, the reforms which began in the 1990s came with the deregulation of the cocoa sector and liberalized cocoa purchases.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In June 1993, COCOBOD adopted the multiple cocoa purchasing system for internal marketing of the commodity as a means of introducing competition. The legal framework for this was spelt out in the “Regulations and Guidelines for the Privatisation of the Internal Marketing of Cocoa”. The decision to adopt the multiple buying system was really a major step in the reformation of the cocoa sector which was at that time being buffeted by certain challenges making it slide down in competitiveness.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The reforms were carried out with one of the goals being the restructuring of the key public institutions in the cocoa sector like COCOBOD and its subsidiaries including the PBC. The reforms continued with the enlistment of the PBC on the Ghana Stock Exchange with the public coming in to purchase shares of the company. Currently, the Ghana Government only holds about 37% share of PBC. The Social Security and National Insurance Trust (SSNIT) holds 38% of the shares and others comprising institutions and individuals hold 25%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Currently, 27 LBCs buy cocoa from producers however the number has varied and not all LBCs have been active. Although a large number of them buy cocoa now, a small number account for the bulk of the cocoa procured. Between 2001/2002 and 2009/2010, eleven of the 27 LBCs accounted for 96.4% of the cocoa delivered to the Cocoa Marketing Company. The top three LBCs (PBC, Akuafo Adamfo Marketing Co. Ltd, and Olam Ghana Ltd) delivered more than half of the cocoa beans over the same nine year period. Eighteen years into licensed buying and competition, PBC is still the dominant buyer, holding nearly 35% of the market share of a growing market.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">COCOA PROCESSING COMPANIES</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">As far back as the 1960s, there was an effort to process cocoa before export. The West Africa Mills Company (WAMCO) was established by private initiatives to process cocoa beans into cocoa paste, cocoa butter and other products. However, the share of the total processed cocoa in the total cocoa exported was minimal. With one of the major national goals being exporting at least 50% of cocoa as processed, the role of cocoa processing companies have become very important.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Currently, there are about five large processing companies operating in the country all at various levels of processing. These are the Cocoa Processing Company (CPC), Barry Callebaut, Afrotropics, Cargill and Archer Daniels Midland (which has been acquired by Olam). There is primary processing into the pastes, butter and nibs and there is secondary processing into confectioneries and chocolates.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The Cocoa Processing Company (CPC) which used to be a subsidiary of COCOBOD but became privatized with the reformation of the industry currently operates with an expanded installed capacity producing chocolates and cocoa-based sweets and other products for exports and local consumption. The CPC used to be the only manufacturer of chocolate products on the Ghanaian market, until Niche Cocoa also launched its locally manufactured chocolate products in February 2017. Making them the only 2 local manufacturers of chocolate products on a medium scale level (though there are other companies who are producing chocolates on a much smaller scale).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Currently, the total installed capacity for processing cocoa is a little above 400,000 metric tonnes, giving the indication that the country is on the right path to achieving its medium term policy goal of processing 50% of its cocoa before export. More recent processing companies to be established are Plot Industries, Niche Cocoa and Touton Ghana.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024223"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Cocoa Production in Ghana</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana is the world’s second largest cocoa producer, the country has a strong position on the world market for standard cocoa with a market share of an estimated 20%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">During the 2015/2016 harvesting season the country produced approximately 800,000 metric tonnes of cocoa, which was 20% of the total world harvest. Until a couple of years ago, cocoa generated around a third of Ghana’s export earnings. This share decreased due to the start of oil production. In 2014, cocoa was the third largest export product with a share of 20% (US$ 2.6 billion) in total exports (US$ 13.2 billion).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The marketing year for cocoa begins in October, when harvest of the “main crop” begins, followed by the harvest of a smaller “light crop” in July. Light-crop beans are smaller than the main-crop variety, but are identical in quality and grown on the same trees. The main crop accounts for 90% of total annual cocoa bean production in Ghana, and the light crop accounts for the remaining 10%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">ICCO projects that total output for Ghana is anticipated to reach around 850,000 tonnes in 2016/2017. Declared purchases as at 23 February, 2017 were reported at 657,000 tonnes; this compares against 661,000 tonnes recorded for the same period of the previous season (down by 0.5%). However, the ICCO noted that, favourable weather conditions were expected to benefit the coming mid-crop.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cumulative cocoa bean purchases by the Ghana Cocoa Board in the 2015/2016 season reached 778,000 tonnes, representing an increase of around 38,000 tonnes compared to the previous season. Although production fell short of the Government’s estimated target, it exceeded the low level of the previous season.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">For the 2016/2017 season, the Government announced an increase of the guaranteed price paid to cocoa farmers to GH¢7,600 per tonne (US$1,914 - based on the exchange rate at the start of the season). As at 22nd October, 2016, cocoa purchases in Ghana, as reported by news agencies, reached approximately 200,000 tonnes.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The total export earnings from cocoa has been increasing since the mid-2000s. Apart from a dip between 2006 and 2007, there has been steady increase from 2007 consistently up to 2010 when Ghana earned approximately US$ 2.285 billion from total cocoa exports, which contributed 28.9% of the country’s total foreign exchange earnings. It had also been the stated policy goal of Ghana to achieving total cocoa production of 1 million tonnes, and in 2011, Ghana was said to have achieved that target.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa beans shipped to overseas destinations during 2013/2014 crop year totaled 721,222 tonnes. The FOB value of the beans shipped amounted to GHC 4,498,546,215 (US$ 1,405,795,692)</span><span style="font-family: "georgia"; font-size: 12pt;">. </span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Currently, Ghana exports its cocoa mainly to Western Europe which accounts for about 67.6%. The main importing countries are The Netherlands (33.8%), U.K. (12.1%), Belgium (8.9%) and Germany (3.6%). Outside of Europe, Ghana exports to Japan (7.2%) and U.S. (3.3%).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa production in Ghana was and is a major contributor to the tax income of the government. There are approximately 800,000 cocoa farmers in Ghana. Cocoa is grown on an estimated 1.9 million hectares. The cocoa industry employs about 60% of the total labor force of the agriculture sector, most cocoa farmers are smallholders who harvest cocoa on 2 to 3 hectares with a yield of on average 400 kg/ha. Including families of farmers, employees of trading companies and input services, the cocoa sector provides income for more than 1 million Ghanaians.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The cocoa sector is one of Ghana’s economic backbones. Ghana is not only the second largest producer of cocoa in the world, but it produces the world’s highest quality cocoa. The cash crop accounts for about 9% of Ghana’s GDP and makes up about one-third of the country’s export revenues, totaling over US$ 1.5 billion.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Additionally, cocoa is an important tool to guarantee the liquidity of the Ghanaian government. The government issues every year a bond which is secured by the predicted income from selling the cocoa of the next harvest. Potential investors know that due to the forward cocoa selling system the bond is a low risk investment. The Ghanaian government pays for the bond at much lower interest rates than it would have to pay for a bank loan.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024224"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Cocoa Processing In Ghana</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<a href="https://www.blogger.com/null" name="OLE_LINK1"></a><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana’s cocoa processing is expanding at an impressive rate. According to Oxford Business Group, Ghana’s processing activities have increased by 69.1% to 225,000 tonnes during the last five seasons.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">However, although Ghana accounts for 20% of the $9 billion global cocoa bean market, it is estimated that less than 30% of the country’s cocoa beans grown are locally processed. This means that Ghana captures only 5% of the US$ 28 billion global intermediate cocoa processing industry and only an insignificant share of the global final consumer market of US$ 87 billion. Meanwhile, the global chocolate industry alone is also valued at an estimated US$ 110 billion dollars, but remarkably, Ghana exports over 80% of cocoa in its raw state. </span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">There has been a downward revision to estimates for world grindings of cocoa beans for the 2015/2016 cocoa year to 4.141 million tonnes (down by 19,000 tonnes compared to the position three months ago). This reduction results mainly from the sharp fall in the level of processing activities in Côte d’Ivoire, down to 492,000 tonnes (a reduction by 18,000 tonnes compared to the earlier forecast), in Ghana, down to 202,000 tonnes (a reduction by almost 9,000 tonnes) as well as in The United States, where processing activities were 12,000 tonnes lower than previously expected, at 398,000 tonnes. Conversely, grindings are now estimated to be higher in Indonesia by 13,000 tonnes to 383,000 tonnes.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Despite the reduction in grinding for the 2015/2016 season, cocoa prices bounced off 10-year lows on April 21 2017 after demand data out of North America and Asia showed signs of a slight recovery, North American cocoa processors reported a 1.2% increase in beans processed during the first quarter of 2017 from a year earlier, the highest first-quarter tonnage since 2015.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The 120,152 tonnes of cocoa beans processed by North American factories in the first quarter of 2017 was also an increase over the previous quarter when 117,588 tonnes of beans were processed. The Cocoa Association of Asia reported grindings on April 20 2017 at 177,450 tonnes, a 19% increase over the same quarter in 2016.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Overall, grindings are forecast to slightly increase by almost 3% to 4.242 million tonnes. If realized, this would increase the total statistical stocks of cocoa beans as at the end of the 2016/2017 cocoa year from 1.401 million tonnes to 1.665 million tonnes, equivalent to 39.3% of projected annual grindings for the 2016/2017 season, according to the ICCO.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">China, India, and Brazil are emerging cocoa markets as recent years have given way to more disposable income. Chocolate products are becoming more popular in these countries. India is the fastest growing market for chocolate, at a rate of 17% since 2010 compared to a 9% growth rate in China. Lastly, in Brazil, by 2020, the premium chocolate market is projected to reach 26%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Consumption processor grindings serve as the key metric for market analysis of bulk cocoa beans and is the last phase in which demand and supply can be equitably compared. The Netherlands is the largest processor of cocoa beans, undertaking approximately 13% of world grindings, followed closely by Côte d’Ivoire, then the United States of America, Germany, Indonesia, Malaysia, Brazil and Ghana. These 8 countries process 70% of all cocoa beans. OLAM, Cargill, and Barry Callebaut are the three dominant global grinders. The global cocoa processing market is valued at US $16 billion.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Value addition has been a long-standing national goal in enhancing earnings from the cocoa industry in Ghana. The current goal in Ghana is to achieve a 50% processed cocoa as a proportion of the exported. Considering the contributions to the total value of exports, the percentage of cocoa export earnings accounted for by processed cocoa beans has risen markedly since 2004, from a little over 10% in 2004 to nearly 40% in 2010. While the proportion of export earnings attributable to locally processed cocoa averaged 25% from 2007 to 2011, ranging from a low of 10% in 2006/2007 to a high of 36% in 2008/2009 and 23% in 2011/2012.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">There has been a consistent increase in value addition with the percentage processed cocoa increasing from 16.09% in 2007, to 21.38% in 2008, and to 31.19% in 2009 and then to 37.66% in 2010. It appears that this trend will continue as Ghana strengthens its efforts in attaining the goal of 50% processed cocoa exports.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa beans are first processed into intermediate products, such as liquor, butter, cake, and powder. Between the 2009/2010 season and the 2012/2013 season, Ghana processed 32% of its cocoa bean production. Liquor constitutes the largest portion of the processed cocoa products and is either exported “as is” or compressed to produce butter, cake, and powder before being exported, mainly to Europe.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Processed intermediate cocoa products are in high demand worldwide, especially in America and Europe, where demand for cocoa reached 2.5 million tonnes per year.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The top 5 value added products exported from Ghana comprises cocoa paste and cocoa butter at the very top of the ranking with US$ 539.1 million and US$ 127.1 million in 2010 respectively. The percentage increases of these values compared to the preceding year of 88.68% and 40.80% illustrate the growing significance of cocoa manufacturing economic activities in Ghana and the importance of this in the overall manufacturing activities. This is a positive development and the trend is likely to remain positive.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana’s value chain is therefore confined to the intermediate processing with the grinding of nibs into cocoa paste which increased by 340% compared to cocoa butter exports which increased by 190% over the same period in 2010.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Within this, however, there are substantial differences in the prices of individual intermediates, with cocoa butter earning the highest premium and cocoa powder tending to be less valuable than cocoa beans on a per-tonne basis, as the demand for cocoa powder is lower than that for butter or liquor.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">Table </span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">1</span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">: Production of Intermediate Cocoa Products</span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"> in Ghana</span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></i></b></div>
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<b>Production year</b><b><o:p></o:p></b></div>
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<b>Cocoa beans bought by local processors (in MT)</b><b><o:p></o:p></b></div>
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<b>Processing output (in MT)</b><b><o:p></o:p></b></div>
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Liquor<o:p></o:p></div>
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Butter<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 23.15pt; margin-top: 3.25pt;">
Cake<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 20.35pt; margin-top: 3.25pt;">
Powder<o:p></o:p></div>
</td></tr>
<tr style="height: 15.6pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.25pt;">
2009/10<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.25pt;">
212,245<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.25pt;">
122,715<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.25pt;">
25,326<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 22.15pt; margin-top: 3.25pt;">
7,237<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.25pt;">
16,975<o:p></o:p></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.15pt;">
2010/11<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.15pt;">
229,695<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.15pt;">
118,437<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.15pt;">
38,564<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 19.65pt; margin-top: 3.15pt;">
12,024<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.15pt;">
29,593<o:p></o:p></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.15pt;">
2011/12<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.15pt;">
211,709<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.15pt;">
114,274<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.15pt;">
30,381<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 19.65pt; margin-top: 3.15pt;">
10,375<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.15pt;">
21,817<o:p></o:p></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.15pt;">
2012/13<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.15pt;">
230,896<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.15pt;">
117,711<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.15pt;">
37,174<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 19.65pt; margin-top: 3.15pt;">
12,444<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.15pt;">
26,250<o:p></o:p></div>
</td></tr>
</tbody></table>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">Source: COCOBOD, 2013</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><br /></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Germany and the United States are the largest importers of cocoa butter. The United States – by a significant margin – is the largest importer of cocoa powder (and accordingly, the largest producer of cocoa complementary products). Germany, France and the Netherlands are the largest importers of cocoa paste.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The ICCO Quarterly Bulletin of Cocoa Statistics forecasts cocoa grinding in Ghana to increase from 202,000 tonnes in 2015/1016 to 210,000 tonnes in 2016/2017. Local processors in Ghana</span><span style="color: #3f3f3f; font-family: "arial"; mso-spacerun: 'yes';"> </span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">include Barry Callebaut, Cocoa Processing Company Limited, Niche Cocoa Industries Limited, Plot Enterprise, Cargill (Ghana) Limited, ADM/Olam, BD Associates and Real Products Limited. The three biggest processing factories owned by foreign companies ADM/Olam, Barry Callebaut and Cargill control 47% of the market. The government owned Cocoa Processing Company controls another 17% of the entire capacity. The rest is divided between local players. Overall, cocoa processing factories in Ghana employ over 1,293 workers.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Exports of cocoa products by eight (8) cocoa processing factories during the 2013/2014 year comprised 111,289 tonnes of cocoa liquor, 35,195 tonnes of cocoa butter, 18,278 tonnes of cocoa cake and 26,991 tonnes of cocoa powder. These products were valued at GH¢892,006,570 (US$ 278,752,053), GH¢539,354,360 (US$168,548,238), GH¢78,401,220 (US$24,500,381) and GH¢152,126,200 (US$47,539,438) respectively - (the dollar equivalents are based on exchange rates at that time).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">On a weighted average price basis, intermediate processed outputs earn a relatively stable premium of approximately 200%–220% over the price of raw cocoa beans, However, cocoa paste and cocoa butter are not in the categories of high value-added products such as chocolates, sweets, beverages and cocoa-based cosmetics and the challenge for Ghana remains, how it can break into these high value-added products.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">As African markets and industry analysts, we differ from the international view or perception that Africa has no tradition of consuming products made from cocoa due to the relatively high price for chocolate products, hence the low local consumption. According to Nestle West Africa’s 2015 Annual report, consumption of beverages, which includes mainly cocoa brands like MILO and CHOCOMILO as well as NIDO, Nescafe and Nestle Pure Life produced an estimated annual revenues of US$ 306 million (60.9 billion Naira) in Nigeria alone. In emerging markets like Africa, consumers prefer chocolate in the form of drinks/beverages, and cocoa drinks like Nestle’s MILO have a very huge market share in Africa which they have monopolized for decades. With innovation, Africa and therefore Ghana has a huge untapped cocoa beverage and chocolate market.</span><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024225"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Demand & Consumption</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">According to data from ICCO (International Cocoa Organization), world cocoa demand continues to grow around 2-4 percent per year. Hardman Agribusiness estimates that the global cocoa derived consumer goods sector has a brand value of some US$ 300 billion, equal to 0.41% of global GDP. A review of the spread of this wealth effect suggests that there is scope for further significant growth in brand value, especially in the big emerging market economies. The global chocolate confectionery sector is also estimated to generate annual revenues in excess of US$ 100 billion annually.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">On the demand side, the ICCO notes that since the start of the 2016/2017 cocoa season, while prices of cocoa butter have been gradually declining, those for cocoa powder have remained steady, despite the contraction of the bean price.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The demand for chocolate also continues to vary regionally. Presently, Europe and North America are still dominating cocoa consumption. Most important countries are the United States, Germany and France, importing respectively 18%, 8.4% and 5.5% of the world harvest. Even if the appetite for chocolate in China and India grew as fast as some experts predict it will, these countries would take many years to increase cocoa demand to the level of the market in Germany with its consumption of approximately 350,000 metric tonnes per year.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">However, countries in Central and Latin America also have a long tradition of consuming cocoa products. This tradition combined with rising incomes has led to an increase in chocolate consumption. The biggest market by far is Brazil which nowadays imports small amounts of cocoa in addition to its own production to satisfy local demand. According to statistics of the International Cocoa Organization, Brazil is the sixth biggest market for cocoa consumption.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Switzerland is the top consumer per capita of chocolate, followed by Germany, Austria, Ireland and the United Kingdom. In 2011, China was the 9th largest importer of cocoa paste and cocoa powder, up from 12th and 15th position respectively in 2008. It is predicted that China will become the 2nd largest market after the U.S.A. in 2017.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In 2011/2012, China consumed, significantly less per capita than the global average – 0.04 kg in bean equivalent, as compared to the global average of 0.62 kg. India is also a very strong and growing market, slated to become the 2nd largest market for cocoa ingredients in the Asia Pacific region after China. While Western Europe and North America have very high per capita consumption levels of chocolate. Per capita consumption is on the rise in Eastern Europe and Russia as well; however, the current preference is for well-known, western confectionery brands.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In the U.S., which is the world largest chocolate market, retail sales of chocolate candy have seen little growth in the last two years. Sales by volume increased by 0.6% in 2016 while sales by value were up 0.7% to US$ 13.7 billion in the year up to December 25 2016, according to data from Chicago-based market research firm IRI.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In China, retail volumes of chocolate likely fell 4% to 122,000 tonnes in 2016, as noted by Euromonitor. On January 25 2017, the largest global cocoa processor, Barry Callebaut AG said its overall sales volumes were flat in its fiscal first quarter although revenue rose 4.2% on the year as higher-margin products.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">According to data from Euromonitor, the sales of chocolate globally reached US$ 98.2 billion in 2016, the highest on record even as volume slid by 0.2% from year earlier to 6.87 million tonnes. Euromonitor also projects that by 2021, chocolate sales is expected to rise to 7.33 million tonnes fetching US$ 110 billion.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024226"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Ghana’s Competitive Advantage in Cocoa Processing</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">GHANA’S PREMIUM COCOA</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The quality of the raw material is one of the major determinants of Ghana’s competitive advantage in cocoa. Ghana is renowned for producing the best quality cocoa in the world, and its entire marketing system, including stringent quality controls, is geared towards maintaining this quality.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Companies from the cocoa and chocolate sector usually accept the strong regulatory influence of the Ghanaian government on the market. This is partly due to the fact that Ghanaian cocoa is still known for its high quality for standard cocoa, while cocoa quality in neighboring Cote d’Ivoire decreased after liberalization since companies used to mix higher quality beans with lower qualities from other regions to achieve the flavour needed for standard chocolate.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">For a long time, Ghanaian cocoa was traded with a premium of 7 to 10 percent above the average world market price. Additionally, trading partners know that they can rely on delivery contracts with the COCOBOD.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The cocoa value chain has the best potential investment opportunity for the economic development of Ghana based on the facts that Ghana has a clear competitive advantage in cocoa production (second largest producer in the world), cocoa makes up a larger production supply than all other crops in the country while the sector also receives unflinching government support.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">UNTAPPED COCOA CHOCOLATE AND BEVERAGE MARKET</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana is missing the key to establish a successful cocoa chocolate and beverage local market across sub-Saharan Africa. Cocoa products and chocolate are not part of the local diet in Ghana, currently Ghana’s per capita chocolate consumption is estimated at just over 0.5kg per annum; this therefore represents a huge untapped chocolate market in Ghana which processors could take advantage by expanding processing beyond intermediate products. Despite the limited consumption of chocolates and cocoa products in Africa, there is great potential for cocoa beverages and chocolate products looking at Africa’s increasing middle class.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">20% DISCOUNT ON COCOA BEANS (LIGHT CROP) FOR PROCESSING</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In its bid to attract investors into Ghana’s cocoa processing sector, the COCOBOD sells beans from the light crop with a 20% discount. Companies which therefore process cocoa in Ghana can buy cocoa beans from the light crop with a 20% discount, hence increasing their profit margins.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">PLANS BY GOVERNMENT TO PROVIDE DISCOUNTS ON MAIN CROP BEANS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The Government of Ghana in a meeting with the top cocoa processors in Ghana on May 5 2017 announced its commitment to reducing prices for the cocoa beans it sells to local grinders in a bid to boost processing volumes and create more employment. According to the Chairman of COCOBOD, Ghana’s cocoa regulator was going to carry out a cost-benefit analysis and consider some discount so the processors can buy the main crop to ensure that they process at full capacity, which will help create more jobs for the youth.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">TAX EXEMPTIONS FOR COCOA PROCESSORS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Many of the processing factories in Ghana operate in export free zones (EFZ) and enjoy massive tax exemptions or reductions. The low tax income from cocoa processing in Ghana is a huge incentive enjoyed by most cocoa processing companies active on the market in the export free zones enclaves.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Unlike Ivory Coast, major incentives for investors include:</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">A 100% exemption from the payment of direct and indirect duties and levies on all imports for production and exports from free zones,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">A 100% exemption from the payment of income tax on profits for their first 10 years (after 10 years, these companies pay no more than 8% income tax, compared to 25% from non-EFZ companies),</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Exemption from value-added tax (VAT) on purchases, including utilities, total exemption from payment of withholding taxes from dividends arising out of free zone investment and</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Relief from double taxation for foreign investors and employees where Ghana has a double taxation agreement with the country of the investors or employees.</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Non-monetary incentives includes:</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">No import licensing requirements, minimal customs formalities,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">100% ownership of shares by any investor; foreign or national in a free zone enterprise is allowed,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">No conditions or restrictions on repatriation of dividends or net profit, payments for foreign loan servicing, payments of fees and charges for technology transfer agreements and remittance of proceeds from sale of any interest in a free zone investment,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Cocoa processors in the free zones are also permitted to operate foreign currency accounts with banks in Ghana,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">At least 70% of annual production of goods and services of Free Zone Enterprises must be exported, consequently up to 30% of annual production of goods and services of a free zone enterprise are authorized for sale in the local market,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Cocoa processors in the free zones are also guaranteed against nationalization and expropriation.</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In summary, local processing is encouraged by the Government of Ghana through incentives such as price discounts, extended credit for payment, permission to import essential machinery, conferment of Export Processing Zone status on companies operating in the zone, inter alia, for example, COCOBOD (the government’s cocoa regulating body) discounts beans from the minor light crop season, which runs from May to September, to local processors. The Government of Ghana’s vision is to enable private companies to position themselves profitably in adding value to raw cocoa beans before export against the fluctuating world market prices of cocoa, and more importantly to enhance the revenue generation potential of the cocoa sector in general.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Newcomers in Ghana’s cocoa processing industry like Niche Cocoa, which is a locally owned company started operations in May 2011 as a Small and Medium-scale Enterprise (SME) with 100 workers and an installed cocoa processing capacity of 30,000 metric tonnes per annum. Within a span of 6 years Niche Cocoa has managed to double its capacity to 60,000 metric tonnes per annum. It has also boosted its workforce to 250. Niche Cocoa which also operates in Ghana’s Free Zones enclaves enjoys all the allocated tax exemptions.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">French multinational cocoa processing company, Touton Group in 2015 announced its acquisition of the 24,000 metric tonnes capacity Commodities Processing Industries (CPI) in Ghana’s Free Zones enclave for US$ 18 million. In 2016, a year after its acquisition, Touton Ghana increased production capacity by 25% to 30,000 tonnes and plans to increase production capacity by 125% to 60,000 tonnes within 5 years. Touton and other major cocoa processing companies were attracted to the Ghanaian market because of the benefits from Ghana’s export free zone (EFZ) advantages as well as the discount that COCOBOD gives on light crop beans.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In July 2016, the Cocoa Processing Company which is state owned also received a major boost following the successful signing of a new agreement with the French company, Touton Ghana. The agreement allows the state-owned company to process 25,000 tonnes of cocoa beans per annum for the latter in return for payment.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">NEARNESS OF FACTORY TO RAW MATERIAL & THE TEMA HARBOUR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">When setting up a cocoa processing factory, processors need to take into account the cost of transporting raw materials and components from suppliers as well as shipping or distributing cocoa products. Transport costs and time constraints make it logical to produce close to the source of raw material and also, after raw beans are processed, nearness to the Port of Tema helps to cut down transport and shipping cost.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Since the free zones enclave is located in Ghana’s port city of Tema, this therefore allows easy access for the purchasing of cocoa beans from COCOBOD’s warehouse in which is also located in Tema, hence cutting down transportation cost for processors when buying cocoa beans to be processed. The location of cocoa processing factories in the Tema free zones enclave also gives processors easy access to the port when cocoa products are to be shipped, this also reduces overall shipping cost with regards to transporting products from factory to the Tema Harbour.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">GOVERNMENT’S UNFLINCHING SUPPORT FOR THE SECTOR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In order to assure cocoa processors of the government’s further commitment to the private sector with its policy to increase local processing, COCOBOD took positive steps to liberalize the cocoa processing agribusiness. The largest locally owned processing company in the country is the Cocoa Processing Company (which was state-owned). The Government of Ghana sold a 25% stake in the company via the stock exchange in Accra. The Government of Ghana then further reiterated after this sale that competition is important and especially the opportunity for Small and Medium-scale Enterprises to succeed and contribute to Ghana’s economic development.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024227"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">The Ivory Coast Problem</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">HIGH TAX ON EXPORTS AND NO INCENTIVES FOR PROCESSORS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Before the 2012 cocoa reforms, cocoa processors in Ivory Coast under the Droit Unique de Sortie (DUS) system had to pay taxes on the weight of exported products rather than on the weight of raw beans utilized to create the products. This was a tax break incentive which allowed cocoa processors to pay less taxes on their products when exporting. However as part of reforms in 2012, Ivory Coast abolished this 20-year-old tax break for cocoa processors, allowing grinders to instead pay taxes on the weight of raw beans they used for processing, while giving them no added incentives on cocoa purchasing.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">This put grinders at a disadvantage since they now had to pay the same taxes as exporters of raw beans. Unlike exporters of raw beans who are able to sell their cocoa with relatively low infrastructure costs, the Oxford Business Group notes that, grinders lose an estimated 23% of their beans during processing while having to pay for expensive machinery, hence putting grinders at a huge disadvantage than exporters of raw cocoa beans.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa processing companies in Ivory Coast are therefore not willing to expand their capacities since they believe it is not economically viable without the initial tax break incentives. Condicaf, which has an offtaker agreement with Transmar, was not grinding at full capacity due to high costs.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In 2015, amid complaints from local processors, the government of Ivory Coast then allocated cocoa processors half of 2015's April-to-September mid-crop and launched efforts to negotiate new tax breaks to take effect in the 2015/2016 season. In an attempt to appease grinders and reduce taxes, the government of Ivory Coast decided to levy a 14.6% tax on bean exports, 13.2% on cocoa liquor (cocoa mass), 11% on cocoa butter and cake, and 9.6% on powder.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">These new government tax breaks does not in any way favour new companies who are about or planning to establish cocoa processing factories in Ivory Coast since the already existing processors who have operated before the 2012 cocoa reforms were implemented had enjoyed higher profits from massive tax cuts for their operations hence putting new processors and especially Small to Medium-scale processors at a disadvantage.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Also, new processors will also be at a huge disadvantage since the new tax breaks states that in order for one to benefit from it, you must already have a factory or plant and that if a processor’s capacity was less than 50,000 tonnes per year you must increase your capacity over 5 years by 15% per year. If it was above 50,000 tonnes, capacity must increase by 10%, and above 100,000 tonnes, capacity must be increased by 7.5%. While this benefits those who are already in the field and already processing cocoa in Ivory Coast; since it gives them an incentive to increase their capacity. For newcomers who are about to enter the cocoa processing sector in Ivory Coast, they would be at a disadvantage since these conditions would not allow their business to be viable.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa processing in Ivory Coast therefore does not favour new processors but tends to favour already existing processors who have very large processing capacities. Hence rendering the industry less attractive to new investors as well as small to medium scale cocoa processors.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">IVORY COAST COCOA DEPENDENCE CAUSES ECONOMIC UNCERTAINTIES</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ratings agency, Moody’s enunciates that the impact of the 2017 cocoa price falls on Ivory Coast’s current account balance will be more significant for the country than Ghana since the economy of Ivory Coast is much dependent on cocoa as compared to Ghana. For instance, cocoa exports accounted for around 43% of Ivory Coast’s total merchandise exports in 2015, compared to just 24% in Ghana.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The impact of cocoa price declines on Ivory Coast’s economy has been much evident in recent times when the country was forced to cut planned spending for 2017 by 10% due to a sharp drop in world prices of cocoa, this shows how the economy of Ivory Coast is exposed to cocoa price vulnerabilities and shocks. Ivory Coast’s problem of cocoa price volatility places a lot of uncertainties on the county’s economy, since pricing hikes are influenced by international factors.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana’s economy on the other hand is not induced with economic instability when cocoa prices decline on the international market since the country’s economy is much diversified and not solely dependent on cocoa revenues. Moody’s indicates that Ghana’s higher GDP growth supported by new oil and gas field developments is bound to cushion any impact from cocoa price decline (worldwide) on its credit profile, hence cocoa price cuts is likely to have a milder impact on Ghana’s economy as compared to Ivory Coast.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">RECURRING UNREST THREATENS THE FUTURE OF POLITICAL & ECONOMIC STABILITY IN IVORY COAST</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ivory Coast has recently enjoyed relative stability and rapid economic growth, but the scars left by a decade of intermittent civil war, which ended in 2011, are still evident.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In the most recent unrest, 3,000 people died in violence after longtime president Laurent Gbagbo lost the 2010 presidential election and then refused to cede power to victor Alassane Ouattara. After a military intervention, Ouattara became president and Gbagbo now faces charges at the international criminal court.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ouattara has received credit for overseeing Ivory Coast’s resurgence, but has struggled to reform an army long riddled with ethnic and political divisions.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Though Ivory Coast has emerged from a 2002-2011 political crisis, most soldiers, mostly former rebels, seized control of the country's second biggest city, Bouake in 2016, sparking a series of smaller mutinies across the country and exposing cracks in its post-war success story. The state agreed in January 2017 to pay almost US$ 20,000 each to some soldiers to quell a mutiny over unpaid bonuses and better living conditions.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Our analysis points to the fact that, for a group of rebels to be able to seize the second largest city in Ivory Coast shows that this unrest could be far from over since it has exposed some vulnerabilities in Ivory Coast’s military, intelligence and security systems. These vulnerabilities could be further exploited or be sparked again by other rebel groups or individuals who also feel sidelined for political or ethnic reasons.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The recent revolt by rebels in Ivory Coast has strongly impacted investor confidence and caused many investors to hold off on planned investments, according to Reuters, most cocoa investors are waiting after 2020 before they invest in their factories since they believe the crisis is not over. This could further undermine the economic recovery process of Ivory Coast.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana on the other hand has enjoyed a stable and peaceful political regime. Since the restoration of civilian rule in 1992, Ghana has become a vibrant democracy, witnessing three changes of power between the two major political parties through elections in 2000, 2008 and 2016, both at parliamentary and presidential level.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The December 2016 general elections in Ghana were peaceful and free, with victory to the opposition for both the presidency and the parliament. This has further strengthened Ghana's reputation as Africa's most stable democracy. Aside economic success, the political stability in Ghana is seen as a major tool that has enabled majority of multinationals in Ghana to grow and expand their businesses from Ghana into other regions in Africa, being the fact that political maturity, good governance system and peaceful co-existence are elements that boost investor confidence in a country.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024228"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Cocoa Processing Industry: The Risks Involved</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">EXTERNAL FACTORS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The main challenge in the cocoa processing sector is dealing with the threats in the external environment to ensure competitiveness. For example, Ghana’s Cocoa Processing Company (CPC) suffered setbacks in 2011 due to the financial crisis in the European countries where its exports are traded. The average price obtained for cocoa butter during the year was US$3050 per tonne as against an average price of US$5800 per tonne in 2010. As a result of the marketing challenges and some internal operational difficulties, CPC was only able to process a total of 16,952.723 metric tonnes in 2011 as against 21,554.960 metric tonnes in 2010 leading to a 21.4% decrease in the processed output of the company.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Exchange rate risk can also reduce the rate of return if the Cedi appreciates, such an economic downturn may force the processing plant to lower production in response to lower demand.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">POOR INVESTMENT IN R & D</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">On the whole, marketing is a major challenge for Ghana as it increases its value addition and the overall strategy should be to widen market access to go beyond Europe and America. The major challenge facing the processing companies suggests that there should be greater linkages among them to enable joint strategizing. Moreover, although the processing companies relate strongly with the COCOBOD and other regulatory bodies such as the Food and Drugs Authority and the Ghana Standards Authority; as they are required to do by the state regulations, their linkage with scientific institutions are not that strong. It is a weakness which does not facilitate innovation in the sector.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">FUEL, MACHINERY & ELECTRICITY UNRELIABILITY</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">There are several risks related to cocoa processing in Ghana that investors must further consider and try to mitigate. First, while cocoa bean prices are fixed, fuel prices can fluctuate and have a negative effect on the costs of production. Machinery can also become disrupted or malfunction, thus creating huge opportunity costs in terms of missed production and considerable costs to fix. Unreliable electricity supply in Ghana can also disrupt processing activities.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">COCOA BUTTER EQUIVALENT THREAT</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">There are technological developments that continue to justify sustained R&D and innovation in Ghana and other producer countries. The development of Cocoa Butter Equivalents (CBE) from other sources than cocoa e.g. palm oil, shea and mango kernels, is threatening to reduce the quantities of cocoa used in chocolates and other products. The E.U. has approved up to 5% use of CBE in chocolates and this is estimated to reduce total demand by some 200,000 tonnes. The 13-member Cocoa Producers Alliance has opposed the approval of CBEs. However, the opposition has been sidelined and the approval came into law in 2000. The option left for cocoa producing countries is to increase production to make it less cost-effective for chocolate producers to use CBEs. This implies greater application of science and technology in the production of the cocoa bean, a more diversified use of cocoa to increase demand and a vigorous increase in home consumption of cocoa.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">COCOA LABOUR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Recent studies show that, as a result of the bad income situation of farmers, child labour on West African cocoa farms/plantations is still a widespread problem. Many cocoa producing families use children to cover their need for labour on the farms to an extent that violates national laws and international child rights conventions. Nestle Ghana for instance has strict regulations to monitor and track the sources of all their cocoa purchases in order to verify that they don’t buy their raw cocoa beans from farmers who engage in the use of child labour on their cocoa farms.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">CLIMATE FACTOR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">From an ecological perspective, the depletion of soils is a serious threat to farmers. In the past, farmers moved on to clear virgin forests once soils depleted. Nowadays, unsustainable production methods lead to the depletion of soils but farmers cannot move from depleted fields. Hardly, any forests are left and in many countries legislation on deforestation has been enforced. The impact of climate change is tangible in West and Central Africa and will become more severe. More recently, reports for heat and humidity continues to threaten the quality of beans in Ivory Coast according to Reuters. Regarding cocoa production, this implies a reduction from suitable areas.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">INCREASING TARIFFS FOR INTERMEDIATE COCOA PRODUCTS IMPORTED TO THE E.U.</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Freight costs for many processed commodities such as cocoa powder and butter generally face higher than those on primary unprocessed components such as cocoa beans. High tariff walls to the export of processed products. E.g. E.U. levies no duties on the import of raw cocoa beans, but levies a 7.7% and 15% ad valorem duty on cocoa powder and cocoa cake, respectively. It is important to note that high import tariffs imposed by the E.U. and other players in the industry is a significant role in keeping African countries focused on exporting raw beans rather than processing.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">LOW CAPACITY UTILIZATION DUE TO LACK OF LIGHT CROP BEANS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Almost all of the processing companies opened their factories with the understanding that COCOBOD would supply them with the beans from the light crop to feed their factories. Ghana's light crop average 50,000 to about 200,000 tonnes compared with installed local processing capacity of over 400,000 tonnes. The light crop output has dwindled while processing capacity has increased, leaving grinders either to pay more for main crop beans, or leave capacity idle. In 2015 total installed capacity for all processing factories in Ghana was 431,000 tonnes out of which only 229,693 tonnes was being utilized, meaning, cocoa processing factories in Ghana altogether utilized only 53% of the country’s total installed capacity.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In years with the low light crop like in 2015/2016, local processors had problems to get hold of enough beans. Ghanaian processors had to import 5,500 tonnes of light crop cocoa beans from Ivory Coast in 2015/2016 and therefore had to reduce the capacity of their factories as not enough light crop beans were available.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Though COCOBOD has assured processors of its commitment to providing discounts on main crop beans, possessors still purchase main crop beans at the international market price, which according to them discourages local processing.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">AUTOMATION OF MACHINES REDUCING EMPLOYMENT IN SECTOR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The Ghanaian cocoa processing industry is highly automated, employing only a little above 1,293 workers across processing firms. This is much lower on a per-firm basis than the level of employment in the late 2000s, when two cocoa processing companies employed 884 workers. Employment in the industry has thus fallen from 442 workers per factory in the 2000s to about 117 per factory today. The limited job creation in the cocoa processing sector has been one of the main arguments put forth by COCOBOD against giving any further discount on the cocoa beans it sells to local processors, especially those produced during the main season.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024229"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Conclusion</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">A paper by Ai et al. alludes to the fact that investors can offset risk through a number of mitigation instruments that are commonly used for agriculture investments such as: guarantees, insurance and technical assistance. The study further noted that, making smart investment choices can also help to reduce operational risks and suggested the following requirements for investment in this business opportunity:</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Technical assistance: Social impact investors are able to use a relationship-based approach, with more intensive due diligence, in order to encourage investment officers to become familiar with the unique aspects of the business, and allow them to build in flexibility and enhance repayment.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Piecemeal growth: The processing plant needs to focus on providing one product at scale to one market (cocoa butter and liquor to the export market) so investment management processes can be standardized, which lowers costs and improves scalability.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Focus on fixed and movable asset investment: Investment needs to focus on processing equipment, which provides an effective collateral substitute.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">However as mentioned earlier, the Government of Ghana automatically provides some payments to companies that operate in the export promotion zone for exchange rate risk.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana is the world's second largest producer of cocoa—the main ingredient for chocolate—and has great potential to add value to its raw cocoa exports. The cocoa industry (beyond raw beans) therefore offers opportunities to increase export earnings through increased processing of intermediate and finished products. Less than 25% of cocoa beans are processed locally, allowing Ghana to capture only about 5% of the US$28 billion of the global intermediate cocoa processing industry. Given that Ghanaian cocoa is regarded to be of the highest quality and trades at a higher price than cocoa from other origins, the industry can benefit immensely from value addition through increased investments and innovations.</span><span style="color: #3f3f3f; font-family: "arial"; mso-spacerun: 'yes';"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024230"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">References</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Aboa, A. & Kpodo, K., 2016, Cocoa grinders in Ivory Coast, Ghana hit hard by poor bean quality. Reuters [online], viewed on 19 April 2017, available at http://www.reuters.com/article/us-ivorycoast-ghana-cocoa-idUSKCN0Z029E</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Africa Report, 2017, Côte d’Ivoire unrest makes cocoa grinders rethink investments. Viewed on 20 April 2017, available at http://www.theafricareport.com/West-Africa/cote-divoire-unrest-makes-cocoa-grinders-rethink-investments.html</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Africa Report, 2017, Ivory Coast cocoa quality suffers as merchants blend beans. The Africa Report [Online], available at http://www.theafricareport.com/West-Africa/ivory-coast-cocoa-quality-suffers-as-merchants-blend-beans.html</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ai, E., Castro, V., Chen, V., Ortiz, M. & Tailor, A., 2012, Proposal for Enabling Investment in Cocoa Processing Plants in Ghana. Viewed on 18 April 2017, available at https://yvonnechenportfolio.files.wordpress.com/2016/01/ghana-cocoa-processing-plant-investment-concept-note-april-2012.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Asante-Poku A., Angelucci F., 2013. Analysis of incentives and disincentives for cocoa in Ghana. Technical notes series, MAFAP, FAO, Rome.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Asselstine, M., Mollo, M.J., Morales, M.J., & Papanikolopoulos, V., 2016, Cocoa Liquor, Butter, & Powder Production. Senior Design Reports (CBE), Department of Chemical & Biomolecular Engineering, University of Pennsylvania.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Bavier, J., 2017, UPDATE 2-Hit by falling cocoa prices, Ivory Coast slashes budget. Reuters [Online], available at http://www.reuters.com/article/ivorycoast-economy-idUSL8N1HS29L</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Coffee & Cocoa International, 2016, Cocoa prices stagnant despite grinding data. Viewed on 19 April 2017, available online at https://www.coffeeandcocoa.net/2016/10/24/cocoa-prices-stagnant-despite-grinding-data/</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Coffee Network, 2016, ICCO: Global Cocoa Production for 2015-2016 Pegged at 4.031 Million Tons. Viewed on 18 April 2017, available at http://www.coffeenetwork.com/Portal/Entities/_ShowContent.aspx?Eid=735&Iid=176436&Path=Documents/News/2016-12/735/ICCO%20quarterly%20bulletin%20dec%2020%202016.doc&ContentType=application/msword</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Coulibaly, L., 2017, Heat and humidity in Ivory Coast cause concern for cocoa crop. Reuters [online] viewed on 18 April 2017, available at http://af.reuters.com/article/ghanaNews/idAFL8N1HW3PT</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Dontoh, E., 2017, Ghana Considers Lowering Cocoa Prices to Help Local Processors. Bloomberg [online], viewed on 5 May 2017, available at https://www.bloomberg.com/news/articles/2017-05-03/ghana-considers-lowering-cocoa-prices-to-help-local-processors</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Duru, 2017, Trading Cocoa: Price Survives A Forecast Of Surplus - Consolidation Likely Ahead. Seeking Alpha [online], viewed on 20 April 2017, available at https://seekingalpha.com/article/4060454-trading-cocoa-price-survives-forecast-surplus-consolidation-likely-ahead</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Essegbey, O., G & Ofori-Gyamfi, E., 2012, Ghana Cocoa Industry—An Analysis from the Innovation System Perspective, Technology and Investment, 2012, 3, 276-286.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Felix, B., 2015, Ivory Coast cocoa grinding expected to drop this season -Ecobank. Reuters [online], viewed on 19 April 2017, available at http://www.reuters.com/article/cocoa-ivorycoast-grind-idUSL5N0YI1NM20150527</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana Cocoa Board, 2014, 45th Annual Report, viewed on 19 April 2017, Cocobod: Accra.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Hawkins, D. & Chen, Y., 2016, The Midas Commodity. Viewed on 17 April 2017, available at http://www.hardmanandco.com/docs/default-source/sector-docs/agriculture-sector-documents/june-2016--cocoa-the-midas-commodity</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Hoefter, F. A., 2001, The Competitiveness of Ghana’s Industry. PhD thesis, University of St. Gallen, University of Economics, Law and Social Sciences.viewed on 17 April 2017, available at http://www1.unisg.ch/www/edis.nsf/SysLkpByIdentifier/2494/$FILE/dis2494.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">http://www.foxbusiness.com/features/2017/04/21/cocoa-bounces-off-10-year-lows.html</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Hunt, N., 2017, Cocoa futures to rebound as low prices boost demand. Reuters [online], viewed at 20 April 2017, available at http://www.reuters.com/article/us-cocoa-prices-production-idUSKBN15N059</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Hütz-Adams, F., Huber, C., Knoke, I., Morazán, P., Mürlebach, M., 2016, Strengthening the competitiveness of cocoa production and improving the income of cocoa producers in West and Central Africa. Viewed on 18 April 2017, available at https://suedwind-institut.de/fileadmin/fuerSuedwind/Publikationen/2017/2017-06_Strengthening_the_competitiveness_of_cocoa_production_and_improving_the_income_of_cocoa_producers_in_West_and_Central_Africa.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">International Cocoa Organization, 2016, Grindings of cocoa beans, Quarterly Bulletin of Cocoa Statistics. Vol. XLIII, No. 1, Cocoa year 2016/17. ICCO: Abidjan.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">International Cocoa Organization, 2017, Cocoa market review, ICCO: Abidjan.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Kolavalli, S., Vigneri, M., Maamah, H. & Poku, J., 2012, The Partially Liberalized Cocoa Sector in Ghana: Producer Price Determination, Quality Control and Service Provision, Draft report, Ghana Strategy Support Program International Food Policy Research Institute. Available at https://mfe.be/choconomics/kolavalli.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Mulangu, F. & Maiga, E., 2013, Optimal Agro-Industry Policy: A Case Study of Ghana Cocoa Processing. AGRODEP Workshop Dakar, Senegal. Viewed on 18 April 2017, available at http://www.agrodep.org/sites/default/files/annualmeeting/2013IR_Maiga_E_final.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Mulangu, F., Miranda., M. & Maiga., E., 2013, Is more chocolate bad for poverty? an evaluation of the impact industrial policies on poverty and industrialization in Ghana. Available at https://www.afdb.org/uploads/tx_llafdbpapers/Is_More_Chocolate_Bad_for_Poverty____An_Evaluation_of_the_Impact_of_Industrial_Policies_on_Poverty_and_Industrialization_in_Ghana_.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Nestle Nigeria Plc, 2015, Annual Report & Accounts. Lagos, Nigeria. Viewed on 2 May 20117, available at http://www.nestle-cwa.com/en/investors/documents/nestle_annual_report_2015.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">News Ghana, 2015, French company to start cocoa processing in Ghana. Viewed on 21 April 2017, available at https://www.newsghana.com.gh/french-company-start-cocoa-processing-ghana/</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Odonkor, E., 2016, Cocoa Touton Processing raises capacity 25% in a year. Ghana Business News [online], viewed on 21 April 2017, available at https://www.ghanabusinessnews.com/2016/04/09/cocoa-touton-processing-increases-capacity-25-in-1-year/</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Oxford Business Group, 2015, Bearing fruit: Policy changes create new difficulties for small-scale cocoa grinders. Viewed on 20 April 2017, available at https://www.oxfordbusinessgroup.com/analysis/bearing-fruit-policy-changes-create-new-difficulties-small-scale-cocoa-grinders</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Perez, G.P., 2017, It’s Time to Load Up on Chocolates Before Cocoa Rebounds. Bloomberg [online], viewed on 18 April 2017, available at https://www.bloomberg.com/news/articles/2017-04-20/it-s-time-to-load-up-on-chocolates-before-cocoa-prices-rebound</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Perkins, I., 2014, Global Cocoa Processing: Ground to a Halt. Viewed on 17 April 2017, available at https://www.bbh.com/blob/9324/544e3d5dd4de2f5533216097512f180d/global-cocoa-processing--ground-to-a-halt-pdf-data.pdf</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Verdin, M., 2017, Cocoa price weakness 'unlikely to persist', says Moody's. Agrimoney [online], viewed on 18 April 2017, available at http://www.agrimoney.com/news/cocoa-price-weakness-unlikely-to-persist-says-moodys--10598.html</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Wernau, J., Cocoa Bounces Off 10-Year Lows, 2017. Fox News [online], viewed on 22 April 2017, available at http://www.foxbusiness.com/features/2017/04/21/cocoa-bounces-off-10-year-lows0.html</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_Toc482024231"></a><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">Authors</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Isma-il Sulaiman and Bernard Boachie-Danquah are the Founding Partners of Goodman AMC, and are both renowned strategy consultants with extensive experience on the African market.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Image Credit: divinechocolate.com</span></div>
