Business24 Newspaper 14 March 2022

MONDAY, MARCH 14, 2022

.COM.GH

NEWS FOR BUSINESS LEADERS

Fertilizer subsidy: Agric Ministry to register 5m farmers by 2023

BY EUGENE DAVIS

MTN eyes 5G license to fast-track ‘tech-co’ ambition

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BY EUGENE DAVIS

he CEO of MTN, Selorm Adadevoh, has hinted that the company is in touch with regulators to secure a fifthgeneration (5G) license by the turn of

next year.

MTN has already modernized at least 1,322 sites in readiness for 5G network rollout, according to Mr. Mr. Adadevoh, it is hoped that the engagement with regulators will lead to the acquisition of the license soon.

Speaking to journalists on the margins of the maiden MTN Media Awards in Accra last Friday, he stated: “5G is an exciting technology for us, as an emerging tech company, we are at the leading edge of the technologies that drive the foundation of the internet and the platform

economy that we working towards.

He added: “5G is very exciting, we have already seen 5G licenses issued in Nigeria and some of our other markets and we working with the regulators to try to see how we can try out or pilot either this year or next year, so exciting times ahead and we looking forward to it.”

Further, he noted it was the company’s vision to reshape the business from a traditional “telco into a tech-co”.

“The difference between a telecom company and a technology company is a technology company presents platforms to enable the ecosystem.

Our first step is a strategy called Ambition 2025 -where by the end of 2025 we would have five key

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The Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, has told parliament that his ministry intends to register about five million farmers by 2023 as a way of helping in the planning, targeting, analysis and policy decision making.

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AU Trade Commissioner rallies African businesses Ambassador Albert Muchanga, the African Union Commissioner for Trade and Industry, has urged businesses in Ghana and Africa to get authenticated by Kadodo Africa.

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Trade expert tips specialised funds to push AfCFTA agenda

BY PATRICK PAINTSIL

A trade expert and executive director of the trade think-tank AfCFTA Policy Network, Louis Yaw Afful, has indicated that the setting up of three specialised funds under

the AfCFTA Adjustment Fund is a huge boost to intra-Africa trade.

According to him, the funds which have been created to provide cushioning to economies that will be harshly hit by reduced tariffs under the single market will

empower beneficiaries, especially private sector businesses, to trade competitively.

“There are countries who were going to be marginalized due to their low productive capacity and could not withstand the shocks for the first

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| EDITORIAL/NEWS

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MONDAY, MARCH 14, 2022

Let’s consciously perk up local interest in oil industry

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PIAC analysis has shown that the discovery of oil wealth in the country has largely not impacted its economic fortunes with the state garnering a little over US$6.5bn of an estimated US$31.22bn of total revenue from the exploration of the commodity over the past decade.

In 2010, the government unveiled the local content and local participation policy which sought to achieve a 90percent Ghanaian content and participation across the value chain of the petroleum sector within a space of 10 years.

The state has also reviewed, updated and improved its institutional framework for the upstream oil and gas sector over the last decade to improve governance outcomes as well as to promote transparency and accountability.

This has been done with a view towards managing the technical, environmental and social risks within the sector as well as maximising the fiscal revenues and local content, supply chain and wider industrial development benefits to the country.

However, according to the oil revenue watchdog, 10 years after the country started producing oil in commercial quantities, not much has been done towards getting its people in an industry the requires a high technical expertise.

It is a fact that the non-active participation of Ghanaian firms and oil and gas professionals in the lucrative hydrocarbons sector is robbing the nation of millions of dollars as most of the sector’s revenue are shipped off the shores of this country.

A country in dire need of revenue for developmental projects and other social interventions can no longer leave its highly-resourced and gainful sectors, specifically the extractives, in the hands of foreign investors.

There must be that conscious effort to build local capital armed with the requisite expertise and competence to thrive in the oil and gas business and the time is now.

MTN eyes 5G license to fast-track ‘tech-co’ ambition continued from page 1 platform pillars—fintech, Ayoba, Enterprise Solutions, Network as a service, API aggregator called Chenosis—which can accelerate the rate of technology adoption and the rate of the impact of technology on businesses,” Mr. Adadevoh explained.

According to MTN, transitioning to a ‘tech-co’ should see a faster impact on the economy in Ghana, a faster acceleration on the use of technology for many other applications for business.

The MTN boss said this new focus will take investment, strategic restructuring, cultural changes, mindset changes on the way we

work, think, huge investments across different dimensions.

“In the next five years, we have committed to investing over US$1bn in our infrastructure alone and that includes becoming a platform player, but it goes beyond that investment when you think about all the other elements that are involved in becoming a techco”.

Trade expert tips specialised funds to push AfCFTA agenda continued from page 1 years of the liberalization,” he noted, highlighting the relevance of the fund.

The AfCFTA Secretariat, working with the African Export-Import Bank (Afreximbank), introduced the AfCFTA Adjustment Facility Fund to support party states to cope with the new liberalized and integrated trading environment.

It has been reported that the resources required for the Adjustment Fund over the next 5-10 years are estimated at US$10 billion.

Afreximbank recently announced that it has already committed $1 billion towards the AfCFTA Adjustment Fund.

According to Mr. Afful, there is the need for more financial institutions with the capacity to support the continental free trade.

“When more banks are established with an AfCFTA orientation, interest rates on loans would be reduced to support low cost of production which would give African products competitive advantage on the world market,” he said.

Mr. Afful also indicated that private sector entities most likely to benefit

from this funding facility are wellstructured corporations with a clear export potential.

“The supervisory agency of this AfCFTA in each country is the ministries of trade. Therefore, it is reasonable to say that ministries of trade will come out with plans and arrangements for the various companies under their supervision.

So, it would be easier if a company belongs to an association, such as AGI, GUTA, Chamber of Commerce.

Corporations, and structured groups with strong potential are going to be the target of Afreximbank,” he further advised.

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Fertilizer subsidy: Agric Ministry to register 5m farmers by 2023 The Ministry, he said, has begun a phased bio-metric registration of farmers towards the establishment of a comprehensive farmer database in Ghana.

Appearing before parliament last Friday to give an update on the government’s fertilizer subsidy programme, he said: “The ultimate goal is to register about 5,000,000 during the 2023 farmer season.

The anticipated benefits of the comprehensive database are the provision of real time information on farmer needs for planning, targeting, tracking, analysis and policy decision making.”

Under the Savanna Zone Agricultural Productivity Improvement Project (SAPIP) of the Ministry, a database was developed for 500,000 farmers under a pilot scheme in some districts in the Northern Region.

Following the success of the pilot, the database has been scaled-up to cover an additional 1.2m farmers in the five northern regions of the country.

According to the minister, his ministry plans to further expand the database to a target of 1,700,000 biometrically registered

farmers.

Among others, this is to facilitate the implementation of the PFJ subsidized input programme. The lessons and experience of the expanded database will inform plans to register an additional 3,000,000 farmers in the southern part

of the country.

Touching on the Planting for Food and Jobs (PFJ) in his responses, he indicated since the launch of the PFJ in April 2017, over 1.5m farmers have been enrolled onto the programme.

AU Trade Commissioner rallies African businesses Kadodo is an online directory of authenticated and businesses designed to connect businesses and consumers in Africa.

The platform has been set up to enable African businesses optimize the opportunities created by the African Continental Free Trade Area (AfCFTA).

Ambassador Muchanga speaking in Accra at a Business forum said businesses that were authenticated and verified would benefit from the gains of visibility and attraction on a competitive landscape.

According to him, the platform which profiles and authenticates businesses gives the assurance that African businesses were ready to transact in an atmosphere of trust and mutual gain.

“Listing on Kadodo implies positions a business as a market player that meets all the conditions for fair competition,” Mr Muchanga added.

He has, therefore, charged African business leaders to “seize the moment…thrive and add value to [their] business.”

Although yet to be formally launched, the platform is live and many businesses in Ghana and other countries have begun signing up.

Kadodo Africa Team Lead, Mr Tsonam Cleanse Akpeloo believed that the platform would help quicken the pace of growth of intraAfrican trade as envisaged by the African leaders who created the free trade area.

According to him, “Trading on the continent is hectic. Apart from the major policy issues such as currency differentials, tariffs and barriers at the borders, many Africans do not even know about the businesses and products that exist in various countries.”

He was confident that the Kadodo platform would serve as a one-stop information portal for Africans seeking to do business with entities on the continent.

The AfCFTA is a free trade area with the highest number of participating countries and covers a market of 1.3 billion people with an aggregated GDP of nearly USD 3 trillion.

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MONDAY, MARCH 7, 2022

Why E-Levy is suffering from stillbirth In communication studies, there is the agenda-setting theory, when the media emphasises a particular issue in the national discourse.

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he E-Levy’s agenda-setting impact has been felt in all parts of the country and very much so in Parliament, where parliamentarians have engaged in fights over it. Since the inception of the Fourth Republic, both the New Patriotic Party (NPP) and the National Democratic Congress (NDC), have failed to communicate effectively their policies and achievements.

One thing I know about all the ministers in government is that they have public relations or communication officers.

But the question is are those occupying such positions the right ones in terms of knowledge, expertise and experience; and if they are the right people, do the ministers value their advice or input on what they should say or not say; how and when to say or not to say what they plan to say and what to say or not?

Mass communication It is the act of relaying information from a person, group of people or an organisation including government, to the public or a segment of the public - is a professional venture.

Thus, communication as a profession is effectively practised by those who understand its theories and models, especially in the case of the government, the media’s agenda-setting theory and how best to use it.

On November 17, 2021, the Minister of Finance, Mr Ken Ofori Atta, in presenting the 2022 budget statement in Parliament, announced the introduction the E-Levy to be charged on mobile money payments, bank transfers, merchant remittances and inward remittances above GH¢100.

Since then, that has become the main topic on the national agenda and the reason is that the communication of the new tax was poorly done, with its coverage also yet to be made known.

The plan for the communication of the new tax should have been made

somewhere in the early part of last year and handed to communication experts.

