Business24 Newspaper 1 February 23

By Mr. Tommy Liang,

remove the need for rent advance payment, which has been an albatross on low-income earners.

Launching the event, the Vice President, Dr. Mahamudu Bawumia, said the scheme, in partnership with the private sector, will provide low-interest loans to eligible Ghanaians to enable them to pay rent in advance. These loans will be repaid on a monthly basis to match the tenor of the rent and will be supported by a bank guarantee to ensure sustainability.

The scheme's implementation will initially commence in six (6) regions: Greater Accra, Ashanti, Western, Eastern,Northern and Bono East Regions. The regions were selected because data from rent control indicate that they have a higher rate of rent advance issues.

The scheme will target individuals in the formal and informal sectors income. The rent advance loans will be paid directly into landlords' bank accounts, who would also

scheme will help rental accommo-cant share of shelter services in the country especially in the urban areas, catering for about 34/35percent of households whiles owner occupied housing account for 48percent of shelter services in the country.

According to him, previous housing policies and programmes have often focused on promoting home ownership, neglecting the fact that rental housing is a key component of a well-functioning housing market.

The Secretary General of the Trade Union Congress (TUC), Dr. Anthony Yaw Baah, urged the scheme to consider single mothers as well as extending it to the other regions to make it sustainable.

The General Secretary of National Tenants Union, Frederick Opoku, urged the government institute a taskforce to monitor, enforce and sustain the scheme.

Residential renting in Ghana has been on an increasing trend for the past two decades. This is as a result rental properties. The problem is

tional direct support before they can have access to housing.

Potential applicants would be required to be a Ghanaian, possess a valid Ghana Card, must be an adultable employment and earned statement or mobile money statement, rent payable must not exceed 30percent of the house hold income

In a bid to resolve the challenge, government acting through the Ministry of Works and Housing has submitted to Parliament for consideration and passage of a Rent Bill, to replace the existing Rent Act 1963 (Act 220). The current Act was years ago, and therefore, its relevance has been outlived by the current population growth, urbanization, and housing availability, among others.

Additionally, to enhance the service delivery standards of the Rent Control Department, processes have begun in earnest, and a service provider has been engaged to digitalize the work of the Department across the country. Digitalization will provide a consolidated platform for the operations of the at revenue the

Prof Adei speaks on leadership and ideas at LEADTIONARY webinar series

demonstrated his leadership academic and goverInstitute of Management and Public Administration (GIMPA). the LEADTIONARY share the inspirational his rise to leadership

Renowned cian ing LEADTIONARY hosted on February 4th this year. The event, which is expected to

the former Director-Gen National Development PlanCommission shares his views on Prof Adei, an exemplary leader, who

Boosting career readiness of Ghanaian youth in ICT

With Ghana’s dedication to ‘Moving Beyond Aid’ and expanding its local digital economy, there has been a lot of noteworthy achievements throughout the years.

Notable among these include:

Ghana recording the highest internet penetration rate (53%), as well as the highest e-Connectivity Index (86.43), in the West African Sub-region, in 2022.

Ghana’s close to 19 million unique mobile subscribers, equivalent to 67 percent of the populathan the Sub-Saharan African average of 44 percent.

Ghana toping African countries with the fastest internet speed in the latest global ranking as well rural network coverage through its Rural Telephony Project which has helped increase the communication coverage rate in underserved communities from 83% to 95% byture

Huawei is proud to have contributed to many of these achievements including the government’s Rural

Telephony and Digital Inclusion Project. Through this project, Huawei deployed 2,000 base stations in rural areas and provided voice and data services to 3.4 million people, 2,000 schools, and 200 rural clinics.

All of these achievements have paved way for Ghana to transitionmy; with the younger generation being the main driving force behind this progress. However, it is undeniable that the demand for digital-skilled talents in Ghana exceeds its supply.

Research suggests that by 2030, 50 percent of all jobs and 75-80 percent of the formal sector jobs in Ghana will require essential digital skills as a prerequisite. This reality hurdles their potential in the digital era. To bridge this gap, Huawei, as a world-leading ICT company and a long-time partner of the Ghanaian Government, is committed to improving the digital skills capacity of more Ghanaians by introducing the ‘LEAP digital talent programwhich promotes the 'Leadership', 'Employability’, 'Advancement', and 'Possibilities' of people by equipping

Under the LEAP program, we are

Professor Adei has and co-authored more than 25 books and 8 book chapters. written more than 100 keynote addresses and Among his well-known Leadership and Nation Promise of LeaderChances of Ghana Having Leadership to Move the Country First World, Called to Introduction to Economic Science, Twelve Keys to Financial success and Retirement Planning: Taking the Tire out of Retirement Speaking in an interview, Bishop Gideon Titi-Ofei, who is the host and

the Presiding Bishop of the Pleasant Place Church, said LEADTIONARY aims to create a world of inspirational leadership ideas that grow leaders. He said LEADTIONARY uses inspirational approach to leadership growth and development instead of the traditional informational approach used by many organizations and academic institutions.

“The latter teaches the principles of leadership whiles the former talks to/about personalities behind the principles.

In the inspirational approach, leadership practitioners share their experiences and ideas intended to inspire a generation of leaders who can lead change, drive innovation, and solve complex problems,” he added.