Unknownnoreply@blogger.com35tag:blogger.com,1999:blog-7924801008084671157.post-85229859928211709832017-05-09T00:27:00.001+01:002017-05-09T12:41:51.006+01:00Current State of Cocoa Production in Ghana<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana is the world’s second largest cocoa producer, the country has a strong position on the world market for standard cocoa with a market share of an estimated 20%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">During the 2015/2016 harvesting season the country produced approximately 800,000 metric tonnes of cocoa, which was 20% of the total world harvest. Until a couple of years ago, cocoa generated around a third of Ghana’s export earnings. This share decreased due to the start of oil production. In 2014, cocoa was the third largest export product with a share of 20% (US$ 2.6 billion) in total exports (US$ 13.2 billion).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><a href="https://drive.google.com/file/d/0B8S7ODNbOsDZVTJQTUVKQXl4QXM/view" style="background: rgb(255, 255, 255); box-sizing: border-box; font-family: "times new roman"; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;" target="_blank"><span style="color: #0b5394; font-family: "arial" , "helvetica" , sans-serif; font-size: large;">Download full Report Here (PDF)</span></a></span><br />
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The marketing year for cocoa begins in October, when harvest of the “main crop” begins, followed by the harvest of a smaller “light crop” in July. Light-crop beans are smaller than the main-crop variety, but are identical in quality and grown on the same trees. The main crop accounts for 90% of total annual cocoa bean production in Ghana, and the light crop accounts for the remaining 10%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">ICCO projects that total output for Ghana is anticipated to reach around 850,000 tonnes in 2016/2017. Declared purchases as at 23 February, 2017 were reported at 657,000 tonnes; this compares against 661,000 tonnes recorded for the same period of the previous season (down by 0.5%). However, the ICCO noted that, favourable weather conditions were expected to benefit the coming mid-crop.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cumulative cocoa bean purchases by the Ghana Cocoa Board in the 2015/2016 season reached 778,000 tonnes, representing an increase of around 38,000 tonnes compared to the previous season. Although production fell short of the Government’s estimated target, it exceeded the low level of the previous season.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">For the 2016/2017 season, the Government announced an increase of the guaranteed price paid to cocoa farmers to GH¢7,600 per tonne (US$1,914 - based on the exchange rate at the start of the season). As at 22nd October, 2016, cocoa purchases in Ghana, as reported by news agencies, reached approximately 200,000 tonnes.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The total export earnings from cocoa has been increasing since the mid-2000s. Apart from a dip between 2006 and 2007, there has been steady increase from 2007 consistently up to 2010 when Ghana earned approximately US$ 2.285 billion from total cocoa exports, which contributed 28.9% of the country’s total foreign exchange earnings. It had also been the stated policy goal of Ghana to achieving total cocoa production of 1 million tonnes, and in 2011, Ghana was said to have achieved that target.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa beans shipped to overseas destinations during 2013/2014 crop year totaled 721,222 tonnes. The FOB value of the beans shipped amounted to GHC 4,498,546,215 (US$ 1,405,795,692)</span><span style="font-family: "georgia"; font-size: 12pt;">. </span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Currently, Ghana exports its cocoa mainly to Western Europe which accounts for about 67.6%. The main importing countries are The Netherlands (33.8%), U.K. (12.1%), Belgium (8.9%) and Germany (3.6%). Outside of Europe, Ghana exports to Japan (7.2%) and U.S. (3.3%).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa production in Ghana was and is a major contributor to the tax income of the government. There are approximately 800,000 cocoa farmers in Ghana. Cocoa is grown on an estimated 1.9 million hectares. The cocoa industry employs about 60% of the total labor force of the agriculture sector, most cocoa farmers are smallholders who harvest cocoa on 2 to 3 hectares with a yield of on average 400 kg/ha. Including families of farmers, employees of trading companies and input services, the cocoa sector provides income for more than 1 million Ghanaians.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The cocoa sector is one of Ghana’s economic backbones. Ghana is not only the second largest producer of cocoa in the world, but it produces the world’s highest quality cocoa. The cash crop accounts for about 9% of Ghana’s GDP and makes up about one-third of the country’s export revenues, totaling over US$ 1.5 billion.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Additionally, cocoa is an important tool to guarantee the liquidity of the Ghanaian government. The government issues every year a bond which is secured by the predicted income from selling the cocoa of the next harvest. Potential investors know that due to the forward cocoa selling system the bond is a low risk investment. The Ghanaian government pays for the bond at much lower interest rates than it would have to pay for a bank loan.</span></div>
Unknownnoreply@blogger.com21tag:blogger.com,1999:blog-7924801008084671157.post-61534800190418796192017-05-09T00:24:00.001+01:002017-05-09T12:42:16.539+01:00Ghana's Competitive Advantage in the Cocoa Processing Industry<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
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<span style="color: #3f3f3f; font-family: "cambria";"><b>GHANA'S PREMIUM COCOA</b></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The quality of the raw material is one of the major determinants of Ghana’s competitive advantage in cocoa. Ghana is renowned for producing the best quality cocoa in the world, and its entire marketing system, including stringent quality controls, is geared towards maintaining this quality.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Companies from the cocoa and chocolate sector usually accept the strong regulatory influence of the Ghanaian government on the market. This is partly due to the fact that Ghanaian cocoa is still known for its high quality for standard cocoa, while cocoa quality in neighboring Cote d’Ivoire decreased after liberalization since companies used to mix higher quality beans with lower qualities from other regions to achieve the flavour needed for standard chocolate.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">For a long time, Ghanaian cocoa was traded with a premium of 7 to 10 percent above the average world market price. Additionally, trading partners know that they can rely on delivery contracts with the COCOBOD.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The cocoa value chain has the best potential investment opportunity for the economic development of Ghana based on the facts that Ghana has a clear competitive advantage in cocoa production (second largest producer in the world), cocoa makes up a larger production supply than all other crops in the country while the sector also receives unflinching government support.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">UNTAPPED COCOA CHOCOLATE AND BEVERAGE MARKET</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana is missing the key to establish a successful cocoa chocolate and beverage local market across sub-Saharan Africa. Cocoa products and chocolate are not part of the local diet in Ghana, currently Ghana’s per capita chocolate consumption is estimated at just over 0.5kg per annum; this therefore represents a huge untapped chocolate market in Ghana which processors could take advantage by expanding processing beyond intermediate products. Despite the limited consumption of chocolates and cocoa products in Africa, there is great potential for cocoa beverages and chocolate products looking at Africa’s increasing middle class.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">20% DISCOUNT ON COCOA BEANS (LIGHT CROP) FOR PROCESSING</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In its bid to attract investors into Ghana’s cocoa processing sector, the COCOBOD sells beans from the light crop with a 20% discount. Companies which therefore process cocoa in Ghana can buy cocoa beans from the light crop with a 20% discount, hence increasing their profit margins.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">PLANS BY GOVERNMENT TO PROVIDE DISCOUNTS ON MAIN CROP BEANS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The Government of Ghana in a meeting with the top cocoa processors in Ghana on May 5 2017 announced its commitment to reducing prices for the cocoa beans it sells to local grinders in a bid to boost processing volumes and create more employment. According to the Chairman of COCOBOD, Ghana’s cocoa regulator was going to carry out a cost-benefit analysis and consider some discount so the processors can buy the main crop to ensure that they process at full capacity, which will help create more jobs for the youth.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">TAX EXEMPTIONS FOR COCOA PROCESSORS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Many of the processing factories in Ghana operate in export free zones (EFZ) and enjoy massive tax exemptions or reductions. The low tax income from cocoa processing in Ghana is a huge incentive enjoyed by most cocoa processing companies active on the market in the export free zones enclaves.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Unlike Ivory Coast, major incentives for investors include:</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">A 100% exemption from the payment of direct and indirect duties and levies on all imports for production and exports from free zones,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">A 100% exemption from the payment of income tax on profits for their first 10 years (after 10 years, these companies pay no more than 8% income tax, compared to 25% from non-EFZ companies),</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Exemption from value-added tax (VAT) on purchases, including utilities, total exemption from payment of withholding taxes from dividends arising out of free zone investment and</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Relief from double taxation for foreign investors and employees where Ghana has a double taxation agreement with the country of the investors or employees.</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Non-monetary incentives includes:</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">No import licensing requirements, minimal customs formalities,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">100% ownership of shares by any investor; foreign or national in a free zone enterprise is allowed,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">No conditions or restrictions on repatriation of dividends or net profit, payments for foreign loan servicing, payments of fees and charges for technology transfer agreements and remittance of proceeds from sale of any interest in a free zone investment,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Cocoa processors in the free zones are also permitted to operate foreign currency accounts with banks in Ghana,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">At least 70% of annual production of goods and services of Free Zone Enterprises must be exported, consequently up to 30% of annual production of goods and services of a free zone enterprise are authorized for sale in the local market,</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="font-family: "symbol"; font-size: 12pt;">· </span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;">Cocoa processors in the free zones are also guaranteed against nationalization and expropriation.</span><span style="font-family: "georgia"; font-size: 12pt; line-height: 24px;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In summary, local processing is encouraged by the Government of Ghana through incentives such as price discounts, extended credit for payment, permission to import essential machinery, conferment of Export Processing Zone status on companies operating in the zone, inter alia, for example, COCOBOD (the government’s cocoa regulating body) discounts beans from the minor light crop season, which runs from May to September, to local processors. The Government of Ghana’s vision is to enable private companies to position themselves profitably in adding value to raw cocoa beans before export against the fluctuating world market prices of cocoa, and more importantly to enhance the revenue generation potential of the cocoa sector in general.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Newcomers in Ghana’s cocoa processing industry like Niche Cocoa, which is a locally owned company started operations in May 2011 as a Small and Medium-scale Enterprise (SME) with 100 workers and an installed cocoa processing capacity of 30,000 metric tonnes per annum. Within a span of 6 years Niche Cocoa has managed to double its capacity to 60,000 metric tonnes per annum. It has also boosted its workforce to 250. Niche Cocoa which also operates in Ghana’s Free Zones enclaves enjoys all the allocated tax exemptions.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">French multinational cocoa processing company, Touton Group in 2015 announced its acquisition of the 24,000 metric tonnes capacity Commodities Processing Industries (CPI) in Ghana’s Free Zones enclave for US$ 18 million. In 2016, a year after its acquisition, Touton Ghana increased production capacity by 25% to 30,000 tonnes and plans to increase production capacity by 125% to 60,000 tonnes within 5 years. Touton and other major cocoa processing companies were attracted to the Ghanaian market because of the benefits from Ghana’s export free zone (EFZ) advantages as well as the discount that COCOBOD gives on light crop beans.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In July 2016, the Cocoa Processing Company which is state owned also received a major boost following the successful signing of a new agreement with the French company, Touton Ghana. The agreement allows the state-owned company to process 25,000 tonnes of cocoa beans per annum for the latter in return for payment.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">NEARNESS OF FACTORY TO RAW MATERIAL & THE TEMA HARBOUR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">When setting up a cocoa processing factory, processors need to take into account the cost of transporting raw materials and components from suppliers as well as shipping or distributing cocoa products. Transport costs and time constraints make it logical to produce close to the source of raw material and also, after raw beans are processed, nearness to the Port of Tema helps to cut down transport and shipping cost.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Since the free zones enclave is located in Ghana’s port city of Tema, this therefore allows easy access for the purchasing of cocoa beans from COCOBOD’s warehouse in which is also located in Tema, hence cutting down transportation cost for processors when buying cocoa beans to be processed. The location of cocoa processing factories in the Tema free zones enclave also gives processors easy access to the port when cocoa products are to be shipped, this also reduces overall shipping cost with regards to transporting products from factory to the Tema Harbour.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">GOVERNMENT’S UNFLINCHING SUPPORT FOR THE SECTOR</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In order to assure cocoa processors of the government’s further commitment to the private sector with its policy to increase local processing, COCOBOD took positive steps to liberalize the cocoa processing agribusiness. The largest locally owned processing company in the country is the Cocoa Processing Company (which was state-owned). The Government of Ghana sold a 25% stake in the company via the stock exchange in Accra. The Government of Ghana then further reiterated after this sale that competition is important and especially the opportunity for Small and Medium-scale Enterprises to succeed and contribute to Ghana’s economic development.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;">The Ivory Coast Problem</span></b><b><span style="color: #0070c0; font-family: "arial"; font-size: 20pt;"><o:p></o:p></span></b></h1>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">HIGH TAX ON EXPORTS AND NO INCENTIVES FOR PROCESSORS</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Before the 2012 cocoa reforms, cocoa processors in Ivory Coast under the Droit Unique de Sortie (DUS) system had to pay taxes on the weight of exported products rather than on the weight of raw beans utilized to create the products. This was a tax break incentive which allowed cocoa processors to pay less taxes on their products when exporting. However as part of reforms in 2012, Ivory Coast abolished this 20-year-old tax break for cocoa processors, allowing grinders to instead pay taxes on the weight of raw beans they used for processing, while giving them no added incentives on cocoa purchasing.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">This put grinders at a disadvantage since they now had to pay the same taxes as exporters of raw beans. Unlike exporters of raw beans who are able to sell their cocoa with relatively low infrastructure costs, the Oxford Business Group notes that, grinders lose an estimated 23% of their beans during processing while having to pay for expensive machinery, hence putting grinders at a huge disadvantage than exporters of raw cocoa beans.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa processing companies in Ivory Coast are therefore not willing to expand their capacities since they believe it is not economically viable without the initial tax break incentives. Condicaf, which has an offtaker agreement with Transmar, was not grinding at full capacity due to high costs.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In 2015, amid complaints from local processors, the government of Ivory Coast then allocated cocoa processors half of 2015's April-to-September mid-crop and launched efforts to negotiate new tax breaks to take effect in the 2015/2016 season. In an attempt to appease grinders and reduce taxes, the government of Ivory Coast decided to levy a 14.6% tax on bean exports, 13.2% on cocoa liquor (cocoa mass), 11% on cocoa butter and cake, and 9.6% on powder.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">These new government tax breaks does not in any way favour new companies who are about or planning to establish cocoa processing factories in Ivory Coast since the already existing processors who have operated before the 2012 cocoa reforms were implemented had enjoyed higher profits from massive tax cuts for their operations hence putting new processors and especially Small to Medium-scale processors at a disadvantage.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Also, new processors will also be at a huge disadvantage since the new tax breaks states that in order for one to benefit from it, you must already have a factory or plant and that if a processor’s capacity was less than 50,000 tonnes per year you must increase your capacity over 5 years by 15% per year. If it was above 50,000 tonnes, capacity must increase by 10%, and above 100,000 tonnes, capacity must be increased by 7.5%. While this benefits those who are already in the field and already processing cocoa in Ivory Coast; since it gives them an incentive to increase their capacity. For newcomers who are about to enter the cocoa processing sector in Ivory Coast, they would be at a disadvantage since these conditions would not allow their business to be viable.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa processing in Ivory Coast therefore does not favour new processors but tends to favour already existing processors who have very large processing capacities. Hence rendering the industry less attractive to new investors as well as small to medium scale cocoa processors.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">IVORY COAST COCOA DEPENDENCE CAUSES ECONOMIC UNCERTAINTIES</span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ratings agency, Moody’s enunciates that the impact of the 2017 cocoa price falls on Ivory Coast’s current account balance will be more significant for the country than Ghana since the economy of Ivory Coast is much dependent on cocoa as compared to Ghana. For instance, cocoa exports accounted for around 43% of Ivory Coast’s total merchandise exports in 2015, compared to just 24% in Ghana.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The impact of cocoa price declines on Ivory Coast’s economy has been much evident in recent times when the country was forced to cut planned spending for 2017 by 10% due to a sharp drop in world prices of cocoa, this shows how the economy of Ivory Coast is exposed to cocoa price vulnerabilities and shocks. Ivory Coast’s problem of cocoa price volatility places a lot of uncertainties on the county’s economy, since pricing hikes are influenced by international factors.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana’s economy on the other hand is not induced with economic instability when cocoa prices decline on the international market since the country’s economy is much diversified and not solely dependent on cocoa revenues. Moody’s indicates that Ghana’s higher GDP growth supported by new oil and gas field developments is bound to cushion any impact from cocoa price decline (worldwide) on its credit profile, hence cocoa price cuts is likely to have a milder impact on Ghana’s economy as compared to Ivory Coast.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">RECURRING UNREST THREATENS THE FUTURE OF POLITICAL & ECONOMIC STABILITY IN IVORY COAST</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ivory Coast has recently enjoyed relative stability and rapid economic growth, but the scars left by a decade of intermittent civil war, which ended in 2011, are still evident.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">In the most recent unrest, 3,000 people died in violence after longtime president Laurent Gbagbo lost the 2010 presidential election and then refused to cede power to victor Alassane Ouattara. After a military intervention, Ouattara became president and Gbagbo now faces charges at the international criminal court.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ouattara has received credit for overseeing Ivory Coast’s resurgence, but has struggled to reform an army long riddled with ethnic and political divisions.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Though Ivory Coast has emerged from a 2002-2011 political crisis, most soldiers, mostly former rebels, seized control of the country's second biggest city, Bouake in 2016, sparking a series of smaller mutinies across the country and exposing cracks in its post-war success story. The state agreed in January 2017 to pay almost US$ 20,000 each to some soldiers to quell a mutiny over unpaid bonuses and better living conditions.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Our analysis points to the fact that, for a group of rebels to be able to seize the second largest city in Ivory Coast shows that this unrest could be far from over since it has exposed some vulnerabilities in Ivory Coast’s military, intelligence and security systems. These vulnerabilities could be further exploited or be sparked again by other rebel groups or individuals who also feel sidelined for political or ethnic reasons.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The recent revolt by rebels in Ivory Coast has strongly impacted investor confidence and caused many investors to hold off on planned investments, according to Reuters, most cocoa investors are waiting after 2020 before they invest in their factories since they believe the crisis is not over. This could further undermine the economic recovery process of Ivory Coast.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana on the other hand has enjoyed a stable and peaceful political regime. Since the restoration of civilian rule in 1992, Ghana has become a vibrant democracy, witnessing three changes of power between the two major political parties through elections in 2000, 2008 and 2016, both at parliamentary and presidential level.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The December 2016 general elections in Ghana were peaceful and free, with victory to the opposition for both the presidency and the parliament. This has further strengthened Ghana's reputation as Africa's most stable democracy. Aside economic success, the political stability in Ghana is seen as a major tool that has enabled majority of multinationals in Ghana to grow and expand their businesses from Ghana into other regions in Africa, being the fact that political maturity, good governance system and peaceful co-existence are elements that boost investor confidence in a country.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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Unknownnoreply@blogger.com54tag:blogger.com,1999:blog-7924801008084671157.post-40626781374531200002017-05-09T00:22:00.001+01:002017-05-09T12:43:08.039+01:00Current State of the Cocoa Processing Industry in Ghana<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj27aGXw5dcqV-zFJJgO_CgabTyX0anP2HKrPxhuNVYbYLn8b1hXaRP3yMzeq5mw_Qjbo3NWOyi6W_EnTGd9GebNC1e-BQvaILeoFw7Lf96VI1anZ5IcXxiGs2dq4TracnS5dCp5DJ2WHzi/s1600/00034281_medium.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj27aGXw5dcqV-zFJJgO_CgabTyX0anP2HKrPxhuNVYbYLn8b1hXaRP3yMzeq5mw_Qjbo3NWOyi6W_EnTGd9GebNC1e-BQvaILeoFw7Lf96VI1anZ5IcXxiGs2dq4TracnS5dCp5DJ2WHzi/s640/00034281_medium.jpeg" width="640" /></a></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana’s cocoa processing is expanding at an impressive rate. According to Oxford Business Group, Ghana’s processing activities have increased by 69.1% to 225,000 tonnes during the last five seasons.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span><span style="color: #0b5394; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><a href="https://drive.google.com/file/d/0B8S7ODNbOsDZVTJQTUVKQXl4QXM/view" target="_blank">Download full Report Here (PDF)</a></span><br />
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">However, although Ghana accounts for 20% of the $9 billion global cocoa bean market, it is estimated that less than 30% of the country’s cocoa beans grown are locally processed. This means that Ghana captures only 5% of the US$ 28 billion global intermediate cocoa processing industry and only an insignificant share of the global final consumer market of US$ 87 billion. Meanwhile, the global chocolate industry alone is also valued at an estimated US$ 110 billion dollars, but remarkably, Ghana exports over 80% of cocoa in its raw state. </span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">There has been a downward revision to estimates for world grindings of cocoa beans for the 2015/2016 cocoa year to 4.141 million tonnes (down by 19,000 tonnes compared to the position three months ago). This reduction results mainly from the sharp fall in the level of processing activities in Côte d’Ivoire, down to 492,000 tonnes (a reduction by 18,000 tonnes compared to the earlier forecast), in Ghana, down to 202,000 tonnes (a reduction by almost 9,000 tonnes) as well as in The United States, where processing activities were 12,000 tonnes lower than previously expected, at 398,000 tonnes. Conversely, grindings are now estimated to be higher in Indonesia by 13,000 tonnes to 383,000 tonnes.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Despite the reduction in grinding for the 2015/2016 season, cocoa prices bounced off 10-year lows on April 21 2017 after demand data out of North America and Asia showed signs of a slight recovery, North American cocoa processors reported a 1.2% increase in beans processed during the first quarter of 2017 from a year earlier, the highest first-quarter tonnage since 2015.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The 120,152 tonnes of cocoa beans processed by North American factories in the first quarter of 2017 was also an increase over the previous quarter when 117,588 tonnes of beans were processed. The Cocoa Association of Asia reported grindings on April 20 2017 at 177,450 tonnes, a 19% increase over the same quarter in 2016.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Overall, grindings are forecast to slightly increase by almost 3% to 4.242 million tonnes. If realized, this would increase the total statistical stocks of cocoa beans as at the end of the 2016/2017 cocoa year from 1.401 million tonnes to 1.665 million tonnes, equivalent to 39.3% of projected annual grindings for the 2016/2017 season, according to the ICCO.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">China, India, and Brazil are emerging cocoa markets as recent years have given way to more disposable income. Chocolate products are becoming more popular in these countries. India is the fastest growing market for chocolate, at a rate of 17% since 2010 compared to a 9% growth rate in China. Lastly, in Brazil, by 2020, the premium chocolate market is projected to reach 26%.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Consumption processor grindings serve as the key metric for market analysis of bulk cocoa beans and is the last phase in which demand and supply can be equitably compared. The Netherlands is the largest processor of cocoa beans, undertaking approximately 13% of world grindings, followed closely by Côte d’Ivoire, then the United States of America, Germany, Indonesia, Malaysia, Brazil and Ghana. These 8 countries process 70% of all cocoa beans. OLAM, Cargill, and Barry Callebaut are the three dominant global grinders. The global cocoa processing market is valued at US $16 billion.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Value addition has been a long-standing national goal in enhancing earnings from the cocoa industry in Ghana. The current goal in Ghana is to achieve a 50% processed cocoa as a proportion of the exported. Considering the contributions to the total value of exports, the percentage of cocoa export earnings accounted for by processed cocoa beans has risen markedly since 2004, from a little over 10% in 2004 to nearly 40% in 2010. While the proportion of export earnings attributable to locally processed cocoa averaged 25% from 2007 to 2011, ranging from a low of 10% in 2006/2007 to a high of 36% in 2008/2009 and 23% in 2011/2012.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">There has been a consistent increase in value addition with the percentage processed cocoa increasing from 16.09% in 2007, to 21.38% in 2008, and to 31.19% in 2009 and then to 37.66% in 2010. It appears that this trend will continue as Ghana strengthens its efforts in attaining the goal of 50% processed cocoa exports.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Cocoa beans are first processed into intermediate products, such as liquor, butter, cake, and powder. Between the 2009/2010 season and the 2012/2013 season, Ghana processed 32% of its cocoa bean production. Liquor constitutes the largest portion of the processed cocoa products and is either exported “as is” or compressed to produce butter, cake, and powder before being exported, mainly to Europe.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Processed intermediate cocoa products are in high demand worldwide, especially in America and Europe, where demand for cocoa reached 2.5 million tonnes per year.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The top 5 value added products exported from Ghana comprises cocoa paste and cocoa butter at the very top of the ranking with US$ 539.1 million and US$ 127.1 million in 2010 respectively. The percentage increases of these values compared to the preceding year of 88.68% and 40.80% illustrate the growing significance of cocoa manufacturing economic activities in Ghana and the importance of this in the overall manufacturing activities. This is a positive development and the trend is likely to remain positive.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Ghana’s value chain is therefore confined to the intermediate processing with the grinding of nibs into cocoa paste which increased by 340% compared to cocoa butter exports which increased by 190% over the same period in 2010.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Within this, however, there are substantial differences in the prices of individual intermediates, with cocoa butter earning the highest premium and cocoa powder tending to be less valuable than cocoa beans on a per-tonne basis, as the demand for cocoa powder is lower than that for butter or liquor.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">Table </span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">1</span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">: Production of Intermediate Cocoa Products</span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"> in Ghana</span></i></b><b><i><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></i></b></div>
<div class="MsoBodyText" style="margin-top: 0.15pt;">
<br /></div>
<table class="MsoNormalTable" style="border-collapse: collapse; margin-left: 5.4pt; width: 420.7pt;"><tbody>
<tr style="height: 34.9pt;"><td style="border-color: rgb(0, 0, 0); border-style: solid; border-width: 1pt; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-top: 0.5pt;">
<br /></div>
<div class="NewStyle18" style="margin-left: 24.35pt; margin-right: 8.95pt; text-indent: -14.55pt;">
<b>Production year</b><b><o:p></o:p></b></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 6.1pt; margin-right: 5.95pt; text-indent: -0.2pt;">
<b>Cocoa beans bought by local processors (in MT)</b><b><o:p></o:p></b></div>
</td><td colspan="4" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 248.25pt;" valign="top" width="331"><div class="NewStyle18">
<br /></div>
<div class="NewStyle18" style="margin-top: 0.4pt;">
<br /></div>
<div class="NewStyle18" style="margin-left: 89.5pt;">
<b>Processing output (in MT)</b><b><o:p></o:p></b></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="MsoNormal">
<br /></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="MsoNormal">
<br /></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.85pt; margin-right: 22.95pt; margin-top: 3.25pt;">
Liquor<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.25pt;">
Butter<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 23.15pt; margin-top: 3.25pt;">
Cake<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: 1pt solid rgb(0, 0, 0); padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 20.35pt; margin-top: 3.25pt;">
Powder<o:p></o:p></div>
</td></tr>
<tr style="height: 15.6pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.25pt;">
2009/10<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.25pt;">
212,245<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.25pt;">
122,715<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.25pt;">
25,326<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 22.15pt; margin-top: 3.25pt;">
7,237<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.25pt;">
16,975<o:p></o:p></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.15pt;">
2010/11<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.15pt;">
229,695<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.15pt;">
118,437<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.15pt;">
38,564<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 19.65pt; margin-top: 3.15pt;">
12,024<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.15pt;">
29,593<o:p></o:p></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.15pt;">
2011/12<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.15pt;">
211,709<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.15pt;">
114,274<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.15pt;">
30,381<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 19.65pt; margin-top: 3.15pt;">
10,375<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.15pt;">
21,817<o:p></o:p></div>
</td></tr>
<tr style="height: 15.5pt;"><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 67.05pt;" valign="top" width="89"><div class="NewStyle18" style="margin-left: 16.4pt; margin-right: 16.35pt; margin-top: 3.15pt;">
2012/13<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 105.4pt;" valign="top" width="140"><div class="NewStyle18" style="margin-left: 36.2pt; margin-right: 36.2pt; margin-top: 3.15pt;">
230,896<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 78.9pt;" valign="top" width="105"><div class="NewStyle18" style="margin-left: 22.95pt; margin-right: 22.95pt; margin-top: 3.15pt;">
117,711<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 69.85pt;" valign="top" width="93"><div class="NewStyle18" style="margin-left: 20.9pt; margin-right: 20.95pt; margin-top: 3.15pt;">
37,174<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 47.7pt;" valign="top" width="63"><div class="NewStyle18" style="margin-left: 19.65pt; margin-top: 3.15pt;">
12,444<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid rgb(0, 0, 0); border-left: none; border-right: 1pt solid rgb(0, 0, 0); border-top: none; padding: 0pt; width: 51.8pt;" valign="top" width="69"><div class="NewStyle18" style="margin-left: 21.8pt; margin-top: 3.15pt;">
26,250<o:p></o:p></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 10.1pt; margin-left: 6pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 10.1pt; margin-left: 6pt;">
<b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;">Source: COCOBOD, 2013</span></b><b><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Germany and the United States are the largest importers of cocoa butter. The United States – by a significant margin – is the largest importer of cocoa powder (and accordingly, the largest producer of cocoa complementary products). Germany, France and the Netherlands are the largest importers of cocoa paste.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">The ICCO Quarterly Bulletin of Cocoa Statistics forecasts cocoa grinding in Ghana to increase from 202,000 tonnes in 2015/1016 to 210,000 tonnes in 2016/2017. Local processors in Ghana</span><span style="color: #3f3f3f; font-family: "arial"; mso-spacerun: 'yes';"> </span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">include Barry Callebaut, Cocoa Processing Company Limited, Niche Cocoa Industries Limited, Plot Enterprise, Cargill (Ghana) Limited, ADM/Olam, BD Associates and Real Products Limited. The three biggest processing factories owned by foreign companies ADM/Olam, Barry Callebaut and Cargill control 47% of the market. The government owned Cocoa Processing Company controls another 17% of the entire capacity. The rest is divided between local players. Overall, cocoa processing factories in Ghana employ over 1,293 workers.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
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<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">Exports of cocoa products by eight (8) cocoa processing factories during the 2013/2014 year comprised 111,289 tonnes of cocoa liquor, 35,195 tonnes of cocoa butter, 18,278 tonnes of cocoa cake and 26,991 tonnes of cocoa powder. These products were valued at GH¢892,006,570 (US$ 278,752,053), GH¢539,354,360 (US$168,548,238), GH¢78,401,220 (US$24,500,381) and GH¢152,126,200 (US$47,539,438) respectively - (the dollar equivalents are based on exchange rates at that time).</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">On a weighted average price basis, intermediate processed outputs earn a relatively stable premium of approximately 200%–220% over the price of raw cocoa beans, However, cocoa paste and cocoa butter are not in the categories of high value-added products such as chocolates, sweets, beverages and cocoa-based cosmetics and the challenge for Ghana remains, how it can break into these high value-added products.</span><span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;">As African markets and industry analysts, we differ from the international view or perception that Africa has no tradition of consuming products made from cocoa due to the relatively high price for chocolate products, hence the low local consumption. According to Nestle West Africa’s 2015 Annual report, consumption of beverages, which includes mainly cocoa brands like MILO and CHOCOMILO as well as NIDO, Nescafe and Nestle Pure Life produced an estimated annual revenues of US$ 306 million (60.9 billion Naira) in Nigeria alone. In emerging markets like Africa, consumers prefer chocolate in the form of drinks/beverages, and cocoa drinks like Nestle’s MILO have a very huge market share in Africa which they have monopolized for decades. With innovation, Africa and therefore Ghana has a huge untapped cocoa beverage and chocolate market. </span><span style="color: #3f3f3f; font-family: "cambria"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="justify" class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span style="color: #3f3f3f; font-family: "georgia"; font-size: 12pt;"><br /></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Image Credit: Akintunde Akinleye/Reuters</span>Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-7924801008084671157.post-37856133349285420132017-04-21T13:44:00.001+01:002017-05-18T13:56:05.607+01:00Ghana's Mergers & Acquisitions Report 2017<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhFaYNpei0H2wtuCjyj5HB01afz0v3d28dqfdq8RFIJ6UfjTtN4rmZL37s-jKhvT_Rx6UJt_UXBCw4senyElrCPRGJWuRyn-sC6D1YeuRkXSgEBMGnGanrKToMQXAxaMUyvLaLAJp2i1bx/s1600/orange.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhFaYNpei0H2wtuCjyj5HB01afz0v3d28dqfdq8RFIJ6UfjTtN4rmZL37s-jKhvT_Rx6UJt_UXBCw4senyElrCPRGJWuRyn-sC6D1YeuRkXSgEBMGnGanrKToMQXAxaMUyvLaLAJp2i1bx/s320/orange.jpg" width="320" /></a></div>
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<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Money is changing hands all around Africa, with the continent emerging as a target for global players. According to the AFDB, M&A deals on the African continent totaled USD 27 billion in 2011 down from USD 44 billion in 2010. During the past years, deals in South Africa accounted for 57% of the overall activity in Africa with total value worth USD 12.2 billion.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Despite the fact that the global volume in African mergers and acquisitions (M&A) had slowed down for the third consecutive year to 2015, falling 16% year-on-year since 2004, the volume from African-led acquisitions hit record highs in 2015. Quartz reported that, in 2015, regional acquisitions stood at USD 15.3 billion.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px;"><i style="box-sizing: border-box;"><a href="https://drive.google.com/file/d/0B8S7ODNbOsDZSDRqdDBfR0RhbUE/view" target="_blank"><span style="color: red;">Download the full report here</span></a></i></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px;">Investor confidence in the Ghanaian market has also been fueling a rise in M&A activity from 2004 to 2015. Though data from firms before and after acquisition is, however quite scanty, Goodman AMC estimates these transactions could have surpassed USD 15 billion from 2004 to 2016, and is expected to double to all-time records of over $32 billion from 2017 to 2030 in major merger deals over this period. This will largely be driven by the need by companies to accelerate earnings since most firms in Ghana are now focusing on growth. M & A activities have occurred in a host of key sectors of Ghana’s economy, from the pharmaceuticals and telecoms to oil/gas and manufacturing, finance and the mining industries. The push towards free-market economies instituted about 2 decades ago in sectors such as the telecommunications and mining industries saw a lot of activity as once public-owned enterprises were sold to private entities in Ghana. The mining sector has accounted for the most M&A activity from 2004 to 2016, while telecom sector overtakes the financial sector as the sector with the highest grossing inbound value.</span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px;">According to Amegah, 2012 in the past, mergers and acquisitions in Ghana had been rather unpopular as a result of a much archaic entrepreneurial and business culture as well as due to past political environment. Most Ghanaian businesses preferred to work for themselves. Many Ghanaian companies were often controlled by their founders or families who are usually the top or largest shareholders and the top management.</span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">However, despite the fact that political and economic instability in the past, subdued the growth of businesses in Ghana, the country has managed to embark on political democracy, economic liberalization and financial deregulation for the last two decades. This dynamic shift has seen corporate Ghana facing more intense competition which has now compelled firms to seek mergers and acquisitions as alternative strategies to internal growth. Hence there has been more frequent occurrences of M & A activities in Ghana in recent times.<o:p style="box-sizing: border-box;"></o:p></span></div>
<span style="background-color: white; box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px; text-align: justify;">There had been quite a number of M & A deals in Ghana from 1990 to 2008. Some of these include, La Palm Royal Beach Hotel, Berjaya Elmina Beach Hotel and Busua Beach Resort which merged to form a new entity known as Golden Beach Hotels. National Savings and Credit Bank Limited was also acquired by Social Security Bank Limited, which was also later acquired by Societé Genérale of France. Mobil Oil was acquired by Total Petroleum Ghana Limited. Kumasi Brewery Limited and Ghana Brewery Limited merged into a new company Ghana Breweries Limited, which later merged with Guinness Ghana Limited to form Guinness Ghana Breweries Limited.</span><br />
<span style="background-color: white; box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px; text-align: justify;"><br style="box-sizing: border-box;" /></span><span style="background-color: white; font-family: "roboto slab"; font-size: 15px;"></span><span style="background-color: white; box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px; text-align: justify;">However, the largest of the mergers, which attracted a great deal of publicity, was between Ashanti Gold Fields Company Limited and Anglo Gold South Africa Limited which merged to form a new corporate entity known as AngloGold Ashanti Limited. Other recent mega acquisitions in Ghana include the acquisition of a 70% stake in Ghana Telecom from the Government of Ghana by Vodafone Plc. on a cash free, debt free basis for USD 900 million, the takeover of Scancom Areeba by MTN deal and the acquisition of Benso Oil Palm Plantation by Unilever Ghana Limited and which was later acquired by Wilmar) and Ecobank Ltd which acquired The Trust Bank (TTB). The acquisition of the 24,000 metric tonne capacity Commodities Processing Industries by Touton for USD 18 million also represents one of the most recent mega deals in the agroprocessing sector.</span><br />
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Data analysed from the Bank of Ghana’s Monetary Policy Committee showed the growing improvement in business confidence across Ghana as at March 2017 which has in turn reflected positive sentiments about economic and industry prospects. As stated in our previous report title </span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><a href="http://www.goodmanamcllc.com/2016/11/the-economic-impact-of-ghanas-election.html" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;" target="_blank">‘</a><span style="background: transparent; box-sizing: border-box; color: red; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;"><a href="http://www.goodmanamcllc.com/2016/11/the-economic-impact-of-ghanas-election.html" style="background: transparent; box-sizing: border-box; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;" target="_blank"><span style="color: red;">The Economic Impact of Ghana’s Election in 2017</span>’</a> </span></span></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Goodman AMC can somehow confidently forecast that after Ghana’s main presidential election, the new President is likely to speed up strategic transformation in terms of industrial change with His ‘One District One Factory policy’. This accompanied with a potential lowered interest rate environment, a stable cedi against the dollar and cheap financing persisting, we forecast a surge in M&A deal-making beyond 2017.<o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;">Ghana: A Buoyant M&A Market</span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></b></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In terms of mergers and acquisitions, 2017 is going to offer great opportunities for investors in Ghana after a slowdown in deals in 2016, which was largely due to the uncertainties from Ghana’s elections. The aftermath of the elections has gone further to solidify Ghana as a very stable business environment and deals are expected to take place in several sectors of the country’s economy, encompassing different markets and which would demand complicated transactions where several millions of dollars-worth of cash or stocks is expected to changed hands.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Looking at the confidence boost in Ghana’s business environment as noted by the World Bank’s Ease in Doing Business Report 2017, which ranked Ghana 9th out of 47 countries in the sub-Saharan Africa sub-region, this to a large extent proves that this year would be a bullish year for Ghana.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Multinationals look more willing than before to spend colossal amounts of money in the purchase of companies in order to expand their businesses in Ghana. Even though FDI transactions had decreased from USD 14.1 billion in the second quarter of 2016 to USD 241.17 million for the third quarter, this however, could somehow not represent the true track record of investment transactions in Ghana, since 2016 represented an election year.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana’s high interest rate levels could also cause a slowdown in market trends, since it has made it more difficult than ever for local companies to raise money. Companies are now under pressure from shareholders to raise external funds through foreign M & A deals.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">With many economic sectors experiencing modest growth, purchasing a healthy company in Ghana– and consequently paying premium values for the firm – is an attractive idea for business executives with corporate cash pile. Companies listed in the United States, Europe and Asia have benefited from sharp increases in their share prices, which have enhanced their capability to add to revenue.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Currently, the M&A cycle in Ghana is quite different, there is now more large cross-continent mergers with American, European and Asian companies which has boosted most of the M&A activity. Private equity groups, including Carlyle, Abraaj, Blackstone, and Kingdom Holdings with billions of funds raised over the years, are all now willing to do deals in Ghana.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The Ghanaian market has been lifted by ever-heavier involvement of private equity investors, who are also flush with cash and looking for opportunities both to make acquisitions and to sell their current holdings in a high market. For instance, Global Africa Investments Africa Management, the private equity investment firm based in Mauritius, acquired the Mövenpick Ambassador Hotel in Accra from Kingdom Holding Company for a total enterprise value of $100 million. The deal, which closed at the end of December 2016, is the largest open market hotel transaction in sub-Saharan Africa to date. The acquisition had been executed through QG Africa Hotel LP, Quantum’s $500 million hospitality fund. Our full report on the Private Equity transactions in Ghana </span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><span style="box-sizing: border-box; color: red; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><a href="http://www.goodmanamcllc.com/2015/08/ghana-private-equity-report-2015.html" style="background: transparent; box-sizing: border-box; margin: 0px; outline: none; padding: 0px; transition: all 0.3s;" target="_blank">is available here.</a></span></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">All things being equal, it is likely that the enthusiasm for big-ticket transactions will continue to be a factor in 2017 and beyond. Though markets remain somehow fragile at the moment, there is an upswing to quality in Ghana’s M&A market.</span><br />
<b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;">Top 5 Sectors for M&A Deals in Ghana</span></b></div>