In the absence of effective communication, many Ghanaians have been fed the wrong information by both government spokespersons with divergent and confusing messages, and those who oppose the tax.

Peter Drucker, an Austrian-American management consultant and educator, argues that “the most important thing in communication is hearing what isn’t said,” and this is exactly what has happened.

The poor communication of the E-Levy has resulted in many hearing what hasn’t been said. Following the controversies surrounding the E-Levy, the government has now realised its failings in effectively communicating it to the people.

The Minister of Finance is now moving round the country doing townhall meetings to do what should have been done long before its introduction – communicating to the people.

But despite the town hall meetings, there are still some communication problems, as too many NPP members and government officials keep making contrasting statements on what the E-Levy is.

Not communicating Even some of the ministers joining the Finance Minister in his townhall meetings are not communicating; they are only creating semantic noises (word choices that are confusing and distorting).

At the Tamale townhall meeting, the Ghana News Agency (GNA) reported that even after Mr Kojo Oppong Nkrumah, Minister of Information, had assured mobile money vendors that the E-Levy would not collapse their business, some participants said they were not convinced by the arguments he and other ministers had made.

Even the NPP’s Director of Communication, Yaw Buaben Asamoa, said in Kumasi recently that, “the E-Levy will serve as a catalyst for private sector investment both local and foreign into productive areas”.

How does this statement answer for instance, the question about accountability the people are asking?

While the Finance Minister is appealing to Ghanaians to accept the levy, his deputy, Abena Osei Asare, says Ghanaians are not against it and that the government would ensure its passage.

What makes her that sure; and if it was that easy, why has the government not passed it?

Also, the New Juaben South MP, Michael Okyere Baafi, asked Ghanaians to change their mobile networks if the levy was expensive for them.

He has also stated that if Ghanaians reject the E-levy, the government will scrap the free SHS. And on the use of the revenue to accrue from the tax, we still do not know what precisely it would be used for as each government spokesperson gives one target or another.

For instance, Ms Osei Asare says government is “going to use some to reduce our elevated debt levels which came about as a result of the COVID-19 pandemic”, a clear addition to what her boss has said.

Also, whereas the finance minister says only two per cent of Ghanaians pay tax, the NPP Western Regional Secretary, Charles Bissue, says it is four per cent.

The Majority Leader and Minister for Parliamentary Affairs, Osei Kyei MensahBonsu, and his deputy, Alexander AfenyoMarkin, have also made contradictory statements, with the latter announcing the withdrawal of the tax, only for the former to contradict him.

Need What the government needs currently is a long-term strategic communication plan whose success would depend on the creation and maintenance of public trust, which is presently missing.

One of the biggest problems facing the government now is how to convince us that there will be proper accountability, transparency and effective usage of taxes collected. So why can’t the people be told now of some of the projects undertaken in the last five years, how much they cost and the sources of their funding?

In 1995, the NDC government introduced the Value Added Tax (VAT) meant to replace both sales and services taxes.

The public rejected the new tax, arguing that it would be inflationary.

Despite the nation-wide protests, including the famous Kumi Preko demonstrations, the tax was introduced and operated for about two months before it was stopped.

Following that, an intensive national education campaign was undertaken and the VAT was eventually reintroduced in 1998 without protests. As the situation is, my appeal to the government is to suspend the introduction of the E-Levy and continue to engage all stakeholders and the public on its need. Withdrawing it now and engaging the public over it will enable the government to smoothly re-introduce it at a later date as it happened to the introduction of VAT.

The writer is Media/Communication Consultant & Political Scientist. E-mail: fasado@hotmail.com

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Putin’s war is damaging the developing world

BY JAYATI GHOSH

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t is difficult to see any winners in the ongoing war caused by Russia’s irrational and devastating invasion of Ukraine. But the losers extend far beyond the people of Ukraine, who are being attacked, and the people of Russia, who did not choose this war but now must endure an economy being dismantled by trade and financial sanctions. The economic impact of the conflict will be felt around the world, including in many developing countries that are already struggling to recover from the COVID-19 pandemic.

One immediate concern is the effect of rising oil prices. The price of benchmark Brent crude recently jumped by 20% to more than $139 per barrel, its highest level since 2008 – probably in response to news that the United States and its European allies were discussing a possible ban on imports of Russian oil, which had so far been exempt from Western sanctions.

(On March 8, the US announced a ban on imports of Russian energy products, while the United Kingdom pledged to phase out imports of Russian oil and oil products by the end of 2022.)

But global energy prices had already been soaring, following a period of dramatic volatility during the pandemic. The price of Brent crude, which had fallen to as low as $9 per barrel in April 2020 at the height

of the pandemic’s first wave, rose above $90 per barrel in January 2022. Since then, the Ukraine war has put further upward pressure on oil and gas prices.

Western media have focused on the impact of rising energy prices in Europe, which relies heavily on natural gas imports from Russia.

But most of the world’s oil and gas importers are much poorer. Many of these countries were unable to mount fiscal responses to the pandemic on the scale of those in the US and other advanced economies, and have since experienced much weaker recoveries in output and employment. This latest oil-price spike is a blow they can ill afford, as it is likely to generate balance-of-payments problems and domestic inflationary pressures that will be tough to combat in the current uncertain context.

Of course, the additional inflationary pressures from the Ukraine war are also complicating the challenge that policymakers in rich Western economies face in tackling rising prices without causing a hard economic landing. Oil is a universal intermediary good, which influences the costs of commodities and services, as well as transport costs, in multiple ways.

Oil-price increases can thus be a significant driver of cost-push inflation even at the best of times. But inflation in rich countries was already at levels they had almost forgotten.

Policymakers also appear to consider only the

most simplistic weapons against inflation, like raising interest rates and tightening liquidity, which do little to address cost-push pressure and could cause a real economic downturn.

But the challenges are greater still in the developing world, leaving policymakers with even less wiggle room. The dramatic recent increase in oil prices obviously affects oilimporting countries directly, and will feed into all other prices through rising input and transport costs.

The tragedy playing out in Ukraine is also increasing global food prices, creating even more pain in developing countries where hunger had already increased dramatically during the pandemic. Before the war, Ukraine was the world’s fifth-largest wheat exporter, and also a major exporter of barley, corn, rapeseed, and sunflower oil. The prices of these commodities in global trade have risen significantly, adding to recent increases in crop prices generally.

Now there is a further danger: Financial investors who had been betting on speculative asset markets will need to find other places to park their money, and food futures could emerge as a favored destination. In the first five days of March, the price of wheat futures at the Chicago Board of Trade increased by 40%, putting it on track for its largest weekly increase since 1959.

Crop production in developing countries could also be hit by fertilizer shortages. Russia, the world’s largest wheat exporter, is also a major fertilizer producer, and disruptions to these exports will push global food prices even higher.

We previously saw parts of this movie in otherwise peaceful times, just before the global financial crisis, and it was a dark and depressing story even then. The food crisis that resulted from financial-market speculation in 2007-08 led to massive increases in hunger and devastated the lives of hundreds of millions of people in developing countries. That crisis occurred even though global supply and demand of food items did not change much.

But now, with real reductions in global food supply almost inevitable, the price rises could be greater and longer-lasting. If speculative pressure increases, already fragile economies will be damaged even more.

It may not be surprising that the G7 (whose recent track record as a self-appointed leader of the global economy is hardly distinguished) is not expressing much concern about these real and pressing dangers. But multilateral organizations surely need to step up in this time of crisis, at the very least by providing compensatory financing to help the developing world cope with multiple price shocks, and suggesting and enabling regulations to prevent speculation in essential markets.

Without such efforts, Russia’s war against Ukraine will wreak much more damage on the global economy – and poorer countries will be among the hardest hit.

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MONDAY, MARCH 14, 2022

The Green Exchange to help local businesses raise capital at 4-6%

Diana Boadu Amoatin, left and Orla Enright, right

Amid the pressing need to meet the demand for financing green projects in Africa, the Green Exchange - the first of its kind on the continent – is set to be launched in Ghana by midJuly 2022, specifically dedicated to corporate green bonds, with a target of US$5 billion in issuances in five years.

The exchange is seeking to help local businesses issue green bonds at between 4 percent and 6 percent

in contrast to the traditional 16-21 percent interest rates for raising debt in hard currency.

In an interview in Accra, the Chief Executive Officer of The Green Exchange, Orla Enright said the Fintech Hub, to be headquartered in Ghana’s capital, Accra, will make it easier for corporate issuers to raise green bonds and investors to meet their green investment objectives.

“We have seen a great reaction

from companies in Ghana so far when presenting the opportunity to issue a corporate green bond, we are confident that we will continue on that trajectory,” Orla said.

Following President Joe Biden’s promise last year to double developing countries’ climate support to US$11.4 billion by 2024, North American institutional investors have expressed keen interest in investing in greener companies in Africa.

“While global investment in green bonds is expected to reach US$1 trillion by the end of 2022, the African market contributes only 0.4 percent of the global market base for green bonds,” Orla said.

The Green Exchange wants to drive this percentage, encouraging African companies to issue green bonds.

“Recognising the underlying potential and opportunity, we will be targeting an increasing number of North American and Scandinavian institutional funds incorporating ESG as one of their main criterion of investment, which, juxtaposed with the demand for Green Bonds issued by leading companies will definitely alter the manner in which investments are fuelled into emerging markets,” Orla remarked.

Orla Enright and Co-founder Diana

Boadu Amoatin, the Chief Products Officer of The Green Exchange are targeting initial listings from Ghana, Kenya, and Nigeria to fund wind turbines, electric vehicle charging stations, sustainable housing, solar panel installations, and companies that want to reinvent their operations to become green compliant.

“At the Green Exchange, we aim at simplifying the onboarding process for Green Bond Issuance to a few steps with the key component being validating the bonds as green,” Diana emphasized.

“The companies now need to act by asking themselves what my ESG requirement is, how am I making Africa more likely to meet net-zero,” Orla said. “The best way of doing that is by utilising green bonds, ensuring capital is being deployed into a green project.”

