Gender diversity is essential to driving digital innovation in Africa Patricia Obo-Nai 07 NEWS FOR BUSINESS LEADERS
BUSINESS24.COM.G H | MONDAY, AP RIL 25 , 202 2
Ghana needs uniformed action to explore AfCFTA—Dr. Arthur
02
‘GRA widens consultation on e-levy law’ 03
Glo directs customers to select AirtelTigo as network provider 03
2
|
THEBUSINESS24ONLINE.COM
News/Editorial
Practical steps to shore up exports plausible The Ghana Export Promotion Authority launched the National Export Development Strategy (NEDS) which is an initiative of the Ministry of Trade and Industry in the last quarter of 2020. The strategy is being mainly implemented by GEPA to develop the potential of the nontraditional export (NTE) sector through industrialization and intense collaboration between the private sector and government. The strategy has selected 17 priority products for Ghana to invest resources towards the achievement of the desired outcome. The 10year structural transformation embedded in the NEDS is targeted to earn the country $25.3 billion in 2029 from Non-Traditional Exports if NEDS is fully funded and implemented. To ensure the successful implementation of the NEDS, the sector groups and committees will be tasked with developing the selected priority products for maximum gains under the single market. The target sector groups and committee of
the NEDS are based on the priority product groupings and will include; the following; NonAgro Products, Trade and Investment Facilitation, Agro-Products, Technology and Innovation, Services Export, Transport and Logistics, Creative and Industrial Arts, Local Government, Infrastructure and Utilities and Finance. This is a practical strategy that will greatly impact the growth of the nation’s export business amid the implementation of the continental trade agreement. The NEDS is a key policy enabler for ensuring that Ghanaian traders and enterprises are equipped to compete on the gobal market and meet its 25.3 billion dollar target. The NEDS can only be implemented effectively if it has a well-defined framework that includes policy, technical, and input from both the government and the business sector. The inclusion of the NEDS Secretariat will enable Ghana to take a consistent approach to achieve the 10-year goal of increasing the Non-Traditional Exports from the current 2.8 billion dollars to 25.3 billion dollars.
Ghana needs uniformed action to explore AfCFTA— Dr. Arthur By By Patrick Paintsil
L im ite d Copyright @ 2019 Business24 Limited. All Rights Reserved. Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellinformed. We value your support and loyalty. Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742
Head of the National AfCFTA Coordinating Office, Fareed Arthur is advocating for a coordinated approach towards achieving the set of national goals that are captured in the national exports export development strategy (NEDS). Speaking at an inauguration and maiden meeting of sector groups/committees to drive the NEDS strategy in Accra, he said an effective collaboration amongst industry players will facilitate a uniformed national action on boosting Ghana’s non-traditional exports. “The NEDS is a key policy enabler to ensure that Ghanaian traders and enterprises are equipped to compete on the market, stressing that the effective implementation of the strategy hinges on well refined structure, one that provides policy, technical and input from the private sector,” he added. Mr. Arthur expressed optimism that the 17 identified products offer Ghana the comparative advantage and provides a great opportunity to empower women and youth-owned small and medium enterprises to take advantage of the AfCFTA market
and to diversify the country’s export base. The NEDS is an initiative of the Ministry of Trade and Industry that is being implemented by GEPA to develop the potential of non-traditional exports through industrialization and intense collaboration between government and the private sector. To ensure the successful implementation of the NEDS, the strategy document proposed a governance structure comprising an inter-ministerial oversight
committee, the steering committee, the NEDS Secretariat and sector group committees to provide the needed guidance and supervision for the strategy. Sector groups and the various committees will be based on the priority product groupings including non-agro products, trade and investment facilitation, agro-products, tech and innovation, services export, transport and logistics, finance, infrastructure and utilities, local government and creative and industrial arts.
3
| NEWS
MONDAY, APRIL 25, 2022
‘GRA widens consultation on e-levy law’ By Eugene Davis The Head of Tax Policy Unit at the Ministry of Finance, Daniel Nuer, says Ghana Revenue Authority (GRA) is developing modalities with a lot of consultations ongoing, aimed at ensuring that outstanding issues about the e-levy are properly streamlined to produce a comprehensive and acceptable law for the country. Ghana’s parliament before it went on recess in March approved a new 1.5% tax on electronic payments, known as the “e-levy,” but it has yet to take effect, with government announcing May 1st, 2022 as the implementation date. Speaking on a virtual Quarterly Tax Dialogue Series on ‘The E-levy’: implications for businesses, under the auspices of the UK-Ghana Chamber of Commerce(UKGCC) Mr. Nuer explained that there is the need to leapfrog when it comes to revenue generation and so the E-levy was looked at as one of the things that will help, but it is not a panacea as some people will think, “it is quite a bit of additional income that will help us achieve our targets and move ahead faster than we going and the key things we looking at help improve road infrastructure, digital transformation and cyber security, youth employment.” Further, he said “The GRA will come out with practice mode and guidelines and a lot of things that are being done, there is a lot of consultations going on to determine some of the questions
that are being raised in terms of the law as it stands and the Revenue Administration Act to make sure everything is in line with the law. There is nothing that happens, the law is fair, the implementation is fair, so everybody gets what they should get out of it and government also gets needed revenue to be able to do some of the things it plans to do.” Isaac Kobina Amoako, the Head, Project Management Unit at GRA stated that the act is not trying to disturb businesses, adding that “so far as a business is operating and is compliant with tax laws it does not come after you”. The Manager, Tax Services at PwC, Alexander Fiifi Yankson, indicated that the amendments should address core concerns that has been raised so far and also disclosed that they are engaging stakeholders including the telecoms chamber, specialized deposits taking institutions and others to ensure they become ready for next month’s roll out. Finance Minister Ken Ofori-Atta proposed the e-levy in November to
widen the tax net and has presented it as a panacea for Ghana’s raft of financial woes. Opposition was so fierce that it caused a brawl in parliament a month later. Already, the Minority Leader in Parliament, Haruna Iddrisu, and two other NDC MPs, have filed an injunction at the Supreme Court against the implementation of the Electronic Transfer Levy (e-levy). Mr Iddrisu, Mahama Ayariga and Samuel Okudzeto Ablakwa are urging the apex court to restrain the Ghana Revenue Authority (GRA) from implementing the e-levy until the final determination of their suit challenging the constitutionality of its passage by Parliament. The levy will apply to mobile money transfers done between accounts on the same electronic money issuer and mobile money
transfers from an account on one electronic money issuer to a recipient on another electronic money issuer. Others are; transfers from bank accounts to mobile money accounts and transfers from mobile money accounts to bank accounts. However, bank transfers on an instant pay digital platform or application originating from a bank account to an individual subject to a daily threshold will be determined by the Minister of Finance. The tax could raise up to 6.9bn Ghanaian cedi ($926m) in 2022, according to government estimates. Analysts have said that the passage of the e-levy could reassure investors and lenders of Ghana’s ability to make tough choices to generate revenue, helping to narrow government bond spreads.
Glo directs customers to select AirtelTigo as network provider
Mobile network operator, Glo has entered into a nationwide National Roaming arrangement with state-owned AirtelTigo for voice, data and SMS services as part of efforts to provide wider coverage and a faster internet experience for its customers.
