Business News of 2014-07-03

Ghanaian businesses deserve better treatment – Nii Kotei Dzani

Ideal Capital Partners Limited (ICPL), one of the fastest growing financial institutions in Ghana, has reiterated its plans to revolutionize the non-banking sector with a focus of offering long term funding to corporate organizations.
ICPL says it is ready to provide lower interest rates, greater flexibility, safer and more cost effective means of keeping up with loan repayments.
Speaking at the re-launch of ICPL in Accra on Wednesday, its Managing Director, Emmanuel N.A. Tackie, emphasized that the rebranding is to ensure ICPL becomes the foremost non-banking institution in Ghana and across the sub-region.
He said: “We endeavor to introduce a new sense of hope into the non-banking industry by providing viable business opportunities to our clients.”
ICPL primary objective, according to Mr N.A. Tackie, is to provide practicable business solutions to mainly enhance the production sector of the Ghanaian economy.
In his estimation, it is the surest way government would be able to salvage the dwindling fortunes of the Ghanaian economy, and restore investor confidence.
On his part, Chief Executive Officer of Ideal Financial Holdings Limited, Nii Kotei Dzani, added that it is about time government strengthened its ties with the private sector, to remove the bottlenecks hampering the growth of the economy.
Dr Kotei Dzani added: “Ghana has suddenly become a nation of talkers. We pay lip-service to challenges bedeviling the economy instead of adopting rigorous measures to put our economy on a sound footing”.
Against this backdrop, he challenged government to stimulate the renaissance of the country’s ailing economy, by enacting financial laws and policies that would, among other things, bar multinationals from repatriating their profit to abroad.
“…That is why I am seizing this occasion to call on government to amend the Mining and Minerals Act, to prevent mining companies especially from repatriating their entire profit to their mother countries.
“Government can’t continue to grant tax holidays to multinationals whilst local companies struggle to fulfil their tax obligation,” Dr Kotei Dzani retorted.
The practice, he emphasized, has culminated into the fast depreciation of the Cedi in recent times, stressing that “local companies also deserve better treatment”.
He said the rebranding of ICPL and the change of its logo represents strength, stability and integrity of the company.

Outgoing Minister of State in charge of Financial and Allied Institutions, Fiifi Kwetey, urged the private sector to set higher standards by adopting modernized business practices.
He, however, bemoaned what he described as “cosmetic growth” in most Ghanaians institutions, adding that such growths are not genuine growth.
“Most institutions in Ghana are usually content with what I termed as cosmetic growth where prices of services are increased and not the quality of service rendered.
“…Lots of financial intuitions turn to believe that they have actually expanded just because they increased the cost of doing business of their clients, which ends up in doubling their annual returns.”
This, he explained, does not reflect the true situation on the ground because in most cases, the annual services rendered turn to diminish astronomically. He labelled such developments as “over exploitation” of customers.
Against that backdrop, he pledged government’s commitment to ensuring that practical measures are implemented to surmount the challenges facing the economy.
The colourful ceremony, which was held at the company’s plush head office in East Legon of the Greater Accra Region, was attended by the King of the Ga State, Nii Tackie Adama Latse, Anglican Bishop of Accra, Rt. Rev. Dr. D.S.M. Tortto and a host of others.
ICPL also provides investment advisory and professional services on the opportunities in the money and capital markets to borrowing or security issuing companies, individual investors and asset management companies with a focus on creating an essential brokerage between investors and investment opportunities in Ghana.