Bishop Titi-Ofei noted that every recognized leader is a proven problem solver, saying “problem solving is what separates a leader from a follower.”

aiming hundred from with our partners from industry and academia.

In addition to providing world-class policymakers, young graduates and ICT professionals while improving the digital literacy skills of the public, Huawei is also dedicated to enhancing the hands-on experience of the this backbone that we established the Ghana ICT Talent Development Centre (GITDeC) in Ghana, to boost the career readiness of the youth interested in joining the ICT industry and equip them with hands-on experience in the real-world environment.

The Ghana ICT Talent Developmentequipment installation, standardized quality control, EHS (Environmental, Health, and Safety) compliance, and the use of digital delivery platforms. All of these courses are designed based on the demands of real-world jobs.

instructors and skilled engineers on-site to guide and support the trainees. “There is no need to fear the wind when your roots are deep”, says

digital prosperity in Ghana.

we will of

This initiative strongly advocates for putting people, especially the youth, at the centre of the spotlight and investing immensely in people with the ultimate goal of realizing the growth of the youth, their communities and societies, as well as their beloved country. With this approach, economic advancement is inevitable.

We also see the launch of the Ghana ICT Talent Development Centre as a clarion call for more collaborations. The goals of ICT talent development and adequate digital skills provision cannot be achieved by an individual. “It takes a village to raise a child,” as the saying goes.

We must therefore closely collaborate with government, industry, and academia, as well as encourage more domestic and international resources, expertise and partnerships. This will enable us build an ecosystem which is open to everyone and from which all

supply of digital talent and an extensive collaboration among stakeholders, the full bloom of Ghana’s digital future would be within reach.

Bishop Gideon Titi-Ofei

Prof. Stephen Adei

Trade experts, business executives, and advocates of the African Continental Free Trade Area (AfCFTA) from across the continent have expressed concerns about the slow progress on the movement of people.

The Agreement has, thus far, been African Union (AU) Member States. Forty-four countries have depositProtocol on the movement of people.

Intra-African trade, currently less than 15 percent of the continent’s stringent entry rules making it strenuous for citizens to move from one country to another.

In a document released at the end of a three-day Africa Prosperity Dialogue held in Ghana from 26 to 28 January on the theme “AfCFTA: From Ambition to Action - Delivering Prosperity Through Continental Trade,” African countries are called upon to “accelerate the

The Protocol - initially contained in the 1991 Abuja Treaty - aims to facilitate and increase the movement of Africans within Africa, while enhancing their rights to entry, residence, and establishment in AU member states.

With more people able to move freely, countries will easily tap into a wider labor market to bridge skills gaps while trading across borders.

The Africa Prosperity Dialogue focused on issues relating to access, dispute resolution, negotiations on Phase II of the Agreement, industrialization, private sector,

ing and resource mobilization, partnerships for impact, and free movement of persons.

The outcome document also contains a commitment to “Ratify the AU Protocol on the Free Movement of people and select a champion to ensure early entry into force."

In fact, President Nana Addo Dankwa Akufo-Addo of Ghana was called upon to champion the Protocol on the free movement of persons. The president said he would “readily accept in all humility.” He cautioned, however, that “I need the approval of the AU before I can become the champion of anything”

President Akufo-Addo urged “all of us here to see ourselves as champions of intra-African trade,” adding African nations, we must join hands with each other and work diligently to pursue this noble cause.”

The Dialogue was organized by the African Prosperity Network in partnership with the AfCFTA Secretariat, the Government of Ghana, UNDP, and the Economic Commission for Africa (ECA). It brought together business executives and associations, policy leaders, trade experts, women, and young entrepreneurs, and senior government representatives who brainstormed and identi-

AfCFTA initiative from ambition to action.

“Continental integration is an existential necessity, and therefore a natural destiny for Africa,” said Stephen Karingi, Director of Regional Integration and Trade, ECA.

“When our governments sign or ratify an agreement of this nature, they are making a collective prom-

ise to all of us…It is thus incumbent on all of us to support them to be true to their words, but also to hold them to account when they fall short,” said Melaka Desta, Coordinator of the African Trade Policy Centre at the ECA.

“Let Africans roam freely. Free movement of people is a must if Africa wants to enjoy the full beneAtta-Mensah, Senior Regional Adviser on Trade, ECA.

Organizers agreed to “meet annually, under the Africa Prosperity Dialogue,” and take stock of the progress of Africa’s prosperity agenda. It was also agreed that development partners including ECA and UNDP will continue to provide coordinated support to governments and businesses to ensure the full implementation of the AfCFTA.

Independent oil and gas, exploration and production group, Tullow, has projected to invest $300 million in its operations in Ghana.

The money will be spent mainly on its Jubilee operations and will include over $100 million in infrastructure.

The company’s planned investment in Ghana is part of a $400 million amount the company intends to spend this year on its operations in Africa.

An amount of $40 million will be spent in Gabon; $20 million in Côte d’Ivoire; $10 million in Kenya and $30 million on exploration and appraisal activities.

The company’s annual expenditure is an increase of $50 million compared to 2022 as a consequence of deferrals from that year, increased equity in Ghana for the full year, and ongoing infrastructure investment in Jubilee South East, which will account for 40 per cent of Ghana capital spend in 2023.

