Business24 Newspaper 18 February, 2022 by Business24 Online

AfCFTA, WCO join forces to operationalise trade liberalisation P.5 FRIDAY, FEBRAURY 18, 2022

UTAG impasse: Parliament gives Employment Ministry one week ultimatum P.2 NO. B24 / 306 | NEWS FOR BUSINESS LEADERS

B U S I N E S S24.C O M.G H

AngloGold blames production woes on virus threat Scrap illegal electricity service fees and charges— Minority tells PURC BY EUGENE DAVIS

BY BENSON AFFUL AFFULBENSON@GMAIL.COM

ngloGold Ashanti says the year 2021 was very challenging for the company as its production for the year under review was lower than that of 2020 due to the continued impact of the global pandemic on

production and costs. “Production for 2021 was lower than the prior year mainly due to the sale of the South African operations, the company’s undertaking significant reinvestments across key assets, lower realised grades across certain operations, the temporary

suspension of underground mining activities at Obuasi, as well as the continued impact of the COVID-19 pandemic on production and costs,” the company said in its trading statement for the year ending December 2021.

Set up database on state landed properties, committee advises sector ministry P.5

The Minority in Parliament has called on the Public Utilities Regulatory Commission (PURC) and the Electricity Company of Ghana (ECG) to immediately suspend its newly introduced charges for its services that were recently announced. According to the Ranking Member on Parliament’s Mines and Energy Committee, John Abdulai Jinapor, the new charges were illegitimate and that should the power distribution company fail to

Ghana Airports Company appoints Pamela Djamson-Tettey as new MD P.11

| EDITORIAL/NEWS

Building the right partnerships critical to the success of AfCFTA

Wash your hands 2

Cover your cough 3

If you are sick, wear mask Brought to you by

Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana well-informed. We value your support and loyalty. Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

FRIDAY, FEBRAURY 18, 2022

n Brussels earlier this week, the AfCFTA Secretariat and World Customs Organisation signed a memorandum of understanding (MoU) aimed at operationalising the tariff schedules and ensuring additional Afree and efficient movement of goods in Africa. It was a bold statement of cooperation between the two institutions in their shared goal of increasing prosperity in Africa through the liberalisation of trade on the African continent. The MoU signaled the next logical step for the two organisations as they work to reduce barriers to trade across Africa by connecting customs

systems, populating the AfCFTA tariff book and providing capacity building for Customs officials and administration. The collaboration is set to capacitate the AfCFTA with technological systems that would allow standardization of data and connectivity of Customs systems and a developed AfCFTA e -tariff -book. It will help to enhance the skills and expertise of customs officials in operationalising the AfCFTA; the migration of all AfCFTA Member States to HS 2022; and the effective start of trading using the AfCFTA tariff book. Gradually the continent is gearing towards the official start physical trading and it is heartwarming to note that the facilitating agency is

building the right linkages and supports to fast-track its smooth implementation. Touted as the new dawn of Africa’s integration, this free trade area holds the potential to advance equitable development for all of its people. It addresses that challenge of small, fragmented markets, adds value to Africa’s abundant natural resources, provides boost to intra-African trade and ultimately promotes economic diversification and industrialization. The continent is set to embark on its biggest economic project that will provide the rightly needed impetus to job and wealth creation to advance its rapid transformation, and the time is now.

AngloGold blames production woes on virus threat continued from page 1

The global mining firm said the impact on production from COVID-19 in 2021 was estimated at 47koz for 2021, mainly affecting its operations in Ghana, Brazil and Argentina. The company’s production for the year ended 31 December, 2021 is expected to be 2.472Moz, compared to 3.047Moz, which included 241koz from it previously owned South African operations for the year ended 31 December 2020. However, the management of the firm said the company has reasonable certainty that headline earnings for the period are expected be between US$572 million and US$642 million, with headline earnings per share (“HEPS”) of between US 137 cents and US 153 cents, a decrease of 36percent to 42percent from the comparative period. “Headline earnings and HEPS for the comparative period in 2020 were $1,000 million and US 238 cents, respectively. The total basic earnings for the period are expected to be between US$584 million and US$650 million, resulting in total basic earnings per share (“EPS”) between US 139 cents and US 154

cents, a decrease of 32percent to 39percent from the comparative period. The basic earnings and EPS for the comparative period were US$953 million and US 227 cents, respectively,” it added. The company revealed in its trading statement for 2021 that the expected overall decrease in earnings for the period is primarily

due to lower gold sales volumes as well as higher operating costs resulting in an increase in the cost of sales, mainly due to lower grades achieved and higher level of stockpile drawdowns – exacerbated by inflationary pressures and the continued impact of the COVID-19 pandemic on costs.

FRIDAY, FEBRAURY 18, 2022

| NEWS

Scrap illegal electricity service fees and charges— Minority tells PURC BY EUGENE DAVIS

heed the caution, they would be invited before Parliament. “In as much as the PURC has some legitimate powers in determining the fees, charges and tariffs, it cannot do that whimsically and capriciously [and] without recourse to the law, so we are calling for immediate suspension of the hikes we see,” he stated. “Failure to do so, the Minority side of the Mines and Energy Committee shall use whatever legitimate parliamentary processes to ensure that the PURC is hauled before Parliament,” he added. His comment follows the new charges for services announced by the Electricity Company of Ghana (ECG) on Tuesday, February 1, 2022. The state utilities regulator (PURC) and power distributor (ECG) on Tuesday February 1, announced new fees and charges for the provision of electricity services but the minority say the new charges “are so astronomical that it defies logic.” The power distribution

company indicated ¢1,020 for a single-phase meter instead of the existing ¢400.00. Also, new consumers interested in a threephase meter will pay ¢1,920 instead of the previous ¢700. Mr. Jinapor, who is also a Member of Parliament for YapieKusawgu, added that ECG took the decisions in an opaque manner without recourse to any public announcement by the

Public Utility and Regulatory Commission. He added that the new charges can only be implemented after a broader consultation with relevant stakeholders. “If you want to increase any service fee or charge, it ought to be done a due process within the law. In accordance with the law, and ensure that the right thing is done. And so, they cannot

increase that clandestinely. Consumers and customers must know,” he said. Mr. Jinapor added: “If you have a legitimate cause to increase, we must know, then the rates. You cannot just increase them by such astronomical heights and expect that we’ll keep quiet. The Committee will ensure that the right thing is done.”

UTAG impasse: Parliament gives Employment Ministry one week ultimatum Parliament’s Select Committee on Education has given the Ministry of Employment and Labour Relations one week ultimatum to settle negotiations with the University Teachers Association (UTAG) of Ghana and to present feedback. Addressing the press after a committee meeting with officials of UTAG, Ministry of Employment and Labour Relations and the Fair Wages and Salaries Commission on the strike action by members of the University Teachers Association of Ghana (UTAG), Ranking Member, Peter Kwasi NortsuKotoe said: “As a committee, we have given them one week after UTAG called off the strike to conclude negotiations and report back to the committee.” According to him, some concerns have been addressed however, the bone of contention he says has to do with interim

market premium. A document the Minister showed to the committee revealed that there is a white paper that suspended new negotiations on the market premium in 2013. “According to the white paper, you cannot take one organization under the state to negotiate with them, so you cannot negotiate on individual basis. It is only a holistic review that can take place, so that is the challenge the sector ministry is having. That is the only issue between the two of them now.” On whether UTAG finally agreed to end the strike, Mr. NortsuKotoe indicated that “in principle on our appeal, on the condition that they need to sit down with them immediately for them to resolve outstanding matters” The Minister of Employment and Labour Relations, Ignatius Baffour Awuah, assured the committee that government

is committed to resolving the outstanding matters. The Labour Division of the Accra High Court on Monday placed an injunction on UTAG’s strike. The order from the Court followed an appeal by the National Labour Commission (NLC) for an interlocutory injunction to suspend the strike by UTAG while

negotiations continue. UTAG is therefore expected to halt the strike until the court determines the substantive application by the NLC. UTAG wants government to restore their 2012 conditions of service, which pegged the monthly income of entry-level lecturers at $2,084.

FRIDAY, FEBRAURY 18, 2022

Stock Exchange targets ambitious five-year outlook BY PATRICK PAINTSIL The Ghana Stock Exchange (GSE) says it is seeking to double its market capitalization in the next five years, to about 30percent from the current 15percent of GDP. The bourse is also seeking to add two additional markets—green and derivatives markets, increase equity listings and corporate bond issuers from 39 to 64, and from 11 to 36 respectively, all within the next five years. These targets seek to position the local bourse as Africa’s leading stock market in terms of capitalization, number of securities holders, equity listings and market liquidity. For the 2022 fiscal year, the Exchange says it will continue to encourage more listings to the market, focusing strongly on interested state-owned enterprises

(SoEs) and pension funds managers. Already, about seven state-owned enterprises have been taken through the process and are ready to be listed on the local bourse. “We want to make sure that state-owned enterprises can have

access to long-term capital and also improve their corporate governance processes. It is important as a country that our SOEs become profitable to be able to contribute to the development of the economy and that’s why we are seriously working on that,” Managing Director of the exchange, Mr. Ekow Afedzie at its engagement session with the media in Accra. Mr. Afedzie further indicated that the GSE will enhance its digitalization effort partnering with fintechs to launch digital tools that will bring the stock closer to investors. “Digitilisation of the market is key to our future; we want to take the market to the doorstep of every Ghanaian,” he added. The Exchange has also hinted the establishment of a domestic credit rating agency to boost investor confidence and credibility

in the capital market space. “There’s the need for us to have domestic credit rating agency to help in rating issuers that comes on the market to raise funds. So that gives comfort to investors on where they will be putting their money. This will help to develop our corporate market”, Head of Fixed Income Bond Market, Augustine Simons, indicated. The stock market ended its three-year negative run in 2021 when it returned 43.66percent for investors at the close of the year, a feat that ranked it the second-best performing market in Africa. It also witnessed positive investor confidence fueled by strong earnings and low share prices whilst the bond market also recorded its best performing year since it launched in 2015.

