Business24 Newspaper 8 March 23

By Eugene Davis

Investors demand insurance payment on Ghana’s Eurobond after default

A panel of investors and banks has ruled Ghana’s missed coupon payments on its foreign denominated bonds counts as a failure-to-pay event, paving the way for a payout of the default-insurance contracts tied to the country’s debt.

The Credit Derivatives Determinations Committee (CDDC) made the decision at a meeting held on Monday, according to a notice on the panel’s website on Friday.

Ghana skipped payment of interests on Jan. 18 of a $1 billion eurobond maturing in 2026.

The missed payment triggered a 30-day grace period, which eventually expired at the end of the day on Feb. 17.

The ruling triggers the payout of the insurance protection on Ghana’s sovereign debt. Credit-default swaps covered a gross $66.4 million and net $34.4 million of Ghana’s debt as of Feb. 10, according to data from the Depository Trust & Clearing Corp.

The nation’s eurobonds were unchanged following the decision, with the majority of the

notes trading at a discount of 60-65% versus their face value, according to CBBT pricing compiled by Bloomberg.

The swaps panel had already ruled in January that Ghana’s decision to suspend debt servicing on its eurobonds, commercial term loans and most of its bilateral debt met the de nition of a “potential repudation/moratorium.” This happened before the grace period on the rst missed payment had expired.

It is not clear how Ghana’s recent decision to freeze its payment and engage the Euro-

bond Credit Committee over the Debt Exchange Programme, couldn’t in uence the action of the investors.

Some analysts have argued that government’s decision to embark on the Debt Exchange Programme should have prevented the investors and commercial banks from taking the actions.

The Finance Ministry has announced that it will pay coupons on the bonds that didn’t receive payments in the Debt Exchange Programme by March 13, 2023.

Bloomberg

Grammy Recording Academy team meets GIPC boss

As part of a series of engagements to establish footprints in Africa, a team from the Grammy Recording Academy, led by its CEO Harvey Mason Jr., met with GIPC last week. They were received by our CEO, Yo Grant, who made an elaborate submission on the state of Ghana’s music industry, and the numerous opportunities that exist therein.

The Grammy team also spoke on their plans to work with key players in an environment that will facilitate a project to revolutionize Africa’s music market, in terms of music distribution, consumption, and artiste compensation.

Among those present were the

Centre’s Board Chair, Alex Dadey, Deputy CEO, Yaw Afriyie, Director of Investor Services, Edward Ashong-Lartey, CEO of Ghana Tourism Authority, Akwasi

Agyeman, CEO of the Creative Arts Agency, Gyankroma Akufo-Addo, and President of GUBA Enterprise, Lady Dentaa Amoateng

Macron Outlines France's New Policy Strategy for Africa

French President Emmanuel Macron has gained some considerable success during his trips to Africa, mostly capitalizing on the geopolitical neutrality of African leaders. And African leaders, without doubt, will bene t tremendously from this neutral position.

He was in Gabon for an environmental summit, before heading to Angola then the Republic of Congo -- also known as Congo-Brazzaville -- and nally to the neighbouring Democratic Republic of Congo.

Macron also held talks with Central African Republic President Faustin-Archange Touadera in Gabon, after relations had deteriorated as Russian in uence increased in Bangui and French troops left the troubled country last year.

This African trips aim at renewing frayed ties, and therefore all along the line, he pointedly focuses on practical development projects and humanitarian needs, and pushes a bit forward French soft power in those African countries. Anti-French sentiment runs high in some former African colonies as the continent becomes a renewed diplomatic battleground, with Russian and Chinese in uence growing. But Macron, with high determination, explained the era of French interference - "Françafrique" - in Africa had ended and there was no desire to return to the past methods.

Here is interesting to note that majority of African leaders, with the simple understanding that their countries have several years ago attained their political freedom from colonialism, and currently the main challenging task is centered around transforming the staggering economy in order to win the hearts and minds of their electorate as well as ordinary citizens. This is exactly the strategy, to back away from critical anti-colonial rhetoric and adopt a di erent strategy of capitalizing on external resources needed for development in the continent.

According to reports monitored by this author, Brussels would set up a "humanitarian air bridge" to deliver aid to con ict-hit eastern Democratic Republic of Congo, as the visiting French president said all sides had given support to a cease re. Macron lauds DR Congo

By Kestér Kenn Klomegâh

cease re as EU sets up air bridge, the air bridge will link with Goma, the capital of DR Congo's eastern North Kivu province, where ghting with the rebel group M23 has displaced more than 600,000 people. The operation will "deliver humanitarian support in the form of medical and nutritional supplies along with a range of other emergency items", a European Commission statement said.

During talks with Angolan President João Lourenço and DRC President Felix Tshisekedi, as well as Rwandan President Paul Kagame, Macron said all had "given clear support" to a ceasere, as envisaged in the timeline mediated by Angola. The EU said it was also releasing some €47 million to be channelled through humanitarian partners for immediate needs such as nutrition, healthcare, shelter and water. The DRC government has accused Rwanda of backing the militia group M23, which re-emerged from dormancy in late 2021, subsequently occupying swathes of territory in North Kivu.

"The EU stands ready to mobilise all the necessary means to support humanitarian workers, including logistics and air, to meet the needs of the population in  Democratic Republic of Congo," said the EU's commissioner for crisis management Janez Lenarcic.

