WEDNESDAY, AUGUST 10, 2022
NEWS FOR BUSINESS LEADERS
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Automated road toll may be a possibility in future – Dep. Fin Min BY EUGENE DAVIS
STORY ON PAGE 2
ECA says pool procurement platform can help mitigate impact of rising commodity prices in Africa STORY ON PAGE 3
Gov’t reacts to latest downward rating of economy by S&P
STORY ON PAGE 3
Vodafone donates GH¢10,000 to support Asafotufiami Festival STORY ON PAGE 4
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News/Editorial
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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.
Automated road toll may be a possibility in future – Dep. Fin Min BY EUGENE DAVIS
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Government may explore the electronic road toll option in the future when it comes up as one of the innovative ways to raise revenue domestically, a Deputy Finance Minister, John Kumah, has hinted. The finance minister in the mid-year budget review in July announced that reinstatement of road tolls in respect of PublicPrivate Partnership (PPP) roads and not all roads across the country. Prior to that the minority in parliament had also called for the restoration of collection of road tolls, maintaining that bringing back road tolls will help government in its revenue drive following current economic challenges. They argued that, everywhere in the world, road tolls play a function, particularly when a public-private partnership is needed to expand road infrastructure. Let’s look at long-term investment, where the private sector will come and pump their money for years. How will they recoup their money when government is doing away
with road tolls. Speaking at a virtual post midyear budget review meeting with members of the parliamentary press corps, Dr. Kumah when asked about electronic road tolls said “I think there is a popular demand for the road toll to come back as an electronic system, so we are talking but as we speak now government has announced that all new roads that will be built with private money or built through private investment those ones would be tolled, so that there can be recovery of investment. But the general public roads that we have for now there is no decision on it, I see a lot of popular demand for the road tolls to come back as an electronic system to improve the revenue, yes there could be that future opportunity to look at that, for now it has not been changed.” Recent studies indicate that both the investment requirement and the potential funding gap in road infrastructure will be significantly higher than other transportation sectors. In most jurisdictions this will mean building brand new
roads, extending existing roads or both. Private public partnership (PPP) road tolls mean there is zero cost to the government, also government has fiscal space to fund other projects. The Ministry of Roads and Highways on Thursday, November 18, 2021, closed all toll booths across the country following an announcement by the Minister of Finance during the 2022 budget presentation to the effect that toll collection would no longer exist in Ghana. Consequently, it introduced a few economic policies, including the imposition of the Electronic Transfer Levy (E-levy) to strengthen domestic revenue mobilisation and reduce borrowing. However, in the face of economic and financial challenges, government have had to find ways to increase revenue domestically and a review of the road tolls through a public private partnership system had to be revisited.
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ECA says pool procurement platform can help mitigate impact of rising commodity prices in Africa As part of its regular Price Watch Dialogue series, the African Centre for Statistics (ACS) at the Economic Commission for Africa (ECA) hosted, on 21 July, a policy dialogue on the impact of the UkraineRussia conflict on commodity and food prices in Africa. In his welcoming remarks, Oliver Chinganya, ACS Director, stated “Africa, in the last two years, has been hit by exogenous shocks that undermine its dreams of prosperity. Interest rate hikes, increased borrowing costs, weakened currencies and tightening global financing conditions have had dire implications on the fiscal space of low and middle-income countries.” Rising consumer prices, particularly rising food prices, are increasing inflationary pressures. Critical items like oils, fats and vegetables are up near 10% in Morocco, whilst the price of staple
foods like cooking oil and wheat have risen by almost 50% in Kenya. Thus, to cope with market turbulence, nations have sought to pass on costs to consumers and seek external help. Increased food costs put vulnerable populations at increased risk of food insecurity. The ECA estimates the food crisis could further reduce Africa’s fiscal space by 7% of GDP on average. The double-shock driven by the Ukraine-Russia crisis, and global conditions threatens to unleash a third debt crisis in Africa. Rising interest rates and tighter financial conditions limit government fiscal space while additional spending is needed. Consequently, ECA is supporting Member States to reduce the severity of the food crisis through the Africa Trade Exchange Platform (ATEX). The ATEX is a pool procurement marketplace, which
has the potential to strengthen Africa’s economic resilience. “The platform can mitigate the supply shocks by pooling and aggregation Africa’s demand and supply to enable the negotiation of competitive prices and facilitate the delivery of essential commodities at affordable prices while boosting regional trade,” explained ECA economist, Wafa Aidi. The webinar discussed further solutions to counter a third debt crisis in Africa, including the need for African countries to prioritize the implementation of the African Continental Free Trade Area, support agriculture production and improve the resilience of agricultural systems. To address the tightening fiscal space, there’s need for immediate debt-service relief and waiving of surcharges, especially for countries with large borrowings. Another
recommendation was on the need to refashion the SDR quota by increasing the share allocated to developing countries and triggering an automatic release of adequate SDRs during crisis; and extend the DSSI through December 2023 with interest payments deferred. Minister of Finance and Economic Planning of Rwanda, Uzziel Ndagijimana added to the discussion by suggesting the longer-term responses that are also required, “Covid-19 and the Ukraine-Russia conflict found us unprepared. It is time for Africa to embark on structural transformations – to develop and invest in its infrastructure, agricultural production, human capital and regional trade.” The next session of the webinar policy dialogue organized by the ECA will take place in three months’ time.