As part of the partnership, all Glo customers will automatically
latch onto the AirtelTigo network by April 23, 2022. A joint statement issued by the two companies assured customers that all other conditions of service remain unchanged on the Glo network under the agreement. “This means, Glo customers will continue to recharge with Glo’s scratch cards or electronic credit transfers and enjoy all existing Glo products including Value Added Services,” the statement said.
The statement also urged all Glo customers who will face any difficulty in automatically switching service provider to do so manually. “Glo customers who face any difficulty in automatically latching onto the AirtelTigo network are advised to manually select the Airtel Tigo network in their phone/device’s network settings and enable Data Roaming, under Mobile Data Network Settings to enjoy superior experience on AirtelTigo network,” the statement said. “Glo customers may dial the existing customer helpline 100
or 0230010100 for assistance. They could also visit any Glo customer experience centre, or alternatively, dial Airtel Tigo’s helpline 0260000100 for prompt resolution of any service issue”. In a separate Facebook post, Glo said it was now mandatory for its customers to select Airtel-Tigo as network provider “Dear Glo subscriber, to continue enjoying Glo’s amazing call and data offerings at no extra cost to you, it is now MANDATORY for you to select Airtel-Tigo as network provider simply by changing your mobile settings as shown in the banner,” the post said.
4
| NEWS
MONDAY, APRIL 25, 2022
5
| MINING
MONDAY, APRIL 25, 2022
Ghana launches 2019 EITI Mining & Oil /Gas report
The Ministry of Finance and the Ghana Extractive Industries Transparency Initiative (GHEITI) in collaboration with GIZ have launched the 2019 Reports for the Mining and Oil and Gas Sectors in Accra. The objectives of GHEITI Reports were to create the required public awareness, generate interest and debate on the issues raised in the reports, and pave way for stakeholder’s engagements on the reports as required by the Extractive Industries Transparency Initiative (EITI) Standard. It was also to check disbursements and utilization of Mineral royalty/Ground rent and utilize lessons learnt from the reconciliation exercise to enhance transparency in payments, receipts, disbursements, and utilization. A deputy Minister of Finance, Hon Dr. John Ampontuah Kumah in his keynote address stated that, Ghana was endowed with mineral resources and had a wellestablished mining sector, which had grown considerably in recent years to represent an important pillar of the Ghanaian economy. “The mining sector currently contributes approximately 41 percent of total exports earnings, 14 percent of total tax revenues, and 5.5 percent of Ghana’s Gross Domestic Product (GDP). Gold contributes over 90% of Ghana’s total mineral exports and makes up 49% of the country’s total export value. Ghana is the leading
African gold producer, with a total mine production amounting to 150 metric tons as at end 2020”, he noted. Dr. John Kumah added that, the contribution of the upstream oil and gas sector to energy generation in Ghana could not be over-emphasized and that Ghana EITI with the support of the MultiStakeholder Group (MSG) had so far produced 16 EITI Reports in the mining sector and nine reports for the oil and gas sector. The MP for Ejisu constituency further disclosed that, the most recent comprehensive data on labour found in the Ghana Living Standard Survey (GLSS 7) was conducted between 2016 and 2017 and was published in 2019. The survey, he continued, showed that, the mining sector accounted for 1.5 per cent of the country’s employed population which indicated the critical role the mining sector played in terms of employment generation in the country. Giving a breakdown of the sectoral performance, the Deputy Minister hinted that, in the oil and gas sector, a total revenue of US$ 666,390,751 accrued to the State in the year 2020 from Royalties, Carried and Participating Interest (CAPI), Corporate Income Taxes (CIT) and Surface Rentals. The government also received US$ 225,301 as income earned on the Petroleum Holding Fund (PHF). The petroleum sector total receipt of US$ 666.39 million
in 2020 contributed seven percent (7%) of total government (domestic) revenue for that year. A total of 3,711 employees were engaged in the upstream petroleum sector, 3,211 being Ghanaians and 500 expatriates as part of efforts by government to reduce the unemployment rate in the country. He said the government also received US$225,301 as income earned on the Petroleum Holding Fund. The petroleum sector’s total receipt of US$666.39 million in 2020 contributed seven per cent of total government (domestic) revenue for that year. Dr. Mohammed Amin Adam, a Deputy Minister of Energy and Member for Parliament for Karaga in the Northern Region, in his speech said, the notably impressive numbers mentioned by the deputy Minister for Finance, could not be sustained as COVID19 pandemic and the transition towards cleaner fuels heavily impacted the oil and gas industry “Ladies and Gentlemen, per the EITI standards, it is obligatory for GHEITI-MSG to launch and disseminate the findings and recommendations of the reports on the mining and oil & gas sectors to stakeholders”, he indicated. He called for all-inclusiveness in propagating the findings and recommendations of the reports as Ghana seeks to ensure accountability and transparency in the extractive sector. “It is only when stakeholders
take responsibility for the various aspects of the reports that we can efficiently address and reform our institutions to respond to the needs of our times” Mr. Amin added. He said the EITI standard was more vigorous, more relevant, and a good instrument for citizens to seek accountability. The EITI Standard and its requirements were continuously being refined to reflect the changing dynamic in the extractive sector. H.E Philipp Stalder, Swizz Ambassador to Ghana, Togo, and Benin, and Country Director for GIZ, Regina B. Babosa, in their solidarity speeches, praised the government’s pursuit of openness and transparency in the extractive sector and pledged their support to rally behind the government’s efforts. The launch was attended by industry players in the extractive sectors, representatives from international bodies like the UNDP and the media.
6
| ENERGY
MONDAY, APRIL 25, 2022
| NEWS
MONDAY, APRIL 25, 2022
7
Solar power for Ghana public institutions soon Solar energy will soon be deployed to public institutions as part of an initiative called ‘Ghana Go Solar.’ It is aimed at reducing emissions of the country and address physical imbalance of the energy sector. Mr Seth Mahu, Deputy Director, Renewable Energy, Ministry of Energy told the Ghana News Agency at the sidelines of a postCOP26 meeting that the initiative would help reduce electricity cost, consumption and reliance on the national grid. “We see energy and transportation as sectors that contribute to emission in the country so we are focusing on renewable energy to reduce emission,” he said.
Already, processes including appraisal had begun and would be followed by the signing of about 30 million euros grant between Ghana and Germany. When done, he said would see offices of all metropolitan, municipal, districts, ministries departments and agencies fitted with solar panels. Mr Mahu said the initiative was in line with the implementation of Ghana’s updated Nationally Determined Contributions of the Paris Agreement to scale-up renewable energy penetration by 10 per cent by 2030. Aside from that, he hinted that there were other programmes to be rolled out: solar mini-grid for island communities, private homes, small and medium scale
enterprise. On the introduction of drive electric initiative in the country, he said the Ministry of Energy had started the processes including applying for a tax wave to facilitate mobility. Drive electric, is an initiative by the government to reduce significantly petrol, diesel and
liquefied petroleum gas powered vehicles and introduce electric powered vehicles, which are charged by plugging the vehicle into charging equipment powered by the electric grid or standalone renewable energy generation sources. GNA
Gender diversity is essential to driving digital innovation in Africa - Patricia Obo-Nai Chief Executive Officer of Vodafone Ghana, Patricia OboNai has said gender diversity is essential to drive digital innovations in Africa. According to her, gender diversity in the technology space will lead to increased groundbreaking innovation, and the industry must be deliberate in creating a work culture that attracts and empowers gender diversity. She made these remarks during a virtual fireside chat with Ericsson’s Middle East and Africa teams on diversity and inclusion, women’s empowerment, and her career journey as a female engineer. “The tech industry is shaping technology for the future, so how can you allow just one demographic to define that technology? We cannot exclude one gender, race or different ethnic cultures when they are the people who will use it. Gender diversity is fundamental to how you thrive in innovation and how you succeed. But the industry must be very deliberate about how we include this culture at all these levels so that we can get it right. Otherwise, we provide solutions for people and we think that is what they need, while we do not even understand them”.
