Business 24 Newspaper 23rd February 2022

WEDNESDAY, FEBRAURY 23, 2022 | NO. B24 / 308 | NEWS FOR BUSINESS LEADERS | BUSINESS24.COM.GH

Be wary of financial scams, FNB advises public Financial services providers are continuously ramping up efforts to combat fraud with cutting-edge technology. But even with all this effort, end-users of financial products can and should actively participate in fraud prevention. MORE ON PG.3

UNIDO, Japan launch project to boost rice production PG.3

Custom agents wants round-theclock port operations

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BY PATRICK PAINTSIL

he Association of Customs House Agents (ACHAG) has called for uniformity in working hours at the country’s seaports saying it would hugely drive down some avoidable costs to the business whilst boosting the state’s revenue from the ports.

Acting president of the association, Yaw Kyei, in an interview with Business24 at ACHAG’s maiden annual general meeting in Aburi, said an extension to port operating hours, especially from services providers would greatly impact the port business.

“We want to congratulate Meridian Port Services for working round the clock, which is something we’ve never experienced at the port before. We expect that other terminals should do the same or very close to that,” he argued.

The ACHAG boss expressed disbelief that some terminal services providers close as early as 4pm whilst others are doing 24-hours.

“So, to bring uniformity and enhance

revenue maximization at the ports, we should apply the same performance rate to all operators.

If a terminal operator closes at 4pm with my container stuck there, it means the container is attracting demurrage and rent, meanwhile, I’m able to avoid all of these at MPS,” he added.

The ACHAG boss was also upbeat about the breeze of digitalization that is blowing in every aspect of the port business saying it has significantly brought convenience and transparency to the clearing agency and freight forwarding business.

“Digitalization have greatly impacted our operations at the port; it’s been wonderful and great. Now we’re able to sit at home and work perfectly and still be able to track documentations all through the process,” he noted.

He added: “A client in Kumasi can now pay his/her duties without coming to the port, and there’s transparency with costs aside fasttracking the clearing on goods. Digitalisation is something we need to hold onto.

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Transport fares to be upped by 15 percent NEWS DESK REPORT

Road transport operators have concluded negotiations on increment in fares pegging the percentage increase at 15 percent.

These new fares will take effect Saturday, February 26, 2022. It includes fares for shared taxis, intra-city (trotro) and intercity (long distance) Earlier, the transport unions proposed a 30 percent upward adjustment but after a meeting today, Monday February 21, 2022, the operators have agreed to increase public transport fares by 15 percent.

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WEDNESDAY, FEBRAURY 23, 2022

Time for a 24-hour port system?

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learing agents at the ports have made a plausible for 24hour operations by service providers, a concern that have been raised by sister stakeholders within the port community. The bar has already been raised by private concessionaire Meridian Port Services (MPS) whose big-ticket investment Terminal 3 has grossly transformed the port value chain.

Perhaps this is a good prospect that could be explored as we seek workable solutions to enhance the ease of doing business and general port efficiency and

competitiveness.

According to ACHAG, operating a 24-hour port would hugely drive down some avoidable costs to the business whilst boosting the state’s revenue from the ports.

“If a terminal operator closes at 4pm with my container stuck there, it means the container is attracting demurrage and rent,” ACHAG’s interim president Yaw Kyei argues.

Truly, as clearing agents, they should be worried that terminal operators offering similar services are operating in disparity.

“So, to bring uniformity and enhance revenue maximization at the ports, we should apply the same performance rate to

all operators,” he further said to buttress his point.

Demurrage and rent charges have long remained the albatross of the port business, albeit they being avoidable.

Several interventions and trade-facilitating actions have minimally tackled the situation.

The call to have a 24-hour port is therefore very tenable if we are to overcome this phenomenon and we hope that government and all port stakeholders would take this request into consideration.

The endgame for this great suggestion will be desirable with the port posting strong revenue to support the nation’s development.

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Transport fares to be upped by 15 percent continued from page 1 “We kindly request all commercial transport operators to comply with the new fares and post same at three loading terminals”, the transport group said in a statement issued after the meeting.

The increment according to the group is in line with the administrative arrangement on public transport fares and after intense negotiations with stakeholders and in consideration of the plight of drivers, commuters and the general public.

It also cited current trends on the international market and its impact on domestic fuel prices.

The decision to increase transport fares has been necessitated by the economic hardship the country is facing and its negative impact on their work.

Various transport association say the high cost of fuel, high import duty on vehicles, increase in the cost of spare parts and vehicle lubricants are among the reasons.

We further request all operators and the general public to kindly cooperate for the successful implementation of the new fares”, the Road Transport operators further urged.

WEDNESDAY, FEBRAURY 23, 2022

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Be wary of financial scams, FNB advises public “The simplest way for consumers and businesses to support fraud prevention is to pay attention to fraud education and updates from service providers,” the Chief Operating Officer at First National Bank Ghana, Ellis Atekpe, says. “Keeping up-todate on the latest scams can be difficult for an end-user, so it makes sense to use tips that financial services providers share on a regular basis. For example, at First National Bank, we monitor scams on a daily basis, and we use digital channels such as the Mobile App and Online Banking to alert our customers on what to look out for and how to avoid being scammed.”

To help consumers and businesses avoid being scammed, Ellis shares some of the current scam tactics and tips to stop consumers from falling victim to them.

Lost/stolen device: The fraudster sends a message to the victim in order to ‘assist’ them in locating their recently stolen device. The fraudster usually claims that by clicking on the embedded link provided by the fraudster, the victim will be able to locate the device. If your device is lost or stolen, the first step is to delink your device from your App, block your banking profile, and contact your bank for assistance.

Remote access: Be wary of random requests to install

software on personal or business devices, as this tactic can be used to install malicious software, which can provide access to your banking profiles. This is known as a “remote access” scam, and if you suspect you are a victim, block your profile immediately and contact your bank.

SIM-swap: While app-based Smart InContact from banks like FNB helps customers avoid SIM swaps, some customers still rely on SMS notifications. A SIM swap occurs when a fraudster transfers your phone number to another service provider in order to control your SMS notifications.

This enables them to control notifications such as a One-TimePIN (OTP) in order to commit fraud. Again, it is critical to think about using Smart InContact and to never share your OTP. SMS scam: Fraudsters are sending SMS’s asking customers to share their banking credentials (username and password); to deactivate their online or app banking profile and advise customers to only share this with the “bank consultant” assisting you with reversals. Banks will never ask you to share your banking credentials with them.

Social Engineering: This is the umbrella term used for a variety of malicious attempts deployed through human interaction to manipulate and trick people into making security mistakes or giving away sensitive information

by working on their emotions.

Some of these include Vishing and Phishing.

Vishing: This is a type of fraud in which fraudsters pose as employees of a financial institution and attempt to persuade you to share your personal and banking information over the phone. The golden rule is that a reputable financial services provider will never ask you to share information such as your PIN or passwords over the phone or through any other channel. Financial institutions will also never ask a customer to perform a transaction to reverse a transaction. End such calls right away.

Phishing: Despite the fact that this is one of the most common scams, many people still fall for it.

Phishing occurs when fraudsters send you a link that directs you to a fake website where you enter your financial or personal information. If you must visit a financial institution’s or a service

provider’s website, type their web address into the URL rather than clicking on links.

Social Media scams: Fraudsters use social media to offer lowinterest rate loans or crypto investment opportunities with high returns. They request your banking details and use these to defraud you. Never share your banking credentials. Use reputable service providers and beware of unsolicited offers.

“Fraud prevention requires collaboration between providers of services and end-users because fraudsters will always target the most vulnerable element,” Mr. Atekpe says. “We at First National Bank will continue to use our digital platforms and channels to educate customers on the most recent fraud schemes. Customers can block their profile, report fraud or get more information on the latest scams from our “Security Centre’ on the Mobile App and Online Banking.”

MAFAP re-launches in Accra to help repurpose Ghana’s food and agriculture policies Ghana will be part of MAFAP III, a renewed 5-year policy support programme, to strategically prioritize, reform and implement policy change to the food and agriculture sector to speed up inclusive agricultural transformation. the Monitoring and Analysing Food and Agricultural Policies (MAFAP) programme kicked off a new 5-year collaboration with the Ghanaian authorities to reform public policy on food and agriculture.

