Business24 Newspaper 21 March 2022

NEWS FOR BUSINESS LEADERS

BUSINESS24.COM.GH | MONDAY, MARCH 21, 2022

AfCFTA to stir global competition, says Wamkele

BY EUGENE DAVIS

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amkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, says Africa is poised to develop a harmonized market space to promote the development of regional value chains that will be linked competitively to global value chains.

He said AfCFTA was in this respect expected to promote the development of manufacturing and agro-processing across Africa, and with them, accelerated economic diversification and competitiveness.

Mr. Mene was speaking at the ongoing Antalya Diplomacy Forum in Turkey on the theme: “A vision for development in Africa”.

The forum sought to stimulate discussions on continental development efforts and beyond Africa with emphasis on AfCFTA. The Secretary-General said against a global backdrop of changing political and economic priorities, including the impact

Ghana to become a full member of the Francophonie — Ayorkor Botchwey

of the Covid-19 pandemic, Africa was charting a new course for its industrialisation and economic development, using the momentum of continental and regional integration.

He said Africa’s vision for development to build an integrated,

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Madam Shirley Ayorkor Botchwey, the Minister of Foreign Affairs and Regional Integration has said Ghana is to expedite action on its transition to become a full member of the International Organisation of the Francophonie (OIF).

She noted that various measures had been put in place in pursuit of Ghana’s aspiration.

Madam Ayorkor Botchwey announced this in a speech read on her behalf at a flag-raising ceremony to mark the 52nd Anniversary of OIF in Accra on the theme: “The Francophonie of the future.”

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Stanbic supports girls to achieve their full potential

Plastic waste company woos MDAs over buyback initiative

Stanbic Bank Ghana, as part of activities to mark this year’s International Women’s Day (IWD), has presented Science, Technology, Engineering and Mathematics (STEM) books to female students of the Ogbojo Presbyterian Junior High School at Madina, Accra.

The Head of Legal and Governance at Stanbic Bank Ghana, Doreen Iliasu, who led

The General Manager of Dophil Roofing Systems, [a plastic waste company] Dzifa Hanyabui, has asked district assemblies to collaborate with them in a bid to push through its buyback plastic initiative aimed at helping the country attain a zero plastic waste pollution.

Plastic waste has become one of

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MORE ON PG.4

BY EUGENE DAVIS

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MONDAY, MARCH 21, 2022

Big boost for transit business with new truck park

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he Ghana Ports and Harbours Authority has reconstructed a truck park for the haulage and transit business at Paga.

The facility which sits on a 30,165 square-meter area boasts facilities such as fire hydrants, light mast base and cable ducts for the future installation of light masts, sanitary facilities including washrooms, an ablution area, and prayer shed, for the convenience and use of the truck drivers and other visitors to the truck park.

There is also the installation of razor wire rolls on the truck park fence wall for enhanced security and drainage improvement at the entrance of the truck park.

According to government, this project reiterates its quest to be on the look-out for prospects and opportunities that will inure to the benefit of maritime trade and logistics stakeholders.

It is an indication that was very passionate about the facilitation of international trade because it comes with a lot of benefits and leverage to the country and sub region as a whole.

A steady growth in transit cargo through our ports positions the

country as a leading corridor for the transit trade business.

Investments into maritime infrastructure are very necessary for trade facilitation in terms of providing the right levels of convenience and low-cost activities to industry players, in this case the haulage and logistics sub-sector.

We commend the ministry of transport and the state’s ports operator for embarking on this portentous project which will amongst other, offer relief to truckers and help reduce the rampant carnage on our roads.

AfCFTA to stir global competition, says Wamkele peaceful and prosperous Africa, driven by its own citizens and representing a dynamic force in the international arena, was embedded in the AU’s Agenda 2063.

The AfCFTA, which was established in March 2018, is one of the flagship projects of the implementation plan of the Agenda 2063, Africa’s longterm development strategy for transforming the continent into the global powerhouse of the future. It also embraces the UN Agenda 2030 Sustainable Development Goals.

He said through the AfCFTA, Africa was reshaping her small and fragmented markets to create one integrated market with large economies of scale and scope.

Mr. Mene said Africa’s economic integration was no longer a matter of choice, it is necessary if Africa was to industrialize, develop intra-regional trade, strengthen capacities to benefit from globalization, reduce vulnerability to fluctuating overseas markets, mobilize and maximize scarce resources of capital and skills, and finally forge the way to effective African unity, both political and economic.

Currently, the countries of the continent survive mainly on exports of a very narrow range of primary commodities to traditional markets of the North while being heavily reliant on the import of capital goods.

As a result, African countries do not trade with each other that much.

He said as it was well known, Africa’s over reliance on exports of primary commodities is detrimental to the achievement of its economic development vision.

Exports of raw commodities generally attract low prices with insufficient foreign exchange revenues while downstream, along the traditional exports value chains in the destination market countries, considerable wealth and jobs are created.

“There is, therefore, the need to take action to dismantle this colonial economic model by transforming the structure of Africa’s economy from the primary commodity export-based one to a manufacturing industrial exportdriven economy,” he added.

The Secretary-General said AfCFTA presented a renewed opportunity for Africa to steer its economic relations away from excessive primary commodity dependence and reliance on

external creditors/donors to a new economic model based on selfreliant cooperation, value-addition and industrial activities, as well as higher levels of intra-African trade.

“With the AfCFTA, we have an opportunity to accelerate intraAfrican trade and to use trade more effectively as an engine for growth and sustainable development,” he said.

Mr. Mene said beyond trade in goods, the AfCFTA covered other trade-related issues that are critical to foreign direct investment strategies and activities including trade in services, competition policy, intellectual property rights, investment, dispute settlement and digital trade.

He said the finalisation of all these protocols would greatly contribute to deepening economic integration in Africa.

“With these additional protocols, we are further transforming the continent by removing physical and commercial barriers that have hitherto hindered trade among our countries,” he said.

Thus, far from being “a simple trade agreement,” the AfCFTA is “an instrument for Africa’s development.

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MONDAY, MARCH 21, 2022

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Ghana to become a full member of the Francophonie — Ayorkor Botchwey Ghana became an associate member of La Francophonie in 2006.

The OIF is an international organisation representing countries and regions, where French is a lingua franca or customary language, where a significant proportion of the population are francophones, or where there is a notable affiliation with French culture.

Madam Botchwey noted that for 52 years, the OIF had endeavoured to live up to its motto of “Equality, Complementarity and Solidarity.”

She said the OIF had supported the demonstration of equal rights, unity in action and emphasised the peculiar qualities of each Member State with its principles grounded in democracy, rule of law, human rights, and championing women and youth rights.

“With a strong functioning democracy, Ghana shares the values of the OIF and is proud to have joined the Organisation in 2006 as an associate member,” she said.

“Our membership has allowed us to deepen our relations with our Francophonie friends and given us

insight into how to enhance peopleto-people interactions with our Francophone neighbours.”

Madam Ayorkor Botchwey said in the area of education, Ghana had made massive progress in strengthening the teaching of the French language.

She said following the signing of the Framework Cooperation Agreement on Teacher Mobility Project between the Ministry of Education and the OIF, Ghana received 21 experts from OIF member countries who had since been deployed to six Colleges of Education, 10 Regional Centres for Teaching of French and five bilingual schools.

She said this programme would reinforce the linguistic and other competencies of teachers in institutions mandated to provide initial and continuous training of future teachers and in-service teachers of French.

She said Ghana sought to improve the use of French by creating a Francophonie environment and facilitating access to Francophone productions and material for its populace.

The Minister said in this account, the country had established 50 bilingual schools and trained 50 bilingual teachers.

She said, in addition, seven regional libraries had been identified to be equipped with French materials.

“However, it is important to note that the Accra Central Library has been fully equipped with Francophone reading and audiovisual materials and is currently opened to the general public.”

She said for the first time, and with the support of the Embassy of France, the National Council Curriculum and Assessment within the Ministry of Education had developed textbooks for primary and JHS students.

Madam Botchwey said that initiative was further extended to the production of bilingual textbooks for Mathematics, Science and ICT students.

She said in anticipation that Ghana would soon be granted full membership status by the OIF, the country was working further to build on these projects and initiatives.

We believe that this would not only

strengthen our ties with our friends but also enable us to foster economic cooperation with the Francophone family.

She recalled the various ways in which the OIF had supported young people and their aspirations through the Francophonie Young Entrepreneur Awards; the International Volunteering of the Francophonie; and the National Youth Pact.

