After seeing a notice on one local “gobe” (cooked beans) seller’s tavern saying that the gobe sells at 4 cedis upwards, our country’s inflation situation got personal with me. Gobe and I have a sentimental history, so I am not taking this lightly (no time to laugh).
The Bank of Ghana in May this year increased the policy rate from 17% to 19% in its attempt to reduce or at least keep prices stable. Yet infla tion has worsened from 27.6% in May to 31.7% inTheJuly.Bank of Ghana has increased policy rate again to 22%. As a concerned citizen, I am hop ing this time around the result will be different. You could follow my thoughts should you read to the end of this article.
Inflation is a situation where prices of goods and services are generally increasing in an economy. Inflation is mostly driven by the in visible hands of demand and supply. The demand and supply strike a bargain be tween the worst price that most buyers would prefer to purchase their consumables and the most lucrative prices that sellers are willing to charge on their merchandise so they can inher it large profits called equilibrium price. When people are willing and able to purchase more of a good than the sellers are willing and able to sell, these sellers ration their goods by increasing the price of the good to buyers so they, the sellers, can earn lucrative profits from theirThistrades.iscalled demand-pull inflation. Similar ly, cost-push inflation occurs when inputs for production of a good are expensive, the sellers charge expensively for their merchandise. These two scenarios all tend to increase pric es which brings about the inflation phenom enon. Additionally, speculative inflation, the general expectation of the movement of prices contributes also to inflation pressure. How? When people are in anticipation of price increasing, they tend to foster the infla tion quickly than the usual time it might have taken before it sets in. When sellers have rea sons to believe their goods will be worth more tomorrow than their selling it for today, they create artificial shortages by not selling their inventories.Theydothis to create more than necessary demand for their products and then sell the products at expensive prices. Also, sellers will increase the price of old stock if they anticipate higher prices in the future from suppliers. This safeguards their future profits and capi tal. Theoretically, meting out strategies to con trol demand and supply should resolve the in flationPolicyproblem.rateisone of the tools used by the central banks to control demand-pull infla
tion. When the policy rate is increased by the central banks of a country, the remaining local banks will increase their lending rates, thus, in terest rates will be increased. This will disincentive businesses from acquir ing loans to embark on their business projects. The firm’s reluctance to acquire loans for proj ects reduces the overall economic spending of the country on the country’s overall sellable commodities. This means that, the country has more than necessary production units than it is willing and able to acquire. As a result, sellers, in order to get their stocks off their shelves to prevent locking up their capital in their stocks or stock spoilage would offer a “reduce to clear price”(low prices) hence making the stocks at tractive enough for buyers. These low prices become the best bargain price for the economy’s market hence reducing inflation. This exactly is what the Bank of Ghana intended when it increased the policy rate from 17% to 19% in May of this year. But still my “gobe’ is still selling at 4 cedis upwards. I know you are smiling. Also, the Bank of Ghana has just increased the policy rate now in August to 22% this same year. Will it work this time around? Time will tell. My worry is, for the first half of this year, prices have just kept rallying up. more on page 2
StrategyMainstreamingNationwideMedicalinsuranceinductedintoPrivateHealthInsuranceHalloffame
By Christian Kpesese
page 3 Story on page 3 Story on page 4 WEDNESDAY, AUGUST 31, 2022 NEWS FOR BUSINESS LEADERS .COM.GH
Musings on Ghana’s inflation situation YouStart centres to be set up across MDAs
By Eugene Davis
NALAG to roll out Gender
Story on
By Adigbli Ernest Kofi
By Adigbli Ernest Kofi
Musings on Ghana’s inflation situation
Considering that, Covid created a supply deficit- the country could not produce enough to meet the demand of the country, should we not consider producing more to close the deficit rather than thinking of making loans unattainable for businesses whose profits have been eroded by high inflation levels already?
continued from page 1
Inflation rate was 13.9% in January 2022. Currently inflation rate stands at 31.7% for July, last month. This rate is high above the 91days treasury bill rate for the same period which is 26.34%.
Adigbli Ernest Kofi Accounting and Economics Graduate University of 0558275141ernestkofi079@gmail.com/Ghana.
“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.
It’s rather unfortunate Ghana imports significant amount of these petroleum products that are now selling at high prices due to the Ukraine-Russian War. The high cost of the fuels become input cost that makes producing commodities to close the supply deficit created by covid expensive resulting in the final products being sold at extravagant amounts.Thisimplies that Ghana’s case of inflation is a supply side inflation, thus, cost-push. The government’s policies should hence be targeted at inducing production units.
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.
rich and poor. Covid imposed a peculiar problem on economies. During Covid it was expedient for people to stay indoors. Economies were handicap in their production.
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.
Certainly, we should. If so, then we need petrol and diesel to fuel our plants and machinery.
Horticulture fast becoming the new job-making machine
This implies that the interest earnings from an investment in the 91days treasury bill is not a lucrative offer as this return on investment will not be enough to pay for the increment in price of a good or service that one might have postponed buying 91days ago, thus, an extra of 5.36% is required to make the return on investment exactly enough to cater for the purchase.
Not risking the lives of their people by instituting lockdowns despite the need to still spend huge sums of money to pay wages of these under producing labor force.This placed extra burden on consumables in short supply because of low productive activities resulting from following covid preventive protocols. This scenario of excess demand over supply creates inflation and Ghana is no exception.
The issue of the UkraineRussian War has led to global shortage of fuel. Ghana imports a significant amount of petroleum products- petrol and diesel. This means Ghana is part of the global demand of fuel. So, we will be buying fuel at a rationed high price and hence our transport fares are likely to be increasing until the war stops. So, my speculation of prices increasing is rational and justifiable.Also,my “gobe” seller may put up a new notice. Aww! Taking into account governments position on the cause of our inflation ordeal, is using the policy rate the best strategy to resolve it?
Since the Bank of Ghana’s initial policy rate increment in May failed to deliver, other individuals and I might be speculating that the second might also not succeed. The downside here is, an upward anticipation of prices, if it resonates with more individuals, may further worsen the current inflation rate. Like a self-fulfilling prophesy, our anticipation will trigger it into reality. Is my speculation of price increment justified? The government’s position state that our current issue with inflation and many other things are effects trailing us from the Covid 19 and the Ukraine - Russian War. The advent of Covid was a major wave that attack many economies-
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.
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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.
Mr Agyemang Prempeh called on all stakeholders and development partners in local government to support NALAG in its campaign to increase women participation in the various MMDAs through the upcoming 2023 local government elections.
The CEO of National Entrepreneurship and Innovation Plan (NEIP), Kofi Ofosu Nkansah, has announced that YouStart desk is expected to be created across the districts in the country, sometime next month. YouStart is an initiative of the Government of Ghana designed to build an entrepreneurial nationSpeaking to Business24 on the margins of the Ghana Investment Promotion Centre (GIPC) Young Entrepreneurship Forum (YEF) in Accra on Tuesday, he said “We are going to provide desks across all the municipalities and district assemblies to ensure that every district you are located, there will be a YouStart desk to provide support on application forms, what it takes to apply for funds among others.”
reduction in advocacy of gender based women groups among others.Allthis, he said have contributed to the low participation of women in the local government space despite the fact they women constitute the largest segment of the country’s population.
A gender strategy for the mainstreaming of gender issues in the various Metropolitan, Municipal and District Assemblies (MMDAs) in the country is expected to be developed soon, President of the National Association of Local Authorities of Ghana (NALAG), Eric Nana Agyemang Prempeh hasAccordingdisclosed.to him, this will be done through the Federation for Canadian Municipalities (FCM) and other relevant stakeholders in addition to the re-introduction of women conference to create the platform for women assembly members to learn, network and share the requisite skills towards the discharge of their duties.
