Business24 Newspaper 12 December 22

Cedi posts world’s biggest gain against US dollar

loomberg has reported that the Ghana Cedi last week posted the

world’s biggest gain against the US Dollar as Ghana starts reor ganising local debt.

It said the Ghana cedi took the title of the world’s best perform er against the dollar last week amid optimism the country was moving closer to unlocking an International Monetary Fund bailout.

"The cedi has rallied 10 percent in the past ve days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that had lost half of its value this year and occupied the bottom slot in the

GRA boss hails ICUMS’ new era in CUPIA, Ghana Link relationships

By Eugene Davis

he Commissioner-Gener al of the Ghana Revenue Authority, Rev. Dr. Ammis haddai Owusu-Amoah, has praised the enormous impact of the newly introduced E-auction module of the Integrated Customs Management System (ICUMS).

By

US$2.6 trillion lost to corruption annually in the world – UN Resident Coordinator

he United Nations, (UN) estimates that $2.6 trillion is lost to corruption annual-

ly in the world, Mr Charles Abani, UN Resident Coordinator in

Speaking at the International Anti-Corruption Day celebration held by the Commission on Human Rights and Administrative Justice (CHRAJ) in Accra, the UN Resident Coordinator noted that corruption had not only been known as immoral but a serious crime which betrayed people and

“Corruption undermines democratic stability and social justice. It is one reason for the overthrow of

Cont ’d on page 3

President commissions container terminals at Takoradi Harbour

President Nana Addo Dankwa Akufo-Addo has commissioned a new

state-of-the-art Dry Bulk Terminal and the Atlantic Terminal Services Multipurpose Container Terminal, as well as the Prime Meridian Dock Company’s Float-

support for small medium enterprises under the phase two of COVID-19 Response Grant will eventually increase into ‘building

Business enterprises expected to outstrip record numbers in ensuing years …says GEA boss

he CEO of the Ghana Enterprises Agency (GEA), Kosi

Eugene Davis

Yankey-Ayeh says the consistent liquidity

Lorem

Cedi posts world’s biggest gain against US

put its local-currency sovereign bonds in what Fitch Ratings described as a “default-like process,” and the holders of its dollar bonds braced for capital losses. The restructuring is needed to put Ghana’s debt on a sustainable path and secure a $3 billion IMF loan.

valued versus its 25-year history last week, so some rebound after the huge fall recently isn’t that surprising,” said Charles Robertson, the global chief economist at Renaissance Capital Ltd. in London.

charts," the report stated. The gains came even as Ghana

“The currency was the cheapest in Africa, more than 30% under-

“Also, we have the IMF in town, which should pave the way for dollar support,” it added.

GRA boss hails ICUMS’ new era in CUPIA, Ghana Link relationships

By Eugene Davis

According to the Commissioner-General, revenue generated from the auction of cars and goods through the E-auction platform has surpassed the Commission’s targets.

“Since we introduced the E-auction, which is even on the pilot phase, we have seen signi cant improvement in the returns we get from the auction of cars and goods.

“The last two we did for the goods, we received more than the reserve price for the total cost of the goods that were auctioned and it was a signicant deviation from the previous times since the E-auction was introduced,” the Commissioner-General remarked during a visit to his out t by the Chairman of Ghana Link, Nick Danso Adjei and Chairman of CUPIA, Kim Yoon-Shik on Wednesday, December 7, 2022.

“The ICUMS system generally has been excellent so far, we have seen signi cant improve-

ment in our revenue generation, we have seen improved e ciency and even received commendations from our stakeholders which include importers, exporters, freight forwarders among others.

He also indicated that they expect “continuous holding of hands” so that their team can continue to learn and be able to run the system as much as possible, pointing out that it is important it becomes a “relationship where we also do a transfer of capacity and knowledge to our people as well.”

Chairman of CUPIA, Kim Yoon-Shik said his main mission for the visit was to express gratitude to GRA for the support and ensured that the project was successful.

“We want to discuss further steps in advancing this cooperation between CUPIA and GRA, we hope they will support us in this endeavour.”

The Executive Chairman of Ghana Link Network, Nic Danso Adjei

commended the GRA for the consistent support his company has been receiving from them, and also praised the e orts of CUPIA “you have developed more than I signed with you people and you are continuously doing it.”

Later in day, Chairman Kim Yoon-Shik and Chairman Nick Danso Adjei, paid a working visit to the Trade Minister, John Alan Kyerematen, and expressed the same commitments to the Trade Minister.

The trade minister on his part, urged Chairman Kim Yoon Shik of CUPIA and Chairman Nick Danso Adjei of Ghana Link to ensure that the ICUMS continues to ensure e cient revenue generation for government.

The E-auction module of the ICUMS allows Ghanaians to participate and bid for auctioned goods at the ports online.

The feature is to ensure that people buy goods from the port at the right prices and for transparency purposes.

Continued from cover

Network International launches new

US$2.6 trillion lost to corruption annually in the world – UN Resident Coordinator

Continued from cover

Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA), has announced its new Ghana o ce and datacentre.

This launch will o er innovative solutions that drive revenue and pro tability to customers and help businesses and economies prosper by simplifying commerce and payments in the Ghana market.

support Ghana’s nancial institutions, merchants, and consumers through our regional o ce. It is our mission to make payments easy by providing a secure platform for all businesses and institutions and the regional o ce and datacentre will help us achieve this.”

He noted that with the celebration of the day, individuals and institutions would re ect on the mechanisms to ght corruption and make the coming year a better one.

innovation, and we are delighted to launch our o ce and data centre to o er customers, banks, and entrepreneurs smooth and secure payment services. We look forward to supporting businesses as they grow and reach new customers.”

governments in the region namely, Guinea, Burkina Faso, and Mali. Corruption steals trillions of dollars all over the world and it’s siphoned resources of states.”

This announcement was made during the BII World Payment Innovation Summit in Accra and it means that Network now has a presence on the ground and is ready to serve all customers including the 15 banks in the country, all card schemes and other third-party processors who decide to co-locate their services on the company’s infrastructure.

The UN theme for this years’ International Anti-Corruption Day celebration is under the theme: ” United Nations Convention Action Against Corruption (UNCAC) @20: Uniting the world against Corruption.”

Dr. Reda Helal, Group Managing Director - Processing, Africa & Co-Head Group Processing, Network International, said, “We are delighted to be able to

The occasion coincided with CHRAJ’s symposium which was under the theme” Curbing Corruption in Ghana through a Robust Conduct of Public O cer Law.”

Various speakers also took the opportunity to speak on the Bill for Code of Conduct for Public O cers.

Mr Abani noted that if people were unable to access basic amenities such as education, potable water among others, through siphoning of money in a country,

tion.

He said under sustainable development goals 16 and the UN’s Convention Action Against Corruption (UNCAC), Ghana was obligated to conduct studies on corruption and to make regular scienti c ndings and implement measures to curb corruption.

In adherence to the payment systems act in Ghana requiring service providers to be on soil and process cards issued in the country, Network has successfully completed its setup and has started migrating Banks, FinTechs and its payment partners onto its platform for local processing. This highlights the company’s resolve in complying with local regulations, by having a domestic processing presence, as it has done globally in other areas with similar requirements such as Jordan, Saudi Arabia, and Nigeria.

He recalled that Ghana had maintained its ranking on the Global Corruption Index in the year 2021, adding that, a Global Corruption Barometer report had it that 33 per cent of Ghanaians thought corruption increased in the past 12 months and 33 per cent of Public Services users paid bribes.

The UN Resident Rep said, “today, corruption has permeated all aspects of society, the public, private, economic, social and environmental hence the anti-corruption messages must cut across all sectors.”

The company aims to create more partnerships with businesses in the digital payments space in Ghana and local banks and nancial institutions to o er customers more payment options and increase nancial inclusion. With o ces in Nigeria, South Africa, Kenya, Egypt and now Ghana, Network has a presence across Africa’s key markets, and the business operates across almost all other African countries.

He therefore stressed the need to intensify advocacy on integrity and honesty among the young who are the future leaders of Ghana.