In the Angolan capital Luanda, Macron held talks with his counterpart João Lourenço, calling the oil-rich country a "strategic partner in the region." He chaired an economic forum attended by more than 50 French companies, underlined the indelible fact that " the heart of the visit was the strengthening of agricultural partnerships" with Angola. Records, however, show that France has for decades been involved in the petroleum industry in the Portuguese-speaking southern African country, which is one of the continent's top crude producers.

In Gabon, there is one interesting political development. President Ali Bongo Ondimba is currently in the run-up to presidential elections later this year. Ali Bongo, 64, has been president since succeeding his long-ruling father in 2009. Experts have envisaged that Macron's visit could x boost to his political in uence in the country. Some opposition activists in Gabon demonstrated against his visit, which they

perceived as bringing support to Ali Bongo Ondimba, whose family has ruled since the 1960s, before the presidential election scheduled later this year.

On the other side of politics, the One Forest Summit in the capital focused on preserving forests worldwide, including along the vast Congo River basin. Covering 1.62 million square kilometres (more than 625,000 million square miles), the forests of Central Africa represent the planet's second-largest carbon sink after the Amazon. They are also home to huge biodiversity including forest elephants and gorillas, and bear traces of the settlement of early humanity. But they face threats such as poaching, deforestation for the oil palm and rubber industries, and illegal logging and mineral exploitation.

Reports monitored from the Elysee palace in Paris in a pre-departure speech, there was one headway step underlined in the French policy approach: France's military bases in Africa will gradually be co-run and managed with their host nations, after Paris su ered a series of setbacks in its former sphere of in uence, and also an e ort to defuse tensions particularly in French West Africa.

According to him, these bases will not be closed but re-organized, the new bases or "academies" will start to gradually be "africanized" and ran in conjunction with African and European partners. More than 3,000 French soldiers are deployed in Senegal, Ivory Coast, Gabon and Djibouti, according to o cial gures. Another 3,000  are in the Sahel, including in Niger and Chad.

Paul Melly at the Africa Programme, London based Chatham House, wrote that Macron's main mission was to counter Russia in Africa. According to the Chatham expert, the whirlwind tour of African capitals was directed at shifting French policy on the continent away from military involvement. And the economic ties between France and its former colonizers were a form of continued exploitation.

Russia, hoping to rebuild the in uence it had lost since the Cold War decades, is o ering security support to governments that feel under threat or isolated from the international mainstream: mercenaries from the Kremlin-linked

military contractor Wagner are now operating in Mali and the Central African Republic, where they have been accused of human rights abuses. China is a massive funder and builder of infrastructure, albeit on terms that Macron fears could trap some countries in debt crisis. Turkey and India are increasingly active too.

In parallel with this e ort at reconciliation over past history, Macron has been seeking to deepen today's cultural connections and exchange of ideas. As part of pushing "soft power" with French-speaking Africa, he has announced schemes to promote sports training and to ease access to visas for Africans to pursue post-graduate study in France. However, the public impact of these initiatives, particularly in the eyes of African public opinion, has been largely lost during years when the most prominent dimension of French engagement has been the military struggle against militant groups in the Sahel.

Nevertheless, France calls time on anti-jihadist Sahel operation. Growing controversy came to surround the operations of the French force Barkhane, nally withdrawn from Mali in August last year. This has fuelled an upsurge in populist nationalism in some countries and a more generalised resentment of France across most of Francophone West and Central Africa, particularly among urban youth. Having instigated a shift towards a lower pro le and more collaborative military approach, Macron has tried to reinvigorate this broader reform and change agenda.

In recent months, Paris has accused Russia of spreading disinformation to undermine French interests in former colonies. At the United Nations voted overwhelmingly to demand Russia immediately withdraw its troops from its pro-Western neighbour Ukraine, three of the four countries Macron visited early March -Gabon, Angola and Congo-Brazzaville -- abstained alongside China and India.

Macron, 45, is the rst French president born after the colonial era, and has been in a charm o ensive to win back lost in uence. He has previously sought to extend France's cooperation with a number English-speaking countries, like Ghana, Nigeria and Kenya, and increase French

investments in Africa's private sector, as well as o ering scholarships for study programmes. After his re-election as French head of state last year, has made Africa is a priority, and in July he undertook a trip to Cameroon, Benin and Guinea-Bissau. The President's administration noted in a statement that "his priorities and his method to deepen the partnership between France, Europe and the African continent" and frankly criticized "the crimes of European colonisation" and called for a "truly new relationship" between Africa and Europe.

It is very crucial that Europe and Africa be as close as possible in dialogue to address di erences, Africa could still bene t from French investment. Europe o ers

tourism destinations, and is still the traditional market for Africa. It is a matter of mutually understandable cooperation, but not to close corporate business doors. As widely known, Russia's instruments for now include the hyperbolic policy rhetoric, boasting several bilateral agreements with Africa. After all, Russia is not investing in economic sectors as expected and has even not publicly said how much it was prepared to invest in Africa.

Judging from developments and in a summary, France's Africa policy is under necessary transformation and re-designing generally for achieving a "mutual and responsible relationship" with Africa and within the context of the new con guration and geopolitical changes. Therefore,

with warm-heartedness and an irreversible pledge to break away from the former post-colonial

policies, there is a bright headlight at horizon and in the future of the changing France-African relations.

