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MACROECONOMIC STABILITY AND THE ORDINARY GHANAIAN

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Macroeconomics and fiscal gains are relevant benchmarks for assessing the performance of a country and the livelihood of its citizens. According to the World Bank, macroeconomics combines various policies, resources and technologies to develop the economy resulting in poverty alleviation and social equity. Fiscal policy, on the other hand, monitors the actions of governments in managing revenues, expenditures, and debt to ensure the attainment of a healthy economic growth in their quest to develop the country. The relationship between revenue and expenditure is therefore critical for policymakers as it determines the fiscal surplus or shortfall resulting in an overall macroeconomic stability.

The ordinary Ghanaian, irrespective of the stable macroeconomic indicators and fiscal discipline by governments, generally require a sustainable social and economic wellbeing, which include but not limited to increase in their income levels, purchasing power, job satisfaction, financial security, safe accommodation, sound education system, health and safety. Ghana in the recent past has seen some macroeconomic and fiscal gains such as achieving a consistent single digit inflation from July 2018 to March 2019 (9.3%), relatively stable currency, decline in interest rates with policy rate at 16%, increase in GDP to GHC 256bn and increase in economic growth of about 6.3% in 2018.

The most common commentary in the country lately is the fact that the stable macroeconomic indicators and fiscal discipline enumerated does not reflect in the pockets of the ordinary Ghanaian. This commentary has been met with mixed responses with some schools of thought questioning whether the sentiments shared by some Ghanaians are valid, others also suggests the sentiments are political in nature, while others are also questioning the fundamentals of the macroeconomic indicators. Therefore, the big questions to be addressed in this article are:

  1. What does having stable macroeconomic indicators mean to the country and its citizens?
  2. Does having stable macroeconomic indicators necessarily mean the livelihood of citizens should change immediately?
  3. Should the macroeconomic indicators exist for a consistent period for its benefits to be felt in the pockets of the ordinary Ghanaian?

This paper delves into the drivers and components of the various macroeconomic indicators and the changes necessary in these indicators to impact the lives of the ordinary Ghanaian.

GROSS DOMESTIC PRODUCT (GDP)

GDP is one of the most common macroeconomic indicators that can be used to measure the standard of living of a society. GDP measures the economic activity of a region or a country at a given time providing a snapshot of its performance. GDP in general has been identified to have a relationship with the standard of living in the sense that most of the migration in the world involves people who are moving from countries with relatively low GDP per capita to countries with relatively high GDP per capita. It has however been argued that the use of GDP alone is unable to provide us with a realistic measure of the distribution of wealth among the population. This is because only a small proportion of the society may be benefiting from an increase in GDP and may not be affecting the standard of living for most of the citizens.

The economic growth in relation to GDP over a 10-year period has witnessed an inconsistent trend showing some up and downs. Agriculture, Industry and services are the three (3) major sectors of the economy that affects GDP. For the past ten years, the GDP contribution by the service industry has been significant up until 2017 when GDP growth in the service industry fell to 4.3% mainly due to the sanitization of the banking industry which resulted in the winding up of some banks, job losses and increase in the Debt to GDP ratio of the country among others.

             GDP growth trends excluding oil

The GDP growth from 2017 was underpinned by increased crude oil production, relative stability in energy supply and the implementation of pro-growth government initiatives. The improved GDP outturn was driven mainly by Industry while Services and Agriculture followed respectively. It is worth noting that even though the GDP growth was influenced greatly by the industry sector, that sector only employs 14.11% of the working force whereas the agricultural sector employs 40.65% of the work force but contributes to GDP minimally in comparison to the industry sector. This implies wealth distribution in the country may be concentrated among a few Ghanaians in specialized sectors such as mining, oil and gas, reinforcing sentiments that the increase in GDP is not reflecting in the pockets of Ghanaians though the fundamentals supporting the indicator is accurate. The ordinary Ghanaian would only benefit from these specialised sectors through the Government’s use of taxes from these institutions.

In addition, Ghana’s growth target for 2019 is projected at 7.4% to be mainly driven again by the industry sector which is expected to improve to 9.7%; indicating that the concentration will continue to persist until a period when agriculture and the service sector that employs about 80% of the Ghanaian workforce become key drivers of GDP growth for majority of Ghanaians to realize a positive change in their pockets.

