Business24 Newspaper 30 March 2022

MTN says tech-co ambition buoyed by strong digital prospects

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Societe Generale to support women through innovation hub

02 NEWS FOR BUSINESS LEADERS

BUSINESS24.COM.GH | WEDNESDAY, MARCH 30, 2022

GEPA pledges increased support to arts and craft sector

BY PATRICK PAINTSIL

E-Levy Passed!

PG.03

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The Ghana Export Promotion Authority (GEPA) has hinted of plans to handpick producers of some innovative and functional artifacts and handicraft products to be given technical assistance that will build their competiveness and make them ready for the international market.

Head of Industrial Arts and Crafts at GEPA, Nelly Spio-Abaidoo, told Business24 that the move forms part of efforts to boost the contribution of the arts and craft business to the country’s non-traditional exports basket, whilst assuring local artisans of enhanced capacity building opportunities this year.

“As part of our support to the arts and craft sector, we have a tool centre that we’re bringing up where artisans can go there to learn about contemporary, unique and functional products that they can use to compete on the international market.

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| EDITORIAL/NEWS

WEDNESDAY, MARCH 30, 2022

Govt's plausible steps to tame austerity 1

Wash your hands 2

Cover your cough 3

G

overnment has outlined a numbers of interventions from the government to tame the austerities of the economy and to offer some respite to Ghanaians.

On the fiscal side, the minister announced a two-fold approach: to control expenditure and to raise more revenue domestically. This is to be achieved through the implementation and collection of the revised property rate by end of April 2022, the roll out simplified tax filing mobile application for all eligible taxpayers

by July 2022.

Government says it will also impress upon Parliament to fast track the passage of the controversial E-Levy Bill as well as the tax exemptions bill, and the fees and charges bill.

The Finance Ministry says it will work with the central bank to review the foreign exchange retention policy to ensure multinational companies in the extractive sectors retain foreign exchange earnings, from the sale of our resources, in the country.

Other measures to be implemented within the medium-term will be to wean-off public tertiary institutions from government payroll and provide them with a fixed amount “block grant” instead.

Government will also aggressively pursue reforms to address structural challenges in public financial management including procurement and commitment control, payroll management and

E-Levy Passed! …but minority heads to court Continued from page 1

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human resource management.

For the port side, the plan will be to prioritise the proposed Revenue Assurance, Compliance, and Enforcement (RACE) Programme to plug revenue leakages especially at the ports and the infamous fuel bunkering and small scale mining exporters cabal.

Government will also partner the private sector to introduce digital systems to monitor quarrying, sand winning and salt winning to get more revenues from our natural resources; and immediately enforce the “No Duty – No Exit” policy at the MPS Terminal at the Tema Port to improve revenue collection.

BY EUGENE DAVIS

P

arliament has passed the controversial Electronic Transfer Levy Bill, better known as e-levy, after months of deliberations and divided opinions considering its expected implications on digital transactions across the nation’s financial system.

Majority Leader, Osei Kyei Mensah-Bonsu, justified the passage of the bill saying was in the best interest of the country as it will not only broaden the tax net but limit the country’s increasing debt stock.

Addressing the press at parliament house following approval of the bill, Osei Kyei-Mensah-Bonsu said: “The purpose of this bill is to broaden the tax base of our country and to increase revenue mobilization -where we are as a country we need to look inwards to see if there will be revenue streams from within our own households,” he said.

Available data shows the country’s total public debt stock stood at about ¢344.5bn as of November 2021.

He added: “Monies that will ensue from the e-levy should be applied to physical infrastructure, digital infrastructure and tackling high unemployment in the country.

The bill provides that the monies will be used to grow entrepreneurs especially young ones, I am not

sure anybody in parliament will be against this and we escalating our debt burden -if we have to do revenue mobilization inside the country, what it means is that we will curtail the rate of borrowing and thereby curtail increasing debt stock -which MP will say does not like this.”

According to him, parliament ought to look at how the revenues that comes in will be applied.

The objective of the bill is to broaden the tax base and impose a levy on electronic transfers in Ghana. The bill seeks to raise Ghc6.9bn in revenue in 2022.

According to majority leader, the delay in passing the bill over the past three months has taken a severe toll on the country’s economy including the withdrawal of foreign investments and a depreciation of the cedi.

“The effect of this [long process] on the economy has not been good.

Over the past three months, there was considerable uncertainty about our revenues; this explains why there was a lot of speculation in the system which led to the downgrading of our economy and a downward spiral of the cedi which raised the cost of living,” he added.

The bill was passed in the absence of the minority in Parliament who had walked out before it was considered at the second reading stage.

The minority said that they had been taken by surprise by the unexpected consideration of the levy as it was not listed in Parliament’s business statement for this week.

During a debate on the bill, the minority side lamented that the bill would worsen the plight of Ghanaians.

The levy, which was amended from 1.75 percent to 1.5 percent today, Tuesday, March 29, 2022, will be a tax on electronic transactions, which

includes mobile-money payments.

The charge will apply to electronic transactions that are more than GH¢100 on a daily basis.

Critics of the proposal have warned that this new levy will negatively impact the fintech space, as well as hurt low-income people and those outside the formal banking sector.

The levy has been the source of tension in Parliament since it was introduced in the 2022 budget, culminating in a scuffle between lawmakers in Parliament in December 2021.

The government has, however, argued the levy would widen the tax net and that could raise an extra GH¢6.9 billion in 2022.

There are also concerns that the government may securitise proceeds from the e-levy to raise extra revenue.

Minority to go to court Meanwhile the Minority Caucus in Parliament is set to challenge the passage of the controversial bill at the Supreme Court.

Speaking at a press conference on Tuesday, March 29, 2022, the Minority Leader, Haruna Iddrisu, said the passage was unconstitutional, as Parliament did not have the required numbers to make a decision on the e-levy.

“The majority of less than 137 conducting business only proceeded on illegal and unconstitutional business. Parliament did not have the numbers to take any decision that should be binding on Parliament and Ghanaians.”

“Immediately after this briefing, we intend to file to question the legitimacy of the decision of less than one half of Parliament taking a decision to approve e-levy at the second reading following our walkout and at the third reading,” Mr. Iddrisu said.

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| NEWS

WEDNESDAY, MARCH 30, 2022

GEPA pledges increased support to arts and craft sector Continued from page 1 It will be an accessible facility with consultants to provide technical assistance to them [artisans] to produce refined arts and craft that can meet international or global standards,” she said at a mini bazaar small-sized businesses in the arts and crafts sector to mark Ghana Month.

In furtherance of its commitment to supporting local artisans, GEPA has already refurbished the Aburi Craft Village in the Eastern Region and also set up a bead making facility that produces bauxite beads for the exports market.

GEPA Impact Hub has also been set up to help export businesses, including arts and craft industry players to have personalized meetings, network and explore new market opportunities online.

Ms. Spio-Abaidoo said GEPA’s partnership with the Accra Arts and Craft Market has been highly impactful to businesses within the value chain.

“To a large extent, these exhibitions have significantly impacted the local

arts and craft sector with increased patronage by both expats and Ghanaian craft enthusiasts. We can say that GEPA has achieved a lot as part of our partnership with the Accra

Arts and Craft Market.

