We’re ready to help stabilise economyGhana’s–IMFboss Samba Foods drives sales revenue up 57pct, poised to sustain growth Bagbin
PresidentAssociationParliamentaryCommonwealthleadsas
By Patrick Paintsil
The Executive Director at the African Centre for Energy Policy (ACEP), Benjamin Boakye, has asked government to concentrate more on diversifying the economy and move away from its dependent on extractive resources. Ghana’s balance of trade is largely dependent on extractive resources with other major exports not yielding much. He explained that Ghana sought to diversify the economy with oil through the PRMA, however, Ghana has not been successful in diversifying the economy.
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“So much of oil money spent on agriculture, yet food import is growing. It requires effective decision-making that reduces the negative impact of resource dependency. Quick and transparent decisions in order to build confidence in the sector,” he said this at a forum organized by the think tank in Accra. According to him, the extractive resource exports average about 62percent of total exports, adding that a strong relationship exists between the extractive sector exports and overall GDP as well as correlation between extractive sector and exports is visibleThe forum was premised on the fact that a deeper understanding of the drivers of the recent public debt build-up would enable stakeholders to fashion a broad-based consensus on resolving the problem. This was to foster consensus towards providing input into the ongoing engagement with the International Monetary Fund (IMF), given that debt sustainability is expected to dominate any program that would be agreed upon. To this end, understanding the country’s debt dynamics from a more comprehensive point, considering all claims on government, was fundamental to professing solutions than the narrow confines of central government debt development.
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.
Horticulture fast becoming the new job-making machine
2 | THEBUSINESS24ONLINE.COM News/Editorial 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
The Chair and Managing Director of the International Monetary Fund (IMF), Kristalina Ivanova Georgieva-Kinova, says her outfit is willing to assist Ghana to put the country’s economy on a better footing. The Bulgarian economist made this known in a tweet on Friday, August 26, According2022.to her, the IMF’s decision to support Ghana stems from a ‘constructive meeting’ she had with Finance Minister, Ken Ofori-Atta and his team. The meeting, she disclosed, bordered on the challenges of Ghana’s economy and how to address“Constructivethem. meeting with [Ghana’s] Finance Minister Ofori-Atta & his team on Ghana’s economic challenges and the way forward. We are ready to do our part to help the authorities stabilize the economy, lay the ground for stronger growth & help the most vulnerable,” the tweet said. The assurances from the IMF Chair comes at a time when the country’s economic outlook is in distress.Currently, Ghana’s currency, the Ghana Cedi, is consistently depreciating against the US dollar at a fast rate which many citizens are lamenting about. Inflation is also on the rise with the cost of living also on the high. These factors, were amongst a list of considerations which compelled Ghana to seek assistance from the IMF on July 1, 2022.Ina statement issued by the information minister, Kojo Oppong Nkrumah, the move to go to the IMF is to help the global lender assist government in implementing some economic recovery prorgammes.
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.
“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.
We’re ready to help stabilise Ghana’s economy – IMF boss
Wholly-owned Ghanaian food processing and preservation company, Samba Food Processing Limited, says it will adopt a riskbased management approach in its operations as it seeks to cushion the business from prevailing market shocks. The success of the approach will also return the company to profitability and strengthen its position as the leading player in the food processing and preservation industry in Ghana.
MONDAY, AUGUST 29, 2022 | FEATURE 3
By Eugene Davis
By Patrick Paintsil
ParliamentaryCommonwealthAssociationas
“The company needs to remain liquid, profitable and use its resources effectively. The efficient and judicious use of resources is a panacea to success. Also, the company’s standard operating procedures will be strengthened to govern and coordinate the operations of the entity,” chief executive officer of the company, Dr. Mrs. Leticia Osafo-Addo, said at the company’s virtual Facts behind the Figures session on Wednesday.With most Ghanaian producers reeling under the impact of the twincrisis of Covid-19 and Russian invasion of Ukraine, the publiclylisted processed foods manufacturer was able to leverage its strong market presence to mitigate the impact on its operations.Thefeat according to Dr. Osafo-Addo was driven largely by sustained improvements to every aspect of the business, the company’s wide range of products, strong customer relations and an outstanding workforce.
Samba Foods recorded an impressive 57.5percent growth in sales revenue from GH¢672,907 in 2020 to GH¢1,059,735 in 2021 and a three percent marginal decline in gross profit from 44pct to 41pct for same period. Prudent cost monitoring and reduction strategies also drove its operating expenses downwards from 20pct in 2020 to 19.16pct in 2021.In its strategic agenda, Samba Foods seeks to increase turnover to over 55pct, increase total revenue progressively by 15pct up to 50pct quarterly, and to increase net profit by 35pct annually.“For2022, we will strive to return the company to profitability,” Dr. Osafo-Addo added.
President
The Speaker of Parliament, Alban Sumana Kingsford Bagbin, is the new President of the Commonwealth Parliamentary Association International (CPA). He was unanimously elected the President of the CPA, an organization of over 180 member Parliaments of the COMMONWEALTH of nations, at the just ended 65th Commonwealth Parliamentary Conference (CPC) hosted by Canada in SpeakerHalifax.Bagbin, until his election as President, was the Vice-President of the CPA. As President of the CPA, Ghana has been given the opportunity to host the 66th Conference of the CPA in Accra from the 30th of September to the 7th of October 2023. The election of Rt. Hon. Alban Sumana Kingsford Bagbin as President of the CPA makes him the head of the CPA and he will preside over the next CPC in Ghana while also serving as the Chair of the Elections Committee of the Association. He is also a member of the Executive Committee of the Association amongst other roles and duties constitutionally bestowed on him. At this conference, Ghana most important position of the Executive Committee and the Coordinating Committee of the Association.Hethusbecomes the Deputy Spokesperson of the CPA and will assist the Chairman of the Association, Hon. Ian LiddellGrainger, MP, Member of the House of Commons, UK, in providing leadership for the running of the Executive Committee of the Association. Major issues that were discussed at the annual conference included amendments to the Constitution of the Association to make Parliaments in the Commonwealth more relevant, accessible, technologically savvy, gender sensitive, balanced, and inclusive of the youth, and the Parliament of Ghana with the support of one of the second most experienced legislator of the Parliament, Hon. Osei KyeiMensah-Bonsu, comes in handy at a time the Association has been making epileptic progress at transforming itself from a Charity Organization under UK Law into an international, interparliamentary organization. Tried and tested leadership is definitely needed to consummate this aspiration and the hopes of the over 180 branches from both Anglophone and Francophone countries are very high and expectant from the leadership of Speaker Bagbin and Ian LiddellGrainger.Withthe indomitable spirit and support of Ghana and all Ghanaians, these Parliamentary icons will not only lift high the flag of the country, but lead in marketing the culture, traditions, governance and the rich wealth and hospitality of our people, at the 66th Conference of the CPC next year. Success can only be guaranteed, in this regard, when Ghanaians work together. We therefore call on all compatriots to rise up to the occasion and lend a helping hand to celebrate this historic achievement of the Country.TheParliament of Ghana was ably represented at the 65th CPC in Halifax, Canada by a crack team led by the Speaker, and included the Majority Leader, Hon Osei Kyei-Mensah-Bonsu, the Minority Leader, Hon Haruna Iddrisu, Hon Ahmed Ibrahim, Deputy Minority Whip, Hon Thomas Mbomba, Deputy Minister of Foreign Affairs and Regional Integration, Hon Lydia Seyram Alhassan, Deputy Majority Whip, Hon Comfort Cudjoe-Ghansah Doyoe, Second Deputy Minority Whip, and Hon Nana Ama Dokua Asiamah-Adjei, MP of Akwapim North. The Clerk To Parliament, Mr. Cyril Kwabena Nsiah and some members of staff were available to offer secretarial services to the delegation.