EXCHANGE RATE

Exchange rate fluctuations are also a factor that has the ability to affect the standard of living of the ordinary citizen. The cedi, over a 10-year period, has generally depreciated against the three major trading currencies averaging an annual depreciation of 12% for the USD, 10% for the GBP and 11% for the EUR. Fluctuations in the currency of a country are as a result of the use of a floating exchange rate system that permits factors such as demand and supply, inflation, capital flows, interest rate differentials, the performance of the economy and other foreign pressures to determine the price of the currency.

The ordinary Ghanaian is directly affected by exchange rate fluctuations, as most goods are imported, and such fluctuations will alter the prices of imported goods and services that will eventually be passed on to the final user that is the citizen. Importers may, however, be affected the most if they are unable to factor in the full cost of depreciation of the currency in their pricing for fear of losing demand for their products.

INFLATION

Inflation is generally the persistent increase in the prices of goods and services over a period of time. This simply means you have to spend more, for instance, to buy a carton of milk, fuel your tank and buy a bag of rice without compensatory increases in income levels. Inflation increases your cost of living whiles reducing your purchasing power thus explaining why it is an obvious factor in determining the standard of living of the ordinary Ghanaian. President Reagan, buttressing the fact that inflation cannot be overemphasized, has even described it as a mugger, arm robber and a deadly hitman.

Ghana has witnessed a continuous single digit inflation from July 2018, which currently stands at 9.3% as at March 2019, within the Government inflation target of 8+/-2%. The main drivers of inflation for the past ten years have been food and non-food inflation. Non-food inflation even though it has recorded a steady decline in the past ten years is always higher than the food inflation. Generally, with inflation reducing, it is expected that the average increase in the price of goods and services should increase at a reducing rate. With inflation properly anchored, it is expected that this would also reflect positively in the finances of Ghanaians as the prices of goods and services are expected to increase at a decreasing rate.

For the rich and middle class in society such price changes may not affect them as they have the capacity to absorb the increase in price. For the poor in society who live just at the edge of the poverty line, a slight change in the prices of goods and services would have an impact on their lives. According to the Bank of Ghana, the downward inflation trends is mainly influenced by the permanent components of the Consumer Price Index (CPI) basket coupled with further easing pressure in housing and utilities, and transport prices. It is worth noting that key areas of concern to majority of Ghanaians; Recreation and culture, Transportation, Clothing and Footwear, Furnishing, Household Equipment and routine maintenance in March 2019 recorded a higher year on year inflation higher than the group’s average. This may explain sentiments by some Ghanaians that the single digit inflation is not reflecting in their pockets as key areas of concern are seeing inflation increasing at an increasing rate compared to the overall core inflation.

Though Inflation was lowest in the Housing, Water, Electricity, Gas and Other Fuels subgroup (2.1%), the rate of change has been minimal, and that subgroup only contributes 2.1% to the total. Also, the daily minimum wage in Ghana has seen a year on year increase of 10% from 2017 to 2019. Over the same period inflation also ranged averaged at 10.17%. This, therefore, would mean that increments in the income levels would be wiped away by the degree to which prices of goods and services had increased. Thus, Ghanaians would not feel the impact of any increment in their pockets and their standard of living generally. This notwithstanding, it is argued that inflation alone cannot influence the wellbeing of citizens.

INTEREST RATE         

The trend in interest rates over the past 10-years has seen a significant decline. The downward trend in interest rates over the period was supported by the continuous decline in the monetary policy rate from 26% in 2016 to 16% in 2019 coupled with the decline in lending rates in the banking industry.

The decline in interest rates is expected to reduce the cost of borrowing in the country with a ripple effect on the living standards of Ghanaians. As the cost of borrowing reduces, it is also expected that the prices of goods and services will decline as local producers and service providers are able to access funding at a lower cost, which translates into their cost of production. This then has the ability to improve the purchasing power of Ghanaians all other things being equal. Loan and advances in the banking sector shows concentration of loans in Commerce & Finance (25.2%), Services with (21.1%) and Construction with 11.0%. The three sectors with the lowest shares of banking industry credit were Manufacturing (8.1%), Agriculture, Forestry and Fishing (4.1%), and Mining and Quarrying (3.0%). This indicates access to funding is less available to sectors that employ majority of Ghanaians thus explaining concerns that most Ghanaians are not feeling the effect of the decline in interest rates in their pockets even though interest rates are evidenced to be declining in the banking industry.

