GNPC to increase oil production this year Breakfast Meeting Domestic tax revenue mobilisation efforts: New taxes or blocking leakages? African Peer Review Mechanism expresses concern over Ghana’s negative ratings Story on page 3 Story on page 3By Patrick Paintsil Story on page 2 By Lawrence Agyepong Story on page 4 Story on page 5 WEDNESDAY, AUGUST 17, 2022 NEWS FOR BUSINESS LEADERS .COM.GH IFS economicties malaise to choked fiscal space and high debt costs
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.
Economic think-tank Institute for Fiscal Studies (IFS) says that Ghana’s current economic quagmire is an outcome of its overly-choked fiscal space and the government’s appetite for rolling out revenue-consuming programmes whilst its revenue mobilization efforts yield no betterAccordingresults.to the institute, the deteriorating macroeconomic environment is home-made and that government’s defiant position attributing the spiraling downturn of the economy to the twin crisis of Covid-19 and Russia’s invasion of Ukraine is a misdiagnosis of the real problems on the ground. “Debt servicing costs and employee compensation have choked the fiscal consolidation space; Ghana is paying way too high interest on debt servicing and employee compensation,” said Dr. Said Boakye, a senior research fellow of the institute at a press conference on the IFS’s assessment of government’s fiscal consolidation efforts in the face of the rapidly deteriorating macroeconomic environment in Accra.Data from the Finance Ministry show that employee compensation constituted 41.6pct, 51.3pct and 45.2pct of that state’s total revenue and grants for the years 2019, 2020 and 2021 respectively.Totaldebt service cost as a percentage of total revenue and grants for same periods also stood at 58.1pct, 70.1pct and 66.4pct respectively.Cumulatively, the two expenditure items: debt servicing cost and employee compensations consumed 99.7pct of total revenue and grants in 2019, 121.4pct in 2020, and 111.6pct in 2021. The think-tank also indicated that the government’s fiscal consolidation strategy of continually resorting to cutting capital expenditure and goods and services which hold less weights could hardly improve the situation.“Weseegovernment picking only the low-hanging fruits in terms of expenditure cuts for the purpose of fiscal consolidation. Goods and services and capex are not among the biggest expenditure items and thus carry little weights in total expenditure,” Dr. Boakye added. IFS admitted that the negative external environment has given momentum to the fast deteriorating economic crisis but not the main cause looking at macro indicators from sister African“Ghana’scountries. present macroeconomic instability is the result of the fact that the country’s fiscal position is in a very poor state compared to its peers,” the institute further argued. To restore fiscal fundamentals to the right levels, the think-tank has asked the government to be frank about the economic malaise to get the buy-in of all stakeholders so as to ensure the success of its fiscal strategies going forward. The IFS is also pushing the government to pay critical attention to the extractives sectors to improve its revenue performance, reduce compensation of employees and debt costs relative to total revenue and grants and to holistically review its social intervention programmes with the goal of helping to reduce government spending.
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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.Theglobal 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.
By Patrick Paintsil Dr. Said Boakye is a senior research fellow at the Institute for Fiscal Studies (IFS)
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.
IFS ties economic malaise to choked fiscal space and high debt costs
GIPC, industry players discuss manufacturing Sector at CEO’s Meeting
The CEO’s Breakfast Meeting is a GIPC-initiated event, organized periodically, to bring together CEOs and business moguls, as well as government authorities, to deliberate on pertinent issues affecting business and investments in Ghana.
GNPC to increase oil production this year
Taking his to turn to address the audience, the President of the Association of Ghana Industries (AGI), Dr. Humphrey Ayim-Darke, said the government and the private sector will have to work together in these critical times, to address the manufacturing He mentioned that, more can be done to raise the confidence level of investors in the sector. The event further allowed for a deeper all-inclusive debate on actionable solutions for the sector. Key among the suggestions tabled include; the need for government to review the general tax regime; the need for government to deliberately target and support ailing industries; the need for stakeholders to develop the industrial value-chain from the grassroot, and the need for a review of deregulation policies.
The Ghana Investment Promotion Centre (GIPC) has held its second CEOs Breakfast Meeting for the year, with focus on the manufacturing sector. The event availed a unique opportunity for key state and private stakeholders to delve deeper into Ghana’s manufacturing sector and its vast business potential. It also spearheaded a discourse on the challenges of the sector, and allowed participants to exchange innovative ideas on how to advance the sector, as well as agree on some recommendations for policy formulation. Ghana’s manufacturing sector has been a significant source of its economic growth in recent times. The sector’s progress is attributed to government’s aggressive industrialization drive, with accompanying initiatives such as; the ten-point industrial agenda, the Automotive Development Policy, One District-One Factory policy, Integrated Aluminium Industry project, and the Ghana CARESNonetheless,programme.the current instabilities in the global business ecosystem, due to noticeable political and health crisis, has significantly affected the manufacturing sector. Owing to the disruption in value-chains and other industrial challenges, the CEO of GIPC, Mr. Yofi Grant said it has become more crucial to work collectively to find answers to problems besetting Ghana’s manufacturing sector. Underscoring the role of the private sector in driving industrial growth, he noted that partnerships between government and private players, is the right step to finding the needed solutions. He opined at the event that: “we recognize the urgent need to embrace the private sector as partners in undertaking remain enormous, and government is committed to creating an enabling environment for all investors to fully leverage theCorroboratingopportunities”.
Mr. Grant’s assertion, the Head of the One District – One Factory (1D1F) initiative at the Ministry of Trade and Industry, Mr. Kofi Addo, also noted that inasmuch as the current global business landscape is fraught with some challenges, the opportunities in Ghana remains endearing. He encouraged the private sector to make optimal use of the country’s
The Ghana National Petroleum Corporation (GNPC) and its partners intend to produce a total of 29.20MMbbls of crude oil from the Jubilee Field at oil averaging 80,000 barrels of oil per day (bopd) under its development and production projects for the year 2022, a parliamentary report on the company’s work programme has revealed. According to a report of the committee on mines and energy on the 2022 Work Programme of GNPC, it also plans to export 34.46 billion cubic feet of gas (bcf) with the estimated average of 94.40MMScf/d, lift six parcels of crude oil from the Jubilee Field. Other activities include: install subsea and subsurface equipment and shutdown FPSO Kwame Nkrumah and execute critical operations such as maintenance activities. This forms part of development of the Greater Jubilee Field. Under the Tweneboa-EnyenraNtomme (TEN) Field, GNPC and its partners have committed to execute the following activities: continue reservoir studies,production surveillance and subsurface management, drill and complete two development wells, produce 10.69MMbbls of crude oil averaging 29,300 bopd and lift two parcels of crude oil and export an estimated 2.74billion cubic feet of gas averaging 7.50MMScf/d. For Sankofa-Gye-Nyame (SGN) Field, GNPC shall conduct field development activities to support the annual production of crude oil of 13.39 MMbbls averaging 36,675 bopd and a total gas export of 64.24bn cubic feet (Bcf) averaging 176million standard cubic feet per day (MMscg/d). They also plan to lift an estimated three parcels of crude oil on behalf of the Ghana group as well as aid its partners to re-develop GI-3 well into an oil producer and continue performing acid stimulation jobs on some selected wells. GNPC also plans to acquire 1,600 -9km of 2D seismic data and process 827.5 (50% OF 1,655 -line km) of 2D seismic data and conduct geochemistry survey by collecting and analysing 1,584 samples for its Voltaian basin project which falls under their exploration and appraisal projects.ForBlock- 1 project, the corporation shall acquire 1,200sq.km of 3D seismic data and process 480sq.km (40% of 1,200) of 3D data. The report further revealed that GNPC acquired 7percent commercial interests in the Jubilee and TEN Fields from Anadarko Corporation through Anadarko Offshore Holding Company LLC in October 2021. At the request of GNPC, the Ministry of Finance transferred the amount of US$164,798,691 (US$164.7m) to Anadarko Offshore Holding Company LLC in full settlement of the 7 percent stake in Deepwater Tano (DWT) and West Cape Three Points (WCTP).GNPC has since paid US$60m of the total amount to the Ministry of Finance according to the agreed repayment schedule. GNPC is currently taking steps to transfer the 7percent stake to GNPC Explorco, the commercial subsidiary of GNPC.
