Business24 Newspaper 24 February 23

Government will work its way out of challenges, Prez assures Parliament

President Nana Akufo-Addo has assured Parliament of his government’s commitment to work its way out of the challenges currently confronting the nation.

In a speech read on his behalf by Frema Opare, during the launch of Parliament of Ghana’s 30th Anniversary in Accra, said “Even though we are presently confrontour collective resolve to work our way out of these challenges, and put our nation onto the path of progress and prosperity.

Let us work to create the platform for the evolution of a new Ghanaian civilisation, which will give true meaning to the foundational values of freedom and justice on which our nation was birthed.”

The president added that government will not give up when it comes to deepening democracy and guaranteeing the integrity of the electoral process, and urged the citizenry not to.

“We do not have to look far back into history to ‘see that stable period of constitutional government and intelligent management of the economy leads to prosperity. We must do everything within our means to safeguard our democracy.”

He also promised to strengthen parliament in order to consolidate the democratic gains, saying “It is for the good of the country that Parliament continues to develop the capacity to insist on account -

By Eugene Davis

ability in all aspects of our lives, and no institution is better suited for this than the representatives of the people.

“As President of the Republic, I assure you that, out of duty to our children and grandchildren, and to generations yet unborn, my government will do everything it can to help strengthen Parliament.”

Majority Leader,Osei Kyei-Mensah-Bonsu stated that the country needs a constitutional order which will put a cap on the number of ministers appointed.

“We need a new constitutional order that will prevent the constant increase in the numbers of the seats in Parliament. We need a new constitutional order that will put a cap in the numbers of Ministers of State, etc. A new order that will ensure that the Speaker of the Parliament is a serving member of Parliament and that the Parliament of Ghana does not remain as one of

only 9 Parliaments in the world whose Speakers are not Members of Parliament.

We need a new constitutional order that will accord Parliament the required to enable Parliament stand on its own feet; a new constitutional arrangement that will liberate Parliament to perform its legislative functions without impediments, intended or unintended.”

Minority Leader. Dr. Ato Forson when the economy collapses.

He also maintained that there is a good reason for which the laws changed the designation from “Opposition” to “Minority”.

“Both sides have a stake in ensuring good governance in the country for the common good of our people. We are in this business of governance together. The people we represent expect more from us and

Standard Bank is Africa’s most valuable banking brand for the second year

President Nana Akufo-Addo has assured Parliament of his government’s commitment to work its way out of the challenges currently confronting the nation.

In a speech read on his behalf by Frema Opare, during the launch of Parliament of Ghana’s 30th Anniversary in Accra, said “Even

though we are presently confrontour collective resolve to work our way out of these challenges, and put our nation onto the path of progress and prosperity.

Let us work to create the platform for the evolution of a new Ghanaian civilisation, which will give true meaning to the foundational values

of freedom and justice on which our nation was birthed.”

The president added that government will not give up when it comes to deepening democracy and guaranteeing the integrity of the electoral process, and urged the citizenry not to.

“We do not have to look far back

economy

into history to ‘see that stable period of constitutional government and intelligent management of the economy leads to prosperity. We must do everything within our means to safeguard our democracy.”

He also promised to strengthen parliament in order to consolidate the democratic gains, saying “It is for the good of the country that Parliament continues to develop the capacity to insist on account

Digital economy policy document in the works, says NITA boss

A Digital Economy Policy Document Communications and Digitalisation for adoption in a move that is expected to deepen the gains chalked in the digital transformation of the economy.

The Director General of the National Information Technology Agency (NITA), Richard Okyere-Fosu, disclosed this at the 2023 edition of the Tech Job Fair organised by the Institute of ICT Professionals Ghana (IIPGH) under the theme: ‘Leveraging technology to create inclusive and sustainable jobs.’

Mr. Okyere-Fosu stated that a critical element required for the success of the document and the wider digitalisation agenda is the development of the right kind of skills to support the country's digital economy and emerging technologies.

Making a clarion call for stakeholder collaboration in achieving this, he stressed the importance of developing the right calibre and number of professionals to support the digitalisation agenda.

His comments came at a time wheredigital economy – which is projected by the World Economic Forum

(WEF) to reach US$20.8 trillion by 2025, with the continent’s digital economy currently worth an estimated US$115 billion and is expected to hit US$712 billion by 2050.

Analysts are buoyed by the growth potential of the African digital economy, owing to huge gaps for exponential growth. Domestically, ICT has been the runaway growth leader in the economy for more than a decade, growing at 20.3 and propelling the Service sector, which is expected to contribute approximately 47 percent to Gross Domestic Product (GDP) between now and 2026.

The NITA DG, however, warned that digitalisation could come with managed well and the right structures are not put in place.

"When investors are considering investing in a country, some of the major factors they look out for are whether the country has the right human capital to support their investment. This means for our country to continue attracting the right kind of investors, we need to -

oping professionals not only in their skill set but also in equipping

them with the right work ethics. There should be a reliable framework for verifying these professionals," he added.

This sentiment was similarly shared by the Project Manager at the AFOS Foundation, Hannaed sponsorship for the fair.

According to her, the rapidly-expanding pool of local talent, coupled with the strong desire of young people to innovate and bring about lasting solutions to existing problems ensures the country will remain attractive to investors in technology training.