‘Empowering teenage mothers high on WIAfrica agenda’

Local non-governmental organization with international focus, Women of Imperium Africa (WIAfrica) has set its sights on supporting less privileged girls who drop out of school due to pregnancy and other forms of discrimination.

The move is part of the organisation’s agship programme programme called ‘wear her a uniform’ where they intend to partner other institutions to drive this objective of assisting these teenagers.

WIAfrica has a strong desire to impact and change the lives of women & children towards sustainable self-reliance. WIAfrica is committed to the empowerment of women within society through Female-led initiatives with the intention of improving the lives of women in the various societies in Ghana.

Speaking at the launch of the group, its President, Lesley Aidoo-Mensah told journalists that ““We want to focus on less privilege women who drop out of school due to early pregnancy -teenagers who are unable to go back to school due to discrimination amongst the others, this is very signi cant and unique to our cause.

We are coming up with a programme called ‘wear her a uniform’ where we are going to partner with institutions who are championing that area as well, with woman of imperium we believe in helping the less privilege and one of the areas is women and children and we

By Eugene Davis

believe that the teenager is still a child and in our part of the world. We don’t treat teenagers as children simply because they have gotten pregnant and we want the community to know that regardless of the situation or circumstance of their pregnancy they are still children, and so they need to be properly educated and enlightened and taken out of that and educated properly which will help the whole community.

According to her, WIAfrica visualizes the creation of a community that thrives in the in uencing of both women & children through self- empowerment, mutual empowerment and social empowerment throughout the continent of Africa.

The Director of the Department of Gender at the Ministry of Gender, Children and Social Protection, Rev. Dr. Mrs. Comfort Asare, stated that government needs the private sector to support development and urged WIAfrica to follow its vision and objectives it has set for itself.

She also called on the rank and le to condemn negative practices such as Female Genital Mutilation and accusations of witchcraft which plaque women.

“People adhere to traditions and culture than supporting members of their families, tradition is life -is part of us everything we do is guided by our traditions and culture but there are times when we really need to consider the impact, or the negative e ects it has on human beings.

Cultural practices like FGM,

witchcraft accusations and so many things that destroy humanity, that destroy the dignity of human beings, should be condemned by everyone, we all have to come together to condemn such negative practices that is why I said people seem to enjoy protecting culture, protecting traditions than to protect members of their families.

Government needs the private sector to support. development is not for one sector, is not for one person, laws that are made even for the ministries are not for the ministries alone, it is also for the private sector for them to follow a particular vision and dream towards the development of our country, so they have to follow their vision, mandate and their objectives whatever they set for themselves to do, that is what they have to adhere to.

They should know that the role they are coming to play will com-

plement the e orts of government, a lot of people are playing their roles but we still see a lot more women, children and even men and boys su ering and that alone tells us that Women of Imperium Africa, they have come to also play their role and contribute to the development of our country.”

The occasion was also used to induct 20 members into the group as well as swearing in of executives.

The organization focuses on empowering teenage mothers, orphans and vulnerable children, poor women, unemployed women, female domestic violence victims, the poor in general and persons with disabilities.

WIAfrica has a goal of having 1 billion girls and women learn how to love themselves and support each other.

Is Women’s Day still living its relevance?

Until women have equal opportunities in all aspects of life, International Women’s Day will continue to be relevant. This is a day to think about the position of women, to become aware of what has been achieved and what more needs to be done towards achieving equality.

That’s why on March 8, a day devoted to celebrating achievements of women and seeking gender equality, individuals and organisations go all out to embark on initiatives to help realise the purpose of the day.

In commemorating this year’s celebration, some women share their thoughts on what International Women’s Day means to them, and why it is still very important.

“I strongly believe that celebrating International Women's Day is essential and will continue to be so because women are unique and valuable. Women are the bearers of life and contribute immensely to the essence of exis-

By Linda Segbefia and Senya Afi Ghamli

tence. Therefore, it is crucial to recognize and celebrate the significant impact that women have in society.”- Rhoda Ansah-Adjei, Business woman

“Celebrating Women's Day remains relevant despite the progress made towards women's inclusion in education and politics. While strides have been made, issues such as unequal maternal leave policies, gender pay gap, and lack of representation in executive leadership remain. Women's Day serves as a platform to bring attention to these challenges and to nd solutions to address them” - Theodora Agbo, HR Consultant

“We still need to amplify Women’s Day due to the fact that there are still very few women in in uential positions. Women are still largely marginalized across the globe. The Global Gender Gap Report 2021 stated that at our current rate, it will take another 135.6 years to achieve equality between men and women globally. Celebrating women’s day provides an opportunity to cele-

brate women’s accomplishments and concurrently encourage everyone to choose to challenge gender bias and inequality, call out discrimination, and seek out inclusion.”- Pearl Kemajou, Gender and Healthcare Advocate Even though some people may see it as performative to celebrate days like this, it is crucial to recognize that such occasions bring

attention to issues that a ect women. This, in turn, sparks conversations on how to tackle these issues e ectively. Let’s celebrate women’s day every year until there is gender equality. On this International Women’s Day, everyone is urged to stand rm and #EmbraceEquity for the advancement of women.

Be accountable, transparent with nation -MP to Prez ahead of SONA

The Member of Parliament for South Dayi, Rockson-Nelson Dafeamekpor has asked the President to be transparent and accountable to the citizenry ahead of the State of Nation’s Address(SONA) in parliament.