The new collaboration for the third phase of the MAFAP programme brings Ghana’s Ministry of Food and Agriculture, National Development Planning Commission, Ministry of Finance, Ministry of Trade and Industry, and FAO’s MAFAP programme

together to optimise public budgets to the agricultural sector and to identify areas with high impact potential for agricultural growth, employment and food security and nutrition.

“Globally, there is huge momentum for countries to rethink, repurpose and reform their policies on food and agriculture”, said Christian Derlagen, MAFAP Manager and Senior Economist at FAO during the official launch meeting in Accra. “And today in Ghana we are pleased to renew the MAFAP programme, standing ready to support our partners with economic analyses and advice to guide the government on its path to agricultural transformation, better nutrition and easier market access for farmers”, he added.

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WEDNESDAY, FEBRAURY 23, 2022

MAFAP re-launches in Accra to help repurpose Ghana’s food and agriculture policies Ghana will be part of MAFAP III, a renewed 5-year policy support programme, to strategically prioritize, reform and implement policy change to the food and agriculture sector to speed up inclusive agricultural transformation.

The Monitoring and Analysing Food and Agricultural Policies (MAFAP) programme kicked off a new 5-year collaboration with the Ghanaian authorities to reform public policy on food and agriculture.

The new collaboration for the third phase of the MAFAP programme brings Ghana’s Ministry of Food and Agriculture, National Development Planning

Commission, Ministry of Finance, Ministry of Trade and Industry, and FAO’s MAFAP programme together to optimise public budgets to the agricultural sector

and to identify areas with high impact potential for agricultural growth, employment and food security and nutrition.

“Globally, there is huge

momentum for countries to rethink, repurpose and reform their policies on food and agriculture”, said Christian Derlagen, MAFAP Manager and Senior Economist at FAO during the official launch meeting in Accra. "And today in Ghana we are pleased to renew the MAFAP programme, standing ready to support our partners with economic analyses and advice to guide the government on its path to agricultural transformation, better nutrition and easier market access for farmers”, he added.

GCB Bank partners Resilient Ghana to support youth-led SME's GCB Bank PLC continues to show its strong commitment to empowering the youth and SMEs, especially after the devastating economic effects of the Covid-19 pandemic.

The Bank has disbursed GHc100,000 as support to Resilient Ghana to provide a platform that challenges and empowers the youth to identify, create and present innovative solutions to real-life problems in Ghana while creating lasting businesses.

The not-for-profit organisation seeks to build the entrepreneurial capacity of the youth currently through its Mentorship Programme, which runs monthly webinars and business masterclasses and is open to all without a cost.

Resilient Ghana also is set to roll out ‘The Resilient Ghana

Challenge’, a Business Accelerator for young entrepreneurs aged 18-35 to specifically provide opportunities to support deserving youth- led SMEs annually.

GCB’s contribution positions Resilient Ghana to train, cultivate and nurture young entrepreneurs and SMEs to develop their businesses with best industry practices and strategies.

Commenting on the partnership, Mr. Kofi Adomakoh, Managing Director of GCB Bank stated that youth development and entrepreneurship is an integral part of the Bank’s corporate social responsibility strategy because the youth are the bedrock of the country’s economic drive.

WEDNESDAY, FEBRAURY 23, 2022

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NLA supports Youstart initiative with GHc10m The National Lottery Authority (NLA) has presented a cheque of Ghc10,000,000.00 to the Ministry of Finance as their contribution to the YouStart programme to tackle the high youth unemployment in the country.

The cheque was presented by His Eminence, Torgbui Francis Nyonyo, a member of the Counsel of State representing the Volta Region and the Board Chairman of the National Lottery Authority.

The Council of State member noted that, the time had come for all well-meaning Ghanaians and institutions to support the Government to develop the economy.

He revealed that, such a laudable Youstart programme which was

targeted at changing the mindset of the Ghanaian youth from job seeking to job creation needed to be support by all, hence, the support from the Authority.

He stated that the idea of a Ghana Beyond Aid may be realized through government initiatives and programmes such as Youstart. He emphasized that by fostering the enabling conditions for entrepreneurship to thrive, most Ghanaians will be gainfully employed, pay taxes, and contribute to the economy’s development.

Receiving the cheque on behalf of Government, the Minister for Finance, Ken Ofori-Atta commended the leadership of the National Lottery Authority for showing support to government

at such a time and called on other institutions to emulate the kind gesture of the National Lottery Authority. He said the Youstart programme as stated in the 2022 Annual Budget Statement was expected to create one million jobs using seed capital of GHC 1 billion and that beneficiaries would be equipped with training to equip them with skills development, entrepreneurial support, and business advisory service provision.

He regretted that situation where some Junior and Senior High School graduates were left behind because they could not further their education due to financial constraints and other factors and gave the assurance that, the Youstart programme

was carefully designed to cater for such individuals and others with passion for entrepreneurship.

Mr. Ofori-Atta used the opportunity to appeal to Ghanaians to support the E-Levy as it would afford the Government enough fiscal space to develop the economy. The short ceremony was attended by Minister for Finance, Ken Ofori-Atta, Minister of State at the Ministry of Finance, Charles Adu Boahen, a Deputy Minister for Finance, John Ampontuah Kumah, Board Chairman of National Lottery Authority, His Eminence, Torgbui Francis Nyonyo Director General of National Lottery Authority, Mr. Samuel Awuku, Officials of both the Ministry of Finance and the National Lottery Authority.

UTAG suspends strike till March 4 Following overwhelming appeals from student groups, the general public, the Parliamentary Select Committee on Education and eminent leaders, the University Teachers Association of Ghana (UTAG) has temporarily suspended its seven-week-old strike.

Addressing a press briefing Tuesday, the President of UTAG, Professor Solomon Nunoo said the National Executive Committee (NEC) of UTAG at an Emergency Meeting on February 21, 2022, resolved to heed the pleas and suspended the strike till March 4, 2022, to enable it to engage with the government over the poor conditions of services of university teachers.

He, however, stressed that UTAG will not hesitate to resume the suspended strike action should the government renege its commitments at the end of the stipulated period of negotiations.

“At the end of the meeting, the NEC of UTAG resolved to heed to the pleas of the eminent leaders, the Parliamentary Select Committee on Education, and other stakeholders to temporarily suspend the strike action up to Fourth March 2022, to engage with the Employer,” Prof Nunoo said.

Urging UTAG members to “rally behind leadership and remain calm and resolute”, Prof Nunooo said he was hopeful that with the involvement of the Parliamentary Select Committee and other eminent persons including former President John Agyekum Kufuor, Sir Sam Jonah and the National Security Minister, Albert KanDapaah, the government will carry through its promises this time around.

“At many forums, the employer has agreed with stakeholders that there is the need to improve the Conditions of Service of University Teachers. Thus, we are cautiously optimistic that the Government will do the needful to improve the working conditions of the University Teacher,” he said.

“We know that Government has not fulfilled its part of the bargain in many signed agreements in the

recent past. However, with the involvement of the Parliamentary Select Committee on Education and other eminent persons, we expect that Government will carry through its promises this time round.

“We, therefore, call on the Government to take advantage of this window to help improve the salary and general working conditions of the University

Teacher. Lastly, we call on Government to see to the implementation of the several agreements that have been signed in recent times”.

He further disclosed that members of UTAG at its 15 member universities were yet to vote on the decision to suspend the strike, adding that the outcome would be made known to the press as soon as the process was completed.

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Tullow Oil signs MoU with Forestry Commission Tullow Oil has signed a Memorandum of Understanding (MOU) with the Ghana Forestry Commission to identify and develop carbon offset projects that will support both the realisation of Tullow’s 2030 Net Zero plans and the Government of Ghana’s Nationally Determined Contributions under the Paris Agreement.

Pursuant to the MOU signed, the two organisations will collaborate to develop projects which will enhance the conservation of existing forests and increase forest stocks in line with Ghana’s REDD+ strategy.