YouStart centres to be set up across MDAs
By Eugene Davis By Christian Kpesese
WEDNESDAY, AUGUST 31, 2022 | FEATURE 3
Senior Technical Advisor at AfCFTA, Dr. Fareed Arthur, indicated that Africa has the potential to compete globally, because “we supporttoeventForumEntrepreneurshipworld.”industriesandresource-rich,arewepowertheoftheTheGIPC’sYoung(YEF)isandesignedharnessandthebusiness
Mr Eric Nana Agyemang Prempeh who is also the Director General of the National Disaster Management Organisation (NADMO) made these known at a workshop for Women Assembly members within Greater Accra region as part of the national capacity building programme initiative by his administration. The nationwide capacity building training programme is aimed at the attainment of the Sustainable Development Goals five which aims at gender parity.
The NALAG president also expressed concern about inhibiting factors such as patriarchy of male dominance, customs, religion, inadequate prioritisation of gender issues in the governance architecture, monetization of politics, the
Mr. Edward Ashong Lartey, Director, Investor Services at GIPC stated that through the YEF, the Centre seeks to broaden the knowledge base of young entrepreneurs, while preparing them to be business leaders. “At GIPC, we view entrepreneurship, youth employment and job creation as critical to the country’s developmentTheEUAmbassador to Ghana, Irchad Razaaly said it is time for industry players in Ghana to seize the opportunities of the Africa Continental Free Trade Area (AfCFTA), adding that the EU is proud to partner the GIPC towards economic transformation and bringing more investment intoTheGhana.
potential of Ghana’s promising youth through mentorship, education, and skills development.TheYEFplatform brings likeminded entrepreneurs together to share ideas, insights and success stories meant to inspire each other and proffer solutions on how to excel in their various industries.
Every year over 600 young entrepreneurs and business owners gather at the vibrant forum to exhibit their products and services, as well as undertake masterclasses handled by industry leaders. The long-term plan is to broaden the knowledge base of the youth while preparing them to become accomplished business leaders.
NALAG to roll out Gender Mainstreaming Strategy
Mr Eric Nana Agyemang Prempeh who was a former assemblyman, presiding member and municipal chief executive also reiterated the urgent need for the passage of the Affirmative Action Bill into law empower women and other marginalized groups in society.
He also disclosed that there are plans to set up desks across the universities because it has huge population and most of them fall within the ages of 18 to 40 years who qualify for YouStart, in order for them to be onboarded unto theOnprogramme.whenthewhole process will begin, he indicated that they are yet to get a definite date and are waiting on the presidency but he is certain the launch will happen nextYEFmonth.togroom business leaders
He called for a deliberate effort aimed at building the capacity of women at the MMDAs as key for Ghana to close its democratic deficit gap of underrepresentation of women in local governance.
Kofi Ofosu Nkansah -NEIP boss
The Assemblywoman for the Ogbodzo Electoral Area and the representative of women on the NALAG Executive Board, Gladys Otae Osei Addo who chaired the event said women empowerment does not only affect the family but the larger society as well hence the need for the training workshop for the women assembly members across the country.Participants expressed gratitude to the leadership of NALAG for the initiative and said it will enhance their capacity whiles motivating other women to get involved in the governance process at the local. The event was attended by the Municipal Chief Executive for the Ayawaso West Wuogon Assembly who doubles as the National Treasurer, NALAG Sandra Owusu Ahenkorah and other executives of NALAG.
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Nationwide Medical Insurance (NMI), Ghana’s leading private health insurance company, has been inducted into the private health insurance Hall of Fame and also bagged ICT Leadership Award at the 2022 edition of the Ghana Insurance Awards. NMI earned the recognition after winning the private health insurance company of the year for four consecutive years since 2018 and ICT Leadership Award threeThetimes.CEO of Xodus Communications, Richard Abbey, who is the organizer of the Ghana they also challenge us to do more. We dedicate the awards to our hardworking employees, dependable healthcare service and cherished subscribers. We promise to continue being the dependable health partner you have always known us to be. can get better!’
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He said majority of its customers were women-led micro enterprises of which the operators were overwhelmed with busy schedules, thus their inability to seek periodic medical check-ups, adding “upon releasing that, we saw the need to organise this free screening for them to be well-informed about their health status.”
convergence and deepen cooperation in areas of digital technology and digital economy to strengthen exchanges, share opportunities and improve digital governance capabilities.
In an interview, Ms Gifty Abadoo, an onion seller at the Abesim market centre said “I have never visited any health facility for voluntary check-up. This is the first of its kind in my adult life and I am grateful to ASA for the opportunity.”
The Forum published a joint declaration that reviewed the decade of achievements of ChinaAfrica media cooperation. In mapping the prospects and plans for future media development, it proposed five initiatives, including deepening cooperation and communication, supporting global development, telling stories of China-Africa friendship, promoting digital media development, and strengthening youth exchanges. is successfully held in Beijing
“A healthy customer-base is as important as the company maintaining liquidity. This will sustain our business relationship and grow the local economy and the country at large,” he added. The beneficiaries of the health screening thanked ASA Savings and Loans for its benevolence, and urged other businesses, especially financial institutions to emulate the example.
Xi Jinping of China and President Macky Sall of Senegal sent congratulatory letters to this Forum, in which they spoke highly of the Forum s conducive role in advancing the dialogue and cooperation between Chinese and African media, promoting mutual learning between the civilizations, and deepening the ChinaAfrica comprehensive strategic and cooperative partnership.
200 micro business operators receive free health screening 5th Forum on China-Africa Media Cooperation
WEDNESDAY, AUGUST 31, 2022 | NEWS 5
The 5th Forum on ChinaAfrica Media Cooperation was held in Beijing, China in a combined online/offline mode. The forum was co-hosted by the National Radio and Television Administration of China, the People’s Government of Beijing Municipality and the African Union of Broadcasting. More than 240 delegates from the government departments, media institutions, audio-video enterprises, diplomatic missions from China and 42 African countries, the African Union Commission and the African Union of Broadcasting attended thePresidentforum.
In deep appreciation to look back upon the fruitful results, both sides have achieved over the past decade. Government departments of both sides have established regular effective communication channels to enhance understanding of each other’s policies and ideas. Media organizations have been engaged in cooperation in news coverage and other coproductions to jointly tell stories of mutual friendship. Translated audio-video works have been embraced by the audience, bringing the hearts of the peoples closer.The Satellite TV Project for 10,000 African Villages and the Integrated Digital Switch-over Project have been acceleratory to the development of the broadcasting sector in Africa, and a benefit to the African people. China also carried out a series of training programs for African media professionals to share practical knowledge and strengthen personnel exchanges.
Themed “New Vision, New Development, and New Cooperation,” the Forum held sessions on media development policy, content cooperation and innovation as well as new technology application, and digital convergence.
from the Rafchik Hospital at The Goaso Area Manager of Asa Saving and Loans, Emmanuel Asare Yeboah, described the exercise as a long-term social investment which was very critical to the sustainability and growth of the business in the Abesim enclave and beyond.
Sunyani Municipality of Bono Region has organised a free health screening for its customers there.Atthe end of the day’s exercise, about 200 women who were mostly micro business operators benefited. The health screening eye care, blood group and blood sugar.The beneficiaries also received free medications. The activity which formed part of the company’s annual corporate social responsibility was administered by health personnel
The letters will provide new impetus to China-Africa media Cooperation in the new era. This year marks the 10 anniversaries of the Forum on China-Africa Media Cooperation.
Cooperations between the two sides are becoming more and more effective and expanding to greater depth and new areas, including new media and new technologies. Successful collaboration in the media field has become an integral part of the overall China-Africa cooperation, and has made vigorous contributions to the all-round development of ChinaAfrica relations.
