Business24 Newspaper 23 March 2022 by Business24 Online

NEWS FOR BUSINESS LEADERS

BUSINESS24.COM.GH | WEDNESDAY, MARCH 23, 2022

Newmont pays GH¢1.86bn tax to gov’t

‘Automotive sector has potential for job-creation’ BY BENSON AFFUL

Head of Cooperation at the German Embassy Dorothee Dinkelaker says the cooperation support for the Ghanaian automobile industry is aimed at jobcreation as the sector has the potential to boost Ghana’s economy. “The German Development Cooperation does not only support the automotive sector just because Germany is a country of car lovers and a worldwide hub for car manufacturing. We are very much looking at the sector from a job-creation perspective as we, based on our experience, know the sector’s potential in that regard. Job creation and employment creation is a priority of German Cooperation in alignment with the priorities of the government of Ghana, Dorothee said.

MORE ON PG.3

| EDITORIAL/NEWS

In AfCFTA lies the prospects of a fast-rising continent

Wash your hands 2

Cover your cough

WEDNESDAY, MARCH 23, 2022

ne obvious outcome of an integrated or single market for the continent is the promotion of manufacturing and agro-processing across Africa which will give significant impetus to the diversification agenda of most economies within the block. Africa is now charting a new course for its industrialisation and economic development, using the momentum of continental and regional integration. The AfCFTA is the start point of Africa’s long-term development strategy for transforming the continent into the global powerhouse of the future. By reshaping her small and fragmented markets to create one integrated market with large economies of scale and scope, the continent is in global trade broker. 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. Experts and trade stakeholders have been apt about the prospects of the AfCFTA with the expected surge in jobs and wealth creation across the continent. Africa’s teeming unemployed youth have largely been described

as its ticking time bomb amid the recent spate of political insecurities across the subregion and it is only through such sustainable and forward-looking economic projects that we could offer the right levels of hope and focus to them. It is for this and many others that this paper shares in the assertions of Mr. Wamkele Mene that the offerings of the single continental market are enormous and farreaching and it behoves party states to put in place the right support systems and measures for it’s key trade actors, especially private sector businesses, so as to make the most out of this laudable project.

Newmont pays GH¢1.86bn tax to gov’t Continued from page 1

If you are sick, wear mask Brought to you by

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

social development vehicle in the ten Ahafo Mine host communities had released about $34.1 million for varied projects of which 127 infrastructural projects were completed and handed over for use “Newmont Ahafo Mine contributes $1 per each ounce of gold sold and 1% of its net profit into NADeF. The company’s tax obligation, as well as contributions to the activities of the foundation is expected to

increase when the Ahafo North project becomes operational. We are committed to being a catalyst for socio-economic development and wellbeing of our host communities and Ghana,” he said. The Ahafo North Project is part of the main Ahafo lease which started operations in 2006. It is located near Sunyani and about 50 kilometres north of the existing Ahafo south operations. The project consists of seven mineralised areas, 3.35 million ounces of reserves a further 0.95 million ounces of resources. In July 2021, the board of directors

of the company approved an initial investment fund of $750 to $850 million for the project. Newmont acquired permits from the Environmental Protection Agency (EPA) for both the Main and Tailings Storage Facility and Water Infrastructure (TSF/WI) in April and December 2021 respectively. The company is working around the clock to secure the remaining regulatory permits and pay compensations to occupants on the mining area to pave way for construction and operations accordingly.

3 Regional ports to pilot new sustainable maritime agenda Continued from page 1 The project, launched April 2021, is under the purview of the Ports Management Association of West and Central Africa (PMAWCA), facilitated by the Ports Environmental Network-Africa (PENAf ) and funded by the World Bank. According to the Executive Coordinator of the Ports Environmental Network-Africa (PENAf ), Dr. Harry BarnesDabban, the program will adopt a pragmatic approach to inculcate environmental best practices in an African context. He indicated that three ports will be selected to pilot this program

with processes far advanced in selecting them.. “We cannot visit all 22 ports involved within a year. We will begin with three ports just to have something that is very representative of the region and then we will continue to extend to others after the first 3 have been piloted. Each port will have their turn,” Dr. Barnes-Dabban said. Four priority areas of environmental management had been agreed by member ports and they include air quality, waste management, coastal erosion, and energy efficiency, he added. The environmental expert also said arrangements have been made to assess the performance of all parties

involved. This includes both internal and external audit arrangements. He explained that while the initiative is in its infant stages, it has been able to cause the creation of a port sustainable charter for the first time in Africa. “While the conventional arrangement where ports take policy direction from the state will remain, in this particular project ports will develop on their own, and it would be non-state led. This is not only at the local level, but at the regional level. The ports are not going to bypass the state. The state will be involved in discussions and decision making but only as an actor but not the dominant one,” he added.

| NEWS

WEDNESDAY, MARCH 23, 2022

‘Automotive sector has potential for job-creation’ However, she said cars are getting more complex, placing higher demands on their maintenance and repair; hence the need for specified training is crucial. Dorothee was speaking at the official opening of the West Africa Vehicle Academy (WAVA) to serve as a one-stop-shop for training and skills development of mechanics to address these skills-gaps. The academy is a joint venture of Bosch Automotive Aftermarket, Rana Motors, and German Development Cooperation GIZ aimed at developing the skills and knowledge of trainees, and equipping them to address the challenges of modern automotive services, diagnosis and repair. The academic will give free Technical, Vocational Education Training (TVET) to lecturers and intructors from both private and public TVET institutions Dorothee said she is confident WAVA will make more significant contribution to improving the quality of education in the entire automative sector, which is crucial for its future development. Chief Operations Officer (COO), Rana Motors, Kassem Odamyat, speaking at the opening ceremony, stated that modern motor vehicle systems

have moved from a mechanical process to electro-mechanical with many sophisticated technologies; therefore, the outmoded mechanical ways of diagnosis are no longer effective, hence the need to train and develop the skills-set of automechanics, both technical institution and private/roadside ones. “The drive toward establishing an automotive training school was led by our strong internal belief in training and empowering our people, as well as the community at large. Secondly, we were also very much aware of the suffering in our industry with the ever-present ‘trial and error approach’ caused by uncertified mechanics who end up wasting customers’ patience, money, and time with no satisfactory outcomes in sight,” he said. The Regional President for Bosch Automotive Aftermarket, Yves Nono said though the automobile sector in the region is young it has a huge potential. According to him, the sector is the backbone of the continent’s industrial drive as the continent thrives to improve vehicle safety on roads by giving technical training to mechanics to be able to diagnose and service customers’ vehicles properly.

Chief Operations Officer (COO), Rana Motors, Kassem Odamyat said for more than 40 years Rana Motors has actively been in the business of importing and servicing vehicles from a variety of brands “We have established a strong and solid foothold in the Ghanaian automotive industry, whether it be PVD, CVD or even Tyres. Catering to individuals, companies as well as the mining industry.

For us however, we have always strived to operate beyond being simply just another dealer and working hard to be a leader, one that goes beyond, to effect positive change and growth not only on the industry as a whole but on the people as well. According to Kassem, this how the idea for WAVA came to be, together with it partners GIZ, and Robert Bosch Ghana.