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<span style="background-color: transparent; box-sizing: border-box; font-size: 12pt; margin: 0px; padding: 0px;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></span><span style="background-color: transparent; box-sizing: border-box; font-size: 12pt; margin: 0px; padding: 0px;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;">In Africa, often when a deal goes wrong it was because of dwindling economic fortunes since most African countries have very unstable economies , however companies that have over the years repeatedly done M&A in Africa tend to outperform in the longer term. Per our deductions, there has been an increasing number of investor parties trooping into Ghana from corporate trade buyers to private equity companies who are currently doing due diligence over potential targets in 2017, where a surge in deals is expected.</span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Below are the top M & A hot-spots in Ghana.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<b style="box-sizing: border-box;"><u style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></u></b><b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;">Financial Services<u style="box-sizing: border-box;"><o:p style="box-sizing: border-box;"></o:p></u></span></b></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Initial M & A transactions in Ghana’s financial sector could be traced back to when</span><span lang="EN-US" style="box-sizing: border-box; color: #222222; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"> Société Générale</span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"> underwent a horizontal merger between Social Security Bank (SSB) and National Savings and Credit Bank (NSCB) in May, 1994. Ecobank followed suit by merging with Trust Bank in 2000; Access Bank was next by merging with Inter-continental Bank in 2011; which was then followed by UBA merging with Amalgamated Bank in 2012. Prominent among them in recent times are the mergers and acquisitions between UT financial Holdings and BPI, Merchant Bank and Fortis and International Commercial Bank and First Bank of Nigeria (FNB).<o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The banking sector’s income before tax had registered a negative year-on-year growth of 0.5% in July 2016 compared with a growth of 18.2% in July 2015.</span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"> Similarly, the industry’s net profit after tax contracted by 1.0% in July 2016 compared with a 15.1% growth in the same period in 2015. The industry’s net interest income recorded slower growth of 19.4% in July 2016 compared with a 34.5% growth in July 2015.<o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Indicators of profitability for the banking sector has shown a decline in profitability with declining trends in annualized data on after-tax Return on Equity (ROE) and pre-tax Return on Assets (ROA). The banking sector’s ROA decreased to 4.8% in July 2016 from 5.6% in July 2015, while ROE decreased from 27.3% to 23.5% over the same period.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Despite marginal declines (which was largely due to Ghana’s elections), being recorded in the key financial indicators, the Bank of Ghana notes that the banking sector remained sound and solvent as at July 2016.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In the last decade, Ghana’s banking sector has witnessed a lot of mergers and acquisitions which had changed the ownership structure of banks in Ghana, especially Ghanaian banks from local to expatriate banks. The immense change of ownership structure of most of these banks, as can be noticed, were motivated by the Bank of Ghana’s regulations concerning the change in banks’ operating in Ghana’s minimum capital requirement. The first major increment in the minimum capital requirement of banks came in the year 2008, where the Bank of Ghana set the minimum capital of banks in Ghana at GH¢60 million, and in 2013, this figure was further increased to GH¢120 million. The reason for this exercise by the Bank of Ghana was to protect depositor’s funds. After these two increments, a lot of banks who could not meet the deadline resorted to mergers and acquisitions in order to comply with the Bank of Ghana’s regulations. Banks like Intercontinental Bank, Trust Bank of Ghana and BPI were taken over by Access Bank, Ecobank and UT bank respectively.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">It is therefore worth noting that, the volatile macro-economic situation and a somehow complex regulatory environment in Ghana implies that many financial institutions in Ghana, from banks to insurance to wealth management groups/asset managers and non-bank lender are constantly searching for scale and growth. First Bank in its bid for growth, identified the ideal opportunity in the acquisition of 100% equity ownership of ICB West Africa (Ghana, the Gambia, Guinea and Sierra Leone), with Ghana being the flagship bank. The acquisition of the aforementioned institutions is expected to increase FirstBank's total assets by $258 million (1.32%).<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The upsurge of micro-finance or savings and loans companies in Ghana has also created room for lucrative purchases with less risks involved; since most healthy micro-finance firms are mostly in search of recapitalization to achieve bank status. This implies that, targeting healthy micro-finance firms with a larger network of branches across Ghana provides a great opportunity for buyers. Fidelity Bank became the first bank to make this move in 2014 after acquiring ProCredit Savings and Loans Company. Its acquisition of ProCredit alone saw Fidelity Bank expanding its branch network to 80 across the country, with 96 ATMs, 300 agencies and more than 700,000 customers across the country.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Data available shows that most deals in the financial sector has yielded tremendous outcomes. Ecobank acquired the Trust Bank of Ghana by taking over 100% of Trust Bank’s shares and absorbing all the staff of the Trust Bank. After the takeover took place in 2012, Ecobank Ghana increased its ROE immensely from 37% in 2011 to 61%. The ROE decreased in 2013 and took a big leap in 2014. This goes to confirm that the acquisition of the Trust Bank by Ecobank had good impact on post-acquisition performance of Ecobank.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">It is a different situation for UT Bank on the other hand, because UT Bank’s ROEs have rather diminished after the merger with BPI, but this was largely attributed to the lack of a proper road map scheme to ensure the effective implementation of the merger or acquisition strategy.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">However, a study by Barnor and Twumwaa, 2015 concluded that UT Bank’s merger deal had succeeded because the acquirers paid key attention to variables; UT Holdings Company acquired BPI by buying 40.40% shares of BPI and became the majority shareholder. According to the study, the deal went on to become very successful even though there had been some drops in ROEs for UT Bank as stated earlier.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Trinidad and Tobago’s retail banking group Republic Bank Limited (RBL), is currently the largest shareholder in Ghana’s HFC Bank. RBL had previously been a shareholder of HFC Bank since December 2012 when it purchased an 8.7% equity stake in the bank for USD 8 million. It then increased its stake in June, 2013 to 32.02% after buying an additional 23.3% which was previously held by Aureos Africa Fund LLC. It further acquired another 7.9% in 2013 from the Union Bank of Nigeria which increased RBL's shareholding in HFC Bank to the current 40% stake.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In the insurance sector, it is also projected that the minimum capital requirement of GHC 15 million which was set by Ghana’s Insurance regulator, the National Insurance Commission in 2014 is likely to create more mergers in the Insurance sector in order to meet regulatory demands. Regency Alliance Insurance Ghana merged with NEM Insurance to create a new company, Regency-NEM Insurance Ghana Limited. Regency holds a 60% controlling stake in the new merger, the merger has been forecast to create a larger firm which would be able to underwrite bigger transactions and also bring innovative products to the market as well as improve service delivery and client expectation.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box;"><i style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Despite this structural shift, the aggregate value of financial services mergers and acquisitions (M&A) only reached USD 215 million from 2004 to 2016.</span></i></b><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"> There has been very few strategic expansion-led deals in the sector while most of the transactions have been in the banking sector with few in the insurance sector.<o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;">Telecom</span></b></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">M & A activities in Ghana have been notable in the telecommunication industry. The telecom industry’s transformational process in Ghana has made it a very vital component for development. Previously, Ghana’s telecom industry was characterized by monopoly, low tariffs and inefficiencies. It was based on this that the Government of Ghana decided to sell part of Ghana Telecom (GT) to Telekom Malaysia Berhard.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">This led to the first ever merger in the telecommunications industry in Ghana which was a three year Technical Services Agreement (TSA) where G-Com Limited, a consortium led by Telekom Malaysia Berhard acquired 30% shares of Ghana Telecom from the Government of Ghana (GOG) for USD 30 million on the 20th of February 1997. This was in a bid to restructure Ghana‘s telecommunications industry to make it commercially viable. Exactly three years later when the contract expired, GOG did not renew the contract due to failure on the Telekom Malaysia Berhard partners to meet its operating targets agreed upon in the TSA. The Government of Ghana contract abrogation with the G-Com Limited was an example of a merger deal gone wrong due to political and operational issues and litigation that ensued, resulting in the Government of Ghana paying huge international arbitration cost awarded in favour of G-Com Limited.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Not long after the ligation challenges were over, the Ghana government entered into a management partnership with Telenor Management Partners (TMP), a Norwegian consortium. The deal was subsequently assigned in July, 2002 to develop a Business Plan for Ghana Telecom covering the period 2003 – 2007. Following the acceptance of the Business Plan, the Government of Ghana entered into a Management Contract Agreement with TMP in February 2003 to implement the proposals in the Business Plan with the mandate to help improve the sector by providing additional telephone lines, extending telephone services to every corner of the country as well as developing the existing quality of service to position the company in the global market.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Finally In 2007, the Government of Ghana sold 70% shares in the enlarged Ghana Telecom to Vodafone; on a cash free, debt free basis for $900 million. Ghana Telecom’s assets comprised of GT fixed line operations, cellular operations (OneTouch), Broadband operations, GT call centre (Exzeed), SAT-3 submarine Fibre optics landing station and National Fibre Optics Backbone.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Data available clearly indicates that, the acquisition of Ghana Telecom by Vodafone brought about an increase in the growth rate which has led to superior market performance and a sharp increase in profitability. <i style="box-sizing: border-box;">Profitability in 2007 (last year as Ghana telecom) was - 33.82% as compared to profitability in 2009 (year after takeover by Vodafone) - 62.29.</i><o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Another interesting acquisition, which can be described as the GSM evolution in Ghana, also started essentially in November 1996 with the launch of the first GSM service by Scancom Limited under the brand name of Spacefon. In September 2007, Africa’s largest mobile group, Mobile Telecommunications Network (MTN) acquired Investcom Limited which owned Scancom (GH) Ltd. the operators of Areeba in Ghana. MTN offered to acquire the Areeba’s holding company Investcom for $5.5 billion, as part of its growth strategy in emerging markets. At the end of 2005 Investcom had 4.9 million customers in Africa, the Middle East and Europe. The Beirut-based company had owned mobile operations in Benin, Cyprus, Ghana, Guinea Bissau, Liberia, Sudan, Syria and Yemen as at that time. MTN offered USD3.83 per Investcom share and an alternative of USD2.08 in cash and 0.18 MTN shares per Investcom share.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Another notable acquisition was when Western Telesystems Company (WESTEL) became a fully-owned state enterprise following the Government of Ghana’s acquisition of the two-thirds equity stake held by ACG Telesystems Ghana, via the Ghana National Petroleum Company (GNPC). The Government of Ghana had already owned one-third of WESTEL. After becoming a wholly owned subsidiary of the Ghana National Petroleum Corporation (GNPC), Westel was floated in an IPO following the opening up of the market. Western Wireless International (WWI) from the U.S. acquired a majority stake, but in its allotted duopoly period installed fewer than 3,000 of the 50,000 lines stipulated by its concession and its own target of 100,000 lines per annum. <o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In October 2007 Celtel International, a subsidiary of Kuwaiti based Zain Telecom (formerly named the MTC Group) announced it had signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for USD 120 million. The Government of Ghana remained a shareholder in Westel with a 25% holding at that time of the purchase through the Ghana National Petroleum Corporation (GNPC). Bharti Airtel in 2010 also acquired Zain Telecom’s African operations for $10.7 billion of which Zain Ghana was a subsidiary. <o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The number of subscribers or users has always mattered in Ghana’s telecom industry, a sector which has long been driven by transformational M&A activities. <b style="box-sizing: border-box;"><i style="box-sizing: border-box;">M & A deals carried out in Ghana’s telecom industry from 2004 to 2016 is estimated at $1.92 billion.</i></b> Corporate deal-making in this industry has been driven by both the necessity to create economies of scale and the convergence of services as consumers increasingly demand interplay between their fixed line and mobile devices. <o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In recent times, Airtel had been in talks with rival Millicom International Cellular for a possible merger in Ghana, Airtel Africa has already sold out its operations in Burkina Faso and Sierra Leone to Orange which acquired a 100% of the two companies’ share capital for a reported $900 million. The consolidated revenue of the two companies is estimated at 275 million Euros. With Orange likely to acquire Airtel’s operations in Ghana, and reaching a merger deal with Tigo, this will represent a ‘new paradigm in Ghana’s telecom industry and would boost massively the subscriber base of the merged entity to make it the second largest telecom operator in Ghana in terms of subscriber base.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The sheer scale of this transaction is bound to trigger more deals in the sector in 2018 and beyond. And is likely to pave the way for more future mergers of not just mobile service providers but also between smaller technology companies in Ghana who will begin to realize that joining forces makes sense at a time when everyone in the industry faces highly capital-intensive demands for investment in technology and building networks.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">More consolidation is expected, particularly in Ghana, for instance, the ailing GLO Network looks very primed to be acquired due to its dwindling subscriber base despite its massive investment into technological equipment and machinery and expanding its network across Ghana.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></div>
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<b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;">Pharmaceutical<u style="box-sizing: border-box;"><o:p style="box-sizing: border-box;"></o:p></u></span></b></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Most makers of drugs and compounds have been scouring for deals in Europe, Asia and America but ignoring the potential of the sector across Africa. According to Mckinsey, the value of Africa’s pharmaceutical industry increased to USD 20.8 billion in 2013 from just USD 4.7 billion a decade earlier. This growth according to Mckinsey is continuing at a rapid pace and it is predicted that the market will be worth $40 billion to $65 billion by 2020. Even though that’s far below the U.S. (with an estimated value of USD 393 billion) and Japan (USD 123 billion), Africa’s attractiveness does not lie in its market size but in its rapid growth, with an estimated 9.8% compound annual growth rate between 2010 and 2020.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The value of Africa’s pharmaceutical industry has risen from $4.7 billion in 2003 to $20.8 billion in 2013. These totals include patented and generics prescription drugs and over-the-counter medicines.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Over the past two decades Africa has emerged from a troubled history to become one of the world’s fastest growing economic regions. Africa’s GDP—USD 2.4 trillion in 2013, and expected to climb to USD 3.3 trillion by 2020—is already at par with Russia’s. Household spending is rising too; Africa’s consumers spent $1.8 trillion in 2013, according to Mckinsey.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The Ghanaian pharmaceutical market is made up of approximately 30% locally produced drugs and 70% imported products; the latter originating mainly from India and China (Harper, Gyansa-Lutterodt, 2007). In 2005, the total market was estimated at USD 250 million at retail price level in Ghana. With the assumption that a growth rate of 6-8% (drug expenditure tends to grow above overall economic growth) the total market size was estimated to have been around the range of USD 300 million. Another factor driving growth has been the introduction of health insurance in Ghana, measurably increasing utilization of health care facilities; more patients mean more prescriptions.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">According to the World Health Organization, Ghana had an estimated 7.2 million cases of malaria in 2006. Of those cases, 3.9 million of them occurred in children under five years old. Malaria is thus considered a nationwide problem. Past estimates of the economic burden of malaria on households and the economy abound. Asante and Asenso-Okyere, 2003 estimated in a research paper that a 1 % increase in malaria morbidity reduces economic growth by about 0.41 %, and that an episode of malaria costs households US$15.79 (in 2003 dollars). A study by Abotsi, 2012 also further surmised that an episode of malaria costs households between US$10.20 (uncomplicated malaria) and US$46.62 (severe malaria) (in 2007 dollars). Furthermore, Sicuri et al. found that households spent between US$5.70 (uncomplicated malaria) and US$48.73 (severe) in Ghana.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The World Health Organization (WHO) estimates that although costs of investing in malaria elimination between 2016–2030 could reach US$101.8 billion (with another US$673 million invested in research and development annually), the returns on such investment could be 40:1 globally and 60:1 for sub-Saharan Africa, implying, for example, that for every US$1 spent, economic gains of US$40 or US$60 would be accrued.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The demand for quality anti-malarial drugs alone, has always been high in Ghana which places pharmaceutical manufacturers of anti-malarials under pressure to supply the ever increasing demand of the drug. As per moving annual total (MAT) for the third quarter of 2011, Sanofi generated $6.7 billion and Novartis $5.8 billion, making them the two largest pharmaceutical multinational corporations in emerging markets. With their respective local growth rates of 13.6% (Sanofi) and 8% (Novartis). Norvatis is one of the largest manufacturers of anti-malarial drugs in Africa.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><a href="https://www.blogger.com/null" name="OLE_LINK12" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">As noted by BMI, Novartis for instance is aiming to increase its presence within Ghana through sales from cardiovascular disease therapeutics. In 2014, Novartis' sales from cardiovascular products worldwide amounted to USD 8.0 billion. Having a local presence in Ghana will therefore open the doors for Novartis to neighboring countries suffering from similar cardiovascular diseases; </span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana has a particularly high rate, with 75% of adults suffering from hypertension, but only 4% having it under control. This demonstrates a combination of both unaffordable medicines and a lack of health care services in Ghana.</span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In 2014, pharmaceutical sales in Ghana came in at just USD 12.29 per capita, compared to USD 24.8 in Zimbabwe and USD 22.3 in Cote d'Ivoire. Highlighting revenue earning opportunities in Ghana, BMI forecasts pharmaceutical sales in Ghana to double by 2019 to USD 365 million, compared to the proportionally smaller market size of USD 329 million in 2014.</span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana’s local pharmaceutical companies including, Kinapharma, Ernest Chemist, Tobinco and DANNEX have made inroads in the country’s pharmaceutical sector, the growth drivers of these companies is as a result of the increasingly urbanized population, which means better infrastructure and greater household purchasing power.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana is positioned to also play a key role in driving and accelerating pharma growth in Africa. Underestimating the pharmaceutical industry in Ghana could lead to loss of revenue to most big pharma. Even though, the local pharma sector in Ghana has a very effective large supply and distribution chain systems that provide efficacious medicines across most of West Africa and parts of sub-Saharan Africa and are also available to all income levels, Ghana’s drug manufacturing sector is grappling with how to improve its capacity. For example, industry commentators suggest that out of 3,000 drugs registered by Ghana’s Food and Drugs Board (FDB) only 900 are produced locally.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Potential mergers and acquisitions will therefore increase capacity to help meet the increasing demand. In a bid to increase its capacity, DANNEX Pharmaceutical acquired local drug manufacturer Starwin Products Limited in 2014 and in 2016 also went on to acquire Aryton Drugs, a subsidiary of Adcock Ingram. ASPEN also acquired 65% of the issued share capital of KAMA, a privately owned company incorporated in Ghana for a purchase consideration of USD4.5 million.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana presently serves as the regional hub for pharmaceutical manufacturing and distribution to the over 300 million people who live within the Economic Community of West African States (ECOWAS). There is still room for lots of growth in Ghana's pharmaceutical manufacturing. Even though most factories in Ghana are not operating at full capacity, Ghana’s pharmaceutical exports to other countries in the region are valued because of its high quality. This industry has many advantages for investors, such as a sound structure in place and access to a large and in-need market.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box;"><i style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Our data shows that the value of M&A transactions carried out in the pharmaceutical product and preparation sector from 2004 to 2016 stood below $25 million.</span></i></b><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"> This reflects how the volume of pharmaceutical deals in Ghana has remained relatively flat though it has great potential.<o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></div>
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<b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;">Oil and Gas<u style="box-sizing: border-box;"><o:p style="box-sizing: border-box;"></o:p></u></span></b></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">There is perhaps no other sector which is currently facing such difficult market conditions as oil sector. This is an industry which has been thrown into turmoil by plunging oil prices, which are still below a once-unthinkable $52 a barrel benchmark.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">As companies look for growth all around in Africa, they have increasingly focused on up-and coming markets such as Ghana. Oxford Economics expect that by 2018 the value of emerging markets-related M&A transactions will be more than 50% higher than in 2015.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana’s petroleum industry, though relatively young has been touted as having the potential to moving the country from a developing country to a developed one. The growth of the industry is highly dependent on ensuring that petroleum products produced at the downstream sector of the industry are distributed consistently and timely to consumers through an effective and efficient supply chain system.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In Ghana, petroleum products account for about 26% of total energy consumption (Ministry of Energy, 2010) and about 70% of Ghana’s commercial energy needs (Oil and Gas in Ghana - Overview, 2013. Petroleum product consumption continues to increase in Ghana with increase in population yet the supply does not correspond to demand, this gives cause for more investment into the downstream sector.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The downstream oil distribution is increasingly adopting a variety of supply chain solutions ranging from crude selection to product distribution at the retail outlet in the face of uncertainties relating such as oil prices, refining margins and long lead times associated with crude purchasing and product trading.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px;">Key private players in Ghana’s downstream sector are the Bulk Oil Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) where major M & A deals have also taken place. Total Ghana Limited (TGL) which was formerly registered in Ghana as BP Ghana Limited changed its name to Elf Oil Ghana Limited following the acquisition of BP Ghana Limited by Elf Aquitaine in August, 1992. The company’s name was changed again to TotalFinaElf Ghana Limited following the merger of the parent companies of TGL and Elf Acquitaine on international markets by Special Resolution dated 21st December, 1999. On the 1st of August, 2003, the company’s name was again changed to Total Ghana Limited following the renaming of the TotalFinaElf Group as Total S.A. Total Ghana Limited was registered with 1,500,000 ordinary shares of no par value of which 500,000 were issued to the founding members for capital of ¢999,000. Total Petroleum Ghana Limited is the result of the Merger between Mobil Oil Ghana Limited and Total Ghana Limited. Following the Annual General Meeting held on 6th September, 2006, the Shareholders of Mobil Oil Ghana Limited and Total Ghana Limited approved a name change to Total Petroleum Ghana Limited (TPGL).</span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">A study by Harvey SK which examined the impact of the merger between Mobil Oil Ghana and Total Petroleum Ghana Limited which both operate as Oil Marketing and Companies. Data available was based on the annual final accounts data covering both the pre- and post-acquisition period of 2000 to 2012; Performance measures or indicators examined showed that all profitability ratios, except the Gross Operating Margin (GOM), declined after the merger. Expenses ratio followed a downward trend in the post-merger period. All liquidity ratios had also declined slightly during the post-merged period. Similarly, the study found that financial leverage declined after the merger. However, the study discovered that average rate of growth of turnover and assets increased in the post-merger period relative to the pre-merger period. This was an indication that the merger impacted positively on growth. Moreover, earnings per share and dividend per share were all found to have followed upward trends in the post-merger period. This implies the merger benefited shareholders in terms of increased share earnings.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Harvey SK, 2015 later indicated that though the merger between Total Ghana and Mobil Ghana did not lead to an improvement in profitability since all the indicators of profitability had declined except the GOM, the general decline in profitability could be attributed to the competitive nature of the oil industry and unstable crude oil, which are exogenous to the firms’ environment. Also, the new firm might have been enjoying market economies leading to a persistent decline in expenses ratio after the acquisition and since the merger was debt-financed, this caused liquidity and financial leverage which made it difficult for the new firm to meet its financial obligations, at least in the short run.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In conclusion, Harvey, 2015 further noted that the acquisition had enhanced growth of the new firm as reflected in turnover and assets growth in the post-acquisition period and also increased shareholder value by earning per share and dividend per share during the post-merger period. The increasing earnings per share and dividend per share together with declining profitability showed that it is possible to design a merger in Ghana’s oil and gas sector which produces no economic benefits (profit) initially, but which however produces an immediate increase in earnings per share.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Following these findings, we can conclude that while the acquisition of Oil Marketing Company; Mobil Ghana by Total was not profit maximizing, it was growth and shareholder value maximizing in the short term.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">A merger with a top distributing BDC or OMC therefore is likely to boost distribution and product supply chain across West Africa, specifically to Niger, Burkina Faso and Togo which all significantly depend on Ghana for their oil products. BDCs and OMCs therefore provide the best opportunity for mergers and acquisitions in the oil and gas sector.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<b style="box-sizing: border-box;"><u style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></u></b><b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;">Mining<u style="box-sizing: border-box;"><o:p style="box-sizing: border-box;"></o:p></u></span></b></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">We expect a modest uptick in 2017 for mining deals to continue till the end of the year, albeit at a slow but steady pace. The sector is still suffering from the not so stable gold prices as well as the insufficient due diligence done in the past by most companies, which caused investors to take a second look at asset irrespective of how valuable they could be on the market.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The mining sector alone contributed about GHC1.35 billion to taxes, representing 14.8% of total direct taxes in 2015. Mining companies returned USD 3.1 billion representing 85% of their mineral revenue (USD3.1 billion) through the Bank of Ghana (BoG) and the commercial banks in 2015, a situation which has significant bearing on the international reserve position of BoG and the stability of the monetary system as a whole. Newmont reported annual revenues of USD 931 million in 2012, USD 919 million in 2011 and about USD 2.5 billion in three years.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana’s mining sector was expected to reach a value of USD 1.83 billion in 2016, according to the Ghana Mining Report – Fourth Quarter 2012. The Report by research company; Research and Markets says the sector will increase from $1.21 billion in 2010 “as bauxite and gold production see substantial increases.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Between 2009 and 2011 the investment inflow for Ghana’s mining sector was USD 2.5 billion. Gold production increased consistently; 3.1 million ounces in 2009, 3.4 million ounces in 2010 and 3.6 million ounces in 2011 which was the highest gold production ever in Ghana. Ghana’s mining sector is the country’s leading source of Foreign Direct Investment (FDI) as records from the Minerals Commission show that FDI inflow into the mining sector in 2015 was USD 965 million. Cumulatively, the investment inflow into the mining sector from 2000 to 2015 stood above USD 10 billion. <b style="box-sizing: border-box;"><i style="box-sizing: border-box;">Total M & A deals from 2004 to 2016 is estimated at USD 12 billion, which represents the industry with the highest volume of M & A transactions in Ghana.</i></b><o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The single most prominent merger in the mining sector that increased the Ghana Stock Exchange’s capitalization by 483% was the April 2004 merger between AngloGold registered in the republic of South Africa and Ashanti Goldfields Company registered in Ghana. Subsequently, market capitalization at the Ghana Stock Exchange increased by US$7.8 billion, 433% immediately after the merger deal was finalized in 26th April 2004.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The consequence of this takeover had been beneficial across all fronts and this merger enabled the government of Ghana to receive dividend from 2004. In all, a total of US$ 15 million was paid as dividend from 2004 to 2007. The government also received 2,658,000 shares and cash considerations of US$ 5 million for agreeing to the merger. Capital investment increased tremendously to boost the Ghanaian economy: US$303 million capital expenditure was spent within 4 years of merger, well over the required UD$220 million stay-in-business capital. On the part of the shareholder, though earnings per share and returns on equity on the Ghanaian mines had fared poorly after the merger, critical analysis showed there were some gains. Since Ashanti Goldfields Company’s share exchanged for 0.29 AngloGold Depository share, implying that a shareholder's wealth appreciated by 204% immediately after the merger.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In 2007, the Government sold Ghana’s non-controlling interests of 5% to Anglogold Ashanti Ltd. The Government in January 2011 also sold the nation’s last shares of 2.5% to Anglogold Ashanti which generated an amount of US $215 million, whereas accounts of its utilization was not clearly provided.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Investors continue to be risk averse when it comes to exploring regions outside of familiar territories, more than 90% of the deals undertaken in between 2004 to 2016 so far were not targeted at exploring for new metals. Though a research by Goodman AMC shows that Ghana stands a high chance of discovering uranium.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">However, the emergence of some strategic mergers into larger operations will be very necessary. Larger mining operations need to leverage their new positions to buy distressed mining assets in Ghana that will complement their portfolio. This would enable them to solidify their base in anticipation for growth in gold prices.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">AngloGold Ashanti for example which is looking to sell its assets in Ghana are finding it difficult to get a buyer willing to invest in its operations due to challenges being faced by the firm. But what investors need to watch is that most of the challenges currently facing AngloGold was as a result of the Company’s lack of an in-depth understanding of the Ghanaian mining sector. Instead of the South African firm combining its foreign expertise with local expertise to achieve economies of scale The South Africa multinational instead acquired the company and made some new operational procedures that suck all the oxygen from the company. But Despite its shortcomings, two multinational miners, Barrick Resources of Canada and the Australian giant BHP Billiton, are each in deep negotiations with AngloGold’s South African owners, over buying the troubled mine.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Investors should remain cautious about investing in Ghana’s mining sector. Anticipated high-value mergers are expected beyond 2017.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><b style="box-sizing: border-box;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px; margin: 0px; padding: 0px;">Agroprocessing<u style="box-sizing: border-box;"><o:p style="box-sizing: border-box;"></o:p></u></span></b></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">There has been close to a 90% decline in overall activity in Ghana’s manufacturing sector, 2016 ended the year on a much downward trend.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">M&A activity in the manufacturing industry continues to be largely supported by the agro processing category. Ghana’s manufacturing recorded a negative growth of -0.4 and -0.5% in 2013 and 2014 respectively (2016 figures). Although 2017 will likely not be without challenge and uncertainty, we believe the environment may be ripe for manufacturing deals.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Technology and digital integration into products is transforming the manufacturing sector at an ever increasing pace. In order to promote a strong deal making environment from 2017, the Government of Ghana needs to show more clarity around the Akufo-Addo administration’s policies, particularly the One District-One Factory policy, including reduced regulation and government oversight, lower income and tax rates.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">While local deals (transaction by parties in the same country) continue to drive M&A activity in the sector, cross-border deals have also been increasing in size. A typical example is the acquisition of Benso Oil Palm Plantation (BOPP) by Unilever Ghana Limited in October 2003. Unilever acquired 58.5% of equity stake in the plantation in a deal worth USD 11.7 million. In this instance, Benso Oil Palm Plantation will supply raw materials, which is palm oil to Unilever for the production of goods like soap.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Benso Oil Palm Plantation Limited was incorporated on January 22, 1976 jointly by Unilever Plc and the Government of Ghana (GOG) as a private company limited by shares to produce crude palm oil (CPO) in Ghana. The company was converted into a public limited liability and listed on the Ghana Stock Exchange in 2004 after the Government of Ghana had divested its stakes in the company. Unilever Ghana Limited took over the 58% equity interest that Unilever Plc held and in 2012, Wilmar International, an Asian agribusiness giant through its African subsidiary, Wilmar African Limited acquired 77.97% of the entire issued shares of BOPP, making them the majority and controlling shareholder of BOPP.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">A look at the financial performance of Benso Oil Palm Plantation Limited showed a mixed performance over the last five years in the top and bottom line indicators. The period saw a consistent growth in total revenue from GHC 19.37 million in 2010 to GHC 40.84 million in 2012 (which was the year it was acquired by Wilmar) before slipping to GHC 35.44 million by the end of 2013. Two years on after its acquisition by Wilmar total revenue grew once again to GHC 52.16 million.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Similarly, BOPP’s net profit position increased from GHC 2.67 million in 2010 to GHC 13.41 million in 2012, declined to GHC 5.81 million in 2013 and then bounced back to GHC 12.29 million in 2014 (two years after its acquisition). This signifies growth of 169.36% and 360.68% in the top and bottom line indicators respectively, over the five-year period.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 22.5px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">The agroprocessing sector has shown promise, incorporating everything from the processing of tomatoes, to cashew etc. Companies that can provide complex technological expertise to process Ghana’s abundant raw materials, particularly cocoa will most likely dominate M & A activity with mergers not far from behind. More M & A activities are likely to be triggered where most of Ghana’s now defunct factories may become targets for acquisitions after any initial deal offer.</span><br />
<b style="box-sizing: border-box; font-family: Arial, Helvetica, sans-serif;"><br style="box-sizing: border-box;" /></b><b style="box-sizing: border-box; font-family: Arial, Helvetica, sans-serif;"><br style="box-sizing: border-box;" /></b><b style="box-sizing: border-box; font-family: Arial, Helvetica, sans-serif;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;">Key Highlight: Ghana’s Beverage Industry</span></b></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span style="box-sizing: border-box; font-size: 12pt; margin: 0px; padding: 0px; text-align: justify;">The </span>African beer market is the fastest growing in the world. It is forecast to grow at an average rate of 5% between 2013 and 2017, according to a March 2015 report by market research group Canadean</span><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px; text-align: justify;">.</span><br />
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Ghana’s beverage manufacturing sub sector is becoming very big, we forecast a tremendous amount of growth in the alcoholic beverage manufacturing sector. Most multinationals are already taking advantage through acquisition of local brewery companies; Diageo which operated as Guinness Ghana Limited (GGL) in Ghana swooped on rival Heineken International’s local manufacturing operations in a multi-million dollar deal, which was the largest acquisition in Ghana’s alcoholic beverage manufacturing sector in history.<o:p style="box-sizing: border-box;"></o:p></span><br />
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<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 16.05px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">In 1997, Guinness Plc and Grand Metropolitan Plc merged to form Diageo Plc, thereby making Guinness Ghana Limited a subsidiary of Diageo. In 2004, merger talks begun between Guinness Ghana and Ghana Breweries Limited (GBL) with the former having merged with Kumasi Brewery in January, 1998. While Heineken International was the majority shareholder of Ghana Breweries Limited (Heineken had acquired a 90% stake in ABC Breweries in 1994 and renamed the company Ghana Breweries Ltd.) at the time. The said takeover offer was launched further to Heineken’s Irrevocable Undertaking to offload its shares in GBL to Diageo Plc, the parent company of GGL. GGL had “agreed to acquire” approximately 76% of GBL. Subsequently, Guinness Ghana acquired all the assets of Ghana Breweries Ltd and officially christened the new entity Guinness Ghana Breweries Ltd.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 16.05px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Another major acquisition in the sector was that of Accra Brewery Limited (ABL). ABL was which was incorporated on April 1, 1975 was acquired by Overseas Breweries Limited (OBL), a company incorporated in Switzerland, which had been operating in Ghana since 1931 in return for ABL shares. OBL was the first brewery built in the European tradition in West Africa and the first non-traditional manufacturing industry in Ghana then Gold Coast. In October 1997, SABMiller Plc acquired OBL through its subsidiary, SABMiller Africa BV, and consequently ABL became a subsidiary of SABMiller Plc.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">In 2011, SABMiller AFRICA BV on behalf of its wholly-owned subsidiary Overseas Breweries Limited made an offer to the shareholders to purchase for cash up to 76,822,635 ordinary shares of Accra Brewery Limited at 0.13 per share. The total amount of funds required by SABMiller Africa BV to purchase all of the offer shares for and on behalf of OBL was approximately GHC 10.0 million.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">The USD 106 billion acquisition of SABMiller by AB InBev will be the third largest M&A transaction in history, and will also give the merged entity control over around one third of global beer sales this would also boost SABMiller’s local operations in Ghana and increase competition on the local market.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Ghana has become a key consumer of beer and a one of the largest beer consuming countries in the African beer market, and this is being accelerated by the growing economic momentum and a strong dynamism in the country’s formal sector.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 16.05px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Despite Ghana’s low per capita beer consumption by regional standards at 14.2 litres annually, this doesn’t show the true acceptance of beer. Initially, foreign beer producers had focused on the high end markets as well as middle class consumers and this gradually gave rise to locally brewed consumption. The likes of Kasapreko who had initially been an informal brewer have managed to formalize their business, hence intensifying competition between the local and multinational beer companies. The increasing income levels of many Ghanaians has moved most local brewers to formalize their operations, with close to 50% of households expected to fall under the USD 1,000 to USD5,000 bracket by 2020, up from 28% in 2015.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Beer multinationals in Ghana now produce low cost beers for the domestic Ghanaian market, and are expanding rapidly to meet demand. SABMiller alone grew its market share in to 48% up 20pp in 2010. Though growth forecast looks good, the developing local market is also improving its standards to compete effectively. Notwithstanding, SABMiller is well positioned to benefit from its AB Inbev acquisition and is therefore likely to grow its market share in Ghana.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">According to BMI, beer volumes in Ghana will experience the fastest growth rate in sub-Saharan Africa region over the 2015-2020 forecast period, rising at an average rate of 14.5% y-o-y. Beer consumption in Ghana has been forecast to increase from 280.9 million litres in 2017 to 368.5 million litres by 2019. Beer consumption is also bound to increase from 16.0 per capita consumption in 2017 to 20.0 per capita consumption by 2019.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">The USD 100 million upgrade to Accra Brewery Limited's (ABL) manufacturing facilities in 2015 for instance has doubled the production capacity of ABL and signals a long-term commitment by SABMiller, and now AB InBev, to help boost operations in Ghana and the wider West Africa region.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Opportunities abound and other local alcoholic beverage producers like Kasapreko acquired a USD 30 million bottling plant in 2012 and also commissioned a USD 70 million factory in 2015 to help expand its operations to East Africa and is also growing from strength to strength. SAB Miller, through its local subsidiary, Accra Brewery Limited, also continues to be a worthy competitor of Diageo’s Guinness Ghana Breweries Limited.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 16.05px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">SABMiller’s huge access in Africa is believed to be the key driver and motivation for this merger between SAB Miller and AB InBev since SAB has a huge market in Africa. A deal of this size will make other companies sit up and take notice. The beer industry is ahead of the game when it comes to Africa. Hence, now is a particularly good time to make strategic investments in Ghana’s local beer sector given the upsurge in demand in Ghana and across SSA.<o:p style="box-sizing: border-box;"></o:p></span></div>
<div class="MsoNormal" style="background-color: white; box-sizing: border-box; font-family: "Roboto Slab"; font-size: 15px; line-height: 16.05px; margin: 0px 0px 8pt; padding: 0px; text-align: justify;">
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px; margin: 0px; padding: 0px;">Ghana is definitely one of the most profitable and high growth regions for the beer industry in the next decade and beyond.<o:p style="box-sizing: border-box;"></o:p></span></div>
<span lang="EN-US" style="background-color: white; box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px; margin: 0px; padding: 0px;">SAB Miller and AB InBev merger deal will encourage other multinationals in consumer facing sectors to enter the African market more aggressively and Ghana is primed to be a strong target for multinationals looking at its long history of political and economic stability as well as its huge beer consumption market.</span><br />
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<b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;">Conclusion</span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></b></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; margin: 0px; padding: 0px; text-align: justify;">Take note that, opportunities created by most deals in Ghana also generate challenges, especially for buyers based in developed markets. While they have to adapt themselves to more stringent regulation in Ghana, governance standards in their new acquisitions may not be up to standard.</span><br />
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Before considering to jump into a big deal in Ghana, companies or buyers first of all need to thoroughly analyze the motive behind the transaction. In agreement to this fact, we are of the view that acquisitions in Ghana should certainly focus on enhancing the capacity and expertise of a company in segments where they are not very strong yet while also aiming at the addition of key, scarce talent in industries such as high technology.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">This therefore necessitates a thorough due diligence and compliance work which needs to be done before the parties close a deal. This is very imperative in order for an M & A transaction in Ghana to become successful. For instance, during the AngloGold and Ashanti Goldfields merger deal, it was also found that out of the $44 million expected capital expenditure towards feasibility, drilling and mining of the deeps project, only $19 million has been spent as at December 2008. The deeps project was the main attraction that led AngloGold to merge with cash strapped Ashanti Goldfields and due to the lack of a detailed feasibility study into the deeps project, AngloGold soon realised after the merger that they did not probably carry out enough due diligence to ascertain the existence or otherwise of the deeps reserves. Even though in the books of Ashanti Goldfields, it had classified the deeps project as 'Blue Sky' meaning not much geological testing had been done and that the existence of a massive gold reserve may only be a wishful dream. AngloGold therefore did not undertake a thorough feasibility study on what the ‘Blue Sky’ originally meant.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">In order to also prevent any kind of unpredictable risk involved in acquiring local companies, buyers need to carry out a well thought through examination of their risk management and compliance procedures prior to the completion of the deal. Buyers need to have a deeper understanding of the types of liabilities they are taking on. The main reason behind this is to prevent any unforeseen surprises that would probably lead to the payment of excessive environmental fines, labour compensation agreements, late tax bills and other charges derived from mistakes or illegal acts perpetrated by the previous owners.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">With somehow rampant corrupt practices spread throughout Africa, buyers need to take an attentive look at initiatives put in place to tackle bribery, corruption, human rights abuses, employment of child labour by the firms they are acquiring or from third party firms which work together with the firms they are acquiring, as well as other governance issues not directly linked to the commercial side of the operation.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Acquirers from the United States, for instance, need to always be aware of the fact that they work under Foreign Corrupt Practices Act regulations, which enable U.S. enforcers to under certain conditions allege breaches of American law anywhere in the world. A lot of underhand dealings in the acquisition process could therefore result in reputation damage.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">When acquiring a company in Ghana, there needs to be a very clear focus on the compliance programs of targets companies. Especially since the cost involved could be high and there is often a lack of robust data from the seller in Ghana. This was evident during the First Rand Bank and Merchant Bank merger deal; though the acquisition never came into fruition, Rand Bank had wasted an amount of over $3 million of due diligence which cost the firm.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Most often, characteristics of some firms in Ghana that could be seen as a competitive advantage in some cases, may turn out to be toxic for buyers based abroad. The pre-deal due diligence process is therefore very vital and needs to include the assessment of exposure of the target company to anti-trust laws, data protection and privacy rules, litigation, intellectual property breaches, product liability, and so on. The ultimate thing to note is make sure that the target company has what it takes to deliver the business enhancements of what the buyer is looking for, with regards to the necessary due diligence that needs to be done in order to create value. But most importantly, companies should never overrule the importance of discipline, specifically when it comes to valuations.</span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></div>
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<b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></b><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;">References</span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></b></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Abotsi A.K., Cost burden of infant malaria treatment on households and health institutions in the upper east region. J Art Soc Sci. 2012;1:168–89.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">African Development Bank Group, Mergers and Acquisitions in Africa, Available at<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="https://www.afdb.org/en/blogs/afdb-championing-inclusive-growth-across-africa/post/mergers-and-acquisitions-in-africa-10163/" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">https://www.afdb.org/en/blogs/afdb-championing-inclusive-growth-across-africa/post/mergers-and-acquisitions-in-africa-10163/</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Africa Digest, ‘Quantum buys Accra’s Mövenpick Ambassador in $100mln deal, 2017, Available at</span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="http://africacapitaldigest.com/quantum-buys-accras-movenpick-ambassador-in-100mln-deal/" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://africacapitaldigest.com/quantum-buys-accras-movenpick-ambassador-in-100mln-deal/.</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Agyemang, S., A., Aryeetey, C., G., Aikins</span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="mailto:mksaikins@ug.edu.gh" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;" title="Email author"></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">, M., Aubyn, V., N., A., Bart-Plange C., N., Malm,L., K., Nonvignon J. and Peprah, N., Y., 2016, ‘Economic burden of malaria on businesses in Ghana: a case for private sector investment in malaria control’, Malaria Journal201615:454 Available at<o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="https://malariajournal.biomedcentral.com/articles/10.1186/s12936-016-1506-0" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">https://malariajournal.biomedcentral.com/articles/10.1186/s12936-016-1506-0</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Amegah, w., 2012, ‘Mergers and Acquisition: Vodafone GT Case’ Masters Thesis, Institute of Distance Learning, Kwame Nkrumah University of Science and Technology.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Amponsah, R.,and Opei, F.,K.,2017,‘Ghana’s downstream petroleum sector: An assessment of key supply chain challenges and prospects for growth’, International Journal of Management and Business Studies ISSN 2167-0439 Vol. 7 (3), pp. 441-448, March, 2017. Available online at </span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="http://www.internationalscholarsjournals.org/" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">www.internationalscholarsjournals.org</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Asamoah, D.,Annan, J. & Nyarko, S., 2012, ‘AHP Approach for Supplier Evaluation and Selection in a Pharmaceutical Manufacturing Firm in Ghana’, Department of Information Systems & Decision Sciences, Kwame Nkrumah University of Science & Technology, International Journal of Business and Management Vol. 7, No. 10; May 2012.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Asante, F.A., Asenso-Okyere, W.K.. Economic burden of malaria in Ghana. Accra: Institute of Statistical, Social and Economic Research (ISSER); 2003.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Baker and Mackenzie and Oxford Economics, ‘Global Transactions Forecast: From Apprehension to Appetite, 2017, , Available </span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">at</span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="http://www.bakermckenzie.com/-/media/images/insight/publications/2017/01/gtf/globaltransactions2017.pdf" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://www.bakermckenzie.com/-/media/images/insight/publications/2017/01/gtf/globaltransactions2017.pdf</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><a href="https://www.blogger.com/null" name="OLE_LINK16" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Barnor, C., Adu-Twumwaah, D., 2015, ‘</span></a><a href="https://www.blogger.com/null" name="OLE_LINK15" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Bank Performance, Mergers and Acquisitions in Ghana: The Case of Ecobank Ghana -TTB Takeover and UT Financial Services – BPI Merger</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">’,</span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"> International Journal of Sciences: Basic and Applied Research (IJSBAR) Volume 24, No 6, pp 77-91, from </span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="http://gssrr.org/index.php?journal=JournalOfBasicAndApplied&page=article&op=view&path%5B%5D=4858&path%5B%5D=2602" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://gssrr.org/index.php?journal=JournalOfBasicAndApplied&page=article&op=view&path%5B%5D=4858&path%5B%5D=2602</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">BMI Research, Industry Trend Analysis - AB InBev To Tap SABMiller's Africa Expertise, Available </span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">at</span><span lang="EN-US" style="box-sizing: border-box; margin: 0px; padding: 0px;"><a href="http://www.foodanddrinkinsight.com/industry-trend-analysis-ab-inbev-tap-sabmillers-africa-expertise-jan-2017" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://www.foodanddrinkinsight.com/industry-trend-analysis-ab-inbev-tap-sabmillers-africa-expertise-jan-2017</span></a></span><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">BMI Research, Industry Trend Analysis - Novartis Increases Its Focus On Emerging Markets - FEB 2016, Available at<a href="https://www.blogger.com/null" name="OLE_LINK9" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"> </a></span><a href="http://www.pharmaceuticalsinsight.com/industry-trend-analysis-novartis-increases-its-focus-emerging-markets-feb-2016" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://www.pharmaceuticalsinsight.com/industry-trend-analysis-novartis-increases-its-focus-emerging-markets-feb-2016</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><a href="https://www.blogger.com/null" name="OLE_LINK18" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ghana Business News, 2012, Ghana’s mining sector to be worth $1.83b in 2016 – Report. Available at</span></a><a href="https://www.ghanabusinessnews.com/2012/11/21/ghanas-mining-sector-to-be-worth-1-83b-in-2016-report/" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">https://www.ghanabusinessnews.com/2012/11/21/ghanas-mining-sector-to-be-worth-1-83b-in-2016-report/</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Harvey K. S., 2012, ‘<a href="https://www.blogger.com/null" name="OLE_LINK17" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;">The Role of Mergers and Acquisitions in Firm Performance: -A Ghanaian Case Study’</a>, Journal of Applied Business and Economics Vol. 17(1) 2015 77, University of Ghana Business School, Viewed on 23rd February, 2017, Available at http://www.na-businesspress.com/JABE/HarveySK_Web17_1_.pdf<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">J. Harper, M. Gyansa-Lutterodt: The viability of pharmaceutical manufacturing in Ghana to address priority endemic diseases in the West Africa sub-region; GTZ, 2007 <o:p style="box-sizing: border-box;"></o:p></span></div>
