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Siemens Aims At Boosting Ghana’s Economy With Jobs

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Ghana’s steady socio-economic development over the past few years has made it one of Africa’s fastest growing success stories, but in order to compete with the world’s strongest nations more investment in energy infrastructure and skills development is required.

With the prospect of an even better Ghana on the cards, organizations in collaboration with government institutions have an opportunity and responsibility to assist the country in achieving economic success.

“Our presence in Ghana is rooted in working towards the development of the country. As an integral part of the nation’s corporate community, Siemens is resolute in playing its role and contributing towards creating jobs and developing skills. This commitment is strongly enshrined in the Business To Society ethos that defines how we run our business operations in Ghana,” says Edmund Acheampong, Country Manager for Siemens in Ghana.

Although positive strides have been made, the work to eradicate the triple threat of unemployment, poverty and inequality is part of our core focus in Ghana. Every contribution, no matter how small in the context of the challenges has to be shared.

The legacy of the company extends across various sectors and industries including the Oil and Gas, Transportation, Manufacturing and Energy industries.

Over the past two years, Siemens has made a considerable investment in Ghana’s energy industry. Through partnerships with local businesses, the company has rolled out the largest steam plant in the country contributing 330 megawatts (MW) to the national grid and has also been contracted to deliver three gas compression packages.

“For Siemens, powering Ghana is imperative. Energy is a crucial part of economic production and therefore economic growth, and without it, communities and businesses cannot function effectively,” says Mr. Acheampong.

The company has also recently signed a Memorandum of Understanding (MoU) to build one of the most efficient combined cycle power plants with a capacity of 660 MW.

Mr. Acheampong continues, “Siemens’ contribution to the Ghanaian economy goes beyond its business investments; the company always wants to make a meaningful impact and to empower citizens in communities that the business operates.”

The company is investing intensively to support Ghana’s education system; it has joined forces with various higher learning institutions in the region to help empower young, upcoming engineers and technology enthusiasts through the donation of Automation and Training Equipment worth €25,000.00. The equipment presented to these universities will afford students an opportunity to gain practical experience, and assist them in getting industry ready.

In February, the company visited the Village of Hope, to present the children with food, clothing, personal hygiene products, and to renovate to their orphanage. Mr. Acheampong adds, “These children are the future of Ghana and investing in their future will not only benefit them but will in turn benefit the country. It is important to give them a sense of and hope and motivation to work hard at fulfilling their dreams, and with these basic necessities it is possible.”

“Ghana has the potential to compete against some of the world’s best economies and through cooperation between government institutions and private organisations, it is possible. Siemens will continue to support Ghana, its communities and its people to help the country reach its full potential,” Mr. Acheampong added.

 

Source: Starrfmonline.com

Business

Our Fuel Is Safe – Radiance Petroleum

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The management of indigenous oil marketing company (OMC), Radiance Petroleum Limited, (RPL) has dispelled claims that its Kasoa Nyanyano branch has sold unclean fuel to some taxi drivers.

Nonetheless, the management of the company has launched investigations into the matter. It has taken samples of the product and reported the case to its Bulk Distribution Company and the National Petroleum Authority (NPA).

It has also intensified its security, monitoring and surveillance at all its 37 branches across the country to offer the best of services to customers.

“We are committed to our mission, which is: to provide the best fuel to our customers in ways that are compliant, profitable, reliable, safe and socially responsible. Customer service is paramount to our operation – nothing is more important to us than a satisfied customer – and we will go all length to ensure we are selling the right products and giving the right service to all who patronize our stations,” the General Manager of the company, Joseph Addae, said.

“Even though this is a complaint at only one of our stations, we have taken precautionary measures to ensure all our station never record such complaints.”

The company has been in existence for five years and is recording such a complaint for the first time. Since the inception of the deregulation exercise, Radiance Petroleum is among OMCs selling the cheapest and safest fuel in Ghana.

Radiance Petroleum Ltd. (RPL) is a limited liability company incorporated under the Companies Code of 1963 (Act 179).RPL is to leverage the expertise acquired in the sector in the last five years to position itself well to deliver excellent customer service.

The company, which has been operating in the downstream petroleum sector since March 2013, said customers should expect enhanced service delivery in line with safety.