President Nana Addo Dankwa Akufo-Addo is expected to deliver the State of the Nation Address in Parliament on Wednesday, March 8.

This is in accordance with Article 67 of the 1992 Constitution, which states that the President shall deliver a message on the State of the Nation to Parliament at the start of each session and before the dissolution of Parliament.

The address, which was rescheduled from last month, is expected to highlight the government’s key policy objectives for the coming year as well as provide information on how the government intends to address economic conditions.

In the face of the SONA, government is racing against time to get the legislature to approve three outstanding nancial bills that are crucial to enable government complete four of ve agreed prior actions in the Sta Level Agreement with the International Monetary Fund (IMF).

These are the Income Tax (Amendment) Bill, Excise Duty & Excise Tax Stamp (Amendment) Bills as well as the Growth and Sustainability Levy Bill.

Speaking with Business24/Investment Times on the minority’s expectations ahead of the SONA and why the nancial bills have delayed, Hon.Dafeamekpor who is the member of the Public Accounts Committee(PAC) said “ government must be transparent with the people, we are asking for accountability in respect of monies that have been spent -look at the covid-19 expenditure, it is not even into detail, the extent of

the corruption unearthed, we think the monies are coming into the centre but we are not applying it to the purpose for which we are getting the funds. It is on this grounds that the nancial bills are being resisted.”

Further on the prioritization he added that the minority wants the rate reduced but government is not “listening”.

The president is expected to reassure the nation on measures and

By Eugene Davis

strategies his government is taking to rebound the economy.

Ghana is restructuring public debt to qualify for IMF loan.

The approval of the bills, is expected to bring it one step closer to securing a $3 billion IMF bailout, to restore macro-economic stability, ensure debt sustainability as well as provide critical social protection for the bene t of Ghanaians.

Samsung launches Galaxy S23 Series as it exceeds pre-order numbers

Samsung Electronics Co., Ltd., recently announced the global availability of its Galaxy S23 smartphones following impressive pre-order results.

Pre-orders for the previous year’s Galaxy S22 series had already been a great success, with numbers more than double those of the Galaxy S21 series within the rst week. This year, pre-order results were even higher than those of the Galaxy S22 series, with 60% of consumers opting for the most premium Galaxy S23 Ultra.

“The great momentum we’re witnessing speaks to customers’ excitement about products that push the envelope and give them the freedom to express themselves creatively,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “This year’s pre-order numbers echo our customers’ strong trust in our brand and demonstrate how our commitment to ground-breaking innova-

tion and sustainability continues to resonate with consumers.”

Led by the Galaxy S23 Ultra with its new 200MP Adaptive Pixel sensor and iconic embedded S Pen, the Galaxy S23 series, also featuring the Galaxy S23+ and Galaxy S23, represents a new era of Samsung’s ultimate premium phone experience. The Galaxy S23 series features epic cameras that give users more freedom to explore their creativity, fast mobile graphics thanks to the Snapdragon® 8 Gen 2 Mobile Platform for Galaxy, and a striking design that advances the company’s sustainability commitments with more components made using recycled materials than in any other Samsung Galaxy smartphone.

Samsung Galaxy S23 series also unlocks the next level of mobile security with Samsung Message Guard. This powerful sandboxing tool preemptively protects against zero-click exploit attacks. This is a new kind of cyberattack where

just receiving an image can compromise a device – even without the user’s interaction. Samsung Message Guard acts as a virtual quarantine, trapping harmful images and ensuring you receive safe images. Find out more about Samsung Message Guard at [www.samsungmobilepress.com/fea-

ture-stories/samsung-message-guard-protects-you-from-new -and-invisible-threats].

The Galaxy S23 Ultra, Galaxy S23+, and Galaxy S23 are now widely available through carriers and retailers, in four nature-inspired matte hues: Phantom Black, Cream, Green, and Lavender.

T-bills: government interest cost for last 3 months hits ¢4.416bn

Interest cost on Government of Ghana Treasury bills for the last three months (December 2022, January 2023 and February 2023) is estimated at ¢4.416 billion. The government bought a total of ¢33.08 billion worth of T-bills in the last three months.

The treasury instruments were sold by government at an average yield of 35%.

In December 2022, the government secured ¢12.60 billion at an interest rate of 35.72%.

Interestingly, the government in January 2023 reduced its appetite for the short-term securities, mobilising ¢7.3 billion at a rate of 35.66%.

However, the government borrowing from T-bills signi cantly shot up to ¢13.1 billion in February 2023 at an interest cost of 35.50%.

Executive Director of nance rm, Dalex, Joe Jackson in a tweet said “should you be cautious in buying T-bills?”

“Government of Ghana bought

33.08 billion in the last three months. The weighted average interest rate was 35.62% and will cost a whopping ¢4.42 billion”. The government only source of

borrowing for now is the treasury market, hence the signi cant borrowing on the short-term market.

The government will this week borrow ¢2.78 billion from Treasury bills to re nance maturing bills worth ¢2.55 billion.

AGM petroleum relinquish South Deep Water Tano block

AGM Petroleum Ghana Limited (AGM) and its owners have decided to relinquish the South Deep Water Tano (SDWT) block after carefully considering all options. AGM has carried out substantial activity in Ghana and contributed through drilling two ultra deepwater wells including the Nyankom discovery, and matured the subsurface understanding to the bene t of the Ghanaian authorities and other industry players.

