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Cashew Nuts, Palm Oil And Tuna Now Top 3 Non-Traditional Export Commodities

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Tuna, cashew and plan oil

 

Cashew nuts, Palm oil and Preserved or Prepared Tuna were the top three Non-Traditional Export commodities for the first quarter of this year.

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According to data from the Bank of Ghana, the three together earned the nation $217.4 million.

 

The value of the top-10 non-traditional export commodities during the first quarter of this year amounted to $342.24 million.

This is compared with $292.36 million during the same period last year.

Cashew nuts ($128.70m) and palm oil ($48.07m) are gradually becoming very important export commodities for the country. This calls for deliberate policy by the government to boost the commodities.

Cashew

Other important export commodities during the first three months of this year were tuna ($40.65m), rubber ($29.43m), Shea oil ($22.53m) aluminium ($19.93m) and avocado ($17.66m).

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Tuna

Overall, the value of merchandise exports for the first quarter of this year was a little above $3.9 billion. This was largely from gold, cocoa and oil exports.

Palm oil

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Ghana bagged $2.89 billion from non-traditional exports in 2019

In 2019, the nation bagged $2.89 billion from non-traditional exports, 3.10% higher than 2018.

Manufacturing was the highest contributing sector, accounting for about 84.6% of the total non-traditional exports.

In terms of destination, non-traditional export products were exported to 155 countries.

Netherlands was however the leading country with imports of $381 million of non-traditional exports from Ghana.

 

Top 10 non-traditional exports commodities

Description Amount earned (US$) Distribution (%)
Cashew nuts 128.70 m 37.6
Palm oil and its fractions 48.07m 14.0
Preserved or prepared tuna 40.65m 11.9
Rubber 29.43m 8.6
Shea nut 22.53m 6.6
Aluminium 19.93m 5.8
Avocado, guavas, mangoes 17.66 5.2
Packing of goods 13.49m 3.9
Wheat 11.79m 3.4
Tableware, kitchenware, others 9.99m 2.9
Total 342.24m 100

 

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Source: GhArticles.com

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We Are Poor Yet We Are Sitting On Wealth – Dr Kwabena Duffuor

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We Are Poor Yet We Are Sitting On Wealth - Dr Kwabena Duffuor

Former Governor of the Bank of Ghana (BoG), Dr. Kwabena Duffuor says the country is in crisis.

According to the owner of defunct UniBank, the country is endowed with massive natural resources but has been unable to exploit them to the benefit of the people.

Speaking at a forum organised by the Institute for Financial Services Ghana (IFS), the former Finance Minister, under the erstwhile President Mills government, charged government and all other stakeholders, to ensure a change in the current narrative or future generations will not forgive it’s leaders.

“The narrative should change immediately, otherwise our children will not forgive us. Our natural resources endowment can change this country, if we decide to use them efficiently and honestly, we are not doing that”, he stressed.

“We cannot disagree that Ghana is a very wealthy nation but Ghanaians are poor, that’s where the problem is. Why are we poor but we are sitting on wealth, so what do we do?”, he queried.

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Dr Kwabena Duffuor asked what the clergy and the media in particular, are doing to change the narrative and put Ghana on the path of prosperity, so that Ghanaians can reap the benefits of the natural resources.

“So the clergy, what are you doing? The media, what are you doing? Ghana is in crisis.”

Dr. Kwabena Duffuor’s defunct UniBank’s license was revoked by the Bank of Ghana, together with five other banks to form the new consolidated Bank Ghana.

The Bank of Ghana revoked the licenses of a total of nine banks in its bid to clean up the sector.

The BoG cited various reasons including, capital adequacy ratio crisis, poor corporate governance, overexposure to related parties among others.

 

 

 

 

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Source: GhArticles.com

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Tips On How To Build Successful Business Networks

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Tips on how to build business networks

Business networking is interacting with business contacts to exchange information and develop professional or social contacts. Have you heard that your network is your net worth? There is power in building relationships. A few years ago, my business revenue soared to 7 figures after being introduced to various women networks.