To boost liquidity on the platform, Orla and her team will build a thriving secondary market to ensure listed Green bonds are tradeable prior to their maturity. “Once the platform goes live in mid-July, the target is to reach a cumulative issuance of US$5 billion within five years. Africa is the first stop then we will focus on other emerging markets to tackle this global issue.”

New report shows 22m Ghanaians lost income due to COVID-19 The impact of the COVID-19 pandemic has affected almost every facet of life including household incomes, a new report shows.

According to the report by UNICEF and the World Bank, some 22 million people in Ghana have experienced a decrease in household income due to the impacts of the COVID-19 pandemic.

The report titled Impact of COVID-19 on the welfare of households with children was the result of data collected in 35 countries, including Ghana.

“It found that households with three or more children were most likely to have lost income, with more than three-quarters experiencing a reduction in earnings. This compares to 68 per cent of households with one or two children,” it said.

The report finds that in, Ghana, about 22 million people, that is about two-thirds of the population, experienced a decrease in household income because of the pandemic.

Commenting on the report, the UNICEF Director of Programme

Group, Sanjay Wijesekera says, “the modest progress made in reducing child poverty in recent years risks being reversed in all parts of the world.

Families have experienced income loss at a staggering scale. While last year inflation reached its highest level in years, more than two thirds of households with children

brought in less money. Families cannot afford food or essential health care services. They cannot afford housing. It is a dire picture, and the poorest households are being pushed even deeper in poverty.”

According to the report, children in 40 per cent of households did not engage in any form of educational activities while their schools were closed.

“In Ghana, 35 per cent of children in basic school and 28 per cent of Senior High School students were not engaged in learning while they were at home from March to December 2020.

The main challenge faced by children for home learning was access to basic tools such as computers or phones and Internet.

Given that data is compiled at the household level, the actual participation rate at individual level is likely even lower, especially for children who come from households with three or more children,” the report said.

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Effective leadership skills are key for building a winning team – FBNBank MD The Managing Director of FBNBank Ghana, Mr. Victor Yaw Asante, has stated that every organization needs executives with effective leadership skills in order to build a winning team.

Mr. Asante who was speaking on the Money Hub Show on Happy 98.9 FM said, “every business owner or leader certainly has a plan and vision to achieve their goals and objectives. However, it would take a team with the required skills to achieve those goals. This is because at the workplace, there are people who come from all walks of life; some need a coach to guide them on the job whiles others do not need any hand holding, just clear direction and they are able to deliver on their own. Everyone needs some training no matter their background or skillset in order to improve on what they already have. In addition, it is necessary that people are placed where they can function better because of their skillset, attitude, training and personality. People must be allowed to work with their areas of strength.

All these require leadership skills to unravel.”

According to Mr. Asante, creativity and innovation play a major part in this world and in our

day-to-day activities. He explained that to improve an existing product or service, one must first be very conversant with the core product functions and the exact value it delivers, before setting out to try to improve on them. He cited the example of new innovations and how technology has changed the world as a whole. These include how big brands like Kodak and Nokia disappeared because they failed to embrace innovations; to add more features to their respective products and to change to adapt to changing consumer needs and preferences.

He indicated that innovation is not needed all the time for every product or service, you just need to keep what you have and make little tweaks to it as in the case of the popular ball point pen brand, Bic. “One must have a framework and a systematic process to track their own innovation process.

With the advent of COVID-19, most banks for example, resorted to accelerating the deployment of their online platforms which were made accessible to their customers.

Digital platforms therefore made banking easier and convenient to customers and they prevented the need for physical presence in banking halls,” he added.

Mr. Asante also spoke about how the workplace always has people with different personalities and traits. He encouraged the accommodation of diversity and mentioned that some would prefer to work on their own but each one

must learn to work with people in an environment in order to achieve a common goal.

On the issue of motivation and reward, he stressed the need for employees who come up with innovative ideas to be rewarded and encouraged to introduce more ideas so others can tap into them.

He further stated that employees must be rewarded for their contribution and hard work and there must be some differentiation for hard work or high performance such that a culture of performance is created and nurtured in organizations. He urged leaders at the workplace to ensure that such reward and motivation processes are transparent and fair in order to be attractive to all staff. Most importantly, such schemes must be well managed to ensure that staff who are on the lower rungs will see that as a motivation to improve their performance, and not a demotivation to throw up their hands in despair.

The Money Hub is a 30-minute show on Happy FM which discusses financial literacy and wealth creation in a simple and easyto-understand fashion for most Ghanaians irrespective of one’s educational and social background.

Stanbic Bank supports girls to achieve full potential and Dreams Di-Corp, a Canadian manufacturer and distributor of down-hole consumables for the mineral exploration industry, says it now has a dedicated West Africa sales representative located in Accra, Ghana.

The Di-Corp Accra representative will support existing and new customers in the region by providing an in-region contact who can coordinate the reliable delivery of high-quality drill rod, diamond tooling, core retrieval equipment, and drilling fluids – supplies that are integral as West Africa’s mining industry works to satisfy the growing global demand for metals used in renewable energy and electric vehicle production.

“As mineral exploration increases across the region, mine operators and drilling companies are looking for every opportunity to improve the efficiency and productivity of their core drilling operations,” commented Di-Corp’s West Africa

Sales Manager, Robert LaFontaine.

“Drillers Edge drill rod by Di-Corp has been gaining a global reputation for quality, resilience, and longer drill string life even under the most difficult conditions. In fact, all our products are quality assured and field tested for performance. As companies look to replace mineral production with new sources of key metals, we’re here to help address the growing demand for drilling supplies.”

While establishing the company’s presence in Accra, Mr. LaFontaine will be backed by an experienced remote team that includes technical salespeople, drilling experts, engineers, and drilling fluids program specialists – as well as a company history that goes back more than 60 years in the resource drilling industries.

Headquartered in Edmonton, Alberta, Canada, Di-Corp has manufacturing, distribution, and service locations in four Canadian

provinces, the United States, Mexico, and now Ghana, West Africa. Di-Corp also has an established international supply chain, plus a total of nine

international distributors serving South America, Europe and Central Asia, the Middle East, and Australia.

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MONDAY, MARCH 14, 2022

Absa Bank unveils Assure Account Absa Bank Ghana has taken a decisive step as a leading bank in Ghana by unveiling what will be a game-changing product in the country.

The Absa Assure Account is a unique product in the industry, targeting a diversity of customers across all sectors of the economy.

The product is embedded with a hattrick of benefits - personal accident insurance, travel insurance and a wide range of banking services - at only a monthly flat fee.

The global pandemic has transformed the way customers interact with their banks, their expectations of service and their perceptions about the value of the banking experience.

As a bank with a relentless focus on giving convenience and security to the customer, Absa Bank believes its Assure account product will elevate the importance and benefits of banking services to customers. It will also empower and secure low to middle-income level Ghanaians

by giving them financial service accessibility and security through insurance.

Commenting on the product, Director of Retail Banking at Absa Bank, Charles Addo said: “This product is a cushion for life. For the first time, Ghanaians are about to experience a banking product that delivers other fundamental benefits like insurance on travel and personal accidents.

This clearly indicates that we are a bank that believes in providing for the needs and expectations of our customers. We will not rest on our laurels just yet. We are devising other ways to deliver new products that are convenient to bring the possibilities of our customers to life.”

The Absa Assure Account also provides other specific benefits including 1 free international debit card, 1 free standing order to other banks, waivers on Swift transfers and free cheque books.

Kofo Majekodunmi chairs FBNBank Ghana board BNBank Ghana Limited, a subsidiary of First Bank of Nigeria Limited, has announced the appointment of Mr. Kofo Majekodunmi to its Board of Directors as a Non-Executive Director and Chairman following Bank of Ghana’s approval.

Mr. Kofo Majekodunmi, currently the Managing Director of MBC Capital Limited, an issuing House and Investment Advisory Company in Nigeria, has over 30 years of experience in Banking and Financial Services industry with vast knowledge in Issuing House functions and Corporate Financial Advisory. At one time, he was the Deputy Managing Director of MBC International Bank Plc. Thereafter, he was pioneer Executive Director of Asset Management at FBN Capital Limited. He was on the Board of Leadway Pensure PFA, a leading Pension Fund Administrator in Nigeria, a position he has held for 15 years, and from which he retired in August 2021.

Prior to his current role, he was Executive Director at MBC Securities Limited, from 2007 to 2011. At MBC, he oversaw the firm’s diversification into a suite of NonBank Financial Services (Advisory/ Issuing House Services, Bureau De Change, Insurance Brokerage) which complements the Broker/ Dealer business of MBC Securities Limited.

Mr. Majekodunmi was called to the Nigerian Bar in 1988 upon his graduation from The London

School of Economics & Political Science where he obtained a degree in Law. He is a member of the Nigerian Economic Summit, the Institute of Directors and holds an MBA from the Lagos Business School (in association with the University of Navarra IESE, Spain).

Commenting on Kofo’s

appointment, Chief Executive Officer of First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan said, “Kofo’s appointment to the FBNBank Ghana Board is an indication of the First Bank Group’s commitment to support the Subsidiary in Ghana.

With a strong team, we can look

forward with assurance as we chart a new course in our determination to be a significant player in Ghana’s banking sector as we continue to offer the m the gold standard of value and excellence. His extensive experience makes him a great addition and we are happy to have him on the FBNBank Ghana Board.”

Kofo joins FBNBank Ghana Board after 25 years of the Bank’s operations in the country which has seen it increasingly deepen its engagement with customers and other key stakeholder-groups.

Commenting on his appointment to the FBNBank Ghana Board, Kofo said, “I am looking forward to working with the other members of the FBNBank Ghana Board to guide the process of moving the Bank into a new age of leadership in the industry in Ghana. We are well primed for success and our people have passionately embraced the challenge, having just celebrated the Bank’s 25 anniversary in Ghana last year and utilising the opportunity to deepen engagement with multiple stakeholder-groups.

I consider this to be an opportune time to be part of the FBNBank Ghana story which is unfolding with a strong indication of growth across all the relevant metrics.

