M O NDAY, AUGUST 1 , 2022
.COM.GH
NEWS FOR BUSINESS LEADERS
Government extends SIM card re-registration deadline to Sep 30 STORY ON PAGE 3
E-levy remains key source StarlLife Assurance of domestic revenue, says unveils USSD code and John Kuma MyStar STORY ON PAGE 4
BY EUGENE DAVIS
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Cocobod gets US$1.3bn facility approval to purchase cocoa for new crop season BY EUGENE DAVIS
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News/Editorial
THEBUSINESS24ONLINE.COM
Horticulture fast becoming the new job-making machine “When the last tree dies, the last man dies” they say and truly so because flora and fauna preserve the environment and hence human life, and at a time that economies are grossly feeling the harsh outcomes of climate change, the need to preserve our environment and green resources have become even more critical. Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, specifically the horticultural value chain. Recent statistics put proportions of the youth (15 to 35) that are unemployed and seeking work at 34.2percent. Unemployment is therefore considered by many to be the most critical issue affecting the country. It is trite to say that with the right national and individual orientation, policies, and drive, Ghana’s rich flora and fauna resources could provide millions of jobs to the country’s teeming youth. Stratcomm Africa is leading the charge to green
Ghana for the varied purposes of beautification, wealth and job creation as well as a sustainable fight against climate change. Now in is tenth year, the annual Garden and Flower Show challenges and motivates the youth and businesses in the sector to aspire to grow and reach their full potential, in order to improve their livelihoods and impact society. This year’s theme “Growth Unleashed” preps the mind of young Ghanaians to burst forth and to grow beyond the norms to achieve a blooming environment. The global horticulture market is estimated to be valued at USD 20.77 Billion as of 2021 and is projected to reach US$40.24bn by 2026 at a compound annual growth of 10.2percent whilst global flower and ornamental plants market was valued at US$475.6m in 2020 and is expected to reach US$725.4m by the end of 2027, growing annually at 6.3percent during 2021-2027.
Cocobod gets US$1.3bn facility approval to purchase cocoa for new crop season BY EUGENE DAVIS
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Parliament has approved US$1.3bn facility for the Ghana Cocoa Board (COCOBOD) to enable the cocoa regulator raise funds to purchase cocoa beans from farmers through Licensed Buying Companies and to finance other operations of the Board for the 2022/2023 cocoa season. According to the report of the Finance Committee on the terms of a receivables-backed trade finance facility between COCOBOD and a consortium of banks and financial institutions, the loan facility is proposed to be utilized for cocoa purchases and related operations including; Farmer’s Services cost [cocoa diseases and pest control, fertilizer distribution and application], Share of Net FOB [payment to farmers, buyers’ margin, evacuation cost, internal marketing operations]. The arrangement involves a consortium of several international banks and financial institutions on arranging a credit facility to purchase an estimated 850,000 tonnes of cocoa beans in the 2022/2023 crop season. COCOBOD is however required by the Stamp Duty Act, 2005 [Act 689] to pay [0.5%] of the facility Amount as Stamp Duty and it is in this regard tat parliamentary approval is also being sought for the waiver of the payment of the Stamp Duty Cedi Equivalent of US$6.50m. The facility will be drawn in three installments, based on the operational needs of COCOBOD, in the month of October, US$910m is expected to be drawn down,
and an amount of US$390m would be drawn down between November 2022 to February 2023 respectively. The repayment of principal is to be affected by seven monthly equal installments beginning February 2023 and ending August 2023. The Committee noted that for the 2022/2023 Crop Season, cocoa production has been conservatively forecasted to be 850,000 tonnes. It was explained that the projected figure was based on the trend of cocoa production over the past years and relevant agronomic practices being adopted by COCOBOD. The Committee noted with satisfaction the pruning and other agronomic coverage of cocoa farms undertaken by the Ghana Cocoa Board (COCOBOD)which in the opinion of the Committee would help significantly in the achievement of the production target set for the crop season. The Committee encouraged Cocobod to continue the fight against the Cocoa Swollen Shoot
Virus Disease (CSSVD), expand the innovative irrigation of cocoa farms as well as other production enhancement programmes (PEPs). The cocoa industry has been the backbone of Ghana’s economic development over the years. The industry has over the years provided employment for millions of Ghanaians and serves as a major source of foreign exchange earner for the country. Cocoa production in Ghana has also increased significantly since the 1999/2000 crop season reaching an all-time high of over a one million metric tonne in the 2010/2011 and the 2020/2021 crop seasons. The increase in the levels of production requires substantial financial resources to enable the Ghana Cocoa Board [COCOBOD] to finance the purchase of cocoa beans. To this end, the Syndicate Trade Finance arrangement was put in place in1993 to enable the Ghana Cocoa Board secure a loan facility to finance cocoa purchases and for other payment each year.
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E-levy remains key source of domestic revenue, says John Kuma BY EUGENE DAVIS Government is looking forward to a rebound in the volume and values of electronic transactions in order to increase its domestic revenue, a Deputy Minister of Finance, John Kumah said. Ghana’s parliament approved a new 1.5% tax on electronic payments, known as the “e-levy” but has been unpopular among the rank and file of the populace. Following its implementation sometime in May, public disaffection caused a drastic decline in mobile-based transactions forcing government to revise its expected target to ¢611m, from about ¢4.9bn. Addressing journalists virtually in a post mid-year review budget workshop, Dr. John Kumah said “We are hoping to see an improved performance in the e-levy, we are very hopeful; it is a very important revenue tool for government and we are continuously hopeful about that.” The new tax which many Ghanaians have opposed vehemently has only raked in ¢93.7 million, from the ¢1.46 billion target for the first half of this year. In the month of May 2022 that E-Levy was implemented, mobile
money transactions declined by18.58% to ¢71.4 billion. However, in the month of June
2022, the transactions via mobile money went up to ¢77.4 billion, an 8.4% growth.
According to data from the Bank of Ghana, mobile money transactions grew consecutively until April 2022 when it dipped slightly. Mobile money transactions in the first four months of this year were January 2022 (¢76.2 billion), February 2022 (¢76.8 billion), March 2022 (¢90.5 billion) and April 2022 (¢87.7 billion) respectively. 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. Critics believe the e-levy will price lower-income people and small business owners out of the digital economy, while OforiAtta said it was a way to ensure Ghanaians “contribute their fair share” toward development. 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.
Government extends SIM card reregistration deadline to Sep 30 Government has announced an extension of the SIM card reregistration exercise started last year and expected to end today July 31. The Minister of Communications and Digitalisation, Ursula OwusuEkuful, made the announcement at a press briefing Sunday. The re-registration of SIM cards exercise has been fraught with hitches, long queues, delays and pain for most citizens, as one is required to re-register their mobile phone SIM to link it with their Ghana card. The issuance of the Ghana card has also been problematic as not many people who have registered for the card have been issued. The Minister therefore extended the deadline, set to end after midnight today July 31, to September 30, 2022. She also announced that an app would be released next week to enable self-registration.