She also added that “the gender diversity agenda should be driven from the top, otherwise we are not going to win. The industry must own it from the senior level. Furthermore, I think the actions that we take as a tech company will show that we are very serious about it. Diversity within the tech space is no longer a choice; it has become a necessity that we must drive.’’ Speaking on Vodafone’s contribution to gender diversity and women’s empowerment, Patricia said the organisation engages in rigorous projects aimed at giving young females hands-on skills in the field of technology. “At Vodafone, we spend a lot of time and money doing advocacy, and we are very deliberate about this. I have been investing my time and expertise into programmes that will increase gender participation in STEM across Africa. This is why, I am very careful with the kinds of boards I choose to sit on. These include the West Africa STEM and the Global Young Academy so that we can always present the gender and African story right. Seeing a lot more female Africans in the tech space will certainly inspire more girls.’’ she said.
8
| NEWS
MONDAY, APRIL 25, 2022
Ghana Exim Bank relaunches “Tuesday Market” Management of Ghana ExportImport Bank (GEXIM) has announced the re-launch of its popular “Tuesday Market”, an initiative aimed at creating awareness for Made-InGhana products and harness their potential for exports. The event is scheduled for Tuesday, April 26, 2022 at the World Trade Centre in Accra and will witness an exhibition of Made-In-Ghana products from 10 a.m. to 6 p.m. Tuesday Market is a platform created by GEXIM for its clients and producers of Made-In-Ghana products not only to showcase their products but also serves as a one stop shop for the general public to purchase anything locally manufactured, from nicely packaged food items, cosmetic products, garments and textiles, leather products and many more. The Chief Executive Officer of GEXIM, Lawrence Agyinsam, highlighted the importance of “Tuesday Market” and the motive for re-launching it. “As a development bank championing the transformation
of Ghana’s economy into an export driven one, it is important to explore innovative ways to showcase Ghanaian businesses and create avenues for revenue generation for these businesses. Tuesday Market is a way to promote the products of the SMEs we are financing to be patronised by the general public,” he stated. The Deputy Chief Executive Officer responsible for Banking & Business, Rosemary Beryl Archer also weighed
in on the initiative saying, “in preparing our SMEs for export, it is important to build their capacities and also add value to their products. “With Tuesday Market, we are providing the platform to help them with the right packaging, appropriate branding, the requisite marketing, as well as receive financial and advisory support in order to scale up and also meet international standards”. Ms. Archer assured the general public of high-quality products at
affordable prices to be on offer at the exhibition. According to her, the products to be exhibited will include packaged jollof rice, waakye, gravy mix, groundnut soup, food spices, gari mix, shea butter, peanut and peanut butter, charcoal, koobi powder, salted fish paste, nkate cake, roasted cashew, peanuts, and granola bars. She further encouraged the general public to support the initiative and buy locally made items to create more jobs for Ghanaians. At the 31st National Marketing Performance Awards of the Chartered Institute of Marketing, Ghana (CIMG) in November 2020, the Tuesday Market initiative received the CIMG President’s Special Award. Also in January 2020, stakeholders comprising players in the private sector, policy makers and representatives from government agencies in the small and mediumsized enterprises (SMEs) adjudged Tuesday Market as the best SME Development Initiative
Ghana will champion the objectives of people of African descent – Bawumia
Vice President Mahamudu Bawumia has re-affirmed the Government’s commitment to championing the objectives of the International Decade for People of African Descent as envisioned by the United Nations General Assembly. The UN General Assembly declared the International Decade for People of African Descent from 2015-2024 to advance three key pillars – recognition, justice, and development of the Afro descent. It is expected that countries would develop national programmes and action plans for full and effective implementation of the Decade. Vice President Bawumia, delivering
the keynote address at the High-Level Diasporan Forum in Accra, on Friday, urged all Africans to embrace people of African Descent because “we’re one people, one blood”. “Afro Descent are Africans, no matter where they come from, don’t mind your nationality, you have got your identity of an African,” the Vice President said. In that regard, the African Union took a decision to recognise African Diasporans as the Sixth Region of Africa to emphasise the representative relevance of the Group to Africa in the global space, he said. The event was on the theme:
“People of African Descent: Accelerating the Commitment for Recognition, Advancement of Rights, Justice and Development,” which provided a platform to dispassionately discuss challenges affecting African Diasporans and find solutions to them to foster stronger bond of unity towards developing the African Continent. In attendance were Vice President of the Republic of Costa Rica, Epsy Campbell Barr, who is the first woman of African descent to hold that high position on the American Continent, and Dr Natalia Kanem, United Nations Under-SecretaryGeneral and Executive Director of the United Nations Population Fund (UNFPA). Other dignitaries were Dr Erieka Bennett, the Head of Mission, Diaspora African Forum, Mr Charles Abani, the UN Resident Coordinator, and Mrs Claudia Turbay Quintero, Dean of the Diplomatic Corps in Ghana, who is also the Columbian Ambassador to Ghana. The Vice President saluted all people of African Descent for their bravery and resilience in resisting all forms of racial discrimination and contributing their quota towards development worldwide. “As tribute to their tireless efforts of letting the voices of people of African descent to be heard, the world has
seen the proliferation of racial equity bodies on national levels,” he said. “This action has guided the United Nations Working Group of Experts on the People of the African Descent to perform its mandate of studying their problems and proposing solutions to complex narratives,” Dr Bawumia stated. On the domestic tourism sector, Dr Bawumia indicated that government’s priority was to build a tourism industry that was resilient and sustainable to support tourism businesses and ensure safe return of international tourists. He recounted the successes chalked under “The Year of Return” in 2019, and pledged government’s resolve to ensuring that the “Beyond the Year of Return” initiative became fruitful, despite experiencing setbacks from the COVID-19 pandemic. The Vice President of Costa Rica, Epsy Campbell Barr, underscored the need for African countries to forge strategic alliances with the Diasporan African Descent to fasttrack development. She mentioned exchange programmes in scientific research, innovation, health and education as some areas that could accelerate national development and the Continent as a whole. GNA
9
| NEWS
MONDAY, APRIL 25, 2022
BlueSky Coding, KMIT partner to help create jobs in coding Completing a first degree or diploma programme in a tertiary institution and even going ahead to finish National Service could be an exciting time for many young persons but for those without any certainty about what further prospects lie ahead, a time like that could be full of stress and fear of the unknown. A smooth transition into a working life is a desirable thing for young people, most of who already know that technology is important and has drastically affected the way we live and work. In many parts of the world, including Ghana, nearly all aspects of everyday life - health, education, business, science, entertainment, industry, transportation - have been affected by the phenomenal proliferation of computers. Our lives revolve around technology. Acquiring the necessary skills and ability to make a decent living in the vast arena of technology is, however, what confronts many young people now. According to US-based researcher and entrepreneur, Dr Vijay Kumar, there are hundreds of thousands of jobs in computer programming in places like the United States, Europe, India and Canada and people don’t have to be there physically to work. They can be employed to work remotely wherever they are, so long as they have the requisite skills and access to broadband Internet. Those requisite skills, largely form the package that the BlueSky Coding Company in Accra, in partnership
