Business24 Newspaper 8 August 2022

MONDAY, AUGUST 8, 2022

NEWS FOR BUSINESS LEADERS

.COM.GH

Zeepay raises US$10 million in Series A.5 round STORY ON PAGE 3

fuel prices rise, Tax law to lower As companies look to exemptions by energy efficient solutions Ghc500m in 2022 STORY ON PAGE 3

BY EUGENE DAVIS

The recently approved Tax Exemptions Bill,2022 will lower reliefs for the year by five million Ghana cedis (Ghc500m), the bill has revealed.

According to contents of the bill, the object is to provide for an exemption’s regime including variation or limitation of the scope, where necessary; set clear eligibility criteria for exemptions; provide for the administration of exemptions and provide for monitoring, evaluation, reporting and enforcement of exemptions.

The bill which is expected to become an Act after presidential assent will become a “tax law” for purposes of the Revenue Administration Act,2016 (Act 915), the bill captured.

The general provisions entail general responsibility -which means a person

shall not be granted an exemption unless the person is entitled to the exemption under this Act, a person shall not enter into an agreement to waive or vary a domestic indirect tax unless expressly provided for in this Act or the relevant tax law.

Others have to do with the responsibility of the minister; the power to submit a request for an exemption to Cabinet or Parliament, seek executive approval for an exemption is vested in the Minister, there is also a negotiation and approval of exemption, procedures for granting exemptions to Ministries, Departments and Agencies, Privileged Persons, Diplomats and diplomatic missions, persons with disability, religious organisations, donor and charity organisations.

MORE ON PAGE 2

Ghana Exim Bank CEO hosts National AfCFTA Coordinator STORY ON PAGE 4

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THEBUSINESS24ONLINE.COM

News/Editorial

Horticulture fast becoming the new job-making machine “When the last tree dies, the last man dies” they say and truly so because flora and fauna preserve the environment and hence human life, and at a time that economies are grossly feeling the harsh outcomes of climate change, the need to preserve our environment and green resources have become even more critical.

Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, specifically the horticultural value chain.

Recent statistics put proportions of the youth (15 to 35) that are unemployed and seeking work at 34.2percent. Unemployment is therefore considered by many to be the most critical issue affecting the country.

It is trite to say that with the right national and individual orientation, policies, and drive, Ghana’s rich flora and fauna resources could provide millions of jobs to the country’s teeming youth.

Stratcomm Africa is leading the charge to green

Ghana for the varied purposes of beautification, wealth and job creation as well as a sustainable fight against climate change.

Now in is tenth year, the annual Garden and Flower Show challenges and motivates the youth and businesses in the sector to aspire to grow and reach their full potential, in order to improve their livelihoods and impact society.

This year’s theme “Growth Unleashed” preps the mind of young Ghanaians to burst forth and to grow beyond the norms to achieve a blooming environment.

The global horticulture market is estimated to be valued at USD 20.77 Billion as of 2021 and is projected to reach US$40.24bn by 2026 at a compound annual growth of 10.2percent whilst global flower and ornamental plants market was valued at US$475.6m in 2020 and is expected to reach US$725.4m by the end of 2027, growing annually at 6.3percent during 2021-2027.

Tax law to lower exemptions by Ghc500m in 2022

BY EUGENE DAVIS | CONTINUED FROM PAGE 1

L im ite d Copyright @ 2019 Business24 Limited. All Rights Reserved.

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Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742 Further, the bill highlights that within six months after the coming into force of this Act, a person that is the holder of an exemption shall apply to the Minister in order to continue to benefit from the exemption.

Also, a provision in any legislation other than the Value Added Tax Act 2013 (Act 870), the Income Tax Act,2015 (Act 896) and the Excise Duty Act (Act 878), a treaty, agreement or Convention

or a document that provides for the grant of an exemption is repealed.

The bill also is incorporated with offences and penalties ; a person acting on behalf of the government who by wilful act or omission, fails to take action on an exemption-related fraud reported to that person commits an offence and is liable on summary conviction to a fine of not less than one hundred penalty units

and not more than two thousand five hundred penalty units or to a term of imprisonment of not less than six months and not more than five years or both.

It has been observed that some exemptions continue to exist on the Statute books though they have become obsolete. The bill seeks to provide sunset clauses and a formal framework for reviewing these exemptions.

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MONDAY, AUGUST 8, 2022

Zeepay raises US$10 million in Series A.5 round Zeepay, the leading cross border payments company operating as a challenger mobile money company today announces a raise of US$10 million.

The medium-term debt raise, which forms part of its A.5 series, comes to support Zeepay in a bid to augment its fast growing remittance to wallet business. The

raise was led by Symbiotics BV with US$9 million and supported by a Mauritius-based fund with US$1 million totalling US$10 million.

According to the Founder and Managing Director, Andrew TakyiAppiah I, the raise was necessary and comes at the time when we are planning to increase our annual turnover from US$1.5 billion circa

2021 to US$200 billion over the next five years.

Godfried Boakye, CFO, mentioned that the raise had become mission critical as we expand our service offering and African expansion and well within a manageable Loan to value ratio of 9percent. This will help augment support from local African banks the likes of Ecobank, Fidelity Bank and Absa.

Kwabena Appenteng, Transaction Advisor at Verdant Capital, said: “we are delighted to see the close of this component of the round, and urge local financial institutions and pension funds to find their niche, to enable them to participate alongside international lenders in the future as we work to deepen the African fintech ecosystem.”

JLD & MB Legal Consultancy acted as legal counsel to Zeepay in connection with the funding. Zoe P. Takyi — Appiah, a senior partner of the firm mentioned, “this is another notable milestone for Zeepay.

Indeed, the company continues to

break boundaries and expand its borders. We are delighted that this transaction has been realized and to have been a part of it.”

About ZEEPAY Zeepay is the fastest-growing FINTECH into Mobile Financial Services across Africa with Operations in Ghana and United Kingdom and terminating to 20 countries across Africa and with termination agreements in over 90 jurisdictions globally. We specialize in Remittance termination into mobile wallets and are completely network and partner agnostic.

Zeepay is a wholly-owned Ghanaian company, regulated in the UK by Financial Conduct Authority-FCA # 592538 and in Ghana by The Bank of Ghana#00001 under the Payment Systems and Services Act, 2019 (Act 987).

Zeepay supports Sustainable Development Goals (SDG) 3 and is considered a Financial Inclusion Company positioned to improve last mile access. Visit myzeepay. com for more information.

As fuel prices rise, companies look to energy efficient solutions With fossil fuel prices reaching record highs, companies around the world are focusing on energy efficiency to save money and reduce the emissions driving the climate crisis.

Research shows that a safe future below 1.5°C requires the world to cut 30 gigatonnes greenhouse gas emissions (CO2) annually by 2030.

Carbon emissions need to be cut by building smart cities and managing land and resources more efficiently.

Transport and buildings are among the largest contributors.

Increasing energy efficiency, particularly industrial energy efficiency, can make a real difference in reducing our need for fossil fuels,” said Patrick Blake, Programme Officer for United for Efficiency (U4E) • a United Nations Environment Programme (UNEP)-led global effort supporting developing countries to move their markets to energy-efficient appliances and equipment.

“This improvement in energy efficiency will also reduce electricity bills for companies and support the scale-up of renewable energy,” he added.

Improving energy efficiency Energy efficiency can take many forms, with U4E focusing on lighting, refrigeration, air conditioning, distribution transformers and electric motors.

LED lamps, for example, are not only more efficient than

conventional lamps, but they also last 20 times longer. Research shows that by switching to LED lighting in 156 developing countries, over 110 terawatt-hours (TWh) could be saved by 2030, nearly the same as the current electricity consumption of the Netherlands.

Similarly, by increasing efficiency

in distribution transformers, which adjust voltage and current and are placed between the power plant and the consumer, 60 TWh could be saved by 2040, or the same as the current consumption of the Czech Republic.

“Half of the near-term reductions in emissions in the energy sector

can be achieved through energy efficiency, for example, by using more energy-efficient appliances and lighting and more efficient motors,” said Miriam Hinostroza, Head of the Global Climate Action Unit, at UNEP’s Energy and Climate Branch.

Children study at their home in North Delhi under the bright light of an energy efficient LED light bulb. This initiative was supported by UNEP and Energy Efficient Services Limited. Photo

by UNEP/ Lisa Murray. Photo by Lenny Kuhne/ Unsplash

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MONDAY, AUGUST 8, 2022

Ghana Exim Bank CEO hosts National AfCFTA Coordinator A team from the National African Continental Free Trade Agreement (AfCFTA) Coordination Office led by the National Coordinator, Dr. Fareed Kwesi Arthur, last Wednesday, August 3,2022 paid a courtesy call on the Chief Executive of the Ghana Exim Bank (GEXIM), Lawrence Agyinsam.