This active collaboration will

not only help build a low carbon future but will create alternative economic opportunities for communities within the identified project zones. In addition to the company’s commitment to decarbonise operational assets and eliminate flaring by 2025, the identified carbon offset projects will form part of Tullow’s strategy to attain Net Zero on its scope 1 and 2 emissions by 2030.

The carbon offsets will compensate for the residual, hard to abate emissions. Deputy Managing Director of Tullow Ghana, Mrs. Cynthia Lumor said “the partnership with the Forestry Commission of Ghana to

co-develop carbon offset projects is beneficial to both parties and is evidence of demonstrable resolve between private sector and government, united to address climate change whilst supporting sustainable delivery of energy for development.

Benefits to local communities will be at the forefront of projects to be developed to ensure that we continue to create alternative livelihoods aligned with our shared prosperity agenda”.

The Chief Executive of the Forestry Commission of Ghana, Mr. John M. Allotey said “Ghana has demonstrated significant leadership on REDD+ to tackle

deforestation and forest degradation.

As a signatory to the Glasgow Leaders Declaration on Forests and Land-Use, the Country is even more determined to harness the power of collective action, in partnership with private sector to make good our promise for the survival of forests ecosystems, people and their livelihoods.

The signing of the MoU is therefore timely, and the Commission looks forward to the implementation of measurable actions for verifiable emission reductions”.

UNIDO, Japan launch project to boost rice production As a joint effort of the government of Ghana, Japan, and the United Nations Industrial Development Organization (UNIDO), a new project to strengthen the competencies of the Rice value chain in order to catalyze the use of modern technologies, realize higher value creation, and comply with market requirements was launched on Friday.

The project will build the capacity of value chain actors - mainly farmers, agro-traders, crop processers, and public supporting institutions - by activities focusing on quality assurance, increased productivity and business competitiveness, as well as the supply of equipment.

The use of best practices and modern management systems will enhance the quality of the harvested rice and the products derived from it.

Rice is an important crop in Ghana, with a steady increase in consumption over recent decades due to population growth, urbanization and changes in consumer habits. However, multiple challenges across the value chain are holding back the full development potential of national rice production. The government recognizes that efforts to make the domestic rice value chain more competitive would not only contribute to economic growth and structural transformation, but also to solving developmental challenges like poverty and job creation for youth, women, and other vulnerable population

groups.

The project will be implemented

by UNIDO in coordination with the Ministry of Food and Agriculture and the government of Japan under the funding scheme of the government of

Japan.

The formal launch of the project was marked by a ceremony bringing together the Government of Ghana, represented by Mr. Yaw Frimpong Addo, Honourable Deputy

Minister of Food and Agriculture, Mr. Hisanobu Mochizuki, Japan’s Ambassador to the Republic of Ghana; and Mr. Fakhruddin Azizi, UNIDO’s Representative in Ghana.

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WEDNESDAY, FEBRAURY 23, 2022

Ckrowd announces new advosry board members to drive creativity and innovation across Africa and the diaspora Ckrowd, Africa’s most preferred and premium content streaming platform, is pleased to announce the addition of two new members to its Advisory Board.

The new members are renowned Nigerian fashion entrepreneur and CEO of XA, Ovo Ogufere, and popular Tik Tok sensation, Simplypeace, whose TikTok followership of over 1.5 million make her one of the most sought after content creators. They will bring significant experience, expertise and wisdom from their accomplished journey in the creative and media industries. Ovo will also join Ckrowd in the capacity of venture partner. ith this appointment, the USregistered Nigerian company, continues to show its commitment toward Africa and the Diaspora’s creative sector, which is a vibrant sector driven by talented young people. It has a growing global influence - from film to music and fashion – has the potential to become the hub for exporting culture and position the talented content creators in the Continent on the global map, and Ckrowd aims to support them to earn revenue and copyright their creations.

“We are thrilled to welcome this group of innovative and

experienced creative leaders to advise Ckrowd through upcoming phases of growth,” said CEO, Kayode Adebayo. ‘The combined expertise of our Board members in focus areas such as Fashion, Culture and Folklore, Music, Technology, Literature, Gastronomy, Arts and Human Capital Management will play a key role in positioning Ckrowd as the one of the leaders of the creators’ and digital economy across Africa and the Diaspora.”

Simplypeace (Chukwuka Peace) Chukwuka Peace, known as Simplypeace, hails from Delta state in Ika South Local Government Area, Nigeria. Born on the 15th day of December 1999, currently a 200L student studying Linguistics and Communication studies in the prestigious university (University of Calabar). A very determined, serious-minded person, she has shown her resilience, entrepreneurial spirit by becoming one of the biggest Tik Tok sensations with more than 1.5 million followers and attracting a high number of fans on other social media platforms, including Instagram.

“I am very excited to join Ckrowd and I am confident that I will bring my social media acumen and abilities to continue to attract the next generation of talented Gen Z

content creators”.

Ovo Ogufere Ovo Ogufere is the CEO of one Africa’s leading model agencies, Xa! Models. He is the Founder & Editor-in-Chief of Model of Africa.

He currently serves as the Vice President of Professional Model Managers Association of Nigeria (PROMMAN).

He is a Partner for Men’s Fashion Week Nigeria. Ovo who got called to the Bar at the Nigerian Law School in 1995 is an entertainment lawyer and Principal Solicitor at Ovo & Co. He also produces some of Nigeria’s leading fashion events such as Music Fashion Runway for NMO management and Runway Trybe for Afro UK to name a few.

He is the brain behind Nigeria’s first ever fashion drama, The First Lady and the organiser of Lagos Accessories Fashion Week. Ovo who is passionate about nurturing African talents is one of the continent’s key resource persons has served in capacity of a consultant and facilitator in Nigeria, Benin Republic, Togo, Ghana, Côte d’Ivoire and Cameroon. He has served in the role of judge in Mr Universe Nigeria, Miss Tourism Nigeria, Miss Campus Nigeria, and RAGD

International. And as Casting Director in Project Next Model, Nigeria’s Next Super Model etc.

He is the author of the Modelling Terms: A - Z. He said: “I’m both honoured and very excited about coming onboard as a member of the Ckrowd Advisory Board. As an ardent believer of the authenticity of the creative content that Africa has to offer, I’m delighted to lend my voice and industry influence towards stirring creatives particularly within the fashion, modelling and beauty industries towards the light of progress that the Ckrowd sheds upon the continent.”

These appointments embody Ckrowd’s commitment to the interplay of creativity, technology to improve lives and generate prosperity for all, including opportunities to generate jobs, increase income and export earnings.

e-Tranzact supports physically challenged man eTranzact, a leading electronic payment platform in Ghana, has rented a fully furnished apartment for Mr Martin B. Annor, a physically challenged Ghanaian who was abandoned by his parents.

Martin, who has been under the care of his grandfather, Daniel Takyi Forson, was given a new selfcontrolled electronic wheelchair as well as start-up capital for his intended Liquid Soap business, which was deposited on his eTranzact Gh-Link card.

A media report on Martin Annor in September last year generated reactions among social media users after an emotional interview

by Annor.

Annor said in the interview: “I want to ask God why he created me like this. Secondly, I want to know why he decided to deprive me of the love of my parents. Also, I want to know why everything in life has been difficult for me.”

According to Mr. Kofi Pianim, the Chief Commercial Officer of eTranzact, the company decided to provide some form of assistance

to Mr Annor as part of their Corporate Social Responsibility.

“We are humans and beyond the kind of businesses we do, we should be able to impact the lives of those around us who need help.

We identified that Martin needed help and we wanted to do our best for him,” he said.

Madam Yvonne Effe Faska, the

Communications and Marketing Officer at eTranzact, said they were elated to partner with Media General to bring some form of respite to Martin who was undoubtedly in despair and anguish over his plight.

“We were poised to bring some happiness to Martin considering his three strong questions and I am

delighted we have provided him some relief and also look to impact his life positively,” she said.

Back in December, eTranzact also put smiles on the faces of Children at the Paediatric Unit of the KorleBu Teaching Hospital having gifted them goodies to celebrate during the Christmas festivities.

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First National Bank launches ‘Build-Up 2022’ The leading home loans provider in Ghana, First National Bank has launched yet another initiative following the success of the 2021 Year of Home Ownership (YOHO) campaign which helped many Ghanaians, both home and abroad, get onto the property ladder.