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<a href="https://www.blogger.com/null" name="OLE_LINK13" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Mckinsey and Company, Africa: A continent of opportunity for pharma and patients, Available at<o:p style="box-sizing: border-box;"></o:p></span></a></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><a href="http://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/africa-a-continent-of-opportunity-for-pharma-and-patients" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/africa-a-continent-of-opportunity-for-pharma-and-patients</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Ministry of Energy, G (2010). National Energy Policy. Accra.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Oil and Gas in Ghana-Overview (2013, August). Retrieved from Mbendi:</span><a href="http://www.mbendi.com/indy/oilg/af/gh/p0005.htm" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://www.mbendi.com/indy/oilg/af/gh/p0005.htm</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Quartz, African businesses are splashing out more on M&A in 2015 than ever before, Available at</span><a href="https://www.blogger.com/null" name="OLE_LINK14" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"></span><a href="https://qz.com/408742/african-businesses-are-splashing-out-more-on-ma-in-2015-than-ever-before/" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">https://qz.com/408742/african-businesses-are-splashing-out-more-on-ma-in-2015-than-ever-before/</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Sicuri E, Vieta A, Lindner L, Constenla D, Sauboin C. The economic costs of<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">malaria in children in three sub-Saharan countries: Ghana, Tanzania and<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Kenya. Malar J. 2013;12:307.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">WHO. World malaria report 2015. Geneva: World Health Organization; 2015.<o:p style="box-sizing: border-box;"></o:p></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">World Bank, ‘Ease of Doing Business, 2017, Available at<a href="https://www.blogger.com/null" name="OLE_LINK21" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"></a></span><a href="http://www.doingbusiness.org/data/exploreeconomies/ghana" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">http://www.doingbusiness.org/data/exploreeconomies/ghana</span></a><span lang="EN-US" style="box-sizing: border-box; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></span></div>
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<a href="https://www.blogger.com/null" name="_Toc480301603" style="background: transparent; box-sizing: border-box; color: black; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.3s;"><span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"></span></a></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Bank of Ghana, Financial Stability Report Vol. 1.2., 2016. Ghana: Accra<o:p style="box-sizing: border-box;"></o:p></span><br />
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span><span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Image Credit: WSJ</span><br />
<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"><br style="box-sizing: border-box;" /></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;">Authors</span></b><b style="box-sizing: border-box;"><span style="box-sizing: border-box; font-size: 14pt; line-height: 19.9733px; margin: 0px; padding: 0px;"><o:p style="box-sizing: border-box;"></o:p></span></b></span></div>
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<span lang="EN-US" style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;"></span></div>
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<span style="box-sizing: border-box; font-family: "arial" , "helvetica" , sans-serif; margin: 0px; padding: 0px;"><b style="box-sizing: border-box; text-align: justify;"><span lang="EN-US" style="box-sizing: border-box; color: #666666; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px;">Isma-il Sulaiman and Bernard Boachie-Danquah </span></b><span lang="EN-US" style="box-sizing: border-box; color: #666666; font-size: 12pt; line-height: 24px; margin: 0px; padding: 0px; text-align: justify;">are the Founding Partners of Goodman AMC, and are both renowned strategy consultants with extensive experience on the African market.</span></span></div>
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Unknownnoreply@blogger.com13tag:blogger.com,1999:blog-7924801008084671157.post-21961241844847482012017-04-21T13:44:00.000+01:002017-06-01T14:11:04.563+01:00Demand For Private Healthcare in Ghana: The Investment Opportunities as Middle Class Rises<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbSyikdThRJHkiaZOZyYbHvp3tL70v1OjCNuV9b1fKE5Ce0N3eEmu8ccru2R1LOAWbOb5t6xiX6TC1qi-KqcX0JCozM0OytUnSyuQFc19i6B6GN6TfdaenTpj4a5XG0YIERtrx2QrXCmGX/s1600/homepagetraining_1589x762.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbSyikdThRJHkiaZOZyYbHvp3tL70v1OjCNuV9b1fKE5Ce0N3eEmu8ccru2R1LOAWbOb5t6xiX6TC1qi-KqcX0JCozM0OytUnSyuQFc19i6B6GN6TfdaenTpj4a5XG0YIERtrx2QrXCmGX/s640/homepagetraining_1589x762.jpg" width="640" /></a></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The structure of the health system in Ghana consists of national, regional, district, sub-district and community health systems and is built on the Primary Health Care (PHC) System. Services are provided by many partners including the private health care services, the religious bodies’ health facilities, the parastatal health system and private clinics. Additionally, traditional herbal and spiritual centres provide services to many Ghanaians (MOH 2007).<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;"><br /></span><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;"><a href="https://drive.google.com/open?id=0B8S7ODNbOsDZd2MxRWtnUVF0Tm8" target="_blank"><span style="color: #0b5394; font-family: "arial" , "helvetica" , sans-serif;">Click here to download the full report</span><span style="font-family: "cambria" , serif;">.</span></a></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Regarding health delivery in Ghana, a research by Agyepong (1999) noted that, during the 1990s the Ghanaian health sector was decentralized. The 1996 Ghana Health Service and Teaching Hospital Act removed administrative and service delivery responsibilities from the Ministry of Health (MoH) and delegated them to an autonomous body known as the Ghana Health Service (GHS). The Ministry of Health (MoH) has retained responsibility for policy formulation.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The Christian Health Association of Ghana (CHAG) plays a complementary role to the public sector and is the second largest provider of health services in the country. It is estimated that approximately 42% of total health services in the country are provided by CHAG member institutions (Abdullah and Vanessa, 2009).</span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;"><br /></span></b></span><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;">Problem Statement</span></b> <o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Ghana’s health system has been plagued by its ongoing battle with diseases which have to a large extent been eradicated on other continents, while also being burdened with a rise in lifestyle and chronic diseases.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">In Ghana, the government of the day has a big challenge with providing basic clean water, sanitation and enough nutrition while the increasing demand for health services that serve the growing needs of its burgeoning middle class are straining the already overburdened health care system.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">According to the World Health Organization (WHO), an estimated 3.2 million people contract malaria every year of which 20% are deaths of children under the age of five. Even if a child survives, the consequences from severe malaria such as convulsions or brain dysfunction can hamper long-term development and schooling. The annual economic burden of malaria is estimated at between 1% to 2% of the Gross Domestic Product in Ghana.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Two-thirds of the disease burden in Ghana is caused by communicable diseases. HIV/AIDS leads the causes of death, followed by lower respiratory infections, diarrhoeal diseases and malaria. Six percent of the population also accounts for the HIV/AIDS burden as noted by WHO in 2012. This high cases of communicable diseases play a part to statistics that confound global averages. High infant mortality; 64 infant deaths per 1000, and low life expectancy of an average of 60 years accounts for additional investments in Ghana’s health sector.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Ghana also has a particularly high rate of cardiovascular diseases, with 75% of adults suffering from hypertension, but only 4% having it under control. This demonstrates the lack of efficient health care services in Ghana, according to BMI Research.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">However, within the last decade, Ghana, together with multinational partnerships, developmental agencies and non-governmental organizations (NGOs), are making conscious efforts to revamp health results, mainly through executions that would facilitate in achieving the Millennium Development Goals (MDGs). Notwithstanding this fact, the World Bank notes that, despite these efforts, not a single African country was expected to meet the health-related MDGs by the end of 2015.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The panacea to enhancing Ghana’s health outcomes therefore lies in reinforcing its systems. Ghana’s health systems is bedeviled with poor infrastructure, a shortage of skilled professionals and geographic and socioeconomic inequalities.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The accessibility of health service in Ghana is directly linked with the number of hospital beds available. Therefore if a patient is taken to an Emergency Room and all the beds are full that patient is asked to leave or is in most cases left unattended to no matter the level of acuteness the patient’s condition may be. According to the World Bank, the number of hospital beds is 10 per 10,000 in Africa; while in Europe its 63 per 10,000. This condition is quite severe in Ghana which stands at 0.9 per 1000 people.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Aside the fact that Ghana’s health system has been embattled with periodical strikes from health workers, majority of these health workers despite being trained professionals still lack the requisite skills to address the needs of patients, and this has acted as a barrier in the advancement of the country’s health care services. A survey by Ofosu-Kwarteng, 2012 at the Koforidua Regional Hospital states that out of a surveyed patients sample, 36% had reported a form of mistreatment experienced from health workers while 46.6% had a negative impression and were not satisfied with nurses’ human relations.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The diminishing health care quality is the major factor which has contributed to the reasons for the increasing numbers of Ghanaian elite and middle-class who leave the country to seek medical treatment in Germany, USA, Canada, Israel and South Africa. This also shows that most Ghanaians have lost trust in their public health care systems. The veracity of services required to care for Ghana’s ever growing population is on the rise and the large amount of health challenges in Ghana makes it inevitable at the extent to which private investments are required.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">According to the Ministry of Health (2007), health care quality in Ghana has been compromised and is bedeviled with challenges such as; users routinely complaining of abusive and humiliating treatment by health providers, long waiting time, high cost of care and illegal charges are commonly cited as reasons for dissatisfaction with public sector services. The Ministry of Health report further states that, patients also have limited avenues to seek redress while the shortage of equipment, consumable supplies and some essential drugs have also undermine facility functioning, damaged reputation, inflated out-of-pocket costs to patients and fuels a spiral of distrust and alienation. In many health facilities across Ghana, standard managerial practices that also ensures the effective use of (limited) resources are mostly not universally practiced.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Human resources also poses a significant barrier to achieving health care on a large scale. Ghana’s patient to doctor ration is 0.096 to 1000, yet a large number of doctors are still leaving to Europe and USA since those countries can afford to offer them better benefits and pay them higher salaries.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Access to health care in Ghana is also characterized by the geographic dispersion of health worker population. The health sector in Ghana is in transition from a mainly government managed public sector to greater diversity of health services providers. The public sector faces many challenges in terms of financing and this has resulted in the diminishing quality of basic health services.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The National Health Insurance Scheme (NHIS) is a national service that finances the sector but it faces serious challenges for financial sustainability and efficiency. In response to the continuing demand and willingness from the middle class and elite to pay competitive fees for quality health services, the opportunities for international investors in the health sector will continue to emerge.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;">The Investment Opportunity</span></b><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;"><o:p></o:p></span></b></span><br />
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<span style="font-size: 12pt; text-align: justify;"><span style="font-family: "arial" , "helvetica" , sans-serif;">The private self-financing health sector employs 10% of Ghana’s health workforce, mostly in the urban areas. The private sector has a large number of health facilities, yet they appear to have a proportionately smaller number of staff than the public sector.</span></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">In the wake of increasing numbers of private health providers, the client base for hospital and medical equipment is expanding with more interesting parties in Ghana who value and are prepared to pay for good and prompt service. In the Eastern and Greater Accra regions of Ghana alone, private providers accounted for as much as 60 to 70 percent of total health services demand.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Private health facilities complement the public sector and as free health care in the public hospitals is not absolutely free, the costs are becoming increasing less of a barrier. The added values of private facilities are quality and convenience, the private sector is thus gaining popularity. There is a growing middle class in Ghana that prefers to use private health facilities and can afford it.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">While up till now the international commercial interest was mainly confined to construction and supply of equipment with some after sales management support, it is likely that in the near future health services management will become the focus of commercial interest as demands keep surging.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">By far, foreign investors have a big opportunity in Ghana’s health sector which could in turn lead to the discovery of a booming and untapped sector. As reported by the WHO, it is estimated that for every 10% increase in life expectancy at birth there is a corresponding rise in economic growth of 0.4% per year in sub-Saharan Africa.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Since the Abuja Declaration in 2001, African countries have pledged to devote at least 15% of their national budgets to health, however most countries have not met this target. In 2013, the Government of Ghana only spent only US$ 63 on each citizen’s health. The 2014 budget decreased this to US$ 42. Between 2009-2012, less than 30% of the approved government funds for health were actually received by the health sector.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Despite the existence of the National Health Insurance Scheme (NHIS), the burden of paying for health falls heavily on households since the government does not spend enough, 36% of all health spending in Ghana was out of the pocket spending which was spent by households up -front and without insurance in 2013 and this has more than doubled since 2011.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Achieving effective health care results is most often related to expenditure, however, public and donor financing for health care in Ghana hasn’t done enough to adequately support health care provision for Ghana’s increasing middle-class. The share of actual expenditure made by the Government of Ghana (GOG) after examination of the public accounts for 2013 showed that compensation of health services employees alone absorbed 44% of total health expenditure, with interest on debts absorbing 19.5%, and goods and services only 5.8%. Foreign financed investment (i.e. GOG spending in 2013 financed from donor project grants and overseas loans) also accounted for 24.8% of spending. This indicates that majority of government and donor financing for the country’s public health sector are used to pay salaries and debts.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">This gap in health care investments provides an opportunity for private investors to meet Ghana’s health care needs. There are huge opportunities for private investors to engage in Ghana’s health care sector that can shore up public resources to meet health care demand. McKinsey & Company estimates that over the next decade, US$25-30 billion in new assets will be needed to meet the growing demand for health care in sub-Saharan Africa.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">The largest opportunities currently in Ghana’s health sector exist in direct health care provision, including building physical assets, as a huge amount of new hospital beds are going to be in demand in the next ten years. This would also require investments into human resources (physicians, nurses etc) as well as pharmaceutical and medical supplies and the training of medical professionals. The construction of hospitals but also diagnostic centres and laboratory services are also examples.In 2011 Abraaj, which is a private equity investment firm, invested US$4.5 million into C&J Medicare, this enabled the hospital group to expand to a new facility in Accra, acquire over US$2 million in medical equipment, including new radiology equipment for MRI and CT scans, and recruit new clinical and managerial staff. The new facility expanded specialist care in psychiatric health, cancer screening and cardiology that was not previously available in the area.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Aside these direct demands, hospitals which offer research and specialist health care treatments are also vital investment options. Training of medical professionals or the setting up of hospitals which also serves as a training hospital in Ghana would help boost Ghana’s availability of doctors and help contribute to the output of medical doctors from only four medical schools in Ghana. The number of Cuban doctors imported into Ghana was said to have increased from 60 in 1990 to 200 a year in 2003. The demand for skilled medical practitioners could also be met with the setting up of a teaching hospital.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">However, with an eye toward partnership and locally-driven due diligence, impact investment in health care offers promising opportunities for both financial reward and substantial social impact.<o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 22.8267px;">The Risks Involved</span></b><b><span lang="EN-US" style="font-size: 16pt; line-height: 22.8267px;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 22.4px;"> <o:p></o:p></span><b><span lang="EN-US" style="font-size: 14pt; line-height: 26.1333px;">Ineffective Regulatory Bodies And Health Associations</span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">The Government of Ghana created the Private Health Sector Development Policy since 2013, and while many of the identified issues and proposed strategies are still relevant, the bulk of the agenda remains unimplemented.</span></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Almost all private health professionals and provider groups in Ghana have formed professional association. However, these associations contribute little to monitoring and ensuring quality of care or to the development of their members’ business as well as their financial skills.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Though the Health Facilities and Regulatory Agency was set up by an act of Parliament in 2011 to license, regulate and provide standards for the setting up of private hospital facilities by private actors, there has been inadequate resources to conduct ongoing supervision and monitoring of private hospitals and facilities. Much of the agenda of the Private Health Sector Development Policy (PHSP) remains unimplemented six years after its adoption. Other than the significant agreement with the Christian Health Association of Ghana (CHAG), which mostly operate in rural parts of Ghana, there are no public-private partnerships of note. Little is known about the real effectiveness of the regulatory boards and councils. The activities and scope of services provided by the private associations are not documented. There is no systematic assessment of the role played by private actors.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 26.1333px;">Insufficient Health Data<o:p></o:p></span></b></div>
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<span style="font-size: 12pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">There are also no available data on what health consumers perceive how they access or use private health services. The household or from the pocket spending on privately provided health services is also relatively unknown.</span></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">There is also a close to a non-existent availability of data about the type, extent, and severity of problems faced by private actors. It is largely unknown whether and to what extent taxes, regulation, input supplies, access to credit, and management skills in the private health sector has been effective. The ease to doing business in the overall health business environment is also relatively unknown.<o:p></o:p></span></div>
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<b><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></b><span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;">References</span></b><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; text-align: justify;">Abdallah, S., and Vanessa, P., (2009) Health Care in Ghana, Austrian Centre for Country of Origin & Asylum Research and Documentation, Österreichisches Rotes Kreuz Wiedner Hauptstroβe 32 1040 wien. Pg 11-14</span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Agyepong, A., I., (1999) Reforming Health Service Delivery at district level in Ghana; the perspective of a district Medical Officer, Oxford University Press.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Chilongo, M., 2015, <a href="https://www.blogger.com/null" name="OLE_LINK6">Investment theme: Access to health services</a>, paper used for discussions at University of Cape Town, Graduate School of Business, Available at http://www.sbs.ox.ac.uk/sites/default/files/Skoll_Centre/Docs/Impact-theme-Access-to-Health.pdf<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Clarke, J., Tyson, S., Ghana health sector support programme: Scenario planning and risk management, 2014, Draft Report, Available at http://www.heart-resources.org/wp-content/uploads/2015/04/HEART-Ghana-health-report_final.pdf?x30250<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Iddrisu, M., The Role of the Private Sector in Health Care Service Provision in Techiman Municipality, 2014.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Ministry of Health, Human Resources for Health Country Profile Ghana, 2011, MOH: Accra<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Ministry of Health (2007) National Health Policy, Kwabena Adjepong & Francis Nunoo pg. 2-3.<o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 22.4px;">Ofosu-Kwarteng, J., Healthcare delivery and customer satisfaction in Ghana: A case study of the Koforidua Regional Hospital</span><span lang="EN-US" style="font-size: 12pt; line-height: 22.4px;">, 2012, Available at http://ir.knust.edu.gh/bitstream/123456789/4821/1/Ofosu%20Kwarteng.pdf<o:p></o:p></span></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Population Reference Bureau, <span style="color: black;">Infant Mortality Rate (infant deaths per 1,000 live births), 1970 and 2014, </span>(2014), Available at http://www.prb.org/DataFinder/Geography/Data.aspx?loc=262<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">UNICEF, Ghana Fact Sheet Malaria, 2007. Ghana<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">World Bank, Hospital beds (per 1,000 people), 2017. Available at http://data.worldbank.org/indicator/SH.MED.BEDS.ZS?locations=GH<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;"><br /></span><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">Image Credit: CEO Africa</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;">Authors</span></b><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b style="text-align: justify;"><span lang="EN-US" style="color: #666666; font-size: 12pt; line-height: 24px;">Isma-il Sulaiman and Bernard Boachie-Danquah </span></b><span lang="EN-US" style="color: #666666; font-size: 12pt; line-height: 24px; text-align: justify;">are the Founding Partners of Goodman AMC, and are both renowned strategy consultants with extensive experience on the African market.</span></span></div>
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Unknownnoreply@blogger.com78tag:blogger.com,1999:blog-7924801008084671157.post-30944744257983314272017-04-21T12:52:00.003+01:002017-06-01T14:13:06.251+01:00Top 5 Sectors For Mergers & Acquisitions In Ghana<div class="MsoNormal" style="line-height: 24px; margin-bottom: 8pt; text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVD8KgJcfdcqDki3miqsbP-sXBzglLZIWFWUsvb-0VB4oe5lpaqCBA0VSzEoan5Mh9JDDwx5IU5H3PXl0h-8e0uPuLdRidqqcFFef6IXAHYvmi8B37MbuJkLpICSLzwfXvynSlG66BhgAS/s1600/20120726-fs-fi-uranium-mining-milling-f3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="color: #3d85c6;"><img border="0" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVD8KgJcfdcqDki3miqsbP-sXBzglLZIWFWUsvb-0VB4oe5lpaqCBA0VSzEoan5Mh9JDDwx5IU5H3PXl0h-8e0uPuLdRidqqcFFef6IXAHYvmi8B37MbuJkLpICSLzwfXvynSlG66BhgAS/s640/20120726-fs-fi-uranium-mining-milling-f3.jpg" width="640" /></span></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">In Africa, often when a deal goes wrong it was because of dwindling economic fortunes since most African countries have very unstable economies , however companies that have over the years repeatedly done M&A in Africa tend to outperform in the longer term. Per our deductions, there has been an increasing number of investor parties trooping into Ghana from corporate trade buyers to private equity companies who are currently doing due diligence over potential targets in 2017, where a surge in deals is expected. <o:p></o:p></span><span style="font-size: 16px;">Below are the top M & A hot-spots in Ghana.</span></span></div>
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<span lang="EN-US" style="font-size: 12pt; line-height: 24px;"><a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSDRqdDBfR0RhbUE" style="font-family: cambria, serif;" target="_blank"><span style="color: #0b5394; font-family: "arial" , "helvetica" , sans-serif;">Click here to download the full report</span></a><a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSDRqdDBfR0RhbUE" style="font-family: cambria, serif;" target="_blank">.</a></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;"><br /></span></b><b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;">Financial Services</span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">Initial M & A transactions in Ghana’s financial sector could be traced back to when</span><span lang="EN-US" style="background: white; color: #222222; font-size: 12pt; line-height: 24px;"> Société Générale</span><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"> underwent a horizontal merger between Social Security Bank (SSB) and National Savings and Credit Bank (NSCB) in May, 1994. Ecobank followed suit by merging with Trust Bank in 2000; Access Bank was next by merging with Inter-continental Bank in 2011; which was then followed by UBA merging with Amalgamated Bank in 2012. Prominent among them in recent times are the mergers and acquisitions between UT financial Holdings and BPI, Merchant Bank and Fortis and International Commercial Bank and First Bank of Nigeria (FNB).<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">The banking sector’s income before tax had registered a negative year-on-year growth of 0.5% in July 2016 compared with a growth of 18.2% in July 2015.</span><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"> Similarly, the industry’s net profit after tax contracted by 1.0% in July 2016 compared with a 15.1% growth in the same period in 2015. The industry’s net interest income recorded slower growth of 19.4% in July 2016 compared with a 34.5% growth in July 2015.<o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Indicators of profitability for the banking sector has shown a decline in profitability with declining trends in annualized data on after-tax Return on Equity (ROE) and pre-tax Return on Assets (ROA). The banking sector’s ROA decreased to 4.8% in July 2016 from 5.6% in July 2015, while ROE decreased from 27.3% to 23.5% over the same period.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Despite marginal declines (which was largely due to Ghana’s elections), being recorded in the key financial indicators, the Bank of Ghana notes that the banking sector remained sound and solvent as at July 2016.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In the last decade, Ghana’s banking sector has witnessed a lot of mergers and acquisitions which had changed the ownership structure of banks in Ghana, especially Ghanaian banks from local to expatriate banks. The immense change of ownership structure of most of these banks, as can be noticed, were motivated by the Bank of Ghana’s regulations concerning the change in banks’ operating in Ghana’s minimum capital requirement. The first major increment in the minimum capital requirement of banks came in the year 2008, where the Bank of Ghana set the minimum capital of banks in Ghana at GH¢60 million, and in 2013, this figure was further increased to GH¢120 million. The reason for this exercise by the Bank of Ghana was to protect depositor’s funds. After these two increments, a lot of banks who could not meet the deadline resorted to mergers and acquisitions in order to comply with the Bank of Ghana’s regulations. Banks like Intercontinental Bank, Trust Bank of Ghana and BPI were taken over by Access Bank, Ecobank and UT bank respectively.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">It is therefore worth noting that, the volatile macro-economic situation and a somehow complex regulatory environment in Ghana implies that many financial institutions in Ghana, from banks to insurance to wealth management groups/asset managers and non-bank lender are constantly searching for scale and growth. First Bank in its bid for growth, identified the ideal opportunity in the acquisition of 100% equity ownership of ICB West Africa (Ghana, the Gambia, Guinea and Sierra Leone), with Ghana being the flagship bank. The acquisition of the aforementioned institutions is expected to increase FirstBank's total assets by $258 million (1.32%).<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The upsurge of micro-finance or savings and loans companies in Ghana has also created room for lucrative purchases with less risks involved; since most healthy micro-finance firms are mostly in search of recapitalization to achieve bank status. This implies that, targeting healthy micro-finance firms with a larger network of branches across Ghana provides a great opportunity for buyers. Fidelity Bank became the first bank to make this move in 2014 after acquiring ProCredit Savings and Loans Company. Its acquisition of ProCredit alone saw Fidelity Bank expanding its branch network to 80 across the country, with 96 ATMs, 300 agencies and more than 700,000 customers across the country.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Data available shows that most deals in the financial sector has yielded tremendous outcomes. Ecobank acquired the Trust Bank of Ghana by taking over 100% of Trust Bank’s shares and absorbing all the staff of the Trust Bank. After the takeover took place in 2012, Ecobank Ghana increased its ROE immensely from 37% in 2011 to 61%. The ROE decreased in 2013 and took a big leap in 2014. This goes to confirm that the acquisition of the Trust Bank by Ecobank had good impact on post-acquisition performance of Ecobank.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">It is a different situation for UT Bank on the other hand, because UT Bank’s ROEs have rather diminished after the merger with BPI, but this was largely attributed to the lack of a proper road map scheme to ensure the effective implementation of the merger or acquisition strategy.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">However, a study by Barnor and Twumwaa, 2015 concluded that UT Bank’s merger deal had succeeded because the acquirers paid key attention to variables; UT Holdings Company acquired BPI by buying 40.40% shares of BPI and became the majority shareholder. According to the study, the deal went on to become very successful even though there had been some drops in ROEs for UT Bank as stated earlier.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Trinidad and Tobago’s retail banking group Republic Bank Limited (RBL), is currently the largest shareholder in Ghana’s HFC Bank. RBL had previously been a shareholder of HFC Bank since December 2012 when it purchased an 8.7% equity stake in the bank for USD 8 million. It then increased its stake in June, 2013 to 32.02% after buying an additional 23.3% which was previously held by Aureos Africa Fund LLC. It further acquired another 7.9% in 2013 from the Union Bank of Nigeria which increased RBL's shareholding in HFC Bank to the current 40% stake.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In the insurance sector, it is also projected that the minimum capital requirement of GHC 15 million which was set by Ghana’s Insurance regulator, the National Insurance Commission in 2014 is likely to create more mergers in the Insurance sector in order to meet regulatory demands. Regency Alliance Insurance Ghana merged with NEM Insurance to create a new company, Regency-NEM Insurance Ghana Limited. Regency holds a 60% controlling stake in the new merger, the merger has been forecast to create a larger firm which would be able to underwrite bigger transactions and also bring innovative products to the market as well as improve service delivery and client expectation.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><i><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">Despite this structural shift, the aggregate value of financial services mergers and acquisitions (M&A) only reached USD 215 million from 2004 to 2016.</span></i></b><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"> There has been very few strategic expansion-led deals in the sector while most of the transactions have been in the banking sector with few in the insurance sector.<o:p></o:p></span></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;">Telecom</span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">M & A activities in Ghana have been notable in the telecommunication industry. The telecom industry’s transformational process in Ghana has made it a very vital component for development. Previously, Ghana’s telecom industry was characterized by monopoly, low tariffs and inefficiencies. It was based on this that the Government of Ghana decided to sell part of Ghana Telecom (GT) to Telekom Malaysia Berhard.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">This led to the first ever merger in the telecommunications industry in Ghana which was a three year Technical Services Agreement (TSA) where G-Com Limited, a consortium led by Telekom Malaysia Berhard acquired 30% shares of Ghana Telecom from the Government of Ghana (GOG) for USD 30 million on the 20th of February 1997. This was in a bid to restructure Ghana‘s telecommunications industry to make it commercially viable. Exactly three years later when the contract expired, GOG did not renew the contract due to failure on the Telekom Malaysia Berhard partners to meet its operating targets agreed upon in the TSA. The Government of Ghana contract abrogation with the G-Com Limited was an example of a merger deal gone wrong due to political and operational issues and litigation that ensued, resulting in the Government of Ghana paying huge international arbitration cost awarded in favour of G-Com Limited.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Not long after the ligation challenges were over, the Ghana government entered into a management partnership with Telenor Management Partners (TMP), a Norwegian consortium. The deal was subsequently assigned in July, 2002 to develop a Business Plan for Ghana Telecom covering the period 2003 – 2007. Following the acceptance of the Business Plan, the Government of Ghana entered into a Management Contract Agreement with TMP in February 2003 to implement the proposals in the Business Plan with the mandate to help improve the sector by providing additional telephone lines, extending telephone services to every corner of the country as well as developing the existing quality of service to position the company in the global market.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Finally In 2007, the Government of Ghana sold 70% shares in the enlarged Ghana Telecom to Vodafone; on a cash free, debt free basis for $900 million. Ghana Telecom’s assets comprised of GT fixed line operations, cellular operations (OneTouch), Broadband operations, GT call centre (Exzeed), SAT-3 submarine Fibre optics landing station and National Fibre Optics Backbone.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Data available clearly indicates that, the acquisition of Ghana Telecom by Vodafone brought about an increase in the growth rate which has led to superior market performance and a sharp increase in profitability. <i>Profitability in 2007 (last year as Ghana telecom) was - 33.82% as compared to profitability in 2009 (year after takeover by Vodafone) - 62.29.</i><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Another interesting acquisition, which can be described as the GSM evolution in Ghana, also started essentially in November 1996 with the launch of the first GSM service by Scancom Limited under the brand name of Spacefon. In September 2007, Africa’s largest mobile group, Mobile Telecommunications Network (MTN) acquired Investcom Limited which owned Scancom (GH) Ltd. the operators of Areeba in Ghana. MTN offered to acquire the Areeba’s holding company Investcom for $5.5 billion, as part of its growth strategy in emerging markets. At the end of 2005 Investcom had 4.9 million customers in Africa, the Middle East and Europe. The Beirut-based company had owned mobile operations in Benin, Cyprus, Ghana, Guinea Bissau, Liberia, Sudan, Syria and Yemen as at that time. MTN offered USD3.83 per Investcom share and an alternative of USD2.08 in cash and 0.18 MTN shares per Investcom share.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Another notable acquisition was when Western Telesystems Company (WESTEL) became a fully-owned state enterprise following the Government of Ghana’s acquisition of the two-thirds equity stake held by ACG Telesystems Ghana, via the Ghana National Petroleum Company (GNPC). The Government of Ghana had already owned one-third of WESTEL. After becoming a wholly owned subsidiary of the Ghana National Petroleum Corporation (GNPC), Westel was floated in an IPO following the opening up of the market. Western Wireless International (WWI) from the U.S. acquired a majority stake, but in its allotted duopoly period installed fewer than 3,000 of the 50,000 lines stipulated by its concession and its own target of 100,000 lines per annum. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In October 2007 Celtel International, a subsidiary of Kuwaiti based Zain Telecom (formerly named the MTC Group) announced it had signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for USD 120 million. The Government of Ghana remained a shareholder in Westel with a 25% holding at that time of the purchase through the Ghana National Petroleum Corporation (GNPC). Bharti Airtel in 2010 also acquired Zain Telecom’s African operations for $10.7 billion of which Zain Ghana was a subsidiary. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The number of subscribers or users has always mattered in Ghana’s telecom industry, a sector which has long been driven by transformational M&A activities. <b><i>M & A deals carried out in Ghana’s telecom industry from 2004 to 2016 is estimated at $1.92 billion.</i></b> Corporate deal-making in this industry has been driven by both the necessity to create economies of scale and the convergence of services as consumers increasingly demand interplay between their fixed line and mobile devices. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In recent times, Airtel had been in talks with rival Millicom International Cellular for a possible merger in Ghana, Airtel Africa has already sold out its operations in Burkina Faso and Sierra Leone to Orange which acquired a 100% of the two companies’ share capital for a reported $900 million. The consolidated revenue of the two companies is estimated at 275 million Euros. With Orange likely to acquire Airtel’s operations in Ghana, and reaching a merger deal with Tigo, this will represent a ‘new paradigm in Ghana’s telecom industry and would boost massively the subscriber base of the merged entity to make it the second largest telecom operator in Ghana in terms of subscriber base.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The sheer scale of this transaction is bound to trigger more deals in the sector in 2018 and beyond. And is likely to pave the way for more future mergers of not just mobile service providers but also between smaller technology companies in Ghana who will begin to realize that joining forces makes sense at a time when everyone in the industry faces highly capital-intensive demands for investment in technology and building networks.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">More consolidation is expected, particularly in Ghana, for instance, the ailing GLO Network looks very primed to be acquired due to its dwindling subscriber base despite its massive investment into technological equipment and machinery and expanding its network across Ghana.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"> </span><b><span lang="EN-US" style="font-size: 14pt; line-height: 28px;">Pharmaceutical</span></b></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Most makers of drugs and compounds have been scouring for deals in Europe, Asia and America but ignoring the potential of the sector across Africa. According to Mckinsey, the value of Africa’s pharmaceutical industry increased to USD 20.8 billion in 2013 from just USD 4.7 billion a decade earlier. This growth according to Mckinsey is continuing at a rapid pace and it is predicted that the market will be worth $40 billion to $65 billion by 2020. Even though that’s far below the U.S. (with an estimated value of USD 393 billion) and Japan (USD 123 billion), Africa’s attractiveness does not lie in its market size but in its rapid growth, with an estimated 9.8% compound annual growth rate between 2010 and 2020.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The value of Africa’s pharmaceutical industry has risen from $4.7 billion in 2003 to $20.8 billion in 2013. These totals include patented and generics prescription drugs and over-the-counter medicines.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Over the past two decades Africa has emerged from a troubled history to become one of the world’s fastest growing economic regions. Africa’s GDP—USD 2.4 trillion in 2013, and expected to climb to USD 3.3 trillion by 2020—is already at par with Russia’s. Household spending is rising too; Africa’s consumers spent $1.8 trillion in 2013, according to Mckinsey.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The Ghanaian pharmaceutical market is made up of approximately 30% locally produced drugs and 70% imported products; the latter originating mainly from India and China (Harper, Gyansa-Lutterodt, 2007). In 2005, the total market was estimated at USD 250 million at retail price level in Ghana. With the assumption that a growth rate of 6-8% (drug expenditure tends to grow above overall economic growth) the total market size was estimated to have been around the range of USD 300 million. Another factor driving growth has been the introduction of health insurance in Ghana, measurably increasing utilization of health care facilities; more patients mean more prescriptions.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">According to the World Health Organization, Ghana had an estimated 7.2 million cases of malaria in 2006. Of those cases, 3.9 million of them occurred in children under five years old. Malaria is thus considered a nationwide problem. Past estimates of the economic burden of malaria on households and the economy abound. Asante and Asenso-Okyere, 2003 estimated in a research paper that a 1 % increase in malaria morbidity reduces economic growth by about 0.41 %, and that an episode of malaria costs households US$15.79 (in 2003 dollars). A study by Abotsi, 2012 also further surmised that an episode of malaria costs households between US$10.20 (uncomplicated malaria) and US$46.62 (severe malaria) (in 2007 dollars). Furthermore, Sicuri et al. found that households spent between US$5.70 (uncomplicated malaria) and US$48.73 (severe) in Ghana.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The World Health Organization (WHO) estimates that although costs of investing in malaria elimination between 2016–2030 could reach US$101.8 billion (with another US$673 million invested in research and development annually), the returns on such investment could be 40:1 globally and 60:1 for sub-Saharan Africa, implying, for example, that for every US$1 spent, economic gains of US$40 or US$60 would be accrued.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The demand for quality anti-malarial drugs alone, has always been high in Ghana which places pharmaceutical manufacturers of anti-malarials under pressure to supply the ever increasing demand of the drug. As per moving annual total (MAT) for the third quarter of 2011, Sanofi generated $6.7 billion and Novartis $5.8 billion, making them the two largest pharmaceutical multinational corporations in emerging markets. With their respective local growth rates of 13.6% (Sanofi) and 8% (Novartis). Norvatis is one of the largest manufacturers of anti-malarial drugs in Africa.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://www.blogger.com/null" name="OLE_LINK12"></a><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">As noted by BMI, Novartis for instance is aiming to increase its presence within Ghana through sales from cardiovascular disease therapeutics. In 2014, Novartis' sales from cardiovascular products worldwide amounted to USD 8.0 billion. Having a local presence in Ghana will therefore open the doors for Novartis to neighboring countries suffering from similar cardiovascular diseases; </span><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">Ghana has a particularly high rate, with 75% of adults suffering from hypertension, but only 4% having it under control. This demonstrates a combination of both unaffordable medicines and a lack of health care services in Ghana.</span><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"><o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">In 2014, pharmaceutical sales in Ghana came in at just USD 12.29 per capita, compared to USD 24.8 in Zimbabwe and USD 22.3 in Cote d'Ivoire. Highlighting revenue earning opportunities in Ghana, BMI forecasts pharmaceutical sales in Ghana to double by 2019 to USD 365 million, compared to the proportionally smaller market size of USD 329 million in 2014.</span><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"><o:p></o:p></span></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Ghana’s local pharmaceutical companies including, Kinapharma, Ernest Chemist, Tobinco and DANNEX have made inroads in the country’s pharmaceutical sector, the growth drivers of these companies is as a result of the increasingly urbanized population, which means better infrastructure and greater household purchasing power.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Ghana is positioned to also play a key role in driving and accelerating pharma growth in Africa. Underestimating the pharmaceutical industry in Ghana could lead to loss of revenue to most big pharma. Even though, the local pharma sector in Ghana has a very effective large supply and distribution chain systems that provide efficacious medicines across most of West Africa and parts of sub-Saharan Africa and are also available to all income levels, Ghana’s drug manufacturing sector is grappling with how to improve its capacity. For example, industry commentators suggest that out of 3,000 drugs registered by Ghana’s Food and Drugs Board (FDB) only 900 are produced locally.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Potential mergers and acquisitions will therefore increase capacity to help meet the increasing demand. In a bid to increase its capacity, DANNEX Pharmaceutical acquired local drug manufacturer Starwin Products Limited in 2014 and in 2016 also went on to acquire Aryton Drugs, a subsidiary of Adcock Ingram. ASPEN also acquired 65% of the issued share capital of KAMA, a privately owned company incorporated in Ghana for a purchase consideration of USD4.5 million.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Ghana presently serves as the regional hub for pharmaceutical manufacturing and distribution to the over 300 million people who live within the Economic Community of West African States (ECOWAS). There is still room for lots of growth in Ghana's pharmaceutical manufacturing. Even though most factories in Ghana are not operating at full capacity, Ghana’s pharmaceutical exports to other countries in the region are valued because of its high quality. This industry has many advantages for investors, such as a sound structure in place and access to a large and in-need market.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><i><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">Our data shows that the value of M&A transactions carried out in the pharmaceutical product and preparation sector from 2004 to 2016 stood below $25 million.</span></i></b><span lang="EN-US" style="font-size: 12pt; line-height: 24px;"> This reflects how the volume of pharmaceutical deals in Ghana has remained relatively flat though it has great potential.<o:p></o:p></span></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;">Oil and Gas</span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">There is perhaps no other sector which is currently facing such difficult market conditions as oil sector. This is an industry which has been thrown into turmoil by plunging oil prices, which are still below a once-unthinkable $52 a barrel benchmark.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">As companies look for growth all around in Africa, they have increasingly focused on up-and coming markets such as Ghana. Oxford Economics expect that by 2018 the value of emerging markets-related M&A transactions will be more than 50% higher than in 2015.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Ghana’s petroleum industry, though relatively young has been touted as having the potential to moving the country from a developing country to a developed one. The growth of the industry is highly dependent on ensuring that petroleum products produced at the downstream sector of the industry are distributed consistently and timely to consumers through an effective and efficient supply chain system.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In Ghana, petroleum products account for about 26% of total energy consumption (Ministry of Energy, 2010) and about 70% of Ghana’s commercial energy needs (Oil and Gas in Ghana - Overview, 2013. Petroleum product consumption continues to increase in Ghana with increase in population yet the supply does not correspond to demand, this gives cause for more investment into the downstream sector.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The downstream oil distribution is increasingly adopting a variety of supply chain solutions ranging from crude selection to product distribution at the retail outlet in the face of uncertainties relating such as oil prices, refining margins and long lead times associated with crude purchasing and product trading.<o:p></o:p></span></div>