The company said its decommissioning expenditure is expected to

be $90 million in the United King dom (UK) and Mauritania, including deferrals from 2022, with less than $30 million of decommissioning liabilities in the UK and Mauritania remaining at the end of 2023.

“Additionally, starting in 2023, $30 million is expected to be paid annually into escrow for future decommissioning of currently producing assets in Ghana and parts of the non-operated portfolio,” it said. It said, cash taxes are expected to be in excess of $300 million in in the year under review (at $80/bbl) as historical capital allowances in Ghana will have been fully utilised

full year 2023, post hedging, is expected to be $200 million at an average oil price of $100/bbl ($100 million at $80/bbl); this assumes revenue receipts for 15 cargos lifted

Ghana during the year.

Capital investment in 2023, particularly in Ghana, is expected to support production growth throughtion of $700-800 million at 80/bbl for the two years 2024 and 2025 based on 2P reserves only, which will further reduce net debt and strengthen Tullow’s balance sheet,” it said.

It said Tullow’s commodity hedge portfolio provides oil price downside protection at $55/bbl for 64 per cent of forecast sales volumes to May 2023 and 40 per cent of forecast sales volumes from June 2023 through to May 2024.

The company added that with the majority of hedges executed as part

exposure to higher oil prices from May 2023 onwards.

“Tullow plans to build out its commodity hedge portfolio for the second half of 2023 and into 2024, looking to maintain material upside exposure whilst securing protection against a severe oil price downturn,” it added.

First female Master Blender of Johnnie Walker hosts Virtual Masterclass for Media Personalities.

Emma Walker, Johnnie Walker’s Female Master Blender, takes media on a multi-sensory journey of Johnnie Walker Black Label.

Blender, Emma Walker, took memof the media on a whisky tasting journey during a virtual masterclass the 24th of January,2023.

virtual session, attended by around the continent, gave particiexclusive access to experience process of whisky making. Participants were taken through an immersive tasting experience with Emma Walker. They also got the opportunity to interact and learn about Emma Walker’s journey whisky making industry, the future of whisky and exciting innovations for the future.

guests had the opportunity to be whisky blenders and tasters for a

day during the session. They had the opportunity to ask a lot of questions regarding the blending and ageing process of whisky, as well as Emma Walker’s journey.

The virtual session was moderated by Julie Braham, the global brand director of Johnnie Walker, who also discussed the Scotch Whisky’s successes over the past 20 years and major plans and campaigns Johnnie Walker seeks to run. She remarked that the brand will continue to innovate and push the boundaries of what is possible in whisky, thus the audience should expect exciting things from Johnnie Walker.

master blender in the 200 years history of Johnnie Walker. She took over the reins from Jim Beveridge OBE who retired after a 40-year run at Diageo in 2021.

Keep Walking!

GSS, Vodafone & Flowminder Foundation

The unique support evidence-based decision-making for the wellbeing of all in Ghana, has been renewed between Vodafone Ghana, the Flowminder Foundation, and

support from Vodafone Foundation.

As 2023 begins, Ghana Statistical Service, Vodafone Ghana and the Flowminder Foundation are draw-

statistics on the African continent. With this in mind, and with their objectives and milestones set for the year to come, the Data for Good project partners are taking this opportunity to publicly announce

ber 2017 - with the signing of Phase 2 of the Data for Good Partnership Agreement which enables Vodafone Ghana, the Flowminder Foundation, and GSS to continue, and enhance their collaboration in using pseud-

onymised and aggregated mobile operator data to estimate population distributions and trends of population movements across Ghana for development and humanitarian purposes.

The signing of a partnership agreement helps guide the partners and stakeholders in the goals and objectives that are to be pursued through the partnership. This partnership makes it possible to transform the through the secure analysis of anonymised and aggregated Call Detail Records (CDR), a set of data routinely and automatically collected by the network operator for billing purposes.

of its kind in Ghana, and one of the advantage of technology to drive evidence-based planning in the areas of health, disaster manageamong many others.

The Renewed Partnership Agreement will seek to achieve four broad goals:

(i.) Increased utilisation and usability of CDR data

(ii.) Enhanced capacity within the National Statistical System of Ghana to support the integration of statistics.

(iii.) Continuous access to Call Detail Records data, and (iv.) Commitment to learning to enhance development planning nationally and across Africa.

Referring to the essence of this innovation, the Government Statistician, Prof. Samuel Kobina Annim, has noted: “Understanding changes in mobility patterns is important…. The work conducted to date, including the production of various analyses to understand mobility during the COVID-19 pandemic, shows the power of mobile opera tor data analytics, anyone through our national statistical system.”

Cathy Riley, Director of tion, adds: “The to enhance the production of

and indicators through the incorporation of aggregated, anonymised mobile phone data outputs into the National Statistical System. GSS, as its coordinator, will leverage those indicators to inform government operations, decision-making and policy formation for the well-being of all in Ghana, and may serve as a model of this approach to other countries in the region.