Having good business networks will help you gain social capital. Building relationships is like a bank but instead of keeping and growing your money, you are doing that with people and relationships. The more people you know, the luckier you become – it’s a game of numbers. It also brings you better opportunities, advances your career and helps you get better revenues.

There are many steps to building successful business networks, let me show you some:

Empower your mind

The first thing you need to do is reprogram your mind. Sometimes approaching people, especially for business, can be awkward for a lot of people. But you need to be confident, believe in yourself, be positive, speak affirmations, and expect good results. Once your mind is set for positive results, then you can expect a positive outcome.

Have a plan

Just like you do with other important business plans, it’s important to have a plan when networking. Here’s an example of how I would plan to build a potential contact:

Who? My goal is to network with Yetunde.

Why? Because I am passionate about empowering women.

What do I want?  To partner and do collaborations with Yetunde.

Where would I find her? On Linkedin or SheVentures.

How will I network? Send her messages, meet up and attend events.

Locate Networks

Once you have your plan, you need to locate those you wish to network with. You can locate your business networks through alumni’s, customer databases, groups on WhatsApp, religious groups, social media groups, business groups, phone contact, and webinars just to name a few.

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Nurture Networks

Have you ever met someone at an event and exchanged details but neither of you stayed in touch. You need to nurture relationships. Get to know your new contacts, schedule appointments, send birthday wishes, celebrate your contacts, and comment on their social media pages.

Give before asking

A lot of people have the wrong approach to business networking and that is why they are not successful. Have you heard the saying, “a giver never lacks?” That’s the same approach you need for business networking.

Give engagement, compliments, free advice, referral, and suggestions before you ask. Ask open-ended questions, business, and referrals. “You can have everything in life you want if you will just help enough other people get what they want” – Zig Ziglar.

Business Etiquette

Another wrong mindset when it comes to business networking is expecting too much too soon, and being overbearing. That is the fastest way to get blocked by those you are trying to build a relationship with. Don’t stalk your contacts, be polite, seek to add value, leave a good impression, send thank you notes, stick to time and follow through. Finally, don’t approach networking as transactional, see it as transformational, and be genuinely interested in those you wish to network with.

So go ahead and network.

 

 

 

 

 

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Source: GhArticles.com

 

 

 

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Ecobank Ghana and GCB Bank control 23.9% of banking industry deposits; Zenith Bank ranked 1st in financial performance

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Bank

Ecobank Ghana and GCB Bank controlled about 23.9% of the banking industry market share in terms of deposits in 2020, according to a research analysis by an investment firm, Tesah Capital.

 

However, Zenith Bank was the best bank in Ghana last year in terms of financial performance.

 

Ecobank Ghana and GCB Bank continued to show their dominance in the banking industry, controlling almost a quarter of the industry’s deposits.

 

Ecobank Ghana

 

Whilst, Ecobank Ghana led the pack with 12.4% of the market share in 2020, GCB Bank controlled about 11%.

The two banks also operate a digital platform that enables customers to undertake several transactions. This has helped them to grow and increase their deposits.

Stanbic, Absa, Consolidated Bank Ghana, Fidelity, and Standard Chartered Bank placed 3rd, 4th, 5th, 6th, and 7th respectively.

On loans, Ecobank Ghana dominated the industry, controlling 10.4% of the assets last year.

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GCB Bank

Absa, Stanbic, and GCB followed suit in 2nd, 3rd, and 4th respectively.

Meanwhile, Zenith Bank maintained its number one position as the best bank in financial performance in 2020.

Standard Chartered Bank moved into the 2nd position, whilst Ecobank which was 2nd in 2019 and GCB Bank placed 3rd and 4th respectively.

On the contrary, FBN Ghana, UMB, and Prudential Bank were the least ranked banks. National Investment Bank and OmniBSIC were not captured in the report.

The rankings emanated from an assessment of the creditworthiness and performance of the banks using capital adequacy ratio, assets size, management capability, earnings, and liquidity.

 

 

 

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Source: GhArticles.com

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