Mr Whittal said the day was also used to create awareness of the harmful e ects of corruption and the need for concerted and sustained partnership among stakeholders to address it e ectively and e ciently.

sectors to pave the way forward into progressing West Africa’s quest to enhance access to nance by adopting superior methods in digital payment transformation.

He said in the past years, the National Anti-Corruption Action Plan (NACAP) had successfully seen law reforms in the country, adding, “NACAP has triggered the passage of not less than 14 pieces of legislation.”

The CHRAJ boss noted that the implementation of the Code of Conduct under Chapter 24 remained a challenge.

“However, the peculiar challenge has been what “appropriate action” to take resulting from investigations of breaches of code of conduct under Article 287 of the Constitution.”

The UN Resident Coordinator said to achieve SDG 16, Ghana needed an estimated $50 billion a year to achieve the SDG goals between now and 2030.

Perry Addo-Quaye, Managing Director of Network International Ghana, said, “Ghana is an exciting market for digital payments and

He said with serious liquidity issues facing Ghana due to the macroeconomic challenges, addressing corruption was very necessary.

This, he said, would help Ghana achieve resilient growth and curb poverty growth.

According to him, this year’s International Anti-Corruption Day sought to highlight the crucial link between anti-corruption, peace, security, and development at the global level.

The Payment Innovation Summit, presented by Network International, is a high-pro le summit that brings together policy makers and higher authorities from West Africa’s Digital Payments, Fintech, and Banking

Mr Abani commended the government, other equity groups and national anti-corruption agencies in their ght against corruption.

“These e orts of these groups are in line with SDG 17 on partnerships. Indeed, the government cannot succeed in this ght alone.”

He also lauded the government for the Bene cial Ownership Register, saying the register was key to transparency and the work of the Economic and Organised Crime O ce (EOCO) in Ghana.

“In Spite of this progress much remains to be done… The biggest room of the world is the room of improvement,” he added.

In his welcome address, Mr Joseph Whittal, Commissioner for Human Rights and Administrative Justice, said December 9, had been set aside every year to commemorate the United Nations Convention against Corruption (UNCAC) and to raise awareness on corruption.

Remittance

About Network International Network International comprises a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technology-enabled payments solutions to merchants and nancial institutions of all types and sizes, including acquiring and processing services and a comprehensive ever-evolving range of value-added services. Network International Holdings Plc (LSE: NETW) is the holding company for Network International and the group companies, including the DPO Group. https://www.network.ae/en

He said no one could deny the importance of a Code of Conduct for Public o cers in the ght against corruption.

“In fact, allegations of non-compliance with Chapter 24 of the Constitution, especially con ict of interest and non-declaration of assets and liabilities continue to ood the media space.

This year alone, the Commission has received a record number of cases bordering on non-compliance and contravention of Chapter 24 of the Constitution and we are investigating same.

He said e orts to give practical e ect to Chapter 24 of the Constitution had resulted in the introduction of the Conduct of Public O cers Bill (CoPO Bill), which had been laid in Parliament three times between 2008 and 2020.

Mr. Alfred Tuah Yeboah, a Deputy Attorney General, said the CoPO bill was ripe and urged the participants to lobby their Members of Parliament (MPs) to agree to the provision of the bill to have it passed.

He was optimistic that the CoPO Bill would be laid before Parliament at the beginning of the year 2023.

Source: GNA

Receive money from friends and family abroad at any CBG branch nationwide

President commissions container terminals at Takoradi Harbour

Docks Limited. This initiative is meant to carry out maintenance works on vessels which, otherwise, would have had to call at Las Palmas, Carina, and other ship repair facilities in other countries for maintenance works.”

tionalisation of this facility is expected to begin in February 2023.

Dry-dock at the Takoradi Harbour in the Western region.

The President also cut the sod for work to commence on the construction of a US$98 million modern oil and gas services terminal, “as part of the strategic development of the Port of Takoradi, to service the emerging Petroleum Hub and accommodate oil and gas service providers, fabrication companies, exploration companies and their suppliers for supply base activities.”

The Floating Dry-Dock and Ship Maintenance facility, which is being introduced in partnership with a wholly-owned Ghanaian company, Prime Meridian Dock Limited (PMD), according to him, “is estimated at US$137 million, is being nanced by Prime Meridian

These projects, the President pointed out, “will enhance cargo handling capacity, maintenance and repairs of ships, and also meet the demands of the rigours of the oil and gas service sector within the Takoradi Port enclave.”

Completed at a total cost of US$85.0 million, the Dry Bulk Terminal, the President said, “has been equipped with modern ship loaders and eco-hoppers for the safety of both workers and members of the Port community.”

The new ATS Container Terminal facility, which is part of the multi-Purpose Terminal, he continued, “will take care of both export and import containers and conventional cargoes. Opera-

To this end, the President noted that Concessionaire, another wholly owned Ghanaian entity, which has already spent US$147 million on constructing the facility, will spend the next three (3) months equipping the facility for it to become operational.

Reiterating the importance of private sector to national Development President Akufo-Addo stated commended the Ghana Ports and Harbours Authority for its partnership with the private sector for the rolling out of these projects.

“The Ghanaian people and I are hopeful that the Oil Service Terminal and the Floating Dry-Dock Projects, for which I am cutting the sod, will be completed on schedule to avoid cost overruns”, he added Value-Addition Activities President Akufo-Addo told the gathering that his government has never been a believer of the

notion that the Port of Tema is only a preserve of cargo imported into the country, with the Takoradi seen as an export-oriented Port.

“To demonstrate this perspective, Government has worked hard to modernise the Takoradi Port, and diversify its reliance on export of raw materials like manganese and bauxite, which has never yielded high value returns to the country”, he said.

He continued, “as part of strategies to promote value-added products and sustainable mining, Government has put a 5-million-ton limit on the quantity of manganese to be mined for export. We also intend placing an annual volume limit on the export of raw bauxite, as part of the Integrated Aluminum Development Project.

Indeed, the Dry Bulk Terminal, commissioned by the President, has been equipped with an e cient cargo handling system to facilitate accurate measurement of the various export volumes for manganese and bauxite to check compliance.

Business enterprises expected to outstrip record numbers in ensuing years …says GEA boss

The CEO of the Ghana Enterprises Agency (GEA), Kosi Yankey-Ayeh says the consistent liquidity support for small medium enterprises under the phase two of COVID-19 Response Grant will eventually increase into ‘building giants’ who will be ready to compete globally and make the country more self-reliant.

GEA has so far disbursed GH¢28m to 288 bene ciaries under the phase two of COVID-19 Response Grant.

According to the CEO, in the second week of next month they will launch the High Growth Technical Assistance Programme, which will speci cally look to supporting SMEs that want to continuously look to accelerate their growth.

Speaking at the grant contract signing ceremony of the sectoral expansion of the Covid-19 Response Grant Programme on

Thursday, she told Business24 in an interview that “I think today’s event is very signi cant in terms of the numbers, this is the largest number of the three and in terms of the, amount of money we giving, and also in terms of the women -men ratio, so as much as possible we trying to improve the diversity of the funding we giving and also to support more diverse businesses, we are seeing a di erent uptake and a di erent types of businesses that are coming up based on the gender segregation and so today is very meaningful especially at a time now everyone is going through economic challenges, Ghana has not been spared, it is important for the SMEs to know they have hope in an institution such as GEA.

It is our goal and our focus to ensure that we building giants and we are strengthening businesses, and that is the focus and direction of the work that we do.”

Phase one success

Mrs. Kosi Yankey-Ayeh, had said the new round of the stimulus package was based on the success of the phase one and two which reached 288 SMEs with GH¢28million

She explained that the grant was part of the government’s initiative to promote private investments, sustain and create jobs, ensure business innovation, competitiveness and growth to support the economy.

The project was to support the government agenda not only to promote private investments but also to encourage growth in non-resource-based sectors.

On its impact, the CEO stated that the fund was expected to culminate into job creation and sustainability, business innovation, competitiveness and growth.

She said it will help SMEs transition into the next stage of growth, thereby improving their ability to increase sales and incomes, and exports.

A Deputy Trade and Industry Minister, Nana Ama Dokua Asiamah Adjei indicated that it was government’s hope that majority of the bene ciaries would disburse the funds as they promised in their application.