Gov’t reacts to latest downward rating of economy by S&P Government says it is disappointed by S&P’s decision to downgrade the Ghanaian economy despite some “bold policies” it has implemented in 2022 to address macro-fiscal challenges and debt sustainability. On August 5, 2022, Standard and Poor’s (S&P) global ratings downgraded Ghana’s foreign and local credit ratings from B-B’ to CCC+C with a negative economic outlook. According to S&P, the downgrade is due to intensifying financing and external pressures on the economy. The Finance Ministry in reacting to this expressed disappointment at the credit rating agency’s decision. It says government despite the impact of global external shocks on the economy has taken some proactive measures to revive the economy. It said some key revenue and expenditure measures, including the 30% cut in discretionary expenditures, have been implemented. “The delays in the passage of key revenue measures introduced in the 2022 Budget affected revenues performance in the year’s first half. However, all the revenue measures introduced in the 2022 Budget, including the review of the MDA Fees and Charges Bill, the Tax Exemption Bill, and the E-Levy Bill, have all now been promulgated by Parliament. These fiscal measures
are now fully implemented to support our fiscal and debt sustainability policies,” it added. Government is confident that it will successfully emerge from these challenges in the shortest possible time. “We have demonstrated the track record to do so in the Akufo-Addoled government,” it added. It is certain the current engagement with the International Monetary Fund for a Programme, incorporating Enhanced Domestic Program (EDP), will “support the drive to restore and sustain macroeconomic stability; debt sustainability and promote growth and job creation whilst ensuring social protection to achieve our vision of a Ghana Beyond Aid.” S&P Global Ratings S&P Global Ratings said though government has taken steps towards consolidating the fiscal deficit, including the recent passage of the Exemptions bill, high borrowing costs and softening growth make it difficult to put debt to GDP on a downward path. After a careful assessment of the economy, S&P also reviewed the country’s economic outlook as negative. The negative outlook, in a statement issued by S&P on Friday, August 5, 2022, reflects Ghana’s limited commercial financing options, and constrained external and fiscal buffers.” S&P Global Ratings also noted that the Covid-19 pandemic and
the Russian invasion of Ukraine had worsened Ghana’s fiscal and external imbalances. Demand for foreign currency has been driven higher by various factors, including nonresident outflows from domestic government bond markets, a lack of access to Eurobond markets, retail dollar purchases, dividend payments to foreign investors, and higher costs for refined petroleum products. Currently, the local currency
which has seen a sharp depreciation in recent times is nearing ¢9 to one US dollar. It would be recalled that government earlier this year introduced some revenue generation measures such as the E-Levy, the Tax Exemptions Bill, and some cuts in discretionary spending. However, S&P notes that while these chan
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Vodafone donates GH¢10,000 to support Asafotufiami Festival
Vodafone Ghana donated GHS10,000 to the Ada Traditional Council to support this year’s Asafotufiami festival celebrations. The donation is part of the Telco’s commitment to promoting
Ghana’s rich cultural heritage, as well as strengthening its ties with the communities in which it operates. Asafotufiami, which is celebrated by the people of
Ada in the Eastern Region, commemorates the bravery of the ancestors and founding fathers who fought tirelessly and sacrificed to establish the town. Speaking during the donation,
Samuel Gyimah, Executive Head for Accra East, Vodafone Ghana, said: “Vodafone Ghana is pleased to be a part of the Asafotufiami festival. As a business, we strive to establish and maintain enduring relationships with various communities across the country, which include Ada, in order to transform lives and promote development. We wish you a wonderful celebration and look forward to strengthening our relationship with the chiefs and people of Ada. “ The Division Queen Mother of Adibiawe, Naana Adikia Adi I, who received the donation on behalf of the traditional council, thanked Vodafone Ghana for their unwavering support and expressed her gratitude to the company. The festival has become one of the most highly anticipated festivals in the country and attracts thousands of patrons. This year’s edition, which is the 85th, is themed “Uniting the Ada State through our cultural heritage and use of our natural resources.”
GEXIM CEO named among Ghana’s 100 Most Influential Business Leaders The Chief Executive Officer of the Ghana Exim Bank (GEXIM), Lawrence Agyinsam, was on Friday, 5th August, 2022, named as one of the 100 Most Influential Business Leadership Personalities in Ghana at the second edition of the National Governance and Business Leadership Awards 2022 which took place at the Labadi Beach Hotel. According to the organisers of the awards, the recognition follows his remarkable strides and noteworthy success as a business leader and corporate governance personality in addition to his tremendous contribution in strategic leadership and strategy to achieve business success at Ghana Exim Bank. A team from the Bank led by Richard Osei Anane, Head of Corporate Affairs, Solomon Dsane, Head, Risk Management, Emma Mullen – Essien, Senior Manager, Company Secretariat, Patience Senaya, Senior Manager, Human Resources, Noah Aguh, Assistant Manager, Research and Advisory, Grace Anderson, Senior Officer, CEO’s Secretariat and Joyce Konu Agyemang, Senior Officer, Procurement, received the
award on behalf of Mr. Agyinsam. The National Governance & Business Leadership Awards is a high-impact, economic empowerment and leadership awards programme developed by RAD Communications, to champion good governance, economic empowerment and job creation in Ghana. The Event celebrates and rewards outstanding companies across
Ghana as well as entrepreneurs and individuals making a difference in the lives of others through social and charitable causes. In addition, the Event provides a unique platform for Governments to deepen their strategic relationships with the business community for national development. The awards cover several sectors of
the Ghanaian economy including Energy, Finance, Manufacturing, Trade, Transport, Education, Agri-business, Logistics, Telecommunications amongst others. Dubbed as Ghana’s biggest gathering of the Governance & Business Leadership Community, the former CEO of the Ghana Chamber of Mines was the Special Guest of Honor at the event.
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Kerry Constabile to lead StanChart’s net zero and sustainability strategy Standard Chartered announced today the appointment of Kerry Constabile to lead its net zero and sustainability strategy teams. Kerry is a climate change leader with more than 20 years’ experience driving global organisations to decarbonisation and climate tech investments, founding industry coalitions, and developing climate and ESG funds, policies, metrics and reporting. She joins from Google, where she led the company’s sustainability strategy and companywide climate plans including net
zero, carbon market and removal strategies and incubated the 24/7 Carbon Free Energy Compact. She also drove the data centre water strategy and was a lead advisor on climate risk products. Most recently, Kerry represented Alphabet on its US$200M investment in early-stage carbon removal and the launch of the first carbon removal Advanced Market Commitment through the founding of Frontier. She served on Frontier’s Founder Advisory Board together with Stripe, Meta, Shopify and McKinsey.