She added that with the fast pace at which technology is a need to and education these developments pants are not knowledge.

‘Training must the industry increasingly as well as being said.

On his part, Executive IIPGH, David which saw

By Eugene Davis

students in attendance – provides the most ideal platform for young persons to interact with key industry stakeholders, one which he believes will go a long way in minimising the unemployment burden.

“The role of guidance cannot be overemphasised as far as a career path is concerned and this is what we continue to achieve through the Tech Job Fair,” Mr. Gowu said, adding that that the last employment.

The national unemployment rate – as captured by the Annual Household and Expenditure Survey (AHIES) – accelerated to 13.9 percent in the second quarter of 2022.

Ghana, Germany hold bilateral talks over debt restructuring

Mr

the Minister of Finance, has held bilateral meetings with a German delegation, led by Ms Svenja Schulze, the German Federal Minister for Economic Cooperation and Development (BMZ).

The meeting, which was to deepen Ghana-German relations, was used

to discuss the role of the KfW Development Bank in supporting Ghana in its post debt restructuring to ensure economic stability and sustainable growth.

The two countries also discussed structural changes in the energy sector and ways to make it more

sustainable to support the economy as well as improve regional security to augment cross-border trade.

Mr Ofori-Atta informed the visiting Minister that Ghana had successfully (SLA) with the International Monetary Fund (IMF).

The SLA is on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about $3 billion in December 2022.

He indicated that the parties had agreed on structural reform benchmarks, prior actions, performance

Ken Ofori-Atta,

orandum of Economic and Financial

He said that the success of the country’s debt restructuring programme, which would require external support from countries like Germany, was critical for Ghana’s programme to be considered at the IMF Executive Board.

Mr Ofori-Atta also stated that all and the government was hopeful that it would get an IMF Board approval in March or early April.

The KfW team said they were ready to partner with the Development Bank Ghana, to be an advocate for setting up a creditors committee and the Ghana Stabilisation Fund.

The German Minister assured the Minister for Finance that Germany was ready to engage other Develop ment partners yet to sign on to the

Ms S ophia Kudjordji Wins Global Woman L eader Award For The 3rd Time

For the third time, the Chief CorpoJospong Group of Companies (JGC), Ms Sophia Kudjordji, has been honoured with a Global Women Leader Award 2023.

The GWLA 2023 was presented to Ms Kudjordji in Mumbai, India together with 84 women from 15 countries who were also acknowledged. The recipients were from countries including India Laos Singapore, Malaysia, Thailand, Oman, Ghana.

The rest were Qatar, Sri Lanka, Seychelles, Maldives, Mauritius, South Africa, Bangladesh and UAE.

In total, 85 women were recognised for their contributions in society in areas of communication, sports, Academia, NGO, Government business and military.

This year’s (2023) GWLA marked the 10th anniversary of the global women’s awards.

At the event, the WWLC also

tial role of women leaders in the development of the modern economy, technology, and administrative methodologies, aimed at advancing governance and business organisations.

outstanding leadership and achievements demonstrated by women innovations and initiatives.

Furthermore, the GWLA encouraged various private and public sectors to promote women leaders, support women empowerment to activate and accelerate the role of working women in institutions through various initiatives.

The event highlighted the achievements of women leaders and appraise their success in regional and global leadership.

More importantly, it recognised and honoured the potential of ideal women leadership.

In a brief remark, Ms Kudjordji thanked the organisers for the honour done her; and also expressed gratitude to her colleague workers for their support.

“I want to thank God for the opportunity granted me every single day. And this is my third time of winning an award here—two online and one here. I am so honoured and I just want to dedicate this to my mother and my siblings who are like cheer leaders, and my team,” gladly expressed.

According to Ms Kudjordji, she has great team of young men and women who are always keeping her on toes.

me to sit down; they give me all passion, and I am so grateful,” added.

She also used the opportunity express her appreciation to the Exec utive Chairman of JGC, Dr. Joseph Siaw Agyepong and Mr. Felix Atsrim

of Fedems for their support and encouragement.

The event was preceded by a seminar which discussed topics like "Take charge and lead", changing face of leadership", " the power of women leaders: triumphs and challenges", and a masterclass on the Seven habits of successful women among others.

Vo dafone supp or ts customers with fre e c alls to Turkey and Syria

customers free international calls and SMS to Turkey and Syria. The telecommunications company will also refund customers all charges on calls that were made to Turkey and Syria from 1st February.

The initiative is meant to help custom

ers stay in touch with loved ones who

fone Ghana customers until the end of February.

The earthquakes, which struck Turkey and Syria on February 6 this year, caused severe damage and loss of life and left many families in distress. Vodafone Ghana hopes that

this initiative will alleviate some of the help them stay connected during this Preba Greenstreet, Legal and External stated, “We understand how important it is for our customers to stay in touch with their loved ones, especially during times of crisis. We are committed to supporting our customers in any way we can. Our thoughts by the earthquakes.”

She encouraged Vodafone Ghana customers to take advantage of this free service and stay connected with friends and family in Turkey and Syria.