Samba Foods drives sales revenue up 57pct, poised to sustain growth Bagbin leads
The Board of Directors of Republic Bank (Ghana) PLC, a subsidiary of Republic Financial Holdings Limited (RFHL) of Trinidad and Tobago has introduced the new Managing Director of the Bank, Mr. Benjamin Dzoboku, to customers of the Bank at a welcome event held on Friday, August 12, 2022, in Accra. Mr. David Addo-Ashong, who introduced the Managing Director on behalf of the Board Chairman, expressed delight in unveiling the first Ghanaian Managing Director of the Bank in seven years, and assured him of the Board’s confidence in his stewardship.
“The Board is very confident in your ability to lead this Bank to the next level. We as the Board of Directors will continue to accord you the same support as your predecessors”, Mr. Addo-Ashong added.Onhis part, Mr. Dzoboku, who has been with the Bank for over 15 years and worked closely with four different Managing Directors, noted that customer delight and living the Bank’s service promise will remain his key focus areas as he leads the Bank forward.He further added that the current state of Republic Bank with the launch of exciting digital products and services namelyVISAFantasticrecently,*414#RepublicUSSDBanking);(InternetRepublicOnline(MobileGhanaRepublicMobileApp);andtheFourCreditCards - with a novel Republic VISA Business Credit Card present unique opportunities for him, together with the Management Team, to grow Republic Bank in leaps and bounds.Welcoming Mr. Dzoboku on behalf of Republic Bank customers, Madam Adwoa Okyere, MD of African Bagg, shared their various testimonials of their experiences in the Bank’s digitalization growth and its positive impact on their businesses.Theycommended Republic Bank, especially for the super personalized customer services and assured Mr. Dzoboku of their support and loyalty to the Bank.
Republic Bank Board introduces new MD to customers
MONDAY, AUGUST 29, 20224 | NEWS
The Ghana Stock Exchange (GSE) held its 32nd annual general meeting posting impressive results amid the lingering effects of the COVID-19 pandemic that continued to slow down the rebound of most economies including Ghana in 2021. The meeting is held every year to update its licensed dealing members, associate members, and other stakeholders on the performance of the Exchange and the way Despiteforward.2021 being another challenging year, the exchange showed resilience by recording a solid financial performance with a surplus of GH¢31.13million representing an increase of 32pct over the same period last year and the highest in the history of the local Addressingbourse.the gathering, the Chairman of the GSE Council, Mrs. Abena Osei-Poku said: “The year 2021 showed signs of recovery following the easing of restrictions on the economy with the slowdown of the COVID-19 pandemic.”Despitethe slow recovery of the economy, the equities market GSE Composite Index, which measures the performance of the entire market, recovered from the negative trends in 2020 to end the year strongly with a positive 43.66pct compared to the negative 13.98pct recorded at the end of Market2020.capitalization for all listed securities at the end of 2021 was GHS64.50 billion, which represents an 18.63% increase compared to GH¢54.37 billion in 2020. This performance earned the GSE the tag of being the second-best performing market in DuringAfrica. the meeting, it was highlighted that GSE continued to embark on strategic partnerships by implementing some memoranda of understanding (MoUs) with some exchanges among other things to share best practices.Theexchange launched an intensive prospection exercise with some private firms and government agencies to attract more listings, including also signing partnerships with some business associations to groom and prepare them for listing. Youth investment education programs were rolled out in collaboration with the Young Investor Network to take investment education to our universities and senior high schools.Inhis remarks, the Managing Director of the GSE, Mr. Ekow Afedzie said: “The Exchange recorded a remarkable performance amid the challenges occasioned by the post-COVID19 pandemic effects which slowed down economic activities in the economy.Thebond market had its best performing year since its inception, recording a total volume trade of 208.81 billion, which is a 92.62pct increase from the 108.41billion traded in 2020.” He added that the Exchange is very much committed to playing its critical role in the economy by creating the platform for the mobilisation of long-term capital and“GSEinvestments.will continue to implement its three-year strategic plan to transform from a frontier market to an emerging market; demutualized entity operating at optimal capacity with an innovative and competitive orientation; and become the preferred platform for financing and investment for both public and private sectors. All of these are aimed at creating a vibrant Exchange to support its mission of providing an efficient securities market in support of national economic development,” he said.
GSE posts impressive 32pct surplus for 2021 financial year
Vodafone announces impressive line-up of Virtual Skills Fair Speakers
In letters to two New York federal judges on Aug. 22, the oil majors said they had agreed to settle with the Nigerian National Petroleum Co. and will terminate ongoing litigation once the new arrangements take effect. The move came 10 days after the firms renewed leases with the Nigerian government and productionsharing contracts with the NNPC for the permits at the heart of long-running disputes over the allocation of crude. Equinor and Chevron filed a suit in the US four years ago asking a court to enforce a $1.1 billion award issued by an arbitration tribunal against the NNPC in 2015. Shell and Exxon initiated similar proceedings in New York in 2014 over a $1.8 billion arbitration award. Both penalties followed allegations by the majors that the NNPC took crude beyond its entitlement under contracts signed in 1993 that were designed to incentivize the companies to develop deep offshore blocks. Lawyers for Equinor and Chevron asked the judge to suspend the case until the end of October “to allow sufficient time for the conditions to be satisfied and for the settlement agreement to become effective.” Once that happens, the companies “expect to withdraw this action,” the letter said. Exxon and Shell anticipate being able to do the same after 60 days, they said in a separate letter.