Prior to Google, Kerry spent seven years managing climate change and energy initiatives in the United Nations Secretary-General’s Office, spanning the terms of two Secretary-Generals, Bahn Ki Moon and Antonio Gutierrez. She led the Paris Agreement cities and municipal finance strategies with Climate Special-Envoy Michael Bloomberg’s office and developed country strategies for the Paris Agreement with UNFCCC and the French government. Kerry led UNwide energy programmes and funds and advised on several climate finance initiatives. These included, the launch of the Secretary-General’s first Special Envoy on Climate Finance, the Taskforce on Climaterelated Financial Disclosures (TCFD), Climate Action 100+, the Global Investors for Sustainable Development (GISD) and the Net Zero Asset Owners Alliance. Originally trained in economics and environmental science, Kerry has worked in climate finance both in and with banks, pension funds and hedge funds throughout her career. She serves on the Energy Technical Advisory Committee for the Gold Standard, conducts research on economic incentives for net zero and renewable energy transitions with the Oxford Environmental Change Institute, and has contributed to three IPCC reports. At Standard Chartered, Kerry will report directly to the Chief
Sustainability Officer, Marisa Drew, and will be responsible for driving the emerging marketfocused bank’s global sustainability strategy. Her responsibilities will include managing key strategic sustainability initiatives for the Group, overseeing net zero target setting and delivery of the bank’s commitments across scope 1, 2 and 3 and the bank’s environmental, social and governance (ESG) reporting and disclosures. Marisa Drew, Chief Sustainability Officer at Standard Chartered, said: “I’m delighted to welcome Kerry to our CSO team. As a globallyrespected sustainability industry professional with extraordinary expertise across the public and private sectors, Kerry is uniquely positioned to help us achieve our sustainability aspirations. Kerry’s hire reinforces Standard Chartered’s ability to attract best-in-class talent to our franchise and our commitment to sustainability.” Kerry Constabile commented: “I’ve always admired Standard Chartered’s leadership in sustainable finance in emerging markets and its commitment to mobilise US$300 billion by 2030 for green and transition financing. The bank’s unique global footprint put Standard Chartered in a ground-breaking leadership position to accelerate the net zero transition at the speed and scale the world needs. I am thrilled to join this critical work.”
Africa Caribbean Trade and Investment Forum 2022 slated for 1-3 Sep The Government of the Republic of Barbados will be hosting the first ever edition of the AfriCaribbean Trade and Investment Forum (ACTIF), which is being convened by African Export-Import Bank (Afreximbank) and Government of Barbados in collaboration with African Union Commission (AUC), African Continental Free Trade Area (AfCFTA) Secretariat, Africa Business Council, the Caribbean Community Secretariat, and Caribbean Export Development Agency. African and Caribbean ties are deep rooted and based on shared history, culture, and sense of a common identity and destiny that was forged by the slave trade creating large centres of African Diaspora in the Caribbean and elsewhere. Today, while Africa and the Caribbean have renewed their engagement, with a Heads of State and Government Summit of the Caribbean Community and Africa, held on 7 September 2021, the relationship needs to be institutionalized through deepening of trade and investment ties between the two regions.
The holding of the inaugural AfricaCaribbean Trade and Investment Forum is therefore a key strategic deliverable towards the institutionalisation of the reborn relationship between Africa and the Caribbean. The forum will further consolidate the political agreement reached by Heads of State and Government of the Caribbean Community and which aims to strengthen collaboration, unity and to foster increased trade, investment and people-topeople engagement between the two regions. It is in this context that the inaugural Africa Caribbean Trade and Investment Forum (ACTIF), has been organised to hold during 1-3 September 2022 at Bridgetown, Barbados. The forum dubbed: AfriCaribbean Trade and Investment Forum 2022,
will be held under the theme “One People, One Destiny. Uniting and Reimagining Our Future”. The main goal of the AfriCaribbean Trade and Investment Forum is to provide a platform for the development of strategic partnerships between the business communities in Africa and the CARICOM Region with the objective of fostering bilateral cooperation and engagement in trade, investment,
technology transfer, innovation, tourism, culture and other services. The forum will also be used as a vehicle to actively promote trade and investment opportunities among people of Africa and the Caribbean, as well as the wider diaspora which will contribute to the implementation of the African Continental Free Trade Agreement (AfCFTA) and to the Caribbean trade development agenda.
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Rt. Rev. Mrs. Patricia Sappor, immediate Past President of CIB Ghana, to launch book on wealth creation Right Reverend Mrs. Patricia Sappor is set to unveil her second book. Aptly titled ‘Creating Wealth and Enjoying it’, the Book, which is inspired by very personal encounters with individuals and organizations, discusses ways to create wealth, keep the wealth and enjoy it. The book, which has taken over four years to put together, takes the reader on a tour of how personal stories and experiences from people who have encountered the author have shown that those who plan their finances with the future in mind live better lives and acceptable standard of living in the latter part of their lives as against those who do not. Awareness of some keys to creating wealth is necessary to all. This book, ‘How to Create Wealth and Enjoy It’, according to the author is aimed at creating awareness and providing information on how one can plan and do simple things which can make a difference in their finances later on in life. “I believe
the information in this book will be beneficial to anyone who reads it especially those who earn salary,” she added. As a Chartered Banker and the Immediate Past President of the Chartered Institute of Bankers, Ghana, Mrs. Sappor noted that the book will serve as a road map and a key driver to attaining financial independence. The 160-page book is divided into four parts: a) Wealth Creation Basics; b) Growing Your Wealth; c) Managing Your Wealth; and d) Retirement. The book was published by Spearhead Consult and designed by Indes Procom Ltd. Endorsements The Book’s Foreword was written by the Founder and General Overseer, United Denomination of Action Churches (UDAC) and NDW Ministries, Archbishop Nicholas Duncan-Williams, with endorsements from Rev. Daniel Ogbamey Tetteh, Director General, Securities and Exchange Commission Ghana (SEC); Mr.
Enimil Ashon, a Literary Critic; Mrs Patience Akyianu, Group CEO of Hollard Ghana; Mrs. Ivy Apea Owusu, CEO, Cirrus Oil Services; and Mr. Albert Essien, Former Group CEO, Ecobank Traditional Incorporated. About the author Rt. Rev. Mrs. Patricia Sappor is a Chartered Banker and the First Female and Immediate Past President of the Chartered Institute of Bankers, Ghana, in the 43-year history of the Institute. She has over 33 years of banking experience with 22 years in Ecobank in various roles. She is a Bishop of the United Denomination of Action Churches (UDAC) founded by Archbishop Nicholas DuncanWilliams She is currently the Resident Bishop of the Blessings Cathedral and Regional Bishop overseeing four branches of UDAC. She has mentored and supported many young ladies to live purpose driven lives. As the author of ‘The Christian
Woman - Secrets To Enjoying Your Marriage’ she has been honored by several bodies for professionalism, integrity and contribution to society. She is married to Mr. Frederick Sappor, a Chartered Accountant and they are blessed with three children and three grandchildren.