with the Keshav Memorial Institute of Technology (KMIT) in Hydderabad, India are about to start teaching in Ghana in a programme dubbed the International Finishing School (IFS). The IFS would run for five months and include 400 hours of instructions, with hands –on programming in every class. According to Sairam Kumar and Jane Ying of the BlueSky Coding Company, they are aware many unemployed young people are very much interested in technology but don’t have the skills and practical knowhow as well as how to go about getting jobs in that field. “We racked our brains on how to help solve the skill acquisition problem since we had identified it. We decided we would help equip young people with the sort of software skills in high demand in many places,” said Kumar and Ying. KMIT was established in 2007. It is one of the premier engineering colleges in Hydderabad, a leading technology centre in India and the capital city of the state of Telangana. KMIT was granted autonomy by its affiliating university, Jawaharlal Nehru Technological University in the 2020-2021 academic year. KMIT deals with about 6,400 students every year across its three campuses. Modules Modules to be run by BlueSky Coding /KMIT in Ghana are Python, Javascript and Full Stack Web Development as well as Artificial Intelligence and Machine Learning. The Python module is aimed
at complete beginners who have never programmed before, as well as existing programmers who want to widen their career options. One of the most popular programming languages in the world, Python is a leading language choice for Machine Learning, Data Science and Artificial Learning. The Javascript, Data Structures and Algorithms module aims to introduce learners to the basics of Javascript and Ecmascript and a variety of data structures such as stacks and queues. The Fullstack module is a collection of robust and powerful technologies used to develop web applications, comprising front-end and back-end components. The Artificial Intelligence and Machine Learning module starts with essential Python libraries for Machine Learning and Deep Learning followed by Machine Learning algorithms with implementation. Apart from the International Finishing School programme, BlueSky Coding/KMIT have also instituted a five-week Summer of Tech programme for pre-tertiary students. The idea is to introduce them to emerging technologies before they enter tertiary schools to help boost their confidence early in the area. BlueSky Coding/KMIT have therefore struck an understanding with the Association International School (AIS) in Accra to host the initial Summer School of Tech programme in June this year. The programme is open to Senior High Schools in both
the public and private sectors. The International Finishing School and the Summer of Tech programmes will be conducted both online and inperson. “With the Summer of Tech programme, some hardware would be provided and it is all factored into the fees. The students will be given very practical skills to work with so by the time they are in varsity, they could easily source for jobs. “If we give them the necessary skills and knowledge, they will be prepared for the future. We are bringing appropriate knowledge from India to Ghana while bringing useful opportunities from the US, Europe, Canada and other places to Ghana,” Sairam Kumar and Jane Ying pointed out. In a telephone chat with Neil Gogte, KMIT’s founder, he said his college runs a similar programme to what they are about to start in Ghana, with a partner in Los Angeles, United States and the modules for studies in India, Ghana and the United States also being similar. He mentioned that some of KMIT’s alumni now hold jobs with reputable organizations like Goldman Sachs, Tinder, Oracle, Wells Fargo, JP Morgan and Amazon. The KMIT founder added that India is one of the most technologysavvy countries in the world and he is glad there is an opportunity to share knowledge with Ghana through the partnership with BlueSky Coding.
10
| FEATURE
MONDAY, APRIL 25, 2022
Desperately Seeking a Mechanism for Sovereign Debt Restructuring
By By Patrick Paintsil
When the economy is going well, the poor benefit more than others. But when things are going badly, it is the poor who are hurt the most. This is especially true in the case of the COVID-19 pandemic, which has hit poor countries – and the poorest people within them – especially hard. Some poor countries were facing economic difficulties before the pandemic, which intensified their troubles. Others were reasonably well managed, but suddenly faced the need for unanticipated expenditures. International support for this latter group can be highly productive. But for countries that already had big problems, financial assistance must be accompanied by economic-policy reforms if it is going to have any success. Among heavily indebted countries with ill-advised
any corresponding cuts to expenditures. When foreignexchange inflows became scarce last year, imports of pesticides and fertilizer were prohibited, and the harvest failed. COVID-19 sharply reduced revenues from tourism and drove up the prices of major imports, leading to critical supply shortages and large-scale street protests. Conditions have deteriorated to the point that, earlier this month, Sri Lanka finally suspended its debt service payments and approached the IMF. Like many other highly indebted countries, Sri Lanka needs debt restructuring and policy reforms to ensure that the economy will not simply be crushed under some new debt burden once the immediate crisis has passed. The international community has been dealing with debt restructuring on a case-by-case basis. Sovereign
the cancellation of sovereign obligations to bilateral and multilateral creditors once a country had followed its agreed reform program for at least a year. If it was judged to have made “sufficient progress” toward the program’s goals, no further conditionalities needed to be met. Among the earlier HIPC countries, there are many that borrowed heavily again even before the pandemic. Ghana, for example, currently has a debt-toGDP ratio of 62%, even though it received HIPC relief in 2001-05 and again in 2015-18. Looking ahead, informal efforts to address debt distress are likely to be more cumbersome and time-consuming than in the past, because lending to sovereigns has increased – both absolutely and as a percentage of total indebtedness – and because there are so many more creditor countries now.
community. To address this collective action problem, all creditor countries (including China) will need to come together to agree on an arrangement that delivers both improved economic performance and future debt sustainability in debtor countries. This should be done in cooperation with the IMF. The international financial architecture has always lacked a mechanism to facilitate such arrangements. But in the past, private creditors and those in the Paris Club could meet and agree to a restructuring (in the context of an IMF program). That is no longer the case today. With many countries in imminent need of financial resources and debt restructuring, all major creditor countries urgently need to come together to launch a new facility to oversee debt restructurings in close
economic-policy frameworks, Sri Lanka – a middle-income country – may currently be in the most trouble. Despite rapidly growing fiscal deficits and a foreign-exchange crisis that has caused severe shortages of food, medicine, and fuel, Sri Lankan authorities long continued to insist that they would service their debts at all costs, rather than approach the International Monetary Fund for support. Sri Lanka’s policy distortions date to 2019, when President Gotabaya Rajapaksa’s new government enacted a large tax cut without making
creditors, cooperating through the Paris Club, have followed the IMF’s framework for policy reform, providing poor indebted countries with feasible roadmaps for improving their economic performance and achieving debt sustainability through restructuring. This approach is sound, but its ad hoc nature makes it incomplete. The experience following the Heavily Indebted Poor Countries Initiative earlier this century shows why debt restructuring must be made conditional on carrying out a robust reform program. The HIPC allowed for
China, in particular, has emerged as a major creditor outside the Paris Club. In Sri Lanka’s case, it is estimated that 20% of outstanding debt is held by China and India, neither of which is a member of the Paris Club (though India is an observer). Without these two large creditors’ participation, all the other government and private creditors would be running a big risk if they agreed to reduce the debts owed to them. While they would take a haircut, India and China might still insist on being repaid in full out of funds lent to Sri Lanka by the international
coordination with IMF reform programs. Such an agreement would benefit debtor countries, creditor countries, and the world economy. Yes, the international community has much on its plate. Multilateral institutions such as the World Trade Organization also desperately need reform. But a well-functioning international mechanism for debt restructuring is by far the most urgent need. It should be at the top of the international agenda.
