Analyzing a Listed Firm in Ghana for Early Warning Signs of Bankruptcy and Financial Statement Fraud: An Empirical Investigation of AngloGold Ashanti

This research moves beyond traditional ratio analysis to find out the possibility of bankruptcy and financial statement fraud at AngloGold Ashanti (AGA). An examination of the financial statements of the company for the years 2010 to 2012 was made with the use of Modified Altman and Beneish models. The modified Altman model is a predictor of bankruptcy. To discover the possibility of financial statement fraud, this research used the Beneish model. The examination of AGA’s financial reports with the Beneish model revealed the company was not engaged in financial statement fraud. The Altman model on the other hand, brought to the fore the financial distress the firm went through in the years under review. Keywords: Altman Z Score, Beneish M-Score, Fraud, Bankruptcy, Internal Control System

Management Practices in the Ghanaian House Building Industry

Against the background of the perennial management challenges facing the Ghanaian House Building Industry, project management practices in the implementation of Mass House Building Projects (MHBPs) is presented with a view to reflecting on their strength and weaknesses. The role of project managers (PMs) and their performance on these projects are reviewed including how they have helped or met project objectives especially in terms of completion dates and cost. The evidence gathered suggests that, professional project management services, emanating from project inception to completion can potentially help in minimizing the effects of some of the key managerial challenges. It is suggested that, all other things being equal, some characteristics of the professional project management services could be adopted and embodied into a framework within which current management practices can be advanced for improving effective delivery of future housing projects.Keywords: Ghana, housing- delivery, project managers, professional project managemen

Cost overruns in Building Construction Projects: A Case Study of a Government of Ghana Project in Accra

Cost overruns leading to delays are common in building construction projects in Ghana. A construction project comprises of two distinct phases: the pre-contract phase - the period between the initial conceptions of the project and the signing of the contract and the post-contract phase – the period after the award of the contract when actual construction begins through to its completion. Although cost overruns occur in both phases, majority of the causes occur in the post contract phase. This paper focuses on the post-contract phase of the building project and the initiation for this was due largely to personal observation and the low performance of the building project in terms of cost, time and quality. The paper seeks to identify factors contributing to high cost overruns in the renovation of a building project in order to investigate the extent of possible impact on building projects. Results from the study indicate that several factors contributed to the high cost overruns but salient among them was that, the total cost of additional works not initially included in the total estimate in the bills of quantities was high. An item of work whose initial cost was difficult to determine and as such was given provisional sums was later found to be exceptionally lower than the actual cost. The changes in the specifications and details of materials or components and the non-prompt payment of the contractor led to construction delays and increase in fluctuation costs. Keywords: Cost Overruns, Pre-Contract, Post-Contract, Provisional Sums, Delays

Cassava Consumption and Biological Adaptation to Plasmodium Falciparum Malaria in Man, Côte d'Ivoire

The biological adaptation of the human organism to Plasmodium falciparum malaria infection could be attributable to its endogenous biological potential and to the action of bio-environmental elements. The influence of exogenous biochemical activators, in particular the intake of micronutrients with immune potential, on the protection of the human body from malaria infection is far from being sufficiently studied. The present study examines the effect of varying cassava consumption frequency on biological adaptation to Plasmodium falciparum malaria infection. The study involved 83 women and 80 men, aged between 5 and 70 years, living in Man (Côte d’Ivoire) and admitted for consultations at the regional hospital. The frequency of manioc ingestion was assessed using a 14-item food frequency questionnaire administered face-to-face. Biological adaptation was measured using blood smear and thick blood smear results. The results of Fisher's test show that populations with a high frequency of cassava consumption have a lower proportion of Plasmodium falciparum malaria infections than their counterparts with a low frequency of cassava consumption. Cassava consumption therefore improves the individual's biological adaptation, i.e. the protective protein-immune system, to Plasmodium falciparum malaria infection

Le double passage de la société à l'État et de l'État à la société (mondiale) dans la philosophie politique d'Éric Weil