“The OIF is an organisation that not only gives us hope but also helps us to expand our dreams and realise our common goals,” she said.

Mr Maher Kheir, the Lebanese Ambassador to Ghana/President of the Francophone Ambassadors Group, said French was a language of openness to the world, which allows one to discover new cultures.

He lauded Ghana, an Anglophone country, for being one of the few countries that were members of both the Commonwealth and the La Francophonie.

GNA

Stanbic supports girls to achieve their full potential the Stanbic Bank team to donate the books, encouraged the young girls to believe in themselves and work hard so they can be good independent citizens in future. “The hash tag for this year’s International Women’s Day celebration is ‘break the bias’, which means we are fighting against the labels people put on women just because we are women. As young girls, you must work hard to ensure that you are not defined by your gender. To show the world that you can do anything you put your minds to, you must work and learn hard,” she said.

“At Stanbic, we believe in creating a world that young girls like yourselves need to achieve your dreams. We also believe in education for young people especially in STEM because it is a digital world now. So today, we are here to help you young ladies to achieve your dreams through this donation. We know that when you achieve your dreams you will become good citizens and help Ghana achieve its dreams as well,” she added.

Receiving the items on behalf of the school, the Headmistress of the Ogbojo Presbyterian Junior High School, Jessie Adjei, was grateful to Stanbic Bank and asked that they come often to visit the school. She

said “On behalf of the teachers and students, I thank Stanbic Bank for this gesture and I pray that you come often to interact with our students and encourage them to dream. We are really thankful for the books you have brought us today.”

According to UNESCO, only 30% of female students enter STEM

(science, technology, engineering and mathematics) related fields and less than 30% of the scientific community is composed of women.

This situation is all the more alarming as STEM will be the most promising field in the next coming years.

The initiative by Stanbic Bank Ghana is therefore a critical intervention for

women in STEM. Also present at the short donation ceremony were the Head of Learning and Development at Stanbic Bank Ghana, Akorfa Takal and the Head of Supervision of the Ghana Education Service (GES) at the Adentan Municipal Assembly, Perry Ofori.

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MONDAY, MARCH 21, 2022

Smart Africa partners NADPA to harmonize data protection across Africa

BY PATRICK PAINTSIL

The Smart Africa Alliance (SA) has signed a Memorandum of Understanding (MoU) with Network of African Data Protection Authorities (NADPA) to provide institutional support and enhance the enforcement capacities of the African national authorities in the data protection space.

Initial discussions between the two parties began in the later part of last year in Benguerir, Morocco on the need to join forces as a region to enforce the harmonization of the data protection laws as a matter of regional interest.

After successful deliberations both parties convened at Dakar in Senegal to have append their signatures to an MOU opening a new chapter of a Pan African roadmap to achievable data protection goals.

The MoU took effect on March 10th, 2022 laying the ground of a genuine pan African dialogue and cooperation.

Per the agreement, the two parties will support national data strategies and enforcement of data protection regulations in order to create a harmonized framework for data

protection policies and regulation in Africa.

The will also assist African States in preparing or updating legislation on the protection of privacy and personal data, and in establishing data protection authorities; They are also to conduct joint capacity building modules for African Data Protection Authorities (DPAs) through Smart Africa Digital Academy (SADA) whenever possible as well as develop in place initiatives for enhanced legal collaboration between African Data Protection Authorities to support the digitalization of the continent.

Executive Director of Ghana’s Data Protection Commission and President of the Network of African Data Protection Authorities, Madam Patricia Adusei Poku intimated that organizations had reached a new milestone and were now ready to enter into such a partnership that will not only achieve pledged commitments from a data governance and data protection legal harmonization point of view but also for the development of a regional training and certification for African data protection professionals, in order to address the skills deficit in the African data protection field.

Commenting on the strategic signing of the MOU, the CEO of Smart Africa, Lacina Koné registered her excitement on working together with NADPA/RAPDP to enforce capacities for data protection policies and intensify the pan African collaboration. She further noted that the MoU will help facilitate and accelerate harmonization and legal collaboration between member states, a move which is in line with the Malabo Convention as

well as the new Continental Data Policy Framework of the African Union Commission.

For Awa Ndiaye, President of the CDP Senegal he made emphasis on the MOU representing a strategic framework for design and sharing between key players in the protection of personal data.

He added that it was in line with initiatives to make Africa a safe and enabling space for digital transformation.

Plastic waste company woos MDAs over buyback initiative the largest resources in the country because it is dotted around and according to Ms. Hanyabui, until the company decided to find alternative means of roofing which will be more durable, long lasting, cost effective, it finally settled on plastic waste.

Speaking to mark the Global Recycling Day, in Accra, where EPA invited plastic waste companies to showcase their products, Ms. Hanyabui said “Achieving zero plastic waste pollution requires a concerted effort from all stakeholders” and one of the things her company has started piloting is the buyback plastic initiative, geared towards that sustainable environment.

She further stated that the company initially underestimated the volumes of plastic waste in the system when they started the collections at the beaches and the drains.

With the company’s plastic roofing tiles, they maintain it is sustainable and is eco-friendly because when there is waste it is still recycled to generate the roofing tile.

On the buyback plastic initiative

“it is something we are looking at collaborating with the district assemblies to do, what we will expect from the district assembly is if they can get collection points for us, communicate that to us, we will help them to clear the plastic waste from the system, when they collect, we will pick up, add value to it as usual and then come up with something productive to help everyone.

We have started within Accra, we go

around some of the market centres and then the local authorities and when they are able to show us where the plastics are, we go for them.”she told Business24 in an interview.

For this year, Dophil intends to concentrate on the capital city, Accra but may venture into other regional cities if the interests originate from there.

Alex Oduro Ntiamoah, the production manager at Dophil, also said “whiles this one is giving you over 60 years, the normal sheet will give you 20 years, if you are building the best product you should buy for your roof is this type, At the moment, we want to mount a crushing centre at all the major cities or towns in Ghana, so that we collect the plastic, there is a place we crush the plastic and bring it to the factory in Accra to produce the tiles. We want to penetrate the market, create the awareness.”

The Deputy Executive Director, Technical at Environmental Protection Agency (EPA), Ebenezer Appah-Sampong, commended

Dophil and Nelplast companies.

“What I have seen is very encouraging, they have done a fantastic job in turning what we considered as waste into value and this is exactly what we have being promoting over the years and going forward it gives us that opportunity to demonstrate what is viable, we hope to upscale this working with them and other groups so that we promote a circular economy for plastics”.

He adds that EPA and other stakeholders will focus on implementing the national plastic management policy which does not concentrate only at the waste but at the entire value chain of plastics.

Further, he encouraged plastic recycling companies to increase their capacity, stressing “when you want to go mass, I am sure their capacity will be seriously challenged and we will have availability issues, once the market picks up they will also invest in building the capacity but as much as possible we will promote it.”

MONDAY, MARCH 21, 2022

| F E AT U R E

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True independence is incomplete without financial independence for women Doreen Iliasu, Head, Legal & Governance, Stanbic Bank

I

ndependence Day on the 6th of March every year reminds us of our freedom from colonial rule and the beginning of a journey of the management of our own affairs as a country and the control of our collective destiny as a people.

After 65 years of independence, however, many have argued that we cannot claim independence when we are still dependent on foreign aid and assistance, that sometimes come with the stringent of conditions, in the management of the country. True independence, they contend, the freedom to make your own choices is a consequence of financial and economic independence. The question that constantly plagues us is how do we, as a nation, achieve financial and economic independence?

In her recent article, “Recognising the efforts of women; the backbone of the Ghanaian economy,” my colleague, Linda Aryee Ebale, highlighted the significance of women in our socioeconomic development and the fact that they are the essential glue that holds the economy together through their economic activities. It therefore makes very good reason that if Ghana can achieve financial and economic independence, we need to first ensure that those who hold the economy together – women – are financially independent themselves.

From excelling in areas like the arts, sports, business, governance to pursuing the professions of their choice, women have come a long way in empowering themselves. Yet when it comes to handling their finances, a lot of women still leave it (either entirely or partially) to the men in their lives.

Socialization of women and systemic structures in society have contributed over time in tilting the control and management of finances in favour of men. Some women have come to accept this status quo and as such lack the confidence in their own ability to manage their own finances well. Financial independence is not autonomous and does not happen in a vacuum – it is anchored on the confidence and ability to manage one’s own finances.

