Business24 Newspaper 16 March 2022 by Business24 Online

WEDNESDAY MARCH 16, 2022

NEWS FOR BUSINESS LEADERS

UBA records US$373.8m profit, 11% balance sheet growth

Minority wants land borders re-opened

BY EUGENE DAVIS

he Minority in Parliament has called on the Akufo-Addo-led government to take immediate steps to reopen Ghana’s land borders. According to the Minority Leader, Haruna Iddrisu, there can be no justification for the continued closure of the borders with the gradual shift to normalcy coupled with a sharp decline in COVID-19 cases. President Akufo-Addo first announced the closure of the country’s land, sea and air borders as part of measures to limit the spread of the coronavirus (COVID-19) outbreak in the country with the exception of cargo. Since then, several of those restrictions have been eased including the closure of the Kotoka International Airport as well as the sea borders. But the land borders continue to be closed with its attendant challenges culminating in residents of

Elubo and Aflao demanding the reopening of the entry points so they can engage in commercial activities since the closure has affected their livelihoods. Addressing the media in Parliament yesterday, Mr. Iddrisu urged President AkufoAddo, as Chairperson of ECOWAS to facilitate the free flow of persons, goods and services within the ECOWAS and the rest of the world. He said: “Post-Covid, we are not out of the woods yet but we want to see a return to normalcy with the movement of goods and services to our borders and, therefore, whatever proactive measures government needs to take, there can be no justification for the continued closure of Ghana’s land borders.” “As a minority, our primary concern is to call on the president as chair of ECOWAS to do that which is needful to give meaning to the resolution he so chaired for ECOWAS to pass to allow and facilitate the free movement of goods and services between us, our neighbours and the rest of the world,” he added.

National E-waste policy gathers momentum MORE ON PG.3

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced its audited results for the full year ended December 31, 2021, reporting impressive performance in key financial metrics. The 2021 financial result filed by the bank at the Nigerian Stock Exchange (NSE) on March 4, 2022, showed that gross earnings rose significantly to $1.6 billion representing an increase of 7 per cent compared to $1.5 billion recorded at the end of the 2020 financial year.

MORE ON PG.2

| EDITORIAL/NEWS

Wash your hands 2

Cover your cough 3

If you are sick, wear mask

Let’s consciously perk up local interest in oil industry

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.

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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.

Inflation expected to rise further, FNB Bank predicts

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WEDNESDAY MARCH 16, 2022

spend less and move to cheaper alternatives. Additionally, developments in Central Europe will also have a major impact on the prices of some major commodities as both Russia and Ukraine are big exporters of these commodities. This will put pressure on local prices,” says Dominic Adu, Chief Executive of First National Bank Ghana. “We anticipate an upward trend in the Consumer Price Index (CPI) and food inflation in the short term. The fuel price remains the main driver of higher costs going forward,’’ he added. The latest forecast shows that inflation would likely remain above target in the near-term, driven by both external and domestic factors,

and only return to the target band in about four quarters ahead. The key risks to the inflation outlook include rising crude oil prices and its transmission to ex-pump petroleum prices and transportation costs, rising global inflation, food price uncertainties, and the fiscal outlook. The Monetary Policy Committee of the Bank of Ghana maintained the policy rate at 14.5 percent in January 2022 in an attempt to stem the rising inflation. Ghana’s inflation rate for February reached 15.7%, the highest in six years, according to figures released by the Ghana Statistical Service. The increase has been attributed to rising prices in utilities (water and electricity) and transportation. The contribution of housing, electricity

and gas to overall inflation increased by 4.6 percentage points from 17.5% recorded in December 2021 to 22.1% in January 2022. Month-on-month, between December 2021 and January 2022 inflation was 2.1%. For the first time in seven months, non-food inflation exceeded food inflation (14.1% versus 13.7% respectively). On the month-on-month basis, non-food inflation also exceeded food inflation in January 2022 by 0.2 percentage points (2.2% vs. 2.0%). Housing and Transport (which includes fuel) once again were the two sectors that recorded the highest inflation (28.7% and 17.4% respectively), On the regional front, Greater Accra has regained its lead in overall inflation with the Upper West region recording the highest food inflation. The latest development in Ghana’s inflation is likely to pressure the Bank of Ghana to review its policy rate upwards in the coming months. “In the 2022 budget, the government used $60 per barrel for the projection of its revenue, but as at now the crude oil price on the international market is hovering around $120 per barrel, which means our oil revenues would double going forward, so the government could use the windfall profit to cushion other sectors of the economy.’ Dominic Adu concludes.

| NEWS

WEDNESDAY MARCH 16, 2022

National E-waste policy gathers momentum The Minister of Environment, Science, Technology and Innovation, Dr.Kwaku Afriyie, has told parliament that the ministry has initiated the process of developing a national e-waste policy and implementation plan aimed at establishing the framework for a circular economy for the management of e-waste. According to him, the said policy will be finalized and rolled out under his tenure. Appearing before the House to answer a question on status of e-waste management in Ghana and policy measures being put in place, he outlined the focus areas for the policy including the circular economy approach to waste management. “The policy will focus on the following areas; establish the

framework for a circular economy for the management of e-waste, institute an EPR System for e-waste management, identify sustainable financing models for e-waste management, continuous awareness creation on the environmentally sound disposal, collection and recycling of electronic waste in Ghana,” he said. Further the plan will also outline the standards and procedures for activities related to the disposal, collection and recycling of e-waste, define roles of all key stakeholders involved in the electrical and electronic equipment value-chain, including manufacturers, importers, users, collectors and recyclers of electrical and electronic equipment, According to the minister, the policy will establish a classification of

business models and business players within the value chain and hinted the setting up of an e-waste fund that will finance the policy. He indicated that the advanced Eco Levy is the main source of fund for the E-waste fund. Manufacturers or importers of electrical and electronic equipment are mandated by law to pay the advance eco levy in respect of electrical and electronic equipment specified in the fifth schedule of Act 917. Total Eco levies collected as of December 2021 amounted to GHc17m. Currently, the eco levy is still being collected on only 20percent of the HS Codes being 65 out of 365 items. The Ministry, together with the EPA and E-waste Fund, has held stakeholder consultations for the

rollout of the remaining items. The 100% rollout is expected to take off before the end of the second quarter of 2022. The collection of Eco levies on the Integrated Customs Management System (ICUMS) is now fully linked to the E-waste Fund under the control of the Fund Administrator. “Modalities are being put in place to start the disbursement of the funds once all the items on the HS Code have been effectively rolled out for collection. MESTI in consultation with the EPA and the Fund, is also developing procedures and processes to ensure the effective disbursement and usage of funds once the full rollout begins,” the minister said.

UBA records US$373.8m profit, 11% balance sheet growth Total assets grew by 11 per cent to an unprecedented $20.1 billion in the year under review, up from $18.1 billion in 2020, thus marking the first time the Bank’s assets will cross the N8 trillion mark. Despite the huge challenging business and slow economic recovery in most of its countries of operations, UBA’s Profit Before Tax was impressive with a 20.3 per cent growth to $373.8 million, compared to $310.8 million at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 per cent to $289.9 million in 2021, compared to $266.6 million recorded the previous year. Similarly, net loans grew by 7.7 per cent growth to $6.7 billion, whilst customer deposits rose by 12.2 per cent to $15.0 billion, compared to $13.4 billion in the corresponding period of 2020, reflecting increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise In the year under consideration, the bank’s operating income rose by 10% to $1.1 billion compared to $984.3 million in the prior year, whereas operating expenses closed the period at $681.4 million. In its usual tradition of rewarding shareholders, the Bank proposed a final dividend of $0.001922 for every ordinary share of $0.001201 for the financial year ended December 31, 2021. The final dividend which is subject to the affirmation of the shareholders at its Annual General Meeting will bring the total dividend for the year to $ 0.002403 as the Bank had paid an interim dividend of 20kobo earlier in the year. Commenting on the result,

the Group Managing Director/ CEO, Kennedy Uzoka, said that notwithstanding the tight and challenging operating environment, UBA continues to deliver significant performance, He said, “The year 2021 can best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020. Consequently, UBA recorded remarkable 7% growth in top line to USD1.56bn, and profit before tax (PBT) of $367,856.15 up 20.3% from the prior year. Net Loans and advances grew by 7.7% to $6,727,610.81 with exposure mostly to resilient economic sectors including oil & gas, agriculture and manufacturing. Deposit from customers grew 12.2%, crossing the 14,416,308.88 mark, to $15,377,396.14.” The GMD explained that the quality of UBA’s portfolio as well

as the strength of the bank’s credit risk management frameworks and policies remain the bedrock of the positive results that the bank has been recording over the years, adding that the current performance highlights UBA’s relentless customer focus, and leverage on its key strategic levers – People, Process and Technology. “Looking forward, I am particularly excited about our ongoing Enterprise Transformation Program which is designed to enhance the bank’s process agility, service delivery and customer experience. We are also making sizeable investments in cutting-edge technology and cyber security, to keep our innovative digital banking offerings above the curve, as we tool and re-tool our human resources to compete and win in a rapidly changing and evolving landscape. This will ensure the bank continues to achieve respectable top and bottom-line growth through the medium to long term” the GMD stated.