This follows the launch of the National AfCFTA Policy Framework and Action Plan on Tuesday 2nd August 2022 at the Kempinski Hotel Gold Coast City Accra, which outlines interventions, geared towards the harmonisation of existing laws, programmes, policies, and regulations to boost Ghana’s trade with Africa under the AfCFTA. Mr. Lawrence Agyinsam reiterated the Bank’s commitment to supporting the Government of Ghana’s quest to reposition the Ghanaian economy to become an export led one and continue to serve as a catalyst in the development of Ghana’s export trade, facilitate cross border trade and make Ghana a pillar in regional and continental trade.

He further proposed a strategic partnership between the Bank and National AfCFTA Coordination Office to see an increase in Ghanaian exports into the African continent.

“To facilitate the transformation of Ghana’s economy into an export one by supporting and developing trade between Ghana and other countries, we have over the years introduced several interventions across various sectors. We have provided funds for several companies with the intention to export to other African countries. It is important for us to work closely to assist

Ghanaian businesses to export significantly into the African continent”, he added.

Dr. Fareed Kwesi Arthur on his part highlighted the mandate of the National AfCFTA Coordination Office, established in March 2020 under the Ministry of Trade and Industry as a central point for coordinating the Government of Ghana’s policy and strategic response to the Africa Continental Free Trade Area (AfCFTA) Agreement.

According to him, “the NCO is the liaison office between the Ministry of Trade and Industry and other stakeholders in Ghana

and the AfCFTA Secretariat to ensure Ghanaian businesses harness the full benefit of AfCFTA. For this reason, we welcome the call for building a strategic partnership between Ghana Exim Bank and the National AfCFTA Coordination Office”.

Other members of the GEXIM team at the meeting were Nana Akyaa Obeng-Adiyiah, Deputy Chief Executive Officer responsible for Finance and Administration, Michael Tetteh-Voetagbe, General Manager, Human Resources and Administration, Bright Evans Darko, Head, SME Baking, Frank Obeng, Assistant General Manager, Advisory Services, Judith Aikins, Head, Export Trade, Jonathan Christopher Koney, Assistant Manager, Corporate Affairs and International Cooperation and Grace Anderson, Snr. Officer, CEO’s Secretariat.

Hon. Catherine Afeku, Head of Strategic Communications and Dr Jacob Gyamfi, Senior Advisor, Capacity Building, National AfCFTA Coordination Office accompanied Dr. Fareed Kwesi Arthur.

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MONDAY, AUGUST 8, 2022

Rate hikes are not the right answer to “wage-price persistence”

By James K. Galbraith It is a bit jarring when a secure and comfortable professor writes that others must lose their jobs so that inflation can be contained. And it is even worse if he explains that “the only solution … is to restrain demand” through higher interest rates – a very good solution for those with cash on hand. But let me reply on the merits to Jason Furman’s recent call for this “solution.”

Furman writes that in the United States, “Aside from food and energy price increases, the bulk of the inflation was originally caused by demand.” The words “aside from” are key. Over the 12 months through June 2022, energy prices are up 40% – with gasoline up 60% and fuel oil up almost 100% – and food prices have risen 10%. Prices of everything else have risen just 5.9%, and one must allow that energy prices affect the price of everything else. Furman’s claim recalls the old gag: “Aside from that, Mrs. Lincoln, how was the play?”

There is no actual evidence that demand, rather than cost, caused the non-energy, non-food price increases – and there are good reasons to be skeptical. Costs are wages and raw materials plus profits; they are paid for by sales, also known as demand.

Thus demand and cost are nearly inseparable; they are opposite sides of the same economic accounts.

Furman himself has written that “the exact combination ... is unknowable.”

Shifting his ground from demand to cost, Furman writes that “businesses will most likely continue to pass along the costs of higher wages to consumers.” He barely mentions profits. Yet profits are very high, and high profits come partly from high profit margins – meaning prices.

Furman focuses on the dynamic of a “wage-price spiral” (renamed “wageprice persistence”); he is silent about profiteering. Has he not heard of market power, monopoly power, or the predatory corporation?

And what do higher interest rates have to do with “wage-price persistence”? The answer is: absolutely nothing, at least in the short run. Higher interest rates initially just enrich people and institutions (like banks or Harvard University) holding supplies of ready cash. For business borrowers, interest is another cost that will be passed along to consumers in the form of higher prices.

Only when the US Federal Reserve pursues truly extreme measures will prices start to fall, as happened when Fed Chair Paul Volcker pushed short-term interest rates to 20% in the early 1980s. But this mechanism works by slashing growth and driving up joblessness, bankruptcies, foreclosures, suicides, and crime.

That, sad to say, is what Furman urges the current Fed chair, Jerome Powell, to do.

But high interest rates are not “the only solution.” Jamaal Bowman, a Democratic member of the House of Representatives from New York, has just proposed a bill with better ideas – democratic ideas of the kind that helped America triumph in World War II and get through the Korean war. Simply put, Bowman’s proposed strategy is to stabilize prices by producing more, rather than less, while taking steps to prevent price gouging and unjust enrichment.

His policies would help break the “persistence” dynamic – without resorting to recession and mass

unemployment.

Finally, let us consider Furman’s central premise. Is it correct, as he claims, that we are in a period of “persistence”? As I have written many times, this notion partly reflects a statistical illusion. Since price changes are usually reported on a 12-month basis, any jump in a key cost, such as oil prices, will keep generating new headlines every month for a year. That is a long time, offering many opportunities for opeds from the tight-money lobbies.

But the persistence of headlines doesn’t mean that price increases themselves are persistent. They might be, but they also might not be.

As of August 4, the national average gas price is $4.14 per gallon. That is down 17% from the peak of $5 in June, which means that – soon enough – there will be less cost pressure on

food and everything else. Why is this happening? Partly, perhaps, because speculative control of US oil markets is unstable. This is something we learned (not for the first time) in the summer of 2008, when oil prices touched $148 per barrel and then collapsed. It may be that the great inflation scare is already past.

The future remains uncertain, of course. But we have just seen two quarters of falling GDP, well ahead of any known Fed forecasts; indeed, late last year, the Fed was predicting 4% real (inflation-adjusted) growth in 2022. It is thus bizarre to argue that the Fed should keep ramping up interest rates to fight an energy price shock that is already fading away.

The fact that the argument plays well to the monied classes doesn’t make it smart, or wise, or good.

Ghana’s nuclear power plant will be highly regulated Professor Seth Debrah, Director, Nuclear Power Institute, says the country’s first nuclear power plant will be highly regulated by the International Atomic Energy Agency (IAEA).

This has become necessary to address the safety and environmental concerns of the public and some organisations.

The IAEA is the world’s centre for cooperation in the nuclear field and seeks to promote the safe, secure and peaceful use of nuclear technologies.

Prof Debrah, speaking at a media workshop for Regional Managers of Ghana News Agency and selected Editors, noted that the country could not build or operate a nuclear power plant if it did not meet the requirements

of the IAEA and said the country was on course.

He noted that Ghana had completed the first of the three phases that would give it the green light to build and operate a nuclear power plant for cheap and reliable electricity.

Prof Debrah said some activities under phase one were the human resource development, public acceptance, grid system studies, site survey and environmental scoping studies, and meeting legal and regulatory requirements.

Dr Debrah noted that since Ghana began the second phase, some activities underway were site characterisation, environmental impact study, feasibility studies, bid invitation and preparation, bid evaluation,

local infrastructure and feasibility studies.

Ghana will then move to the final phase if all the activities stipulated by the IAEA under the second phase are completed, reviewed and approved.

Mr Daniel Wordson, Manager, Executive Office, Nuclear Power Ghana (NPG), noted that nuclear was safe adding that the regulations from IAEA could not allow any country to ignore the safety, security and safeguard principles in constructing a nuclear power plant.

Dr. William Amuna, Tech.

Controller, MiDA and former GridCo CEO, noted that nuclear would deliver reliable, affordable and clean electricity.

Dr Stephen Yamoah, Executive

Director, NPG, said the country would by the end of the year, select one of the four identified sites for the construction of the nuclear plant.

Nuclear Power Ghana as an owner/ operator, Nuclear Regulatory Authority as the regulator and the Ghana Nuclear Power Programme Organization are the three key institutions spearheading the Nuclear Power Project.

The workshop organised

by Nuclear Power Ghana was on the theme: “Nuclear Safety and Environmental Concerns, Strengthening Public Understanding.”