“This is to ensure that their business will grow, cushion them a

little bit, looking how covid-19 hit, smes were hardest hit from extra cost in production because of covid protocols and we want them to come out of the situation they went in, it is good government is supporting them.

Grant details

The grant is being implemented under the World Bank funded Ghana Economic Transformation Project (GETP).

It is targeting small businesses with employees between six and 100 and those with annual turnover between GH¢180,000 and GH¢21.6 million.

To be able to access the fund, SMEs also need to have business operating certi cates and submit nancial statements or income statements between 2019 and 2021.

The fund must be used to purchase machinery and equipment, or technology, equipment installation and repair costs, working capital expenses including purchase of raw materials and marketing costs and payment of rent.

Special attention will also be given

the clients present to plan ahead in order to pay their taxes as e ciently as possible. He noted, “We all know the times that we are in as a country. As a businessman or woman, it is necessary to take time to plan your taxes yearly so that you know how much to expect for the year. When it

comes to taxes, high net worth businesses are treated di erently and it is important to seek professional advice from tax consultants, especially those at the Ghana Revenue Authority to guide you. Make it a priority to pay up on time to avoid penalties and issues with GRA.”

The wealth client engagement

session was an opportunity for the bank to provide their high-net-worth clients with relevant information on tax planning to equip them make better nancial decisions. The clients also bene ted from a presentation by Will Groat, the Regional Head for West Africa for Standard Bank International. Will shared

insights on international investments and diversi cation options the bank had made available for clients.

At the end of the session, customers at the event had their questions/reservations/misgivings relating to taxes addressed by the experts.

Access Bank partners DBG to grow SME sector

The Development Bank Ghana (DBG) has partnered Access Bank to provide support for small and medium enterprises (SMEs) in the country.

The partnership will see DBG led money to Access Bank for on-lending to SMEs as long-term loans.

engaged in the SME space, creating relevant products to support their growth.

The Managing Director of Access Bank Ghana PLC, Olumide Olatunji, commenting on the partnership said the bank was committed to adding value to the economy and one of the ways it measures its contribution was through the amount of credit it deploys into the market, particularly to SMEs.

The training which was focused on helping female entrepreneurs and traders adopt technology in their businesses and career also sought to provide the platform to motivate and mentor them to advance their digital skills capacity.

This year’s training by Huawei Ghana for the traders was in partnership with the Rebecca Foundation.

In the last two years, he said the bank had impacted over 6500 SMEs with over GH 50 million in loan support and through technical backstopping in the form of hands-on training on digitalisation from its capacity building workshops and SME Clinics held across the regions.

As part of the Financial Technolo gy training, the traders were taken through courses in areas of Digital Payments Systems, Digital Marketing, Cyber Security and Privacy Protection.

“Our holistic interventions are also evident in the products we o er SMEs and such products have been made available digitally.

would be able to scale-up signicantly in terms of credit creation to support DBG’s aspiration to make credit available to Ghanaians and to Ghanaian businesses operating in our environment.

commercial banks, especially with Access Bank,” he stated.

He said DBG’s reinforcement sought to make nancing available for longer tenors and, of course, provide cheaper forms of nancing to the relevant sectors that could continue to add value to the economy of Ghana.

remain committed to such part nerships aimed at equipping and empowering more females in Bantama with the needed skills to take up active roles in the technology ecosystem.”

He said this was because Access Bank considered SMEs as a very strategic pillar to the growth of the economy as they contributed over 70 per cent to GDP as well as create over 80 per cent of employment opportunities.

“Additionally, the Bank has partnered various stakeholders to ensure that funds are readily available to SMEs, all in a bid to support the growth of the sector,” he stated.

Traders at Bantama, Nhyiaeso, Tepa, Anyinam, Nkwakaw, Amasaman, Anyaa Sowutwom, Dome Kwabenya, Okaikwei South and Bortianor bene ted from it.

He noted that over the years, the bank had been actively

Speaking during the training, the Minister for Works and Housing Francis Asenso-Boakye thanked Huawei and the Rebecca Foundation for engaging traders in the Bantama Constituency.

He said the long-term nancing being provided by DBG would be made available to customers who qualify under the criteria that had been set by DBG.

The initiative, according to him, will help boost the digital literacy of bene ciaries and give them the opportunity to actively participate and realize the bene ts of the digital economy.

“As a member of parliament, I

He also added that through this partnership, Access Bank

Access Bank plans to leverage the partnership with DBG to continuously support the Bank’s aspiration for SMEs. Through its network of branches and o ces across the country, as well as its digital platforms, the bank’s clients and potential clients are encouraged to start the process to seek funding for their businesses.

The District Chief Executive for Anyinam, Kwabena Panin Nkansah commended Huawei for involving traders in the Eastern region in the training.

Commenting on the relevance of DBG, Mr Olatunji said DBG was extremely relevant to the macro-economic stability of Ghana, with $1 billion seed fund to banks.

“This makes collaboration with commercial banks very timely and very relevant to the market within which we operate.

He encouraged the traders to take the training seriously as it will go a long way to improve their digital skills capacity, enhance their innovative capabilities and position them advantageously amidst erce competi-

“The SME sector has seen an appreciable level of support from

The Director of Government and Public A airs at Huawei Ghana, Mrs. Jenny Zhou said the Women in Tech initiative, comes as part of Huawei’s e ort to contribute its quota towards the achievement of the United Nations Sustainable Development (UN SDG) Goal 5, which focuses on achieving gender equality by empowering more women and girls.

So far, about 25,000 females have bene ted from the training this year bring the total number of bene ciaries to 75,000 in a space of two years.

PETROSOL adjudged Energy Company of the Year

PETROSOL Ghana Ltd, a leading Ghanaian Oil Marketing Company (OMC), has been adjudged the Energy Company of the Year 2022 for the petroleum category at the just ended 2022 Ghana Energy Awards.

A citation that came with the award said the company won the award in recognition of the high quality of its petroleum products; its delivery of an accurate quantity of fuel to consumers; its commitment to environmental sustainability; its high level of professionalism, as well as the jobs it had created for the youth across the country.

The citation also pointed out that PETROSOL’s commitment to oper-

ating in line with best internation al practices was also a major factor, considering that the com pany had triple International Organisation for Standardisation (ISO) certi cation for Quality Management Systems; Environmental Management Systems; and Occupational Health and Safety Management Systems.

Commenting on the award, the Chief Executive O cer of PETROSOL, Michael Bozumbil, expressed his delight at the recognition, especially coming from such highly respected energy sector awards organisers. He dedicated the award to the

brand over the years, as well as their dedicated dealers and sta , whose hard work and commitment to duty have earned the company the award.

Mr Bozumbil was also grateful to their regulators, as well as other key stakeholders for their support over the years.

He further indicated that he and his team would not rest on their oars but remain focused on ensuring that they continued to deliver value for money to their

customers, as well as operated ethically through regulatory compliance, as well as tax

PETROSOL, which operates several fuel stations across the country has won several awards for its commitment to best industry practices and was recently congratulated by the Commissioner-General of the Ghana Revenue Authority for its tax compliance.

The Ghana Energy Awards annually recognises players in the energy sector that are demonstrating excellence in their operations.

The impact of caring leadership on corporate performance

Recently named the #3 CEO in the world in an Inc. magazine article, and the SHRM Foundation: 2022 Tharseo CEO of the year, Bob Chapman is the chairman of Barry-Wehmiller Companies. A global supplier of manufacturing technology and services based in St. Louis, Missouri, United States. With revenue of over $2 billion, over 11, 000 team members spread across more than 100 locations globally.

Although Barry-Wehmiller was founded in 1885, Bob became the CEO in 1975 at age 30 after the death of his father. At this time the company had been stagnant for decades and was in a precarious situation. According to Bob, "When my father died, Barry-Wehmiller had revenues of around $18 million, two or three million dollars of debt, and negative operating income of $477,000. It employed just under four hundred people, with three unions in the production and engineering areas."

Five years later under Bob’s leadership, Barry-Wehmiller's revenues climbed steeply, from $18 million to $71 million. Since 1984 Bob has successfully acquired over 90 companies, which he actually began without money, having little experience and no credibility.