UBA’s Group Chief Financial Official, Ugo Nwaghodoh, who corroborated the GMD’s comments, said, once again, the bank has shown resilience. It achieved sizeable growth and strengthened its balance sheet despite the slow pace of economic recovery that characterised the year 2021. “Through active and diligent assets and liabilities management, the bank was able to protect its net interest margin and achieved a downward moderation of Cost of funds (CoF) by 70 basis points to 2.2% from 2.9% in the prior year. According to him, the group’s capital adequacy ratio at 24.9% was well above the required regulatory minimum and reflects a strong capacity for business growth. “The Group’s non-performing loan ratio improved further to 3.6% from 4.7% at the end of 2020. This testifies to the quality of UBA’s loan portfolio even as the bank remains relentless in its resolve to drive down the Costto-Income ratio, which stood at 63.0% at the end of the year.” Nwaghodoh added that the bank achieved further strides in growing its business and gaining market share across its pan-African operations, with the region accounting for 63.2% of the Group’s profitability, compared to 55.4% in 2020; Loans and advances as well as Deposit in the region were also up 14.5% and 27.3% respectively from a year earlier. In his concluding remarks, the CFO stated “We recognise the changing competitive landscape and are proactively positioning to consistently deliver on our strategic objectives and commitment to shareholders.”

| MARITIME

WEDNESDAY MARCH 16, 2022

Trademark East Africa, GPHA partner to facilitate trade Players within the African continent are exploring various actionable means of enhancing trade and facilitating the movement of goods in the era of the continental free trade area. One of such groups is the TradeMark East Africa (TMEA), an aid-for-trade organisation, which is currently playing a pivotal role in the upcoming trade facilitation project to enhance trade and movement of goods in West Africa. In this regard, the company has paid a working visit to the Ghana Ports and Harbours Authority (GPHA), and technical visits to operational areas in the Port of Tema, as well as various stakeholders of the maritime trade in Tema as part of a scoping study. During an exchange with

management of the Port of Tema, the delegation from TradeMark East Africa revealed that these processes follow an MOU the organisation has with the AfCFTA Secretariat to boost the fortunes of Africa through liberalization of trade. “We want now to expand our operations here to support the private sector, the government entities in trade. We know ports are important infrastructure when it comes to trade so definitely, we had to visited Tema,” the Senior Director, Trade Environment of TMEA, Alban Odhambio stated. The General Manager Operations at the Ghana Ports and Harbours Authority, Garvin Amarvie said GPHA aligns with the objectives that make trade easier and convenient for the people of Africa.

Takoradi Port builds capacity to boost maritime security

The Port of Takoradi is concerned about the growing threats of piracy and insecurity in the Gulf of Guinea. The Port is cognizant of its role in the maritime trade especially Ghana’s burgeoning oil and gas industry, and as such taken steps to improve its security against these threats. One of such steps is demonstrated in the recently organized security exercise code named “MT TUGA 4” intended to test and enhance

the coordination procedures and response processes against likely security threats to the port facility and ships at its anchorage. The Ghana Ports and Harbours Authority collaborated with the Western Naval Command, the Marine Police, the Ghana Air force, National Intelligence Bureau, National Security, Customs, Ghana Immigration Service and the Ghana Maritime Authority.

The various agencies collaborated for a coordinated response to a simulated hijacking at the Liquid Bulk Terminal at the Port. The successful exercise most importantly tested the interoperability of the various agencies, while fishing out existing gaps to improve on. This exercise fulfils a requirement of the International Ship and Port Facility Security Code (ISPS) and

enhances the Port of Takoradi’s position of being one of the safest ports in the subregion. The Harbour Master at the Port of Takoradi, Captain Richmond Quayson, speaking to the media in the aftermath of the exercise said, “the Port of Takoradi is safe for maritime business and we assure everybody that the Port Facility Committee is working in making sure that we remain in good business.”

WEDNESDAY MARCH 16, 2022

| T R AV E L & TO U R I S M

Rabat, Morocco’s modern capital with deep-rooted history

BY CHRIS KONEY

arrived at the Mohammed V International Airport in Casablanca in the early hours of a rainy and cold morning with a group of journalists for a week trip to explore the best Morocco has to offer in terms of tourism, culture and business as part of the bilateral relations between the republic of Ghana and the Kingdom of Morocco. Also referred to as the Casablanca Airport, the Mohammed V International Airport is an international airport with state of the art technology and currently Morocco’s biggest as well as one of Africa’s busiest airports serving as a key air transport hub for the North African region. The team of warm border control officials on duty at the time made our immigration processing easier and smooth. Our destination for the first three days was Rabat, the capital city of Morocco. For the fun, adventure and fully discovering Morocco, we opted to do a two-hour road trip from Casablanca to Rabat. It was easy to draw the difference between the two cities immediately after we arrived in Rabat, which is more relaxed with an intimate vibe than Casablanca. We checked into the four star Rihab Hotel, located in the heart of the city. Rihab Hotel offers several activities and services including evening

entertainment, nightclub sessions with a Disc Jockey (DJ), happy hour, themed dinners, live sports events and broadcast of key sports activities. My immediate observation was after arriving in the city of Rabat; it has a more relaxed and intimate vibe than Casablanca, smaller, more traditional and cleaner too. There is a less hectic pace and it feels less crowded and chaotic. These make Rabat much more pleasant to walk around, especially in the city spaces and souks. My first activity is to catch up with an award winning Ghanaian broadcaster and trainer transitioned into a communications expert. Nana Boakye – Yiadom is currently based in Morocco and works with Africa50 Infrastructure Investment Platform as Senior Communications Coordinator. He picked me from the hotel for lunch at the Bouregreg Marina located in the heart of the city of Sale with ten centuries of history that crystalizes the Qasbah Oudaya. The next morning, we paid a courtesy call on His Excellency Mohamed METHQAL, the Ambassador Director General of the Morocco Agency for International Cooperation (AMCI) to have a deeper insight into their operations. Since its establishment in 1986, AMCI also contributes to the promotion of South-South Cooperation that is guided by the Vision of His Majesty King Mohammed VI.

AMCI’s mission is to contribute to the expansion and strengthening of cultural, scientific, economic and technical cooperation between the Kingdom of Morocco and the countries to which it has friendship ties and cooperation. The agency also offers scholarships and grants to foreign students in accordance with the procedures set out in the scholarship regulations. The grants are awarded annually within the framework of cooperation agreements between the Government of the Kingdom of Morocco and other governments. At the agency, we toured their facility, which included housing units for hundreds of students, language centre, sports centre, gymnasium, clinic among others. We met and interacted with the leadership of the Ghanaian students in Morocco and twenty other students out of two hundred Ghanaian students currently studying in various disciplines in the Kingdom of Morocco. Rabat is a cultural city deep-rooted in history. Many masterpieces decorate its streets and squares as we realized during our tour of the city. Visit the Kasbah des Oudayas which is a majestic and splendid architecture embellished by the surrounding gardens. Not far from the walls, stand the imposing walls of the Chellah; a necropolis from the time of the Merinids. Crossing the

walls is like entering another world; walking among ancient vestiges, gardens and storks. Rabat is also a modern ecoresponsible capital with its green spaces. Beautiful parks await you, such as the botanical test garden or the Exotic Gardens of Bouknadel, which is a few kilometres from the city. Rabat boasts an outstanding coastline; on the Atlantic Ocean shores, it has kilometres of wellequipped beaches that lead to the neighbouring city of Casablanca. With its modern infrastructures and various festivals, Rabat is a living city. Airport, tram, shopping centres, cafés and restaurants, all the amenities are within your reach. Revel in bustling vibes of music that Rabat celebrates like no other city; from Mawazine, to Jazz au Chellah and many others that fill the atmosphere with sounds and rhythms from all over the world! Rabat is a city where the treasures of the past blend with the most modern and environmentally friendly achievements. We also had the opportunity to visit the Royal Palace of Rabat also known as the Palais royal. Is the primary and official residence of the king of Morocco and situated in the Touarga commune of Rabat. Its official name is El Mechouar Essaid Palace, which means “The Venue of Happiness Palace”. The palace sits at the end of the mechouar, a large parade ground also containing a small mosque. The mechouar is used for large public assemblies, such as the return from exile of Mohammed V in 1955. As well as living space for the king and the royal family, there is accommodation for the Moroccan Royal Guard. The palace complex also contains the Collège Royal, a school for senior members of the royal family, a cookery school and a ground floor library built to contain the manuscript collection of Hassan II. One of the must-see attractions is the Medina of Rabat, which is in the older part of the city. There are also stalls on Green Street in the Rabat Medina that sell plastic bags full of mentha leaves which are used to make meantha tea. This particular type of tea is sometimes called Moroccan vodka because it is the cheapest drink you can buy in Morocco. There are lots of bargains to be found here at Rabat’s medina and so you are assured of coming away with a couple of affordable items to take home with you.