The one-day bazaar included live demonstrations including the art of kente weaving, bead making, basket making and pyrography—which is

the art of using heat to make artistic drawings on wood—to take patrons through the various processes involved in coming out with the final crafts or products.

Co-Founder of the Accra Arts and Craft Market, Adnan Mohammed, expressed gratitude to GEPA for the immense support over the last nine months that has significantly grown the number of exhibitors and image of the exhibition.

“From about 24 exhibitors, the number has jumped to between 60 and 100 depending on the slots available to vendors in a specific month. GEPA’s support has been very impactful as it is helping the growth of the artisans; most them are becoming more digitalminded now and are building strong online presence to market their products,” he told Business24.

He said his outfit is working in partnership with GEPA to help small and medium arts and craft makers to get formalized as export businesses to enable them access bigger markets and to trade globally.

Societe Generale to support women through innovation hub

Managing Director for Societe Generale, Ouzzani Hakim

Angela Nanansaa Bonsu, Company Secretary for Societe Generale Ghana, has said the bank will soon launch the SG Woman Solution for entrepreneurs and corporate women across the country.

“Through our Innovation hub, this solution will cater to the startup needs of young innovative women. We desire that the SG Woman Solution will be every woman’s preferred go-to service now and in the future,” she said.

The Managing Director for Societe Generale, Ouzzani Hakim, said the bank is intentional about ensuring that there is equal representation of gender in the various areas of the

organization.

Speaking at the 2022 International Women’s Day event organized by IMPACTHER in collaboration with SG Ghana and Sofraiche Media, he said currently, women constitute 44% of the company’s board and executive committee, a feat that they are very proud of.

“As part of the banks deliberate efforts to help the entrepreneurial journey of women, SG Ghana apart from the normal financial services it provides, such as loans, leasing, factoring amongst others, is developing a product specifically designed with the entrepreneurial woman in mind.

Secondly, our SG Ghana Home of Business has been setup to assist women led businesses to be bankable and investor ready. Thirdly, the SG Ghana INNOV8 has also been tasked to find new and innovative ways to help with the adoption of technology in startups owned by women.

We want to see women grow and continue to be the beacon of hope that they are to their families and society, so SG Ghana is here to help that entrepreneurial woman succeed,” he added.

The Country Director for ImpactHER Ghana, Maame Mintah, said the organization which started in New

York has branches all over Ghana and has the ultimate goal of empowering women from all walks of life.

She said her organization decided to collaborate with SG Bank in order to help the women get the needed financial assistance from the bank as funding is a major challenge for most of these women entrepreneurs’ event is aimed at bringing women who are under the organization “Every woman is within target group, both formal and informal. We want to encourage more women to be entrepreneurial and develop products that can enter the African market and also help them meet partners.”

She said her organization creates the platform for these women to exhibit their products as well getting technical training to help them package their products in order to meet international standards.

ImpactHER, was established to help address gender inequality and close the gender-based small and medium sized enterprise financing gap, is an impact-driven nonprofit organization that utilizes institutional investing experience to help African womenowned businesses grow to scale by educating these entrepreneurs on how to build sustainable and scalable bestin-class businesses, and overcome operational challenges as they enlarge their businesses as well as become investor-ready, and (iv) gain access to institutional investors.

The organisation's goal is to prepare African female entrepreneurs to become pacesetters and market leaders.

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| NEWS

WEDNESDAY, MARCH 30, 2022

MTN says tech-co ambition buoyed by strong digital prospects

BY PATRICK PAINTSIL

Telecoms giant MTN says its Ambition 2025 agenda to transition into a fully-fledged tech-co is buoyed by enhanced investments in its fixed and mobile infrastructure, huge potential for digital and financial services and a fast-rising youthful population.

Tied to this will be the company’s strong competitive advantage across business sectors, enhanced risk and regulatory framework and its large customer base.

Chief Executive Officer, Selorm Adadevoh, said at MTN’s Fact behind the Figures session that the transitioning to a ‘tech-co’ should see a faster impact on the Ghanaian economy with an accelerated use of its technology and other applications for businesses to explore opportunities in the single continental market.

Immediate plans aligned to this vision, according to Mr. Adadevoh, will be to improve customer experience to enhance subscriber growth and to drive innovation and scale up efforts in digitalisation journey.

“We seek to deepen strategic

partnerships with government and regulatory stakeholders, position infrastructure assets and fin-tech for accelerated growth and to unlock value and to build a resilient network in readiness for 5G,” he added.

MTN posted positive figures in all key revenue performance indicators for the 2021 fiscal year to post a profit after tax of GH¢2.0bn, representing a 43.5pct growth over that for the previous year.

Voice revenue hit GH¢2.6bn due largely to growing subscriber numbers, product enhancements and innovations around customer value management whilst commercial interventions, network improvements and changes in consumer usage behavior drove data revenue up by 56.3pct to GH¢2.8bn.

The telecoms giant was also the biggest tax contributor to the Ghanaian economy in the year under review, injecting a total of GH¢3.1bn in taxes towards government’s fiscal mobilization efforts, and providing over 500,000 direct and indirect jobs through its ecosystem of partnerships and suppliers.

Crunch Time for Europe's Economic Sanctions In 2003, the conservative US pundit Robert Kagan famously wrote that Europe “is turning away from power; it is moving beyond power in a selfcontained world of laws and rules.” After Russia invaded Ukraine in late February, the European Union decided that it was time to prove Kagan wrong. The EU has mobilized economic power, at least, against Russia’s military aggression, and deployed an array of monetary, financial, trade, and investment sanctions.

Europe’s swift and muscular reaction has rightly been hailed. The shock effect of freezing much of Russia’s foreignexchange reserves was spectacular. But as the war continues, will the sanctions remain effective? And if their impact weakens, as seems likely, will the EU be able to step them up in a meaningful way?

A worrying sign is that after the EU’s decision on March 15 to ban imports of steel and exports of luxury goods to Russia, there were no further announcements at the leaders’ meeting on March 24. Europe will not force Russian President Vladimir Putin to back down by depriving Russian oligarchs of the latest Ferraris and Louis Vuitton handbags.

EU leaders cannot evade the question of possible further sanctions. On March 7, a few days after Russia’s reserves were frozen, 100 rubles were worth just $0.72, down from $1.30 in early February. But

by March 27, the ruble had recovered to $0.99. As Robin Brooks of the Institute of International Finance has emphasized, Russia is accumulating massive currentaccount surpluses and is thus en route

to rebuilding both its reserves and its import capacity.

Banning Russia’s central bank from accessing its reserves was costless for the EU. But virtually any additional steps – reducing imports of oil and gas, banning a wider range of exports, or telling European firms to withdraw from Russia – would entail an economic cost for Europe.

That is why the EU is dithering.

Policymakers are discussing an energy embargo or a tax on Russian oil and a gradual reduction of gas imports. But German Chancellor Olaf Scholz remains opposed, warning that abruptly cutting Russian energy imports would plunge Germany and Europe into a recession.