CBG fulfills annual 50 laptops donation to KNUST

Consolidated Bank Ghana has donated 50 laptops to the Kwame Nkrumah University of Science and Technology (KNUST) in response to the University’s request for “Support One Needy Student with One Laptop” (SONSOL) Project introduced recently. The gesture follows an initial donation of 50 laptops in 2021 to KNUST during which the Bank promised to honour a four-year promise of 50 laptops each year, to make available a total of 200 laptops for the University. Presenting the new branded CBG

laptops on behalf of the bank to the University, Director of Retail and Business Banking at CBG, Emmanuel Nikoi said the bank is dedicated to fulfilling its promise. “To help needy but brilliant students, we promised 50 laptops every year. Last year we started and this year also, we are here to do the needful. To honor the agreement, we have brought 50, making 100 laptops. We are committed to bring the others, 50 in 2023 and the last 50 in 2024 to bring the total to 200. Also, we are presenting a multipurpose printer for the school for

the seamless printing of ID cards for staff and students”. “The Management of the bank wants to assure you that beyond the laptops, we have also made room for internships and employment opportunities for brilliant students. On behalf of the Managing Director, Daniel Wilson Addo, board and entire executives, we want to thank the University for their warmth and we hope to continue to be in partnership”, he added. The Vice-Chancellor of the KNUST, Professor Rita Akosua Dickson, who received the items on behalf of the school, expressed gratitude to Consolidated Bank for the kind gesture. “A promise they say is like a debt and having you here to honor your promise is beautiful. You started last year and this year you didn’t disappoint. We are very delighted to have you. We believe that the subsequent years we will see you again. We have a noble duty as a university to churn out great leaders and we believe this function of equipping them is very key to the agenda. We see this function as something we cannot do on our own so we believe in partnership to ensure we fulfil this mandate”. “When COVID struck in 2020, we had to adopt the blended form of learning but the issue was the

means to get students laptops for the online bit. We shared this initiative with CBG and we are very happy that CBG listened to our plea. It is refreshing that we are not alone in this responsibility. This encourages us and strengthens us to do more. We are very grateful for these customized CBG laptops. We are also thankful for the multi-purpose printer to help us with printing. This means a great deal to us as a university. We want to assure you that we do not take this kindness lightly at all. KNUST will remain forever grateful to the Management of CBG. We hope that this will serve as a motivation to other institutions to support this initiative. Thank you for leading the way. We are very grateful”. Other members of the delegation were Edward Antwi, General Manager Branches and Digital Channels, Ziblila Atchulo, Head E-Banking and Eric Yaw Kwarteng, Regional Manager Ashanti South all from CBG. Mr. Andrews Kwasi Boateng, Registrar and Mr. Yaw Nimo Baffour, Finance Officer were also present for the University. The donation is in aid of the institutionalization of blended teaching and learning methods initiated by the University during the COVID-19 pandemic.

| NEWS

WEDNESDAY, MARCH 23, 2022

Africa wants to use continental economic and trade integration to build an inclusive, sustainable economy Mr Wamkele Mene, the SecretaryGeneral of the African Continental Free Trade Area (AfCFTA) Secretariat has said “we want to use our continental economic and trade integration to build an inclusive, sustainable African economy.” He said with AfCFTA, he firmly believed that the 1.3 billion Africans have greater opportunities than ever before to benefit from, and contribute to, the African economy and development. 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.

He said according to a report by the World Bank, if fully implemented, the agreement would boost regional income by 7 per cent or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035. Wages for both skilled and unskilled workers will also be boosted by 10.3% for unskilled workers, and 9.8% for skilled workers. The United Nations Economic Commission for Africa (ECA) projected that the value of intraAfrican exports will increase between 15 per cent (or $50 billion) and nearly 25 per cent (or $69.1 billion) in 2040, relative to the baseline without the AfCFTA in place. He said indeed, AfCFTA presented an opportunity to turn a new

page on Africa’s economic growth and development trajectory; to achieve its long-standing goal of economic diversification, through industrialisation, to further raise the standard of living of its people and to reduce poverty. “This transformational opportunity is unprecedented,” he added. The Secretary-General said they were determined to make a success of this opportunity despite the challenges and the negative impacts of the ongoing Covid-19 pandemic. Mr Mene said an integrated, more prosperous and peaceful Africa was in everyone’s interest, like a global public good, it would translate into more trade and investment, more jobs, and more security for all. “For us, as Secretariat, the

equitable distribution of the gains of the AfCFTA will be at the centre of its implementation. This is because, as you know, if AfCFTA is perceived to be benefiting only a handful of relatively industrialised countries in Africa, and a handful of African Multinational Corporations, it shall be rejected by Africans, and deservedly so,” he said. He said ensuring that no group, sector or country feels marginalised or excluded from the benefits of the AfCFTA, will help to address the root causes of conflicts, give hope to our citizenry and set us on the road towards prosperity, seizing this century as ours.

Middle Belt Authority commissions over GH¢1.87m projects in Bono East The Middle Belt Development Authority (MBDA) has handed over nine different infrastructural projects to communities in the Bono East Region. The projects, valued at GH¢1,878,500 were classified under education, health and sanitation sectors for four communities-Tuobodom, Offuman, Buoyem and Mesidan. The projects were funded by ‘one-million-dollar per constituency’ initiative. Key among the projects are a GH¢171,5000 CHPS Compound at Mesidan in the Techiman Municipality, 3-unit classroom blocks with ancillary facilities for Bouyem S.D.A Primary School, Tuobodom S.D.A Basic School, Offuman S.D.A and Methodist Basic Schools. The rest include three ultramodern tenseater public place of convenience. Speaking at separate handling over ceremonies, the CEO of Middle Belt Development Authority, Joseph Danquah, said the projects were in response to the needs assessment of the beneficiary communities as well as the burning desire of the government to scale up infrastructural development across the country, especially among deprived communities. He implored opinion leaders in the beneficiary communities to take care of the facilities jealously and uphold the culture of periodic maintenance to prolong their usefulness. This he said, would help avoid the tendency

of using limited resources to replace the infrastructure within a short period while other pressing needs of society are yelling for attention. The Paramount Queenmother of Tuobodom, Nana Akua Amoah II, commended the MBDA for what she described as “swift response” to the plight of the communities,

indicating that “These are some of the interventions that we always expect the government do.” She also prayed corporate Ghana and benevolent individuals to support the noble course to help improve socioeconomic advancement of the country. On her part, a Midwife in charge

of Mesidan CHPS Compound, Madam Jamelatu Haruna, expressed sincere gratitude to the MBDA for the provision of a befitting structure to house the facility which was established in 2004. She said the old building among others was too small to service the growing population of the community.

| F E AT U R E

WEDNESDAY, MARCH 23, 2022

Ghana Upstream Petroleum Chamber calls for collaboration in COVID-19 recovery The Ghana Upstream Petroleum Chamber (GUPC) has called for closer collaboration between the government and industry in trying to recover from the effects of COVID-19. According to the Chief Executive Officer the chamber, Mr David Ampofo, the upstream petroleum chamber has three main concerns. “We are guided by a policy of win-win for both the government and the companies who form our membership. These include Exploration and Production Companies, International Service Companies and Ghanaian Service Companies,” Mr Ampofo said. He highlighted the tendency to overlook existing investors, whilst trying to attract new investments. “I think that whilst attracting new investment is a good thing, we tend to overlook the fact that there are already some major investors in the sector whom we must work with.

It is not enough to simply invite investors in and not nurture them.” “After all, it would be much easier for already existing investors to make further investments than entirely new investors,” he said. When asked about the state of oil production in Ghana, the GUPC boss suggested that there is the need to bring on stream new oil producing fields to address the current decline in oil production. Mr Ampofo’s interview with the Business and Financial Times newspaper came at a time when various industries were grappling with the realities of a post-covid world. He indicated that, “the Chamber will work hard to synthesize the best ideas from among its membership to promote the industry in Ghana.”