The new initiative, themed Build-Up 2022 is a follow up to YOHO 2021. This two-part campaign is intended to help many more Ghanaians construct or complete their own homes on one hand while giving home owners the opportunity to build wealth off their properties on another hand.

The Executive Head of Home Loan Business, Kojo AddoKufuor explained that at the end of YOHO 2021 campaign the bank realized that there were many Ghanaians who were eager to own a home built at their own pace and according to their tastes. There were others who had already started construction projects but had not been able to complete them for various reasons.

“That is why we are back with Build-Up 2022, to help people to build their own homes or complete what they’ve started.

If you own a land with the necessary documentation and have all the plans ready to start off, our home construction home

loan is what you need to bring the plan and drawing to life,” says Mr. Addo-Kufuor.

“If you’ve started constructing your dream home but halted it for some time and you need funding to remodel it because there are new home designs, you can also speak to us to help you with a home completion loan.

The 2021 Population and Housing Census, conducted by the Ghana Statistical Service, indicates that, about 2.1 million housing units, representing 20% of the structures enumerated in the country are uncompleted.

With the Build Up 2022 initiative, owners of all such uncompleted properties can complete them in good time with a home loan from First National Bank Ghana.

Mr. Addo-Kufuor observed that housing remains a critical need for many Ghanaians and First National Bank Ghana is determined and unrelenting in its efforts to make home ownership a reality for both resident and non-resident Ghanaians.

“We have worked to improve many of the perceived hurdles like qualifying income, documentation, title issues and credit history. You can count on our rich experience and hustlefree process for a home loan that suites your need”, he says.

Build Up 2022 also offers property owners the opportunity

to build wealth by unlocking value in their existing properties, so they can access cash to meet pressing business or personal needs.

“We have a special product for homeowners known as the equity release, which enables you to release part of the value of your home without having to move out,” Mr. Addo-Kufuor says.

“You have worked hard for your house. Now let your house work hard for you. By releasing equity in your property, you get up to 70% of the value to take care of anything you wish for without any controls or restrictions and still get to keep the home.”

Non-resident Ghanaians

working in the diaspora, the selfemployed, business owners and employees of corporate entities applying as groups will also benefit from special packages.

“First National Bank is here to partner with you and provide home loan solutions that will ensure a successful conclusion to everyone’s journey towards homeownership.

We are demonstrating that whether you are releasing equity in your home for cash, building or completing your home to your preference, you get to build wealth. The offer of up to 1.5% reduction in interest rate is still open and it is good savings to build up 2022,” Mr. Addo-Kufuor concludes.

MacFrut 2022: Italy hosts global fruits and vegs industry from May 4-6 Global stakeholders within the fruit and vegetables value chain from all over the world will convene at the Rimini Event Centre, Italy for this year’s edition of the annual MacFrut Exhibition scheduled for May 4-6, 2022.

Participants and exhibitors will get to share and transfer knowledge, make business partners, and to buy or sell agricultural equipment whilst tapping Italy’s expertise as the world leader in agricultural production and the manufacturing.

Powered by the Italian Trade Agency and Italian Embassy in Ghana, Macfrut is an international platform where companies from Italy and Ghana can very well relate and find complementary grounds for cooperation.

This year’s fair will include the usual B2B meetings organised through a Business Matching Platform available for all

exhibiting companies and offers a highly personalised collective stand and great visibility inside the tradeshow area.

It will also have a vertical, B2B event for sector’s professionals that represents the whole fruit and veg industry. More visibility online and Business Matching platform with visitors, buyers and exhibitors.

There will also be technical visits to company sites for a learning experience in terms of knowhow and cutting-edge machinery and technology with extensive media awareness before, during and after the event: dedicated press conferences, news, articles on specialized magazines and on social media.

Macfrut is the international trade fair for the fruit and vegetable industry, a B2B event for sector professionals and opinion leaders from more than 90 countries. It

is a benchmark event that brings together major industry players, innovations and market trends, offering a unique business platform that allows participants to expand their network of business contacts and enter new markets.

The Italian Trade Agency in Ghana and the organizers of Macfrut 2022 wishes to extend an invitation to government representatives and policy makers, and to agribusiness

professionals within the fruits and vegetables value chain to join this event.

This will be a great opportunity to meet new business associates, create export and import links, exchange information, ideas and machinery and so much more.

For more information on Macfrut and other activities of the Italian Trade Agency in Ghana, please email them on accra@ice.it

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| INTERVIEW

WEDNESDAY, FEBRAURY 23, 2022

An interview with ENAM BOSOKAH, a Ghanaian artist who graduated from the Kwame Nkrumah University of Science and Technology, Kumasi, with A Bachelors’ Degree in Fine Arts.

B24: Can you share with us some of your experience in the Art industry?

Enam: My experiences in the art industry include seeing diverse exhibition spaces. In the last ten years or so in Ghana, artists have been exploring new materials and new ways of making art, resulting in works that could not be shown in the then hotel lobbies and the few art galleries around. They have had to rethink space in every sense of the word resulting in exhibitions everywhere including garages, open markets, studios, abandoned state buildings and railway stations, to name a few.

It all started amidst the state of denial. Artists are using the absence of support systems as a starting point to rethink art making and its consumption. The problem has liberated artists to explore and experiment with alternate materials and spaces, producing a generation of young artists including Ibrahim Mahama and Serge Attukwei Clottey to name a few, who are taking on the world with their radical approach to art making. The art industry in Ghana is budding with a cohort of artists who are fearless and selfsufficient in their practice, thanks to the art institution at the Kwame Nkrumah University of Science and Technology and a few others across the country who are responsible for the redirection and the growing number of graduate art students who are pushing the boundaries and adding the the contemporary art discourse globally.

B24: What are some of your engagements with Wikimedia foundation and how has it help ed in promoting art and culture in Africa?

Enam: The Wikimedia Foundation has commissioned me to illustratrate some Africans whose profiles on the Wikipedia website lack imagery.

Adding faces to these articles bring them alive and accentuate the stories they stand for.

B24: As an expert in the art industry, how do you think the wiki unseen project is going to ensure international recognition of Black, Indigenous, and People of Colour

From my point of view, it is hard to say if government institutions know that the fine arts exist or understand our place in nation building since there are no support systems for the artist.

Focus, instead, is on tourism and the music industry. I think we may have been misunderstood

Enam Bosokah

(BIPOC)?

Enam: Wiki Unseen is an exciting leap forward in addressing historical biases, gaps in knowledge sharing, and illuminating untold histories of underrepresented communities.

Visual aids and illustrations help people understand and retain information. Using illustrations, the project is bringing to life stories of BIPOC historical figures whose Wikipedia entries are currently without visual representation.

B24: This campaign is also an opportunity to grow the Wikipedia audience to include those who have historically and systemically been left out of knowledge production.

What do you have to say about state institutions in the Art and Tourism Industry in Africa, in terms of support of your work?

Are they doing up to expectation in terms of support to local expertise in the industry?

Enam: I can only speak about this from my perspective, narrowing it down to my country, Ghana. Even though the situation may be similar across most countries in Africa, there may be few exceptions.

From my point of view, it is hard to say if government institutions know that the fine arts exist or understand our place in nation building since there are no support systems for the artist. Focus, instead, is on tourism and the music industry. I think we may have been misunderstood.

B24: What are some of the historical monarchs you would be featuring in this project?

Enam: Some of the black historical figures I am illustrating include Rose Dieng Kuntz, a senegalese computer scientist specializing in Artificial Intelligence. She was the first African woman to enroll in Ècole polytechnique. The second historical figure is Pio Ziruma, a Ugandan linguist, scholar and literary theorist who is credited with coining the word “orature” as an alternative for the self-contradictory term oral literature. She was instrumental in reforming the literature syllabus at Makerere University to focus on African literature and culture instead of the English precept. The third and final figure is Mariam Ewurama Addy, a Ghanaian biochemist and the first host of the National Science and Maths Quiz - a popular Ghanaian educational TV show. Mariam became the first Ghanaian woman to attain the rank of full professor of natural science, becoming a role model for young Ghanaian girls

Enam Bosokah (b. 1987) is a Ghanaian artist who lives and works in Accra. He graduated from the Kwame Nkrumah University of Science and Technology, Kumasi, with A Bachelors’ Degree in Fine Arts. Trained as a sculptor, Enam become known for his drawings, working predominantly with ballpoint pens while exploring graphite, charcoal, and watercolours. He has exhibited in Ghana and overseas and his work can be found in private collections around the world.