Further, AGM has carried out CSR investments and full lled all of the obligations under the petroleum agreement.

The SDWT block is situated in ultra deep waters with substantial investments required to proceed.

A relinquishment conclusion is a normal conclusion for exploration blocks like SDWT, and the petroleum regime in Ghana presumes that the Operator has to decide to drill or drop at speci c times

during the exploration period. AGM is an independent company and the decision has no implication for Aker Energy’s plans in Ghana.

AGM Petroleum in 2019 announced that it will start oil drilling activities at the South Deepwater Tano (SDWT) block following the rati cation of the AGM Petroleum Agreement by parliament.

The oil company said at the time that it can now begin exploring for oil in the ultra-deepwater block, over 3.5 kilometres below sea levels.

In a statement on Monday, 6 May 2019, AGM added that the petroleum agreement rati ed by parliament on 3 May 2019, gives a scal take to Ghana, which is substantially above the international deepwater average of approximately 55 percent..

MIIF mulls investment in Ada Songhor Salt project

The Minerals Income and Investment Fund (MIIF) has revealed plans to support the development of the salt industry in Ghana with the Ada Songhor Lagoon as utmost priority.

This followed a working tour by the Board and Management of MIIF and o cials of the Ghana Stock Exchange. The Ada Salt pans on the Songhor Lagoon have the potential to be the largest salt producing area in sub-Saharan Africa.

The CEO of MIIF revealed to reporters that, “MIIF is far advanced with plans to invest in the Ada Songhor salt project towards developing it to be the largest in sub-Saharan Africa. Ultimately this investment seeks to ensure that Ghana bene ts from the many uses of salt, especially as

a core input to support the industrialization agenda of the Government of Ghana”.

The Ada Songhor pans which sit on some 41,000 acres straddling at least thirty-three (33) Ada Communities is larger in acreage than Walvis Bay of Namibia which is about 16,700 acres and is the largest in sub-saharan Africa.

According to o cials of Electrochem Ghana Limited which is the Ghanaian company developing the salt pans, the Songhor has the potential to produce more than 5 million MT at capacity with an estimated  650,000 metric tons (mt) of industrial salt in 2023 and circa 1.5 million MT over the next ve years with a 99.99% purity.

MIIF’s Salt outlook and Investment

MIIF has declared salt as a priority mineral in Ghana in line with its investment strategy of generating downstream to upstream value from every single mineral.

According to Professor Douglas Boateng, the Board Chairman of MIIF, “the Fund is targeting investments across the producing areas in the Greater Accra and Central regions of Ghana”.

The CEO of MIIF, Mr. Koranteng further stressed that “Salt is an in nite resource with over 14,000 uses. At full potential and with such expansive usage, salt in Ghana has the potential to earn circa $500 Million a year in foreign exchange with Nigeria and the sub-region as priority markets.

Salt as a raw material covers the pharmaceuticals, food process-

ing, oil and gas, food preservation, production of caustic soda, the textiles industry, mining, road maintenance, hospitals and hospitality sectors which all require high grade salt to support the manufacturing of inputs or processing.

This is the reason why MIIF is excited about this opportunity for Ghana and is currently working on a broad-based investment which would include a listing of the project on the Ghana Stock Exchange”.

The scale of the Ada Songhor salt project also presents opportunities for two export jetties to facilitate export and other lake transport opportunities, create massive employment in the producing areas and substantially revitalize the local economies.

In accordance with MIIF’s invest-

ment strategy to ensure that all major investments are listed on the Ghana Stock Exchange, the Chief Executive O cer of MIIF, Edward Nana Yaw Koranteng con rmed that Electrochem has agreed to list on the Ghana Stock Exchange as a condition for MIIF’s investment.

Mr. Koranteng stated that, “Investing in salt is part of our mineral diversi cation strategy in line with President Nana Akufo-Addo’s charge to MIIF, to ensure that we create Ghanaian business champions while at the same time creating opportunities along the value chain and on the capital markets for Ghanaians to directly have the chance to invest in such companies”.

The Managing Director of the Ghana Stock Exchange Ms. Abena Amoah who is also a

member of the Investment Advisory Committee (IAC) of MIIF said; “What I have come to see here, really warms my heart.  A great company is underpinned by the quality of the asset. We

can become Africa’s number one salt producer, the sea never dries, the technology exists to mine the salt, the market for salt is not in doubt and with some

ringfencing and great risk management, the investment in Electrochem and its listing on the Ghana Stock Exchange will be a win-win for all Ghanaians.”

Vodafone partners with Institute of ICT Professionals to train 1,000 girls through Code-Like-a-Girl

Vodafone Ghana has partnered with the Institute of ICT Professionals Ghana (IIPGH) to o er free coding training to girls aged 7 to 18 through its Code-Like-a-Girl program.

The Code-Like-a-Girl program is an annual Vodafone Ghana initiative started to provide free basic knowledge in computer languages and development programs such as HTML, CSS, and GitHub.

The virtual program will run on Saturdays from March 11th to April 1st, 2023. Participants will gain coding skills, work experience, and will be able to create a website by the end of the course. This initiative is part of Vodafone Ghana's commitment to using its

resources, expertise, and technology to help the youth acquire new skills that will prepare them for the future of work.

The Code-Like-a-Girl program is also expected to increase employment opportunities for females in STEM elds, as they will be equipped with in-demand skills and be better positioned to bridge the technological gender gap.