Breakfast
WEDNESDAY, AUGUST 17, 2022 | FEATURE 3
By Eugene Davis
WEDNESDAY, AUGUST 17, 20224 To a significant part, Ghana’s domestic tax revenue mobilisation system is analogous to fetching water into a basket of holes.Itisunfortunate how Ghana can lose $2 billion to revenue leakages in 2020 alone, according to the Auditor General’s Department, and be seeking almost an equivalent amount in an IMF bailout barely two years later. In a cross-country study by Robert Dauda Korsu for the Economic Community of West African States (ECOWAS) countries in 2021, Ghana’s average tax revenue leakage to Gross domestic product (GDP) from 2001 to 2015 was quantified at 1.7 perAtcent.1.7per cent of GDP, Ghana’s tax revenue losses due to revenue loopholes is higher than the average contributions of the fishing sector, forestry and logging sector, electricity, water and sewage sectors, professional, administrative, and support service activities sectors over the period from 2001-2015. More compelling is how tax revenue leakages have affected our domestic balances over the years. Based on data from the Bank of Ghana and tax leakage estimates by Korsu (2021), the Research, Policy and Advocacy Unit of the African Graduate Economic Network for Students International (AGENTS Int’l) analysed the impact of the tax leakage on Ghana’s domestic primary balances to real GDP from 2001–2015. Extent The extent of domestic primary deficits incurred, which could have been avoided by addressing tax revenue leakages, is summarised in the figure below. From the graph, the lower (black) line graph represents the actual domestic primary balances to real GDP in the presence of tax leakages.Thegreen line shows the improvement in our domestic primary balances if tax revenue loopholes are addressed. The gap between the line graphs shows the average tax revenue leakages to real GDP from 2001 to 2015. It is striking to realise that Ghana would have recorded only a single deficit (i.e., about 0.5 per cent in 2008) in the absence of tax leakages. This emphasises the deleterious impact of revenue leakages on our revenue mobilisation efforts. According to the Institute of Fiscal Studies (IFS), Ghana’s domestic revenue to GDP ratio remains far below its sub-Saharan African peers (IFS, 2018). This suggests a gap between the optimum tax revenue that could be collected given the country’s economic and structural characteristics and what is being collected, hence leakages in the taxThissystem.leakage mainly comprises tax avoidance, evasion, and corruption (Vicente, 2006). As noted by Ghana’s current president and verified empirically, a significant culprit is tax avoidance (our tax exemption regime). Regime To a large extent, in Ghana, our tax exemption regime is politically driven in favour of political biases. The President, in 2019, condemned the nature of our tax exemption regime even though the regime change he promised has not materialised yet.A report published by the IFS suggests that while in 2016 the Ministry of Finance intensified its oversight to limit the use of special permits which exempt imports from Customs duties and VAT, total exemptions stood at GH¢2.26 billion at the end of the year; a 10 per cent increase from the previous year’s exemptions of GH¢2.06 billion. In 2017, total tax exemptions amounted to GH¢2.57 billion, representing nearly half (47%) of the total import duty collected for theInyear.his State of the Nation address before Parliament in February 2019, just like in 2017, the President said, “if we continue at this rate, in less than sixteen years, half of Ghana’s revenue base will be given away as tax exemptions.” However, in February 2022 alone, the government moved to grant tax exemptions to the tune of US$100Whilemillion.thereare other drivers of our tax revenue leakages, such as corruption and tax evasions, the solution begins with leadership bySustainingexample. an arbitrary tax exemption regime that is less subject to scrutiny, while seeking to introduce new taxes or broadening the base of existing ones, only dampens willingness to Onpay. this note, we are happy that Ghana’s Parliament has finally passed the tax exemptions bill awaiting assent from the President.When assented by the President, this law will be crucial in determining the practicality of the exemptions, engendering transparency and promoting goodwill for tax payment and nation-building.Thewriterisan MPhil Economics student, University of Ghana Fellow, AGENTS International. E-mail: gmail.comagyeponglawrence101@
Domestic tax revenue mobilisation efforts: New taxes or blocking leakages?
By Lawrence Agyepong
Vodafone
The African Peer Review Mechanism (APRM) has together with “speculative comments” by the rating firms country’s ability to pay back its thedebt.first half of 2022 materially contributed to the country’s losing access to international financial markets,” the statement noted.“The APRM views the unjustified negative rating actions in Africa since the beginning of 2022 as unwarranted and contrasting the continent’s economic recovery efforts from the devastating impact of the Covid-19 pandemic. This is compounding the complexity of driving the economic recovery process and making current fiscal measures ineffective,” it added. Similarly, the Agency said that it was also concerned about the increase in the number of negative rating actions against African countries by the international rating agencies. It, therefore, called for coordinated response to address the ongoing speculative pessimism by analysts and for ratings to be enablers rather than impediments of economic recovery.Specifically, APRM called for regulatory measures, as well as the development of alternative ratings and alternative funding sources for African countries.
WEDNESDAY, AUGUST 17, 2022 | NEWS 5
Vodafone Ghana is rolling out 300 4G LTE sites and 3G sites in several communities across the sixteen regions of Ghana by the end of October 2022. This represents a 30% increase in the current network capacity. The move is in line with the company’s commitment to creating an inclusive digital society in the country as part of its purpose-led agenda.Vodafone Ghana has completed more than fifty per cent of this significant network improvement, which is already promoting equitable digital growth and enhancing online activities in various communities. Additionally, Vodafone Ghana is increasing the capacity of its existing mobile sites to meet the growing demand for data usage and services. These will also improve coverage, network stability and provide a great connectivity experience for customers.Commenting on the project, Patricia Obo-Nai, Chief Executive Officer (CEO) of Vodafone Ghana, said:“Indeed, increased access to the internet is inextricably linked to the growth and the socio-economic wellbeing of the nation. This is why we continue to invest in our network to ensure that we provide best-inclass coverage and customer service for Ghanaians in every corner of this country, leaving no one behind. We believe that by granting access to every Ghanaian, they can take advantage of digital advancement and its limitless possibilities.’’ Over the period, Vodafone has invested in its network to provide greater reliability and seamless data and voice services for its customers and businesses nationwide. These include an extensive fibre infrastructure rollout to provide seamless ultra-high-speed fibre-tothe-home (FTTH) connectivity for its customers at home and work.
African Peer Review Mechanism expresses concern over Ghana’s negative ratings expands network
4G LTE sites and upgrades
GHC 2,000. The last and the widest cover under Star Personal Guard is the Platinum cover. It provides a Death and Permanent Disablement limit of GHS 20,000 and a medical Expense limit of GHC 5,000. Additionally, the accomplishment in simplifying insurance for customers, and we believe this is important. AssureAdvisors looks forward to working with Star Assurance in taking this exciting step to launch products together as they travel this journey”, Ms. Denu concluded.Onhis part, Mr. Michael Adomako, Product Development Manager of Star Assurance had this to say: “We have once again demonstrated our commitment to the insuring public and are excited about this collaborative effort with AssureAdvisors. We look forward to many other such partnerships with the ultimate aim of bringing credible insurance solutions to our clientele.”