Most of those companies were in distress. But he always had a way of turning them around. In one of those companies - Paper Converting Machine Company in Green Bay - one day, one of Bob’s senior leaders sent him an email urging him to spare some time to talk to a group of people in the company.

This group had gone through the leadership classes in the company and so, in practice, have invested their time and initiative to come up with processes that have improved performance in the company. Bob immediately requested that they're brought into their executive meeting the next morning so they could talk to everyone. When they nished their presentation.

Bob, from the blues, asked, "how has that a ected your life?" Steve spontaneously - as he didn't know he will be talking to these executives let alone respond to such a question - said, "my wife now talks to me more."

It turned out that Steve Barlament prior to this time in the company would get back to the house each day, while standing at the door, throw his hat into the

house. If the hat got thrown back outside, he would get down to the bar and drink some beer. But if it didn't get thrown back, he'd go in. Steve always felt empty after work each day and got home being unnice to his wife. His workplace left him feeling bad about himself and his work; they were only told what to do and scarcely given the tools they needed to do them. No one listened to them. Nobody noticed when they did ten things right yet they got chewed out for one thing done wrongly. As Bob began to turn things around in the company and introduced the Leadership program, Steve said, "...I realize now, in hindsight, that when I wasn’t feeling good about myself, I wasn’t that nice a person to be around. That was basically every day. But since we began this L³ program, I’ve been part of making things better. People ask me what I think; they listen to me, and I actually have a chance to impact things, including my own job… "I can go home feeling that I’ve done a good day’s work, not wasted the day chasing parts or feeling resentful. When I feel

respected and know I’ve done a good day’s work, I feel pretty good about myself, and I nd when I feel better about myself, I’m nicer to my wife, and you know what’s amazing? When I’m nicer to my wife, she talks to me.”

Many businesses have toxic in uences on their people. How many people leave work each day feeling unvalued and that their organizations don't care about them. Business leaders must understand that employees are people too. They are not a means to reaching the numbers nor are they the functions they perform.

The truth is that how we treat people will determine how they will treat the people around them - family, customers, colleagues, community etc. Years ago, a young lady I know who was the administrative head of an Academic institution in one of the states in Nigeria, beat her son in anger for making a certain comment in the morning while she was getting ready to work.

Not because her son had done

anything worth the beating; she was emotionally swamped by the toxicity in her workplace especially from her boss. Business leaders must learn to lead with compassion. Most people su er in the workplaces without their leaders noticing.

Of course, our workers must adapt to changes - technological advancement, demands of impressive outcomes, outburst of infectious diseases like covid19, organizational transformations, change in competitive landscape etc. Yet leaders must never ignore the fact that these changes come with su ering or pain for their people.

Consequently, how they treat these workers in their pain has an enormous e ect on the bottom line of their businesses, their ability to innovate, render quality services and even become their sustainable and non-replicable competitive advantage.

Gallup's research after the September 11 attack, revealed that leaders who excellently responded with care to their people had 48% of their employees engaged, and only 6% of employees actively disengaged, or fundamentally checked out.

For individuals in companies where the response was poor, only 11% were engaged and a

crushing 39% were actively disengaged. And according to Gallup "When compassion is called for, know that your bottom line is at stake."

Recently, a multinational company in Nigeria laid o , without a winding down period, an employee who is an accountant, as part of the merger process. The employee went to HR, submitted his laptop and left. Few days later he was compelled under humiliating circumstances to come back and help with reconciliation and properly hand over.

Situations like this will always have adverse e ects not just on the exiting worker but on the residual employees. But a caring leader will take responsibility for her people no matter the circumstance. After Net ix had gone public in 2002.

They didn't have need for the bookkeeper they had at the time who actually was responsible for developing a system for them to track their monetary processes e ectively. They were bringing in accounting professionals.

This is one of those cases where organizational change can bring pain or su ering on the workers.

Patty McCord, who was the chief talent o cer at the time, called the bookkeeper into her o ce, gave her the news and o ered a

good severance package to help her move on with her life. That's how caring leadership approaches issues like this. And you know this approach in xes con dence in your people that you care. And unequivocally, they will give their whole heart to the work they do and even treat others with compassion too.

Leaders who occupy positions of authority must understand that people look up to them in dicult times. They don't bother about your luxury o ce, car and even the special parking space. They will serve you; open the doors for you to go through, pour water on your hand etc. But they'll expect you to protect them and care for them and not sacri ce them - lay them o - for the numbers; just to ensure you're making pro t. Caring leadership is what drives and sustains learning and innovation in many organisations.

A Harvard scholar Amy C. Edmondson, the author of The Fearless Organization, studied the healthcare industry. She was surprised to nd that high performing teams reported more errors than low performing ones. Turns out that there are so many errors that don't get reported; they go unnoticed or ignored

because the team members don't experience or express care; no one cares about another. And so those who make mistakes, because of social threat, are afraid of reporting them lest they appear stupid or are treated as victims.

Xi arrives in Riyadh for China-Arab summit

And because of that not much learning and improvement takes place among such teams. However, teams where compassion or care is expressed and experienced actually get to report high rate of errors; they feel safe do so, as well as talk about them and make adjustments that improve their performance Leaders need to create a culture where people see themselves as brothers and sisters and so care for and help each other succeed.

It begins with the leader leading with compassion. You have to believe in the fundamental goodness in people and treat them the same way.

Godswill O. Erondu is the pioneer, Africa Workplace Leadership Summit. A leadership expert that works with organizations - private and public - to transform their leadership and culture in order to achieve superior performance and increased productivity.

Maiden Universal Health Coverage Day seminar to be

held on December 12

participation in discussions geared towards the attainment of

The maiden Universal Health Coverage Day seminar in Ghana is scheduled to be held on Monday, December 12, 2022.

The one-day event which will be hosted under the auspices of Nationwide Medical Insurance, in partnership with PharmAccess Foundation will be held at the Alisa Hotel in Accra.

The maiden UHC Day will see a gathering of thought leaders and experts in the healthcare ecosystem gathering to discuss innovative healthcare nancing

approaches for the attainment of UHC in Ghana by 2030.

The UHC Day Seminar will host participants from government agencies, development agencies, the diplomatic community, regulatory bodies, health-related professional and trade associations, NGOs, civil society, and private health insurance companies, among others.

The Chief Executive O cer of Nationwide Medical Insurance, Nancy Ampah, notes the need and importance of private sector

"The aspirations of UHC align with the purpose and vision of Nationwide Medical Insurance. We are organizing the rst UHC Day Seminar in the private space because we believe there is a need for broader, multi-sectoral engagement and private-sector participation when discussing how to achieve UHC in Ghana. Particularly for the underserved population, we must look at creative and sustainable ways to pay for healthcare without driving people into poverty. People can be shielded e ectively from escalating healthcare prices and out-of-pocket expenses by investing in or procuring health insurance,” she said.

On his part, the Country Director of PharmAccess Foundation, Dr. Maxwell Antwi, underscores the need for Ghana to attain UHC considering the challenges faced in the health space in recent years.

"The past few years have presented unprecedented chal-

lenges for global and local healthcare systems and the journey towards realizing UHC for all. We at PharmAccess Foundation remain committed to leveraging the power of data and digital technology, in partnership with agencies within the Ministry of Health and the private health sector, to innovate, collaborate and build resilient health systems across sub-Sahara Africa that ensure a future with optimism for those who may need care. This year’s UHC Day provides a unique opportunity to harness the global momentum and assess the progress towards achievement of UHC locally and internationally by the year 2030," he stated.

The Ministry of Health in its roadmap for Universal Health Coverage outlines that all people in Ghana must have timely access to quality health services irrespective of their ability to pay at the point of use by the year 2030.

Globally, UHC is a goal in which all people and communities must have access to quality health care when they need it, without facing nancial hardships.

Xi arrives in Riyadh for China-Arab summit

He said China and Saudi Arabia have stepped up strategic mutual trust and produced fruitful outcomes in practical cooperation since establishing diplomatic relations between the two countries.

Xi said he will have an in-depth exchange of views on bilateral ties and international and regional issues of common concern during his visit with Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman.