How large would the cost of tightening the screw on Russia be? The war in Ukraine has already darkened the economic outlook. The OECD recently estimated that, assuming prices of energy and commodities remain elevated, eurozone growth will be reduced by about 1.5 percentage points, and inflation will rise by two percentage points. Other assessments are more benign, but only because they start from less adverse assumptions.

These negative adjustments look big, but two caveats apply. Until the war began, growth in 2022-23 was expected to be buoyant; lowering a 4% growth forecast by two percentage points is not the same as cutting a 1% forecast by that amount. And the OECD rightly observes that government policies – such as targeted fiscal support to the worst-hit low-income households – can help cushion the shock and reduce the growth shortfall.

The more difficult question is how much it would cost Europe to reduce and ultimately eliminate its dependence on Russian energy – or, equivalently, to withstand a Russian export ban.

The data are frightening: In 2019, the EU imported 47% of its coal, 41% of its gas, and 27% of its oil from Russia.

And while coal and oil are global commodities, implying that one supplier can largely be substituted by another, gas flows depend on the infrastructure of pipelines and liquefied natural gas terminals.

Currently, Russia can hardly export its gas elsewhere than westward, whereas the EU’s greater substitution capacities put it in a stronger position than its adversary. But shifting away from Russian gas will not be painless. Both protagonists are thus playing a game of chicken.

On March 23, Putin announced that Russia would accept payments only in rubles for gas deliveries to “unfriendly countries,” including all EU members.

This is probably first and foremost a ploy to force the EU to violate its own ban on transacting with the Russian central bank. But it is also a way for Putin to signal that Russia is prepared to stop exporting gas to Europe and to dispense with the corresponding revenues.

Is the EU ready to call Putin’s bluff?

Past experience, such as the sudden closure of nuclear plants after the 2011 Fukushima disaster, suggests that the economic system can adapt quickly to disruptions. In the case of Germany, a widely cited paper by Rüdiger Bachmann and others puts the overall cost of an abrupt stop to Russian energy

imports at between 0.5% and 3% of GDP. Results for the EU as a whole appear to be similar, but the impact on countries like Lithuania and Bulgaria would be much greater.

Today’s uncertainty understandably makes European policymakers nervous.

But an energy embargo is now within the range of possibilities for the immediate future. Because the West has invested its entire credibility in the effectiveness of economic sanctions against Russia, irresolution can quickly become a fatal weakness. The EU has little time left to prepare.

The concern is that, instead of drawing up contingency plans for adapting the European energy system, developing new collective energy-security mechanisms, and supporting the worstaffected member states, European governments started by rushing to clinch individual supply deals with Middle East producers. The lack of common purpose was striking. One hopes that the agreement reached on March 25 to organize joint gas purchases will trigger a change in attitude.

Europe’s leaders should make it clear to the public that they cannot defeat an adversary ready to endure a 20% drop in national income if Europeans are not willing to risk a 2% decline in their own. But the same leaders who recently dared to lock down their fellow citizens to combat COVID-19 are now unwilling to tell them to drive a little slower to conserve fuel.

Europe’s economic conflict with Russia is entering a hazardous new phase. The risk of failing is too big to be taken.

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| BANKING &FINANCE

WEDNESDAY, MARCH 30, 2022

Dr. Bawumia speaks at Accra Business School graduation ceremony Vice President Dr. Mahamudu Bawumia will speak at the12th graduation ceremony of the Accra Business School (ABS) at the Kempinski Hotel, Accra on 9th April, 2022.

The Vice President, who is the special guest of honour for the ceremony, will speak on the theme: ‘Entrepreneurship and The Digital Economy: Challenges and Opportunities’ to about 400 graduating students and business executives.

The school will graduate students who have completed various academic programmes such as Master of Business Administration and MSc Accounting and Finance among others.

The founder of the school, Bishop Gideon Yoofi Titi-Ofei, said the Vice President has successfully led the government’s agenda on digitization and stressed that digitization and entrepreneurship will play a key role in the country’s economic recovery from the pandemic.

He said Accra Business School has the mission to develop a new breed of global business leaders educated to global standards that can create jobs, increase incomes and reduce poverty.

“That has been our mission, and that is why in our lecture halls we have a hybrid of industry professionals and astute academicians. The industry professionals bring Industry to the classrooms whilst academicians take the classroom to the industry”, he said.

The vice president was recently recognised with the “Outstanding Digital Transformation Leader of the Year” award for championing the nation’s aggressive digitalization drive.

A citation accompanying the award emphasized “his priceless contribution to the digitalization of the Ghanaian economy and efforts to leverage on technology to improve service delivery in both the public and private sectors and to facilitate rapid economic growth”.

About Accra Business School Accra Business School is a prestigious Christian Business School accredited to offer globally recognized postgraduate, undergraduate and professional programmes in a Christcentered scholarly environment that integrates faith and learning.

The school is an affiliate of Kwame Nkrumah University of Science and

Technology (KNUST) Kumasi, Ghana and the Awards for Training and Higher Education, Norwich, UK. Formerly known as Graduate School of Governance and Leadership

(GSGL), Accra Business School’s Alumni are accomplished men and women from varied backgrounds, including political, business, traditional and religious leaders.

Businesses must be intentional in providing great digital customer experiences – experts As businesses continue to experience a transition towards an all-digital world, with most consumer interactions being executed digitally, organizations must employ intentional approaches to be able to offer a great digital customer experience, financial and digital experts have said.

They suggested that consumers are progressively shifting their emphasis away from products and services and toward the quality of the experience they receive. Meeting these new criteria will require firms to demonstrate unflinching commitment.

They said this during a webinar organized by CWG Ghana and DigiD, themed ‘Digital Customer Experience: A profitable Journey’, where the industry leaders discussed how to engage the digital customer.

Group Chief Information Officer (CIO), at I &M Bank-Kenya, Rohit Gupta stated, as businesses digitize their operations, in keeping with the times, they must also carry their employees along. He said, as businesses adopt technology, the staff must be technologically enabled for the skill sets needed for interacting with digital customers.

Elaborating on the change in customer behavior and how businesses must adapt, Ramesh Kannan, founder of Digid, a digital onboarding, and identity verification system, said the financial services industry and other businesses must concentrate their effort on improving services through digitization.

"In the previous 5-7 years, the internet purchasing experience has reached a mature stage.Online customers are now able to enjoy an immersive shopping experience that was previously only available in-person.Customers wanting to get financial services and products should also be provided with a comparable experience. They should be able to purchase their services from any location, at any time, and using any device "he said " A handful of the manual / semimanual work processes that financial services companies are now using are unsustainable and needs immediate attention," he said, bringing the attention to the existing onboarding process in financial services firms.

For Chief Information Officer (CIO) at First National Bank Ghana, Samuel Dakurah, as technology advances, it presents opportunities, which several industries can leverage for growth, explore advancement and improve on customer experiences “Major advancements in customer service have been driven largely by advancements in technology. A key driver has been the growth and accessibility of the internet which has opened up many opportunities for both organizations and customers.