Financial independence, not only provides a source of confidence, but also gives women the credibility to participate in important matters of decision making across all levels; personal, social and at the national level. When women earn for themselves, they are immediately more in control of the state of their affairs and livelihoods. We suggest that our quest for a truly independent country will forever be on the horizon

if women are not financially and economically independent. If you find yourself asking the question ‘But why women?’, the following statistics will be of interest to you.

According to the latest census data, women account for approximately 50% of the labour force and are found in almost all kinds of economic activities including agriculture, industry and services. Also, within the small, and medium enterprises (MSMEs) sector, women are the main actors. In Ghana’s micro sector, – a sector that is known to be the anchor on which Ghana’s economy hangs, women are the primary participants. According to the World Bank, 44% of micro, small, and medium enterprises (MSMEs) in Ghana are owned by women.

On the African continent, apart from Uganda, Ghana has the most women entrepreneurs according to the 2019 MasterCard Index of Women Entrepreneurs. These indicate the significance of women within Ghana’s current socio-economic development and the need to give them more support.

Politically, our history is replete with hordes of examples of empowered women whose contributions cannot be forgotten in Ghana’s independence struggle. The story is told of Rebecca Naa Dedei Aryeetey (popularly known as Dedei Ashikishan) – a business woman, political activist and feminist who is known to have provided funds and campaigned for Dr Nkrumah to win the Accra-Central seat and subsequently become President of the country.

We also remember the exploits of Susanna Al-

Hassan, an author and politician who became the first female Member of Parliament in the Northern Territory. History remembers her as the first Ghanaian female to be appointed minister and the first African woman to hold a cabinet portfolio. Her fearless activism during the colonial era caused her to rise through the ranks in politics.

The bravery of Mabel Dove Danquah is also not forgotten in Ghana’s struggle for independence.

As a journalist in the colonial era, she made her voice heard through her articles, which urged Ghanaians to keep fighting for independence and also urged women to play an active role in the independence struggle. In 1954, Mabel Danquah became the first female member of Ghana’s legislative assembly. She is also the first woman to be elected into the African Legislative Assembly.

There are many more in the likes of Theodosia Okoh, Hannah Cudjoe, Gloria Amon Nikoi, Agnes Oforiwaa Tagoe-Quarcoopome, Esther Afua Ocloo who were strong, empowered and financially independent female figures in Ghana’s struggle for political independence and the continued efforts at achieving economic independence.

As we mark Ghana’s 65th independence and celebrate all women across the world in this month, let us be reminded of the immeasurable contributions women make to our economy and put deliberate interventions in place to push them forward. After all, true independence will be achieved when our women are financially and economically empowered.

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MONDAY, MARCH 21, 2022

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MONDAY, MARCH 21, 2022

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Zipline aids Ghana’s universal health coverage push

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ountry Manager of Zipline Ghana, Naa Adorkor Yawson, has revealed that the inclusion of Zipline’s medical drone delivery technology into the nation’s medical logistic supply system, is addressing the challenge of access to healthcare delivery and aiding Ghana on the road to achieving Universal Healthcare Coverage (UHC).

In her estimation, the country, just like many others in the sub-region, faces major challenges of access to Universal healthcare delivery resulting in several mortality rates, especially in areas of child and maternal mortality. However, with the introduction of the Zipline technology in Ghana, these identified challenges have seen incredible improvement.

“In order to help alleviate identified challenges of access in the health sector, the government has made several investments, both capital and infrastructural, to protect people

from bottlenecks of getting access to medical healthcare delivery.

One of such bold investments is the adoption of the Ziplines Technology to deliver medical commodities to communities, including those that are hard-to-reach. Today, more than 2,500 health facilities across the country can access various medical products, including COVID-19 vaccines on-demand, no matter the location”, Mrs. Yawson said.

Ghana’s 2020-2030 Universal Health Coverage roadmap aims at creating access to high-quality essential healthcare and populationbased services by 2030. This, Mrs. Yawson says, will mean achieving a balance between access to Critical healthcare in both rural and urban areas ably facilitated by publicprivate partnerships.

“It is reassuring to know that achieving UHC is one of the necessary but ambitious targets set out by the country to be concluded in a decade. As partners for health

development, we are enjoined to affirm our commitment to this by providing solutions and actions that deliver equal access to healthcare needs of both rural and urban communities. With the obvious global challenge of COVID-19 pandemic, where every country is challenged to evenly distribute vaccines as a way of fighting the pandemic, Zipline came handy to support the government of Ghana in storing and effectively distributing vaccines to communities within our reach. So far, we have delivered over 1million of these COVID-19 vaccines”, the Country Manager said.

It will be recalled that in 2019, the Ministry of Health entered a partnership with Zipline in order to support the Ministry in delivering essential medical supplies, vaccines and blood in Ghana, including in remote areas where infrastructure presents challenges of access.

This, in the ensuing period, has

seen Zipline make over 1.5 million deliveries, couriered over 5,000 units of blood, delivered more than 700,000 medical product units and continues to serve over 2,500 health facilities in remote areas with timely medical assistance. Today, Zipline is the sole distributor of all programmed vaccines in the Western North Region making it almost difficult for a child to miss being vaccinated.

Recently, the Ghana Health Service commended the work of Zipline for having contributed to improving maternal healthcare delivery, leading to a decrease in child and maternal mortality. The Health Service emphasized that available statistics estimates indicate maternal deaths declined from 875 in 2018 to 776 in 2020. This figure is projected to decline further in 2022.

Zipline’s storage and distribution hubs present in six regions have brought medical relief to hospitals in rural areas, contributing to universal health coverage further from urban areas.

A recent external study of Zipline’s impact was conducted by IDinsight, a mission-driven global advisory, data analytics and research organization, and analyzed health facilities served by three of Zipline’s distribution centers in Ghana. The results indicate that Zipline meaningfully contributes to the Ghanaian government’s work to expand healthcare across the country, with a statistically significant impact on health access, equity, inventory availability and supply chain performance. The data shows the Zipline system hortened vaccine stock outs by 60%, and decreased inventory-driven missed vaccination opportunities by 42%, decreased days facilities were without critical medical supplies by 21%, while it increased the types of medicines and supplies stocked at health facilities by 10%.

Explaining the import of the numbers, Mrs Yawson said, the statistics are a “testament of how Ziplines technology has made positive contributions to addressing issues of Universal Healthcare Delivery in Ghana, with focus on solving the inequalities of access and positioning the country as the world’s first and only national scale delivery service”.

She assured that the company will continue to amplify the need to ensure that the impact of their work is sustainable, by providing support in the areas of medical logistics and medication delivery and other supplies needed to mitigate the challenges of ill-resourced health centres, which are the underlining hurdles to achieving healthcare for all.

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MONDAY, MARCH 21, 2022

The Mastercard Foundation seeks partners to provide access to inclusive financial services for agriculture sector in Ghana The Mastercard Foundation has announced the opening of an Expression of Interest (EOI) process to collaborate with prospective partners in bridging access to inclusive financial services for the Agriculture and Agricadjacent sectors, to unlock work opportunities for young Ghanaian women and men.

Through the EOI process, the Foundation is seeking partnerships with organisations in four key areas, which it says are central to the delivery of its Young Africa Works strategy in Ghana, namely: • Access to capital – to develop and implement innovative financial solutions for smallholder farmers, women-owned and youthled agribusinesses, and to build the resilience of at risk and vulnerable people in the agriculture and adjacent value chains, including rural women; • Technical assistance and capacity building – through the implementation of structured interventions, including business education, mentorship, and role modelling, build the capacity of young women and men in the sector.

Focus areas to include financial literacy, access to finance, digital literacy, among others.

The intervention will also seek to strengthen local cooperative groups to support women and youth; • Access to market – through the development of structured systems, disseminate information about prices and market opportunities, and create virtual and physical marketplaces where producers and off takers can connect; and • Ecosystem development – to increase access to financial services so low-income individuals, households, and small businesses can access and use appropriate financial services.

Interested organisations are required to submit an Expression of Interest that explains how they will respond to one or more of the intervention areas and the role they can play, collaborating with other implementing partners and stakeholders, to achieve desired outcomes and the delivery of the Young Africa Works strategy in Ghana.