11
| FEATURE
MONDAY, APRIL 25, 2022
Applying the COVID blueprint to cholera Since COVID-19 engulfed the world two years ago, “unprecedented” has become something of a buzzword. But while the coronavirus has posed unique challenges at a time of deep global interconnectedness, pandemics are nothing new. The COVID-19 pandemic is not even the only one we are currently experiencing. In much of the developing world, cholera outbreaks are proliferating. Whereas the SARS-CoV-2 virus is “novel,” cholera – a waterborne diarrheal disease caused by the bacteria Vibrio cholerae – is ancient, as is its history of widespread devastation. The current cholera pandemic is the world’s seventh since the early nineteenth century. Despite their apparent differences, COVID-19 and cholera have much in common. Both are at least partly controllable by vaccination, and both spread most easily in crowded, unsanitary environments. Ensuring adequate shelter and strengthening water, sanitation, and hygiene (WASH) practices and infrastructure are therefore vital to limit transmission. These commonalities explain why measures to limit COVID-19, such as decreased travel and increased vigilance regarding personal hygiene, brought about a decline in cholera cases. But as the world’s governments roll back pandemic restrictions, cholera is returning with a vengeance. At the end of 2021, there were 16 active cholera outbreaks around
the world. Yet the response to COVID-19 still holds valuable lessons for bolstering the fight against cholera – beginning with the importance of research to combat disease outbreaks. The emergence of SARS-CoV-2 triggered a massive and largely coordinated global research push, which enabled evidence-based decision-making at all levels of prevention and control. Initiatives like the World Health Organization’s Global Research Roadmap for COVID-19 helped guide this effort, ensuring that resources were channeled to the areas where knowledge and innovation were most needed. Research is no less important in the fight against cholera. That is why, last year, the Global Task Force on Cholera Control launched the Cholera Roadmap Research Agenda. Representing the collective vision of 177 global cholera experts and other stakeholders, the agenda identifies the highest-priority research questions. Getting the answers is essential to achieving the goals set out in the GTFCC’s Ending Cholera by 2030 global roadmap. Many of the questions could just as easily be found in a COVID-19 research agenda. For example, what is the fastest, most cost-effective way to deliver a limited supply of vaccines? How can we enhance the uptake and sustainability of response measures to prevent the disease from reaching epidemic- or pandemic-level proportions? How
do we engage meaningfully with at-risk communities in designing and implementing interventions? Which disease surveillance systems are the most effective, and when and where should they be deployed? The questions may be the same, but the effort devoted to answering them has been very different. With COVID-19, strong political will and massive investment enabled researchers to produce answers quickly. Though cholera has been around much longer, solutions remain elusive. A key reason is that, whereas COVID-19 ravaged developed and developing countries alike, cholera was eradicated from the Global North more than 150 years ago. It is much harder to mobilize resources to tackle a disease affecting the world’s poorest and most marginalized people. With just a fraction of the commitment underpinning the fight against COVID-19, lifesaving progress could be made in cholera research. Epidemiological surveillance would enable the mapping of transmission patterns. New and innovative diagnostic tests could increase the speed, efficiency, and quality of detecting and confirming cases. And new or improved vaccines would strengthen the connection between emergency response and long-term control and prevention. Optimizing the timing and dosage of vaccines is essential, as is learning how to engage communities to ensure that the needs of marginalized
populations are addressed. Transforming treatment for vulnerable communities requires studying the impact of antibiotics on cholera transmission, and understanding what enables – and blocks – integration of cholera treatment into case management by community health workers. Equipped with this knowledge, countries and health partners would be better positioned to choose the most effective tools and approaches as they pursue their National Cholera Plans. This, in turn, would make it easier to attract additional funding, which would drive further progress. We have learned so much during the COVID-19 pandemic. We have listened to our publichealth officials and taken steps to limit the spread of the virus: wearing face masks, practicing social distancing, quarantining, getting vaccinated, and washing our hands more regularly. We must leverage this increased awareness and momentum to make further public-health gains, not just in our own communities, but worldwide. That means taking aim at other, much older scourges. We have the tools we need to defeat cholera, but we must still do the research that is required to identify how, when, and where to use them. Only then can we protect the world’s most vulnerable populations from this all-too-precedented disease. Project syndicate
12
| NEWS
MONDAY, APRIL 25, 2022
Sahara Group highlights link between books and energy transition A global commitment to encouraging youths to read books can play a significant role in accelerating the drive towards energy transition, Ejiro Gray, Director, Governance and Sustainability, Sahara Group has said. In her World Book Day message, “Books as levers of Sustainability”, Gray said, “books open a world of opportunities; they are formidable vehicles of transmitting knowledge and shaping lifestyles, and these can help unravel the energy transition message in a manner that gets more young people aware of why it is important and how they can get involved in the process.” Gray said there was a critical need for more collaborative efforts by the government and businesses to enhance the access of youths to books across the globe, especially books that focus on the state of planet earth.
“Books can break down the energy transition message into different levels to facilitate better understanding of the subject beyond how it is applied in the energy sector. The people who will be expected to sustain the quest in the future need to be empowered now and books can easily become the link to making the transition sustainable.” According to her, experts need to device means of simplifying energy transition through books, while also exploring its insertion in academic curriculum for the benefit of young students. “The future we desire can be transmitted today through books. In addition to transforming our operations in line with energy transition ideals, Sahara Group is already exploring creative ways of documenting and amplifying the message through books for different levels of young people in our locations in Africa, Asia,
Europe and the Middle East. We believe this will accelerate the understanding of energy transition across global markets.,” she added. Meanwhile, in a bid to enhance access to books, Sahara Group has over the years,
invested in the building and renovation of libraries across Africa while organizing school reading programmes anchored by volunteer employees as well as regional and global organisations.