The Managing Director of the Company, Emmanuel Pobee, explained that the first five years of operations have been a learning curve for the company to understand the business, its customers and what pertains in the industry.

“I will not say the first five years have been easy but I believe it has helped us learn a lot to help us improve going forward,” he said.

Radiance Petroleum Limited is a limited liability company incorporated in October 2012. The company loaded its first product on March 15, 2013. It currently operates in six regions and 37 service stations.

 

Source: Starrfmonline.com

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ECG: Meralco Selection Not Competitive – PUWU

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The Public Utilities Workers Union (PUWU) is questioning the competitiveness of the bidding process leading to the selection Meralco Consortium to manage the Electricity Company of Ghana (ECG).

According to him, it there was no iota of competitiveness in the selection of Meralco Consortium.

Meralco Consortium, according to a statement by the Millennium Development Authority (MiDA), “was determined to have the highest combined technical and financial score and has therefore been designated as the Preferred Bidder.”

Led by the Manila Electricity Company, Meralco Consortium, is an incorporated company in the Philippines, operating over the last 115 years.

“Its electricity distribution network covers a third of the Philippines and serves a customer population (Accounts) in excess of six million,” the MiDA statement signed by Director of Communication and Outreach Pamela Djamson-Tettey noted.

Commenting on the announcement by MiDA, the General Secretary of PUWU, Michael Adumattah Nyantekyi raised concerns over the competitiveness of the bidding process that led to the selection of Meralco Consortium.

Ahead of the announcement, CH Group pulled out of the bidding process leaving BXC Company Limited and Meralco Consortium.

Per the compact, the Millennium Challenge Corporation is expected to inject about $418 million into ECG, while Meralco will invest about $500 million.

“…By this announcement are they telling Ghanaians that this process has been very competitive? Because we know at a point it was left with only two bidders and if you are going through a process like this, you started with eleven companies, nine dropped out, living only two and you still go ahead and say you have selected one,” said Adumattah-Nyantekyi in a Starr News interview.

“Would you describe this as competitive process? Yes, you may have ended with one but then the big question is how competitive is the process?” he added.

MiDA, according to the statement by the Director of Communication and Outreach, will soon start finalizing the agreements related to the implementation of the ECG PSP Transaction.

 

Source: Starrfmonline.com

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Ghana, Nigeria Most Attractive Bond Markets – Research

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Ghana and Nigeria have been ranked as the most attractive Local and Euro Bond Markets on the continent, according to a new research carried out by South African-based Rand Merchant Bank.

The Research comes in the wake of the recent ranking of Ghana’s economy as the second fastest growing economy on the continent.

Finance Minister Ken Ofori Atta last week revealed the prospect of issuing a Samurai Bond is bright after leading a high powered government delegation to a Non-Deal roadshow in Japan.

Senior Global Market Researcher at the Rand Merchant Bank Celeste Fauconnier believes Ghana must continue with its fiscal consolidation measures in order to sustain investor confidence.

“If they had a portfolio that says you must invest anywhere in the world, Africa would have felt the pinch,” she said, wondering why would one want to be in Africa which is more risky than going into the US and European bonds.

The US and European bond markets, she said have dedicated African Funds and Ghana and Nigeria are benefiting from it because “they are the most attractive local bond market and Eurobond markets in our portfolio of countries.”

Zambia, she said used to be the most attractive bond market for investors but “unfortunately Zambia is shooting itself in its foot because, it is signing an IMF agreement.”

“We have actually seen London investors moving their investments into bonds from Zambia into Ghana. So Ghana has been benefiting,” she stated.

She thus urged the government of Ghana to continue its fiscal consolidation policy, warning that “any fear will move investors in the local bond market here [Ghana] to the Nigerian bond market.”

Earlier this year, the World Bank said Ghana’s macroeconomic outlook was largely positive based on the 2017 performance, with  GDP growth for 2017  estimated to have almost doubled from the 3.7 percent in 2016, and is expected to stay at that elevated level through 2018.

Also the external position, it said has improved as the trade balance has shifted to a surplus, but it needs to sustain the fiscal consolidation efforts.

 

Source: Starrfmonline.co

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