MONDAY, AUGUST 29, 2022 | NEWS 5
Vodafone has announced an impressive line-up of speakers for its annual youth Virtual Skills Fair, scheduled for 1st September 2022. The outstanding speakers have been chosen to share their ideas and knowledge on a wide range of topics that will help raise a generation that is ready for the future and ultimately help reduce youth Bennett.DevelopmentResourcing,HannahResourcesGhana’sAmeyawGhanaianStonebwoy;DancehallGhanaianandBoateng,(VRA),theExecutivePaulEDCManagingBoakyefranchise,Pizzaman-ChickenmanarescheduledAmongunemployment.thespeakersfortheeventtheCEOoftheChristianYiadom;theDirectorofInvestmentsLimited,Mante;DeputyChiefOfficer(CEO)ofVoltaRiverAuthorityDrStellaAgyenim-thesensationalaward-winningAfropop,musicianpopularbloggerDebrah;VodafoneDirectorofHumanatVodafoneGhana,AshiokaiAkrong;andtheTalent&LearningManager,MaryThespeakerswilltaketurns
Shell Plc, ExxonMobil Corp., Chevron Corp. and Equinor ASA plan to withdraw multibilliondollar lawsuits against Nigeria’s state energy company after finalizing new terms for deepwater oil production in Africa’s largest crude producer.
Shell, Exxon, others to withdraw billiondollar Nigerian lawsuits
The extension of Equinor’s license on Aug. 12 “was an important milestone” that “secures continued production and cash flow,” a spokesman said by email. “All outstanding disputes in Nigeria have also been resolved” as part of the renewal agreement, he said. Shell and Chevron declined to comment while Exxon and the NNPC didn’t immediately respond to requests for comment.
leading sessions on important topics such as critical future skills, career counselling, building a meaningful career through entrepreneurship, overcoming obstacles on a career journey, critical financial literacy skills, building and leveraging a strong presence online, and the future of work and how to get ready. The Vodafone Virtual Skills Fair, dubbed “Level Up,” forms part of Vodafone’s continuous commitment to supporting youth development and preparing them for the future. In 2021, over 4,000 Virtual Skills Fair participants joined the various sessions, including career guidance, and had access to training content and information about career choices through a series of speaker sessions. Over the years, Vodafone Ghana has committed to developing human capital through its youth will1:00theSkillstertiaryprogrammesfemalestheopportunitiesandscholarships,toProgrammeStudentsFemaleinforuniversitywhichDiscoverprogrammes,developmentsuchastheProgramme,trainsandequipsgraduateschallengingrolestheorganisation.ItsEngineeringScholarshipcontinuesprovidementorship,internships,careeradvancementwithinorganisation,topursuingSTEMatthelevel.TheVodafoneVirtualFairkicksoffon1stofSeptemberatpm.VodafoneGhanahosttheprogramme online via its YouTube and Facebook platforms. Follow all the Virtual Skills Fair posts on the Vodafone Ghana social media pages, click on the registration link in the caption to register, and choose your preferred topics.
MONDAY, AUGUST 29, 2022 Business Loans For all your business loans, visit any of our 114 branches ationwide or talk to us on 0302-216000 TERMS AND CONDITIONS APPLY l: +233 (0)302 21 6000www.cbg.com.ghcbgbankltd
Serene Insurance has demonstrated strong growth in key financial metrics across its various business segments as it recorded about GH¢43.3million in gross written premiums for the 2021 financial year representing 50 per cent increase as against GH¢21.7million in 2020.
Reacting to the recognition, the Head of Marketing at Serene Insurance, Mrs. Eugenia AgyireTettey said: “At Serene Insurance, we are motivated by the truism that a satisfied customer is the best business strategy of all. This is why we have been committed and focused on timely claim payments, staying true to our word in delivering unprecedented and prompt claim payments”. Mrs. Agyire-Tettey noted that Serene Insurance has partnered with credible local and international reinsurance brands to support the company’s operations in providing another layer of protection for policyholders as a demonstration of commitment to safeguarding customer interest.
The Ghana Insurance Awards is a trademark owned by Xodus Communications Limited organizers of Forty under 40 Ghana, Forty under 40 Africa, Ghana Oil and Gas Awards, Ghana Manufacturing Awards and Ghana AutoOtherAwards.award winners at the event were Bima, Nationwide medical, Enterprise insurance and SIC Life for Hall of Fame. For CSR leadership award, Allianz Life Insurance Company, Absa and Bancassurance were recognised.Brandof the Year went to for Insurance category went to Prudential Life Insurance, Brand of the Year General Insurance went to Star Assurance and Product innovation Life category went to Old mutual insurance.
From the onset with one branch, today Serene Insurance boosts of nine branches with over 68 staff and more than 40,000 institutional and retail client base showing the steady growth and penetration into the industry market in Ghana in a space of four years.Serene Insurance’s aggressive agency network expansion of over 200 active agents across the country, unrivalled customer service, strong financial base, being one of the well capitalised players in the industry and inclusive product penetration into the insurance market among other innovations has positioned it as the new face of insurance.
The General Manager, Mr. Michael Agbleke noted Serene Insurance placed the award in great esteem stressing it would serve as a constant reminder for the company to strive towards deepening its efforts to creating value for all stakeholders.
MONDAY, AUGUST 29, 2022 | NEWS 7
‘We still remain focused on being the preferred insurance partner and institution of choice for our staff, shareholders and customers’, Mr. Agbleke noted in appreciation to all stakeholders. In his welcome remarks, Chief Executive Officer of Xodus Communications, organisers of the Ghana Insurance Awards, Mr. Richard Abbey noted his outfit was in partnership with industry players to promote higher standards and recognise excellence.TheChief Executive Officer of the National Health Insurance Authority (NHIA), Dr. Bernard Okoe Boye who was the Guest of Honour commended nominees and winners for pushing the boundaries of excellence and quality services.
Serene Insurance recognized as Fastest Growing Insurance Company
Serene Insurance, a member of the First Sky Group, operating in the general insurance space in Ghana was Friday night recognised as the fastest growing insurance company at the 5th Ghana Insurance Awards held in Accra. The recognition comes on the back of the reputation Serene Insurance has built as a provider of reliable and cost effective insurance products and services that address the needs of the insuring public.