Budget Cash and C outdoors Blue Jeans

GRA’s p etroleum downstream unit , SML Ghana collab oration helping GRA in revenue assurance

The collaboration between the downstream petroleum unit of the Ghana Revenue Authority (GRA) Customs Division and Strategic Mobilisation Ghana Limited (SML), a helping the GRA meet and exceed its annual targets.

This came to light when SML Ghana recently held a stakeholder engagement with the leadership of the downstream petroleum unit of the Ghana Revenue Authority (GRA) Customs Division in Tema to discuss new initiatives and solicit opinions on how both sides can improve the successes chalked and further improve the country’s revenues. This meeting forms part of regular stakeholder engagements.

The GRA, last year, mobilised GH¢75.5 billion domestic revenue, which is GH¢3.60 billion more than it was tasked to collect. The collection year’s target of GH¢71.94 billion. The feat also meant the domestic revenue the GRA mobilised was 31.5 percent more than what was collected in 2021. The Customs Division, which includes the petroleum downstream sector, collected GH¢22.26 billion, as against a target of GH¢20.20 billion, also exceeding the target by GH¢2.06 billion.

The stakeholder engagement brought together the various Customs heads in charge of downstream petroleum depots across the country's 16 regions. SML Ghana took latest technologies such as scanning of way bills and purchase orders and reconciling them with metre volumes at the depots in real time and introduction of level sensors to monitor, manage, and measure the petroleum stocks.

Christian Tetteh Sottie, Managing Director for SML Ghana, stated that

through a detailed method on how SML Ghana is leveraging technology to improve the sector and remove any misconceptions while establishing the foundation of both sides as partners.

“We have had this collaboration with the GRA Customs Division since 2020 which comes with regular stakeholder engagements and the team from Customs is really pleased with the work we are doing. The next step is the installation of level sensors on all depot sites which is currently ongoing. This will stop to manually check the level of stock in the tanks on a daily basis,” he revealed.

Meshach Kwame Danso, Acting Head of Petroleum Unit, Customs Division at Ghana Revenue Authority said the deep collaboration between both parties is a step in the right direction and accountability to government. help work smoothly. Working closely with SML Ghana has given us room we can report to government accurately. Thanks to their technology, we are now able to account for every liter of petroleum product. This collaboration is really good for government’s revenue position,” he said.

He called for more training sessions for the leadership and team at the downstream petroleum unit so they can keep up with new trends and information. “They are bringing new ideas on revenue assurance so we are looking forward to more encounters,” he added.

Sampson Anim, Assistant Commissioner, Petroleum Downstream at GRA Customs Division, lauded SML Ghana for its transformative technology to maintain transparency while enhancing the sector and increasing

revenues.

“The system is perfect. What we previously had was a very manual system of auditing but this is a digital system that captures all our lifting from the depots through delivery to destinations the product is supposed to be so we are able to monitor in real-time how much is being loaded at any depot and it grants us the assurance that indeed whatever we have captured for revenue purposes, is accurate.

Everybody is moving from manual to electronic and this places us in the midst of technology. And now that we have this electronic system, we volumes that we churn out are the correct accurate volumes. So, it gives have done is correct. And the reve

nues should be expected is also accurate,” he said.

SML Ghana’s technology impact

Since the introduction of the technology, the average volume per month recorded by SML meters for the white product is 400 million litres which has resulted in an extra revenue of GH¢3 billion for government between June 2020 and June 2022. The digital measurement project to monitor revenue from downstream petroleum products from depots across the country is a partnership between the Customs Division of the GRA and SML Ghana, a Ghanaian audit and assurance services company, aimed at digitising the measurement and reporting of petroleum product supplies from over 20 depots across the country. Known as the Electronic Metering Management System (EMMS), the system digitises the entire process chain by providing an end-to-end audit and assurance to GRA in the downstream petroleum sector.

S ene galese President Macky Sall changes narratives on development priorities for Afric a

By Kestér Kenn Klomegâh

As Rotating Chairman of the African Union and the President of Senegal, Macky Sall, has excelled in speaking up on many development priorities for Africa. His complete understanding began during his childhood as he grew up in a family of politicians and ultimately continues pursuing political career.

Without doubts, he made “The Path

of Real Development” political slogan during his campaign for presidency. He campaigned across the the “23 Juin” (M23) opposition movement, rather telling them the importance of achieving development through unity. President Sall was awarded the 2020 Sunhak Peace Prize for successfully shortening the

years and reviving the economy through transparent policies.

Since his appointment as Chairman of the African Union, Macky Sall has a wider platform to drum home “unity in diversity” across the Africa and beyond. On international platforms, he fearlessly tells the African story including the key priorities, the challenges and the future.

His message for African leaders is “with one collective voice” rally for the continent’s sustainable development, sharpen external partners’ understanding Africa’s priorities and also its role in the emerging multipolar world.

As African Union Chairman, Macky Sall was invited to the United Nations General Assembly last September.

During his address to the gathering, Macky Sall was not shy about speaking up for Africa. The gist of his message? There is absolutely no excuse for failing to ensure consistent African representation in the world’s key decision-making bodies.

