making finance journalism work

Harmonistion, a possible solution to stock markets of the CEMAC region

ghanajes — Sat, 07 Nov 2009 14:33:51 +0000

The CEMAC Community Regulatory Instrument (COSUMAF) settles for simultaneous operations of the Douala Stock Exchange (DSX) and the Stock market of the Sub region (BVMAC) to promote economic development.

The development of stock markets of the Economic Community of Central African States, (CEMAC) has always been retarded, mainly because of the lack of integration and dynamism of their financial markets. 10 years after both stock markets( BVMAC and DSX) went operational the six Central African States are yet to benefit from the financial operations, because of the duplication of expenses, poor allocation of resources, different operation procedures, competition, difficulties of accessing accounting and financial information and complex access to markets which greatly contributed in scaring investors. On the basis of statistics published by the CEMAC Community Regulatory Instrument, the present capital of the regional financial market stands at only 131.9Billion FCA, 10 years later. (The capital of Cameroon’s Douala stock Exchange is 25.5billion and the sub-regional Stock market in Gabon is 157.4billion FCA).

In a 2day meeting organized by COSUMAF, the CEMAC Community Regulatory Instrument, under the theme, “The development of the financial market in Central Africa”, the college of financial regulators of the sub region traced a new perspective to harmonize the operations of the BVMAC and Douala stock Exchange. Alexandre Gandou, the president of COSUMAF, explains that the bringing together of both stock markets will re-establish trust. He says, “It is not all about promoting one of the stock markets and suppressing the other. COSUMAF will makes sure that both of them are efficient and it should be a place where Cameroonian companies, the Congolese, Gabonese businessmen increase funds to finance growth, in order to give sense to our integration.”The college of regulators resolved to consolidate both stock markets by harmonizing operation procedures.

In spite of all the lofty recommendations during the seating, some financial and economic experts remain very skeptical about the progress of financial markets because of the absence of political will. According to some participants at the conference, quotations in both markets will only increase if the governments of Cameroon and Gabon settle their decade old political differences that arose during the creation of the stock markets.

Jessie Bawak

prossyinghana — Mon, 28 Sep 2009 10:39:15 +0000

Prossy Nandudu 280909

Bank of Uganda is advising the public against gift circles and Pyramid schemes.

The schemes claim to offer business opportunities that can enrich those who participate.

Those who join are required to pay five thousand shillings into a series of bank accounts; in return each new member expects to receive payment from new members.

These eventually run out of new members. When this happens, some members are not paid but the owners still benefit.

Executive director Supervision at Bank of Uganda, Justine Bagyenda says similar schemes collapsed in 2003 with many people loosing their money.

She adds that as the central bank, they will continue freezing bank accounts of such institutions

Dossiers

mfw4ghana — Mon, 21 Sep 2009 16:25:48 +0000

Learning about finance starts in school

Does Microinsurance really get to the people? How can students reach a higher level of Financial Literacy?And how can Access to Finance be improved? Read more in the multimedia dossiers.

FRIDAY WEARS

nanayaa22 — Tue, 15 Sep 2009 16:15:10 +0000

Doesn’t it interest you how suddenly the sale of locally made textiles have gained grounds in the market? Not too long a ago one could hardly find Ghanaians especially ladies in local prints in church not even to talk of parties. It was almost as if local cloths were only made for our old ladies. I guess that was because our dear young Ghanaians including myself thought we were living in a modern world. Of course with all the advanced and sophisticated technologies everywhere now, there is no doubt we’re living in a globalised world. But does the fact that we’re living in a modern world mean we should forget every perculier feature that projects our African values including our fashion? Certainly not! Fortunately there has been a miraculous change in the Ghanaian fashion trend. Lots of Ghanaians are beginning to show great interest in the local textiles.Through the initiative of our former president, John Agyekum Kufuor, on Fridays,almost every worker puts on an African wear popularly known as “Friday Wear”. Today, friday wear is not only common to the Ghanian worker but to students as well. Visit the various campuses in Ghana and you will be amazed to see how students galantly walk about in beautifully designed friday wears.