Real interest rate is another significant factor that can affect the standard of living for the Ghanaian investor who invests purposely for immediate income. Averagely the real interest rate for a 10-year period was at its highest in 2012 and 2013 at 9.6% and 10.4% respectively reducing to its lowest of 1.74% in 2017 with the current real interest rate average at 5.52%. Previously the real return was high thus an incentive to invest funds as against putting the funds into a business venture, but this would in the long run not stimulate economic growth. As real return reduces, immediate income for investors also reduces thus investors may not be able to feel the impact of the stable interest rate benefit in their pockets if their expenditure levels, taste and preferences, remain same over time.

Interest rates in the West African sub region averages about 8.5%. Ghana’s interest rates are therefore very high in comparison to countries such as Benin, Burkina Faso, Ivory Coast, and Senegal who offer interest rates of about 4.5%. The high interest rates may thus be a source of competitive disadvantage as investors looking to set up industries may prefer to set up in neighbouring countries and be able to assess financing at relatively cheaper rates. Other factors such political stability and availability of skilled workforce affects investors’ choice though.

GOVERNMENT FISCAL PERFORMANCE

The borrowing and expenditure patterns of the government have been identified to also have an impact on interest payments and the standard of living. Government’s ability to raise the needed revenues is a major determinant in its quest to implement policies and programmes that improve the living standards of Ghanaians. Over the years, it has been identified that the major source of revenue for the government is taxes whereas its largest expenditure item for the period is compensation of employees. It can directly be inferred also that total revenue generation would not be able to cover our entire expenditures and the deficits are financed both domestically and externally. Questions thus arise on how Government’s proposed expenditures should be financed and whether it is prudent for the government to borrow to pay salaries, interests on previous government borrowing and capital expenditure.

Comparisons made to other countries in the sub-region revealed a similar trend in the borrowing and investment patterns. In view of this, African countries are encouraged to regularly recalibrate their fiscal policies to focus on increased revenue collection and take into account business cycles and sources of repayment while diversifying borrowing sources to prevent adverse effects on macroeconomic stability.

Tax-to-GDP ratio is the ratio of a country’s tax revenue in relation to its GDP which is mostly a very relevant parameter in addressing budget deficits and deficiencies. Sub-Saharan Africa has been experiencing a significant shortfall in financing for investment. The average ratio of tax revenue to GDP for sub-Saharan Africa stood at 15.1% in 2018; with Ghana’s at 13.1% which is even below the African average. Even though this is a significant improvement over the years this ratio falls short of the desired level and remains below the average ratio of 24% for the OECD countries. Ghana is therefore expected to strive to ensure that tax revenues hits 20% of gross domestic product (GDP) which can be done through the strengthening of tax capacity and improving governance in revenue collection.

Government social intervention policies

The extent to which government should be involved in the provision of goods and services that promote citizen well-being is a perennial debate worldwide today.  While others support government interventions such as generous unemployment protections and welfare benefits other believe minimal government intervention will allow the market to operate most efficiently and attain equilibrium. In Ghana, governments have introduced special interventions such as the Livelihood Empowerment against Poverty (LEAP) programme which provides cash and health insurance to the extremely poor households across the country to alleviate poverty in the short-term. Such interventions have often being criticized because of their short term nature and their inability to solve extreme poverty conclusively. It is also seen as a conduit to increase unemployment especially among the poor who otherwise could have engaged in productive sectors of the economy. Governments today are therefore implementing innovative interventions that tend to increase economic growth while alleviating poverty by channelling the funding to other productive sectors of the economy which would yield a higher return. In Ghana, Growing to Feed the Nation is a social intervention programme that supplies farmers with the requisite farm inputs for free with the expectation that production will be increased and poverty will be alleviated through the creation of jobs. The production from this project affects local consumption, reduces the importation of similar produce, possible value addition and exportation of excess produce thereby generating foreign currency that can help to stabilise the currency. Thus such projects are expected to yield results that far exceed the investments made in them thereby not eroding gains made from economic stability to excite citizens unduly.