“It is time to overcome the reticence and deconstruct the narratives that margins of decision-making circles,” said Sall, who is also the President of Senegal. His speech was about the need to give Africa permanent seats at the UN Security Council so, as he -

billion Africans are being taken.” has called upon the global community to seek and consider African perspectives. From the beginning of his one-year term as the African Union’s chairman last February, Sall said he wanted to see fair, equitable international partnerships that welcomed African contributions instead of dismissing African priorities.

which is the feast of others,” Sall said during his inaugural speech. He also has spoken up for greater African representation in the G20, which as of yet only has one African member (South Africa). Multilateralism must “serve the interests of all,” Sall

“loss of legitimacy and authority.”

There have been several high praises and admirations for him. In an opinion article, the Executive Chairman of the African Energy Chamber, NJ Ayuk, spoke positively about his tireless work, not only to insist that the global community listens to and respects African issues, but also to build awareness of what those issues are.

Macky Sall has put African needs and priorities – including infrastructure development, greater access to COVID-19 vaccinations, food security, and an end to energy poverty – in front of world leaders ranging from Chinese President Xi Jinping to U.S. President Joe Biden. He has done the same at global events, including the 2022 G20 summit and the COP27 climate conference.

Sall has been particularly outspoken about Africa’s energy needs and the

rights of African countries to continue extracting and capitalizing upon their oil and gas resources, even in the face of tremendous global pressure for Africa to make a rapid switch to renewable energy sources. He has the global march toward net zero emissions, Africa will not be in lockstep with the rest of the world at the expense of our countries’ well-being.

“We are in an era when Africa needstheir respective priorities, and unless African leaders are willing to stand up for what our continent needs, our objectives will be pushed aside. Sall has, indeed, taken a stand,” NJ Ayuk wrote in an opinion article.

Relating to an unwavering voice for a just energy transition, NJ Ayuk said “African energy was not Sall’s only priority as chairman of the African Union, but he did, rightfully, use his platform to expand global awareness of Africa’s unique energy needs in 2022. He pointed out the hypocrisy of wealthy countries that harnessed fossil fuels to industrialize and grow their economies telling developing African countries that the world’s zero-emission goals trumped their right to do the same.”

Macky Sall speaks with authority. “We will not accept that polluting countries, responsible for the situation of the planet, tell us that we are fuels,” Sall said in September.

He made similar remarks when he opened the MSGBC Oil, Gas & Power 2022 conference and exhibition, held Sept. 1-2 this year in Dakar. The MSGBC region comprises Mauritania, Senegal, the Gambia, Guinea-Bissau, and Guinea-Conakry.

world, energy resources are major assets for Africa. Therefore, we must not accept that our continent is an object of world geopolitics, but an actor, aware of its natural wealth of interests, which acts on the competiadding that made no sense for African countries to stop exploiting their oil and gas resources while more than 600 million Africans lacked electricity.

According to him, “while remaining committed to the implementation of the Paris Climate Agreement, we must continue to defend the interests of our countries in the run-up to COP27 next November in Egypt.”

And that’s exactly what happened.

ly defended Africa’s energy interests before and during COP27. The result? As multiple news outlets reported, African natural gas took center stage at the conference.

Macky Sall is further described as a strong collaborator. Executive Chairman of the African Energy Chamber, NJ Ayuk, said when he tweeted in November, Africa was fortunate to have Sall at COP27. He understands both sides of the African energy transition debate: the need for Africa to set the timing for its shift to renewables and the world’s need to address climate change.

Sall advocated for ongoing natural gas production in Africa, which allows us to minimize carbon dioxide emissions while providing much-needed gas to generate electricity domestically, build our economies, and move toward industrialization. Sall also has pushed for the international community to help fund the renewable energy infrastructure Africa needs for a just support for African climate adaptation.

Climate adaptation measures have particularly been a priority for Sall. In his capacity as President of Senegal, he and the CEO of the Global Center on Adaptation (GCA), Patrick Verkooijen, partnered in 2022 for Senegal under the Africa Adapta tion Accelerator Program (AAAP).

The AAAP, Africa-led Africa-owned, is working to bolster adaptation in agriculture, services, infrastructure, entrepre neurship, and jobs for young people. It was developed by the Center on Adaptation (GCA) and African Development Bank (AfDB) collaboration with the African Union.

Sall was among the trailblazers convene the Africa Adaptation ers’ Event during COP27. He co-wrote, with French President Emmanuel Macron and Dutch Prime

Minister Mark Rutte, an opinion piece for the Guardian about the AAAP. It emphasized the critical importance of increased funding from developed countries for climate adaptation initiatives in developing countries, particularly those in Africa.

“What we’ve seen is a pragmatic approach from Sall, one that recognizes the need for Africa to continue harnessing its oil and gas reserves while working diligently to move toward the transition to renewables –and to build climate resiliency into Africa’s economy,” wrote NJ Ayuk.

“When Sall’s one-year term at the helm of the African Union concluded February 2023, many challenges facing Africa will hardly be behindence in his role. Sall has said, loudly and clearly, that African voices will not be silenced. Thanks to Sall, it appears that the global community is starting to hear that message. That is a step in the right direction,” concluded NJ Ayuk, Executive Chairman of the African Energy Chamber based in South Africa.

