Connect with us

Business

Delving into Government’s Quest to Break MTN Ghana’s Monopoly and Its Implications

Published

on


On Saturday, it emerged that Ghana will implement a set of policies to reduce the dominance of MTN Ghana in the country’s telecommunications market according to the Minister of Communications, Mrs. Ursula Owusu-Ekuful.

“The National Communications Authority (NCA) will in the coming days begin implementation of Specific policies to ensure a level playing field for all network operators within the telecommunications industry,” The statement said.

This statement comes after the Government describes MTN as having attained a Significant Market Power (SMP) per the NCA directives. MTN has over 70% of the industries market share,

What the government by this statement is telling us is that though they acknowledge MTN has made significant investments in their operations (infrastructure and human resources), MTN has so much power that consumers are forced to use MTN, not necessarily because they need MTN but because of MTN’s market share.

What is the Government’s problem here?

A set of rules called antitrust laws, ban companies from taking certain actions to develop monopolies. These laws ban deceptive trade practices that companies will try to use to gain an advantage.

But has MTN broken any rule?

An example of behavior against antitrust is lowering your prices to push out its competition. We all know MTN will never drop prices?

Another example is companies coming together to fix prices.

Still, we don’t see where MTN went wrong.

Well since none of the above applies, we can safely assume that the Government of Ghana is getting uncomfortable with MTN’s control of over 70% market share and are rightly so.

As at now, through no fault of theirs but sheer hard work, they wield so much power to control the industry’s path in both the short and long run.

So how is the government going to deal with MTN?

The government wants all the telcos to submit their plans within a month.

Now there you have it.

My two pence on this is that the government will stifle the growth of the Telecom sector. Though you can see a clear plan of improving coverage of telecommunication services, these directives won’t force the telcos to put in their best. Rather they would be doing their barest minimum to attain NCA requirement leaving much for optimization.

If the government wants to create a level playing field, NCA should reduce the price of the 4g spectrum, and allow the other options to undertake 5g drive before inviting MTN to the game.

Mind you, NCA’s decision to sell the 4g LTE spectrum at $64 million is what gave MTN a competitive edge, and they cannot absolve themselves of their complicity.

Business

The Souvenir Hawker Who Became A Billionaire – Meet The Agege Boy That Built A $400million Company

Published

on


Sijibomi Ogundele, Nigeria’s youngest Billionaire and Luxury Real Estate mogul is noted for his status as Nigeria’s youngest billionaire and CEO of multi-million dollar company, Sujimoto Group. But only a few know about his humble beginnings, hustling on the busy streets of Agege to the well-paved streets in France.

Growing up in the slum of Agege, as a little 8-year-old, Sijibomi’s first introduction to Entrepreneurship was when he started a bike business popularly called‘Okada’ business, from his little savings. Despite the usual African Parent’s disapproval, he drew inspiration from his mother’s entrepreneurial spirit and grew his Okada business from 1 to 6 motorcycles, a testament to his strong, resolute and resilient business mind.

At just a young age of 39, he has built his company, Sujimoto Group, in just 5 years, into a Luxury Construction behemoth, focused on building extraordinary edifices in premium neighbourhoods of Ikoyi and Banana Island. With annual revenue of approximately $30 million and many other pending projects, Mr Ogundele believes the Sujimoto group is worth over $400 Million.

Many have opined that the young and dynamic businessman might be eyeing a political position, but according to Mr. Ogundele, “the business of politics is bigger than the politics of business. We are focused on business but we shall support the government. To us, the Government is like a beautiful woman, marry her only when she is an asset, not a liability.”

Source: GhanaFeed.Com

Continue Reading

Business

Another Bank Merger- First National And GHL Bank

Published

on


First National Bank Ghana, is a new bank from the merger of First National Bank and its subsidiary, GHL Bank.

First National Bank established the completion of the merger of the two banks.

The new bank, First National Bank Ghana, is a financial entity which seeks to attend to diverse financial needs for various investment, corporate and retail banking services to their customers.

The bank also offers improved already present answers for real estate and housing markets.

Dominic Adu, the Chief Executive Officer for First National Bank Ghana revealed thus, “ We are very excited about the work that we have done to date and the resulting seamless synergies we have achieved with this merger.”

“We believe that this merger will offer customers the advantage of a broader suite of banking products and services while maintaining our commitment to all our stakeholders.”

One of the main gains of the merger as stated  by the company is the enlarged network  in the central areas of Accra , Kumasi and Takoradi.

The bank said in its statement that, “Customers can now access all banking services from a total of eleven branches and on First National Bank Ghana’s world-class digital platforms, which make convenient banking services available 24/7.”

The Executive Director of First National Bank Ghana, Richard Hudson  also said “This is an exciting time for us, and we are committed to partnering with our customers on their individual or business journey. There are current challenges impacting general growth and opportunities in the financial services sector, but we believe that our innovative approach to products and the focus on in-house digital banking solutions will give us the competitive edge.”

Source: GHANAFEED.COM

Continue Reading

Business

“Our Predicament is Worse than Covid-19”- Aggrieved Customers to Akufo-Addo

Published

on


The Coalition of aggrieved customers of the collapsed Fund Management Companies in Ghana have described their condition as worse compared to Covid-19.