Alluding to the importance of the Data for Good Partnership AgreeVodafone Ghana, Patricia Obo-Nai, says, “We are excited that this unique partnership is helping the government of Ghana estimate and monitor population movement for social good. The mobility insights from this project are indeed helping the country to better analyse and

Vodafone Healthline: regains the use of her

The Embassy of the Kingdom of the Netherlands has opened applications for the 2023 edition of its Acceleration Programme, Orange Corners. Ghanaians interested in being part of the programme have until 30th November 2022 to submit their application to be considered for the programme. Orange Corners is an initiative of the Kingdom of the Netherlands executed by MDF West Africa at the Ghana Innovation Hub in Accra and its regional centers in Ho, Kumasi, Takoradi and Tamale in collaboration with key private sector partners including Fidelity Bank, Emergent Payments, Friesland Campina, Vivo Energy Ghana, Meridian Port Services (MPS), PricewaterhouseCoopers (PwC) and Allianz.

The Orange Corners Ghana programme is a six-month acceleration programme which includes access to working space at the Ghana Innovation Hub in Accra and its regional training centers in Ho, Kumasi, Takoradi and Tamale). The 2023 program is scheduled to start in January 2023 to June 2023 and will be in two phases.

online component, focused on the business model, where the teams will complete online e-learning modules, masterclasses, training

workshops sessions.

The second phase also for a duration where smaller workshops and ship and Human and investment aim to apply for the Orange Fund (OCIF) Bank Ghana, of 5% interest with a 2-year tenor.

To be part, you tered, youth founder being - 35 years. The been in operation for over a year year (2022). The located in the Accra, Ho, Kumasi, Tamale and your or service should vation and business value chain.

Apply before form accessible ANGECORNERSGH. out to accra@orangecorners.com call 0556959376 tions.

-

ship agreement, many broad achievements were realised, notably:

(i.) The establishment and operation of by establishing strong frameworks for decision-making, and establishing eligibility criteria for access to anonymised and aggregated Call Detail Records

(ii.) Construction of a data pipeline, including installation of Flowminder's CDR processing and analytical software toolkit, FlowKit, at Vodafone cyber defence protecting IT systems from an external intrusion), and integration of a secure and protected interact with FlowKit, after access approval from Vodafone, to process the anonymised, aggregated CDR data

According

19.1% to dollar in

central bank, however, pegged cedi depreciation to the American greenback in 2022 to 30 per cent. the pound and the euro, the local currency lost 21.4 per cent and 20.7 cent in value respectively in January 2023.

local currency came under pressure to the American currency in January 2023 after recording some sustained stability in the greater part of December 2022.

was after Ghana reached anational Monetary Fund.

depreciation the cedi follows trend to become the second weakcurrency among 15 top currencies

Sub-Saharan Africa in January

It is still currently in that position.

¢10.60

It sold at ¢13.10 to one US dollar on the forex or retail market, but has since improved very slightly in value to ¢12.90.

35 LPGMCs submits application for gas station

grant approval in your neighbourhood [it has to suit the cylinder recirculation model]” the minister explained.

The NPA early this month announced the revocation of licenses of 30 oil marketing companies, or non-compliance with the rules and regulations of the Authority on the acquisition and maintenance of their licenses.

In a statement, the NPA said, “Cabinet has granted a special dispensation to allow the completion of the construction of stranded LPG stations across the country”.

The Authority has asked all Oil Marketing Companies and LPG companies to begin processes for approval.

The CEO of National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has announced thating Companies (LPGMCs) have submitted application to put up a gas station in their respective locality.

“After cabinet gave us approval to allow some categories of LPGMCs to that announcement to the industry, and so far about 35 of them have submitted application.

did not have proper documentation, so we have sent it back to them to make their documentation up to date and submit. About six have proper documentation and we to physically inspect their site, and we will issue the license for them to operate,” he told the Public Accounts Commission (PAC) when a question on the construction of sitting on Monday.

In spite of the lifting of the ban to construct gas stations, the directive

does not cover all categories and the MP for Bole Bamboi, Yusif farthest areas like his constituency, special arrangement could be made

The Minister of Energy, Dr. Matthew Opoku Prempeh, is response to the appeal indicated that getting LPG or siting of LPG station is suppose to the done in a safe and secured manner, and it is for the reason government introduced the Cylinder Re-circulation to minimize the occurrence of gas explosions at these unapproved gas stations.

“ You might talk this way now, because there is a need which I agree totally with but let an accident happen and then NPA would be asked which were the safety and security issues to do the siting of that station -so we have moved on, like in the ECOWAS sub-region, everybody does cylinder recirculation which is a more secure way of distributing LPG…but we have moved on, even if NPA will

According Dr. Abdul-Hamid, for more than two years most of the deactivated companies did not come to renew their licenses and the only option left was to report to EOCO for retrieval of the monies.

“We take the renewal of license as an intention to do business, so if for two years, you have not come to NPA to renew your license and you are not operational, we take it that you no longer exist or your company has gone bankrupt, so the only option is to revoke, report to EOCO to pursue you for the monies that you keeping and which is what we did” he said.

Government last year lifted the ban it imposed in 2017 on the construc(LPG) stations.

The decision was arrived at Cabinet’s 35th sitting held on, August 3, 2022.

It was on the back of ongoing strike by Tanker Drivers and LPG Marketing Companies over the issue.