China’s Financing Builds Africa’s Capacity to Grow China has always respected the wishes of the African people. Our financing to Africa mainly focuses on infrastructure and manufacturingrelated sectors to meet the region’s real needs. To date, Chinese companies have helped African countries build and upgrade over 10,000 kilometers of railway, around 100,000 kilometers of highway, 1,000 Bridges, 100 ports, and many largescale power plants, hospitals and schools. Such financing support has boosted economic growth, inreased tax revenues, created jobs and improved people’s lives, bringing tangible benefits to the African people.Interms of financing cooperation with Africa, China is a latecomer, but China-Africa financing cooperation has provided Africa with new options to break the bottleneck of insufficient funds for development. According to the World Bank’s 2022 statistics, 28.8% of Africa’s external debt comes from multilateral financial institutions and 41.8% from commercial creditors. Together they accounted for more than 70%. Western investors are the largest creditors of Africa. Chinese debt only takes up 17% of Africa’s total external debt. Labeling China as the main creditor of Africa is clearly an overstatement. Chinese debt to Africa are mostly productive and sustainable “good debt” rather than consumptive or unsustainable “bad debt”. The so-called “Chinese debt trap” is actually a “poverty trap”, a piece of disinformation conjured up by some western countries to block African development, undermine African countries’ right to independently choose their development partners and hold back Africa’s industrialization and efforts toward economic independence. What they want is to plunge the continent into a trap of underdevelopment and continue to make it a provider of lowcost resources. In its financing cooperation with Africa, China always acts on the principles of equality, openness and transparency and respects the sovereignty and domestic legal procedures of African countries. China has never attached any political strings to debt agreements, never forced any African country to take out loans, and never pressed for any debt service by any African country. Under China-Africa financing cooperation, not a single African country has been forced to mortgage its ports, mines or other strategic resources to China. Still less, not a single African country slid into debt predicaments just because it has financing cooperation withChinaChina.supports the effort to reduce the debt burden on African countries, and is fully implementing the G20 DSSI: it has put off more debts than any other G20 member, signed debt agreement or reached common understanding on debt relief with 19 African countries. China is making steady progress in implementing all the pledges it made in Dakar. Over 3 billion has been delivered out of the
China and Africa Enjoy Timehonoured Friendship China is the largest developing country, while Africa is the continent with the largest number of developing countries. Developing solidarity and cooperation with African countries has been the cornerstone of China’s foreign policy, as well as a firm and longstanding strategy. Since the fight for national liberation and independence, China and African countries have always supported each other and pursued common development, forging unbreakable fraternity. Shared past experiences and similar aims and goals have brought China and Africa close together. China and Africa will always be a community of shared future. China-Africa relationship is at its historical best. 52 African countries and the African Union Commission have signed cooperation documents with China on the Belt and Road Initiative (BRI). In the Dakar Declaration, African countries welcomed and supported the Global Development Initiative proposed by President Xi Jinping, becoming the first continent to do so. In May 2021, China and Africa together launched the Initiative on Partnership for Africa’s Development, to pool resources in those areas where Africa’s most urgent needs lie, promote consensus among the international community and provide greater impetus to Africa’s development.Standingata new historical starting point, China will continue to follow the principles of sincerity, real results, amity and good faith and pursuing the greater good and shared interests, put forth by President Xi Jinping. China will always be Africa’s partner of mutual respect, equality and sincere cooperation. We will firmly support African countries in pursuing your own development paths and seeking strength through unity. China supports the AU in joining the G20 and supports Uganda in hosting a successful high-level meeting of the Non-Aligned Movement. We will work with Africa to carry forward the Five Principles of Peaceful Co-existence, practice true multilateralism and jointly safeguard the legitimate rights and interests of developing countries. China Provide Sincere and Generous Assistance to Africa China-Africa cooperation is about mutual support between developing countries. Over the years, China has formed a distinctive approach to win-win cooperation with Africa. China’s approach involves upholding four principles: Upholding sincerity, friendship and equality, Upholding shared interests and the greater good, with greater emphasis on the latter, Upholding a people-oriented approach in pursuing practical cooperation with efficiency, Upholding openness and inclusiveness. There are five lines that China will not cross: no interference in African countries’ choice of a development path that fits their national conditions; no interference in African countries’ internal affairs; no imposition of its will on African countries; no attachment of political strings to assistance to Africa; and no pursuit of selfish political gains through investment and financing cooperation with Africa. Foreign aid from 2013 to 2018 totaled RMB270 billion. Of this sum, 45 percent went to African countries in the form of grants, interest-free loans and concessional loans. From 2000 to 2020, China helped African countries build more than 13,000 km of roads and railway and more than 80 large-scale power facilities, and funded over 130 medical facilities, 45 sports venues and over 170 schools. It also trained more than 160,000 personnel for Africa, and built a series of flagship projects including the AU Conference Center. China has sent a total of 23,000 medical team members to 48 African countries, who have treated 230 million patients. Since the outbreak of COVID-19 pandemic, China has sent medical teams to 17 African countries and provided 189 million doses of vaccines to 27 African countries. Joint production of vaccines in Africa now has an annual capacity of about 400 million doses. The Africa CDC Headquarters building has topped out and is expected to be completed early next year. This year, China have provided emergency food assistance to Djibouti, Ethiopia, Somalia, and Eritrea. On 8th July at the G20 Foreign Ministers’ meeting, State Councilor and Foreign Minister Wang Yi put forward China’s initiative on international food security cooperation. The Chinese government has decided to provide, within this year, a new tranche of food assistance to the 17 African countries in need, and will encourage more Chinese firms to invest in agricultural production and processing in Africa to help realize food self-sufficiency.
By H.E. LU Kung, Chinese Ambassador to Ghana
On August 18, 2022, the Coordinators’ Meeting on the Implementation of the Follow-up Actions of the Eighth Ministerial Conference of the FOCAC was successfully held via video link. The Meeting reached a threepoint consensus: First, both sides are committed to accelerating the building of a China-Africa community with a shared future in the new era. Second, both sides are committed to strengthening solidarity and cooperation among developing countries. Third, both sides are committed to constantly boosting the well-established credentials of FOCAC.
In November, 2021, the Eighth Forum on China-Africa Cooperation (FOCAC) Ministerial Conference was successfully convened in Dakar, Senegal. The Conference adopted four outcome documents including the Dakar Declaration. Chinese President Xi Jinping announced the launch of nine programs for China-Africa cooperation. Since the Conference, despite the evolving international situation, China and Africa have stayed our course in enhancing solidarity and focusing on cooperation. We have made good progress in implementing the outcomes of the conference, bringing real benefits to the people in Africa.
Accelerate building a China-Africa community with a shared future in new era
China-Africa Cooperation Boosts Africa Economic Growth China remains Africa’s largest trading partner for 13 consecutive years In 2021, the bilateral trade volume reached $254.3 billion, up 35.3% year-on-year and hitting a record high. Among them, imports from Africa reached $105.9 billion, up 43.7% year on year. During the first half of 2022, China-Africa trade reached $137.38 billion, up 16.6% year on year. In the first seven months of this year, China imported $70.6 billion of goods from Africa, and Chinese enterprises invested $2.17 billion in Africa. In the past five years, China’s agricultural imports from Africa have grown at an average rate of 11.4% annually, and bilateral trade in services has created nearly 400,000 jobs for Africa every year. By the end of 2020, Chinese companies had invested more than $43 billion in Africa, covering highway, electricity, telecommunications and port projects etc. Chinese investment has brought opportunities, capital and employment, enhancing Africa’s capacity for self-driven development and improving the livelihoods of the localChinapeople.has never pursued a trade surplus with Africa and has adopted various measures to increase imports from Africa. We has offered zerotariff treatment of 97% of taxable products from 33 least-developed countries (LDCs) in Africa. We are pushing for “green lanes” for African agricultural exports to China in a bid to reach $300 billion in total imports from Africa in the next three years. So far this year, China has signed exchange of letters with 12 African countries on zero tariff for 98 percent of their export items to China. We will waive the 23 interest-free loans for 17 African countries that had matured by the end of 2021. China will continue to actively support and participate in the construction of major infrastructure in Africa through financing, investment and assistance. We will also continue to increase imports from Africa, support the greater development of Africa’s agricultural and manufacturing sectors, and expand cooperation in emerging industries such as the digital economy, health, green and low-carbon sectors. China welcomes continued interest in and support for Africa from the international community. We would also like to, with the consent of our African brothers, carry out trilateral or multi-party cooperation in Africa. What Africa wishes for is a favorable and amicable cooperation environment, not the zero-sum Cold War mentality. What Africa would welcome is mutually beneficial cooperation for the greater wellbeing of the people, not majorcountry rivalry for geopolitical gains.