President of the Republic of Senegal, Macky Sall, has concluded his one-year term as the Chairperson of the African Union for the year 2022. And now, President Azali Assoumani of the Union of Comoros has taken over the rotating Chairperson of the African Union (AU) for 2023 during the 36th Ordinary Session of the Assembly of the Union held February 18 at the AU headquarters in Addis Ababa, Ethiopia.

Dr. Emmanuel Owusu-S ekyere joins ACET as Direc tor of Research

The African Center for Economic Transformation (ACET) is pleased to announce the appointment of Emmanuel Owusu-Sekyere as its Director of Research.

will lead thought leadership, drive ACET’s research portfolio, and over -

and ensuring alignment with ACET’s

change.

"We are excited to have Emmanuel Owusu-Sekyere join the ACET family as Director of Research," said Mavis President. "His expertise and extensive experience in research on economic transformation will be assist countries on the continent make progress towards growth with

DEPTH."

Dr. Owusu-Sekyere’s background and experience in applied macroeconom -

sector development, and private sector consulting make him uniquely

and development in Africa.

"Until Africa's economies are transformed, with transformation translat -

ing into improved human well-being, their endowments have not translated into real wealth,” said Dr. Owusu-Sekyere. “ACET has taken the lead in driving the economic transformation of the continent, and I am very excited to join ACET on its mission to drive the kind of inclusive growth and sustainable development that Africa needs.”

Emmanuel Owusu-Sekyere holds a Ph.D. in Economics from the University of Pretoria, South Africa, and has

received specialized training in Capital Market Development and Regulation as well as Measuring Financial Inclusion in Africa. His previous role was Deputy Research Director at the Brenthurst Founda tion in Johannesburg, where he led research on economic transforma tion, cities and communities, empow erment, jobs, and security on the African continent.

He is widely published on issues such as macroeconomic determinants of currency volatility, links between democracy and enhanced economic growth, and the impact of remittanc es on development outcomes. Dr. Owusu-Sekyere joined ACET as of

‘Ghana’s Climate Prosperity Plan will power faster economic recovery’

The chairman of Environment, Science and Technology Committee, Dr. Emmanuel Marfo has stated that the country is developing its climate prosperity plans (CPP) aimed at emboldening growth despite an increasingly climate insecure world.

He also disclosed that the CPPs are a roadmap to attract foreign investment in Ghana’s economy to boost economic growth and employment, while also accelerating climate adaptation and bringing down the country’s greenhouse gas emissions as it transitions towards net negative emissions.

According to Dr.Marfo, the plans are expected to be ready by next year, sometime in May, which will ensure faster economic recovery and achieve net-negative carbon emissions.

The Climate Prosperity Plans Program seeks to design actionable investment and implementation pathways toward climate prosperity. It presents an opportunity to unlock new avenues for economicing centered around ambitious and climate-smart targets.

Ghana’s President is the chair of the Climate Vulnerable Forum (CVF) and Dr. Marfo said “Under the Ghana Presidency, one of the main objectives of this presidency is that by the close of our presidency, Ghana should have a climate prosperity plan just like Bangladesh, so when we are done with that, what it basically means is that our development planning and development

projects would be planned in such a way that it would deliver some dividend from positive climate impact.

The presidency is two years, so we ending our presidency next year, I am sure around may, I think properly before that.” he told journalists when the secretariat of the CVF visited members of parliament.

He also disclosed that Ghana’s Speaker of Parliament has approved for the climate parliament -Ghana’s MPs for Climate Change to be inaugurated.

CVF meets Parliament

The Secretariat of the CVF visited the country earlier this month and met with the Parliamentary caucus on climate change, with discussions centering on activities of CVF, agenda and programmes for the year, as well as the need to mobilise the voice of parliamentarians for climate action both at the national level, regional and global level, and build capacity of MPs.

The Coordinator of CVF Global Parliamentary Group, Rachel Mundilo indicated that her group met with Ghana’s parliament to ostensibly highlight the strategy of CVF, share their focus as a parliamentary group.

She added that for this year, they are focusing on three areas implementation].

“In terms of the strategy, we have carved out certain activity that speaks to those focused areas, one

of them being accountability summit, ultimately this is the year of accountability and the UNFCCC stock take as the initiative that will essentially take stock of all countries input and how they meet up with the goals of the Paris Agreement.

The other area we will be speaking -where we are; scaling up and other point I spoke about is implementation and Ghana is in the process of developing its very own CPP which was launched at COP 27 and it is currently in the process of validation, so key stakeholders are currently validating it.”

Climate Prosperity Plans (CPPs) are national investment strategies that

By Eugene Davis

seek to maximize socio-economic outcomes for countries on the frontline of the climate emergency, through the deployment of maximized domestic renewable energy the economy. Based on a set of government-endorsed targets, the CPPs present a macroeconomic scenario for prosperity, showing how key socio-economic indicators could evolve to 2050 (provided unlocked). The CPPs also itemize programs and projects that will contribute to the realization of the set-out targets, as well as outline and program. The national legislative and regulatory framework is also analyzed and recommendations are made to facilitate the implementation of the Plan.