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Star Assurance, AssureAdvisors launch 2 repackaged insuranceproducts
WEDNESDAY, AUGUST 17, 2022| NEWS6 Star Assurance, one of Ghana’s leading general insurance providers has together with their corporate agency, AssureAdvisors Limited, launched two re-packaged personal insurance products into the Ghanaian market. Branded Star Personal Guard and Star Stock Assure, these two products provide tailormade insurance cover for the public. The Star Personal Guard is a 24hr Personal Accident policy that provides compensation to the insured or his legal representative for Death, Permanent Disablement changing needs of consumers,” Ms. Doreen Denu, the General Manager of AssureAdvisors said in a brief statement. She continued: “We have leveraged the financial strength and AssuranceexpertisemanagementclaimsofStarandthe market insight, passion and customer service skills of the team at AssureAdvisors to bring this suite of products to the general insuring public.”
Holes in the recession story
The closely watched University of Michigan five-year inflation expectations index may have briefly risen above 3%, but it has since fallen back to 2.9%, suggesting that average consumers regard this year’s huge surge in inflation as temporary. Yes, if you are on the Federal Reserve Board, it is far too early to be too confident in this finding. But if consumer sentiments do continue to ease in the coming months, I suspect that the Fed will become less hawkish.Third,while many commodity prices remain significantly elevated from this time a year ago, they, too, have eased in recent weeks. Were they to remain relatively stable, headline inflation in many countries would start to fall – perhaps significantly. Interestingly, while the BOE’s forecast of a recession and even higher inflation has gotten plenty of attention, few seem to have noticed that the central bank ultimately expects inflation to fall sharply from its anticipated higher peak throughout most of 2023. Finally, in most investmentbank research notes nowadays, there is a strong assumption that central banks will vigorously fight any financial-market rally, because they cannot afford to let financial conditions ease in the current environment of low unemployment, upward wage pressures, and concerns about inflation. Yet while this has certainly been the message that one hears from central bankers, I tend to rely on the adage that, “If you can be sure of anything, it is that central bankers will at some point change their mind about the economic climate.” No one is clairvoyant. Recall that throughout 2020 and much of 2021, the consensus among central bankers was that inflation was transient. Though they have since changed their tune, it may turn out that they weren’t entirely wrong after all. Again, it is too early to be too optimistic. I don’t want to give the impression that recession fears are unwarranted. If the recent dip in inflationary signals (such as commodity, house, and used-car prices) and longterm inflationary expectations reverses, I would have to backpedal. But having lived and breathed financial markets for the better part of 40 years, I am always intrigued when there is such a strong consensus about something – especially when some of the actual evidence runs against it. In any case, I certainly hope that the pessimism does turn out to be overdone. Advanced economies are facing major challenges, not least persistently weak productivity growth, which has negative implications for many other domains of social and economic life. We will be facing massive, recurring challenges in the coming years no matter what. It would come as a modest relief to learn that we had let doom and gloom get the better of us.
With so much talk of stagnation, inflation, and stagflation in recent months, it is worth questioning whether the prevailing pessimism is justified. While I have shared in the gloom (warning early on that it could be a “bad year for markets”), I’m starting to reflect on my previous views, for four reasons. First, I am struck by just how widespread the recession narrative has become. Almost everyone seems to believe that developed countries are heading into, or are already in, a recession. I have given multiple interviews to business consultants who all want to know “how to prepare for the recession.” As I remarked to one of them, I know of no previous recession that was so confidently anticipated as the one that is supposedly upon us now.After all, the main reason that “recession” is such a scary word is that recessions are usually unexpected. Economic forecasters tend not to see them until they have already arrived. That is what happened in 200708 (which was admittedly rather unique) and again in 2020, following the arrival of COVID-19. Yet now, even some central banks (namely, the Bank of England) are openly forecasting a recession later this year. Has economic forecasting suddenly become better, or is something else going on? True, two consecutive quarters of negative GDP growth is usually taken as a sign that an economy is in recession, and US GDP does appear to have fallen in the first two quarters of this year. But, surely, we should consider the specific reasons for the apparent contraction. Some of them, like the sizeable drop in inventories, tell a story about the broader economy that is contradicted by other indicators. The US Bureau of Labor Statistics’ July employment report, for example, was markedly stronger than expected. In light of that data, I would not be surprised if the National Bureau of Economic Research (the official arbiter) declares the US not to be in recession.Thesecond reason for my skepticism about the prevailing narrative is that not all mediumand long-term indicators point to sustained higher inflation.
By Jim O’Neill
WEDNESDAY, AUGUST 17, 2022 | FEATURE 7
It seems to be a great time for Ghanaian musicians over the last few weeks with a great showing at various concerts and festivals in Ghana and across the world. Apart from it being a good sign of acceptance of our music and acts, it sets the tone for a great projection for the Ghanaian arts space, its practitioners and key stakeholders going forward. One of Ghana’s biggest music exports with a true authentic performed at this year’s edition of the popular Kwaku Summer Festival in Amsterdam, the Netherlands.Theenterprising Ghanaian singer, songwriter and performer from the Upper East Region gave a spirited performance when she mounted the Kentefugu Fest stage on Saturday 7th August 2022 at the Kwaku Summer Festival, which took place at the Nelson Mandela Park. her name, a signal of approval. At a point, she had to pause her performance to engage with the audience and thank them for such a great reception. As if that was not enough, just after announcing the last song of her performance, the audience started screaming for more. With approval from the organisers, she had to stay on for a few more minutes to wrap her performance with the audience applauding her. sports and food as the most important forms of expression and where broad (social) participation and the Surinamese origins are the most important pillars.Kwaku Summer Festival is one of the larger festivals in the Netherlands and one of the largest events in Amsterdam, attracting around 300,000 visitors every year. The festival brings cultures together and provides a series of
Ghana’s Lamisi Rocks Summer Festival In Amsterdam By Harriet Ama Bampoe
WEDNESDAY, AUGUST 17, 20228 | NEWS
WEDNESDAY, AUGUST 17, 2022 | FEATURE 9 EnergyCommissionGhanaEnergyCommissionGhana www.energycom.gov.ghLIVE ON SPONSORS
How Binance adopts a user-first approach for enhancement of crypto security
Over the years, cryptocurrencies have gained enormous popularity, making people adopt them as a tool for financial transactions. In fact, cryptocurrencies have delivered several benefits, such as minimal transaction fees, instant accessibility and high levels of transparency.Withall the benefits cryptocurrency has over traditional currency and even other asset classes, it’s hard to argue that there’s no value in transacting with or investing in crypto. The utility provided by many cryptocurrencies is of great benefit to people who value fast and secure transactions. And this is only going to grow more accessible over time with fewer technical hurdles being curbed. Crypto Security As a digital payment system, cryptocurrency doesn’t rely on banks to check and verify transactions. It utilizes a peerto-peer network that makes it possible for anybody, anywhere, to send and receive payments. This system uses encryption to verify transactions and the aim of this is to provide added security andJustsafety.like traditional systems, blockchain networks are not exempted from potential obstacles. However, despite the prevalence of this, there are tools that enable anyone to look up transaction data such as the location, timing, and quantity of cryptocurrency sent from a wallet address. The amount of cryptocurrency saved in a wallet may also be seen by anyone, and this level of transparency helps cut down on any insecurities. Recently, an automated market maker (AMM), Wine Swap, engaged in an exit scam, and the Binance Security team was able to effectively recover an estimated 99.9 percent of the nearly US$345,000 worth of stolen bitcoins. The platform’s busiest and most dedicated community builders, Binance Angels, have been instrumental in raising money for recovery operations. The volunteer organization assisted a user in recovering 98,000 USDC in funds that were unintentionally sent to the incorrect address. Keys to Enhancing Crypto Security Whilst the element of transparency in cryptocurrency transactions as well as the blockchain network exist to conquer any potential insecurities, there is still a need to adopt stringent security measures.Advanced security measures, offline money storage, real-time activity monitoring, and data encryption are a few of Binance’s main platform security initiatives. In addition to ensuring that only users have access to their personal information and the safety and integrity of user cash, these initiatives also analyze user activity through Binance’s risk management system in the event of any unexpected activity on the account.While guaranteeing industrywide compliance with crypto security standards, it’s critical to take user-level security into account, which takes us to the user-first approach. The User-first Approach A high level of security is maintained on the user’s side thanks to the user-first approach. Maintaining a security measure on the user’s side is as crucial to maintaining crypto compliance on the industry side. This is a vital key to enhancing crypto security. The Binance platform consistently prioritizes user protection through its cuttingedge security measures and stringent data privacy laws because users are the foundation of the Binance ecosystem. This consists of a comprehensive risk management system, real-time monitoring, and cutting-edge data privacy solutions. Safe sign-in, access control, and security notifications are among the user-level security measures to ensure adequate crypto security. In addition to the userfirst approach measures, Binance also put the following actions in place to guarantee user-level security: prompt alerts in the event of questionable activity, a stringent sign-in policy, and optin security Additionally,measures.Binance includes a cooling-off time feature that stops trading in derivatives, allowing users to refrain from compulsive buying after experiencing losing streaks. This capability is also accessible for margin trading, allowing for the temporary suspension of activities like borrowing and isolated or cross-margin trading. Along with these capabilities, the platform also contains usergenerated material, help articles, an auto-deleverage liquidation indication, and client knowledge tests.The greatest level possible of cybersecurity must be maintained regardless of the rise in crypto vulnerability, and Binance has taken this step to retain their commitment to user safety by adopting a user-first approach.Also,itis important for users to take security measures seriously. Keep your devices safe, and also conduct personal research on the cryptocurrency you’re transacting with. This is important as it keeps you informed about the cryptocurrency market and improves your future investments decisions.