RMB coordinates Bank of Industry’s inaugural €700m Eurobond Rand Merchant Bank’s (RMB) International Debt Capital Markets (DCM) team assisted Bank of Industry (BOI), Nigeria’s largest, oldest and most profitable Development Finance Institution (DFI) to issue a EUR700m Eurobond by way of 144A/RegS Senior Note Participation Notes, irrevocably and unconditionally guaranteed by the Federal Government of Nigeria. BOI, the first African National DFI to issue a public Eurobond, has a vision of transforming Nigeria’s industrial sector by providing financial and business advisory services for the establishment of large, medium and small enterprises, as well as for the modernisation of existing businesses. BOI’s mandate is guided by Nigeria’s National Development Plan 2025 and Agenda 2050, which have the objective of lifting a hundred million Nigerians out of poverty in 10 years. The institution is tasked with providing financing for the development of micro, small and large entreprises. This deal represents the institution’s first Eurobond, the provision of the sovereign’s first Eurobond guarantee, as well as the first Euro-denominated transaction transaction from Nigeria, creating a benchmark for other prospective issuers from the region.

The five-year, Euro-denominated senior note instrument is guaranteed by the Federal Government of Nigeria and issued at a yield of 7.500%. BOI’s expectation was to raise up to EUR500m, but successfully raised EUR700m after 1.5 times oversubscribed orderbook comprising of high-quality buy-and-hold international investors. The transaction was preceded by an extensive three-day global virtual roadshow, including a global investor call, primarily involving engagement with investors across UK, Continental Europe and the US. The notes are to be listed on the London Stock Exchange and have ratings of B2 (Stable outlook) and B (Stable outlook) from ratings agencies Moody’s and Fitch respectively. RMB was appointed as global coordinator and active bookrunner for the transaction alongside other banks, with RMB assisting the issuer to ensure that BOI’s unique credit story and developmental impact was best articulated to a diverse global investor base. Chidi Iwuchukwu, Head of Investment Banking, RMB West Africa said, “It is extremely satisfying to work closely with the Nigerian DFI to bring to fruition their developmental objectives to

create jobs and enable growth and sustainability for businesses in different sectors of Nigeria’s economy. International issuance by West African clients has continued to grow and RMB is proud to have had the opportunity to assist an indigenous entity to access capital for growth, globally.” The DCM Transactor at RMB, Suliyat Adeleke also stated, “As a DCM banker pursuing opportunities in Nigeria for a number of years, the success of the transaction is very fulfilling. Being Nigerian-British, I am ecstatic at the opportunity to be of service to one of my countries. As a member of the Nigerian female youth in the diaspora, I am excited about this transaction and feel personally vested in BOI’s success, as empowerment of Nigerian Youths and Women is a core part of BOI’s developmental mandate. I am also proud of BOI’s efforts and wish the institution success in achieving its vision.” As of November 2021, BOI has ofUS$4.3bn and has a 60+ year developmental track record. The Institution supports projects with potential developmental impact and has supported circa three million enterprises and created seven million jobs since 2015. The Bank has also focused on emerging sectors that are typically underserved by other financial

institutions such as the youth segment, female-owned businesses, renewable energy and the entertainment industry. Olukayode Pitan, Managing Director and Chief Executive at BOI, said the issuance is aligned with Agenda 2050 and Nigeria’s National Development Plan 2025: “BOI has been in operation for over 60 years with a significant understanding of the Nigerian banking sector. Our developmental mandate is guided by the National Development Plan 2025 and primary drivers of our strategy is to provide lower interest rates, job/value creation, women & youth empowerment and sustainability, to name a few.” Commenting on the issue, Dominic Adu, CEO of First National Bank Ghana expressed his excitement about the issue. “The appointment of RMB to act as coordinators and book runners to run the first issue for Nigeria and arguably one of the biggest in Africa testifies to the confidence in the footprint of corporate business diversification and capabilities to meet the ongoing demand for quality corporate paper in the global capital market. It is evident that our consistent profitability and sound management are recognize”, he said.

FRIDAY, FEBRAURY 18, 2022

| NEWS

AfCFTA, WCO join forces to operationalise trade liberalisation

The African Continental Free Trade Area (AfCFTA) Secretariat and the World Customs Organisation (WCO), have signed a memorandum of understanding (MoU) aimed at operationalising the tariff schedules and ensuring additional free and efficient movement of goods in Africa. The MoU was signed in Brussels, Belgium, Wamkele Mene,

Secretary-General of the AfCFTA Secretariat, and the SecretaryGeneral of the WCO, Kunio Mikuriya. The AfCFTA Secretariat and the WCO are united in their shared goal of increasing prosperity in Africa through the liberalisation of trade on the Continent. This MoU represents the next logical step for the two

organisations as they work to reduce barriers to trade across Africa by connecting Customs systems, populating the AfCFTA Tariff Book and providing capacity building for Customs officials and administration. The collaboration is set to capacitate the AfCFTA with technological systems that would allow standardization of data and

connectivity of Customs systems and a developed AfCFTA E -TariffBook. It will help to enhance the skills and expertise of Customs officials in operationalising the AfCFTA; the migration of all AfCFTA Member States to HS 2022; and the effective start of trading using the AfCFTA Tariff Book.

Set up database on state landed properties, committee advises sector ministry The committee tasked by the Minister of Works and Housing, Mr Francis Asenso-Boakye, to undertake a comprehensive audit of all government landed properties in the form of offices and residential accommodation has recommended the setting up of a Government Property Database. According to the Chairman of the committee, Mr Bryan Acheampong, the Government Property Database, when fully operational, would have useful features such as types of properties, their conditions, their estimated values, as well as the GPS coordinates of all public offices and residential properties. Presenting the inception report, Mr Acheampong, who is also the Member of Parliament (MP) for Abetifi, revealed that an estimated 25,000 government landed properties across the country would be captured on the system to enable the Ministry of Works and Housing to plan and manage the assets efficiently. Having so far audited and captured about 1,380 landed properties of ministries, departments and agencies (MDAs) and metropolitan,

municipal and district assemblies (MMDAs) onto the database, he indicated that the committee would need additional six months to fully capture the rest of the estimated 25,000 government properties across the country onto the system. Receiving the report, Mr AsensoBoakye expressed his gratitude to the committee for the extensive work it had undertaken since its

inauguration late last year. He said he was particularly impressed by the sense of patriotism exhibited by the committee in the execution of its mandate, noting that it undertook the assignment without demanding any financial or logistical support from the ministry. Mr Asenso-Boakye said the database would eventually be a useful source of information to the Public Works

Department (PWD), an agency of the ministry, whose operations would soon be diversified to enable it to effectively manage and maintain all public landed properties in the country. He gave an assurance that the report would be studied to consider the recommendations and the way forward in ensuring that the project was completed.

FRIDAY, FEBRAURY 18, 2022

| NEWS

Ghana, Rwanda, Senegal partner Biontech to produce Vaccines in Africa Ghana, Rwanda and Senegal are partnering with German biotechnology company, BioNTech SE, to fill, finish, and package BioNTech mRNA vaccines in Africa, as a first step in the chain of domestic vaccine production which will to improve vaccine supply in Africa. This was announced at a high-level meeting in Marburg, Germany, on Wednesday, 16th February 2022, where President Akufo-Addo, together with Presidents Macky Sall and Paul Kagame of the Republics of Senegal and Rwanda respectively, witnessed the presentation of a BioNtech modular production facility solution for the production of mRNA vaccines in Africa. The event was also attended President Ursula von der Leyen of the European Commission, and Tedros Adhanom Ghebreyesus, Director General of the World Health Organization. Together with BioNTech’s CEO and Co-Founders Prof. Ugur Sahin and CMO, Prof. Özlem Türeci, and COO Dr. Sierk Poetting, they jointly discussed the infrastructural, regulatory and technological requirements to establish an endto-end manufacturing network for mRNA-based vaccines in Africa. BioNTech SE has introduced this approach to establish scalable vaccine production by delivering turnkey mRNA manufacturing facilities based on a container solution. At a high-level meeting at BioNTech’s manufacturing facility in Marburg, and at the invitation of kENUP Foundation, the company presented the container solution named “BioNTainer” to key partners of its efforts in Africa. Describing the modular production facility as a “BioNTainer”, it will

consist of one drug substance and one drug product module, each built of six ISO sized containers. They are clean rooms which BioNTech equips with state-of-the-art semi-automated manufacturing solutions. Each module requires 800 sqm of space and offers an estimated capacity of several hundred of million doses of mRNA-based vaccines depending on the specific vaccine. The BioNTainer will be equipped to manufacture a range of mRNA-based approved or authorized vaccines targeted to the needs of people in African Union member states, like BioNTech’s COVID-19 vaccine, and its malaria and tuberculosis vaccines, if they are successfully developed and approved. The first BioNTainer is expected to be shipped to the African Union in mid-2022. BioNTech expects to ship BioNTainers to Rwanda and Senegal in close alignment with the respective country and the African Union. BioNTech will be responsible for the delivery and set-up of the

modules, while local authorities and governments will ensure the needed infrastructure. Ghana will support the manufacturing with fill-and-finish capacities. In cooperation with WHO, Africa CDC/AMA, and the European Union, BioNTech is supporting, identifying and setting up the necessary regulatory framework. BioNTech will initially staff, own and operate the facilities to support the safe and rapid initiation of the production of mRNA-based vaccine doses. In the longer term the company plans to transfer manufacturing capacities and the know-how to local partners to enable sustainable production of mRNA vaccines in Africa. Vaccines manufactured in these facilities are expected to be dedicated to domestic use and export to other member states of the African Union at a notfor-profit price. Pan-African Project Speaking at the event, President Akufo-Addo indicated that the meeting heralds an important step in

end-to-end vaccine manufacturing in Africa. “This pan-African project fits very well into Ghana’s roadmap for vaccine development and manufacturing, developed by the Vaccine Manufacturing Committee, which I constituted nearly a year ago,” he said. The President added, “We are willing to work together with our counterparts in Rwanda and Senegal to fill, finish, and package BioNTech mRNA vaccines, as a first step in the chain of domestic vaccine production.” He told the gathering that Ghana’s Food and Drugs Authority (FDA), the principal Ghanaian regulatory agency, which is currently at WHO Maturity Level 3, and being upgraded to Maturity Level 4, will be readily available to work closely with regulatory bodies from the two (2) partner countries, to enhance the regulatory capacities for domestic vaccine development and manufacturing in Africa. Moreover, with Ghana’s growing pharmaceutical industry, which already has broad footprints in West Africa, President Akufo-Addo added that, backed by the nation’s industrious research institutions, strong political will and commitment, fueled by lessons learned from the COVID-19 pandemic, he is of the utmost belief that Ghana is prepared for this project. “We have gleaned a lot from this pandemic, and we are determined to enhance our ability to handle more efficiently any future outbreaks, including building domestic capacity for vaccine production. We are ready to contribute and to be part of the manufacturing of mRNA COVID-19, Malaria and TB vaccines from drug substance through drug product to Fill, Finish and Package. Ghana is raring to go,” he added.