WEDNESDAY MARCH 16, 2022

| NEWS

WEDNESDAY MARCH 16, 2022

IWD: Vodafone CEO charges young girls in STEM to break the gender bias

The Chief Executive Officer (CEO) of Vodafone Ghana, Patricia Obo-Nai, has charged young women pursing Science, Technology, Engineering and Mathematics (STEM) education to overcome gender bias, take up the opportunities that have been created for them and reach the pinnacle of their chosen STEM career. The CEO made this call at the second edition of the STEM Woman Project held at the Kwame

Nkrumah University of Science and Technology (KNUST) on Saturday, 5th March, 2022. Speaking at the event themed ‘’STEM Sheroes, Break the Bias’’, Patricia Obo-Nai noted that society unintentionally pushes women out of STEM with deep-seated biases ranging from the perceived role of women in society to assumptions of women being economic burdens. “Even though our girls are doing so well in science and maths, what

are they told? They have nice handwriting and could do well in the arts. You can’t pursue science and maths because it’s difficult. And yet you have better grades and would be able to do amazingly well in maths and science. Even when you get into corporate, we are still told that women don’t have confidence. They lack ambition. They have such a workload at home that they can’t take on senior roles. They can’t cope, “she stated.

Patricia was, however, confident that women pursuing education in STEM can change the narrative and empower other women to pursue the same course they have chosen. According to her, there exist an array of opportunities for women in STEM to contribute to breaking the bias in the field. “The tech sector has experienced strong growth, with lots of job openings. And actually, because of the push for diversity and inclusion, companies are being very deliberate in looking to fill these roles with women. That creates opportunities for you, “she explained. The CEO further urged women not to give up in their pursuit of careers in STEM, as that is a sure way of achieving their power and worth. She stressed that young girls in STEM should never feel alone as other women before them have achieved a lot in the field. Patricia Obo-Nai also encouraged young women in STEM to stay on the path because it has enormous potential and endless opportunities as their success in STEM serves a higher purpose. The second edition of the STEM Woman’s Project was in celebration of the 2022 International Women’s Day under the theme: ‘’STEM Sheroes Break the Bias’.

Sahara Group urges tech-based investments to tackle climate change Leading Energy and infrastructure conglomerate, Sahara Group, has urged developed countries to embark on intentional technological investment in sustainable projects in Africa and other developing economies to enhance global efforts towards achieving a low carbon world. Director, Governance and Sustainability, Sahara Group, Ejiro Gray, said energy access must be a critical part of the ongoing energy transition conversation, especially in developing economies. Gray emphasised the need for developed economies to take greater responsibility for moving the world closer to low carbon emissions considering the fact that they have contributed most significantly to historic and current carbon emissions. She explained that the developing countries are disadvantaged because they are still largely reliant on fossil fuel-driven economies for their growth and development initiatives, with significant levels of untapped reserves, especially across Africa.

“For this, there must be an intentional drive towards technological investments in sustainability projects, in the developing world by the developed world. This is not to absolve developing economies of the

responsibility for their energy transition, but to ensure that the global drive is just and equitable,” she stated. Gray noted that energy companies were coming into a greater consciousness of their role in the energy transition journey and were taking active steps to match their words with action. According to her, Sahara Group’s commitment to the Sustainable Development Goals (SDGs) had led to the development of the “extrapreneurship” concept, which refers to the group’s unique strategy for creating enabling environments for entrepreneurs. She said the “extrapreneurship” model is propagated through projects centered on two key impact areas of energy and the environment. These projects, according to Gray, seek to drive awareness and affirmative action in support of resource efficiency, sustainability, and economic development through socially and environmentally sustainable ventures. With vast operations across and

beyond Africa, she explained that the path towards energy transition impacts every sector of Sahara’s operations, adding that gas had been recognized as a transition fuel in the global energy transition journey. Gray stated, “Sahara Group continues to invest in infrastructure and technology that will enhance access to gas as an option of clean fuel across Africa. Our Liquefied Petroleum Gas vessels are transforming the LPG market, facilitating seamless supply, while our existing and targeted infrastructure will drive efficient storage and distribution of LPG across markets.” “Sahara Group is also taking a foremost position in advocacy, development of a gas utilization strategy to be balanced with investments in renewable energy projects and carbon storage projects. These plans underpin our areas of focus of resource efficiency and carbon emissions reduction in the drive for sustainability,” she added.

| NEWS

WEDNESDAY MARCH 16, 2022

Cuban Ambassador pays courtesy call on the Minister for Tourism,Arts & Culture The Minister of Tourism, Arts and Culture, Hon. Dr. Ibrahim Mohammed Awal has called for a South-South co-operation between Ghana and Cuba through intensifying exchanges in Tourism, Arts, and Culture. The Minister made this call, in Accra when the Cuban Ambassador to Ghana, Annette Chao Garcia paid a courtesy call on him at his office on Monday 14th March 2022. Dr. Awal added that the cultural exchanges would be beneficial to both countries because they could afford them the opportunities to share ideas and pick lessons from the Cuban success story. “We want to look at customer care especially and how we can attract and retain tourists which is the biggest issue of the sector” he indicated. He said, his vision for the sector was to attract tourists who would repeat their visit to Ghana with their family and friends as the years go by. He noted that cultural exchanges would enable Ghanaians to learn how Cubans treat tourists at the beaches and restaurants to make them happy. He revealed that plans are far advanced to organize charter flights

to bring tourists from Cuba and vice versa at least every fortnightly. The minister said he wants to increase the number of tourists who visit Ghana from 1.1 million in 2019 to 2 million by 2024 and added that, his vision would be achieved through the massive rehabilitation of forts and castles. He also stated that the ministry was in the process of developing a national festival that would enhance the diverse and rich cultural heritage of Ghana. On her part, Ambassador Annette Chao Garcia said Ghana can attract the needed investment in the tourism sector because of the beautiful cultural history the country can boast of. She added that three (3) key things that make Ghana the preferred destination for many tourists are being a safe country, having more resources, and generally being a peaceful country. She indicated that the highest contributor to the Gross Domestic Product (GDP) of Cuba was the Human Capital. Madam Garcia added that of the 11 million population in Cuba 30% are blacks who are of Yoruba descent in Nigeria and Congo. She revealed that the Cubans

celebrate movie festivals and the Ballet dance festival which attracts lots of tourists to their country. She, therefore, urged the minister to address flight challenges between Ghana and Cuba to make the collaboration smooth.

She said she would coordinate with the tourism minister in Cuba to extend an invitation to Dr. Awal to begin it. Dr. Awal presented Madam Garcia with a beyond the return wrist band and tourism passport.

GIFEC concludes digital skills training for 2,550 persons Ghana Investment Fund for Electronic Communications (GIFEC) has completed digital skills training for 2,550 persons across the country, in the second batch of the Digital Transformation Centres (DTC) Project. Speaking at the Climax ceremony at Obomeng – Kwahu in the Eastern Region on Friday, March 11, 2022, the Mr. Prince Sefah, the Administrator of GIFEC revealed that “the two-week training programme, which was held in 83 centres across all 16 regions of the country trained 2,550 persons, comprising Women Entrepreneurs, School Dropouts, School leavers, Head Porters, Teachers, Students, the Youth and Persons with Disability have acquired skills in Cisco Get Connected, Entrepreneurship and Introduction to IoT.” Mr. Sefah highlighted on achievements made by the Fund through strategic partnerships embarked on in recent years in scaling up initiatives and called on relevant and well-intentioned stakeholders to lend their support, so that together, an inclusive society will become a reality. He urged all participants to capitalize on the skills acquired

through this rare opportunity, to enhance your businesses, employability and your lives in general, for economic benefits. Finally, he pledged GIFEC’s commitment to ensuring sustained impact of the project, saying that “We will engage beneficiaries to effectively assess the impact of this project, for continuous improvement, through our upcoming Impact Assessment Research Project, which will evaluate the effectiveness and efficiency of each project for the achievement of our growing mandates”. The Chief of Obomeng, Nana Effah Pinamang III also emphasized the need for all persons to embrace ICT, adding that the acquisition of digital skills is not limited children or students only. He said that adults should also develop an interest in the field of ICT to enhance their social and economic wellbeing. Touching on GIFEC’s contribution to ICT and skills development in the Municipality, Mr. Emmanuel Atta Ofori, Municipal Chief Executive of Kwahu South, said that GIFEC has been instrumental in the provision of ICT equipment, Telephony and Capacity Building and encouraged all to take full advantage of these

developments for maximum benefits. The DTC project is in partnership with the International Telecommunications Union (ITU), Cisco and the Norwegian Agency for Development Cooperation (NORAD), and aimed at increasing a digitally literate citizenry, to boost their ICT capabilities to enable them participate more meaningfully in the

Knowledge Society of today. GIFEC is working hard to increase the digital skills of citizens to increase participation in the digital economy, and involves various components, including the formation of Coding Clubs to train 1,000 students in Coding across the country. 4,178 persons had been trained, in the first batch of the DTC training, which took place in 2021.