Vodafone Ghana has previously launched other initiatives such as the Discover Graduate Program, the Female Engineering Scholarship Program (FESSP), and internship opportunities, all designed to equip young people for the job market.

Huawei and partners share how technology enables digital inclusion & sustainability at MWC Barcelona 2023

After launching the TECH4ALL initiative at Mobile World Congress (MWC) Barcelona four years ago, Huawei and its partners shared the latest insights and practices on how technology is enabling digital inclusion and sustainability at a media roundtable on Day 1 of MWC Barcelona 2023. “All of our e orts with the TECH4ALL initiative wouldn’t have been possible without taking technology and partner-

ships as key enablers,” said Je rey Zhou, President of ICT Marketing for Huawei, in his opening speech. “Since the launch of TECH4ALL, more than 600 schools worldwide, over 220,000 K12 teachers and students in remote areas, unemployed youth, women, and the elderly, and 46 nature reserves have bene ted from the TECH4ALL program. Moving forward, we will keep innovating

and using technology along with our global partners to build a more inclusive and sustainable digital world for all.”

At the end of his speech, Zhou o cially launched the TECH4ALL Digital Inclusion special publication, which shares the diverse visions, strategies, and best practices of global experts and partners in 15 stories set out in three sections: Insights, Technology in Focus, and Case

Studies. The special publication is now ready to view and download on the Huawei TECH4ALL website.Also at the roundtable, representatives from UNESCO and the global NGO Close the Gap explored how technology is helping to boost the digital transformation of education and improve digital skills, especially for underserved groups in remote and rural areas. These include providing connectivity, expanding digital

literacy and skills, and supporting STEAM curriculum through projects such as Technology-enabled Open Schools for All, DigiSchool, and DigiTruck.

“Digital open schooling models are the manifestation of the digital transformation of school education. It’s an open approach to reinventing schooling systems to ensure school education, including knowledge learning, skills development, the fostering of values, and social caring, will be secured both under normal and emergency situations,” said Dr. Fengchun Miao, Chief of Unit for Technology and Arti cial Intelligence in Education for UNESCO.

“The UNESCO-Huawei project Technology-enabled Open Schools for All is having a ground-breaking impact on the building and testing of digital open schools in African countries. The project directly covers more than 20,000 students and more than 1 million teachers in Ghana, Ethiopia, and Egypt.”

TECH4ALL partner Close the Gap

described the value of the DigiTruck in providing free digital skills training for remote communities in Africa.

“We have partnered with Huawei to develop and deploy DigiTrucks in Africa to rural and peri-urban communities speci cally targeted at preparing the young people in those communities for the digital jobs of the future,” said Ngosa Mupela, Business and Investment Manager for Close the Gap.

Under the TECH4ALL initiative, technology is also enabling sustainable management of natural resources and protecting biodiversity. Arno Cimadom from the National Park Neusiedler See-Seewinkel in Austria explored the pivotal role technology plays in wetland conservation, including protecting biodiversity and studying the e ects of climate change on ecosystems.

“Thanks to the new technology provided by Huawei and its partners, we are now for the rst time able to collect sound data 24/7, year-round, simultaneously from

more than 60 sites and analyze them via AI-models provided by Rainforest Connection. This makes research and management in di cult-to-access wetland areas more e cient and allows new investigations,” said Arno Cimadom, representing National Park Neusiedler See-Seewinkel.Alongside the media roundtable, the Huawei TECH4ALL booth at MWC Barcelona 2023 welcomes visitors to explore the latest progress in

projects running under the initiative and learn about the crucial role that technology and partnerships can have in enabling inclusion and sustainability.

About Huawei TECH4ALL TECH4ALL is Huawei's long-term digital inclusion initiative and action plan. Enabled by innovative technologies and partnerships, TECH4ALL is designed to help promote inclusion and sustainability in the digital world.

Serene Insurance board chair inducted into Corporate Ghana Hall of Fame

The Board Chairman of Serene Insurance Limited, a member of the First Sky Group, Charles Edem Gidi has been inducted into the 2023 Corporate Hall of Fame at the sixth edition of the Ghana Corporate Executive Hall of Fame awards held in Accra.

The sixth edition was held on the theme: Guiding Corporate Ghana through the economic challenges of 2023.

The Corporate Ghana Hall of Fame is an avenue targeted at rallying corporate/ institutional Board Chairpersons and in some cases, non-executive Directors as a public policy advocacy group and business strategy think tank while creating business leadership networking platform and a management capacity building vehicle to drive policy formulation for the sectors, they operate in.

The prestigious award is in recognition of Mr. Gidi’s exemplary and visionary leadership in steering Serene Insurance Limited in becoming a strong household brand in the general insurance sector of the economy.

Sharing the honour with other captains of industry at the induction, a citation accompanying the

induction with a plaque and medal noted that Mr. Gidi’s exceptional leadership, character, vision, integrity and focus to continuously provide direction to deliver projects impacted directly on positioning Serene Insurance Limited as the insurance company of choice in the country.

Commenting on the award, Board Chair of Serene Insurance, Mr. Gidi said ‘I am humbled by this recognition which is an indication that we are doing something worthy of note. It is therefore pleasing to know that the presence of Serene Insurance impacts positively on the overall agenda to deepen insurance penetration to boost business competitiveness in the country. There is more to be done in this regard and I am more than motivated to continue to push further to consolidate the brand of Serene Insurance.”