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StarlLife Assurance unveils USSD code and MyStar StarLife Assurance, one of Ghana’s leading indigenous insurance companies, has unveiled its new USSD code; *7373#, and Mobile App, MyStar to the public to ease clients’ insurance needs. For the past year, the MyStar Mobile App has been used by the Customer Experience
Centre and Sales Executives for client sign up and transactional requests. These new platforms will allow clients to buy and manage their insurance policies anytime and anywhere. They have also been designed to provide convenience, security and accessibility for clients, as part of the brand promise of a solid partnership for life. The Mobile App and USSD code will enable clients to check the status of their policies, pay premiums, apply for claims, partial withdrawals, refunds and locate branches nationwide. To augment the utility of these applications, value added services have been attached which will allow clients to also buy
airtime, data and pay utility bills. Introducing MyStar and the USSD code, the Chief Executive Officer of StarLife Assurance, Mrs. Kakra-Duffuor Nyarko, stated: “StarLife understands that clients need to have easy access to their policies in real-time. Therefore, we have been working towards providing solutions that address this need to enable us achieve our goal of excellent customer experience with us. Our innovative digital solutions have over the years proven vital to all our business processes and brought insurance closer to our growing client base”. Mrs. Duffuor-Nyarko added that “We are committed to complementing the efforts of government and industry regulators to achieve financial inclusion for Ghanaians with innovative solutions like MyStar and the USSD platform. StarLife strives to ensure that clients are kept up-to-date with their policies and also encourages them to take on new policies
that will protect them against unfortunate future occurrences as their circumstances change during their lifetime”. Commenting on the safety of the MyStar Mobile App and the USSD platforms, Mr. Agadzi, Head of ICT of StarLife Assurance, disclosed that both products have cutting edge security in this age of cyber-attacks and all transactions are secure with clients’ data and privacy protected. StarLife will continually leverage technology to create simple and innovative solutions for clients to enjoy insurance services in a seamless manner. The MyStar Mobile App can be downloaded on either the Apple Store or the Google Play Store. The StarLife USSD code is *7373# on MTN and Vodafone networks. StarLife’s introduction of a Mobile App and USSD code reinforces its brand reputation for strong customer service, innovation and a commitment to partnership with clients for life.
Prudential Bank launches Mastercard cards to enhance customer value Prudential Bank, in partnership with Mastercard, has launched two Mastercard payment cards: Corporate and Standard, to create more value for their customers. The corporate card is designed for corporate institutions and businesses while the standard card will cater to individuals and student needs. At a ceremony to unveil the products, the Executive Head of Business at Prudential Bank Limited, Ebow Quayson, said the partnership was in keeping with the core values of the bank. “For us, this partnership with Mastercard is a step towards fulfilling our core values of creativity, innovation and putting our customers first. We realise and understand the varied needs of our customers and clients, knowing that there are different strokes for different folks. “With the addition of Mastercard, Prudential Bank now offers all the major three international cards, giving our customers greater choice and flexibility,” he said. The Mastercard Corporate and Standard cards offer customers of Prudential Bank the opportunity to transact business across the
globe-- online, on point of sale (POS) devices and on automated teller machines (ATMs) with ease. The cards also provide clients the opportunity to access discounts and deals on its platform in a number of merchant locations. Mastercard is a global payment technology platform accepted in over 210 countries and territories. “As a trusted technology leader and proud supporter of the business community, we are delighted to partner Prudential Bank to expand inclusion for our best-in-class card suite offerings,” the Country Manager, Mastercard Ghana, Bossman Akuffo Kwapong, said. He said the company remained committed to helping businesses by offering innovative tools and payment solutions that enabled them to make the most of the digital economy and an ever-strengthening payment ecosystem. “Over the years, we have witnessed the commitment with which Prudential Bank has served its customers and we look forward to furthering our mutually beneficial collaboration,” Mr Kwapong added. He said the company was
helping individuals and businesses to navigate the everchanging payment landscape through its tailored commercial solutions. “Mastercard is committed to connecting and empowering an inclusive, digital economy that benefits everyone everywhere by making transactions safe, simple, smart and accessible and has made a global commitment to bring 1 billion people and 50 million micro and small businesses into the digital economy by 2025,” the Ghana country head said. Circle of cards For his part, the Head, Digital Transformation at Prudential Bank Limited, Leopold Armah, noted that the partnership completed the circle of payments cards that were accessible to the bank’s customers. “The introduction of this card fits into the bank’s transformation strategy of providing variety of services to our customers, and this partnership with Mastercard completes the circle when it comes to card options,” he said. Mr Armah added that the cards were part of the process of embracing new partnerships to grow wallet share and deepen
the emotional connection to our customers. The bank, he said, was now among the very few banks that issued all the major international payment cards in addition to gh.Link and eZwich for local transactions. “This partnership also cements our efforts to enhance our digital channels and card offerings as well as deliver ease and convenience to our clients,” the Head, Digital Transformation said. The contactless cards come with the latest chip and pin technology, which is relevant in this era of COVID-19 and cyber threats. “We encourage all our clients, both corporates and individuals to reach out to our branches and Relationship Managers and acquire these cards to enjoy numerous benefits that come with them,” Mr Armah added. The Head of Marketing and Corporate Affairs, Akosua Boahen, entreated customers of the bank and the public to sign on to the cards to take advantage of the numerous benefits they offered.