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<span style="font-size: 12pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Key private players in Ghana’s downstream sector are the Bulk Oil Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) where major M & A deals have also taken place. Total Ghana Limited (TGL) which was formerly registered in Ghana as BP Ghana Limited changed its name to Elf Oil Ghana Limited following the acquisition of BP Ghana Limited by Elf Aquitaine in August, 1992. The company’s name was changed again to TotalFinaElf Ghana Limited following the merger of the parent companies of TGL and Elf Acquitaine on international markets by Special Resolution dated 21stDecember, 1999. On the 1st of August, 2003, the company’s name was again changed to Total Ghana Limited following the renaming of the TotalFinaElf Group as Total S.A. Total Ghana Limited was registered with 1,500,000 ordinary shares of no par value of which 500,000 were issued to the founding members for capital of ¢999,000. Total Petroleum Ghana Limited is the result of the Merger between Mobil Oil Ghana Limited and Total Ghana Limited. Following the Annual General Meeting held on 6th September, 2006, the Shareholders of Mobil Oil Ghana Limited and Total Ghana Limited approved a name change to Total Petroleum Ghana Limited (TPGL).</span></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">A study by Harvey SK which examined the impact of the merger between Mobil Oil Ghana and Total Petroleum Ghana Limited which both operate as Oil Marketing and Companies. Data available was based on the annual final accounts data covering both the pre- and post-acquisition period of 2000 to 2012; Performance measures or indicators examined showed that all profitability ratios, except the Gross Operating Margin (GOM), declined after the merger. Expenses ratio followed a downward trend in the post-merger period. All liquidity ratios had also declined slightly during the post-merged period. Similarly, the study found that financial leverage declined after the merger. However, the study discovered that average rate of growth of turnover and assets increased in the post-merger period relative to the pre-merger period. This was an indication that the merger impacted positively on growth. Moreover, earnings per share and dividend per share were all found to have followed upward trends in the post-merger period. This implies the merger benefited shareholders in terms of increased share earnings.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Harvey SK, 2015 later indicated that though the merger between Total Ghana and Mobil Ghana did not lead to an improvement in profitability since all the indicators of profitability had declined except the GOM, the general decline in profitability could be attributed to the competitive nature of the oil industry and unstable crude oil, which are exogenous to the firms’ environment. Also, the new firm might have been enjoying market economies leading to a persistent decline in expenses ratio after the acquisition and since the merger was debt-financed, this caused liquidity and financial leverage which made it difficult for the new firm to meet its financial obligations, at least in the short run.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In conclusion, Harvey, 2015 further noted that the acquisition had enhanced growth of the new firm as reflected in turnover and assets growth in the post-acquisition period and also increased shareholder value by earning per share and dividend per share during the post-merger period. The increasing earnings per share and dividend per share together with declining profitability showed that it is possible to design a merger in Ghana’s oil and gas sector which produces no economic benefits (profit) initially, but which however produces an immediate increase in earnings per share.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Following these findings, we can conclude that while the acquisition of Oil Marketing Company; Mobil Ghana by Total was not profit maximizing, it was growth and shareholder value maximizing in the short term.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">A merger with a top distributing BDC or OMC therefore is likely to boost distribution and product supply chain across West Africa, specifically to Niger, Burkina Faso and Togo which all significantly depend on Ghana for their oil products. BDCs and OMCs therefore provide the best opportunity for mergers and acquisitions in the oil and gas sector.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;"><br /></span></b><b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;">Mining<u><o:p></o:p></u></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">We expect a modest uptick in 2017 for mining deals to continue till the end of the year, albeit at a slow but steady pace. The sector is still suffering from the not so stable gold prices as well as the insufficient due diligence done in the past by most companies, which caused investors to take a second look at asset irrespective of how valuable they could be on the market.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The mining sector alone contributed about GHC1.35 billion to taxes, representing 14.8% of total direct taxes in 2015. Mining companies returned USD 3.1 billion representing 85% of their mineral revenue (USD3.1 billion) through the Bank of Ghana (BoG) and the commercial banks in 2015, a situation which has significant bearing on the international reserve position of BoG and the stability of the monetary system as a whole. Newmont reported annual revenues of USD 931 million in 2012, USD 919 million in 2011 and about USD 2.5 billion in three years.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Ghana’s mining sector was expected to reach a value of USD 1.83 billion in 2016, according to the Ghana Mining Report – Fourth Quarter 2012. The Report by research company; Research and Markets says the sector will increase from $1.21 billion in 2010 “as bauxite and gold production see substantial increases.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Between 2009 and 2011 the investment inflow for Ghana’s mining sector was USD 2.5 billion. Gold production increased consistently; 3.1 million ounces in 2009, 3.4 million ounces in 2010 and 3.6 million ounces in 2011 which was the highest gold production ever in Ghana. Ghana’s mining sector is the country’s leading source of Foreign Direct Investment (FDI) as records from the Minerals Commission show that FDI inflow into the mining sector in 2015 was USD 965 million. Cumulatively, the investment inflow into the mining sector from 2000 to 2015 stood above USD 10 billion. <b><i>Total M & A deals from 2004 to 2016 is estimated at USD 12 billion, which represents the industry with the highest volume of M & A transactions in Ghana.</i></b><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The single most prominent merger in the mining sector that increased the Ghana Stock Exchange’s capitalization by 483% was the April 2004 merger between AngloGold registered in the republic of South Africa and Ashanti Goldfields Company registered in Ghana. Subsequently, market capitalization at the Ghana Stock Exchange increased by US$7.8 billion, 433% immediately after the merger deal was finalized in 26th April 2004.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The consequence of this takeover had been beneficial across all fronts and this merger enabled the government of Ghana to receive dividend from 2004. In all, a total of US$ 15 million was paid as dividend from 2004 to 2007. The government also received 2,658,000 shares and cash considerations of US$ 5 million for agreeing to the merger. Capital investment increased tremendously to boost the Ghanaian economy: US$303 million capital expenditure was spent within 4 years of merger, well over the required UD$220 million stay-in-business capital. On the part of the shareholder, though earnings per share and returns on equity on the Ghanaian mines had fared poorly after the merger, critical analysis showed there were some gains. Since Ashanti Goldfields Company’s share exchanged for 0.29 AngloGold Depository share, implying that a shareholder's wealth appreciated by 204% immediately after the merger.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In 2007, the Government sold Ghana’s non-controlling interests of 5% to Anglogold Ashanti Ltd. The Government in January 2011 also sold the nation’s last shares of 2.5% to Anglogold Ashanti which generated an amount of US $215 million, whereas accounts of its utilization was not clearly provided.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Investors continue to be risk averse when it comes to exploring regions outside of familiar territories, more than 90% of the deals undertaken in between 2004 to 2016 so far were not targeted at exploring for new metals. Though a research by Goodman AMC shows that Ghana stands a high chance of discovering uranium.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">However, the emergence of some strategic mergers into larger operations will be very necessary. Larger mining operations need to leverage their new positions to buy distressed mining assets in Ghana that will complement their portfolio. This would enable them to solidify their base in anticipation for growth in gold prices.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">AngloGold Ashanti for example which is looking to sell its assets in Ghana are finding it difficult to get a buyer willing to invest in its operations due to challenges being faced by the firm. But what investors need to watch is that most of the challenges currently facing AngloGold was as a result of the Company’s lack of an in-depth understanding of the Ghanaian mining sector. Instead of the South African firm combining its foreign expertise with local expertise to achieve economies of scale The South Africa multinational instead acquired the company and made some new operational procedures that suck all the oxygen from the company. But Despite its shortcomings, two multinational miners, Barrick Resources of Canada and the Australian giant BHP Billiton, are each in deep negotiations with AngloGold’s South African owners, over buying the troubled mine.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Investors should remain cautious about investing in Ghana’s mining sector. Anticipated high-value mergers are expected beyond 2017.<o:p></o:p></span></div>
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<b><u><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;"><br /></span></u></b><b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 28px;">Agroprocessing<u><o:p></o:p></u></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">There has been close to a 90% decline in overall activity in Ghana’s manufacturing sector, 2016 ended the year on a much downward trend.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">M&A activity in the manufacturing industry continues to be largely supported by the agro processing category. Ghana’s manufacturing recorded a negative growth of -0.4 and -0.5% in 2013 and 2014 respectively (2016 figures). Although 2017 will likely not be without challenge and uncertainty, we believe the environment may be ripe for manufacturing deals.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Technology and digital integration into products is transforming the manufacturing sector at an ever increasing pace. In order to promote a strong deal making environment from 2017, the Government of Ghana needs to show more clarity around the Akufo-Addo administration’s policies, particularly the One District-One Factory policy, including reduced regulation and government oversight, lower income and tax rates.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">While local deals (transaction by parties in the same country) continue to drive M&A activity in the sector, cross-border deals have also been increasing in size. A typical example is the acquisition of Benso Oil Palm Plantation (BOPP) by Unilever Ghana Limited in October 2003. Unilever acquired 58.5% of equity stake in the plantation in a deal worth USD 11.7 million. In this instance, Benso Oil Palm Plantation will supply raw materials, which is palm oil to Unilever for the production of goods like soap.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Benso Oil Palm Plantation Limited was incorporated on January 22, 1976 jointly by Unilever Plc and the Government of Ghana (GOG) as a private company limited by shares to produce crude palm oil (CPO) in Ghana. The company was converted into a public limited liability and listed on the Ghana Stock Exchange in 2004 after the Government of Ghana had divested its stakes in the company. Unilever Ghana Limited took over the 58% equity interest that Unilever Plc held and in 2012, Wilmar International, an Asian agribusiness giant through its African subsidiary, Wilmar African Limited acquired 77.97% of the entire issued shares of BOPP, making them the majority and controlling shareholder of BOPP.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">A look at the financial performance of Benso Oil Palm Plantation Limited showed a mixed performance over the last five years in the top and bottom line indicators. The period saw a consistent growth in total revenue from GHC 19.37 million in 2010 to GHC 40.84 million in 2012 (which was the year it was acquired by Wilmar) before slipping to GHC 35.44 million by the end of 2013. Two years on after its acquisition by Wilmar total revenue grew once again to GHC 52.16 million.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Similarly, BOPP’s net profit position increased from GHC 2.67 million in 2010 to GHC 13.41 million in 2012, declined to GHC 5.81 million in 2013 and then bounced back to GHC 12.29 million in 2014 (two years after its acquisition). This signifies growth of 169.36% and 360.68% in the top and bottom line indicators respectively, over the five-year period.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 24px;">The agroprocessing sector has shown promise, incorporating everything from the processing of tomatoes, to cashew etc. Companies that can provide complex technological expertise to process Ghana’s abundant raw materials, particularly cocoa will most likely dominate M & A activity with mergers not far from behind. More M & A activities are likely to be triggered where most of Ghana’s now defunct factories may become targets for acquisitions after any initial deal offer.</span><span style="font-size: 12pt;"> </span></span></div>
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Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-7924801008084671157.post-16643305133599729362017-04-21T12:28:00.001+01:002017-06-01T14:02:10.089+01:00Ghana’s Pharmaceutical Industry Forecast For Growth<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">In 2014, pharmaceutical sales in Ghana was USD 12.29 per capita, BMI forecasts pharmaceutical sales in Ghana to double by 2019 to USD 365 million, compared to the proportionally smaller market size of USD 329 million in 2014.<o:p></o:p></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;"><br /></span><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;"><a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSDRqdDBfR0RhbUE" style="font-family: cambria, serif;" target="_blank"><span style="color: #0b5394;">Click here to download full Report</span>.</a></span></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">The Ghanaian pharmaceutical market is made up of approximately 30% locally produced drugs and 70% imported products; the latter originating mainly from India and China (Harper, Gyansa-Lutterodt, 2007). In 2005, the total market was estimated at USD 250 million at retail price level in Ghana and with the assumption that a growth rate of 6-8% (drug expenditure tends to grow above overall economic growth) the total market size was estimated to have been around the range of USD 300 million. Another factor driving growth has been the introduction of health insurance in Ghana, measurably increasing utilization of health care facilities; more patients mean more prescriptions.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">According to the World Health Organization, Ghana had an estimated 7.2 million cases of malaria in 2006. Of those cases, 3.9 million of them occurred in children under five years old. Malaria is thus considered a nationwide problem. Past estimates of the economic burden of malaria on households and the economy abound. Asante and Asenso-Okyere, 2003 estimated in a research paper that a 1 % increase in malaria morbidity reduces economic growth by about 0.41 %, and that an episode of malaria costs households US$15.79 (in 2003 dollars). A study by Abotsi, 2012 also further surmised that an episode of malaria costs households between US$10.20 (uncomplicated malaria) and US$46.62 (severe malaria) (in 2007 dollars). Furthermore, Sicuri et al. found that households spent between US$5.70 (uncomplicated malaria) and US$48.73 (severe) in Ghana.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">The World Health Organization (WHO) estimates that although costs of investing in malaria elimination between 2016–2030 could reach US$101.8 billion (with another US$673 million invested in research and development annually), the returns on such investment could be 40:1 globally and 60:1 for Sub-Saharan Africa, implying, for example, that for every US$1 spent, economic gains of US$40 or US$60 would be accrued.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">The demand for quality anti-malarial drugs alone, has always been high in Ghana which places pharmaceutical manufacturers of anti-malarials under pressure to supply the ever increasing demand of the drug. As per moving annual total (MAT) for the third quarter of 2011, Sanofi generated $6.7 billion and Novartis $5.8 billion, making them the two largest pharmaceutical multinational corporations in emerging markets. With their respective local growth rates of 13.6% (Sanofi) and 8% (Novartis). Norvatis is one of the largest manufacturers of anti-malarial drugs in Africa.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;">As noted by BMI, Novartis for instance is aiming to increase its presence within Ghana through sales from cardiovascular disease therapeutics. In 2014, Novartis' sales from cardiovascular products worldwide amounted to USD 8.0 billion. Having a local presence in Ghana will open the doors for Novartis to neighboring countries suffering from similar cardiovascular diseases; </span><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;">Ghana has a particularly high rate, with 75% of adults suffering from hypertension, but only 4% having it under control. This demonstrates a combination of both unaffordable medicines and a lack of health care services in Ghana.</span><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;"><o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;">In 2014, pharmaceutical sales in Ghana came in at just USD 12.29 per capita, compared to USD 24.8 in Zimbabwe and USD 22.3 in Cote d'Ivoire. Highlighting revenue earning opportunities in Ghana, BMI forecasts pharmaceutical sales in Ghana to double by 2019 to USD 365 million, compared to the proportionally smaller market size of USD 329 million in 2014.</span><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;"><o:p></o:p></span></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Ghana’s local pharmaceutical companies including, Kinapharma, Ernest Chemist, Tobinco have made inroads in the country’s pharmaceutical sector, the growth drivers of these companies is as a result of the increasingly urbanized population, which means better infrastructure and greater household purchasing power.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Ghana is positioned to also play a key role in driving and accelerating pharma growth in Africa. Underestimating the pharmaceutical industry in Ghana could lead to loss of revenue to most big pharma. Even though, the local pharma sector in Ghana has a very effective large supply and distribution chain systems that provide efficacious medicines across most of West Africa and parts of sub-Saharan Africa and are also available to all income levels, Ghana’s drug manufacturing sector is grappling with how to improve its capacity. For example, industry commentators suggest that out of 3,000 drugs registered by Ghana’s Food and Drugs Board (FDB) only 900 are produced locally.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Potential mergers and acquisitions will therefore increase capacity to help meet the increasing demand. In a bid to increase its capacity, DANNEX Pharmaceutical acquired local drug manufacturer Starwin Products Limited in 2014 and in 2016 also went on to acquire Aryton Drugs, a subsidiary of Adcock Ingram. ASPEN also acquired 65% of the issued share capital of KAMA, a privately owned company incorporated in Ghana for a purchase consideration of USD4.5 million.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Ghana presently serves as the regional hub for pharmaceutical manufacturing and distribution to the over 300 million people who live within the Economic Community of West African States (ECOWAS). There is still room for lots of growth in Ghana's pharmaceutical manufacturing. Even though most factories in Ghana are not operating at full capacity, Ghana’s pharmaceutical exports to other countries in the region are valued because of its high quality. This industry has many advantages for investors, such as a sound structure in place and access to a large and in-need market.</span></div>
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<span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Our data shows that the value of M&A transactions carried out in the pharmaceutical product and preparation sector from 2004 to 2016 stood below $25 million. This reflects how the volume of pharmaceutical deals in Ghana has remained relatively flat though it has great potential. </span></span></div>
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Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-7924801008084671157.post-90158215723091460962017-04-21T12:10:00.001+01:002017-06-01T14:04:26.472+01:00Ghana: A Bullish M & A Market <div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Money is changing hands all around Africa, with the continent emerging as a target for global players. According to the AFDB, M&A deals on the African continent totaled USD 27 billion in 2011 down from USD 44 billion in 2010. During the past years, deals in South Africa accounted for 57% of the overall activity in Africa with total value worth USD 12.2 billion.<o:p></o:p></span><br />
<span style="color: #0b5394; font-family: "arial" , "helvetica" , sans-serif;"><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;"><br /></span><span lang="EN-US" style="font-size: 12pt; line-height: 17.12px;"><a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSDRqdDBfR0RhbUE" style="font-family: cambria, serif;" target="_blank"><span style="color: #0b5394;">Download full M & A report here</span></a></span></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Despite the fact that the global volume in African mergers and acquisitions (M&A) had slowed down for the third consecutive year to 2015, falling 16% year-on-year since 2004, the volume from African-led acquisitions hit record highs in 2015. Quartz reported that, in 2015, regional acquisitions stood at USD 15.3 billion.<o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt;">Investor confidence in the Ghanaian market has also been fueling a rise in M&A activity between 2004 to 2015, though Data from firms before and after acquisition is, however quite scanty, Goodman AMC estimates these transactions could have surpassed USD 15 billion between 2004 to 2016, and is expected to double to all-time records of over USD 32 billion between 2017 to 2030 in major merger deals over this period. This will largely be driven by the need by companies to accelerate earnings since most firms in Ghana are now focusing on growth. M & A activities have occurred in a host of key sectors of Ghana’s economy, from the pharmaceuticals and telecoms to oil/gas and manufacturing, finance and the mining industries. The push towards free-market economies instituted about 2 decades ago in sectors such as the telecommunications and mining industries saw a lot of activity as once public-owned enterprises were sold to private entities in Ghana. The mining sector has accounted for the most M&A activity between 2004 to 2016, while telecom sector overtakes the financial sector as the sector with the highest grossing inbound value.</span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Total M & A deals between 2004 to 2016 in the mining sector is estimated at USD 12 billion, which represents the industry with the highest volume of M & A transactions in Ghana. Despite this structural shift, the aggregate value of financial services mergers and acquisitions (M&A) only reached USD 215 million between 2004 to 2016. Within the same period, the M & A deals carried out in the telecom sector is estimated at USD 1.92 billion. The pharmaceutical sector represents the lowest with $25 million, this reflects how the volume of pharmaceutical deals in Ghana has remained relatively flat though it has great potential.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">In the past, mergers and acquisitions in Ghana had been rather unpopular as a result of a much archaic entrepreneurial and business culture as well as due to past political environment. Most Ghanaian businesses preferred to work for themselves. Many Ghanaian companies were often controlled by their founders or families who are usually the top or largest shareholders and the top management.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">However, despite the fact that political and economic instability in the past subdued the growth of businesses in Ghana, the country has managed to embark on political democracy, economic liberalization and financial deregulation for the last two decades. This dynamic shift has seen corporate Ghana facing more intense competition which has now compelled firms to seek mergers and acquisitions as alternative strategies to internal growth. Hence there has been more frequent occurrences of M & A activities in Ghana in recent times.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">There had been quite a number of M & A deals in Ghana between 1990 to 2008. Some of these includes, La Palm Royal Beach Hotel, Berjaya Elmina Beach Hotel and Busua Beach Resort which merged to form a new entity known as Golden Beach Hotels. National Savings and Credit Bank Limited was also acquired by Social Security Bank Limited, which was also later acquired by Societé Genérale of France. Mobil Oil was acquired by Total Petroleum Ghana Limited. Kumasi Brewery Limited and Ghana Brewery Limited merged into a new company Ghana Breweries Limited, which later merged with Guinness Ghana Limited to form Guinness Ghana Breweries Limited.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">However, the largest of the mergers, which attracted a great deal of publicity, was between Ashanti Gold Fields Company Limited and Anglo Gold South Africa Limited which merged to form a new corporate entity known as AngloGold Ashanti Limited. Other recent mega acquisitions in Ghana include the acquisition of a 70% stake in Ghana Telecom from the Government of Ghana by Vodafone Plc. on a cash free, debt free basis for USD 900 million, the takeover of Scancom Areeba by MTN deal and the acquisition of Benso Oil Palm Plantation by Unilever Ghana Limited and which was later acquired by Wilmar) and Ecobank Ltd which acquired The Trust Bank (TTB). The acquisition of the 24,000 metric tonne capacity Commodities Processing Industries by Touton for USD 18 million also represents one of the most recent mega deals in the agroprocessing sector.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; text-align: justify;">Data analysed from the Bank of Ghana’s Monetary Policy Committee showed the growing improvement in business confidence across Ghana as at March 2017 which has in turn reflected positive sentiments about economic and industry prospects. As stated in our previous report titled ‘<a href="http://www.goodmanamcllc.com/2016/11/the-economic-impact-of-ghanas-election.html" target="_blank"><span style="color: #0b5394;">The Economic Impact of Ghana’s Election in 2017</span></a>’, Goodman AMC can somehow confidently forecast that after Ghana’s main presidential election, it’s new President is likely to speed up strategic transformation in terms of industrial change with his One District One Factory policy, and this accompanied with a potential lowered interest rate environment, a stable Cedi against the dollar and cheap financing persisting we forecast a surge in M&A deal-making is only going to increase beyond 2017.</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt; line-height: 19.9733px;"><br /></span></b></span><span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span style="font-size: 14pt; line-height: 19.9733px;">Ghana: A Buoyant M & A M</span></b><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;">arket<o:p></o:p></span></b></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">In terms of mergers and acquisitions, 2017 is going to offer great opportunities for investors in Ghana. After a slowdown in deals in 2016, which was largely due to the uncertainties from Ghana’s elections. The aftermath of the elections has gone further to solidify Ghana as a very stable business environment and deals are expected to take place in several sectors of the country’s economy, encompassing different markets and which would demand complicated transactions where several millions of dollars-worth of cash or stocks is expected to changed hands.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Looking at the confidence boost in Ghana’s business environment as noted by the World Bank’s Ease in Doing Business Report 2017, which ranked Ghana 9th out of 47 countries in the sub-Saharan Africa sub-region, this to a large extent proves that this year would be a bullish year for Ghana.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Multinationals look more willing than before to spend colossal amounts of money in the purchase of companies in order to expand their businesses in Ghana. Even though FDI transactions had decreased from USD 14.1 billion in the second quarter of 2016 to USD 241.17 million for the third quarter, this however, could somehow not represent the true track record of investment transactions in Ghana, since 2016 represented an election year.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Ghana’s high interest rate levels could also cause a slowdown in market trends, since it has made it more difficult than ever for local companies to raise money. Companies are now under pressure from shareholders to raise external funds through foreign M & A deals.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">With many economic sectors experiencing a modest growth, purchasing a healthy company in Ghana– and consequently paying premium values for the firm – is an attractive idea for business executives with corporate cash pile. Companies listed in the United States, Europe and Asia have benefited from sharp increases in their share prices, which have enhanced their capability to add to revenue.<o:p></o:p></span><br />
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Currently, the M&A cycle in Ghana is quite different, there is now more large cross-continent mergers with American, European and Asian companies which has boosted most of the M&A activity. Private equity groups, including Carlyle, Abraaj, Blackstone, Kingdom Holdings with billions of funds raised over the years, are all now willing to do deals in Ghana.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">The Ghanaian market has been lifted by ever-heavier involvement of private equity investors, who are also flush with cash and looking for opportunities both to make acquisitions and to sell their current holdings in a high market. For instance, Global Africa Investments Africa Management, the private equity investment firm based in Mauritius, acquired the Mövenpick Ambassador Hotel in Accra from Kingdom Holding Company for a total enterprise value of USD 100 million. The deal, which closed at the end of December 2016, is the largest open market hotel transaction in sub-Saharan Africa to date. The acquisition had been executed through QG Africa Hotel LP, Quantum’s USD 500 million hospitality fund. Our full report on the Private Equity transactions in Ghana is available here.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">In recent times, Airtel had been in talks with rival Millicom International Cellular for a possible merger in Ghana, Airtel Africa has already sold out its operations in Burkina Faso and Sierra Leone to Orange which acquired a 100% of the two companies’ share capital for a reported USD 900 million, the consolidated revenue of the two companies is estimated at 275 million Euros. With Orange likely to acquire Airtel’s operations in Ghana as well, and reaching a possible merger deal with Tigo, this will represent a ‘new paradigm in Ghana’s telecom industry and would boost massively the subscriber base of the merged entity to make it the second largest telecom operator in Ghana in terms of subscriber base.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">The sheer scale of this transaction is bound to trigger more deals in the sector in 2017 and beyond. And is likely to pave the way for more future mergers of not just mobile service providers but also between smaller companies in Ghana who will begin to realize that joining forces makes sense at a time when everyone in the industry faces highly capital-intensive demands for investment in technology and building networks.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">All things being equal, it is likely that the enthusiasm for big-ticket transactions will continue to be a factor in 2017 and beyond. Though markets remain somehow fragile at the moment, there is an upswing to quality in Ghana’s M&A market.</span><br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-63311459696205651792017-04-21T11:58:00.001+01:002017-06-01T13:54:16.249+01:00The Growth Potential of Ghana’s Alcoholic Beverage Industry <div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzehhd5OFgbbSmUh2Zfa4ci9Q6_YRpgcLDJ9kv7z__D1mvdpN5yOiGBp4kYFvKaSub4u8GwSim1egOniAnCOrtB_1Y7BPB3NqZiHdSowolzA4LjG0gBBq7t3Nrgc856OgR1HrmsJUSD5XB/s1600/ghanamicrobrewery_DSCN0461.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzehhd5OFgbbSmUh2Zfa4ci9Q6_YRpgcLDJ9kv7z__D1mvdpN5yOiGBp4kYFvKaSub4u8GwSim1egOniAnCOrtB_1Y7BPB3NqZiHdSowolzA4LjG0gBBq7t3Nrgc856OgR1HrmsJUSD5XB/s640/ghanamicrobrewery_DSCN0461.jpg" width="640" /></a></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">The African beer market is the fastest growing in the world. It is forecast to grow at an average rate of 5 percent between 2013 and 2017, according to a March 2015 report by market research group Canadean. Ghana’s beverage manufacturing sub sector is becoming very big, we forecast a tremendous amount of growth in the alcoholic beverage manufacturing sector.<o:p></o:p></span><br />
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<span style="color: #0b5394; font-family: "arial" , "helvetica" , sans-serif; font-size: large;"><a href="http://www.goodmanamcllc.com/2017/04/the-growth-potential-of-ghanas.html" target="_blank">Read full story</a></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-17273661841250148232017-04-20T14:07:00.000+01:002017-06-01T14:08:24.131+01:00How to Avoid the Unpredictable Risks Involved in Acquiring a Company in Ghana<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGZjBgxT11WJpz-isQ_30U4k5Pd6Xbq5Dnvsi7kdzKNefBKDnh2ySi4lxO3IHQoPNKw144DYkgXr8vLd-b7qcVuPEc3Dz06GK_DRMtIgYYa0_SZTgvyzBYHHegJH1Wa7gXYtgGqmMlYVr1/s1600/5-ways-sell-business-peak-price-2014.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="360" data-original-width="640" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGZjBgxT11WJpz-isQ_30U4k5Pd6Xbq5Dnvsi7kdzKNefBKDnh2ySi4lxO3IHQoPNKw144DYkgXr8vLd-b7qcVuPEc3Dz06GK_DRMtIgYYa0_SZTgvyzBYHHegJH1Wa7gXYtgGqmMlYVr1/s320/5-ways-sell-business-peak-price-2014.jpg" width="320" /></a></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Opportunities created by most deals in Ghana also generate challenges, especially for buyers based in developed markets. While they have to adapt themselves to ever more stringent regulation in Ghana, governance standards in their new acquisitions may not be up to standard.<o:p></o:p></span><br />
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<a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSDRqdDBfR0RhbUE"><u><span class="15" style="color: #2e75b5; font-family: "arial"; font-size: 12pt; letter-spacing: 0pt;">Download the full report here</span></u></a></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 19.9733px;">Analyse your motive<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Before considering to jump into a big deal in Ghana, companies or buyers first of all need to thoroughly analyze the motive behind the transaction. In agreement to this fact, we are of the view that acquisitions in Ghana should certainly focus on enhancing the capacity and expertise of a company in segments where they are not very strong yet while also aiming at the addition of key, scarce talent in industries such as high technology.<o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 19.9733px;">Thorough Due <o:p></o:p></span></b><span style="font-family: "cambria" , serif;"><span style="font-size: 18.6667px;"><b>Diligence</b></span></span></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">This therefore necessitates a thorough due diligence and compliance work which needs to be done before the parties close a deal. This is very imperative in order for an M & A transaction in Ghana to become successful. For instance, during the AngloGold and Ashanti Goldfields merger deal, It was also found that out of the $44 million expected capital expenditure towards feasibility, drilling and mining of the deeps project, only $19 million has been spent as at December 2008. The deeps project was the main attraction that led AngloGold to merge with cash strapped Ashanti Goldfields and due to the lack of a detailed feasibility study into the deeps project, AngloGold soon realized after the merger that they did not probably carry out enough due diligence to ascertain the existence or otherwise of the deeps reserves. Even though in the books of Ashanti Goldfields, it had classified the deeps project as 'Blue Sky' meaning not much geological testing had been done and that the existence of a massive gold reserve may only be a wishful dream.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">AngloGold therefore did not undertake a thorough feasibility study on what the ‘Blue Sky’ originally meant.<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;"><br /></span><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;"><span style="color: #0000ee; font-family: "arial"; text-decoration-line: underline;">Click here to read our guide on how to start a business in Ghana</span></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 19.9733px;">Risk Examination<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">In order to also prevent any kind of unpredictable risk involved in acquiring local companies, buyers need to carry out a well thought through examination of their risk management and compliance procedures prior to the completion of the deal. Buyers need to have a deeper understanding of the types of liabilities they are taking on. The main reason behind this is to prevent any unforeseen surprises that would probably lead to the payment of excessive environmental fines, labour compensation agreements, late tax bills and other charges derived from mistakes or illegal acts perpetrated by the previous owners.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 19.9733px;">Avoiding Underhand Dealings<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">With somehow rampant corrupt practices spread throughout Africa, buyers need to take an attentive look at initiatives put in place to tackle bribery, corruption, human rights abuses, employment of child labour by the firms they are acquiring or from third party firms which work together with the firms they are acquiring, as well as other governance issues not directly linked to the commercial side of the operation.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Acquirers from the United States, for instance, need to always be aware of the fact that they work under Foreign Corrupt Practices Act regulations, which enable U.S. enforcers to under certain conditions allege breaches of American law anywhere in the world. A lot of underhand dealings in the acquisition process could therefore result in reputation damage.<o:p></o:p></span></div>
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<b><span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 14pt; line-height: 19.9733px;">Assessment Of Exposure<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">When acquiring a company in Ghana, there needs to be a very clear focus on the compliance programs of targets companies.. Especially since the cost involved could be high and there is often a lack of robust data from the seller in Ghana. This was evident during the First Rand Bank and Merchant Bank merger deal; though the acquisition never came into fruition, Rand Bank had wasted an amount of over $3 million of due diligence which cost the firm.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 17.12px;">Most often, characteristics of some firms in Ghana that could be seen as a competitive advantage in some cases, may turn out to be toxic for buyers based abroad. The pre-deal due diligence process is therefore very vital and needs to include the assessment of exposure of the target company to anti-trust laws, data protection and privacy rules, litigation, intellectual property breaches, product liability, and so on. The ultimate thing to note is make sure that the target company has what it takes to deliver the business enhancements of what the buyer is looking for, with regards to the necessary due diligence that needs to be done in order to create value. But most importantly, companies should never overrule the importance of discipline, specifically when it comes to valuations.<o:p></o:p></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #0000ee; font-family: "arial"; font-size: 16px; text-align: justify;">Click here to read our guide on how to start a business in Ghana</span></span><br />
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Image Credit: business2business.com</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-42018936305501630302017-04-20T13:54:00.000+01:002017-06-01T13:57:52.617+01:00An Overview of M & A Activities in Ghana’s Telecom Industry<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS1icQ945QplROsgOFH2DhF1kcLt1tyl_Kol8Mi9_Dirx0ZM_wL56ZkdrrGby6Q5iC8IXKoqbbfFu1OYPF20o6Xn6yfUu4z5dl68e0BKLKmfsec-dyqYqbyMfPK9WURhYj5NjF5e0enlsx/s1600/telecom_home_1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="428" data-original-width="640" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjS1icQ945QplROsgOFH2DhF1kcLt1tyl_Kol8Mi9_Dirx0ZM_wL56ZkdrrGby6Q5iC8IXKoqbbfFu1OYPF20o6Xn6yfUu4z5dl68e0BKLKmfsec-dyqYqbyMfPK9WURhYj5NjF5e0enlsx/s320/telecom_home_1.jpg" width="320" /></a></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">M & A activities in Ghana have been notable in the telecommunication industry. The telecom industry’s transformational process in Ghana has made it a very vital component for development. Previously, Ghana’s telecom industry was characterized by monopoly, low tariffs and inefficiencies. It was based on this that the Government of Ghana decided to sell part of Ghana Telecom (GT) to Telekom Malaysia Berhard.<o:p></o:p></span></div>
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<a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSDRqdDBfR0RhbUE" style="font-size: 16px;" target="_blank"><span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #0b5394;">Download the full report here</span>.</span></a></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">This led to the first ever merger in the telecommunications industry in Ghana which was a three year Technical Services Agreement (TSA) where G-Com Limited, a consortium led by Telekom Malaysia Berhard acquired 30% shares of Ghana Telecom from the Government of Ghana (GOG) for USD 30 million on the 20th of February 1997. This was in a bid to restructure Ghana‘s telecommunications industry to make it commercially viable. Exactly three years later when the contract expired, GOG did not renew the contract due to failure on the Telekom Malaysia Berhard partners to meet its operating targets agreed upon in the TSA. The Government of Ghana contract abrogation with the G-Com Limited was an example of a merger deal gone wrong due to political and operational issues and litigation that ensued, resulting in the Government of Ghana paying huge international arbitration cost awarded in favour of G-Com Limited.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Not long after the ligation challenges were over, the Ghana government entered into a management partnership with Telenor Management Partners (TMP), a Norwegian consortium. The deal was subsequently assigned in July, 2002 to develop a Business Plan for Ghana Telecom covering the period 2003 – 2007. Following the acceptance of the Business Plan, the Government of Ghana entered into a Management Contract Agreement with TMP in February 2003 to implement the proposals in the Business Plan with the mandate to help improve the sector by providing additional telephone lines, extending telephone services to every corner of the country as well as developing the existing quality of service to position the company in the global market.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Finally In 2007, the Government of Ghana sold 70% shares in the enlarged Ghana Telecom to Vodafone; on a cash free, debt free basis for $900 million. Ghana Telecom’s assets comprised of GT fixed line operations, cellular operations (OneTouch), Broadband operations, GT call centre (Exzeed), SAT-3 submarine Fibre optics landing station and National Fibre Optics Backbone.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Data available clearly indicates that, the acquisition of Ghana Telecom by Vodafone brought about an increase in the growth rate which has led to superior market performance and a sharp increase in profitability. <i>Profitability in 2007 (last year as Ghana telecom) was - 33.82% as compared to profitability in 2009 (year after takeover by Vodafone) - 62.29.</i><o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Another interesting acquisition, which can be described as the GSM evolution in Ghana, also started essentially in November 1996 with the launch of the first GSM service by Scancom Limited under the brand name of Spacefon. In September 2007, Africa’s largest mobile group, Mobile Telecommunications Network (MTN) acquired Investcom Limited which owned Scancom (GH) Ltd. the operators of Areeba in Ghana. MTN offered to acquire the Areeba’s holding company Investcom for $5.5 billion, as part of its growth strategy in emerging markets. At the end of 2005 Investcom had 4.9 million customers in Africa, the Middle East and Europe. The Beirut-based company had owned mobile operations in Benin, Cyprus, Ghana, Guinea Bissau, Liberia, Sudan, Syria and Yemen as at that time. MTN offered USD3.83 per Investcom share and an alternative of USD2.08 in cash and 0.18 MTN shares per Investcom share.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">Another notable acquisition was when Western Telesystems Company (WESTEL) became a fully-owned state enterprise following the Government of Ghana’s acquisition of the two-thirds equity stake held by ACG Telesystems Ghana, via the Ghana National Petroleum Company (GNPC). The Government of Ghana had already owned one-third of WESTEL. After becoming a wholly owned subsidiary of the Ghana National Petroleum Corporation (GNPC), Westel was floated in an IPO following the opening up of the market. Western Wireless International (WWI) from the U.S. acquired a majority stake, but in its allotted duopoly period installed fewer than 3,000 of the 50,000 lines stipulated by its concession and its own target of 100,000 lines per annum. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In October 2007 Celtel International, a subsidiary of Kuwaiti based Zain Telecom (formerly named the MTC Group) announced it had signed an agreement to acquire 75% of Western Telesystems Ltd (Westel) from the Government of Ghana for USD 120 million. The Government of Ghana remained a shareholder in Westel with a 25% holding at that time of the purchase through the Ghana National Petroleum Corporation (GNPC). Bharti Airtel in 2010 also acquired Zain Telecom’s African operations for $10.7 billion of which Zain Ghana was a subsidiary. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The number of subscribers or users has always mattered in Ghana’s telecom industry, a sector which has long been driven by transformational M&A activities. <b><i>M & A deals carried out in Ghana’s telecom industry from 2004 to 2016 is estimated at $1.92 billion.</i></b> Corporate deal-making in this industry has been driven by both the necessity to create economies of scale and the convergence of services as consumers increasingly demand interplay between their fixed line and mobile devices. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">In recent times, Airtel had been in talks with rival Millicom International Cellular for a possible merger in Ghana, Airtel Africa has already sold out its operations in Burkina Faso and Sierra Leone to Orange which acquired a 100% of the two companies’ share capital for a reported $900 million. The consolidated revenue of the two companies is estimated at 275 million Euros. With Orange likely to acquire Airtel’s operations in Ghana, and reaching a merger deal with Tigo, this will represent a ‘new paradigm in Ghana’s telecom industry and would boost massively the subscriber base of the merged entity to make it the second largest telecom operator in Ghana in terms of subscriber base.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 24px;">The sheer scale of this transaction is bound to trigger more deals in the sector in 2018 and beyond. And is likely to pave the way for more future mergers of not just mobile service providers but also between smaller technology companies in Ghana who will begin to realize that joining forces makes sense at a time when everyone in the industry faces highly capital-intensive demands for investment in technology and building networks.<o:p></o:p></span></div>
<span lang="EN-US" style="font-family: "arial" , "helvetica" , sans-serif; font-size: 12pt; line-height: 22.4px;">More consolidation is expected, particularly in Ghana, for instance, the ailing GLO Network looks very primed to be acquired due to its dwindling subscriber base despite its massive investment into technological equipment and machinery and expanding its network across Ghana. </span>Unknownnoreply@blogger.com14tag:blogger.com,1999:blog-7924801008084671157.post-60258697374105174782016-11-14T16:47:00.000+00:002017-05-09T01:33:44.027+01:00The Economic Impact of Ghana's Election in 2017<div style="background: white; margin-bottom: .0001pt; margin: 0cm; text-align: justify;">
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<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt; letter-spacing: 0pt;">As Ghana’s presidential elections fast approaches, Goodman AMC makes an in-depth analysis of each candidate’s proposed economic policies and their macroeconomic impact in 2017. This research briefing describes how major factors gives an insight to diverging economic trajectories under a Mahama or an Akufo-Addo administration.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt; letter-spacing: 0pt;">The proposed monetary policy for the National Democratic Congress (NDC) is centered on national debt reduction, expanding infrastructure and job creation within the private sector. Recently the NDC party has been construed as being a precursor to higher taxation and the tightening of government spending.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt; letter-spacing: 0pt;">Comparatively, the monetary policy objectives for the New Patriotic Party (NPP) are centered on public sector job creation and increased government spending. NPP governmental policy also supports business-friendly legislation and legislation concerning issues such as universal education entitlements and extensive public work projects.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt; letter-spacing: 0pt;">This scenario analysis provides a thorough and undeviating system for forecasting macroeconomic activities under either an Akufo-Addo or a Mahama presidency.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<i><span class="15" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt; letter-spacing: 0pt;">Goodman AMC is an independent advisory firm with no political affiliation</span></i><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt; letter-spacing: 0pt;">.</span></i><i><span style="font-size: 12pt;"><o:p></o:p></span></i></div>
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<span style="font-size: 16pt;"><u><b>Mahama vs Akufo-Addo </b></u></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The impact of Mahama’s economic proposal is likely to move from a modest slowdown in economic activity for the first 21 months of his presidency and is likely to receive a boost afterwards. Under Akufo-Addo, the economic impact is also likely to have a modest slowdown for his first 18 months and shift to a moderate positive boost afterwards. The rationale behind this is the fact that elected Presidents in Ghana often inherit a growing national debt and also have the tendency to spend more when they have most political capital; mostly enacting reforms that may have an initial negative impact, but will pay economic and political dividends later. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">So normally the first year for the Ghanaian economy is poor. But by the second year (depending on the ability to manage the economy), they tend to gain some of the advantages from the early cycle. Most elections in Ghana often tend to create a certain level of uncertainty. Nevertheless, Ghana’s 2016 race is not any different. The main factors that would explain diverging economic trajectories under a Mahama and Akufo-Addo presidency are; fiscal, job creation and investor confidence. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">When it comes to the fiscal front, the fiscal multiplier from increased government spending and tax cuts under Akufo-Addo (which according to the NPP, is intended to shift the focus of economic policy away from taxation to production) would be slightly higher than increased taxation on various sectors under Mahama. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">An NPP Administration though, despite its grandiose promises and increased spending might possibly shirk austere fiscal spending in their first year, touting Ghana’s increasing debt and huge spending on large infrastructure projects as a result for necessary austerity measures.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<u><b><span style="font-size: 16pt;">High Income Inequality Levels Cause for Demands from Voters</span><span style="font-size: 12pt;"> </span></b></u><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Though most analysts would be wondering the underlying factors that have led voters to begin to make demands and believe out-rightly in promises made to them by politicians (both from the NPP and NDC), Goodman AMC is strongly convinced that the widening income inequality gap is likely to be the most obvious answer. The inequality between the North and South of Ghana was estimated by UNICEF and surmised that, the differential between just the north and south of the country accounted for a 10% of national inequality in 2013. Inequalities between the rural and urban areas now account for 17.6% of Ghana’s inequality. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">More so, the average household expenditure in urban localities stands at GHC 11,061 which is about 1.5 times that of the rural localities which stood at GHC 7,152.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">National inequality and an increase in unemployment rates (partly due to the freeze on employment by Government which is the largest employer) has been a major factor responsible for the increasing job creation promises by presidential candidates to the electorates. The electorates want to see these promises for job creation and income stability come to pass. Fifteen percent of national inequality in 2013 according to the Thiel Index was due to differences in average living conditions between regions.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Goodman AMC is therefore convinced that this income inequality situation in Ghana will proceed to play a major deciding role in driving the Ghanaian electorate. Probably more importantly than is commonly believed, history shows that assuring promises does not necessarily solidify a presidential candidates chances of winning</span><span style="font-size: 12pt;">.</span></div>
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<span style="font-size: 16pt;"><u><b>Uncertainties May Persist </b></u></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Ghana’s Provisional Real GDP (including Oil) grew at 2.50% (year-on-year) in the second quarter of 2016, representing a sharp decline from a 4.8% growth in the first quarter. The slowdown in growth was mostly due to a 49% fall in oil output after a technical fault at the main production vessel stopped production between March and May. Nevertheless Goodman AMC believes that part of the weakness in economic growth could already be as a result of the lingering apprehension about the election which has reduced business spending, since most investors are waiting to see the outcome of the elections. Real GDP growth is projected to reach 4.9% in 2016 and 5.5% in 2017. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Ghana’s presidential elections would be mired by likely economic uncertainties for a Mahama or Akufo-Addo win. The usual component relates to who becomes the next president of Ghana as well as what kinds of policies the new president plans to undertake.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The uncertainty is quite high if Akufo-Addo wins since his policies and plans to implement are of divergence with Mahama’s already existing and well known plans.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">With several research works demonstrating that uncertainty may cause businesses to delay investments, Ghana’s situation is no different. It may eventually go on to hurt employment in the services sectors. Goodman AMC strongly believes that the pending election cycle is currently weighing slightly on economic activity, and will continue to do so into 2017. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">This could be tracked back to both the Kufuor and Atta-Mills Administrations. After the NPP’s Kufuor had handed over power to the NDC’s Atta-Mills in 2009, GDP growth rate plummeted from 8.4% in 2008 to 4.7% in 2009. This sharp decrease was as a result of the high level of uncertainties that came along with a shift in</span><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">political power.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">In 2009 when the left winger Atta-Mills took over power from the center-right John Kufuor, most deals and contracts with investors in the oil and gas sector were abrogated and reviewed, causing many investors to flee the country. A similar occurrence is likely to happen with an Akufo-Addo win. Therefore an NPP sweep could dominantly affect most investors in the oil and gas sector who have already been the targets of heated criticisms from the NPP camp. This could scare markets and slow growth even further, contributing to a pullback that will be followed by a recovery later in the year.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">A major example was the Kosmos Energy and Government of Ghana oil drill and exploration deal which later went sour under a new government and eventually set a bad precedence which later caused international capital to flee from Ghana. This could also be a determinant for the modest slowdown of the economy under an NPP appreciation. Ghana’s landmark railway project between the Government of Ghana, Ghanaian investor and billionaire Charles Ampofo and a consortium of investors was halted largely due to such uncertainties.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">By contrast, a Mahama win will be good for most foreign oil and gas/energy contractors, subcontractors and companies already having major dealings with the Government of Ghana.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<u><b><span style="font-size: 16pt;">Government Spending & Deficits </span><span style="font-size: 16pt;"><o:p></o:p></span></b></u></div>
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<span style="font-size: 12pt;">It is quite obvious that, Akufo-Addo’s stated desire to reduce taxes would boost private sector activity. On the face of it Mahama would on the other hand under a Seth Terkper Finance Ministry continue to maintain or raise taxes which could lower private sector’s incentives to spend.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">In Akufo-Addo’s manifesto, there is a proposal to champion a reduction in taxes over the next four years. There is also an ambition to increase government spending to carry out policies like one-district one -factory, free senior high school, $1 million for every constituency, one-village one-dam etc. These could increase the country’s deficit. It’s also worth noting that while Akufo-Addo has proposed significant tax cuts, we haven’t heard many specifics about the budget items that will be reduced or eliminated to make those cuts possible.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Akufo-Addo has promised to give every constituency the equivalent of $1 million a year if his party wins power. These money they proposed would be used to alleviate poverty by installing basic services such as electricity, running water and sanitation. This would cost $1.1 billion over four years given that Ghana has 275 constituencies. With Ghana having accepted an IMF bailout partly for its debt management, a project like this would need clearer explanations on how this plan would not break budget in a time of austerity. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Mahama’s possible tax increment and spending on the other hand would lead to a static increase of the deficit. However, taking into consideration the stronger economic activity from increased government spending, this could actually lead to a modest dynamic reduction in the budget deficit by the end of 2020.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Meanwhile, both Akufo-Addo’s and Mahama’s proposals to create jobs is expected to increase activity in the near term, and increase the economy’s potential growth rate by preventing an accelerated slowdown in the labor force.</span><span style="font-family: "calibri"; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: SimSun; mso-spacerun: 'yes';"><o:p></o:p></span></div>
