Absa Bank Ghana has engaged about 70 Ghanaian-owned startup businesses on how to grow their business by providing solution-oriented services to customers.
Participating startups were educated on how important customers are in the business growth value chain hence the need to build trust with them.
Making a presentation at an Absa StartUp Training virtual session, the Chief Customer Officer at Absa Bank Ghana, Mrs Evelyn Acquah noted the need for startups to build the trust of customers by being a solutions provider to attract customers and grow the business.
“It is in your interest to position your business as a solutions provider with an in-depth understanding of the needs of customers. This builds customers’ trust which contributes to the overall growth of the business,” Mrs. Acquah told the participants.
According to Mrs. Acquah, customer trust is built by delivering on promises, providing reassurances, being transparent and offering proactive service with consistency.
Highlighting on some customer retention strategies, Ms. Acquah mentioned that startups should adopt excellent service skills, create a customer community around the brand and be personal in delivering quality service.
“Customer retention strategies enable startups to provide as well as extract more value from existing customer base. You want to ensure the customers you worked so hard to acquire stay with you, get value from your products and have a great customer experience,” she said.
“Businesses that understand the importance of effective retention marketing, consciously invest in customer retention plans because they see it as the biggest revenue driver”.
The Absa StartUp Training forms part of activities under the Absa StartUp Banking created to help Ghanaian startups to grow and thrive.
The Absa StartUp Banking is available across the bank’s branches and it provides free banking services to start-up businesses with other benefits such as opportunity to tap into Market Access, Business Mentorship and market Visibility.
Ghana set the pace again as Ghana Badminton raises Africa’s flag at the World Championships, USA.
In the fantastic city of Spokane, Washington, where the 2023 BWF World Junior Badminton Championship is taking place, Ghana made history and a name for the country, with the teenagers fighting as if their very existence depended on not giving up the events.
The World Championships also serves as an Olympic qualifier for the Paris 2024 global event. Before this, the Ghana Badminton team participated in South Africa, Nigeria events and a National Open last summer.
A 16-man contingent of players and officials led by Ghana’s Badminton President, Yeboah Evans, is all the motivation the players need to self-motivate themselves, chalking the historic most significant achievement in the Mixed team event by any African country in 23 years of the World Championships.
Over 54 countries are in the United States fighting for honours, with Ghana presenting a few players for the tournament but registering gains that can only inspire a more significant achievement sooner than later.
The young players, with some of them travelling outside the country for the first time, are impressing even officials of their opponents, drawing commendations for having a great future ahead towards the 2023 African Games, 2024 Paris Olympics, 2026 Youth Olympics, and other international open and invitational events.
Ghana became the first African Country to have reached the finals of its Mix Team Group, having lost to Norway in the final stage. Ghanaian Players Andy Amofa and Elvis Osei won the Mixed Team Event’s 4th and 5th best players, whilst Moslena Adu placed 10th in the overall player rankings.
Ghana had to settle for second place in the group match, which nonetheless marked a historic achievement. Amofa committed a rare service error but quickly recovered, delivering a cross-court smash to regain the lead at 11-09. In a crucial moment, Amofa surprised the Norway Aldrin NELSON by returning a shuttle that appeared to be heading wide, but the Norway player managed to keep it close to the net. Amofa returned the shuttle and secured the point with a well-executed backflip to the other side of the court, taking an 11-09 lead. Despite Nelson saving two match points, he failed to return a body smash by Amofa near the net. With a final score of 3-0, Ghana lost the last game and handed Norway a winning match, concluding the Ghanaian players one of their career’s most riveting badminton games.
Ghana performed far better than the earlier 2017 World Championships in Yogyakarta, Indonesia and pole position for the 2024 France Olympics Qualification ranking with four other international matches until the deadline of April 28, 2028,
DFMI Business Lab announces filmmaking-participants from across Africa
After receiving a record number of applications for the third edition of the DFMI Business Lab, the Durban FilmMart Institute is pleased to announce 35 participants from 22 countries across the continent.
The selected participants will undergo a 12-week online business development programme aimed at nurturing and empowering producers with the necessary skills to effectively engage in a global market.