Following the Atomic Gas Explosion that killed at least 7 people and injured 132 in Accra in 2017, government after a crucial cabinet meeting, announced a number of directives, about ten of them, geared towards sanitizing the fuel distribution and retail sector, to improve safety and save more lives.

One of the decisions, as approved by the President, was an immediate cessation of the construction of new fuel stations, to allow the NPA and its allied agencies, to carry out a proper audit of all the facilities.

The President also ordered the closure of all high-risk fuel stations within 30-days.

The President also ordered the implementation of the Cylinder

Petroleum Gas distribution within a year.

The module, proposed by the NPA, sited out of densely populated areas and commercial centres.

The NPA regulates the petroleum

The Ghana cedi has depreciated by a substantial 19.1 per cent to the US dollar this January [2023].

to the Summary of Economic and Financial Data from the Bank of Ghana, the cedi sold at

to one US dollar in January 2023 on the interbank market, compared with ¢8.57 in December,

7%-13% from Febru ar y — IE S

brought the era of easy monetary policy to an end. The US Federal Reserve, the European Central Bank, and others are planning to shrink their balance sheets, but this is a process that will most likely unfold very slowly. In the meantime, the heavy lifting will be done the old-fashioned way: hiking short-term interest rates to rein in aggregate demand. But policymakers should be careful not to get ahead of themselves.

The latest monetary-tightening cycle has been highly synchronized. While the Fed, the ECB, and the Bank of England did not all start raising rates at the same time, they have all implemented 200-basis-point hikes since September. And they have all used similarly commitment to reining in price growth.

This uniformity is puzzling, given

economies. Consider the impact of skyrocketing global energy prices. For net energy importers like Europe, this trend implies a negative terms-of-trade shock –import-price growth outpaces export-price growth. This produces over time, it erodes real incomes and suppresses aggregate demand. France’s Treasury estimates that real income losses, compared to pre-pandemic levels, amounted to 3% of GDP at the end of 2022, owing

But the United States – a net energy exporter – is not facing any such shock, so the factors driving US central banks should account for these divergences, rather than following the same playbook. Of course, one might argue that

lar, their hawkish rhetoric – are have indeed stabilized in the eurozone, the US, and the United Kingdom. But there is reason to fear that policymakers are going too far too fast – especially in Europe, where the energy crisis is now taking a large toll on real disposable incomes.

Fast seems to be the point. Based on the ECB’s own forecasts, one can infer that it is aiming to reach the BOE, for its part, predicts that well below the 2% target – by the fourth quarter of 2024. In the US, the Federal Open Market Committee’s median projection for person-tion is 2.5% for 2024.

These are very sharp decreases, by historical standards. When Paul Volcker became Fed Chair in thetion rate exceeded 11%. At the end of 1982 – after two recessions, the second of which was brutal – he had 3.8%. Though expectations stabialthough stable, for years, averaging almost 4% in 1983-90. Why are today’s central bankers in expectations, one might infer that policymakers fear the emergence ofsupported by a relatively strong labor market, catch up to prices. But there is little evidence of wage-price spirals in Europe so far.

In the eurozone, forward-looking indicators of wage development are mechanisms, such as the degree of wage indexing or unionization, that may favor such spirals are weaker today than they were in the 1980s. Another possible explanation is

up per per cent with respect to petrol, (LPG). Petrol will therefore sell at about ¢15 per litre, whilst diesel will go for over ¢17 per litre.

According to the IES, the rise in domestic fuel prices, is due to the sharp depreciation of the cedi during the last two weeks and the rising international fuel prices as observed on the global S&P Platts platform.

The energy think tank noted that the increase in fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonne of diesel under its “Gold for Oil” programme.

“On the basis of the rising international fuel prices as observed on the global S&P platform, linked with the local currency’s value decline against the greenback, the Institute for Energy Security (IES) estimates a 7 per cent to 13 per cent jump in the prices of Gasoline [petrol], Gasoil [diesel], and LPG over the next two weeks ending February 14, 2023”.

“The rise in domestic fuel prices would be occasioned in spite of government’s receipt of approximately 41,000 metric tonne of Gasoil under its “Gold for Oil” programme, and that consumers must be prepared to buy for instance, a litre of Gasoline [petrol] for roughly ¢15 in the coming days”, it said in statement.

that policy preferences have shifted over the last few decades, with

economic growth. But this seems unlikely, given the crises with which all three economies – especially the eurozone – have grappled over the last 15 years, and the growth headwinds they face today. marked the beginning of a dismal decade, particularly for Europe, at the end of which the COVID-19 pandemic upended the global economy. Since the fourth quarter of 2019, US GDP has grown by just 4.4%, but the eurozone has achieved only 2.2% growth, and the UK economy has shrunk by 0.8%. This year, the OECD expects US and eurozone GDP to grow by 0.5%, and the UK economy to contract by 0.4%.

It is hard to imagine any of these economies making it through another decade of slow growth without output or doing lasting damage to

the most vulnerable segments of society. Such protracted economic stagnation would most likely have severe political repercussions as well, particularly in the EU and the UK. Perhaps, then, central banks are moving so fast because they believe such high costs, in terms of output and employment, as it did in the 1980s. But given all the academic evidence to the contrary, this also seems implausible. In fact, monetary tightening will do more damage to output and employterms-of-trade shock that erodes real income – the case in Europe today –than when excessive aggregate demand is the culprit.