The media on both sides have been upholding the spirit of friendly cooperation and working continuously to safeguard fairness and justice, telling stories about China-Africa cooperation in the new era and shouldering responsibilities to advance global development, promote common values of mankind and actively create an international public opinion atmosphere of cohesive development and cooperation.
Chinese and African media will also promote innovation
The two-day event also featured an exhibition of “A Decade of Achievements: China-Africa Media Cooperation (2012-2022).”
The Ghana Export-Import Bank (GEXIM) on Tuesday 30th August 2022 launched its first GEXIM Made-In-Ghana (MiG) Town at its head office, located at the Africa Trade House in Accra, opposite CediTheHouse.GEXIM
Pentecostal and Charismatic Council
“In line with our mandate to plan, promote, develop and finance export-oriented concerns as well as provide support for Small and Medium Enterprises (SMEs) engaged in agro-processing and export trade, management of the Bank introduced the GEXIM Tuesday Market to provide a platform for SMEs to showcase their products for exposure and patronage. Following the huge success achieved with the GEXIM Tuesday Market, management thought of a concept to help in driving the campaign for Ghanaians to patronise Ghanaian made products, thereby sustaining the businesses of Ghanaian SMEs. The GEXIM MiG Town is a hub for the best of Ghanaian made products”, she explained.Sheadded that “people will now have a one-stop shop to get the very best of Ghanaian made products at unbeatable prices and highest quality. This is a huge step in the campaign for people to patronise Ghanaian products and help the Ghanaian SMEs to scale up. We welcome all Ghanaian SMEs with innovative products to bring samples for the GEXIM MiG Town. Management is considering setting up GEXIM MiG Towns in other parts of the country”. Over the years, the Bank has introduced several initiatives to help in the repositioning of the Ghanaian economy into a feasible and sustainable export led economy.
MiG Town is an outlet that stocks assorted, innovative and well packaged Made-In-Ghana products including food and ingredients, beverages, skin and beauty care products, textiles, apparel, garments, leather footwear and slippers and many others. The GEXIM MiG Town will be opened to the general public from Mondays to Fridays between the hours of 9:00am and 6:00pm. It is designed to be a one-stop shop for everything Made-In-Ghana at unbeatable prices and the highest quality.TheDeputy Minister for Trade and Industry and Member of Parliament for the New Juaben South Constituency, Hon. Michael Okyere Baafi joined the Management of GEXIM and other key stakeholders to successfully launch the first GEXIM MiG Town.
The Deputy Chief Executive Officer of GEXIM responsible for Banking, Rosemary Beryl Archer spoke about the Bank’s rationale for introducing the GEXIM MiG Town concept and its objective.
Ghana Exim Bank launches Gexim MiG PIACTownengages members of the Ghana
The Public Interest and Accountability Committee (PIAC), the statutory body with oversight responsibility of the management and use of petroleum revenues, took part in the annual heads of churches conference of the Ghana Pentecostal and Charismatic Council (GPCC) at the Oil Dome, near Obetsebi Lamptey Circle in Accra.The Ghana Pentecostal and Charismatic Council, together with the Christian Council of Ghana and the National Catholic Secretariat form the Christian Groups, which is one of the member-institutions of PIAC.
WEDNESDAY, AUGUST 31, 2022| NEWS6
The Committee presented highlights of the 2021 PIAC Annual Report to the conference. The presentation covered PIAC membership and mandate, oil and gas production, petroleum revenue accrued, and its utilization in 2021. It also touched on the key findings and recommendations in the Report.
Captured in the picture below are some Members of PIAC with the President of the GPCC, Rev. Prof. Paul Frimpong- Manso (4th left) at the Oil Dome of Royal House Chapel International.
On his part, Hon. Michael Okyere Baafi commended the management of GEXIM for the laudable initiative to support Ghanaian SME. “I am very excited about the GEXIM MIG Town knowing how beneficial it will be to the Ghanaian SMEs in various ways. This is very important in contributing to the development and growth of the Ghanaian SME industry and I urge all stakeholders to help in promoting the Ghanaian agenda”, he stated.
The Council expressed gratitude to PIAC for the presentation and urged it to increase its engagement with the general public so they get more informed about petroleum revenue management in Ghana. Rev Dr Christopher Kwame Sokpor, PIAC member representing the Christian Groups, expressed gratitude to the leadership of the GPCC for giving PIAC the opportunity for the engagement. He was optimistic that more of such engagements will take place in future to help increase accountability to members of the GPCC.
BetKing’s Entry No matter their culture, language, political persuasion, social status, or race, people across the African continent have one thing in common. The shared love for sports – especially Football.
Globally, internet adoption has steadily increased over the years, and Africa has not been left out. Quite the opposite. The growing young population of the continent and uptake of internet and smartphone technology have driven the growth of various industries.According to the Global System for Mobile Communications Association (GMSA), Africa will have 120 million new mobile subscribers by 2023, reaching new heights of a total of 615 million, corresponding to 50 percent of the region’s population. This digital movement is opening up new possibilities that are giving new forms of entertainment a chance to thrive, one of which is online sports betting. It is fair to say that in the past ten years, sports betting has emerged all over Africa, and is expected to grow with the digital economy of the world. Picking up on trends popular in Europe and North America, and with Africa’s love for sports, it is fast becoming an online gaming continent. With accessibility increasing, the question arises: what’s available and which companies are trusted to pave the way for wins for the users?
WEDNESDAY, AUGUST 31, 2022 | FEATURE 7
By Gossy UKANWOKE
Transforming lives through sports entertainment
The growth of Blue Bloods in Africa
A recent collaboration between BetKing and DSTV would offer new agents complimentary DSTV equipment and subscription which reduces setup costs and drives customer engagement.
Combine that with a population of 1.3billion people, of which around 70percent are youths, and you get a highly desirable market for sports betting operators. In February 2018, BetKing launched in Africa, with its first office in Lagos, Nigeria with a solid mission – to create an efficient system that enables the quests of its Kings and Kingmakers by providing the right technology, radical innovation, and uncompromising service to all customers while at the same time drive as much impact within communities as possible. BetKing believes everyone is a king and this is reflected in everything that makes up the brand; from the colours that symbolize royalty and wealth, to its excellent service delivery that is specially designed for Kings and most importantly, an objective to grow the Kingdom - one King at a time.Within four years of operating in Africa, the company has spread its tentacles to other countries in Africa including Ethiopia, Kenya, and just recently, Ghana. Currently serving millions of customers across Africa, BetKing fast has become a favourite among punters across Africa - despite having access to a plethora of other bookmakers. So, what then, has accounted for BetKing’s success across Africa, and to be the platform of choice?
BetKing is dedicated to changing the face of sports betting in the whole of Africa – including Ghana.
Positively affecting communities and bringing excellent responsible gaming & compliance standards stays BetKing’s collective commitment to sports fans across Ghana and beyond – and helps ensure sports betting continues to be an exciting, engaging, entertaining, but most of all, impactful if not a life-changing experience.