I really will like to congratulate Ghanaians and encourage that greater interest should be shown in local textiles because as I walked along the busy streets of Osu today, I realised that the number of shops that were filled with already made African wear were just uncountable.

This indicates that several business opportunities have been opened to many Ghanaians and the Ghanaian economy is being boosted as well.

MARGARET ODURO

FINANCIAL EXPERTS TO NOTE

dyce4love — Tue, 15 Sep 2009 12:23:41 +0000

Its amazing how quick humanity forget lessons that are meant to be learnt through events that we encounter. The world financial leaders must indeed show remorse for failing the world in the first place and be moderate and selfless in their decision making. Taking a cue from President Barak Obama and Prime Minister Gordon Brown’s advice, it should be the best reasoning to think over. Besides a failure in one part of the world now means the entire world must suffer, something so inevitable with the continious global villaging process. My point, let those in charge of the rest of us be mindful of our needs too and make room for our survival too. The recession might be ending but lets give it the space to settle down properly before we zoom in to events that brought it about.

Ekuba Quarmine

The effects of money laundering on African economies

shekusumaila — Tue, 15 Sep 2009 11:52:03 +0000

Money Laundering has over years helped drug barons stay in business with assistance of certain financial institutions simply because some of these institutions are in one way or other benefiting from the illegal trade. Money frome drug transactions is put in to the formal f inancial system for future dealings thus enhancing continuity at the detriment of society and economies. Some banks in Africa are seen to be having returns that are not commensurate to their legal investment which sometime makes people to wonder how these bank are operating. In Africa,efforts are being made by goverments to put a stop to financial organisations aiding drug cartels to continue in business. Drug abuse in Africa is not helping the situation in any way. Most of the youth who are supposed to be contributing to the economies are either in drug or are influenced by drug barons to be either marketers or retailers thereby diverting their attention from normal schooling

In my opinion, that if finance should work for Africa, the activities of the banks must be closely monitored.

Sheku Sumaila

venture capital

kirkp — Mon, 14 Sep 2009 19:03:58 +0000

inviting your thoughts on venture capital? how accessible is the trust fund.share your experiences, small and medium scale companies.lets start the debate to make the fund more viable.

beatrice agyemang

working at the dumpsite

afiakess — Mon, 14 Sep 2009 19:01:17 +0000

If many people’s lives depended on it, they had rather die than get involved with it. The mere thought of it could send shivers down the spine of many. But scavenging for scrap and plastics at the oblogo land fill site in Mallam, a suburb of Accra, Ghana may not be that bad. Wondering why?

The income could build you a two bedroom apartment and save you high rents from landlords. It could pay your fees and get you the trendy clothes you have always wished for. It may not be the best if u have to inhale the stench of the refuse, but hey thats what nose masks are made for. Working on the land fill site may not be appealing but it could be worth considering if there are no job vacancies in corporate environments. After all, money from the bank and that from the dump site are no different.

The value is the same.

Kesewaah Awuakye

journalists at training

nicholasoseiwusu — Mon, 14 Sep 2009 17:29:20 +0000

Twenty broadcast journalists drawn from some African countries are undergoing a two-week training course at Accra in Ghana. The programme, organized by DW-Akademie and sponsored by the German Technical Corporation, GTZ, aims to upgrade the professional competence in business and finance reporting. It is also to empower the beneficiary journalists efficient vehicles for financial literacy and to engender financial inclusion in their respective countries.

The training also formed part of an international conference on finanacial capabilities in lso in Accra, and attended by representatives of donor agencies, World Bank, African Development Bank some Central Banks in Africa among other key staeholders. As part of the training project, the journalists have been carrying out different assignment projects to especially determine the level of financial literacy among the local people as well as their entrepreneural skills.

Nicholas Osei-Wusu

Dying business

mfw4ghana — Mon, 14 Sep 2009 15:47:09 +0000

Ulrich Köhler / Sarah Mersch