Business24 Newspaper 23 December 22

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Parliament approves more loans to debt-ridden economy …as it goes on recess

not yielded to the demands of the Minority.

Despite spirited performances by Majority MPs in defence of the construction of the National Cathedral, Minority lawmakers forced the government’s hands into cutting the 80 million cedi proposed allocation to the project, arguing it is terrible to use Ghana’s tax funds at a critical time when the nation’s economy remains on life support and in desperate need of resources to avoid total collapse.

support the new loans – despite their general aversion to new loans for Ghana – because the terms of the facilities seemed favourable.

The lawmakers adjourned sine die after passing the Appropriation Act 2022 to authorise government expenditure for 2023.

According to the House, 30million Euros has been authorised as a loan to Finance the “Government Goes Solar Project” and another 116million Euros to finance “the 330kv Accra-Kumasi Transmission Line Project.”

Despite the precarious state of Ghana’s debt situation, which is said to have reached an unsustainable level, the Minority group told the House they found it necessary to

The House had been sitting since Wednesday morning, during which a raft of new laws was passed, including legislation providing for a reduction in the E-levy rate from 1.5 percent to 1 percent and an increase in the VAT rate by 2.5 percent in line with the new tax policies of the government.

No money for ACathedral Meanwhile, intense and relentless opposition to the National Cathedral Project by the Minority in Parliament forced the government to abandon an 80 million Ghana cedis proposed allocation to the controversial project.

The government was forced to abandon its quest for the amount in a bid to save the budget of the Ministry of Tourism which would have been held hostage had the government

Before the House rose for the Christmas and New Year holidays, the Majority had sought to push through a string of new Government businesses, including attempts to have Parliament vote on two outstanding nominees to the Supreme Court. However, Minority MPs raised a storm of objections, accusing the Government of seeking to overwork MPs to the detriment of their individual and collective health. In the end, the Majority had to shield all outstanding businesses in the face of unrelenting Minority opposition.

Later, the Majority Leader, Osei Kyei-Mensah-Bonsu had, in a closing speech presented on his behalf, indicated 24 January 2023 as the tentative date for MPs to reconvene for Parliamentary business. However, Speaker Alban Sumana Bagbin was quick to strike down the said date, reminding the Majority Leader he had no authority to set return dates for the House.

E-Levy rate reviewed to 1%

support the levy to help the government rake in an amount of GH¢2.2 billion for 2023.

Parliament has approved an amendment to the Electronic Transaction Levy (E-levy) Act with the Minority playing a pivotal role in ensuring that government maintained the GH¢100 Mobile Money threshold.

The legislature also approved the reduction of the Electronic Transfer Levy from 1.5 to 1 percent, effective 2023.

Government during the presentation of the 2023 Budget announced a reduction of the elevy rate from 1.5% to 1% and wanted to remove the daily non-taxable threshold of GH 100.

Debating the amendment of the Bill in Parliament on Wednesday, Ranking Member on the Finance Committee of Parliament, Dr. Cassiel Ato Forson said the Minority would now

“The value of GH¢100 from the time the levy was introduced till today has been eroded. So I don’t know why that threshold should be removed. Our position is that, this levy should be removed completely. Since we haven’t been able to achieve that and government has reduced it from 1.5 to one percent, we cannot be the same people to oppose it.”

The 1.5% rate was a downward revision from the initially proposed 1.75%

Despite the many agitations and rejections of the levy, the government said it was a significant revenue generation tax needed to shore up revenue for the economy.

Several months after the levy was implemented, the government said it could not generate the expected revenue from the levy.

Mobile money transactions between 2017 and 2021 increased from GH¢1.55 billion to GH¢9.86 billion, but the figure has since drastically reduced.

Further, Parliament has approved the 2.5 percent Value Added Tax increase proposed by the government effective 2023. Ghanaians will thus pay more for goods and services in the ensuing year.

Despite the Minority’s opposition to the move, the House approved the motion after a head count offered the Majority 136 votes against the Minority’s 135 votes.

Minority Leader, Haruna Iddrisu said such approval would only worsen the economic hardship.

Parliament has approved the Appropriations Bill for the 2023 fiscal year.

The bill captures all estimates of government’s planned expenditure.

The government intends to spend an amount of GH¢227 billion with GHS¢800 million from the Consolidated Fund and other public funds for 2023.

Speaker of Parliament, Alban Bagbin led the house to approve the Bill. “The Appropriation Bill 2022 is duly read the third time and passed”, he said.

USA, last week, Mr Kyremanten advocated, among others, for greater investment in agriculture and agribusiness as well as and gas sectors

CalBank is most admired indigenous bank

industries, and suppor t for the development of infrastructure including roads rail por t infra

CalBank is the Most Admired Indige nous Bank in Ghana, according to Brand Africa 100.

The roundtable was on the extension of the African Growth and Oppor tunity Act (AGO which is set to expire in Septem ber 2025.

CalBank Plc was celebrated as the most admired indigenous bank and the 8th most admired Ghanaian brand by Brand Africa 100, at the 16th Advertisers Association of Ghana (AAG) Gong Gong Awards held in Accra over the weekend.

He also called for more resourc to be pumped into blue ocean economy, light manufacturing

The 2022 survey was conducted between March and April 2022 and yielded over 80,000 brand mentions and over 3,500 unique brands across the continent.

The survey is conducted by the world’s leading mobile based research firm, Geopoll, with insights provided by the world’s largest information research firm, Kantar working in close collaboration with Africa’s premier branding, strategic communications and intellectual property advisory firm, Brand Leadership.

added “It is also

New book highlights key role of banking and finance for African economies

By Eugene Davis

A Financial economist and the immediate past Dean of the University of Ghana Business School (UGBS), Prof. Joshua Yindenaba Abor, believes banking and financial markets continue to play a major role in the growth of various economies, including Ghana and it is critical to understand how Africa’s financial systems work in order to fashion out long term reforms.

According to Prof. Abor, banking and the financial markets play a significant role in the growth of various economies. Although a number of handbooks on

banking and finance exist, they mainly focus on Europe, America and Asia.

At the launch of his new book “The Economics of Banking and Finance in Africa” which is a two-volume edited book made up of thirty chapters and published by Palgrave Macmillan (Springer Nature). The book evaluates the characteristics and developments in Africa’s financial systems, including monetary policy, structured finance, sustainable finance and banking, FinTech, RegTech, SupTech, inclusive finance, the role of regulation in dealing with

banking crises, the impact of the COVID-19 pandemic on Africa’s financial systems and how to reform the post-COVID-19 financial systems. It is made up of contributions from scholars in finance and economics as well as financial market practitioners. Speaking at the launch of his new book last month in Accra, Prof. Abor said “Banking and the financial markets play a significant role in the growth of various economies. Although a number of handbooks on banking and finance exist, they mainly focus on Europe, America and Asia. Banks and financial

markets in Africa are confronted with different challenges and therefore present a unique case to understand Africa’s financial systems. A number of African countries have experienced banking crises and it is important to examine these issues as well as the regulatory regimes required to address them.” This edited book contributes to the limited texts in the area by providing a comprehensive resource on banking and finance for students, scholars, researchers, policymakers, and financial market practitioners. It contains various theoretical and

aimed at expediting

meetings and events including, that with the Managing Director

empirical chapters on banking and finance in Africa.