WEDNESDAY, AUGUST 17, 202210 | FEATURE
WEDNESDAY, AUGUST 17, 2022 11| FEATURE
Can gender equality be saved?
Sudanese protester Alaa Salah became a symbol of her country’s revolution after standing atop a car, dressed in white, and singing to her fellow demonstrators. Ugandan climate-justice activist Vanessa Nakate went from protesting alone at the gates of her country’s parliament to demanding action from world leaders at the United Nations. Senegalese activist Oumou has harnessed digital tools to start taboo-breaking conversations about intimate health, sexuality, contraception, and period poverty.These young women are fighting for better lives for themselves, their communities, and the world – and they are not alone. Thousands of girls and young women in Africa and around the world are fighting to change the power dynamics that perpetuate inequality and prevent marginalized groups from exercising their fundamental rights. They are making speeches, creating nonprofits and community programs, and participating in marches to catalyze transformative change. This is good news for everyone: countless studies have shown that when girls and women are empowered, entire communities benefit.Buthard-won gains on gender equality are now in jeopardy. The COVID-19 pandemic has undone years of progress on poverty reduction and fueled a sharp rise in inequality, with disproportionate consequences for girls and women. Studies show that amid economic hardship, families are more likely to marry off their young daughters, thereby denying girls the right to choose whom they spend their lives with and when and how many children they have. UNICEF estimates that ten million girls worldwide are at risk of child marriage over the next decade because of COVID-19. Moreover, girls and women are more likely to face sexual and gender-based violence during times of crisis –a trend that has been borne out during the pandemic. Making matters worse, as UN Special Rapporteur on the Right to Health Tlaleng Mofokeng has pointed out, lockdowns, movement restrictions, and the diversion of funds to pandemicrelated programs jeopardized access to sexual- and reproductivehealth services, from information about menstruation and fertility to contraception. Specialized services for victims of genderbased violence also became inaccessible to many. All of this has contributed to a sharp rise in unwanted and early pregnancies, and drastically reduced girls’ chances of returning to their studies once schools reopened. According to UNICEF, more than 11 million girls may never return to school after COVID-19.Simply put, the pandemic has wiped out decades of progress toward gender equality, with the most vulnerable groups – such as displaced women and girls –being hit the hardest. To be sure, even in the face of such massive setbacks, young women and girls are not giving up. But they cannot overcome the powerful forces working against them alone. Meaningful engagement from men is crucial here. Initiatives like the clubs des pères (father’s clubs) or the écoles de maris (husband schools) in Senegal can make a significant difference. The goal is to foster positive (rather than toxic) masculinity, encourage men to share more of the burden of unpaid care work, and bring about improvements in child and maternal health. Engagement with community and religious leaders, as well as with health-care workers and women’s rights organizations, also is essential. Given the proven power of female role models to inspire younger generations, elevating the platforms of older women leaders and activists –such as “super granny” Aminata and midwife Madame Badji – can boost younger women’s ambition andLikewise,impact. amplifying the voices of young leaders can inspire and invigorate their peers. Ubah Ali, a Somaliland activist, was persuaded that she too could lead, that she could “raise her voice” and “be an agent of change,” when she saw other girls in positions of leadership. Today, she is working to eradicate all forms of female genital mutilation across Somaliland, and to support survivors of the practice. But perhaps nothing will do more to ensure that young women and girls can fulfill their potential as forces of change than protecting and respecting their rights, including their sexual and reproductive rights. This is a job for governments, first and foremost, though everyone has a role to play. The pandemic is just the beginning. With climate change and rising food insecurity also set to hurt women and girls disproportionately, the barriers to progress on gender equality are as high as the stakes. The first step toward overcoming them is to acknowledge the challenges girls and women face, and to amplify the difficult and important work they are doing. A world where all girls and young women hold equal power would be better for everyone. That is why it is in everyone’s interest to help them achieve it. Project syndicate
When the product is right, you don’t have to be a great marketer - Lee Lacocca. Welcoming my little girl from the United Kingdom to spend her vacation in Ghana, I got to the airport with a box of chocolate to calm her and also give her a welcoming feel. Our ride home was taken over by a chocolate discussion after she opened one Kingsbite and had a bite. Her outburst after the bite, “Is this made in Ghana? It’s not big though, but very tasty“. I can taste the cocoa unlike those in the UK with very high sugar and milk content”.Herstatements about Ghana’s chocolate spoke volumes and could not be taken for granted. Ghana has for over a century carved a respectable reputation worldwide as the producer of the finest quality cocoa beans rated second to its neighbour, Ivory Coast, in the production of cocoa beans, with the two West African nations accounting for more than 65 per cent of annual global output.Cocoa growers in Ghana still use older and more traditional methods for processing the cocoa beans, which leads to a higher quality bean and more complex flavour than mechanised methods that are used in some other places. Appealing That said, it is undeniable that Ghana’s chocolate with a strong cocoa character has an appealing taste for the chocolate experience. Here in Ghana, Cocoa Processing Company, the sole cocoa processing factory in the sub region, can boast of processing only the choicest premium Ghanaian cocoa beans without any Establishedblending.in1965,with the aim of projecting healthy lifestyles and also producing international quality standards for consumer satisfaction, it is achieving just that.“The health and wellness of our people forms our paramount goal, hence the 100 per cent cocoa butter used,” Mr James Rhule, the Public Affairs Director of Cocoa Processing Company stated in an interview in Tema. According to him, most chocolate manufacturers across the world source materials from CPC attested to the quality of Ghana’s cocoa products accounting for their consistent cumulative client-base every year.