7 state entities shortlisted to list on Ghana Stock Exchange About seven State-Owned institutions have been shortlisted for possible listing on the Ghana Stock Exchange this year. This follows a review of the performance of these state entities, which have been making losses since 2015. Speaking during a meeting with the media in Accra, Deputy Managing Director of the Ghana Stock Exchange, Abena Amoah noted that the move forms part of efforts to make state entities profitable and capable of contributing significantly to the development of the country. She also noted that the move is part of government’s strategy to turn around the fortunes of State-

Owned Enterprises (SOEs). “The GSE and SIGA have formed two committees, a steering and a technical committee. And throughout the whole of last year, we worked to review about 30 companies. Out of that we came out with the first shortlist of about 18 companies, and we have narrowed it down to the first 7 companies that we believe are market-ready. Many of these companies, the Government of Ghana owns 100% in them. There are some of them in the larger group that are in joint ventures with other private sectors,” she said. Abena Amoah also noted that Cabinet approval was needed before the companies could be

listed. “We have done a paper and presented it to the Ministry of Finance. It will go to the shareholder which is Government of Ghana through the Ministry of Finance and the Minister of Public Enterprises to approve these first seven so that they can decide and accept them. Again, we

are working with our brokers to ensure this happens,” she added. Stop posting losses and improve performance – Akufo-Addo charges SOEs Earlier this year, President AkufoAddo charged heads of state institutions and specified entities in the country to put an end to the phenomenon of posting losses annually and to work towards becoming profitable institutions. Losses posted by state enterprises and specified entities in the country between 2018 and 2019 rose by 200% percent according to the 2020 Auditor General’s report. The latest figure on losses by state institutions, as of the end of 2020, stands at GH¢5.3 billion.

| NEWS

FRIDAY, FEBRAURY 18, 2022

Vodafone introduces Red Cloud to improve and secure the digital operations of businesses Vodafone Business has introduced ‘Red Cloud’, a cloud-based service meant to improve and safeguard digital operations, to IT Managers at the Vodafone Technology Forum, held in the Ashanti Region. Vodafone Red Cloud is an advanced and affordable technology that offers businesses a more flexible, scalable, and cost-efficient IT infrastructure to help them achieve their business goals of keeping their data safe and applications performing at their best. Speaking at the event, the Director of Vodafone Business, Tawa Bolarin, said SMEs can effectively improve their services without worrying about the cost of running data centres or an IT environment. “At Vodafone Business, we support the growth of businesses by providing solutions that help organizations run efficiently, enabling them to focus on their core purpose without having to worry about their technology needs. We do this by working closely with you, IT Managers, and Chief Information Officers.”

She explained that Red Cloud is locally-hosted in a highly secured IT environment, with stringent security policies. ‘’From a latency perspective, you don’t have any issues because all your information is stored locally in the country. From a regulatory perspective, it’s an advantage because, for some industries, the regulator doesn’t allow you to store data outside of the country. We address that problem for you by having our technology experts sit down with you to understand your needs and to customize our platform to your business needs,” she added. Tawa further said businesses can now focus on their core objectives and purpose while they entrust this aspect of their operations with Vodafone. “Any business today can focus purely on what it is designed for, its core purpose, and that core purpose is to serve its customers with its products and services to generate value, increase customers, increase revenue, and most importantly, reduce costs. Digitalisation is the only way businesses can achieve

these goals by automating with the right tools and resources that allow you to serve your customers better and to grow beyond your local boundaries,” she said. According to Tawa, Vodafone’s Technology Forum is one of the platforms the four-time

Enterprise Business Provider of the Year uses to connect with customers to understand how to support their businesses and provide them with the right technology solutions for them to grow and succeed in various industries.

Drought in the Horn of Africa: FAO welcomes a €20m contribution from Germany to avert hunger crisis The funding aims to support lives and livelihoods of most severely drought-affected farmers and herders The Food and Agriculture Organization of the United Nations (FAO) has welcomed a €20 million contribution from Germany to save lives and livelihoods of the most severely drought-affected farmers and herders in the Horn of Africa. It is a vital contribution which comes at a critical time in the response to the drought emergency. An extended, multi-season drought is driving acute food insecurity across the region, with 12 to 14 million people now on the brink of starvation as crops continue to wither and animals weaken. The situation is further exacerbated by escalating resourcebased conflicts as competition for water and pasturelands increases, the COVID-19 pandemic and lingering consequences of a largescale locust invasion. FAO and its partners have recently warned that in a worst-case scenario in which rains completely fail in the

coming months and agriculturaldependent communities do not receive swift aid, the number of highly food insecure people could climb to 15 to 20 million – with some worst-affected households facing “catastrophic” hunger conditions. Germany’s support represents a significant contribution to FAO’s Horn of Africa Drought Response Plan calling for over $138 million to help rural communities cope with the looming crisis – with $130 million of that total urgently needed immediately for activities between now and June. “We would like to thank the Government of Germany for the generous contribution, which will help provide efficient and effective assistance to highly-vulnerable, agriculture-reliant communities in the most impacted areas,” said FAO Director-General QU Dongyu. “Boosting agriculture and sustaining rural livelihoods is the most impactful way of averting a large-scale food security crisis. The current funding gap is still substantially hampering our

efforts to provide immediate and adequate life-saving and livelihood support to those who need it most. It is not too late to avert a humanitarian catastrophe in 2022, but resources must be made available immediately,” he added. Time-critical drought response With the new funding, FAO will support more than 115 000 vulnerable rural households in three most drought affected countries - Ethiopia, Kenya and Somalia. The aim is to provide access to food and other basic goods and services including water for animals and irrigation, veterinary services and education, while protecting and restoring productive livelihoods and building back self-reliance in drought affected communities. More specifically, in Ethiopia, FAO will support 65 000 households through providing livestock vaccines, construction of 30 veterinary health clinics, rehabilitation of water points, and implementing slaughter destocking. In Kenya, 35 000 households will

receive veterinary care to sustain their animals and highly nutritious range cubes to feed livestock, which enable animals to continue to provide milk, as a source of food and income for communities. In addition, FAO will carry out cash transfers to ensure the most vulnerable can access basic foods and services. In Somalia, the Organization will assist more than 16 500 households through cash transfers and cashfor-work programmes. The funds will be used to distribute fodder packages, drought-resistant seeds, which will be complemented with irrigation support. FAO’s plan to avert hunger crisis Under FAO’s new Horn of Africa Drought Response Plan, $130 million is urgently needed to provide time-critical assistance to 1.5 million highly vulnerable people in communities within drought-hit regions of Ethiopia, Kenya and Somalia. The plan supports the production of up to 90 million litres of milk and up to 40 000 tonnes of staple food crops in the first part of 2022.

FRIDAY, FEBRAURY 18, 2022

| NEWS

GES begins confirmation of SHS selection for 2021 BECE candidates The Ghana Education Service (GES) has commenced the verification and confirmation of senior high school (SHS) choices for the 2021 Basic Education Certificate Examinations (BECE) candidates. The exercise will be done through bulk SMS, USSD messaging and online, and will end on Tuesday, February 22,2022. The exercise will allow candidates to confirm or correct details such as selected schools, courses, residential status , gender among others; but not make changes to their choice of schools. A statement issued by the GES on Tuesday said the confirmation and verification process is part of measures to ensure a smooth placement into SHS this year.

“Candidates should note that this is not a new process of school selection and therefore schools cannot be changed except there is an error that needs to be rectified,” it said. “… a bulk SMS of the schools selected will be sent to the contact numbers provided by candidates during the school selection. Candidates are to check and immediately notify their various heads of schools of any error found for corrections to be made,” the statement said. It added that apart from the bulk messages that would be sent to all contacts, parents and candidates can also dial *899*88# and follow the instructions to verify choices made via USSD.

Twitter adds Flutterwave as available payment provider to Tips in Ghana Whether you want to tip small business owners, emerging artists you admire, or your favourite creators whose Tweets you find entertaining — whoever you want to support, Tips is here to help you do it. In May 2021, Twitter started experimenting with this feature with a small group of people on the platform, including journalists, creators, and more. Since then, Tips has become available on iOS and Android, and to everyone who is 18+ on Twitter, including in Ghana and across the continent. It is a new way to monetise on Twitter and enables people on the service to send and receive funds as a token of appreciation. Starting today, Twitter is adding the pan-African payment solution, Barter by Flutterwave as an additional payment provider to Tips. Barter is a web and mobile app, from leading payments technology company, Flutterwave, that lets you send and receive money from abroad instantly, and safely, at affordable rates. How does it work? Turning on Tips adds an icon next to your profile, which will now also have a link to Barter, for quick and easy person-to-person tipping. Tap the icon, and you’ll see Barter and other payment services or platforms that the account has enabled, you can select whichever you prefer. Once you select the service you want to use, you’ll be taken off Twitter to the selected app to send funds. Twitter takes no cut. In addition

to Barter, the services available for people in various African countries include Chipper and Paga. Adding your Bitcoin address to Tips Additionally, when you enable Tips on your profile, you can also add your Bitcoin address. People can copy your address and paste it into a Bitcoin wallet of their choice to send you a payment directly. Commenting on Barter’s inclusion as a payment provider to Tips, CEO and Founder of Flutterwave, Olugbenga ‘GB’ Agboola said, “As a frequent Twitter user, creators, artists and businesses add immense value to my experience on the platform —creating an avenue to reward or tip them is

a good step in the right direction by Twitter. So we’re excited to be partnering with them to create a safe, fast and easy way to tip these amazing creators through Barter by Flutterwave. We have the reach and abilities to enable creators from Africa to receive tips from parts of the world. I will likely be one of the biggest users of Tips, and that’s because it’s an awesome feature that has huge potential for the creator economy in Africa.” Through Barter, people will be able to support individuals and users across Ghana and the subSaharan Africa region via mobile money and debit cards. The inclusion of additional payment providers to Twitter’s