This great story is developing on the back of FBNBank offering to its stakeholders improved value by putting them at the heart of what the Bank does. This is certainly an exciting time to be associated with FBNBank Ghana.”

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| NEWS

MONDAY, MARCH 14, 2022

Launch Africa Ventures invests in Africa’s First On-Demand Expertise Platform Africa’s leading VC firm, Launch Africa, have invested in Homecoming Revolution’s new on-demand expertise platform, Insights by Experts.

Comments Janade du Plessis, Fund Manager at Launch Africa, “Over the past two decades, Homecoming Revolution have built deep relationships across the continent with some of the leading corporates and sector specialists, and are now bringing it all together on the Insights By Experts platform.”

Homecoming Revolution, a panAfrican executive search firm, launched their new platform at a colourful stakeholder ceremony held at Sankara Hotel, Nairobi.

Dubbed “Insights By Experts”, the platform helps global investors and companies access independent talent on-demand, from a vetted community of experienced African experts across a wide range of African countries and sectors.

“Congratulations to the Insights

by Experts team for creating such an amazing platform of so many different specialties”, said Stephen Mburu, CEO Phillips Pharmaceuticals Kenya.

The launch has been spurred by a soaring number of investors and companies who want to scale in Africa but are constrained by a lack of quick and relevant “on the

ground” knowledge. Insights by Experts offers a rich repository of African experts curated by Homecoming Revolution, which has been in operation since 2003.

The senior and experienced African experts can offer up -to -date, on the-ground insights, advice and opinions. The experts can be engaged for a range of needs including one-on-one chats, contracts or projects, coaching and mentoring, introductions, board positions and more.

“It is a real privilege to create a platform that shares deep African expertise with the world. Our hope is that it will foster significant economic growth on the continent.

Thank you to our incredible team, experts and investors who have made this idea come to life”, said Angel Jones, CEO, Homecoming Revolution.

The experts will be useful during value identification (deal origination) and value validation (due diligence) which includes customer perception, founder references, competitor snapshots, technical assessments, customer problems and needs, market perceptions and high level risks. The experts’ services also come in handy during value acceleration (performance improvement), which includes governance, pricing validation,

human resources consulting, go-tomarket intelligence, partnerships & distributors’ procurement, as well as obvious quick wins.

“It has been great working with the Homecoming Revolution team and I congratulate them on their new expertise platform, Insights

by Experts. Now it will be easy to pick the brains of a vast number of different experts across Africa”, said Leonard Kimutai Tonui, Strategy Director at Coca Cola Beverages Africa in Kenya.

A key process that entails significant input from experts is value integration (aggressive growth), which includes exploration of new business lines, acquisition considerations, regulatory risks of regional growth, technical endorsements and Board seats.

Finally, the experts will be needed during market value optimisation before exit, including independent business plan validation, long term improvement plans and sale price maximization.

“For the PE and VC industry, we are continually in search of talent to work with for market insights as we grow our companies, or for senior team members for our portfolio companies. I think this platform is quite unique and could be of enormous help to our members”, said Eva Warigia, Executive Director of the East Africa Private Equity &

Venture Capital Association.

The platform can be accessed either through self-service or assistance from the organisation.

The self service is a six-step process that begins with a search across many countries, industries and disciplines. The client then sends the expert a consultation request with key questions and meeting date suggestions. The client receives the expert’s response and confirms the consultation date, which is then followed by a calendar invite with a video link from the expert.

The client then chats the expert and gains proprietary knowledge.

Eventually, the client rates the expert and the experience.

Should the customer require specific assistance, then the platform provides an easy way to brief the recruitment team directly. These expert packages can be tailored according to budget, time delivery and outputs; be it once-off chats or a deeper engagement.

There are hundreds of experts currently loaded onto the platform, and thousands of other experts in Homecoming Revolution’s unique database.

“We looking forward to using the platform in our own business, for our portfolio companies and our corporate partners,” continues Jandade du Plessis, Fund Manager at Launch Africa Ventures.

Binance introduces US$1bn SAFU to protect users in case of security threat Binance has introduced a US$1Billion Secure Asset Funds for Users (SAFU) Holdings, an emergency fund set aside to protect users’ assets in cases of theft. This insurance fund comprises BNB, BUSD, and BTC, geared towards protecting the interests of the exchange’s customers from a possible mishap.

The SAFU funds are raised by allocating 10percent of all trading fees accumulated on its platform in the case of emergency scenarios, giving Binance the ability to remedy situations where users’ assets are compromised.

Despite its high-level security technology features, Binance understands that there may be potential cases of breaches where users’ accounts are compromised as a result of hacks or schemes, thus the need for this insurance package to further assure users.

“Creating a safety pool to protect

users’ funds is paramount to maintaining trust and transparency within the ecosystem, especially in the minds of customers and regulators. When users know that their funds are insured against potential breaches, they will be encouraged and confident to continue participating and trading adequately.

Therefore, Binance has urged all other centralized exchanges to publish their insurance fund wallet addresses as this would benefit the ecosystem by demonstrating to regulators and stakeholders, the collective commitment to user protection and funds management,” a statement from Binance said.

The crypto ecosystem today is more vibrant and attractive than ever before, with more people looking to enter the space to build wealth through a long-term store of value. This ecosystem has provided a means to achieve

financial freedom and offers viable investment alternatives for people seeking to diversify their assets. To encourage sustainable participation in this space, exchange platforms must ensure that users’ funds are protected from harm’s way.

Crypto exchanges can achieve this by investing in the latest technologies to maintain the integrity of users’ accounts and transactions and monitor every movement that is made on the platform so that suspicious activity is flagged immediately.

These platforms can also employ a fortified customer service team that is passionate about customer satisfaction that would support retrieving users’ lost funds. Also, exchanges may offer educational tips to people about security topics in the crypto world – from learning about ransomware to being guarded against pyramid and Ponzi schemes.

In conclusion, it is also pertinent to note that while an exchange’s role in tackling cyber-attacks involves a holistic approach from personnel (customer support) to tech innovation, education, and insurance, users also have a role to play in protecting themselves from cyber theft.

Adopting simple measures like enabling two-factor authentication, enhanced password management, and increased device security can go a long way in safeguarding the fidelity of exchanges and securing funds against hackers.

| NEWS

MONDAY, MARCH 14, 2022

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The future is exciting—Finance Minister tells young entrepreneurs Ken Ofori-Atta, Minister for Finance, has envisaged an exciting future for entrepreneurship in the country as the COVID-19 challenges had presented an opportunity to ignite new business ideas and create a path for a sustainable future for the Youth and their entire families and communities.

He made this known when he addressed attendees at a business pitch event as part of the pilot phase of the YouStart programme at the University of Professional Studies, Accra.

Speaking under the theme Creating a culture of Enterprise, he noted that, it was no longer a secret that nurturing the ideas of our young people was at the heart of what this Government was all about.

“We literally have 56% of our population under the age of 24, and about 11 million economically active people, whose creative juices must be mined to grow our economy” Mr. Ofori-Atta added.

He further stated that, the Government’s flagship YouStart programme which was set be rolled out in April this year after successful pilot would be a vehicle for supporting young entrepreneurs

to gain access to capital, training, technical skills and mentoring to enable them to launch and operate their own businesses.

Government’s policy direction, he disclosed, was to pursue its vision to create an enterprisedriven economy that would continue to strengthen the links between education and job market stakeholders so that the private sector was well resourced to create jobs for our teeming youth.

“For example, much closer to home, we can look to Nigeria, where despite issues like unreliable electricity and poor internet connectivity, the desire to use technology to solve problems brought with it a new culture of entrepreneurship among young people” the Minister stated.

He continued that digital payments in Nigeria had surged more than fivefold since 2014, hitting 105 trillion naira ($256 billion) by 2019 and according to the Economist, companies based in Lagos like Flutterwave, and Paga were attracting valuations of more than $100 million and these businesses are owned by Nigerians.

“That’s the type of opportunity

that we want to deliver through the YouStart. I hope that at this point we can all appreciate that a programme of this nature is unprecedented in our history. A GHS 10billion commitment to supporting people’s ambitions” he assured.

A deputy Minister for Finance, Hon. John Ampontuah Kumah, in his address noted that, the YouStart initiative was one of the many bold and genius programmes of a Government that was so focused on creating an entrepreneurial nation.

He also stated that, the YouStart initiative, which would be launched in April, would provide a variety of assistance packages for the Ghanaian youth, and urged them to take advantage of the programmes’

opportunities.

Other speakers including Chief Executive Officer of the National Entrepreneurship and Innovation Programme, Mr. Kofi Ofosu Nkansah, Deputy Chief Executive Officer of the Ghana Enterprise Agency, Mrs. Anna Armo-Himbson took turn to address the participants on their institution’s commitment to support the YouStart programme.

The Minister, together with the two deputy Ministers for Finance, John Ampontuah Kumah and Abena Osei-Asare, officials of the Ministry of Finance, and other dignitaries at the programme interacted with some of the young entrepreneurs at their exhibition stands to view their products.

The Rise of Women is not the Fall of Men – WiWASH President The Agricultural Development Bank PLC (ADB) as part of its corporate strategy has opened a new branch in Takoradi, Western Region making it the 87th branch of the bank nationwide.

The new branch located within the Takoradi Market Circle area is in response to the growing business population and a heed to calls from customers of the Bank for a branch in the area for the convenience of doing business.

At the opening, the Managing Director of the Bank, Dr. John Kofi Mensah said the opening of the new branch was part of the aggressive branch expansion drive of the Bank.

“We are determined to establish our presence in several towns especially the New Regions and also Communities where agribusiness is a core business so as to help inculcate the habit of savings in our citizens,” he said.

Dr. Kofi Mensah indicated that the expansion drive was also part of the Bank’s commitment to promote financial inclusion by establishing branches closer to them with custom-made made products and services.

According to Dr. Kofi Mensah, the

new branch has specialized Trade and Agribusiness Desk to assist in the easy facilitation of loan support for Small and Medium Enterprises within the region.

He reiterated the commitment of the Bank to prioritize the agribusiness sector and indicated its readiness to support Companies and Organizations especially under the government’s IDIF program in the region with loans to expand their business and create jobs.