The Secretary of the group, Joseph Aryeetey at a press briefing on Sunday accused the government of being insensitive to their plight. He said the government has failed in addressing the problem it created as a result of the financial sector clean-up

“This government has proven to be the most insensitive in the history of this country. This is evident in the way they have treated our issue. For a problem that you created by yourself under the guise of financial sector cleanup, we expected to be treated well. Even though our predicament is worse than COVID-19, government appears to show more attention to companies that have been affected by the COVID than paying us”

However, the group cautions the government to be mindful of the consequences of its failure to address their grievances on the upcoming General Election.

“If the energy crisis and the nurses’ allowances scrapped off by the Mahama government could cause his defeat then, President Akufo-Addo should also know that history can repeat itself. We encourage our members to vote against Akufo-Addo if he refuses to pay us before the elections,”

Source: GhanaFeed.com

Continue Reading

Politics

News4 hours ago

Ahwoi’s Book Not An Attack On NDC – Manasseh Azure Awuni

Former journalist at Joy FM, Manasseh Azure Awuni has rubbish the NDC’s claim that Prof. Kwamena Ahwoi’s book is an...

News5 hours ago

I’m Not Raising Funds On Facebook – Dr. Okoe Boye

The Deputy Minister of Health, Dr Bernard Okoe Boye has cautioned the public against any Facebook account or page soliciting...

News5 hours ago

NDC Inaugurates Campaign Team In Western Region Ahead Of Election 2020

The National Democratic Congress (NDC) as part of efforts to wrestle back power from the ruling New Patriotic Party (NPP)...

Politics6 hours ago

I Can Confidently Tell You NPP Has Won Election 2020 – Chairman Wontumi Boldly Declares

The Ashanti Regional Chairman of the New Patriotic Party, Bernard Antwi Boasiako, popularly known as Chairman Wontumi has boldly declared...

News6 hours ago

Mahama Not An Answer To Failed Akuffo-Addo – Dr. Steve Manteaw

A former Chairman of the Public Interest and Accountability Committee (PIAC), Dr. Steve Manteaw, has stated that President Nana Addo...

News7 hours ago

NPP Government’s Worst Mistake Is The Compilation Of A New Register – Says Muntaka

MP for the Asawase Constituency, Hon. Mohammed Muntaka Mubarak has stated that the Electoral Commission’s compilation of new voters’ register...

News8 hours ago

Kwesi Pratt Denied Claims Omane Boamah Was Recruited To Attack Rawlings

Editor in Chief of the Insight news paper, Kwesi Pratt has denied claims that Edward Omane Boamah and other young...

Politics8 hours ago

Akyem Chief Threatens Sammy Gyamfi – Says He Will Die Before His Time If He Continues To Insult The President

The Akwanserehene of Akyem Kwabeng Etwienana Baffour Oteatuoso Kokoben II has warned that the National Communications Director of the opposition...

News9 hours ago

Jean Mensah Led EC Has Conducted The Best Registration Exercise In The Country – Ursula Owusu

Minister for Communication and Member of Parliament for Ablekuma West constituency, Ursula Owusu-Ekuful has teased the National Democratic Congress (NDC)...

Politics11 hours ago

Kennedy Agyapong’s Appeal Against Kweku Baako’s Victory Thrown Out By Court – Slapped With More Debts

The woes of controversial MP for Assin Central, Kennedy Agyapong has been compounded after an appeal he filed against a...

Business

Business4 weeks ago

The Souvenir Hawker Who Became A Billionaire – Meet The Agege Boy That Built A $400million Company

Sijibomi Ogundele, Nigeria’s youngest Billionaire and Luxury Real Estate mogul is noted for his status as Nigeria’s youngest billionaire and...

Business1 month ago

Another Bank Merger- First National And GHL Bank

First National Bank Ghana, is a new bank from the merger of First National Bank and its subsidiary, GHL Bank....

Business1 month ago

“Our Predicament is Worse than Covid-19”- Aggrieved Customers to Akufo-Addo

The Coalition of aggrieved customers of the collapsed Fund Management Companies in Ghana have described their condition as worse compared...

Business1 month ago

MTN Drags NCA To Court Over Attempts To Break Monopoly

In a statement, MTN said despite consultations with NCA, the company was left with no choice than to resort to...

Business2 months ago

GCB Bank Grants Two Month Moratorium, Reduces Interest Rate On Personal Loans

GCB Bank Ltd, Ghana’s leading commercial bank, has granted a two month moratorium on loans, while also reducing interest rates...

Business2 months ago

Court Of Appeal Dismisses BOG’s Appeal In GN Savings Case – BOG Ordered To Justify Its Revocation Of Licence

The Court of Appeal on Monday 22nd June 2020, dismissed an appeal by the Bank of Ghana, which challenged the...

Business2 months ago

Full Charges On Mobile Money Transactions To Resume Today After A 3-Month Grace Period

Mobile money subscribers across all platforms are expected to resume the payment of full charges on all transactions, as the...

Business2 months ago

Ecobank Provides GH¢1.3 Million Support to Ghana’s COVID-19 Private Sector Fund

As part of its corporate social responsibility, Ecobank Ghana Limited has supported the Ghana COVID-19 Private Sector Fund with an...

Business2 months ago

Delving into Government’s Quest to Break MTN Ghana’s Monopoly and Its Implications

On Saturday, it emerged that Ghana will implement a set of policies to reduce the dominance of MTN Ghana in...

Trending