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Switzerland’s effort at maintaining peace in the West African sub Region By Alice Senam Nimoh-Appea Over the years, Ghana and Switzerland have remained committed to global peace and security and the two countries both applied for non-permanent seats on the UN Security Council; Ghana for the 2022- 24 period and Switzerland for the 202324 period. In May 2021, Ghana received the highest number of votes, cementing Ghana’s high standing in the community of nations. In 2021, Switzerland marked the fifteenth anniversary of its partnership with the Kofi Annan International Peacekeeping Training Center (KAIPTC) in Accra, Ghana. As part of the celebration, there was a special visit of an official delegation of the Swiss Armed Forces headed by Brigadier General Mäder, Director of International Relations Defence in the Armed Forces Staff in October 2021. Prior to this official visit, the Swiss ambassador to Ghana, H.E Philipp Stalder attended an event to commence the Multidimensional Peace Support Operations Course (MDPO) 2021, at KAIPTC in Accra, Ghana on 28th June 2021. He highlighted the great relationship between Switzerland and Ghana during his opening remarks in the area of peace and security. The Swiss-funded course, MDPO 2021, had participants from Ghana and five other West African countries, namely, Nigeria, Cameroon, Benin, Liberia, Sierra Leone. Three Swiss officers are currently supporting the KAIPTC, engaged as Head of TED (Training, Evaluation and Development), Course Director and Digital Communications Officer respectively. In addition, Switzerland finances three courses at the Centre every year. Switzerland is proud to support these activities and is pleased to cooperate with KAIPTC at all times and at any level, as the Center plays an important role in the overall African security architecture as one of the few centres of excellence for training. Switzerland has shown its contribution to international peace efforts, with 280 Swiss personnel from the ranks of Private to Major General serving in peace missions in 19 countries. They are in various contingents including SWISSCOY in Kosovo, UN Military Experts in Mission and as Humanitarian Deminers in the Middle East, Africa and Asia or supporting training institutions
such as KAIPTC or the L’école de maintien de la paix Alioune Blondin Beye in Mali. MDPO 2021 was designed to provide the knowledge and skills required to plan, coordinate and implement multidimensional peace operations at the operational level to increase the efficiency and effectiveness of every component involved in peace operations. Participants of MDPO 2021 are in their future missions expected to protect civilians, ensure active conflict prevention, reduction of violence, strengthening of security and empowerment of national authorities to take on these tasks. Initially developed to deal with inter-State conflict, Peace Operations have increasingly been used in intra-state conflicts and civil wars, which are often
characterized by multiple armed factions with differing political objectives and fractured lines of command. The changing environment has led to an evolution in the structure of peace operations, particularly since the 90s. It has evolved from the traditional model of military operations to the multidimensional model. In recent times, multidimensional peacekeeping operations are used not only to maintain peace and security, but also to facilitate the political process, protect civilians, assist in the disarmament, demobilization and reintegration of former combatants; support the organization of elections, protect and promote human rights and assist in restoring the rule of law. More than two generations after the first UN Peacekeeping Mission
in the Middle East in 1948, the size and scope of Peace Operations has therefore expanded dramatically. Success is never guaranteed, and there is no “onesize-fits-all” model. To succeed, current Multidimensional Peace Operations must have clear mandates and adequate resources, and must be tailored to fit the political, regional and other realities of the country or territory in question. Most importantly, they must respond to the desires and aspirations of the local population. How can these Herculean tasks be mastered? Certainly, it can only be accomplished with united efforts! That is why members of the military, police, judiciary, civilians, members of government institutions and NGOs sit together to learn and exchange ideas.
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GIPC and GSE sign MoU to attract more investment into Ghana As part of efforts to attract more investment into the country, the Ghana Stock Exchange, GSE, and the Ghana Investment Promotion Investment Centre, GIPC have signed an agreement to promote deeper alliance between the two institutions. The Memorandum of Understanding, MoU, establishes a practical framework for developing greater partnership between the two institutions. The GIPC and GSE which have the same aim of attracting and advancing investments into the country, will also pursue more innovative and proactive ways to attracting and retaining both Portfolio and Foreign Direct Investment, through the agreement. Speaking at the signing
ceremony, Managing Director of the Ghana Stock Exchange, Ekow Afedzie, noted that the move aligns with government’s plan of making Ghana the financial hub and the preferred investment destination in the sub-region. He also noted that the move will also help both institutions leverage each other’s strength and networks to grow investment and support national economic development. “Over the past years, GIPC has been promoting direct investments and we have been promoting portfolio investments and also facilitating mobilization of long-term capital in Ghana. So, we all have a common goal of attracting investors to Ghana, so it’s not too late coming to Ghana. This is going to be a
realistic partnership because of the roles we play, which are quite complimentary, because as they look for direct investments there are some that can also come in as portfolio investors. In other words, you’re not coming to say take 60% of the company and run it and all that, or you just want to buy shares in a company. So that’s the portfolio. The common goal is how to make Ghana our country, an attractive investment destination. So, it’s going to be practical because we started working with them. We’ll be with them during their various road shows locally and internationally to attract investors. We also invite them to join us as we speak to potential listed companies in Ghana,” he said.
Chief Executive Officer of the Ghana Investment Promotion Centre, Yofi Grant also said the move represents an important turning point for both institutions. “The GIPC and the GSE have long been partners. Today’s signing of the MoU represents an important milestone under which we will jointly explore ways to work together to attract greater investment into the country and advance our visibility and connectivity with international markets”, he said. The MoU was signed on behalf of the two institutions by Yofi Grant, Chief Executive Officer of GIPC and Ekow Afedzie, Managing Director of GSE, at the Centre’s head office in Accra.