The thirty chapters are grouped under seven broad Parts. In Part I a broad overview of Africa’s financial systems is provided. Additionally, the purpose of the book as well as an overview of the chapters in the book are provided.

Part II of the book has 4 chapters and covers topics related to FinTech, Financial inclusion and Banking Sector Development in Africa. In this part of the book the relationship between inflation, interest rates and exchange rates in Africa is discussed. Also there is a chapter that looks at competition and market structure and how reducing information asymmetry will reduce monopolistic power of the banking sector in Africa. Another chapter also discusses how increased financial inclusion complements banking sector development and stability in the financial system in Africa. The last chapter in this part of the book discusses the development of FinTechs and their implication for banks and financial services in Africa.

In Part III, issues relating to Central Bank Independence and Monetary policy are discussed in 5 chapters. The first chapter in this part of the book looks at how

increased independence of Central Banks have helped improve effectiveness of monetary policy in the management of inflation and how this effectiveness differ by the exchange rate regimes.

Another chapter explores how the central Bank independence promotes financial development in Africa by making monetary policy more credible. There is another chapter that discusses credit information sharing institutions and how that has complemented financial market developments in Africa. The remaining two chapters in Part III discusses the relationship between monetary policy and risk taking behavior of banks, and also how monetary policy mediates the effect of banks pricing behavior on financial inclusion in Africa.

Three chapters on Structured Finance, sustainable finance and Islamic Banking are discussed in Part IV. One chapter discusses how the structure of finance could be employed to respond to the changing financing demands of corporate firms and governments. This is then followed by a chapter that looks at the trends in policies, practices and challenges of sustainable finance and banking in Africa. The last chapter in this section provides an overview of Islamic banking and

finance as an important alternative to conventional models in the face of recent experiences of financial crisis.

In Part V, the banking crisis as well as the implications of global banking for Africa are discussed in 4 chapters. The first of these chapters looks at the causes, consequences or effects of banking failures in Africa. The chapter that follows examines the impact of crossborder banking on the likelihood of banking crisis in Africa. Another chapter discusses how cross border banking and bank pricing affects financial inclusion in Africa.

The last chapter in this section of the book discusses current developments, challenges, opportunities and the future of global banking and what their implication are for African banks.

Part VI comprise of 5 chapters that treats topics relating to Banking regulation and supervision. It starts with a discussion of risk management and compliance in banking in Africa. This is then followed by a chapter that examines how country-level governance structures affect the relationship between financial sector transparency, regulations and banking stability in Africa. The next chapter then discusses the role that monetary policy plays in shaping the relationship

between macro-prudential regulations and what it means for the likelihood of a banking crisis in Africa. This is followed by a chapter that provides an overview of recent developments in banking regulations and supervision in Africa. The last chapter in this section discusses the challenges confronting the adoption of supervisory and regulatory technology in Africa.

In the last section of the book, Part VII, issues relating to non-Bank Financial Markets are discussed in 8 chapters. This section of the book starts with an overview of the

sustainability, growth and impact of micro financial institutions (MFIs) in Africa. This is then followed by a discussion of the nature and characteristics of insurance markets in Africa.

Another chapter also discusses the role of pension reforms, pension markets and capital market developments in Africa’s pension market. This is followed by two chapters that discusses respectively the stock market developments, and bond market development in Africa. There is a chapter that also discusses the relationship between private capital flows

and energy use in Africa. The penultimate chapter discusses the relationship between

Hollard renovates AL-Waleed Kindergarten at Nima at a cost of GHC 200,000

project, the Group CEO of Hollard Ghana, Patience Akyianu, explained that the company does well by doing good in the society in which it operates.

The country’s favourite insurer Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life Assurance, has renovated the 5-kindergarten classroom block at the Al-Waleed Basic Comprehensive School, Nima, at the cost of Ghs 200,000 as part of its social impact efforts to give back to society.

Hollard came to the rescue after the block had been in a severe state of disrepair decades after it was constructed by Prince Al-Waleed of Saudi and Former President Kuffour.

The renovation Hollard conducted structural refurbishments of the roof, ceiling, floors, windows, and doors. The company also revamped the toilets, and library while creating a sick-bay. They did these repairs in addition to painting the block of

four classrooms, and the dining hall. The company fixed the courtyard playing ground with AstroTurf, among others, to create a more conducive environment that is supportive and safe for the children in preschool.

Handing over The kindergarten block was officially out-doored by Patience Akyianu, Group CEO, Hollard Ghana, assisted by Daniel Boi Addo, MD, Hollard Insurance; Nashiru Iddrisu, MD, Hollard Life Assurance; Cynthia OforiDwumfuo, Group Head of Marketing and Corporate Affairs; Nuhu Will Mohammed, Deputy Director, Management and supervision. Martin Kpadenu, Headmaster of Al- Waleed Basic School, some school officials, Hollard staff, and selected school children were also present.

Speaking on the essence of the

“As a purposeful company that aims to enable more people to create and secure a better future, we are glad to contribute meaningfully to our community. We believe every child deserves a safe and clean learning environment to develop their skills. We noticed the AL Waleed kindergarten block needed urgent attention and came to their rescue to aid teaching and learning for the children. As we handover the renovated facility, we are happy that each child passing through kindergarten at the Al-Waleed Basic school will be safe and have access to quality childcare and education”.

“We are proud to say that our staff of Hollard, fondly called Hollardites, painted the school and donated books and toys to the children. This goes to show that we do truly care.”, she added.

Appreciation

The Director for Ayawaso East Municipal Director of Education, Miss Adisa Tassa, and the headmaster, commended Hollard Ghana for their thoughtfulness and support to the school.

“We are thankful to Hollard Ghana for honouring Ayawaso East with this gesture. I want to say a big thank you to the management of Hollard Ghana for putting our children first and offer-

ing them a great learning centre. Last year, the insurance group gave a facelift to the Nima Cluster of School’s ICT lab, which falls under my jurisdiction. I’m confident at Hollard will continue to do more impactful projects to help the community”, she said.

About Hollard Ghana

The country’s favorite insurance group is Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life Assurance. The group combines its deep local knowledge of the market having previously operated in Ghana for 25 years as Metropolitan Insurance with the world-class expertise of an international insurance brand in 18 countries across the world. With feet firmly planted on Ghanaian soil but headquartered in South Africa, Hollard delivers innovative insurance solutions customized to the unique risks Ghanaians face. Hollard offers various life and general insurance products including funeral, personal accident, motor, business, travel, home, and more; and can be reached via the following means: 0501603967

(Hollard Insurance) and 0501533698 (Hollard Life)

Beyond various nationwide office branches and Hollard 2U franchise shops, Ghanaians can find Hollard at Shell Fuel Station Welcome Shops, Melcom stores and online at www.hollard.com.gh and www.jumia.com.gh for all their insurance needs.

We’ll create awareness on Bitcoin – Paxful CEO

Youssef who has been in Ghana for the Bitcoin Africa Conference lauded the efforts of Ghana’s Central bank for its open door policy and said his outfit would work with financial regulators across Africa to revolutionise the financial technology space.

The Paxful CEO pointed out that “anyone who understands the power of arbitrage can use it to make profit for themselves.”