>>>The writer is Managing Director for Kingmakers
A look at the company’s activities would send a clear message –BetKing Cares. Across all markets, BetKing, unlike any other business, is known as a company that provides entertainment for individuals but is also known for empowerment, transforming lives, and the positive impact the brand brings to individuals and communities.Thecompany’s goal is to change the face of sports betting in Africa and in doing so, BetKing remains committed to initiatives that improve the conditions of the societies they operate. This has come to life through various initiatives that cut across – entrepreneurship and employment, sports development, and environmental sustainability, to mention a few. Under the company’s CSR initiative BetKing Cares, which serves as the cornerstone of the organization’s commitment to positively affecting lives both within and outside of the communities it operates in over the past four years, BetKing has made significant contributions to the socio-economic transformation of Nigeria, Kenya and Ethiopia. In Nigeria, the company rolled out a ‘Month of Good’ initiative designed to positively impact communities. Through collaborations with two wellknown non-governmental organizations (NGOs) - Market Doctors and the African CleanUp Initiative (ACI), the campaign supported medical outreach impacting hundreds of people in significant cities like Lagos, Ibadan, Abuja, Benin, Enugu, Port Harcourt, and Anambra, as well as beachfront and drainage clean-up initiatives in some of these cities. In 2020, the Ethiopian Premier League heralded a new era in Ethiopian football with the backing of BetKing and MultiChoice. The investment and partnership aimed to provide international exposure to the league by giving Ethiopian football players a platform through which to put Ethiopia on the world football map. In Kenya, BetKing invested in the renovation of Dagoretti Youth Community Centre based in Nairobi’s Kawangware slums. The Making of ‘Kings’ and become their own boss. The enterprise has enabled the youth amongst these fans to view sports betting as a business rather than just a game. This opportunity creates direct & indirect employment in communities and the ripple effect leaves a positive impact on the economy. The agent network has proven invaluable for the youths involved and most individuals have gone further to testify that the business has a positive impact on their standard of living, and soci0economic well-being. Aside from giving thousands of youths the chance to work for themselves, the company invests in ability building for its network of agents.
BetKing’s unique approach to customer experience and CSR efforts combined with its offer of the biggest odds-on major leagues with exciting markets across several sports and virtual games has powered its rapid growth in Africa in just four years. The expansion to Ghana BetKing’s agenda is not for Nigeria, Kenya and Ethiopia alone.
Since different markets, regions, and communities have different needs as opposed to a one size fits all approach, the company’s strategy is to gain insights into communities in Ghana to understand what they need and how BetKing can support them. BetKing aims to reach underserved communities to guarantee inclusion for all. As part of the company’s plans, BetKing aims to develop entertainment centres while catering to their needs and overall ensure value is delivered in an impactful and sustainable way.
As seen in recent years, there is a unique opportunity and talent in the country to grow Ghana into a world-class sports ecosystem and BetKing hopes to play a major role in this journey – with a more dedicated focus on youth.
On August 6, 2022, BetKing officially launched in Ghana with a high-level stakeholder event that presented an opportunity for the brand to reiterate its plans for The Head of Policy for the Sports Ministry, Mohammed Sannie Adams; the Commissioner of the Gaming Commission of Ghana, Peter Mireku; former Black Stars – Asamoah Gyan, John Paintsil and Samuel Kaffour; the media, and key players from the sports industry were all present at the event, which was held at MultiChoice Ghana Limited.
A N Cobbah, the CEO of Stratcomm Africa, and Convener of the Movement says, “As we celebrate this 10th anniversary, we say Ayekoo and thank you to all who have contributed to bringing us this far _our cherished exhibitors, speakers, sponsors, the and the numerous visitors over the years. The media have also provided invaluable support Stratcomm Africa is really pleased to be employing our expertise in communication to generate awareness among Ghanaians about available natural resources for livelihood enhancement and national development, and, thus, to promote and contribute to the realization of the UN Sustainable Development Goals.”Ms.Cobbah further added, “This 10th Anniversary commemoration is an occasion for intensifying our collaboration with partners to unleash the huge potential we see for benefits to individuals, communities and the country from floriculture and horticulture”Thisyear,the show brings many activities for adults and children. After the opening day, daily masterclasses for both adults and children, start from Thursday 1st September to Sunday 4th September 2022, from 11am – 2:00pm. Some exciting topics to be treated by experienced industry experts include:
• Little Hands grow big things. Other exciting activities of the 10th anniversary Show are; Karaoke Night (Thursday, 6pm), Green to Riches Youth Conference on (Friday, 3pm), Movie Night (Friday, 6pm), Children’s Playground and education center (Daily 10 am to 5pm), Fashion Show (Saturday, 6pm), Israeli Green Innovation Challenge (Sunday, 3pm) and Closing ceremony (Sunday)
WEDNESDAY, AUGUST 31, 20228 | FEATURE
• Little is much; Home Gardening in small spaces (a mix of flowers and vegetables)
• A healthier Ghana- Wellness from your own Garden with Herbs and spices.
Stratcomm Africa’s innovative and internationally recognized initiative, the Ghana Garden and Flower Movement, and its flagship event, the Ghana Garden and Flower Show is celebrating 10 years of promoting a Greener, Cleaner, Healthier, Wealthier and more Beautiful Ghana.
• Floriculture and horticulture for a wealthier GhanaUnderstanding the Industry value chain.
• Starting and managing farms in floriculture/ horticulture.
• Basic Flower decor- creating unique bouquets for the home.
• Caring for orchids
The Grand opening of the 10thanniversary edition of the Ghana Garden Flower Show will take place on 31st August 2022 at 4:00pm at the Efua Sutherland Children’s Park in Accra.Thetheme for the tenth anniversary edition, GROWTH UNLEASED, speaks both to the initiative’s growth so far and to the potential that remains to be unleashed in Ghana with respect to floriculture and horticulture. Over the years, many floriculture and horticulture businesses have been born through the Show and many businesses associated with the Show have seen tremendous growth. The Show started with 14 exhibitors and 1,400 visitors in its first edition, and has seen so much growth over the years that in 2021, it had over 140 exhibitors and 20,000 visitors. The public continue to appreciate the environmental and commercial benefit of the floriculture and horticulture industry through the activities of the show and the movement.TheShow creates the platform for members of the movement to promote/showcase their businesses in the Floriculture and Horticulture industry and also build capacity for business growth. The Show’s inter-related activities- Exhibitions, Conferences, Masterclasses and Workshops -have been unearthing job opportunities in Floriculture and Horticulture for Ghana’s youth to takeMs.up.Esther
10 years of promoting a greener, cleaner, healthier, wealthier and a more beautiful Ghana
A six member newly elected executives are supposed to run the affairs of the group for the
WEDNESDAY, AUGUST 31, 2022 | NEWS 9
The President of the Private Newspaper and Online Publishers Association of Ghana, (PRINPAG) Andrew Edwin Arthur has revealed that he plans to prioritise training and capacity building of its members in his second tenure.
“In my second term, we will focus on Business Development of our members as well as securing scholarships and Fellowship programmes for them to help build their professional capacity and to also enhance theirAccordingknowledge-base.”tothepresident of Prinpag, one of the problems that leads to the Ghanaian media dwindling in their influence and thus suffering patronage crisis is their reckless and unprofessional conduct where they decide to ignore ethics and “here we urge all our members to always enadevour to exhibit high professional duty and strict adherence to high journalistic standards of balance, fairness and accuracy, among others.”
Mr. Edwin Arthur also highlighted some challenge confronting the growth of the media in the country, which he stated is the manner in which the media is being handled by the government and its media but the plain truth is that, they are still handling the media using anachronistic policies and strategies, which are not workable in these contemporary times and we urge them to have a paradigm shift and to engage more with the media Associations to save the Ghanaian media from falling into
Capacity building is my focus -PRINPAG boss
By Eugene Davis
Speaking during the SwearingIn Ceremony of the newly Elected Executives in Accra, he said “I am very passionate about training and capacity building of our members and so long as I remain the President, it will be one of my priorities, in that, it helps to educate us on the changing trends in the practice of our chosen profession and also gives our news outlets credibility and new leases of life once we incorporate our newly acquired knowledge into our production.”
He also added that subsequently his attention will be focused primarily on specialization, which seems to be the new trend in modern day journalism practice.
The Minister of Information, Kojo Oppong Nkrumah noted that the leadership is assuming office at a time of much expectation and urged them to rise to the occasion.