Move to enhance public financial management, reporting launched The Controller and AccountantGeneral’s Department, under the auspices of the Ministry of Finance, has launched an innovative product for use by government functionaries and employees. Dubbed “the Government of Ghana Staff and Travel Card (GoG E-Travel Card)”, the product, developed in partnership with Fidelity Bank Ghana Limited, is geared towards enhancing public financial management and reporting. In a release issued by Fidelity Bank Ghana last Sunday, it said the GoG E-Travel Card, which would also function as a unique staff identity card, was an integral part of the robust Government of Ghana Staff and Travel Card platform to facilitate expense management of international and local travel for all government employees. “Both the Visa and Gh-Link versions of the Government of Ghana Staff and Travel Cards were launched by the Vice-President, Dr Mahamudu Bawumia, at this year’s Annual Conference of the Controller and Accountant-General’s Department (CAGD) that was held in Cape Coast,” it said. Dr Bawumia, according to the release, noted that the government was building a system that, among other things, would enhance transparency;

promote accountability, discipline and trustworthiness; enable inclusiveness; encourage efficient public sector management and public service delivery; and eliminate incentives for bribery and corruption. He said the introduction of the GoG E-Travel Card for public officials was to ensure that the government reduced some malpractices in the system and also cut down on waste as a result of over-expenditure. The release said the Staff and Travel Card system automated and integrated all processes from the point of initiation of card issuance requests and funding requests from MDAs and entities through approval

and disbursements. “It also provides expenditure tracking and retirement of accountable imprests. The Staff and Travel Card portal will replace all manual systems of managing travel imprests in the public service sector by delivering personalised cards to every government employee,” it added. The Controller and Accountant General, Kwasi Kwaning-Bosompem, said, “The current manual and taxbased system of handling imprests for official travel is laborious and government officials often need to change local currencies into foreign currencies at the banks, some at the forex bureaus and in some cases at

unorthodox places, which some people call the Black market, at exorbitant rates and this comes at a cost to the government. “We are set to roll out the GoG E-Travel Card to all Ministries, Departments and Agencies (MDAs) for use as the official system for disbursing and retiring of imprests for official travel in the public service.” The Managing Director of Fidelity Bank Ghana, Julian Opuni, said the creation of the Government of Ghana Travel Card aligned with the bank’s digitisation agenda is to provide convenient and seamless digital transactions for all. “We commend the government for the bold step it has taken to check overspending and funds misappropriation in the public sector through the introduction of the Government of Ghana Staff and Travel Card,” he stated. He said Fidelity Bank was excited to partner with the government in the cashless disbursement of travel allowances which would ultimately allow for accountability, among other beneficial outcomes. “This partnership will afford public officials the opportunity to experience the flawless service that is the hallmark of Fidelity Bank,” he added.

WEDNESDAY, MARCH 23, 2022

| NEWS

WEDNESDAY, MARCH 23, 2022

Economy will rebound sooner than later – President assures The President of the Republic, Nana Addo Dankwa Akufo-Addo, has assured that the policies being implemented by Government, in the wake of the difficulties occasioned by the COVID-19 pandemic, will help the economy rebound faster than anticipated. Acknowledging the difficult times the nation is going through, President Akufo-Addo noted that every country on the face of the planet, is going through challenges brought forth largely by the pandemic of COVID-19. “Ghana is not the only country faced with extraordinary increases in global freight rates, strong inflationary pressures, dramatically rising fuel prices, unprecedented volatility of stock markets, and tighter global financing conditions. These are global phenomena,” he said. The President continued, “Nonetheless, Government continues to work hard to address these issues, and I am certain that, sooner, rather than later, our economy, through the implementation of Government’s one hundred-billion-cedi (GH¢100 billion) Ghana CARES Obaatanpa Programme, will rebound from the ravages of the pandemic, bringing in its wake stability, development, progress and prosperity for all Ghanaians.” Speaking at the 92nd Speech and Prize-Giving Day of St. Augustine’s College in Cape Coast, on Saturday, 19th March 2021, President AkufoAddo noted that the Ghanaian economy grew at a provisional 5.2%

in the first three quarters of 2021, with GDP growth for 2021 projected at 5.6%, as against the 0.4% of 2020. “We need to undertake the difficult but necessary fiscal and other measures that will enable us to maintain the 2021 and higher rates of growth in the immediate years ahead of us, to develop and strengthen our economy, and help improve the living standards of us all,” he added. Democracy Touching on the country’s democratic credentials, President Akufo-Addo noted that the Ghanaian people, for these last twenty-nine (29) years of the 4th Republic, have reposed their trust in the democratic process as the avenue to resolve the

myriad of problems the country faces, and have demonstrated their determination to uphold democratic values and institutions to bring development to the nation. “There are a few, though, whom I have characterised as “restless spirits”, who are not prepared to allow you to complete your education in conditions of calm, peace and stability, and who seek constant turbulence in the governance of the state. This has led, lately, to some irresponsible utterances about coups as panaceas to our problems,” he said. He continued, “I have said, and will use this platform to repeat that coups have never been, and will

never be durable solutions to the political, economic and security challenges confronting our nation and continent.” The President was confident that the great majority of Ghanaians, who are committed to democratic values and democratic institutions, “will continue to resist the rhetoric and advances of coup mongers and coup plotters, and those of us who have the responsibility to safeguard the integrity of the state will employ all legitimate means in a democracy to preserve our free, open system of governance, which is respectful of human rights, the rule of law and the principles of democratic accountability.”

Africa wants to use continental economic and trade integration to build an inclusive, sustainable economy Wamkele Mene, the SecretaryGeneral of the African Continental Free Trade Area (AfCFTA) Secretariat has said “we want to use our continental economic and trade integration to build an inclusive, sustainable African economy.” He said with AfCFTA, he firmly believed that the 1.3 billion Africans have greater opportunities than ever before to benefit from, and contribute to, the African economy and development. 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.

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

WEDNESDAY, MARCH 23, 2022

True independence is incomplete without financial independence for women

DOREEN ILIASU, HEAD, LEGAL & GOVERNANCE, STANBIC BANK

rue independence is incomplete without financial independence for women Independence 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 socio-economic 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 TagoeQuarcoopome, 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.

| NEWS

WEDNESDAY, MARCH 23, 2022

Keeping Ashanti clean agenda gets boost…as Zoomlion supports with 13 garbage trucks

In support of the “Keeping Ashanti Region Clean and Green” agenda, Zoomlion Ghana Limited (ZGL) has presented 13 brand new state-of-theart-waste collection trucks to district assemblies in the Greater Kumasi Area of the Ashanti Region. The waste management trucks will help address the problem of lack of adequate garbage trucks and also ensure effective and efficient

management of waste in the Greater Kumasi area. The short but colourful ceremony, which came off at the Ashanti Regional Coordinating Council in Kumasi recently, was graced by a representative of the Asantehene, Otumfuo Osei Tutu II, the Ashanti Regional Minister, Simon OseiMensah, the Executive Chairman of the Jospong Group of Companies

( JGC), Dr. Joseph Siaw Agyepong, and some metropolitan municipal chief executives (MMCEs). Receiving the trucks on behalf of the assemblies, the Ashanti Regional Minister, Hon. Simon Osei-Mensah, expressed that the partnership forged between his region and Zoomlion would help improve upon sanitation in the Greater Kumasi area. He said the area was saddled with logistical constraints in the space of waste management, one of which he indicated was the lack of adequate garbage trucks. He, therefore, commended Zoomlion for the gesture and assured that the trucks would be used for its intended purpose. “Now we will see sanitation in Greater Kumasi and its environs improved,” he averred. Furthermore, he said the gesture will boost the “Keeping Ashanti Region Clean and Green” project,

thus describing the gesture from Zoomlion as “very timely.” “Together with His Majesty, Otumfuo Osei Tutu II, Asantehene, all Metropolitan Municipal, District Assemblies, Nananom and the people of Ashanti Region, we will ensure the proper use of the trucks and tricycles to promote a cleaner and beautiful Kumasi,” Mr. OseiMensah again assured. To this end, Hon. Osei-Mensah entreated residents in Kumasi and its environs to get involved in making the region clean and green. The Chairman of the Jospong Group of Companies ( JGC), Dr. Joseph Siaw Agyepong, reiterated his group’s commitment to ensure that the Akufo-Addo’s vision of ensuring a clean Ghana is achieved. He promised that Zommlion will also make available tipping tricycles and aggressively help promote the One Million Bin agenda all in an effort to ensure a clean Greater Kumasi area.