Air Force after it entered Saudi Arabia's airspace, and by six Saudi Hawk jets from the royal aerobatic team after it entered Riyadh's airspace.

He received a grand and warm welcome when the plane arrived at the King Khalid International Airport in Riyadh. A 21-gun salute heralded the arrival. The Saudi Hawks painted the sky in red and yellow, the colors of China's national ag.

Chinese President Xi Jinping on Wednesday arrived in Riyadh, Saudi Arabia.

He will attend the rst China-Arab States Summit and the China-Gulf Cooperation Council (GCC) Summit in Riyadh and pay a state visit to Saudi Arabia from December 7 to 10 at the invitation of King

Salman bin Abdulaziz Al Saud of Saudi Arabia.

Xi delivered a written speech extending sincere greetings and good wishes to the government and people of Saudi Arabia on behalf of the Chinese government and people.

The president said he is looking forward to attending the rst China-Arab States Summit and the China-GCC Summit, working with the leaders of the Arab countries and GCC countries and taking China-Arab and China-GCC relations to a new level.

Xi's plane was escorted by four ghter jets from the Royal Saudi

Honor guards anked the purple carpet. Chinese and Saudi national ags uttered in the wind. The Chinese president was warmly greeted by Governor of Riyadh Province Prince Faisal bin Bandar Al Saud, Foreign Minister Prince Faisal bin Farhan Al Saud, Minister Yasir Al-Rumayyan, who works on China a airs, and other key members of the royal family and senior government o cials. (With input from Xinhua)

Debunking solar geoengineering

By Lili Fuhr

on fossil fuels. Instead, a contro versial idea is coming to the fore: dimming the sun. Advocates claim that through science ction-like methods, known as solar geoengineering, we can dial down the planet’s thermostat by decreasing the amount of energy that reaches the atmosphere. The idea has gained enough traction for rich philanthropists to notice and for the White House to fund

(SAI), with advocates claiming releasing aerosols into the upper atmosphere and bouncing sunlight back into space would reduce surface temperatures. This idea is gaining traction at a time when some contend that we should be working on a plan B because it is too late to limit global warming to 1.5° Celsius as agreed in the 2015 Paris climate agreement. But giving up this ambition

could ever be a plan B is false and dangerous.

Experts have repeatedly debunked the idea that we can “control” the earth’s thermostat.

The world’s foremost authority on climate science, the Intergovernmental Panel on Climate Change, has warned that solar geoengineering is not a credible solution. Climate models show that masking global heating with

e ects in countries that are already experiencing increasingly severe and frequent storms, droughts, res, and other climate-related events.

To work, solar geoengineering technologies like SAI would require unprecedented international cooperation. Governments would need to align to get chemical-spraying airplanes o the ground, for example, implying

that only powerful countries or military regimes could provide the necessary infrastructure. Chemical mining and production would require additional infrastructure on a massive scale. And all of this would need to be sustained for decades or longer. If a new government stopped an aerosol injection program after regime change, it could trigger a “termination shock” that sent global temperatures soaring, in line with existing greenhouse-gas levels in the atmosphere. Despite this, Harvard University is set to test the equipment associated with SAI in the context of a controversial research project. But this method is e ectively ungovernable. That is why hundreds of academics are calling for a Solar Geoengineering Non-Use Agreement to block public funds for the technology, ban outdoor experiments, patenting, and deployment, and to counter support in international fora and policy discussions.

In addition to the technological and political limitations, prominent lawyers say solar geoengineering is at odds with international human rights and environmental law. If geoengineering changes weather patterns, it could infringe on people’s rights to life, health, and a livelihood. Moreover, SAI could violate the legal duty to avoid causing transboundary environmental harm. A technology set to impact the climate on the global scale would also require everyone potentially a ected to have a say – an impossible idea. But if we know these schemes won’t work, are full of risks, cannot be tested or governed, and delay near-term climate action, why are we seeing increased momentum and support for them? Put simply, they give big polluters a get-out-of-jail-free card and allow them to patent and pro t from the relevant technologies and associated infrastructures.

Oil and gas companies have been researching and patenting (solar and other) geoengineering technologies for decades. In fact, most solar geoengineering models rely on large-scale deployment of Carbon Dioxide Removal to deal with the continued production and combustion of fossil fuels. Proponents of CDR o er carbon removal o sets to polluters, undermining long-term solutions and exacerbating the climate emergency. Worryingly, calls for CDR gained momentum at this year’s COP27, which risks blowing a massive hole in the Paris agreement. While geoengineering supporters often say it is in the interest of the disadvantaged Global South, the Global South isn’t buying it. In fact, most groups in the global climate movement reject solar geoengineering entirely. Indigenous communities have rallied against solar geoengineering experiments in places such as Alaska and Sweden. In reality, it

is the richest and most polluting countries (especially the United States) that are researching and funding these technologies.

Once the world awakens to the reality that there is no quick x to remove carbon from the atmosphere and no substitute for a rapid phaseout of fossil fuels, solar geoengineering might gain undeserved credibility as a last-ditch option – full of risks but supposedly without alternative. We must not allow that scenario to come true.

This means that we must not allow it to become normalized through policy debates, private initiatives, government proposals, and research. The science is clear: We can still prevent irreversible harms to ecosystems and human rights. But the only way to avoid further climate disasters is real climate action now. We must accelerate the transition away from fossil fuels –and leave the science ction on the shelf.

The double transformation

The world’s advanced economies are in the midst of dual structural transformations that will change every aspect of our lives, from how we work and do business to how we regulate markets. The most notable of these transformations is digitalization, which has been so ubiquitous over the past 25 years that referring to the “digital economy” today sounds as odd as talking about the “electricity economy.” To be sure, the digital shift is not complete. Relatively few companies, for example, currently use cutting-edge arti cial-intelligence technologies. But billions of people around the world already use AI-powered tools like chatbots and online translation.

The other transformation is the shift to a carbon-neutral economy, which will upend the energy, construction, transport, and manufacturing industries, as well as numerous other sectors. The fall in renewables prices, already faster than the declines in computer prices in previous decades, is a strong indicator that this transition is well underway. With renewable power now signi cantly cheaper than fossil-fuel energy, decarbonization is set to accelerate.

could be clearly de ned. The state, according to this view, sets the legal framework, builds infrastructure, and funds basic research, while the private sector innovates and creates wealth. One core tenet of this approach, manifested in the privatization wave of the 1980s, was the assumption that the state should leave it to individual innovators, businesses, and consumers to decide what the future should look like.

oning, as is the anti-monopoly movement’s resurgence in the United States.

By Diane Coyle

have slugged it out in the market –the battle between Betamax and VHS for home-video supremacy in the early 1980s comes to mind. In other cases, regulators have set standards, paving the way for rapid scaling and huge cost reductions. The rapid spread of the GSM mobile standard during the 1990s, for example, made cell phones more a ordable in low-income countries.

Lamicare Foundation, a Ghanaian based NGO with branches in Accra, Kumasi and Sunyani has donated items worth GHc15,000 to inmates the Edwenase Rehabilitation Center in Kumasi, in the Ashanti

These technological shifts raise many policy questions, especially concerning antitrust enforcement. For four decades, the prevailing view among economists has been that the roles of the private and public sectors

is determined in its mission to improve lives and build communities through social works, and urged the government and the Ghana Federation of the Disabled (GFD) to review and if necessary,

But the world has changed since the 1980s. The war in Ukraine and the threat of climate catastrophe have led Western governments to embrace industrial policies for the rst time in decades. Even among mainstream economists, there is growing recognition that the state has a crucial role to play in ensuring the net-zero transition through policies that subsidize, among other things, chip fabrication and battery manufacturing. Less attention has been paid to the competitive implications of this transition. A spate of reports published by regulatory agencies in recent years – such as the UK government report that I co-authored as part of an expert panel chaired by Jason Furman – have shown that existing antitrust-enforcement frameworks are ill-equipped to address the challenges posed by winner-takes-all digital markets. New laws regulating digital platforms, such as the European Union’s Digital Markets Act, are a direct result of this reck-

The net-zero transition will underscore the radical competition-policy implications of the digital transformation, making it impossible for regulators to keep operating as they have in the past few decades. Data sharing is a case in point. Competition policy typically opposes companies sharing information with each other – and for good reason. But major disruptions will force antitrust-enforcement agencies to adapt. During the pandemic, for example, supermarkets sought to suspend competition laws to ensure that limited stocks of essential goods remained available.