Dans sa Philosophie politique, Éric Weil constate que le langage de la réflexion oppose, "comme entités autonomes et hostiles", "la civilisation et la tradition , le matériel et l’idéal, le nécessaire et le désirable, l’organisation et la justice, l’intérêt commun et la liberté des individus". Délaissant la pure réflexion, le philosophe a le devoir de montrer que la civilisation du travail se fonde en définitive sur la tradition morale porteuse de sens qui bénéficie en retour de sa rationalité et son universalité. Les couples mentionnés plus haut ne se séparent donc pas, mais s’impliquent et se confortent. L’action politique est l’illustration de cet entrelacement ou ce chiasme: elle transforme "ce qui est coexistence en conflit" ou ce qui se présente comme désaccordé et disparate en une unité indissociable, si on exclut la réflexion. Le mouvement de la philosophie politique d’Éric Weil laisse ainsi place à des rapprochements et à des réconciliations. La société, qui est l’organisation rationnelle de la lutte avec la nature et la négation de l’individualité, trouve son achèvement dans l’État moderne qu’elle rend possible et qui, conformément à son concept, est pour l’individu, le lieu du sens. Cet entrecroisement se vérifie de nouveau au plan de la politique étrangère. C’est grâce à la mise sur pied d’une société mondiale de gestion et de contrôle que les États particuliers, sans renoncer à leur souveraineté externe, en arrivent à considérer la question internationale comme d’intérêt commun et peuvent, libérés de la nécessité des préparatifs militaires, se consacrer à leur vocation essentielle: l’épanouissement de l’individu raisonnable. La violence cède peu à peu devant les institutions rationnelles et raisonnables: elle devient consciente dans la marche de l’histoire et la satisfaction des justes revendications laisse entrevoir le moment où elle sera inutile. La violence pure est certes irréductible, mais elle est démasquée comme discours incohérent ou comme silence sans pensée

Changes in physico-chemical characteristics and volatile flavour components of different yoghurt products made from soy, peanuts and cow milk

Milk blends from legumes are potential nutritional substitutes in cultures where cow milk is used for yoghurt production. Peanut and soy based products have been considered to have poor sensory characteristics due to the beany and off-flavours they generate in food products that contain them. The high polyunsaturated fatty acid content of legumes makes these products susceptible to lipid oxidation leading to rancidity and development of off-flavours. Acceptability ratings of these products have been significantly lower than the traditional dairy products. Nonetheless, food scientists are still faced with the challenge of formulating foods that are appealing and acceptable to consumers, but still contain significant amounts of these oilseed proteins for their health benefits. The development of a storage stable yoghurt product from these vegetable seeds has the potential to increase utilization and market for peanut and soy beans. The study investigated the keeping quality of Soy-peanut-cow milk yoghurt (SPCY), Defatted peanut-soy milk yoghurt (DPSY) and Cow milk yoghurt (CMY) refrigerated at 5°C over a period of 21 days during storage. Volatile flavor compounds in the different yoghurt samples were determined by static head space technique using Gas Chromatography-Mass Spectrometer (GC-MS). Titratable acidity increased in all samples after one week of storage but was highest in CMY (1.2% - 2.60%) followed by DPSY (0.57% - 0.89%). SPCY had the least titratable acidity value (0.23% - 0.44%). CMY and DPSY were more susceptible to syneresis. Free fatty acid (FFA) and peroxide value (PV) were high in the full fat product compared to defatted product and cow milk yoghurt. Flavour analysis using GC-MS identified aldehydes, alcohols, organic acids and furans as the volatile flavour components in the yoghurts studied. The defatted vegetable milk yoghurt (DPSY) had better storage keeping qualities than the whole fat vegetable milk yoghurt (SPCY) and the control (CMY). Defatting of oilseeds prior to use in food formulations can enhance the storage stability of the products. Utilization of less expensive and available indigenous crops such as soy beans and peanut in yoghurt production will help reduce the cost of the product in some developing countries.Key words: Vegetable milk yoghurt, storage characteristics, volatile flavour compound

The Effectiveness of Water, Salt and Vinegar in Reducing the Bacteria Population in Fresh Green Cabbage.

Green cabbage has great nutritional and therapeutical values and is usually used as the main ingredient for preparing fresh vegetable salad for consumption. The aim of this work was to identify the bacteria population in different sections of green cabbage heads obtained from some selected markets in Accra and also to determine the most appropriate method for washing to reduce the bacteria population prior to consumption. In the investigation, samples were obtained from five open markets in the Greater Accra Region of Ghana. Fresh leaves taken from the outer, middle and inner sections of the samples were analyzed for aerobic mesophilic organisms, coliforms and Escherichia coli. They were then washed with tap water, 5% salt solution or 50% vinegar solution for five minutes, and the effectiveness of the treatments in reducing the bacteria population determined. Results from the analysis showed that the outer sections of fresh green cabbage heads had high microbial load followed by the middle sections whilst the inner sections were almost sterile. The aerobic mesophilic counts ranged from 106–108 CFU/g for the untreated outer section of the samples, 104–106 CFU/g for the untreated middle sections, and 101–102 CFU/g for the untreated inner sections. Coliforms ranged from 104–106 CFU/g for the untreated outer section of the samples, 102–104 CFU/g for the untreated middle sections and 101 CFU/g for the untreated inner sections. E.coli ranged from 102–103 CFU/g for the untreated outer section of the samples and 101 CFU/g for the untreated middle sections. E. coli was however not detected in the untreated inner sections of the cabbage heads analyzed. The pathogens Bacillus cereus and Staphylococcus aureus were also identified on the samples from the five markets. The treatment with 50% vinegar solution was most effective in reducing the bacteria population on the samples analyzed followed by 5% salt solution and tap water the least effective. The outcome of this work serves as a basis for creating awareness against the use of ordinary tap water by caterers and promote the use of vinegar or salt solutions as a means of reducing bacteria population in freshly served cabbages. Keywords: Cabbage, Aerobic mesophiles, Coliforms, E. coli, Staphylococcus aureus, Bacillus cereu