President commissions $30m factory at Ningo Prampram The President of the Republic, Nana Addo Dankwa AkufoAddo, on Friday, 22nd April 2022, commissioned the Atlantic Life Sciences Ltd, a company operating under Government’s 1-District-1-Factory initiative. Speaking at the commissioning, President Akufo-Addo stated that the ceremony “is in further fulfilment of the promise by Government, in partnership with the private sector, to set up at least one medium to large scale enterprise in every district of Ghana.” According to the President “Whilst previous attempts at rural economic revitalisation in Ghana have focused mainly on the provision of physical infrastructural facilities, the One-District-One-Factory Programme focuses on the promotion of commercially viable business ventures, to generate sustainable and accelerated economic development for rural communities.” He stated that Atlantic Lifesciences Ltd., with the support of Government in 2017, has established this new facility in the healthcare sector, engaged in the manufacture of vaccines, anti-snake serums, eye drops,
inhalation anaesthesia products, syrups, tablets, and capsules, in Larkpleku, under the One District One Factory (1D1F) Programme. “It is the one hundred and seventh (107th) factory completed and operating under the 1D1F initiative, out of the two hundred and seventy-eight (278) enterprises being established and rehabilitated across the country, and I congratulate the promoters and management of the company for taking advantage of this Programme,” he said. President Akufo-Addo was happy to note that the Ministry of Trade and Industry, in collaboration with Ghana EXIM Bank and Standard Chartered Bank, has since 2017 supported this company to benefit from the 1D1F Programme. Out of the total investment for the project, which is estimated at
thirty-five million dollars (US$35 million), Ghana Exim Bank provided a credit facility to the tune of ten million dollars ($10 million) for the procurement of plant, equipment, and machinery. This, according to the President, underscores the kind of support given by Government to the private sector to take advantage of economic opportunities in the country. President Akufo-Addo was pleased to learn that “this new factory is generating some three hundred and eighty (380) direct jobs, and, when fully operational, will generate additional direct
employment for some four hundred (400) workers. In addition, the facility is expected to create a total of two thousand, five hundred (2,500) indirect jobs.” He commended the collaborative work, between the Ministry of Trade and Industry, Ministry of Health, Ghana Exim Bank, Standard Chartered Bank, Food and Drugs Authority, Traditional Authorities, and foreign partners of the company, for providing the requisite support towards the establishment of the state-of-the-art manufacturing facility.
13
| NEWS
MONDAY, APRIL 25, 2022
Emirates increases flights to Algeria In response to growing passenger demand for air travel, Emirates will double its flights between Algiers and Dubai from two to four weekly, starting 1 May 2022. The service currently between Algiers and Dubai will no longer be linked with Tunis, offering more flexibility and convenience to travel to Dubai and onwards to Emirates’ extensive network of more than 130 destinations. Emirates is also the only airline serving Algeria with private, enclosed First Class cabins, offering premium customers an enriched experience across every touchpoint of the journey. Emirates will utilise its Boeing 777-300ER aircraft between Algiers and Dubai, and the new flights will operate on Saturdays and Sundays, in addition to the current Tuesday and Thursday
services. Flight EK758 departs Algiers at 15:45hrs, arriving in Dubai at 01:05hrs the next day. EK757 departs Dubai at 08:45hrs, arriving in Algiers at 12:55hrs. Omar Alhemeiri - Manager Algeria commented on the boost of services: “We have seen a marked increase in passenger demand to and from Algiers, especially to Dubai and onwards to other destinations that are gradually opening or easing their restrictions across our network. We hope that by increasing our frequency into Algeria, we are able to support traffic flows in and out of the country as it continues its post-pandemic economic recovery, and it is also a testament to our commitment to Algeria. We have been operating flights for almost 10 years, connecting Algerians to the world and offering a world-class experience
onboard, whilst prioritising the health and safety of our customers. We look forward to boosting our services further in the future to provide better travel options for our customers as they take to the skies again.” Since it safely resumed tourism activity in July 2020, Dubai remains one of the world’s most popular holiday destinations, open for international business and leisure visitors. From sunsoaked beaches and heritage activities to world-class hospitality and leisure facilities, Dubai offers a variety of worldclass experiences, and was voted the Most Popular Destination of 2022 in Tripadvisor’s Travellers’ Choice Awards. Emirates continues to place top priority on safe travel with the implementation of comprehensive measures on the
ground throughout all touchpoints and on board to provide its passengers with the highest safety and hygiene standards at every step of the journey. Customers travelling from Dubai can also take advantage of state of the art contactless technology to ease their journey through the airport. Emirates also offers its customers an unmatched culinary experience in the skies with regionally inspired multicourse menus developed by a team of award winning chefs complemented by a wide selection of premium beverages. Customers can sit back and relax with more than 5,000 channels of carefully curated global entertainment content featuring movies, TV shows, music, podcasts, games, audiobooks and more with ice, Emirates’ award-winning inflight entertainment system.
14
| AGRIBUSINESS
MONDAY, APRIL 25, 2022
Africa must prepare for the inevitability of a global food crisis, says Akinwumi Adesina
African Development Bank Group President Dr Akinwumi Adesina says “Africa must prepare for the inevitability of a global food crisis.” He was speaking about Africa’s priorities, as a guest at the Atlantic Council’s Africa Center on Friday. Fielding questions from the Council’s Africa Center Chair, Ambassador Rama Yade; Senior Fellow Aubrey Hruby; and Washington/UN correspondent for Jeune Afrique and The Africa Report, Julian Pecquet, the Bank chief called for an increased sense of urgency amid what he described as a once-in-a-century convergence of global challenges for Africa. According to Adesina, the continent’s most vulnerable countries had been hit hardest by conflict, climate change and the Covid-19 pandemic, which had upended economic and development progress in Africa. He said Africa, with the lowest GDP growth rates, had lost as many as 30 million jobs on account of the pandemic. Speaking about the impact of the Russia-Ukraine war, Adesina expressed sympathy for the people of Ukraine, describing their suffering as unimaginable. He said the war’s ramifications spread far beyond Ukraine to other parts of the world, including Africa. He explained that Russia and Ukraine supply 30% of global wheat exports, the price of which has surged by almost 50% globally, reaching identical levels as during the 2008 global food crisis. He added that fertilizer prices had tripled, and energy prices had increased, all fueling inflation. Adesina warned that the tripling costs of fertilizer, rising energy prices, and rising costs of food baskets, could worsen
in Africa in the coming months. He noted that 90% of Russia’s $4 billion exports to Africa in 2020 was made up of wheat; and 48% of Ukraine’s near $3 billion exports to the continent was made of wheat and 31% of maize. Adesina cautioned that to fend off a food crisis, Africa must rapidly expand its food production. “The African Development Bank is already active in mitigating the effects of a food crisis through the African Food Crisis Response and Emergency Facility – a dedicated facility being considered by the Bank to provide African countries with the resources needed to raise local food production and procure fertilizer. “My basic principle,” Adesina said, “is that Africa should not be begging. We must solve our own challenges ourselves without depending on others…” The Bank chief spoke about early successes through the Bank’s innovative flagship initiative, Technologies for African Agricultural Transformation (TAAT) program, a program operating across nine food commodities in more than 30 African countries. Adesina said TAAT has helped to rapidly boost food production at scale on the continent, including the production of wheat, rice and other cereal crops: “We are putting our money where our mouth is. We are producing more and more of our own food. Our Africa Emergency Food Production Plan will produce 38 million metric tons of food.” TAAT has already delivered heat-tolerant varieties of wheat to 1.8 million farmers in seven countries. According to Adesina, heattolerant varieties were now
being planted across hundreds of thousands of hectares in Ethiopia and Sudan, with extraordinary results. In Ethiopia, where the government has put the TAAT program to work in a 200,000-hectare lowland irrigated wheat program, farmers are reporting yields of 4.5 to five times per hectare. He said TAAT’s climatesmart seeds were also thriving in Sudan, which recorded its largest wheat harvest ever – 1.1 million tons of wheat – in the 2019-2020 season. He added that TAAT came to the rescue during the drought in southern Africa in 2018 and 2019, deploying heattolerant maize varieties which were cultivated by 5.2 million households on 841 thousand hectares. As a result, he said, farmers survived the drought in Zimbabwe, Malawi and Zambia, allowing maize production to expand by 631,000 metric tons to a value of $107 million. Adesina also spoke about the urgent and timely need for a strong replenishment of the African Development Fund – the Bank Group’s concessional lending arm that supports lowincome African countries. He said the Fund has connected 15.5 million people to electricity and supported 74 million people with improved agriculture; it has provided 50 million people with access to transport; built 8,700 kilometers of roads; and provided 42 million people with upgraded water and sanitation facilities. The Bank chief said there were three lessons to be learned for Africa from the challenges Africa is facing: first, that the continent could no longer leave the health security of its people to the benevolence of others; second, that it must look at health investments
differently, and make the development of a health defense system a priority— investing in quality health infrastructure as a must—and third, that economies—which were already turning around— must create fiscal space to deal with debt challenges. Asked about the outcomes for Africa of the global climate summit, COP26, in Glasgow last November, and how he foresaw prospects for success at COP27 in Sharm El Sheikh, Egypt in 2022, Adesina expressed optimism. He said it was important for developed countries to make good on their promise to provide Africa with the $100 billion a year required for climate adaptation. Adesina said: “Our challenge is adaptation because we didn’t cause the problem. In Africa, we are adapting to climate change.” He explained that the African Development Bank, together with its partner the Global Center for Adaptation, was mobilizing 25 billion dollars to support climate adaptation in Africa. The African Development Bank chief highlighted the importance of the technology sector as a driver for growth in Africa, and prospects for young people on the continent. Adesina described Africa’s youth as one of its greatest assets. He lauded the contributions of young entrepreneurs in the fintech, digital, creative arts and entertainment industries. He said the need by young entrepreneurs for innovative financing is why the Bank is exploring with stakeholders the establishment of specialized youth entrepreneurship investment banks to unlock potential and economic growth.