Tips feature represents an expansion of access to pathways for people on the continent to get paid, as Twitter expands its Africa presence since setting up operations in Ghana. It also marks a major step in Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible. For step-by-step instructions on how to enable your Tips feature and how to send tips, check out our Help Center. Twitter’s General Tipping policy is designed to keep people safe on the service and it will guide enforcement actions.

| TOURISM

FRIDAY, FEBRAURY 18, 2022

TIME magazine has named Accra as the best place to visit in Africa…The best is yet to come

IME magazine has named Accra as the best place to visit in Africa. This comes at a time tourism globally is in a rebounding stage. This could be positive news for the country as it may encourage many more international visits. There may be others who may view this news as inaccurate considering the traffic situation in Accra these days and the increasing security threats unleased by Okada riders in the city. The earlier they are dealt with the better. The recognition places the city ahead of Benguerra Island of Mozambique and Egypt’s Cairo who followed respectively. A quick analysis of the criteria used may confirm the report. According to TIME’s 2021 World’s Greatest Places, Accra is now easier to access with the many flights that come into the country daily. This is perfectly true. Ghana’s Kotoka International Airport has been adjudged the best airport in West Africa and the fourth best in the World by the Airport Council International (ACI) Africa. The country moved from 6th the previous year to 4th last year in the West African ranking. The airport has been recognized as the “Best Airport in Africa” (2-5 Million pax per annum) for both 2019 and 2020 by Airports Council International Currently 38 airlines are operating in Ghana and they connect directly to 30 different destinations around the world. What are the criteria used in determining the best airports? It includes airport access, check-in, security screening, restrooms, stores, restaurants, additionally capturing passenger comments of their best and worst experience at the airport. Secondly, the report mentioned that tourists will have many things to see in the capital including museums, beaches and arts. Yes, indeed Accra has great museums and art galleries. Teshie is a place tourist can discover art, culture and creativity. Coffins are made in many shapes and the rich GA culture is there to be unraveled. The centre for National Culture, Kwame Nkrumah Museum, the Christianborg

Museum and Castle, the Art Centre, the Mokola markets are places tourists will love to learn about culture. Other places to learn about history are the independence square, the National museum, James town lighthouse, W.E.B Dubois Centre, the National Theatre are some places to visit. When it comes to beaches, The La Pleasure Beach, Kokobrite Beach, Coco Beach are some beaches visitors could spend their time relaxing. Thirdly, it also added that Accra is a key destination for visitors interested in connecting with Africa’s history and its people’s heritage. Indeed, the people of Accra have a rich and strong heritage that makes the city the most ideal place to visit. The Accra nightlife, as well as good food, were not left out of things visitors should look out for. Osu (Oxford street) is the place to be when it comes to good food and night life. With the completion of the Marine Drive Project, it’s expected that Accra will see a much bigger facelift. The best is yet to come. Prior to compiling the World’s Greatest Places list, TIME solicited nominations of places including countries, regions, cities and towns—from our international network of correspondents and with an eye toward those offering new and exciting experiences. According to TIME, its third annual list highlights one hundred extraordinary travel destinations around the world. The publication stated that the third annual list of the World’s Greatest Places “is a tribute to the people and businesses at the forefront of those industries who, amid extraordinary circumstances, found ways to adapt, build and innovate. It shines a light on ingenuity, creativity, revitalization and reopening in destinations across the world.” Resident of Accra must welcome the initiative of the Regional Minster, Mr Quartey. He is very passionate to see Accra work again. TIME magazine ranking has come at the right time. One big challenge Accra faces is the sanitation situation and ‘Operation Clean Your Frontage’ which has begun will help keep the city clean. I heard on the news that the train was in

Chorkor and some chops were closed. The owners were made to clean their surroundings. The government’s clarion call on all citizens to appreciate that keeping their environment clean and green is one of the prerequisites for leading a healthy and happy life. We all need to support this initiative. Calgary situated in Canada is the cleanest city in the world. Residents of Calgary, play a very important role in maintaining their city’s cleanliness. Even though most parts of this city are solely based on production, higher authorities have beautifully organized the entire city to be environmentally friendly. A first-time tourist who happens to walk through the roads of Calgary, will know why this city is been called the cleanest. Here is how this city has achieved 100% cleanliness despite having the high amount of material wastage and pollution. Calgary is the center of oil and gas industry for the whole nation of Canada. The city of Calgary has actively promoted lot of sanitation and eco-friendly programs over the years. This is how they have achieved the sparking aqua rivers and clean environment. In 2007, Alberta state government initiated the program called “Too good to waste” with an aim of decreasing the amount of waste that is passed on to the landfills and it is ongoing. This program also promotes increasing number of ways to recycle the materials which are expelled from Calgary’s housing boom which includes drywall, concrete, asphalt and grits. By the year 2020, they intend to hive off 80% of the city’s waste from landfills.

Another recycling program that helps in making the city clean is known as Blue cart system. The city administration provides a large blue cart recyclable material to each and every single interested family with an expectation of throwing every recyclable material to a blue bin. They include metal foil and food cans, paper and cart board, bottles, jugs and plastic food containers, glass jars and bottles. Every resident has to put this blue bin with the recyclable materials on their scheduled collection day. Finally, the collected recycle materials will be processed at the city’s own plants. This program is just one part of the commitment Calgary follows on a regular basis to keep their city as clean as possible. Indeed, the starting point is with us and we can make Accra clean if we all make a conscious effort to clean our frontage. It’s part of our Ghanaian heritage to keep our environment clean and I believe if we sustain and succeed in this initiative, the best will indeed come. Shops must not be closed before we keep our frontage clean. If everyone does that, then every frontage becomes clean and everywhere also becomes clean. Philip Gebu is a Tourism Lecturer/ Trainer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail.com / info@ forealdestinations.com. Visit our website at www.forealdestinations.com or call or WhatsApp +233(0)244295901/0264295901. Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations

FRIDAY, FEBRAURY 18, 2022

| NEWS

Ghana Airports Company appoints Pamela Djamson-Tettey as new MD The Ghana Airports Company Limited has appointed Pamela Djamson-Tettey as its new Managing Director. The company in a statement said she has over 25 years of proven track record in Senior Management, including nine years in the mining industry, nine years in the manufacturing sector and five years in the power sector. Madam Djamson-Tettey is described as well-networked, with a confident approach and integrity. “She is strategically astute, possesses a strong ability to build sustainable relationships, with excellent interpersonal communication and language skills.” “Pamela has excellent analytical skills with a strong bias for Political Science, Government Relations, Community Relations, Environment, International relations and Diplomatic Protocols,” the statement added. From 2001 to 2009, Pamela was the Executive Director and Director of Corporate Relations at Diageo Ghana — Guinness Ghana Breweries (GGBL). As a member of the Board of Directors of GGBL and a key member of the GGBL Executive

team, her responsibilities included a wide range of businesscritical agendas including; Corporate Communications, Public Policy, Stakeholder Engagement, Strategic Planning, Corporate Brand Reputation, Sustainable Development and key Spokesperson for GGBL. Madam Djamson-Tettey holds a BA (Cum Laude) degree in International Relations from the United States International

University Herts, UK, and San Diego California, USA (1982-1985), Postgraduate Diploma (Merit), Politics & Diplomacy, University of Kent at Canterbury, UK (1985 – 1986) and an MA degree in International Relations, University of Kent at Canterbury, UK (1986-1987). She is also an accredited member of the Institute of Public Relations (IPR) Ghana. Her appointment comes after GACL’s previous Managing Director, Yaw Kwakwa,

submitted his resignation, according to a statement from the company. Initial reports had it that Mr. Kwakwa had been dismissed by the President, Nana Akufo-Addo. His departure followed the controversy over McDan aviation being asked to indefinitely suspend the use of the Kotoka International Airport (KIA) Terminal 1 for private jet services.

Jumia shares love with orphaned children on Valentine’s Day As part of this year’s Valentine’s Day celebrations, Jumia, Ghana’s leading e-commerce platform donated everyday products to the Teshie Children’s Home in Accra. As part of its Corporate Social Responsibility, the online retail company donated food items and other essential products to support the upkeep and care of young orphans at the children’s home. These items included bags of rice, sugar, milk, bags and bottles of water, detergents, insecticides, toiletries and stationery. Jumia’s staff, partners and some customers joined in spending quality time with the children over some refreshments. They had lunch together and enjoyed other fun activities. ’Valentine is a season of love and we at Jumia believe in spreading love to all especially the underprivileged in our society. Everyone deserves love and that means we have a responsibility to ensure that these children are not left out. The upkeep and education of these young ones should be of prime importance to everyone because they are our future

leaders., “said Tolulope GeorgeYanwah, CEO of Jumia Ghana. Founder of The Teshie Children’s Home, Mrs Parker said, “We feel blessed and very happy to have Jumia visit us and spend quality time with these young ones. We

receive all these items in good faith and promise to take care of these children as we have done for the past 25 years. The children here need a lot of love and this kind gesture by Jumia has really touched us. We

rely heavily on donations and gifts from corporate institutions to cater for the children and this gesture came at the right time. The joy and excitement of the kids says it all” Jumia is committed to impacting the everyday lives of Ghanaians.