WEDNESDAY MARCH 16, 2022

| F E AT U R E

From war of choice to war of perseverance

RICHARD HAASS

“RIPENESS IS ALL,” noted Edgar in Shakespeare’s King Lear. When it comes to negotiations to limit or end international conflicts, he is right: agreements emerge only when the leading protagonists are willing to compromise and are then able to commit their respective governments to implement the accord. This truth is highly relevant to any attempt to end the war between Russia and Ukraine through diplomacy. Ukrainian President Volodymyr Zelensky has any number of reasons to end a conflict that has already killed thousands of his citizens, destroyed large parts of several major cities, rendered millions homeless, and devastated Ukraine’s economy. And his standing has grown by the hour, giving him the political strength to make peace – not at any price, but at some price. Already, there are signs he might be willing to compromise on NATO membership. He would not recognize Crimea as being part of Russia, but it might be possible for him to accept that the two governments agree to disagree on its status, much as the United States and China have done for a half-century concerning Taiwan. Similarly, he would not recognize the independence of the Donetsk and Luhansk “people’s republics,” but he could sign on to their being given significant autonomy. The question is whether even this would be enough for Russian President Vladimir Putin, who has demanded the “deNazification” of Ukraine, a phrase that

seems to call for regime change, as well as the country’s total demilitarization. Given that he has questioned whether Ukraine is a “real” country, it is hard to avoid the conclusion that he remains uninterested in coexisting with a legitimate government of a sovereign, independent state. So far, Putin has demonstrated he is more interested in making a point than in making a deal. What could change this? What could make the situation riper for a negotiated solution? That is actually the purpose of the West’s policy: to raise the military and economic costs of prosecuting the war so high that Putin will decide that it is in his interest (he clearly cares little about the interests of Russia) to negotiate a ceasefire and accept terms that would bring peace. Again, this seems unlikely, if only because Putin almost certainly fears it would be interpreted as a sign of weakness, encouraging resistance to his continued rule. Alternatively, he could be pressured to negotiate. In principle such pressure could come from below – a Russian version of “people power” in which the security services are overwhelmed, much as they were in Iran in the late 1970s. Or pressure could come from the side, from the few others who wield power in today’s Russia and could decide that they must act before Putin destroys more of Russia’s future than he already has. The former does not seem to be in the offing, given mass arrests and control of information, and there is simply no way of knowing if the latter might happen until it does. The one other party that could put pressure on Putin to compromise is

China and its president, Xi Jinping. True, China has publicly cast its lot with Putin, blaming the US for the crisis and even amplifying Russian conspiracy theories. Xi might have calculated that it is good for China to have the US preoccupied with the threat from Russia rather than focused on Asia. Xi also likely sees little or no upside in edging toward the US position, given bipartisan support in the US for a tough policy toward his country. At the same time, Xi cannot be happy that Putin’s invasion violates a basic tenet of Chinese foreign policy, namely, to view sovereignty as absolute and not to interfere in other countries’ internal affairs. Instead of dividing the West, Putin has united it to an extent unseen since the collapse of the Soviet Union, while simultaneously contributing to worsening views of China in Europe. Nor can Xi welcome the risks the Ukraine crisis poses at a time when China’s post-pandemic economic recovery remains fragile and he is seeking an unprecedented third term in power. While the chances of changing China’s calculus are low, efforts to do so should nonetheless be explored. As a first step, the US should reassure China that it stands by its one-China policy. US President Joe Biden’s administration could rescind the Trump-era tariffs, which have failed to induce any change in Chinese economic practices and have contributed to inflation at home. It could also signal its willingness to restart a regular strategic dialogue. Most important, Chinese leaders should be made to understand that this is a defining moment for their country and its relationship with the US. If China continues to side with Putin, if it provides military, economic, or diplomatic support to Russia, it will face the prospect of economic sanctions and stricter technology controls in the short run and deep American enmity in the long run. In short, the US should make clear that the strategic costs for China of its alignment with Russia will far outweigh any benefits. There is no way of knowing whether Xi will elect to reorient his stance, and if he did, whether it would cause Putin to approach negotiations in good faith. Without China’s support, though, Putin would be even more vulnerable that he already is. For now, a negotiated peace remains a long shot. There is no evidence that battlefield losses, the costs of sanctions, or internal protest will deter Putin from continuing his efforts to raze Ukraine’s cities, crush its spirit, and oust its government. Meanwhile, the people, army, and leadership of Ukraine, backed by the West, continue to demonstrate extraordinary resilience. An unwarranted war of choice is morphing into an openended war of perseverance. - Project Syndicate

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WEDNESDAY MARCH 16, 2022

Corporate Boardroom Gender Equity: The role of media. BY MESSAN MAWUGBE (PHD)

he United Nations’ (UN) International Women’s Day of 2022 is marked in the context of climate change, environmental and disaster risk reduction through the theme of ‘Gender equity today for a sustainable tomorrow’. Certainly, UN recognises the critical role gender equity plays in the sustainable future of human existence. Besides the UN, society at large recognises women-equity as human-equity, an acquisition through our inherent natural rights of existence. In spite of these natural women-human rights, women remain under represented in many sectors of society’s corporate boardrooms. Academia, corporates, policy makers, opinion leaders, government and organisations continue to support the promotion of gender equity within the spaces of corporate governance. Although a level of positives strides has been made in gender equity, gender diversity of women representations on corporate boards remains at a low pace as the gender gap somewhat continues. Perhaps, society should emulate the Finnish mindset of gender equity notion as partnership between women and men than a competition of “women versus men”. In reference to the United States of America, according to the American Bankers Association (ABA), although women represent more than half of the American population, they are consistently under-represented on banking corporate boards. It is against the backdrop of ABA’s position this article is developed. In an analysis of top 10 US and UK Banks as ranked in 2021, and the boardroom membership on the corporate websites of the following: ( JP Morgan, Bank of America, Wells Fargo, Citigroup, US Bank Corp, Truist Bank, PNC Bank, TD Group, Goldman Sachs, Bank of New York, HSBC, Lloyds, RBS, Barclays, Stan Chart, NBS, Schroders, Close Brothers, Coventry Building, Santander), 154 are male representing 63 percent with 91 comprising women representing 37 percent as in the diagram. This data analysis may be limited by the scope, hence future study should expand the scope beyond top 10 banks and be extended to other business sectors and

BOARDROOM GENDER EQUITY REPRESENTATION ONLY 37%

MALE, 154, 63%

FEMALE, 91, 37%

Top 1O US & UK Banks Under-Represent Women in Boardroom: Only 37%

a comparative analysis of Europe, North and South America, Asia and Africa. Such a broader study would throw more light on the extent of corporate boardrooms gender equity challenges and needs. The Media Applying BoardroomGender-Equity Lens: Undoubtedly, the media has been contributing to human development. Society is however faced with gender equity challenges across the globe. For instance, for the past 22 years, Los Angeles has just appointed the first female Fire Service Chief- this simply suggest how important gender equity is and the challenging future it poses to equitable human existence. The media as a social force for informing, entertaining and educating society; and as an instrument for change, is encouraged to accord issues relating to corporate boardroom gender equity with news prominence on its news agenda for social change. “Gender equity today for a sustainable tomorrow” as expressed by the UN, should transcends beyond climate change and its associated environmental risks disasters. In my view, a society that fails to uphold gender equity is equally guilty of promoting what I termed as ‘gender-ecosystem disaster’ with a tendency of risking human co-existence and human harmony. As society celebrates International Women’s Day,

the media could consider directing its news lenses towards corporate boardroom gender representations and equity related narratives. It must however be established that corporate boardroom gender equity debate should not be confrontational in application but a mechanism of constructive global dialogue towards sustainable human existence for tomorrow. Generally, a consistent ethical news editorial agenda on boardroom gender equity issues could create the needed awareness, public trust and subsequently induce a social change across corporates’ boardroom gender representations landscapes.

“Gender equity today for a sustainable tomorrow” as expressed by the UN, should transcends beyond climate change and its associated environmental risks disasters.

Messan Mawugbe (PhD) Strategic Corporate Communication Consultant Email: nekzy@yahoo.ocm

| NEWS

WEDNESDAY MARCH 16, 2022

UBA Foundation observes International Women’s Day with a call on women not to belittle each other The UBA Foundation on Tuesday March 8, Observed International Women’s Day at a ceremony to encourage women to continue in their strive to get to the top. The Event held at the Ghana Shipper’s Authority brought together female staff of the company among others. Addressing staff at the ceremony under the theme, ‘Break the Bias’, Public Relations expert, Ivy Heward-Mills urged women to learn about how to mentor and lift others up the ladder. According to her, this gesture would build the capacity and make other women succeed in the journey of life, adding that there is no greater source of pride than holding another woman up. “The only way to create an opportunity or inspire younger ones is mentoring other women, building each other up can never be underestimated,” she said. Ms. Heward-Mills charged women not to belittle themselves, “believe in your capabilities, write down your amazing achievements from academics, successes at work, good things family say about you and you would realise your potential.” Also, she encouraged women to

brand themselves properly and utilise opportunities which come their way. She commended UBA for championing the course of women, saying she was delighted to know that 17 out of the 28 branches of the company are led by women. The Deputy Managing Director of UBA, Mrs. Sylvia Nkoom in her address said it was good that on a particular day like this everything

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stops and the conversation is about women. According to her UBA as an institution had shown that it believes in women considering their mode of operations and the set up. She said breaking the bias as a theme meant there was some bias, for this reason, it would be naive for everyone to go around thinking it is fair playing field.