The only other possible explanation for central bankers’ haste is that they know something we do not. If so, they should explain it. Otherwise, they should proceed with caution, recognizing that continued rapid monetary tightening may bring huge economic costs. It may also reap the whirlwind of a backlash which threatens central bank independence.

maritime resources.

According to him, the mandate of the Maritime Organisation of West and Central Africa

operation.

“I must reiterate that; no single strides on their own.

Areas such as maritime security, maritime safety and navigation, port and infrastructure development, environmental others can only become

the Minister said this at the 17 Extraordinary Session of the General Assembly of MOWCA in Accra.

Mr. Asiamah who is also the chairman of MOWCA also encouraged

members to focus on actions that will ensure its people deep-seated issues, including

Further, Mr. Asiamah stated that member states dependence on and exports of raw materials can only be facilitated by shipping which is a major activity in maritime industry.

It is estimated that about 80percent of international trade is done via maritime space, with the minister adding that shipping transporting any large/bulk amount of goods over a great distance.

Shirley Ayorkor Botchwey, who was the guest of honour indicated that the organization

must begin frank discussions on current developments in Green Shipping initiatives which involve the use of alternative fuels with low or zero carbon, in place of fossil fuels -that is fast becoming the new way of shipping.

To this end, she urged Africa’s Maritime Industry to be prepared for the the impending transition to cleaner fuels to Ship-owners translating to increased freight rates.

“I will urge MOWCA to consider the measures under discussion within the International Maritime Organisation on our economies. It would also be pertinent from any fund arising thereof, in order to minimize the players, particularly Least Devel-

oped Countries LDCs) and Small Island Developing States (SIDS).

Dr. Paul Adalikwu, the Secretary-General of MOWCA disclosed that the organization hastime Development Bank to be located in Nigeria, of which

active mutually rewarding links to the global International Maritime Organisation and the emergence of a pan-African Maritime organization. MOWCA’s objective is to serve the regional and international community for handling all maritime matters that are regional intries on the West and Central African shipping range.

AfDB approves $50 m loan for ECOWAS Bank for Investment and Development prosp e c ts in maritime sec torTransp or t Min.

fuels with low or zero carbon, in place of fossil fuels -that is fast becoming the new way of shipping. To this end, she urged Africa’s Maritime Industry to be prepared for the transition to cleaner fuels to Ship-owners translating to increased freight rates.

“I will urge MOWCA to consider the under discussion within the International Maritime Organisation on our economies. It would also be pertinent to identify possible ways to -

the transition on all players, particularly Least Developed Countries LDCs) and Small Island Developing States (SIDS).

maritime resources.

According to him, the mandate of the Maritime Organisation of West and Central Africa (MOWCA) is

“I must reiterate that; no single strides on their own. Areas such as maritime security, maritime safety and navigation, port and infrastruc-

Session of the General Assembly of MOWCA in Accra.

Mr. Asiamah who is also the chairman of MOWCA also encouraged members to focus on actions that tackling some deep-seated issues,cial regulations and conditions of Further, Mr. Asiamah stated that member states dependence on

be a

80percent

of international trade is done via maritime space, with the minister adding that shipping remains the any large/bulk amount of goods over a great distance.

Shirley Ayorkor Botchwey, who was the guest of honour indicated that the organization must begin frank discussions on current developments in Green Shipping initiatives which involve the use of alternative

Dr. Paul Adalikwu, the Secretary-General of MOWCA disclosed plans to set up the Maritime Development Bank to be located in Nigeria,

and active mutually rewarding links to the global International Maritime Organisation and the emergence of a pan-African Maritime organization.

MOWCA’s objective is to serve the regional and international community for handling all maritime matters that are regional in character. West and Central African shipping range.

Boeing 777-300ER, powering one of its engines with 100% Sustainable Aviation Fuel (SAF).

national Airport (DXB), and was commanded by Captain Fali Vajifdar and Captain Khalid Nasser hour over the Dubai coastline.

as the UAE declares 2023 the ‘Year of Sustainability’. The year will showcase the UAE’s commitment to seeking innovative solutions to challenges such as energy, climate change, and other issues related to advance the UAE’s sustainability objectives.

Africa to be powered by 100% SAF, lifecycle CO2 emissions as the industry looks to scale up its use of demonstrations, and will also 100% drop-in SAF fuel is approved for aircraft. Currently, SAF is approved for use in all aircraft, but only in blends of up to 50% with conventional jet fuel.

Emirates worked alongside partners GE Aerospace, Boeing, Honeywell, Neste, and Virent to procure and develop a blend of SAF that closely replicates the properties of conventional jet fuel. At each blend ratio, a host of chemical and physical fuel property measurements were carried out. After multiple lab tests and rigorous trials, they arrived at a blending ratio that mirrored the qualities of jet fuel. Eighteen tonnes of SAF were blended, comprised of HEFA-SPK provided by Neste (hydro-processed esters and fattysene) and HDO-SAK from Virent (hydro deoxygenated synthetic aromatic kerosene). The 100% SAF supplied one GE90 engine, with conventional jet fuel supplying the other engine.

the compatibility of the specially blended SAF as a safe and reliable fuel source. The promising outcome of this initiative also adds to the body of industry data and research around SAF blends in higher proportions, paving the way for standardization and future approval of 100% drop-in SAF as a replacement for jet fuel, well above the current 50% blend limit.