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.

| F E AT U R E

WEDNESDAY, MARCH 23, 2022

Going nuclear against rising cancer cases

BY RAFAEL MARIANO GROSSI

dvances in cancer care have yielded enormous benefits and saved millions of lives. Between 2000 and 2015, high-income countries cut cancer patients’ probability of dying from the disease by 20%. But this progress has eluded much of the rest of the world, thereby deepening longstanding global inequalities. And the problem is getting worse. Seven of every ten people who will die from cancer in the coming two decades will be in low- and middle-income countries, many of which lack even the basic tools to address the crisis they face. By 2040, cancer will kill 11 million people annually in these countries. In Latin America and the Caribbean, there were nearly 1.5 million cancer cases in 2020. By 2040, annual cases are expected to rise by almost one million, with annual deaths increasing from 713,000 to 1.25 million. Likewise, Africa, which already has a cancer death rate 30% above the global average, will experience a surge in cases in the coming decades. Changing that trajectory must become a higher global priority. A profound epidemiological shift is underway, and it is in everyone’s interest to stay ahead of it. As standard-of-living improvements lead to longer lifespans, deaths from cancer are outpacing those from communicable diseases. In Africa, cancer now kills more people than tuberculosis and at

least as many as malaria. Since late 2019, six times more Africans – and ten times more Asians – have died from cancer than have died from COVID-19. The allocation of health-care spending has yet to account for this shift. In many low- and middle-income countries, funding to combat non-communicable diseases like cancer is still a small fraction of what is spent fighting communicable diseases. With 23 countries in Africa lacking even a single radiotherapy machine, over 70% of the continent’s population does not have access to this treatment, even though more than half of all patients will need it. The annual per capita expenditure on radiotherapy in Africa is $0.53; in North America, where radiotherapy needs are fully met, the figure is 35 times higher (and a similar comparison can be made with Europe). Global cancer mortality rates reflect this inequity. In high-income countries, seven in ten children with cancer survive; in Africa, fewer than three in ten children do. In Latin America and the Caribbean, where 10% of the world’s childhood cancer cases arise, more children and adolescents die of the disease than of any other cause. These inequalities need not persist. Investments in fighting cancer can yield significant returns. Expanding and improving treatment, imaging, and quality of care could increase the five-year survival rate by tenfold in low-income countries, and more than double it in lower-middle-income countries. Scaling up access to nuclear medicine (specialized radiology) and medical imaging services could avert nearly 2.5 million cancer deaths worldwide by 2030, yielding global lifetime productivity gains of some $1.3 trillion – a net return of $180 per $1 invested. Some readers may wonder why the head of the world’s nuclear proliferation watchdog is writing about the gap in global cancer care. In

fact, the International Atomic Energy Agency has a multifaceted mandate and was created to bring peaceful applications of nuclear science to the people who need them. Because nuclear medicine plays a leading role in fighting cancer, one of our primary tasks is to help member states avail themselves of this technology. From Niger to Uzbekistan, we have been helping countries expand their capacity to fight cancer for more than six decades. While each country must determine its own priorities, the international community can and does play a valuable supporting role. Last month, World Health Organization Director-General Tedros Adhanom Ghebreyesus and I pledged to scale up our organizations’ long-standing collaboration in helping countries fight cancer. At the IAEA, we have put a lot of thought into how to do this, mapping cancer assets and needs across developing countries and calculating the positive returns on investment in a range of local scenarios. This work led us to launch Rays of Hope, an initiative that brings together donor governments, technical and medical experts, international organizations, public-finance institutions, and the private sector. Together, all can help countries with little or no capacity to build the necessary infrastructure, procure new equipment, support innovation, and provide the required training. Moreover, countries that are further along in these areas can become regional anchors, helping to widen access to care and training. With the number of cancer cases increasing, standing still means going backwards. COVID-19 interrupted cancer care around the world. In Africa and Latin America, the number of nuclear medicine procedures initially fell by 69% and 79%, respectively. Policymakers worldwide now must reassess their priorities accordingly. Doing so will help to address a deep injustice, and it will put us on track to ensure that the progress made in fighting communicable diseases is not offset by the rise of non-communicable ones, particularly cancer.

| MARITIME

WEDNESDAY, MARCH 23, 2022

Intra-Africa trade receives major boost with PAPSS’ real-time payment platform

A trial of the Pan Africa Payment and Settlement System (PAPSS) has revealed that payment transactions on the platform can be completed in 120 seconds, the Deputy CEO of PAPSS John Bosco Sebabi has said. According to him, the impressive transactional time of the payment platform is one that should encourage businesses especially small and medium enterprises (SMEs) to formalize and take advantage of the Africa Continental Free Trade Agreement (AfCFTA).

He made this known at the 115th Meeting of the Greater Accra Shipper Committee of the Ghana Shippers’ Authority (GSA) held on Wednesday, March 16, 2022. He revealed that under the West African Monetary Zone made up of six (6) member states – The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone – so far, six (6) central banks have piloted the system, nineteen (19) commercial banks have signed up; six (6) switches have signed technology connectivity

agreements whilst about twenty (20) fin-techs have also been enrolled onto the PAPSS platform. PAPSS is a centralised payment and settlement infrastructure for intra-African trade and commerce payments. This project which is being developed in collaboration with the African Export-Import Bank, Afreximbank will facilitate payments as well as formalise some of the unrecorded trade due to prevalence of informal cross-border trade in Africa.

Mr. Sebebi said the detailed rollout of the platform reinforces the benefits of PAPPS for cross-border payments which includes cost reduction; reduction in duration and time variability; decreasing liquidity requirements of commercial banks; decreasing liquidity requirements of central banks for settlement as well as its own payments; and strengthening Central Banks’ oversight of cross border payment systems. The Assistant Manager, Participants and Memberships Management at PAPSS, Noel Adja said all the necessary boxes have been ticked to ensure that the platform is not only safe but is robust to support the goals of AfCFTA. He further added that the platform would not only serve businesses but also offer the opportunity for cross border utility payments. The Head of Shipper Services and Trade Facilitation Department of GSA, Mrs. Monica Josiah expressed gratitude for the in-depth presentation on PAPSS on behalf of members of the Greater Accra Shipper Committee and called for the presentation to be replicated across the country.

GPHA, allied agencies pledge to enhance maritime safety The Ghana Ports and Harbours Authority is committed to minimizing the risk of incidents and accidents in its operational environment. In line with this, the Port Authority continually makes efforts to enhance its alertness and response mechanisms to potential negative events in the port environment. As part of these efforts, the Marine Section of GPHA in collaboration with allied agencies, such as the Ghana Navy and Environmental Protection Agency recently partook in an oil spill drill in the Port of Tema. The team deployed several of its sophisticated equipment and trained personnel in a simulation exercise. The exercise according to the Deputy Harbour Master in charge of Logistics at the Port of Tema, Daniel Quartey, forms part of the Obangame Express 2022, a multinational maritime exercise in Western Africa. He said the Port Authority will continue to improve to ensure that the safety of the port environment is not compromised.

| NEWS

WEDNESDAY, MARCH 23, 2022

Eni and Air Liquide to cooperate for the decarbonization of hard-to-abate industries in Europe

Eni and Air Liquide have entered into a collaboration agreement aimed at assessing decarbonization solutions in the Mediterranean region of Europe, focused on hardto-abate industrial sectors. The two companies join forces combining their well-established expertise and know-how to enable CO2 capture, aggregation, transport and permanent storage. Carbon Capture and Sequestration

(CCS) represents one of the fundamental tools in the decarbonization process, especially for the most carbon-intensive industrial sectors, and will play a key role in achieving the important emission reduction targets set at European level as part of the Green Deal. Within the framework of the agreement, Eni and Air Liquide will collaborate to identify clusters

of hard-to-abate industries in this geographic area and will define the best possible configuration to develop a large-scale CCS program. In particular, Air Liquide will develop competitive CO2 abatement solutions, leveraging on its ongoing CCS initiatives in Northern Europe and on its innovative proprietary technology CryocapTM able to capture up to 95% of CO2 emissions from industrial facilities.

Eni, leveraging on its experience in gas fields exploitation and management, will identify the most suitable permanent CO2 storage locations in the Mediterranean Sea. Luigi Ciarrocchi, Eni’s Director, CCUS, Forestry and Agro-Feedstock, said that “The goal of achieving carbon neutrality by 2050 is a pillar of Eni’s strategy. CCS is pivotal in the decarbonisation process, in particular for the most energy and carbon-intensive industrial sectors. By contributing to reduce emissions from hard to abate sectors, we aim to promote a process of environmental and at the same time economic and social sustainability, supporting the continuity of industrial activities, such as, but not limited to, cement and steel, that are central to Italy’s economy.” Pascal Vinet, Senior Vice President, a member of Air Liquide Executive Committee, supervising Europe Industries, said: “We are pleased to cooperate with Eni in this important decarbonization initiative and leverage our expertise in CO2 management to concretely contribute to the reduction of industrial carbon emissions in Europe. Supporting the decarbonization of the industry is one of the strategic pillars of Air Liquide, which is committed to addressing the urgency of climate change and reach carbon neutrality by 2050.”