“I have heard He for She Movement, I’m happy about that but in my head, I want a movement that is She for She, that would mean women standing for each other and taking destinies into their hands.” The participants expressed appreciation to the leadership of UBA for such an event to build their capacity.

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Date: Wednesday 30th March 2022 Venue: Online (Microsoft Teams) Time: 10:00am- 11:30am GMT Rate: Free To register, click https://bit.ly/3IUu2Q4

|NEWS

WEDNESDAY MARCH 16, 2022

CIMG releases results of Ghana’s maiden professional marketing qualification examinations

he Chartered Institute of Marketing, Ghana (CIMG), last Thursday, officially announced results of the Institute’s maiden professional marketing qualification (PMQ) examinations, which was held in the December 2021 exam window. Altogether, 91 candidates from 2, out of the existing 10 Accredited Study Centres (ASCs), namely, the Ghana School of Marketing and the University of Professional Studies, Accra, wrote the maiden examinations. It will be recalled that the CIMG, in April 2021, unveiled Ghana’s first-ever Professional Marketing Qualifications at a colourful ceremony held at the plush auditorium of the University of Professional Studies, Accra (UPSA) campus, which attracted over 200 guests physically with more than 300 virtual audience. In his opening remarks at a media briefing ceremony organised by the CIMG to announce the results, the National President, Dr D. Kasser Tee, expressed his delight at the general performance of candidates, indicating that the Institute had recorded highly impressive average pass rate in 8 out of the total of 11 modules written in the December 2021 exams. Dr Kasser Tee said: “From the 11 courses mounted, a high pass rate was achieved in 8 while low pass rates were realised in the other 3. We have noticed, with some disappointment that the poor performing areas were at the foundation stage, affecting mainly Fundamentals of Marketing and Buyer Behaviour at the entry level (Pathway 1) with an average pass rate of a mere 16%. Performance in Sales and Sales Management, also a foundation stage course at Pathway 3, was equally relatively bad, with only 22% pass rate. With the exception of these, performances for the remaining 8 courses were very impressive, considering that this was the maiden exams with no past questions, no chief examiners report, among other things. The average pass rate of these 8 courses was a remarkable 82%, comprising one (1) paper at Pathway 2, three (3) papers at Pathway 3 and four (4) papers at Pathway 5,”. He further indicated that CIMG’s standards and expectations from the ASCs will continue to be under serious and constant scrutiny as part of the Institute’s periodic audit and assessment of centres. This, he indicated, serves as a signal to all ASCs to examine the level of preparedness of prospective students for the foundation courses before enrolment, as

such candidates form the bedrock upon which excellent professional Marketers will be developed. “We will continuously engage all centres to collectively agree on measures to fine-tune the mode of delivery and the calibre of Tutors selected for these programmes”, emphasised Dr Kasser Tee. He expressed the Institute’s excitement about the successful conduct of the maiden examinations, saying; “Our ability to organise the December examinations successfully without any hitches creates some excitement within membership. Our audit and quality assurances were excellent from the question setting stage through moderations to mounting the exams. All the processes for delivery of scripts to markers, moderation and evaluation of marked scripts, etc were excellently done under strict confidentiality, until the final results were released to students on February 21, 2022, exactly 7 weeks after the exams, which is an impressive achievement”. Dr Kasser Tee applauded the good works of the Institute’s Chief Examiner, Dr. Dr. Francis Mensah

Sasraku, the Consulting Director of Education, Mr Adam Sulley, the CEO/Registrar of CIMG, Mr Kwabena Agyekum, all Examiners and Markers, the examinations management committee and the Examinations Board for being very instrumental in the conduct of the examinations. He paid special compliment to all 91 candidates for the maiden exams, describing them as; “The gallant 91 candidates who had faith and trust in the local Professional Marketing Qualifications brand”, notwithstanding any doubt’s others may have had. “For taking part in CIMG’s maiden examinations, your names will forever remain in the annals of CIMG’s history as the institute’s first batch of gallant 91 candidates for the PMQ exams. We, accordingly, appreciate you all for believing in this beautiful madein-Ghana professional marketing qualifications brand”, concluded Dr Tee. On his part, the CIMG’s Chief Examiner for the PMQ, Dr. Dr. Francis Mensah Sasraku stated that the results were analysed using the minimum performance range, which

indicates whether at least 50% of candidates passed the paper or not. According to the Chief Examiner, “We conducted a module-by-module analysis to ascertain the effect on how the maiden PMQ examinations had been implemented and the potential effect on its sustainability.” He further highlighted that the Institute’s examinations management committee and the Examinations Board had conducted a study on the learning styles of candidates for professional programmes, the outcomes of which strongly re-affirms the notion that learners for professional qualifications programme should not be treated in the same way as their counterparts studying academic programmes. This, he indicated, was because professional programmes are meant to equip learners with hands-on practical skills to enable them effectively function in any situation, from the tactical levels to the strategic levels, depending on the level of study attained by one. He buttressed the need for regular orientation programmes for Tutors at all Accredited Study Centres to ensure that they deliver to the expectations of the CIMG examinations. He further urged learners to always take advantage during the “meet the examiner” sessions, held about 2 weeks to the commencement of examinations, as these sessions afford candidates the opportunity to understand and appreciate the true requirements of the examiners. The Consulting Director of Education, Mr Adam Sulley, reiterated that despite the success of the exams, the prospects for further improvement are good for the next batch of candidates. He made this statement in response to a question on targets for the next and future examinations. “The good thing that has happened with CIMG and Professional Marketing Qualifications is that this is the first time a professional body has engaged effectively both traditional and technical universities in terms of partnering us to deliver our professional programmes. So, the prospects look very good. I must confess that the situation gets very exciting at every step of the journey. Attracting 120 learners to enrol as Student-Marketers, out of which 91 sat the maiden exams is a remarkable achievement. It is something we should be very proud of. We are looking at year two moving up between two hundred and three hundred. By year three, we should be hitting about five or six hundred,” Mr Sulley explained.

|NEWS

WEDNESDAY MARCH 16, 2022

Huawei’s TECH4ALL project in Africa wins GSMA award At MWC 2022 Barcelona, Safaricom, Close the Gap and Huawei received the Global Mobile GLOMO Award in recognition of the TECH4ALL DigiTruck project’s outstanding contribution to the UN’s sustainable development goals. The DigiTruck project was launched in Kenya for the first time in 2019. It was launched by Huawei in collaboration with international NGO Close the Gap, Kenya’s Ministry for ICT, Computer for Schools Kenya, GSMA and operator Safaricom. The project aims to bring digital technology to resource-poor regions and enable people to receive quality education and improve their lives. By the end of 2020, the project has provided services to 13 Kenyan rural

areas，1300 students and teachers, clocked up to 22000 hours for training. DigiTruck is a mobile classroom transformed from a truck container with wireless broadband access, where students can learn digital skills and access the internet. “This win is a remarkable recognition of our efforts together with Huawei and other partners in connecting our customers digitally” said Peter Ndegwa, CEO of Safaricom. DigiTruck is part of Huawei’s digital inclusion initiative TECH4ALL, aimed at using technology, applications and skills to empower people and organizations. In Sub Saharan Africa, TECH4ALL is also

carried out in South Africa, Ghana and Mauritius. In South Africa, TECH4ALL has benefited more than 52000 students from over 90 primary schools both in urban and rural areas; in Mauritius, the project is using underwater cameras to monitor threatened coral reefs in real-time to protect and restore 5 hectares of the coral reef ecosystem; In Ghana, the project aims to create digital content for local teachers and students. “I am pleased to see that UNESCO and Huawei are working with our national institutions, especially those mandated by the Government of Ghana to promote the full integration of ICT into the education system,” said Yaw Osei Adutum, the

Minister of Education. “Information and communication technologies ICTs can help accelerate progress towards every single Sustainable Development Goals of United Nations， especially key SDGs including Quality Education, Gender Equality and Climate Change. As a global ICT company operating in Sub Saharan Africa, we try to unlock the potential of ICTs together with local and international partners for better life, better community, better environment and better future for people and future generations from the region ＂said Mr. Yang Chen, VP, Huawei Southern Africa Region.

GOIL donates to Appiatse explosion victims

GOIL Company Limited has donated quantities of food items and clothing to victims of the Appiatse explosion disaster. The items included assorted clothing, bags of maize, 20 bags of rice, 20 boxes of edible oil, cartons of milk, sugar, baby foods and detergents. Others were canned fish, exercise books and pens, diapers and bottles of water.