Adel Al Redha, Chief Operating

for Emirates and a positive step for our industry as we work collectively to address one of our biggest challenges - reducing our carbon footprint. It has been a long journey

world to operate a Boeing 777 powering a GE engine with 100% SAF. Such initiatives are critical contributors to industry knowledge on SAF, and provide data to demonstrate the use of higher blends of SAF for future regulatory approvals. We hope that landmark demonopen the door to scale up the SAF supply chain and make it more available and accessible across geographies, and most importantly, adoption in the future.”

“GE Aerospace congratulates Emirates on this major achievement. SAF is critical to helping the aviation industry reach its goal to be net zero by 2050 and collaborations like this to test 100% SAF globally will help bring us closer to this target,” said Aziz Koleilat, Vice President of Global Sales and Marketing for the Middle East, Eastern Europe, and Turkey at GE Aerospace. “All GE Aerospace engines can operate on approved SAF blends today and we are helping support the approval and adoption of 100% SAF.”

“Boeing congratulates Emirates on sustainable aviation fuel (SAF),” said Omar Arekat, Vice President, Commercial Sales and Marketing, Middle East, The Boeing Company.

“SAF will play a critical role in the aviation industry’s commitment to be net zero by 2050, requiring strong industry collaboration. We were proud to partner with Emirates on these tests and look forward to further working with our

partners to enable the widespread use of SAF across the globe.”

“We are excited to apply our technology to such a milestone demonstration. The 331-500 auxiliary power unit or APU is an integral part of the Boeing 777 aircraft system. The APU provides main engine starting, environmental control, and emergency back-up systems for the aircraft on the fuel as the main propulsion engines. on only 50% SAF, so this demonstraAPU functionality and capability when running on 100% SAF,” said Mosab Alkubaisy, Director of Airlines, Honeywell Aerospace Middle East.

Jonathan Wood, Vice President EMEA, Renewable Aviation at Neste said: "Sustainable aviation fuel plays a crucial role in reducing the emissions of air travel but to fully leverage its decarbonization potential we need to enable 100% SAF use. Test

Neste MY Sustainable Aviation Fuel are an important step towards 100% closely together with partners to accelerate the availability and use of SAF as we increase our SAF production capacity to 1.5 million tons per annum by the end of this year. We look forward to growing the supply of SAF also to Dubai.”

“Virent’s technology converts widely available, plant-based sugars into the compounds that make 100% sustainable aviation fuel possible, without the need to blend with traditional jet fuel,” said Dave Kettner, President and General Counsel of Virent, Inc. “Along with our parent company Marathon Petroleum Corporation, we are committed to meeting today’s energy needs while investing in an energy diverse example of this commitment. We’re excited about this opportunity to work with our forward-thinking colleagues at Emirates, GE Aerospace, Boeing, Honeywell and Neste as we demonstrate that we can power sustainable aviation without modifying today’s modern airline engines or the infrastructure that serves the airline industry.”

His Excellency Saif Humaid Al Falasi, Group CEO at ENOC praised the

achievement as it coincides with 2023 as the 'Year of Sustainability', which was announced by the UAE’s President His Highness Sheikh Mohamed bin Zayed Al Nahyan. It also represents a major step towards reducing carbon dioxide emissions and achieving climate neutrality. His Excellency added: “At ENOC, we prioritise working closely with our strategic partners to implement a national roadmap for sustainable aviation fuel. This not only aims to accelerate the decarbonisation of the aviation sector but also contributes to achieving the UAE’s goals in climate neutrality, enhances the as well as positions the UAE as a regional hub for sustainable aviation fuel. Playing an active role in supplying Dubai Airports with aviation fuel, ENOC Group is participating in this achievement by securing and blending sustainable aviation fuel, which will help to secure this type of fuel in the UAE in the future.”

Emirates is committed to supporting initiatives that help minimise its CO2 emissions, and the airline has already made great strides in fuel operational advancements across its operations. The airline also supports IATA’s collective industry commitment to reach net zero emissions by 2050 and is exploring opportunitiescy, SAF, low-carbon aviation fuels (LCAF), and renewable energy.

The airline already runs a comprethat actively investigates and implements ways to reduce unnecessary fuel burn and emissions, wherever it is operationally feasible. Some of the-

ing with air navigation service

2003, and Emirates has been working with IATA to extend this routing system across the world as a standard operating procedure where possible.

blended with jet fuel was in 2017, operating from Chicago O’Hare airport on a Boeing 777. It received in 2020 and also uplifted 32 tonnes that same year.

Malta Guinness awards coaches players of the Women’s Premier League for sterling performance

and vaccine carriers drew calls for “the Ministry of Health and the Ghana Health Service to adopt steps to increase the availability of vaccine logistics across districts within the country.” This comes to suggest that government needs to adopt necessary measures to ensure the supply of required capacity and the number of CCE and related accessories in districts with gaps.