Bawumia inaugurates two drone distribution centers to serve Afram Plains and 3 other regions The Vice President, Dr Mahamudu Bawumia, has inaugurated the 5th and 6th distribution centres for Zipline Ghana at Anum and Kete Krachi. “When the government, led by President Nana Addo Dankwa Akufo Addo satisfied itself with the knowledge behind Zipline’s innovation and how it will improve access to vital medical supplies, we became interested and more eager to ensure that the good people of Ghana benefit from this innovation “When I look at the tremendous success since 2019, I can only thank God for the foresight and the bold decision to move forward with this (Zipline) project. I am sure by now even the ardent critics of the innovation have come to terms with the benefits of this project. Never again should we allow ourselves to be divided by politics when discussing the health of our people. When a

snake is about to bite you, it does not ask whether you are NPP or NDC or CPP” he stated. The Vice President, who was speaking at Nyagbo Sroe in the Afadjato South District of the Volta Region, said the unhealthy criticism that accompanied Government’s decision to implement the drone medical delivery service to address emergencies and hard-to-reach communities, including claims that the drones would take pictures of people in their bathrooms, could have led to deaths of thousands of Ghanaians including expectant mothers, victims of snake bite and from Covid 19. “From Omenako to Mpanya, Vobsi to Sefwi Wiawso, and now Anum to Kete Krachi; Zipline drones have been almost everywhere, flying over hills and valleys to bring healthcare closer to the people. Since Zipline started the drone deliveries, the

challenges of travelling for vaccine inoculation and the delay in vaccine delivery have been resolved. “I have been informed that as at the end of February 2022, Zipline has made more than two million deliveries of life-saving medical products, saving hundreds of thousands of lives and limbs. Aside these, other medical supplies like blood, anti-snake venom and PPEs have been transported with ease to government health facilities within the period. “Also importantly, over 300 high quality jobs have been created, and I am happy to say that all the distribution centres are manned 100% by Ghanaians. “I am also Informed that Ghanaian staff are at the forefront of Zipline expansion to Nigeria, Kenya, and Côte d’Ivoire”, Dr Bawumia added. The two new Centres, at Anum and Kete Krachi, will serve all

health facilities within the Afram Plains areas and many other hardto-reach communities in almost all parts of Volta Region, most parts of the Eastern Region, and parts of the Oti and Savannah regions, ensuring almost total national coverage. Vice President Bawumia thanked the leadership and staff of the Ministry of Health, Ghana Health Service and other key stakeholders in the health delivery sector for their continued dedication and patriotism, especially in the wake of the Covid 19 pandemic. Ghana, he emphasized, is eternally grateful. The Country Manager of Zipline Ghana, Naa Adorkor Yawson, disclosed that after three years of service to over 2,300 health facilities in 147 districts in 13 regions, the company would, later this year, begin home delivery services, to make speedy access to essential medications even easier.

| E-COMMERCE

WEDNESDAY, MARCH 23, 2022

World Consumer Rights Day: Vodafone reiterates commitment and highlights industry progress Vodafone Ghana has reassured customers of its unflinching commitment to protect and respect their rights at the 2022 World Consumer Rights Day event held in partnership with the Ghana Chamber of Communications at Kejetia-Pampaso, Kumasi. Speaking on a panel as part of the celebration, the Head of Regulatory and Compliance at Vodafone Ghana, Ernest Osei-Poku, highlighted some initiatives from Vodafone Ghana as well as the telecoms industry in general, aimed at providing superior customer service that protects and respects the rights of customers. Commenting on respect for customers and their rights, Ernest rehashed Vodafone Ghana’s commitment to protect customer rights and privacy while providing them with optimal network quality and exceptional value propositions. For this reason, Vodafone continues to invest in technology and tools that empower its workforce to provide quick and improved customer service. “We receive about 400,000 calls a month. Even if you assume that half

of that number are complaints, that equates to 200,000 complaints in total. While the industry is relatively mature, certain aspects are still developing. One of the ways in which we’re working to improve the experience of our customers is by introducing digital tools which give them much more power and independence to address many of the issues they call us about.” Vodafone is well-known for consistently innovating new ways to improve customer experience. A recent example is the addition

of self-reversal, a new option on the Vodafone Cash menu *110# that enables consumers to quickly reclaim money transferred to another Vodafone in error. According to Mr Osei-Poku, initiatives such as the ongoing SIM registration exercise and the use of the National Identification System for biometric identity verification have, for the first time in the industry, made it possible to legitimately confirm the identity of subscribers. This ultimately serves to protect them from fraudsters and curb SIM

boxing activities. “In line with our commitment to build a digital society that improves people’s lives, we are leveraging new technologies such as artificial intelligence (AI) to transform our customers’ experiences and enhance the efficiency of our operations. We have a host of digital platforms, which include a machine learning chatbot and a self-service app.” he added. The Chief Executive Officer of the Ghana Chamber of Telecommunications, Dr Kenneth Ashigbey, expressed satisfaction with the efforts of the telecommunication industry to augment their customer services with digital tools, maximizing the protection and respect of customer rights. The 2022 World Consumer Rights Day was held under the theme “Fair Digital Finance” in collaboration with the Ghana Chamber of Telecommunications and other telecommunication networks to educate and inform traders and commuters of their rights and responsibilities as customers of telecommunication services.

SIM card registration deadline extended to July 31 The deadline for the registration of Subscriber Identification Module (SIM) cards using details of the Ghana Card has been extended to July 31, 2022. A statement dated March 22, 2022, signed and issued by the Minister of Communications and Digitalisation, Mrs Ursula Owusu-Ekuful said the extension of the deadline is to “ensure that every eligible SIM card is captured and we produce a credible database by the end of the exercise.” As of March 17, 2022, a total of 14,091,542 SIM cards had been linked to the Ghana Card. Out of that, 10,348,532 had been bio-captured and 99,445 being new SIM cards, the Minister stated. The SIM registration exercise began on October 1, 2021 and was expected to end on March 31, 2022. Mrs Owusu-Ekuful added that more time will also be required to update the SIM Registration App for the registration of diplomats, while a Self-Service SIM Registration App is also being developed to facilitate registration of SIM cards for Ghanaians resident abroad. She said this will be operational by mid-April. “These issues make it imperative for the deadline to be extended to ensure that every eligible SIM card is captured and we produce a credible database by the end of the exercise.”

| NEWS

WEDNESDAY, MARCH 23, 2022

Don’t allow your vulnerability to weigh you down – GCB MD he Managing Director of GCB Bank PLC, Mr Kofi Adomakoh, has advised Ghanaians especially businesses and leaders not to allow their vulnerabilities to weigh them down in achieving their objectives. He said leaders are vulnerable and have their own fears with the challenging environment they operate and need support of their followers and the masses to excel. Speaking at a forum at the University of Ghana on the theme; “Building Collaborative leadership and highperformance teams,” Mr Adomakoh urged the youth of the country not to make money their primary focus in life. The event, dubbed “Alumni Passing Through” is part of the annual Faculty week celebrations of the Department of Agriculture, University of Ghana. Majority of the participants joined the discussions virtually with others physically present at the forecourt of

the Department of Agriculture. Mr Adomakoh, an Alumnus of the Department, was invited, to share his perspectives and thoughts on the topic based on several decades of industry experience. He explained that competent leaders present a high degree of emotional intelligence and exhibit characteristics akin to motivation, self-regulation, self-awareness, empathy and social skills. He urged leaders to create and demonstrate a clear purpose, clarity, certainty and hope for their teams. Mr. Adomakoh advised the participants not to emulate or repeat the mistakes of the past adding that “high performance teams learn from mistakes.” The GCB MD noted that effective leaders think exponentially and not linearly and have the ability to inspire and elicit the best out of people/team.