Communication is now timely and efficient. Also, advancement in areas such as cloud technology has helped address challenges such as scalability, availability, and uptime or platforms. Many solutions now have

a “software as a service” offering that organizations can quickly leverage to serve their customers. The growth in fields such as machine learning and AI have also provided new avenues for engaging with customers such as intelligent chatbots.,” he said.

Mr. Dakurah advised that, in the quest to satisfy the needs of the digital customer, businesses especially banks, must also ensure that they keep an eye on cyber security threats.

Both customers and organizations are vulnerable now, more than ever to cyber security risks. This can potential destroy the customer’s trust if not properly addressed.

Comfort Armoo, Head of Customer Experience at Fidelity Bank Ghana, said that all services must be relevant to the needs of the customers. She said that when it comes to digital services, , systems must be built client-centric.

“In general, every world-class service must be Reliable & Responsive, Empathetic, have a great Ambience, and provide Assurance. That being said, in order for us to proclaim a positive customer experience, service providers must make every effort to make all digital journeys and processes smooth and seamless, timely, emotionally rewarding, and successful.When all four of these critical imperatives are present , one had definitely engineeerd a powerful anacea for growth and customer loyalty, while improving organizations own efficiency”, She said For his part, a digitalization expert

at OSPBA NOVAT, Bismark OwusuPrempeh said insurances companies, whose services he described as ‘sensitive’, must foster transformative and customer-centric cultures if they are to meet the demands of the new normal.

“Technology should be used to increase the value of services delivered to customers. For me, understanding ‘who your digital customers are’ and ‘how you affect their perception, and brand loyalty’ is critical,” he said.

“There are basically 3 fundamental ingredients to a good digital customer experience: (SEE) 1.Success – Whether the customer receive his/her preferred service/ product. Did the customer complete their task and achieve their goal?

2.Effort – The amount of efforts the customer had to put in to receive a service or product. Was the process smooth and easy?

3.Emotion – The kind of impression/ perception the customer is forming about your brand. did they come away from the interaction feeling good?

In all of these, understanding your customer needs is the first step in redefining your business digital offerings. For example, what are the customer needs in the insurance industry? Can the customer enroll or buy insurance product, update his/ her personal information, know his/ her contributions, future benefits, etc. without visiting the brick-andmortar office? Can I get these with less efforts?” he added.

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WEDNESDAY, MARCH 30, 2022

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WEDNESDAY, MARCH 30, 2022

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AfDB boss celebrates food ‘milestone for Africa’ at the launch of first special agriculture industrial zone African Development Bank head Akinwumi A. Adesina joined President of the Republic of Mozambique Filipe Jacinto Nyusi, to launch the “milestone” Pemba-Lichinga Integrated Development Corridor on Saturday, in Mozambique’s northern Niassa province.

The Board of Directors of the African Development Fund, the concessional window of the African Development Bank Group approved a $47.09 million grant for the first phase of the Development Corridor Group in December 2021.

This forms part of the African Development Bank’s Special AgroIndustrial Processing Zones initiative.

These industrial zones are designed to create cost-efficient agro-processing hubs in areas of high agricultural potential. The initiative is in line with Mozambique’s National Development Strategy, which seeks to improve living conditions through structural reforms and economic diversification.

Mozambique’s President Filipe Nyusi said the project was part of a commitment outlined in the country’s five-year program to boost economic growth, productivity and job creation. Agriculture and industry are the “catalyzing base” that will transform the economy and elevate it to middle-income status, Nyusi said.

These sectors had “reaffirmed their primacy in the mosaic of the country’s economic priorities” despite security challenges, the Covid-19 pandemic and the global economic recession, he

said.

The project will directly contribute for the implementation of the National Program to Industrialize Mozambique (PRONAI). It will build on a long list of African Development Bank interventions in northern Mozambique for the provision of infrastructure and will unlock, beginning with Niassa province, the agricultural potential of the Nacala corridor.

The project also aligns with the African Development Bank’s Country Strategy Paper 2018-2022 for Mozambique, with a focus on the northern provinces, and the Bank’s Feed Africa Strategy for agriculture transformation. Bank chief Adesina said the project was “an important milestone for Africa.”

“It is the first of many Special Agro-Industrial Processing Zones to be set up across our continent to transform what we have in abundance into massive wealth-generating opportunities. Here in Mozambique and in other parts of Africa, Special Agro-Industrial Processing Zones lie at the core of our ambition and strategy to turn Africa from a net importer into a net exporter of food. If there was ever a time that we needed to raise food production drastically, that time is now,” Adesina said.

He said the war in Ukraine, a major food basket, threatened global food and energy supplies. The price of wheat has risen by 62% since the beginning of the war. The price of

maize has gone up by 36%. The price of soya beans is up by 29 %. And the price of fertilizer, which is critical to food production, has gone up by 300%.

“The potential ripple effects are many…When you factor in the increased costs of energy in many African countries, rising inflation, and a food crisis in Africa, could lead to social unrest,” Adesina said.

Adesina, who last week attended the South Africa Investment Conference in Johannesburg, was accompanied by African Development Bank Acting Vice President, Private Sector, Infrastructure & Industrialization, Yacine Fal, and Director General for the Southern Africa region, Leila Mokaddem.

The Pemba-Lichinga Integrated

Development Corridor is expected to increase production and productivity in the southern African nation. It will improve the quality of agricultural commodities, strengthen value chains for soybeans, sesame, macadamia, potatoes, wheat, beans, maize, cotton, and poultry. It will also support the promotion of new technologies and storage facilities. Phase one is expected to employ about 30,000 people at the farm level. Women will hold at least 50% of these jobs.

The African Development Bank Group has invested more than $1 billion in the north of Mozambique.

This includes the Liquefied Natural Gas Rovuma Area 1 project; a climate resilience project; the Mueda Negomano Road project; and the Mozambique Energy-for-All program.

South African Investment Conference highlights nation’s resilience

African Development Bank Group President Dr. Akinwumi A. Adesina has pledged his institution’s support for South Africa, announcing a $2.8 billion package for the country over the next five years. Some $400 million (ZAR 6 billion) will support South Africa’s Eskom and the country’s energy transition.

Adesina was speaking at the opening of the South Africa Investment Conference in Johannesburg today.

President Cyril Ramaphosa opened the South African Investment Conference, the first physical convening of participants since 2019, with a message of optimism and determination in the face of a global pandemic, tough

economic headwinds, and millions of job losses.

President Ramaphosa said: “We meet at a time when our country is facing huge challenges but great opportunity and promise. Our economy has been severely damaged with the loss of two million jobs. I am here to share with you what has been done and what we are doing.”

He outlined measures his government has made, including social and economic relief packages, describing them as “difficult but necessary reforms” in energy, stateowned enterprises, and the fiscal and taxation sectors, to drive economic growth.

According to Ramaphosa, “No economy can operate without a reliable supply of electricity.” He said ongoing reforms to the energy sector included changes to Eskom, the country’s energy supplier, and additional generation capacity mainly through wind and solar sources of energy. He announced that a presidential task team set up to advance the country’s just energy transition to a low-carbon transmission economy, was on track. “We invite you to be part of the South African growth story.”

Adesina pledged $400 million from

the African Development Bank in support of the country over the next three years, particularly for Eskom, as it transitions to renewable energy.