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<span style="font-size: 16pt;"><b><u>Investor Confidence </u></b></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Another important issue has to do with the candidate who is likely to boost confidence in the market. Under Akufo-Addo’s administration, we assume a modest negative confidence shock for the initial first quarter of 2017 as private sector investors retrench. The adverse domestic confidence shock would largely be as a result of a likely power crisis in Ghana which could increase investor agitation and somehow elevate market turbulence. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">An Akufo-Addo victory would initially make international investors less confident about the direction of Ghana’s economic policy since a win by Akufo-Addo is likely to mean more changes in policy.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">In other words, the negative confidence impact both locally and on the foreign markets would be short lived, and followed by market relief with much reduced uncertainties after the first 18 months. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Meanwhile, a Mahama victory would also likely be accompanied with a pending power crisis and lead to a more modest confidence shock as well as less capital inflows into the country. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The impact of Mahama clinching the ‘throne’ will be gentler on the climate of political policy than if Akufo-Addo wins the election, given that he is still the incumbent President.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">As mentioned earlier, Ghana stands a high chance of another power crisis under either a Mahama win or an Akufo-Addo victory, which could persist for over 6 to 12 months. This could be short lived depending on a candidate’s willingness to prioritize energy policy. Note that the gas from Jubilee and TEN fields will not be able to meet fully the total current demand. They will only enhance power supply but will not add to the generation capacity.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 16pt;"><b><u>Market Perception and Business Sentiments</u></b></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">From an investing in Ghana perspective, it is very imperative to take note that markets in Ghana never behave that predictably nor do they move in coherence with political decisions.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The Stock Market in Ghana does not thrive on whether the public are concerned about who becomes the next president and also does not respond to a president’s approval ratings.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">For example, after the 2004 and 2008 elections, the Ghanaian stock market (as measured by the GSE-AS) surprised everyone by defying all projections made by experts.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">After year-end 2004, the Ghana Stock Exchange All-Share Index recorded a 91.32% increase from a low of 3553.42 points in 2003 to 4769.02 points in 2004 which was an election year. The average of the stock price before 2004 was also 0.047 and this increased to an average of 0.123 after 2004. This showed an increase in the market index of 261% over the period.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Note further that at the end of election year 2004, Ghana Stock Exchange (GSE) was adjudged the world’s best-performing market with a year return of 144% in US dollar terms, compared with 30% return by Morgan Stanley Capital International Global Index.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Though the 2008 elections was even entangled with greater uncertainties since it was an incumbent handing over power to a new government, the GSE All Share Index had enjoyed an impressive growth of over 100% from 2006 to year-end 2008 when it rose from 5,006.02 points in 2006 to 10,431.64 points.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Moreover it is very critical to bear in mind that the market has followed a particular trend for 3 consecutive elections. After every general election year ever since</span><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">Ghana’s December 2000 presidential elections a peculiar pattern had occurred; the GSE All-Share Index growth declined to 11% in 2001 after a 17% growth in the year 2000 which was an election year. Similarly, growth plummeted by 30% in 2005 after a 91% growth in 2004 which was also an election year. After year-end in 2009 an even worse growth was recorded; the GSE All Share growth had decreased sharply to an all-time low of 47% from a 58% high in election year 2008.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">It could also be argued that an anomaly had occurred post the 2012 presidential election in Ghana when the GSE Composite Index in 2013 took a different turn by recording a significant growth of 78.8%, one of the best performances in the world.</span></div>
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<span style="font-size: 12pt;">Here again, history suggests the market is resilient and indifferent to election year uncertainties but may take a downward turn afterwards. An election year therefore tends to create less market volatility even though there are uncertainties of who</span><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">will be elected president of Ghana. On the other hand, it should be noted 2017 could witness either a steep rise or a sharp decline in the stock market performance at record levels.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">However, it is also important to note that the decline in investment inflows in Ghana has been primarily due to fundamental reasons in the economy as opposed to a change in administration.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">One major fear investors might have could be when the Ghanaian electorate elects a president who is already much disliked or could become very unpopular while in office, this mostly isn't the case in Ghana. Therefore it is important to note that for an investor, the only real concern should be how to lobby the Government. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<b><u><span style="font-size: 12pt;">Ghana Business Confidence </span></u></b><b><u><span style="font-size: 12pt;"><o:p></o:p></span></u></b></div>
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<span style="font-size: 12pt;">Business sentiments as measured by the Bank of Ghana’s Business Confidence Index went up from an index level of 91.8 in December 2015 to 97.1 in March 2016. This was driven by relative stability in the foreign exchange market, enhanced prospects for growth, increased capital expenditure and industry performance. The slight increase in business confidence could possibly be indicating that uncertainty over the outcome of December presidential election is causing companies in Ghana to put big plans on hold. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The December presidential election is likely to have a mild impact on whether this slightly improved business confidence could translate into genuine increases in investment in 2017. However, Goodman AMC expects business confidence to still be on an increasing trajectory after the first quarter of 2017.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Ghana’s Consumer Confidence also inched up from an index level of 88.2 in February 2016 to 90.1 in April 2016. The rise in April 2016 Consumer Confidence Index suggested that consumers were relatively more optimistic about prospects of the domestic economy compared to sentiments disclosed in February 2016. This</span><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">could translate that Ghanaians are more confident even as the election draws closer than they were at the beginning of the year.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">This has also left perceptions about economic conditions at a high in 2016 despite the pending elections. The Composite Index of Economic Activity (CIEA) which is the Bank of Ghana’s leading indicator of economic activity improved to 416.26 in March 2016, from 397.12 in March 2015. This represented a year-on-year growth of 4.8%, compared with a growth of 5.8% a year earlier. With the elections closer than ever, the CIEA continues to show a positive boost, and inched up from 406.7 in June to 410.8 in July representing a 5.0% year-on-year growth.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Despite the so-called election uncertainties, both Consumer Confidence and CIEA are also expected to continue its slightly upward trends if growth prospects are impacted positively by the oil and gas production from the TEN oil fields and the stability in the foreign exchange market. However, risks to the growth outlook, which includes, the tight credit conditions, electricity supply shortfalls and continued fiscal tightness, could slow down this growth projection in the first</span><span style="font-size: 12pt;"> </span><span style="font-size: 12pt;">quarter of 2017.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 16pt;"><u><b>Cedi Depreciation </b></u></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Currency depreciation might occur as a result of a number of factors – economic fundamentals, interest rate differentials and risk aversion among investors. The slowdown in economic activity in 2017 could be mainly attributed to energy supply constraints and rising input costs.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Therefore with a potential energy crisis Goodman AMC predicts that the Cedi could depreciate rapidly again in the first half of 2017 but remain relatively stable during the second half. This could also be fuelled by the outflows of foreign exchange from a higher-than projected trade deficit resulting from an oil price decline and lower production levels of cocoa and gold. This depreciation could also be aggravated by speculative activities on the foreign exchange market, which follows similar depreciation trends during the same period in 2015.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Regardless, an NPP presidency could among other factors contribute to a more immediate but short-term fluctuation in the Cedi due to the uncertainty of markets about the effects of Akufo-Addo’s policies on the Ghanaian economy. However, long-term, these effects could fade in the long-run, should his policies prove to be successful, or could grow should they be unsuccessful.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 16pt;"><b><u>Impact on Public Debt </u></b></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The next president will enter office with the national debt of over USD 27.8 billion (65.9% of GDP) as at July 2016. Debt held by the public is projected to increase to about $32.4 billion by the end of 2016. Public debt to GDP ratio has been projected to reach 72.4% in 2016 and 62.6% by the end of 2017. This large and growing national debt threatens to slow economic growth and could be ultimately unsustainable.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">Based on Goodman AMC’s preliminary update of our central estimates, both Mahama and Akufo-Addo would increase the debt relative to current law. Though Akufo-Addo would increase it by an order of magnitude more, Mahama’s plan would slightly reduce deficits if unspecified revenue from business tax reforms are incorporated.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">With debt levels of over $26 billion and interest rates at 26%, there is probably little alternative to cutting spending and finding new sources of tax revenues, irrespective of which party gets into power. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">With Akufo-Addo’s plans to reintroduce nursing allowances, introduce free Senior High School, give $1 million to every constituency etc., unless it is accompanied by very large spending cuts, it could increase the national debt, offsetting some or all of the incentive effects of the tax cuts. Also billions of dollars in new spending, especially without raising taxes, raises the threat of inflation.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">The Bank of Ghana’s latest inflation forecast suggests slight outward shift in the forecast horizon as increases in ex-pump prices of petroleum products slowed the pace of expected disinflation. Therefore, it predicts that headline inflation is likely to move within the medium-term target band of 8±2 percent in the third quarter of 2017, against earlier projections of mid-2017.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<u><b><span style="font-size: 16pt;">Conclusions</span><span style="font-size: 16pt;"><o:p></o:p></span></b></u></div>
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<span style="font-size: 12pt;">All in all, the 2016 election has been quite interesting in terms of policy directions. For long-term investors, however, there aren’t very many uncertainties that they should worry about from the Ghanaian election, no matter who wins.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 16pt;"><b><u>Caveat </u></b></span><span style="font-size: 16pt;"><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: 12pt;">1. </span><!--[endif]--><span style="font-size: 12pt;">Our estimates are preliminary, rough, and rounded. They rely on what we know about the candidates’ plans as of November, 2016. In some cases, we had to rely on assumptions that may or may not materialize. </span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: 12pt;">2. </span><!--[endif]--><span style="font-size: 12pt;"> This paper represents the opinion of Goodman AMC and was prepared solely for informational purposes, it is not intended as investment advice.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">3. This paper also does not intend to express a view for or against any candidate or any specific policy proposal. Candidates’ proposals should be evaluated on a broad array of policy perspectives, including but certainly not limited to their approaches on deficits and debt.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;">4. The information in this document including statements concerning market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information in this document may contain projections or other forward-looking statements regarding future domestic and international events yet to shake our perception, and is only as current as the date indicated. Similarly, our analysis could change significantly based on new policies and further policy detail.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<span style="font-size: 12pt;"> There is no assurance that such events will occur, and may be significantly different than that shown here</span><span style="font-size: 12pt;">.</span><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<b><u><span style="font-size: 16pt;">References</span><span style="font-size: 12pt;"> </span></u></b><span style="font-size: 12pt;"><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: 10pt;">1. </span><!--[endif]--><span style="font-size: 10pt;">Bank of Ghana (2010) Annual Report. Accra: BOG. </span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">2. Bank of Ghana (2016) Monetary Policy Report Vol. 1.1., May 2016. Accra: BOG. </span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">3. Bank of Ghana Monetary (2016) Policy Committee Press Release, July 18 2016 [Online]. Available from: https://www.bog.gov.gh/privatecontent/MPC_Press_Releases/MPC%20Press%20Releas e%20-%20July%202016.pdf </span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">4. Bank of Ghana (2016) Summary of Economic and Financial Data, July 2016. Accra: BOG. </span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">5. Bank of Ghana (2016) Summary of Economic and Financial Data, September 2016. Accra: BOG.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">6. Bruce, A. G. (2009). Assessment of The Performance of The Ghana Stock Exchange (1998- 2008)</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">7. Cooke, E., Hague S., McKay A. (2016) The Ghana Poverty and Inequality Report.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">8. Ghana Statistical Service (2014) Ghana Living Standards Survey, Round 6. Main Report. Accra: GSS.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">9. Ghana Statistical Services (2016) Quarterly Gross Domestic Product (QGDP) Second Quarter 2016. Accra: GSS.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">10. Institute for Fiscal Studies (2015) Ghana: Implications of the Rising Interest Costs to Government. Accra: IFS. </span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">11. Institute of Statistical, Social and Economic Research (2014) Overview: Global Economic Developments and Ghana’s Economic Performance. Accra: ISSER.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">12. Mensah M., Dadson A. V., Sey W. E. (2012) Challenges And Prospects Of The Ghana Stock Exchange. ISSN 2224-607X (Paper) ISSN 2225-0565 (Online) Vol 2, No.10, 2012. </span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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<span style="font-size: 10pt;">13. Winful, C. E., Sarpong D., Kumi K. P. (2012) The Performance of Ghana Stock Exchange for the Period 2000 to 2009. African Journal of Business Management Vol. 6(38), pp. 10340- 10359.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-74393207959585182902016-08-01T13:20:00.000+01:002017-08-16T13:13:06.674+01:00The Largest Banks In Ghana For 2016 (Assets)<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhItfDDUWt0mwVslcnX_XurMa7-5vWRhFQAl9Fx7aY0fW8o7i2I5SvCODqw3f3h2v6Yqxl2hMe2cdslKLc4rTpcPkFbsUNn2EyGZl9GeuCIS2ji70MOdqmlWPZhGaHxmLxk9UqUXU1g4xMI/s1600/UniBank_Ghana_Limited.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1072" data-original-width="1600" height="428" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhItfDDUWt0mwVslcnX_XurMa7-5vWRhFQAl9Fx7aY0fW8o7i2I5SvCODqw3f3h2v6Yqxl2hMe2cdslKLc4rTpcPkFbsUNn2EyGZl9GeuCIS2ji70MOdqmlWPZhGaHxmLxk9UqUXU1g4xMI/s640/UniBank_Ghana_Limited.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#1 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ECOBANK
GHANA LIMITED</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">6,691,810,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#2 </span></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GCB BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">4,659,181,000 </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#3 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">FIDELITY
BANK</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">4,089,082,000</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#4 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UNIBANK</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,830,932,466 </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#5 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/barclays-bank-of-ghana-limited-2016.html" target="_blank">BARCLAYS BANK OF GHANA LIMITED</a></b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,611,110,000</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#6 </span><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank"> </a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank">STANDARD CHARTERED BANK GHANA</a></b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><a href="https://www.blogger.com/goog_1168996216"><br /></a></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,369,448,000</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#7 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CAL
BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,364,500,000</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#8<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NIB</b></span><b style="font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">2,904,451,000</span><br /> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#9 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">ZENITH
BANK (GHANA) LIMITED</span><span style="font-size: 12pt;"> </span><span style="font-family: "georgia" , "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">2,549,130,057</span><br /> </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#10 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UBA
GHANA LIMITED</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,446,589,640</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#11 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ACCESS
BANK (GHANA) PLC</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,424,646,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#12 </span></span><b><a href="https://goodmanamc.blogspot.com/p/adb-2016.html" target="_blank"><span style="font-family: "georgia" , serif; font-size: 12pt;">ADB</span></a></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,134,147,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#13 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SOCIETE
GENERALE GHANA LIMITED</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,002,741,876 </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#14 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">HFC</span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,600,329,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#15 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/prudential-bank-limited-2016-overview.html" target="_blank">PRUDENTIALBANK LIMITED</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,453,435,000 </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#16 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GUARANTY
TRUST BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,379,959,000</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#17 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BANK
OF AFRICA GHANA LIMITED</b></span><b><span style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,146,997,678</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#18</span> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIRST
ATLANTIC BANK</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,136,285,640</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#19 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">THE
ROYAL BANK</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><br />
<br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">950,601,017</span></div>
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<br /></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#20 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank">ENERGY
BANK GHANA LIMITED</a></b></span><b style="font-family: georgia, serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank"> </a> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">367,295,375</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<a href="https://goodmanamc.blogspot.com/2016/08/the-largest-banks-in-ghana-for-2016.html" target="_blank">Read: The Largest Banks In Ghana For 2016 (Revenues)</a><br />
<br />
<a href="https://goodmanamc.blogspot.com/2016/08/the-largest-banks-in-ghana-for-2016_1.html" target="_blank">Read: The Largest Banks In Ghana For 2016 (Profits)</a><br />
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-75030889921367927572016-08-01T13:18:00.000+01:002017-08-16T13:13:16.343+01:00The Largest Banks In Ghana For 2016 (Profits)<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMyJ4d5dXf6g2fTxhv_OEoSETxwWh_rvMuYCat6kPEDhmb0Gx8XozdzIoOpw2VIR9ubReKnW0dpBcDeyOdEycGozcpstzRmB3e0LYlydiBpX1niY10stnR2YK4VmEmo-uzF7kZFHpKnaPC/s1600/Barclays-Bank-014.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="588" data-original-width="980" height="382" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMyJ4d5dXf6g2fTxhv_OEoSETxwWh_rvMuYCat6kPEDhmb0Gx8XozdzIoOpw2VIR9ubReKnW0dpBcDeyOdEycGozcpstzRmB3e0LYlydiBpX1niY10stnR2YK4VmEmo-uzF7kZFHpKnaPC/s640/Barclays-Bank-014.jpg" width="640" /></a></div>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#1 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ECOBANK GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;">321,266,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#2 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GCB BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">254,642,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#3 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/barclays-bank-of-ghana-limited-2016.html" target="_blank">BARCLAYS BANK OF GHANA LIMITED</a></span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">177,016,000 </span><br />
<br />
<br /></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#4<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CAL BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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</div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">166,238,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
</div>
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<br /></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#5 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIDELITY BANK</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">145,425,000<br /> </span></div>
<br /></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#6 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NIB</b></span><b style="font-family: georgia, serif; font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">129,251,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#7 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UBA GHANA LIMITED</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">92,407,920 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#8<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ZENITH BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">83,076,943 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#9 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ACCESS BANK (GHANA) PLC</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;">80,435,000</span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
</div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#10<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank">STANDARD CHARTERED BANK GHANA</a></b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt;"><b><br /></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">66,148,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#11 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GUARANTY TRUST BANK (GHANA) LIMITED</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">61,904,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#12 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SOCIETE GENERALE GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">44,605,077</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#13 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><b>UNIBANK</b></span></span></div>
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<br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">38,983,878<br /> </span></div>
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<br /></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#14 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BANK OF AFRICA GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;">27,519,164</span><br /> </span><br />
<br /></div>
</div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#15 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIRST ATLANTIC BANK</b></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">14,438,259</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#16</span><b><span style="font-family: "georgia" , serif;"> </span></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/prudential-bank-limited-2016-overview.html" target="_blank">PRUDENTIAL BANK LIMITED</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">10,655,000</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#17 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>THE ROYAL BANK</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,577,821 </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#18<b> </b></span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank">ENERGY BANK GHANA LIMITED</a></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;">1,413,302</span><br /> </span><br />
<a href="https://goodmanamc.blogspot.com/2016/08/the-largest-banks-in-ghana-for-2016_92.html" target="_blank">Read: The Largest Banks In Ghana For 2016 (Assets)</a><br />
<br />
<a href="https://goodmanamc.blogspot.com/2016/08/the-largest-banks-in-ghana-for-2016.html" target="_blank">Read: The Largest Banks In Ghana For 2016 (Revenues)</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-29115284461291938242016-08-01T13:16:00.000+01:002017-08-16T13:12:54.853+01:00The Largest Banks In Ghana For 2016 (Revenues)<div class="separator" style="clear: both; text-align: center;">
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<span style="color: #222222; font-family: "georgia" , "serif"; font-size: 14.5pt;">Goodman AMC has released an annual ranking of Ghana’s largest
banks by 2015 revenues.<a href="http://www.snl.com/web/client?auth=inherit#news/article?id=40223698&cdid=A-40223698-11568"></a><o:p></o:p></span></div>
<div style="background: white; margin: 0in 0in 12pt;">
<span style="color: #222222; font-family: "georgia" , "serif"; font-size: 14.5pt;">In
total, Goodman AMC included 20 banks in Ghana with a total combined revenue of GH</span><span style="font-family: "georgia" , serif; font-size: 14pt;">¢</span><span style="color: #222222; font-family: "georgia" , serif; font-size: 14.5pt;"> 14.5 billion</span></div>
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<span style="color: #222222; font-family: "georgia" , "serif"; font-size: 14.5pt;">Check out the Ghana's biggest banks below:<o:p></o:p></span></div>
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<span style="font-size: 12pt; line-height: 17.12px; text-align: justify;"><span style="font-family: "georgia" , serif;">#1 </span><span style="font-family: "georgia" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; text-align: justify;"><b>ECOBANK
GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt; text-align: justify;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,023,129,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSVvVx1_INPdd5s1MGGd4b0bgg_5kgTe7IvB5GExUJyCG9Jz00BaTUxXPVUVSPF4HjfHoCMgDYdT1bI0QASAX_m4smS2XZW9Dr419GEoblMRcBHwrYiHPHsuML3H2-L_rQiftTflRHg5Tn/s1600/ecobank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSVvVx1_INPdd5s1MGGd4b0bgg_5kgTe7IvB5GExUJyCG9Jz00BaTUxXPVUVSPF4HjfHoCMgDYdT1bI0QASAX_m4smS2XZW9Dr419GEoblMRcBHwrYiHPHsuML3H2-L_rQiftTflRHg5Tn/s640/ecobank.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#2 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GCB</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">863,291,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsB-QfTO7i4z-BkW8oYoa_Ee15OTWKjq78WGJoKIKDE-PyjblcKpgGidYOlKHBu3ghlw1BICIHZ0RT7WoE6kirWSs4Ow2ZkH_sBvjblHJgPrxUsJzyI-Bt78LiCMmEpqoY3oQfblc3iKHl/s1600/gcb.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="497" data-original-width="765" height="414" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsB-QfTO7i4z-BkW8oYoa_Ee15OTWKjq78WGJoKIKDE-PyjblcKpgGidYOlKHBu3ghlw1BICIHZ0RT7WoE6kirWSs4Ow2ZkH_sBvjblHJgPrxUsJzyI-Bt78LiCMmEpqoY3oQfblc3iKHl/s640/gcb.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#3 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/barclays-bank-of-ghana-limited-2016.html" target="_blank">BARCLAYS BANK OF GHANA LIMITED</a></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">593,896,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFboOprk0YQmcVhR_-IU4y2K0z8A8Ro7BvlTN3LBbQIGK0ddttSh4DugYEP2Hguw1ghkTvXj-DcO78uuxPxqM6WLD1Ods1Fc_hy7AizVOX-q2K3ZMaoJe0N0nEKmk0NxQFMhIcqfLnI-lX/s1600/barclays-shares-drop.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="401" data-original-width="680" height="376" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFboOprk0YQmcVhR_-IU4y2K0z8A8Ro7BvlTN3LBbQIGK0ddttSh4DugYEP2Hguw1ghkTvXj-DcO78uuxPxqM6WLD1Ods1Fc_hy7AizVOX-q2K3ZMaoJe0N0nEKmk0NxQFMhIcqfLnI-lX/s640/barclays-shares-drop.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#4 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIDELITY
BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">557,292,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiUlsYeHx-Fqvp6AiDDzDFHcWK14-ncMadpQfpDoIcvvU9miFgpbsIDGWGrf0nL7mbQW0hzh28hc3xFD6C_8OAr9GBBs1aUjNP_XSxrWAG22TTYAE6psZEh9gadtACyyHf2g2OlPixYoZr/s1600/fidelity-bank.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="308" data-original-width="600" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjiUlsYeHx-Fqvp6AiDDzDFHcWK14-ncMadpQfpDoIcvvU9miFgpbsIDGWGrf0nL7mbQW0hzh28hc3xFD6C_8OAr9GBBs1aUjNP_XSxrWAG22TTYAE6psZEh9gadtACyyHf2g2OlPixYoZr/s640/fidelity-bank.png" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#5 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank">STANDARDCHARTERED BANK GHANA</a></b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank"><br /></a></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">531,115,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCjPn7MkPxskJzVKLOemOD2T2LirC6s2gI2J98csL-5lVFUbo1vVPHtUE2b30HPGZEOt4oLAlOfpJUr27l7kNCrNFqEqeB3Axc2SiNFGHpF9hP0XC8dXgpU0TbbCZXVEna9Fb0yDrBta9u/s1600/Standard-Chartered.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="380" data-original-width="620" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgCjPn7MkPxskJzVKLOemOD2T2LirC6s2gI2J98csL-5lVFUbo1vVPHtUE2b30HPGZEOt4oLAlOfpJUr27l7kNCrNFqEqeB3Axc2SiNFGHpF9hP0XC8dXgpU0TbbCZXVEna9Fb0yDrBta9u/s640/Standard-Chartered.jpg" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#6 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">CAL
BANK</span><span style="font-size: 12pt; line-height: 17.12px;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">400,997,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKxFQtl84b7sgnzi4hRPWIZbvc5S1mIgKkMtlhBVykJGYyA_TGbAiONKcUmoGFGsIu6xoc7KdKgmNXIZqqFjdG_JqmJc0c81iOWAPugpQ6HOXqBsih7ZMofTy_cNP_MQCgqNXfSMtvk3pX/s1600/CAL+Bank.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="670" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKxFQtl84b7sgnzi4hRPWIZbvc5S1mIgKkMtlhBVykJGYyA_TGbAiONKcUmoGFGsIu6xoc7KdKgmNXIZqqFjdG_JqmJc0c81iOWAPugpQ6HOXqBsih7ZMofTy_cNP_MQCgqNXfSMtvk3pX/s640/CAL+Bank.png" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#7 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ZENITH
BANK (GHANA) LIMITED</b></span><br />
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">376,748,490</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge3y3gSxTBNxbRrFnI8u84BmbxwI4mDOx945pWFamx6dHDVioPWwGYqgqtlb_ZZ3F2qjxYVAswtGumoh5SRISOHsS7uzUwG293kBTZ9n9GkUzbjlpNWYRf2XdTmGsTuwg6TS9fnIuUZrcp/s1600/wpid-Zenith-Bank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="519" data-original-width="900" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge3y3gSxTBNxbRrFnI8u84BmbxwI4mDOx945pWFamx6dHDVioPWwGYqgqtlb_ZZ3F2qjxYVAswtGumoh5SRISOHsS7uzUwG293kBTZ9n9GkUzbjlpNWYRf2XdTmGsTuwg6TS9fnIuUZrcp/s640/wpid-Zenith-Bank.jpg" width="640" /></a></div>
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<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#8 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">NIB</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">363,165,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUflv_QmRL6JhLolLIop3pEEukn03aIAHL1l9snEFSICEQSizwjvW5NASD9OVcJ010YxCYL-dxEfCXM8NAiPB4SjkdQDS_rHfiD3dsBtHFkMeZa3VMBWVr1ASwOIJXv8XJwd0T0npcAwnN/s1600/national-investment-bank-%2528nib.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="245" data-original-width="463" height="338" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUflv_QmRL6JhLolLIop3pEEukn03aIAHL1l9snEFSICEQSizwjvW5NASD9OVcJ010YxCYL-dxEfCXM8NAiPB4SjkdQDS_rHfiD3dsBtHFkMeZa3VMBWVr1ASwOIJXv8XJwd0T0npcAwnN/s640/national-investment-bank-%2528nib.png" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#9 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UBA
GHANA LIMITED</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><b style="font-size: 12pt;"> </b><span style="font-family: "georgia" , "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">326,949,480</span><br /> </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv9T_0aZ4_9CZnnWN9S-3-u7c0PXxM3c7IryoGvNgtFuh-K3ZgR1Ji95y-oYTEl8kMuKhEsslKuVd-CHx8gG30d7BreyusBGV2qpy6kHNooUOMv1vOPBLZp7yprokZPSnLF7Ga2OXuoIsw/s1600/UBA-logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="750" data-original-width="1200" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv9T_0aZ4_9CZnnWN9S-3-u7c0PXxM3c7IryoGvNgtFuh-K3ZgR1Ji95y-oYTEl8kMuKhEsslKuVd-CHx8gG30d7BreyusBGV2qpy6kHNooUOMv1vOPBLZp7yprokZPSnLF7Ga2OXuoIsw/s640/UBA-logo.jpg" width="640" /></a></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#10 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/adb-2016.html" target="_blank">ADB</a></b></span><b style="font-family: georgia, serif; font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">273,081,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdb2ttTDQB27JFlmLDUQI1Ngz3DMkQvoLgdMCm9ecxLecluEwqKR33lZ4Opf-maPNYYo728PZz_LpiY45zutuYpEa1TQ99lEsSjDPEGz6fPKSECyv0N2OZHiAfuYyD9Bj9ooPCqaaCLhwo/s1600/1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="400" data-original-width="640" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdb2ttTDQB27JFlmLDUQI1Ngz3DMkQvoLgdMCm9ecxLecluEwqKR33lZ4Opf-maPNYYo728PZz_LpiY45zutuYpEa1TQ99lEsSjDPEGz6fPKSECyv0N2OZHiAfuYyD9Bj9ooPCqaaCLhwo/s640/1.jpg" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#11 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SOCIETE
GENERALE GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">270,662,186 </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFyNuvZlr1fsc8ZO6whwTjIHWR8ECx7C65kjeELOz9RwoIEr5RN5ENH1krs5pZ7OQlC3p375vqqH-ki9LcPO1WDy5NrKcba0K0pXuySSM2T3MyfYsuX1ibsdcEx5MQmsmblZ_e1UPG1F39/s1600/aa4db96841a5efaf099f490eae21509a.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="683" data-original-width="1024" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFyNuvZlr1fsc8ZO6whwTjIHWR8ECx7C65kjeELOz9RwoIEr5RN5ENH1krs5pZ7OQlC3p375vqqH-ki9LcPO1WDy5NrKcba0K0pXuySSM2T3MyfYsuX1ibsdcEx5MQmsmblZ_e1UPG1F39/s640/aa4db96841a5efaf099f490eae21509a.jpg" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#12 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ACCESS
BANK (GHANA) PLC</b></span><span style="font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">267,167,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwwuwZv5Uz6yRZh925DZL_-9448S9a3cYeafu60DGpF4NTsF9g0wtT2HtBSAeswxrlumjCnx1ME_jh1VMgFCnhl_AiInhNXw8GTgoGY0v3OykOdatmH2g8pnlBP2V6DfJSFQOCUn_INNQo/s1600/access-bank.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="375" data-original-width="600" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwwuwZv5Uz6yRZh925DZL_-9448S9a3cYeafu60DGpF4NTsF9g0wtT2HtBSAeswxrlumjCnx1ME_jh1VMgFCnhl_AiInhNXw8GTgoGY0v3OykOdatmH2g8pnlBP2V6DfJSFQOCUn_INNQo/s640/access-bank.gif" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#13 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UNIBANK</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">258,970,458</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgWRDhZU2p1s8s8mYBA9DgWbiHMaPrAj__RfpDIXxFyJG80QjidxSjdfOCPrLQHfgj4iVrEJa1Z3MhyzC9TMot1Qf_T1nh4fz3p_-wkG7spSNv9H-uFGZ5KLPerxealU-o_7ZcI-iQOhA1/s1600/story.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="370" data-original-width="670" height="352" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgWRDhZU2p1s8s8mYBA9DgWbiHMaPrAj__RfpDIXxFyJG80QjidxSjdfOCPrLQHfgj4iVrEJa1Z3MhyzC9TMot1Qf_T1nh4fz3p_-wkG7spSNv9H-uFGZ5KLPerxealU-o_7ZcI-iQOhA1/s640/story.jpg" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#14 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>HFC</b></span><b><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">203,839,000 </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjAV21DwmjnX_QPkBl5S2j18sJJV58kRBwQng1ZHXE3CoD3IeCIX4SxJ8o3-tjRMYYdLxmCGgownrf0rXzBu1at14-w1_mrTXNQhN45j9PVbIUNo4LFlajCZTsp-lwJ0G08USuAyl3Zbmi/s1600/HFC-620x330.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="330" data-original-width="620" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjAV21DwmjnX_QPkBl5S2j18sJJV58kRBwQng1ZHXE3CoD3IeCIX4SxJ8o3-tjRMYYdLxmCGgownrf0rXzBu1at14-w1_mrTXNQhN45j9PVbIUNo4LFlajCZTsp-lwJ0G08USuAyl3Zbmi/s640/HFC-620x330.jpg" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
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<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
</div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#15 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GUARANTY
TRUST BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">171,797,000 </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7UW2i93HjqJb_0l3nZLpSF43liT7EPjil3ni4DtrRxZa1FMfuv14lD4FSNl89opXo_fQ1aoKQFiDUayZLeZ2vS4ekrl60sh4O2pSWKz33yxqU9Zi7Nz90qhG3IJ0r_X9iGz8knPxG2dSP/s1600/gtbank-logo.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="350" data-original-width="600" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7UW2i93HjqJb_0l3nZLpSF43liT7EPjil3ni4DtrRxZa1FMfuv14lD4FSNl89opXo_fQ1aoKQFiDUayZLeZ2vS4ekrl60sh4O2pSWKz33yxqU9Zi7Nz90qhG3IJ0r_X9iGz8knPxG2dSP/s640/gtbank-logo.jpeg" width="640" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
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<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#16 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/prudential-bank-limited-2016-overview.html" target="_blank">PRUDENTIALBANK LIMITED</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 16px;">156,751,000</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijOZ_QtBIToI2Uhn8clZfVPn7Yh0NnUva3zQVm29hoF43QHcPwE61_o_qqGmpL9x9nR4UKlt4YYnJNaMFpldHP9Ft6sg2SCJxYGnkBSmEk0sFk0Vj7eJrK4Ljbzdq_NXK-iZigyI5TmZYX/s1600/banner2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="350" data-original-width="350" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijOZ_QtBIToI2Uhn8clZfVPn7Yh0NnUva3zQVm29hoF43QHcPwE61_o_qqGmpL9x9nR4UKlt4YYnJNaMFpldHP9Ft6sg2SCJxYGnkBSmEk0sFk0Vj7eJrK4Ljbzdq_NXK-iZigyI5TmZYX/s320/banner2.png" width="320" /></a></div>
<span style="font-family: "georgia" , serif; font-size: 16px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#17 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;">BANK
OF AFRICA GHANA LIMITED</span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">131,271,642</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><br /> </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAJAZxjt1iDn_dCx6VbgdfmFcBzH_inzXnVjPKrTcZ_gzP-Dn2H7IAk2TX-Xv-k45vTkN6u7jHAYDIFs2xICPwTzdSN3e5UbN1K-2LhBIuJOvGQb1AiMifUK8JJivr6Bc0t3yl4gPfHUXg/s1600/735_ba1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="387" data-original-width="548" height="450" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAJAZxjt1iDn_dCx6VbgdfmFcBzH_inzXnVjPKrTcZ_gzP-Dn2H7IAk2TX-Xv-k45vTkN6u7jHAYDIFs2xICPwTzdSN3e5UbN1K-2LhBIuJOvGQb1AiMifUK8JJivr6Bc0t3yl4gPfHUXg/s640/735_ba1.png" width="640" /></a></span></div>
</div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#18</span> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIRST
ATLANTIC BANK</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">126,990,824</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxobBbEpw-gfdMcx9stvnhpghnk8GwBhvNMxYG6DbjIxOxDjDCmEqJ5hWAN9vDFD7tDpC9SGwYQwM5mtxPjMaOCVlmOOjvBuuLt2CD-Pt4-0rPhJlkWhtzUZaBM50-fofztBy-ndSdkXeq/s1600/4YsOR7wk.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1599" data-original-width="1600" height="638" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxobBbEpw-gfdMcx9stvnhpghnk8GwBhvNMxYG6DbjIxOxDjDCmEqJ5hWAN9vDFD7tDpC9SGwYQwM5mtxPjMaOCVlmOOjvBuuLt2CD-Pt4-0rPhJlkWhtzUZaBM50-fofztBy-ndSdkXeq/s640/4YsOR7wk.jpeg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#19 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><b>THE
ROYAL BANK</b></span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">81,509,863</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNuOsFupU-qKegUuJ-XKocMC0SkaexuR6qnAot016PZ1ZbyOsGXxZIYMXBLgHpLaepq4qnw8tmAXvR4qaJp7ZSdKpvl9tlbwvmulRGWExmR_sAwAsPgPg_ou4rnEgupu4-c25_l9EEuWR2/s1600/royal-bank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="261" data-original-width="420" height="396" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNuOsFupU-qKegUuJ-XKocMC0SkaexuR6qnAot016PZ1ZbyOsGXxZIYMXBLgHpLaepq4qnw8tmAXvR4qaJp7ZSdKpvl9tlbwvmulRGWExmR_sAwAsPgPg_ou4rnEgupu4-c25_l9EEuWR2/s640/royal-bank.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#20 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank">ENERGY BANK GHANA LIMITED</a></b></span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">33,301,970</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZDmZRkBYhbwQ5lPFSnup07b0OsJw-GLezTpI2v2UCNDmp7enoYwLTx8qsaTvLatgW8U0Fqkv_LnXZIaPRMeWVzDr7f8mLXbD0fUl1F-ZqckWZxK2ivWaoj0oEhjY4saUIXXlrjsdEtbw8/s1600/Energy-Bank-Ghana-Limited-Jobs-in-Ghana-1024x617.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="617" data-original-width="1024" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZDmZRkBYhbwQ5lPFSnup07b0OsJw-GLezTpI2v2UCNDmp7enoYwLTx8qsaTvLatgW8U0Fqkv_LnXZIaPRMeWVzDr7f8mLXbD0fUl1F-ZqckWZxK2ivWaoj0oEhjY4saUIXXlrjsdEtbw8/s640/Energy-Bank-Ghana-Limited-Jobs-in-Ghana-1024x617.jpg" width="640" /></a></div>
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<a href="https://goodmanamc.blogspot.com/2016/08/the-largest-banks-in-ghana-for-2016_92.html" target="_blank">Read: The Largest Banks In Ghana For 2016 (Assets)</a><br />
<br />
<a href="https://goodmanamc.blogspot.com/2016/08/the-largest-banks-in-ghana-for-2016_1.html" target="_blank">Read: The Largest Banks In Ghana For 2016 (Profits)</a></div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7924801008084671157.post-37243493521616153062016-08-01T12:46:00.000+01:002017-08-15T22:35:04.731+01:00The Largest Companies In Ghana For 2016 (Assets)<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK0_dibVpL9VjZfAyDknEw2zGlDsH_CgWibeSx6inhABbMNB34-Wwo4wOslV_xSQhFxW2bn93HuUvf2UcsSE_-n8bmu5nzaUMwKCh7zAdN2_lDiPFsT6Fpdv67pn3-jXwjTaOCpDLckWyT/s1600/49711989.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1200" data-original-width="1600" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK0_dibVpL9VjZfAyDknEw2zGlDsH_CgWibeSx6inhABbMNB34-Wwo4wOslV_xSQhFxW2bn93HuUvf2UcsSE_-n8bmu5nzaUMwKCh7zAdN2_lDiPFsT6Fpdv67pn3-jXwjTaOCpDLckWyT/s640/49711989.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#1 </span><span style="font-family: "georgia" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>VRA</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">12,703,383,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: ENERGY</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#2 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NEWMONT GHANA GOLD LIMITED</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">11,403,330,000</span><br />
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<b style="font-family: georgia, serif; font-size: 16px;">SECTOR</b><span style="font-family: "georgia" , serif; font-size: 16px;">: MINING</span> </div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#3 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ECOBANK
GHANA LIMITED</b></span><b><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">6,691,810,000</span><br />
<b style="font-family: georgia, serif; font-size: 16px;"><br /></b><b style="font-family: georgia, serif; font-size: 16px;">SECTOR</b><span style="font-family: "georgia" , serif; font-size: 16px;">: FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#4 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GOLD
FIELDS GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">6,422,517,000</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">MINING</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#5 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GCB BANK</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">4,659,181,000</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#6 </span> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIDELITY
BANK</b></span><b style="font-family: georgia, serif; font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">4,089,082,000</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#7 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UNIBANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,830,932,466</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#8<b> </b></span></span><b style="font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GRIDCo</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,662,896,000<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: ENERGY</span><span style="font-size: 12pt;"> </span></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#9 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/barclays-bank-of-ghana-limited-2016.html" target="_blank">BARCLAYS BANK OF GHANA LIMITED</a></b></span><b style="font-size: 12pt;"> </b><span style="font-family: "georgia" , "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">3,611,110,000</span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#10 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank">STANDARD CHARTERED BANK GHANA</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">3,369,448,000</span> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
</div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#11 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CAL
BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,364,500,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<br />
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<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
</div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#12 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>KOSMOS
ENERGY</b></span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,138,076,020</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: OIL & GAS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#13 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GNPC</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,022,076,604</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: OIL & GAS</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#14 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NIB</b></span><b><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,904,451,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#15 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ZENITH
BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,549,130,057</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#16 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CHIRANO</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,459,736,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: MINING</span><span style="font-size: 12pt;"> </span></span></div>
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<br /></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#17 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UBA
GHANA LIMITED</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,446,589,640</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#18</span> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ACCESS
BANK (GHANA) PLC</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,424,646,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#19 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><b>EGM
GHANA (Perseus Mining)</b></span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,237,472,030</span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: MINING</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#20 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/adb-2016.html" target="_blank">ADB</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,134,147,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#21</span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SOCIETE GENERALE GHANA LIMITED</b></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><br />
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</div>
<span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="font-family: georgia, serif; font-size: 12pt;">ASSETS: </b><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,002,741,876</span></div>
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<div class="MsoNormal">
<br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 16px;">FINANCIALS</span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#22 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><b style="font-family: Georgia, serif; font-size: 16px;">ANGLOGOLD ASHANTI</b><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b> </b></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 115%;">1,981,200,000</span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: MINING</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#23 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>HFC</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,600,329,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#24 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/prudential-bank-limited-2016-overview.html" target="_blank">PRUDENTIALBANK LIMITED</a></b></span><span style="font-size: 12pt; line-height: 17.12px;"><b><span style="font-family: "georgia" , serif;"> </span></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,453,435,000<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#25 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GUARANTY
TRUST BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,379,959,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#26 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BANK
OF AFRICA GHANA LIMITED</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,146,997,678</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#27 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIRST
ATLANTIC BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,136,285,640</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#28 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>THE
ROYAL BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">950,601,017<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#29<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GOLDEN
STAR RESOURCES LIMITED</b></span><b style="font-family: georgia, serif; font-size: 12pt;"> </b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">910,521,420</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: MINING</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#30 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BEIGE
CAPITAL</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">818,086,627</span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#31 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ENTERPRISE
GROUP</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">633,450,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: INSURANCE</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#32 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GOIL</b></span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">585,372,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL
& GAS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#33 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>TOTAL
PETROLEUM GHANA</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><b><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">500,704,000 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 16px;">OIL & GAS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#34 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GUINNESS
GHANA BREWERIES LIMITED</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">480,654,000 </span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: BREWERY</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#35 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">PRODUCE
BUYING COMPANY</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">426,740,000</span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>:</span><span style="font-family: "georgia" , serif; font-size: 12pt;">AGRIBUSINESS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#36 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank">ENERGY BANK GHANA LIMITED</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">367,295,375</span><span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#37 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UNICREDIT</span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><span style="font-size: 12pt; line-height: 115%;">328,406,117 </span> </span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#38 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UNILEVER
GHANA LIMITED</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">307,250,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FMCG</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#39 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/arb-apex-bank-2016-overview.html" target="_blank">ARB APEX BANK</a></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">276,533,383</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#40 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FAN
MILK</b> <b> LIMITED-GHANA</b></span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">214,214,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: DAIRY</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#41 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SIC
INSURANCE COMPANY LIMITED</b></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">213,384,118</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 16px;">INSURANCE</span><br />
<span style="font-family: "georgia" , serif; font-size: 16px;"><br /></span><span style="font-family: "georgia" , serif; font-size: 16px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#42 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>OPPORTUNITY
INTERNATIONAL SAVINGS AND LOANS</b></span><b style="font-family: georgia, serif; font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">155,309,344</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br />
<br /></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#43 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>STAR
ASSURANCE</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">120,616,467</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: INSURANCE</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#44 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BEST
POINT SAVINGS AND LOANS</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">116,978,429</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#45 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">ALUWORKS</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">113
254,000<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">MANUFACTURING</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#46</span><b> </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>PZ
CUSSONS GHANA LIMITED</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">102,758,689</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FMCG</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#47 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>MEGA
AFRICAN CAPITAL LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">96,214,043</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#48 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>MECHANICAL
LLOYD COMPANY LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">70,300,839</span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: AUTOMOTIVE</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#49 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">BENSO
OIL PALM PLANTATION</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">65,389,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">AGRIBUSINESS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#50<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>AYRTON DRUGS MANUFACTURING LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">30,606,326</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">PHARMACEUTICALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#51 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>EQUITY