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University of Ghana set to establish Centre for Disability Studies and Advocacy Professor Nana Aba Appiah Amfo, the Vice Chancellor of the University of Ghana, says the University’s Council has approved the establishment of a Centre for Disability Studies and Advocacy. The key objectives of the Centre, Prof Amfo said, were to support differently-abled members of the University community and encourage research and advocacy on disability issues. The Vice-Chancellor said this in Accra at a Congregation ceremony for the School of Graduate Studies, and undergraduate students from the University of Ghana’s Medical and Dental Schools. The ceremony conferred various degrees on a total of 661 students, including 103 PhDs, 530 at the master’s level, and 28 undergraduate students. She said the University was committed to the creation of the best environment for equal opportunity in gender and diversity, as contained in its Strategic Plan. Prof Amfo announced that for the 2021/2022 academic year, 33 students with disabilities were admitted to various programmes and assisted to obtain accommodation. The University also organised mobility training for all visually impaired fresh students to
facilitate their movement around the campus. The University, she said, had rolled out an Online Student Academic Record Request Portal for the convenience of all stakeholders and to enhance the efficiency of its processes. “A taskforce has been set up to decentralise and digitise the work of the School of Graduate Studies,” she added. She said as part of efforts to promote entrepreneurship skills among students at the University, the Office of Research, Innovation and Development, in partnership with Impact Hub Accra, and Imperial College London,
facilitated the “Innovation for African Universities Connecting Accra project.” The project, supported by the British Council, is aimed at building the capacity of students to enable them to develop successful businesses, 28 teams, made up of almost 100 students, participated in the project. Prof Amfo said the University of Ghana Credit Union was sponsoring the construction of a 50-bed capacity Emergency Centre at the University Hospital to commemorate its 50th Anniversary. The Centre, estimated to cost GHS 3,000,000.00, would
cater for all emergency services, including consultation for emergency medical, surgical, and accident cases. The Vice-Chancellor urged the graduates to continue to persevere and be resilient in the pursuit of their career path, saying “challenges will come, but you must be determined to overcome them.” “As you go out to pursue your careers, I urge you all to register as alumni of the University and help raise high the bar of excellence. “Proceed in truth and integrity in all you do, and make the University of Ghana proud,” she said. Mrs Mary Chinery-Hesse, the Chancellor, of the University of Ghana, said the University launched three related initiatives in April 2022, under the theme: “Enhancing UG Student Experience through Digitalization.” The three-pronged technologydriven initiatives included the Classroom Modernization Project, the one Student, one laptop and the Hot-Spot Comfort Zones to improve students’ experience and potentially enhance their academic fortunes. The University presented awards to students who excelled. GNA
Youth in Agribusiness Festival: Broadspectrum Limited throws support behind initiative By Reuben Quainoo Broadspectrum Limited has pledged its commitment to continuously promote the agribusiness sector and play a key role in attracting the youth to venture into the Agribusiness Value Chain. The organization donated to the maiden edition of the Youth in Agribusiness Festival, held by the John A. Kufour Foundation in Kumasi on the 27th-29th July 2022. The festival showcased the outstanding development of young people within the agribusiness sector in the country. Speaking at the festival, The Project Manager, E-Agric Broadspectrum Ltd, Mr. Castro Antwi-Danso was of the belief that there were many opportunities within the agricultural value chain in Ghana and urged the youth to take advantage. “They should collaborate and find opportunities to get and
create employment opportunities for themselves because agriculture contributes 19.7% of our current GDP, accounts for over 30% of export earnings and serves as a major source of inputs to our manufacturing industry. It’s not only cropping or livestock production; there are opportunities in digital agriculture, transportation, logistics and warehouse” he said. Head of Marketing & Corporate Communications
at Broadspectrum Limited, Morenike Ayodele, said her organization will continue to provide the resources both financial and human to help sustain this great initiative by the John A. Kufuor Foundation. “We believe in providing opportunities for young people and the agribusiness sector provides enough space for young people to find opportunities to enhance themselves. The E-Agric initiative, is the future of Agriculture in Ghana. It seeks to bring all the key actors in the agricultural sector on a platform to interact with each other. The goal is to improve the livelihood of the farmer while
safeguarding the food production of the country.” she stated. Broadspectrum Limited is an African Information Communication Technology company that offers a unique range of innovative and advanced communication and digital solutions to boost Africa’s digital economy support African business productivity and connect them to the world. The company is currently providing technological solutions for the Ministry of Agriculture on the Planting for Food and Jobs programme in the 5 Northern Regions of Ghana. The Project involves the biometric registration of 1.7 million farmers to create a database of farmers and is currently being used for the national input subsidy programme in the 5 Northern Regions.
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MONDAY, AUGUST 1, 2022
Farmers in Obuasi lament post- harvest losses due to lack of storage facilities By Sampson Manu Some farmers in the Obuasi Municipality have bemoaned the impact of continuous postharvest losses due to the lack of storage facilities to store their produce. They were of the view that this is hampering their work and preventing them from raking in the needed revenues since they have to sell their produce cheaply to prevent them from going bad. Dr. Ernest Baafi, the Coordinator for the ResearchExtension-Farmer Linkages Committee (RELC) in the Ashanti Region revealed this at a Research-Extension-Farmer Linkages Committee’s Planning session held in Obuasi. He said most farmers at the end of the day’s sessions also complained about the high cost
of Fertilizers, weedicides and pesticides as well as bad roads linking their farms. He said the challenges encountered in the Agricultural sector especially regarding low prices of farm produce has resulted in high attrition rate in the sector and has affected Government’s flagship program Youth in Agriculture. “ The fear of post-harvest losses has resulted in farmers drastically reducing the prices of their produce. This has also affected their income as well as their means of survival. Obviously, this serves as a major disincentive for the Youth who wants to venture into Agriculture “. He assured that the challenges as raised by the farmers will be escalated to the Policy level
for Government to deal with it. He added that, they will conduct research into some of the solutions suggested by the farmers themselves, to come out with best solutions to them. The Obuasi Municipal Agric officer Raphael Atta Preprah spoke about the importance of the Planning session. He said it has offered the Agric Extension officers the opportunity to have first-hand information about the real problems facing the farmers. Again, he said the Program have thrown more light on the homegrown measures needed to bring relief to farmers in the Obuasi Municipality. He assured farmers in the Municipality that his office is always opened for them to seek for technical assistance to help
them adopt the best farming practices. He also promised to liaise with the Obuasi Municipal Chief Executive to find solutions to the challenges put forward by the farmers during the program. Stressing on some of the challenges farmers in the Municipality have to grapple with, Madam Patricia Nuamah, a Vegetable farmer at Adaase underscored the effects of the activities of illegal mining on their farms. She revealed that the activities of the illegal miners have destroyed the water bodies hence making irrigation difficult. She called on Government to come to their aid to provide irrigation facilities for them.
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Innovate to thrive; embrace single African market—Minister tells business community By Patrick Paintsil Tight competition in crowded markets and current global happenings requires that local producers and manufacturers would go beyond their limitations and innovate to meet the changing needs of the market and to stay in business, says Mrs. Shirley Ayorkor-Botchway, Minister of Foreign Affairs and Regional Integration. In a speech read on her behalf at the sixth edition of the Global Business Quality Award and Summit on theme “Celebrating Decades of Quality Global Brands in Ghana” in Accra, the minister also asked local manufacturers and producers to explore existing opportunities in the single continental market. According to Mrs. AyorkorBotchway, government is poised to empower the private sector to export to other African countries underpinned by its national action plan for boosting intra African trade and the national export development strategy. “These are designed to transform the Ghanaian economy and position the
country as a new manufacturing hub of the region,” she said. The minister further commended the organizers of the awards for recognizing and rewarding the efforts of businesses that are committed to building quality and lasting brands. “It is refreshing to know that these companies, irrespective of the strides they make, get to be acknowledged and celebrated for being able to keep their heads above these global waters,” she noted. The Global Business Award and Summit is an annual event of the Entrepreneurs Foundation of Ghana that gives recognition to individuals and companies – local and foreign – operating in Ghana for their commitments to improving the quality delivery of goods and services and open to innovation and cutting edge technologies that adds value to their products and services. The awards event also presents a great networking opportunity for individuals and businesses, alike, to work together through the transfer of knowledge and best practices.