Founder and Chief Executive Officer of digital currency platform, Paxful, Ray Youssef says his outfit is poised to educate and create increased awareness in Ghana and in Africa about the bitcoin to create wealth and turn economies around.

Youssef’s agenda is to create awareness and help promote bitcoin adoption in Africa by working together with regulatory authori-

ties to build trust and confidence in the markets. Paxful is the leading peer-to-peer marketplace, platform used in buying and selling bitcoin via over 350 payment methods, involving some millions of people.

Bitcoin is the medium which functions as a universal transfer of money, can be put into a gift card; people can trade in any form of money and bitcoin is just kind of a medium for that.

Speaking exclusively to the Business Finder in Accra, Ray Youssef said Ghana was the fourth biggest in the world after Nigeria, United States and India were first, second and third respectively. “Ghana is a hidden jewel, with a small population, quite smaller that Nigeria, but there are amazing people here doing amazing things,” he stated.

The renowned entrepreneur observed that the economy in Ghana and Africa has been made fertile for bitcoin and the youth know how to use it so ‘all we have to do is to accelerate that, get the obstacles out of their way and let them build the future for us, let them put their brothers and sisters to work and let African create wealth not just for itself but for the entire world.’

Arbitrage is the simultaneous purchase and sale of the same or similar asset in different markets in order to profit from tiny differences in the asset's listed price. It exploits short-lived variations in the price of identical or similar financial instruments in different markets or in different forms.

Bitcoin had been used in the past seven years to build an alternative economy in Africa and it’s something that we desperately need because the economy that we have in Africa is broken, its fragmented. “Africans don’t need aid, they don’t need handouts,” he said, describing Africa’s inability to create wealth as “Economic apartheid,” Youssef pointed out. He maintained that Africa had to build its future, a future where money flows freely and that creates wealth.

Apply STEM knowledge to solve real-life challenges - Vodafone Director advises girls in STEM

Angela made these comments in a panel discussion during the inaugural session of the EVE project, which was themed “The Status of Ghanaian Women.”

Angela observed that most job candidates lack practical skills because they have not been

to address issues in society.

In my field, for example, I am on the lookout for candidates who have experience with artificial intelligence, cyber security, cloud computing, robots, automation, and digital marketing. So, while you are pursuing an education in physics, math, or any

has led the way in this area by making a concerted effort to expose young women to the experience of working in a real company through internships. She also said that the presence of women in leadership roles at Vodafone Ghana gives these young women “real-life examples and role models

who show what can be done after

According to Angela, Vodafone s efforts have paid off thanks to initiatives like the Female Engineering Students Sponsorship Program. The program is a key part of the telco's efforts to promote diversity and inclusion. It works with top STEM schools to find the best female engineering graduates and help them become leaders in their fields.

Malta Guinness hosts light up ceremony ahead of Christmas

Staff and management of Ghana’s only total beverage business, Guinness Ghana, shared the joys of the Christmas festivities with the lighting of a two-meter-high Christmas Tree made from bottles of Malta Guinness and Alvaro.

The ceremony, which took place in the company’s breweries in Accra and Kumasi simultaneously, was a time to connect and reemphasize the commitment to celebrating life every day, everywhere.

The Christmas Tree, dubbed ‘the most sustainable Christmas tree by staff, is aimed at nurturing and reemphasizing a key pillar of one of the company’s flagship brands, Malta Guinness.

Malta Guinness, Ghana’s number one malt drink, has committed to fueling a world of good through its plastic recycling initiatives. Malta Guinness remains passionate about using plastic

sustainably and demonstrates this position through its plastic collection drive which aims to collect and transform plastics collected into functional solutions within various communities.

“The Christmas Tree lighting ceremony reinforces Malta Guinness’ commitment to this course and the fulfillment of SDGs 12 which stipulates responsible consumption and production based on advanced technological capacity, resource efficiency and reduced global waste,” Dinah Adu-Asare, Marketing Manager noted.

The Malta Guinness Plastic Collection Drive was launched in August 2022 to cultivate and educate communities around plastic waste through community mobilization and sensitization. So far, the campaign has been executed in Alogboshie, Kaase and Mallam-Gbawe.

To prevent or to cure; Ghana’s e-waste dilemma

2050.

“These scrap boys are only interested in the valuables, so often, they do not care about the effect of the retrieval method; its effects on them and the environment. They mostly burn,” Alhaji Mohammed Ali, President of Scrap Dealers Association, says in an interview with the Ghana News Agency.

For instance, he explains that vehicle batteries are in high demand, but many firms interested in that commodity only buy those without the sulfuric acid.

“So the boys are compelled to dispose of toxic chemicals like sulfuric acid into gutters, rivers, streams and open spaces,” he says.

These water bodies, particularly in urban centres, are used to cultivate vegetables such as carrots, lettuce, spring onions, and cabbage.

Cable and Wireless, a community in Accra.

Joshua, Eric, and Benjamin, all teenagers, are busy dismantling an abandoned laser multifunctional printer at a neighbouring repair shop.

They are using sharp-edged stones to break apart the printer in search for metals, bolts and nuts to play with.

While Joshua and Eric work on the main printer, Benjamin successfully removes a long rod from the cartridge toner.

Ben, a grade six pupil, inhales some of the darkish-powder-substance unknowingly as he hits the cartridge against the ground to check for more metals inside, with his fingers soiled with a darkish substance in the cartridge.

The crude method employed by

what many other young people who are often seen roaming in search of valuable metals from electrical and electronic equipment do.

They do same for end-of-life appliances powered by electricity, battery and solar.

Also on the list is off-specification or new electrical electronic equipment sent for material recovery and recycling, or final disposal.

This equipment, which include fridges, hairdryers, electric iron, microwaves, home theatre, television, kettle, camcorders, computer and their accessories are burnt for the retrieval of valuable metals.

A whopping 97 per cent of the process of managing electronic waste (E-waste) in Ghana is done informally, releasing pollutants to contaminate soil, air and groundwater, Dr Vincent Nartey Kyere, E-waste Expert at the

Ministry of Environment, Science, Technology and Innovation (MESTI) says.

The government recently reclaim Agbogbloshie, an area in Accra known to be the centre of scrap business for the development of a health facility. But scrap dealers continue to engage in burning of scraps on the fringes of the area at night.

This has been corroborated by Madam Florence Kuukyi, the Director of Environment at the Accra Metropolitan Assembly, during the International Day on Clean Air for Blue Skies in Accra.

Nature Crimes

Around 50 million tons of e-waste, is being thrown away each year according to the Platform for Accelerating the Circular Economy and the UN E-Waste Coalition report published this year by the United Nations. That figure is projected to double by

A baseline study on water-smart solutions in Accra found that between 50-90 per cent of vegetables consumed in Accra are produced with wastewater mainly on small-scale irrigated lands from drains.

The Food and Agriculture Organization (2016) estimates that 800 million people practice urban farming worldwide.

A recent WHO and Ghana Health Services (GHS) multi-year project in Accra on multiple policy scenario analyses reveals that if air pollution levels are reduced to the WHO Air Quality Guidelines, about 1,800 annual premature deaths will be avoided.

Madam Comfort Kublenu, a Director at GHS, says air pollution is linked to top 10 diseases like stroke, asthma, chronic cough and other cardiovascular diseases.

