Standard Chartered Bank climaxed its 114th anniversary celebration in the country last year by making history in its operations, chalking a number of firsts.
The Bank’s financial performance for last year ended with a record profit after tax of GH¢57.4 million, the highest so far in the bank’s existence in the country. This was about a 73 percent increase over the 2008 figure.
In the same year Standard Chartered Bank led a pack of consortiums to secure a syndicated facility of US$1 billion for the Ghana Cocoa Board, making the transaction the first large, structured soft commodity syndicated deal in Africa.
This pioneering performance was delivered despite the continued uncertainty in the financial sector both locally and international last year.
Again, in October last year, the Bank launched its Internet banking platform, Straight2Bank - the first of its kind on the market - which supports trade transactions and cross-border payments for its SMEs.
More impressively, the Bank reclaimed the accolade “Most Socially Responsible Bank” in Ghana at the 8th edition of the Ghana Banking Awards held last year and organised by Corporate Initiative Ghana in collaboration with the Association of Ghana Industries and the Ghana National Chamber of Commerce.
The award for Corporate Social Responsibility (CSR) is based on reviewed information obtained from banks regarding programmes they have financed aimed at improving the quality of life of their staff and the community at large.
“Our brand is all about commitment. We are here for good, to create value for our shareholders, to support and partner our clients and customers and to make a positive contribution to the broader community,” said the Chief Executive Officer of Standard Chartered Bank Ghana, Heman Shah.
Standard Chartered has shifted from Corporate Social Responsibility to the concept of sustainability – a way of doing business that is fundamental to its strategy, embedded across its businesses, and which contributes to shareholder value. The Bank has a Sustainability Agenda in place that is driven by 4 key pillars: namely Governance, Environment, Social and Economic contributions.
On its outlook, the bank wants to be very dominant in the corporate banking segment in the Ghanaian banking sector.
Mr. Shah said: “We are a not a mass market bank. This is the strategy we have adopted as a bank, and we will keep to that. We are interested in the high value segment of consumer banking.
“We want to be dominant in the corporate banking segment because we have a strong balance sheet, we have the best expertise, and we have the best products and services in that segment of the market. The combination of the skills, balance sheet, and our products and services puts us in a good position to be very competitive.”
Standard Chartered now is focused on a path of continuing to create new opportunities, diversify its portfolio and ensure it has the flexibility to anticipate and respond to challenges in the market.
“We are committed to forging an enduring partnership with the government and regulators by providing thought-leadership and market expertise.
“It is our aim to champion the development of a more modern and sophisticated financial system, leading the way as a key player in the market and demonstrating best practices in risk management, product development and financial discipline in the economy,” added the Board Chairman of the Bank, Ishmael Yamson.
Standard Chartered Ghana is listed on the Ghana Stock Exchange, is the market-leading financial services brand in the country and is presently the highest priced stock on the local bourse.
The Bank has a network of 42 ATMs, and 21 branches and corporate offices throughout the country.
Its operating income and balance sheet have doubled over the last five years; primarily as a result of its standards of service, risk management and a disciplined approach in the way it does business.
Standard Chartered Ghana aspires to be the best international bank for its customers in the country.
It is one of the leading foreign banks in terms of trading profit in the country generated from its Wholesale and Consumer Banking businesses, and continues to introduce its market-leading suite of products and services such as Straight2Bank, Direct Inter-branch Payment System, Bancassurance, the DIVA Club and various Thought-leadership programmes.
Leading by example to be the right partner for its stakeholders, Standard Chartered is committed to building a sustainable business over the long-term and is trusted in the country for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity.
Positioned as the “Great place to work”, Standard Chartered Ghana employs over 770 people from 11 nationalities and has woven a fine workplace culture-mesh which engenders trust, engagement, diversity and inclusion.
source:B&FT
Monday, May 24, 2010
Local Content Policy needs clarification
Key stakeholders have expressed concern about some critical issues that have revealed grey areas in the local content policy for the emerging oil and gas industry.
The President of the Association of Ghana Industries (AGI) Nana Owusu-Afari, addressing the closing session of the First Domestic Content and Matchmaking Exhibition/Conference in the Oil and Gas Industry, in Accra, said there was urgent need for clear definition of local content and its scope.
Government sources have hinted that a concluded draft local content policy, expected to be passed into law by Parliament soon, provides for an initial 50 percent participation by Ghanaians - in terms of staffing of companies servicing the sector as well as in the deliveries of goods and services.
The extent of local participation is subsequently expected to increase to well over 80 percent within a decade.
Nana Owusu-Afari emphasised that the AGI and other Ghanaian stakeholders expect to be included in the process leading to the development of final regulation for the policy while calling for the fine details of the Local Content Policy.
Other critical issues of concern highlighted by the conference participants include the need to have structures to monitor compliance in order to avoid Ghanaians playing only nominal roles in the oil and gas industry.