Premium Quality West African Banking Brand of the Year 2021 Zenith Bank (Ghana) Ltd; Most Promising Pharmaceutical Brand of the Year 2021, Kofikrom Pharmacy Ltd; Best Quality Herbal Mixture of the Year Award 2021, Taabea Herbal Mixture (Taabea Company Ltd); Best Quality Antiseptic Brand of the Year, JRA Lion Antiseptic Best Quality Herbal Healing Ointment of the Year; and Premium Quality Confectionary Brand of the Year 2021, Top Choco-Alpha Industries Ltd. The award for Best Quality Plant Medicine of the Year Award 2021 went to COA Mixture-COA Research and Manufacturing Company Ltd; Premium Quality Healthcare Brand of the Year Award 2021, Holy Trinity Medical Centre; Most Promising Mobile Money Brand of the Year Award 2021, G-Money; Premium Quality Paper, Printing and Packaging Brand of the Year 2021, Jay Kay Industries and Investment Ltd; and Premuim Quality Cocoa Industry of the Year Award 2021, Niche Cocoa Industry Ltd. Other winners were: Premium
Quality West African Iron & Steel Brand of the Year 2021, B5 Plus Ltd; Premium Quality Group Company of the Year 2021, Jospong Group of Companies; Quality Woman CEO Leadership Award 2021, Madam Angela List, CEO of Adamus Resources Ltd; and Quality CEO Leadership Award, Mr. Pawan Aidasani, CEO of Jay Kay Industries and Investment Ltd. Serial entrepreneur and Executive Chairman of McDan Group, Dr. Daniel McKorley was recognised with the Quality Business CEO Leadership Award 2021 whilst Quality Manufacturing Leadership Award 2021was awarded to Mr. Mukesh Thakwani, the Executive Chairman of B5 Plus Group; Quality Healthcare Leadership Award 2021 went to Prof.Samuel Ato Duncan, Founder /CEO/ COA Research and Manufacturing Company. The Overall Best Quality CEO Leadership Award 2021 was awarded to Dr. Joseph Siaw Agyepong, Executive Chairman Jospong Group of Companies.
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Sahara Group’s SAPET GAS sails clean history into Cote D’Ivoire to promote energy transition The Ivorian National shores welcomed a whiff of clean energy as SAPET GAS, the pioneer Liquefied Petroleum Gas (LPG) vessel to be named under Ivorian origin and carry the national flag, made its historic maiden voyage to Cote D’Ivoire. Commissioned last May in Ulsan, South Korea, the 23,000 cubic meter capacity vessel which cost CFA 26 billion was received by Excellence Mamadou Sangafowa Coulibaly, Minister of Energy, Vamissa Bamba, Director General, Petroci, Temitope Shonubi, Executive Director, Sahara Group, Wale Ajibade, Executive Director, Sahara Group, Soro Tiotioho, Director General, Societe, Ivoirienne de Raffinage (SIR), Kam SIE, Chairman SAPET Energy, Olayemi Odutola, Managing Director, SAPET Energy, and Mayor of the Municipality of Port-Bouët, Dr. Sylvestre Emmou, among others. SAPET GAS will enhance butane supply, availability, efficiency and distribution in Cote D’Ivoire to spur economic development and safeguard the well-being of over 28 million Ivorians, being a clean fuel. It will also help facilitate access to the commodity for over 50 million people in neighbouring countries.
Energy Minister, Sangafowa Coulibaly said the government had subsidised butane gas across the nation to increase accessibility, reduce and ultimately eliminate the use of firewood by households. “This policy has made it possible to significantly increase the national consumption of butane gas, which has thus increased from 150,000 MT in 2012 to 510,000 MT in 2021; that is an average growth of 14% per year. I salute the PETROCI/SAHARA partnership, and in particular, the Sahara Group for investing in the acquisition of this vessel dedicated exclusively to importation of butane gas into our country,” he said. According to Temitope Shonubi, Executive Director, Sahara Group, facilitating investment in gas infrastructure and supply reinforces the company’s commitment to driving energy transition in Africa. “We are privileged and delighted to work with the government and good people of Cote D’Ivoire to make clean energy accessible to all Ivorians. For Sahara, SAPET GAS is an affirmation of our commitment to Cote D’Ivoire. We made a promise and we have delivered.” he said. Bamba, the Petroci DG,
commended Sahara Group for working assiduously and harmoniously with all stakeholders since the energy conglomerate began operations in Cote D’Ivoire. He said the partnership, SAPET ENERGY, commenced in October 07, 2020 when the first stone for the construction of three butane spheres with a total capacity of 12,000 Tons was laid to enhance the butanisation policy. “This storage infrastructure will increase existing storage capacities and can take us from 15 to 30 days of self-consumption. SAPET GAS will guarantee the supply of butane gas to our country under good conditions of safety and quality,” he added. The Mayor of the Municipality of Port-Bouët, Dr. Sylvestre EMMOU said the Port would play its strategic role of ensuring the maritime industry contributes its quota to promoting access to energy solutions in Cote D’Ivoire. This storage infrastructure will increase existing storage capacities and can take us from 15 to 30 days of self-consumption. SAPET GAS will guarantee the supply of butane gas to our country under good conditions of safety and quality,” he added. Named after the joint venture between Sahara and Petroci
(National Oil Company), SAPET GAS will be instrumental to realising the supply of about 1,000,000 tonnes of LPG to Cote D’Ivoire over the next three years. This will be alongside other vessels, Africa Gas, Sahara Gas and Barumk which are affiiated with energy and infrastructure conglomerate, Sahara Group. Sahara Group’s partnership with Petroci continues to increase access to gas as a cleaner fuel option with over CFA 279 billion invested since 2014. SAPET’s 12KT LPG storage facility project remains on course. The facility upon completion will promote supply, distribution and access to cleaner fuels in Cote D’Ivoire, Mali, Burkina Faso and Guinea, among others. Investments in gas vessels are on the rise globally with a total of 28 new medium and handy gas carriers expected over the next two years with 18 percent of them focusing on Sub-Saharan Africa. The growth in LPG market is driven by the following factors: low per capital consumption with scope for growth; population growth and urbanization, and potential to substitute kerosene/ biomass in domestic sector as well as move towards cleaner fuels.
Executive Director, Sahara Group, Wale Ajibade, Director General, Societe, Ivoirienne de Raffinage (SIR), Soro Tiotioho, Executive Director, Sahara Group, Temitope Shonubi, Minister of Energy, Excellence Mamadou Sangafowa Coulibaly and Director General, Petroci, Vamissa Bamba at the ceremony held to welcome LPG vessel SAPET Gas to Cote D’Ivoire
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Unfold your world: Samsung readies for Galaxy Unpacked Innovation isn’t just about radical ideas; it’s about unlocking new experiences that transform our daily lives for the better. Meaningful innovations go beyond the technical and provide a platform upon which our everyday lives become richer and more versatile — opening us up to greater possibilities than ever before. To see how these possibilities will come about, join Samsung on August 10 to learn how the company is pushing boundaries, defying conventions and opening doors to new experiences. Galaxy Unpacked will be streamed live on Samsung.com and Samsung’s YouTube channel beginning at 1pm. Stay tuned to Samsung Newsroom for regular updates ahead of the event, as well as the latest device information and multimedia resources.
PayAngel joins Microsoft for Startups Founders Hub Leading African payment solutions and remittance platform, PayAngel has joined the Microsoft for Startups Founders Hub, dedicated to helping earlystage startups leapfrog the barriers of business creation and grow faster than usual. The Microsoft for Startups Founders Hub is a new digital and all-inclusive platform that offers enhanced benefits and credits, and also gives startups free access to Microsoft technology, tools, and resources they need to build and scale their business. The Chief Executive Officer (CEO) of PayAngel, Jones Amegbor, in an interview indicated how thrilled he was about the opportunity to leverage
the unique Microsoft Founders Hub platform to innovate faster and accelerate growth through the exclusive technology packages in the Hub. “What this means to our existing and new customers is a more robust, secured and enhanced system, expansion to other territories and straightthrough service delivery” he stated. From the most trusted, secure, open-source friendly and compliant platform, to best-in-class developer and productivity tools including GitHub Enterprise, Microsoft 365, and Azure, the Hub makes all that available to member-startups for free.