Cocoa Every fragment of the cocoa is useful, from the pod which is used as manure to fertilise the soil to regain its strength, the seeds from which our cocoa and chocolate products are made while the shells and husk are supplied to soap manufacturers for the popular “alatae samina” owing to its rich potassium content. Polished fancy bowls and other fabricated usables emanate from cocoa residue contributing greatly to Ghana’s economic prospects, which can be enhanced with adequate government support through production expansion capacity of the CPC to engage more hands, augment and produce more raw materials and finished products for a greater market, jobs and healthy livelihoods. Cocoa Processing Company also employs over 300 staff, directly, while creating more jobs for other private individuals in the cocoa and chocolate beverages and products chain, besides traders and vendors, who depend on the sale of such products for survival. Mr Rhule said, “To get our chocolates safe and tasty, we have rigorous processes in the application, trade and sales of chocolates and chocolaterelated products in Ghana, which requires clients to apply to CPC, have their facilities and place of trade inspected to ensure proper storage, sales, health and safety of the cocoa products for consumers across the country to avoid contamination which could alter the taste and flavour. This simply implies that you cannot keep the Ghanaian chocolate near toiletries or polluted environments. Take a bite and keep health. The writer is a staff of the Information Services Department (ISD)
From cocoa bean, pulp, chocolate: Nothing goes to waste
Best Exporting 95 per cent of its raw materials ranging from the cocoa liquor, butter, natural/ alkalised cake or powder, Ghana remains the world’s best potent chocolate producer, identified on the World market performing chart-index as the second largest in the world which also is the most expensive, giving its quality and health benefits.Inprocessing the cocoa beans to a semifinished product, out springs the Cocoa Liquor which is 65 per cent fats from which the cocoa butter is extracted with the residue referred to as the cocoa cake grounded to the cocoa powder.Fromits raw materials, the company supplies potassium to soap and body cream manufacturers and also uses the cocoa shells as manure procured by farmers to help nourish their farm produce while the liquor residue finds its way into pharmaceuticals to help underweight patients gain weight, stimulate the nervous systems of weak people, calm hyperactive people and improve digestion and kidney functions.
Markets Ghana’s chocolate has found its way into diverse market spaces across the world and one such unique client is from neighbouring Togo, Benin, Nigeria and Ivory Coast.
To make this dream of exporting the Golden Tree chocolate possible, he used his wife who is an American to buy the product to America, got it melted in her small chocolate factory and repackaged for the American market. Another American entrepreneur of Ghanaian origin, also got the Ghanaian Chocolate into the International market by providing his company approved packaging materials to the CPC for exports, while others use agents to sneak products into foreign markets.
By Mabel Delassie Awuku
Apart from that, Ghana has market for its cocoa products in Senegal, Sierra Leone, South Africa and Kenya. You can also find the Golden Tree chocolate in African shops in the UK and the US while our semi-finished products can be seen in Europe, the Netherlands, Belgium and other Asian destinations. Getting finished products, such as, our Golden Tree Ghanaian chocolate bars into the international markets is a herculean task owing to nontariff barriers used across the world by industrialised countries to protect local industries against foreign competitions, including licences, quotas, embargoes, foreign exchange restrictions, and import deposits compound exports woes. A Ghanaian based in the UK while in Ghana tried exporting the Ghanaian chocolates to the UK, but the product got misplaced on arrival at the UK.
WEDNESDAY, AUGUST 17, 202212 | FEATURE
Stefania Giannini, Assistant Director-General for Education for UNESCO, gives opening remarks in the summit
Huawei, partners explore ICT as an enabler to drive inclusive & innovative education
WEDNESDAY, AUGUST 17, 2022 13| NEWS Huawei hosted the TECH4ALL Education Global Online Summit yesterday. Officials and experts at the summit explored how digital technologies will transform today’s education systems into a more inclusive and innovative paradigm, democratize access to education resources, and buildin systemic resilience to external factors like the pandemic.
…officials and experts from UNESCO, MOEs, universities, and the ICT sector explored the integration of education
Kevin Zhang, CMO of ICT Infrastructure for Huawei, at the summit
“Technology can play a critical and catalytic role in transforming education,” said Stefania Giannini, Assistant Director-General for Education for UNESCO. “We need to use technology to ensure connectivity for all; build free, public digital learning content and platforms; and focus on how technology can enhance innovation and change in teaching methodologies.”Underpinned by connectivity, digital skills, and digital platforms, the transformation of the education sector is gathering momentum.“Technology truly has the power to transform education for everyone,” said Kevin Zhang, CMO of ICT Infrastructure for Huawei. “We are doing this in three ways: connecting schools, promoting digital skills, and supporting STEAMStrategiescurriculum.”that prioritize blended learning are already in play where schools are no longer just physical venues for learning, with educational approaches shifting to prepare today’s students for tomorrow’s world. One UNESCO program that leverages technology and a transformational approach is Technology-enabled Open Schools for All (TeOSS). Supported by Huawei and developed in close collaboration with the MOEs of Ghana, Ethiopia, and Egypt, the three-year project aims to benefit students and teachers in the three African nations and set the foundation for innovative education systems that seamlessly connect school and home learning in online and offline scenarios to maximize inclusion. “It is a project we are very much excited about,” said Mr. John Ntim Fordjour, Deputy Minister of Education of Ghana. “The purpose is to provide reliable connectivity for all schools at the pre-tertiary level. Future educational technology is going to advance the quality of education and even the ways we teach and learn.”InKenya, connecting schools, boosting digital literacy, and providing teachers and students with digital devices is a key priority. Successful completion of phase one of the DigiSchool project, for example, saw 13 schools connected, with more than 6,000 students benefiting. “The Ministry of ICT, the Ministry of Education, UNESCO, and Huawei formed a collaborative initiative to provide sustainable Internet connectivity. Ensuring no child is left behind – that is the driving force behind this project,” said Martin Kungania, Deputy Director, Education National Coordinator for Kenya’s Digital LiteracyExpertsProgramme.from WeTechCare and the Bandung Institute of Technology described progress with the France DigiTruck and Huawei ICT Academy, respectively.
In France, 35% of people are unable to fully utilize digital tools due to a range of challenges. The DigiTruck – a solar-powered mobile classroom converted from a used shipping container – aims to help address this by providing free training in digital skills, targeting unemployed young people and older citizens. Continuing the theme of skills development, discussion on the Huawei ICT Academy centered on the value of developing students’ ICT skills to cultivate the next generation of tech talent – a critical need given the current estimated global shortage of 200 million ICT professionals.Lookingto the future and at how education will evolve, speakers from the National University of Singapore, Pimax Technologies, and Huawei explored how ICT infrastructure and nascent technologies such as AI, VR, and the metaverse will revolutionize the teaching and learning space, reshaping subjects like geography and history with a truly immersive experience that will enable students to virtually travel through time and space.
Monday 15 August 2022, Birmingham - African Business Chamber (AfBC) hosted the Annual Midlands - Africa Business Forum 2022 in Birmingham to coincide with the Birmingham 2022 Commonwealth Games under the theme “Accelerating Economic, Trade, Investment, Tourism and Cultural Relationships to Unlock and Drive Sustainable Growth”
DiasporasponsorsCommissionsAfricanAssociationCommonwealth(LEP),EnterpriseandGreaterVisitAuthorityMidlandsGrowth(DIT),forGames,Commonwealth2022DepartmentInternationalTradeUK,WestMidlandCompany,WestCombined(WMCA),Birmingham,BirminghamSolihullLocalPartnershipBirmingham(BCA),HighandincludingInsurance.
H.E Nathi Mthethwa - Minister of Sport, Arts and Culture, Government of South Africa graced the forum and highlighted the importance of leveraging global sports and cultural events such as The Commonwealth Games to drive long-term economic benefits for sustainable growth and development. Discussed Ekhaya concept, objectives and successes of previous Centres hosted across the World to promote South Africa to the world as a sport, cultural and tourism destination including the upcoming 2023 Netball World Cup (NWC2023). Furthermore, supporting to unlock creativity and innovation by supporting artists such as Nene Mahlangu, Thato Kokwana, ‘Ntate’ Vusi Mahlasela, Asanda, Qadasi and Maqhinga (Maskandi Multi cultural duo music), The Joy Acapella Music and Ensemble and Msaki (Pop Music Vocalist).
Finally, thanked all South African athletes who has kept the flag flying high. Their achievements dominated by women athletes in this women’s Month continues in the footsteps of Banyana-Banyana by putting smiles in the faces of SouthJeremyAfricans.Lefroy, Board Member, Eastern Africa Association (EEA), shared his experience living and working in Tanzania and being the PM trade envoy for Ethiopia.