ASSURANCE</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>ASSETS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">24,740,266 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">INSURANCE</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-1455794106267636632016-08-01T12:43:00.000+01:002017-08-15T22:35:14.928+01:00The Largest Companies In Ghana For 2016 (Profits)<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt89G49ow_RywInpQkqhw_O3jkRaI-zeb5nNfJQ5xmTUJWxiQow9nnx321cWayo3_U3e5OP5CRhfDTejILhNVGMW3cuN9vLrNn4GhhhLDXqpIgt3XyosRN5jm3REblp8_lTiOjzKRNZTbE/s1600/ecobank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt89G49ow_RywInpQkqhw_O3jkRaI-zeb5nNfJQ5xmTUJWxiQow9nnx321cWayo3_U3e5OP5CRhfDTejILhNVGMW3cuN9vLrNn4GhhhLDXqpIgt3XyosRN5jm3REblp8_lTiOjzKRNZTbE/s640/ecobank.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#1 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ECOBANK
GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;">321,266,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#2 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GCB BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">254,642,000</span><br />
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<b style="font-family: georgia, serif; font-size: 16px;">SECTOR</b><span style="font-family: "georgia" , serif; font-size: 16px;">: FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#3 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/barclays-bank-of-ghana-limited-2016.html" target="_blank">BARCLAYS BANK OF GHANA LIMITED</a></span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">177,016,000 </span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#4<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CAL
BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">166,238,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#5 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIDELITY
BANK</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">145,425,000<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#6 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NIB</b></span><b style="font-family: georgia, serif; font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">129,251,000</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#7 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UBA
GHANA LIMITED</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">92,407,920 </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#8<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ZENITH
BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">83,076,943 </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#9 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ACCESS
BANK (GHANA) PLC</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">80,435,000</span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#10<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank">STANDARD CHARTERED BANK GHANA</a></b></span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">66,148,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#11 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GUARANTY
TRUST BANK (GHANA) LIMITED</b></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">61,904,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span><br />
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#12<b> </b></span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">ENTERPRISE
GROUP</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">51,567,000</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: INSURANCE</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#13 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FAN
MILK</b><br /> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">49,716,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: DAIRY</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#14 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>TOTAL
PETROLEUM GHANA</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">46,718,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL
& GAS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#15 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GRIDCo</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">44,797,000<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: ENERGY</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#16 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SOCIETE
GENERALE GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">44,605,077</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#17 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GNPC</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">44,376,007 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL
& GAS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#18</span><b> </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GOIL</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"><b> </b> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">39,573,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL & GAS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#19 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><b>UNIBANK</b></span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">38,983,878<br /> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#20 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UNILEVER
GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">35,710,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FMCG</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#21 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BANK
OF AFRICA GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">27,519,164</span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#22 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIRST
ATLANTIC BANK</b></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">14,438,259</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#23 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>STAR
ASSURANCE</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">14,016,260</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: INSURANCE</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#24</span><b><span style="font-family: "georgia" , serif;"> </span></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/prudential-bank-limited-2016-overview.html" target="_blank">PRUDENTIAL
BANK LIMITED</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">10,655,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#25 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>MEGA
AFRICAN CAPITAL LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">10,398,491</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#26 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">MECHANICAL
LLOYD COMPANY LIMITED</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">8,785,263</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: AUTOMOTIVE</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#27 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UNICREDIT</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">8,240,901</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#28 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">BENSO
OIL PALM PLANTATION</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">8,155,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">AGRIBUSINESS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#29 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>PRODUCE
BUYING COMPANY</b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">6,270,000
</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">AGRIBUSINESS</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#30 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">BEIGE
CAPITAL</span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">5,962,807</span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#31 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SIC
INSURANCE COMPANY LIMITED</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">4,500,251</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: INSURANCE</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#32 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>THE
ROYAL BANK</b></span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,577,821 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#33 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">EQUITY
ASSURANCE</span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,177,456 </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: INSURANCE</span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#34<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>OPPORTUNITY
INTERNATIONAL SAVINGS AND LOANS</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">1,868,473</span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#35<b> </b></span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank">ENERGY BANK GHANA LIMITED</a></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">1,413,302</span><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
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<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#36 </span></span><a href="https://goodmanamc.blogspot.com/p/arb-apex-bank-2016-overview.html" target="_blank">ARB APEX BANK</a><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12pt; line-height: 18.4px;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">1,056,566 </span> </span> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#37<b> </b></span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">BEST
POINT SAVINGS AND LOANS</span><span style="font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>PROFITS: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">372,782</span><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 10pt; line-height: 15.3333px;"><o:p></o:p></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7924801008084671157.post-50105265144528931172016-08-01T09:22:00.000+01:002017-08-15T22:35:26.045+01:00The Largest Companies In Ghana For 2016 (Revenue)<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0Vn3G9Xilnk7c282kE3cXtq9PDvdIFP5uIzIWGsD1X64E684xukg43R9BCBK7gL0jYdTHq3EEtmQxHLeNdrNja3BiJG1DNi87RVv8ZpQfF0AzDshKoTyrDtDd4_epZ53m7mNHUTspX4Hd/s1600/GOIL-NEW-LOGO-1-800x520.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="520" data-original-width="800" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0Vn3G9Xilnk7c282kE3cXtq9PDvdIFP5uIzIWGsD1X64E684xukg43R9BCBK7gL0jYdTHq3EEtmQxHLeNdrNja3BiJG1DNi87RVv8ZpQfF0AzDshKoTyrDtDd4_epZ53m7mNHUTspX4Hd/s640/GOIL-NEW-LOGO-1-800x520.jpg" width="640" /></a></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#1 </span><span style="color: #262626; font-family: "georgia" , "times new roman" , serif;"><b>GOIL</b></span><span style="font-family: "georgia" , serif;"> <o:p></o:p></span></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,760,389,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL & GAS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#2 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NEWMONT
GHANA GOLD LIMITED</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,562,350,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
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<b style="font-family: georgia, serif; font-size: 16px;">SECTOR</b><span style="font-family: "georgia" , serif; font-size: 16px;">: MINING</span> </div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#3 </span></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"> </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">GOLD
FIELDS GHANA LIMITED</span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,335,655,000</span><br />
<b style="font-family: georgia, serif; font-size: 16px;"><br /></b>
<b style="font-family: georgia, serif; font-size: 16px;">SECTOR</b><span style="font-family: "georgia" , serif; font-size: 16px;">: MINING</span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#4 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>TULLOW
GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">3,311,271,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL & GAS</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"></span></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#5 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">VRA</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 16px;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,547,508,000</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b> </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">ENERGY</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;"><br /></span></span>
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#6 </span> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>MTN
GHANA</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">2,310,000,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">TELECOMMUNICATIONS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#7 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">TOTAL
PETROLEUM GHANA</span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,793,752,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL
& GAS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#8<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>KOSMOS
ENERGY</b></span><b style="font-size: 12pt;"> </b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,701,911,760</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL & GAS</span><span style="font-size: 12pt;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#9 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>PRODUCE
BUYING COMPANY</b></span><b style="font-size: 12pt;"> </b><span style="font-family: "georgia" , "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,470,972,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">AGRIBUSINESS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#10 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>EGM
GHANA (Perseus Mining)</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,268,543,310</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">MINING</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#11 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CHIRANO</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,151,763,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">MINING</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#12 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ECOBANK
GHANA LIMITED</b></span><span style="font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">1,023,129,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#13 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GCB</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> <b>BANK</b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">863,291,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#14 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;"><a href="https://goodmanamc.blogspot.com/p/barclays-bank-of-ghana-limited-2016.html" target="_blank">BARCLAYS BANK OF GHANA LIMITED</a></span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">593,896,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#15 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIDELITY
BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">557,292,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#16 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GNPC</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">543,711,866</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">OIL & GAS</span><span style="font-size: 12pt;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#17 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/standard-chartered-bank-ghana.html" target="_blank">STANDARD CHARTERED BANK GHANA</a></b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">531,115,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#18</span> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UNILEVER
GHANA LIMITED</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">518,731,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FMCG</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#19 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>TIGO
GHANA</b><br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">514,350,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">TELECOMMUNICATIONS</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#20 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NZEMA
GOLD MINE (ENDEAVOUR MINING)</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">488,983,020</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">MINING</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#21 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>GRIDCo</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">472,345,000<br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">ENERGY</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#22 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">GUINNESS
GHANA BREWERIES LIMITED</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">437,348,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">BREWERY</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#23 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>CAL
BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">400,997,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#24</span><b><span style="font-family: "georgia" , serif;"> </span></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ZENITH
BANK (GHANA) LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">376,748,490</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#25 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NIB</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">363,165,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#26 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">ENTERPRISE
GROUP</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">349,305,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">INSURANCE</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#27 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UBA
GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">326,949,480</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#28 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FAN
MILK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">315,409,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">DAIRY</span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#29 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/adb-2016.html" target="_blank"><span id="goog_912035451"></span>ADB</a></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">273,081,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#30 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>SOCIETE
GENERALE GHANA LIMITED</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">270,662,186<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#31 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>ACCESS
BANK (GHANA) PLC</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">267,167,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#32 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>UNIBANK</b></span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">258,970,458</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#33 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">GOLDEN
STAR RESOURCES LIMITED</span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">255,187,000</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">MINING</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#34 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>HFC</b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">203,839,000<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#35 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">GUARANTY
TRUST BANK (GHANA) LIMITED</span><span style="font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">171,797,000<br /> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#36 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/prudential-bank-limited-2016-overview.html" target="_blank">PRUDENTIAL BANK LIMITED</a></b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">156,751,000 </span> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#37 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BANK
OF AFRICA GHANA LIMITED</b></span><span style="font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">131,271,642</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#38 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>PZ
CUSSONS GHANA LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">128,311,090</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FMCG</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#39 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>FIRST
ATLANTIC BANK</b></span><span style="font-size: 12pt;"> </span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">126,990,824</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#40 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">SIC
INSURANCE COMPANY LIMITED</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">112,413,222</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">INSURANCE</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#41 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">STAR
ASSURANCE</span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">84,223,885</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 16px;">INSURANCE</span><br />
<span style="font-family: "georgia" , serif; font-size: 16px;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 16px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#42 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>THE
ROYAL BANK</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">81,509,863</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
<br />
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#43 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">ALUWORKS</span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">78,665,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">MANUFACTURING</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#44 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BENSO
OIL PALM PLANTATION</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">58,077,000</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">AGRIBUSINESS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#45 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>OPPORTUNITY
INTERNATIONAL SAVINGS AND LOANS</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">56,797,942</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#46</span><b> </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/arb-apex-bank-2016-overview.html" target="_blank">ARB APEX BANK</a></b></span><b style="font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">51,277,478</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#47 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">UNICREDIT</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">49,608,175</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#48 </span></span><b><span style="font-family: "georgia" , serif; font-size: 12pt;">BEIGE
CAPITAL</span><span style="font-size: 12pt;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span></b><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">48,588,093<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#49 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>MECHANICAL
LLOYD COMPANY LIMITED</b></span><span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , "times new roman" , serif;"> </span></span><span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">46,838,893</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">AUTOMOTIVE</span></div>
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<span lang="FR" style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#50<b> </b></span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>AYRTON
DRUGS MANUFACTURING LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">34,892,733</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">PHARMACEUTICALS</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span>
<span style="font-family: "georgia" , serif; font-size: 12pt;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#51 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b><a href="https://goodmanamc.blogspot.com/p/energy-bank-ghana-limited.html" target="_blank">ENERGY BANK GHANA LIMITED</a></b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">33,301,970</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#52 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>EQUITY
ASSURANCE </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b> </b> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">21,294,662<br /> </span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>INSURANCE</b></span></div>
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<span style="font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#53 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>MEGA
AFRICAN CAPITAL LIMITED</b></span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">15,884,797</span><span style="font-family: "georgia" , serif; font-size: 12pt;"> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="color: #262626; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#54 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>BEST
POINT SAVINGS AND LOANS</b></span><span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
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<span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;">12,328,416</span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FINANCIALS</span><br />
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<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<span style="color: #262626; font-size: 12pt; line-height: 17.12px;"><span style="font-family: "georgia" , serif;">#55 </span></span><span style="font-family: "georgia" , serif; font-size: 12pt;"><b>NESTLE</b></span><span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt;"> </span><b style="color: #262626; font-size: 12pt;"><span style="font-family: "georgia" , serif;"> </span></b><span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><br /></span></div>
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<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>REVENUE: </b></span><span style="font-family: "georgia" , serif; font-size: 12pt;">GH¢</span><span style="font-family: "georgia" , serif; font-size: 12pt;"><span style="font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;">12,122,989 </span> </span><br />
<span style="font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b><br /></b></span></div>
<span style="color: #262626; font-family: "georgia" , serif; font-size: 12pt; line-height: 17.12px;"><b>SECTOR</b>: </span><span style="font-family: "georgia" , serif; font-size: 12pt;">FMCG</span><br />
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<span style="font-family: "georgia" , "serif"; font-size: 10.0pt; line-height: 115%;"><o:p></o:p></span></div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7924801008084671157.post-45946151625572091502016-01-18T07:35:00.000+00:002017-05-09T01:36:43.710+01:00Forget Oil & Gas - Ghana's Leisure & Hospitality Industry Set to Boom in 2016<div class="MsoNormal" style="text-align: justify;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO-3wKSm_wKiRg3csRkg1TQUsEsR0ebngF8_JRUgd2iODIqURYrYyx9eznlRuG1RkJWAB0_J56EXu3gLa4mDDNo0PnimHUQn-O22zWSxiT62mY3vuzJPQZw97wibSyXa1Wuq3EO1P2dPQs/s1600/SetWidth1700-Kempinski-Hotel-Gold-Coast-City-Accra.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="177" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO-3wKSm_wKiRg3csRkg1TQUsEsR0ebngF8_JRUgd2iODIqURYrYyx9eznlRuG1RkJWAB0_J56EXu3gLa4mDDNo0PnimHUQn-O22zWSxiT62mY3vuzJPQZw97wibSyXa1Wuq3EO1P2dPQs/s320/SetWidth1700-Kempinski-Hotel-Gold-Coast-City-Accra.JPG" width="320" /></a></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The best investment in Ghana today is the leisure
and hospitality property sector. Goodman AMC envisages that Ghana's leisure and
hospitality sector will receive a huge boost, and is more likely to
further support the country’s economic growth. We have drawn this conclusion
from analyzing existing data, and observing current market trends in Ghana.<o:p></o:p></span></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;"><br />
Ghana has become an important emerging market in Africa,
with great potential. International tourist receipts still remain the fourth
highest source of foreign exchange for the country after gold, cocoa, and
foreign remittances.<o:p></o:p></span></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">With Ghana being the second largest economy in West
Africa, the country’s economy has grown remarkably over the last decade,
achieving a peak growth rate of 14.4% in 2011 after oil production went
commercial. Ghana’s GDP surged to 4.1% in the first quarter
of 2015, compared to 3.8% in the same period in 2014. The Ghana Statistical Service
notes that, GDP growth rate averaged at 2.13% between 2006
and 2015, hitting a record high of 8.10% in the first quarter of 2012.The
country is now in its second year of a 3-year IMF program, after the economy
went into a few macro-economic challenges.<o:p></o:p></span></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana’s economy is experiencing a notable shift from
natural resources to the leisure and hospitality industry. The leisure sector
is arguably one of the most diverse sectors of Ghana’s economy, catering for
both Ghanaian and foreign visitor tourists. The reason for this phenomenon
is the country’s burgeoning middle class, deep wealth of tourist attractions,
favorable investment climate and political stability, as well as its strategic
geographical location. For instance, inbound and domestic leisure travel
spending in Ghana accounted for 67.3% of direct travel and tourism GDP in 2014
(<span style="font-family: "georgia" , serif;">USD 1 billion</span>) and was projected to grow by 9.5% by the end of 2015 to<span style="font-family: "georgia" , serif;"> USD 1.1 billion</span>, and rise by 4.9% per annum to <span style="font-family: "georgia" , serif;">USD 1.8 billion</span> in 2025.<o:p></o:p></span></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana’s leisure and hospitality sector’s
attractiveness is expected to grow as the year advances, providing several
entry points for potentially lucrative medium-term to long-term return
opportunities. In 2014, travel and tourism in Ghana attracted investment
capital of <span style="font-family: "georgia" , serif;">USD 175.4</span> million; 2.7% of total investment. This is expected to
rise by 2.9% per annum over the next ten years to<span style="font-family: "georgia" , serif;"> USD</span> <span style="font-family: "georgia" , serif;">226.3</span> million in 2025
(2.1% of total Investment). Prior to that, travel and tourism investment had
increased from US<span style="font-family: "georgia" , serif;">D </span>303 million in 2008 to US<span style="font-family: "georgia" , serif;">D </span>403 million in 2013.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Due to improved infrastructure, Ghana is attracting an
increased number of business and leisure travelers, with notable growth in the
meetings, incentives, conferences and events (MICE) segment. The Ghana Tourism
Authority statistics for 2009 show that the top three reasons for visiting
Ghana were business, conferences, study/training (40%), visiting friends and
family (25%), and holiday travel (20%).<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Additionally, according to the Ghana Tourism
Authority, visitations into Ghana in 2012 surpassed the record levels reached
in 2011. The Ghana Immigration Service statistics for 2011 also show that the
leading sources for international visitors were the USA and the U.K.,
accounting for 13% and 9% respectively of international visitor’s arrival, and
3% each for Canada, Germany, India, Netherlands, and South Africa. The principal
source of local markets within Africa was Nigeria, which accounted for 19% of
visits, followed by Côte d'Ivoire with 5%.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana Airport Company statistics further reveal that
international aircraft movements in Ghana had increased from 23,437 in 2013 to 24,871
in 2014 while the total passenger throughput had also increased from 600,000 in
2000 to 2.3 million in 2014. This accounted for a total spending of USD 595.97 million in 2014 by foreign visitors in Ghana. </span><span style="color: #404040; font-family: "georgia" , serif; font-size: 12pt; line-height: 107%;">In 2015, this had been forecasted to grow by 5.1%, while
the country was expected to attract 925,000 international tourist arrivals
during that same period. By 2025, international tourist arrivals are forecast
to total 1, 382,000, generating inflows of<span style="font-family: "georgia" , serif;"> USD 827</span> million, an
increase of 2.8% per annum.</span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The service sector has seen notable growth in the
hotel and restaurants sub-sector, with increasing consumer demand and strong
spending growth accounting for USD <span style="font-family: "georgia" , serif;">1.3 billion<span style="font-family: "georgia" , serif;"> </span></span>of GDP in 2014 up from <span style="font-family: "georgia" , serif;">USD 446.2</span> million in 2008. The hotel sub-sector, which is one of the largest and
most dynamic, has undergone strong growth.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana’s hospitality sector is becoming a prime
development target for major multinational hotel chains looking to expand in
Africa. In 2013, there were more than 1,400 hotel rooms under development in
Ghana, some of which include developments by global hotel brands such as
Kempinski and Marriott.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Hotel supply in Ghana grew at a compound annual rate
of 8% between 1998 and 2011, while the number of hotels in Ghana also increased
from 992 in 2000 to 1,775 in 2013, with 28,028 rooms. The hotel industry in
Ghana is heavily characterized by local African brands such as the African
Regent, Fiesta Royale and the Labadi Beach Resort. However, Ghana is also
becoming a development hub for large international hotel chains looking to
expand in Africa. International brands currently operating in the market
include Movenpick, Best Western, Holiday Inn and Novotel.<o:p></o:p></span></div>
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<br /></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Given Ghana's conducive investment climate and
political stability, a considerable amount of new hotels have entered the
market, while some are expected to enter between 2016 and 2018. A considerable
number of international hotel chains are making moves into the economy, in a
bid to increase their presence in Ghana. These hotels include:<o:p></o:p></span></div>
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<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">1. Kempinski
(Luxury hotel; opened in 2015),<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">2. Radisson Blu
Accra Airport (Upscale hotel; expected in 2016),<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">3. Marriott Accra
(Upscale hotel; expected in 2016),<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">4. Hilton Airport
City (Upscale hotel; expected in 2017),<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">5. Traders
Shangri-La (Luxury hotel; expected in 2018),<o:p></o:p></span></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">6. Express by
Holiday Inn (Midscale hotel; opening date unknown)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">7. Ibis Styles Accra Airport (Midscale hotel; opened in 2015)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The hotel industry shows more promise, looking at the
increasing rate of foreign visits into Ghana over the past 10 years, especially
when one takes into consideration the increasing number of visitors for
business tourism (with much focus on meetings and conferences). As noted
earlier, in 2009, 40% of visits into Ghana was mainly for business,
conferences, and study/training. In 2014, business travel spending generated
32.7 % of direct travel and tourism GDP, representing<span style="font-family: "georgia" , serif;"> USD 4<span style="font-family: "georgia" , serif;">88.7</span></span> million.
Business travel spending was expected to grow by 0.4% by the end of 2015 to <span style="font-family: "georgia" , serif;">USD 490.7</span> million, and rise by 3.6% per annum to<span style="font-family: "georgia" , serif;"> USD 701.5</span> million in 2025.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The Tourism sector, which is linked with the
hospitality sector, is a significant contributor to economic growth and
development in Ghana. It has been a major source of foreign exchange, employment
and government revenue. In 2014, the direct contribution of the travel
and tourism industry to Ghana’s GDP was <span style="font-family: "georgia" , serif;">USD 852.2</span> million, representing
2.9% of total GDP and was expected to rise by 5.6% by the end of 2015, and to
rise by 4.5% per annum, between 2015 and 2025 to <span style="font-family: "georgia" , serif;">USD 1.4 b</span>illion (2.8% of
total GDP).<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Tourism’s direct contribution to the economy has grown
from US<span style="font-family: "georgia" , serif;">D </span>1.03 billion in 2008 to US<span style="font-family: "georgia" , serif;">D </span>1.34 billion in 2013. The number of jobs
directly supported by tourism was 122,000 (2.2% of total employment). This was
projected to rise by 4.7% in 2015 and increase by 2.2% per annum to 159,000
jobs (2.3% of total employment) in 2025.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The direct contribution of travel and tourism to GDP
measures spending by services that cater to domestic and international
tourists. These services include accommodation, food and beverage,
transportation, culture, sports and recreation, as well as retail trade. The
total contribution of tourism to the economy is much larger when the travel and
tourism industry’s expenditure on investments, government taxes, materials,
labor, energy, etc., are included.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Total contribution of travel and tourism to Ghana’s
economy in 2014 was<span style="font-family: "georgia" , serif;"> USD 1.99 billion</span>, representing 6.7% of GDP, and was
forecast to rise by 3.8% in 2015, and to rise by 4.5% pa to<span style="font-family: "georgia" , serif;"> <span style="font-family: "georgia" , serif;">USD 3.2 b</span></span>illion (6.3% of GDP) by 2025. The total contribution of travel and tourism to
employment, including jobs indirectly supported by the industry was 298,500
which represents 5.5% of total employment. This was expected to rise by 2.4% by
the end of 2015 to 305,500 jobs and rise by 2.1% per annum to 378,000 jobs in
2025 (5.4% of total).This primarily reflects the economic activity generated by
industries such as hotels, restaurants, and the leisure industry, which are all
directly supported and linked with the tourism sector.<o:p></o:p></span></div>
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<br /></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Construction activity contributed USD 3.8 billion to
GDP in 2014. This was the equivalent of 12.7% of GDP and a 26.9% increase from
the 2013 figure. The construction sector has spurred over the past decade, up
from USD 280.3 million in 2006, more than doubling as a contributor to GDP from
5.7 % in 2006. <o:p></o:p></span></div>
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<br /></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana’s thriving construction industry provides
investors with a lot of leisure property investment opportunities around
Ghana’s top tourist destinations, as well as other cultural and heritage sites.
The six most visited tourist destinations in Ghana, which attracted the highest
number of visitors (both domestic and international) in 2013 were;<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">1. Kakum
National Park (184,000 visitors)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">2. Cape
Coast/Elmina Castles (157,000 visitors)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">3. Kwame Nkumah
Memorial Park (93,000 visitors)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">4. Kumasi Zoo
(68,000 visitors)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">5. Wli Waterfalls
(63,000 visitors)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">6. Manhyia Palace
Museum (51,000 visitors)<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">These six most visited tourist destinations provide
potent property investment opportunities for investors to develop leisure
properties that will attend to the leisure needs of the increasing number of
both foreign and domestic tourists to these areas.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Another tourist destination which has immense leisure
property investment potential but still remains largely unrealized in Ghana is
the Mole National Park in the Northern region of Ghana, which is one of the
largest wildlife sanctuaries and safari park in West Africa (with good road
networks from Sawla to Fufulso).<o:p></o:p></span></div>
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<br /></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The park, despite its huge wealth-making potential,
has seen a drop in tourist visits from 16,807 in guest arrivals in 2008 to
14,336 tourist arrivals in 2010. A study on the park showed that 31% of foreign
tourists who visit the park prefer to pass a night or more, despite the low
variety of leisure and hospitality infrastructure to accommodate their needs,
unlike other tourist sites where foreign visitors prefer to make return
(day trips) after accessing sites. Considering the fact that 33% of
non-Ghanaians visit the park on leisure basis, while 57% visit for holidaying
purposes mainly from the USA (25%), UK (20%), Holland (12%), Germany (5%) and
France (4%), the wildlife park needs world-class hotels and restaurants, as
well as other leisure infrastructure such as eco-lodges, etc., tailored to
provide a world-class wildlife experience.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Domestic leisure and tourism activities have also seen
an impressive upsurge due to the fact that a majority of Ghanaians are
beginning to spend more on leisure activities. In 2011, Ghanaian (domestic) visits
to the Mole National Park represented 54% of total arrivals, while foreign
visits represented 46%. As compared with foreign visitor travels, domestic travel
spending generated 60.1% of direct travel and tourism GDP in 2014, while
foreign visitor spending or international tourism receipts generated 39.9% of
direct travel and tourism GDP over that same period. Domestic travel spending
had also been projected to grow by 7.5% in 2015 to<span style="font-family: "georgia" , serif;"> <span style="font-family: "georgia" , serif;">USD 963.8</span></span> million, and
rise by 5.5% per annum to <span style="font-family: "georgia" , serif;">USD 1.6 billion<span style="font-family: "georgia" , serif;"> </span></span>in 2025.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana's entertainment scene has seen massive hikes in
recent years with pubs, nightclubs and night life in Ghana seeing a massive
upsurge. With the high affinity of Ghanaians for European and American sport,
pubs are now the main grounds where Ghanaians meet to share football
camaraderie.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Major concerts and theater is also driving the sector,
as Ghana's middle classes are beginning to spend money to acquire tickets
for events. It was estimated that 17% of Ghanaians surveyed in <span style="font-family: "georgia" , serif;">a study by the Mu<span style="font-family: "georgia" , serif;">sicians Union of Ghana<span style="font-family: "georgia" , serif;"> (</span></span><span style="font-family: "georgia" , serif;"><span style="font-family: "georgia" , serif;"></span></span></span>MUSIGA)
report prefer to attend major concerts (music awards, night of a laughs etc.)
while 6% prefer events at hotels. The market for theatre performances and
musical concerts is on the rise, and this has created a building capacity
deficit, since the majority of auditoriums or centres cannot hold large numbers
of audiences who have the purchasing power to acquire tickets for events.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana's music industry is currently valued at an
estimated USD 90 million, with revenues from live entertainment
performances by musicians at recreational events also estimated at <span style="font-family: "georgia" , serif;">USD <span style="font-family: "georgia" , serif;">8<span style="font-family: "georgia" , serif;">.</span>97</span> million</span> per annum, according to MUSIGA.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The betting and gaming industry in Ghana has also seen
an influx of sports betting companies who are capitalizing on the average
Ghanaian's passion for sports; mainly, European football to promote sports
betting activities. Ghana currently has about 10 sports betting companies;
noted among the gaming and entertainment companies in Ghana are MyBet,
SafariBet and SupaBet. SafariBet solely plans to create 4,000 direct jobs and
15,000 indirect jobs in Ghana by the end of 2016.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Ghana is considered an expensive tourist destination
due to the high cost of hotel accommodation, air transport, and visa fees. For
example, in 2011, the average daily rate of a room in a four-star hotel in
Ghana was US$315, compared to US$208 in Kenya and $165 in the United States.
World Bank (2013) relates the high hotel prices to construction cost, and
reports that average construction cost for a mid-market hotel in 2010 was
US$250,000 per room in Ghana, compared to a median global cost of US$200,000
per room. Private operators have also mentioned that high taxes and high fuel
and electricity costs contribute to the high tourism cost. Despite this
phenomenon, the potential for the growth of the leisure and hospitality
industry is huge, since Ghana <span style="font-family: "georgia" , serif;">possesses</span> considerable and diverse leisure assets
that can be leveraged with tourism support services, infrastructure, marketing
and Ghanaian hospitality to accelerate economic growth and employment.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">The country’s major export and foreign exchange
earner, gold, went down at a multi-year low in 2015, and down about 10%, and
was inadequate to entice buyers on the world market. Meanwhile oil and gas,
which had shown a promising addition to Ghana’s economy after its discovery has
also dropped below $30 for the first time in 12 years as at January 2016. Going
forward, the macroeconomic situation (falling commodity prices on the world
market) lends support to the medium term prospects of Ghana’s leisure industry.
Despite the opportunities this sector presents, capitalizing on it requires
well-structured portfolios, with an emphasis on the right investment vehicle,
and careful asset selection.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">Investors can either invest in the shares of property
firms or invest directly in developing leisure and hospitality property
portfolios. There are huge opportunities for the development of large
multi-purpose commercial leisure properties or centers for events, meetings and
conferences (conference and business tourism), which can also house a broad
variety of leisure and hospitality buildings, such as restaurants and food
services, pubs, hotels, museums and art galleries, gaming centers, amusement
parks etc. Also, some of these infrastructure need to be situated around the
most visited tourist sites in Ghana, as well as hotels and safaris around game
reserves; notable amongst them being the Mole National Park.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #404040; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 107%;">In conclusion, the key to winning in Ghana’s leisure
and hospitality market over the next 10 years will be defined by a relentless
focus on developing leisure properties that merges both foreign and local
consumer preferences to provide a superior customer experience.<o:p></o:p></span></div>
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<span style="color: #404040; font-family: "georgia" , serif; font-size: 12pt;">Image Credit: </span><i style="color: #404040; font-family: georgia, serif; font-size: 12pt;">Kempinski Hotel Gold Coast
City Accra.</i></div>
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<span lang="FR" style="color: #767171; font-family: "arial" , sans-serif; font-size: 7.5pt;"><br />
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<div style="margin-bottom: .0001pt; margin: 0cm;">
<span lang="FR" style="color: #767171; font-family: "arial" , sans-serif; font-size: 7.5pt;">Copyright Goodman
AMC 2016.</span><span style="font-size: 13.5pt;"><o:p></o:p></span></div>
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Unknownnoreply@blogger.com9tag:blogger.com,1999:blog-7924801008084671157.post-28194392453116301842015-12-08T01:50:00.005+00:002017-05-09T01:35:36.087+01:00Ghana’s Tomato Processing Industry: An Attractive Investment Option in 2016<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg8ZlUDfgN5yhUvCuJCLpr2Y6w_SeNOX_1Ymz1QsCYiw0Wd8MkTEBEAebeSiFeF86f8sI3_KzYPOSrTm7QXn3xvwsBEyKEbLYVK7rkTXLyvyMbhF7fTY-yWkVZj6vWuf5tJzOHrQACm2bz/s1600/04_20140820_tomato_processing_1344.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg8ZlUDfgN5yhUvCuJCLpr2Y6w_SeNOX_1Ymz1QsCYiw0Wd8MkTEBEAebeSiFeF86f8sI3_KzYPOSrTm7QXn3xvwsBEyKEbLYVK7rkTXLyvyMbhF7fTY-yWkVZj6vWuf5tJzOHrQACm2bz/s320/04_20140820_tomato_processing_1344.jpg" width="320" /></a></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><a href="https://drive.google.com/open?id=0B8S7ODNbOsDZSUQtaWpyaUtNWG8" target="_blank">Download The Full Report Here</a></span><br />
<br /></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Agriculture
provides employment to 50% of Africa’s labour and is the main source of income
for its rural population, which represents 64% of the total population (Africa
Competitiveness Report, 2015). However, the sector is currently characterized
by a high percentage of rain-dependent small holder farms (c.80%), cultivating
low-yield staple food crops and declining contribution to GDP, primarily due to
limited value addition and low productivity.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Post harvest loss
across Africa is about 30% (approximately USD 4 billion). The sector’s contribution
to GDP is slim, coming in at 15%, according to the World Economic Forum Africa
Competitiveness Report, 2015. </span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Value-added agriculture’s
share in GDP comes in at just 11% for sub-Saharan Africa, compared to 30% in
ASEAN economies. <span style="mso-spacerun: yes;"> </span>It is disappointing
that despite its vast resources, Africa’s food staple imports are in the region
of USD 25 billion per year. However, this also lays emphasis on the huge economic
void for commercial farming and value- added agriculture. </span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">GHANA: Structural Transformation</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana has seen a
reallocation of economic activity from agriculture into the services sector over
the last ten years. Resource allocation, particularly labour, has shifted from
agriculture and value-add agriculture and directly into services. Employment in
agriculture declined from 62% in 1992 to 42% in 2010; implying that more than
half of the country’s workforce, which used to be in agriculture, is gradually
shifting from agriculture to the service sector, bypassing the manufacturing
sector.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">As a result, Ghana’s
economic transformation has by-passed manufacturing and moved straight into
services. Manufacturing sector contribution to GDP has steadied over the past 6
years, averaging at a 6.25% growth annually. In 2014, manufacturing accounted
for just 5.9% of GDP in Ghana. There are reasons for this, chief among them
being restrictively high energy charges and operating overheads, low level
financing from the financial services sector, comparatively high cost of
credit, an infrastructural deficit, and a blind dependence on imports.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Like most of
Africa, limited value–addition to primary industries is a drag on the country’s
economic progression, and this manifests itself in resource stress, poor economic
diversification and unsustainable income growth over the long term. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">For example, agricultural
value-added share in GDP has decreased remarkably in the past 10 years (from
41.5% in 2004 down to 19.9% in 2014), whereas service sector contribution has
increased, accounting for 51.7% of GDP in 2014 (from 49.2% in 2009). </span></div>
<br />
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In order to
maintain sustainable growth in Ghana, it is essential that the country’s
resource allocation is re-balanced, and shifts into manufacturing. This
insulates the economy against global commodity price shocks and positively
improves the net capital flow as food imports reduce. </span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Progressive
governance, enabling technology, a narrowing infrastructural deficit, and broad
strategic initiatives that seek to encourage lending to the primary sector will
transform Ghana’s agriculture and agro-processing sector in the medium to long
term. One initiative that seeks to steer the course of labour flow back into
agriculture and agro-processing is the Youth in Agriculture Programme<span style="font-family: "georgia" , "serif";">;</span> a
Government of Ghana agricultural sector initiative aimed at encouraging the
youth to take up<span style="mso-spacerun: yes;"> </span>farming and / or food
production as a commercial venture.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">We are seeing
gradual improvements in these broad areas, and expect the agriculture and
agro-processing industries to re-boot over the medium to long term, especially
as smart capital moves into large scale agriculture. It is our opinion that production,
supply and consumption systems can be scaled up. Near optimal output levels can
be expected with the introduction of formalized more efficient management
systems in the agriculture and agro-processing space.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Ghana: A Favorable Investment Destination for
Agro-Business</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Despite its current
energy challenges, Ghana ranked number 11 in sub-Saharan Africa (“SSA”) among
47 economies covered in the World Bank 2016 Ease of Doing Business Report and
the best business destination in West Africa. Ghana’s growth rate has been
forecasted to recover to 5.9% in 2016 (versus 4.6% for SSA; 3.3% World) and
8.2% in 2017 (versus 5.0% for SSA; 3.2% World). Intensified oil and gas
production, private sector investment, upgrades in public infrastructure,
progressive governance and accountability, and political stability underline
these growth projections. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">We expect agriculture
and agro-processing industry growth to be pegged at +/- 2% of Ghana’s forecasted
economic growth, so long as sound, enabling macro-economic and industry level policies
are implemented and maintained.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">This report seeks
to explore the merits of value addition to agricultural commodities, and
focuses primarily on the tomato processing industry in Ghana. This is an
especially interesting micro segment to analyze because of the following:</span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana is estimated
to consume in excess of 100,000 metric tonnes of tomato paste annually at a
cost of more than $100 million;</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">A tomato processing
factory, set within reach of local farmers, which operates throughout the year
has the potential to increase the income of farmers by over five times; and</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Approximately
90,000 farmers are involved in tomato production, and more than 300,000
individuals are engaged in both retail and wholesale of raw tomato and
processed tomato products in Ghana.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l4 level1 lfo1; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana has the right
topographical and agro-ecological conditions, and one of the biggest agricultural
dams in West Africa (the Tono Dam, situated in a tomato farming region, can be
used to produce tomato all year round). </span></div>
<div class="MsoListParagraphCxSpLast" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Economic Performance</span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Macro-Economic Overview</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana is the second
largest economy in West Africa. The country’s economy has grown remarkably over
the last decade, achieving peak growth rate of 14.4% in 2011 after oil
production went commercial. Ghana’s GDP surged to 0.90% in the second quarter
of 2015, compared with the preceding quarter. According to the Ghana
Statistical Service, GDP growth rate averaged at 2.13% between 2006 and 2015,
hitting a record high of 8.10% in the first quarter of 2012. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Real GDP growth
declined to 3.4% in 2015 from 4.0% in 2014 due to the current energy crisis.<span style="mso-spacerun: yes;"> </span>Nevertheless, Ghana expects to receive a huge
capital inflow of USD 1.5 billion as well as disbursements from development
partners before the end of 2015. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana’s economic
growth has followed a sensible trend, maintaining a mean yearly growth rate of
around 8.0%</span><span class="MsoCommentReference"><span style="color: #3b3838; font-size: 8.0pt; line-height: 115%;"> </span></span><span class="MsoCommentReference"><span style="color: #3b3838; font-family: "georgia" , "serif"; line-height: 115%;">o</span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">ver the last six
years, making Ghana a low middle-income economy in sub-Saharan Africa.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Additionally, the
country has made reasonable advancements in poverty reduction, and has worked
towards meeting the Millennium Development goal to half poverty rates by 2015;
poverty rates in Ghana has reduced from 52% in 1991 to 24% in 2013. However,
real GDP growth rate is projected to decline to 3.4% in 2015 from 4% in 2014,
due to ongoing energy challenges that have impacted economic output.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Despite
satisfactory economic growth in 2014, Ghana’s economy was mired in challenges,
notably, a sharp currency depreciation of over 30% in the first 9 months of
2014, worsening power crisis, weak macroeconomic performance, rising interest
rates and high inflation (which averaged at 17.0% in 2014).<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The economy was
further hit by net capital outflows in June 2015, partially driven by global
market volatility. As a result, gross international reserves decreased by USD
1.1 billion, by late Jun 2015, to USD 3.2 billion. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In spite of this,
Ghana’s growth rate has been forecasted to recover to 5.9% in 2016 and 8.2% in
2017 on the premise that the power crisis would be dealt with before 2016, and the
planned fiscal adjustment, supported by the IMF and other development partners,
is not tampered with and remains in line to meet the 2017 objectives.