Mr. Andrew Edwin Arthur delivers his speech at the swear ing-in ceremony
2. What informed the decision to diversify your offerings and from your perspective, how has it impacted Binance’s operations amidst the bearish stance on the market?
4. What has been the impact of Binance’s education drive so far? Kindly share numbers, if available. Binance Academy, Learn and Earn and Binance Masterclass is a testament to Binance’s commitment to equipping crypto beginners with resources for lifelong financial and career development.InAfricafor example, we have hosted multiple events to educate people in the region about the opportunities within the crypto space and how to make a living from them. Our education initiatives have been instrumental in deepening cryptocurrency adoption in Africa. Since the launch of the Binance Masterclass programmes, Binance has educated over 600,000 Africans on the fundamentals of cryptocurrencies, how to identify scams and safeguard their crypto journey.
Another valuable achievement has been the development and the growth of BNB Chain. In the past year, BNB Chain has recorded over 2.4 billion transactions and hosted over 1200 projects. It is the most active layer-1 network, with a thriving life and ecosystem of its own.
Over the past year, there have been unprecedented levels of engagement in the industry with governments and regulatory bodies across the globe. This happens against the backdrop of a shifting policy environment and marks a substantial step forward toward creating greater regulatory certainty for the industry. It also highlights a broader acceptance of the fact that cryptocurrencies are here to stay, and that the industry is gaining steam toward mainstream adoption.
Over the past 5 years, Binance’s growth has been tremendous. Becoming the world’s largest crypto exchange shortly after our launch and sustaining it hasn’t been the smoothest ride but our commitment to users as well as maintaining high standards has been integral. Binance has become the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider and has become the leader in one of the world’s fastest-moving industries. Since 2017, the team has grown over 200 times, and now there are Binancians from all over the globe.The growth and impact of our education initiatives have also been a major achievement. Binance Academy, Learn and Earn, and Binance Masterclass are integral to educating our users and helping them make more responsible, informed decisions.Overthe past year, we have made great strides in engaging with governments and regulatory bodies across the globe. Within the past year alone, we’ve received regulatory approvals and registrations in Spain, France, Abu Dhabi, Dubai, Italy, and Bahrain & generally take a collaborative approach in working with all regulators across the world.
3. Recent developments in the crypto market space have left some investors burned and others at the edge of their seats. How are you navigating this period? For us at Binance, our first focus is always to protect users and so, we’re focused on education, ensuring the highest standards of security and collaborations across the industry. The industry is still relatively nascent and I believe it will continue to grow stronger. Additionally, we will always inform our users that with any investment or asset, proper research needs to be done to understand the risks and benefits. Although some cryptocurrencies can be highly volatile, cryptocurrencies and their underlying blockchain technology can be utilised in almost every area of life and as such, many will continue to have utility.
5. Kindly elaborate, in simple terms, on what the BNB Chain is? BNB Chain is a communitydriven, open-sourced and decentralized ecosystem. The support of its community of users, developers, validators and delegators is vital to its health. BNB (Build N Build), is the native token that “fuels” transactions on BNB Chain. BNB also empowers users in the decentralized onchain governance of BNB Chain. BNB Chain’s mission is to build the infrastructure powering the world’s parallel virtual ecosystem, and BNB Chain’s commitment to the community is that it is open, multi-chain, for creators and inventors, permissionless, forever decentralized, and bigger than Binance. Holding BNB gives you the right to make your voice heard and is necessary to participate in BNB Chain’s decentralized on-chain governance.
BNB Chain flourishing into an independent network
Binance@5 – half a decade of protecting users and supporting the global digital asset ecosystem
6. What has been the performance of BNB Chain so far this year, with specific evaluation in Ghana? BNB Chain was born in time for the DeFi revolution, as the public showed increased interest in alternative financial solutions and use cases powered by blockchain. Today, BNB has its own living, breathing ecosystem with over 183 million unique chain addresses. It has continued to grow due to the growing utility, affordable fees, supportive community and lots more. Fostering a regulationfocused mindset
WEDNESDAY, AUGUST 31, 202210 | FEATURE
User demand-driven expansion Since 2017, the platform has significantly expanded its product lines and offers something for everyone. From Trust Wallet to CoinMarketCap, Binance NFT to Binance Earn, they cater to virtually any interest across the broad spectrum of what blockchain and crypto have to offer. The past year also saw the introduction of Auto-Invest, Binance Live, Learn and Earn, and many newer services. To mark such an iconic anniversary 1. What have been some of the most important achievements of Binance over the past five years?
With a mission to increase the freedom of money globally, Binance continuously iterates and builds infrastructure and products that enhance the industry. When we launched Binance, we decided that it would be our unwavering commitment to users that would differentiate us in the market. As a result of that commitment, we constantly ensure our users have access to new technologies, ideas, and use cases.Our diverse offerings is one of the reasons our users across the world continue to use and love us. As such, even during bearish markets, Binance remains strong and continues to diversify its portfolio - prioritizing users, ensuring safety and investing in the ecosystem.
Carine Dikambi is Director, Francophone Africa at Binance
8. Some high-profile incidents within the crypto space have not helped engender confidence in the hearts of skeptics. How do you seek to address this? Let’s look at the internet, something which is more commonplace and trusted today - there was a time where the majority of the world wasn’t using the internet and there was minimal adoption as well as skeptics. Now, imagining a world without the internet is unfathomable. I believe that this will also be the case for cryptocurrencies as these digital currencies are transforming the way people interact, trade and have autonomy of their assets. People can only be confident in what they know and understand.
9. What major regulatory hurdles would you say persist and if there was a way to address them, what would be Binance’s approach?
Since 2018, Binance Labs has already invested in and incubated over 200 projects worldwide. And recently, Binance Labs closed a $500M investment fund to boost blockchain, Web3, and value-building technologies. The fund would allow Binance Labs to continue its successful run and invest in more promising projects.10.The figure mentioned in relation to promise projects is quite impressive. Doyou mind sharing what some of these projects are and how it will enhance the ecosystem? To us, the overarching goal is driving blockchain adoption and so, the different components of the Binance ecosystem champion this mission. Binance Labs’ portfolio projects are enhancing the ecosystem in several ways and we think every way matters. We are committed to supporting fast-executing, technical teams who are shaping the future of Web3.11. What is the success rate of projects from the Binance Lab? Just like VCs across the world, Binance Labs sees both success and failure. However, we currently have 2100% of the return rate and pride ourselves on investing in solid projects with a long-term mission.
At Binance, we welcome this and take a collaborative approach in working with regulators and we take our compliance obligations very seriously. While I cannot mention what regulators we are currently in communication with, we are fully committed to a safe and secure experience for crypto users across all regions.
Moving Beyond 5 Years: Future PlansThe current market environment is an opportunity to build a base for the next industry growth phase. Web3 has a massive potential to transform lives. In the next five years, it will be paramount that Web3 begins to tackle tangible problems that Web2 users continue to face.
continued from page 10
7. In Ghana, financial sector regulators have remained publicly opposed to crypto. Has there been any form of engagement at the back end? Many regulators across the world are now beginning to learn about crypto, understand its impact and look towards regulating in order to protect users while encouraging innovations.
At present, many countries actually have differing perspectives on the future of crypto. Crypto and even the regulation of crypto are still relatively new concepts and so some hurdles include lack of clarity and limited understanding.Now,asregulators have shown an interest in the space, we believe regulatory collaboration with key stakeholders in the blockchain ecosystem is essential. Around the world, we are collaborating with regulators and industry players, hosting blockchain workshops for law enforcement personnel generally committed to supporting the development of regulatory frameworks as it will help give confidence to new users and new people wishing to innovate in this area. Incubating and investing in the most promising blockchain and crypto projects
WEDNESDAY, AUGUST 31, 2022 11| NEWS
As mentioned earlier, education is necessary to encourage a better understanding of crypto and help newbies/skeptics learn, understand and engage in the space. Additionally, we take active steps in ensuring that all bad actors are eliminated from the system as much as possible and also teach users how to avoid scams through the wider ecosystem.