Voices of Dealers

Nana Mensah manages his US-based

Mozambique readies for developing Mphanda Nkuwa Hydroelectric Project

By Kestér Kenn Klomegâh

Mozambique is ramping up e orts toward establishing a sustainable energy supply to drive its economy especially the industrialization programme. As it seeks reliable foreign partnerships, it has already shortlisted a few energy groups for the new US$4.5 billion Mphanda Nkuwa hydroelectric dam, on the Zambezi River, located in Tete province that is estimated to generate 2,070 megawatts for Mozambique. It will be 700 metres long and rise 86 metres above its foundations, with 13 oodgates.

The tender for the "Selection of the Strategic Partner or Investor for the Development of the Mphanda Nkuwa Hydroelectric Project" nally in December recieved the results of the market survey carried out in September involving the critical aspects of structuring the project, alignment with potential buyers and shareholder participation. The structure of the energy transmission line, the methodology for selecting the strategic partner, the implementation schedule, among other relevant issues related to the project transaction.

According to Malaysian newspaper The Star, the process of select-

ing the seven potential investors was made at the end of an investor conference held in Maputo. It further wrote that there were two individual companies and ve large consortiums that previously visited the site to understand the natural conditions of the area and assess the fundamental data to prepare proposals from a technical, economic and nancial point of view.

The newspaper estimated the infrastructure cost between US$4.5 and US$5 billion and have capacity to produce 1,500 megawatts, making Mphanda Nkuwa the second-largest hydroelectric dam in the country, after Cahora Bassa Hydroelectric (HCB), which generates 2,070 megawatts. With the two infrastructures in fully operational energy production, Mozambique hopes to achieve the goal of universal access to energy and respond to the growing energy de cit that plagues southern Africa.

General Director of the Mphanda Nkuwa development o ce, Carlos Yum, envisaged that

during the construction phase, more than 7,000 jobs will be created, and 50 percent of the energy generated will be exported, contributing to the country's economy and thus making a regional energy hub in Mozambique.

The Mphanda Nkuwa project will be a lower-cost power generation option which will position Mozambique as a regional energy hub, and contribute to universal access, industrialization, job creation and technical training while generating tax and concession fee revenue. The project is fundamental for the energy transition and decarbonization of the southern region of Africa.

Carlos Yum has laid out the status of the Mphanda Nkuwa hydroelectric dam construction project. According to Yun, the project is budgeted at around US$5 billion, and work will start in 2024, the year in which nancing is expected to be de nitively concluded.

The project will take a total of six to seven years to complete. Of the approximately US$5 billion

price tag, 60% is for the construction of the dam and 40% for the power transmission line. At this moment, the development o ce is preparing the launch of public tenders for the updating of the project's feasibility studies.

By December 2022, the o ce will launch a tender for the identi cation of the strategic investment partner, whose nancial closing a 2024 deadline has been set. In terms of shareholding, the Mphanda Nkuwa project will have the participation of the Mozambican state, through Electricidade de Moçambique (EDM) and Cahora Bassa Hydroelectric [(HCB), with between 30% and 35% of shares. The remaining 65% will be secured from private investors.

Carta de Moçambique also informed that there would be consultants involved – from Brazil, the United States, Sweden and South Africa – to assess possible problems associated with the project according to the best international practices, avoiding pitfalls that have marred previous projects imple-

mented in the province and in Mozambique generally.

It reported that experts and strategic investors, including the World Bank (WB) and the African Development Bank (ADB), have discussed some signi cant aspects concerning the implementation of the Mphanda Nkuwa hydroelectric project.

"Overall, we think this project is very important to the government's goal of universal access by 2030," said Zayra Romo, World Bank Mozambique Lead Energy Specialist and Infrastructure Practice Leader. As for the current stage of the project, which consists of the search for a strategic partner for the development of Mphanda Nkuwa, Romo said that the World Bank's support would consist of ensuring the greatest possible competitiveness for the project, with a view to selecting the best contractor or investors that have experience to e ectively manage Mphanda Nkuwa.

A press release from the Mphanda Nkuwa Implementation O ce said that these companies and consortia had replied to the

tender launched in December 2021, and delivered their pre-quali cation documents before the deadline, rst xed on 28 February but, at the request of several of the bidders, it was extended to 18 April. It is hoped that construction of the new dam (which has been on the drawing board for decades) will nally begin in 2024. Construction will last for at least seven years.

According to the media release by the Mphanda Nkuwa Hydroelectric Project Implementation O ce, the main objective is to ensure the coordination of actions for the implementation of the Mphanda Nkuwa project.

Location: The Mphanda Nkuwa Dam will be located in Tete Province, Centro region, on the Zambezi River, 61km downstream of the Cahora Bassa Hydroelectric Power Plant.

Project description: The Hydroelectric Power Plant will have a capacity of up to 1,500 Megawatts and an Electric Power Transmission Line from Tete to Maputo with 1,300 kilometres.

Budget: US$4.5 to US$5 billion, 60% for the construction of the dam and 40% for the power transmission line.

Strategic importance: The project will position Mozambique as an energy hub in southern Africa. It will provide lower cost energy in the country and region, contribute to universal access to energy in the country by 2030 and support rapid industrialization, with job creation, skills development and business opportunities (local content). Social and economic bene ts, in the form of royalties and income on concession fees for the Mozambican state.

Environmental approach: The project will be implemented in strict compliance with national standards and internationally accepted best practices for the development of projects of this nature, to mitigate negative impacts and maximize positive aspects. In this context, the Mphanda Nkuwa Hydroelectric Project Implementation O ce recently signed an agreement with the International Hydroelectricity Association for the assessment of the project's sustainabili-

ty, including training and capacity building.

Mozambique News Agency reported, citing government sources, that there were eight international consortiums interested to become strategic partners of Mozambique in building the Mphanda Nkuwa dam, with electricity production: ETC Holdings Mauritius, Longyuan Power Overseas Investment (Chinese), PowerChina Resources, WeBuild Group, Scatec (Norway), Sumitomo Corporation, EDF and Kansai Electric Power (Japan).

With an approximate population of 30 million, Mozambique is endowed with rich and extensive natural resources but remains one of the poorest and most underdeveloped countries in the world. It is one of the 16 countries, with a collective responsibility to promote socio-economic, political and security cooperation within the Southern African Development Community.

Ghana’s Startup Ecosystem: Connecting the dots

all startups are SMEs, but not all SMEs are startups.

These entrepreneurial endeavours are often founded by one to three entrepreneurs, who concentrate on creating a marketable product, service, or platform in response to a perceived market need.

prises are increasing, heralding the arrival of the Fourth Industrial Revolution in the nation (particularly since the onset of the COVID-19 pandemic).

As a result, the number of startups has dramatically increased.

developed entrepreneurial skills, and a robust corporate sector.

Ghana’s Startup Ecosystem at a glance.

Ghana is becoming one of the most vibrant and developing startup havens on the continent. The country is nally catching up fast with countries such as Egypt, Kenya, Nigeria, and South Africa as some of the continent’s giants when it comes to startups.