He said the Bank was working with international partners, especially the G7 countries, to establish a just energy transition facility that will support South Africa in raising at least $27 billion.

“We will do it without South Africa going into debt,” Adesina said.

“I applaud the G7 countries, for their commitment of $8.5 billion in support of South Africa’s just energy transition.”

Committing the $2.8 billion to South Africa over the next five years, Adesina said: “This financing will support public and private sector investments in priority areas of agriculture, renewable energy, transport, youth employment, health, vaccines manufacturing, among others…We know South Africa is bankable.”

The African Development Bank Group’s active portfolio in South Africa comprises 23 operations with a total commitment of about $4.5 billion in financing. Since 1997, the Bank has invested nearly $7 billion in the country in energy and infrastructure.

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WEDNESDAY, MARCH 30, 2022

Republic Investments launches product to help build wealth Republic Investments (Ghana) Limited has launched a fixed income fund to boost investments of customers by helping individuals or organisations to build wealth.

Known as the Republic Wealth Trust, a collective investment scheme (CIS), it is designed for individuals including adults, students, children/ dependents, groups, institutions, CISs, and pensions fund managers with investments mainly skewed towards fixed income securities.

A release issued in Accra at the weekend said: “In addition to the Money Market Fund- Republic Unit Trust; the Equity Fund - Republic Equity Trust; the Balanced Fund Republic Future Plan Trust and the only licensed and operating Real Estate Investment Trust - Republic REIT; The Republic Wealth Trust, being a fixed income fund, therefore, marks the expansion of the product suite of Republic Investments.”

It said the fund aimed to provide a medium to long-term fixed income investment portfolio for investors.

It also aims to provide returns in the form of income by investing in fixed deposits, corporate bonds, local

and municipal bonds, Government of Ghana securities as well as liquid funds, with the Ghana Cedi as the base currency.

“Following a successful launch of the Republic Wealth Trust, the Initial Public Offer (IPO) has commenced, with the offer period valid from March 22, 2022 to April 11, 2022.

The initial price is 0.50p per unit, and a minimum initial investment of 100 units or GH¢50.00 is required to participate in the IPO. It said subsequent to the expiration of the offer period, however, a regular investment plan using mobile money, bank transfers, standing orders, or visit to any Republic Bank branch, is available for all who intend to purchase on a regular basis, adding that “Any additional investments into the fund after the offer period will attract no initial charge.”

The Chief Executive Officer of Republic Investments (Ghana) Limited, Mrs Madeline Nettey, said Republic Investments prides itself as the premier institution to introduce a CIS in Ghana over three decades ago, and the introduction of the ‘Republic Wealth Trust’, provided alternatives for the ever increasing clientele base

whose needs kept evolving.

“As the economic indicators continue to point to the levels they are now, and outlook thereon, it enforces the need to ensure that we plan through investments to sustain our purchasing power by building wealth using vehicles such as the Republic Wealth Trust,” she said, stressing that “the new product is an additional buffer for retirement planning, projects, supporting educational needs of children/ dependents and to create another source of income aimed at building wealth for the future.”

Mrs Nettey assured the market of the reliability of the Republic Wealth Trust, saying: “The investment of the assets of the fund is most critical, therefore, regulatory compliance and risk management form a core of our investment management strategy. Our robust and detailed counterparty and portfolio selection models have been designed to ensure that decisions on where and how to invest the assets lead to the safety of your investments”.

The Managing Director of Republic Bank (Ghana) Plc., Farid Antar, said Republic Investments, a one-stop shop for all investment needs, was committed to pursueing excellence

and innovation in the market by introducing this new product which had come at the opportune time to support especially those in the informal sector to build long-term wealth and structured retirement plan.

He, therefore, urged all customers, corporate institutions and the general public to subscribe to the new product to safeguard their future.

The Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, commended Republic Investments for promoting and safeguarding investment in the country for the many years of its existence, affirming the company as the first to introduce a CIS. He expressed optimism that the features of the ‘Republic Wealth Trust’ would provide the niche to secure the future prospects of people through investments.

Rev. Ogbarmey said: “We create the future we want by developing a disciplined culture of savings and investments”.

Contractors TPB Projects have appointed Dr. Jarvis Tchorly as Chief Executive Officer.

The last three years have been an incredible run for the construction services provider, which is growing as an industry leader and closing in on multi-million-dollar incumbents in the infrastructure development space.

TPB projects is currently executing several public and private projects with a portfolio exceeding $30 million, providing sustainable construction solutions for the economy.

With a 10-year track record of crosscultural experience in the construction industry across Europe and Ghana, Dr. Tchorly is an exceptional leader whose disruptive ideas will bring new energy to TPB’s mission to scale up the company’s business.

He holds a Ph.D. in Sustainable Development in Construction and Project Management from Manchester's University of Salford and has extensive experience in the areas of Private Finance Initiatives (PFI)/ Public-Private Partnerships (PPP). He has also conducted profound research on private finance in the delivery of public infrastructure in China, Australia, Europe, and the United States.

In an interview, Dr Tchorly explained that the company’s heavy strategic focus on sustainability and quality project deliveries played a big role in his decision to join the team.

“TPB is committed to creating access and opportunities for disenfranchised communities through infrastructure development, which strongly aligns with my values and personal aspirations,” Dr Tchorly shared.

"Some of our ongoing projects include building a number of district

hospitals under the Ghana Priority Health Infrastructure Hospital Projects, which we aim to complete in the next ten months. Projects like these not only add to our portfolio, but also improve livelihoods in various communities, making this opportunity an exciting one and right fit for me. We also have various other projects on our plate that are just as interesting, that can help reboot our economy. With this role as a platform, I’m hoping to serve as an instrument, with TPB Projects as a vehicle to build efficiently for the future, one project at a time.”

Drawing on Dr. Tchorly’s comprehensive expertise in construction financing and risk management, as well as project and production management, TPB looks to carve a unique construction identity for the Ghanaian landscape.

TPB is keen on continuous investment in the country and committed to minimizing waste with the use of renewable and recyclable materials.

The company’s goal is to create access and opportunities for communities through infrastructure development while protecting the environment and people within. With global EPC partner, Grupo Casais, whose expertise spans sustainable building solutions in over 17 countries, TPB projects’ mission is not far off from being realized.

TPB Projects provides a range of construction services spanning advisory, EPC, facility operations and maintenance, logistics and construction supply services.

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| NEWS

WEDNESDAY, MARCH 30, 2022

Mastercard Foundation & Kosmos Innovation to train young entrepreneurs in Ghana’s agriculture sector

The Mastercard Foundation and the Kosmos Innovation Center (KIC), today announced the launch of a multi-year partnership to train the next generation of young leaders, and entrepreneurs in Ghana’s agriculture sector.

Dubbed Initiative for Youth in Agricultural Transformation (I.Y.A.T), the program will scale KIC’s proven transformational model and initiatives such as the AgriTech Challenge, Business Booster, and Business Incubation across the 16 regions of Ghana.

This will enable young entrepreneurs in the agriculture and agricultureadjacent sectors to benefit from capacity building, access to finance, and business scaling opportunities – creating work opportunities for 163,000 young Ghanaian women and men in the process.