Agriculture contributes to more than one-fifth of Ghana’s GDP (Gross Domestic Products) and over 30 percent of total foreign export

earnings. The sector employs almost 54 percent of households and is the main source of livelihood for the majority of the country’s poorest households. Youth aged 15-35 years make up almost 30 percent of persons engaged in the agriculture sector.

The Foundation’s Young Africa Works strategy in Ghana seeks to enable three million young Ghanaian women and men to access dignified and fulfilling work by 2030 by deepening efforts and investment in the agriculture and adjacent sectors using a value chain and market system development approach.

The selected partners will work with the Foundation, through a co-creation process, to design interventions that create dignified work opportunities for young women and men in the sector.

Supporting documents: Prospective partners can find additional information in the Expression of Interest.

Selection criteria: The Foundation seeks partnerships with organizations that: 1.Share the Foundation’s vision of a world where everyone has the opportunity to learn and prosper; 2.Are aligned with the Foundation’s values: humility, listening, kindness and respect, co-creation, and impact; and 3.Demonstrate a past and present commitment to safeguarding, diversity, and inclusion, through policies, programs, and practices.

Preference will be given to aggregators that are local organizations or those that can build capacity, transfer knowledge, and transition program management to local organizations over the

course of the program. This aligns with the Foundation’s objective of institutional strengthening for a broad range of local actors, eventually contributing to the goal of primarily working with Africanbased organizations.

Key timelines: • Call for Expressions of Interest – 11th March, 2022.

• Deadline to register on the Foundation’s Partner Portal to gain access and create an EOI Application – 5th April, 2022 • Deadline for submission of prospective partners Expressions of Interest – 8th April, 2022.

Interested prospective partners can submit questions and inquiries via ghanaoffice@mastercardfdn. org.

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MONDAY, MARCH 21, 2022

Ukraine legalizes cryptocurrency sector amidst war Ukraine has passed a law that creates a legal framework for the cryptocurrency industry in the country.

The bill, which was adopted by Ukraine’s parliament last month and signed into law by President Volodymyr Zelenskyy on Wednesday, will allow foreign and Ukrainian cryptocurrencies exchanges to operate legally, according to the country’s Ministry of Digital Transformation.

Banks will be allowed to open accounts for crypto companies.

The “virtual assets” law determines the legal status, classification and ownership of virtual assets. It also introduces financial monitoring measures for virtual assets.

Ukraine’s National Securities and Stock Market Commission will regulate the market. The body will be in charge of areas including issuing licenses to crypto businesses and implementing state policy in the industry.

Zelenskyy has signed the law as Russia’s invasion of Ukraine continues, underscoring the role that cryptocurrencies have taken on

during the conflict.

Last month, Ukraine began accepting donations toward its military defense against Russia via digital currencies like bitcoin and ether. It has since expanded the number of cryptocurrencies that it accepts for donations and has raised over $63 million so far, according to

blockchain analytics firm Elliptic.

Earlier this week, Ukraine’s government launched an official website where people around the world can donate via cryptocurrencies. The money will go towards Ukraine’s military and humanitarian efforts.

Ukraine’s cryptocurrency law

comes as countries around the world assess how to regulate the industry, often in diverging ways.

El Salvador for example has made bitcoin a legal currency and sought to make the country a hub for crypto activity. China, on the other hand, has looked to wipe out trading and cryptocurrency mining.

This month, U.S. President Joe Biden signed an executive order calling on federal agencies to take a unified approach to regulation and oversight of digital assets. The executive order is not a piece of legislation to regulate the cryptocurrency industry.

In several countries where there is not a specific cryptocurrency regulation like Ukraine, governments have sought to bring exchanges and other digital assets companies under the purview of financial regulators. For example, in the U.K., cryptocurrency exchanges must register with the Financial Conduct Authority and are subject to existing rules around money laundering.

In comparison, Ukraine’s approach seeks to build a law specifically tailored to the digital asset industry.

Ghana Digital Centres Ltd in talks with UK firm for digital skills training The Ghana Digital Centres Limited (GDCL) and a UK based firm, Crossword Cybersecurity PLC are in the process of concluding a partnership aimed at enhancing the creation of an enabling environment for digitisation in the country.

The proposed partnership seeks to create an enabling environment for Business Processing Outsourcing (BPO), facilitate digital transformation underpinned by cyber security and to create jobs and employment avenues for the youth in Ghana.

At the maiden meeting held last Monday (March 14, 2022) in London, the UK based firm, which is a technology commercialisation, cyber security consulting and SOC monitoring & threat intelligence company, expressed readiness to use its vast experience across multiple continents to train Ghanaians in digital skills in cybersecurity.

The Division Managing Director of the Crossword Cybersecurity PLC, Jon O’Brien praised Ghana’s efforts at prioritising cyber security in our digital transformation agenda.

He indicated his companies’ excitement at the initiative of the GDCL and affirmed their preparedness to work with the company and the country as a whole.

Mr O’Brien added that all expertise

and resources needed to achieve the targets set would be made available to the GDCL. The CEO of GDCL, Mr Kwadwo Baah Agyeman expressed appreciation to the Crossword Cybersecurity for their readiness to help move the

country to an advanced stage in cybersecurity.

He affirmed his outfit’s commitment to the partnership, stressing that the GDCL would play its part in ensuring that the objectives of the partnership were achieved.

The Minister of Communications, Ursula Owusu-Ekuful, he said, was also committed to ensuring that the Ghanaian youth were equipped with the necessary skills in cybersecurity, as well as the desired jobs.

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| F E AT U R E

MONDAY, MARCH 21, 2022

We are in the golden age of online fraud and internet scams

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hana is undergoing a digital revolution. An increase in the availability of the internet has brought Ghanaians much closer to each other than ever before and made it easier for them to interact and conduct business. It is estimated that around 15.70 million Ghanaians (About half the population) now have internet access and about 26.1% of the population are on social media.

Accompanying this is an increase in the use of electronic money, which is fast replacing cash transactions.

Online wallets, mobile money wallets, bank apps and debit/credit cards, have boomed the country’s economy, facilitating entrepreneurship and aiding its growth into a cashless society. Mobile money transactions alone average about GHC 80 billion every month.

However, whenever a good thing comes along, there are always those who want to mess it up for everyone.

The recent rise in online entrepreneurship and e-commerce has brought with it an unprecedented increase in online fraud and scams.

These scammers rake in possibly millions of cedis every month and the failure of authorities to bring them to book costs Ghanaians a lot of money. Before you brush these fraudsters off, just know that they make more money in a good month than the average Ghanaian makes in a year.

There are now so many scams and schemes these days that it’s very difficult to keep track. Whenever the public catches up to any of these scams and how they operate, the scammers just upgrade the scam or find another way to swindle people off their hard-earned money. I will cover just a few of them.

Mobile Money scams Mobile money scams are pretty basic and quite possibly the most common types of fraud in the country at the moment. The operation is simple; some guy sends a fake mobile money text message to you informing you that you have received X amount of money from another mobile money number.

A few minutes later, the sender of the message calls to inform you that they mistakenly sent money to your mobile money number and ask that you send it back.

You send them back their money only to realize that the text message you received wasn’t real and the money you just sent back to them was your own money.

The Advanced Mobile Money scam As the mobile money scam became more widespread and more people caught on to it, the scammers added an extra layer of sophistication to it. After sending the fake text message to you and repeatedly calling you to send the money

back to them, you would receive a call from someone purporting to be working at the MTN/Vodafone/AirtelTigo office.

They have noticed from their system that someone is trying to scam you and they need you to follow a few steps to help them identify and block the scammers.

Alas, the person who just called you is part of the scam and the “steps” they want you to follow are going to drain money out of your account.

The Facebook Mallams If you use Facebook frequently, then you have no doubt received friend requests from these men claiming to have spiritual powers that will solve all your problems. They all have profile pictures of spiritual leaders and chiefs and their profile is loaded with images of huge stacks of money.

They claim they can solve everything from relationship problems, money issues, evil spirits, infertility, and they can help you get a visa abroad. They just need you to buy a few eggs and fowls to be sacrificed; but since they don’t live near you, they would prefer you send them mobile money so they can purchase the items themselves.

If you think you are hearing from them

again after sending that money, then you haven’t been paying attention.

Money-doubling scams One other common strategy for scammers to use is to create social media pages pretending to be investment analysts or traders. These scammers promise extraordinary returns; claiming that if you send them 500 cedis, in just 30 minutes, you will receive 5,000 cedis back. The more money you send, the more you receive. This seems like such an obvious scam, but you’d be surprised how many people fall for it.