MONDAY, AUGUST 29, 20228 | FEATURE
China Supports Africa in realizing Sustainable Development China pursues green, low-carbon and sustainable development in its cooperation with Africa, never at the expense of Africa’s ecosystem or long-term interests. Both sides are expanding cooperation on environmental protection, climate change and green development.
All FOCAC meetings have issued cooperation plans for ecological and environmental protection, which have been effectively implemented. The two sides have expanded cooperation on clean energy including solar and wind power, and successfully held a workshop on building the Great Green Wall of Africa. China firmly opposes all forms of illegal fishing, illegal mining or illegal logging. Chinese companies strictly abide by relevant laws and have made important contributions to Africa’s economic and social development.ProfoundTraditional Friendship and Fruitful Practical Cooperation China is Ghana’s largest trading partner and major source of investment. The bilateral trade volume always remains among the top in Africa. In 2021, bilateral trade reached $9.572 billion, up 12.2% year on year. China’s direct investment increased by $57.27 million. So far, Chinese companies have completed a series of key projects, including the Tema Port expansion project, the Western Corridor Gas Infrastructure Development Project and BUI Hydroelectric Power project, bringing tangible benefits to the Ghanaian people. At present, the China-aided Jamestown Fishing Port, Phase II of the University of Health and Allied Sciences Project, Polytechnics, Technical and Vocational Training Centers Upgrading Project, and the Annex building of the Ministry of Foreign Affairs and Regional Integration are well underway. Under the Master Project Support Agreement between the Government of Ghana and the Sinohydro Corporation, Tamale Interchange and Upgrading of Selected Feeder Roads in Ashanti and Western Regions have been commissioned. Takoradi Interchange has completed 35%, Sunyani Inner City Roads have completed 65%, other projects are well on their way. Later this year, the Communist Party of China will hold its 20th National Congress, thus ushering in a new journey of building a modern socialist country in all respects. This year also marks the 20th anniversary of the founding of the African Union. At this new historical starting point, China and Africa need to stand even closer with each other, press ahead toward common development and rejuvenation, and truly build a ChinaAfrica community with a shared future i
Ghana’s decision to conduct its second Voluntary National Review this year underscores our unflinching belief in, and commitment to, the 2030 Agenda. We must be determined not to allow the devastating effects of the pandemic to deflate our efforts with just over eight years left to the 2030 enddate. Strengthening “whole-ofgovernment” and “whole-ofsociety” ap-proach, while more strongly exploring innovative financing arrangements will ensure that, indeed, No One is Left Behind. Key to success will be harnessing science, technology and innovation; deepening strategic partnerships, particularly, with the private sector and tradi-tional leaders; and unleashing the enterprise of women and the youth. Ghana’s second Voluntary National Review (VNR), following on from the first in 2019, represents an important progressive milestone for the country. This report is the result of a consultative and participatory process led by the National Development Planning Commission, involving Government of Ghana Ministries, Departments and Agencies, Civil Society Organization’s (including representation of youth, women, children and persons living with disabilities), the private sector, UN Agencies and a host of development partners. The main messages emerging from the 2022 VNR, highlight Ghana’s need to restore and transform the economy to create opportunities for all, especially young people; broaden social protection for vulnerable groups, including persons with disability, to enhance social inclusion; strengthen innovative financing and resource mobilisation through expanded multistakeholder partnerships, especially with the private sector; build an integrated national financing framework and harness emerging opportunities such as the Africa Continental Free Trade Agreement. Ghana will need to address infrastructure deficits in key sectors (health, education, and sanitation services); support the national digitalization drive; and mitigate the impacts of climate change and variability for green growth. His Excellency
MONDAY, AUGUST 29, 2022 | FEATURE 9
10 billion US dollars of credit facilities pledged to African financial institutions, and nearly 2.5 billion US dollars of loans were channeled to Africa’s priority programs. More than 2 billion of the 10 billion US dollars of trade finance has been allocated. We are prepared to, through the IMF’s two Trusts, re-channel 10 billion US dollars of its SDR to Africa, and encourage the IMF to direct China’s contributions to Africa.
Ghana recently launched its 2022 Voluntary National Review (VNR) report on the Sustainable Development Goals (SDG’s) at the Accra International Conference Centre with Denkyirahemaa Nanahemaa Ama Ayensua Saara III as chairperson for the occasion, the Chairman of the National Development Planning Commission - Prof. George Gyan-Baffour, Mr. Charles Abani – the United Nations Resident Coordinator in Ghana together with a host of several dignitaries launched this report at a colourful ceremony held here in Accra. ProHumane Afrique International and several CSO networks were equally present at this launch. The Status of Ghana’s progress as specified in this report caught my addition. The 1992 constitution of the Republic of Ghana provides the expectations from government, citizens, and other entities on what should be accomplished by the state. These expectations make room for human rights, balanced development, environmental protection, international affairs, among others. According to the report, a total of 102 indicators were assessed in the 2022 VNR compared to 66 in the year 2019. World leaders declared the period 2020 to 2030 as the Decade of Action for the Sustainable De¬velopment Goals (SDGs) in September 2019. According to His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana in his opening remarks read on his behalf; He cherished strongly the hope that this would trigger the rapid scaling-up of sustainable solutions needed to address the critical challenges facing our world. Unfortunately, few months after this historic declaration, our world was hit by the devastating COVID-19 pandemic, push¬ing us into “unchartered territory”, while fear and sheer terror gripped many.The pandemic since have had a devastating effect on lives, livelihoods, global supply chains, businesses, and significant¬ly eroded the development gains made over the last decade and the prospects of achieving the SDGs have become more daunting, but he dare say that giving up is not an option for Ghana. As the world re-opens up and begins to recover from the deleterious effects of the pandem¬ic, the SDGs have, become even more relevant as they present us with a credible pathway for a prosperous, inclusive, resilient and peaceful world.
The Giving Capsules: Decade of Action for the Sustainable De¬velopment Goals (SDGs) & Status of Ghana’s indicator in the VNR Report of 2022.