MONDAY, APRIL 25, 2022
| ADVERT
15
16
| FEATURE
MONDAY, APRIL 25, 2022
17
NEWS
MONDAY, APRIL 25, 2022
AfDB 2022 Annual Meetings: Climate resilience and just energy transition take center stage By Emmanuel Felix Mantey
The African Development Bank Group’s Annual Meetings in May will focus on the impact of climate change on Africa and the need for a just energy transition on the continent, the Bank Group’s Secretary General said on Wednesday. Professor Vincent Nmehielle spoke during a virtual press conference convened to brief journalists about the agenda of the five-day meetings, to be held from 23 to 27 May in Accra, Ghana. For the first time since 2019, many delegates at this year’s meetings: the 57th Annual Meetings of the African Development Bank and the 48th Annual Meeting of the African Development Fund, will meet in person. Nmehielle said the theme, Achieving Climate Resilience, and a Just Energy Transition for Africa, was chosen to provide a framework for the governors of the Banks to share their experiences and engage in addressing climate change and energy transition challenges, as well as their policies and measures to deal with them. “Governments will be able to show what their countries have done in this regard,” the Secretary General said. A key
highlight during the Bank Group’s Annual Meetings will be a commemoration of the 50th anniversary of the African Development Fund, the Bank Group’s concessional lending arm. The Annual Meetings will also serve as a precursor to the UN Climate Change Conference, or COP 27, which is being called the “African COP”, to be held in November in Egypt. Governments will once again lobby for the continent’s positions on climate change. The Secretary General was joined by African Development Bank Acting Chief Economist and Vice President Professor Kevin Urama; Vice-President for Power, Energy, Climate and Green Growth Dr Kevin Kariuki; and the Director of the Agriculture and Agro-Industry department Dr Martin Fregene, who represented the Vice President of the complex. They answered questions from the over 80 journalists who attended the event. Professor Urama emphasized the Bank’s role as a thought leader in Africa, saying the meetings would include three main knowledge events that would touch on topics such as building
a digital economy, green jobs for youth and a special session on climate change that would include the launch of the African Development Bank’s African Economic Outlook for 2022 report. The Bank officials fielded questions on a range of topics, including the Bank’s role in infrastructure development, Africa’s energy transition, and a $1.5 billion plan to avert a food crisis sparked by the war in Ukraine. According to Urama, resilience was all encompassing. “The Bank will be focusing a lot more on infrastructure investments to build the resilience of countries, social resilience, economic resilience and also environmental resilience in general, including climate resilience,” he said. Kariuki noted that the African Development Bank was no longer investing in new coal projects. “However, when it comes to gas, we do understand that Africa needs to address its energy poverty and in order to look at energy poverty, we need to look at all non-coal sources of energy…Therefore, from where we stand, as long as a gas project has been included in a country
as part of Nationally Determined Contributions…then the bank will invest in those gas power plants,” he said. Fregene said the $1.5 billion food plan would address immediate needs triggered by the ongoing conflict in Europe. The plan will support farmers with seeds and fertilizers in the next wet season which starts around October in the southern hemisphere. The Bank also has a medium- to longerterm plan to help countries build resilience, known as Mission 1 for 200, which will help farmers boost production to 100 million tonnes of food to reach 200 million people. At the end of the session, Nmehielle urged journalists, as “partners and advocates for development,” to spread the word about the impact of the Bank’s work and to press their governments for the change they want to see. “The Bank is a catalyst...The Bank exists to help regional member countries to achieve their socio-economic development,” Nmehielle said. “The Annual Meetings will be exciting. We look forward to seeing you in Accra,” he added.
18
| MARKET REVIEW
MONDAY, APRIL 25, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - APRIL 14, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth
6.6%
Average GDP Growth for 2021
5.3%
2022 Projected GDP Growth
5.5%
BoG Policy Rate
17.0%
Weekly Interbank Interest Rate
16.61%
Inflation for February, 2022
19.4%
End Period Inflation Target – 2022
8.0%
Budget Deficit (% GDP) – Dec, 2021
9.7%
2022 Budget Deficit Target (%GDP)
7.4%
Public Debt (billion GH¢) – Dec, 2021
351.8
Debt to GDP Ratio – Dec, 2021
80.1%
STOCK MARKET REVIEW The Ghana Stock Exchange strengthened for the week on the back of price gains recorded by 2 counters. The GSE Composite Index (GSE CI) added 3.70 points (+0.14%) to close at 2,697.35 points, reflecting yearto-date (YTD) loss of 3.30%. The GSE Financial Stocks Index (GSE FI) also gained 6.72 points (+0.30%) to close at 2,220.89 points, reflecting year-to-date (YTD) gain of 3.21%. Market capitalization advanced marginally by 0.06% to close the week at GH¢64,047.56 million, from GH¢64,011.45 million at the close of the previous week. This reflects YTD decline of 0.75%. Trading activity recorded a total of 2,065,583 shares valued at GH¢1,737,529 changing hands, compared with 3,626,127 shares, valued at GH¢3,602,157 in the preceding week. IIL dominated volume of trades, accounting for 31.81% whiles GOIL dominated value of trades for the week, accounting for 53.01% of total value traded . The market ended the week with 2 advancers and 1 decliner as indicated on the table below.