The health facilities, it noted, observed strict adherence to safety and hygiene protocols, a phenomenon largely attributed to the operators' deeper understanding of the risks, coupled with, in some the horrors of being infected. Most discrete waiting spaces for vaccine recipients to rest and be monitored

Hand hygiene amenities like alcohol-based sanitizers were also readily available.

Teachers and health professionals were given priority by the NDVP for the immunization exercise because of their susceptibility to contracting the virus. Despite this high vaccination rate, 1 in 10 medical profession-

als and 13.5 percent of teachers who had not received the immunizations stated concerns about side

vaccines, and doubts about their

On account of the above, SEND recommended that the Ghana Health Service organize NDVP refresher training for its employees. Inasmuch as monitoring results indicate compliance was generally good, such a move would improve the NDVP guideline compliance rate. Health Directorates are encouraged to sustain the vaccine contribute to the attainment of the country’s herd immunity target with an emphasis on assuaging and safety, which featured prominently.

Furthermore, building on the concern of respondents for the well-being of their close associates, it was recommended that the COVID-19 vaccination communication messages “should focus on the protection of family members and friends from the disease and possible deaths and less on mandates restricting access to services and

GTS, MASLOC Reagion Manager to spearhead economic projects in UpperWest Region

One of the topmost Israeli-owned Technology Systems (GTS), and the Upper West Regional Manager for Centre (MASLOC), Abdul Aziz Moniesson Suleman, are set to spearhead a number of Economic Growth projects in the Upper West Region.

The collaboration between GTS and businessman Abdul Aziz Moniesson which is to be carried out in partnership with the Upper West Regional Coordinating Council shall focus on various projects in sectors such as energy, agriculture education, energy and industrialization.

The economic growth projects are to be undertaken within a number of communities in the region which is one of the breadbaskets of Ghana.

Abdul Aziz Moniesson Suleman agreed to collaborate with Gulf Technology Systems on agricultural

employment reasons.” Ultimately, the GHS was urged to commend itssionalism during the vaccination exercise.

Going forward

Whilst it might seem that there is no imminent danger of a full-blown resurgence of the pandemic, there remains the possibility of mutation. Already, two subvariants of the omicron’s BA.5 strand – BQ.1 and BQ.1.1 – which emerged recently have both been described as “dangerous” and “qualities or characteristics that could evade some of the

existing interventions,” according to by its media.

Furthermore, the adoption of these recommendations would prove useful in the event of the outbreak of other illnesses. The threat of Ebola, Lassa fever, Marburg, and other severe respiratory diseases hangs over local healthcare systems almost in perpetuity. With the possible socioeconomic disruptions that a resurgence of COVID-19 or a similar pandemic would pose, the guidance provided in SEND GHANA and PTF’s survey must be implemented as a matter of urgency.

and industrial projects in the West Region of Ghana.

A full economic growth was signed by Abdul Aziz son Suleman and Gulf Technology Systems and renowned businessman, Samuel Shay.

Among other things, which begin in due course, seeks agricultural production Upper West Region into phase, maximize the yield use of existing crops and industrial ize the agricultural sector process the crops for added with full renewable program and education and ing plan.

The partnership is to begin initial two projects which shall focus on Moringa , Casava, Ginger, and other existing crops in the region follow with full educational and training program.

Each project under the partnership

manufacturing crops products.

The aim of the collaboration is not only to improve agricultural production in the Upper West Region, but also to keep as much of the processing stages locally, thus keeping most

tion of the land needed for factotion and handling as needed.

The Upper West Region of Ghana is well-known for its local resources and ability to support major

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WEEKLY MARKET REVIEW FOR WEEK

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WEEKLY MARKET REVIEW FOR WEEK

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WEEKLY MARKET REVIEW FOR WEEK ENDING

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Gulf Technology Systems to collaborate with gov’t on agricultural and industrial projects

Systems (GTS) and the Government of Ghana through the Western Regional Coordinating Council are set to collaborate on agricultural and industrial projects.

The Western Regional Coordinating Council on January 18, 2023, agreed to collaborate with Gulf Technology Systems on agricultural and industrial projects in the Western Region of Ghana.

A letter signed by the Western Regional Minister, Kwabena Okyere Darko-Mensah (MP) and

EDITOR: BENSON AFFUL editor@business24 com gh

Israeli businessman, Samuel Shay, announced the collaboration.

Among other things, the collaboration seeks to take agricultural production in the Western Region into a new phase, maximize the yield and the use of existing crops and industrialize the agricultural sector to process the crops for added value.

The partnership is to begin with initial three projects which shall focus on rice, coconut and bamboo.

will work to increase the yield, mechanize the farm work and expand growing area.

Under the partnership, factories and processing plants are to be built for manufacturing the raw crops into products.

The aim of the collaboration is not only to improve agricultural production in the Western Region, but also to keep as much of the processing stages locally, thus keeping most of the value and work opportunities in the region.

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partnership, the region will be responsible to facilitate the allocation of the land needed for factories, handling as needed.

The Western Region of Ghana is well-known for its agriculture production, and is responsible for a good number of Ghana's food crops. It is considered the number one contributor to Ghana’s Gross Domestic Product (GDP).