Distribution of Government expenditure

The distribution of expenditures among the key sectors of the economy provides a snapshot of government’s priority areas and their direction in terms of economic development. From the recent 2019 budget, the expenditures were distributed among seven (7) main segments namely administration, economic, infrastructure, social, public safety, multi sectorial and other government obligations. Government obligations alone represented 49% of the total expenditure leaving 51% to the remaining sectors. Citizens of a country are interested mostly in the sectors that are able to provide them with improved conditions of living and such sectors of concern here in Ghana will be the Social (23%), Infrastructure (6%) and Economic (4%) sectors. Ghana is committed to the education and health with the social sector which is evidenced by a high level of expenditure allocation to provide relief in terms of free education, provision of educational infrastructure, universal health coverage, provision of health facilities and recruitment of qualified educational and health professionals. Other areas such as sanitation, transport, roads and highways, works and housing, special development initiatives and inner city and Zongo development also had their share of the public cake even though not so much as would have been expected. But then again, expenditure allocation for government obligations should be properly managed to free up funding to be reallocated to the economic sector to propel sustainable growth.

CONCLUSION

In the light of the above, it may be inferred that some sentiments by Ghanaians on the stable macroeconomic indicators not reflecting in their pockets may to some extent be valid, however, sentiments on the fundamentals and the fact that the indicators are political in nature may not be established as key data supports these indicators.

Key interventions by governments, for example, the current government flagship programs for the developments of the agricultural and manufacturing sectors are to be critically exploited to increase employment, exportation of value-added products through manufacturing and foreign direct investments. These activities have the ability to generate foreign currency to increase our gross international reserves and stabilise the currency. Subsequently, an improvement in the agriculture, manufacturing and services sectors may result in wealth being equitably distributed.

A major challenge faced by developing countries is often the ability to identify and carry out macroeconomic policy reforms that foster growth and reduce poverty. Government is therefore encouraged to maintain a high level of fiscal discipline within the approved cap of 5% of GDP and avoid excess deficit financing.

In furtherance to the above, there should be civic involvement to deepen commitment to macroeconomic reforms to avoid policy reversals. In recognizing this, the ordinary Ghanaian should be involved in making governments responsible for the adoption and execution of sound macroeconomic policies to alleviate poverty and improve the standard of living for Ghanaians.

 

 

By: Akofa Dakwa | The writer is the Head of Treasury at the Bank of Africa Ghana Ltd. She is a Chartered Banker, a Certified Financial Markets Dealer and holds an MBA in Finance and Risk Management.

 

 

 

SOURCES

  1. Akofa Dakwa – Head of Treasury at the BANK OF AFRICA, Ghana Ltd
  2. Bank of Ghana: https://www.bog.gov.gh/
  3. Ministry of Finance: https://www.mofep.gov.gh/
  4. Ghana Statistical Service: http://www.statsghana.gov.gh/
  5. World Bank: http://www.worldbank.org/
  6. Statista: https://www.statista.com/
  7. https://www.uneca.org/sites/default/files/PublicationFiles/era2019_eng_fin.pdf
EWN Network NewsMACROECONOMIC STABILITY AND THE ORDINARY GHANAIAN
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Executive Women Network Commemorates 3 Years Of Meaningful Impact

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The Executive Women Network (EWN), Ghana’s pre-eminent network for professional women to connect, inspire and support each other on their professional journeys, is commemorating its third anniversary throughout the month of April.

The Network, since its launch three years ago on 19th April 2016, has grown exponentially and chalked significant success as a sustainable support infrastructure for professional women – providing a robust environment for members to be mentored, coached and supported to fully realise their personal and professional ambitions.

EWN continues to extend its reach beyond the network to support women in vulnerable communities to be economically empowered in line with their ambition not to leave any woman behind.

The Network has announced a series of activities to mark the anniversary throughout the month of April including an anniversary health jam at the Burma Camp Sports Complex on April 6, an interactive Round Table Lunch at the Modern City Hotel, Tamale on the topic: Finding Your X-Factor with distinguished speakers including Dr. Geraldine Abaidoo – CEO of Perfocus innovations, Petra Aba Asamoah – Head, Sales & Marketing, Akosombo Industrial Co. Ltd, (Akosombo Textiles), Fathiya Imoro – CEO, Malwin Events Limited and Afi Amoro – CEO, Jandel Limited.