| NEWS

FRIDAY, FEBRAURY 18, 2022

Vals On Wheels’; Ghana Post brings new excitement in courier services

Ghanaians on social media went gay when the newly appointed Ag. Managing Director of the Ghana Post Company Limited, Mr. Bice Osei Kuffour, known in the showbiz arena as Obour, and his team on this year’s Valentine’s Day rode motorbikes to deliver parcels and gifts to people in their homes and offices. The initiative, known as “Vals on Wheels” which started on February 14 -15, 2022, is part of several measures being adopted by the current management of the company to woo many Ghanaians to do business with the company, particularly in the areas of deliveries. The Ghana Post MD, who is also the Chief Post Master General rode motorbike himself to present gifts to some selected prominent Ghanaian state men and women, including former President John Agyekum Kufour; former First Lady, Nana Konadu Agyemang Rawlings; First Lady, Mrs Rebecca Akufo-Addo; former Second Lady, Mrs Matilda Amissah-Arthur, and Minority Leader of Parliament, Mr Haruna Iddrisu, with Valentine’s

gifts. The ‘Vals On Wheels’ promo which got many Ghanaian social media users talking, enabled shoppers, families, and loved ones to express their love by paying only GH¢20 for their gifts to be picked up by Ghana Post team and delivered on their behalf. Mr Osei Kuffour and his team also visited a number of heads of state institutions and ministries, including the Ghana Police Service; the Judicial Service; Ghana Revenue Authority (GRA); Ghana Armed Forces; Office of the President; Ministry of Communications, and the Ministry of Information, to court the support and possible areas to do business. Mr Osei Kuffour during his interactions at the various offices he visited said the initiative is part of measures to uplift the image of Ghana Post by building a solid brand of reliability and further turn around the fortunes of the company. He said the initiative would further enable the company to court the support of all state

institutions to explore possible areas where they could partner to do business. He noted that the company was seeking to partner with various government institutions, agencies, and Metropolitan District and Municipal Assemblies (MMDAs) to revamp its Motorbike Delivery Services within the courier service sector. According to him, the company currently had 350 delivery outlets nationwide, urging all state institutions to take advantage of their reliable delivery services. At the office of the Commissioner-General of GRA, Rev. Amishaddai Owusu-Amoah, he commended Ghana Post management for the initiative and pledged the readiness of his outfit to work with the company. “I also want to start by congratulating you on your appointment and also wishing you all the best as you try to put in place various initiatives,” he said. He, however, appealed to Ghana Post to explore other digitalisation avenues to make their work more accessible to many Ghanaians. He said Ghana Post could also make their offices a point where people could walk in and with the assistance of their trained staff, help the public to file their taxes online. Also, at the Ministry of Information, the sector Minister, Mr Kojo Oppong Nkrumah, encouraged Mr Osei Kuffour and his team to keep up their good work and turn things around for the company. For him, the enthusiasm and

commitment the new Ghana Post MD had demonstrated over the period of his appointment, was commendable. “In fact, we were so impressed. I’ve not told you that we actually through our commercial relations requested for the services of your organisation today to deliver a number of our parcels for us. So earlier today we had one of your officers and some of your officials and members of your team here to dispatch about 100 parcels going out today,” he disclosed. When the Ghana Post team got to the Ministry of Communications, the sector Minister, Ursula OwusuEkuful, said she was overwhelmed with the gesture and aggressive marketing approach adopted by the Ghana Post MD and his team. For her, the ‘can do spirit’ currently exhibited by the company would help many Ghanaians to develop confidence and interest in their work, hence expanding their customer base. She, however, urged the management of the company to expedite their services so as to encourage many Ghanaians to see the need to do business with them. In a related development, the Head of Corporate Communications, Kobi Hemaa Osisiadan-Bekoe, led a team to distribute chocolate to some media houses. She said Ghana Post was appreciative of the partnership it had had with the media over the years, calling on the media to continue to work with the company in order to promote postal services in the country.

NPA boss tours Northern Region The National Petroleum Authority (NPA) Chief Executive, Dr. Mustapha AbdulHamid, has paid a working visit to the Northern region. The purpose of his visit was to familiarize himself with the facilities, installations, and offices under the National Petroleum Authority (NPA). The NPA CEO also visited the Bulk Oil Storage and Transportation Company (BOST)depot at Buipe in the Savannah region. He called on the Northern Regional Police Commander, COP Timothy Yoosa Bonga to collaborate with the authority to ensure that people obey the laws of the

petroleum authority. The Director of Policy Coordination at the National Petroleum Authority (NPA), Jacob Amuah revealed that the authority has been compelled to install tracking systems on fuel trucks to tackle misuse of the fund in the transportation of petroleum products.

According to him, the fund used in equalizing petroleum products pricing has been abused and so they had to find a way of checking the exact location of where tankers offload fuel products so they do not claim what is not due to them. “ Somebody can buy from Tema and claim they are sending it to the North which might not be true and so because we do not have the visibility we decided installed the tracking systems which allows us to see where each tankers carrying petroleum products arrived at and where it discharged the products because this has

an impact on the cost that we pay to the transporters of the products so we have installed these trackers on the trucks that help us to monitor where the trucks took the products from and where they offload so that at the end of the day we can pay the accurate price to the transporters.” The NPA CEO and senior management members of the authority have so far visited Upper East, Upper West, Northern, Bono, Ashanti Regions, and the Upper West region as part of his familiarization tour of the regions.

| F E AT U R E

FRIDAY, FEBRAURY 18, 2022

Perks of payment cards enable unforgettable experiences BY HARRY OPOKU AGYEMAN

he movement towards the adoption of digital payment systems is gaining momentum across the globe. And though the use of cash is still predominant in emerging economies such as ours, many people are getting more and more comfortable with other payments options, especially cards. As technology continues to evolve, the perks of card and electronic payments are beginning to eclipse that of cash. The use of cash may never cease completely, but it does not hurt to upgrade to safer, more convenient payment options. If you have ever been torn between using cash or a card, be it debit, credit or prepaid, as a method of payment then this article will help you in taking a good decision. In this write up, we present six compelling reasons why making payments with a card is safer and better than doing so with cash, especially in this season of love. Convenience Carrying cash can be a very uncomfortable and risky business. It is one thing to be carrying a small number of notes and coins for low value expenses and purchases at places where there is low card acceptance. For a large purchase like buying a TV, Fridge, phone, car or airline tickets for example, it’s not only inconvenient but also unsafe to carry a large amount of cash. Once cash is lost or stolen, it is gone forever and there is nothing that can be done. Losing a significant amount of money this way can be financially devastating, but if you lose a credit card or debit card, you just contact your bank immediately to suspend the card, safeguarding the funds in your account. After all your money is just a means to having unforgettable experiences. Again, imagine taking out a large, conspicuous wallet or fumbling through wads of cash every time you make a payment. Not only is it cumbersome, but the jingling of metal and the rustling of paper makes you an attractive target for watchful thieves. Payments cards, on the other hand, offer a more convenient and discreet

way to, make large payments quickly and discreetly. Traceable Records Unlike cash, all card payments have electronic records, allowing the Cardholder to monitor his/her expenses either via SMS and/or email alerts, bank statements and mobile app from the bank. This characteristic of cards pays off when you need to do reconciliations with your physical receipts. When an unauthorized (transaction is spotted, it can be charged back to your bank. Card payments enable personal financial management capabilities, allowing modelling and grouping of your expenses to make it easier for tracking expenses. Spending your money when you want to, is the norm and when tracking and monitoring is full proof, you can continue having the enjoyable feeling of buying when you want and not worrying that someone took your money. Replaceability of Cards Another advantage payment cards have over cash is their replacement benefit. Due to its anonymous nature, if you lose your cash, it is gone forever. Cards, on the other hand, can be stopped and delinked from your account and replaced quickly and remotely. If your bank offers emergency card replacement then in the shortest period, usually within 48 hours, depending on where you are in

the world, gaining access to your funds is assured. Benefits for Travelers For the frequent travelers, certain payment cards offer travel insurance that covers personal accidents, medical expenses, emergency evacuation, lost luggage, travel delays or cancellation and purchase protection and extended warranty on items paid with your card. Check with your bank to find out what their product offering is regarding travel insurance and access to airport lounges so that you can travel with peace of mind knowing that if there are challenges you are covered. Carrying cash when you travel does not offer you such benefits and you attract suspicious looks. Some hotels, car rentals and airlines do limit cash payments because of KYC/AML requirements which create inconvenience for you and therefore having a payment card is appropriate as it is wildly accepted everywhere and anytime. There are a lot of rewards and status benefits with card payments which are not associated with cash payments. By just using your card for everyday purchases of goods and services, you benefit from rewards offering you great value at no extra cost. Protection from fraud Card payment offers protection against online (web) fraud

through receiving a unique onetime-password to complete the transaction. This instantly protects your account from suspicious purchases. If your card is used fraudulently, notify your bank immediately to suspend the card. Doing so means you prevent further fraudulent transactions while they issue a new card for you and chargeback the suspected fraudulent transactions. This also provides you with the mechanism to receive alerts for all transactions happening on your debit or credit card account. Naturally, accidents can’t be entirely avoided, which is why banks have measures in place to minimize the damage. If you think your card is lost or stolen, notify your bank immediately so they can take the appropriate next steps to secure your money! Cumulatively, these benefits and advantages create valuable and special experiences for card users. Card and Electronic payments would continue to grow exponentially than cash and with the advancement in technology and the benefits it brings to Cardholders, Banks, Businesses, Governments and the economy, it would be the way to go for financial inclusion. Your payment card is more than an ATM card. Ask your bank for a payment card today and enjoy spending in stores and online. Harry Opoku Agyeman Head, Main Markets and Ecosystem, CHNW

FRIDAY, FEBRAURY 18, 2022

| NEWS

Ghana launches project to restore landscapes and sanitize small-scale mining sector The Ministry of Lands and Natural Resources and the Ministry of Environment, Science, Technology, and Innovation (MESTI) with support from the World Bank, have launched the Ghana Landscape Restoration and Small-Scale Mining Project (GLRSSMP). The project seeks to strengthen the integration of the country’s natural resources and its management to increase the benefits to communities in targeted savannah and cocoa forest landscapes. It will also support sustainable land, water, and forest management initiatives in climate-vulnerable target landscapes and support the formalization of small-scale mining. The GLRSSMP geographically targets two landscapes: the Northern Savannah Zone (including the Guinea Savannah ecological zone, the Sudan Savannah ecological zone, and the upper portions of the Transitional ecological zone); the cocoa forest landscape (including parts of the Forest ecological zone and the Pra River Basin). The project will include a multisector approach to land management. In August 2021, the World Bank approved $103.4 million to implement GLRSSMP. The financing includes an International Development Association (IDA) credit of $75 million and $28.4 million in grants from the Global Environmental Facility (GEF), the Extractive Global Programmatic Support (EGPS), and the Global Partnership for Sustainable and Resilient Landscapes Multi-Donor

Trust Fund (PROGREEN). The liberalization of Ghana’s mining laws in 1989, which legalized artisanal and small-scale mining with the fundamental goal of creating jobs and generating revenue, has evolved into an array of problematic circumstances. Unsustainable and illegal use of lands for mining has gradually destroyed Ghana’s lands, leading to deforestation, loss of biodiversity, accelerated soil erosion and sedimentation, water and air pollution, and degradation of productive agricultural lands, including cocoa farms, among other environmental damage. This has cost the nation over $6.3 billion annually, according to the World Bank’s Country Environmental Analysis (CEA) study conducted in 2017. Although the cocoa industry in 2020 contributed almost GHC2.2 billion to Ghana’s GDP, cocoa farming in Ghana is threatened by land degradation, including illegal small-scale mining (galamsey) activities. If natural resource extraction techniques and agricultural methods are not modified and the landscape restored, the base of Ghana’s rich natural resources will be destroyed without thoroughly exploring its benefits, rendering sustainable economic growth from the sector fruitless. Unsustainable natural resource extraction practices increase communities’ vulnerability to the impacts of climate change and pose a significant threat to sustainable economic development.