Source: GNA

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MONDAY, AUGUST 8, 2022

Zenith Bank wins Premium Quality West African Banking brand of 2021 Zenith Bank Ghana was adjudged Premium Quality West African Banking Brand of the Year 2021, at the 6th Global Business Quality Awards held on July 27, 2022 in Accra.

The awards, organised under the auspices of the Entrepreneurs Foundation Ghana, is designed to recognize both local and international enterprises as the most valuable global brands in Ghana.

The Managing Director/ Chief Executive Officer (MD/ CEO) of the bank, Mr. Henry Onwuzurigbo after receiving the award said the award was an attestation of Zenith Bank Ghana’s track-record of good corporate governance, product and service innovation, as well as excellent customer service.

He dedicated the award to the bank’s customers, thanking them for their loyalty and support to the Zenith brand.

He reassured customers of the bank’s unrelenting quest to be a market leader in the Ghanaian banking industry.

Zenith Bank Ghana’s Premium Quality West African Banking

Brand of the Year 2021 award is the 3rd award the bank has received in 2022.

Other awards include Best Financial Inclusion Servicer Provider - Ghana 2022 (Digital Banker Africa Awards 2022) and Best Corporate Banking Brand - Ghana 2022 (Global Brand Awards 2022).

In line with the bank’s vision “to be a reference point in the provision of prompt, flawless and innovative banking services in the Ghanaian Banking industry”, Zenith Bank Ghana continues to set the pace in the development of innovative banking solutions that cater to the unique financial needs of the bank’s retail and corporate customers and positively impact the social, economic and environmental wellbeing of its stakeholders.

Zenith Bank Ghana is a subsidiary of Zenith Bank Plc, head quartered in Nigeria with presence in other West Africa countries, the Middle East, Far East and Europe. It is a member of the Ghana Deposit Protection Scheme.

MTN Ghana launches Momo Month

MobileMoney Limited (MTN MoMo) has officially launched this year’s MoMo Month celebrations in Accra, Kumasi and Mankessim to highlight the importance of partnerships to accelerate digital payments.

This year’s celebration will focus on the opportunities MoMo presents and how stakeholders can leverage the digital payments sector to support the rebuilding of a robust and resilient economy.

The month-long campaign is being celebrated under the theme, “Accelerating Growth in Digital Payments – The Role of Partnerships”.

The launch was attended by a cross section of MTN management and staff, traders, partner banks, fintech companies, among others.

Speaking on the significance of the theme, Eli Hini, CEO of MobileMoney Limited attributed

the MTN MoMo success story to the strategic partnerships and collaborations with various stakeholders over the years. To further bolster Ghana’s digital economy, he revealed that the company will continue to create shared value by investing in partnerships with stakeholders across various sectors of the Ghanaian economy to provide more value-added services to customers.

He said, “For us, the future hinges on more partnerships because as market leaders we believe that the contribution of other players within the industry will help to drive and accelerate the development of the industry.

We can’t do it alone. We need the support of other like-minded businesses who also see the future of this business as pivotal to the development of this country. We

will continue to work together and drive digital financial services across the length and breadth of Ghana”.

Mr. Eli Hini further explained that “With digitization and innovation at the forefront, and consumers opting for fast and convenient ways to make payments and transactions, digital payments have come to stay. As MTN drives its platform agenda to create opportunities for others to leverage, MobileMoney Limited will continue to use its platform as a springboard for all in the digital payments, while delivering innovation and customer experience.”

He urged all customers to look beyond the E-Levy tax and leverage on the enormous benefits MoMo and for that matter digital payments presents to the customer in terms of safety and convenience.

To celebrate MoMo month, a series of campaigns, promotions and activities have been outlined and these include a customer promotion where customers earn extra money by making digital payments with MoMo. There will be digital fairs

with SMEs, market storms as well as a new exciting financial literacy initiative dubbed ‘Catch Them Young Series’ which is being organized in partnership with educational institutions.

A stakeholder forum will also be organized to discuss the introduction of the Central Bank Digital Currency, also known as E- Cedi and the opportunities that come with it.

Since August 2012, MoMo Month has been held annually to create awareness of the Mobile Money service. It has also been used to reward customers, agents and merchants for their continuous usage and promotion of the service.

MTN Ghana was the first telecommunications provider to introduce mobile money in the West African sub region in 2009.

The service has been instrumental in promoting financial inclusion, boosting sustainable socioeconomic growth, and creating job opportunities across the country. Mobile money remains one of the most revolutionary products to have been introduced into the Ghanaian financial market.

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MONDAY, AUGUST 8, 2022

Inaugural East Africa Community (EAC) Steering Committee on the implementation of the AU declaration on land develops road map The East Africa Community (EAC) Regional Steering Committee (RSC) on the implementation of the AU Declaration on Land developed a road map for implementing the land agenda in their first meeting held on August 3.

This meeting was a key recommendation of the Regional Technical Working Group (TWG) on the Terrestrial Ecosystem meeting on July 26 to 28, in Dar es Salaam, Tanzania, where the RSC was established.

The RSC aims to provide guidance to the EAC Secretariat as it coordinates the implementation of the AU agenda by EAC Partner States, namely the Governments of Burundi, Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania and Uganda.

The inaugural meeting, represented by senior officials from respective EAC Ministries, land-affiliated Ministries and the East Africa Community (EAC) Secretariat, with technical support of the African Land Policy Centre (ALPC), developed a Road Map with key actions that will be implemented over the coming year.

In her opening remarks, the Chair of the EAC Regional TWG and the RSC, Ms. Carine Hakizimana (Burundi) stressed the critical role of the RSC in enhancing cooperation and coordination of the AU land agenda in the region.

Hakizimana appreciated the longstanding relationship and support of the ALPC to the EAC Secretariat which has culminated in the establishment of the RSC and Road Map to actualise the AU Declaration on Land Issues and Challenges.

ALPC Coordinator, Ms Joan Kagwanja, applauded the EAC secretariat and Partner States for the inauguration of the RSC

and emphasized the importance of an empowered RSC as key to enhancing land reforms to expedite regional integration in EAC Partner States.

The ALPC has worked closely with EAC since 2015, developing a joint project to enhance the capacity of EAC, along with other Regional Economic Communities (RECs) given their critical role in implementing the AU Agenda on Land.

Since then, key Directives have been adopted by the EAC Council of Ministers of Environment.

The establishment of the RSC, is a key milestone and Kagwanja expressed the commitment of ALPC to support the RSC in

implementing its Road Map, starting with the convening of a regional platform for Partner States to share experience, lessons and best practices Deliberating on the first action on the Road Map, the RSC concretized plans for the Regional Forum set for August 17 – 18, in fulfilment of the AU Declaration which calls on RECs to “convene periodic regional platforms to facilitate experience sharing, lessons and dissemination of best practices in land policy formulation, implementation and monitoring based on members states experiences”.

The RSC emphasized that implementing the AU land agenda is fundamental to archiving the EAC Vision 2050.

In addition to the organisation of the Forum, the RSC will provide guidance on the establishment of similar fora at national level by Partner States, and preparation of reports on progress made in formulation and implementation of land policies as per the AU Declaration on Land. The RSC members will serve as national focal points in this regard.

University of Ghana set to hold public discussion on academic freedom The Institute of African Studies, University of Ghana is set to host a series of high-powered roundtable discussions on academic freedom in August 2022.

The discussions will take place in three separate but interconnected parts on the 11th, 19th and 25th at the Great Hall.

The overarching theme for the roundtable discussions is “Academic Freedom and the African University: Contemporary Issues in Ghana’s Higher Education”, and will bring together leading scholars as well as students of the University of Ghana to deliberate on a myriad of issues facing higher education in Ghana.

In all, there will be 15 speakers during the three evening conversations.

The programme is also expected to offer an enduring

platform for critical unpacking of the multi-layered sources of the current challenges facing the Ghanaian university and to generate a repertoire of resources to apply against threats to academic freedom and university autonomy.

In a statement issued by the University on August 3, 2022, it noted that: “considering that issues about higher education are not or should not be of interest to

the university community alone, the panels and the issues for discussion have been packaged in a way as to involve the general public as well”.

The panels will address a variety of sub-themes ; Coloniality in the Structures of Higher Education in Ghana; Academic Freedom and Academic Sovereignty; Decolonising Academic Freedom; Decolonising the Law Faculties; Africanisation and Curriculum

Revision; Education, Gender, and Development; African Feminism and Academic Freedom; Doubletrack & the Challenges to Facility.

Other topics include the Quality of Research, Recognition and Promotion; Scholar Activism and the Public Intellectual; The Future of Higher Education in Ghana; The Corporate University and University Autonomy; The Crisis of Campus Accommodation; Higher Education and Graduate Employability; FacultyStudent Relationship and Democracy in the Classroom; Academic Freedom and Academic Traditions; The High cost of Academic SelfDetermination.