Beyond access to technology, Microsoft for Startups Founders Hub also empowers young entrepreneurs to innovate and grow by connecting through their mentoring program, which provides them with industry, business, and technical support to guide them through their next business milestones. Founders are also given access to Microsoft Learn and a variety of programs to help them build connections with customers and accelerate their growth. In essence, Microsoft for Startups Founders Hub was created to help early-stage startups to lower the barriers of business creation, become a catalyst for entrepreneurship, change and innovation and contribute to easing the journey from an idea to a unicorn. The Hub is centered on three key areas: 1. Unlocking innovations for all: The platform eliminates traditional barriers founders face when getting started, such as venture capital requirements or third-party validation to help any founder, regardless of background, location, or access, to be successful. 2. Technology benefits that grow: Keeping pace with a startup’s lifecycle, the platform helps founders speed development with free access to GitHub and the Microsoft
Cloud with the ability to unlock additional benefits over time 3. Access to mentorship and guidance: Through the platform, startups can connect with industry veterans, access tailored startup-centric training and innovate quickly with expert technical guidance. About PayAngel PayAngel (www.payangel. com) is the trading name of PayInc Group Limited, a licensed international remittance business delivering straight-through, affordable remittance and payment solutions to the African Diaspora. Positioned as “Africa’s Payment Expert”, it seeks to be a one-stop payment solutions provider, providing Consumerto-Consumer, Consumer-toBusiness and Business-toBusiness remittance services, and further catering to several other payment needs such as utility and mortgage payments. Remitters using PayAngel can have their remittances delivered to Africa through mobile money, bank deposits and cash collections. Licensed to operate in Europe and North America, PayAngel currently operates a multichannel remittance and bill payment service from the United Kingdom, United States, Canada, and Australia is in the process of expanding to the rest of Europe.
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MONDAY, AUGUST 1, 2022
UK, Ghana reaffirm commitment to tackle global threats The United Kingdom and Ghana will go further and faster to combat terrorism, organised migration crime, drug trafficking and other global threats following a summit in London. A statement issued by the British High Commission in Accra, copied to the Ghana News Agency said the UK Government hosted the second UK-Ghana security dialogue between July 25 and 27, to discuss the countries’ shared interests in tackling global issues. Madam Priti Patel, the UK Home Secretary and Mr Albert Kan-Dapaah, the Minister for National Security of Ghana agreed to strengthen law enforcement agency collaboration, strengthen engagement on border security, work together to enhance cyber security in Ghana and support regional solutions to instability in Ghana’s neighbouring states. Madam Patel said: “The UK and Ghana has a deep and longstanding relationship, and we are powerful allies when confronting the scourge of organised criminal gangs that operate across our borders.” “Ghana is the beacon of freedom and democracy in West Africa and through our joint work we are tackling global threats and
cracking down on the threats to our mutual security.” Mr Kan-Dapaah said: “The UK is a primary and reliable partner to Ghana; therefore, we welcome essential security initiatives from the UK towards building Ghana’s resilience to address national and regional threats.” “The Home Secretary visited Ghana last year in the first round of talks, opening a new Home Officefunded immigration taskforce office in the process.” The statement said because of the joint working, since January 2022, 14 organised crime groups had been disrupted preventing the facilitation of 56 individuals from entering the UK illegally, saving the UK over £812,000 in the process. It said through the New Plan for Immigration, the UK Government was working with countries around the world to tackle the heinous people traffickers who
work across borders and bring misery to vulnerable people. It said the Home Secretary hosted a reception with Ghanaian delegation at Lancaster House on July 25 before counterparts discussed topics including, serious and organised crime, border management, security, countering terrorism and violent extremism, conflict prevention and military over the course of two-day event. It noted that the Defence staff met to discuss peacekeeping,
regional stability, counter terrorism and maritime security. Mr James Heappey, the UK Minister of State for the Armed Forces, said: “The UK is committed to expanding defence co-operation with the Ghanaian Armed Forces and we will continue to work together in frameworks such as the Accra Initiative to counter violent attacks and insurgency in West Africa and the Sahel.” GNA
CalBank partners United Way Ghana to promote financial literacy for 600 young learners in Cape Coast As part of the Bank’s Corporate Social initiative to improve upon basic education in deprived communities, CalBank PLC, in partnership with United Way Ghana, embarked on a CSR project at Pedu A&B Basic School in Cape Coast. This project focused on coaching sessions for the young learners in the school, along with donations. The CalBank Emerging Leaders Cohort 1 team, as part of their group Corporate Social Initiative, volunteered to be coaches on the project. Three members of the Emerging Leaders team, led by Pearl Arku, together with Kofi Siabi, Head of Marketing Department, joined thirteen (13) other members of staff from the Cape Coast Branch for the project. The program began at 10:00 am at the school premises. Also, in attendance were some Chiefs from the area, Journalists, Parents, Representatives from United Way Ghana, Staff, and Pupils of the school. Pupils from the Lower Primary welcomed the event with poetry recitals. CalBank PLC donated five
hundred (500) story books and two (2) bookshelves to the school, to equip the children with reading skills to improve upon their English language. In a speech delivered by the Head of Marketing, the Bank further promised to assist with twenty (20) laptops for the school’s Computer lab, which currently
has no computers. Engagement activities with the young learners commenced at 10:30 am in their respective classrooms. The volunteers from CalBank PLC had opportunity to teach pupils from class 4 to JHS 3 on various topics, including personal hygiene, sex education, time management, goal setting,
and financial literacy. The JHS 3 pupils had a dedicated session to equip them with information on how they can better manage their lives after JHS 3, whether they have opportunity to pursue their education further or not. There was also a session for the teachers, parents, chiefs, and other dignitaries present on financial literacy and introduction to the Bank’s products. All the sessions were interactive and very insightful. The participants expressed their excitement and appreciation. The closing ceremony was held at 12pm, where the pupils from the cultural troop entertained the gathering to various choreography dances. The Bank, through the staff at the Cape Coast Branch, will continue with further engagements and follow-ups on how the young learners are applying the knowledge gained. Members of the ELP cohort 1 will also organize and visit the school periodically to develop coaching relationships and mentor these young ones.