The Network will, as part of its outreach programme, hold an engagement session with students of Tamale Girls Senior High School to inspire and empower the next generation of women leaders as well as pay a working visit to the Song-Ba Empowerment Centre – a training center supported by the Network – that trains women in weaving and other skills to be self-employed.

The celebrations will be climaxed with a Round Table Discussion on 26th April 2019 on the topic: Realizing Balance for Better: Women being denied opportunities or Women not stepping up, at the Golden Tulip Hotel in Accra.

The Network invites the general public to join in these celebrations. Follow the network’s activities on their website www.ewntree.com or via their social media handles with the hashtag #EWN3rdAnniversary.

EWN Network NewsExecutive Women Network Commemorates 3 Years Of Meaningful Impact
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Executive Women Network Push For Greater Participation Of Women In Africa’s Economic Transformation

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EXECUTIVE WOMEN NETWORK PUSH FOR GREATER PARTICIPATION OF WOMEN IN AFRICA’S ECONOMIC TRANSFORMATION

The Executive Women Network (EWN), Ghana’s leading organization for women leaders in business and entrepreneurship has called for greater participation of women in the economic transformation of the country and continent as a whole.

Making the call, in a statement ahead of the commemoration of International Women’s Day 2019, the Chairperson of the Network, Pearl Esua-Mensah congratulated women in Ghana for playing leading roles in their communities and challenged them to push the boundaries to become true agents of economic transformation.

She said, “EWN joins women all over the world to commemorate this year’s International Women’s Day. On this occasion, we would like to congratulate women in Ghana for the incredible leadership they continue to show in their communities, at the national and global level.”

“The global celebrations highlights the invaluable contributions women continue to make to global peace and economic transformation. As we celebrate how far we have come, it is also time to reflect on the role we play in pushing for equality at all levels, building strong institutions and driving breakthrough innovations that foster growth and prosperity for all.

We take this opportunity to encourage women in Ghana and across the African continent to be relentless in putting themselves forward as agents for change and economic transformation. Let’s continue to push forward for the change we want to see in our communities, country and continent”. She concluded

The 2019 celebrations, under the theme, Think equal, Build smart, Innovate for change focuses on innovative ways to advance gender equality and the empowerment of women, particularly in the areas of social protection systems, access to public services and sustainable infrastructure.

As part of a month-long activities to commemorate the celebrations, the Network is collaborating with Charterhouse Productions to embark on a tour of selected Senior High Schools across the country to inspire and empower the next generation of leaders.

The first session was held at Accra Wesley Girls High School where scores of young ladies were empowered to lead boldly and to be agents of change in their communities.

The Network has been at the forefront of pushing for inclusion and parity at the work place, in the community and national leadership. Through its advocacy work and annual conference, EWN has led a consistent agenda to transform Ghana’s narrative on the global stage and to position Ghana positively for business, investment and tourism.

The Network, with an ambition to inspire, empower and support women across the country has instituted community initiatives to support women in vulnerable communities to be economically empowered and to have a voice in their local communities.

EWN last year launched its “Lifting As We Rise” initiative to pay it forward by empowering the next generation of women leaders.

EWN Network NewsExecutive Women Network Push For Greater Participation Of Women In Africa’s Economic Transformation
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Expedite Action To Rescue Abducted Young Ladies–Executive Women Network

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The Executive Women Network (EWN), Ghana’s pre-eminent non-profit organisation for professional women and entrepreneurs, has called for expedited action to rescue the abducted young ladies in Takoradi.

In a statement, the Network expressed dismay with the pace of investigations, calling on the security agencies to take swift action to rescue the kidnapped young ladies and to protect the citizenry.

The full statement reads:

The Executive Women Network (EWN) notes with deep concern and dismay the slow pace of investigations and efforts to rescue the 3 abducted young ladies in Takoradi. A nation’s first responsibility is to protect its citizens, especially the most vulnerable. The recent abductions and the subsequent weak response by the State’s Security apparatus is deeply worrying.

The abductions are acts of extreme violence against women, which must be condemned by all. EWN totally condemns this act.