WEDNESDAY, FEBRAURY 23, 2022

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| NEWS

Covid fight: We’re not letting down our guard, Zoomlion assures government Amidst uncertainties about whether coronavirus is out of the country or not, Zoomlion Ghana Limited (ZGL), in collaboration with the government, has embarked on a disinfection exercise at the Kotoka International Airport (KIA).

The exercise is part of a routine monthly activity aimed at containing the spread of the virus which is still lurking around in the country.

Addressing journalists on the sidelines of the February 2022 exercise, a Vector Control Officer of Zoomlion, Mr. Enoch Mintah, assured that his outfit was still committed to ensuring that staff members of the KIA and the general public were safe.

“We are not letting down our guard in the fight against Covid-19,” he assured.

This, according to him, was crucial in safeguarding lives at a time most people seemed to have let down their guards though he said the virus was still around.

The exercise was carried out last Tuesday at 1:00 a.m., so as not to interfere with business operations at the airport.

A team of sprayers from Zoomlion took pains to disinfect facilities including the arrival and departure halls, washrooms, floors, furniture and open spaces in the halls.

The airport environment and open spaces were also thoroughly disinfected.

Viruses, Mr Mintah noted, have changing phases at every time, hence the need for his company to vary its approach and chemicals in order to outwit them.

“The airport has become a continual hotspot for the ever changing viruses. That is why we do not want to let our guard down,” Mr Mintah reiterated in an interview with the media.

While admonishing Ghanaians

to continue observing the Covid safety protocols, he underscored the need for the exercise to continue to help curtail the spread of the virus.

“Every festive season presents other opportunities for the virus to continue spreading because those returning into the country might possibly be importing the virus into the country,” he observed.

According to him, the virus could

easily be transported by travelers hence the need to assure staff members of the airports and the general public of their safety and allay their fears.

He said based on research, Zoomlion is able to apply the right chemicals to deal with the virus.

He, therefore, appealed to Ghanaians to continue observing the safety measures to ward off any spread of the virus.

Fidelity Bank, MTN MoMo upgrade Y’ello Save Account with Savings Plan Feature Fidelity Bank in partnership with MTN MoMo has upgraded its Y’ello Save Account with a savings plan feature to encourage customers to adopt the habit of saving.

The upgrade offers Customers the opportunity to set up a standing instruction on their Y’ello Save Account to automatically debit a specified amount of money from their MoMo wallets into their Y’ello Save Account on a daily, weekly or monthly basis. This can be done by simply dialing *170# and following the prompt.

Speaking on the upgrade of the Y’ello Save Account, Julian Opuni, Managing Director of Fidelity Bank, said, “We are committed to expanding financial services to the underbanked and unbanked population in the country and our partnership with MTN Ghana for the roll-out of the Y’ello Save Account is one of many initiatives

to achieve this goal.”

“We understand that saving money requires a lot of discipline, and we’re making this easy for our customers by automating the savings process to enable them to save effortlessly”, he added.

Commenting on the initiative, Eli Hini, the CEO of Mobile Money Ltd, commended Fidelity Bank for the upgrade of Yello Save service noting it will encourage more people to adopt the savings culture and deepen financial inclusion. He said, “the Yello Save service has been widely accepted by MoMo customers and testimonials we have received since its launch is that Yello Save provides a convenient option for personal savings and investment. For business owners, it serves as an expedient option to save sales revenue received through MoMo.” We are very hopeful that the new feature will

Eli Hini –MTN

Julian Kingsley Opuni – Fidelity Bank

help customers achieve financial independence and ultimately help business owners expand their business whilst driving economic growth.

With an interest rate of up to 8% per annum, the Y’ello Save Account is a savings account that was introduced in 2016 by Fidelity Bank in partnership with MTN Ghana to offer MTN MoMo

Customers the opportunity to save funds on their MoMo wallets and enjoy an attractive interest rate on their Y’ello Save Accounts.

Fidelity Bank ‘s partnership with MTN Ghana, forms part of the Bank’s “Together We’re More” brand promise that views success as a collaborative effort among key stakeholders working together towards a greater good.

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| NEWS

WEDNESDAY, FEBRAURY 23, 2022

Here are five (5) simple steps to keep your crypto safe – an explainer by Binance

A

s cryptocurrencies continue to grow in interest and adoption, so also does the demand for trusted, convenient, and secure crypto exchanges, where people can trade these digital assets safely and hassle-freely. Security remains one of the most important factors to consider when choosing a crypto exchange to trade, as it offers protection from fraud when both user and platform take the necessary precautions.

Hence, leading exchanges such as Binance have continued to implement a robust security framework, like stringent identity verification and authentication measures, to ensure that its users can enjoy strong layers of protection against malicious actors in the ecosystem. However, beyond the measures in place by exchanges to protect their users from cybercrime, crypto holders also have a role to play in keeping their assets safe from jacking schemes and theft. Here are some simple steps to follow to achieve this: 1. Always use a secure passcode Quite a large number of people use the same passwords for various accounts - this poses a security risk. It is better to assume that all your accounts may experience data breaches and take steps to mitigate against them by having different passwords for your accounts. This way, if one account is compromised, the likelihood of the other accounts being affected is slim. Long and complex passwords play into keeping your information secure along with changing your passwords regularly. Although this might seem inconvenient, it is

SAFETY FOR O N E ’ S I N V E S TMENTS SHOULD BE THE UTMOST PRIORITY WHEN DECIDING ON A CRYPTOCURRENCY EXCHANGE OR WA L L E T.

one of the best defense mechanisms against potential threats.

2. Enable multi-factor authentication Multi-factor authentication is a login process where users are only able to access their accounts after successfully presenting two or more pieces of evidence, like a password as well as an SMS to their registered phone numbers for example. By enabling this, users enjoy an extra layer of security to prevent someone from logging in, even if they have the password. The additional security measure requires users to verify their identity using unpredictable digits.

3.Be cautious of phishing scams These sorts of scams are carried out in numerous ways – via SMS, phone calls, or emails – to deceive unsuspecting recipients into divulging passwords and private information.

To guard against this, users need to be wary of clicking on irrelevant links from unknown sources or responding to questions that require divulging extremely personal information.

4. Understand the potential risks before trading If it sounds too good to be true, it probably is. For example, Binance has a P2P platform - this is a marketplace where people can trade crypto directly with each other on their own terms, in virtually any country.

On the P2P platform, you should pick your trading partner the same way you would assess any other person or any other company you want to do business with – verify and validate. For instance, while selecting a P2P partner, try verifying the number of transactions the other party has successfully carried out and completed on the platform.

However, Binance has certain safety measures in place to ensure one does not fall victim. Services like the P2P escrow guarantee that both buyers and sellers are protected from such situations. On one hand, the escrow helps buyers open an appeal if the counterparty defaults in releasing the cryptocurrency after payment; while on the other, sellers are also protected by holding the crypto in a temporary deposit within the escrow service until after payment from the counterparty has been verified. The cryptocurrency is returned to the seller if the payment is not verified within a specified timeframe.

5. Use only reputable cryptocurrency exchanges and wallets Safety for one’s investments should be the utmost priority when deciding on a cryptocurrency exchange or wallet. Finding an exchange that provides inexhaustible resources about its security features to understand how user data will be protected is key; by investing only through reputable crypto exchanges and wallets, you enjoy access to top-tier security features such as intermediate verification, multi-factor authentication, SSL/ TLS encryption, excellent customer support and so much more.

While blockchain companies such as Binance consistently work to ensure the safety of their users’ funds, some of the responsibility also lies with customers to ensure that they adhere to these security steps to protect their assets. As the ecosystem continues to scale and gain global recognition from positive and negative counterparts alike, taking cautious steps to secure your digital holdings will make all the difference.