The Western Regional Minister, Hon. Kwabena Okyere-Darko in his remarks commended the Bank for its decision to open a branch within the business center of Takoradi and was optimistic it will serve the financial needs of the people.

He further commended ADB for its commitment towards the several government agricultural based initiatives especially 1D1F, Planting for Food and Jobs, Rearing for Food and Jobs and also the fertilizer subsidy program.

The Essikado Omanhene, Nana Kobina Nketiah V who was the Chairman for the occasion urged the Bank to remain focused on its core mandate of agribusiness financing.

Nana Nketiah V indicated that a

growth in the agricultural sector will positively contribute in solving the numerous unemployment problems in the country.

According to him, though the Bank has since 2017 refocused on its core mandate of agribusiness financing, they must module special loan packages for the youth for agribusiness.

“Opening a branch especially in this Market Circle Area means the Bank is making effort to bring

banking closer to the ordinary Ghanaians and this I must say is highly commendable,” he said.

The Essikado Omanhene urged the Management of the Bank to have special products and services especially for the market women so that they can also expand their businesses.

The establishment of the Market Circle Branch brings to four (4) the number of ADB Branches in the Western region.

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|NEWS

MONDAY, MARCH 14, 2022

ADB holds appreciation dinner for customers in Western Region The Agricultural Development Bank PLC (ADB) has organized an appreciation dinner for customers of the Bank in the Western Region.

The dinner which attracted customers from all four branches in the region is part of the Bank’s strategy for the Management of the Bank to interact with customers and also thank them for doing business with the Bank.

Speaking at the function, the ADB Managing Director, Dr. John Kofi Mensah said the appreciation dinner was part of the Bank’s strategy to express appreciation to customers for their continuous patronage and loyalty to the ADB brand.

He said the event was to also offer management the opportunity to further deepen the already healthy business relationship between the Bank and the customers.

According to Dr. Kofi Mensah the success story of the Bank could largely be attributed to the unflinching support and loyalty by customers who have kept faith with the Bank.

“Their continuous patronage

of our products and services has moved the Bank from a loss making in 2016 to a year on year profit making Bank,” he said.

The Managing Director said the opening of the Takoradi Market Circle branch, the fourth in the region was strategically positioned within the Central business district to bring banking closer to both

potential and existing customers.

He indicated the strategic decision of the Board to open more branches to provide customers with superior services to individuals and organizations by giving out competitive interest rates on loans especially those in agribusiness, support the One District One Factory Initiative by government

and also help create jobs for the youth.

The ADB Area Manager for the Central Western and Western North Regions, Mr. Emmanuel Akanko thanked customers of the Bank in the region for supporting the Bank and pledged the commitment of the Bank to further help the growth of their business.

Jospong Group donates items to Appiatse explosion victims The Jospong Group of Companies has donated relief items worth thousands of Ghana cedis to victims of Appiatse community explosion.

The donation comes as an act of benevolence from the group to commiserate with families of victims and the entire community of Appiatse.

The items presented included 100 bags of rice, 50 bags of 100kg gari, 50 bags of 100kg beans, 2,000 exercise books for school children, 100 pieces of buckets and 9 gallons of liquid soaps as well as 50 bottles of hand sanitisers.

Appiatse which is a mining community between Bogoso and Bawdie in the Western Region was involved in a fatal explosion that ruined the entire community, leaving 13 people dead and many others severely injured, when a mining explosive vehicle collided with a motorcycle resulting in the explosion earlier this year.

Leading the team to present the items, the Chief Corporate Communications Officer of Jospong Group of Companies, Sophia Kudjordji, said “We are all witnesses to the unfortunate incident that happened a month ago at the Appiatse, to this effect, the Executive Chairman of the Jospong

Group of Companies pushed us to contact you to know what exactly will be needed for the victims.”

“Today we are here in the name of the Jospong Group of Companies including Zoomlion and other subsidiaries to bring you these items based on the request you made and we have also added few others things.

She added that, “throughout the Covid-19 pandemic, the group had been around the country supporting with disinfection and with this incident we deem to sympathise with you, especially in your trying moments. We pray that God almighty will comfort you and help you to overcome this.”

The Western Regional Manager of Zoomlion, Abdulai Abdullah, indicated that the mission of Jospong Group of Companies is to “improve the people’s lives,” and added that the Jospong Group of Companies sees this as a golden opportunity to show our widow’s mite as far as the disaster is concerned”. ...so we have been with people of Appiatse right from the onset of this disaster.

He further indicated that “these items are not the only items we brought, but we had initially brought communal containers that

are supposed to take care of the waste situation in the community, our workers are around to support as far as the cleaning of the community is concerned.”

Receiving the items on behalf of the victims of Appiatse community, the Divisional Chief of Bepoh, Nana Atta Kojo Beremebi II, thanked the Jospong Group of Companies for their kind gesture.

He assured that the items will be shared accordingly.

The Municipal Chief Executive (MCE) of Prestea Huni Valley, Mr. Isaac Dasomani, who accompanied the divisional chief of Bepoh to receive the items, expressed the community’s profound gratitude to the Jospong Group of Companies.

“In fact, Jospong Group of Companies has demonstrated leadership by donating such an uncalculated items.

He alluded that the Lord had been so good and wonderful to the victims of Appiatse explosion because, since the incident happened, loads of people continue to come to their aid by way of donating both in kind and cash.

He said looking at these items being donated by Jospong Group, they will go a long way to support the community.

“My office will make sure that distribution will be done accordingly”, he assured.

The MCE, Mr. Dasomani, said their biggest challenge was a vehicle that will be used to convey the children to school,. According to him, out of a population of 964, about 40% were school children.

He therefore, appealed to organisations to support them with mini buses to convey the children to school. He further revealed that there will be a mass burial for the 7 deceased on Friday.

The team from Zoomlion and Jospong Group led by Chaplain, Pastor Danso, used the opportunity to pray for the victims of the Appiatse explosion.

“May almighty God help the children of this community to rebuild a new Appiatse that is strong to stand on its feet so that the narrative of the community.

Other members of the delegation from the Jospong Group of Companies were Mrs. Emma Adwoa Appiaa Osei-Duah, Communications and Corporate Affairs Director, Zoomlion, Mr. Thomas N. Korley, Zoomlion Foundation and National Project Officer, Mr. Jephthah Tetteh and Idris Adam, Communications and Corporate Affairs.

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MONDAY, MARCH 14, 2022

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Governments’ interventions to build robust economy clear - Finance Minister Minister for Finance, Ken Ofori-Atta, has indicated that, Government’s strategies to build a sound, robust and entrepreneurial state were clearly stated in the 2022 Annual Budget Statement dubbed “Adwenpa” Budget.

The budget, he underscored, was essentially to turn Ghana into an entrepreneurial state where people would be given the skill set to be able to start their own jobs and grow the economy as Government alone could not provide job opportunities for the youth of the country.

He noted that, the historic GHC10 billion YouStart initiative was one of the many creative programmes found in the Budget to tackle unemployment and restore the economy as Government planned to give people, especially, the youth the confidence to pursue their ambitions.

The Minister made this known when he addressed a cross section of Ghanaians from across the political divide as part of series of Government Town Hall Meetings with the aim of stimulating an honest

conversation on the economy.

The Town Hall Meetings were also primarily to garner support for the Electronic Transaction Levy currently awaiting approval in Parliament.

According to Ken Ofori-Atta who referred to himself as ‘Minister Ajorga’ which literally meant Minister in Charge of tax in the ewe language, a careful look at the statistics at every level of the educational ladder gave a staggering revelation worth interrogating.

He continued that, about 2.6 million people out of 4.6million people at primary school would get to JHS and the number further reduces to 1.2 million in SHS and then to about 500,000 at the tertiary institutions out of which maybe 10% or less may get jobs in the formal sector.

Mr. Ofori-Atta wondered why a number of Ghanaians were getting into theories and other conversations when we had large numbers of people, especially, in the youth bracket to employ.

The Minister after commending

Parliament for passing the Appropriation Bill appealed to them to as a matter of necessity support the passage of the E-levy as means to get finances to support youth employment and other bold economic interventions clearly stated in the National Budget.

He revealed the results of an analysis which showed that 60,000 professionals which included doctors, lawyers, architects, and others were not paying direct taxes to Government and wondered the kind of society we wanted for ourselves if we could not honour our obligations as citizens.

He therefore stated that, Government needed to find a system which would ensure all-inclusive payment of taxes to increase Government revenues, hence the introduction of the E-levy.

From the Minister, Greater Accra alone provided about 88% of the overall taxes generated in the country, while Ashanti, Western and the Eastern Region contributed 3% of the revenue generation and that showed the inequities in the system

though the cry for development was everybody’s right.

He concluded that, the nation could not continue to politicize what was good for the Republic, what was good for the youth, why it was important to pay our debts, and what was important for our infrastructure development.

Other speakers included the Volta Regional Minister, Hon. Dr. Archibald Yao Letsa, Hon. Peter John Amewu, Minister for Railway Development and Member of Parliament for Hohoe Constituency and Mr. Pius Enam Hadzide, Chief Executive Officer of the National Youth Authority all spoke in the ewe language and appealed to the natives of the region to support Government to continue to bring more developmental projects to the region through the E-levy.

Minister for Information, Hon. Kojo Oppong Nkrumah expertly moderated the programme, which was attended by some Traditional leaders, Civil servants, Identifiable groups, the Media, and the Security.

Govt did not pay for Burj Khalifa ‘Ghana flag’ lighting - GIPC The Ghana Investment Promotion Centre (GIPC) has debunked media reports which suggested that the government paid to have the country’s flag lighted upon the world’s tallest building in Dubai, United Arab Emirates.

GIPC said the owner of the imposing Burj Khalifa building decided to place Ghana’s flag on the building to honour President AkufoAddo who was in the country for the Dubai Expo.

“The Ghana Investment Promotion Centre (GIPC) has noticed false publications alleging payments regarding the Ghana flag lighting on the Burj Khalifa on 8th March 2022 on various social media platforms,” the centre said.