The donation was to lessen the difficulties the inhabitants of the community were facing following the January 20, 2022, disaster that claimed the lives of 14 people and destroyed the residential property of the community. Social intervention Presenting the items, the Head of Administration and Human Resource of GOIL, Martin OluDavies, expressed the company’s

sympathy to the community. He noted that as a responsible oil marketing company operating near the community, it was important to assist the people in their moment of need. The support, he explained, was part of the company’s social intervention strategy to needy communities. The Chief Executive of the PresteaHuni Valley Municipal Assembly, Dr Joseph Dasmani, received the items in

the company of the National Disaster Management Organisation (NADMO) officials in the municipality, and expressed gratitude to GOIL for the donation, describing it as “big and timely”. Present at the ceremony were GOIL’s Public Relations Manager, Robert Kyere; the Zonal Manager, West of GOIL, Baaba Martin-Daniels, and the Divisional Chief of the area, Nana Atta-Kojo Brembi II.

| NEWS

WEDNESDAY MARCH 16, 2022

Absa Group earnings doubled to R18.6bn in 2021

bsa Group headline earnings more than doubled to R18.6 billion in 2021 from R8 billion in 2020, well in excess of 2019 earnings, as pre-provision profit increased and as the impairments charge reduced substantially. The improvement in part reflects a stronger than expected economic recovery in South Africa, where Absa generates most of its income. South Africa’s gross domestic product improved from a low base in 2020 and showed improving momentum for most of the year. All of the countries in which Absa has a presence look to have returned to positive economic growth during 2021. “This is a strong set of results which reflect the benefit of, not only the improved operating environment in 2021, but also the deliberate actions that we have taken to ensure that Absa remains resilient and poised to resume our growth plans in a favourable environment,” said Jason Quinn, Absa Interim Group Chief Executive. “Our purpose-led approach to supporting our clients and communities defined our success in a tough environment while also creating value for shareholders,” he said. Revenue growth remained resilient at 6%, or 8% in constant currency, supported by strong growth in net interest income (up 9%). Non-interest income was in line with 2020 levels, as the negative impact of Covid-19-related claims in the insurance business eroded the benefit of strong income increases in areas including Global Markets. Solid revenue growth and cost management helped to deliver positive pre-provision profit growth over the past two years. Absa continues to make material investments in information technology (IT), where costs increased by 19% to R4.9 billion as Absa sought to build on the gains made during the past three years in improving system reliability and stability for customers, and to strengthen security and controls. Impairment charges were significantly lower than in the prior year as fewer customers defaulted on loans and the outlook for defaults improved on the back of improved macro-economic conditions. Customer deposits grew 12%, supported by strong performance in the retail and business banking and corporate deposit portfolios and the closure of the Absa Money Market Fund, with a significant portion of those customers electing to migrate to Absa deposit products.

Growth in gross customer advances at 7% was supported by strong growth in secured assets in South Africa, where home loans increased 9% and vehicle asset finance rose 10% as Absa continued to gain market share in these areas. “We have come through the crisis in a strong position, having focused on managing operating leverage, building balance sheet resilience and preserving capital,” said Punki Modise, Absa Interim Group Financial Director. “These actions and our financial performance resulted in a return on equity that exceeds our cost of equity, years ahead of expectation,” she said. Return on equity improved to 15.8% in 2021, while Absa Group’s Common Equity Tier 1 (CET1) ratio was strong at 12.8%. At this level, Absa’s capital reserves are above the Board target level and above the minimum regulatory capital requirement level. Retail and Business Banking (RBB) RBB earnings more than doubled as significantly lower impairment charges were partially offset by a 3% contraction in pre-provision profit, reflecting the impact of higher excess mortality claims in the life insurance business, customer fee cuts of R600 million to alleviate strain on customers, and increased performance costs. RBB operations outside of South Africa contributed to the improved performance and returned to profitability in 2021. Since the start of the Covid-19 pandemic, RBB has focused on being close to customers and responding proactively and empathetically with initiatives to support them. This approach continued in 2021 as customers were supported through lockdowns and civil unrest with bespoke relief measures including debt restructuring, debt consolidation and assisted asset realisation. In 2021, the focus shifted from mitigating the financial consequences of the Covid-19 pandemic to growing the business in a sustainable and selective manner through dynamic execution of the strategic transformation journey launched in 2018. The customer franchise strengthened as reflected in key performance indicators in South Africa, including: • a 49% increase in home loan registrations • vehicle asset finance production increasing 24% • new personal loans increasing 40% in South Africa • cheque account sales increasing by 73%, which is 24% higher than 2019 levels

RBB SA is in the second phase of its 2018 strategy, focusing on smart growth. Its main priorities include improving customer primacy, making progress with digitisation and growing capital-light revenues, including in our integrated bancassurance operations. In 2021, RBB revamped key capabilities within the customer relationship matrix, including the launch of a behavioural rewards programme – Absa Advantage – which, as a data-driven customer communication approach, has improved the understanding of customer preferences and therefore enhanced the ability to engage empathetically in all interactions. Social media engagement with customers has been elevated across the business as evidenced by the improvements made in the 2021 BrandsEye Net Sentiment Banking Index where Absa came out on top after being the bottom ranked bank for a number of years. Absa also remained at the forefront of digital payment innovation with the launch of Apple Pay in South Africa, as well as contactless payments with Garmin and FitBit wearables as well as the introduction of the universal QR scan to pay functionality in the Absa app in 2021.

49% HomeLoan Registrations

24%

Vehicle Asset Finance

40%

Persona Loans

73%

Cheque AccountSales

| NEWS

WEDNESDAY MARCH 16, 2022

While the outlook for the global economy in 2022 is particularly uncertain, we feel positive about the strong base that we have built in the past few years and how this has positioned us to deliver on our strategic objectives Jason Quinn, Absa Interim Group Chief Executive

Corporate and Investment Banking (CIB) CIB headline earnings increased to levels higher than prior to the pandemic, with strong growth recorded across corporate banking and investment banking and across regions. Earnings performance was supported by income growth of 10% as the client franchise grew and primary-banked client numbers increased. Improved credit performance and a 78% drop in impairment charges further supported earnings. All core business units delivered double digit revenue growth in constant currency, with strong performance from Markets despite the high base. A 14% increase in Global Markets income was supported by solid franchise growth across both Corporate and Institutional client base. Having completed the balance sheet led phase of its strategy and separation from Barclays, CIB is also successfully prioritising customer primacy, as well as deposit and non-interest revenue growth, carefully balancing growth and returns. Absa made significant progress in building on existing environmental, social and governance (ESG) capabilities and in its aspiration to become an African leader in this space. Absa was the first South African bank to announce sustainable finance targets with the aim to finance or arrange over R100 billion for ESG-related projects

by 2025. We also announced Africa’s first certified green loan from the International Finance Corporation, with a value of $150 million. An active force for good

Absa also contributed to initiatives in support of business relief for informal traders and micro- enterprises affected by Covid-19 and Civil Unrest in South Africa.

Absa actively contributed to creating inclusive sustainable economic growth in Africa, investing close to R195 million in support of communities through various education and youth employability, advocacy and thought leadership, as well as COVID-19 and Civil Unrest response initiatives. These included, among others: The launch of the Absa Fellowship Programme, which aims to support the development of authentic, accountable, and ethical future leaders with the potential to play a shaping role in their respective communities in Africa. The Absa Cross Skilling programme, a collaboration with our CIB clients to cross-skill 238 young people after Covid-19related job losses. 17,873 unemployed youth supported through technical, vocational and digital skills among others. Absa invested in initiatives that promote fairness, equality and transparency across all our African markets. These included, among others, financial contributions and leadership support towards the GenderBased Violence and Femicide Response Fund in South Africa.

The outlook for the global economy in 2022 is particularly uncertain. Events in Ukraine are acute, and sharp moves in commodity prices and potential interruptions to supply are likely to trigger significant re-assessments. Absa currently expects South Africa’s economy to grow by 2.1% in 2022, returning to pre-Covid absolute GDP levels by the end of the year. In countries outside of South Africa, where Absa has a presence, GDP-weighted economic growth of 5.3% is expected. Based on these assumptions, and excluding further major unforeseen political, macroeconomic or regulatory developments, Absa expects high singledigit revenue growth in 2022 and return on equity at similar levels to 2021. “While the outlook for the global economy in 2022 is particularly uncertain, we feel positive about the strong base that we have built in the past few years and how this has positioned us to deliver on our strategic objectives,” said Quinn. “We will pursue growth opportunities appropriate to the environment and shore up buffers as needed to ensure that the bank remains resilient.”

Looking ahead

|NEWS

WEDNESDAY MARCH 16, 2022

| C O M M E N T/A N A LY S I S

What About the Climate Displaced?

oing beyond the headline figures of rising temperatures and sea levels, the latest report from the Intergovernmental Panel on Climate Change (IPCC) captures the full scale of the threat to human life in a heating world. It explains how extreme weather, drought, habitat and species loss, urban heat islands, and the destruction of food sources and livelihoods are all intensifying. And the scientific community is now more certain that climate change is having a direct influence on migration. Climate-related displacement disproportionately affects people who have contributed least to the problem. Thanks to the repeated failure of the world’s major powers to address climate change, extreme weather in Central America, fires and storms in North America, flooding across Europe and Asia, and drought in Africa are forcing people to move. Last year, the Red Cross confirmed that it was already dealing with the consequences of climate change in all 192 countries where it operates. The IPCC report recognizes that migration is a form of climate adaptation – and that it is already occurring. This is an important correction to the widespread narrative of climate-linked displacement as a problem to be managed at some point in the future. That view is often accompanied by fearmongering in wealthy countries about swarms of climate refugees. Across the Global North, ever more public money is being funneled into a growing border-security and surveillance industry that promises to tackle the “threat” with a “Global Climate Wall.” The industry’s lobbyists and political allies claim that advanced networks of weapons, walls, drones, surveillance technology, and lawfare will be needed to protect powerful countries against future waves of climate displacement.