“The Lab is now in its third year. We would like to thank DW Akademie for their continued investment into capacity-building on the African continent,” says Magdalene Reddy, director of DFMI. “In addition to providing filmmakers with the expertise to expand their film career, the lab has created a sense of community between the producers inviting them into a peer-to-peer support system where they are free to share opportunities and learnings as they engage in the film industry.”
The Lab will focus on modules such as Financial management, Business management, Intellectual Property and Entertainment Law, Distribution, and coproduction led by film and creative industry professionals from Burkina Faso, Canada, France, Kenya, South Africa, and the USA.
DFMI Business Lab participants:
Abdifatah Abdi (Somalia)
Boi Beatrice Kenneh (Sierra Leone)
Boris Fredy Agblo (Benin)
Chelsea Art (South Africa)
Doreen R. Kilimbe (Tanzania)
Duwayne Murphy (South Africa)
Emil Garuba (Nigeria)
Faith Riyano (Zimbabwe)
Faye Binetou (Senegal)
François Maree (South Africa)
Ghislaine Kanga (Ivory Coast)
Gopalen Parthiben Chellapermal (Mauritius)
Habtamu Mekonen (Ethiopia)
Ian Tarimo (Tanzania)
Ibtissem Labidi (Tunisia)
Khangelani Mtyhalela (South Africa)
Khanyisile Zondi (South Africa)
Lauren Scholtz (South Africa)
Limbani Maxwell Teputepu (Malawi)
Madelize De Lange (South Africa)
Manar El-Zohery (Egypt)
Muhammad Taymour (Egypt)
Muhannad Lamin (Libya)
Naseeba Bagalaaliwo (Uganda)
Ndumiso Gumede (South Africa)
Nduruka Njoroge (Kenya)
Omoyefe Majoroh (Nigeria)
Oueslati Ager (Algeria)
Oularé Momo (Guinea)
Paul Wilo (Zambia)
Pingdewinde Tiemtore (Burkina Faso)
Rugare Ponde (Zimbabwe)
Sally Ngoiri (Kenya)
Timilehin Adewoye (Nigeria)
Zineb Chafchaouni Moussaoui (Morocco)
The programme is presented in partnership with DW Akademie and supported by the German Federal Ministry for Economic Cooperation and Development. The online programme will commence in October 2023.
The Durban FilmMart Institute receives principal funding from the Durban Film Office and the eThekwini Municipality.
Prof. Douglas Boateng-chaired institutions shine at CEO Awards and CIMG Awards
Two institutions under the leadership of Professor Douglas Boateng, the Minerals Income Investment Fund (MIIF) and Labadi Beach Hotel, celebrated significant wins at the second edition of the Ghana CEO Vision & Awards ceremony, CIMG Awards and HR Focus Awards 2023.
Edward Nana Yaw Koranteng, CEO of MIIF, proudly received the prestigious ‘CEO of the Year’ award in the Minerals category, while David Attu Eduaful, the Managing Director of Labadi Beach Hotel, was honoured with the ‘Excellence in Leadership’ accolade at the Ghana CEO Vision & Awards for skillfully navigating the hospitality giant beyond the challenges of the pandemic.
Labadi Beach Hotel had earlier won the Best HR Management in Hospitality at the HR Focus Awards 2023 and also recently won the CIMG Hospitality Facility of the Year.
Prof. Boateng, speaking about the awards, stressed the importance of good corporate governance. He believed that winning these awards was proof that following ethical and responsible business practices could lead to remarkable success. “These awards are a testament to the power of proper corporate governance and the remarkable outcomes it can achieve,” he said.
Prof. Boateng added that when he was given the mandate the Minister of Finance, Ken Ofori-Atta and President Nana Addo Dankwa Akufo-Addo reminded him that MIIF, especially, was a Ghana and a generational project and not a political party project. To this end, he explained that, there was going to be minimal interference and they have lived up to their promise.
“It is for this reason why we have managed to create the fastest growing sectorial sovereign fund within record time. I am proud of the work we have done so far and I extend a hearty congratulations to the executive management and the other board members of the fund. We shall continue to do what is in the best interest of Ghana and Ghanaians,” he said.