Dr.Emmanuel Mar fo - chairman of Parliament ’s Environment, Science and Technology committee in a handshake with R achel Mundilo [Coordinator of C VF Parliamentar y Group

The Only Way to End the War

Russia’s war against Ukraine, like almost all wars, will end at the negotiating table. But negotiations cannot start until Ukraine’s territorial integrity has been restored. Since a change of heart in Moscow is unlikely in the short term, the faster that Ukraine gets the means to force Russian troops to return to Russia and stay there, the better –for Ukraine and the rest of Europe. We should all aim for a swift conclucally, to bring about that outcome, we must make clear to Russian President Vladimir Putin that we will stay the course, doing whatever it takes for as long as it takes, so that he sees there is no point in endlessly sending young Russians into the meat grinder that is the Ukrainian front.

Putin will not win this war. In fact, he has already lost it. But he could prolong it or create a semi-frozen

what it needs to expel Russian forces. For any peace to last, it must be just. And to be just, it must respect Ukraine’s international borders, its democracy, its statehood, and its right to choose its own destiny.

This is crucial, because Russia’s based on the denial of Ukrainian statehood. Such claims are born of a Russian nationalist and imperialist ideology that rules out the very idea of a distinct Ukrainian identity.

what the Nazi jurist Carl Schmitt called a “total enemy” that must not be merely defeated, but also erased – not for what it does, but for who it is.

torture, abduction of children, burning Ukrainian books, and countless war crimes. The violence unleashed on Ukrainians because they are Ukrainians is comparable to Stalin’s Great Terror, when

millions of innocent people were killed for being “class enemies.”

Stalin’s terror “worked” precisely because targeting innocent people forced everyone into total conformity with the will of the state. This is totalitarianism.

Having descended ever deeper into authoritarianism during the past 15 years, Russia has again become totalitarian. Anyone who does not comply runs the risk of being poisoned, falling from a window, or ending up in prison. As the population is terrorized into conformity, already-vulnerable groups face the greatest risk of persecution. Anti-Semitism has exploded, sexual minorities are living in constant fear, and racism and xenophobia are running rampant. Under these conditions, it will take a long time for Russia to sort itself out, even if the man who has turned his country into a pariah leaves the stage. The detox of the Russian nation might take a generation, and the outcome is far from assured. Collectively, we must not only ensure that Ukraine can attain a just and lasting peace as quickly as possible; we must also support into a prosperous country whose citizens can count on the rule of law, respect for human rights, and fundamental freedoms. In this respect, the accession process leading to European Union membership can be transformative. Just as that process helped Greece, Spain, Portugal, and Central and Eastern European countries detox from their dictatorial pasts, it can also inoculate Ukraine against a dictatorial future.

Twice in my lifetime, history has taken a sharp turn and pushed time was when the Berlin Wall fell in 1989, allowing Europeans to reunite. The second was when Russia invaded Ukraine a year ago,

f o r c i n g Europeans to defend and strengthen the values and institutions they hold dear.

Looking ahead, we must acknowledge that under the current circumstances, Ukraine’s integration with the EU will have to happen much faster than in the past. But that does thoroughness on the altar of expediwould leave shortcomings unresolved, ultimately weakening both Ukraine and the EU. What is needed, then, is a Marshall Plan-type response. This would be unprecedented in scale, combining reconstruction and economic transformation with the legal, administrative, and social reforms needed to enable Ukraine to function fully as an EU member state. This has never been done before, but it will have to be done now.

One urgent task, for EU leaders and national politicians alike, is to prepare our citizens for what this transformation of both Europe and Ukraine will entail. In parallel, thecial, political, and administrative structures that will be required.

The Russian regime portrays Europeans as weak and decadent pushovers. “Gayropa” must ultimately yield to the superior force of ultrana-

alism, Putin believes, and even had certain political camps in Europe and the United States convinced of this, with politicians and media personalities praising a “strong leader” standing up for “traditional European values.” But the Ukrainian people are exposing the lies underpinning this caricature, putting Putin’s Western admirers to shame.

We all need to recognize what is at stake. One hundred years after its made a comeback on our continent. We must quickly contain and then unmask it, so that it can be defeated people themselves.

This war is about so much more than gaining or losing territory. The Ukrainian nation, a European imperialist ideology that denies other nations’ existence will not stop at just one. If Russia’s aggression is will burn in more European countries, and autocracy will spread like gangrene.

The past year has shown that we are much stronger than Putin and his ilk, so long as we are united and determined. So, let us take inspiration from the heroism of the Ukrainian people. The more we support them in their struggle, the sooner the carnage will stop.

FX Insights

Forget Nigeria’s election: it’s the Naira shortage that markets are watching

Foreign Exchange Down

32%

As Nigerians prepare to go to the polls on Saturday to elect a new president, a cash shortage caused by a policy to exchange old Naira notes for newly designed bills continues to cripple the economy, creating a rift in the ruling All Progressives Congress (APC) party. The note swap plan championed by incumbent President Muhammadu Buhari has led to violent protests across the country and resulted in a temporary suspension of banking e Supreme Court to overturn the policy, citing severe hardship faced by people and businesses dependent on cash for survival. Buhari’s apparent intention behind the policy is to curb vote buying by politicians, turning a deaf ear to APC governors who have made repeated calls to postpone the implementation of the policy. Amid fears of the current tensions spilling over to political violence, Buhari said he’s mobilising military and security agents to monitor polling stations for evidence of vote rigging. The severe cash shortage has held the currency steady in spite of the economic turmoil, with the Naira strengthening marginally against the dollar to 755 from 756 at last week’s close. In this context, resolving the cash shortage has become more rate likely to hold around current levels until Naira supplies recover.