| FEATURE
MONDAY, AUGUST 1, 2022
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Good leader can work alone! By Dag Heward-Mills Teamwork is great and valuable, but you must also value being alone! There are certain things you cannot do in a group. Serpents are able to live and work alone! Snakes are often found on their own. Most of us have discovered a solitary snake somewhere in the garden before. A snake is not found with its mother, father or any other brothers. Snakes are experts at living alone. Snakes do not miss the company of others and do not seek the friendship and fellowship of other like-minded snakes. They are solitary animals that travel and live alone. Snakes have the ability to live in groups or to live alone for long periods of time. Example of Jesus •Jesus was alone when He went to pray a great while before day. “And in the morning, rising up a great while before day, he went out, and departed into a solitary place, and there prayed” - Mark 1:35 •Jesus was alone when He went into the wilderness to be tempted of the devil. “And Jesus, being full of the Holy Ghos,t returned from Jordan, and was led by the Spirit into the wilderness, being forty days tempted of the devil. And in those days he did eat nothing: and when
they were ended, he afterward hungered” - Luke 4:1-2 •Jesus was alone when He went up to the mountain to pray and choose His disciples. “And it came to pass in those days, that he went out into a mountain to pray, and continued all night in prayer to God. And when it was day, he called unto him his disciples: and of them he chose twelve, whom also he named apostles” - Luke 6:12-13 •Jesus was alone when he was witnessing to the woman of Samaria. “There cometh a woman of Samaria to draw water: Jesus saith unto her, give me to drink (For his disciples were gone away unto the city to buy meat)” – John 4:7-8. • Jesus was alone when he came walking on the water to His disciples. “And in the fourth watch of the night Jesus went unto them, walking on the sea” — Matthew 14:25 • Jesus was alone praying in Gethsemane. He exemplifi es how a great leader seeks the face of the Lord alone to overcome diffi cult situations. “And he went a little further, and fell on his face, and prayed, saying, O my Father, if it be possible, let this cup pass from me: nevertheless not as I will, but as thou wilt” - Matthew 26:39 • Jesus was alone when he was
beaten by the Chief Priest the elders. “Then the high priest tore his robes, saying, “He has blasphemed! What further need do we have of witnesses? Behold, you have now heard the blasphemy; what do you think?” They answered and said, “He is deserving of death!” Then they spat in His face and beat Him with their fi sts; and others slapped Him” - Matthew 26:62-67 (NASB) •Jesus was alone when He was interrogated by Pontius Pilate. “And Jesus stood before the governor: and the governor asked him, saying, Art thou the King of the Jews? And Jesus said unto him, Thou sayest” And when he was accused of the chief priests and elders, he answered nothing. “Then said Pilate unto him, Hearest thou not how many things they witness against thee?” — Matthew 27:11-13 • Jesus was alone when He was beaten by the soldiers. “Then the soldiers of the governor took Jesus into the Praetorium and gathered the whole Roman cohort around Him. And they stripped Him, and put a scarlet robe on Him.” “And after weaving a crown of thorns, they put it on His head, and a reed in His right hand; and they knelt down before Him and mocked Him, saying, “Hail, King of the Jews!” ”And they spat on Him, and
took the reed and began to beat Him on the head” - Matthew 27:2730 (NASB) •Jesus was alone on the cross. None of the other disciples was on the cross with Him. He led the way to overcome sin and the devil. “And when they had come to a place called Golgotha, which means Place of a Skull, they gave Him wine to drink, mingled with gall; and after tasting it, He was unwilling to drink.” “And when they had crucifi ed Him, they divided up His garments among themselves, casting lots; and sitting down, they began to keep watch over Him there” — Matthew 27:33-36 (NASB) Jesus Christ was alone many times. It was necessary for him to be alone. By being alone, He accomplished amazing feats. Are you a leader? Are you able to work alone? Are you able to accomplish what you must accomplish alone? Jesus Christ is unrivalled as a good leader. You can follow the example of Jesus Christ and become a good leader too. Learn to also work alone and you will accomplish amazing exploits! The writer is the founder of the Lighthouse Group of churches. E-mail: theaol@ymail.com
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| COMMENT/ANALYSIS
MONDAY, AUGUST 1, 2022
| FEATURE
MONDAY, AUGUST 1, 2022
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A new test for EU solidarity By Jean Pisani-Ferry Shared interests may sustain alliances in peacetime. But alliances that are capable of winning wars and confronting crises require something more: a willingness to compromise one’s immediate well-being and to endure sacrifices. This is called solidarity, and it is one of the principles upon which the European Union is based. Solidarity in Europe had long been a matter for speeches. But then the 2010 euro crisis put it to the test, when Greece, Ireland, and Portugal lost access to capital markets and were forced to seek financial assistance. Many in Northern Europe were shocked: To allow those states that had ignored the single currency’s rules to rely on their partners’ helping hand was simply an invitation to flout the rules repeatedly. The battle lasted for five years, with many twists and turns, and entailed much unnecessary economic hardship, until it ended in 2015 with the decision to keep Greece inside the euro. That lesson had not been forgotten when the COVID-19 pandemic shock hit Europe in 2020. The European Central Bank was quick to launch a dedicated asset-purchase program, and the EU itself devised two pathbreaking initiatives in a matter of months. It developed a joint plan to purchase and distribute vaccines, so that wealthier member states could not outbid poorer ones, and it established the Recovery and Resilience Facility (RRF), through which grants and loans to member states are being financed by EU borrowing. These were rightly hailed as European solidarity in action. But the war in Ukraine and its
economic consequences have opened a new, complicated chapter for the EU. The shock is evidently highly asymmetric. For example, there are currently 1.2 million Ukrainian refugees in Poland, but only 130,000 in Spain – a roughly ten-to-one difference between countries with similar populations. Dependence on Russian natural gas also is extremely uneven. Supplies from Russia cover about one-quarter of total energy demand in Hungary, Latvia, and Slovakia, and about one-eighth in Germany and Italy, but a negligible share in Spain and Portugal. In normal times, tackling this asymmetry would present a major challenge for the EU. But the big, essential difference with previous threats to the bloc’s cohesion is that, in Russian President Vladimir Putin, Europe faces an external enemy who makes no secret of his desire to exploit and exacerbate divisions both between and within European countries. Putin’s ultimate goal is to destroy the EU. To this end, he is punishing Russia’s adversaries by cutting gas supplies, and rewarding Russia’s European allies for their loyalty. The latter include Hungarian Prime Minister Viktor Orbán, who has now fully endorsed the Russian narrative, declared that the EU “shot itself in the lungs” by imposing sanctions against Russia, and sent his foreign minister to Moscow to negotiate additional gas purchases. The recent unraveling of the Italian government coalition led by former ECB President Mario Draghi is clearly bad news in this regard. Not only was Draghi a staunch advocate of toughness
against Russian aggression and a key architect of EU sanctions, but the three parties (the Five Star Movement, the League, and Forza Italia) that triggered his government’s collapse represent various shades of pro-Russian opinion. Putin has undoubtedly scored a goal here. The ECB’s pivot to a more hawkish policy stance could have been another blow to European solidarity. Since March 2020, flexibility in the allocation of the ECB’s special asset-purchase program had kept a lid on sovereign bond spreads among eurozone countries; but by midJuly the combination of the scheme’s expected termination and political turmoil in Italy had already caused spreads to widen. The ECB’s announcement on July 21 of the Transmission Protection Instrument, a new discretionary asset-purchase facility, is likely to help calm fears. Activation of the TPI is of course conditional on a eurozone member state fulfilling economic policy criteria, including – importantly – a determination by the ECB that its public debt remains sustainable. But this was necessary to avoid moral hazard and protect the central bank from the perils of fiscal dominance. EU solidarity on the energy front, however, is in shorter supply. Initial reactions to the European Gas Demand Reduction Plan presented on July 20 by European Commission President Ursula von der Leyen were cool, to say the least. According to the original proposal (based on the same EU treaty article that provided the cornerstone for the postpandemic RRF), all member
states should aim to reduce their gas usage over the winter by 15%. Furthermore, these reductions could be made mandatory in the event of an energy alert triggered by a substantial risk of a severe gas shortage or by exceptionally high demand. In other words, Spain, which does not depend on Russian gas, would be expected to cut its domestic consumption if Russia further curtailed its exports to Germany. This plan was clearly put on the table as a basis for discussion. Other issues, such as the politically controversial postponement of the planned closures of nuclear or coal-fired power plants, common purchases of liquefied natural gas, and the expansion of interconnection infrastructure must be part of the negotiation. But the instant negative reactions from Spain, Portugal, and Greece amounted to a replay in reverse of what these countries suffered during the euro crisis a decade ago. After several days of negotiations, EU member states agreed on July 26 to a watereddown version of the plan. But it is hardly sufficient quantitatively, and it is full of carve-outs and exemptions. Moreover, to mandate any cuts will require a vote in the European Council. When the 13 American colonies signed the Declaration of Independence in 1776, Benjamin Franklin famously said that, “We must all hang together, or, most assuredly, we shall all hang separately.” With the fallout from the Ukraine war threatening Europe’s cohesion, Franklin’s warning has gained new and acute relevance.