The event will also show a film documentary on Academic Freedom.

The programme will be available in a hybrid format to allow for both in-person and online participation.

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MONDAY, AUGUST 8, 2022

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MONDAY, AUGUST 8, 2022

Ghana Gas CEO wins CEO of the year award The Chief Executive Officer of Ghana National Gas Company, Dr. Ben Asante has been awarded the prestigious ‘CEO OF THE YEAR’ at the just ended Ghana Corporate Brands Awards 2022 held at the Kempinski Hotel in Accra.

Dr. Ben Asante was awarded for his excellent managerial skills and great contribution to GNGC’s growth. Ghana National Gas Company also won the ‘BRAND OF THE YEAR (GOVERNMENT AGENCIES)’award Mr. Stephen Jomo, General Manager, Commercial, accepted the award on behalf of the CEO and the company.

Audiomack highlights Black Sherif as platform’s latest #UpNow artist and cover star Artist-first music streaming platform Audiomack has announced that it has tapped rising Ghanaian artist Black Sherif as its latest #UpNow artist. #UpNow is Audiomack’s emerging artist program highlights what’s next up in culture by spotlighting and promoting the next generation of global music superstars.

Black Sherif will be featured on the cover of Audiomack’s prestigious #UpNow playlist and will receive amplification across the platform’s channels with specialized marketing, editorial, social support, playlisting, custom videos and more.

“I’m excited to be an Audiomack #UpNow artist,” Black Sherif said.

“I’ve had Audiomack since high school. It was the first platform that I used and convinced my friends to listen to my music. It was easier, and it looked professional.

It’s been the primary thing for me to connect with my fans and share music.”

“We’re thrilled to have Black Sherif as our next #UpNow artist,” Audiomack SVP of Marketing and Brand Strategy Jason Johnson said.

“We have been fans of him since his first upload on the platform in 2020 and it is amazing to see his growth over the last two years.

We look forward to collaborating with his team to help showcase his talent, expand his brand and further introduce his music to a diverse array of fans.”

Recently crossing the 100

million global streams milestone on the platform, Sherif ’s lean but mighty discography captures his hustler’s tale. His first upload was in August 2020, but he broke with viral 2021 hit “First Sermon,” giving us the “Second Sermon” later that year. In December 2021, Sherif’s star rose even further when Burna Boy hopped on the “Second Sermon” remix.

In March 2022, Sherif released his most introspective song yet, “Kwaku The Traveller.” Cutting and poignant storytelling helped “Kwaku The Traveller” garner over 35 million streams on the platform, making it the moststreamed song of 2022 so far on Audiomack and Black Sherif ’s biggest hit to date. He also received major acknowledgement from DJ Khaled, who posted the

Ghanian artist’s latest single on his Instagram and heralded it as a “big chune.”

Audiomack’s #UpNow program has been renowned for helping identify and uplift the new generation of emerging artists across hip-hop, R&B, AfroBeats and more. Previous #UpNow honourees include Rod Wave, EST Gee, Blxst, Pooh Shiesty, Sheff G, Omah Lay and Ayra Starr, among others.

Earlier this summer, Audiomack reaffirmed its commitment to expanding its global presence by launching Audiomack Punjabi, a new vertical focused on amplifying the renowned genre, introducing the music to new audiences and featuring versatile playlists highlighting the region’s most popular contemporary

artists.

Listen to the official #UpNow Playlist HERE featuring the rising Ghanaian star About Audiomack Audiomack, which launched in 2012, currently reaches more than 20 million monthly users globally.

The streaming and discovery service has played an integral role in breaking new acts, such as Rod Wave and Kaash Paige; served as a trusted partner to Eminem and Nicki Minaj, among other notable artists, to debut exclusive releases; and helped rising African stars, such as Omah Lay, reach an international audience. As of December 2021, Audiomack is the top-ranked music streaming app on Apple’s iOS in Nigeria, Ghana, Tanzania, Senegal, and Kenya.

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MONDAY, AUGUST 8, 2022

GIADEC makes significant progress towards developing an integrated aluminium industry Ghana’s first President, Kwame Nkrumah had a vision to industrialise Ghana’s economy and identified the Integrated Aluminium Industry (IAI) as a good starting point. With an operating bauxite mine in Awaso and the establishment of the VALCO smelter by Kaiser Aluminium of the United States of America, the IAI dream was on its way to becoming a reality. The building of the Akosombo Dam, primarily, to provide cheap and reliable power to VALCO with the excess energy to power other industrial projects provided an impetus to Nkrumah’s industrialisation drive.

The vision was for the private investors to work towards establishing the full value chain of an Integrated Aluminium Industry in Ghana, which would ensure the mining of bauxite, refining bauxite into alumina and smelting alumina into aluminium, all within Ghana.

Sadly, this vision never materialized, leaving Ghana with a bauxite mine in Awaso and the VALCO smelter in Tema but the country still has no refinery.

Currently, all bauxite mined in Awaso is exported, and the alumina component needed for VALCO’s smelter operation is imported.

President Akufo-Addo with his vision of a ‘Ghana Beyond Aid’ identified industrialisation as a major pillar; with an Integrated Aluminium Industry as one of the strategic anchor industries to lead the industrialisation drive.

This vision of a ‘Ghana Beyond Aid’ subsequently birthed the Ghana Integrated Aluminium Development Corporation (GIADEC). GIADEC was established through an Act of Parliament - The Ghana Integrated Aluminium Development Corporation Act, 2018 (Act 976) assented to in August 2018 with a clear mandate to promote and develop an IAI in Ghana.

Empowered by its objects under Act 976, GIADEC holds and manages all of Government of Ghana (GoG)’s current and future interest and investments in the IAI which includes the entire value chain in the production of aluminium. GIADEC currently holds GoG’s one hundred percent Volta Aluminium Company Limited (VALCO) and the twenty percent minority stake in Ghana Bauxite Company Limited (GBC) respectively. Additionally, the prospecting rights to all of Ghana’s approximately nine hundred million metric tonnes of bauxite have been novated to GIADEC. Through a series of engagements with Government of Ghana stakeholder organisations, GIADEC has

developed an Outline Masterplan for Ghana’s IAI. The Masterplan underpins the execution of Ghana’s IAI. It defines the four key projects the Corporation is driving to develop the upstream part of the full value chain of the Integrated Aluminium Industry in Ghana.

The Masterplan also highlights and identifies all the key components such as supporting infrastructure – railways, port facilities and power, as well as the allied industries, and the regulatory, statutory, and environmental frameworks, that will be vital to the successful implementation of Ghana’s IAI. In September 2021, President Akufo-Addo launched all four (4) projects of the IAI and witnessed the signing ceremony between GIADEC and its strategic partner to execute Project 2, Rocksure International.

The four (4) key projects, are together, estimated to cost $6 billion to implement. The projects are: Project 1 – Expansion of existing mine at Awaso and building of a refinery Project 2 – Development of a mine at Nyinahin-Mpasaaso and a refinery solution Project 3 – Development of a mine at Kyebi, a second mine at Nyinahin-Mpasaaso, and building of a refinery Project 4 – The modernisation and expansion of the VALCO smelter to improve efficiency and increase capacity STATUS OF ALL 4 PROJECTS UNDER THE IAI Project 1 - Expansion of existing mine at Awaso and building of a refinery.

The Awaso bauxite mine has been in operation for over 80 years. The mine is managed by Ghana Bauxite Company (GBC) which, until recently, was jointly owned by the Chinese mining company, Bosai Minerals Group Limited (Bosai), which held an 80% stake, and the Government of Ghana a 20% stake The Government of Ghana’s stake in GBC is now held by GIADEC. A Memorandum of Understanding (MOU) was signed between GIADEC and Bosai Minerals Group Limited to expand the Awaso mine and build a 1.6mm tonne alumina refinery. However, due to Bosai’s decision to pull out of the operations and exit the country, the execution of Project is currently on hold.

Following Bosai’s exit, however, a Ghanaian Consortium, OPCL, has acquired the 80% shares in GBC which was held by Bosai, with GIADEC retaining its 20% holding.

GIADEC in collaboration with the Government of Ghana and its new partner, OPCL, has worked to stabilise the existing

operations at Awaso. GBC has since commenced mine expansion plans at the Subri Hill in their Awaso Concession with the support of GIADEC. The new outlook for GBC, in the short to medium term, is to ramp up production from 1million tonnes per annum to 2 million per annum.

Meanwhile, GIADEC is poised to reinitiate Project 1, and is currently assessing the capacity of OPCL to execute Project 1 which involves the expansion of the existing Awaso mine and the building of a refinery.