“In no uncertain terms, the owner of Emaar Properties, Dubai, decided to place our national flag on the Burj Khalifa for free as a gesture of goodwill and to honour Ghana and His Excellency, President Nana Addo Dankwa Akufo-Addo, during the Ghana Day Celebration to culminate our participation in the Dubai Expo.

The GIPC also expressed gratitude to the United Arab Emirates for their hospitality during the Dubai Expo.

“We entreat the general public to disregard the allegations. We proudly express our appreciation to the rulers and people of the

United Arab Emirates for their warm hospitality and goodwill to our delegations during the Ghana week”.

It costs almost $70,000 to put up a promotional advertisement or message on the facade of Burj Kalifa, which has been the tallest structure and building in the world since its topping out in 2009, supplanting Taipei 101, the previous holder of that status.

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MONDAY, MARCH 14, 2022

Zoomlion deploys over 400 workers to clean Central Region for Independence Day Celebration Waste management giant, Zoomlion Ghana Limited, has disclosed that it deployed over 400 personnel to ensure the Central Region, which hosted the 65th Independence anniversary parade, was clean.

According to the company, its personnel started work from Kasoa to Cape Coast where they engaged in painting of road kerbs, cleaning the environment as well as hoisting flags on the main roads from Kasoa to the Cape Coast stretch.

Speaking to journalists during the Independence Day parade on Sunday, March 6. 2022, in Cape Coast, Central Region, the Public Jobs Manager of Zoomlion in the Central Region, Robert Kingsley Ayemi, said his team which started work before the 6th Match, will continue to work even after the event to ensure that the Cape Coast Sports Stadium, the venue of the event and its surrounding communities, were always clean.

“We deployed over 400 YEA personnel on every street in the region right down from Kasoa.

Even after the clean-up exercise, we were painting kerbs along the road, hoisted flags from Kasoa through to Winneba, Mfantsiman, Yamoransah and then to Cape Coast,” he said.

Mr Ayemi indicated that prior to

the event, the National Committee tasked to see to the successful running of the event charged his outfit to make sure the venue and the entire region were clean, adding that the 65th Independence Day celebration was marked in a clean environment.

“Before the start of the event,

the National Committee met with Zoomlion to handle waste management issues at the venue and the region. We initially began with series of clean-up exercises at the Central regional capital, Cape Coast, where our personnel were mandated to pick every liter on the floor, and this is how we achieved

success during the event,” he explained.

Zoomlion will be working hand in hand with the Cape Coast Metropolitan Assembly to ensure that the venue is clean even after the event, Mr. Ayemi assured.

Izwe Savings & Loans earmark GHc150m for SMEs Izwe Savings & Loans Plc has earmarked GHc150m to support the Small and Medium Enterprise (SME) sector this year. This commitment aims to strengthen the resilience of specific sectors and enhance their capacity to grow and create employment in the economy.

SMEs remain a critical sector of the economy. Building resilience amid COVID-19 remains a challenge for most SMEs to resolve. The Government statistician Professor Samuel Kobina Annim asserts that “COVID-19 has undoubtedly had a devastating impact on households, businesses and the local economy in Ghana” As a development oriented financial institution, Izwe Savings & Loans Plc is poised to work together with SMEs in identifiable segments as such wholesalers and retailers in the building materials, beverages, frozen foods, spare parts, secondhand clothing, pharmaceuticals, stationery, healthcare, education, agriculture, and transportation subsectors.

The Chief Executive Officer,

Raymond Kwakye Bismarck, reiterated that, “analysing the continuous impact of COVID-19 on SMEs, we have come to the realisation that it is important to do our bit as a business with the resources, facilities and know how

to help businesses get back on their feet because without them the economy suffers.”

Izwe Savings and Loans Plc is a subsidiary of the Izwe Africa Group, which is headquartered in Mauritius and has operations in South Africa

with subsidiaries in 3 other African countries, Zambia, Kenya and Ghana. After 10 years of doing business in Ghana, Izwe has 10 retail outlets and currently seeking approval for 2 more branches in Tema and Kasoa as well as 4 sales centres in 8 regions of Ghana. The company proudly employs over 200 staff over 500 trusted agents across the country.

Izwe has been able to provide educational support to 138,166 people; enhanced the home and family lives of 88,142; helped 25,421 businesses to grow in three, years and helped 21,360 people save for their future. In the past year alone, Izwe has supported 285 SMEs. The impact of this support on businesses has been great hence the need to extend this support to all SMEs who need it.

With support from the Izwe Africa Group, whose successful track record remains undoubted across Africa, Izwe indeed one of the most promising, trusted, and respected financial institutions in Ghana.

MONDAY, MARCH 14, 2022

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Will Putin’s war slow China’s growth?

BY NANCY QIAN

O

n March 5, China announced a GDP growth target for this year of about 5.5%, the lowest target since 1991. But that should not come as a surprise. In 2013, World Bank economists and the Chinese State Council projected that China’s annual growth rate would decline to 5% by 2030. This may still be an overestimate, given that growth rates during 201016 have been found to be inflated by 1.8 percentage points and that average growth in OECD economies is around 3%.

Back then, economists and policymakers also accurately predicted the main challenges to long-run growth in China, including increasing inequality, corruption, an aging population, inefficiency in large and often stateowned firms, and pollution. But no one could have foreseen the additional significant economic uncertainty stemming from the COVID-19 pandemic and now Russia’s invasion of Ukraine.

The pandemic has severely disrupted supply chains and pushed up prices everywhere. China is particularly worried about rising food prices, because the country is a net importer of food, with the bill totaling $133 billion in 2019. Supply problems and bad weather caused the price of vegetables in Chinese cities to increase by 30.6% year on year in November 2021. The price of eggs, a major source of protein for the middle class, rose by 20.1% over the same period.

China’s other main concern is the cost of energy, because it is also a net importer of coal, natural gas, and crude oil. Increased demand from Chinese factories resuming production during the post-pandemic economic recovery contributed to further increases in the prices of energy commodities. Chinese regulators responded by increasing the cap on subsidized electricity prices. But this was insufficient to offset the losses to electricity generators as coal prices and domestic demand continued to rise. As a consequence, power plants in several northeastern provinces shut down in September 2021, leading to sudden mass power outages and a cascade of economic and social disruptions.

The Chinese government has since increased the price cap even more and boosted domestic production of coal, using its large reserves. But China’s reserves of other energy sources are limited, and demand for energy is likely to continue to rise.

These economic concerns, along with a desire to present a common front against the United States, help to explain China’s commitment to the “no limits” relationship with Russia that President Xi Jinping and Russian President Vladimir Putin proclaimed in early February.

Energy is the economic centerpiece of Sino-Russian relations. In 2019, fuel

accounted for about 17%, or $344 billion, of China’s total imports of $2.1 trillion. Russia has been the biggest crude oil exporter to China since 2016, and is its fastest-growing supplier of natural gas. Twelve percent of all Chinese oil and gas imports now come from Russia.

To meet domestic energy demand and moderate its greenhouse-gas emissions, China plans to increase the share of natural gas in its primary energy consumption to 15% by 2030.

Russia holds nearly a quarter of the world’s gas reserves and is the largest exporter. The two countries therefore agreed last month to a long-term contract under which Russian gas exports to China will increase to 48 billion cubic meters, or nearly 10% of China’s predicted gas consumption of 526 billion cubic meters, by 2025.

Russia’s invasion of Ukraine, and the subsequent Western-led economic and financial sanctions imposed on Russia, has suddenly cast a shadow of uncertainty over these plans.

Besides exacerbating existing supply-chain disruptions, the wide-ranging sanctions have made it difficult for Chinese firms to operate in Russia. Most importantly, the war involves two of the largest global exporters of food and energy.

Ukraine and Russia together account for 28% of world grain exports, and wheat futures on the Chicago Mercantile Exchange have soared by more than 50% since the invasion. Similarly, oil, gas, and coal prices have surged due to supply disruptions and the sanctions against Russia. These inflationary pressures could have potentially devastating effects on the Chinese population, as well as on the country’s manufacturers.

But the Chinese government’s neutral political stance toward the Russia-Ukraine war may also yield economic payoffs if China becomes more

important to Russia without overly offending major Western trading partners such as the US and Australia. Russian food exports in 2021 totaled $38 billion, of which $4.7 billion went to the European Union. So, Chinese food-price inflation could be moderated if EU sanctions cause Russia to divert some of its food exports to China on favorable terms.

Similarly, China is likely to gain more favorable terms for its energy imports as the war continues and other countries reduce their purchases of Russian oil and gas. The US has banned imports of Russian oil, and other countries are likely to follow suit. Likewise, the EU plans to reduce its reliance on Russian natural gas by two-thirds this year and seek alternative suppliers and energy sources to compensate.

While the switch away from gas will take time, it seems inevitable that Russia will need to look for other buyers soon. Given that oil and gas accounted for 60% of Russia’s exports and generated 39% of its federal budget revenue in 2019, China will be in a strong bargaining position.

Ultimately, the Russia-Ukraine war’s impact on the Chinese economy will depend on the duration of the conflict and the extent of the devastation that it causes in Ukraine and Russia, and other parts of the global economy. It will also depend on how much goodwill remains between China and Ukraine’s Western allies when the fighting stops.

Clearly, 2022 will be a year of uncertainty in which China has limited control over its rate of economic growth. New risks arising from the war in Eastern Europe have compounded the challenges that policymakers anticipated owing to the slow and uneven post-pandemic recovery. At this point, how China and the rest of the global economy will fare in the coming months is anyone’s guess.

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|NEWS

MONDAY, MARCH 7, 2022

The anatomy of the net-zero transition

BY MEKALA KRISHNAN

N

ow that addressing climate change has become a top priority worldwide, economic policymakers and corporate strategists alike are embracing sustainability goals – most notably, “netzero” greenhouse-gas (GHG) emissions.

But what will it take to get there? In a new McKinsey Global Institute report, my co-authors and I aim to answer this question.