Startups are often seen as businesses that are just starting out and have the potential to expand quickly. Due to variations in setup and vision, we can say that

Gleaning from continent-wide prospects, Africa is going digital as a result of a decade of economic expansion, rapid urbanization, internet penetration, and the bankability of its population.

Technological innovation is advancing quickly. Ghana is no exception, as internet penetration has increased over the past ve years.

Ghana is leading the area in technical innovation, and the number and size of digital enter-

Given that the majority of Ghanaian businesses are informal SMEs that still don't use technology or digital solutions, the startup ecosystem's potential for innovation and growth in Ghana is still mostly untapped.

Talent & Government Plans

Talent is one of the key components of any start-up ecosystem, and Ghana is developing a sizable talent pool of future digital leaders.

Ghana's development is a result of a number of positive factors, including substantial consumer and business markets, highly

To succeed, most startups require the ideal combination of networks, nancial markets, rules, and culture. Over the past ten years, Ghana has created an environment with a lovely interplay of these elements.

The Ghana Government in recent years has launched various initiatives aimed at developing a robust entrepreneurial and startup ecosystem. For example, to tackle the Ghana government introduced the "National Entrepreneurship and Innovation Plan" (NEIP) in June 2017 as a $10 million program to address the funding gap and lower youth unemployment.

The government's main method for aiding start-ups and small businesses is now NEIP.

NEIP has given over 7000 entre-

preneurs across ten areas of the country specialized training in entrepreneurship and business development through tech hubs.

Again, it has provided 500 of those 7000 entrepreneurs with some initial money to support their most viable business concepts. Additionally, the government promises to give tax bene ts to NEIP participants based on how many workers they employ.

Africa Startup Acts

We are starting to witness momentum in the legislation space across Africa as more countries begin to nd the middle ground to launch Acts to regulate their startup ecosystem.

Startup Acts are extensive legislative and regulatory frameworks designed to promote entrepreneurship and make it possible for new businesses to develop with strong growth potential, typically by providing speci c incentives (tax, subsidies, procurement, etc.).

Tunisia, in 2018, paved the way as the rst country on the continent to pass the Startup Acts and this has been followed by Senegal in 2020. Other countries such as Rwanda, Mali, Nigeria, Ghana etc. have all activated conversation to be next in line.

Startups can function with the security provided by a de ned framework for expansion thanks to legislation. With the help of this legislative mechanism, innovative businesses with high growth potential are formed more quickly.

Startup hubs

We cannot certainly talk about the startup ecosystem without touching base on the availability of strategic organizations such as entrepreneurship hubs, which have become the key and major driver of growth.

Startups and incubator hubs have become inevitable when it comes to startup ideation, execution, and growth.

Entrepreneurs and startups need a lot of capacity-building and support systems in order to succeed, and that is the critical role played by these entrepreneurship hubs, which are growing across various regions of the

country.

While most of these hubs are technologically driven, there are equally some of these hubs that are speci c to certain niches, such as women's entrepreneurship, students’ entrepreneurship, as well as covering multiple sectors to sector agnostic hubs.

Annan Capital Partners is currently building a pipeline of critical support systems through their venture building platforms, including crowdfunding setups.

to put in a lot of e ort.

Funding

The funding of your business is the next crucial component that needs to be taken into account. You must accurately pinpoint the resources from which you will be able to obtain nance for your company.

Additionally, it is preferable to have a plan in place in order to properly manage a company's budget.

nies).

Entry barriers

This de nes how simple it will be for you to set up, but it also indicates how erce the competition will be. A low entry barrier industry is frequently overrun with shoddy start-ups. It can be quite challenging to distinguish out in a niche like this.

This will easily become known to you during the preparation of the business plan.

Starting up

There are 1000 and 1 factors deemed critical to be considered before launching any business idea. These are mostly universally and globally acceptable factors and are not necessarily applicable to a single country.

It’s fair to say that in venturing into Ghana’s startup space, these would be some of the few key factors to be met.

A great idea

It is obvious that no company can grow if it doesn't have a brilliant idea. The growth of your company will be solely dependent on a brilliant and workable idea.

Additionally, you need to have a distinctive idea that stands out in the market because there are many competing businesses.

Passion

It can come o as naive. But if you're going to focus on making your business idea a reality for the next 12 months, enthusiasm is extremely essential.

If your business venture aligns with your passion, you'll succeed as an entrepreneur. Even if you start anything, if you don't believe in it, you might not be able to stick with it over the long term, regardless of how successful it may be.

It is one of the most crucial things that will enable you to overcome all obstacles and challenges.

You will encounter many dangers and di culties during this process, and your optimistic outlook will be the only thing that will keep you alive. To build your own business, you will have

In our previous insights, we shared tips on Funding opportunities for startups in Ghana. That article will proof useful as well, as we will soon nd out that we cannot discuss the startup ecosystem without bridging the funding gap.

Scalability

It’s important to develop strategies around the scalability of your idea and adequately defend it.

Scalability can be viewed as a company's capacity to expand when faced with a rise in demand for its goods or services and the ease with which its organizational structure and available resources can do so.

Scalability, then, is the ease with which your rm can grow without being restricted by your organizational structure.

The business plan Without a business strategy (plan), no company can grow to its full potential. You can get guidance and nd out if your idea is workable by creating a business plan. You will be able to determine every necessary next step with the aid of a company strategy.

For instance, a crucial component of creating a business plan that many entrepreneurs skip over is competitive study, allowing you to be on guard against new entrants and how to overcome such competitors e ectively.

Company Registration

The completion of legal paperwork is a crucial component that must be taken into account. The rst stage will be to register your business, and the documentation of this is referred to as business formation documents.

It’s a mandatory requirement to get your business registered in Ghana, (Registrar Generals’ Department/Registrar of Compa-

Opportunities for startup ideas in Ghana abound across all sectors. It’s almost certain that every sector of the Ghanaian economy has room for more business ideas and opportunities.

Technology is changing how entrepreneurs can create these opportunities in traditional and new sectors of the Ghanaian economy.

Annan Capital Partners is leading in building a venture support systems for Ghanaian startups, after initiating the yet to be launched Agoo Africa crowdfunding platform.

“Agoo Africa is a crowdfunding platform for African early-stage start-ups’ and small traditional businesses.”

“When launched, it will allow owners of such businesses to make their project and their pitch accessible to a large number of investors, from young non-professional business angels to established international funds.”

This article is originally curated for and published by: Annan

Annan Capital Partners (ACP) is a boutique investment advisory and business development agency o ering holistic wealth management and venture building services to a wide range of clients, from entrepreneurs to governments and from local SMEs to global corporations.

https://annancapitalpartners.com/ py.frimpong90@gmail.com

About Author

Paul Frimpong, CGIA, ICCE

Paul Frimpong is a development economist, top voice on Sino-Africa relations, and an award-winning entrepreneur.

He’s currently the Global Head of Strategy & Membership at the Institute of Certi ed Chartered Economists (ICCE).

Capital Partners.

flagship Corporate Social Responsibility Program, “Seeds for the Future” with 30 female tertiary students graduating out of the 50 students shortlisted for the training.

18 (eighteen) out of the 30 graduates were also rewarded for their outstanding contribution and excellent performance during the Cross-Cultural Exchange, Tech4Good Competition and the main exams organized to assess their performance, improve their problem-solving skills and enhance their innovative capabilities.