He urged the youth to discard silo mentalities, be each other’s strength and not be fixated with their weaknesses. “Leadership must not always come from the top. It can come from anywhere. A good leader must inspire and make people better. Motivate and create the environment for people to flourish. Leaders create the environment and inspire people to exploit themselves for the benefit of society.” The MD admonished students to exploit their intrinsic leadership qualities to fit into high- performing teams and not step out of the institution as only “fit-for-jobs.” Mr Adomakoh expressed his appreciation to the department and congratulated them on pioneering this very important initiative where seeds sown are sure to reap relevant fruits. The Dean of the Faculty of

Agriculture, University of Ghana, Legon, Professor Irene S. Egyiri, noted that the programme offers students the opportunity to be inspired and obtain mentorship. Present at the ceremony were the Head of Corporate Affairs Department of GCB, Mr Emmanuel Kojo Kwarteng and the Executive Business Manager, Mr Kofi OseiAsibey.

Ghana’s energy transition must offer opportunities to women

Women must be offered the opportunity to participate fully in the realisation of Ghana’s Energy Transition agenda, a move from fossil-based energy to renewables or zero-carbon energy by 2050. Mrs Angelina Ama Tutuah Mensah, the Director in charge of Corporate Communication at Ghana’s Environmental Protection Agency (EPA), in an engagement with the Ghana News Agency, proposed that females be featured prominently in the energy transition discussions, policy development and implementation. From a policy perspective, Mrs Mensah said one of the ways to ensure active participation of women in the transition was to establish a Legislative Instrument that would

secure a quota for women in the renewable energy sector to build the capacities of female workers, and to ensure an inclusive work environment. She explained that energy transition, aligned with global climate ambition, which was projected to result in job losses, would equally present opportunities in the renewable energy sector hence the need for a comprehensive plan that would prioritise females to enable them to take up opportunities in that space. “The fossil fuel sector is dominated by men. Female participation is limited and the transition is likely to make them jobless, hence the country must be able to address this through policy and implementation so they are not worse off,” she said.

Already, a joint study by International Renewable Energy Agency (IRENA) and International Labour Organisation indicates that the renewable energy sector could account for 38 million jobs by 2030 and 43 million by 2050, double the number under current policies and pledges. As is the case today, solar will make up the largest share of renewable energy jobs in 2050, with 19.9 million jobs, followed by bioenergy (13.7 million), wind (5.5 million) and hydropower (3.7 million). On the African continent, energy transition could generate 26 million more economy-wide jobs by 2050 than is anticipated under businessas-usual scenario plans, IRENA

in collaboration with the African Development Bank analysis has projected. Mrs Mensah, who is the first African Woman to be nominated on the Katowice Committee of Experts on Impacts of implementation of Response Measures, urged the leadership of the energy transition to reach out to women in the rural areas to solicit their views to ensure a nationally-inclusive transition plan. The consultations, she said, should answer questions related to the kind of work in the future, production and services, socialisation and relocalisation of work, for basic social protections, for work that would benefit people and communities and protect the planet. “The debate on energy transition allows us to rethink the kind of economic system we want, and the challenges that we must overcome to make it a reality,” she said. She said the National Energy Plan could define criteria for existing projects and businesses that could be characterised as exemplary of Gender Just Solutions. “Gender Just Solutions are bottomup, and can be mitigation and/ or adaptation initiatives that are efficient, decentralised, safe, appropriate, affordable, sustainable, replicable, interlinked to peace building, promote equal access to benefits, do not burden women, entail multiple benefits, and center local decision making and the role of women within it,” she said. GNA

WEDNESDAY, MARCH 23, 2022

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

Forests and sustainable production and consumption

ofi Annan once said that “the world is not ours to keep. We hold it in trust for future generations”. This year, as we mark the Intentional Day of Forests, we are reminded of the importance of halting the continuous decline in forest resources. The theme for this year, “Forests and sustainable production and consumption” is apt as sustainable management and use of forest resources are key to combating climate change, and to contributing to the prosperity and well-being of current and future generations. Forests cover nearly a third of the earth’s surface and support the livelihoods of more than 1.5 billion people around the world. Yet, 80% of natural forests have either been cleared or degraded with the world losing over 12 million hectares of primary forests between 2019 and 2020. In Ghana, according to data from the Global Forest Watch, the country has lost an equivalent of 8% of total tree cover between 2002 and 2020. With the current annual deforestation and forest degradation rate of 2% - equivalent to 135,000 hectares loss of forest cover – Ghana’s tropical forests continue to face the danger of depletion if efforts at sustainable management are not strengthened. The Government of Ghana is already taking bold and commendable steps to reduce forest loss through interventions such as the Ghana Cocoa and Forests REDD+ Programme, the Ghana Landscape Restoration and Small Scale Mining Project and the Ghana Shea Landscape Emission Reductions Project. These interventions advance the Sustainable Development Goal (SDG) 12 through forest restoration, sustainable production, and consumption of green commodities across Ghana.

Ghana also joined over 100 world leaders who pledged to halt and reverse deforestation and land degradation by 2030 at the COP26 climate summit in Glasgow. This pledge reiterates and reaffirms the role of forests in balancing greenhouse gas emissions and removals. It will also help in adapting to the impacts of climate change, in maintaining healthy ecosystem services, and thus ensure sustainable use of the earth’s forest resources. This landmark declaration is timely as the world is faced with an uncertain future according to a recent assessment report on the world’s forests. Driven by unclear land and tree tenure systems, and unsustainable agricultural practices, Ghana’s forest resources remain at risk. Cocoa production contributes between 54-77% of the country’s forest degradation. Initiatives like the Cocoa Life Programme being implemented by UNDP, Cocoa Board, Forestry Commission, with support from Mondelez International, are providing solutions by promoting sustainable agricultural production. Through the programme, farmers like Grace and Naomi are helping to restore degraded forest reserves like the Ayum Forest Reserve by planting economic trees in degraded forest reserve land. Similarly, farmers like Moses and Ama are not only reaping the benefits of joining other farmers to plant over 1 million economic trees in their cocoa farms but are also contributing to efforts to mitigate the adverse effects of climate change. Advancing sustainable production and consumption in forested areas will require turning declarations and pledges into concrete actions. These actions must respond to current and future challenges to drive the kind of transformative changes required to halt and reverse deforestation by 2030. The actions must also be far-reaching and more inclusive in three key areas. First, promote green forest-related commodities. With an enhanced and

transparent approach to traceability of all green commodities, Ghana can unlock immense opportunities for people and the planet through sustainable production. Building on the work by the Ghana Cocoa Board in the cocoa sector, more can be done for other commodities such as shea and cashew. Second, support inclusive commodity platforms to ensure that no one is left behind when it comes to engagement and decision making. Commodity stakeholder platforms are a key avenue for effective multi-stakeholder engagement. Bringing all actors -including women and youth - together on inclusive platforms should be explored to help address forest degradation across various supply chains and hold actors accountable to commitments. Third, strengthen partnerships with the private sector and local communities. In Ghana, the cocoa private sector has already made clear commitments towards sustainable production and consumption through the Cocoa and Forest Initiative (CFI), which has been an ongoing partnership with the Government. It is important that, such partnerships are strengthened, and communities are engaged to ensure that related actions are effectively monitored and reported on. In conclusion, if Ghana and other countries are to succeed in advancing forests and sustainable consumption and production, we must work to adopt sustainable agricultural practices, address land and tree tenure-related issues, and build collaborative platforms to ensure sustainable management of forests for people and for planet. As we hold the forests in trust for future generations, we will also be able to enjoy all the benefits from the air we breathe, to the food we eat and medicines we use. Sustaining forests will sustain our life and livelihoods on earth.