Using the Network for Greening the Financial System’s Net-Zero 2050 scenario, we simulated a relatively orderly transition that would limit the rise in global temperatures to 1.5° Celsius, relative to pre-industrial levels. While this is not a prediction or a projection, our scenario-based analysis provides an understanding of the nature and the magnitude of the changes the net-zero transition would entail, and the scale of the response needed to manage it. We find that achieving this target would involve profound economic and societal shifts – affecting countries, companies, and communities. Ultimately, we found that a successful transition would have six key characteristics.

First, the transition would be universal. Every country and economic sector contributes to GHG emissions, directly or indirectly. Getting to net zero thus means that transformation has to happen everywhere. And, given the interdependence of energy and land-use systems, coordination will be essential. The adoption of electric vehicles (EVs), for example, will lead to significant emissions reductions only if the electricity used to power them comes from low-emissions sources.

Second, a successful net-zero transition would entail significant economic shifts. We estimate that getting to net zero would require $275 trillion in capital spending on physical assets by 2050 – an average of $9.2 trillion per year. That is $3.5 trillion per year more than is currently being invested today. Expected increases in spending as incomes and populations grow, and transition policies that are already legislated, narrows the gap, but the required rise in annual spending would still be about $1 trillion.

Meanwhile, some existing spending would need to be reallocated from high- to low-emissions assets. The labor market, too, would undergo a major adjustment: under the NGFS scenario, about 200 million jobs would be created and 185 million lost by 2050 from a netzero transition. Worker reskilling and redeployment would thus be crucial.

The third key characteristic of the netzero transition is that policies – and the associated investments – must be front-loaded. Under the NGFS scenario, spending would increase from 6.8% of

GDP today to about 9% of GDP between 2026 and 2030, and then decline. More broadly, action to arrest the buildup of GHGs in the atmosphere and mitigate physical climate risks would need to be taken this decade.

Fourth, the effects of the net-zero transition will be felt unevenly. The sectors with the highest degree of exposure – because they emit significant quantities of GHGs (for example, coal and gas power) or sell products that do (such as petroleum products) – account for about 20% of global GDP. Sectors with high-emissions supply chains, such as construction, account for a further 10% of GDP. At the country level, developing economies would have to devote a larger share of GDP than rich countries – almost 11% in India, compared to 4-5% in the European Union and the United States – to support economic development and build low-emissions assets. Deploying this capital could prove challenging for many developing countries. Their economies also tend to be more concentrated in the most exposed sectors, subjecting them to greater economic shifts.

Similarly, within countries, the communities that rely heavily on the most exposed sectors would face the highest costs. In the US, for example, 44 counties rely on coal, oil, and gas, fossil-fuel-based power, and automotive manufacturing for more than 10% of employment. And, of course, lowerincome households would struggle more than their wealthier counterparts to cope with any cost increases that are passed through to consumers – though in some cases, such as mobility, upfront capital spending by consumers could yield lower operating costs over time.

The net-zero transition’s fifth characteristic is that it is exposed to short-term risks, including worker dislocation and stranded assets. We estimate that, in the power sector, $2.1 trillion worth of assets could be retired or underutilized between now and 2050. And if the deployment of low-emissions technologies does not keep

pace with the decommissioning of high-emission technologies, there could be shortages and price spikes, potentially eroding support for the transition.

At the same time, the net-zero transition holds major opportunities – the sixth key characteristic.

For companies, decarbonization could make existing processes and products more costeffective, and new markets for low-emissions goods will become increasingly lucrative.

Companies can also gain by supporting the production of these lower-emissions products – for example, by providing mineral inputs (such as lithium for batteries), physical capital (including solar panels), or infrastructure (like EV charging stations). Support and technical services, such as forest management, engineering and design, financing, risk management, and emissions measurement and tracking solutions, would also be needed.

Countries can benefit, too. To strengthen their positions in the net-zero economy, they can leverage their natural capital (like sunshine, wind, and land that can be reforested) and invest in technological, human, and physical capital. And we cannot forget the most important benefit of all: preventing the further buildup of physical risks that could trigger the most catastrophic effects of climate change.

Policymakers and business leaders should be integrating these insights into all their decisions as they seek to pursue an orderly, timely, and smooth net-zero transition. This includes a recognition that abrupt, poorly planned changes would increase risks as surely as delays would. Given the universal nature of the transition, it must be tackled in a newfound spirit of cooperation.

Many questions remain unanswered, including who pays, and how much, for what. But, with the proliferation of net-zero pledges, the search for solutions has more momentum than ever.

| F E AT U R E

MONDAY, MARCH 14, 2022

17

Reducing plastic waste menace in Ghana CREDIT: UNDP

H

ow a woman-led company, City Waste Recycling, is contributing to the fight against plastic waste in Ghana.

“I am always saddened by the rate at which our environment is being polluted with plastic waste and harmful chemicals, especially knowing that we could take actions to curb the situation”, Vivian Ahiayibor, Managing Director of City Waste Recycling disclosed.

With the desire to help curb the alarming rate of environmental challenges, Vivian joined City Waste to contribute actively towards sustainable waste management in Ghana. Under her leadership, City Waste Recycling now recycles plastic waste, contributing to reduce the plastic waste menace in the country. With the zeal to grow, City Waste applied for the second edition of the Waste Recovery Innovation Challenge, which was organized by the United Nations Development Programme (UNDP) in partnership with the Coca-Cola Foundation (TCCF), under the Ghana Waste Recovery Platform. Thankfully, City Waste was one of the winners of the challenge and the seed money, according to Vivian, was used to transform the business.

“The support from UNDP and the Coca Cola Foundation was very timely. We received the funds at a time that we needed to scale up the business. So, the fund was used to purchase very critical equipment such as an agglomerator, granulator, crushing machine and mold”, Vivian disclosed.

A Delightful Journey City Waste Recycling has been in operation since 2018. In the early days of the company, it was mainly producing briquettes from sawdust, with the aim of helping to reduce the release of harmful chemicals that go into the atmosphere when people burn sawdust.

After some years of producing briquettes from sawdust, the company saw a business opportunity in the growing plastic waste pollution and decided to find innovative solutions to turn plastic and other waste into useful products.

“When I realized a lot can be done with plastic waste, I decided to venture into that sector. The journey so far has been amazing and with thanks to UNDP and other partners, the business has been running smoothly,” Vivian narrated.

Today, City Waste Recycling produces plastic pellets and sell to other companies for reuse. The company is also into electronic waste recycling and scrap fridge

degassing (removal of oil and gas from the cooling system of a scrap refrigerator without spilling anything into the environment) for re-use.

“This journey has been a fulfilling one for me and the company.

Now, we are not only helping to keep our environment and planet safe, but we are also improving the livelihoods of a lot of people”, noted Vivian.

Partnership Opportunity In 2021, UNDP in partnership with the Coca Cola Foundation and the Ghana National Plastic Action Partnership (GNAP) organized the Ghana Waste Fair. The Fair brought

together actors in the waste management value chain, like City Waste, to network and share ideas to promote sustainable waste management and circular economy in Ghana.

“The Ghana Waste Fair was a door opener and a game changer for our business. The fair connected us to two big investors. I signed two big deals on both the electronic waste and plastic waste initiatives thanks to the fair”, Vivian noted.

Today, Vivian’s determination and leadership has made City Waste a thriving business, reducing plastic pollution, contributing to climate action and livelihoods improvement for many. Thanks to the support

from UNDP and other partners, the company now recycles 500 metric tons per day, an increase from 200 metric tons of plastic per day that it used to recycle before getting the 40,000 US dollar grant from the Waste Recovery Challenge. City Waste also now employs about 600 people of which 538 of them are temporary staff and 62 of them are permanent staff.

Ghana produces about 1.1 million tons of plastic waste produce per year and the remarkable leadership provided by Vivian is yet another testament of how women can be supported to lead the charge in the race against time to protect the environment and planet.

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MONDAY, MARCH 14, 2022

AfricaGoGreen Fund receives over $30 million investments from the African Development Bank, others The African Development Bank and the Bank’s Sustainable Energy Fund for Africa (SEFA) have approved a combined-equity investment of $20 million in the AfricaGoGreen Fund(link is external), a debt fund established to promote private investments in energy-efficient technologies and business models, with the objective of decarbonising African economies and accelerating the energy transition.

These new investments come on top of $11.5 million equity contribution approved by the Nordic Development Fund(link is external) (NDF) in December 2021.

NDF provides financing to climate change mitigation and adaptation activities within the nexus of climate change and development.

NDF is also a donor to SEFA, thus reinforcing the close partnership to advance the transition to cleaner and greener solutions for the continent while encouraging the participation of the private sector.

“This combined Bank investment will lead to increased financing of emerging projects and businesses in the areas of industrial appliances, electric mobility and green buildings, which are key to the decarbonization of African economies and to a just energy transition”, said Dr. Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate and Green Growth.

“Achieving the climate goals and universal access to clean and affordable energy will require vast investment in energy efficiency and, more broadly, in electrification and other sector coupling trends.

By targeting these emerging sectors in Africa, AGGF complements our climate and energy access portfolio, and is aligned with our strategic role as an early-stage catalytic investor”, said Mr. Henrik Franklin, Director for Portfolio Origination and Management at the Nordic Development Fund.

Launched in early 2021 with EUR

45 million in catalytic capital, the AfricaGoGreen Fund is a flagship project under the G20 Compact with Africa.

“We are really happy to see the Bank, SEFA and NDF as new investors in AGGF. These new investments are also expected to trigger additional investments by commercial investors and financiers either directly or through cofunding of projects”, said Jan Martin Witte, Director Global Equity and Funds for KfW Development Bank.

The Fund approved its first deal in August 2021, a loan to AktivCo - a company that finances clean energy solutions for powering telecommunication towers located in Burkina Faso, Cameroon, Chad, Côte d’Ivoire, and Niger.

Also, in December 2021, it made an additional approval of a $5.5 million loan to BBOXX, a technology company exploring energy solutions that would provide electricity and other utilities to the millions without

them, for the expansion of access to clean cooking solutions.