“We must prevent the usual practice of Ghanaians fronting for foreigners for a pittance as commissions, without necessarily participating in the enterprise over the long-term to reap maximum benefits,” the AGI president said.
There is also need for clear criteria as to which entities must register with the Ghana National Petroleum Corporation (GNPC), while assuring the transparency of the registration process.
Local companies interested in servicing the upstream international oil companies operating in the country are expected to first register with the national oil company, GNPC, which currently has registered over 120 companies.
The registered companies however say they are at a loss as to what to do next, since the GNPC has not given them any orientation or training with regard to engaging the oil companies for contracts.
Conference participants are also demanding timelines for the commencement of the local content policy and when the proposed oil and gas upstream sector regulator will be in place.
They also noted that some foreign companies require suppliers to meet further certification criteria. Some of the criteria, they observed, are stringent and government therefore should help build local capacity to meet such criteria.
Meanwhile, Ghanaian companies also endeavour to adopt best practices and improve their service standards in order to remain competitive by industry standards
Nana Owusu-Afari said a communiqué of the proceedings of the conference will be issued soon, and disclosed that a paper will be presented to government within a couple of weeks about the key issues raised.
The key collaborators in the conference will additionally organise training programmes as part of capacity development of local enterprises, beginning next month with MODEC - the company that owns the FPSO Kwame Nkrumah leased to the Jubilee partners for the production oil and gas, which is expected to turn the country into an oil exporter by the end of the year.
Highlights of critical issues
• Definition of scope of local content
• Need for structures to monitor compliance to avoid Ghanaians playing only nominal roles
• Criteria for entities registering with GNPC and transparency of process
• Timelines for commencement of policy and institution of a regulator
• Certification and Standards for local companies
soure:B&FT
The President of the Association of Ghana Industries (AGI) Nana Owusu-Afari, addressing the closing session of the First Domestic Content and Matchmaking Exhibition/Conference in the Oil and Gas Industry, in Accra, said there was urgent need for clear definition of local content and its scope.
Government sources have hinted that a concluded draft local content policy, expected to be passed into law by Parliament soon, provides for an initial 50 percent participation by Ghanaians - in terms of staffing of companies servicing the sector as well as in the deliveries of goods and services.
The extent of local participation is subsequently expected to increase to well over 80 percent within a decade.
Nana Owusu-Afari emphasised that the AGI and other Ghanaian stakeholders expect to be included in the process leading to the development of final regulation for the policy while calling for the fine details of the Local Content Policy.
Other critical issues of concern highlighted by the conference participants include the need to have structures to monitor compliance in order to avoid Ghanaians playing only nominal roles in the oil and gas industry.
“We must prevent the usual practice of Ghanaians fronting for foreigners for a pittance as commissions, without necessarily participating in the enterprise over the long-term to reap maximum benefits,” the AGI president said.
There is also need for clear criteria as to which entities must register with the Ghana National Petroleum Corporation (GNPC), while assuring the transparency of the registration process.
Local companies interested in servicing the upstream international oil companies operating in the country are expected to first register with the national oil company, GNPC, which currently has registered over 120 companies.
The registered companies however say they are at a loss as to what to do next, since the GNPC has not given them any orientation or training with regard to engaging the oil companies for contracts.
Conference participants are also demanding timelines for the commencement of the local content policy and when the proposed oil and gas upstream sector regulator will be in place.
They also noted that some foreign companies require suppliers to meet further certification criteria. Some of the criteria, they observed, are stringent and government therefore should help build local capacity to meet such criteria.
Meanwhile, Ghanaian companies also endeavour to adopt best practices and improve their service standards in order to remain competitive by industry standards
Nana Owusu-Afari said a communiqué of the proceedings of the conference will be issued soon, and disclosed that a paper will be presented to government within a couple of weeks about the key issues raised.
The key collaborators in the conference will additionally organise training programmes as part of capacity development of local enterprises, beginning next month with MODEC - the company that owns the FPSO Kwame Nkrumah leased to the Jubilee partners for the production oil and gas, which is expected to turn the country into an oil exporter by the end of the year.
Highlights of critical issues
• Definition of scope of local content
• Need for structures to monitor compliance to avoid Ghanaians playing only nominal roles
• Criteria for entities registering with GNPC and transparency of process
• Timelines for commencement of policy and institution of a regulator
• Certification and Standards for local companies
soure:B&FT
Friday, May 21, 2010
Oil industry and matters arising…
Ghana will become one of the world’s top fifty oil producers when the country begins to pump crude oil from the Jubilee field at the tail-end of the year.
With this new-found resource, expectations are high with officials hoping the field will drive economic growth by 20 per cent in 2011 and help lift the country out of the low income bracket into the middle –income ranks of countries like Egypt.