As part of this year’s program,

Norway, Baltics and Iceland in the Tech4Good competition with the Ghanaian team taking the 2nd position with their “Save a Land, Save a Life” project aimed at fighting illegal mining in the country.

Speaking during the closing and awards ceremony, the Managing Director for Huawei Ghana, Mr. Tommy Liang commended the awardees for their outstanding performance during the training.

According to him, this year’s training which was also dedicated to girls-only, just like the 2021 edition was focused on empowering and inspiring them to pursue careers in the

your professional journeys, I want to encourage you to continue to learn, innovate, and strive for excellence. The world is changing at an incredible pace, and it is up to each and every one of us to keep pace with these changes and embrace the opportunities they bring.

I am confident that the knowledge and skills you have acquired through the Seeds for the Future program will empower you to become leaders in your respective fields, and make significant contributions to Ghana’s ICT sector.” He said

The Minister of Communications and Digitalisation, Hon. Ursula Owu-

su-Ekuful thanked Huawei for their excellent achievement on the Seeds for the Future program and for the successfully partnering the Ministry to train over 15,000 young girls in digital technologies this year.

“The Seeds for the Future program has over the years developed a strong talent foundation for Ghana, particularly among young women. I am proud that the Ministry of Communications and Digitalisation has played a critical part in this achievement. I therefore wish to thank Huawei for their excellent achievement on the Seeds for the Future program and for the successful outcome we have now. This wouldn’t have been possible without your support.” She said.

Hinting on the essence of digital technologies training, the Minister indicated that, as we continue to rely more and more on ICT in all aspects of our lives and government continues to invest heavily in ICT infrastructure, it is essential that we prioritize cybersecurity and take steps to prevent and manage security threats as a way of protecting our investments.

Hon. Ursula Owusu-Ekuful, also congratulated the students for successfully completing the intensive 8-days training and making it to the list of graduates.

Some awards giving to the beneficiaries include, Huawei T10s Tablets, Huawei Y70 smartphones, Huawei Watch Fits and cash prizes. The first, second and third excellent students took home GHS 4,000, GHS 3,000 and GHS 2,000 respectively.

So far, 220 students have benefitted from the Seeds for the Future program in Ghana with a 100 percent female participation rate over the past two years.

Dela Sedode writes; Ato Essien: When jail is not enough

agreement with the State has split opinions in the legal industry.

“The poor cannot get justice.” “Justice is on sale to the rich.” “People are in jail for stealing Ghs100 yet people walk free after stealing 100 million cedis.” “The justice system is a joke in Ghana. Tweaaaaa” These comments have sought to ridicule the kind of justice that was meted out to Ato Essien from some legal commentators not least H. Kwasi Prempeh and Professor Kwaku Azar.

Nonetheless it was justice and perhaps the model that the country needs to adopt going forward with financial crimes.

WHY?

Because the law says so. Section 35 of

the Courts Act 1993 (Act 459) stipulates clearly what should be done if there is a crime resulting in economic loss to the state. Kindly read for yourself. You don’t need a lawyer to understand and it is legal by the widest stretch of anyone’s imagination. Just read up. It will take only about a minute; Section 35 Offer of Compensation or Restitution.

(1) Where a person is charged with an offence before the High Court or a Regional Tribunal, the commission of which has caused economic loss, harm or damage to the State or any State agency, the accused may inform the prosecutor whether the accused admits the offence and is willing to offer compensation or

For what shall it profit a legal system if it is only interested in jailing accused people when the law says you can recover stolen cash as well?

The Ato Essien case in which the former MD of Capital Bank stole millions of cedis from ‘his’ own bank and avoided jail by reaching an

(

make restitution and reparation for the loss, harm or damage caused.

(

2) Where an accused makes an offer of compensation or restitution and reparation, the prosecutor shall consider if the offer is acceptable to the prosecution.

3) If the offer is not acceptable to the prosecution the case before the Court shall proceed.

(

4) If the offer is acceptable to the prosecution, the prosecutor shall in the presence of the accused, inform the Court which shall consider if the offer of compensation or restitution and reparation is satisfactory.

(5) Where the Court considers the offer to be satisfactory, the Court shall accept a plea of guilty from the accused and convict the accused on his own plea, and in lieu of passing sentence on the accused, make an order for the accused to pay compensation or make restitution and reparation.

(

6) An order of the Court under subsection (5) shall be subject to such conditions as the Court may direct.

(

7) Where a person convicted under this section defaults in the payment of any money required of the person under this section or fails to fulfil any condition imposed by the Court under subsection (6), any amount outstanding shall become due and payable and upon failure to make the payment, the Court shall proceed to pass a custodial sentence on the accused. [As substituted by the Courts (Amendment) Act, 2002 (Act 620), s.4]

The whole thing is there in black and white ooooo. The law is prescriptive of the ingredients.

First, the economic loss should be to the state. This means only certain types of crimes can come under this law. It shows that the concern is the protection of the state’s meagre purse as the state really needs money. Somebody stealing a fowl in Makola cannot come under this law because it does not involve economic loss to the state.

Secondly, the accused should plead guilty and be convicted on his own plea which makes him a ‘Convict’, suffering the full breadth of infamy associated with his crimes including not being able to serve as director or senior management staff in a financial institution forever or able to stand for public office, unless the reprieve given by Article 94 of the 1992 constitution applies (the reprieve is that he is eligible only after 10 years)

Ghana’s Star tup Ecosystem at a glance.

Ghana is becoming one of the most vibrant and developing star tup havens on the continent

fast with countries such as Egypt, Kenya, Nigeria, and South Africa as some of the continent ’s giants when it comes to star tups

Star tups are often seen as businesses that are just star ting out and have the potential to expand quickly Due to variations in setup and vision, we can say that

Thirdly, the amount being restituted or the reparation should be agreeable to both the state i.e. prosecution and the court i.e. the judge. Fourthly, if the payment schedule were to suffer default, all hell breaks loose the next day. The entire amount in the event of a breach becomes payable the next day, in default of which the person will be sentenced to a jail term by the court. That is the Sword of Damocles right there. Strict adherence to the payment terms or you are toast! And supposed legal luminaries will decry this extensive justice because it excludes time in custody? I beg all you lawyers in the name of God to

look at the law and not argue on the basis of unhinged sentiments as laymen do.

WAY FORWARD FOR BANKING CRISIS

The reason you are going to hear a lot about Section 35 is because it remains the most logical way to retrieve monies that were stolen, lost or misspent in the banking crisis. By the way, how much do you think has been retrieved by the Receivers of the liquidated financial institutions through the court system from the many cases filed since the banking crisis started in 2018? How much did you say? Well the answer is zero. Absolute zilch!!!

This Ato Essien Ghs 90 million settlement is the first venture into securing money for the State through the judicial system. The Attorney General’s Office must absolutely employ Section 35, to get more funds for the state.

Three scenarios play out here when section 35 is in play.

First, it is difficult to recover assets as most have been cleverly done in other people’s names or used certain vehicles to cover them up. In the case of Alfred Agbesi Woyome in which the State has judgement, finding the assets and selling them have proved to be ultra-challenging. So going after assets presents it own unique problems in a bid to adequately compensate the state.