Since its inception in late 2018, Serene Insurance has built a privileged reputation as a provider of reliable and cost-effective insurance products and services that address the needs of the insuring public, having

been adjudged the fastest growing insurance company in Ghana in 2022. Serene Insurance has demonstrated strong growth in key nancial metrics across its various business segments as it recorded about 43.3 million in gross written premiums for the 2021 nancial year, representing 50% increase as against 21.7 millio in 2020.

From the onset with one branch, today Serene Insurance boasts

of nine branches with over 68 sta and more than 40,000 institutional and retail client base showing the steady growth and penetration into the market in Ghana in a space of four years.

The Corporate Ghana Hall of Fame as an alliance of outstanding Board Chair Persons (both Executive and Non-Executive) and non-executive directors, was initiated and administered by The Business Executive Media Group.

There is no locked-up pension balance to be collected– SSNIT

The Social Security and National Insurance Trust (SSNIT) is advising the public, particularly pensioners to disregard calls by some unscrupulous persons that they could help them claim their bene t from the trust.

In a statement, the Trust, said management of SSNIT wishes to inform the public to disregard such calls as there is no “locked up pension balance to be collected”.

It explained that the trust has not

engaged or commissioned any individual or body to assist pensioners to claim any bene t from SSNIT.

It cautioned the public not to engage any individual or body purporting to act on behalf of the trust in this regard.

“We encourage the public especially pensioners to report such persons to the nearest police station or SSNIT O ce”

The trust further stated that the processing of pension bene ts is free..

Global Chamber of Business Leaders congratulates Nigeria President-elect Bola Tinubu

The Global Chamber of Business Leaders (GCBL), the world's leading coalition of governmental leaders, CEOs and executives, has congratulated veteran politician, Bola Ahmed Adekunle Tinubu, on his election as President of Nigeria.

Mr. Tinubu, a former Lagos State Governor, won the February 25, 2023 Presidential election of Nigeria on the ticket of the ruling All Progressives Congress (APC). He will take over power from incumbent President Muhammadu Buhari on May 29, 2023.

"Allow me to congratulate you on your landslide victory in the Nigerian elections.  With you as President, Nigeria will surely turn a new leaf in its history," GCBL  Chairman, Dejan Stancer told Mr. Tinubu in a letter dated March 3, 2023.

In the letter, Mr. Stancer says under the leadership of Mr. Tinubu, GCBL will strive for even closer cooperation with Nigeria.

GCBL Chairman assured Mr. Tinubu that the Chamber "will also strive for an even stronger national chapter in Nigeria, which is excellently led by Dr. Abubakar Muhammad, as well as for greater integration of young people into special programs that operate within the framework of the Global Chamber of Business Leaders, such as the Young Business Leaders Program, or the World Future Leaders program, with which we want to connect young people from all over the world and encourage them with the experiences of the best global business leaders."

Highlights: Chinese FM briefs media on foreign policy, relations

Chinese Foreign Minister Qin

Gang held a press conference

Tuesday on the sidelines of the rst session of the 14th National People's Congress in Beijing.

"As the world is undergoing major changes unseen in a century, China will continue to pursue the independent foreign policy of peace and continue to implement the mutually bene cial strategy of opening-up," Qin said in the opening remarks.

China will always be a builder of world peace, a contributor to global development and a defender of the international order, he said.

Here are some of the highlights of the press conference.

Chinese modernization

Chinese modernization o ers solutions to many challenges facing human development, Qin said.

Achieving the modernization of a country of more than 1.4 billion people will be an unprecedented feat in human history, one of profound global signi cance in itself, he told reporters.

"It busts the myth that modernization is westernization. It creates a new form of human advancement, and it provides an important source of inspiration for the

world, especially developing countries," he said.

China-Russia ties

The relationship between China and Russia is based on the principles of non-alliance, non-confrontation and non-targeting of third parties, Qin said.

With China and Russia working together, the world will have the driving force toward multipolarity and greater democracy in international relations, and global strategic balance and stability will be better ensured, he added.  China-U.S. relations

The U.S. perception and views toward China are seriously distorted, Qin said.

China hopes the United States will explore the right way to get along with China to the bene t of both countries and the entire world.

Read more: Chinese FM: U.S. perception, views toward China seriously distorted

Taiwan question

How to resolve the Taiwan question is a matter for the Chinese people and no other country has the right to interfere in it, Qin said.

"We will work with the greatest sincerity and exert utmost e orts to achieve peaceful reuni cation, but will reserve the option of

taking all necessary measures," he added.

Ukraine crisis

Qin called for "calmness, rationality and dialogue" to solve the Ukraine crisis, which he termed a tragedy that could have been avoided.

Qin said the Ukraine crisis has come to a critical juncture, and con ict, sanctions and pressure won't solve it. China chooses peace over war, dialogue over sanctions, and lowering the temperature over fanning the ame, he said.

Belt and Road Initiative

The Belt and Road Initiative is a high-quality public good initiated by China and jointly built by all partners, whose bene ts are shared by the world, Qin said, adding that it is never China that should be accused of creating the so-called debt traps.

The Belt and Road Initiative has attracted the participation of over three-fourths of countries in the world and 32 international organizations, created some 420,000 jobs in countries along the routes and helped lift nearly 40 million people out of poverty over the past decade, he added.