Birmingham 2022 Commonwealth Games legacy: Enhancing West Midlands - Africa economic relations
Eugene Nizeyimana, Chief Executive, African Business Chamber stated at the opening of the forum: “The Commonwealth Games is a golden opportunity and unique moment to strengthen existing Midlands Africa relationships, open new links and build legacy. The AfBC Forum aims to drive and increase Midlands’s commercial connectivity and strengthen economic ties, boost trade and investment relations. In addition, drive innovation and cross border entrepreneurship. It will also support to jump start tourism and travel economy, cultural and diaspora linkages with African countries during the games and beyond”. “We are seeing the benefits of the Games already. Kora, the Nigerian FinTech payment startup headquartered in Canada has announced its partnership with the Birmingham City Council to launch its fully operational UK office in the region”.
Speakers in attendance included: H.E Nathi MthethwaMinister of Sport, Arts and Culture, Government of South Africa, Jeremy Lefroy - Board Member, Eastern Africa Association (EEA), Former Member of Parliament for Stafford, Prime Minister trade envoy for Ethiopia, champion of the Kenya - UK Healthcare Partnership; H.E Manoah Esipisu – Kenyan High Commissioner to the UK; Hon John L Mugerwa - Ambassador/ Deputy High Commissioner, Uganda High Commission; David Grady - CFO at Birmingham 2022 Commonwealth Games Organising Committee; Opeyemi Abebe - Adviser & Head, Trade Competitiveness Section, Trade, Oceans and Natural Resources Directorate, The Commonwealth Secretariat; Paul Forrest - Director, West Midlands Economic Forum; Stephen Cartwright - Head, Trade & Developing Markets, Foreign, Commonwealth and Development Office (FCDO); Agnes Gitau - Managing Partner, GBS Africa; Pumela Salela - UK Country Head, Brand South Africa; Papa Kow Bartels - Head, Trade and Investment, Ghana High Commission; Dr Thomas Domboka - Head of Business Department and Associate Professor, Birmingham City Business School; Jeff MadzingoCEO, Diaspora Insurance Dr Abdi Rahman, Director for Midlands College of Commerce.
WEDNESDAY, AUGUST 17, 202214 | FEATURE
Jeremy has founded and runs Equity for Africa which seeks to alleviate poverty in a selfsustaining way by creating jobs through investing in small and medium-sized enterprises (SMEs) in TheAfrica. discussions and presentations covered various topical areas including: Ways to enhance UK - Africa relations through sports and culture. Establishing stronger Commonwealth Games legacy to accelerate economic, trade competitiveness, investment flow, tourism, travel economy and cultural relationships to unlock and drive sustainable growth. Increasing import and export through Africa Growth Gateway programme. Unlocking new economic and market growth opportunities for businesses and investors in countries such as South Africa, Kenya, Ghana, Nigeria and Uganda. Doing business in Africa and navigating the economic environment. Further discussion explored ways to strengthen education partnerships, knowledge transfer, innovation and entrepreneurship between the Midlands and African Universities. Final presentation, looked on solving diaspora challenges through entrepreneurship.Theforumwas attended by diverse stakeholders, business leaders, government officials, academia, entrepreneurs, and investors who appreciated the discussions as being informative and in line with current economic trends and growing interests of the UK companies to do business with Africa. The forum was supported by key partners including Brand South Africa, Birmingham
WEDNESDAY, AUGUST 17, 2022 15| FEATURE
New “Taking Care of Business” Workshop Series: Starting this month, Twitter will be offering a monthly, live online workshop series created by Twitter Flight School called “Taking Care of Business.” The series is designed to help professionals who are just getting started with Twitter gain a better understanding of the newest products and offerings available to Professionals on the Platform, or simply need a refresher on how to leverage Twitter to grow their business. The workshops will cover how to set up your Professional Account; how to activate an appropriate spotlight for your business and how to tweet confidently and engage with your audience. Register for one of the upcoming workshops.New#TweetLikeAPro OnDemand Courses on Twitter Flight School: In addition to the live webinars, in August, Twitter will be rolling out 10 a la carte courses on Twitter Flight School that will cover several topics that are top of mind for professionals on how to leverage Twitter to drive customers to buy. The #TweetLikeAPro coursework will be designed specifically for small to medium businesses and will cover topics like how to Up Your Tweet Game, Creating a Community of Engaged Followers and Keeping it Simple: The 4 Cs of Content Strategy. To see all the tools currently available to professionals on Twitter, check out Twitter Help Center. Professionals can access all professional tools the moment they become available by converting to a Twitter Professional Account today. Users must already be logged into their Twitter account to access this page. Users can also access professional tools through the left-navigation sidebar within the Twitter app and select Twitter for Professionals to get started. The initial suite of products unveiled so far has laid the foundation and Twitter is excited to continue introducing new ways to help professionals achieve business success on the platform.
Twitter launches ‘Location Spotlight’, offers more tools for professionals
Twitter launches Location Spotlight that allows professionals with physical business locations to display their business address, hours of operation and additional contact information so that customers can reach them via phone, text, email or Twitter DirectAccordingMessage. to a release, Twitter said, “Today, we’re hitting an exciting milestone in this journey: we’re making the Location Spotlight available to all professionals on Twitter. This is the first spotlight for professionals to become globally available. “Professionals – whether they are creators, nonprofits, developers, small business owners, or big brands – come to Twitter every day to drive results that can move their business forward.”“Forthe past year, Twitter has been developing a collection of foundational, free-to-use products that give this community the tools they need to customize and strengthen their business presence and showcase their products to customers directly on Twitter.”Asthe Location Spotlight scales up, Twitter is giving it an extra boost that can help professionals drive their customers further down the path to purchase. Using Google Maps Platform, this spotlight now gives professionals the option to add a map of their business location. Customers can then click on the map for directions to navigate there. Twitter is excited to bring the Location Spotlight to more professionals around the world. Here’s a look at some of the other professional products and resources Twitter recently introduced and others planned to launch this Professionalyear: Home: For professionals wanting more insights and resources to improve their presence and performance on Twitter, the platform will be introducing Professional Home –a centralized resource hub within the Twitter for Professionals experience. For the first time, professionals will be able to access a homepage to track performance, discover product offerings, tap into additional resources and drive performance. Professional Home will become available to all professionals globally in the coming weeks with additional updates and iterations to come throughout the year. More Profile Spotlights: Twitter plans to test and launch a few additional profile spotlights this year to better serve the broader audience of professionals. Ultimately, these spotlights will enable professionals to encourage potential customers to take the actions they care about most when discovering their account on Twitter. Stay tuned for more information as Twitter begin piloting these spotlights!