Secondly, custodial sentences are easy to ride out. Culprits may actually go to jail, survive a few years and return to ‘chop’ their booty, as we have seen with the convictions in the NCA case. The convicts are spending jail time in hospital because they claim they are sick, and not even 1 dollar has been paid out of the $4 million at issue in that case because of the extreme difficulty in tracing their assets.

becomes a useful ‘provider’ for dependents of the state.

SPIRIT OF THE LAW and JUSTICE FOR SALE?

Ultimately, the criticism of the Ato Essien judgement rests on a linear thread. Justice is for sale to the rich. The poor man is condemned because he lacks resources. Are you in that mode of thinking as well? Do you think a ‘poor’ man would have been screwed by the justice system and thrown in jail? Do you think jail would have been a bigger and fairer punishment for the tongues speaking former Capital bank capo? Pause a minute and consider the sentence clearly;

If a man of straw or poor man had stolen a fowl in Makola, he would have been convicted and thrown into jail. Conviction and jail time in law are not technically the same. Convicts usually spend their time in jail. However conviction means they are guilty of a crime of say stealing. The man who stole the fowl in Makola is thrown into jail but will not be asked to restore the fowl to its owners. He serves time for his crime.

In Ato Essien’s case he is also a convict having been found guilty of the law. Whatever disgrace or punishment a convict suffers, Ato Essien is their classmate. If Ato Essien were to fill a form for a visa or passport application and he was asked the question ‘have you ever been convicted of any crimes’, he has to answer in the affirmative. He is as guilty as the guy who stole the fowl at Makola. In his case however, the law says ‘ what you have done is too significant. We cannot let you just go and pass the time. Please go and bring the fowl you stole as well because it is too important for us to lose all of it.”

that sink in. And Ato Essien had one of the country’s topmost lawyers. He could have been acquitted of some of the charges and even if guilty, the amount in question could have been greatly reduced. Or who knows? He could have walked free to the glory of the Living God.

So what does Section 35 of Act 459 do? It secures the certainty of conviction. The law requires the accused to plead guilty and therefore be convicted on his own plea. This is then the basis for the restitution or the reparation which in Ato Essien’s case came to Ghs 90 million.

SO WHAT HAVE WE LEARNT FROM THE ATO ESSIEN CASE?

First of all, the State has a case and the Attorney General and his team are damn good. They went after Essien who kept fighting back even in tongues yet after three years claiming he stole only 27 million cedis, they broke him. Godfred Dame and his battery of lawyers are lions who will haunt you down. From 27 million cedis admitted by the convict, they got 90 million for the state. Don’t joke!

Secondly, justice delivery can adopt innovative approaches permitted by the law. Custodial sentence is overrated. The law has better solutions albeit hidden in plain sight.

Thirdly, the media does not always get it right. Justice Kyei Baffour , the trial judge was misquoted by journalists who reported that he had accused state prosecutors of comprising themselves with the Ghs90million . The judge swiftly came out to set the record straight and also used open court at the last date of hearing to denounce journalists for misreporting.

all star tups are SMEs, but not all SMEs are star tups

These entrepreneurial endeavours are often founded by one to three entrepreneurs, who concentrate on creating a marketable product, ser vice, or platform in response to a perceived market need

Recently a dilapidated house in the Northern parts of Ghana, valued at GHC150,000 allegedly belonging to Mr. Tevi has been identified. Clearly, a law which allows the culprit to return the money stolen in addition to other consequences of conviction, apart from a jail term, is commendable. It robs them of the largesse which would have been stashed away till after their release. Returning the money which may have been misspent disincentivizes anybody from stealing to fund a luxurious lifestyle of cars and houses which may not have liquidity value in the short to medium term when performing restitution or reparation.

Gleaning from continent-wide prospects, Africa is going digital as a result of a decade of economic expansion, rapid urbanization, internet penetration, and the bankability of its population.

Technological innovation is advancing quickly Ghana is no exception, as internet penetration has increased over the past

Thirdly, in drafting this law, somebody must have thought about the general good that the money will do compared to the value of incarceration. Simply put, Ato Essien’s Ghs90 million when paid back can be used for a public good like constructing boreholes or delivering school uniforms to school going kids. Will incarcerating him result in the delivery of this public good to the many beneficiaries that will enjoy because of the reparation or restitution he has performed? The answer is in one scenario, he becomes a charge on the state while in the other he

Ghana is leading the area in technical innovation, and the number and size of digital enter-

This is the real justice that the law seeks to administer. It places a greater burden on the convict than just going into the cooler.

prises are increasing, heralding the arrival of the Four th Industrial Revolution in the nation (particularly since the onset of the COVID-19 pandemic).

As a result, the number of star tups has dramatically increased

Given that the majority of Ghanaian businesses are informal SMEs that still don' t use technology or digital solutions, the star tup ecosystem's potential for innovation and growth in Ghana is still mostly untapped

Talent & Government Plans

Now Ato Essien has to find the money on scheduled dates to pay back if not, fire go burn am brutal. In that wahala of paying back the money on scheduled dates and the guilty convict rests the spirit of the law. You shall be convicted and on top you shall return the dough. Justice cannot not be dispensed at a more acute level. This is justice that bites everyday because you are looking at the clock in abject desperation that your failure to find the money means you will definitely go inside. In any case, a poor man who steals say GHC10,000 from the state can also take advantage of section 35 of the Courts Act. If he pleads guilty to the crime, he will be convicted and asked to return the money to the State in lieu of prison time. There is no discrimination at all as the law applies to a certain type of economic loss to the state, irrespective of the quantum and who committed it.

Talent is one of the key components of any star t-up ecosystem, and Ghana is developing a sizable talent pool of future digital leaders.

COULD ATO ESSIEN HAVE WALKED FREE?

It sounds highly improbable, right? Well guess what? The other accused persons standing trial with Essien were discharged by the court. Let

Ghana's development is a result of a number of positive factors, including substantial consumer and business markets, highly

Fourthly, Section 35 of Act 459 guarantees certainty of conviction. No beating about the bush or no long things. While appealing the case is not stunted, it is rare to appeal against your own guilty plea.

developed entrepreneurial skills, and a robust corporate sector

To succeed, most star tups require the ideal combination of rules, and culture Over the past ten years, Ghana has created an environment with a lovely interplay of these elements

Fifthly, not all the 600 million liquidity support from the Bank of Ghana was allegedly Ato Essien. About 192 million was what was being contested. Records showed that the state had already recovered back about 120 million cedis. What was left was about 70 million and the State chose, out of which Essien admitted only 27 million cedis. The state settled for Ghs 90 million in these hard economic times, making it the biggest ever reimbursement to the state through Ghana’s law courts since the inception of time. Sixthly, Ato Essien’s classmate is anybody who has ever been caught by the law and pronounced guilty. He can not run away from that status. All the disbenefits of being guilty accrue to him. He can not run for office or near any financial institution even as a director and many other barrings. Simply put, Ato Essien will never be the same again in the eyes of the law and his fellow men.

The Ghana Government in recent years has launched various initiatives aimed at developing a robust entrepreneurial and star tup ecosystem. For example, to tackle the Ghana government introduced the "National Entrepreneurship and Innovation Plan" (NEIP) in June 2017 as a $10 million program to address the funding gap and lower youth unemployment.