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| ADVERT
MONDAY, AUGUST 1, 2022
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| FEATURE
MONDAY, AUGUST 1, 2022
Gender-equal education is about more than access By M. Niaz Asadullah
Ensuring inclusive, equitable, high-quality education for all is a major pillar of the United Nations Sustainable Development Goals. Three decades ago, fewer girls were in school than boys. Among those girls who were fortunate enough to be enrolled, the majority dropped out early. In many parts of the developing world, social norms and poverty combined to limit girls’ educational and social opportunities. However, improvements over the past 25 years in girls’ enrollment in primary and secondary education have been dramatic, significantly reducing educational gender disparities. While girls still face extreme exclusion in Sub-Saharan African countries such as Ivory Coast, Guinea, and Togo, the gender enrollment gap has been closed or even reversed (with boys lagging girls) in developing Asia, often owing to government partnerships with religious and other private schools. For example, during the 2000-2015 campaign for the Millennium Development Goals (the precursors to the SDGs), Islamic madrasas helped close the gender gap by widening school choice in Indonesia and Bangladesh. In Muslim-majority communities, religious and educational norms often conflict, with parents who want to educate their daughters facing opposition from local religious authorities. But madrasas reconcile these differences by educating unmarried girls without violating
community norms, and they are often the only schools available in remote villages without public schools and where for-profit private institutions will not go. By collaborating with co-ed faith-based schools to close their primary-education gender gaps, Bangladesh and Indonesia offer valuable lessons for others in the region, not least Afghanistan and Pakistan, where singlesex educational formats have reinforced segregation at the expense of girls. But faith-based providers also can create new challenges and introduce difficult trade-offs. Some madrasas’ educational practices can cancel out whatever benefits they provide in terms of educational access. Because their textbooks, curricula, and classroom settings are not always gender-inclusive, the schooling that they offer to girls can end up reinforcing traditional gender roles. For example, my research for UNESCO finds that female students and teachers in Malaysian state-supported madrasas systematically express a preference for more traditional, gender-unequal norms, raising concerns about the societywide implications of the type of education these institutions provide. One solution is to pursue greater gender parity in staffing, since madrasas that recruit female teachers tend to instill less gender-unequal attitudes and practices. The problem, of course, is that the conservative
madrasas that are most likely to reinforce patriarchal norms also are the most likely to shun female teachers. Given this mixed record, UNESCO has used the 20th anniversary of its Global Education Monitoring Report to consider what role faith-based schools should play in achieving gender equality by the SDGs’ 2030 target date. Governments have tools to minimize faith-based schooling’s potential negative effects on gender equality, such as by ensuring that all madrasas are registered and follow the same curricula and gender-bias training processes as public schools. But that is easier said than done. Much depends on whether government institutions have the capacity to enforce standards and mediate between competing interest groups. Moreover, faith-based schools operate across a wide range of institutional and political contexts. They have a large presence not just in democracies like Indonesia but also in authoritarian countries like Afghanistan under the Taliban. And even within these countries, there is enormous diversity in how madrasas are organized, financed, and regulated. Many remain outside of state control and will not take it upon themselves to hire more female teachers or adopt gender-equal curricula. Complicating matters further, the state capacity needed to
govern and regulate education systems tends to be inversely correlated with the supply of faith-based schools. Because Malaysian politicians have long advocated high public spending on education, non-state Islamic schools did not proliferate there. In Bangladesh, by contrast, low public spending on education encouraged the unregulated growth of non-state madrasas, whose leaders now enjoy significant bargaining power over state authorities. Policymakers, education activists, and others who are worried about girls being left behind must look beyond access. While madrasas can increase the share of girls in classrooms, the substance of those girls’ educational experience matters, too. Addressing this fraught issue may require unpopular reforms. Given the complexity of the madrasa sector, a collaborative approach based on grassroots dialogue with faith leaders is essential. To that end, Sierra Leone’s charismatic minister of education, David Moinina Sengeh, has championed the idea of radical inclusion, proactively engaging both religious leaders and other interested parties to support the rights of vulnerable students. But, ultimately, madrasa reform will be much easier if there is also a political consensus in support of greater investment in public schools. There are no shortcuts to universal, inclusive, high-quality education.
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| MARKET REVIEW
MONDAY, AUGUST 1, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - JULY 22, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth
3.3%
Average GDP Growth for 2021
3.3%
2022 Projected GDP Growth
3.7%
BoG Policy Rate
19.0%
Weekly Interbank Interest Rate
21.70%
Inflation for February, 2022
29.8%
End Period Inflation Target – 2022
28.5%
Budget Deficit (% GDP) – Dec, 2021
5.6%
2022 Budget Deficit Target (%GDP)
6.6%
Public Debt (billion GH¢) – Dec, 2021
393.4%
Debt to GDP Ratio – Dec, 2021
78.3%
STOCK MARKET REVIEW The Ghana Stock Exchange weakened for the third consecutive week on the back of price declines by 2 counters. The GSE Composite Index (GSE CI) lost 23.63 points (-0.96%) to close at 2,440.50 points, reflecting year-to-date (YTD) loss of 12.51%. The GSE Financial Stocks Index (GSE FI) also lost 47.42 points (-2.19%) to close at 2,115.61 points, reflecting YTD loss of 1.68%. Market capitalization dropped by 0.43% to close the week at GH¢63,475.25 million, from GH¢63,748.50 million at the close of the previous week. This reflects YTD decrease of 1.58%. Trading activity recorded a total of 2,086,473 shares valued at GH¢1,865,540.47 changing hands, compared with 60,044,310 shares, valued at GH¢54,548,444.78 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 87.09% and 80.85% of volume and value of shares traded respectively. The market ended the week with no advancer and 2 decliners as indicated on the table below.