13. What developments should we expect from the wider blockchain and cryptocurrency ecosystem over the course of the next five years, and what is in the pipeline for Binance, in particular?Acrossthe wider ecosystem, I think we can expect continued conversations on regulation as well as more institutional adoption. We’ll also continue to see wider applications of blockchain being explored beyond exchanges. For Binance, we’ll generally remain focused on driving the mainstream adoption of crypto through investments in the ecosystem, infrastructure building and education. We will not just be focused on the growth of binance.com, we will also be focused on driving people to build on the blockchain.
12. How much has been invested so far for Africa-based projects and Ghana specifically?
Binance Labs invests in global blockchain projects across various regions, sometimes with undisclosed amounts so I don’t have the figures currently for how much has been invested so far for Africa-based projects.
As a company that thrives in excellent service delivery through innovation and utilising the power of technology, MPS has over the years carved a niche for itself the deployment of Quality, Health, Safety and Security & Environment (QHSSE) ideals in its operations.
Award Procedure Following MPS’ nomination, an independent assessor visited and inspected MPS QHSSE facilities as part of the procedure for companies in the category. After a thorough audit session in the top four category with other competent organisations, MPS emerged the winner of the award. The Ghana Shippers Awards is organised by the Ghana Port and Harbours Authority (GPHA) Ghana Shippers Authority (GSA) and Ghana Maritime Authority (GMA) growth and development of the industry while recognising the key functions within the industry that promote growth and sustainability.
MPS has since 2007 when it started operations, advocated for safety on all levels and has since developed and implemented various safety initiatives and policies. Notable amongst them is the ‘Pedestrian Free Policy’ which eliminates the risk of manmachine interface in operations. The policies implemented by MPS are compliant with the ISPS rules and regulations (International Ship and Port Facility Security 2019 ). MPS received multiple Certifications of Excellence in Design for Greater Efficiencies (EDGE) as per the standards of the International Finance Corporation (IFC) whereby the Administrative and the Workshop buildings successfully passed all requirements. By this the MPS Workshop Maintenance Building becomes the first light industrial building to be EDGE Certified in Africa. The MPS Terminal 3 is also labelled a Green Terminal. In all chapters of the Green Terminal evaluation MPS recorded an impressive 86.58% score which echoes the Shareholders’ commitment to environment in terms of reducing CO2 emissions among many others. The inspiring 86 percent audited score awarded MPS a remarkable “Two Stars” Green Terminal ratings. This is a major achievement and the highest scored points in the evaluation amongst several affiliated Ports in Africa, Asia and theTheAmericas.company was also recognised on the same night as a major industry player for its contribution to the advancement of the shipping and logistics in Ghana and its significant effect on the improvement on the quality of services offered to shippers which has enhanced the convenience of doing business at the Port of
The 5th edition of the Ghana Shippers Awards gathered over 200 guests from the Ghanaian government, Shipping, Logistics and Maritime Industry.
MPS recognised for its leadership in quality, health, safety, security & environment at 5TH Ghana Shippers Awards
MPS QHSSE Achievements To further entrench its already existing compliant management standards, MPS introduced the Integrated Management System (ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 standards) in 2020. Since the introduction of these standards, MPS furthered its efforts to streamline in-house implementation, monitoring, and evaluation procedures in line with Quality, Environmental and Occupational Health & Safety. With management input and staff participation, MPS conducts routine reviews of procedures to ensure better understanding of processes and regulations to enhance productivity.
WEDNESDAY, AUGUST 31, 202212 | FEATURE
its advent into the Shipping and Maritime environment in Ghana, the name of Meridian Port Services (MPS) has become synonymous to superior industry standards.
Commenting on the awards, Mr Frank Ebo Brown, the Head of Legal and Compliance who led the team to receive the awards stated, “it is good to be recognised for the hard work that we put into delivering excellence. For us, the goal is not to win awards but to provide top-notch service to our stakeholders in the most safe and secure way. These awards are a great acknowledgement of our track record of excellence and its contribution to Ghana’s economic growth.MrBrown further commended the Quality, Health, Safety, Security and Environment Department led by Mr. Kingsley Ameyaw for their contributions to achieving the vision of the company. At the helm of the MPS Terminal’s strides in this sector is the CEO, Mr. Mohamed Samara who has consistently shown leadership in championing the safety agenda. In his affirmations “We, management and staff of MPS have a high regard for Health, Safety, Environment and recognize the need to deliver our services in a safe, timely, efficient and competitive manner”.
At the 5TH Ghana Shippers Awards held on Friday 19th August 2022, MPS was adjudged the company with “Excellence in Health, Safety & Environment and Quality Award”. This award category is given to companies that had in the year under review significantly demonstrated to be responsible for introducing effective safety measures producing demonstrable improvements in occupational health and safety or risk reduction.
commercial market, in turn, shifted out of the traditional CBD toward uMhlanga and La Lucia’s commercial districts a few years ago and has gone from strength to strength since, barring the impact of the pandemic. Greater land availability and the degradation of the historic CBD led to this shift, and hence this node now offers the bulk of quality, contemporary stock, which is where the greatest demand is concentrated. The past six months have seen considerable take-up of vacant office space in the uMhlanga commercial node. Mieke Purnell, Research Manager at JLL, said: “Most demand has originated from the business process outsourcing (BPO) sector, resulting in few fitfor-purpose premises remaining. Demand in eThekwini is almost solely directed toward these nodes, and the Durban CBD is thus experiencing historically high vacancies. P-grade vacancies have declined by 45% in H1 2022, and B-grade vacancies have risen by 28%. Approximately 25 000 m² of quality premises have been let to BPOs over the past six months, an exceptional uptake considering the inactivity within the commercial property market over the past two years.”
Residential The residential market in Cape Town has favoured buyers for several years now, with excess stock available for sale, and prices decreasing. Conditions worsened through the pandemic when buying activity moderated, particularly from the foreign market that supports some of the higher value bands. As the pandemic progressed, there was increased interest in the local housing market stemming from semigrants to the city.
on page 14
Mixed Bag of Fortunes for SA Property Market
Industrial As in many regions across South Africa, there is good demand for logistics and distribution-related industrial property in Cape Town. Borne from technological advances, booming e-commerce and global supply chain disruption, there is a countrywide distinct shortage of prime logistics inventory. The consumer is an underlying role player across the various demand drivers of industrial property, supporting the retail and manufacturing sectors that underpin the industrial sector. In Durban, over and above the impact of the COVID-19 pandemic, the industrial market has faced externalities such as severe weather events and civil unrest that resulted in a shift in the market. Being a port city, there is strong demand for large-scale industrial premises originating from the logistics sector, both from an occupier and an investment perspective. However, the severe flooding and civil riots that took place in the greater eThekwini region over the past year have markedly impacted industrial supply.According to the report, Johannesburg’s supply pipeline is impressive, but it is limited to occupier-driven development, as current construction costs may result in prohibitively high rentals on completion. Moreover, the pace of construction has to date been insufficient to alleviate supply shortages within the logistics sector.