The AfricaGoGreenFund provides flexible and tailored debt instruments to private businesses in green appliances for domestic and industrial processes, green buildings, e-mobility solutions, and battery energy storage projects.

It is managed by LHGP Asset Management, part of the Lion’s Head Global Partners group.

Clemens Calice, Co-CEO and founding partner of Lion’s Head Global Partners said: “We are excited to welcome the African Development Bank, SEFA and NDF as investors to the AfricaGoGreen Fund. The Fund will take efforts to transition to a lower-carbon economy a step further by offering financing to innovative African companies that embrace energy efficiency as a challenge and an opportunity.”

AfDB approves a borrowing policy to strengthen debt sustainability in low-income countries The Board of Directors of the African Development Bank Group has approved a new policy that aims to strengthen debt sustainability among low-income African countries. The Board approved the Sustainable Borrowing Policy on 23 February 2022.

The new policy primarily targets recipients of the African Development Fund, the concessional window of the Bank Group. The Fund caters to lowincome and transitional countries on the continent.

The Sustainable Borrowing Policy responds to a changing debt landscape in Africa, especially among the abovementioned countries. In recent years, lowincome countries have gained access to new sources of finance, including private creditors and creditors outside the Paris Club. Although this access has allowed them to finance important development needs, it has also increased their public debt.

The Covid-19 pandemic has placed a further strain on government finances. The situation worsened due to unprecedented easing of fiscal and monetary policy adopted by countries to cushion the socioeconomic impacts of the pandemic.

After the Covid-19 outbreak in

2020, governments announced fiscal stimulus packages ranging from about 0.02% of gross domestic product in South Sudan to about 10.4% in South Africa, according to the 2021 African Economic Outlook.

The African Development Bank estimates that African governments needed an additional $154 billion in 2020 to tackle the crisis.

To address this dilemma, the Sustainable Borrowing Policy

introduces two pillars to manage debt. The first pillar emphasizes debt management and transparency through agreed policy actions and technical assistance. A second pillar will rely on coordination and partnerships with other multilateral development banks, development partners and lenders.

The Sustainable Borrowing Policy replaces the Non-Concessional Debt Accumulation Policy, adopted in

2008 and revised in 2011 to meet the operational needs of the African Development Bank Group and its regional member countries.

Over the last two years, the new policy has benefited from extensive internal and external consultations with regional member countries, civil society and development partners, including multilateral development banks.

MONDAY, MARCH 14, 2022

| AFRICAN BUSINESS

19

War in Ukraine to hurt poor nations importing grain - UN

P

oorer countries in northern Africa, Asia and the Middle East that depend heavily on wheat imports risk suffering significant food security due to Russia’s war in Ukraine.

The conflict is poised to drive up already soaring food prices across the globe, the U.N. food agency warned on Friday.

Ukraine and Russia, which is under heavy economic sanctions for invading their neighbour account for one-third of global grain exports.

With the conflict’s intensity and duration uncertain, “the likely disruptions to agricultural activities of these two major exporters of staple commodities could seriously escalate food insecurity globally when international food and input prices are already high and vulnerable,” said Qu Dongyu, director-general of the Romebased Food and Agriculture Organization.

In the statement, Qu said it was not clear if Ukraine’s farmers will be able to harvest wheat ready for the market in June. In Ukraine, “massive population displacement has reduced the number of agricultural labourers and workers.

Accessing agricultural fields would be difficult,’’ Qu noted.

Even if they could, Ukraine’s ports on the Black Sea are shuttered and its government this week banned the export of wheat, oats, millet, buckwheat and

some other food products to prevent a crisis in its own country and stabilize the market.

Ukraine’s export ban doesn’t apply to its major global supplies of corn and sunflower oil. It and Russia together account for 52% of the world’s sunflower oil export market.

“It is still unclear whether (other) exporters would be able to fill this gap,’’ Qu said, warning that wheat inventories are already running low in Canada.

The United States, Argentina and other wheat-producing nations are likely to limit exports as governments seek to ensure domestic supply, he said.

Adding to the pressure, countries that rely on wheat from Russia and Ukraine are likely to increase import levels. Egypt, Turkey, Bangladesh and Iran buy 60% of their wheat from Russia and Ukraine. Also heavily reliant on those two countries’ wheat exports are Lebanon, Tunisia, Yemen, Libya and Pakistan.

“Supply chain and logistical disruptions on Ukrainian and Russian grain and oilseed production and restrictions on Russia’s exports will have significant food security repercussions,’’ Qu said.

The Oxford Economics Africa analysts suggest that Africa’s major grain-producing countries like South Africa, Namibia, Mozambique, and Zimbabwe stand to benefit from favourable terms of trade shocks resulting from anticipated higher prices of cereals.

FAO cautioned that if the conflict triggers a “sudden and prolonged reduction” in food exports by Ukraine and Russia, it could

further drive up pressure on international commodity prices “to the detriment of economically vulnerable countries.” The U.N. agency said its simulations suggest that “the global number of undernourished people could increase by 8 to 13 million” in 2022-2023, particularly in Asia, subSaharan Africa, the Middle East and North Africa.

Shortfalls in grain and sunflower seed exports by Ukraine and Russia might only be able to be partially compensated by alternative sources, FAO said.

“Worryingly, the resulting global supply gap could push up international food and feed prices by 8 to 22% above their already elevated levels,” FAO’s report said.

According to FAO figures, food prices reached an all-time high in February. The COVID-19 pandemic already had a major impact on global food security, Qu said.

In 2021, global prices of wheat and barley rose 31% and rapeseed and sunflower oil prices jumped by more than 60%. Wheat prices have surged more than 50% since a week before the invasion.

Some consumers are already feeling the effects of a drop-off in exports as well as steep prices. In Italy, supermarkets in Tuscany and Sardinia are limiting sales of sunflower seed oil to two containers per customer, Italian state TV said. Spanish supermarkets are also rationing sunflower oil.

MONDAY, FEBRAURY 14, 2022

WWW.BUSINESS24.COM.GH

NO. B24 / 314 | NEWS FOR BUSINESS LEADERS

MONDAY, MARCH 14, 2022

AFRICAN LEADERS AND THEIR INTERNATIONAL PARTNERS MUST ENGAGE LOCAL COMMUNITIES TO IDENTIFY, DESIGN, AND IMPLEMENT THE RIGHT SOLUTIONS

Greening African cooking

By Brian Malika

A

s the world races to meet the goal of net-zero carbon emissions, most regions are focusing on the energy sector. But in Sub-Saharan Africa, cooking fuel poses a bigger challenge. If Africa is to achieve its emissions-reduction goals, Africans must find a clean, affordable way to prepare food.

More than 80% of people in Sub-Saharan Africa use charcoal, kerosene, or firewood to cook. These fuels produce black carbon, one of the biggest contributors to climate change after carbon dioxide.

And they do more than harm the planet.

The household pollution caused by traditional cooking fuels contributes to more than 500,000 premature deaths annually in the region. It also leads to stunted growth and increased risk of respiratory infections in children under five.

And, with Sub-Saharan Africa’s population growing 2.7% annually, the problems associated with cooking fuel will worsen until a safer, cleaner option is found.

Several new fuels have been proposed, from bioethanol to electricity produced from solar panels. But to determine the best alternative, those who use the fuel must be part of the discussion. People will not use a greener cooking fuel unless it is affordable and easy to access.

So-called design thinking is one way to include their views. This approach, used successfully in many developing-country contexts, relies on collaboration between project managers, engineers, and local communities to find the right solution for a particular problem.

In Brazil, the World Wide Fund for Nature (WWF) used design thinking to create jobs in remote villages that are on the front line in the fight against climate change and biodiversity loss. WWF team members engaged local leaders to determine how residents could be employed to conserve endangered forests through the use of traditional resource-management techniques.

Likewise, the United Nations Food and Agriculture Organization coordinated with indigenous peoples on a white paper that describes how traditional production methods offer a platform for sustainable food systems.

Leaders in Sub-Saharan Africa can draw on these cases to engage communities in the search for cleaner sources of cooking fuel. Some experiments already are taking place. A youth group in Kibera, Africa’s largest slum, recycles biodegradable food waste to make a form of cooking fuel that produces no carbon-dioxide emissions. But residents noted that the biogas production produces a foul smell during the fermentation process – a serious problem in this heavily populated area. The residents suggested

putting natural odor eliminators like vinegar around fermentation areas.

The Africa Biogas Partnership Program shows how a good idea could be made better through design thinking.

This program offered rural households biodigesters to turn waste into cooking fuel. While the program successfully reduced fuel consumption and cases of respiratory illness, many farmers who relied on financing to buy the biodigesters could not repay the loans on time. The biodigesters improved the quality of life for the farmers and their families, but they did not contribute to additional income. The inclusion of farmers in the program’s development might have identified this problem in advance and prompted development agencies to create a grant program to offset the upfront expense.

Affordable, green cooking fuel will benefit Sub-Saharan Africa in another way: its production can provide jobs for the millions of young Africans about to enter the workforce. The number of Africans under 24 is projected to increase by nearly 50% by 2050.

Every year for the next decade, up to 10-12 million young Africans will enter a labor market that currently can accommodate only 3.1 million of them.

The number of people employed globally in the renewable-energy sector has grown steadily in the past decade.

The industry offers opportunities for both skilled and unskilled labor and has a better gender balance than traditional energy production. But, while 12 million people were employed in green energy production in 2020, only 2.5% of them live in Sub-Saharan Africa.

By 2050, Africa’s population is expected to double – totaling a quarter of the world’s population. Cities will account for more than 80% of the increase – and most of these people will inhabit crowded slums. With the right initiatives, green energy can be a source of hope for the urban poor. In rural parts of Africa, solar panel installation is creating new jobs. In urban settings, investment in industries like biogas production can reduce carbon emissions and increase employment opportunities.

African leaders and their international partners must engage local communities to identify, design, and implement the right solutions to the problem of widespread use of dangerous cooking fuels. The health of Africa’s people – and of the planet – requires nothing less.

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.