THE CURRENCY MARKET The Cedi continued its downward trend against the USD for the week. It traded at GH¢7.4745/$, compared with GH¢7.3845/$ at week open, reflecting w/w and YTD depreciations of 1.20% and 19.65% respectively. This compares with YTD depreciation of 0.69% a year ago. The Cedi also weakened against the GBP for the week. It traded at GH¢8.9915/£, compared with GH¢8.7577/£ at week open, reflecting w/w and YTD loss of 2.60% and 9.61% respectively. This compares with YTD depreciation of 1.34% a year ago. The Cedi also lost grounds against the Euro for the week. It traded at GH¢7.6409/€, compared with GH¢7.4499/€ at week open, reflecting w/w and YTD depreciations of 2.50% and 10.64% respectively. This compares with YTD appreciation of 3.46% a year ago. The Cedi again weakened against the Canadian Dollar for the week. It opened at GH¢5.6671/C$ but closed at GH¢5.8120/C$, reflecting w/w and YTD depreciations of 2.49% and 18.42% respectively. This compares with YTD depreciation of 1.83% a year ago.
MONDAY, AUGUST 1, 2022
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| MARKET REVIEW
BUSINESS TERM OF THE WEEK House Call: A house call is a demand by a brokerage firm that an account holder deposit enough cash to cover a shortfall in the amount of money deposited in a margin account. This typically follows losses in the investments bought on margin. Source: https://www.investopedia.com/terms/h/ housecall.asp
ABOUT CIDAN COMMODITY MARKET Crude oil prices rose about 4% on the back of worries about tight supplies and a weaker dollar. Brent futures traded at US$103.71 a barrel on Friday, compared to US$99.63 at week open. This reflects a w/w and YTD gain of 4.10% and 33.34% respectively. Gold prices steadied after posting its biggest gain in more than a month as investors weighed renewed concerns over economic growth amid tightening monetary policy. Gold settled at US$1,727.40, from US$1,828.60 last week, reflecting w/w gain and YTD loss of 1.63% and 5.53% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,292.00 per tonne on Friday, from US$2,267.00 last week, reflecting w/w gain and YTD loss of 1.10% and 9.05% respectively.
INTERNTIONAL COMMODITIES PRICES GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢3,524.70 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills and the 3-Year Fixed Rate Bond. This compared with GH¢1,150.89 million raised in the previous week. The 91-Day Bill settled at 26.34% p.a from 25.96% p.a. last week whilst the 182-Day Bill settled at 28.06% p.a from 27.46% p.a. last week. The 364-Day Bill settled at 27.85% from 27.49% at last issue. The 3-Year FXR Bond settled at 29.85% from 25.00% at last issue. The table and graph below highlight primary market yields at close of the week.
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.
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NO. B24/317 | NEWS FOR BUSINESS LEADERS
MONDAY, AUGUST, 2022
Chartered Institute of Bankers gets new governing council The Minister of Education, Dr. Yaw Osei Adutwum, has sworn into office the new Governing Council of the Chartered Institute of Bankers, Ghana (CIBG) with a call to build a globally competitive and robust banking sector. To achieve this, he noted that stakeholders within the sector should be focused on implementing best global practices and prudent strategies. “You need to put in place prudent strategies and measures to make you competitive not just in Africa but the other parts of the world by adopting global best practices,” he said. Dr. Adutwum urged the new council to invest in human capital as it contributes largely to the progress and development of the sector and country as a whole while urging bankers in the country to offer the best they could to improve the quality of banking. “You are being ushered into an office to help shape the future of banking in the country. The capacity of the banker would determine where we should go. The development of that capacity is in your hands. The development
of the human capital is very crucial in the development of this country. You cannot improve the quality of service if those at the helm of affairs do not have the right capacity,” he said. Head of the Council, Benjamin Kwabla Amenumey, who is also the new President, in his acceptance speech, lauded President Nana Addo Dankwa Akufo-Addo for the trust reposed in them to serve the Institute. He stated that the CIBG has been strategically positioned to provide the much-needed support to the financial service sector, especially the banking industry to contend with the multiple challenges
occasioned by regulation, competition, disruptive models and technologies as well as the skill sets and competencies required by practitioners to deliver the required results by banks. He said the inauguration would enhance the Institute’s mandate to promote the study of banking and regulate the practices of the banking profession in Ghana and beyond as mandated by the Chartered Institute of Bankers Ghana Act, 2019 (Act 991). Mr Amenumey assured the government that the new council was determined to continue to develop ethical and professional bankers to support the growth of the banking sector. He explained that all of the council members would bring their diverse expertise in the sector to bear in order to forge ahead and build on the noble achievements and legacies of their predecessors
by pursuing initiatives that will propel the institute to even greater heights. On her part, Director in charge of General Administration at the Education Ministry, Mrs Catherine Appiah-Pinkrah said as the professional body for the sector there is a need to ensure that they help develop the competencies and qualifications of its members so as to offer efficient and competitive service to the customers constantly changing needs. CIB’s newly sworn-in Governing council The newly sworn-in Governing council of the Chartered Institute of Bankers, Ghana is headed by Benjamin Kwabla Amenumey, FCIB, President; Mr. Samuel Manu Asiama, FCIB, Vice-President; Mr. Charles Ofori-Acquah, FCIB, Chief Executive Officer. The members are Mrs. Thelma Eileen Randolph-Akushie, ACIB; Dr. Eric Nkansah, ACIB; Mr. John Awuah; Bishop Patricia Sappor, FCIB; Dr. Abena Pokuah Ackah FCIB; Dr. Mrs. Akorfa Ahiafor, FCIB; Mr. Sina Kamagate, ACIB; and Mr. Sampson Akligoh.
ASA Savings & Loans organises health screening at Teachiman As part of its annual corporate social responsibility (CSR), ASA Savings and Loans has organized a free medical screening at Techiman in the Bono East Region. In all, about 200 people made up of predominantly market women and children received the screening which was administered by personnel from the Rafchik Hospital at Abesim near Sunyani. The medical screening covered conditions including malaria, typhoid, eye test, blood sugar, blood group and pressure. The people with mild conditions were counselled and given free medications while those with severe conditions were advised to seek further treatment at major health facilities. The exercise was carried out at the premises of Techiman-Kenten Business Centre of ASA Savings
and Loans. The Techiman Area Manager, ASA Savings and Loans, Seth Morgan Arhin, said the exercise was an importance step to give back to the customers of the company and the society at large, indicating that “promoting a healthy customer base and society is very critical to sustain and grow our business.” “It is against this backdrop that company has made free health screening a regular feature on our CSR calendar. Within the Techiman Area, this is the second exercise in 2022. Earlier this year, a similar exercise was organised at the Wenchi Business Centre and today’s activity will not be the last too,” he said. Besides, the company has also being awarding scholarships to brilliant but needy children of our customers as well as making donations to orphans. By the end
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.
A customer being attended to by a health professional of 2022, it is expected that the company would have impacted about 1,000 people through CSR the Techiman Area,” he added. The beneficiaries of the health screening expressed profound gratitude to the Management of ASA Savings and Loans for
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prioritising their health. A 36-year-old grains and cereals seller, Rahinatu Mumin, said it was the first time she had received medical screening apart from going to hospital for maternal reasons.