The first half of 2022 has seen mixed fortunes for the South African property market. This is according to a new report by JLL, a leading professional services firm that specialises in real estate and investment management. The Q2 report, which covers Cape Town, Durban and Johannesburg, shows that the office, industrial, retail, hospitality, and residential sectors are all growing at different rates. Office Within Cape Town’s office sector, semi-gration, better governance, and associated lifestyle factors continue to drive performance, albeit performing only marginally better than alternative regions in Gauteng or KwaZulu-Natal. The metropole is markedly smaller than Johannesburg or Pretoria, and therefore the influx of affluent and skilled migrants has the potential to bolster economic recovery for the city. Notwithstanding, the local economy still lacks the stimulus provided by the tourism sector that is yet to re-emerge in any meaningful form. Businesses are also not migrating to the same extent as individuals, meaning local purchasing power may be ticking up, but office demand not necessarilyAccordingso.to the report, office development is currently at lower than conventional levels, with primarily occupier-driven development occurring. A feature that differentiates Cape Town’s office market from that of Johannesburg is that speculative development has historically been relatively low. This placed the city in a better position to handle the economic shock that was introduced by the COVID-19 pandemic and decimated office demand fundamentals. Moreover, the traditional central business district (CBD) in Cape Town has avoided the urban degradation associated with the likes of Johannesburg, Durban and Pretoria, for eThekwini’sexample.
In 2021, Cape Town’s residential market was valued at R1.229 trillion (CAHF, 2022). Per the Centre for Affordable Housing Finance’s Cape Town Housing Market Report 2021, 43% of all stock is categorised as ‘luxury’ –valued at over R1 200 000. The entry-level (<R300 000) segment accounts for 16% of the market, and affordable housing (R300 000 – R600 000) comprises a further 18%. Residential sales activity in Cape Town slowed in the first half of 2022, although to a lesser extent than the moderation recorded in Johannesburg and Durban.InJohannesburg, the recent uptick in semigration out of Gauteng to coastal regions in the Western Cape has been very topical in the context of Johannesburg’s residential market. While this is believed to have softened the market over the past couple of years and remains a risk factor overall, the impact is limited mainly to the higher value bands of the market, as Gauteng’s net migration rate remains positive.continued
Notwithstanding, neither arrivals numbers nor hotel performance metrics are at the same level reached before the pandemic.
Hospitality The first half of 2022 saw a strong recovery of international tourist arrivals to the Western Cape and Cape Town – a welcome change given the reliance of this market on international visitors.
The report notes that hotel occupancy rates virtually doubled across all property types in Cape Town, comparing H1 2022 to the same period in 2021. The five-star market recovered particularly well, recording growth of over 120%. Occupancy over this period averaged 51%, which is approximately 72% of the rate achieved between January and May 2019. Despite the recovery underway, the upper end of the market in Cape Town still has some way to go. But it is the Durban and uMhlanga regions that registered growth in tourist numbers more than anywhere else in South Africa. With international travel disallowed during the height of the COVID-19 pandemic, the region benefitted from pent-up demand from domestic leisure tourists.“Theaccessibility of this region from Gauteng, the favourable climate, quality tourist amenities and reputation for fun and relaxation bolstered its appeal. The city still boasts the bestperforming hospitality market despite the tremendous health, social, climate and economic crises it has faced over the past two years,” added Purnell. uMhlanga has proven especially popular during H1 2022, achieving an average occupancy of 63.9%. This is the highest nodal performance in the country for the period, and is closely followed by the Drakensberg and Midlands region (63.7%). Testament to the strength of the uMhlanga market segment is the recent opening of the five-star Radisson Blu (206 keys). The Hilton Garden Inn uMhlanga Arch (203 keys) is another upscale property that opened in this region recently (December 2020) in spite of the pandemic.Butthings are not as rosy in Johannesburg, as the hospitality sector continues to grapple with poor corporate and leisure travel demand, especially in relation to the international market. Sandton, which historically relied on international (corporate and airlines in particular) travel and domestic and international leisure demand, was one of the worst-performing micro-markets through most of the pandemic. Both average daily rate (ADR) and occupancy metrics recovered in H1 2022, although not yet to levels achieved prior to the pandemic. Positive movement within the business and international travel from key African source markets are thought to be the primary sources of these gains. “Occupancy in Sandton’s luxury (five star) market recorded a 110% increase year-on-year in the first half of 2022, averaging 49.7%. This sub-sector also saw annual ADR growth of 22% comparing the first six months of 2021 and 2022. The relative outperformance of this market sector is encouraging, suggesting that historical international and business travel trends may start resuming as before,” Purnell added. Despite the challenging operating environment, there have been three hotel openings recorded in Johannesburg over the past year. This includes the Radisson Red Rosebank (222 keys), voco The Bank Hotel (131 keys), and the Hyatt House Rosebank (80 suites). The first two hotels mentioned will compete directly with the Sandton hotel market, as the primary target market in Rosebank is also the corporate traveller. A Park Hyatt hotel (30 keys) is also planned to open in early 2023. This additional supply has increased competition among existing hotels; however, investment by large brands such as Radisson and Hyatt bodes well in terms of sentiment toward the market going forward.
WEDNESDAY, AUGUST 31, 2022 13| FEATURE
The “Mall of the West” that forms part of the mega Ntshongweni Urban Development is planned to offer around 85 000 m² of additional retail accommodation. The development will also likely include smaller convenience retail outlets. Oceans Mall (±33 000 m²), under construction in uMhlanga, is expected to be completed by the end of this year. In Johannesburg, the retail property market proved one of the stronger property sectors coming out of the pandemic, despite the major headwinds faced. Recovery within this sector is still underway as footfall and trading densities improve but are yet to reach pre-pandemic levels, and operating conditions are stabilising. Rental collections have essentially normalised once more, and the negative rental reversion trend appears to be moderating as well.From a supply perspective, there has been little retail development over the past two years. The superior performance of smaller-format centres such as community, neighbourhood and convenience centres since even before the pandemic, alongside solid performance by national retail (supermarket) chains, has seen the likes of Redefine’s Kwena Square (10 004 m²) come to the market in H1 even as consumer confidence and economic growth nears all-time lows. It’s clearly evident that the property market is bouncing back and will soon be on the growth trajectory if no further disruptions occur.
continued from page 13
“From a sales perspective, a rising middle class, coupled with a lower interest rate environment, has created an influx of interest in homeownership across the lower and middle housing value bands, bolstered by the pandemicinduced changes in housing needs.
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Noteworthy residential developments underway in Johannesburg include the Orlando Towers Estates development that was recently announced, the Barlow Park mixed-use estate, and the Riverwoods Office Park redevelopment. The former comprises a lifestyle estate near the iconic Orlando Towers in Soweto. Orlando Towers Estates will aim to deliver 2 800 residential units over the fiveyear development timeline, arranged among complementary amenities including educational and recreational amenities.
For obvious reasons, sales activity within Johannesburg’s residential market moderated during the pandemic. Low interest rates resulted in a decent recovery in 2021 with respect to the number of transactions recorded, and the average sales price also improved, despite asking prices falling somewhat. The first half of 2022 has seen further weakening of achieved prices and activity levels, with the stagnation attributed to lending rates rising once more, weak consumer confidence, and the rising cost of living. This trend benefits the rental market, as purchase decisions are postponed,” added Purnell.
Retail The report notes that eThekwini’s retail market has suffered more than most since the onset of the pandemic in 2020. As in other regions, retail activity picked up in line with the easing of lockdown restrictions, but the unrest and riots experienced in July 2021 placed the sector in a severely negative position. One year on, most affected retail centres have reopened, but independent retailers are believed to still be eThekwinistruggling.benefits from several ‘destination’ retail centres that are proving popular in the current climate. Throughout most of the pandemic, neighbourhood and convenience centres were preferred as fewer people travelled far from home, but as lockdown restrictions have eased, regional centres have reported a robust recovery in footfall. The five biggest retail centres in Durban and surrounds provide over 520 000 m² of quality retail space. These centres are Gateway Theatre of Shopping (186 526 m²), The Pavilion (122 768 m²), Galleria (87 564 m²), Ballito Junction (82 000 m²), and Chatsworth Centre (41 558 m²).