Project 2 - Development of a mine at Nyinahin-Mpasaaso and a refinery solution.

In September 2021, Rocksure International, a wholly owned Ghanaian Company, signed an agreement to partner GIADEC to execute Project 2, under an eventual joint venture partnership arrangement.

Rocksure International Limited is currently on-site and has commenced drilling and Mineral Resource Estimation (MRE) works at Nyinahin Block B - The Prospecting work is expected to be concluded by end of this year and will pave the way for the building of a mine (with a refinery solution) in the Nyinahin-Mpasaaso area.

The impact of the activities of the partner – Rocksure International, have been visible in the community resulting in the creation of direct and indirect jobs (through supportive businesses) a situation which has boosted the local economy and offered renewed hope to the teeming youth.

Chief Executive Officer of GIADEC, Mr. Michael Ansah, on a recent visit to inspect the progress of work, was taken on a tour of the project site to observe the processes of collecting bauxite samples for testing at the laboratory. He was also introduced to state-of-theart drilling machinery being used to conduct diamond drilling which, according to the Project Geologist, will help obtain quality or core samples that will be analyzed at the laboratory to check for alumina content.

Project 3 - Development of a mine at Kyebi, a second mine at Nyinahin-Mpasaaso, and building of a refinery.

GIADEC has finalized negotiations with a preferred strategic partner and is going through the necessary approval processes ahead of an imminent announcement.

An imperative, and essential part of developing Project 3 is the strict adherence to environmental planning standards and considerations, and to need to drive world class responsible mining standards. GIADEC will

ensure that a Biodiversity Action Plan (BAP) is produced from the Baseline Biodiversity and Hydrology Studies that have been conducted by the Faculty of Natural Resources of the Kwame Nkrumah University of Science and Technology (KNUST), on behalf of the Environmental Protection Agency (EPA), in the Atewa Forest Range, which contains the Kyebi bauxite reserves, and together with all requisite regulatory agencies, ensure its implementation. This is part of efforts to ensure that our operations are within a sound and sustainable regulatory framework that will protect the vegetation, water bodies and wildlife.

A case is currently ongoing at the High Court of Ghana, between some civil society organisations, and individuals, against the Attorney General (the Government of Ghana (GoG)), with the former praying the court to restrain GoG from mining in the Atewa Forest.

Project 4 - The modernisation and expansion of the VALCO smelter to improve efficiency and increase capacity.

The VALCO smelter is currently running on two out of its five potlines and producing about 50,000 tonnes of primary aluminium per year, out of its installed capacity of 200,000 tonnes. The other 3 potlines have been shut down, and beyond repairs due to lack of maintenance and repairs over the years. VALCO has the capacity for direct employment of over 1,200 Ghanaians but currently employs 705 Ghanaians.

Following the establishment of GIADEC in 2018, and the consequent transfer of the Government of Ghana’s 100% holding to GIADEC, immediate steps were taken by GIADEC to establish the VALCO Board. The Board was duly inaugurated in August 2020.

A collaboration between GIADEC and VALCO, as part of VALCO’s recovery plan, secured an approval from government for an injection of funds into the Company’s operations in 2021, leading to the maintenance and repairs of its two (2) and only operating potlines. This completed the stabilization phase of the Company.

GIADEC working closely with VALCO has recorded some modest gains over the period.

VALCO for the first time in twelve (12) years, recorded a positive Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) for the year 2021. The trend is expected to continue in 2022, and in the coming years, if the required investments are made. continued on page 13

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| FEATURE

MONDAY, AUGUST 8, 2022

All are welcome at the climate club

By the end of 2022, the G7 aims to launch an “open, cooperative international Climate Club” to foster coordinated action to achieve the Paris climate agreement’s maximum-warming target of 1.5° Celsius without leaving anyone at a competitive disadvantage.

Though we have been hearing calls for international climate action for decades, there is good reason to think that this time will be different.

The Climate Club is the brainchild of German Chancellor Olaf Scholz, whose proposal is based on four premises. First, international climate action needs to be broad-based and consistent, with all club members aiming for the same objectives.

Second, countries should be allowed to pursue these common objectives in their own ways, as long as everyone abides by “a uniform measurement of CO2 content of products and materials.” Third, developing countries should receive support to achieve the common objective.

And, lastly, having to compete against cheaper, more carbonintensive methods should not put “climate policy pioneers” at a disadvantage in the global marketplace.

This proposal might sound like a rehash of past policies, but it fundamentally shifts the focus in policy design. Historically, we have viewed climate policy in only two dimensions: the climate and the economy. This has led to a focus on ideas like global carbon pricing, which makes a lot of sense in strictly economic terms.

Polluters emit excessive amounts of CO2 into the atmosphere because the costs are imposed on society. The solution therefore is to ensure that polluters pay.

The problem is that citizens

often oppose such policies, especially if there is no mechanism to compensate those who are disadvantaged by the higher costs (such as low-income households that cannot afford basic goods at environmentally friendly prices, or those working in carbon-intensive sectors).

Moreover, the costs associated with carbon pricing are not just economic but also social. Even if the proceeds from a carbon tax are spent on the poor and the displaced, fossil fuel-reliant communities may collapse, and some people may feel as though they are no longer shaping their own futures.

These were some of the lessons of the 2018-19 French gilets jaunes (yellow vest) protests, which erupted in response to a modest increase in the tax on diesel fuel.

And a similar problem has long plagued the global climate-policy debate. Low- and middle-income countries resent being asked by rich, industrialized countries – the biggest emitters historically – to pay more for the energy they need for development. To acknowledge these potential ramifications is to move from an abstract two-dimensional world to a three-dimensional one that is closer to the reality we inhabit.

While the two-dimensional world of economic models can be measured in terms of GDP and carbon prices, the real world requires different metrics to account for the full meaning of any policy. To that end, one of us (Snower) and Katharina Lima de Miranda have proposed a metric with the acronym SAGE: solidarity, agency, gain, environment.

Here, solidarity refers to the extent of social inclusion and cohesion, agency refers to people’s ability to shape

their own lives, and gain and environment refer to traditional measures of economic output and environmental sustainability, respectively. A solidarity score increases when there is more social trust, generosity, and so forth, and an agency score increases when people report greater confidence in their ability to achieve worthwhile goals. By broadening the scope beyond GDP growth, SAGE allows us to recouple the links between economic policies and social well-being.

As a new way to discuss and evaluate climate policies, the SAGE model can help us understand why some past climate policies have not worked. Traditional carbon pricing, for example, has often failed the solidarity test, by creating winners and losers (both economically and socially), as well as the agency test, by ignoring people’s voices in the process.

One of the gilets jaunes’ grievances, for example, was that the unaffordability of French urban life forced many laborers to live outside the cities, where limited public transit options forced them to drive to work. The protesters felt a lack of solidarity and agency (because they had little choice in where they lived or how they got around).

Only by accounting for people’s social needs (alongside economic and environmental needs) will we be able to advance viable policy reforms. That brings us back to the G7’s proposed club model. If correctly implemented, it can accommodate social factors alongside economic and environmental factors, succeeding where similar past efforts have failed.

According to Scholz, the Climate Club will promote “cooperation

between countries that want to press ahead with the social and economic transformation needed to tackle climate change.”

The result, in practice, would be a partnership in which participants commit to ambitious, welldefined climate goals as well as to the specific domestic measures that are required to reach those goals.

Scholz’s team acknowledges that wealthy countries that have emitted the most carbon historically are in a different position than others. They refer to “common but differentiated responsibilities and respective capabilities” – one of the core principles of the 1992 United Nations Framework Convention on Climate Change.

The Climate Club thus appreciates the different demands that a common set of goals places on different countries, and that this calls for “intensive cooperation on industrial transformation and capacity-building.”

By encouraging countries to shape their climate policies in accordance with their socioeconomic realities, the Climate Club is well positioned to avoid some of the problems that led to the gilets jaunes. But to succeed, it must be maximally ambitious (aiming for the 1.5°C target), maximally inclusive, and maximally permissive in the policy pathways that it opens up. It is this flexibility that will help developed and developing countries work together, listen to one another’s perspectives, and learn from it. If it works, the club could create a worldwide ripple effect, offering much-needed hope that the fight against climate change can be won.

Project syndicate

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| FEATURE

MONDAY, AUGUST 8, 2022

From the cocoa bean, pulp and chocolatenothing goes to waste

By Mabel Delassie Awuku “When the product is right, you don’t have to be a great Marketer.” Lee Iacocca.

Welcoming my little girl from the United Kingdom to spend her vacation in Ghana, I got to the airport with a box of chocolate to calm her nerves after a long flight and also give her a welcoming feel. Our ride home was taken over by a chocolate discussion after she opened one Kings bite and had a queen’s bite.