WEDNESDAY, FEBRAURY 23, 2022

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| NEWS

Two Years of redefining the modern identity of banking - An Absa Bank Ghana story WHAT DOES A BANK STAND FOR? When this question was posed to an assembly of fresh MBA students some two decades ago, the answers were as complex as the question itself.

The notion of what a bank is, does and represents, may mean different things to different people. For some, it could be a storehouse of wealth; a platform for harnessing a diversity of talents; and still for others, it could be an empowering tool for businesses and organizations, or simply, a loan house with complex interest rates.

Banks are the engines of growth for many global economies. The basic operation of receiving and lending and whatever is in between, are intrinsically crucial for the survival of the global eco-system. Banks enable the activation of everyday life – the buying of goods and services, transactions, investments and savings, setting up businesses and wealth creation.

Across the world, the transformation of organizations, infrastructure, international trade and commerce are the reason banks exist.

Economies prosper and lives are transformed due to their operations.

However, beyond all this, banks are also responsible for other activities – harnessing talents, contributing to socio-economic growth by investing and caring for communities and

empowering the youth and women in several initiatives including health and education.

In Ghana, no bank can arguably lay claim to these benefits more than Absa Bank Ghana Limited. The bank celebrated two years of association with the Ghanaian economy only two weeks ago, and yet its importance and function lie in more than a century-old transformative story that continues to be told today.

In just two years of assuming the innate Absa identity from the previous Barclays umbrella, the bank has already outdone itself in pushing the boundaries of innovation and creativity and redefining the modern identity of banking.

Today, Absa commands a strong place in Ghana’s economic growth through its financing and restructuring of deals in a diversity of sectors including telecommunications, agriculture, mining, energy, public sector, startups and many more.

Its image has become a metaphor for efficiency and convenience in a country that is making its way up from a middle-income state into a more progressive economy. Its suite of retail products including the contactless cards, prestige and premier banking offerings, mortgage convenience and other structural

investments are best in class for the great number of its clients, customers and stakeholders across the country and the sub-region.

Recently the bank commissioned the construction of a new head office in the heart of the capital city, a demonstration of unvarnished commitment to improve upon its long heritage in Ghana by eventually creating a permanent home here.

The new head office is to represent the future of the city and will reflect all the trappings of a modern building with strong compliance to environmental conservation, a net zero agenda and digital innovation.

Absa was also the leading financier for the first wholly-owned Ghanaian sea vessel – Flat C- which recently received prominence when it commenced operations on the shores of Ghana to support the oil and gas sector.

At the recent Cocobod loan syndication deal with foreign banks for the burgeoning cocoa sector, Absa was a lead arranger in the structuring and financing of the deal. Again, the bank’s commitment to the Ghanaian society cannot be underestimated with initiatives like Ready-to-Work, Employee volunteering, Environmental protection and mentorship, forming the crux of its citizenship agenda.

In a glitzy video on social media to celebrate two years in Ghana, Managing Director, Abena Osei-Poku echoed the point of Absa’s relevance in Ghana: “It’s been an extraordinary two years in Ghana. We have come this far knowing that it takes two to bring possibilities to life. With your firm support and dedication, we have transformed our offerings to meet your needs. We want to thank you for the confidence and goodwill you have constantly shown to us. We don’t take that lightly at all.”

True. The essence of a bank is partnerships and collaboration.

The customers and clients of any financial organisation are the reason it exists. Abena’s comments drive home the point that banks need the people – the relationships – to survive. It is a social construct that is quid pro quo. It takes two to bring possibilities to life (the theme of its second anniversary) and surely, Absa’s second year of relevance in Ghana, is testament to that.

Banking is a lucrative component of modern capitalism and thanks to Absa, it has become a mobility platform for the diversity of its clientele and customers in Ghana.

All set for Made in Ghana UK Festival 2022 in London on June 25 & 26 After several months of uncertainties about the global pandemic and its related restrictions, Made In Ghana UK Festival 2022 is finally scheduled for East Winter Garden in London on June 25-26, 2022. It will be a combined Trade Show (exhibitions of unique made in Ghana products & services), Conferences and Concerts.

The two-day festival seeks to be the preferred reference-point for Ghana’s biggest players in trade, culture, creative arts and tourism. It is organized by Made In Ghana UK Ltd (London); Made in Ghana Consulting Ltd (Accra); and the Ghana High Commission, London; in partnership with Seventh Street Multimedia; Ministry of Tourism, Arts & Culture, Ministry of Foreign Affairs & Regional Integration; Ministry of Trade & Industries; Ghana Export Promotions Authority (GEPA); and Association of Ghana Industries (AGI).

Other partners include, Showbiz Africa, Access Media, OK Music, EIB Network, National Commission on Culture (NCC), Ghana Post, Zionfelix.com, Afriscot Media, Musicians Union

of Ghana, Laboro GH, The Beat London, Yanga TV and Rok TV. According to the Director of Communications, Afua Hagan, “the festival seeks to amplify, promote and enhance Ghana’s trade, culture, tourism and the best of Ghanaian talent.”

Among other objectives, the festival seeks to offer about 65 premium exhibitors over 4000 high quality buyer-audience; essentially for brand awareness, lead generation, and relationship building; while ensuring a successful attendee experience; to augment the Government’s effort of increasing the capacity of Ghanaian export through effective collaboration with strategic partners in the UK; and to market brilliantly deserving Ghanaian talent (music, fashion, comedy, etc.) to the world.

Made in Ghana UK Festival 2022 was launched by the Deputy Foreign Affairs Minister, Thomas Mbomba at the Ministry’s Conference Hall in Accra on August 5, 2021.

In a speech read on his behalf, the Minister of Tourism, Arts & Culture, Dr. Ibrahim Mohammed Awal confirmed setting up

#VisitGhanaHub at the Festival, dedicated to the promotion of the National Tourism Destination Single Window project.

Til April 30, 2022, registration is open for qualified exhibitors at the offices of AGI, GEPA, Ghana High Commission in London or at www.madeinghanauk.com.

The organisers have scheduled a number of activities leading to the main Festival; starting with a creative arts workshop featuring Ghana’s leading dance coaches and choreographers, Dancegod Lloyd, Afrobeast and the DWP Academy crew, who will be participating in a master class in Manchester, Birmingham and London from April 2 to 16, 2022.

Other activities on the road map include: • Media Engagement & Workshop at the Kensington Town Hall, London on Friday, April 15, 2022 to be hosted by media partners in the UK and Ghana.

• Exhibitors Conference in Accra on May 7, 2022, to be hosted by Made In Ghana Consulting Ltd, MoTI, GEPA & AGI. • Conference for Exhibitors

•

•

•

& Investors in London on Saturday, May 28, 2022 to be hosted by the Ghana High Commission, London, Access Media & the United Kingdom Ghana Chamber of Commerce (UKGCC).

Women Entrepreneurs & Investment Conference (WE&IC) in London on June 4, 2022 to be hosted by Afriscot Media.

The Festival weekend starts with MIGHUK Dinner & Honours Ball on June 23, 2022 The Main Festival, which comes off on June 25 and 26 at East Wintergarden, is under the auspices of the Ghana High Commissioner, Papa Owusu-Ankomah and other Ministers of State.

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WEDNESDAY, FEBRAURY 23, 2022

| F E AT U R E

WEDNESDAY, FEBRAURY 23, 2022

15

The trust-but-verify path to net zero

BY ERIK BERGLÖF

T

he world currently faces a triple crisis: a pandemic, a climate emergency, and immediate threats to biodiversity. But instead of a strengthened sense of solidarity, there is increasing distrust among countries and within international institutions, owing to the catastrophic failure to vaccinate the world against COVID-19, the intensifying superpower rivalry between the United States and China, and the emergence of new physical and online security threats.

Nowhere is this lack of trust more worrying than in the domain of climate policy. Fortunately, it is also here that we could start rebuilding it.

Both the 2015 Paris climate agreement and the 2021 Glasgow Climate Pact fundamentally rely on peer pressure for their implementation. But this is a much weaker tool when doubt and suspicion abound. Chinese climate policymakers say that, regardless of their intentions, their efforts are dismissed for ideological reasons. And many Asian governments ask whether any US administration can make credible long-term promises given the current polarized state of American politics.