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Homecoming: A decade of rescuing distressed patients and decongesting hospitals While the challenges facing healthcare delivery, especially within Africa, are varied, one fundamental problem hospitals grapple with on a daily basis is the prolonged stay of patients after they have been discharged. Aside from increasing alreadyexisting healthcare costs, this phenomenon causes overcrowding and increases the risk of morbidity among patients since they are more prone to get further illnesses. The problem for the majority of these patients is raising the necessary funds to pay their medical bills, especially if they are the breadwinners of their families. In some very deprived communities, opinion leaders, including pastors, headteachers, and family heads, rely on the contributions of their constituents to provide support for hospitalised members of their community. Hospitals across the country are forced to occasionally writeoff these debts or have some flexible arrangements with families in order to make room for other people who need medical care. Individuals and organisations occasionally come to the rescue of these distressed patients, while some patients do the unimaginable by seneaking out of the hospital. Through its Homecoming initiative, Vodafone Ghana has
been consistent in helping the country address this challenge. For a decade now, the charity arm of the organisation, Vodafone Ghana Foundation, has gone to the aid of over 3,000 patients in various hospitals across the country. Besides reuniting families, this remarkable initiative has given back hope to families and communities as patients have gone back to their livelihoods and are able to fend for their families, while some are now able to pursue their dreams. The joy of families who have been impacted by this initiative is met with tears of joy and usual euphoria in the entire community as patients return home. One of the beneficiaries of this initiative is five-year-old Joseph Sackey, who was treated for severe burns. He spent eight weeks in the hospital because his family abandoned him in their efforts to raise the required funds. Joseph was reunited with his family in Weija, Accra in 2013. In 2018, Vodafone went to the aid of William Mehuadzo, a victim of the Nkonya and Alavanyo conflict. William, who is a farmer, was shot from behind while working on his farm one early morning. He became unconscious and was rushed to a nearby hospital and then transferred to Korle-Bu. He prolonged his stay like other
patients because raising the said amount for his treatment was a challenge until the Vodafone Ghana Foundation came to his rescue. The Vodafone Ghana Foundation continues to receive commendations from stakeholders within the healthcare delivery space. The Director of Ghana Health Service, Dr Patrick Kuma-Aboagye, in a recent remark, said: “Through this initiative, Vodafone is changing lives, putting smiles on the faces of people and reuniting families. I believe this great gesture represents what the Vodafone Foundation evidently stands for, bringing relief and support to the vulnerable in our communities.’’ Vodafone Homecoming’s contribution to decongesting hospitals during this pandemic cannot be overstated. In 2020 and 2021, Vodafone sent more than 700 patients home from hospitals in all sixteen regions of Ghana. This also helped slow the spread of the pandemic in a way. In its efforts to find a lasting solution to this challenge, the Vodafone Ghana Foundation has registered and renewed cards for almost 1,000 beneficiaries on the National Health Insurance Scheme (NHIS) to enable them to continue to receive quality healthcare at a very reduced cost. The Vodafone Ghana
Foundation and Sustainability Lead, Amaris N.A. Perby said: “Vodafone Ghana Foundation is dedicated to improving livelihoods and communities throughout the country. Healthcare is one of our focal areas for the Foundation’s strategic orientation, and we will continue to champion this course with our various health initiatives’’. Many health institutions have benefitted from Vodafone’s benevolence. These include, Korle-Bu Teaching Hospital, 37 Military Hospital, Komfo Anokye Teaching Hospital, Kumasi South Regional Hospital, Sunyani Regional Hospital, Worawora Government Hospital, Jasikan District Hospital, Bibiani Government Hospital, Holy Family Hospital, Goaso Municipal Hospital, St. Joseph Hospital, Nkwanta, Ledzokuku-Krowor Municipal Assembly (LEKMA), Shai Osudoku Hospitals, Eastern Regional Hospital, Cape Coast Teaching Hospital, Ho Teaching Hospital, and Effia Nkwanta Regional Hospital. The 2022 edition of Vodafone Homecoming has just begun, and it has already reached out to patients in selected hospitals within the Northern Region.
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Food for the Hungry celebrates World Breastfeeding Week As rates of childhood malnutrition rise to staggering levels due to the COVID-19 pandemic and an emerging global food security crisis, there is an effective way to give children a nourishing start to their lives and greater protection from disease and illness. Indeed, one of the most significant and beautiful gifts a new mother can give to her child is breastfeeding. On this global celebration of World Breastfeeding Week, I want to add my voice to the conversation on the importance of breastfeeding and speak from my heart as a mother and advocate regarding the lifesaving difference of this most personal act. This year’s theme, Step Up for Breastfeeding: Educate and Support, reflects the two primary priorities of FH’s breastfeeding programs, goals which are inextricably linked. Having grown up in Zimbabwe and worked throughout my career to build thriving communities, I know mothers want the best information to give their children a healthy start. And as any mother with a newborn can attest, they need support. What often serves as a barrier to these goals is a lack of information regarding the many benefits of breastfeeding. At Food for the Hungry, we employ an innovative model in communities around the world that educates, equips, and mobilizes groups of 10 to 15 mothers to implement breastfeeding best practices in their own lives, and then share their knowledge and support neighbors, family, and friends to
do likewise. We call these care groups, and by leveraging social networks within communities, we work to provide resources, build capacity, and create enabling environments for optimal, evidence-based breastfeeding. This includes early initiation of breastfeeding, exclusive breastfeeding for the first six months of life, and continued breastfeeding alongside nutritious complementary foods for up to two years and beyond. Through this care group model information and knowledge is shared among mothers. I can’t imagine a better way for a new mum to learn than from someone she knows and trusts - another mum in her own community. The evidence is clear that breast milk provides optimal nutrition for babies. It contains a perfect blend of essential nutrients, vitamins, and minerals, as well as critical antibodies that strengthen a baby’s immune system and protect against deadly diseases like diarrhea and respiratory infections. It supports optimal physical and cognitive development. And breast milk provides truly personalized nutrition, changing composition though an amazing, dynamic biofeedback process that ensures each baby’s specific needs are met. Nursing mothers benefit, too, with breastfeeding shown to significantly reduce the risk of breast and ovarian cancers. Scaling up optimal breastfeeding practices could have an enormous impact, saving the lives of an additional 823,000 children and 20,000 women each year. Still,
while progress has been made over the last decade, currently less than half of babies globally are exclusively breastfed for the first six months of life. But by partnering with women in communities around the world to share knowledge, address common breastfeeding challenges, and create environments that enable women to meet their breastfeeding goals, we can increase the number of babies who are breastfed. Working in local communities across the globe allows us to walk alongside the most vulnerable as sisters and friends, sharing our experiences and encouraging sustainable solutions. We know that breastfeeding is critical in addressing the double burden of malnutrition by increasing food security and reducing inequality. The accessibility and affordability of breastfeeding make it a powerful tool in the fight against injustice and poverty. We also know that breastfeeding, a most personal decision, cannot and does not happen in a vacuum. Support systems must create an enabling environment for optimal breastfeeding, and that is why this year’s World Breastfeeding Week focuses on strengthening systems to scale up breastfeeding and builds the capacity and adaptability required for resilient individuals, families, and communities. May this World Breastfeeding Week be a call to action on behalf of the most vulnerable babies and mothers around the globe. Let us commit to working passionately, creatively, and urgently to
strengthen breastfeeding capacity and support mothers and babies everywhere. Rudo Kayombo is Chief Operations Officer at Food for the Hungry and currently lives in the Democratic Republic of the Congo. She joined the organization in 2020, bringing more than 20 years of experience working in international development. She and her husband are the proud parents of six children. Food for the Hungry is a Christian humanitarian organization providing lifechanging development programs, disaster relief, and advocacy since 1971. Inspired by our belief that every person has intrinsic value and inestimable worth, we seek to end all forms of poverty and combat injustice by going to the hard places and humbly walking with the world’s most vulnerable people. Through context-specific agriculture, health and nutrition, clean water, education, and disaster risk reduction programs, Food for the Hungry builds resilience and transforms lives. In 2021, we provided emergency and humanitarian relief to 3.1 million people and impacted over 10 million lives through our development programs. With over 99% of staff serving in their country of origin, Food for the Hungry develops sustainable, locally led solutions to fight poverty and injustice. For more information, follow FH on Twitter, Instagram, and Facebook, or visit www.fh.org.