Nonetheless, unpredictable international oil prices could lessen the rate of
economic growth in 2016. However, World Bank growth projections for Ghana over
the long term remain optimistic and positive, indicating confidence in the
country’s future performance. <span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Currency Performance</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The Ghana Cedi depreciated
by 31.2% against the US dollar between January and September 2014. By September
2015, the Ghana <span style="font-family: "georgia" , "serif";">C</span>edi had depreciated by 21% against the US dollar. However, medium
term projections estimate a reversal to single digit inflation, and a positive
reversal in currency performance.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Inflation</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Consumer prices increased
by 17.40% year-on-year in October 2015, similar to the previous month, as more
stability in the Ghana <span style="font-family: "georgia" , "serif";">C</span>edi exchange rate lowered import prices. Compared to
October 2014, food prices and non-alcoholic beverage prices rose by 7.8%.
Non-food inflation slowed slightly to 23.0% from 23.2% in September. Housing,
water, electricity, gas and other fuels went up by 23.1% (+23.6% in September);
clothing and footwear rose 24.5% (+24.9% in September) and education increased
28.8% (+29.6% in September). In contrast, prices of recreation and culture
increased at a faster rate of 29.9% (+27% in September); transport went up
25.7% (+23.8%) and furnishings rose 24.5% (+23.4%).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">On a monthly basis,
consumer prices increased 2.7%, compared to a 0.1 percent drop in September 2015. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Public Debt Management</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Increasing domestic
arrears presents additional risk to public debt management. According to the Bank
of Ghana, the country’s public debt, including both domestic and external debt,
hit 58.4billion Ghana <span style="font-family: "georgia" , "serif";">C</span>edis at the end of March 2015. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Large currency depreciation
and higher external indebtedness have placed Ghana at a high risk of debt
distress. Overall, debt vulnerabilities have increased since the last DSA, where
the risk of debt distress was moderate. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">However, if planned
fiscal policies are implemented, total public debt is projected to decline from
70% in 2014 to 58% of GDP in 2019 (following an initial increase to 72% of GDP
in 2015) and 39% in 2034, with total public debt service absorbing around 40
percent of government revenue in the long run. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Fiscal
consolidation measures, combined with a more ambitious medium-term adjustment
and measures to smooth out principal repayments would greatly reduce the risk
of further worsening debt and debt-service indicators. Any sizable deviation
from the fiscal consolidation program would stall the projected decline in the
public debt path and further increase public debt vulnerabilities. High levels
of gross financing need are also worrisome. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Furthermore, the
bullet feature of Eurobonds accentuates Ghana’s roll-over risk and its
vulnerability to global financial conditions in the medium term.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana’s public debt
has steadily increased over the past decade, largely through the issuance of
local currency-denominated domestic debt. In addition to large budget financing
needs, Ghana’s domestic debt market has doubled relative to its GDP over the past
decade. Furthermore, as a rapidly growing frontier market, Ghana has
increasingly attracted foreign investors in the domestic debt market since it
opened up the market to non-residents in 2006. External debt increased
gradually through a series of Eurobond issuances under relatively benign global
market conditions. The large increase in external debt (as a percentage of GDP)
in 2014 is mainly attributable to marked local currency depreciation</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ease of Doing Business in Ghana <span style="mso-spacerun: yes;"> </span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Despite its recent macro-economic
challenges, Ghana still emerged as the best business destination in West Africa
and number 11 in sub-Saharan Africa in the World Bank’s 2016 Ease of Doing
Business ranking. Ghana ranked 11 among 47 economies covered in the 2016
report, compared to Nigeria (36), Cote d’Ivoire (17), Burkina Faso (143) and
Togo (22). This is a vote of confidence in the country’s future potential.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The report
highlighted good practices in ten of the areas measured by Doing Business
indicators, in which Ghana scored the highest marks compared to Nigeria, Cote d'Ivoire and all other West African countries.</span></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span>
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">The Case for Agriculture</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana is the second
most populous country in West Africa. As at January 2015, the country’s
estimated population was 27 million, up from the official census figure of 24.2
million in 2010. Annual population growth rate is estimated at 2.19%. The
country’s population is expected to grow to over 60 million by 2050. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">This rapid increase
in population has critical consequences for Ghana’s food security. Currently,
approximately 1.2 million people, representing 4% of Ghana’s population are
food insecure, with about 2 million people vulnerable to become food insecure. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana is heavily
reliant on food imports, and this continues to impact the country’s accounts.
Ghana’s imports for Q1’2015 came in at USD 3332.50 million from USD 3826.50
million in the fourth quarter of 2014. This is very high, given the resource
wealth of the country and its vast supply of arable land.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Industry and
agriculture together constitute 28.4% of the economy. However, growth in the
agricultural sector has been slow (peaked at 5.2% between 2010 and 2014) due to
a resource shift into services over the last decade. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana’s agriculture
sector contributed 21.5% of Ghana’s GDP in 2014 and 19% as of September 2015,
dropping at a shocking rate of 12.8% in seven years (31.8% in 2009 to 19% in
2015). But yet still, agriculture continues to be the largest employer, employing
just over 40% of the country’s workforce (about 50% of the population live in
rural areas and are mainly dependent on farming).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana attracted
agricultural investments worth more than USD 4.23 billion in 2011, representing
a 70% increase over the 2010 figure of USD 2.490 billion. However, only 57.6%
(7,846,551 hectares) of its 13,628,179 million hectares of arable land is
cultivated. The sector remains under tapped, and requires smart management to
unleash its full potential. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana currently
produces less than 30% of the raw materials needed by its agro-based
industries. Agro-processed exports in Ghana alone increased from USD 181.1
million in 2004 to USD 902.5 million in 2011, representing 398% growth (Oduro
and Offei, 2013). Further, agro exports accounted for 7.4% of total merchandise
export earnings in 2004, plummeting only to 4.9% in 2011. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana’s fast
growing middle-class is a ready consumer base for locally-processed foods. But
since local food processing remains too small to satisfy local demand,
high-value food imports have risen quite considerably, despite government
incentives (tax holidays) which have been put in place to promote the local
agro and food processing industry.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Fresh Tomato: the Red Gold Creating Wealth</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">By industry
estimates, Ghana produces over 300,000 metric tonnes of tomatoes, 90% of which is
consumed locally. Tomato is a staple ingredient in the daily diet of <span style="font-family: "georgia" , "serif";">Ghanaian<span style="font-family: "georgia" , "serif";">s</span></span>,
and accounts for 38.0%</span><span class="MsoCommentReference"><span style="color: #3b3838; font-size: 8.0pt; line-height: 115%;"> o</span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">f total vegetable
expenditure in Ghana. Popular varieties grown in Ghana include Roma VF,
Laurano, Raki, Chocó TP, Power Reno, Rasta, Italy Heinz and Petomech, which are
mostly suitable for processing. <span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The daily demand
for tomato products continues to increase across all regions of the country, as
it is a dietary staple in every household, hotel and restaurant. With the
growth of Ghana’s middle-class, and Ghana’s population increasingly becoming
urbanized, consumers have grown an insatiable appetite for convenience foods.
As a result, the demand for tomato paste used for the preparation of a broad
range of both local and foreign cuisines has increased. This demand for tomato
paste (in quantity and quality) is also spreading in the sub-region and could
provide a meaningful consumer base for locally-processed tomatoes. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">But, unfortunately,
the tomato processing industry in Ghana remains small and relies heavily on
imports. <b style="mso-bidi-font-weight: normal;">Ghana is estimated to consume
in excess of 100,000 metric tonnes of tomato paste annually at a cost of more
than USD 100 million.</b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">A strategically located
tomato processing factory that processes tomatoes constantly throughout the
year (rather than absorbing seasonal gluts) has the potential to increase the
income of farmers over five times. Additionally, over 90,000 farmers are
involved in tomato production, and more than 300,000 individuals are engaged in
both retail and wholesale of raw tomato and processed tomato products. A study
by <i style="mso-bidi-font-style: normal;">Clottey et al., 2009 </i>on The Tomato
Industry in Northern Ghana concluded that the tomato industry in northern Ghana
alone had the potential to be competitive and stimulate the creation of a host
of related and supporting enterprises with prospects for wealth creation.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Tomato production
in the Upper East region of Ghana alone employs about 11,728 farming families
with an average family size of 5 persons. It is estimated that 58,640 persons
benefit from its production as noted in a survey report by Trade Aid Integrated.
</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">According to the
Ghana National Tomato Producers’ Federation, Ghana produces 510,000 metric tonnes
of tomato each year, while it imports up to 7,000 tonnes per month from its
neighbors, alongside 27,000 tonnes of processed tomato from Europe.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana has the right
topographical and agro-ecological conditions, and also has one of the biggest
agricultural dams in West Africa (the Tono Dam, situated in a tomato farming
region, can be used to produce tomato all year round). </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Despite this, the
country seems increasingly incapable of producing enough canned tomato
products. Statistics in 2006 have showed that Ghana was the second largest
importer of tomato paste, only second to Germany, consuming an average of
25,000 tonnes of tomato paste in a year at a total cost of about $25 million
dollars (Aryeetey, 2006). </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The scarcity and
high cost of tomato during the dry and minor seasons in Ghana is what accounts
for the excessive imports of tomato paste and products into the country. For
instance, industry data suggests that total production of tomato doubled between
the 1970s/80s and the 1990s, but slid from 100,000 tonnes per year to around
50,000 tonnes per year in the 1970s and early 1980s respectively. Then in the
late 1980s, production reverted back to around 100,000 tonnes, and expanded during
the 1990s, averaging around 200,000 tonnes per year by the end of the decade.
Notwithstanding this fact, during the 2000s, production fell gradually. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Currently,
approximately 321,000 metric tonnes of tomatoes are cultivated annually, valued
at USD 118 million, whilst 75,000 metric tonnes is imported annually to augment
the shortfall.<span style="mso-spacerun: yes;"> </span>This short fall
necessitated the importation of processed tomato worth USD 112.1 million in
2013 alone according to the Ministry Of Food and Agriculture. Also, despite
this shortfall, farmers are still experiencing gluts and high post-harvest
losses during major raining seasons. Out of over 510,000 metric tonnes of fresh
tomato produced annually in Ghana, the country loses about 153,000 metric tonnes,
representing about 30% of the entire year’s produce.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Tomato Paste Industry: Ghana’s Neglected
Goldmine</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In the early 1960s,
the Government of Ghana set up two tomato processing plants; the TOMACAN and the
Pwalugu Tomato Processing factories.<span style="mso-spacerun: yes;">
</span>According to Robinson and Kolavalli, 2010, during the 1980s, both
factories collapsed due to a mixture of structural reforms promoted by the
World Bank and IMF; frequent breakdowns resulting from a lack of spare parts
and obsolete machinery; lack of technical competence and financial management;
and poor marketing. This resulted in the closure of these factories. The
Government of Ghana has since made several attempts to revamp these factories
into large scale tomato processing plants but to no avail. President John
Dramani Mahama’s recent visit to the tomato district in Parma, Italy was an
attempt to draw large scale tomato processors into Ghana.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The Pwalugu Factory
was re-opened, and started running in March 2007, through a PPP agreement between
the government and Northern Star Tomato Company (“NSTC”). The factory has the
capacity to process 500 metric tonnes of tomatoes into puree, which is five
times greater than the old processing capacity. The NSTC processes the puree
for Trusty Foods Limited, an Italian subsidiary located at Tema which adds
value and exports the product to the West African sub-region and the European
Union. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The TOMACAN factory
in Wenchi was also revamped in recent times under a PPP agreement between the
government and the German Technical Cooperation (“GTZ”), Unilever Ghana Limited
(“Unilever”) and Afrique Link Limited (“ALL”, “Afrique Link”). In the
agreement, ALL acquired shares through a debt equity swap and was to be in
charge of processing tomato paste and pulp, whilst Unilever was to package it
into the TOMAROMA brand of tomato paste, market, distribute and sell the tomato
paste in addition to assisting Afrique Link market its tomato pulp through a
distribution system. GTZ and the government, through the District Agricultural
Development Units (“DADU”) of the Ministry of Agriculture were also tasked with
assisting the farmers in cultivating tomatoes to supply the factory in Wenchi. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">GTZ contributed
€200,000 for the project’s management and technical assistance to the farmers.
One half of the GTZ contribution was used to finance the acquisition of 8% shares
in ALL on behalf of the farmers through a Farmers Trust formed for the purpose.
ALL and Unilever also contributed a minimum of €200,000 to be used mainly in
the execution of their part of the project. In addition, ALL and Unilever were
to finance other costs related to their operations in excess of the €200,000
already contributed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Variety trials were
undertaken, farmer-based organizations (“FBOs”) formed, and protocols developed
to achieve yields of 20 tonnes per hectare. Financing was arranged for the
farmers through Agricultural Development Bank (“ADB”). ALL also provided inputs
to support production to some farmers, especially those in the Dormaa District
who were refused credit because of concerns over side selling to nearby Cote D’Ivoire.
ALL guaranteed all the loans to the FBOs.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In 2014, Techiman
Processing Complex, an agro processing company, through a PPP agreement with
the government of Ghana and a GHS 200,000 financial support from the Export
Development and Agricultural Investment Fund (“EDAIF”) established a tomato
processing factory. The plant had halted operations for some time due to lack
of raw materials for production. According to TEPCOs CEO, the company is still
in the process of sourcing extra financing for its operations. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">According to the
FAO, Ghana has a total processing capacity of 1400 tonnes of fresh tomato per
day (500 tonnes at Trusty Foods and Northern Star, 200 tons at Afrique Link Ltd
in Wenchi and TEPCO in Techiman). If these three tomato processors were even operational
at full capacity, they would be able to process 438,000 tonnes of fresh tomato,
the equivalent of 54,750 tonnes of tomato paste each year (assuming a paste of
36-38% brix, requiring 8 tonnes of fresh tomato per tonne of paste), which is
still a deficit to the annual demand of tomato paste in Ghana (in excess of
100,000 tonnes a year). </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Government Incentives for Agro-Processors</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Investors targeting
the tomato processing segment will be able to explore certain incentive schemes
put in place by the Government of Ghana to make the agro-processing sector of
the economy more attractive. These include tax holidays for industries in
agriculture and agro-processing and relatively much lower taxes for factories
located in the hinterland.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Tax Incentives under Export </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">A corporate tax
rebate allows any manufacturer or any person engaged in agricultural
production, exporting part or all of his production, to claim tax rebates of
between 40% and 75% of his/her tax liability. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">A Custom Duty
Drawback also allows exporters to draw back up to 100% of duties paid on
material imported to produce goods for export. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Transferability of Capital, Profits and
Dividends</span></b></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Subject to the Foreign Exchange
Act, 2006 (Act 723) and the regulations and notices issued under the Foreign
Exchange Act, an enterprise shall, through an authorized dealer bank, be
guaranteed unconditional transferability in freely convertible currency of
dividends or net profits attributable to the investment made in the enterprise.
This allows for the full repatriation of earnings in the currency of
investment.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Double Taxation Agreements</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana also uses Double
Taxation Agreements to rationalize tax obligations of investors who come from
global tax sourced jurisdictions with a view to saving the investors the
incidence of double taxation.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Investment Incentives for Agribusiness</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The Ghana
Investment Promotion Centre offers a range of incentives for agribusiness
investors establishing production and/or processing enterprises in the country.
These include, but are not limited to:</span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">a five-year tax holiday for agro-processing businesses, from
the date of commencement of business;</span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">custom duty exemptions for agricultural and industrial
machinery and equipment imported for investment purposes; and</span></i></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">location-based tax rebates for manufacturing industries
located in regional capitals</span></i></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Tax Incentives under Venture Capital Fund </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The government of
Ghana has also announced an enhancement of the tax incentives for venture
capital finance companies who participate in the scheme announced in the 2006
budget statement as follows: </span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">the five -year full exemption from corporate income tax,
dividend tax and capital gains tax for eligible venture capital finance
companies has been extended to 10 years;</span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">the 100% chargeable income deduction granted to financial
institutions investing in venture capital finance companies has been expanded
to include all corporate and individual investors who invest in venture capital
financing companies;</span></i></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo3; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">distribution of interest, dividend and capital gains to
investors in venture capital finance companies are tax exempt.</span></i></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Free Zones Act, 1995</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Additional
incentives have been packaged into the Free Zone Act of 1995 for parties
interested in developing and operating export processing zones (EPZs). These include: </span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Complete exemption from payment of direct/ indirect duties
and levies on all imports for production purposes and exports from the Free
Zones; </span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Complete exemption from payment of income tax on profits for
a period of 10 years (the income tax rate after 10 years shall not exceed 8%);</span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Complete exemption from payment of dividend taxes arising
out of Free Zone investments;</span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">No import licensing requirements;</span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">100% ownership of shares in the business entity by any
investor;</span></i></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l2 level1 lfo4; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">No conditions or restrictions on the repatriation of
dividends or net profits.</span></i></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Government Policy Supporting Agro-Processing</span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana Trade Policy </span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">This policy is set
within the context of Ghana’s long term strategic vision of achieving middle
income status and becoming a leading agro-industrial country in Africa. The
policy provides clear and transparent guidelines for the implementation of government’s
domestic and international trade agenda.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The government’s trade
policy, under the <span style="mso-spacerun: yes;"> </span>sectoral development
of the agro-processing industry, stipulates that the expansion and
diversification of production of goods and services are necessary to develop
sufficient trade capacity to take advantage of export market opportunities and
satisfy domestic market requirements. It further emphasizes that agriculture is
by far the most important sector of Ghana’s economy upon which most Ghanaians
depend, and that agro-processing will play a central role in the
diversification of Ghana’s economy.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The policy’s
objective is to support diversification and stimulate productive investment and
trade in the agro-industry, and further directs that the government specifically
target the agricultural sector in the area of agro-processing, provision of
basic foodstuff for the domestic market, and improving competitiveness through
economies of scale production and improved technology. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Risk Analysis</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Tomato processors<span style="font-family: "georgia" , "serif";">;</span> Trusty
Foods, which sources most of its tomato from farmers in the Upper East Region
of Ghana paid each farmer an average amount of GHS 154 per tonne. This is below
the price at which farmers sell to fresh tomato sellers.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Interestingly, Trusty
Foods offers the highest price than any other tomato processor in Ghana, and
this does not even meet the price at which fresh tomato sellers are willing to
pay for a crate of tomato<span style="font-family: "georgia" , "serif";">es</span> from the farmers, hence compelling the farmers,
(who encounter high cost of production and sometimes difficulty in obtaining
credit) to sell to fresh tomato sellers for profit, making it difficult for
local tomato processors to compete with imported tomato paste, which comes in
at a lower price to the local option. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Farmers mostly supply
tomato factories during the peak period, when the pre-agreed processor price is
higher than the fresh market price, but eventually divert to the fresh market price,
as tomato becomes scarce during the dry season and the price for fresh tomatoes
increase above the processor price. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In 2008, the Pwalugu
Tomato factory for instance, encouraged</span><span class="MsoCommentReference"><span style="color: #3b3838; font-size: 8.0pt; line-height: 115%;"> </span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">farmers to increase
tomato production to supply the factory. The factories were willing to buy at
GHs 15 per crate of 110 kg, but the tomato traders were willing to buy at twice
this price, and, as expected, tomatoes were sold to traders. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">When farmers were
eventually ready and willing to deliver on their contracts to the Pwalugu
Factory, Pwalugu had logistics issues, including insufficient crates for
collecting tomatoes, insufficient transport facilities, and lack of cash to pay
the farmers. Additionally, the relationship between farmers and processors had been
affected by the aforementioned issues, and the little trust between farmers and
processors waned after this experience. Subsequently, Pwalugu shut down again
in 2008.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In 2003, <i style="mso-bidi-font-style: normal;">HEINZ,</i> which was contemplating
purchasing the Pwalugu Factory abandoned the deal after its due diligence
showed that it could not purchase tomato at economically low prices from the
farmers to be profitable. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">For tomato
processing to be competitive in Ghana, the average per unit production cost
needs to be sufficiently lower so that farmers can sell their tomatoes
profitably and at low but guaranteed prices offered by processors. This will
enable domestic tomato processors to compete favorably with Italian and Chinese
tomato paste processors whose production costs are comparatively lower, hence
their cheaper prices on the Ghanaian market. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Other processing
challenges include the fact that farmers are unable to supply the factories
with a sustainable flow of processing tomatoes such as H 3044 and H7151, which
were the tomato varieties evaluated by H.J. Heinz Co. International in Ghana, and
found to be both high yielding and excellent for processing.<span style="mso-spacerun: yes;"> </span>In 2014, the TEPCO tomato processing plant in
Ghana had to stop operations due to the non-availability of tomatoes to ensure profitable
and sustainable operations.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><span style="font-family: "georgia" , "serif";">O</span>ne of the causes of major costs involved in running a factory in
Ghana<span style="font-family: "georgia" , "serif";"> is</span> due to unreliable power supply from Ghana’s national electricity grid.
Most industries in Ghana rely significantly on alternative energy supply, which
has also led to the development of other related energy industries like diesel and
biogas- fueled generators which are more reliable and cost-effective compared
with the supply from the national grid. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">The Irony: Imported tomato paste is more expensive
than locally processed tomato paste in Ghana</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Market analysis on
the Ghanaian tomato paste industry shows that there are several tomato paste
brands on the Ghanaian market, most of which originate from Europe and China.
Key tomato paste companies include: Conserveria Africana, which produces the
GINO and POMO brands of tomato paste; Olam, which produces Tasty Tom; Trusty
Foods, which produces LA BIANCA tomato paste; and Centro Esportazione Conservati,
which imports SALSA from Italy. Tomato paste imports currently amount to over
78,000 tonnes of paste per year, 12,000 tonnes of which are exported after repackaging.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In Ghana’s tomato paste
retail market, the 210 gram tin tomato paste is the most popular.
Interestingly, LA BIANCA tomato paste, which is produced by Northern Star and
packaged for marketing by Trusty Foods locally, is sold at a cheaper rate on
the Ghanaian market, compared with SALSA tomato paste which is imported from
Italy, and is the most expensive tomato paste product on the Ghanaian market. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="Default">
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Additionally, Tasty
Tom, GINO (GINO Tomato paste is the highest selling tomato paste on the
Ghanaian market) and POMO, which are imported and repackaged in Ghana for
retail, have higher prices on the Ghanaian market as compared with the locally
produced tomato paste LA BIANCA. This is because the GINO brand of tomato paste
for instance, has invested significantly in marketing and packaging. A study by
NIELSON on Ghanaian consumers discovered that Ghanaian consumers express a
higher preference to buy brands that are advertised, available on promotion,
possess attractive packaging and come in both small and bulk pack sizes.</span></div>
<br />
<div class="Default">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">This goes on to show that despite the high
cost of production involved in tomato paste production in Ghana, the locally
produced brands are sold at an averagely lower price, compared with the
imported and repackaged ones, and also, most Ghanaian consumers show more
preference to quality and well-advertised brands regardless of the price.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Import charges on
foreign products have risen to an all-time high recently, resulting in the
spike in tomato paste prices on the Ghanaian market and rendering imported
brands more expensive than locally-produced tomato paste. This means that the
marginal cost of paying above-the standard market prices for tomato paste
produced in Ghana is lower than the marginal cost of importing tomato paste
into the country, thus allowing locally-processed tomato to keep its gross
margin at the minimum required to cover the cost of raw material inputs,
operating costs and overheads, and to turn a reasonable profit</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Causes of the High Cost of Imports in Ghana</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The growing
middle-income bracket (about 5 per cent of the population) could provide a
significant consumer base for locally-processed foods. But as local food processing
remains too small to meet local demand, high-value food imports have been
increasing (Wolter, 2008).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">In 2013, Ghana
exported USD 18.8 billion and imported USD 15.4 billion resulting in a positive
trade balance of 3.39 billion. These exports are led by gold, which represents
29.6% of the total exports from Ghana, followed by cocoa beans, which account
for 26.8%.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Imports decreased
to USD 3332.50 million in the first quarter of 2015 (from USD 3826.50 million
in the fourth quarter of 2014).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The causes of the
gradual reduction in Ghana’s imports is reinforced by Nana Kwame Akosah, 2014 in
his literary work titled <i style="mso-bidi-font-style: normal;">Macroeconomic
Implications Of High Import Demand In Ghana</i>, where he observed that, Ghana’s import demand is currently inelastic
and it is difficult for the domestic economy to control the level of imports,
which implies that the economy ends up spending more when exchange rate
depreciates, causing the trade balance to worsen in the short run<i style="mso-bidi-font-style: normal;">. </i>He
further noted that the depreciating domestic currency increases the cost of
imports, as traders then require more of the domestic currency to import the same
quantity of goods. The higher cost of imports is then passed on to the consumers
in the form of higher prices for goods. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Imports into Ghana
were thus artificially compressed by the continued depreciation of the Ghana <span style="font-family: "georgia" , "serif";">C</span>edi. In
May 2014, total imports came in 17.8% lower compared with the same period in
2013.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">These conditions present
an opportunity for Ghana to reduce its dependency on imported tomato paste, which
is a dietary staple in Ghanaian cuisines. It also presents a fine opportunity
to local manufacturers of tomato paste given the strong demand for tomato paste
in Ghana. The Indian company, Conserveria Africana Ghana Limited, in a bid to
cut down on the high cost of tomato paste imports, established a USD 12.5
million (with over USD 25 million budget outlay) tomato factory with the
capacity to produce 25,000 metric tonnes of tomato paste annually. According to
its managing director, this move will help Ghana save more than $100 million in
foreign exchange.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Italian Tomato Paste Imports Dwindling Due to
high cost of imports</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Italy is one of the
largest exporters of tomato paste to Ghana (Ghana is the eighth-largest buyer
of Italian paste from Italy). However, Italian tomato paste delivery to Ghana
is shrinking gradually<span style="font-family: "georgia" , "serif";">.</span> <span style="font-family: "georgia" , "serif";">A</span>ccording to an article by Agra-net in 2015, Italian
tomato paste deliveries to Ghana peaked in 2012 at 28,898 tonnes. Exports then
slumped by 10,000 tonnes in 2013, and dropped further to 6,321 tonnes in 2014.
Shipment to the African continent was close to or above 20,000 tonnes in recent
years, and over 30,000 in 2004. Deliveries in YTD 2015 show a strong decrease
against previous years. At 1,721 tonnes between January 2015 and April 2015 shipments
were down 71% in 2014 and 84% in 2013. High import costs partially account for
the reduction into Ghana.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Recommendation</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">A core objective for
any investor who wants to invest in the tomato processing industry should be:</span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">to focus mainly on improving livelihoods and generating long
term sustainable income for local farmers and the communities where they
operate;<span style="mso-spacerun: yes;"> </span></span></i></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">to provide training and support that will help farmers
improve farming practices; and</span></i></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;"><br /></span></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo5; text-align: justify; text-indent: -.25in;">
<span style="color: #3b3838; font-family: "courier new"; mso-fareast-font-family: "Courier New"; mso-themecolor: background2; mso-themeshade: 64;"><span style="mso-list: Ignore;">o<span style="font: 7.0pt "Times New Roman";">
</span></span></span><i style="mso-bidi-font-style: normal;"><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">to give competitive, guaranteed minimum prices through
contracts with farmers, assuring them that their produce will be bought, in spite
of seasonal fluctuations in market prices.</span></i></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The above can be
achieved by incorporating headline Millennium Development Goal principles into
its operations. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">To guarantee
constant supply at competitive rates and manage costs, the transport of raw
materials from farm to production site should be managed efficiently. One area
of focus could be to build an entire industry around post-harvest loss
management or create a formal sector out of what is already in place, not just
for tomatoes, but for all primary produce, which will gradually revive
value-added agriculture contribution to GDP.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Additionally, at
least 60% of tomatoes used for paste production should be produced mainly from
farmlands operated by the investor, or on contract farming basis, whilst 40%
raw materials will be sourced from local farmers. This type of farming model is
termed as nucleus contract farming, and is popular with the American and
Chinese tomato processing industries. This model will ensure that there is
always a constant supply of raw materials to the factory and lessens any unpredictability
when tomato prices soar during off seasons.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Farmers should also
be given incentives on the amount of yield they supply to the factory at any
given time, in order to motivate them to keep supplying the factory. For
instance, farmers need to be given targets to meet, and if any farmer is able
to supply or meet that yield target, they can be awarded with a farm truck.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Despite the usual agronomic
challenges and manageable operational and economic risks, the local processing of
tomatoes has shown enormous potential to be profitable. Locally-produced paste
can compete with imported brands where the right pricing structures for
sourcing raw materials from farmers have been introduced. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Government
incentives that protect the segment from controllable shocks, a culture of high
quality standards, and effective marketing and distribution strategies, can
open up the segment, making it another viable contributor to national output. </span></div>
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<br /></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;">Cited
Works</span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 22.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; font-size: 12.0pt; line-height: 115%;"><span style="mso-spacerun: yes;"> </span></span><span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Akosah, N. K. (2014)
Macroeconomic Implications of High Import Demand In Ghana.<span style="mso-spacerun: yes;"> </span>US Open Economics Journal Vol. 1, No. 1, pp.
1 – 31. </span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Aryeetey, E. (2006)
ISSER-Merchant Bank Development Seminar Series. [Online] Available from: <a href="http://www.ghanaweb.com/GhanaHomePage/election2008/artikel.php?ID=101256"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.ghanaweb.com/GhanaHomePage/election2008/artikel.php?ID=101256</span></a>.
[Accessed 25 November 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Auvillain, M. and Liberti, S.
(2014) The Dark Side of Italian Tomato. Aljazeera [Online] Available from: <a href="http://webapps.aljazeera.net/aje/custom/2014/italiantomato/index.html"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://webapps.aljazeera.net/aje/custom/2014/italiantomato/index.html</span></a> [Accessed 29 November 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Clottey, V. A., Karbo N., and
Gyasi, K., O. (2009) The Tomato Industry in Northern Ghana: Production
Constraints And Strategies To Improve Competitiveness. African Journal of Food
Agriculture Nutrition and Development. 9(6): 1436-1451.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana Investment Promotion Center
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[Online] Available from:<span style="mso-spacerun: yes;"> </span><a href="http://www.gipcghana.com/invest-in-ghana/sectors/agriculture-agro-processing/investing-in-this-sector.html"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.gipcghana.com/invest-in-ghana/sectors/agriculture-agro-processing/investing-in-this-sector.html</span></a>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghana Statistical Service (2015)
Revised Gross Domestic Product 2014. [Online] Available from: <a href="http://www.statsghana.gov.gh/docfiles/GDP/GDP2015/Revised_Annual_GDP2014_Jan2015.pdf"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.statsghana.gov.gh/docfiles/GDP/GDP2015/Revised_Annual_GDP2014_Jan2015.pdf</span></a>
[Accessed 5 December 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ghilotti, D. (2015) Ghana's
authorities visit tomato plants in Parma. Agra-net, Food News. [Online].
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[Accessed 25 November 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Glover, B. Lack of market worries
Upper East tomato farmers. The Daily Graphic of 26 March, 2007a; 150007: 28.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">International Monetary Fund
(2015) Ghana Request for a Three-Year Arrangement Under The Extended Credit
Facility—Debt Sustainability Analysis. [Online] Available from: <a href="https://www.imf.org/external/pubs/ft/dsa/pdf/2015/dsacr15103.pdf"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">https://www.imf.org/external/pubs/ft/dsa/pdf/2015/dsacr15103.pdf</span></a>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Issah, M. (2007) Right To Food Of
Tomato And Poultry Farmers. [Online] Available from: <a href="http://germanwatch.org/handel/ffm-ghana.pdf"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://germanwatch.org/handel/ffm-ghana.pdf</span></a>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Minister of Trade and Industry
(2006) Ghana Trade Policy. MoTI: Ghana</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ministry of Food and Agriculture
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[Accessed 30 November 2015] Ghana: MOFA.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Ministry of Food and Agriculture
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Nielson (2014) Nielsen Emerging
Market Insights, Country Snapshot Ghana. [Online]. Available from: <a href="http://www.nielsen.com/content/dam/nielsenglobal/ssa/docs/nielsen-emi-ghana-snapshot.pdf"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.nielsen.com/content/dam/nielsenglobal/ssa/docs/nielsen-emi-ghana-snapshot.pdf</span></a>
[Accessed 6 December 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Oduro, A. D. and Offei, E. L.
(2014) Investigating Ghana’s Revealed Comparative Advantage in Agro-Processed
Products. Modern Economy, 2014, 5, 384-390 Published Online April 2014.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Okudzeto, E., Mariki, W. A.,
Senu, S. S., Lal R. (2015) Africa Economic Outlook (Ghana). AfDB, OECD, UNDP (2015).</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Parma for Expo (2015) Our city
welcomes the President of the Republic of Ghana. Press Release 18 July 2015.
[Online]. Available from:<span style="mso-spacerun: yes;"> </span><a href="http://www.parmaforexpo.com/parmaforexpo-our-city-welcomes-the-president-of-the-republic-of-ghana/"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.parmaforexpo.com/parmaforexpo-our-city-welcomes-the-president-of-the-republic-of-ghana/</span></a>
[Accessed 27 November 2015] Parma, Italy.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Robinson, E. J. Z. and Kolavalli,
L. S. (2010) The Case of Tomato in Ghana: Productivity Ghana Strategy Support
Program (GSSP). GSSP Working Paper No. 19.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Saavedra Y., Dijkxhoorn, Y.,
Elings, A., Glover-Tay , J., Koomen I., Maden E., Nkansah G. and Obeng, P.
(2014) Vegetables Business Opportunities in Ghana.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Tampoare G. B., Bob – Milliar, G.
K.<span style="mso-spacerun: yes;"> </span>and Adazabra A. N. (2012) Analyzing
the Economic Benefit of Fresh Tomato Production at the Tono Irrigation Scheme
in Upper East Region of Ghana. Journal of Economics and Sustainable
Development. ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.3, No.13, 2012.</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Techiman Tomato Factory Starts Production
(2014).<span style="mso-spacerun: yes;"> </span>Ghana Web.<span style="mso-spacerun: yes;"> </span>Available from: <a href="http://www.ghanaweb.com/GhanaHomePage/NewsArchive/Techiman-Tomato-Factory-starts-production-337466"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.ghanaweb.com/GhanaHomePage/NewsArchive/Techiman-Tomato-Factory-starts-production-337466</span></a><span style="mso-spacerun: yes;"> </span>[Accessed 27 November 2015]. </span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The World Bank (2015) Agriculture,
value added (% of GDP). [Online] Available from:<span style="mso-spacerun: yes;">
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December 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The World Bank (2015) Employment
in agriculture (% of total employment). [Online] Available from: <a href="http://data.worldbank.org/indicator/SL.AGR.EMPL.ZS/countries?page=1"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://data.worldbank.org/indicator/SL.AGR.EMPL.ZS/countries?page=1</span></a> [Accessed 5 December 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The World Bank (2015) Ease of
Doing Business in Ghana. [Online] Available from: <a href="http://www.doingbusiness.org/data/exploreeconomies/ghana/"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.doingbusiness.org/data/exploreeconomies/ghana/</span></a>
[Accessed 1 December 2015]</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The World Bank (2015) Ease of
Doing Business in Nigeria. [Online] Available from: http://www.doingbusiness.org/data/exploreeconomies/nigeria/
[Accessed 1 December 2015].</span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">The World Bank (2015) Ghana
(Overview). [Online] Available from: <a href="http://www.worldbank.org/en/country/ghana"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://www.worldbank.org/en/country/ghana</span></a>
[Accessed 1 December 2015]</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">Wolter, D. (2008) Ghana – Seizing
New Agribusiness Opportunities, OECD Development Centre: Paris.</span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;">World Economic Forum (2015)
Africa Competitiveness Report, (2015). [Online] Available from:<span style="mso-spacerun: yes;"> </span><a href="http://reports.weforum.org/africa-competitiveness-report-2015/structural-transformation/"><span style="color: #3b3838; mso-themecolor: background2; mso-themeshade: 64;">http://reports.weforum.org/africa-competitiveness-report-2015/structural-transformation/</span></a> [Accessed 5 December 2015].</span></div>
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<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span>
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><br /></span>
<span style="color: #3b3838; font-family: "georgia" , "serif"; mso-themecolor: background2; mso-themeshade: 64;"><a href="http://goodmanamcllc.com/assets/ghanas-tomato-processing-industry-an-attractive-investment-option-in-2016.pdf" target="_blank">Download The Full Report Here</a></span></div>
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<b><span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">About the authors</span></b></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">Bernard Boachie-Danquah and Isma-il Sulaiman are both Principals at
Goodman AMC in Accra, Ghana.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVDiMVb5aB0n4CYSSJjeeoZ4nmD7vpReEFHa8mvUae6M1IxtFqOfwIWOHLJP3Ci1swMwSlw-77r81t4eLRZBttwqh10Ofk-bEU1bIxgSOKbe0pH4k1M-8CNLI1k2brgaIlD1jG0k54uTBU/s1600/goodman+amc+logo.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVDiMVb5aB0n4CYSSJjeeoZ4nmD7vpReEFHa8mvUae6M1IxtFqOfwIWOHLJP3Ci1swMwSlw-77r81t4eLRZBttwqh10Ofk-bEU1bIxgSOKbe0pH4k1M-8CNLI1k2brgaIlD1jG0k54uTBU/s200/goodman+amc+logo.jpg" width="200" /></a></div>
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<span lang="EN-US" style="color: #262626; font-family: "georgia" , serif; font-size: 12.0pt; line-height: 115%;"><a href="http://www.goodmanamcllc.com/" style="font-family: Arial, sans-serif; font-size: 9pt; line-height: 115%;">Goodman AMC LLC</a><span style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9pt; line-height: 115%;">.</span> </span></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">Email: relations@goodmanamcllc.com</span></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">Address: P. O Box AF 1732,
Adenta-Accra, Ghana.</span></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">Website: <span style="color: #7f7f7f; mso-themecolor: text1; mso-themetint: 128;"><a href="http://www.goodmanamcllc.com/" target="_blank">www.goodmanamcllc.com</a></span></span></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">Twitter: <span style="color: #7f7f7f; mso-themecolor: text1; mso-themetint: 128;"><a href="http://www.twitter.com/GoodmanAMC">www.twitter.com/GoodmanAMC</a></span></span></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">Facebook: <span style="color: #7f7f7f; mso-themecolor: text1; mso-themetint: 128;"><a href="https://www.facebook.com/GoodmanAMC1">https://www.facebook.com/GoodmanAMC1</a></span></span></div>
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<span lang="EN-US" style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9.0pt; line-height: 115%;">© <span style="color: #7f7f7f; mso-themecolor: text1; mso-themetint: 128;"><a href="http://www.goodmanamcllc.com/">Goodman AMC LLC</a> </span></span><span style="color: #7f7f7f; font-family: "arial" , sans-serif; font-size: 9pt; line-height: 115%;">2013-2015. All rights
reserved.</span></div>
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