These scammers often use words like “World Remit”, “Forex Trading”, “Bitcoin” or “Crypto-Currency investment” to justify how they can make these unrealistic returns and uninformed individuals, who have heard these words used all over the news recently but know next to nothing about what they mean, fall prey.

Identity fraud and impersonation As the business of online influencing continues to gain more steam, scammers have been able to tap into this market as well. They would create social media pages and flood it with stolen pictures of celebrities and influencers. Unsuspecting fans of these popular individuals, unable to differentiate between their idol’s real social media pages

MONDAY, MARCH 21, 2022

and the fake ones, are the primary target of this scam.

A lot of romance and dating scams are also executed this way, as scammers (mostly men) pretend to be female models online and then scam romantic pursuers out of their cash. It has become extremely profitable to pretend to be famous people online.

For instance, popular Tiktok and Instagram influencer, Tracey Mensah, is currently engaged in an online feud with an imposter using her name, whose has amassed a large following pretending to be her. Tracey Regularly informs her followers that the other page is fake and no one should conduct business with them; unfortunately for her, the fake page also takes the same stance and tells followers that she, the real page, is fake.

With a following of over 75,000 at the time of writing, the fake page conducts all sorts of businesses, like selling products, taking money from businesses to promote their products for them and promoting fraudulent investment schemes. As you can guess, buying into any one of these is a certain way to lose your money.

Fake online shops As if pretending to be people online wasn’t enough, scammers stepped it up a notch and are pretending to be businesses.

In 2022, most Ghanaians would rather order

| F E AT U R E

something online than have to walk to shops or visit the market to buy them. Online shopping is convenient, saves time and makes everyone’s life easier. ….Enter the scammers.

A lot of fraudulent social media pages now exist, claiming to sell everything; from furniture to clothes and accessories, phones, cakes, cars and houses. They post very nice images of products you would want to buy and price their items below what you would normally get elsewhere on the market to entice you.

There is just one catch; They all say they are an online-only shop with no showroom or office location and you have to send them the money first before they deliver the items to you. Needless to say, once you send them the money, you’re never hearing from them again.

Last year, a new cement-producing company gained a lot of attention online after it was revealed that it was entirely Ghanaian owned and the prices of its products would be lower than every other brand on the market. Since then, several fake Facebook pages of the same name have since appeared, scamming users under the guise of selling them cement. These pages promise to sell a bag of cement for as low as 30 cedis and offer free delivery nationwide.

Unlike the social media pages created to mimic businesses, some of these pages used to be legitimate businesses that scammers managed to gain access to and now operate from. These are the ones that really rake in the big bucks, because they abuse the trust and reputation the previous owners of the business built.

Customers who have previously patronized the business in the past are caught off guard and happily transact business with these pages without realizing that they are now under new management.

Hijacked social media accounts Every single scam listed above is amplified whenever the scammers hack and in most cases, hijack social media pages of influencers and businesses.

They often do this by sending phishing links to the page and managing to get access to their login details. Every single page that these fraudsters are able to gain access to becomes an extra arsenal in their scamming project.

For instance, a hacked account would instantly start promoting one of these “investors” and post screenshots of all the profits they have supposedly made by sending them money. You might be tempted to give it a try if a social media page or influencer you know and trust suddenly starts making such posts.

Can they be caught?

Yes, they can be caught; and very easily actually.

I have on several occasions helped defrauded individuals track down their scammers and retrieve their lost funds. The problem is that the two institutions (telecommunication networks and police service) with the power to deal with this problem have hitherto proved disappointing.

Who is letting them get away with it?

If you should call a Telcom network right after being scammed, they might be able to hold the funds and possibly reverse it back to you. Take too long to report the issue and the money may already have been withdrawn.

On one occasion, a customer service agent of a telecommunications company reportedly informed a defrauded person that the money they sent had already been withdrawn/transferred out by the fraudsters. More money has been sent into

11

the account, but they cannot send this back to him since it is not his. The telecom networks also refuse to reveal private details of the scammers for privacy reason.

It is mindboggling how the telcos can so nonchalantly stand by and allow these scams to continue going on. Understandably, they need police reports and warrants from the police to reveal some of this information and take action.

However, the process of filing a police report and getting them to take your case seriously before working on it is so stressful that you might decide to just give up and let the scammers keep the money.

Catching them It is reasonable to assume that none of these scammers are dumb enough to use their real names and identification cards to create their mobile money wallets. However, money always leaves a trace. The telcos can definitely track where monies from these accounts are coming from and are being sent to. If the money is sent to a bank account, the bank can then trace those accounts.

Even if the funds are transferred a million times between accounts, they will have to be withdrawn at a certain point. That’s where you catch them.

The scammers behind these schemes aren’t sophisticated enough to not leave a trace. It is important to note that there aren’t high-tech, intelligent IT experts behind these schemes; most of them are uneducated people with very basic IT knowledge (as you’ll know if you’ve ever spoken to any of them on the phone). They are getting away with duping people because the people they are duping aren’t so sophisticated themselves and they know they will get away with it.

Blocking the wallets used to conduct these schemes alone is enough to slow them down and discourage them, as they would have to go through the painstaking process of getting new fake ID cards to create new mobile money wallets.

In cases where the authenticity of the accounts are in doubt or are disputed by the alleged scammers, the accounts can simply be placed on hold (no money allowed in or out) and both parties asked to report to the police station to prove their case.

What the future holds Legitimate online businesses are the real losers in all of this, as customers are understandably becoming more and more sceptical of online businesses. Anyone who sells online now has to spend several minutes convincing buyers that they aren’t scammers. This can’t go on any longer. We desperately need more entrepreneurs and online businesses to create jobs and provide much-needed services. We cannot allow a few idiots to mess it up for the rest of us.

The Ghana Police Service and the telecommunication networks need to work together and act fast on bringing these people to book. The Telcos in particular are more culpable and cannot take an “I don’t care” approach to this, since the scams are taking place directly through their platforms.

Perhaps the fact that the scammers steal from their users and not they themselves is why they are so slow to act. Think about it: Telcos make money (through charge) when you send money to scammers and when the scammers send and withdraw the money. It doesn’t matter whether the transaction was fraudulent or not, the Telcos still make money. Maybe that’s why they are not so concerned. In reality, the scammers are clients of the Telcos and are bringing them more business.

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| F E AT U R E

MONDAY, MARCH 21, 2022

Growing Ghana’s E-commerce; a catalyst for economic development

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he fourth industrial revolution, which is wholly anchored on technological advancement and innovation opened up vast opportunities in different areas of economies around the world. Social, economic and commercial lives have seen remarkable developments with the rise of the internet, technology and digitization. In Ghana, the pioneering of mobile money in 2009 has been revolutionary in this regard.

The World Bank has recognized Ghana as the fastest growing mobile money market in Africa over the last 5 years.

This growing trend of mobile money penetration has been a catalyst for a booming e-commerce industry in the country. The industry has been growing steadily over the past decade and has evolved over time to become the main stay for many small and medium scale enterprises (SMEs) in Ghana.

Besides mobile money, several factors have contributed to the emergence of e-commerce in Ghana chief amongst which is the level of internet penetration.

According to Kepois, a social media research organization, internet penetration in Ghana is among the highest in the West African sub-region.

Out of a population of 32.06 million people, 16.99 million (53.0%) are active internet users, meaning that well over half of Ghanaians are on the internet at

one point or the other.

This is a huge opportunity and many users have taken advantage of this to either start businesses or expanded their businesses to include online channels. From Instagram to WhatsApp, Snapchat to TikTok, there are millions of Ghanaians, both young and old, using the opportunity to trade in goods and services on these platforms with payments enabled mainly through mobile money and other electronic payment mediums. Online retail outfits have become a core part of modern Ghanaian lifestyle.

Furthermore, the Ghana Interbank Payment and Settlement Systems (GhIPSS) launched an internet payment gateway to enable holders of domestic Automated Teller Machine (ATM) cards to make payments and purchases online. Subsequently, the launch of the ‘gh-link Ecommerce’ will promote e-commerce and enhance the services needed in the e-commerce value chain.

The benefits of this new trend of doing business are enormous. Digitization and e-commerce have unlocked the entrepreneurial spirits of many Ghanaians, making it a major source of employment and revenue generation avenue for them.

Many of Ghana’s young population have found stable employment leveraging the benefits of the internet, mobile money and apps to unlock new opportunities to connect demand and supply sides of the economy through e-commerce.