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WEDNESDAY, AUGUST 10, 2022
WhatsApp banking is a game changer for financial institutions - Perry Addo-Quaye By Mabel Delassie Awuku Perry Addo-Quaye, Regional Director at Network International, a leading digital payment solutions provider, is confident WhatsApp banking is the game changer that will present traditional financial institutions the opportunity to improve on financial inclusion and provide services to the underbanked. He stressed that access to financial services is a critical driver of economic and social development and that WhatsApp banking will play a significant role in spurring commerce and helping African entrepreneurs grow both on the continent and beyond. According to him, WhatsApp banking will enable businesses and individuals to interact with their banks and manage their
finances without going through the usual stresses. He added that, it will benefit both consumers and businesses as it allows for crucial financial services to be incorporated into a well-known service that people use on a regular basis. “WhatsApp banking represents a great opportunity for traditional financial institutions to improve financial inclusion and serve the underbanked. WhatsApp banking has the potential to help entrepreneurs in several ways. It makes simple enquiries and transactions easy, but can also be used to manage complex transactions like Forex trading and swift transfers – meeting the varied requirements of entrepreneurs. Partnerships with technology
Perry Addo-Quaye, Regional Director at Network International
businesses help these institutions improve their understanding of modern business methods, enabling them to offer innovative new products tailored to local markets such as Ghana,” he said in an interview with the B&FT. Mr. Addo-Quaye added that in terms of cross-border transactions and payments, WhatsApp banking can be integrated into all forms of payments and channels including cards, wallets, mobile money and bank transfers, saying banks can leverage existing APIs and technology to help roll out these services across borders to suit the needs of their customers. “Network International is committed to helping businesses and economies prosper by simplifying payments and commerce. Financial markets are
recovering across Africa, thanks in part to an accelerated transition towards digital payments during the pandemic, and this presents a brilliant opportunity for us to improve financial inclusion for a diverse range of markets and people,” he said WhatsApp banking Announcing WhatsApp banking in collaboration with Infobip to financial institutions in a statement, Network International’s Group Managing Director, Hany Fekry, noted that it will assist financial institutions in providing world-class assistance and seamless services in a personalised, timely, and reliable manner, in addition to assisting them in reaching their clients through a trusted and familiar channel.
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WEDNESDAY, AUGUST 10, 2022
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WASP Digital collaborates with Alibaba Cloud to promote technological innovation in Ghana WASP Digital has announced that it has partnered with Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group to bring advanced cloud computing services to the local businesses and nurture the digital talents in Ghana. In response to the growing increase in demand for cloud computing services in Ghana, the partnership, which was launched at an event in Accra on Wednesday, August 3, 2022, aims to support the local businesses on their digital transformation and propel the nation’s digital economy in the region.
Alibaba Cloud as a global leader in cloud computing and artificial intelligence, offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualization services, large-scale computing, security, management and application services, data intelligence and analytics, a machine learning platform and IoT services. “Together with our partners, IIPGH Academy has trained over 10,000 people in Digital Skills. As a long-term partner of WASP Digital, we are able to leverage the partnership between Alibaba
Cloud and WASP Digital to train young Ghanaian professionals on cloud computing through Alibaba Cloud Academy,” said David Gowu, Executive Director of The Institute of ICT Professional Ghana (IIPGH). The institute consisting of professionals across all the domains of ICT leverage on the rich experience of its members in both domestic and International ICT markets to build the ICT capacity of other professional and corporate organizations. Grant Webber, CEO of WASP Digital indicated: “The real transformation and success in
the Ghanaian digital space is dependent on nurturing local talent.” Over the past nine years WASP Digital has successfully transformed a number of workplace environments in both the public and private sectors. WASP is a Managed IT Services Provider in Ghana, specializing in digital solutions. Shall you wish to understand more about Alibaba Cloud technologies in Ghana, please feel free to contact WASP Digital’s sales team at: Servicedesk@waspghna. com/+233 593822224
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WEDNESDAY, AUGUST 10, 2022
Boosting Aquaculture: Industry players demand dedicated fund By Reuben Quainoo Stakeholders in the sector believes that the growing population and increasing urbanization in Ghana means the market for Ghanaian aquaculture is also expanding, hence the need to establish Aquaculture Development Fund for fish farmers in Ghana. The fund, they argued, will help small scale fish farmers to start up new businesses along the value chain including meeting the initial costs of buying land, building ponds and procuring of equipment. Chief Executive Officer of Lartman Farms, Gabriel Nii Adjin Lartey, believes that this is the time to establish the fund for fish farmers in Ghana and urged the youth to venture into catfish farming to help drive sustainable economic growth. He mentioned that all the necessary conditions, weather, water, soil and market required to produce catfish are available in Ghana except capital to sometimes start the business. “I believe that catfish farming will play a critical role in food security, job creation and youth unemployment, yet in Ghana, the youth seems disinterested in it.
“The vision is to train interested and passionate individuals with knowledge on how to produce quality fish for their communities and the country as a whole and also see the aquaculture sector as a good source of income in an expanding market. “I believe sustainability could be ensured by setting up monitoring bodies that would be physically present on-site to monitor feeding practices and the introduction of other farm inputs rather than relying on reports from farmers that may not represent the reality on the ground” he said. He made these remarks during a two-day training organized in Accra to train about 30 small scale fish farmers from different parts of the country to equip them with the requisite skillset on the practicality of setting up and managing their own fish farms. Fish makes up 60 percent of the average Ghanaian’s protein diet. It is the next popular animal protein after chicken and beef, and expected to overtake them in a few years. The fishing industry in Ghana is generally made up of the marine, inland and aquaculture. With
recent decline in marine catches, aquaculture development has been on the rise. Ghana has a natural potential for aquaculture, yet after years of adoption, aquaculture’s contribution to the economy has been quite low. According to Ghana’s 2018 budget statement, aquaculture contributed 3.5% to Ghana’s Real Gross Domestic Product, a decline in the 5.7% recorded in 2016. The Chief Executive Officer of Chamber of Aquaculture Ghana, Jacob Adzikah, believes that it’s time government and private sector help sustain the aquaculture industry which will help increase fish production in Ghana. “It’s time to increase budgetary support for investment in the aquaculture sector; the move can partly address the youth unemployment situation, given the enormous potential of the industry which remains untapped. “The sector has the capacity to grow over 180,000 metric tonnes per annum but at the moment, the average production is around 64,000 metric tonnes, so the gap is just too huge and we can still do
better because we have the best ecosystem for fish production at the moment. “This training is to help equip and upgrade the knowledge of these 30 small scale fish farmers from different parts of the country,” he said. A lecturer at the Department of Marine and Fisheries Sciences University of Ghana, Legon, Dr. Collins Duodo believes that it’s time to diversify catfish into different products. “Why don’t we have catfish Kebab in Ghana, it’s the simple way to expand and create jobs in the catfish sector. You can also explore other value-added strategies such as smoking for those who are unable to reach the market in person” he said. A catfish farmer in the Bono Region Boakye Yiadom Afrieye who was one of the beneficiaries of the teaching said the training has been an eye opening one to him and his colleagues because the sector has a lot of opportunities the youth can take advantage of to create jobs for themselves especially when catfish is a local delicacy.