But climate walls provide no such protection, even as they threaten civil liberties (in wealthier countries as much as anywhere else) and divert resources from meaningful climate action to the hands of crisis profiteers. Worse, these operators are closely linked to the fossil-fuel sector, global finance, and the arms industry, which profits from the conflicts that generate refugee flows (and that climate change will make more likely). These false solutions are already costing lives and livelihoods. In 2020-21, 2,000 people were killed in the Mediterranean due to illegal “pushback” policies in the European Union. People being turned away at the US-Mexico border are also fleeing extreme weather conditions, as are many now languishing in indefinite detention in countries from Britain to Australia. The IPCC report is right to stress the urgency of decarbonization to prevent further displacement. But we must not stop there. The governments of major emitters of greenhouse gases must be pressured to support countries that face irreversible loss and damage from climate change. The global climate movement will fail if it focuses only on renewable energy and not also on ameliorating the suffering caused by the climate emergency that is already here. What more should be done? First, we must safeguard both the right to move and the right to stay. Climate finance to help atrisk communities build resilience and limit migration is essential, as are improvements to disaster warning and relief systems. But we also need financing to facilitate the safe movement of people when it is necessary. Most displacement happens within countries, not across borders, so we must ensure that poorer countries have the resources to manage both short- and long-

The solutions to displacement already exist, as do the legal and moral bases for establishing practical agreements between governments.

term resettlement. Second, in cases where climatelinked displacement does cross borders, we should respond with pragmatism and compassion, not paranoia and profiteering. The money being thrown at dystopian military and surveillance infrastructure should instead go toward supporting safe and legal routes and procedures for people who need to move. The dominant political impulse today is to try to divide people by the circumstances of their birth. But with more resources and a different political vision, we could ensure that both newcomers and host communities alike benefit from immigration. Third, we need to broaden our understanding of what counts as climate-linked displacement. Those who are directly fleeing storms, fires, and floods obviously need policy support. But climate change is also a growing factor in resource shortages, income loss, political instability, and violent conflicts. We must resist efforts to limit the definition of who counts as a climate-displaced person. We cannot wait for disaster to strike before acting. We should already be considering processes to achieve planned migration with dignity, allowing people in vulnerable locales to move before the worst effects materialize. Despite its shortcomings, the IPCC report does acknowledge that human migration is an important part of the solution to the broader crisis of climate change. Displaced, indigenous, and vulnerable communities in both the Global North and South have already had their lives changed for the worse by pollution, fossil-fuel extraction, and climate change. They have much to teach us about preserving life in a heating world, if we seize the opportunity to bring people together, to foster cross-border problem-solving, and to push back against the petty nationalism that has hamstrung the world’s pandemic response. The solutions to displacement already exist, as do the legal and moral bases for establishing practical agreements between governments. What we need is international action to provide systems that can ensure a safe and dignified future for everyone. A climate movement that has learned to protect human life to the fullest must be at the forefront of that effort. - Project syndicate

| MARKET REVIEW

WEDNESDAY MARCH 16, 2022

Weekly Market Review For Week Ending March 11, 2022 MACROECONOMIC INDICATORS

BEST 5 TRADED EQUITIES BY VOLUME FOR THE WEEK ENDING 11/03/2022

Trend in Market Indices - 2022

SOGEGH, 4.25%

ACCESS, 7.73%

2,500

SIC, 8.38%

2,000 1,500

MTN, 42.28%

1,000 500

ETI, 26.14% 1/2 2 25 /0 1/2 01 2 /0 2/ 2 08 2 /0 2/ 2 15 2 /0 2/ 2 22 2 /0 2/ 2 01 2 /0 3/ 2 08 2 /0 3/ 22

/2 2

/0 18

1/2 2

11/

15.7% 8.0%

3,000

6.6% 5.3% 5.0% 14.50% 13.01%

Q3, 2021 GDP Growth Average GDP Growth for 2021 2021 Projected GDP Growth BoG Policy Rate Weekly Interbank Interest Rate Inflation for February, 2022 End Period Inflation Target – 2021 Budget Deficit (% GDP) – Dec, 2021 2022 Budget Deficit Target (%GDP) Public Debt (billion GH¢) – Nov, 2021

GSE CI

GSE FSI

9.7% BEST 5 TRADED EQUITIES BY VALUE FOR THE WEEK ENDING 11/03/2022

7.4%

Debt to GDP Ratio – Nov, 2021

78.4%

YTD Performance of GSE Market Indices 0.50%

EGL, 9.26%

0.00%

GCB, 6.14%

-0.50%

04 /0 1/ 22 11 /0 1/ 22 18 /0 1/ 22 25 /0 1/ 22 01 /0 2/ 22 08 /0 2/ 22 15 /0 2/ 22 22 /0 2/ 22 01 /0 3/ 22 08 /0 3/ 22

344.5

-1.00% -1.50%

MTN, 40.32%

ACCESS, 12.97%

-2.00%

SCB, 15.09%

-2.50% -3.00%

STOCK MARKET REVIEW

-3.50%

Price Movers for the Week Equity

Opening Price

Closing Price

Gain/Loss (%)

SIC Insurance Company Ltd.

0.16

0.19 ▲18.75%

Ecobank Transnational Inc.

0.13

0.15 ▲15.38%

Societe Generale Ghana PLC

1.2

1.19

▼0.83%

0.85

0.84

▼1.18%

Cal Bank PLC

GSE CI

GSE FSI

5 Best & 5 Worst Performing Stocks YTD Return

Volume and Value of Trades for Week Ending 11/03/2022

160.00% 140.00%

1600000

120.00% 100.00%

1400000

80.00%

1200000

60.00%

1000000

18.28% 17.78%

40.00%

17.65%7.14%

20.00%

800000

-60.00%

I CA L BO PP FM L PB C AC CE SS

-40.00%

200000

400000

-20.00%

0.00%

600000

137.50%

EG L GG BL

Market capitalization inched up by 0.75% to close the week at GH¢63,713.16 million, from GH¢63,239.29 million at the close of the previous week. This reflects YTD decrease of 1.21%. Trading activity recorded a total of 1,892,384 shares valued at GH¢2,142,874 changing hands, compared with 43,849,420 shares, valued at GH¢45,434,231.80 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 42.28% and 40.32% respectively of total shares traded. The market ended the week with 2 gainers and 2 decliners as indicated on the table below.

-4.00%

SI C

The Ghana Stock Exchange strengthened for the week on the back of upward movements by 2 counters. The GSE Composite Index (GSE CI) gained 13.66 points (+0.50%) to close at 2,744.25 points, reflecting year-to-date (YTD) loss of 1.62%. The GSE Financial Stocks Index (GSE FI) also gained 24.76 points (+1.17%) to close at 2,141.77 points, reflecting year-to-date (YTD) loss of 0.47%.

-3.45%

-25.00% -33.33%-39.68% -9.77%

07/03/22 08/03/22 09/03/22 10/03/22 11/03/22 VOLUME

VALUE

CURRENCY MARKET

Market Capitalization for Week Ending 11/03/2022 63800 63700 63600 63500 63400 63300 63200 63100 63000

0 -0.002 -0.004 -0.006 -0.008 -0.01 -0.012 -0.014 -0.016 -0.018 -0.02

22 22 22 22 22 3/ 3/ 3/ 3/ 3/ 0 0 0 0 0 / / / / / 07 08 09 10 11 MARKET CAP

YTD%

The Cedi depreciated against the USD for the eighth consecutive week. It traded at GH¢7.0250/$ on Friday, compared to GH¢7.0019/$ at week open, reflecting w/w and YTD depreciations of 0.33% and 14.50% respectively. This compares with YTD appreciation of 0.59% a year ago. The Cedi advanced marginally against the GBP for the week. It traded at GH¢9.1814/£, compared with GH¢9.2527/£ at week open, reflecting w/w appreciation and YTD depreciation of 0.78% and 11.48% respectively. This compares with YTD depreciation of 1.05% a year ago. The Cedi also weakened against the Euro for the week. It traded at GH¢7.6934/€, compared with GH¢7.6405/€ at week open, reflecting w/w and YTD depreciations of 0.69% and 11.25% respectively. This compares with YTD appreciation of 3.33% a year ago.

The Cedi further weakened against the Canadian Dollar for the week. It opened at GH¢5.4792/C$ but closed at GH¢5.5280/C$, reflecting w/w and YTD depreciations of 0.88% and 14.22% respectively. This compares with YTD depreciation of 1.18% a year ago.