However, an industry player, the Country Manager of Tullow Oil has reiterated that it is imperative for Ghanaians to manage their expectations reasonably. According to the official, “Ghana does not yet have an oil industry; it only has an oil field.”
As the operator of the 800 million-1.2 billion Jubilee field, we believe the advice should be taken in good faith. Jubilee is currently Tullow’s largest project and initial output from the field is expected to reach 120,000 barrels per day, rising to 150,000 barrels per day within, months and potentially peaking at 250,000 barrels per day by 2013.
The Paper believes the Tullow Oil country manager’s comment is a genuine manifestation and not unduly borne out of malice and should be appreciated as such.
Even before the first barrel is drilled, there seems to be a lot of clamouring from both traditional authorities as well as others with regards the expected revenue to be accrued from the well. The seeming over-hyped expectation has given rise to a lot of comment from both official and unofficial sources about what the oil is expected to do to the economy thereby giving rise to a lot of demands.
As the country prepares to drill for oil, at every opportunity, there are comments from well –meaning people who remind us that the resource, if not well managed, can prove to be an albatross around the neck of nations like sister oil-producing countries in the sub-region who still wallow in poverty amid the availability of the resource in abundance.
Ghana is truly blessed to discover this lifeline at this opportune moment but it will also do us a wealth of good if we just go on with our normal lives as if the oil discovery had not been announced.
This way, we would not be building our hopes so high as to merit the comment of some of the crucial players in the industry who might feel the country is making a meal out of this new-found discovery.
There is a need to feel relief from a resource which is bound to add to our dwindling foreign reserves but the caution is that it should be measured!
In a related development, the Paper is encouraged by government’s intention to introduce a policy that would ensure Ghanaians are given the opportunity to maximize the benefits from the oil find.
To this end, the western rail corridor is seriously being considered for rehabilitation to facilitate the smooth operation of the oil and gas sector. Local companies have therefore been enjoined to brace themselves up for the likely competition that would be faced from foreign companies.
The Minister of Trade and Industry who attended the just-ended three-day conference to discuss a proposed policy to promote local participation expressed the hope that the policy would help reduce the tension that usually accompanies the production of oil.
The policy, when adopted, will ensure that an operator or an agent in the petroleum sub-sector shall ensure that opportunities for employment is given to Ghanaians who have the requisite expertise.
Source: B&FT
With this new-found resource, expectations are high with officials hoping the field will drive economic growth by 20 per cent in 2011 and help lift the country out of the low income bracket into the middle –income ranks of countries like Egypt.
However, an industry player, the Country Manager of Tullow Oil has reiterated that it is imperative for Ghanaians to manage their expectations reasonably. According to the official, “Ghana does not yet have an oil industry; it only has an oil field.”
As the operator of the 800 million-1.2 billion Jubilee field, we believe the advice should be taken in good faith. Jubilee is currently Tullow’s largest project and initial output from the field is expected to reach 120,000 barrels per day, rising to 150,000 barrels per day within, months and potentially peaking at 250,000 barrels per day by 2013.
The Paper believes the Tullow Oil country manager’s comment is a genuine manifestation and not unduly borne out of malice and should be appreciated as such.
Even before the first barrel is drilled, there seems to be a lot of clamouring from both traditional authorities as well as others with regards the expected revenue to be accrued from the well. The seeming over-hyped expectation has given rise to a lot of comment from both official and unofficial sources about what the oil is expected to do to the economy thereby giving rise to a lot of demands.
As the country prepares to drill for oil, at every opportunity, there are comments from well –meaning people who remind us that the resource, if not well managed, can prove to be an albatross around the neck of nations like sister oil-producing countries in the sub-region who still wallow in poverty amid the availability of the resource in abundance.
Ghana is truly blessed to discover this lifeline at this opportune moment but it will also do us a wealth of good if we just go on with our normal lives as if the oil discovery had not been announced.
This way, we would not be building our hopes so high as to merit the comment of some of the crucial players in the industry who might feel the country is making a meal out of this new-found discovery.
There is a need to feel relief from a resource which is bound to add to our dwindling foreign reserves but the caution is that it should be measured!
In a related development, the Paper is encouraged by government’s intention to introduce a policy that would ensure Ghanaians are given the opportunity to maximize the benefits from the oil find.
To this end, the western rail corridor is seriously being considered for rehabilitation to facilitate the smooth operation of the oil and gas sector. Local companies have therefore been enjoined to brace themselves up for the likely competition that would be faced from foreign companies.
The Minister of Trade and Industry who attended the just-ended three-day conference to discuss a proposed policy to promote local participation expressed the hope that the policy would help reduce the tension that usually accompanies the production of oil.
The policy, when adopted, will ensure that an operator or an agent in the petroleum sub-sector shall ensure that opportunities for employment is given to Ghanaians who have the requisite expertise.
Source: B&FT
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