We, however, acknowledge recent developments including the arrests of some suspects in this matter. The recent abductions and the subsequent slow response by the State Security apparatus is worrying.

We, therefore, call on the leadership of the various Security Services especially the Ghana Police Service and National Security to act swiftly to rescue the kidnapped young ladies in the wake of new leads and bring the perpetrators of these cowardly acts to justice.

The Service has the utmost responsibility to protect all citizens and residents in Ghana. They must rise to the task.

We encourage members of the general public to support the nationwide effort to find the poor victims of this cowardly act. We need the help and support of all to #BringBackOurTaadiGirls.

Our thoughts and prayers are with the affected families. It is our fervent hope that the young ladies will be rescued and reunited with their families imminently.

Signed

Executive Council

EWN Network NewsExpedite Action To Rescue Abducted Young Ladies–Executive Women Network
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Let’s Support Black Queens To Host And Win – Executive Women Network Urges Ghanaians

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The Executive Women Network, the pre-eminent non-profit organisation for professional women and entrepreneurs, is calling on Ghanaians to support the Female National Football Team, the Black Queens, in the upcoming Total African Women’s Cup of Nations (AWCON) taking place in Ghana from Saturday November 17, 2017 at the Accra and Cape Coast Sports Stadia.

The Black Queens, paired with Algeria, Cameroon and Mali in Group A will be involved in the opening match, with Algeria, on Saturday 17th November at the Accra Sports Stadium.

A statement from the Executive Council of EWN read “The Executive Women Network extends its best wishes to the gallant Black Queens and the technical team as they commence operation host and win on Saturday 17th November.”

I“ As you carry the nation’s pride into the Total Africa Women’s Cup of Nations, we urge you to show pride in representing the national colours, class in your approach and to display character and deep belief in your ability to win.

The Network and the entire country is solidly behind you. We believe you are cut out for greatness and you will do us all proud”

The statement continues “ The Network also wants to encourage the entire country to rally behind the Black Queens as they pitch their wits against the best teams across the continent. We believe that this new generation of young female players need our collective support to host and win this year’s tournament.  We encourage all to show up at the match venues as a demonstration of our collective support in the same way we have done for other national teams”.

This is the first time Ghana hosts the Women’s AFCON, which ironically the Black Queens, being one of the giants of women football in Africa is yet to win.

EWN Network NewsLet’s Support Black Queens To Host And Win – Executive Women Network Urges Ghanaians
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Esther Cobbah To Chair 2nd Executive Women Network Annual Conference

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Founder and CEO of StratComm Africa, Esther Cobbah will chair the 2nd Annual Executive Women Conference — the biggest gathering of women leaders in Ghana, — scheduled for Friday 12th October 2018 at the Labadi Beach Hotel, Accra.

The conference, under the theme: Implementing Brand Ghana – the Role of Women Leaders, is expected to lead a call to action and champion the implementation of a bold Brand Ghana agenda that positions the country as the preferred destination for business, investment and tourism.

Ms. Esther Cobbah will steer the conference, bringing her expertise, experience and exceptional leadership to bear. She is expected to shape and support the operationalisation of the outcomes.

Notable speakers and panelists include Keynote Speaker and CEO of Quist Blue Diamond, Lucy Quist, Yolanda Cuba, Chief Executive Officer of Vodafone Ghana, Elikem Tamaklo — Managing Director, Nyaho Medical Center, Derrydean Dadzie- Technology Entrepreneur, Abena Kessewaa Brown- Principal, National Banking College, Stella Agyenim-Boateng- Group HR Director/Consultant, GLICO Group, Juliet Asante- Founder, Black Star International Film Festival, Ing. Ebenezer Hammah- CEO, McHammah Engineering Company Ltd among others.

Speakers and panelists of the conference will lead discussions on Technology, Education, Entrepreneurship and Corporate Citizenship with the objective of inspiring collective action to leverage technology, drive improvement in our education sector, create a conducive environment for entrepreneurs to thrive and to showcase how corporate Ghana can actively lead the charge to create economic prosperity for Ghanaians.

The maiden conference, held in October last year, was hugely successful with over 300 participants highly commending the organisers for an impactful conference. This year’s gathering is expected to drive practical action for national development.