Treasury Yield Curve 22

21.75

19.75 19.00

70%

19.75 18.10

Weekly Interbank Foreign Exchange Rates

YTD Performance of Selected Commodity Prices

20.20

20.75

60%

19.75

50%

16.96

Year Open

Week Open

Week Close

Change

YTD %

YTD

6.3020

6.4227

▼1.88

▼6.49

8.1272

8.5754

8.7391

▼1.87

▼7.00

40% 30% 20%

13.55 13.25

10%

08/03/22

11/03/21

6.0061

7.0019

7.0250

▼0.33

▼14.50

GBP/GHS

8.1272

9.2527

9.1814

▲0.78

▼11.48

EUR/GHS

6.8281

7.6405

7.6934

▼0.69

▼11.25

CAD/GHS

4.7416

5.4792

5.5280

▼0.88

▼14.22

0% -10%

01 /0 1/ 08 22 /0 1/ 15 22 /0 1/ 22 22 /0 1/ 29 22 /0 1/ 05 22 /0 2/ 12 22 /0 2/ 19 22 /0 2/ 26 22 /0 2/ 05 22 /0 3/ 22

01/01/22 USD/GHS

91 Da 18 y 2D a 36 y 4D ay 2 yr 3 yr 5 yr 6 yr 7 yr 10 yr 15 yr 20 yr

Currency Pair

Gold

COMMODITY MARKET

Source: Bank of Ghana

01 /0 1 08 /22 /0 1 15 /22 /0 1/ 22 22 /0 1 29 /22 /0 1/ 05 22 /0 2 12 /22 /0 2 19 /22 /0 2/ 26 22 /0 2 05 /22 /0 3/ 22

10.0000 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000

GBP

EUR

CAD

YTD Performance of the Ghana Cedi against Selected Currencies 4.00 2.00 0.00

Commodities

01 /0 1/ 08 22 /0 1/ 15 22 /0 1/ 22 22 /0 1/ 29 22 /0 1/ 05 22 /0 2/ 12 22 /0 2/ 19 22 /0 2/ 26 22 /0 2/ 05 22 /0 3/ 22

-2.00 -4.00

Year Open

Week Open

Week Close

01/01/22

14/02/22

18/02/22

93.10

93.54

1,842.10

1,899.80

2,766.00

2,573.00

Chg %

YTD %

▲0.47

▲20.26

-10.00

Brent crude oil (USD/ bbl)

-12.00 -14.00 -16.00 CAD

18/02/22

91 Day TB

12.53

12.69

12.91

▲1.81

▲3.10

182 Day TB

13.21

13.26

13.29

▲0.30

▲0.63

364 Day TB

16.64

16.99

0.00

2.06

2-Yr FXR TN

19.75

0.00

3-Yr Bond

20.50

0.00

5-Yr Bond

21.00

0.00

6-Yr Bond

18.80

21.75

0.00

15.69

7-Yr Bond

18.10

0.00

10-Yr Bond

19.75

0.00

15-Yr Bond

19.75

0.00

20.20

0.00

▲2.10

International Commodity Prices - 2022 C 3,000 O C 2,500 O A 2,000 & G O L D

140

B 120 R E 100 N T 80

1,500

1,000

500

Gold

Cocoa

05/03/22

14/02/22

▼6.98

26/02/22

YTD Chg (%)

▲3.89

Source: https://www.investopedia. com/terms/m/monetarybase.asp ABOUT CIDAN

Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

19/02/22

01/01/22

20-Yr Bond

Current WoW Chg Yield % (%)

▲3.13

Monetary Base: The monetary base (or M0) is the total amount of a currency that is either in general circulation in the hands of the public or in the form of commercial bank deposits held in the central bank’s reserves. This measure of the money supply is not often cited since it excludes other forms of non-currency money that are prevalent in a modern economy.

RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700

Source: www.investing.com

12/02/22

Previous Yield %

2,520.00

05/02/22

Year Open

Cocoa (USD/ MT)

29/01/22

Security

1,828.60

22/01/22

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢2,341.25 million for the week across the 91-Day, 182-Day, 364-Day Treasury bills and 5-Year Fixed Rate Bond, compared to GH¢1,229.47 million raised in the previous week. The 91-Day Bill settled at 13.25%, from 13.14% last week whiles the 182-Day Bill settled at 13.55%, from 13.37% last week. The 364-Day Treasury Bill recorded no change and settled at 16.96%. The 5-Year FXR settled at 20.75% The table and graph below highlight primary market yields at close of the week.

Gold (USD/t oz.)

08/01/22

EUR

15/01/22

GBP

01/01/22

USD

77.78

Brent Crude

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

-6.00 -8.00

Cocoa

BUSINESS TERM OF THE WEEK

Crude Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia’s invasion of Ukraine. Brent futures traded at US$112.67 a barrel on Friday, compared to US$118.11 at week open. This reflects w/w loss and YTD gain of 4.61% and 44.86% respectively. Gold was down on Friday, with U.S. Treasury yields gaining over the latest U.S. inflation report. The commodity however posted a second weekly gain after talks between Russia and Ukraine made little progress. Gold settled at US$1,985.00 from US$1,966.60 last week, reflecting w/w and YTD appreciation of 0.94% and 8.55% respectively. Prices of Cocoa dipped for the week. The commodity traded at US$2,580.00 per tonne on Friday, from US$2,582.00 last week, reflecting w/w loss and YTD appreciation of 0.08% and 2.38% respectively.

Exchange Rates: Ghana Cedi vs Selected Currencies

USD

| MARKET REVIEW

WEDNESDAY MARCH 16, 2022

Brent Crude

C R U D E

CORPORATE INFORMATION CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com Disclaimer: The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

MONDAY, FEBRAURY 14, 2022

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NO. B24 / 314 | NEWS FOR BUSINESS LEADERS

WEDNESDAY MARCH 16, 2022

AGRIBUSINESS

African agriculture’s digital revolution: UN report pinpoints main obstacles and opportunities There is an urgent need to invest in last mile connectivity to strengthen digital infrastructure generally and enable the development of inclusive digital agriculture strategies to advance agricultural transformation in Africa.

he digital revolution currently underway in Sub-Saharan Africa offers enormous potential for economic growth and agricultural productivity. Coastal countries benefit from fast internet, thanks to undersea cables, and 4G mobile networks are expanding rapidly across the continent. Kenya’s capital, Nairobi, is referred to as the “Silicon Savannah” of Africa because of its buzzing digital economy. In spite of such success stories, much of sub-Saharan Africa remains unconnected: About one-third of the population is still out of reach of mobile broadband signals, and only 28 percent has any access to the internet. This has implications for the local agricultural sector, where productivity could be easily boosted by new digital technologies such as e-commerce, sensors, drones and better weather forecasts. A new report co-published today by the

Agriculture modernization and rural transformation provide real opportunities for maximum impact on growth and shared prosperity for countries in the Africa region.

Food and Agriculture Organization of the United Nations (FAO) and the International Telecommunication Union (ITU) offers one of the most comprehensive overviews to date on the status of digitalization in the region, focusing on digital agriculture transformation. The report - Status of Digital Agriculture in 47 Sub-Saharan African Countries - takes a deep dive into the status quo and the challenges that countries face along their digital transformation journeys. An overview is given for each of the 47 countries on a variety of key indicators, such as access to electricity, ownership of mobile devices, number of apps in the national language, the gender gap in social media use, and regulatory frameworks. But the study goes further than that, highlighting local examples and initiatives that should be promoted, replicated and scaled up to advance the region’s digital agriculture transformation. “Agriculture modernization and rural transformation provide real opportunities

for maximum impact on growth and shared prosperity for countries in the Africa region. Digitalization helps maximize the benefits digital technologies can bring in transforming societies, improving livelihoods through better production, better nutrition, a better environment, and a better life, leaving no one behind,” said Abebe HaileGabriel, FAO’s Assistant Director-General and Regional Representative for Africa. Untapped potential With the largest area of arable uncultivated land in the world, a youthful population - almost 60 percent of its people are below the age of 25 - and vast natural resources, sub-Saharan Africa is uniquely positioned to double or even triple its current agricultural productivity. For this to happen, a digital transformation of the food and agriculture sector is needed. This requires tackling existing barriers, such as limited infrastructure in rural areas, insufficient funding for agriculture, and inadequate investment in research and development, agro-innovation and agricultural entrepreneurship. Taking stock of the status quo and identifying such obstacles can go a long way in helping policymakers realize this untapped potential. “There is an urgent need to invest in last mile connectivity to strengthen digital infrastructure generally and enable the development of inclusive digital agriculture strategies to advance agricultural transformation in Africa,” said Anne-Rachel Inné, ITU’s Regional Director for Africa. Going forward, the study also offers suggestions on how to tackle these obstacles. They include encouraging governments to develop national digital agriculture strategies, creating a more conducive business environment for investors, and increasing collaboration among countries, international organizations and the private sector, so as to create an inclusive set of digital public goods in agriculture that are sustainable and scalable.

PUBLISHED BY BUSINESS24 LTD. TEL: 030 296 5297 | 030 296 5315. EDITOR: BENSON AFFUL EDITOR@BUSINESS24.COM.GH. +233 545 516 133.