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| NEWS
WEDNESDAY, AUGUST 10, 2022
JRA Cosmetics picks two awards at 6th Global Business Quality Awards and Summit Two products from leading Ghanaian skin care, hair care and disinfectants manufacturer, JRA Cosmetics, have been recognized with two prestigious awards at the 6th Global Business Quality Awards and Summit which was held at the Movenpick Ambassador Hotel in Accra. The JRA Bone to Bone Balm was adjudged as the Best Quality Indigenous Herbal Healing Ointment of the Year whilst the JRA Lion Antiseptic was named the Best Quality Antiseptic Brand of the Year. 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. Chief Executive Officer of JRA Cosmetics, Jane Reason Ahadzie, told journalists that the recognition was a strong affirmation to its quest to bridge the gap in the supply of quality and affordable healthcare, skincare and household detergents over the years. “As a leading local cosmetic manufacturing firm and one of a few in the West African sub region, this award comes to us as a great honour done us and an affirmation to our continues believe in our efforts to bridge the gap in the supply of very quality but affordable healthcare, household detergents and skin care products for our cherished consumers,” As part of plans to explore in the domestic cosmetics and beauty market, the company says it has invested over GHS2million in technical infrastructure and
state of the art technology to augment its current standards and production volumes. “This will help make our products more accessible and affordable to the everyday Ghanaian. We believe in hygiene as a necessity of life and should be affordable if not its essence will not be reached.” Ms. Ahadzie further expressed the company’s interest in the single continental market, adding that it has a dedicated desk on the AfCFTA to strategize for the market. “We are currently on wait to see the AfCFTA come to realization so we can join in and contribute to the efforts of Africa being our own producer and supplier of cosmetics and household detergents,” she said. She added: “It’s our belief that we can reduce the huge funding of governments in the importation of consumer goods in the country, a situation that is affecting our Ghanaian cedi and bringing economic hardship on
the locals.” In a speech read on her behalf, Minister for Foreign Affairs and Regional Integration, Mrs. Shirley Ayorkor-Botchway, asked local manufacturers and producers to explore existing opportunities in the single continental market. According to the minister, 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. 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.
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| ADVERT
WEDNESDAY, AUGUST 10, 2022
WEDNESDAY, AUGUST 10, 2022
| NEWS
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| MARKET REVIEW
WEDNESDAY, AUGUST 10, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - AUGUST 5, 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
21.88%
Inflation for February, 2022
29.8%
End Period Inflation Target – 2022
28.5%
Budget Deficit (% GDP) – Dec, 2021
5.0%
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 week on the back of price declines by 4 counters. The GSE Composite Index (GSE CI) lost 122.33 points (-4.86%) to close at 2,396.52 points, reflecting year-to-date (YTD) loss of 14.08%. The GSE Financial Stocks Index (GSE FI) also lost 10.68 points (-0.51%) to close at 2,092.90 points, reflecting YTD loss of 2.74%. Market capitalization declined by 2.42% to close the week at GH¢62,827.57 million, from GH¢64,383.34 million at the close of the previous week. This reflects YTD decrease of 2.59%. Trading activity recorded a total of 66,164,780 shares valued at GH¢50,649,299.41 changing hands, compared with 314,961 shares, valued at GH¢3,231,680.95 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 99.29% and 97.66% of total volume and value of shares traded respectively. The market ended the week with 3 advancers and 4 decliners as indicated on the table below.
THE CURRENCY MARKET The Cedi plummeted against the USD for the week. It traded at GH¢8.0001/$, compared with GH¢7.6120/$ at week open, reflecting w/w and YTD depreciations of 4.85% and 24.92% respectively. This compares with YTD depreciation of 1.03% a year ago. The Cedi also weakened against the GBP for the week. It traded at GH¢9.6341/£, compared with GH¢9.2642/£ at week open, reflecting w/w and YTD loss of 3.84% and 15.64% respectively. This compares with YTD depreciation of 2.41% a year ago. The Cedi also lost against the Euro for the week. It traded at GH¢8.1243/€, compared with GH¢7.7658/€ at week open, reflecting w/w and YTD depreciations of 4.41% and 15.95% respectively. This compares with YTD appreciation of 3.22% a year ago. The Cedi again weakened against the Canadian Dollar for the week. It opened at GH¢5.9388/C$ but closed at GH¢6.1811/C$, reflecting w/w and YTD depreciations of 3.92% and 23.29% respectively. This compares with YTD depreciation of 2.18% a year ago.
WEDNESDAY, AUGUST 10, 2022
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| MARKET REVIEW
BUSINESS TERM OF THE WEEK Cyclical Stock: Cyclical Stocks are publicly traded securities characterized by share prices that fluctuate along with the prevailing macroeconomic conditions and business cycles. Source: https://www.wallstreetprep.com/ knowledge/cyclical-stocks/
ABOUT CIDAN COMMODITY MARKET Crude oil prices retreated for the week after a July U.S. jobs report raised expectations of continued aggressive monetary tightening by the Federal Reserve, potentially weighing on growth in the world’s largest consumer of crude. Brent futures traded at US$94.92 a barrel on Friday, compared to US$110.01 at week open. This reflects a w/w loss and YTD gain of 13.72% and 22.04% respectively. Gold prices edged higher for the week, after a rally in the U.S. dollar appeared to have paused. Gold settled at US$1,791.20, from US$1,781.80 last week, reflecting w/w gain and YTD loss of 0.53% and 2.05% respectively. Prices of Cocoa declined for the week. The commodity traded at US$2,305.00 per tonne on Friday, from US$2,323.00 last week, reflecting w/w gain and YTD loss of 1.35% and 7.82% respectively.