GWCL raises GH₵902m from water sales in 2021, up 35pct from 2017
Vodafone Virtual Skills Fair Set for 1st September 2022
WEDNESDAY, AUGUST 17, 202216 | NEWS
The Ghana Water Company Limited (GWCL) realized a total of GH₵902.2million in water revenue collections for the 2021 operational year, which was an over 34percent increment over the GH₵669.5million that was raised in 2017. In terms of billing, total water revenue for the year 2017 was G¢887.1 million and increased to GH¢1.2 billion in 2021 representing a 36.3% rise over the 2017 figure for the 172.7 million cubic metre of water that was sold in the Managingperiod.director of the state water utility company, Ing. Dr. Clifford Abdallah Braimah, the impressive achievements relating to revenue collections have been driven largely by its investments towards the digitalization of its operations.“Ourpriority drive has been the digitization of all processes to serve our customers better. The electronic billing provides a smart way to manage customer information. Customers can pay their bills from the comfort of their homes as well as interact digitally with the company,” he told journalists at its media briefing and exhibition in Accra. As part of efforts to improve our customer services, GWCL started a technological drive which introduced the electronic billing and payment systems in 2015 to reduce armchair reading, reduce billing errors and make customer payments easier and accessible. “Over the years, GWCL, has been a driving force in the water utility sector in Africa, and strives amidst a myriad of challenges through determination and a sense of purpose to fulfill its national mandate to the citizenry,” Ing. BraimahAccordingadded.tohim, plans are underway to digitize GWCL’s new service connection processes with a mobile app through which customers could apply for new service connection at their convenience and monitor itsGWCL’sprogress.electronic payment transactions which started in 2017 with an amount of GH₵1.7million rose to GH₵13.2 million in 2018 and increased astronomically to GH₵64.3million (387.5%) in 2021. Currently, monthly average revenues realised from electronic payment stands at GH₵9.3 million and is expected to rise to GH₵11.1 million by the end of 2022. As at the second quarter of 2022, revenues from electronic payment constituted 10.4% of GWCL’s total collections from water bill payments making the company hopeful that this payment option will become the most preferred by customers in the long term. Ing. Braimah also indicated that the operations of GWCL is still hampered by a myriad of challenges including illegal mining activities, sand winning and pollution of river bodies causing high turbidity and increasing treatment and production costs. Other challenges he mentioned included the frequent power outages leading to disruption in water supply and damages to equipment and machinery at some water production centres, vandalization of transmission pipelines and distribution mains by road contractors and road users resulting in pipe bursts and leakages, and water thefts of all forms. Accra, 16th August 2022: Vodafone Ghana will host the 2022 edition of its muchanticipated Virtual Skills Fair on 1st September. The event, which was a resounding success last year, is part of the organisation’s continuous commitment to supporting youth development and preparing them for the future.The 2022 edition of the oneday fair, dubbed “#LevelUp,” will feature a great lineup of ten speakers who are subjectmatter experts and will share their experience, knowledge, and advice on specific topics. These include Stella Agyenim Boateng, Deputy Chief Executive Officer (CEO) of the Volta River Authority (VRA) and a celebrated HR professional; Paul Kofi Mante, Managing Director of Ecobank Development Corporation (EDC), an expert in financial planning and investment; and Christian Boakye-Yiadom, CEO of the Pizzaman-Chickenman franchise, a young and successful Ghanaian entrepreneur.Thespeakers will lead sessions on critical topics such as future skills, career counselling, financial literacy and entrepreneurship as they prepare the youth for the future and the job market, and help raise a generation of young entrepreneurs.Speakingahead of the event, Vodafone Ghana’s Director of Human Resource, Hannah Ashiokai Akrong, was upbeat that this year’s skills fair would have a significant impact on the youth, as it did during the previous edition. “Last year, we had over 4,000 youth taking part in the Virtual Skills Fair. Participants had access to valuable information that helped shape their career decisions. They got the training, information, and direction they needed to be ready for the business world. I am confident that the 2022 edition will be no different, as we are committed to utilising more of our resources, expertise, and technology to develop Ghana’s human capital. “
“We believe it is essential for today’s youth to have an eye on the future to guarantee their involvement in the digital world. As a country, we can eliminate poverty and drive progressive development by connecting the youth to economic opportunities, and it starts by preparing them for the future,” she added. She further encouraged the youth in Ghana to register and take part in the Virtual Skills Fair to sharpen their technology and business skills. Ashiokai is especially excited to lead the session on “CVs and Interviewing: What And What Not To Do”.
Vodafone is known for its plethora of youth development programmes, including the ‘’Discover Programme’’, which trains and equips university graduates for challenging roles in the organization and the Female Engineering Students Scholarship Program which provides females pursuing STEM programs in tertiary institutions, mentors, scholarships and internships programs in the organization. Details about the event and registration will be made available on Vodafone Ghana’s social media platforms @Vodafone Ghana on Facebook and Twitter. -ENDSBy Patrick Paintsil
The 5th “Extraordinary Ladies” Conference, was organised under the theme “THE JOURNEY’’. The goal was for accomplished women to share their professional journey and experiences to motivate and empower the ladies and women and help boost their confidence and self-esteem. -ENDS-
WEDNESDAY, AUGUST 17, 2022 17| NEWS
Chief Executive Officer of Vodafone Ghana, Patricia OboNai has urged young women to assure their success by making choices that allow them to succeed in every facet of their lives. She stressed that apart from seeking divine direction, much of a person’s success significantly depends on the decisions they make. Patricia Obo-Nai was speaking to over 500 female participants at the Extraordinary Ladies Summit held at the Accra Airport View Hotel when she highlighted this key to success. The Vodafone CEO noted that her successes have been a result of a series of good choices she has made. According to her, the decisions she made, from her course in school to her internship and career move, were pivotal to how successful she has become in the corporate world today. However, she explained that the choices that lead to success may be difficult, take us out of our comfort zone, and require many sacrifices. Nonetheless, these challenges prepare us to withstand the hurdles ahead. Narrating her experience of how she had to overcome some challenges in the corporate world, Patricia recalled when she was building her career as an electrical engineer in the telco sector.“Asa young female engineer, I travelled to every part of the country alongside a team of male engineers to fix network challenges and infrastructure. We worked throughout the night, on weekends and holidays, and the fact that I was a woman did not matter or give me any special privileges. The guys showed me respect, and I showed it back, and that was it. Be ready to make the sacrifices that will not show on your profile, and continue to learn through humility.”
Speaking on becoming the Chief Executive Officer of Vodafone Ghana, Patricia said she had to move from her comfort zone to lead other commercial functions: from the Technology Director role to she became the Director of Fixed Business, Customer Operations, and the Marketing department. The Vodafone CEO emphasized the need for every young lady to learn something new to add value to themselves as they develop their career. She admonished, “Life will throw choices at you, and you will have to make decisions. Some of the decisions may be right. Some may be wrong, but it is fine. The most important thing is that you make a choice, and you learn from the decision that you have made; you rise, and you move on. Some of the decisions that you make will be right because God will guide you. But please understand that life will always allow you to make a choice. So, think through the choices that you make.”
Shape a better future for yourself by making the right choices – Vodafone CEO advises young ladies
The Ghana Stock Exchange strengthened for the week on the back of price gains by 4 counters. The GSE Composite Index (GSE CI) gained 163.96 points (+6.84%) to close at 2,560.49 points, reflecting year-to-date (YTD) loss of 8.20%. The GSE Financial Stocks Index (GSE FI) however lost 7.50 points (-0.36%) to close at 2,085.40 points, reflecting YTD loss of 3.09%. Market capitalization inched up by 3.14% to close the week at GH¢64,802.35 million, from GH¢62,827.57 million at the close of the previous week. This reflects YTD increase of 0.48%. Trading activity recorded a total of 4,660,329 shares valued at GH¢14,758,112.92 changing hands, compared with 66,164,780 shares, valued at GH¢50,649,299.41 in the preceding week. MTN dominated volume of trades, accounting for 50.82% of shares traded for the week whiles New Gold dominated value of trades for the week, accounting for 53.80% of volumes traded. The market ended the week with 4 advancers and 2 decliners as indicated on the table below. The Cedi depreciated against the USD for the week. It traded at GH¢8.0571/$, compared with GH¢8.0001/$ at week open, reflecting w/w and YTD depreciations of 0.71% and 25.46% respectively. This compares with YTD depreciation of 1.06% a year ago. The Cedi also weakened against the GBP for the week. It traded at GH¢9.7841/£, compared with GH¢9.6341/£ at week open, reflecting w/w and YTD loss of 1.53% and 16.94% respectively. This compares with YTD depreciation of 2.39% a year ago. The Cedi also lost against the Euro for the week. It traded at GH¢8.2170/€, compared with GH¢8.1243/€ at week open, reflecting w/w and YTD depreciations of 1.77% and 17.44% respectively. This compares with YTD appreciation of 2.85% a year ago.