The four-year, $16 million program is aligned to the Mastercard Foundation’s Young Africa Works’ vision and work in Ghana, which seeks to deepen efforts in the agriculture and agriculture-adjacent sectors using a value chain market systems development approach, to create access to dignified and fulfilling work opportunities within the sector for young Ghanaians.

The program also aligns with KIC’s goal of nurturing the next generation of leaders, entrepreneurs, startups, and small businesses, to build a healthier and more diverse economy

that is fueled by local talent and innovation.

Speaking at the launch, Benjamin Gyan-Kesse, Executive Director of KIC, said: “This partnership with the Mastercard Foundation is a testament to KIC’s tangible achievements over the past six years, and a nod to the transformation we are bringing to Ghana’s agriculture sector. As an organization, we are driven by the determination to be the power behind the innovations that will shape Ghana’s agriculture sector. We want to back ideas that transform communities and we want to impact the lives of all the individuals associated with our programs. We are proud to have the Mastercard Foundation supporting our vision and helping us make a difference across the country.”

KIC has also led bold initiatives within Ghana’s agriculture sector and supported young entrepreneurs driving innovative business models within the sector. More than 100,000 farmers have been impacted by AgriTech and agribusinesses supported by the KIC. The Center has now evolved into an Independent non-profit organization, able to partner with other organizations and foundations to support its work.

Board Chairman of KIC, Senior VP and Head of the Ghana Business Unit at Kosmos Energy, Joe Mensah commented: “When Kosmos Energy launched the KIC back in 2016, we

knew it had the potential to make a real difference by bringing fresh talent, thinking, and energy to Ghana’s agriculture sector. Our achievements over the last several years speak for themselves: 600 young leaders trained in business and entrepreneurship; 42 promising small businesses discovered or supported; 360 jobs created; and nearly 100,000 farmers supported by our start-ups and small businesses. The KIC generates buzz in the agriculture sector, making it a more attractive career path for young people with ambition and drive.”

The nationwide expansion of the KIC’s proven and successful model will give young people closest to the problems the opportunity to drive solutions that unlock growth barriers in key agriculture value chains.

Ghana Country Head at the Mastercard Foundation, Rosy Fynn, commented “This multi-year partnership with the KIC reflects our optimism about Ghana’s future and is aligned to our country strategy of investing in the agriculture and agriculture-adjacent sectors to unlock work opportunities for young Ghanaian women and men, and to push for system level changes that positions Ghana as a continental demonstration of agriculture innovations that are suited to the African context. We are pleased to collaborate with the KIC, an experienced partner, to train and support the next generation of young entrepreneurs in the country’.

The KIC’s programs which will be scaled through the Initiative for Youth in Agricultural Transformation include: AgriTech Challenge Classic – a 7-month annual training program aimed at building the entrepreneurial mindset of students and young graduates. Over the next four years, the expanded version of the AgriTech Challenge is expected to train about 4,700 young people across Ghana through relationships with regional academic partners, such as universities and technical schools.

AgriTech Challenge Pro – a 5-month acceleration program aimed at equipping existing early-stage teams or AgriTech start-ups with the right tools, funding, and support to bring their business ideas or products to market and prepare them to scale.

The program was developed to train teams advancing from the AgriTech Challenge Classic, as well as others from the broader start-up ecosystem in Ghana.

Incubation – the KIC Incubation is a multi-year business incubation program aimed at preparing businesses for growth, scale, and investor readiness. The incubation program involves more focused business training, specialized coaching and mentorship, networking, a physical workspace, and access to technical expertise. Six businesses will be selected annually to receive between US$10,000 and $50,000 in funding, physical office space, and continuous support from the KIC. Throughout the incubation, the KIC will invest in capacity building programs to equip entrepreneurs with specialized mentorship using local industry experts.

Business Booster – a 5-month program that spurs the growth of existing Micro-, Small, and Medium-sized Enterprises (MSMEs) in agriculture and agriculture adjacent sectors in Ghana that have demonstrated potential and are ready to scale. The Business Booster program supports improvements in structure and operations and investor readiness by facilitating business relationships, networking, mentorship, business development support, and coaching.

The program’s goal is to accelerate the development of 900 MSMEs over four years.

Blue Skies School Farm of The Year Competition – the School Farm of the Year Competition works by enabling secondary schools to compete against each other by managing and sustaining their own farms to win prizes and to be awarded the title of School Farm of the Year. This competition aims to develop the interest of young people in agriculture through practical training and exposure. The program will leverage school farms as models to teach and demonstrate innovations emerging from the KIC, while supporting the training of teachers on how to apply these solutions.

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WEDNESDAY, MARCH 30, 2022

YouStart will lead to more sustainable jobs - Freda Prempeh A Minister of State at the Ministry of Works and Housing, Freda Akosua Prempeh, has stated that the government's current policy direction on mass entrepreneurship under the YouStart will lead to more sustainable jobs.

She said YouStart offered a solution to the unemployment problem among the youth.

Answering a question in Parliament, Madam Prempeh said the consolidated approach and the major drive towards entrepreneurship under YouStart, would affect the business-minded youth among the Nation Builders Corps (NABCO) trainees currently at the exit phase of the NABCO Scheme.

The National Democratic Congress (NDC) Member of Parliament for North Tongu, Mr Samuel Okudzeto Ablakwa, had sought to know the government's

policy on the status of NABCO trainees after the expiration of their three-year engagement which lapsed at the end of October 2021, and plans for more sustainable job creation.

“Mr Speaker, within the 2022 budget, the government has consolidated its approach to employment hinged on entrepreneurship under the YouStart programme. The YouStart will enable young people to seek and be supported both technically and financially, to start and set up their enterprise," she told Parliament last Tuesday.

Madam Prempeh, who is also the New Patriotic Party (NPP) MP for Tano North, said the status of the remaining trainees on the NABCO Scheme were tied to their elected career pathways; permanent employment, entrepreneurship and further learning.

“Mr Speaker, the first batch of NABCO

trainees' three-year engagement lapsed at the end of October 2021.

NABCO as a well-structured voluntary programme has provided work and learning experiences for those who voluntarily signed onto the scheme in 2018. The work option is meant for trainees to put their foundational education background to use, build and acquire additional skills within the work environment," she said.

She said NABCO trainees were broadly expected to pursue distinct career pathways which included gaining retention in current role or employment elsewhere; self-employment and entrepreneurship or career-focused further learning including vocational training.

“Mr Speaker, in line with the pathways set above, as an exit arrangement, some of the trainees were offered permanent

employment by the lead agencies before the expiration of their three-year tenure,” she stated.

Collaboration According to the minister, NABCO would continue to collaborate with other agencies and programmes to provide entrepreneurship support to those trainees, among the 67,657 with viable and innovative business ideas to become entrepreneurs, adding that collaboration was currently ongoing with the National Entrepreneurship and Innovation Programme and the Ghana Enterprise Agency under the YouStart.

She noted that all other trainees were being prepared through the transition into sustainable employment opportunities or their chosen career pathways outlined earlier.