INTERNTIONAL COMMODITIES PRICES GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,301.71 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,083.55 million raised in the previous week. The 91-Day Bill settled at 27.04% p.a from 26.71% p.a. last week whilst the 182-Day Bill settled at 28.51% p.a from 28.26% p.a. last week. The 364-Day Bill settled at 28.40% from 27.85% at last issue.The table and graph below highlight primary market yields at close of the week.
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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
WEDNESDAY, AUGUST 10, 2022
The mainstream moment for foldable smartphones is here I have worked my entire career as an engineer, and I have seen many innovations at Samsung that have pushed the limits of what’s possible with smartphones. Our mission is, and always has been, to create technology that makes people’s lives better. Ten years ago, we set out to create a transformative technology by looking at the one thing all smartphones were synonymous with — a flat rectangular display. We asked ourselves a simple question: How can we have it all – a bigger screen and better portability? We saw an opportunity not only to design a new shape but also to create new experiences that had never been possible with a smartphone before. Overcoming many technological hurdles, we successfully introduced the first-ever foldable smartphone in 2019 and have changed the future of our industry ever since. Last year, we saw almost 10 million foldable smartphones shipped worldwide. That’s an industry increase of more than 300% from 2020, and I predict this fast-paced growth will continue. We are reaching the moment where these foldable devices are becoming widespread and staking a bigger claim in the overall smartphone market. More importantly, Samsung
Galaxy foldables have changed the way we use mobile devices and helped enable better lifestyles for users worldwide. As Lifestyles Evolve, a New Legacy Unfolds The world is more connected than ever and is moving at a much faster pace. Work and play intermix, and the lines between the physical and digital world have blurred. Where we turn for work, entertainment, wellness and more has become a single place — our phone. As such, our users need a flexible device to keep up with their daily demands. The Galaxy Fold and Galaxy Flip deliver on that mandate. Last year, 70% of Galaxy foldable users turned to the Flip to help them see the world from a different point of view. Flip users love owning a device built for self-expression, whether choosing bold colour options for their device or taking pictures in a new way with Flex mode. It’s a different experience with the Fold. Nearly one out of three Galaxy foldable users last year opted for this ultimate productivity device, which has empowered them to do more through hyper-connected, individual computing. Fold users love the multitasking capability of a screen that doubles in size, so they can be more efficient and get things
done faster. Both foldable users have enthusiastically embraced what we have created. Their response is our biggest motivation to push forward, and that’s why we are committed to this journey of seeking new possibilities for mobile innovation. This year, we’ve made advancements in every detail and opened the new experiences enabled by these behaviour-shifting devices. I am excited to see people to discover new ways to do more of the things they love with the new foldable. Of course, this wouldn’t have been possible without the open collaboration and a shared desire with our partners to continuously bring new innovations to the mobile category. We are working with industry leaders including Google, Microsoft and other carrier partners to expand the experiences that are possible throughout the foldable ecosystem. Redefining What’s Possible for People Everywhere Three years ago, Galaxy foldables could be summed up in a single word: radical. Very quickly, however, it became clear that this groundbreaking, flexible design fit perfectly into modern lifestyles. As a result, what was once a novelty three years
ago, is now the preferred choice for millions. At our upcoming Unpacked on August 10th, you’ll see that the impact of our innovation is not only about what technology can do. It’s about what you can do. We’ve once again taken our inspiration from the most important source — Galaxy users — to push the limits of what’s possible. I can’t wait to show you the potential of our new Samsung Galaxy foldables as the ultimate tool for both productivity and self-expression. Now, you can do more than you ever thought possible, all at once, on one device. By Dr. TM Roh, President & Head of MX Business at Samsung
MTN launches Momo Month MobileMoney Limited (MTN MoMo) has officially launched this year’s MoMo Month celebrations in Accra, Kumasi and Mankessim to highlight the importance of partnerships to accelerate digital payments. This year’s celebration will focus on the opportunities MoMo presents and how stakeholders can leverage the digital payments sector to support the rebuilding of a robust and resilient economy. The monthlong campaign is being celebrated under the theme, “Accelerating Growth in Digital Payments – The Role of Partnerships”. The launch was attended by a cross section of MTN management and staff, traders, partner banks, fintech companies, among others. Speaking on the significance of the theme, Eli Hini, CEO of MobileMoney Limited attributed the MTN MoMo success story to the strategic partnerships and collaborations with various stakeholders over the
years. To further bolster Ghana’s digital economy, he revealed that the company will continue to create shared value by investing in partnerships with stakeholders across various sectors of the Ghanaian economy to provide more value-added services to customers. He said, “For us, the future hinges on more partnerships because as market leaders we believe that the contribution of other players within the industry will help to drive and accelerate the development of the industry. We can’t do it alone. We need the support of other likeminded businesses who also see the future of this business as pivotal to the development of this country. We will continue to work together and drive digital financial services across the length and breadth of Ghana”. Mr. Eli Hini further explained that “With digitization and innovation at the forefront, and consumers opting for fast and convenient ways to make
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.
payments and transactions, digital payments have come to stay. As MTN drives its platform agenda to create opportunities for others to leverage, MobileMoney Limited will continue to use its platform as a springboard for all in the digital payments, while delivering innovation and customer experience.” He urged all customers to look beyond the E-Levy tax and leverage on the enormous benefits MoMo and for that matter digital payments presents to the customer in terms of safety and convenience. To celebrate MoMo month, a series of campaigns, promotions and activities have been outlined and these include a customer promotion where customers earn extra money by making digital payments with MoMo. There will be digital fairs with SMEs, market storms as well as a new exciting financial literacy initiative dubbed ‘Catch Them Young Series’ which is being organized
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in partnership with educational institutions. A stakeholder forum will also be organized to discuss the introduction of the Central Bank Digital Currency, also known as E- Cedi and the opportunities that come with it. Since August 2012, MoMo Month has been held annually to create awareness of the Mobile Money service. It has also been used to reward customers, agents and merchants for their continuous usage and promotion of the service. MTN Ghana was the first telecommunications provider to introduce mobile money in the West African sub region in 2009. The service has been instrumental in promoting financial inclusion, boosting sustainable socioeconomic growth, and creating job opportunities across the country. Mobile money remains one of the most revolutionary products to have been introduced into the Ghanaian financial market.