BIOACCUMULATION OF HEAVY METALS IN AFRICAN RED SNAPPER (Lutjanus agennes) AND CASSAVA FISH (Pseudotolithus senegalensis) CAUGHT OFF THE COAST OF ACCRA, GHANA

The level of Cu, Fe, Mn, Pb, and Zn in African red snapper (Lutjanus agennes) and cassava fish (Pseudotolithus senegalensis) caught off the coast of Accra, Ghana, were monitored from November 2011 to March 2012 using atomic absorption spectrophotometry. Over the five months period, variations occurred in the level of each of the heavy metals in each of the fish species.  The heavy metals accumulated in the gills and bones more than in the muscle tissues of type of fish. The order of accumulation of the heavy metals in African red snapper in terms of magnitude were Zn>Pb>Fe>Mn>Cu in the bones, Fe>Zn>Pb>Mn>Cu in the gills and Fe>Pb>Zn>Mn>Cu in the muscle tissue.  For cassava fish the order was Fe>Zn>Pb>Mn>Cu in the bones, Fe>Pb>Zn>Mn>Cu in the muscle, and Fe>Pb>Zn>Mn>Cu in the gills. In the muscle tissue, the part of fish which is normally consumed, the mean value for the various heavy metals over the five months period in the African red snapper were Cu, 0.73 mg/kg; Fe,; 8.18 mg/kg Mn, 0.66 mg/kg; Pb, 7.04 mg/kg; and Zn, 5.16  mg/kg. In cassava fish, the mean values in the muscle tissues were Cu, 0.53 mg/kg; Fe, 9.38; Mn, 0.67 mg/kg; Pb, 5.90 mg/kg; Zn, 6.18 mg/kg. The concentrations of the heavy metals found in both fish species were mostly above the safe limits recommended by WHO. Key words: Fish, Heavy metals, accumulation, bioaccumulation, red snapper, cassava fis

Acceptability of chicken powder in home prepared complementary foods for children in Ghana

The persistent problem of childhood malnutrition and growth faltering in sub-Saharan African countries such as Ghana despite food aid intervention programs, suggests rethinking of the content and mode of delivery of such food programs. While several food programs and formulations exist for the treatment and management of childhood malnutrition, most are neither culturally appropriate nor easily accessible to families at the household level. There is, therefore, a need for a food product that can be tailored to a particular culture and local food produce which provides the necessary macronutrients and micronutrients in adequate amount and is easy to use at the household level to prevent malnutrition. The aim of this study was to evaluate the acceptability of incorporating chicken powder into the  Ghanaian child’s everyday meal. Participants in the study included mothers and their pre-school age children. The chicken powder was incorporated into a breakfast meal (“Tom Brown”) and lunch/supper meal (rice and gravy) on weight basis according to predetermined proportions of the raw  ingredients. Each meal consisted of a control sample (not containing chicken powder) and 3 test samples containing different amounts of chicken powder (15%, 20% and 25% by weight). Overall, both mothers and children rated both control samples highest compared to their respective test sample for preference. Interestingly, mothers were able to tell the differences in the test samples, but the children could not tell the  difference between the test samples by the content of the chicken powder according to the results of the test for homogeneity. The results from the acceptability test as well as individual observation by the research team suggest that chicken powder can be used as animal source protein in the treatment and management of malnutrition by incorporating it into  common staple foods. According to findings of this study, parents are more likely to incorporate the chicken powder (an animal source quality protein) in their children’s diet, if not for the entire family. The incorporation of chicken powder into complementary foods will improve the nutritional value, especially the protein and micronutrient content.Key words: Chicken, Acceptability, Ghana, Malnutrition, Feedin