WEDNESDAY, MARCH 23, 2022

| F E AT U R E

WEDNESDAY, MARCH 23, 2022

Achieving SDG 6 through GAMA-SWP: Journey so far She was one of the chronic culprits of open defecation in her neighbourhood. When nature called, she responded by emptying her bowels into a black polythene and dropping it in the nearby gutter. The 59-year-old Mercy Adom, a resident of Domeabra, a community in the La Nkwantanan-Madina Municipal Assembly (LANMA), was pushed into that habit by poverty and lack of access to toilet facilities. Until she got her own household toilet through the Greater Accra Metropolitan Area Water and Sanitation Project (GAMASWP), she added to the list of thousands of people who defecated in gutters, open spaces and along the beaches in the Greater Accra Region. When I visited her recently, she could not hold back her joy about the impact the GAMA-SWP had made on her life. “When the GAMA project team came to my neighbourhood, I had no money to pay outright for the toilet, but they assured me that I could pay in bits until I finished paying. I made the first payment of GH¢300 and continued paying in instalments until I finished paying the GH¢1,100. Now, I do not engage in open defecation again,” she said. Ms Hadiza Mohammed also recounted how she and 15 others gave up open defecation after they had access to the GAMA toilets. Such was also the case with Yahya Umar, a 54-year-old resident of the Domeabra community, who got a toilet using the mobile money payment platform. GAMA project The GAMA-SWP is a US$150-million World Bank grant initiative which started in August, 2014 to support the government’s efforts to increase access to improved sanitation and water supply in the GAMA, with emphasis on lowincome communities and to strengthen management of environmental sanitation. The project has four components. These are the provision of environmental sanitation and water supply services to priority low-income areas of the GAMA; improvement and expansion of the water distribution network in the GAMA; planning, improvement, and expansion of GAMA-wide environmental sanitation services; and the institutional strengthening of municipal, metropolitan and national institutions. The target of the project was to construct 19,100 household toilets and extend water connections to 250,000 households in low-income communities by May, 2020. Under the GAMA-SWP, residents of the metropolitan, municipal and district assemblies (MMDAs) within GAMA were given the opportunity to acquire a household toilet at 50 per cent subsidy. Hence, with as low as GH¢1,100 the beneficiary got the full package of a toilet room, seat, hand wash basin, a biofil digester and a discharge unit (soak-away). For those who already had their rooms, they got the other items at GH¢600.

The GAMA-SWP team rolled out a flexible payment system, making it possible for potential beneficiaries to pay for the toilets in instalments using mobile money platforms. Gains After seven years of implementation, the stories by Ms Adom, Bukari, Hadizah and Umar indicate that the project has impacted positively on their lives, as they have all given up open defecation. Also, statistics provided by the GAMA-SWP Project Secretariat showed that at the close of the first phase of the project in December, 2020, a total of 28,541 household toilets were constructed, in excess of the 19,100 targeted. Also, 406 units of institutional toilets were constructed in 250 schools, reaching over 200,000 students. This is in excess of the 50 institutional toilets that were targeted. For the improved water supply component, which was spearheaded by the Ghana Water Company Limited (GCWL), the records show that the project extended water connection to 10,400 households in low-income communities instead of the targeted 2,500 households. Following the successful implementation of the GAMA-SWP in Accra, the World Bank gave additional funding of US$125 to extend the project to the Greater Kumasi Metropolitan Area (GKMA). The target of the extended project is to construct 30,000 household toilets in GKMA and an additional 12,000 in GAMA by 2024. As of the end of December, 2021, the GAMA project added over 7,000 household toilets, taking the total number of household toilet facilities within GAMA to 36,000. Although actual construction started in November, 2021, the GKMA has already recorded over 600 household toilets. Additionally, the 2021 Population and Housing Census (PHC) report on water and sanitation, which was released in on February 24, this year, revealed an improvement in water and sanitation situation in the Greater Accra Region as compared to other parts of the country. The statistics showed that access to household toilet facilities increased from 21 per cent in 2014 to 51.7 per cent in 2021. Also, the statistics revealed that 57.4 per cent of users of household toilets used bio-digester toilet facilities which were promoted by GAMA-SWP. Again, the figures showed that open defecation in the Greater Accra Region reduced from eleven per cent in 2015 to 6.2 per cent in 2021, while the national figure stood at 17 per cent.

Justification The coordinator of the GAMA-SWP, Mr George Asiedu, said the reduction in open defecation in the Greater Accra Region from eleven per cent in 2015 to 6.2 per cent in 2021 provided ample evidence that the household toilets constructed by the GAMA Project had made the desired impact. He added that the increased access to household toilets and water helped to improve on sanitation and contributed to zero cholera cases in the past seven years as against 2014 when more than 200 people died through cholera outbreak. Again, the GAMA-SWP coordinator observed that the success story of the GAMA project in exceeding its target in both the water and household toilets contributed significantly to Ghana’s ability to contain the COVID-19 pandemic. “The GAMA-SWP also contributed significantly to Ghana’s ability to contain the COVID-19 pandemic from escalating, especially in the Greater Accra Region, which was of COVID-19 infections. It was easy for the government to implement the free water policy because most parts of Accra had been connected to water. If there was no access to water, the free water policy would not have yielded results,” he said. Challenges He, however, said the GAMA-SWP had some challenges. One of such challenges was the poor maintenance culture by some schools that benefitted from the institutional toilets. Just five years into the completion and operationalisation of the institutional toilets, some of those facilities already risked being closed down because of poor management. That raised the issue of the sustainability of projects by beneficiaries. Again, Mr Asiedu said it was worrying that some people had converted their bio-digester toilets designed for limited use to public toilet facilities. Way forward It is evident from the success story of the GAMASWP that when more resources are committed into the construction of more household toilets and expansion on water coverage, Ghana would take a giant step towards achieving SDG 6, which seeks to “ensure availability and sustainable management of water and sanitation for all.” With eight years to the 2030 deadline for achieving the SDGs, there is the need for vigorous expansion of the household toilets and water projects to other cities across the country. Graphic.com

| MARKET REVIEW

WEDNESDAY, MARCH 23, 2022

Weekly Market Review For Week Ending March 18, 2022 YTD Performance of GSE Market Indices

5 Best & 5 Worst Performing Stocks YTD Return

1.00% 0.50%

160.00% 01

11/

04 /0

120.00%

-1.50%

100.00%

-2.00%

80.00%

2021 Projected GDP Growth

5.0%

BoG Policy Rate

17.0%

-2.50%

60.00%

13.39%

-3.00%

40.00%

-3.50%

20.00%

Debt to GDP Ratio – Dec, 2021

80.1%

1600000

CURRENCY MARKET

1400000

The Cedi depreciated against the USD for the nineth consecutive week. It traded at GH¢7.1125/$ on Friday, compared to GH¢7.0250/$ at week open, reflecting w/w and YTD depreciations of 1.23% and 15.56% respectively. This compares with YTD appreciation of 0.57% a year ago.

1200000 1000000

STOCK MARKET REVIEW

800000 600000

The Ghana Stock Exchange retreated for the week on the back of declines by 2 counters. The GSE Composite Index (GSE CI) lost 6.11 points (-0.22%) to close at 2,738.63 points, reflecting year-to-date (YTD) loss of 1.82%. The GSE Financial Stocks Index (GSE FI) however, gained 24.62 points (+1.15%) to close at 2,167.29 points, reflecting year-to-date (YTD) gain of 0.72%.

200000 0

VOLUME

63,989.00 63,988.00 63,987.00 63,986.00 63,985.00 63,984.00 63,983.00 63,982.00 63,981.00 63,980.00

0.15

0.17

▲13.33%

Guinness Ghana Breweries Ltd.

2.12

2.25

▲6.13%

0.19

0.2

▲5.26%

GCB Bank PLC

5.2

5.18

▼0.38%

Scancom PLC

1.08

1.06

▼1.85%

SIC Insurance Company Ltd.