Mr. Charles Abani - the United Nations Resident Coordinator in Ghana indicated in a brief statement.Whatthen is the status of the indicators as reported in the 2022 VNR on the SDG’s? SDG goal one is looking at “ending poverty in all its form everywhere”. Following the onset of the COVID-19 pandemic, nearly 3 out of 4 households reported a decrease in their income, and the proportion of households classified as poor is estimated to have risen to 25.5 percent in 2020 from 23.4 percent in 2017. Poverty in Ghana is more prominent in rural areas and the northern part of the country the report indicated. What then are the emerging issues for consideration; reduced households’ income levels, loss of jobs, low expenditure on social protection, general increase in poverty, late release of LEAP payments, low coverage and expenditure on social protection, currently below 1 percent as against the target of 4.5 percent. SDG goal two calls for an “end to hunger, achieve food security, improved nutrition and promotion of sustainable agriculture. According to the report, the proportion of the population experiencing moderate to severe food insecurity based on food insecurity and experience scale (FIES) declined from 49.5 percent
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MONDAY, AUGUST 29, 202210 | FEATURE 2020. Those experiencing severe food insecurity however increased from 8 percent in 2017 to 9.5 percent in June 2020 at the peak of COVID-19 pandemic and declined to 6.2 percent in September 2020 following government interventions. What then are the emerging issues for consideration; marginal decrease in food insecurity, increase in food inflation, low orientation by government to agriculture, decrease in farm animal production and delay in input supplies.Goal3 is to “ensure healthy lives and promote well-being for all at all ages. Maternal deaths have declined from 580 per 100,000 live births in 2007 to 301 per 100,000 live births in 2021. The slow pace of maternal death decline makes it difficult for the country to achieve the SDGs target of 70 deaths per 100,000 live births by 2030. Similarly, maternal deaths recorded at health facilities have reduced since 2007 to 109 per 100,000 live births in 2020 and is projected to reach 62 per 100,000 live births in 2024. What then are the emerging issues for consideration; increase in government expenditure on health, high incidence of non-communicable diseases, urgent need for local vaccine production, urgent need for Ghana Centre for Disease Control (CDC), high doctor to population ratio and unequal distribution of health facilities the report mentioned.SDGgoal four is to “ensure inclusive and equitable education and promote lifelong learning opportunities for all”. The level of proficiency in English language and Mathematics is very low among Primary 4 (P4) and Primary 6 (P6) pupils. The National Educational Assessment conducted in 2018 shows a decline in proficiency in English language and Mathematics for both P4 and P6. Proficiency in English language was 25 percent for both Primary 4 and Primary 6, while for Mathematics; it was 19 percent for P4 and 22 percent for P6. Generally, girls outperformed boys in English language in P4 and P6 while boys performed better than girls in Mathematics in P6. A similar situation is also observed in BECE pass rates and functional literacy, where girls outperformed boys in English language and boys outperformed girls in Mathematics. The National standardised test was introduced in 2021 to help improve proficiency at the basic level. The maiden edition was conducted in December 2021 for all primary four (P4) pupils in public basic school. Also, findings from the Rapid Assessment on School Absenteeism and Dropout by Girls had it that; although school attendance and completion rates have improved at all levels, menstruation remains a major contributor to school absenteeism and dropout among girls particularly in the rural areas. This is a result of a myriad of challenges counting: the increasing cost of sanitary materials, making some girls resorting to unhygienic materials; menstrual pain and related health issues; fear of staining oneself and the perceived stigma; the absence of a sick bay or rest area to help girls rest during painful menstrual cramps; no or limited access to water and sanitary facilities; washrooms not disability friendly for people with disability (PWDs); and lack of convenient places to dispose used sanitary materials. Also, progress reported on the Technical, Vocational Education and Training front had it that; from 2017 to 2021, the number of Technical and Vocational Institutes (TVIs) in the country remained the same irrespective of the increasing demand. This was partly due to funding challenges in providing new TVIs across the country. However, the enrolment figures in the Ministry of Education and Ghana Education Service (MOE/GES) TVIs have increased steadily from 54,186 in 2017 to 71,126 in 2021, representing an annual average growth of 7.8 percent. Work on branding the TVET sector for attractiveness and good customer service ProHumane
Afrique International still finds missing in the report but a major issue for consideration. TVET ProHumane has been advocating severally is not meant for school drop outs. It is a life skill, and a life skill is life in itself. What then are the emerging issues for consideration; Widening disparities between urban and rural education outcomes, limited access to alternative learning platforms for rural leaners, gradual improvements in JHS completion rate, low literacy in rural areas and among females, declining net enrolment rate at all levels, low enrolment of children with disabilities in schools, increasing TVIs with disability-friendly facilities and stagnation of Gender Parity Index at SHS level. ProHumane adds to the emerging issues – period poverty needs and the need to do away with the 20% luxury tax on menstrual products. ProHumane is urging governments to help eliminate the 20 percent luxury tax on menstrual hygiene products because issues of Menstrual Hygiene Health Management remains a major challenge for women and girls not only in Ghana but globally. Please don’t tax our periods. Support need for sustainable and environmentallyfriendly alternatives as well. SDG goal five is calling on all to “achieve gender equality and empower all women and girls”. Looking at the effect of COVID-19 on gender equality, women and girls, the report had it that. Generally, the partial lockdown during the COVID-19 pandemic led to families spending more time together. This largely exposed women and girls to increased risks of genderbased violence including sexual exploitation and abuses. In 2021, there were 467 cases of domestic violence reported through the Orange Support Centre. What then are the emerging issues for consideration; lower mobile phone ownership among female population, slow progress in rape and defilement cases , decline in women representation in ministerial positions since 2019 and majority of agricultural lands are without Subsequentdocumentation.editions will review the other SDG goals to include; goal 6 where we are to ensure availability and sustainable management of water and sanitation for all, goal 7- ensure access to affordable, reliable, sustainable, and modern energy for all; goal 8 - promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. Goal 9 - build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation. Goal 10 - reduce inequality within and among countries. Goal 11 – make cities and human settlements inclusive, safe, resilient and sustainable. Goal 12- ensures sustainable consumption and production patterns. Goal 13 - take urgent action to combat climate change and its impacts. Goal 14- conserve and sustainably use the oceans, seas and marine resources for sustainable development. Goal 15- protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss. Goal 16 –promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels. Goals 17-strengthen the Means of Implementation and Revitalize the Global Partnership for Sustainable Development. Let’s take the SDG pledge together. Pledge with me to make sustainability a priority in our lives. I understand that my actions, behaviors, and choices make an impact on the society, environment, and our economy. I pledge to make intentional choices that will benefit the quality of life for myself and advocate for choices that benefit the lives of others. Don’t only be awesome in life, learn to #beHumane.