Sharing data among rms is essential to reducing waste, increasing energy e ciency across supply chains, enabling autonomous-vehicle adoption and e cient transport management, and reducing entry barriers in digital markets. In the coming years, it will be up to competition authorities to decide which data companies may share, which data they must share, and how to monitor their compliance.

The latter model is more suitable for the net-zero transition. But rst, regulators must move on from the Chicago School philosophy that has underpinned competition and supply-side policies around the world since the 1980s. The Chicago approach presumes an absence of radical structural change. Markets are presumed to be dynamic, but only up to a point. An analysis aiming to understand the impact of, say, 5-10% price increases in clearly de ned markets is useless when the prices of some technologies plunge and entirely new markets emerge. It is akin to relying on old maps in a terrain since reshaped by earthquakes and volcanoes.

Lamicare Foundation donates to Edwenase Rehabilitation Center

Regulators must also deepen their understanding of which technologies must be widely shared to enable competition and accelerate the shift to a carbon-neutral economy. Some past technological standards

promote the development of people and foster sustainable communities.” Ms. Bongkoyire said.

This year’s theme for International Day of Persons with

In short, policymakers must be careful when weighing the strategic bene ts of technocratic competition and industrial policies. To enable the net-zero transition and foster a dynamic and inclusive digital economy, competition authorities must recognize the scale of the task they face and shake o outdated modes of thinking – the sooner, the better.

The items presented included wheelchairs, crutches, bags of rice, tubers of yam, plantain, Indomie, toiletries, washing soaps, detergents, cooking oil,

IoD-Ghana to launch new National Corporate Governance Code

The Institute of Directors-Ghana, in partnership with the Bank of Ghana and other key stakeholders, is set to launch the newly created National Corporate Governance Code (NCGC) which will serve as a uni ed national corporate governance reference for good corporate governance for all stakeholders in the country.

The launch event slated for Tuesday, 13th December, 2022 at the Kempinski Hotel will see in attendance the President of the Republic of Ghana His Excellency Nana Addo Dankwa Akufo-Addo, the Governor of the Bank of Ghana, Dr Ernest Addison, and the President of IoD-Gh Rockson Dogbegah, among others.

The National Corporate Governance Code was developed through the setting up of a technical committee, made up of nominees from cross-sectoral stakeholder institutions, that engaged in a rigorous process of planning, developing and consulting relevant stakeholders to draft the Code.

Speaking ahead of the launch, President of IoD-Gh Rockson Dogbegah stated that the project is to ensure that all critical stakeholders are actively involved in the development of the national corporate governance code for Ghana to ensure a high

implementation culture.

He was also positive that the Code will accelerate Ghana’s economic growth and national development.

“The development of this comprehensive National Corporate Governance Code does not only set out the fundamental principles for the culture of good corporate governance for public and private organizations but it would also enhance Ghana’s global appeal as an investment destination in conformity with international best practices.

The Institute believes that the adoption of this Code will promote the best corporate governance practice in both the public and private sectors and hence, it must be embraced by all,” Mr. Rockson Dogbegah added.

Meanwhile, the event will feature the launch of the 3rd Edition of Directors Hand Book, the induction of new members into IoD-Ghana and the 5th IoD-Gh Excellence Awards which will recognise and celebrate the achievements of individuals and organisations that represent excellence in leadership, sound corporate governance practices and have also made signi cant contributions to the socio-economic development of Ghana.

More goodies for MTN customers this Christmas season

MTN Ghana is set to put smiles on its customers faces through the “MTN Season of Sharing” this December. As a way of sharing in the spirit of Christmas and keeping friends and families connected to each other, MTN’s Season of Sharing’’, will o er customers gifts and special packages throughout the month of December.

This year, selected customers (Prepaid and Postpaid) will enjoy the following packages:

• Shopping vouchers (electronic and physical) from various retail outlets across the country to shop during the festive season.

• Free movie tickets at Silverbird Cinemas in the very exciting Pulse Speed shopping on MyMTN App.

• Free access to “How-Do-We-Go-Home” a Google Map service capped at 100mb/day. Customers who purchased data bundles on MyMTN app throughout

the month of November will bene t. • ‘Freebies and discounts on selected devices purchased from MTN shops across the country.

Speaking on the Customer o ers for the season, Chief Commercial O cer, Noel Kojo- Ganson explained that Customer Experience remained the number one priority for MTN and hence the continuous approach to churn out relevant o ers that excite our customers.

He said, “We want our customers to feel special and loved, we always ensure that we recognize and reward them with relevant lifestyle o ers. Rewarding our customers for their loyalty and frequently engaging them helps us delight them and make their lives a whole lot brighter. We urge customers who have accrued points on the Reward platform to ensure that they redeem their prizes by December 18, 2022. Once again and

as always ‘’MTN Season of Sharing’ is ready to create excitement among our customers’, he added.

MTN cautioned Customers to be mindful of fraudsters, re-iterating that MTN will not ask for any form of payment from customers to redeem any prizes won. Customers who wish to validate messages received should visit any of MTN’s Service Centers across the country or call 100 for details of MTN promotions. Customers who are selected as bene ciaries of the ‘Season of Shar ing’ will be called by MTN Ghana sta on the o cial line 0244300000.

The “MTN Season of Sharing” was initiated in 2014 to show apprecia tion to MTN’s loyal customers for their support to the brand and since then thousands of subscribers have won various prizes.

Noel Kojo- Ganson, Chief Commercial O cer MTN Ghana

Year In Review – Binance accelerates adoption, education and transparency across Africa

Binance, the world’s leading crypto and blockchain infrastructure provider, with an ecosystem featuring an unmatched portfolio of crypto products, sees continued growth across Africa, making it one of the fastest growing regions for the company.

Increasing Crypto Adoption Across Africa

As a leader in the blockchain industry, Binance continues to innovate and boost new products and services that enable nancial accessibility for Africans. Notably, the company recorded a signicant increase in Binance Pay users across the continent, highlighting its strong use case and continued uptake. Binance Gift Card also became available in Ghana, making it the rst of its kind on the continent.

In August, Binance enabled instant deposits and withdrawals for the South African Rand (ZAR). This launch enabled South African users to make fast payments, secure deposits via Instant EFT, providing a new and competitive at gateway for South Africa. In October 2022, Binance also added a at gateway for the Nigerian Naira through Cashlink. Following the at gateway launch, Nigerian users are now able to withdraw & deposit NGN directly to and from their wallets, enabling greater nancial accessibility for African users.

Complementing increased adoption across the region, the blockchain giant also strengthened its presence in the East African, South African and Francophone African markets with new hires including new regional leads, Nadeem Anjarwalla (East Africa Regional Director) and Hannes Wessels (South Africa Regional

Highlighting Binance’s e orts in the region, Founder and CEO Changpeng Zhao (CZ) said: “Fueled by a strong appetite across African nations for a transformational system that drives innovation and nancial inclusion, the African continent has the potential to lead the blockchain sector in the future. The multiple applications and use cases have been instrumental in accomplishing previously unimaginable feats for Africans. As a company, Binance is extremely grateful for the trust and partnership of Africans, and proud of our e orts in driving blockchain adoption and enabling greater nancial accessibility for people in the region.”

Education as a Core Mission Education has been at the heart of Binance’s mission across Africa and as of December 2022, the Binance Masterclass has now provided free crypto education to hundreds of thousands of Africans across the region - setting the benchmark for Binance and the industry globally. The company has also hosted over 300 o ine and online education events to drive its mission.

In line with ongoing e orts for equality of access, Binance Africa launched a number of initiatives targeting the education of women such as the rst-ever Blockchain for Women Bootcamp. From the 8-week bootcamp, 300 women graduated, equipped with the blockchain education, tools and skills needed to thrive and bring value to the space as part of Binance’s continued e orts to make crypto learning inclusive for all through both online and o ine platforms.