“…We cannot ignore the state of our environment. We are endangering the very survival of our beautiful and blessed land… The dense forest, that was home to varied trees, plants and fauna, have largely disappeared,” President Nana Addo Dankwa AkufoAddo said on 6th March 2017. Since the Akufo-Addo administration took office in 2017, the government has demonstrated its commitment to addressing the threat of illegal, unsustainable mining practices and forest landscape degradation through an integrated approach. In line with achieving this goal, the government embarked on several projects, including Sustainable Land and Water Management Project (SLWMP) and the Forest Investment Program (FIP). The Ghana Landscape Restoration and Small-Scale Mining Project is building on the positive results of the SLWMP and FIP. “Let me reiterate that the Government of H.E. Nana Addo Dankwa Akufo-Addo

supports small-scale mining because it can provide significant economic benefits, including jobs, to people and communities. We are committed to establishing and promoting an orderly, viable, sustainable and environmentally-sound small-scale mining industry, which is anchored with integrity,” said Samuel A. Jinapor (MP), Minister, MLNR. The GLRSSMP will capitalize on landuse planning for integrated landscape management to: • optimize land use • formalize artisanal and small-scale mining (ASM) for sustainable mining • restore degraded lands • promote sustainable agricultural practices, and • strengthen sustainable management of forest landscapes for biodiversity conservation and ecosystem services. The project will help develop healthy ecosystems that can play an essential role in mitigation, adaptation, and resilience to climate change. This will positively affect the cocoa industry and increase its impact on the country’s GDP. “The project will help boost postCOVID-19 economic recovery, create jobs and secure livelihoods in some of the poorest parts of Ghana by focusing on agricultural productivity, ecosystems management and sustainable small-scale mining,” said World Bank Country Director, Pierre Laporte.

Saudi Tourism Authority and Emirates Airline sign strategic tourism MoU to attract global travelers to Saudi Arabia The Saudi Tourism Authority (STA) and Emirates have signed a Memorandum of Understanding (MoU) to boost inbound tourism into Saudi Arabia and attract new segments of travelers across the airline’s extensive global network. The new agreement aims to capitalize on the airline’s global network of over 120 cities to raise awareness and amplify the Saudi Arabian experience for leisure travelers to come and visit the Kingdom’s unique attractions. The Memorandum of Understanding was signed in the presence of Mr. Fahd Hamidaddin, CEO and Board Member of the Saudi Tourism Authority and Adnan Kazim, Emirates’ Chief Commercial Officer. Adil Al Ghaith, Senior Vice President Commercial Operations, Gulf, Middle East and Central Asia, and Muhammad Bassrawi, VP of the Saudi Tourism Authority were the signatories of the MoU, at a ceremony in Riyadh. Also present at the signing were other senior executives from both organisations. The MoU underscores the importance of partnerships within the travel eco-system and the role different stakeholders play to support a more resilient recovery. Under the Memorandum of Understanding (MoU), Emirates together with the Saudi Tourism

Authority will explore opportunities to jointly collaborate on key initiatives to enhance the Kingdom’s global tourism competitiveness, including promotional activity and travel trade support across key global source markets to convert interest into bookings, sharing insights around market and customer trends, amongst other initiatives. Through the strategic partnership the airline will also explore opportunities to align its schedules from key source markets in the Emirates network to its gateways in Saudi Arabia, providing greater connectivity and convenience for its customers and further developing inbound tourism arrivals. Emirates and the Saudi Tourism Authority will also evaluate ways to enhance the travel experience that cultivates a more supportive visitor infrastructure for those journeying to Riyadh, Jeddah, Dammam and Medina, the airline’s four gateways. “The memorandum of understanding signed between the Saudi Tourism Authority and Emirates Airline will enable us to reach over 120 destinations around the world and attract tourists from these destinations to various Saudi destinations,” said Mr. Fahd Hamidaddin, CEO and Board Member of the Saudi Tourism Authority. “The Saudi Tourism Authority

continues its efforts to attract tourists, promote tourism destinations in Saudi Arabia by targeting the most important major markets in the GCC, the region and the world, and forging important partnerships to achieve the goals of the Authority and the aspirations of the Saudi Tourism Ecosystem, which is in harmony with Vision 2030.” Sir Tim Clark, President Emirates Airline said: “We’re proud to strategically partner with the Saudi Tourism Authority and support its efforts to unlock the immense potential and attractions of the Kingdom’s vibrant culture, heritage and stunning biodiversity to the world. KSA has positioned itself as a mustvisit destination and this is just the beginning. We have a shared objective to contribute to the Kingdom’s

broader tourism plans to attract a diverse range of visitors, strengthen awareness of its iconic sites, and make them more accessible through enhanced connectivity. We look forward to growing our relationship with the STA and to positively impact the Kingdom’s tourism growth.” The partnership between STA and Emirates is part of the Authority’s efforts to build a framework of cooperation and integration with its partners in the private sector. This framework will support the wider travel trade in promoting tourist destinations in Saudi to travelers from all over the world and developing products services that enable visitors to experience the country. Saudi’s diverse landscapes, rich cultural heritage and vibrant entertainment sector, all delivered with the unparalleled hospitality of the Saudi people, are a compelling offer for global travelers. Emirates has been facilitating tourism and trade in the Kingdom since 1989, developing its operations to Riyadh, Jeddah, Medina, Dammam and today serves the four gateways with 53 weekly flights, including A380 services to Jeddah. The airline has also carried more than 25 million passengers to and from the Kingdom since the start of its services.

| NEWS

FRIDAY, FEBRAURY 18, 2022

Bawumia launches online programme offering over 3,000 free courses An Integrated Online Learning Program (IOLP) offering over 3,000 free, certificated courses and industry attachment for the youth and professionals has been launched by the Vice President, Dr Mahamudu Bawumia. To be run by the University of Ghana in collaboration with international partners including Alison, Leyden Educational Foundation and SOLNetwork, the IOLP is designed to make teaching and learning virtually, in the wake of the Covid 19 pandemic easier, more convenient and more readily available, especially for teachers and students in rural areas. Unveiling the programme at the University of Ghana on Monday, February 14, 2022 Vice President Bawumia welcomed the opportunity to provide employable skills and entrepreneurship training and development for the youth, “In the wake of the COVID-19, with all its socio-economic disruptions, many countries and educational institutions have turned to online learning. To be expected, these initiatives whereby learners can communicate with their instructors and their peers and access learning materials over the internet or other computing networks, have met with several challenges. “Another challenge is the lack of infrastructure to digitize and

transmit learning materials, as well as having the appropriate human resources to implement E-learning initiatives. Even as the demands for E-learning is growing we are faced with both the human resources constraint, the physical hardware as well as the soft infrastructure. “With the speed of implementation of E-learning, public policy makers, school administrators, teachers and students all appear to have been caught in the fog of e-learning. What are we doing right? What are we not doing right? Are all subjects adaptable to an e-learning environment? Why and why not? What is the peer learning experience? What is the classroom of the future and how effective have we been? “These challenges notwithstanding, E-learning is hailed as an essential force in

democratizing education. It holds the key to inclusive education. It is a way of opening education to populations who otherwise would have restricted access to education because of geography, status or physical handicap. E-learning is an appropriate method to instruct students in remote areas, which involves all types of learning and skills development” he emphasized. The advancement of ICT has called for online learning as a feasible and economically appropriate means of extending quality higher education, Dr Bawumia Bawumia pointed out, offering a number of benefits including saving time and money, better retention of taught material, and consistent and standardized training every time for every learner. “Integrated Online learning is

also scalable. We can roll Online Learning to as many employees as needed and is a one-time investment. The more learners take the course, the lower the per unit costs and the faster you can write off the expense,” he explained. It also offers personalization, meeting the unique preferences and learning goals of each learner. It allows learners to choose their learning path and navigate at their own pace. When they decide what to learn and when, they remain invested in the course. “Finally, skills development through Integrated Online Learning provides a tool to tackling youth unemployment. The government of Ghana prioritizes skills development and entrepreneurship and therefore supports the Integrated Online Learning Program” Vice President Bawumia declared. The Executive Director of Leyden Educational Foundation, Mr James Boakye, said the Programme had been designed to assist Government address the huge challenge of unemployment, made worse by the pandemic, by providing the citizens with employable skills and relevant knowledge. He commended Government for its ongoing digitization drive, which would serve as the anchor for the success of the Programme.

3 Days Training Workshop Theme: Contemporary Stores and Inventory Management Company ProSupp Consult is a multidisciplinary professional service group drawn from diverse top quartile multinational and public firms providing dynamic procurement and supply chain management services and trainings. Course Overview It has become imperative to focus on Strategic Stores and Inventory because most organisations are struggling with dwindling working capital and cashflows for effective operations; but still have high investments and cash locked-up in goods, spare parts, items, MROs, stationeries etc. The strategic application of Stores and Inventory helps to contribute to the efficient and effective utilisation of public and private financial resources; which significantly improves the competitive advantage of companies, financial and sustainable business objectives and an increased Return On Investment (ROI). Again, Public Sector Stores and Inventory Practitioners feel marginalised, but this course will let them appreciate how they can contribute strategically to the reduction of government’s expenditure. This module is designed to put the public and private sectors’ Stores and Inventory systems in context. It will be based on an experiential learning; applying theory in a practical way to foster good practice and application. The Facilitator The Facilitator is an Award Winning Procurement and Supply Chain Management Professional with over twenty years practice in both local and international organisations in various industries including Financial Institutions, United Nations, Construction, Embassies and Manufacturing. Serves on Entity Tender Committees for a number of Public and Private Organizations. An Adjunct Lecturer, Board Member, Independent Consultant and the Current President, Ghana Institute of Procurement and Supply. Collins Agyemang Sarpong MGIPS, MCIPS, MBA, CIPP

COURSE OUTLINE • Inventory Control (Stock Controls) Definitions, Systems and Management • Best Practices for conducting an inventory counts • Stakeholder Management and Engagement for efficient operations • Economics of Stores and Inventory (Order Levels and EOQs) • Strategic Stores and Inventory (Cashflow and Working Capital Impact ) • Codification and Digitization for efficient operations • Different Inventory Modules, Methods and Techniques • Stores Space optimization • Practically undertake disposal of unserviceable items as per Act 663 • Heath, Security and Safety in the stores (OSHA Regulations) • Lowering carrying cost strategies • Case Studies • Development of 90 days Actions Plans Who should attend? Public and private sector Stores and Inventory Managers, Supply Officers, Procurement Managers, Logistics Managers, Internal Auditors, Finance Managers, Entity Tender Committee Members and all responsible for overseeing Stores and Inventory operations in their organisations.