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Baptista is a Hybrid Professional and the Executive Director of ProHumane Afrique International. ProHumane is a charitable, development & think thank organization working with communities & individuals to create sustainable solutions to transform communities through diverse pro-poor initiatives. Pro-poor initiatives are initiatives that help to alleviate poverty. Baptista is a realist, affable, simple and humane. You can reach us via e-mail on prohumaneafrique@gmail.com and follow this conversation on all our social media sites: Linked-In/ Twitter/ Facebook/ Instagram: ProHumane Afrique International. Call or WhatsApp: +233(0)262213313. Hashtag: #behumane #thegivingcapsules #prohumaneafriqueint #fowc
MONDAY, AUGUST 29, 2022 11| NEWS
“We know that Sub-Saharan Africa is ideally poised to take advantage of renewable energy and solar in particular,” says Victor Koyier, Vice Director of Huawei Smart PV Sub-Saharan Africa. “But we also know that digital technologies are key to unlocking its potential. We believe that our full suite of Huawei FusionSolar Smart PV and ESS solutions will help stakeholders at the utility, C&I, and residential scenarios by ensuring that solar systems are more affordable, more effective, and easier to maintain.”
Huawei Digital Power this week launched its full range of FusionSolar Smart PV and Energy Storage System (ESS) solutions to the Sub-Saharan African market at the Solar Show Africa 2022. Renewables will be crucial if the region is to meet its development goals and ensure that all of its people have access to electricity. Africa has the biggest potential of solar energy around the world, with long-term output of 4.51 kWh/kWp per day. However, at present, Sub-Saharan Africa accounts for 77% of the global population without electricity access, and that proportion has increased since the start of the COVID-19 pandemic.
The solutions Huawei launched in Africa include FusionSolar Smart PV Solution 6.0+, which enables a PV system to be adapted to various grid scenarios, especially in a weak grid environment; Residential Smart PV Solution and Commercial & Industrial Smart PV Solution offers an all-around clean energy experience to homes and businesses respectively with optimised electricity costs, active safety, smart operation and maintenance (O&M) and intelligent assistance for an enhanced experience.
Huawei launches full range of FusionSolar Smart PV, ESS solutions in Africa
“These solutions are ideally poised to help advance the adoption of renewables at all scales across the region. Take active safety feature for example, the industry-leading AFCI technology enables precise fault detection and emergency disconnection, which drastically improving the system’s safety; We can also increase power generation by over 2% under the same conditions and increase installation volume by up to 30% while using the power optimizers in C&I and residential scenarios, which can be directly translated to further electricity cost reduction. ” Kovier said. “By bringing the knowledge that we’ve accumulated in the ICT space to the power sector, we can help make the supply and management of energy smart.” Kovier concludes.
MONDAY, AUGUST 29, 202212 | FEATURE
MONDAY, AUGUST 29, 2022 13| NEWS Voltic (GH) Limited launched its latest innovation – Hollandia Choco Malt Drink today.
The event was graced by several guests and dignitaries including sub chief of Nsawam Adoagyiri, Abakomahene Odiatuo Katakyie Afrifa, deputy minister of Trade and Industry, Hon. Michael Okyere Baafi, CEO of AGI, Seth-Twum Akwaboah, and Godwin Fiamo Wedu, Assistant Chief Director of Nsawam Adoagyiri Municipal Assembly. In her address, MD Flora Jika thanked the Coca-Cola Beverages Africa Ghana team, communities, and the government for their immense contribution to the success of the business and called for its continuity.
Voltic launches new product
“It is because of the support from the communities and the government that we have been able to create local sourcing opportunities through the production of the Hollandia range of products in Ghana. We have also been able to create inclusive growth opportunities for all, a cause CCBA is committed to.”
Hollandia Chocomalt Drink is an instant, ready-to-drink beverage that takes away the hassle and inconvenience involved in preparing a beverage. It serves as instant nutrition to consumers; filled with the goodness of milk, energy-giving malt, and delicious chocolate that comes in convenient pack sizes.
A Ghanaian-owned company, Pharmatech Solutions Limited, with a strategic focus on designing technological solutions to enhance efficiency within the healthcare industry is set to launch a user-friendly medicine prescription labelling machine called Approved Label Printer in Ghana.According to the founders of the company, Pharmacists Hayford Nkansah Brako and Isaac Nkrumah, the frequency of reports of poor, sloppy and illegible hand-written prescriptions and their associated risks of harm to patients were at the root of developing Approved Label Printer to eliminate the recurrence of human dispensing errors in prescriptions of medicines.ThePrinter works with a specialized Pernicol App which has more than ten thousand (10,000) medicine templates preprogrammed and verified using the approved reference materials for usage by pharmacists. The founders say “Pernicol App, which is the first of its kind in Africa, has drug information made easier for patients. For the first time, patients get to know how the drug can be used, how much of it must be taken and its side effects among others”. The founders believe that this digital system of prescription would ensure efficiency, predictability and accuracy and would revolutionize the entire health system. A test trial program of Pernicol App and Approved Label Printers distributed across one hundred health facilities and assessed over a six-month period, showed outstandingPharmacistsresults.atall the health facilities sampled gave beautiful accounts of efficiency and ease of usage. Some notable health facilities currently using the printers include Korle-Bu Teaching Hospital’s 24 Hour Pharmacy, 37 Hospital Chemists and Lister Hospital among others. The Approved Label Printer will be officially launched during the 2022 Annual General Meeting of the Pharmaceutical Society of Ghana slated for Monday, August 29, to Friday, September2, 2020, at Tamale.
Pharmatech to launch prescription labeling machine
Samsung’s next generation of ground-breaking and the most versatile foldable smartphones: Galaxy Z Flip4 and Galaxy Z Fold4 are available for pre-order, with customers offered a range of amazing gifts starting from 22 August 2022 until 8 September 2022.Customers who pre-order either the Galaxy Z Flip4 or Galaxy Z Fold4 will receive one complimentary year of Samsung Care+ - there to deliver protection against drops or cracked screens from Samsung expert support teams in 51 countries. Also, on offer are Galaxy Buds2, a Clear Cover with Ring for the Galaxy Z Flip4 or a Standing Cover with S Pen for Galaxy Fold4 as well as three-months of Ad-free music listening with Spotify Premium. As a testament to Samsung’s dedication to superior craftsmanship, every component in both devices has been thoroughly analysed to offer unparalleled mobile experiences that meet the needs of our most dynamic users. Galaxy Z Flip4 - the Ultimate Self-expression Tool Inside and OutThe Galaxy Z Flip4 enhances our users’ favourite features, making it the ultimate tool for self-expression. The masterpiece builds on the success of Samsung’s iconic form factor, adding key features, including an upgraded camera experience, a larger battery and expanded customisation, while maintaining its ultra-compact design. The compact clamshell design offers unique experiences, so you can shoot hands-free video or capture full group selfies at various angles by partially folding Z Flip4 to activateGalaxyFlexCam.ZFold4- a Multi-Tasking Powerhouse with Ultimate PerformanceTheGalaxy Z Fold4 is the result of Samsung Galaxy’s enduring smartphone innovation and our most powerful smartphone yet. Galaxy Z Fold4 combines Samsung’s collective mobile technology expertise to deliver the most comprehensive smartphone experience to-datecreating a device with increased functionality whether opened, closed, or in Flex mode. Look and Feel Galaxy Z Flip4 complements users’ styles with premium designs in legacy colours: Bora Purple and Graphite, and new colours: Pink, Gold and Blue. The Galaxy Z Fold4 is offering shape-shifting design, immersive displays and PC-like multi-tasking features, in addition to advanced camera technology and powerful mobile processors. The Standing Cover with Pen case is available in incredibly refined colours that include GreyGreen, Beige and Phantom Black.