Her outburst after the bite, “is this made in Ghana? Its not big though but very tasty “. I can taste the cocoa unlike the huge bars available in my country with very high suger and milk content”.

This expression about Ghana’s chocolate speaks volumes and must not be taken for granted.

Ghana has for over a century carved a respectable reputation worldwide as the producer of the finest quality cocoa beans rated second to its neighbour, Ivory Coast, in the production of cocoa beans with the two West African nations accounting for more than 65 percent of annual global output. cocoa growers in Ghana still use older and more traditional methods for processing the cocoa beans, which leads to a higher quality bean and more complex flavour than mechanized methods that are used in some other places. That said, it is undeniably true that Ghana’s chocolate with a strong cocoa character has an appealing taste for the chocolate experience.

Here in Ghana, Cocoa processing Company, the sole cocoa processing factory in the sub region which can boast of processing only the choicest premium Ghanaian cocoa beans without any blending is certainly the world’s best established in 1965 with the aim of projecting healthy lifestyles

and also producing international quality standards for consumer satisfaction.

“The health and wellness of our people forms our paramount goal hence the 100% cocoa butter as compared to other chocolate manufacturing companies who buy from us (CPC), repackage by adding more sugar, milk and flavours to satisfy the taste needs of the customer without identifying the health and wellbeing needs of their clients-base as being paramount” Mr. James Rhule, the Public affairs Director of Cocoa processing Company stated.

According to Mr. Rhule, most chocolate manufacturers across the world source materials from CPC in their chocolate and cocoa related productions and has over the years attested to the quality of Ghana’s cocoa products accounting for their consistent cumulative client-base every year.

Ghana’s chocolate has found its way into diverse market spaces across the world and one such unique client is from neighbouring Togo, consistently stacking cocoa products to Togo, Benin, Nigeria and Ivory Coast.

That aside, Ghana has market for its cocoa products in Senegal, Sierra Leone, South Africa and Kenya.

You can also find the Golden tree chocolate in African shops in the UK and the US while our semifinished products can be seen in Europe, the Netherlands, Belgium and other Asian destinations.

Getting finished products such as our Golden Tree Ghanaian chocolate bars into the international markets though a herculean task owing to nontariff barriers used across the world by industrialized countries to protect local industries against foreign competitions including licenses, quotas, embargoes,

foreign exchange restrictions and import deposits compounds exports woes.

A Ghanaian based in the UK while in Ghana tried exporting the Ghanaian chocolates to the UK successfully but the product got misplaced on arrival at the UK. To make this dream of exporting the Golden tree chocolate possible, he used his wife who is an American to buy the product to America, got it melted in her small chocolate factory and repackaged for the American market.

Another American entrepreneur of Ghanaian origin “Omanhehe” also able to get the Ghanaian Chocolate into the International market by providing his company approved packaging materials to the Cocoa Processing Company for exports while others use agents to sneak products into forign markets.

Exporting 95% of its raw materials ranging from the cocoa liquor, butter, natural/ Alkalized cake or powder, Ghana remains the world best potent chocolate producer, identified on the World market performing chart-index as the second largest in the world which also is the most expensive, giving its quality and health benefits.

In processing the cocoa beans to a semi-finished product, out springs the Cocoa Liquor which is 65% fats from which the cocoa butter is extracted with the residue referred to as the cocoa cake grounded to get the cocoa powder.

From its raw materials, the Company supplies potassium to soap and body cream manufacturers and also use the cocoa shells as manure procured by farmers to help nourish and boost their farm produce while the liquor residue finds its way into pharmaceuticals to help underweight patients gain weight,

stimulate the nervous systems of weak people, calm hyperactive people and improve digestion and kidney functions.

Every fragment of the cocoa is useful, from the pod which is used as manure to fertilize the soil to regain its strength, the seeds from which our cocoa and chocolate products are made while the shells and husk are supplied to soap manufacturers for the popular “alatae samina” soap owing to its rich potassium content.

Polished fancy bowls and other fabricated usables emanates from cocoa residues contributing greatly to Ghana’s economic prospects which can be enhanced with adequate government support through production expansion capacity of CPC to engage more hands, augment and produce more raw materials and finished products for a greater market, jobs and healthy livelihoods.

Cocoa processing Company aside its healthy and delectable cocoa products, also employs over 300 staff with employment opportunities for other private individuals into cocoa and chocolate beverages alongside traders and vendors who depend on the sale of such products for survival.

To maintain the taste and health standing of our chocolate, Mr. James Rhule, the Public Affiars manager identified that owing to the delicate and efficacious nature of chocolates, and its 100 percent unadulterated cocoa content, the product draws from its environments thus CPC is very keen on ensuring sales at good hygienic environments to ensure safety and non-contamination by clients.

“To get our chocolates safe and tasty, we have rigorous processes involved in the application, trade and sales of chocolates and chocolate related products in Ghana which requires clients to apply to CPC, have their facilities and place of trade inspected to ensure proper storage, sales, health and safety of the cocoa products for consumers across the country to avoid contamination which could alter the taste and flavour.

This simply implies that, you cannot keep the Ghanaian chocolate near toiletries, or polluted environments to avoid contamination an area CPC seriously guard against for quality, health and safety of all.

Take a bite and keep up health.

The writer is a staff of the Information Services Department (ISD)

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| NEWS

MONDAY, AUGUST 8, 2022

NIA releases new updates on Ghana card replacement, change of data

The National Identification Authority (NIA) says it is making provision for the update of personal information services to the general public at its 16 regional offices and card replacement services as well as its 275 Operational District Offices nationwide.

According NIA, any Ghanaian who wishes to update its personal information such as change or correction of personal data and card replacement services can do so on Monday August 8, 2022.

In a statement released August 5, 2022, the Authority further said on Monday September 12, 2022,

update of personal information service will be decentralized to its 275 Operational District Offices.

NIA again mentioned that, continuous registration services already taking place at the Regional and District Offices will run alongside the services stated above.

The Authority emphasizes that these operational measures have been instituted in line with its operational strategy for continuous registration and provision of identity management services across the country.

It is also in response to the extension of the deadline announced by the Minister for Communications and Digitalization for SIM Card Reregistration. This will provide many Ghanaians in need of these services the opportunity to do so ahead of the new deadline.

The Ghana Card is the primary and sole identity card for SIM reregistration and for other official requirements in state and private institutions.

The rollout of a mass registration and issuance of the Ghana Card has been marred by minor chaos and long queues across the country.

The registration of SIM cards was scheduled to end on March 31, 2022, but was extended to the end of July.

Stakeholders had called for an extension of the date following the chaos recorded at some centres and the struggle by some Ghanaians to secure their Ghana cards.

Amid these concerns, the government has extended the deadline for registration again to September 30.

GIADEC is working to revive and expand the downstream sector to take advantage of the excess aluminium that would be produced.

This will ensure that we maximize in-country value by producing finished aluminium products to substitute imports and grow domestic market share in the Automotive, Electrical, Construction and Packaging sectors.

A thriving Downstream Aluminium Industry will be a vibrant industrial powerhouse made up of manufacturing companies creating thousands of jobs, including high paying jobs for the teeming youth.

Project 4 - the modernization and expansion of VALCO is, therefore, key to achieving the vision for the downstream.

The Integrated Aluminium Industry is a ‘game changer’! It is at the heart of Ghana’s industrial transformation agenda. When fully implemented prioritized, it will lead to a transformation of Ghana’s economy, and massively turn-around the economic fortunes of Ghana. The IAI, alone, has the potential to create the hundreds of thousands of jobs across every level of the value chain and could be the panacea to Ghana’s unemployment woes, whilst improving Ghana’s GDP substantially.

The timing for developing Ghana’s IAI is right as the aluminium market, though

volatile, is looking very favourable and is forecasted to even get better. There has been a rising demand in the use of aluminium significantly by about 54% in the last decade due to its lightweight, high strength, and recycling properties. This upward trend in production is likely to continue in the years to come along with the healthy pace of increase in the usage of aluminium. The development of the downstream will ensure we lock in value in Ghana while significantly boosting the economy.

The execution of all four (4) projects under the IAI masterplan are at various stages of implementation. The infrastructure underpinning the IAI i.e power, ports and harbour, railway and roads are equally being developed under the relevant agencies in tandem.

This is a multi-year, multi-billiondollar investment programme.

The vision of developing an IAI in Ghana is now clearly defined, and execution is on course. The integration of four (4) operating bauxite mines, two refineries, the VALCO smelter, and a vibrant downstream industry, accompanied by the supporting infrastructure i.e an expanded ports and harbour with increased capacity, railway and supporting network, and a low-cost and stable power supply, will be critical to success.

