Business News of Friday, 1 December 2017
Senior Minister, Yaw Osafo Marfo has called on the Ghana Investments Promotion Centre to consider reviewing the criteria that is used to select companies into the Ghana Club 100 rankings. He said the current criteria only favours the banks.
Mr Osafo Marfo was speaking at the 16th edition of the Ghana Club 100 awards at the Kempinski hotel in Accra. The event was under the theme, “Industrialization – A Tool for Job Creation and Accelerated Economic Development.”
He said, “Looking at the ratio of banks that find themselves in the [top] hundred, I think the formula favours banks. That is what I think. So perhaps, you may want to look at the formula again. Because the number of rural banks who are in the top hundred proportionately is too high; we have to be frank to the system.”
“We are looking for the best hundred …. And therefore, sometimes to get the real picture we may need a special competition among banks or rural banks as a separate competition and then we see who is who in this particular sector,” he added.
Newmont Golden Ridge Ltd was adjudged the best company in the 16th edition of the Ghana Club 100 awards with MTN, Goil, Goldfields Ghana and Vivo Energy emerging as the second, third, fourth and fifth top companies respectively.
The theme’s objective is in line with government’s vision to use manufacturing through the one district, one factory initiative as an economic development and job creation tool.
The GIPC also used this year’s edition as a launch pad for promoting partnerships between Ghanaian manufacturers and their foreign counterparts.
The Ghana Club 100 (GC 100) is an annual compilation of the top 100 companies in Ghana to give due recognition to successful enterprise building and was launched in 1998 by the Ghana Investment Promotion Centre (GIPC).