Foreign Exchange

Ghana’s latest ratings downgrade drives Cedi lower

The Cedi weakened against the dollar, trading at 12.76 from 12.38 at last week’s close as Fitch Ratings cut Ghana’s foreign currency credit rating to ‘restricted default’ after the country missed a $40.6m coupon payment on one of its outstanding Eurobonds. The downgrade aligns with Fitch’s local currency rating, which was cut earlier this month. The foreign debt default was largely expected after Ghana said it would suspend payments on certain bonds as part of its restructuring plan to unlock $3bn in emergency funding from the IMF. The country faces pushback from bondholders over preferential treatment for bilateral lenders, who are being slight improvement in January—we expect the Cedi to depreciate further in the near term.

Foreign Exchange

Down 18%

Rand sinks to lowest in more than 3 months

The Rand depreciated against the dollar, trading at 18.25 from 18.05 at last Friday’s close—its weakest level since early November. The currency is being dragged lower by broad more than half of the power company’s debt over the next three years to help strengthen the balance sheet and avoid the risk of default. We expect the Rand to continue trading with an 18 handle in the near term, mainly due to the

Egypt issues debut $1.5bn sukuk

The Pound depreciated against the dollar, trading at 30.60 from bond, or sukuk, raising $1.5bn. The three-year deal priced to yield 11%, having attracted investor demand of more than $5bn. expect the Pound depreciate further in the week ahead mainly due to dollar strength.

Down Down

99%

Shilling strengthens as Uganda resists rate rise

Foreign Exchange Down

The Shilling strengthened against the dollar, trading at 3674 from 3684 at last week’s close. Uganda’s central bank kept its benchmark interest rate on hold at 10% for a second consecutive monetary policy meeting. The bank last raised by 100 basis points in October, with rates ending the year 350 basis points higher than they were at the start of 2022. Policymakers said the decision to hold rates was aimed at containing domestic demand pressure and supporting edging up to 10.4% last month. In the near term, we expect the Shilling to weaken amid continued food and energy price 4.8%

Foreign Exchange Foreign Exchange Down

94%

Kenyan Shilling hits new low as FX reserves dwindle

The Shilling weakened to a fresh low against the dollar, trading at 126.15 from 125.90 at last week’s close amid increased FX demand from the oil and energy sector. The currency has now lost more than 2% of its value this year. Kenya’s foreign currency reserves also dropped to a new record low $6.88bn from $6.94bn secured a $27m funding deal with the European Union to boost exports to the 27-nation bloc and strengthen the overall business environment. The government is also anticipating $3.4bn in tourism-related earnings this year as it expects tourist numbers to exceed pre-pandemic levels. In the immediate term, however, we expect the Shilling to remain under pressure as importers clamour for dollars to meet month-end obligations.

11.7%

Murega Mungai Trading Desk Manager, AZA Finance

The new Galamsey: Breach of p ersonal dat a

Have you ever wondered how random strangers are able to add you to lottery WhatsApp groups, or receive text messages from sports betting companies or even receiving phone calls from strangers in respect of mobile money fraud? This article seeks to discuss personal data and how it may be breached.

What is Personal Data

Personal data means data about an individual or data subject data or other information in the possession of or likely to come into the possession of a data controller[ Data Protection Act, 2012 (Act 843)]. Essentially, this means that personal data is information about a person that

Once data or information can distinguish you from other individuals, it becomes your personal data. Personal data includes a myriad of things that can be used to identify a person, such as a name, date of birth, email address, phone number, ID numbers and physical traits, among others.

A data controller is thus a person who determines the purpose for and the manner of processing of personal data, either alone, jointly with others, or as a statutory duty[ Ibid ].

Personal Data Breach

A breach of personal data is more than just the exposure of your personal data to unauthorised persons; it is a breach of security that leads to the accidental or unlawful destruction, loss, alteration, or unauthorized disclosure of, or access to your personal data[ Information

Commissioner, O. (n.d.). Guide to Data Protection: Guide to LE

Processing: Personal Data Breaches. Retrieved from A ICO Website: https://ico.org.uk/f o r - org a nis a ti on s/ g uid e -t o- d at a-p r o t e ction/guide-to-le-processing/pers onal-data-breaches/]. Personal data can be breached by those to whom it is entrusted. There are several situations in which we willingly give out our personal data to people who may owe us a duty of care in how they handle the data. For exameven the hospital and you are asked to leave your name and telephone number to show you came in and left at a particular may be asked to leave his or her phone number in order to be contacted for church activities among others. Another example is with regard to scanning and printing several copies of your forms or IDs at business centres. Some individuals knowingly or recklessly may disclose personal data, and some go to the extent person’s personal data to a third party without the consent of the data subject. All of the examples of how we give out our data willingly can be very easily exploited by those we trust with it. All the scanned copies of documents or ID cards with personal information are at wrong reasons for those who are to protect and properly dispose of that data. Fortunately, the Data Protection Act has a provision that states the penalty given to a person when they knowingly or recklessly disclose personal data. That person is liable on summa -

more than 5,000 penalty units which is GHS60,000 or to a term of imprisonment of not more and a term of imprisonment[ Data Protection Act, 2012 (Act 843)]. Also, a person who sells orty units, which is GHS3,000, or a term of imprisonment of not and term of imprisonment[ Ibid ] The careless breach of personal data is much closer to home than we think. With the transition to digital data and information collection and storage, many persons, institutions, and organizations are not properly destroying the personal data they have collected from individuals after use. For example,

require the customers to complete forms with personal information on these forms. After the data has been taken from the forms, the forms may, if not properly destroyed, end up in the hands of street vendors. Your favourite kelewele vendor is probably wrapping your GHC 5 kelewele