Karpowership Ghana wins African Human Resource Innovation Award

Karpowership Ghana has been awarded the “Best Organisation in Work Place Culture” at the just ended 2022 African Human Resource Innovation Awards.

The Africa HR Innovation Awards (AHRIA) organises the award to recognise organisations with excellent, outstanding and innovative human resource practices.

The award seeks to encourage innovative ways to manage human resource and serves as a medium

for collating and amplifying ’best-inpractice’ human resource management examples in Africa for continued economic development across all sectors.

Award night The awards night also provided an opportunity for stakeholders to network, entertain and reinforce relationships with partners. Staff of high performing companies also got rewarded for their exceptional performance over the

period under review.

Commenting on the award, a Communication Specialist at Karpowership Ghana, Sandra Amarquaye, expressed joy and gratitude for the recognition of Karpowership Ghana’s human resource innovations.

Ms Amarquaye stated that “we are happy and honoured to be presented such a prestigious award.

At Karpowership the wellbeing of every employee is very important to

the success of the company, therefore we provide a conducive working environment to ensure that.”

“The award is a pat on our back since the awards are given out based on the team’s contribution to the company's performance, how innovative the department has been in carrying out its purpose and how well the team works together. This will urge us to continue with what we are doing and put in even more effort,” she added.

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WEDNESDAY, MARCH 30, 2022

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Huawei releases 2021 Annual Report: Solid operations, investing in the future Huawei released its 2021 Annual Report today, revealing that the company had maintained solid operations throughout the past year. As per the report, Huawei achieved CNY636.8 billion (99,88bn USD) in revenue in 2021, and CNY113.7 billion (17,84bn USD) in net profits, an increase of 75.9% year-on-year. The company's R&D expenditure reached CNY142.7 billion in 2021, representing 22.4% of its total revenue, and bringing its total R&D expenditure over the past 10 years to over CNY845 billion. Moving forward, the company also plans to continuously increase investment in R&D. Guo Ping, Huawei's Rotating Chairman, stated at the press conference, "Overall, our performance was in line with forecast. Our carrier business remained stable, our enterprise business experienced steady growth, and our consumer business quickly expanded into new domains. In addition, we embarked on a fast track of ecosystem development."

Meng Wanzhou, Huawei's CFO, also spoke at the event, "Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty." Thanks to the enhanced profitability of its major businesses, the company's cash flow from operating activities dramatically increased in 2021, amounting to CNY59.7 billion. Its liability ratio also dropped to 57.8%, and its overall financial structure has become more resilient and flexible.

In 2021, Huawei's carrier business generated CNY281.5 billion in revenue

and helped carriers around the world deploy leading 5G networks.

Third-party test results have found that 5G networks built by Huawei for customers in 13 countries, including Switzerland, Germany, Finland, the Netherlands, South Korea, and Saudi Arabia, provide the best user experience. By working with carriers and partners, Huawei has signed more than 3,000 commercial contracts for industrial 5G applications. These kinds of 5G applications are currently seeing large-scale commercial use in sectors like manufacturing, mines, iron & steel plants, ports, and hospitals.

Thanks to continuing digital transformation trends, Huawei's enterprise business also grew rapidly, generating CNY102.4 billion in revenue during 2021. In the past year, Huawei launched 11 scenario-based solutions for key sectors such as government, transportation, finance, energy, and manufacturing. The company also established multiple dedicated teams, including a Coal Mine Team, a Smart Road Team, and a Customs & Port Team, to combine resources in a way that more efficiently serves the needs of its customers. Over 700 cities and 267 Fortune Global 500 companies have chosen Huawei as their digital transformation partner and Huawei now works with more than 6,000 service and operation partners around the world.

Huawei's consumer business zeroed in on consumer wants and needs,

further building out the global ecosystem for a smart, all-connected era, as part of the company's Seamless AI Life strategy for consumers around the world. This business generated CNY243.4 billion in revenue in 2021 and continued to see steady sales growth in smart wearables, smart screens, true wireless stereo (TWS) earbuds, and Huawei Mobile Services (HMS). In particular, the smart wearable and smart screen segments both saw 30%+ year-on-year growth.

In total, HarmonyOS was used in over 220 million Huawei devices as of 2021, becoming the world's fastest growing mobile device operating system.

During the past year, Huawei also focused on building out its openEuler, MindSpore, and HarmonyOS ecosystems based on the principles of open collaboration and shared

growth. Over eight million developers are currently using Huawei's open platforms, open-source software, and development tools to explore new business scenarios and business models.

Guo stressed, "Moving forward, Huawei will advance its journey of digitalisation, intelligent transformation, and low carbon.

Relying on talent, scientific research, and an innovative spirit, we will continuously increase investment to reshape our paradigms for fundamental theories, architecture, and software, and build our long-term competitiveness."

All financial statements in the 2021 Annual Report were independently audited by KPMG, an international Big Four accounting firm. To download the 2021 Annual

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WEDNESDAY, MARCH 30, 2022

The new art of economic warfare

BY KAUSHIK BASU

T

he use of economic weapons during war has a long history. But the rise of globalization and cross-border supply chains has given these nonviolent munitions unprecedented power.

While economic and financial sanctions may not strike with the immediacy of an artillery shell, their impact can nonetheless be devastating.

Economic warfare in a globalized world is so novel that we do not yet fully understand it, and few rules regulate it. There is no welldefined list of punitive instruments, much less credible estimates of the direct and collateral damage each is likely to cause.

So, when Russian President Vladimir Putin invaded Ukraine, Western policymakers were suddenly confronted with quandaries for which they were not prepared. US President Joe Biden’s administration and America’s NATO allies rightly decided to contain Putin and prevent the war from escalating into a nuclear conflict, by using sanctions instead of troops.

But now Western governments face the enormous task of using all the new data and information available to analyze the efficacy of these tools. And the world needs to introduce some rules to govern economic warfare before the next great-power conflict erupts.

The immediate concern is how to use economic sanctions more effectively to defeat Putin. Cutting off Russia from trade and financial interactions with the United States, Europe, and other advanced economies has hurt the Russian economy, but not as

much as one might have initially thought.

For example, the US embargo on Russian oil caused the price of Brent crude to shoot above $100 per barrel, accompanied by a sharp depreciation of the ruble against the US dollar.

But the ruble did not fall as much as many may have expected and has recently recovered somewhat.

It is easy to see why this happened. Consider a market with several buyers and sellers, in which a major buyer, U, says it will no longer purchase oil from a major seller, R. There will be an initial shock as U seeks to buy from other sellers, causing prices to rise. But, over time, this effect will dissipate because R can sell to someone else, say, X, and suppliers that previously sold to X can now divert some of their oil to U. True, the price of oil will still be higher than it was before the sanctions, because longer supply routes will cause delivery costs to increase. But, as in one of those old Hollywood musical sequences where the dancers switch partners, supply relationships will change, causing much of the initial shock to wear off.

The show must go on.

There may be another mitigating factor helping Russia. The oil-price spike triggered by the US embargo means that, even if Russia’s oil exports decline, its overall income may not fall.

The ruble’s partial recovery signals that this may be happening.