WEDNESDAY, AUGUST 31, 2022 15| FEATURE
WEDNESDAY, AUGUST 31, 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:
Trading activity recorded a total of 1,944,061 shares valued at GH¢1,679,680.70 changing hands, compared with 843,097 shares, valued at GH¢42,192,323.65 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 49.53% and 52.20% of total value and volume of shares traded respectively.
THE CURRENCY MARKET
The market ended the week with no advancers and 3 decliners as indicated on the table below.
The Cedi further weakened against the Canadian Dollar for the week. It opened at GH¢6.2734/C$ but closed at GH¢6.3259/C$, reflecting w/w and YTD depreciations of 0.83% and 25.04% respectively. This compares with YTD depreciation of 2.18% a year ago.
MACROECONOMIC INDICATORS STOCK MARKET REVIEW
2022 Budget Deficit Target (%GDP) 6.6%
The Cedi continued to depreciate against the USD for the week. It traded at GH¢8.2255/$, compared with GH¢8.1491$ at week open, reflecting w/w and YTD depreciations of 0.93% and 26.98% respectively. This compares with YTD depreciation of 1.26% a year ago.
Public Debt (billion GH¢) – Dec, 2021 393.4% Debt to GDP Ratio – Dec, 2021 78.3%
The Ghana Stock Exchange weakened for the second consecutive week on the back of price declines by 3 counters. The GSE Composite Index (GSE CI) lost 56.56 points (-2.23%) to close at 2,476.48 points, reflecting year-to-date (YTD) loss of 11.22%. The GSE Financial Stocks Index (GSE FI) also lost 17.13 points (-0.84%) to close at 2,018.25 points, reflecting YTD loss of 6.21%. Market capitalization dipped by 0.90% to close the week at GH¢63,775.28 million, from GH¢64,351.56 million at the close of the previous week. This reflects YTD decrease of 1.12%.
31.7% End
22.0% Weekly
Growth for
Inflation Target
5.0%
21.97% Inflation
Growth 3.7% BoG
The Cedi also depreciated against the GBP for the week. It traded at GH¢9.6897/£, compared with GH¢9.6253/£ at week open, reflecting w/w and YTD depreciations of 0.66% and 16.13% respectively. This compares with YTD depreciation of 2.12% a year ago. The Cedi again depreciated against the Euro for the week. It traded at GH¢8.2280/€, compared with GH¢8.1831/€ at week open, reflecting w/w and YTD depreciations of 0.55% and 17.01% respectively. This compares with YTD appreciation of 2.40% a year ago.
Q3, 2021 GDP 2021
WEDNESDAY, AUGUST 31, 202218 | MARKET REVIEW WEEKLY MARKET REVIEW FOR WEEK ENDING - AUGUST 26, 2022
28.5%
GDP Growth 3.3% Average
2022 Projected GDP Policy Rate Interbank Interest Rate for February, 2022 Period – 2022 Budget Deficit (% GDP) – Dec, 2021
3.3%
BUSINESS TERM OF THE WEEK
Government raised a sum of GH¢1,826.21 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,097.20 million raised in the previous week. The 91-Day Bill settled at 28.61% p.a from 27.72% p.a. last week whilst the 182-Day Bill settled at 29.94% p.a from 29.29% p.a. last week. The 364-Day Treasury Bill settled at 29.52%, from 28.83 at last issue. The table and graph below highlight primary market yields at close of the week.
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Roadshow: A roadshow is a series of presentations made in various locations leading up to an initial public offering (IPO). The roadshow is a sales pitch or promotion made by the underwriting firm and a company’s management team to potential investors before going public. Roadshows generally take place in major cities and are meant to drum up interest in the upcoming offer. Potential investors are introduced to the company, its history, and its key personnel.
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WEDNESDAY, AUGUST 31, 2022 19| MARKET REVIEW
PRICES
Crude Oil prices inched higher on Monday as hopes of a supply cut by OPEC offset heightened concerns over an economic slowdown forecast by the U.S. Federal Reserve. Brent futures traded at US$99.01 a barrel on Friday, compared to US$96.72 at week open. This reflects w/w and YTD gains of 2.37% and 27.29% respectively.
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Gold prices fell as the dollar held on to gains following the U.S. Federal Reserve’s signal to raise interest rates further to tame sky-high inflation. Gold settled at US$1,749.80, from US$1,828.60 last week, reflecting w/w and YTD losses of 0.74% and 4.31% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,414.00 per tonne on Friday, from US$2,362.00 last week, reflecting w/w gain and YTD loss of 2.20% and 4.21% respectively.
Name: Ernest Website:Email:Fax:Tel:Haatso,PlotCIDANCIDANTel:+233Email:moyeboah@cidaninvestments.comName:Tel:+233Email:aaudrey@cidaninvestments.comName:Tel:+233Email:etannor@cidaninvestments.comTannor(0)208818957AudreyAsieduaWiafe(0)578402700MosesNanaOsei-Yeboah(0)244990069InvestmentsLimitedHouseNo.169Block6NorthLegon–Accra+233(0)261717001/263003917+233(0)302544351info@cidaninvestmens.comwww.cidaninvestments.com
All set for Umuahia Business Workshop for September 3
All is set for one of its kind Umuahia Business Workshop to hold on the 3rd of September, 2022 at Oncordia Hotel, Mission Hill, Umuahia, Abia State. The Workshop is designed to help business people in the city and environs gain insight, tools and strategies for setting up, building and leading a thriving business.Thisworkshop will be facilitated by Dr Brian AccordingReuben.toGodswill O. Erondu the host of this workshop, “I was really dumbfounded when Dr Brian told me not to bother paying for his flight ticket, that he will take care of it. Like that was not enough, he also told me that he was going to give every participant a gift from his library worth $10,000; some of the resources he has used to coach senior executives around the world.”“Being excited and curious I asked, why are you doing all of these? Dr Reuben’s response was,” Godswill said, “People are suffering at this time, and I truly want to help. The economy has become so harsh on the businesses of our people and I want to use everything I have to support them.” “I melted as he spoke those words to me” said Mr Godswill Erondu.Thequestion now is, what will be anyone’s reason for not taking advantage of this opportunity to learn the tools and strategies that Dr Brian has used to help senior business executives and even in his own businesses which spread across Europe, Africa, Asia etc? The money? It’s important
Dr. Reuben’s charge to speak or facilitate any Workshop is $1000 per hour. He’s Strategy Masterclass at Lagos goes for $2000 per person. In Dubai and UK, it’s worth more than that. Check out his websites www. brianreuben.com and
• Driving growth through people If you are around Umuahia and its environs and you are saying, “I’m occupied this time, I will attend another time.” Well, it’s important you note that Dr Brian does not live in Umuahia, he is based in the UK, he happens to be in Nigeria at this time and is willing to give out. Moreover, he is not always available and the resources he’s willing to make available in this very workshop may not be offered at another time.All business people in Umuahia and environs are encouraged to take advantage of this rare opportunity to learn what will help them Set, build, expand and TEL: 030 296 5297, 030 296 5315.| +233 545 516 133.
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learning:Godswill.resonatespeopleworkshopafricaeconomicsummit.co.ukwww.MydriveinsettingupthisistohelpbusinessinUmuahiaandthiswithDrBrian”saidParticipantsstandachanceof•Whatdrivesbusinessgrowth•Howtofinanceyourbusinesswithease•Strategicapproachtodoingbusiness•Usingstrategicalliancetodrivebusinessgrowth
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• Developing competitive advantage