E-commerce has also allowed businesses

to diversify their offerings and expand their business operations from hitherto fixed operating times to 24/7 operations with increasing productivity and value extraction.

Traditional businesses who hitherto used to conduct business physically have expanded their portfolios of services and products in response to evolving consumer demands through e-commerce. Today, banks, insurance companies, restaurants and grocery shops have online options that deliver the same, if not better, services to customers and clients with less stress.

In terms of public revenue generation, government becomes a beneficiary through the widening of the tax net to capture businesses operating within this segment.

The Ghana Revenue Authority (GRA) has announced that it intends to introduce an e-commerce tax in April this year to rake in some GHS 2.4 billion. When done effectively, this could possibly have a huge positive impact on domestic tax mobilization by government to bring us closer to the desired tax to GDP ratio of our peers.

To fully realize the benefits of e-commerce in Ghana, however, government must dialogue with other stakeholders, to shape e-commerce and the digital economy by defining the rules that shape and govern the sector. This is a huge challenge that will involve adapting existing policies, laws and regulations to cater for this emerging and growing trend of e-commerce in Ghana.

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| E-COMMERCE

MONDAY, MARCH 21, 2022

Reasons why Ghanaians should take advantage of online sales promos

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t’s Saturday morning and mummy or granny has to go to the market to buy foodstuff for that regular weekend fufu ritual.

She also has to stock up groceries and essential items for the rest of the week/ month. In the more urban communities, the house help or aide is sent to visit the mall or supermarket to purchase all items needed.

The hustle of looking for a parking space, dealing with long queues, not having ample time to compare prices and even the stress of driving back and forth through traffic can be overwhelming. Throw in the rampant increases in fuel prices and one may end up being discouraged.

However, at the end of the day, we all need to shop. Have you ever tried shopping online? There are regular online shops and deals all yearround while there are special online promotions.

It is imperative that more Ghanaians take advantage of these online sales promos in these times to save money.

Here are 5 reasons why.

• Special discounts - Apart from clearance sales, it is rare to find any shop that has more than 50% discounts running anywhere in this world. However, with online sales promotions, you may come

•

•

across up to 90% discounts. Massive deals everywhere. Online shops are at liberty to tweak prices to ensure that consumers have the freedom to buy whatever they want while saving. These deals are also available 24/7 and consumers can buy whatever they want at any time of the day. A typical example is the Black Friday sale by online retail platform Jumia where there are a plethora of top quality items from various brands that go for up to 80% throughout the month of November.

Currently, the e-commerce platform is running a sale called the Ghana Shopping Festival and warming up to Tech Week. a sale that runs from 20th March to 27th March 2022.

Freebies and opportunities to win - Apart from top deals and discounts, online sales promos also come with super amazing freebies.

These may come in many forms. From ‘’buy one get one free’’, getting a gift item after shopping beyond a certain threshold, free deliveries, cash backs and many more. Some online shops have also come up with fun and engaging activities that enable consumers to interact with their apps and websites while winning amazing prizes. For instance, Jumia runs a treasure hunt and daily flash sales where consumers play exciting games and can get some great items for free. Why not take advantage of such rewarding promos?

Faster and easier buying - When time is running out and you need to buy a dozen items in a few minutes, can you move from shop to shop in a few minutes comparing prices and

•

brands? With online sales promos, you have the advantage of surfing through different shops and comparing prices. Also, it is easier and more convenient because you get to buy your desired products with just a few clicks.

You get these items also delivered to you at your doorstep or you get to pick from a pickup station closer to you.

Good source of information - Did you know that sometimes it is extremely difficult for consumers to get information about the products and services of their favourite shops?

Online sales promos serve as the perfect opportunity for many consumers to learn a lot about where they buy from. They get to interact with apps and websites through games, speak to customer service reps a lot, interact with delivery agents and even sometimes visit the offices of these online platforms. During such sales promos as well, there is heavy investment from the online shops into marketing, advertising and PR. From radio, Tv, print, online, billboards, events etc, consumers learn more and more about deals, discounts, freebies and all other relevant things.

E-commerce or online shopping is growing rapidly in Ghana and Ghanaians must really take advantage of it. The advantages go far beyond the above stated and with improving technology as well as major innovations, it is becoming increasingly clear that online sales promos are the best ways to save and enjoy convenience.

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| F E AT U R E

MONDAY, MARCH 21, 2022

Obsidian Achernar - The shining star in Africa’s financial landscape

By Kwadwo Nyame BINEY

A

cross the globe, the financial sector thrives on trust, efficiency, and customer experience. These, and many more, are what Obsidian Achernar Limited (OA) readily offers its clients.

OA is a wholly Ghanaian-owned entity that specialises in delivering high-quality services for a broad range of financial products.

These include financial technology, fixed income, currencies and commodities brokerage and corporate advisory on indigenous companies that aim to compete on the international level.

Our passion to help SMEs, multinational corporations and banks to find better pricing on currency and bonds has positioned us as a leader in the market.

It is one thing to do business in Africa, and it’s entirely another to offer services to African firms whiles adhering to the rigorous international standards. We tick and operate within the latter box.

We are here to connect, empower, sustainably develop and secure ease of access to all of the financial markets in Africa. We seek to connect investors and

the diaspora to Africa, empowering them to do business here. OA has also developed the connections between the exchanges across the continent, removing borders and ensuring ease of access.

Africa’s economic potential excites OA and that is why we are committed to supporting private sector-led growth on the continent. Our firm does this by providing onshore institutional clients access to leading financial services.

Our wide network of local and offshore clients also ensure that we have competitive pricing on rates. The goal is to help clients to be profitable in a seemingly volatile financial landscape.

In May 2021, we became then the only brokerage firm licensed by the Bank of Ghana to operate as a primary dealer of government bills and FX Broker. We have competent professionals across the globe, with key teams in Europe, London, USA and an established network of partners based in Johannesburg, Kigali, Nairobi, Lagos and Cairo.

Such solid grounding on the continent enables OA to provide instrument advisory on current financial trends to clients.

We also help to eliminate boundaries by

sourcing competitively priced currency solutions when trading against African currencies.

With OA, trust is everything and that is evidenced by our relationships with tier one international banks, private equity, pension and hedge funds in the USA, Switzerland, UK and Hong Kong. As a firm, we have the capacity of taking tailor-made and bespoke orders and have a dedicated team that is always on hand to help clients.

Our customers can attest to the speed and efficiency of our transactions. In short, OA is tried and tested, and we are a rising force in Africa’s financial landscape. In addition to offering excellent financial services, Obsidian Achernar is also big on charity and Corporate Social Responsibility (CSR). We are always exploring avenues to empower and to give a voice to the voiceless in society.

Through different social initiatives, we aim to help the less privileged to break through barriers to succeed in a world of endless opportunities. OA is here for African businesses and we are always ready to serve you. So wait no longer, speak to us because we are the firm that can offer you the full package.

MONDAY, MARCH 21, 2022

| O P I N I O N /A N A LY S I S

15

Think twice before sanctioning Russia further Robert Skidelsky

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he West has imposed massive financial and economic sanctions on Russia in response to its invasion of Ukraine. But are the sanctions supposed to be a way to end the war? Are they a means of punishing Russia for its bad behavior?

Or are they simply an expression of moral outrage?

This is the second time in less than a decade that Russia has been sanctioned for violating international law. Following Russia’s 2014 annexation of Crimea and incursion into eastern Ukraine, the United States imposed economic sanctions aimed at “effectively making it a pariah state.”

Clearly, this did not have the desired effect of changing the Kremlin’s behavior. Now a new barrage of measures in response to the assault on Ukraine has ramped up sanctions to an unprecedented extent.1 The current restrictions on Russia include a ban on trade in critical technologies, extensive asset freezes and travel bans, the denial of major Russian banks’ access to international capital markets, travel bans and asset freezes targeting individuals, and the exclusion of Russian aircraft from international airspace. With the sequestration of the Russian central bank’s foreign-exchange reserves and the promised eviction of Russia from the world financial and trading system, oil and gas will remain the country’s lifeline to the global economy.

All of this might seem a necessary moral response to Russia’s lawlessness. But when relatively light-touch sanctions give way to heavy economic bombardment, two key questions should be asked. First, at what point do sanctions become a pathway to war rather than an alternative to it?