Baabone some years back AAP Bank Ltd. This gives an individual looking to unlawfully use that personal data unauthorized access to that data. Another example of how personal data may be breached is when information is sent to the wrong address because of some error right checks were put in place. Sometimes, all it takes is a typographical error with a postal address, phone number, or

email address for some health record or sensitive information to go to an unauthorized person. If the person is not lawful or does not have good intentions, that information can be used in the wrong way. The Data Protection Act makes provision for remedies in the event of a breach of personal data. Individuals through contravention by a data controller or processor are entitled to compensation from the controller or processor and can seek such compensation through the Courts. Additionally, an individual has the right to complain to the Data Protection Commission if they feel a person or organization is not complying with their responsibilities. The Data Protection Commission may investigate the issue and ensure that your rights are u p h e ld

Data has become the new gold and mining that wealth of knowledge is now a dire security risk that needs more attention in Ghana, and on the co n tin en t

Article written by Prince Addoquaye

Acquaye & Sedinam Naki Anyasor

About the Authors

Prince A. Acquaye is the Managing Partner at Corporate and Allied Attorspecializes in corporate governance, intellectual property, immigration, general corporate commercial, data protection and M&A. Sedinam N.A. Anyasor is senior at Ashesi University and is majoring in Management Information Systems with a concentration on Information Systems. She developed an interest in law and wants to pursue it as a career.

WEEKLY MARKET R EVIEW FOR WEEK

ENDING - February 17, 2023

WEEKLY MARKET R EVIEW FOR WEEK

ENDING - February 17, 2023

WEEKLY MARKET R EVIEW FOR WEEK

ENDING - February 17, 2023

WEEKLY MARKET R EVIEW FOR WEEK

ENDING - February 17, 2023

How to scale SMBs with social media analytics

It’s no secret that small and medium-sized businesses (SMBs) are key to economic growth and job creation, a fact that rings true worldwide, but especially so in developing markets. Ghana, for example, boasts between one and two million SMEs, which employ 80% of the workforce and account

By now, many of these businesses understand the importance of social media, especially considering high-speed internet connectivity in Africa’s major markets is

social media are progressivelyity and accessibility to attract large numbers of new audiences, while maintaining direct contact with existing consumer base, thus boosting the brand experience and reputation on a daily basis.

However, simply being present on social media platforms versus getting the most out of social order to achieve the latter, SMBs need to take advantage of social media analytics. In doing so, they are able to assure that the time and money spent is achieving them the best possible chance of scaling up

By Rufus De Beer

The importance of understanding

Every major social media platform has some form of analytics, providing business account owners valuable insights into how their posts are performing. But some go even further, allowing account holders to measure how an extended campaign performs against their targets, and what returns they'll get from paid

For smaller businesses, with limited amounts of capital to spend on marketing, this is particularly important. Every single Cedi has to work as hard as possible to demonstrate its full value. It’s pointless, for instance, for an up-and-coming clothing brand to advertise to older audiences, if its products are primarily aimed at the younger market. Utilizing social analytics might not prevent this from happening, but it does mean that SMBs can correct their course easily if the situation arises.

Perhaps more importantly, however, once an SMB is reaching the right audiences, it can use analytics to help tailor its messaging to achieve the best chance of success. A business could, for example, start A/B testing, evolving and adapting its messaging

according to what works on insights are what takes an SMB from simply understanding messaging, to honing in on

None of that, of course, is to say that SMBs should become experts in social media analytics in order to grow and succeed. But even a basic understanding can help to ensure that they’re That basic understanding can also help SMBs ensure that they partner. The ideal partner will ensure that they use the right formats on the right social media platforms, which the SMBs themselves might not even be aware of. They’ll also make an SMB client feel comfortable that they can start advertising with little amounts and help them to frame. Many partners additionalminimum cost to allow new advertisers to give it a go and see if they gain value from it. Beyond that, a good media buying partner should be able to, for example, inform an SMB if it has

the potential to make the most out of Yahoo’s programmatic, native, and display advertising

More than that, they’ll help SMBs tailor their messaging to their target audience, and provide access to the maximum number of digitally connected customers. Not to mention, they’ll also do so in a way that’s priced transparently, giving the platform access to a dedicated sales and customer

Essentially, the right media buying partner understands the needs and requirements of the SMB in question and ensures that Whilst the numbers of SMBs are important for economic growth be supercharged if all of those businesses are properly positioned to grow and scale. Similarly, while an understanding of social media analytics, combined with the right media growth, it can be key to unlocking