Date:

23rd - 25th February 2022

Theme: Fee:

Contemporary Stores and Inventory Management

GHC 2,000 per participant (Inclusive of Course Materials, Certificates, Lunch and Coffee/Tea breaks)

Venue:

Coconut Groove Hotel, 5th Mozambique Link, Accra

REGISTRATION Please make the necessary payment into the following account details;

Account name: ProSupp Consult, Account Number: 1114682 Bank: ABSA Bank, Branch: Osu. Please contact the ProSupp office on 0302733425 / 0546896814 for any assistance and clarifications and also please alert the office when you have made payment.

FRIDAY, FEBRAURY 18, 2022

| GLOBAL NEWS

Ethiopian Airlines is flying 737 Max again: here are the lessons learnt

thiopian Airlines has announced that it plans to put its Boeing’s 737 Max back to service for the first time since the aircraft model was involved in a crash that claimed 157 lives three years ago. Chrystal Zhang has studied the business models of airlines. We asked her to make sense of the source of Ethiopian Airlines’ confidence. When, and why was Boeing’s 737 Max grounded? By 12 March 2019, two days after Ethiopian Airlines flight 302 crashed, civil aviation authorities in China, Australia, Britain, France, Germany, Ireland, Malaysia, Mongolia, Oman and Singapore had already grounded the 737 Max. This was in addition to airlines in Brazil, South Africa, South Korea, Norway, India, Turkey and other countries. On March 13, 2019, the US Federal Aviation Administration grounded the entire 737 Max fleet. The decision was made following the fatal crash of Ethiopian Airlines’ 302 flight enroute from Addis Ababa to Nairobi. The accident killed all 157 passengers and crew members on board. This wasn’t the Boeing 737 Max aircraft’s first incident. On 29 October 2018 there was a fatal crash of a flight operated by Lion Air, an Indonesian lowcost carrier. The airline was enroute from Jarkata to Pangka Pinang and the crash resulted in 189 casualties. Two years earlier, in March 2017, the US Federal Aviation Administration had granted an amended-type certificate to Boeing for the 737-8 aircraft, the first of the 737 Max family. An amended type certificate approves modification, and how such modification affects the original design. The Max is the fourth generation of the 737 model airplane, and is the successor to the company’s 737 Next Generation family of aircraft. The 737 Max was the 12th derivative model of the 737 aircraft, which was first certified half a century earlier in 1967. Two months after the US Federal Aviation certification, the first 737 Max entered revenue passenger service with Malindo Air, a Malaysian air carrier. Seventeen months later the 737 Max suffered its first fatal crash.

Is there a consensus on the cause of the accidents? A study has analysed the cause of the 737 Max crashes. The model had a new feature in its flight control computer – the manoeuvring characteristics augmentation system – that has become the centre of scrutiny for Max crashes. The new system had an ability to trigger flight control movements that challenged the pilots’ command of the aircraft. In addition, the software operated on input from one of the two sensors externally mounted on either side of the aircraft’s fuselage (main body). For Ethiopian flight, the system triggered four times as a result of false sensor readings, forcing the airplane into a nose down from which the pilots were unable to recover. Faulty sensor data that erroneously triggered the system to repeatedly activate landing played critical roles in the Max crashes. Given significant advances in aviation safety over the last two decades it was extraordinary for two new airplanes, of a new derivative model, to crash within five months of each other. While certain facts and circumstances surrounding the accidents differed, a common component in both was the new flight control feature. Boeing developed the system to address stability issues in certain flight conditions induced by the plane’s new larger engines and their relative placement on the 737 Max aircraft compared to the engines’ placement on the 737 NG. Is Ethiopian Airlines jumping the gun?

So far, 13 airlines have resumed flying Boeing’s 737 Max. These include The Ryanair Group of Ireland, Air Canada, American Airlines, Alaska Airlines and India-based SpiceJet. In the case of Ethiopian airlines, the reasons for resuming its flights include: The action taken by both Boeing and the US Federal Aviation Administration in terms of product redesign, pilot training requirements, commitment to corporate culture change and certification. These seek to ensure that the aircraft model satisfies all regulatory requirements. Boeing’s 737 Max has its unique market positioning to serve the short-medium haul market The aircraft is more economically viable for airlines to use to serve their target market The airline had made financial commitment to aircraft procurement Have the crashes been fully analysed and resolved? The US House Committee on Transportation and Infrastructure conducted an 18-month investigation into design, development, and certification of the 737 Max aircraft, and related matters. The Committee’s investigation has revealed multiple missed opportunities that could have turned the trajectory of the Max’s design and development toward a safer course. The model resulted from flawed technical design criteria, faulty assumptions about pilot response times, and production pressures. Boeing failed in its design and development of the Max. The US Federal Aviation Administration,

on the other hand overlooked its aviation safety mission. It failed in its oversight of Boeing and its certification of the aircraft. At the direction of Committee Chair Peter DeFazio and Subcommittee on Aviation Chair Rick Larsen, the 245-page report is being released to help inform the public’s understanding of what went so horrifically wrong and why. What are the lessons learnt? Never be complacent: Boeing is renowned for its disruptive innovation and novel products. It has served the global aerospace and aviation markets throughout its one-century history. But the company has become more of a financially successful business than a great engineering firm. It was the intent of Harry Stonecipher, its President and Chief Operation Officer in 2004, who championed the corporate culture change. But past glory does not warrant future success. Staying competitive in the market requires innovation, but more importantly, respect and protection of customers and stakeholders. Do things right, and do the right things: These are the fundamental ethical values that a good engineer upholds to be accountable for the safety, health, and welfare of the public. Driven by the desire to outpace its rivals - in the course of designing, developing and introducing B737 Max to the market - Boeing failed to meet both criteria. Boeing, and any other business, need to adhere to these fundamental values and be accountable for its conduct. Improve safety cultures: There is an ongoing debate that upholding highest safety standards and nurturing safety culture jeopardises a business’s financial success and operational efficiency. However, safety is the foundation of aerospace and aviation business. A safety culture ensures trust, accountability and responsibility. It eventually leads to a firm’s sustainability. Face the truth and act honestly, and with integrity: When in a crisis, the most effective way to win trust from the public and society is to face the truth and act honestly and with integrity. Any attempts to cover up the truth or mislead the public are doomed to fail.- The conversation

| I N T E R N AT I O N A L

FRIDAY, FEBRAURY 18, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING FEBRUARY 4, 2022 MACROECONOMIC INDICATORS

Trend in Market Indices - 2022

Best 5 Traded Equities by Value for the Week Ending 04/02/2022

3,000 2,500

6.6% 5.3% 5.0% 14.50% 12.96%

0.93% 0.62% 1.37%

2,000

15.16% 44.45%

1,500 1,000 500 0

12.60% 8.0%

37.47%

04/01/22 06/01/22 08/01/22 10/01/22 12/01/22 14/01/22 16/01/22 18/01/22 20/01/22 22/01/22 24/01/22 26/01/22 28/01/22 30/01/22 01/02/22 03/02/22

Q3, 2021 GDP Growth Average GDP Growth for 2021 2021 Projected GDP Growth BoG Policy Rate Weekly Interbank Interest Rate Inflation for December, 2021 End Period Inflation Target – 2021 Budget Deficit (% GDP) – Dec, 2021 2021 Budget Deficit Target (%GDP) Public Debt (billion GH¢) – Nov, 2021

GSE CI

GSE FSI

MTN

SCB

OTHERS

YTD Performance of GSE Market Indices

Best 2 & Worst 5 Performing Stocks YTD Return

0.50%

6.65

6.47

▼ 2.71%

Scancom PLC

1.11

1.08

▼ 2.70%

Cal Bank PLC

0.82

0.8

▼ 2.44%

GCB Bank PLC

5.24

5.2

▼ 0.76%

-30.00%

-4.00%

-35.00% GSE CI

-40.00%

GSE FSI

Best 5 Traded Equities by Volume for the Week Ending 04/02/2022

3.18%

0.23%

0.33%

0.18%

44.94%

51.13%

CAL

MTN

GCB

BOPP

ETI

OTHERS

Market Capitalization for Week Ending 04/02/2022 64,200.00

0.00%

64,100.00

-0.20%

64,000.00

-0.40%

63,900.00

-0.60%

63,800.00

-0.80%

63,700.00

-1.00%

63,600.00

-1.20%

63,500.00

-1.40% 02 /0 2/ 22 03 /0 2/ 22 04 /0 2/ 22

Gain/Loss (%)

PB C

L FM

SS CE

-7.14%

-8.05%

-9.52%

-25.00%

-3.50%

2/ 22

Closing Price

-20.00%

Opening Price

-3.00%

Price Movers for the Week

-15.00%

1/2 2

The Ghana Stock Exchange dipped for the second consecutive week on the back of declines by 4 counters. The GSE Composite Index (GSE CI) lost 38.04 points (-1.37%) to close at 2,728.76 points, reflecting yearto-date (YTD) loss of 2.17%. The GSE Financial Stocks Index (GSE FI) also lost 4.01 points (-0.19%) to close at 2,127.91 points, reflecting year-to-date (YTD) loss of 1.11%. Market capitalization declined by 0.60% to close the week at GH¢63,713.60 million, from GH¢64,097.80 million at the close of the previous week. This reflects YTD decrease of 1.21%. Trading activity witnessed a total of 5,917,395 shares valued at GH¢6,461,373.44 changing hands compared with 5,497,427 shares, valued at GH¢5,927,272.53 in the preceding week. CAL dominated volume of trades for the week, accounting for 51.13% of volume traded whiles MTN dominated value of trades with 44.45% of total value of trades for the week. The market closed the week with no price gainers and 4 price decliners as indicated on the table below.