MONDAY, AUGUST 29, 202214 | NEWS
Pre-orders begin for Samsung Galaxy Z Fold4 and Galaxy Z Flip4 in Ghana
MONDAY, AUGUST 29, 2022 15| FEATURE
MONDAY, AUGUST 29, 202216 | NEWS
2022 GROWTH UNLEASHED 31ST AUGUST - 4TH SEPTEMBER 2022EFUA SUTHERLAND CHILDREN’S PARK, ACCRAActivitiesDATE: WEDNESDAY, 31ST AUGUST 2022 TIME: 4:00PM - 6:30PM MS. BARBARA CLEMENS Country Director,World Food Programme (WFP) SPECIAL GUEST OF HONOUR PROF. AGYEMANG BADU AKOSAH Professor of Pathology and an Environmental Advocate GUEST OF HON. / KEYNOTE SPEAKER GUEST OF HONOUR DR. AFUA ASABEA ASARE CEO, Ghana Export Promotion Authority (GEPA) Sun. 4th September 3:00pm - 6:00pm Israeli (closing ceremony Awards) Green Competition Innovation Sat. 3rd September 6:30pm - 8:30pm Fri. 2nd - 4th September 9:00am - 8:00pm Education Center Fri. 2nd September 3:00pm - 5:00pm Fri. 2nd September 6:30pm - 8:30pm Daily 9:00am - 8:00pm Daily 9:00am - 8:00pm Thu. 1st September 6:30pm - 8:30pm KARAOKE Thu. 1st - 4th September 10:00am - 2:00pm MASTERCLASS for Adults & Children MediaSponsors:Sponsors:
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.
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.
MONDAY, AUGUST 29, 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%
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 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.
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%.
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 SECURITIES MARKET
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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/
PRICES 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.
MONDAY, AUGUST 29, 2022 19| MARKET REVIEW
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. Securities Exchange
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INTERNTIONALMARKETCOMMODITIES
COMMODITY
A healthy population is both a cause and a result of economic growth and development. But achieving both today requires policymakers to leave their comfort zones. Specifically, a new generation of global crises – including pandemics, climate change, and increasing hunger –call for a fundamental rethink of finance ministers’ role. We should know. As former finance ministers, we believe that macroeconomic policies now require far greater engagement with line ministries. In particular, finance ministers need to be better able to assess the potential economic effects of publichealth risks, introduce taxes that improve health outcomes, and adopt budgetary and regulatory decisions that look beyond short-term public-finance considerations. Failure to do so will mean being unprepared for the next health and economic crisis.The devastating economic consequences of the COVID-19 pandemic have shown why finance ministers must anticipate their responses to global health risks. The pandemic is forecast to kill more than 15 million people and cost the global economy more than $12 trillion in forgone GDP by 2024. Lockdowns that would have been unimaginable only a few years ago have resulted in more than 1.5 billion students being affected by school and university closures, implying severe long-term consequences for a generation of children and young adults, especially those with no access to effective home schooling.Simply put, the economic impact of today’s systemic health crises may be so large that finance ministers can no longer assume that national and global health policy, especially risk and preparedness assessments for different shocks, is the exclusive domain of health-sector professionals. Instead, finance ministers need to engage more with health leaders to strengthen their countries’ resilience in any future crisis. In many countries, the finance minister has until now set only the overall budgets of line ministries with responsibility for health, leaving implementation to the relevant departments. Similarly, the day-to-day demands on health ministers have often pushed them to focus more on running publicsector hospitals and health-care facilities than on the health of the population, crisis prevention, and response preparedness. These narrow conceptions of their respective roles have led to suboptimal health and economic outcomes.Finance ministers therefore need to become more directly involved in decision-making in key areas affecting public health and economic performance. A multisectoral approach is essential to identify the policies and budget chapters that have health implications in areas such as water and sanitation, nutrition and sports, clean energy, girls’ education, and school-meal programs.Inthe past decade, for example, South Africa provided free and tax-free sanitary pads for schoolgirls and women, Chile introduced food labeling and changed school-feeding programs, and Mexico eliminated sugar in milk in daycare centers. As these examples show, the finance-health relationship marks the rhythm, but contributions from other sectors are needed to complete the symphony. Moreover, value for money should be at the center of public financing of health care. Increased efficiency needs to go hand in hand with greater equity. The discussion must move beyond short-term budgets to joint oversight of the health system’s overall efficacy through better procurement, improved financial management, and accountability mechanisms to help ensure that health-care funds achieve specific outcomes sustainably andForequitably.example, Colombia adopted price controls in its health sector based on data from global markets. Mexico consolidated public-sector medicine purchases and automatically authorized medicines already approved by US, European, and Japanese regulators. Argentina introduced an auction system at the national organization to provide care for the elderly costeffectively. South Africa and India are jointly seeking a waiver from the TRIPS (Trade-Related Aspects of Intellectual Property Rights) agreement regarding the prevention, containment, and treatment of COVID-19 to address market failures, particularly the exorbitant cost of essential public goods like mass vaccination. Financial concerns aside, formulating the right public policies and regulations is vital to promoting better public health. Here, finance ministers can introduce taxes on unhealthy products; increase research and development spending in health; strengthen competition regulations to hold down pharmaceutical and medical equipment prices; ensure robust rules for public and private health insurers; and contain households’ direct out-of-pocket expenditures.Tothisend, South Africa, Nigeria, Mexico, and Gabon introduced taxes on sugarsweetened beverages; Argentina and Colombia hiked tobacco taxes; and Gabon imposed an excise tax on cigarettes. Nigeria instituted a phone tax to fund health-care provision, and South Africa intends to introduce levies on vaping and electronic cigarettes to discourage their use, especially by young people. Lastly, the COVID-19 pandemic has demonstrated that global health problems cannot be resolved at the national level alone. Reimagining the healtheconomy dialogue must include rethinking the governance and performance of international financial and health institutions, and bolstering their cooperation. Moreover, these organizations should include health-crisis prevention and response capacity in their macroeconomic risk assessments.Currentglobal crises demand that health and economic policymakers reinvent and strengthen their collaboration at the national and international levels. By playing a central role in this process, finance ministers can contribute to making a world that is better able to withstand future health-related economic threats.Kemi Adeosun, Mauricio Cárdenas, Nicolás Dujovne, José Antonio González Anaya, Régis Immongault, and Trevor Manuel contributed to this commentary.
Project syndicate
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A Prescription for healthier economic and fiscal policy