He also went further to laud Social Security and National Insurance Trust (SSNIT) and its Director General, Dr. John Ofori Tenkorang and board chair, Elizabeth Ohene, for empowering the board of Labadi Beach Hotel to function with minimal interference. “This is how institutions are best run. When they are allowed to function properly with good boards and corporate governance principles, they flourish,” he said.
MIIF was established as Ghana’s minerals sovereign fund, with the aim of strategically leveraging the mining sector’s value creation potential for sustainable national development.
Under the tutelage of Prof. Boateng as Chairman and Mr. Koranteng as CEO, MIIF has defied global economic challenges, experiencing rapid growth in just 18 months. Starting at approximately US$125 million in October 2021, when they were appointed, MIIF’s Assets Under Management (AUM) are projected to surpass US$1 billion by January 2024, making it one of the world’s fastest-growing specialized funds during this period.
Prof. Boateng re-emphasized Ghana’s historical significance in West African mining, with the country currently being the leading gold producer on the continent. However, the mining industry had not fully realized its potential to deliver long-term prosperity and opportunities until now.
He was optimistic about the future as MIIF recently announced a US$32.9 million capital investment in Ghana’s first-ever lithium mine, Atlantic Lithium, signalling its commitment to the mining sector’s growth and diversification.
Additionally, MIIF is considering a GH¢300 million investment in the Ada-Songor Salt project operated by Electrochem Ghana Limited, a subsidiary of the McDan Group of Companies, with the potential to become the continent’s largest salt industrial complex.
Labadi Beach Hotel’s resilience and success
Under the guidance of Professor Boateng, Labadi Beach Hotel has continued to thrive despite economic challenges. Earlier this year, the hotel, a key player in the hospitality industry, presented a GH¢10 million dividend to its sole shareholder, the Social Security and National Insurance Trust (SSNIT), for the year 2021. It is projected that the hotel shall declare another dividend to the shareholder.
This remarkable achievement followed the unprecedented challenges faced during the COVID-19 pandemic in 2020 and served as another reason to celebrate Labadi Beach Hotel’s 42-year legacy of providing top-quality services to guests and contributing significantly to Ghana’s tourism sector.
The hotel’s growth is evident, having expanded from its original 104 rooms to now offering 164 rooms, including 2 Presidential Suites, 4 Executive Suites, 4 Superior Suites, 5 Bars, 2 restaurants, and a 900-seater multi-purpose conference and banqueting facilities. The facility also boasts a spa, well-equipped gym, lagoon for fishing, and two luxurious leisure and lap pools set in a tropical landscaped garden overlooking the natural Maale Lagoon.
Prof. Boateng highlighted the significance of Mr. Eduaful’s role as the first indigenous General Manager for the hotel, emphasising, “This demonstrates the potential for success in companies led by Ghanaians and sets an example for other institutions to achieve similar heights.”
Professor Douglas Boateng
Professor Douglas Boateng, Africa’s pioneering Professor Extraordinaire for supply and value chain management at SBL UNISA, is a globally acclaimed expert in procurement, governance, logistics, and industrial engineering within the context of supply and value chain management. Holding numerous qualifications, including a Doctor of Engineering from Warwick and various fellowships from prestigious institutions in the UK and South Africa, he has made remarkable contributions to both academia and the industrial advancement of supply chain management on local and international fronts.
Notably, he received the Platinum Life Time Global Achievers Award in 2016 and a Life Time Achievers Award in 2013 from the Chartered Institute of Procurement and Supply. Professor Boateng’s expertise in industrial engineering, procurement, and supply chain management in developing countries earned him a Life Time Achievers Award from CEO Titans Building Nations in 2016. He is widely recognized for his pivotal role in promoting strategic sourcing’s significance in Africa’s long-term industrialization and socio-economic development.
Furthermore, Professor Boateng has been an elected member of the UK’s Institute of Directors for over two decades, lending his expertise in board-level decision-making, accountability, and governance to both local and international organizations and CEOs.