The climate trust gap is mutual.

Many in Europe and North America regarded Chinese President Xi Jinping’s announcement at the United Nations in 2020 that China aims to become carbon neutral by 2060 as a smoke screen to divert attention from the country’s continued investment in coal-fired power plants. China’s refusal to make additional climate pledges in the lead-up to last November’s UN Climate Change Conference (COP26) in Glasgow was seen as further evidence of China’s true intentions.

This increasing lack of trust is not limited to climate. It is also reflected in underinvestment in other global public goods, like pandemic preparedness and response. Many have therefore compared today’s tensions to the challenges of achieving international cooperation during the Cold War. And while these analogies are often superficial and misleading, the superpower competition between the US and the Soviet Union may hold important lessons for how to establish the necessary level of trust today.

The most relevant lesson is embodied in the maxim that underpinned some of the most significant joint USSoviet achievements. As US President Ronald Reagan put it in the context of arms-control negotiations, “Trust, but verify.” In other words, each side should trust the other, but also verify adherence to mutual commitments based on agreed criteria.

Climate change is ultimately about

Transparency is at the core of the net-zero transition.

saving the planet, much like the desire to avoid mutual destruction that underlay Cold War arms-control efforts. We have a commonly agreed metric – greenhouse-gas emissions – and a growing body of scientific evidence regarding critical levels and tipping points.

Transparency is at the core of the net-zero transition. All countries will need to be more forthcoming regarding their economy-wide emissions if they are to fulfill their stated commitments. Planning and pricing mechanisms rely on the transparency and verifiability of carbon footprints, especially when channeled through the financial system. Financial regulators and corporate boards must be able to verify information to measure firms’ progress on achieving net-zero goals.

But where to start? The surprise announcement by China and the US in Glasgow that they will cooperate to curb emissions could signal the beginning of something new and exciting. Although the joint declaration is remarkably devoid of concrete verifiable commitments, it clearly states the two countries’ ambition to work together to tackle the climate crisis.

The next step could be for the US and China to agree on meaningful verification mechanisms and when to use them. China’s promise to halt the rise in its CO2 emissions before 2030 could be one such milestone.

But the verification process requires more immediate targets. The focus

should be on China’s planned transition to net-zero by 2060 rather than on its 2030 emissions goal.

In exchange, the US should make similar commitments along a similar timeline.

Establishing such an emissionsverification process could start to rebuild trust among emerging markets and developing countries, too. Their populations are the most affected by dysfunctional global governance. They are the ones who must migrate to cities because of the impact of climate change, and who remain unvaccinated against COVID-19 because rich countries are hoarding vaccine doses. Only when US-China relations show verifiable signs of progress can we expect them to start trusting global institutions again.

Multilateral development banks can play an important role in rebuilding trust around the world. With their experience in implementing standards on the ground, these institutions can help to verify countries’ progress and to ensure that the outcome is just and inclusive, especially for vulnerable populations in emerging and developing economies. Credible verification of progress on the netzero transition can thus help renew confidence in multilateral solutions to problems – from pandemics and climate change to money laundering and cyberattacks – that no country can address on its own.

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| NEWS

WEDNESDAY, FEBRAURY 23, 2022

Family Health Medical School congratulates new doctors The Family Health Medical School (FHMS) has hailed the new doctors were inducted into the profession by the Medical and Dental Council (MDC) at the weekend.

The 454 fresh doctors included 54 from the FHMS who were from the second batch of doctors from the FHMS. Speaking to journalists after the ceremony, the Registrar of Family Health University College (FHUC), Mrs Rita Kaine, said the Council, Management, Faculty and entire staff of the University College were excited and proud to see the induction of the students they have nurtured and groomed, inducted into the medical profession.

She said the management of FHUC was optimistic that the determination and enthusiasm shown by the inductees during their studies will reflect in their profession and practice.

Mrs Kaine revealed that feedback received by the management, on the 30 doctors inducted by the MDC last year was encouraging.

“We are getting good feedback from all over the regions and we believe the 54 new doctors will replicate same, if not better than their predecessors,” she said.

The Founder of FHUC, Prof.

Enyonam Yao Kwawukume, opined that, the spirit of teamwork and togetherness imbibed in the

new doctors during their studies will be continued.

He added that, the medical school will keep collaborating with the new doctors to ensure they kept to discipline and professional ethics of their practice Prof. Kwawukume assured the new doctors that, their progress will be keenly monitored, and guidelines and assistance will

be provided where necessary to enable them excel.

That, he believed, will cement the relationship the Family Health Medical School seeks to build with its former students.

One of the inductees, Dr Elikplim Amenyawo, said, she was proud to be an alumnus of FHMS adding that, the school is one of the best medical schools in the country.

“I am so thankful to the Founders of Family Health Medical School, for establishing this first private medical school in Ghana. FHMS has given me the opportunity to fulfil my dreams as a Medical Doctor. I believe with this exposure and opportunities I am on my way to becoming a great doctor,” she said.

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.

17

| GLOBAL NEWS

WEDNESDAY, FEBRAURY 23, 2022

China’s Real-estate Balancing Act

BY YU YONGDING

D

espite strong global economic headwinds, not least from the COVID-19 pandemic, China managed to achieve 8.1% GDP growth last year, its highest rate in a decade. With that, China met the International Monetary Fund’s expectations and far surpassed its own government’s 6% target.

But China’s economic performance is not quite as strong as it may seem, and not only because year-on-year growth figures were flattered by the pandemic-induced trough in 2020, when the growth rate slowed sharply, to just 2.3%.

China’s growth momentum was much weaker in the second half of the year (4% growth, year on year) than in the first half (12.7%), owing largely to the government’s efforts to rein in the real-estate sector.

China has good reason to be vigilant. Housing prices have roughly tripled over the past 20 years, with the ratio of home prices to annual income now averaging 43.15 in Shenzhen, 42.47 in Beijing, and 33.36 in Shanghai, compared to 13.37 in London and 8.76 in New York City. This partly reflects the misallocation of resources: China has built too many skyscrapers, luxury hotels, and high-end apartments, and not nearly enough affordable housing.

Speculation is also a concern.

In order to stabilize housing prices, force real-estate developers to deleverage, and reduce commercial banks’ exposure to the sector, the government introduced three major policy measures, which began to take effect in 2021.

The first was the imposition of “three red lines” for developers.

In August 2020, China’s government declared that a few large developers could not have a liability-to-asset ratio of more than 70%, a net gearing ratio of more than 100%, or a cash-toshort-term-debt ratio of more than 100%. Last year, these red lines were applied to the entire real-estate sector. If crossed, regulators will impose tighter debt limits on developers.

China also introduced new caps on banks’ lending exposure to the real-estate sector. For the big state-owned commercial banks, property lending cannot exceed 40% of the total, and

IN 2020 GROWTH R AT E SLOWED S H A R P LY, TO JUST

2.3%

mortgage lending is capped at 32.5%.

Limits for smaller banks are determined by regulators based on size.

Lastly, China overhauled how local governments sell rights to land. It is hoped that a limited number of centralized auctions will help to force down prices.

These measures go a long way toward explaining why the cumulative growth rate of real-estate finance plunged from 54.2% in January 2021 to 4.2% in December. Over the same period, the cumulative growth rate of total house sales dropped from 133.4% to 4.8% in terms of square meters, and from 104.9% to 1.9% in terms of value. As a result, the cumulative growth rate of investment in real-estate development in China fell from 38.3% to 4.4% – a sharp decline, even taking the base effect into account.

Not surprisingly, because of the large share of real-estate investment, total investment growth also plummeted in 2021, from 35% in January to 4.9% in December. This does not bode well for China’s economic growth. Although investment’s contribution to GDP growth has decreased significantly since 2010, it remains important. Investment demand played a key role in fueling the economic recovery early last year.

In fact, according to a 2020 World Bank report, the share of housing-related activities in both fixed-asset investment and GDP in China today far exceeds the levels in the United States at the peak of its housing boom in 2006. That is why, when GDP growth declined in the third

quarter of 2021, China’s government tweaked its policies to curb excessive borrowing by property developers.