THE CURRENCY MARKET The Cedi lost marginally against the USD for the week. It traded at GH¢7.1124/$, compared with GH¢7.1120/$ at week open, reflecting w/w and YTD depreciations of 0.01% and 15.55% respectively. This compares with YTD appreciation of 0.49% a year ago. The Cedi also lost against the GBP for the week. It traded at GH¢9.2877/£, compared with GH¢9.2663/£ at week open, reflecting w/w and YTD depreciations of 0.23% and 12.50% respectively. This compares with YTD depreciation of 0.60% a year ago. The Cedi however strengthened against the Euro for the week. It traded at GH¢7.6790/€, compared with GH¢7.7338/€ at week open, reflecting w/w appreciation and YTD depreciation of 0.71% and 11.08% respectively. This compares with YTD appreciation of 2.88% a year ago. The Cedi again appreciated against the Canadian Dollar for the week. It opened at GH¢5.6526/C$ but closed at GH¢5.6380/C$, reflecting w/w appreciation and YTD depreciation of 0.26% and 15.90% respectively. This compares with YTD depreciation of 1.23% a year ago.
MONDAY, APRIL 25, 2022
GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢777.59 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compared with GH¢1,155.11 million raised in the previous week. The 91-Day Bill settled at 16.33% p.a., from 15.74% p.a. last week whilst the 182-Day Bill settled at 16.32% p.a., from 15.93% p.a. last week. The 364-Day Treasury Bill on the other hand settled at 18.85% p.a., from 18.28% p.a. recorded previously. The table and graph below highlight primary market yields at close of the week.
19
| MARKET REVIEW
COMMODITY MARKET
BUSINESS TERM OF THE WEEK
Crude prices jumped nearly 9% on the week as the market was hijacked once again by a supply scare on news that the European Union might phase-in a ban on Russian oil imports. Brent futures traded at US$111.70 a barrel on Friday, compared to US$102.78 at week open. This reflects w/w and YTD gains of 8.68% and 43.61% respectively. Gold prices also edged higher as concerns of an escalation in the Russia-Ukraine conflict increased safehaven bids for the precious metal, although a firmer U.S. dollar capped bullion’s gains. Gold settled at US$1,974.90 from US$1,945.60 last week, reflecting w/w and YTD appreciations of 1.51% and 8.00% respectively. Prices of Cocoa declined for the week. The commodity traded at US$2,583.00 per tonne on Friday, from US2,620.00 last week, reflecting w/w loss and YTD appreciation of 1.41% and 2.50% respectively.
Limit-on-Open (LOO) Order: A limit-on-open (LOO) order is a type of limit order to buy or sell shares at the market open if the market price meets the limit’s condition. This type of order is good only for the market opening and does not last for the whole trading day.
INTERNTIONAL COMMODITIES PRICES
Source: https://www.investopedia.com/terms/l/ limitonopenorder.asp
ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069
CORPORATE INFORMATION CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com Disclaimer The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.
WWW.BUSINESS24.COM.GH
|
NO. B24/317 | NEWS FOR BUSINESS LEADERS
MONDAY, APRIL 25, 2022
Top 5 affordable Ghanaian dishes to buy online in 2022 The country Ghana is synonymous with the word culture. All around the world, Ghana is one of the countries recognized as rich in culture with many natural resources from gold, cocoa, oil and tourist sites as well as textiles (kente), festivals, songs, dances among many others. Food, however is one complicated topic and often there are debates on which country has the best cuisine. Ghana is also very popular for ‘’Jollof ’’ and in recent times, there has been a battle with Nigeria for who has the best Jollof in Africa. Of course, that may have been settled after Ghana beat Nigeria to qualify for the FIFA World Cup 2022. Today, nearly everyone orders for food online in Ghana. Burgers, shawarma, fries, chips and chicken are popular meals Ghanaians order online. Sometimes, these foods are quite expensive and many people prefer local food. Identifying the affordable Ghanaian dishes to buy online is sometimes challenging. Jumia, Africa’s leading online food delivery platform shares a few insights below.
‘’Kenkey & Fish’’ - This is the main staple of many households in Ghana. A favorite of the Ga tribe and a symbolic meal in Ghana’s history. Arguably one of the most affordable meals you can find in every corner of our cities. This tasty meal consists of a wrapped paste of corn dough, boiled and eaten with hot pepper, stew (gravy) or shito. It is accompanied by many protein options like fried fish, pork, fried eggs, sausages, fried goat, shrimps, sardine, mackerel etc. You can get this delicious meal for as low as Ghs 10 online and get it delivered to you for lunch or supper. Some people even have it for breakfast.
‘’Red Red’’ - This is popularly known as ‘’gob3’’ and is enjoyed by nearly everyone in Ghana. It consists of cooked beans, cassava flakes (gari), palmnut oil and eaten with fried riped plantain. These days, many people garnish it with boiled eggs, fried fish, meat or fried gizzard. ‘’Red Red’’ is found almost everywhere on the streets in Ghana and is a delicacy mainly associated with the Ewe tribe. Online delivery platforms like Jumia Food have many vendors that sell this meal for as low as Ghs 10. Now you can stay in the comfort of your home or office and get your ‘’red red’’ delivered to you.
’Angwa mu’’ - Finally we have the Ghanaian version of ‘’fried rice’’ known in many parts of the world as braised rice. This is plain rice cooked with oil and sliced onions or sometimes vegetables. It is easy to prepare and is often eaten with freshly ground pepper or shito. It is also accompanied by a host of protein choices such as fried eggs, sardine, beef, fish, meat etc. It is often quicker to make than other local meals and can be enjoyed at anytime of the day. A pack of Angwamu can be ordered online for as low as Ghs 15 and you can get it on your table within an hour.
‘’Waakye’’ - Second on the list is the popular ‘’waakye’’ meal. This is a widespread meal that can hardly be tied to any tribe but very much a specialty of the northern tribes. It consists of cooked rice and beans with special brwnish leaves that gives it color. Waakye is often accompanied by cassava flakes (gari), boiled / fried eggs, fish, meat, ‘’wele’’, spaghetti, vegetables and even sometimes fried plantain. Waakye can be considered as 4 different meals in one. In Ghana, many people eat it for breakfast. You can get a full pack of waakye with all it’s elements for as low as 10gh online. ‘’Banku with okro’’ - Another one from the prestigious Ewe tribe, this delicacy is just mouthwatering and often eaten as lunch or supper. It consists of primarily a mixture of corn and cassava dough made into a paste and accompanied with okra soup. Several protein options can be added including fish, meat, crabs, snails, pig feet, wele (skin) among others. Averagely, one can order banku and okro soup for as low as Ghs 15 and get it delivered to them well packaged and ready for consumption. PUBLISHED BY BUSINESS24 LTD. TEL: 030 296 5297, 030 296 5315.
Ghana has many other amazingly delicious local dishes that are affordable and you are encouraged to try all of them. This is an amazing time to jump on Jumia Ghana’s free delivery service when you order any of these and other great meals online. Download the jumia app and enjoy your meals with no delivery costs. ‘’Bon Appet
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.