The Executive Women Network is a non-profit organisation of women in senior management and executive positions in private organisations and women entrepreneurs of well established businesses in Ghana.

EWN Network NewsEsther Cobbah To Chair 2nd Executive Women Network Annual Conference
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Second Annual Executive Women Network Conference Slated For October 12th 2018

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The Executive Women Network, a non-profit organisation of women leaders in senior management and executive positions in private organisations and women entrepreneurs of well established businesses in Ghana has announced October 12th, 2018 as the date for its second annual conference.The second edition of the conference is schedule to be held at the Labadi Beach Hotel in Accra under the theme Implementing Brand Ghana: The role of Women Leaders.

The annual conference brings together women in business and national leadership to discuss and map out strategic initiatives to project and promote Ghana as an investment and tourism destination. The maiden conference held in October 2017, under the theme Rebranding Ghana to drive business growth – the perspective of women leaders, attracted close to 300 participants and outlined practical actions to position Ghana positively for business and investment.

A statement from the Network stated the 2018 conference will build on the success of the maiden edition and call for action to implement the outcomes of the conference.

The statement reads “We are delighted to announce the 2nd annual EWN conference is scheduled for October 12th 2018 at the Labadi Beach Hotel. The conference to be held under the theme: Implementing Brand Ghana – the role of women leaders, will host over 300 women leaders to collectively map out practical strategies to implement brand Ghana and position our country as a true destination for investment, tourism and business”.

“Last year’s conference was a massive success with participants calling for concrete and actionable steps to effectively promote Brand Ghana. We will build on the success of last year and go a step further to craft implementation plans to project and position Ghana for business, investment and tourism”. The statement concluded.

The maiden edition which was chaired by the First Lady, H.E. Rebecca Akufo-Addo  attracted  eminent  panelists including Patrick Awuah, Founder & President of Ashesi University, Patience Akyianu, Group CEO of Hollard Ghana, Lucy Quist, International Business leader & founder of Quist Blue Diamond, Theresa Ayoade, CEO of Charterhouse, Professor Robert Hinson of the University of Ghana Business School among others.

This year’s conference is expected to attract distinguished speakers, panelists and participants from business, politics, academia and civil society.

EWN Network NewsSecond Annual Executive Women Network Conference Slated For October 12th 2018
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Young Women Executives Inspired To Strive For Leadership Roles

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Executive Women Network culminated its second year anniversary with a Round Table Lunch Meeting at the Golden Tulip Hotel, Accra.

The Executive Women Network (EWN), an organization of women leaders whose mission is to build a home base for women professionals to grow their skills, network and inspire them to achieve their professional and personal goals has organised a roundtable lunch to empower young women to be relevant and assume leadership positions in their  workplaces.

Organised under the team, Getting a seat at the table, the roundtable lunch culminated the month long 2nd anniversary celebrations of the network  and provided a unique opportunity for young women executives to tap into the knowledge and experience of senior women business leaders on getting  to the top, remaining relevant and influential in high decision making positions in the corporate world and society at large.

Karen Hendrickson CEO of Rabito Group of Clinics  speaking at the event urged the young women who intend to climb the professional ladder to break the barriers, develop a thick skin, believe in their abilities and shouldn’t accept the status quo by trying to always reinvent the wheel.

EWN Network NewsYoung Women Executives Inspired To Strive For Leadership Roles
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Executive Women Network Inspires, Empowers Accra Girls Students; Donates School Supplies

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Members of the Executive Women Network (EWN), a non-profit organization of professional women took time to interact and engage with students of Accra Girls Senior High School as part of activities to commemorate the second anniversary of the network.
Held under the theme Realising Potential, the session was part of EWN’s commitment to inspire and empower the next generation of women leaders to fully realise their potential.
The experienced business leaders encouraged participating students to dream big, work hard, stay disciplined and to be determined irrespective of the challenges they face.
The Network also took the opportunity to donate 20 graph boards to the school to assist teaching and learning.
Speaking to the students, Dr. Geraldine Baidoo, a member of the EWN team said ” When I look around, I see some of the brightest minds in this country who, with hard work and commitment, will become the transformational leaders of tomorrow. The leaders of our country and continent needs to transform. So irrespective of the challenges you may be going through, keep your single focus on being the best version of yourselves”.
She added, “Education is the best legacy your parents can give you, make the most use of it. You all have unique abilities and talents — exploit it to the fullest. Keep your eye on the big picture and do not allow anyone to convince you that you’re not capable because of your gender — there is absolutely nothing that you cannot achieve if you put your mind to it. Be unstoppable”
She indicated that the Executive Women Network will always be available to share their experience, groom and inspire young women across the country to fully realise their potential.
Other members who inspired the students with their personal stories included Television personality Kokui Hanson Selormey, Dzigbordi K. Dosoo, Stella Agyenim-Boateng, Janet Sunkwa-MIlls, Antoinette Kwofie, Hedwig Quist, Quiana Canford Dumas, Angela Dedo Kofi and Wendy Nunoo.