China’s government has emphasized that policies to address financial vulnerabilities and structural problems should not impede economic growth.

But, when it comes to the real-estate sector, that will not be an easy balance to strike – and, given the economy’s reliance on real estate, getting it wrong could have serious repercussions.

China’s government should have adopted more expansionary fiscal and monetary policy last year to boost overall growth. It should have made more efforts to boost growth in infrastructure investment as well, to offset the negative impact of the slowdown of real-estate investment on economic growth. In fact, infrastructure investment grew by a measly 0.4% last year, compared to 0.9% in 2020.

The good news is that China’s government recently announced that stabilizing growth is its top priority.

China has ample room for implementing expansionary fiscal and monetary policy. Markets are confident that China will be able to achieve a growth rate of 5.5% in 2022. With that, one hopes that the country’s lackluster GDP growth, which has continued for more than a decade, will finally end.

Yu Yongding, a former president of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, served on the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006.

18

| MARKET FORECAST

WEDNESDAY, FEBRAURY 23, 2022

WEEKLY MARKET FORECAST (21TH -25TH FEB, 2022) FUNDAMENTAL ANALYSIS- WILL THE RISING DOLLAR RISE END NOW? The U.S. dollar edged lower Friday, with risk sentiment boosted by the news that the U.S. and Russia were set to discuss the Ukraine crisis next week, raising hopes for a diplomatic solution.

The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 95.740.

Russian Foreign Minister Sergei Lavrov agreed

to meet U.S. Secretary of State Antony Blinken for talks in Europe next week, the State Department said Thursday night.

The dollar, along with other safe-haven currencies the yen and the Swiss franc, have gained this week amid high tension on the Ukrainian border, with U.S. President Joe Biden warning on Thursday that the probability of

an invasion of Ukraine is still “very high.” News that the two principal players are set to meet next week has been greeted with a degree of optimism, although the situation remains very tense, especially after both Ukrainian government forces and Moscow-backed rebels accused each other of breaking cease-fire rules on Thursday.

TECHNICAL ANALYSIS BITCOIN(BTC/USD) LONG TERM BUY Bitcoin is expected to retest the demand zone order block and buy for a long term after the completion of the running flat correction. Sell Retest to demand zone is expected for short term then a big buy to around to 60,000 usd

GOLD(XAU/USD) BUY TO 1950.972 The yellow metal is expected to rally to 1950.972 to complete a crab pattern. Market is expected to fall after that level is reached for discounted pricing

GBPNZD(POUND-NEW ZEALAND DOLLAR) RALLY GBPNZD is set to rally to wave 5 to complete the impulse wave cycle. BUY at current market price

WEDNESDAY, FEBRAURY 23, 2022

19

| MARKET FORECAST

USDNOK(DOLLAR-NORWEGIAN KRONE) USDNOK is expected to rally to complete the crab pattern at 161.8 fib extension @9.53587

USDCAD(DOLLAR-CANADIAN DOLLAR) BUY The loonie is expected to go bullish to complete the Bat Pattern at 0.886 fib retracement level@ 1.53746

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

MONDAY, FEBRAURY 14, 2022

NO. B24 / 308 | NEWS FOR BUSINESS LEADERS

WEDNESDAY, FEBRUARY 22.2022

NEWS

Dr. Francis Anderson Adzei of UGBS installed as 14th Hall Master of Commonwealth Hall Dr. Francis Anderson Adzei, a Senior Lecturer at the Department of Public Administration and Health Services Management in the University of Ghana Business School (UGBS), was recently installed as the 14th Hall Master of the Commonwealth Hall. The installation ceremony took place on Thursday, 17th February 2022, at the Terminal Gardens (Bacchus Gardens) at the forecourt of the Hall.

Dr. Adzei was a resident of the Commonwealth Hall during his undergraduate studies.

He has a PhD degree in Public Administration from the University of Ghana. He is known to have attained several academic feats in various disciplines, and this reflects in his teaching and research activities at the University. His research interests include health policy, human resources for health interlocked with organisational change, health and safety, human

development, and public sector management.

In his inaugural speech, Dr. Adzei mentioned that he is very humbled to take up this mantle

of leadership. He acknowledged his predecessors, and mentioned that the Chair is one held by giants and true legends. He is therefore humbled, motivated,

and encouraged by them. He desires to do God’s will even as he takes this mantle as the 14th Hall Master of Commonwealth Hall at the University of Ghana.

Notable among the distinguished guests that graced the occasion were Professor Nana Aba Appiah Amfo (Vice-Chancellor, University of Ghana), H.E. John Dramani Mahama (Former President, 4th Republic of Ghana), the Dean of the Business School, Professor Justice Bawole, among others.

The School Administrator of UGBS, Mr. Emmanuel PokuSarkodee, who is also a Most Senior Fellow of the Commonwealth Hall, was also present. He, together with the Senior Tutor, Prof. Kwaku Kyeremeh, presented the Hall Master for the installation.

UGBS is proud to be associated with Dr. Francis Anderson Adzei and wishes him the best in his reign as a hall master. Ayekoo!!!

Code Management brings million-dollar knowledge to entrepreneurs According to the “The Better Africa” report the failure rate for startups on the African continent, between 2010-2018, was at 54.20% on average, with Ghana (73.91%) and Nigeria (61.05%) with some of the highest failure rates.

While there are multiple contributing factors to why businesses fail, companies like Code Management Group (CMG) are working to bridge the knowledge and funding gap for African startups.

This past weekend, investment firm CMG hosted a dynamic speakers series event featuring William Adoasi, CEO of luxury watch brand, Vitae London, and moderated by Dentaa Amoateng, CEO of Ghana UK Achievement Awards (GUBA).

The experience was an intimate conversation between moderator, Dentaa, William and the audience, where Adoasi answered questions and vulnerably shared business lessons and mindset-shifting advice. William urged African entrepreneurs to consider collaboration and intention whilst building their businesses. When

discussing team building, he advised that teams should be built with intention, sharing that he achieves efficiency by structuring his team around his weakest areas. He also encouraged start-ups to work together instead of working solo, in efforts to better position themselves for business opportunities on the continent.

The Africa Development Bank further affirms Adoasi’s point that entrepreneurs are the solution to the future of the continent.

A 2021 white paper released by the Bank recommended that “entrepreneurship must be at the heart of efforts to transform Africa’s economic prospects.”

Ghana, like the rest of Africa, is ready for a huge transformation that depends on collaboration. The African Export–Import (Afrexim) Bank in a 2020 report revealed that Africa’s recovery from the COVID-19 pandemic has not been as resilient as that of the Western and Asian economies. However, it is believed that a vibrant entrepreneurship ecosystem could enhance the recovery.

Advising on business growth, William shared that “he’d rather have a smaller percentage of a bigger pie than have a larger percentage of a small pie.” This is one-way entrepreneurs can think about scaling their companies, he added.

Vitae London is a publicly owned company with shareholders and runs on a social enterprise business format, where a portion of a sale of each watch contributes to educating a child in Sub-Saharan Africa.

Entrepreneurs from Ghana and Nigeria, industry stakeholders and diaspora returnees packed out the space and got to interact with both Dentaa and William throughout the evening.

When asked what he thinks the future of Ghana will look like, Adoasi professed, “There are cities yet to be birthed”, urging startups to take their solutions seriously and to make their mistakes their biggest strengths and not see them as a failure.

Africa is the future of markets.

According to the United Nations, by 2050, 25% of the world’s population will be in Africa; a proof that local

businesses will be a key part of the continent’s growth trajectory.

For start-ups to be better positioned, Adoasi expressed, “Data is key,” encouraging African entrepreneurs to literally go to market to understand the environment, the customers and their desires. This process generates valuable data that can foster true business development, Adoasi stressed.

Vitae’s social entrepreneurship format is an example of how African businesses can meet the needs of societies.

The event series is one of many solutions CMG will offer in Ghana and will continue its roll out throughout the year. On March 5, 2022, CMG will begin its inaugural four-month incubator in partnership with the Chinese Europe International Business School in Accra, Ghana and then Lagos, Nigeria.

The incubator will focus on building start-ups into investment ready companies, in efforts to generate global business opportunities for start-ups and international investors.

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.