Business News of 2014-08-30

Gov’t assures telcos of stable economic climate

The Government has assured telecommunications companies operating in the country of a stable micro economic climate to enable them operate profitably.
Mr Felix Ofosu Kwakye, Deputy Minister of Communications said it is good news to government when the private sector thrives well, which goes a long way to boost investor confidence in the country.
He said despite the challenges facing the country such as inflation, the depreciation of the Ghana Cedi and the energy crisis, government was on course to address all the micro economic issues, and that the bill out from the International Monetary Fund would stabilize the situation.
This assurance was given by Mr Kwakye when a delegation from Vodafone Ghana led by its Chief Executive Officer (CEO) Mr Haris Broumidis paid a courtesy call on him and Mr Ato Sarpong, Deputy Minister of Communications.
Mr Kwakye said Ghana’s gross domestic product was not performing too badly, saying that he was hopeful that by the close of the year, inflation would decline from 15 per cent to 10 per cent.
He attributed the high inflation the country was experiencing to the huge volume of imports, which is affecting the performance of the Ghana Cedi against the dollar.
Mr Kwakye said the Ministry with the help of the security forces was tackling the issue of synbox and telephone cable theft.
He said to meet the growing demand of the energy sector; government would increase the current electrical energy production of 2,800 megawatts to 5,000 megawatts within the next three years.
Mr Kwakye lauded Vodafone Ghana for investing $ 1.7 billion within six years in its infrastructural expansion towards efficient service delivery, adding that he was hopeful that with time the Company would recoup this huge invest.
He expressed delight that with the exception of the CEO, the entire work force of Vodafone Ghana were Ghanaians.
He said he was enthused by the large number of ladies in the management team of Vodafone Ghana and urged them to do same in the middle and lower levels of their personnel.
He praised the Company for setting up an Ebola emergency response centre in case of an outbreak in the country, he however, suggested to them to team up with the Ministerial Team on Ebola so that they would not be any duplication.
Mr Broumidis said this year, the Company was focusing on its customer experience as a unique way to achieve sustainable growth.
Mr Gayheart Mensah, Vodafone Ghana Head of External Affairs, said due to the high rate of inflation, the depreciation of the cedi against the dollar and other micro economic indicators, the Company was finding it difficult to make profit.
He said the Company was incurring huge losses due to telephone cable thefts.
He said as part of efforts to increase women participation in the engineering fields, Vodafone Ghana would soon create a scholarship scheme for female science students at both the senior high school and the tertiary levels.
Mr Mohammed Limann, Vodafone Ghana Senior Accounts Manager said the Company was working around the clock to ensure that the Ghana News Agency has constant internet supply to facilitate the fast delivery of news to Ghanaians and the international community.
Source: GNA
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