Binance also launched a

to remain employable globally. Later in the year, the Binance Charity x Utiva Scholarship Initiative was also launched and is set to educate 50,000 young people across Africa in technology and provide scholarships for 1,000 Africans in a 1-year intensive skill training program. The collaboration aims to build a path for economic prosperity for the continent through skill training, virtual education workshops, mentoring sessions and access to vast job opportunities in the technology and Web3 space.

Championing Transparency, Trust and Regulatory Compliance

Over the course of the year, Binance has continued to show its commitment to compliance, security and the support of innovation as essential pieces to establishing trust in the industry, leading to long-term growth in Africa and beyond.

This year saw Changpeng Zhao (CZ), the founder and CEO of Binance, visiting Ivory Coast and Senegal as part of his tour to connect with Binancians across the world and collaborate with policymakers. CZ’s stay in the region involved meetings with Alassane Dramane Ouattara, President of Ivory Coast and Macky Sall, President of Senegal, amongst others. These meetings were instrumental in promoting understanding of the space, discussing regulatory frameworks and establishing channels for international cooperation. Additionally, in order to share knowledge on the best practices in tackling cybercrime, Binance recently participated in the 9th Africa Working Group Meeting

policy, government, nance, economics, and corporate governance. Nigeria’s Ibukun Awosika and South Africa’s Leslie Maasdorp represent the African continent on the board, providing much more localised contributions on the toughest and most sensitive regulatory and compliance issues facing crypto, blockchain, and Web3 in the region.

The company also topped up its Secure Asset Fund for Users (SAFU) to US$1B, the emergency insurance fund that was set up to protect Binance users in extreme situations. Alongside this, the Industry Recovery Fund was also set up to aid in rebuilding the industry and further protect users. Binance also released its Proof of Reserves (PoR) System and an update using the Merkle Tree data structure for users to verify holdings. The new PoR site was designed to show that Binance, as a custodian, is holding client funds in full, with reserves. People will be able to check the site and see Binance’s Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities.

It’s been a remarkable year of innovation at the company and Binance continues to ensure nancial accessibility while promoting safety, compliance and collaboration in Africa and beyond.

Binance

Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a nancial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto-

tion, data and research, social good, investment and incubation, -

Gov’t inaugurates National Economic Partnership Agreement (EPA) Advisory Council

The EU-Ghana interim EPA, which is a trade and development agreement was signed and rati ed in 2016. It seeks to promote trade by reducing trade barriers and tari s imposed on imports of products originating in the EU and Ghana.

THE INSTITUTIONAL ARRANGEMENT FOR THE IMPLEMENTATION OF THE EPA

The Agreement provides for a Governance structure made up of the following:

i. JOINT IEPA COMMITTEE

The Agreement covers trade in goods and provides merchandise goods exported from Ghana to the EU market, duty-free quota-free access (with the exception of rice, sugar, arms and ammunitions). Overall, Ghana is expected to progressively liberalise 80% of their market.

Lamicare Foundation, a Ghanaian based NGO with branches in Accra, Kumasi and Sunyani has donated items worth GHc15,000 to inmates at the Edwenase Rehabilitation Center in Kumasi, in the Ashanti Region.

Ghana’s export to the EU are predominantly agricultural products and tropical fruits whiles the EU shipments to Ghana are mainly semi- nished industrial products (Industrial machinery, transport related, chemicals, medicines and vaccines).

The move forms part of activities to mark this year’s International Day of Persons with Disabilities (IDPD), as well as the re ecting the organisation’s corporate social responsibility programme christened ‘Benevolence Scheme’ aimed at addressing social challenges.

In accordance with Article 73 of the IEPA, a joint Ghana - EU iEPA Committee has been established to oversee the administration and realization of the covered agreement. So far, four meetings have been held, and the 4th Joint Technical EPA Committee meeting took place in Accra from 30th November -1st December, 2022.

is determined in its mission to improve lives and build communities through social works, and urged the government and the Ghana Federation of the Disabled (GFD) to review and if necessary, amend the Disability Act, 2006 (Act 715) to promote and protect the rights of PWDs in the country.

ii. NATIONAL EPA ADVISORY COUNCIL

Direct and steer a airs pertaining to the implementation of the iEPA; Review issues, including cross cutting issues, and give advice and/or request further studies to support decisions; Suggest duties and activities of the Thematic Working Groups; Approve Terms of Reference of the Working Groups.

Lamicare Foundation donates to Edwenase Rehabilitation Center

COMPOSITION OF THE ADVISORY COUNCIL

promote the development of people and foster sustainable communities.” Ms. Bongkoyire said.

The Compete Ghana Steering Committee shall include: The Chief Director (MoTI), The Ministry of Trade and Industry / Project Coordinator, The Ministry of Finance / National Authorizing O cer (NAO), The European Union Delegation (EUD),The Technical Assistance Team (TAT), Administrative and O ce Manager/ Compete Ghana Programme

The organisation’s ‘Benevolence Scheme’ is one of the foundation’s major Initiatives to address and nd solutions to societal challenges, which focuses on the less priviledged.

Speaking at the presentation last Saturday, the Founder of Lamicare Foundation, Carla Cornelius Bongkoyire said the objective for the project was to sensitise the public and create awareness about the importance of inclusion, diversity and equalities for persons with disabilities in societies.

According to her, the organisation

In other to leverage and ensure e ective implementation of the Agreement, the Ministry with support from the EU has set up a fully furnished Secretariat (Compete Ghana Programme) which is located on the fourth oor of Standards Height building, Accra and managed with quali ed Project Implementation Specialists and international consultants (Technical Assistance Team).

Overall, the Compete Ghana programme is set within the context of the Ghana beyond aid vision, to improve economic governance and the business environment whiles maximising the bene ts of the EPA for Ghanaian

The Advisory Council is responsible for monitoring the progress of Ghana’s iEPA and Accompanying Measures and providing strategic guidance on project implementation and compliance with applicable legislation, regulations and standards. The Council will be chaired by the Minister of Trade & Industry and will meet twice a year.

ROLE OF THE ADVISORY COUNCIL

Lamicare Foundation is committed to a more sustainable world through its goals of ; promoting sustainable communities, child-poverty alleviation and empowering young girls and women into being impactful members of society.

The EPA Advisory Council will: monitor the progress of Ghana’s iEPA and Accompanying Measures; facilitate access to the relevant institutions; assure their timely and su cient inputs where required; provide guidance on project implementation; and ensure compliance with applicable legislation, regulations and standards.

“This rea rms our commitment as an organisation to continue to

The Advisory Council is made up of Ministries, Departments and Agencies (MDAs), Private Sector and the Civil Society Organisations, as follows: Ministry of Trade and Industry, Ministry of Foreign A airs, Ministry of Finance (MoF), Plant Protection & Regulatory Services Department (PPRSD),Veterinary Services Department,Ministry of Fisheries, Ghana Revenue Authority (GRA)-Customs Division, Ghana Export Promotion Authority (GEPA), Ghana Standards Authority, Ghana International Trade Commission (GITC), Food & Drugs Authority,Federation of Association of Ghanaian Exporters (FAGE), Association of Ghana Industries (AGI),Ghana National Chamber of Commerce and Industry (GNCCI), Industrial and Commercial Workers Union, African Center for Economic Transformation (ACET),Project Coordinator (Secretary)

This year’s theme for International Day of Persons with Disabilities seeks to explore “Transformative solutions for inclusive development: the role of innovation in fuelling an accessible and equitable world”.

STEERING COMMITTEE

The Committee is expected to provide strategic guidance for the implementation of the Compete Ghana Programme, including reviewing and approving workplans and related activities.

THE

The items presented included wheelchairs, crutches, bags of rice, tubers of yam, plantain, Indomie, toiletries, washing soaps, detergents, cooking oil, cartons of milk, drinks, bags of water, cash and cooked meals.

EPA / COMPETE GHANA PROGRAMME SECRETARIAT

The EPA Secretariat is responsible for general administration and organizing meetings of the EPA Joint Committee, National Advisory Council and the Thematic Working Groups.