-0.78% -0.78% -0.78% -0.79% -0.79% -0.79%

3/ 22

MARKET CAP

YTD%

Best 5 Traded Equities by Volume for the Week Ending 18/03/2022 ETI, 2.37%

Year Open

Week Open

Week Close

Change

YTD %

YTD

6.3020

6.4227

▼1.88

▼6.49

8.1272

8.5754

8.7391

▼1.87

▼7.00

18/03/22

01/01/22

14/03/22

USD/GHS

6.0061

7.0250

7.1125

▼1.23

▼15.56

GBP/GHS

8.1272

9.1814

9.3533

▼1.84

▼13.11

EUR/GHS

6.8281

7.6934

7.8451

▼1.93

▼12.96

CAD/GHS

4.7416

5.5280

5.6371

▼1.94

▼15.89

EGL, 1.81%

CAL, 2.84%

Exchange Rates: Ghana Cedi vs Selected Currencies

MTN, 77.99%

Best 5 Traded Equities by Value for the Week Ending 18/03/2022

1,500 EGL, 4.57% EGH, 6.29%

ACCESS, 3.48%

10.0000 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000

01/01/22

2,000

500 0

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

Currency Pair

GGBL, 10.15%

2,500

GSE FSI

Weekly Interbank Foreign Exchange Rates

18 /0

17 /0

16 /0

3/ 22

3/ 22 15 /0

3/ 22

-0.79%

3,000

GSE CI

The Cedi further weakened against the Canadian Dollar for the week. It opened at GH¢5.5280/C$ but closed at GH¢5.6371/C$, reflecting w/w and YTD depreciations of 1.94% and 15.89% respectively. This compares with YTD depreciation of 1.00% a year ago.

-0.79%

Trend in Market Indices - 2022

1,000

The Cedi also depreciated against the GBP for the week. It traded at GH¢9.3533/£, compared with GH¢9.1814/£ at week open, reflecting w/w and YTD depreciation of 1.84% and 13.11% respectively. This compares with YTD depreciation of 0.78% a year ago. The Cedi again weakened against the Euro for the week. It traded at GH¢7.8451/€, compared with GH¢7.6934/€ at week open, reflecting w/w and YTD depreciations of 1.93% and 12.96% respectively. This compares with YTD appreciation of 3.74% a year ago.

VALUE

Market Capitalization for Week Ending 18/03/2022

Price Movers for the Week Ecobank Transnational Inc.

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

Market capitalization advanced by 0.42% to close the week at GH¢63,985.35 million, from GH¢63,713.16 million at the close of the previous week. This reflects YTD decrease of 0.79%. Trading activity recorded a total of 18,582,177 shares valued at GH¢24,300,166.61 changing hands, compared with 1,892,384 shares, valued at GH¢2,142,874 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 77.99% and 63.22% of volume and value of shares traded respectively . The market ended the week with 3 advancers and 2 decliners as indicated on the table below. .

400000

USD

GGBL, 17.28% MTN, 63.22%

GBP

EUR

CAD

12/03/22

351.8

05/03/22

Public Debt (billion GH¢) – Dec, 2021

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

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

26/02/22

7.4%

-3.45%

-60.00%

19/02/22

2022 Budget Deficit Target (%GDP)

-40.00%

12/02/22

9.7%

-20.00%

GSE FSI

05/02/22

Budget Deficit (% GDP) – Dec, 2021

0.00% GSE CI

29/01/22

8.0%

22/01/22

End Period Inflation Target – 2021

-4.00%

15/01/22

15.7%

08/01/22

Inflation for February, 2022

17.65%7.14%

SI C

Weekly Interbank Interest Rate

18.28% 17.78%

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

-1.00%

137.50%

5.3%

140.00%

Average GDP Growth for 2021

-0.50%

6.6%

1/2 2

Q3, 2021 GDP Growth

/2 2 1/2 2 25 /0 1/ 01 22 /0 2 08 /22 /0 2/ 15 22 /0 2/ 22 22 /0 2/ 01 22 /0 3/ 08 22 /0 3/ 15 22 /0 3/ 22

0.00%

EG L GG BL

MACROECONOMIC INDICATORS

MONDAY, FEBRAURY 14, 2022

WWW.BUSINESS24.COM.GH

WEDNESDAY, MARCH 22, 2022

NO. B24 / 314 | NEWS FOR BUSINESS LEADERS

Treasury Yield Curve 22

Exchange Rates: Ghana Cedi vs Selected Currencies

21.75

20.20

20.75 20

19.75

19.75 19.00

10.0000 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000

19.75

70%

18.10

YTD Performance of Selected Commodity Prices 60%

16.96 16

50% 40%

13.42 13.61

30% 20%

0% -10%

/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/ 12 22 /0 3/ 22

yr 15 yr 20 yr

7y r

5y r

3y r

91 Da y 18 2D ay 36 4D ay 2y r

12/03/22

26/02/22

05/03/22

12/02/22

19/02/22

29/01/22

05/02/22

15/01/22

22/01/22

08/01/22

01/01/22

10% 10

USD

GBP

EUR

CAD

COMMODITY MARKET Crude Oil prices logged a second weekly loss as the Russia-Ukraine war premium dipped from its highs of two weeks ago. Brent futures traded at US$107.93 a barrel on Friday, compared to US$112.67 at week open. This reflects w/w loss and YTD gain of 4.21% and 38.76% respectively. Gold dipped on Friday and for the week, as the dollar strengthened. Gold settled at US$1,929.30 from US$ 1,985.00 last week, reflecting w/w loss and YTD appreciation of 2.81% and 5.51% respectively. Prices of Cocoa dipped for the week. The commodity traded at US$2,537.00 per tonne on Friday, from US$2,580.00 last week, reflecting w/w loss and YTD appreciation of 1.67% and 0.67% respectively.

YTD Performance of the Ghana Cedi against Selected Currencies 4.00 2.00

12/03/22

05/03/22

26/02/22

19/02/22

12/02/22

05/02/22

29/01/22

22/01/22

15/01/22

08/01/22

-6.00 -8.00 -10.00 -12.00 -14.00 -16.00

INTERNATIONAL COMMODITY PRICES

-18.00 USD

GBP

EUR

CAD

Commodities

Year Open

Week Open

Week Close

01/01/22

14/03/22

18/03/22

112.67

107.93

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,178.22 million for the week across the 91-Day and 182-Day Treasury bills, compared to GH¢2,341.25 million raised in the previous week. The 91-Day Bill settled at 13.42%, from 13.25% last week whiles the 182Day Bill settled at 13.61%, from 13.55% last week. The table and graph below highlight primary market yields at close of the week. Security

Year Open

Previous Yield %

01/01/22

14/03/22

18/03/22

91 Day TB

12.53

13.25

13.42

182 Day TB

13.21

13.55

13.61

364 Day TB

16.64

16.96

2-Yr FXR TN

19.75

3-Yr Bond 5-Yr Bond 6-Yr Bond 7-Yr Bond 10-Yr Bond

Current WoW Chg Yield % (%)

20.50

21.00

20.75

18.80

21.75

18.10 19.75

15-Yr Bond

19.75

20-Yr Bond

20.20

YTD Chg (%)

▲1.22

▲7.10

▲0.42

▲3.01

0.00

▲1.88

0.00

▼1.19

0.00

15.69

Brent crude oil (USD/ bbl) Gold (USD/t oz.)

1,828.60

Cocoa (USD/ MT)

2,520.00

0.00

2,580.00

1,929.30

2,537.00

▼4.21

▲38.76

▼2.81

▲5.51

▼1.67

▲0.67

3,000 C O 2,500 C O 2,000 A

G O L D

140 B R E 100 N 80 T 120

1,500

1,000

500

Cocoa

Brent Crude

Cocoa

Brent Crude

BUSINESS TERM OF THE WEEK Dirty Float: A dirty float is a floating exchange rate where a country’s central bank occasionally intervenes to change the direction or the pace of change of a country’s currency value. In most instances, the central bank in a dirty float system acts as a buffer against an external economic shock before its effects become disruptive to the domestic economy. A dirty float is also known as a “managed float.” Source: https://www.investopedia.com/terms/d/dirtyfloat.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). RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

International Commodity Prices - 2022

Gold

Source: Bank of Ghana

1,985.00

YTD %

Source: www.investing.com

0.00

77.78

Chg%

01/01/22 08/01/22 15/01/22 22/01/22 29/01/22 05/02/22 12/02/22 19/02/22 26/02/22 05/03/22 12/03/22

-4.00

01/01/22

0.00 -2.00

Gold

C R U D E

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

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