Finally, don’t you dare think you will go scot free when you steal from the state. Custodial sentence upon conviction is easy. Bringing the money back may prove more difficult.

The government's main method for aiding star t-ups and small businesses is now NEIP

NEIP has given over 7000 entre-

Kumasi Rotary Club Hands Over 6- Unit Classroom Block To Sawua

appealed to the Chiefs and the People of the Sawua community and environs to prioritize the education of their wards and ensure that the project meets its intended purposes.

He was optimistic that the existence of the school in the community will improve access to quality education and prevent School Children from walking several Kilometers to access basic education

He again pleaded with the Municipal Assembly to collaborate with the Chiefs and community leadership to assume full ownership of the School facility.

Club, Ghana.

The Chief Executive of the Atwima Nwabiagya Municipal Assembly, Hon. Amoah Awuku lauded the Kumasi Rotary club for coming to the aid of the community. He confirmed that it was disheartening seeing children walk several kilometers to access education.

He was particularly excited with the installation of solar panels to power the computers and television since the village has no access to electricity.

It was all joy for the chiefs and people of Sawuah, a small community in the Atwima Nwabiagya South Municipality of the Ashanti Region as the Kumasi Rotary Club handed over a 6-unit classroom block to the community.

The facility also included a library stocked with books 8 new micro flush toilets, computer lab with computers, solar panel for the school and furniture

At the handover ceremony, the President of the Club Derek Oware Nyarko said the project forms part of the core values of Rotary which

literacy in communities as well as water and Sanitation.

He added that due to the absence of basic education in the community, children between the ages of 2 and 9 years are forced to learn in a church under the tutelage of a volunteer teacher who only takes canteen fees from the Children.

“The unfortunate part is when they are old enough to walk, they travel 5km to attend school at Asakraka”, he added.

Rotarian Oware Nyarko however

The Project Director and International Service Chair Nana Effah Mensah said the project, which is worth $120,000USD is in tune with the vision or theme of the Rotary Club.

He said Bowman family paid to build the school whiles the Micro-flush Toilets, Furniture’s, Computers, Solar Lightning System, Text and Library Books and the rest was funded by the Rotary Foundation, Virginia Rotary Clubs: Hampton Roads, Warren County, Roanoke Valley, Salem Rotaract Club at William & Mary and Lewisburg, West Virginia and Kumasi Rotary

Hon. Awuku appealed to parents to make good use of the facility by sending their children to school.

He again assured that he will provide free school uniform for the children who will attend the school and see to it that teachers are posted to the school.

Last year, the Club also handed over similar projects to the Hiamankyene Community in the Sekyere South District of Agona near Asante Mampong. The school currently accommodates close to Two hundred (200) pupils.

UBA Ghana’s Foodbank Initiative puts smiles on faces

UBA Ghana has put smiles on the faces of underprivileged people in Ashaiman and Ridge through its ‘Food Bank’ Initiative which distributed over 500 goodie bags. The event was held on Wednesday, December 21, 2022, as part of the UBA Foundation activities which aims to make sustainable improvements in the lives of the needy and underprivileged in the communities in which the bank operates in the areas of education, economic empowerment, and special projects.

Commenting on the initiative, Henry Nii Dottey, Head of Marketing and Corporate Communications at UBA Ghana said, “Christmas is a special time and the occasion should be seen as a season of giving and expressing love.

“We are deeply fulfilled that we have spread some holiday cheer to our brothers and sisters on the street who are less privileged in society through this gesture of giving. The smiles we see on their faces as they receive their goodie bags warm our hearts and we are happy to celebrate the season with them”.

Henry Nii Dottey also stated that the initiative is also a response to the attainment of the Sustainable Development Goals 1 and 2 which deals with No poverty and zero

hunger. He added that the Bank will continue to do this in the coming years and also work with other partners to ensure that many lives are touched during Christmas.

Receiving their Christmas goodie bags, Kofi Amoah and Yahya Perley who are all residents in Ashaiman where the Bank recently opened a new Business Office said, “Thank you to UBA Ghana for thinking about us and feeding us. God bless you so much. We pray and look forward to seeing you again next year”

Other beneficiaries from Ashaiman and Ridge were also thankful to UBA Ghana for the warm and kind gesture.

DECEMBER 2 , 2022

DECEMBER 9, 2022 DECEMBER 16 ,22

DECEMBER 2, 2022

WEDNESDAY, DECEMBER 21 , 2022

WEDNESDAY, DECEMBER 7 , 2022

REVIEW

DECEMBER 9, 2022 DECEMBER 16 ,22

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Breaking the myth about artificial rice

With Christmas just around the corner and people stocking up on foods for the festivities, the Food and Drugs Authority (FDA) is also on high alert and working assiduously to protect public health and safety with regards to foods being sold on our markets. In monitoring of foods and information concerning our foods, the Authority has picked up information circulating on social media reporting that rice can be made artificially and directing consumers to test rice before purchasing and consuming.

In this publication, the FDA wishes to allay fear and panic caused by such social media posts and assure Ghanaians of their safety. The FDA also wishes to explain what is termed “Artificial Rice”.

Artificial rice is a grain product that has the general appearance of rice and is a paddy-rice substitute. It is made of broken rice and/or other

cereals and fortified with some micronutrients. One of the first of such rice products was “Ultra rice’ which was introduced to the public in 2005 to aid malnutrition. It was also introduced in Indonesia as part of the food diversification program, proposed to help improve food security. Contrary to information circulating on social media, artificial rice is not rice that contains plastics or resins. it rather contains starch from other foods such as potatoes, corn or cassava and can be fortified with functional ingredients, such as, vegetables, fruits, or vitamins, folate or iodine, that bring health benefits like antidiabetic, antioxidant, antihypertensive, and anticancer. In some countries artificial rice is also called “fortified rice” as it is produced to target malnutrition. This coupled with the need for sophisticated processing equipment, makes artificial rice more expensive than grown paddy rice and as such does not make it an attractive venture to many.

It is suspected that the existence of artificial rice as an innovative alternative food product, fuels some people’s erroneous belief that there is rice made of artificial material such as plastics, being sold for human consumption. It is crucial to note that the notion of making rice from plastics is unprofitable because it is more expensive to make such plastic products compared to rice farming, plastic rice cannot be cooked as its melting point increases with the increase in temperature, a plastic product can easily be detected by conducting simple inexpensive laboratory tests.

It is also important for Ghanaians to note that the FDA has not registered any artificial rice for importation and sale in Ghana in accordance with Part 7, Section 99 of the Public Health Act, 2012 (Act 851). Furthermore, even though China is indeed the world’s largest producer of rice, it is not the top trader of rice to Ghana. 2020

reports showed that Ghana imports rice mainly from Vietnam (72.2%), Thailand (11.6.%), India (6.68%), and Pakistan (5.98%). Only 1.52% of Ghana’s imported rice is from China. This further reduces the risk of importing speculated artificial rice from China.

Consumers are therefore encouraged to confidently purchase and consume the brands of rice that are presently on the market with the assurance that they have been subjected to stringent internationally accredited regulatory protocols and are safe for consumption.

Consumers are also encouraged to bring to the attention of the FDA any incidences of rice that is unregistered or suspicious.

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