Second, what are such measures expected to achieve, and how effective are they likely to be? So far, these questions have scarcely been asked, much less answered.

Governments should consider the first question carefully before imposing sanctions on a great power, particularly one with nuclear weapons. If that power perceives a threat to its means of survival, there is a strong chance that it will fight to overcome the restrictions.

For example, when the US imposed an embargo on oil and gas exports to Japan in August 1941, following Japan’s seizure of oilfields in Indochina, the Japanese responded by attacking Pearl Harbor.

And after OPEC subjected the US to an oil embargo in 1973 in retaliation for American military assistance to Israel during the Yom Kippur War, President Richard Nixon’s administration threatened to invade and occupy OPEC member states’ oil fields. The embargo ended.

The sanctions imposed so far on Russia do not yet threaten the survival of the Russian

state. But President Vladimir Putin may regard a Western attempt to cut off the remainder of Russia’s international trade, especially in energy, as an existential threat.

As for the second question, the objective of economic sanctions is reasonably clear: to prevent or stop war by imposing unacceptable costs on the aggressor state. But while there is no doubt that the Western sanctions on Russia have greatly raised the costs to ordinary Russians of Putin’s war, no one expects that this will end the conflict.

The West instead hopes that the costs of the sanctions to Russia’s elite will achieve this result. Rather than lose their wealth, the argument goes, the elites may overthrow Putin or force him to end the war. This is the only rationale for the current sanctions that makes sense.

But the likelihood of Putin’s ouster, or even of a drastic change in Russian policy, is much lower than most people suppose. Essentially, it depends on Russia’s defeat in Ukraine, a prolongation of the conflict without any resolution, or a growing perception among Russia’s military that Putin has failed them.

Far more likely is a ceasefire and at least the appearance of a Russian victory. In that case, economic sanctions will have done nothing either to stop the war or secure the peace.

A 2007 UK House of Lords report concluded that, “economic sanctions used in isolation from other policy instruments are extremely unlikely to force a target to make major policy changes.” Even sanctions’ rare success in forcing South Africa to abandon apartheid depended on two special circumstances, neither of which applies to Russia today: worldwide enforcement and South Africa’s inability to retaliate. Turkey, India, and China

are the most notable of the states that have not sanctioned Russia, and potential Russian counter-sanctions include cutting off the oil and gas supplies on which most of Europe depends.

But that is not all. Among the “other policy instruments” mentioned in the House of Lords report, the foremost is the “threatened or actual use of force.” In other words, the inefficacy of economic sanctions on their own to change state behavior implies a high risk that they become part of an escalator to war.

That is why Western countries have so far not acceded to Ukraine’s request to impose a no-fly zone.

Economic sanctions against Russia are supposed to be an alternative to war, but they can reasonably be expected to change the Kremlin’s behavior only by becoming tactical components of the conflict. The sad truth is that Western countries cannot help Ukraine except by threatening to go to war with Russia.

But to admit this is to call into question the whole logic of their sanctions policy.

More generally, economic sanctions have become a greatly overused tool of preventive diplomacy. By cutting off parts of the world from international commerce, they promote the formation of antagonistic blocs, and destroy whatever promise globalization still holds.

Samuel Johnson famously observed that, “There are few ways in which a man can be more innocently employed than in getting money.”

His French contemporary, Montesquieu, spoke of the douceur of commerce. True, a lot of trade is criminal, and much of it benefits corrupt and oppressive governments. But forcing countries back to pre-modern economic conditions is not a formula for improvement.

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|NEWS

MONDAY, MARCH 21, 2022

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| MARKET REVIEW

MONDAY, MARCH 21, 2022

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

Trend in Market Indices - 2022

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

3,000

13.01%

Inflation for February, 2022

15.7%

End Period Inflation Target – 2021

8.0%

Budget Deficit (% GDP) – Dec, 2021

9.7%

2022 Budget Deficit Target (%GDP)

7.4%

Public Debt (billion GH¢) – Nov, 2021

344.5

Debt to GDP Ratio – Nov, 2021

78.4%

0

SCB, 15.09%

GSE CI

GSE FSI

YTD Performance of GSE Market Indices 0.50% 0.00%

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

-0.50%

5 Best & 5 Worst Performing Stocks YTD Return

-1.00% -1.50%

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.

Price Movers for the Week 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

-2.00%

160.00%

-2.50%

140.00%

-3.00%

120.00%

-3.50%

100.00%

137.50%

80.00%

-4.00%

60.00%

GSE FSI

18.28% 17.78%

40.00%

17.65%7.14%

20.00%

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

-60.00%

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

-40.00%

1400000

ET

SI C

1600000

L

0.00% -20.00%

TB

GSE CI

-3.45%

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

1200000 1000000 800000 600000

CURRENCY MARKET

400000 200000 0

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

VALUE

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

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

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%.

EG L GG BL

STOCK MARKET REVIEW

Equity

MTN, 40.32%

ACCESS, 12.97%

500

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

Weekly Interbank Interest Rate

GCB, 6.14%

1,000

/2 2

14.50%

/0

BoG Policy Rate

1,500

18

5.0%

EGL, 9.26%

1/2 2

2021 Projected GDP Growth

2,000

01

5.3%

11/

Average GDP Growth for 2021

2,500

/0

6.6%

04

Q3, 2021 GDP Growth

MARKET CAP

YTD%

BEST 5 TRADED EQUITIES BY VOLUME FOR THE WEEK ENDING 11/03/2022 ACCESS, 7.73% SIC, 8.38%

ETI, 26.14%

SOGEGH, 4.25%

MTN, 42.28%

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.

CURRENCY MARKET 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.

T h e 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.

18

| MARKET REVIEW Treasury Yield Curve

Weekly Interbank Foreign Exchange Rates YTD %

22

▼1.88

▼6.49

20

▼1.87

▼7.00

Year Open

Week Open

Week Close

Change

%

YTD

6.3020

6.4227

%

8.1272

8.5754

8.7391

01/01/22

08/03/22

11/03/21

USD/GHS

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

21.75

20.20

20.75 19.75 19.00

YTD Performance of Selected Commodity Prices 70%

19.75 18.10

18

60%

19.75

50%

16.96

40%

16

30%

14

20%

13.55 13.25

10%

12

Source: Bank of Ghana

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

Currency Pair

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

10

Exchange Rates: Ghana Cedi vs Selected Currencies

EUR

CAD

YTD Performance of the Ghana Cedi against Selected Currencies 4.00 2.00 0.00 -2.00 /22 /22 /22 /22 /22 /22 /22 /22 /22 /22 1 1 1 1 1 2 2 2 2 3 /0 8/0 5/0 2/0 9/0 5/0 2/0 9/0 6/0 5/0 01 0 1 2 2 0 1 1 2 0 -4.00

Commodities

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

Chg %

YTD %

-6.00 -8.00 -10.00

Brent crude oil (USD/ bbl)

-12.00 -14.00 -16.00 CAD

GOVERNMENT SECURITIES MARKET

14/02/22

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

16.99

0.00

2.06

2-Yr FXR TN

19.75

19.75

19.75

0.00

0.00

3-Yr Bond

20.50

20.50

20.50

0.00

0.00

5-Yr Bond

21.00

21.00

21.00

0.00

0.00

6-Yr Bond

18.80

21.75

21.75

0.00

15.69

7-Yr Bond

18.10

18.10

18.10

0.00

0.00

10-Yr Bond

19.75

19.75

19.75

0.00

0.00

15-Yr Bond

19.75

19.75

19.75

0.00

0.00

20.20

20.20

20.20

0.00

0.00

20-Yr Bond

▲20.26

▲3.13

▲3.89

▼6.98

▲2.10

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

60

1,000

40

500

20

0

0

Gold

Cocoa

Brent Crude

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.

Source: https://www.investopedia.com/ terms/m/monetarybase.asp ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

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

International Commodity Prices - 2022

&

Brent Crude

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

05/03/22

01/01/22

▲0.47

26/02/22

YTD Chg (%)

2,573.00

19/02/22

Current WoW Chg Yield % (%)

2,766.00

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 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 182Day 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

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.

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 GBP

Gold

COMMODITY MARKET

10.0000 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000

USD

MONDAY, MARCH 21, 2022

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.

19

MONDAY, MARCH 21, 2022

UGBS receives laptops from Databank Group The Dean of the University of Ghana Business School (UGBS), Professor Justice N. Bawole, together with the School Administrator, Mr. Emmanuel Poku-Sarkodee, received a donation of laptops from Databank Group Limited on Tuesday, 15th March 2022. This supports the school’s One Student, One Laptop initiative launched earlier this year.