Since its establishment, GIADEC has been living up to its mandate of developing and promoting an Integrated Aluminium Industry, giving credence to President Akufo-Addo’s vision of a “Ghana Beyond Aid”.

continued from page 11 The implementation of direct employment of over 1,200 Ghanaians but currently employs 705 Ghanaians.

Following the establishment of GIADEC in 2018, and the consequent transfer of the Government of Ghana’s 100% holding to GIADEC, immediate steps were taken by GIADEC to establish the VALCO Board. The Board was duly inaugurated in August 2020.

A collaboration between GIADEC and VALCO, as part of VALCO’s recovery plan, secured an approval from government for an injection of funds into the Company’s operations in 2021, leading to the maintenance and repairs of its two (2) and only operating potlines. This completed the stabilization phase of the Company.

GIADEC working closely with VALCO has recorded some modest gains over the period.

VALCO for the first time in twelve (12) years, recorded a positive Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) for the year 2021. The trend is expected to continue in 2022, and in the coming years, if the required investments are made.

The implementation of Project 4 - the modernisation and expansion of the VALCO smelter to improve efficiency and increase capacity, is to ensure that VALCO is positioned to sustainably grow and be profitable, and to contribute towards establishing and realising the linkages of the upstream and downstream components of the Masterplan for Ghana’s IAI. The

mordenisation and retrofitting of the VALCO smelter will result in a new installed capacity of 300,000 tonnes that will be a major boost to realisation of the plan.

A well-capitalized VALCO, operating with modern technology, will ensure that the plant is more efficient, more productive, competitive, and can ultimately drive the transformation of the downstream sector of the IAI in Ghana.

The execution of Project 4 alone, will require significant investments in excess of USD 600 million. This will thus, require a strategic investor/partner with the financial capacity and technical know-how, to partner GIADEC to expand, retrofit and modernize the plant.

Ghana’s downstream sector remains underdeveloped using less than 7,000 tonnes of the about 50,000 tonnes of aluminium VALCO currently produces. With a forecast of about 300,000 metric tonnes of aluminium after VALCO has been retrofitted,

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| AGRIBUSINESS

MONDAY, AUGUST 8, 2022

Changing perceptions of Akufo-Addo’s presidency • Insights from the Afrobarometer Survey

By Dr John Osae-Kwapong Three rounds of the Afrobarometer survey occurring during a single presidency allow for the construction of a narrative that describes the patterns of how Ghanaians view a particular presidency, noting any highs and lows.

As I reflect on the recent two public releases of the Afrobarometer Round 9 survey, it is quite instructive to note the changing perceptions of the Akufo-Addo presidency in a negative direction.

Let us examine these changing perceptions on seven indicators in three thematic areas – performance (managing the economy, job creation and addressing educational needs); the fight against corruption (perceptions of corruption at the presidency and evaluation of the fight against corruption); and evaluation of the President (approval and trust).

These thematic areas and indicators were selected against the backdrop of the core campaign messages and policy promises that ushered in the Akufo-Addo presidency.

In Round 7 (2017) of the survey, the first during this presidency,

the view was incredibly positive.

On the question of performance, Ghanaians rated the government’s performance very well: 71 per cent said the economy was being managed fairly/very well; 50 per cent said the same of job creation, noting that this was the second highest approval for job creation in the history of the survey (the highest before this was 55 per cent in 2008) and 82 per cent believed educational needs of Ghanaians were being handled fairly well/very well too.

In the fight against corruption, there was a 67 per cent approval in how well the government was fighting corruption. This was especially important because, after a high approval (73 per cent) in Round 2, 2002, the perception of the fight against corruption had been on a downward trajectory, declining to as low as 26 per cent in 2014.

Additionally, about 31 per cent of Ghanaians viewed the presidency as being involved in corruption, a 21-percentage drop from Round 6 in 2014. Regarding his performance, the President enjoyed the highest rating in the history of the Afrobarometer, with 82 per cent of Ghanaians giving him a nod of approval.

Lastly, there was a strong level of trust in the President with 48 per cent saying they trusted him “a lot”, second to the 57 per cent from 2005 and 2008 and up by 25 percentage points from the previous round in 2014.

From the high note recorded in 2017, by Round 8 in 2019, perceptions of the presidency had changed in a negative direction. Double-digit declines emerged in four key areas – fi ght against corruption (-26 per cent); performance approval (-21 per cent); managing the economy (-19 per cent) and trust (-15 per cent).

These declines, however, do not compare to the declines seen in the recently released fi ndings from Round 9 of the survey. Not only was there no recovery from the declines experienced in 2019, but there was also further deterioration of perceptions.

Across the indicators examined, the average decline in 2019 was 13 percent compared to an average decline of 22 per cent in 2022. Besides doubledigit declines across all the indicators examined, a cumulative look at the declines show incredibly signifi cant declines in job approval (-53 per cent); managing the economy (-52 per cent); and

fighting corruption (-52 per cent).

Points of reflection There is no denying the groundswell of support and goodwill that greeted this presidency at the beginning of its term in office. This is a presidency ushered in by defeating an incumbent who had served just one term in offi ce – the first of its kind in the Fourth Republic.

This is a presidency that rolled out key policy initiatives across all sectors of the economy – Free SHS, One District One Factory, Planting for Food and Jobs, One Village One Dam, Nation Builders Corps among others.

And while the CDD-Ghana preelection survey in 2020 held a number of bright spots for this presidency here 69 per cent were optimistic about the country’s economic future; approval was generally high for government efforts in key areas – economy (60 per cent); job creation (56 per cent); addressing educational needs (75 per cent); and preventing the spread of the COVID-19 pandemic (83 per cent), the downward spiral of citizen’s perception barely two years postelection in the Afrobaromter survey leads me to one burning question – What went wrong?

| NEWS

MONDAY, AUGUST 8, 2022

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Emirates invites first officers to let their careers take flight and enjoy the Dubai lifestyle Emirates, the world’s largest operator of Airbus A380s and Boeing 777s, is looking to recruit First Officers who meet the airline’s exceptional standards in safety, technical prowess and customer experience. Successful candidates can look forward to climbing new career heights with Emirates’ all wide-body fleet and ever-expanding global route network, and enjoy an excellent lifestyle in dynamic Dubai.

For pilots, a future with Emirates means flying to diverse destinations across the airline’s network spanning six continents and 140 destinations. It also means flying one of the world’s youngest and most modern fleet, now numbering 265 Airbus and Boeing aircraft. With Emirates’ continuous investments in renewing its fleet, the airline’s

pilots will also be flying Boeing 787-9 Dreamliners, Boeing 777Xs and Airbus A350-900s in the coming years.

Emirates’ pilots complete robust, evidence-based training programmes in-house with highly skilled instructors in specially designed environments.

The airline’s cutting-edge training facility houses 10 full-flight simulators for Boeing 777s and Airbus 380s.

The airline’s growth offers numerous opportunities for natural career progression – first officers can steadily grow to become captains, technical pilots, standards’ captains, examiners and instructors.

Emirates offers a range of benefits designed for pilots and their families to lead a fulfilling lifestyle – competitive tax-free

salary, generous accommodation and education allowance, and excellent medical and dental cover. Employees enjoy concessional cargo and travel benefits for the entire family, even friends’ tickets, across the airline’s global network. What’s more, the Emirates Platinum card offers a range of privileges and discounts across thousands of retail and hospitality outlets locally and globally.

Pilots can bid for preferred flights and destinations on Emirates’ advanced rostering system to ensure they have the opportunity to spend quality time with their loved ones on special days. On a typical work day, Emirates’ flight deck crew are chauffeured to and from home and journey through the fast-track check-in facilities at the

airline’s headquarters.

Flight and cabin crew from over 160 nationalities enjoy a collaborative camaraderie that reflects the multicultural milieu of Emirates’ hub Dubai. The city’s reputation as a safe, secure, vibrant and tech-savvy city is wellknown. Major annual sporting events, a full range of lifestyle activities, first-class hospitality and dining, spectacular attractions, international schools and hospitals and excellent infrastructure all come together to make Dubai a city of choice for millions of expatriates.

As air travel continues to soar, Emirates is ramping up its services from one of the world’s busiest and best airports – the awardwinning Dubai International.

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| ADVERT

MONDAY, AUGUST 8, 2022

| NEWS

MONDAY, AUGUST 8, 2022

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President of Ghana cuts sod for construction of major road which also provides access to Ashesi The President of Ghana, H.E Nana Akufo-Addo, has cut the sod for the construction of the Dome - Kitase road, which serves as a vital link between the Greater Accra and Eastern Regions and provides access to Ashesi’s campus in Berekuso.