THEMATIC WORKING GROUPS (TWGs)

The EPA Secretariat is supported by the TWGs to whose crucial role is to ensure e ective mainstreaming of the iEPA into national development programmes and strategies. The membership includes representatives from relevant Ministries, Departments and Agencies, technical institutions and the private sector.

TECHNICAL ASSISTANCE TEAM (TAT)

The TAT provides technical and strategic support, as well as capacity building to the Secretariat, TWGs and other technical institutions to ensure e ective implementation of the Agreement and the Accompanying Measures. The TAT is also expected to assist the EU Secretariat in the preparation of meetings of the joint committee and other structures under the

WEEKLY MARKET REVIEW FOR WEEK ENDING

DECEMBER 2 , 2022

Asante Gold presents vehicle to Western North regional best farmer

ers in the region.

Presenting the vehicle, the Manager, Environment and Community Relationships of Asante Gold Corporation, Kyekyeku Oppong, said this was the company’s way to reward the hardworking farmers and also encourage the youth to go into farming.

He said the company would continue to support farmers and the youth in the region.

Nana Yaw Berima Donkor, who is the Kontihene of Sefwi Yawmatwa in the Bia West District was adjudged the best farmer in the region at the just ended National Farmers Day celebration.

In the Western North region, over 600 farmers were honored for their contributions to the sector.

Binance reiterates its commitment to user transparency

Receiving his award as the overall best regional farmer, Nana Yaw Berima Donkor, used to the opportunity to advise the youth that farming was not a job for the elderly.

He therefore urged the teeming unemployed youth in the region to consider farming as a source income and not always depend on the government for jobs.

The regional Minister, Richard Ebbah Obeng, for his part commended the hard-working farmers for their support and contribution to the agriculture sector over the years.

Asante Gold Corporation has presented a brand new Changan pick up vehicle to the Western North regional best

farmer, Nana Yaw Berima Donkor.

The presentation forms part of the company’s e orts to support farm-

The celebration was held in all the 16 regions under the theme “Accelerating Agricultural Development Through Value Addition’.

He also commended Asante Golf Corporation for the kind gesture.

New ride-hailing service Little enters Ghana market this December

Little, the Pan-African ride-hailing service that originally started in Kenya in 2016 is expected to start operations in Ghana with an o cial launch on December 15, 2022.

Crypto exchanges have become the heart of the crypto ecosystem, they have succeeded in creating a network where millions of people can participate and reap the perks of nancial inclusion.

Little is touted as a highly professional and user-friendly service that provides safe, on-demand rides with various car categories to suit every rider’s unique preference. Since its inception, the company has quickly grown from a Kenyan company into a global company with footprints in Kenya, Tanzania, Ethiopia, India, Senegal, Uganda, Somalia and now, Ghana.

According to Kamal Budhabhatti, C.E.O of Little, the company has a dedicated team in each country of operation which is determined and excited to make footprints on the entire African continent.

Although, in light of recent happenings, there has been an increased sense of urgency for crypto market regulatory initiatives – some of which are already underway and are likely to be accelerated following the collapse of the crypto exchange, FTX. The priority of these regulatory initiatives will likely focus on the custody and protection of customers’ digital assets, transparency, and the reporting of reserves, assets, and liabilities.

currently operating in the country, the business focus of Little is on the corporate segment so Little drivers are highly professional and the cars allowed have higher requirements. This means that even individuals in the retail segment who use the service get to enjoy a higher quality of service than they would get elsewhere.

Users (SAFU), established in 2018 is an emergency insurance fund that was set up to protect Binance users in extreme situations of loss and theft of their digital assets. Due to the recent market conditions, the fund originally valued at US$1B uctuated down to US$735m earlier in the year; it has however been topped up to US$1B. This insurance fund comprises BNB, BUSD, and BTC and the funds are raised by allocating 10percent of all trading fees accumulated on its platform in the case of emergency scenarios, giving Binance the ability to stay ahead of situations where users’ assets have been compromised.

For corporates, Little is a comprehensive transportation management system that makes it easy to manage logistics costs at every level of the company. It provides automated and credible 100% audit trail of transportation costs. Employees can ride in comfort and style as they move around town, for business. These bene ts and more are o ered on a post-paid basis to corporate clients

To top it all o is the unique service category: Superwoman. The Superwoman service option is designed with the safety of women in mind. It’s also an empowerment tool for more female entrepreneurs to venture into the business of ride-hailing. “I encourage female riders to book a Superwoman ride with Little and support a fellow woman”, she said.

to support the future of Web3.” In addition, other investment rms including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have enrolled and committed an initial aggregate of US$50 million between them to participate in the initiative and Binance has already received 150 applications from companies seeking support.

o Launch the next batch of PoR, including additional assets in the next two weeks,

o Involve third-party auditors to audit the PoR results.

Little is to relax: you don’t have to worry about price surges and cancellation fees. In fact, Ms. Kisivo has hinted that we should rather be looking out for surprises like more discounts, special birthday packages and corporate surprises, a chance to have a tête-à-tête with their celebrity brand ambassador, and many more!

This is why in a time of uncertainty and doubt, Binance - the world's leading blockchain and cryptocurrency provider has recently taken active steps of its own to restore users’ con dence in the ecosystem. Below are some of the initiatives they have introduced to the community:

Topping Up SAFU to US$1B: The Secure Asset Fund for

Little’s Chief Operating O cer, Niladri Roy has also echoed this excitement in a statement that, the team is poised to make Little the best in Ghana. He added that the decision to bring Little to Ghana was not di cult to make. According to him, Ghana, especially Accra has become increasingly cosmopolitan with a high demand for corporate ride-hailing services like Little.

Unlike other ride-hailing services

Establishing the Industry Recovery Initiative (IRI): In a recent post, Binance explained that the initiative was set up with the aim of rebuilding the industry and protecting users. It also stated that it will devote US$1 billion in initial commitments to the recovery fund which may be increased to US$2 billion “if the need arises.” Binance stated that IRI is not an investment fund, but terms it a “co-investment opportunity for organizations eager

Perhaps, one of the most bene cial things about companies associating with the Little brand is the fact that the company’s business model respects and rewards its drivers, customers and other stakeholders. According to Felistas Kisivo, a Little Executive, passion for diversity and inclusion is seen in how Little charges low commissions on rides and the empowering communal platforms created for Little drivers.

Both corporate and individual riders have access to an array of car categories to choose from: Basic, Comfort, Comfort+ and Super Woman. Additionally, Little is designed with rider and driver safety in mind; and is equipped with security features such as GPS map tracking, SOS Emergency Services, Trip Sharing, Service Rating and 24-hours of customer support services.

A preliminary survey of the market shows that riders are excited to have such a service in Ghana because currently, there is no ride-hailing service in Ghana o ering professional ride-hailing services to individuals as well as a dedicated transport management system to companies.

Publishing its Proof of Reserves System (PoR): On Friday, 25th November, following the disclosure of its hot and cold wallet, Binance published its bitcoin pro0f-of-reserves (POR) system, utilizing the Merkle Tree approach – which gives users the ability to verify speci c contents that were included within a particular set of “sealed” data. Users can verify their BTC asset balances and transactions held on the crypto exchange’s platform. Additionally, Binance has also highlighted its future plans for the POR list which include:

Participants in the company’s pilot tests have observed that to ride in a

o Implement ZK-SNARKs for POR, improving privacy and robustness, and proving the total net balance (USD) of each user is non-negative. K-SNARKs are powerful tools that provide privacy and simplicity bene ts to proof of reserves and liabilities. This is because Binance o ers Margin and Loans services in certain countries, so audit results will show the Net Balance, Equity, and Debt of each user.

The Little app is available on both Google Play and the App Store. Drivers can also download the Little Agent app to enjoy the lowest commission rates in the market, free data and other bene ts. Further information can be found on www.Little.biz or via email: customersupport.ghana@little.africa; and customer care number: 0507795596. From 15th December this year, Ghanaians can also start enjoying the safe, convenient and reliable ride-hailing services that other African countries have been bene ting from.

The crypto space is a rapidly evolving one and now more than ever, the crypto community demands more transparency from crypto exchanges. Collaborations such as the Industry Recovery Initiative need to be an integral part of all crypto exchange e orts for the ecosystem to have any chance of survival.