In an interaction with the team from Databank, Prof. Bawole indicated how some students struggled with learning because of their inability to own laptops. He mentioned how feedback from the first batch of laptops given to students has been a game-changer. However, there are still students in need of laptops.

Therefore, this support from Databank will enable the school to assist those students who are in dire need of gadgets for studying.

Professor Bawole, in his concluding statement, expressed his gratitude to the Bank for their unwavering support and requested that more of such generous acts be done to support students and the school.

Injaro launches Injaro Ghana Venture Capital Fund with a first close set for Q2 2022 Injaro Investment Advisors Limited, a Ghanaian growth capital investor, is delighted to announce the launch of the Injaro Ghana Venture Capital Fund (IGVCF), its inaugural Ghana cedi denominated fund.

The GHS 150M fund launches with commitments from several private pension schemes including the Petra Advantage Pension Scheme and Petra Opportunity Pension Scheme; Ghana Education Service Occupational Pension Scheme; Axis Pension Trust, Enterprise Tier 2 Occupational Pension Scheme and other clients of Stanbic Investment Management Services.

The launching of IGVCF represents a historic milestone in the evolution of Ghana’s capital markets. “It is the first private equity fund to be anchored primarily by local private pension funds. The fund is also denominated in local currency (GHS), thus eliminating the FX pressures typically experienced by funds denominated in hard currency,” noted Yaw Sampong, Executive Director at Injaro.

This milestone has been facilitated by progressive improvements in the pensions regulatory landscape, which commenced with the implementation of the 3-tier pension system in 2010 and the creation of the National Pensions Regulatory Authority (NPRA). The most recent

amendments to the NPRA guidelines set a minimum target for variable income investments. This requires pension schemes to diversify their portfolios to incorporate this asset class which includes private equity.

This presents local private equity fund managers the opportunity to tap into some GHS22B (2020) of capital managed by private pension schemes.

IGVCF will invest in high potential businesses across sectors that can grow profitably as well as contribute

to job creation and sustained economic growth. The Fund will make equity, quasi equity or debt investments in SMEs in the Food & Agribusiness, Education, Inclusive Financial Services, Healthcare, Manufacturing and Industrial Services sectors mainly in Ghana (80%), and Cote d’Ivoire (up to 20%).

Established in 2009, Injaro’s experience includes managing the US$ 49M impact investment fund, Injaro Agricultural Capital Holding (IACHL), launched in April 2012.

IACHL is focused on SME investments across the agricultural value chain in West Africa, with investors including CDC, FMO, PROPARCO, the Adolf H. Lundin Charitable Foundation, the Soros Economic Development Fund (SEDF), the Alliance for a Green Revolution in Africa (AGRA) and family offices based in North America and Europe. IACHL’s investment portfolio has generated US$ 124M in revenue and benefitted more than 3.78 million persons, mainly comprising smallholder farmers, low-income persons, and their families.

Through IGVCF, Injaro will implement an investment strategy that is distinct from its first fund in sector focus, but complementary to Injaro’s objective of building sustainable African businesses.

With ticket sizes ranging from

GHS 8M – 20M, the fund seeks to partner profitable businesses within growth sectors. IGVCF will prioritize opportunities that are best placed to leverage new capital to create value and offer local institutional investors the benefits of the private equity asset class – better returns and diversification.

Speaking at the launch of the new fund, Jerry Parkes, Managing Director at Injaro said: “Our vision for the fund goes beyond supporting businesses to drive economic growth. We also hope, through our work with IGVCF, to contribute to a more vibrant capital market in Ghana. We consider private equity investments to be at the start of the investment conveyor belt that ultimately creates a variety of securitization opportunities for the market. IGVCF, as a private equity fund specifically targets the most promising and fastest growing businesses thus providing a wellmanaged exposure to these growth opportunities. The opportunity is compelling; IGVCF represents more than just a private equity fund. Investing in this fund helps to build Ghana’s economy, contributes to building our capital markets and offers interesting returns for investors. Join us in making history and building a more prosperous Ghana for future generations.”

MONDAY, FEBRAURY 14, 2022

WWW.BUSINESS24.COM.GH

NO. B24 / 314 | NEWS FOR BUSINESS LEADERS

MONDAY, MARCH21, 2022

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

Developing a mindset for wealth creation wealth. Setting some money aside is a great start, however your money needs to work for you. There is risk in putting your money to work. It’s comparatively safer to save your money in a money box at home or in a bank account, however you won’t create wealth by simply saving and not taking any risk at all. A wealth creation mindset takes some risk, and undoubtedly what is comfortable.

A lot of times we think we are either too young or too old to invest but that is never the case. You are never too young or too old to start creating wealth. Walt Disney the owner of the famous Disneyland said “The way to get started is to quit talking and begin doing.”

A mindset that wins at wealth creation is one that simply gets it done. Yes, the excuses sound good however if it is important to you, John Decker says you will find a way and not an excuse.

Do not wait for motivation, I’m told it’s overrated, it might take too long or never come. Wake up every day determined to make money and just do it.

T

he quest and desire to create wealth is a shared aspiration by human beings all over the world. It is a fundamental need to create wealth and be financially sound. Interestingly, one of the many things that separates the wealthy from the other financial classes is their mindset.

In order to create wealth, it is necessary to position yourself with the right frame of mind and attitude that will allow you to work at achieving the financial freedom you desire. In this article I will share some tried and tested strategies to help us develop the right wealth creating mindset.

How do you know what your current money mindset is?

In developing the right mindset to create wealth it is important to know what your current mindset is. This knowledge will assist you in knowing what your mindset is and what you need to do to improve it. It is very interesting how the little things that you don’t even consider can influence and affect the way you think about wealth and money.

Things like your childhood, how your parents talked about money around you, your environments, the kind of friends you have, your education and even advertisements that you are exposed to. All these things play a role on your mindset.

Unfortunately, we don’t pause to think about why we behave the way we do.

Again, when you think of the rich what comes to mind? Do think this is simply impossible to attain or you ask how did they make it? While others think money is evil and therefore it is fine to have just enough

Developing the right mindset for the day others push themselves to make more to make a difference. Asking yourself these questions gives you an idea where you currently are. Remember as a man thinks so is he, you cannot make more than you think, if you think small, small is what you birth.

What is the ideal mindset for wealth creation?

If thinking small, births small then certainly thinking big would be better. A mindset that creates wealth must first believe wealth creation is possible and can be achieved no matter your current state. Be ambitious in your dreams and aspirations. Think big and dream bigger because the world is full of possibilities and the opportunities do exist.

I can almost hear you say “I dreamt big and yet failed at every turn and with every opportunity that came my way.” Well then guess what you share a similar story with one of the world’s richest men, Jeff Bezos and many others. Jeff Bezos said I knew that if I failed, I wouldn’t regret that, but I knew the one thing I might regret is not trying.

A mindset that creates wealth doesn’t fear to fail but only fears not trying at all.

Discouragement and failure are two of the surest steppingstones to success according to Dale Carnegie and advises we develop success from failures. A lot of people fear these two. If you begin to see failure as a steppingstone, then you have the right mindset. If you begin to see failure, as giving you that push or motivation, then you are having a mindset shift that is bringing you closer to creating wealth.

You need to grow your money or better still put your money to work to create

The ideal mindset is positive. Surround yourself with positive minded people and eventually you will develop a similar mindset. It is said if you walk with the wise you increase their number, in the same vein when you walk with those who have the right mindset, you develop one over time. You eventually become like the five-closest people in your circle so choose well.

Build a consistent mindset, not one that starts and stops halfway. Wealth is created over time with consistency so make sure one of the things you build is consistency.

Doing little things daily builds a habit which grows into a lifestyle and soon you will be amazed in a few years what you would have attained. Waiting to start off big may never happen, start by taking a small step daily to reach your goal.

A curious mind is a learning mind, to create wealth you need to keep learning and asking the right questions.

Developing a curious mindset sets you off to creating wealth. Be curious about those who have created wealth, read about how they came into wealth, ask questions on how you can also start creating wealth and with time it would happen.

It is important to have investment discussions with our children at a much younger age. As you develop a wealth creation mindset, carry them along. This is how you develop the right mindset towards wealth creation. You set your goal, make the necessary enquiries and work towards achieving your goal.

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