NTHC WEEKLY MARKET SUMMARY

At the just ended Treasury Bill auction, there was a 100% subscription rate across all tenors with government accepting total tendered bids to the tune of GH¢5.067 billion across the 91, 182 and 364-day bills, despite an announced target of GH¢2.885 billion

The week-on-week yields witnessed a n overall drop of 12bps and 16bps across the 91 and 182-day bills respectively. Unlike the previous week, there was an auction for 364-day bill with a closing yield of 34.21%.

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March 3, 2023

Europe’s next gas crisis

Europe can heave a sigh of relief –for now. Thanks to an exceptionally mild winter and a well-designed strategy of supply diversi cation and consumption-reduction measures, the continent avoided what could have been a catastrophic energy crisis following Russia’s invasion of Ukraine.

Its untapped gas-storage capacity  is at around 60% – ten percentage points above the historical average for this time of the year – and the benchmark TTF price has fallen more than 85% from its peak last August, from €340 per megawatt hour ($360/MWh) to less than €50/MWh.

But this run of good luck must not lead to complacency. There is a risk of signi cant repricing in the coming months, which would weigh heavily on rms and households’ energy bills.

The tightness in European gas markets will likely become more apparent as summer approaches, possibly pushing prices back toward €100/MWh or even higher.

The European Central Bank’s ght against in ation is not over.

As complex as Europe’s energy situation is, it can be understood with some relatively simple arithmetic. Before Russia’s invasion, European natural-gas consumption amounted to just under 500 billion cubic meters per year. Add today’s (unusually high) stockpiled gas, domestic production, and current imports of both natural gas and lique ed natural gas (including from Russia), and you get 440 bcm. Thus, Europe will need to cut consumption or increase LNG imports by 60 bcm to ll the demand-supply gap. But implementing such a strategy is easier said than done. Although Europe did manage to reduce gas consumption to roughly 430 bcm in 2022 (13% below the 2021 level), the unseasonably warm weather played a key role, and there was substantial cross-country variation. Spain, bene ting from its lack

of exposure to Russian gas, cut its consumption only moderately, and France and Italy cut theirs by less than the European average. Germany and the Netherlands, by contrast, cut signi cantly more, reducing consumption by around  20% compared to 2021. Assuming that weather patterns return to relative normality next winter, European governments will need to aim to cut consumption by 10% from their 2021 levels to keep the total below 450 bcm. Though the EU set a voluntary target of 15% last year, that would not have been achieved without the anomalously warm weather. A 10% target is much more realistic. The reduction will come partly from industries such as chemicals, metals, and glass, which use natural gas intensively and will have experienced some scarring from 2022. At the same time, European rms and households will probably maintain the prudent energy-saving practices they have adopted, and mandated consumption caps (such as for residential heating) will likely remain in place. If so, 50 bcm of the 60 bcm gap can likely be lled through consumption cuts. The remaining 10 bcm will require Europe to import more LNG from global suppliers. According to the International Energy Agency, global LNG production in 2023 is expected to increase by about 23 bcm. But that means Europe will need to seize almost half of the overall increase. And since it will nd itself in erce competition with recovering Asian economies –not least China – the demand for LNG will likely push the TTF price above current levels, probably setting a oor at around €80/MWh.

The situation will get more challenging if imports of Russian natural gas and LNG are halted completely, which remains a distinct possibility. Overall, these shipments currently amount to

By Edoardo Campanella

around 45 bcm (a mere 20% of their pre-war levels). Combined with the 10 bcm shortfall, this loss of supply would create a gap of around 55 bcm, more than twice as much as the expected increase in global LNG supply. And since only a fraction of Russian gas can be diverted away from Europe and sold internationally, the global LNG market would be severely undersupplied. In this scenario, the TTF price would be pushed well above €100/MWh – more than ten times its pre-war price – and governments might need to resort to rationing. Moreover, even if there was enough global LNG supply, Europe would lack the necessary regasi cation capacity. It would need to process around 190 bcm in this extreme scenario, but its current capacity is only around 157 bcm (though more facilities are  under construction). Of course, if the consumption cuts were lower than 10%, the gas shortages would be signi cantly higher, creating even more intense upward price pressure. That said, natural-gas prices in Europe are not likely to exceed €200/MWh for three reasons (beyond the fact that the EU has a  €180/MWh price cap). First, high prices last year were partly due to the lack of preparation for such an unprecedented shock. Compared

to a year ago, Europe is in a much stronger position to deal with gas shortages. Second, joint purchases of natural gas at the EU level will help control prices, owing to the bloc’s immense negotiating power as the world’s largest single market.

Third, the EU is in the process of introducing its own price benchmark for LNG contracts. Currently, LNG prices in Europe are  pegged to the TTF price, which is directly in uenced by disruptions to the ow of natural gas to the continent. But the new benchmark will make LNG prices in Europe more responsive to dynamics in the global LNG market than to natural-gas deliveries through pipelines.

Although Russia’s role as a gas supplier to Europe has been reduced substantially, its shipments will remain essential for balancing supply and demand in the European market until new regasi cation capacity is built, or until alternative energy sources are brought online. LNG is undoubtedly more important in Europe’s energy mix than it was just a few years ago; but there are limits to the relief it can provide. Consumption cuts and solidarity mechanisms (in case of extremely low supply) will remain necessary to avoid an energy crisis next winter.