WEDNESDAY, AUGUST 17, 202218 | MARKET REVIEW WEEKLY MARKET REVIEW FOR WEEK ENDING - AUGUST 12, 2022 MACROECONOMIC INDICATORS STOCK MARKET REVIEW THE CURRENCY MARKET 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 21.92% Inflation for February, 2022 31.7% 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%
The Cedi again weakened against the Canadian Dollar for the week. It opened at GH¢6.1811/C$ but closed at GH¢6.3063/C$, reflecting w/w and YTD depreciations of 1.99% and 24.81% respectively. This compares with YTD depreciation of 2.67% a year ago.
Government raised a sum of GH¢1,860.97 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,301.71 million raised in the previous week. The 91-Day Bill settled at 27.34% p.a from 27.04% p.a. last week whilst the 182-Day Bill settled at 28.73% p.a from 28.51% p.a. last week. The 364-Day Bill settled at 28.83% from 28.40% at last issue. The table and graph below highlight primary market yields at close of the week. Crude Oil prices settled up more than 3% after the International Energy Agency raised its oil demand growth forecast for this year, as soaring natural gas prices had some consumers switching to oil. Brent futures traded at US$98.15 a barrel on Friday, compared to US$94.92 at week open. This reflects a w/w and YTD gain of 3.40% and 26.19% respectively. Gold prices drifted higher on the back of a drop in U.S. Treasury yields. Gold settled at US$1,815.50, from US$1,791.20 last week, reflecting w/w gain and YTD loss of 1.36% and 0.72% respectively. Prices of Cocoa declined for the week. The commodity traded at US$2,352.00 per tonne on Friday, from US$2,305.00 last week, reflecting w/w gain and YTD loss of 2.04% and 6.67% respectively.
PRICES
ABOUT CORPORATERESEARCHCIDANTEAMINFORMATION CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA). Name: Ernest Tel:+233Email:aaudrey@cidaninvestments.comName:Tel:+233Email:etannor@cidaninvestments.comTannor(0)208818957AudreyAsieduaWiafe(0)578402700 Name: Moses Nana Osei-Yeboah Tel:+233Email:moyeboah@cidaninvestments.com(0)244990069 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: Website:info@cidaninvestmens.comwww.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. Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellWeinformed.value your support and loyalty. +233AdvertisingNewsroom:editor@business24.com.ghContact:0302965315/Sales:242122742 Copyright @ 2019 Business24 Limited. All Rights Reserved. Limited BUSINESS TERM OF THE WEEK Bank Run: A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank’s solvency. Source: cyclical-stocks/https://www.wallstreetprep.com/knowledge/
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WEDNESDAY, AUGUST 17, 2022 19| MARKET REVIEW
GCB commissions GHc20m UHAS hostel project Mastercard Foundation, DAI, Abjel Communications & FBNQuest join Comms Mentoring Programme
The Comms Avenue has unveiled the list of 41 senior communications professionals from leading organisations in Ghana, Kenya, Nigeria, Mauritius, Namibia, Uganda, Zimbabwe, South Africa, Angola and the United States who have joined the fifth batch of the Comms Mentoring Programme (CMP) as Mentors. Created with the goal to bridge the mentoring gap between senior and younger professionals in the African communications industry, the CMP is one of the high-impact initiatives pioneered by The Comms Avenue. So far, over 70 young communications professionals have been mentored through the CMP with tangible results such as career growth, access to new job opportunities and so Speakingon. about the fifth batch of Adedoyin Jaiyesimi, Co-Founder of The Comms Avenue said, “We set a goal at the beginning of the year to impact 100 young communications professionals in Africa through the CMP in 2022. I am glad that with the fifth batch we have exceeded that goal, thanks to the senior professionals who volunteered their time and expertise to mentor the younger professionals in the industry.”
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.
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The Comms Avenue
The Comms Avenue is a capacity-building and networking platform for communications professionals across Africa and the world at large. Co-founded by Adedoyin Jaiyesimi and SharonAnn Adaigbe in April 2020, The Comms Avenue currently has over 900 professionals from 20 African countries in its missiondriven professional community. Its vision is to become a close-knit community of communicators who work collaboratively and are empowered to contribute to positive change in various industries and sectors, across Africa and globally. Based on its core pillars of capacity-building and networking, The Comms Avenue puts together webinars, knowledge exchange and networking events that allow its community members to learn, upskill, collaborate and connect with senior communications professionals and colleagues across the African continent and beyond.Sofar, over 80 senior professionals from organizations such as Coca-Cola, Stanbic IBTC, Kenya Electricity Generating Company, Global Media Alliance, CrossBoundary, Guinness Nigeria, Hearst UK, Meltwater, African Media Agency, First Bank of Nigeria, Mo Ibrahim Foundation, amongst other world class organisations have been engaged through its programs and events. BY BUSINESS24 LTD. TEL: 030 296 5297, 030 296 5315.
The fifth batch of the CMP will officially commence on Saturday 13th August and the senior communications professionals who have come on board as Mentors include: Olayinka Edmond, Lead, Internal Communications, Mastercard Foundation; Dorcas Aba Anna, Managing Director, Ghana & Global COO, Abjel Communications; Babs Adenuga, Group Head, Brand Marketing and Communications, FSDH Group; Catherine Shipushu, Senior Manager, Marketing, Branding and Communication, Namibia Investment Promotion and Development Board; Barbara Ezeife, Head, Marketing and Corporate Communications, FBNQuest; Kunle Osinoiki, Regional Marketing Manager, Dufil Prima Industries, amongst otherAbouts.
GCB Bank PLC has unveiled a state-of-the-art hostel project worth GH¢20 million for the University of Health and Allied Sciences (UHAS) Ho, in the Volta Region, as part of the activities to commemorate the University’s 10thExplaininganniversary.what prompted the massive investment, Mr. Linus Kumi, Head of Corporate Banking, said the bank’s successes with UHAS have deepened its desire to support the nation’s education sector.“We started with UHAS from day one, and we want to assure them that we will be here forever,” he affirmed. Further, Mr. Kumi reiterated that the Bank would continue to engage with the Management of the University to roll out strategies to support the various developmental initiatives. GCB Bank’s business role as a financier in developing and improving the university’s student accommodation provided GHS20 million funding for the construction of a fourstorey hostel complex. Sokode Hall, the six hundred and eighty (680) room residence, was financed by GCB Bank PLC to relieve the perennial accommodation plight of students and introduce a business bench on the campus. Whilst assisting the President of the Republic, Nana Addo Dankwa Akufo-Addo to unveil the plaque, Vice Chancellor of the University, Professor John O. Gyapong expressed his gratitude to the Bank for the continued support for UHAS since its establishment in He2012.also implored the Bank to deliver the same support in earnest for his confirmed successor, Professor Lydia Aziaklo Aziato, whose chancellorship tenure commences in August, 2022.The President paid glowing tributes to founding fathers and staff whose combined efforts have made UHAS a university of choice in Ghana. He also congratulated the Vice Chancellor and lecturers for their critical research role during the COVID 19 pandemic in 2020.GCB Bank was represented by a high delegation, including the Ho Zonal Manager, Mr. Francis Nyarko, Mr. Patrick Morttey, Mr. Richard Dugbartey and Mr. Michael Mireku of the Corporate Banking Department, Mr. Samuel Atopley; the Ho Main Branch Manager, Mr. Davis Akorli of the Strategy and Research Dept., Mr. Elvis Tanson, the Business Dev. Manager of the Ho Regional Office and Mr. Eugene Adu Ayeh of the Corporate Affairs Dept. Other notable guests invited included Council Chairman, Justice Victor J.M Dotse, Volta Regional Minister, Honorable Archibald Yao Letsa, the Chinese Ambassador to Ghana H.E. Lu Kun, Volta Regional House of Chiefs and the Volta Regional Parliamentary Select Committee.
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