The 23-kilometre road project is estimated to cost $37.39 million - funded by the Government of Ghana and the Kuwaiti Fund - and will be constructed by Ghanaian company First Sky Construction.

Speaking at the sod-cutting ceremony, the President emphasised the importance of the 23-kilometre road, which connects the Accra-Kumasi road to the Accra-Aburi-Koforidua road. He added that the road “also provides access to Ashesi

University, one of [Ghana’s] foremost Universities.”

The Founder of the First Sky Group, Eric Seddy Kutortse, also explained that the company was committed to completing the project within budget and the 24-month estimated construction timeline. The scope of work includes the provision of a 16.3km single carriageway way with asphaltic concrete surfacing, a 2.85km dual carriageway, and a one kilometre two-lane single carriageway to Ashesi University.

Street lighting, signs, markings and guard rails are also to be provided under the project, with sufficient traffic control systems, concrete curbs and pedestrian walkways, drainage and ducts for future utility line crossings.

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| MARKET REVIEW

MONDAY, AUGUST 8, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING - JULY 29, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth

3.3%

Average GDP Growth for 2021

3.3%

2022 Projected GDP Growth

3.7%

BoG Policy Rate

19.0%

Weekly Interbank Interest Rate

21.81%

Inflation for February, 2022

29.8%

End Period Inflation Target – 2022

28.5%

Budget Deficit (% GDP) – Dec, 2021

5.0%

2022 Budget Deficit Target (%GDP)

6.6%

Public Debt (billion GH¢) – Dec, 2021

393.4%

Debt to GDP Ratio – Dec, 2021

78.3%

STOCK MARKET REVIEW The Ghana Stock Exchange strengthened for the week on the back of price gains by 4 counters. The GSE Composite Index (GSE CI) gained 78.36 points (+3.21%) to close at 2,518.86 points, reflecting year-to-date (YTD) loss of 9.70%. The GSE Financial Stocks Index (GSE FI) however lost 12.03 points (-0.57%) to close at 2,115.61 points, reflecting YTD loss of 2.24%.

Market capitalization inched up by 1.43% to close the week at GH¢64,383.34 million, from GH¢63,475.25 million at the close of the previous week. This reflects YTD decrease of 0.17%.

Trading activity recorded a total of 314,961 shares valued at GH¢3,231,680.95 changing hands, compared with 2,086,473 shares, valued at GH¢1,865,540.47 in the preceding week.

MTN dominated volume of trades, accounting for 16.96% of shares traded for the week whiles New Gold dominated value of trades for the week, accounting for 88.63% of values traded.

The market ended the week with 4 leaders and 3 laggards as indicated on the table below.

THE CURRENCY MARKET The Cedi continued its downward trend against the USD for the week. It traded at GH¢7.6120/$, compared with GH¢7.4745/$ at week open, reflecting w/w and YTD depreciations of 1.81% and 21.10% respectively. This compares with YTD depreciation of 0.71% a year ago.

The Cedi also weakened against the GBP for the week.

It traded at GH¢9.2642/£, compared with GH¢8.9915/£ at week open, reflecting w/w and YTD loss of 2.94% and 12.27% respectively. This compares with YTD depreciation of 2.34% a year ago.

The Cedi again weakened against the Euro for the week.

It traded at GH¢7.7658/€, compared with GH¢7.6409/€ at week open, reflecting w/w and YTD depreciations of 1.61% and 12.07% respectively. This compares with YTD appreciation of 2.67% a year ago.

The Cedi further weakened against the Canadian Dollar for the week. It opened at GH¢5.8120/C$ but closed at GH¢5.9388/C$, reflecting w/w and YTD depreciations of 2.13% and 20.16% respectively. This compares with YTD depreciation of 2.62% a year ago.

MONDAY, AUGUST 8, 2022

19

| MARKET REVIEW

BUSINESS TERM OF THE WEEK Defensive Stock: A defensive stock refers to a company that tends to outperform the share market in periods of economic downturn. A defensive stock can provide a stable dividend yield, earnings and cash flow, regardless of external events that are happening. Its share price remains mostly unaffected by high volatility or economic uncertainty.

Source: https://www.cmcmarkets.com/en-gb/ trading-guides/defensive-stocks

ABOUT CIDAN COMMODITY MARKET Crude oil prices rose on the back of next week’s OPEC+ meeting and dimming expectations that the producer group will boost supply. Brent futures traded at US$110.01 a barrel on Friday, compared to US103.71 at week open. This reflects w/w and YTD gains of 6.07% and 41.44% respectively.

Gold prices also inched up as the dollar softened, while investors awaited more economic readings that could determine the pace of the U.S. Federal Reserve’s interest rate hikes. Gold settled at US$1,781.80, from US$1,727.40 last week, reflecting w/w gain and YTD loss of 3.15% and 2.56% respectively.

Prices of Cocoa inched up for the week. The commodity traded at US$2,323.00 per tonne on Friday, from US$2,292.00 last week, reflecting w/w gain and YTD loss of 1.35% and 7.82% respectively.

INTERNTIONAL COMMODITIES PRICES

CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

CORPORATE INFORMATION GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,083.55 million for the week across the 91-Day and 182-Day Treasury Bills.

This compared with GH¢3,524.70 million raised in the previous week.

The 91-Day Bill settled at 26.71% p.a from 26.34% p.a. last week whilst the 182-Day Bill settled at 28.26% p.a from 28.06% p.a. last week. The table and graph below highlight primary market yields at close of the week.

CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com Disclaimer The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation.

The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

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NO. B24/317 | NEWS FOR BUSINESS LEADERS

MONDAY, AUGUST 8, 2022

Huawei, MoCD Begins Phase 2 of Cyber Security Training- 100,000 Females to Benefit Huawei Technologies Ghana, in partnership with the Ministry of Communications and Digitalisation (MoCD) and the Ministry of Education has begun the second phase (Phase 2) of its Digital Technologies training in Ghana.

The digital technologies training aimed at equipping Senior High School girls with 21st century Information Communications Technology (ICT) skills will focus on topics like Artificial Intelligence, Privacy protection and Cyber Security as a means of increasing student awareness on internet safety and introducing them to the basic AI concepts.

The training was officially opened on Wednesday, 3 August, 2022 by the Deputy Minister of Communications and Digitalisation, Hon. Ama Pomaa Boateng at St. Mary’s Vocational Institute and Tamale Girls Senior High school in the Northern region of Ghana.

This year’s training which

started in Tamale is expected to benefit one hundred thousand (100,000) girls including students in the Bono East, Bono, Ahafo, Volta and Oti regions.

Speaking on the essence of the training, the Deputy Minister for Communications and Digitalisation, Hon. Ama Pomaa indicated that the initiative comes as part of the Ministry’s Digital Inclusion agenda aimed at exposing more youth, especially females to the latest trends in ICT whiles motivating them to develop an interest in STEM. She indicated that with technology at the center of development, the significance of ICT education cannot be underestimated hence the need to involve more students in digital skills training to enhance their skills capacity. She lauded Huawei for partnering the MOCD to train more girls at second-cycle institutions.

The Deputy Minister, motivated the girls to take the training

EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.

seriously and advised them on the essence of having a positive presence on the internet.

The Minister of Communications, Hon. Ursula Owusu Ekuful at a press briefing on Sunday, July 31, 2022 also commended Huawei for continuously partnering with the Ministry to engage more women in ICT and for its rural telephony project aimed at expanding network connectivity to the underserved and unserved communities in Ghana.

The Director of Government and Public Affairs, Mrs. Jenny Zhou since the inception of the program has encouraged beneficiaries to take advantage of the opportunity and embrace STEM with a positive attitude.

According to her, Huawei is committed to empowering more women through such capacity building initiatives to enhance their potential and prepare them for the digital world.

Some schools yet to benefit from

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the training include; Our Lady of Mount Camel Senior High School, St Ann’s Girls Senior High, Our Lady of Providence Senior High, Notre Dame Girls Senior High, Ola Girls Senior High, Serwaa Kese Girls Senior High, E.P.C Mawuko Girls Senior High, St Catherine Girls Senior High, Kyabobo Girls school among others.

Huawei, through the digital technologies training and capacity building programs, seeks to contribute its quota towards the achievement of the United Nations Sustainable Development Goal 5, as well the development of Ghana’s ICT sector.

Last year, Huawei Ghana in partnership with the Ministry of Communications, the Rebecca Foundation, Ministry of Foreign Affairs and Regional Integration, Ministry of Education and the Kofi Annan ICT Center of Excellence trained over 50,000 girls and traders in Cyber Security, Artificial Intelligence and Financial Technology.