-2.50%

-5.00% -10.00%

-1.50%

31 /0

STOCK MARKET REVIEW

5.00% 0.00% CA

-1.00%

78.4%

15.00% 11.76% 7.53% 10.00%

-0.50%

344.5

04/01/22 06/01/22 08/01/22 10/01/22 12/01/22 14/01/22 16/01/22 18/01/22 20/01/22 22/01/22 24/01/22 26/01/22 28/01/22 30/01/22 01/02/22 03/02/22

0.00%

TB L

9.5%

-2.00%

Benso Oil Palm Plantation

BOPP

9.7%

Debt to GDP Ratio – Nov, 2021

Equity

GCB

CAL

MARKET CAP

YTD%

-25.00% -33.33%

CURRENCY MARKET The Cedi continued its downward trend against the USD for the third consecutive week. It traded at GH¢6.1077/$ on Friday, compared to GH¢6.0226/$ at week open, reflecting w/w and YTD depreciations of 1.39% and 1.66% respectively. This compares with YTD depreciation of 0.01% a year ago. The Cedi also lost grounds against the GBP for the week. It traded at GH¢8.2628/£, compared with GH¢8.0715/£ at week open, reflecting w/w and YTD depreciations of 2.32% and 1.64% respectively. This compares with YTD depreciation of 0.39% a year ago. The Cedi again retreated against the Euro for the week as it traded at GH¢6.9743/€, compared with GH¢6.7109/€ at week open, reflecting w/w and YTD depreciations of 3.78% and 2.10% respectively. This compares with YTD appreciation of 2.04% a year ago. The Cedi further depreciated against the Canadian Dollar for the week. It opened at GH¢4.7177/C$ but closed at GH¢4.7847/ C$, reflecting w/w and YTD depreciations of 1.40% and 0.90% respectively. This compares with YTD appreciation of 0.56% a year

Weekly Interbank Foreign Exchange Rates Year Open

Week Open

Week Close

W/W Change%

YTD %

01/01/22

31/01/21

04/02/21

USD/GHS

6.0061

6.0226

6.1077

▼1.39

▼1.66

GBP/GHS

8.1272

8.0715

8.2628

▼2.32

▼1.64

EUR/GHS

6.8281

6.7109

6.9743

▼3.78

▼2.10

CAD/GHS

4.7416

4.7177

4.7847

▼1.40

▼0.90

YTD Performance of Selected Commodity Prices

Treasury Yield Curve 22 21.00 20

19.75

21.75

25%

20.20 19.7519.75

19.00 18.10

10% 5%

Source: Bank of Ghana

12.66

Exchange Rates: Ghana Cedi vs Selected Currencies

13.23

0% 01/01/22 -5%

08/01/22

15/01/22

22/01/22

29/01/22

Gold

7y r

18 2

3y r

y 2y r

-10%

91 Da

9.0000

20% 15%

16.74

36 4D a

Currency Pair

| GLOBAL ECONOMY

FRIDAY, FEBRAURY 18, 2022

Cocoa

Brent Crude

8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000 01/01/22 08/01/22 15/01/22 USD

GBP

22/01/22 29/01/22 EUR

CAD

YTD Performance of the Ghana Cedi against Selected Currencies 2.00 1.50 1.00 0.50 0.00 01/01/22 -0.50

08/01/22

15/01/22

22/01/22

29/01/22

COMMODITY MARKET

BUSINESS TERM OF THE WEEK

Crude Oil prices surged to seven-year highs on Friday, extending its rally into a seventh week on the back of ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers. Brent futures traded at US$93.27 a barrel on Friday, reflecting w/w and YTD gains of 3.60% and 19.92%. Gold prices inched up on the back of a weakening dollar, alongside continuing concerns over high inflation, and U.S.-Russia tensions over Ukraine. Gold settled at US$1,807.80 from US$1,784.90 last week, reflecting w/w appreciation and YTD loss of 1.28% and 1.14% respectively. Prices of Cocoa advanced for the week. The commodity traded at US$2,668.00 per tonne on Friday, from US$2,494.00 last week, reflecting w/w and YTD appreciations of 6.98% and 5.87% respectively. yields at close of the week.

Appropriation: Appropriation is the act of setting aside money for a specific purpose. In accounting, it refers to a breakdown of how a firm’s profits are divided up, or for the government, an account that shows the funds a government department has been credited with. A company or a government appropriates funds in order to delegate cash for the necessities of its business operations.

-1.00 Commodities

Year Open

Week Open

Week Close

01/01/22

31/01/21

04/02/21

77.78

90.03

Gold (US- 1,828.60 D/t oz.)

1,784.90

1,807.80

▲1.28

▼1.14

2,494.00

2,668.00 ▲6.98

▲5.87

-2.00 Brent crude oil (USD/ bbl)

01/01/22

31/01/22

04/02/22

91 Day TB

12.53

12.63

12.66

182 Day TB

13.21

13.23

364 Day TB

16.64

16.74

WoW Chg (%)

YTD Chg (%)

▲0.25

▲1.11

▲0.06

▲0.18

0.00

0.61

0.00

2-Yr FXR TN

19.75

3-Yr Bond

20.50

0.00

5-Yr Bond

21.00

0.00

6-Yr Bond

18.80

21.75

0.00

15.69

7-Yr Bond

18.10

0.00

10-Yr Bond

19.75

0.00

15-Yr Bond

19.75

0.00

20-Yr Bond

20.20

0.00

Source: Bank of Ghana

0.00

3,000

C O 2,500 C O 2,000 A & G O L D

B 90 R E N 85 T

1,500 80

1,000

500 0

Gold

Cocoa

/2 2

Current Yield %

ABOUT CIDAN 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

International Commodity Prices - 2022

/2 2

Previous Yield %

YTD %

Source: www.investing.com

29 /0 1

Year Open

2,520.00

Chg %

93.27 ▲3.60 ▲19.92

22 /0 1

Security

Cocoa (USD/ MT)

1/2 2

Government raised a sum of GH¢1,303.05 million for the week across the 91-Day and 182-Day Treasury bills, compared to GH¢1,218.28 million raised in the previous week. The 91-Day bill gained 3bps to settle at 12.66% p.a whilst the 182-Day bill remained unchanged at 13.23% p.a.The table and graph below highlight primary market yields at close of the week.

15 /0

GOVERNMENT SECURITIES MARKET

1/2 2

CAD

EUR

1/2 2

GBP

USD

-2.50

-1.50

Source: https://www.investopedia. com/terms/a/appropriation-account. asp

Brent Crude

C R U D E

CORPORATE INFORMATION CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com DisclaimerThe 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.

B U S I N E S S 24 .C O M .G H

MONDAY, FEBRAURY 14, 2022

NO. B24 / 306 | NEWS FOR BUSINESS LEADERS

WEDNESDAY, FEBRUARY 16.2022

INTERVIEW

Khanyi Mpumlwana, Global Creative Director of The Wikimedia Foundation, speaks with Business24 in an exclusive interview B24: Tell me briefly about the Wiki Unseen Project Khanyi: Wiki Unseen is a collaboration between the Wikimedia Foundation and Wikipedia volunteers, as well as artists from around the world to add artworks and illustrations to the biographies of Black people, Indigenous people and people of colour who do not have images on Wikipedia or other open-source knowledge platforms. B24: What value would this project add to both the research and art industries? Khanyi: We hope this project will not only increase awareness of the biases and visual knowledge gaps in the histories of underrepresented groups, but also the need to fill these gaps on Wikimedia projects. Visuals are critical to sharing knowledge and illuminating untold histories. Visual aids and illustrations help people understand and retain information, and their absence reinforces and perpetuates biases. As one of the most visited websites in the world, Wikipedia should reflect the world’s history, and it can play a role in addressing systematic bias. B24: How would the Wiki Unseen project benefit users of Wikipedia? Khanyi: When more people from diverse backgrounds collaborate on our projects, they move us closer to our vision of bringing diversity, equity and inclusion to Wikipedia and other Wikimedia projects. They ensure our projects reflect the diversity of knowledge from people, cultures, and languages around the world. B24: Are there any plans to work with relevant institutions in Ghana and Africa in general to ensure the forward movement of this project? Khanyi: The Wikimedia Foundation has partnered with organisations across the continent to further explore and address the preservation and continuation of African knowledge. Wiki Unseen is just one of the many ways this work can happen. B24: Do you think there are some limitations in terms of access to Wikipedia in Africa?

Khanyi: There are a number of access limitations when it comes to Wikipedia in Africa. Some are structural, like limited access to the internet; and others have to do with the ways knowledge is created and shared – some of which are methods not recognised in an encyclopedic format. Supporting global communities to document oral histories, for example, is a focus of some of Wikimedia’s work. B24: What measures would you suggest to improve access to Wikipedia? Khanyi: Wikipedia was founded on the notion that everyone, in every corner of the globe, should have access to a free exchange of

knowledge. Our commitment to knowledge equity is enshrined in all our work, alongside a goal to support knowledge and communities that have been left out by structures of power and privilege. We have a commitment to breaking down the social, political, and technical barriers preventing people from accessing and contributing to free knowledge. With projects such as Wiki Unseen, we are working to expand access to information about the histories of Black people, people of color, and Indigenous people (BIPOC) from around the world. This should set a precedent to invite more people to acknowledge and address such

knowledge gaps and also serve as an invitation for people from underrepresented communities to contribute to our platforms. B24: Could you share with us some of the results that you expect to see after the implementation of the project? Khanyi: We hope this project will create a new type of Wikimedia contributor. Creatives have an important role to play in knowledge creation and sharing, and having artists from all over the world contribute their art to further the representation of Black people, Indigenous people and people of colour around the world would be a great success.

Published by Business24 Ltd. Nii Asoyii Street, Mempeasem. East Legon-Accra, Ghana. Tel: 030 296 5297 | 030 296 5315. Editor: Benson Afful editor@business24.com.gh. +233 545 516 133.