The Headmistress of Accra Girls’ Senior High School, Mrs Joyce Acolatse, expressed her gratitude to EWN for choosing her school. She said “hearing the life stories of our distinguished speakers, who have achieved so much in their lives and careers is truly inspiring for our students. On behalf of the entire management and parents, I want to thank EWN for spending time with our students and for donating much needed graph boards to the school. This gesture is greatly appreciated and we look forward to many engagement sessions in the future as we all work towards building an empowered generation of young women”.
The session with the students is part of a month long celebrations which will end with a Lunch Roundtable at the Golden Tulip Hotel on Friday 27th April.
The Executive Women Network , since its formation in 2016, has been instrumental in inspiring action, empowering and supporting female leaders to be key influencers in various fields and organizations within Ghana and beyond.

EWN Network NewsExecutive Women Network Inspires, Empowers Accra Girls Students; Donates School Supplies
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Job Recruitment

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Job Title: Communication Officer Proposed Job Level: fixed term contract
Function: Managing Communications & Social Media Location: Samlina Plaza, East Legon
Reporting to: Office Manager Date: 26th December, 2017
Purpose of the Job (Brief)

The Communication Officer role is responsible for leading the development and delivery of clear and compelling communications and messages to key stakeholders, managing media relations, developing internal communications channels and growing EWN’s reputation with key stakeholders.

MAIN RESPONSIBILITIES & DUTIES
Support delivery of integrated communications strategy  

  • Contribute to delivery of strategy through the drafting of communications, press releases, presentations, talking points, Q&As in line with communications and organization’s strategy
  • Lead in developing compelling and engaging communications to members and prospective members
  • Support in the planning and delivery of internal events
Media Relations  

  • Support the delivery of EWN’s Media Relations strategy through building, managing and sustaining relationship with influential key media outlets and journalists
  • Monitor media landscape, advice and develop tactics to increase EWN’s Ghana’s Share of Voice.
Social & Digital  

  • Develop strategy, programme and activities to increase EWN’s digital footprint
  • Drive compelling digital campaigns to grow EWN’s influence in globally
  • Manage EWN’s Social Media platforms on a daily basis driving engagement with followers
Membership communication  

  • Lead in developing compelling communications & manage internal communication channels to engage members and prospective members.

 

Demonstrate (Key competencies)

Skills critical to the role:  

  • Analytical thinker who can recognize trends and opportunities.
  • In-depth knowledge and experience in the use of various communications channels.
  • Experience in developing and executing communication strategies, briefing materials, media releases and responding to media queries.
  • Experience in managing digital/social media channels

 

Core Competencies

  • Strong written and oral communication skills. Strong editorial skills and copy writing
  • Proven ability to work independently and as part of a team.
  • Excellent interpersonal skills
  • Problem solving skills

 

Role – Specific Competencies

  • Exceptional work ethics.
  • High level of self-motivation.
  • Attention to details
  • Ability to relate to a wide variety of people in different situations.
  • Assertive
  • Superior negotiating and influencing skills.
  • Self-aware and focused on self-development and continual learning.
  • Professionalism in all actions.

Educational Level:

  • First degree (in Communications, Journalism or Social Sciences
  • A member of any professional body (an advantage)

Working Experience:

  • 1 – 3 years’ experience in corporate communications, public relations, journalism or digital media management
No. of Subordinates: None
Approval

Office Manager

EWN Chairperson Executive Council member

Submit Application to: [email protected]  (closing date 26th December 2017)

 

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