To ensure that Russia cannot easily get around the US oil embargo, America needs to use “triadic threats” more effectively – sanctioning not just Russia but also those who buy its oil.

The US is a master when it comes to triadic sanctions and has used them in unethical ways against small countries. In 1973, for example, President Richard Nixon cut off food aid to Bangladesh in the middle of a famine on the grounds that the country was trading

with Cuba. While Nixon’s move was unethical and had no legal basis, that changed with the 1996 Helms-Burton Act, a Machiavellian piece of federal legislation designed to isolate Cuba. In my book Prelude to Political Economy, I discuss how the US used this law to throttle Cuba via triadic sanctions.

Similarly, the US used rigorous strategic analysis to steer the world away from the brink of nuclear war during the 1962 Cuban Missile Crisis. It is important that America deploy similar analytical precision today as NATO confronts a tyrant like Putin at its border.

To defeat the threat, the US should communicate more clearly that its sanctions against Russia are meant only for Putin and his cronies, and that America will help to restore the Russian economy fully as soon as the Kremlin’s current ruling cabal is gone. This is a message that needs to reach all Russians.

The other, long-run matter deserving attention, as Raghuram G. Rajan recently emphasized, is the need to set the rules of engagement for economic warfare. In today’s globalized world of complex multinational value chains, large and powerful states can use a variety of techniques – including cutting off the supply of some vital input – to flatten another country’s economy.

Likewise, a major power in a conflict with a developing country can spark hyperinflation within weeks simply by printing the local currency and showering the notes on cities and towns. Unless such actions are formally prohibited, someone is bound to resort to them.

The severe sanctions that the West has imposed on Russia may be justified to defeat Putin, but they have escalated economic warfare to an unprecedented level. Just as we have rules governing conventional warfare, such as a prohibition on targeting civilians, we will need to create rules for what is permitted and what is forbidden in economic conflict.

WEDNESDAY, MARCH 30, 2022

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| H E A LT H

African traditional surgeons: Unknown doctors

CEPHAS KWAKU DEBRAH

T

raditional Medicine has a long history dating back to antiquity. It is known as the oldest form of healthcare practice, and as old as man himself.

Before the advent of modern medicine, different cultures relied on traditional medicine and the practice has undergone many modifications through time.

African traditional medicine is a unique form of traditional practice. As there is an African way of understanding God, so is there an African way of understanding the world.

African traditional medicine practitioners include herbalists, herb sellers, traditional birth attendants, bone setters, diviners, faith healers, traditional surgeons and spiritualists.

Traditional surgeons An intriguing, yet scarcely talked about traditional medical practice in Africa is traditional surgeons.

As others specialise in orthodox medicine, so do some others in traditional medicine; with practitioners restricting their practice and procedures to certain types of illnesses.

Evidence available shows that some African surgeons have attained a level of skill that is comparable, and in some respects, superior to that of Western surgeons, at least up to the 20th Century.

Surgical operations carried out under African traditional medicine practice, include male and female circumcision, tribal marks, cataract, whitlow, inguinal hernia, piercing ear-lobes, uvulectomy, caesarian section, tooth abstraction, trephination or trepanation (surgical intervention in which a hole is drilled or scraped into the human skull), surgery on closed and open fractures and abdominal surgery.

There are recorded accounts of traditional surgeons, who successfully re-set part of a patient’s lung to remove a penetrating arrowhead.

Traditional surgeons among the Nilotic ethnic group inhabiting northern, central and southern Kenya and Northern Tanzania are reputed to treat pleurisy and pneumonitis successfully by creating a partial collapse of the lung by drilling holes into the chest of the patient.

Another example of remarkable African surgeries documented is the eyewitness account of a missionary doctor, Felkinof, of a cesarean section performed by a Banyoro traditional surgeon in 1879 in Uganda.

Felkin wrote: “…the surgeon made a quick cut upwards from just above the pubis to just below the umbilicus severing the whole abdominal wall and uterus so that amniotic fluid escaped.

Some bleeding points in the abdominal wall were touched with red hot irons. The surgeon completed the uterine incision, the assistant helping by holding up the sides of the abdominal wall with his hand and hooking two fingers into the uterus. The child was removed, the cord cut, and the child was handed to an assistant. The surgeon squeezed the uterus until it contracted,

dilated the cervix from inside with his fingers (toallow post-partum blood to escape), removed clots and the placenta from the uterus, and then sparinglyused red hot irons to seal the bleeding points. A porous mat was tightly secured over the wound and thepatient turned over the edge of the bed to permit drainage of any remaining fluid. The peritoneum, theabdominal wall, and the skin were put back together and secured with seven sharp spikes. Aroot paste was applied over the wound and bandage of cloth was tightly wrapped around it. Within sixdays, all the spikes were removed”.

The missionary observed the patient for eleven days and when he left, mother andchild were alive and well.

On cataract operation, juice from the leaves of an alkaloid-containing plant is dropped directly into the eye to desensitize it, and then with a sharp stick the cloudy lens removed. A surprising number of these cases turned out successful.

Present time The African traditional surgeon is reputed to know a lot, but understand little. Traditional surgical procedures presently are on a decline, as compared to modern orthodox medical surgeries, due to western medicine’s dominance and complications of procedures, such as, tetanus, meningitis and septicaemia.

The writer is a Medical Herbalist Intern at the Centre for Plant Medicine Research – Akuapem Mampong). E-mail: Cephasdebrah@gmail. com

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WEDNESDAY, MARCH 30, 2022

Happy Commonwealth Day as we inch closer to CHOGM2022

BY DR AISA KIRABO KACYIRA

E

ach year, a day in March is celebrated as the Commonwealth Day to bring limelight to this family of 54 independent countries with a combined population of over 2.5 billion people, aspiring to shared principles and values of freedom and prosperity.

This year the day falls on March 14, but as has become custom over the recent past, celebrating the Commonwealth Day is a weeklong event, during which member countries and affiliate organisations undertake various activities to push forward the shared ambitions of the Commonwealth.

Established in 1949 after some of Britain’s former colonies began to attain their selfgovernance, the modern Commonwealth is a family of voluntary members, “co-operating freely in the pursuit of peace, liberty and progress” as enshrined in the community’s declaration.

Rwanda and Mozambique are the only two members of the Commonwealth who are not formerly British Colonies.

Rwanda For Rwanda joining The Commonwealth was a choice informed by the fact that as a country, we identify with the values and principles of the community and see opportunities to learn from each other and cooperate for shared prosperity.

At the hoisting of the Rwandan Flag among those of other member countries at the Marlborough House —Headquarters of the Commonwealth Secretariat — in London, President Paul Kagame put into good perspective what membership to this family means.

“For us, joining the Commonwealth is an important milestone in our development journey.

“It means that we enter a unique and diverse family, with whom similar values and aspirations are shared, and which provides a wide range of opportunities for mutual collaboration and advancement.”

“Our vision for Rwanda is of a country open to these opportunities, which will better the lives of our people and drive forward our nation’s socio-economic transformation.”

His message remains relevant today, more so in the increasing global challenge of the COVID-19 crisis, climate change and other global issues which call on us as world leaders and communities to address them in unity, with a common vision, more cooperation and learning from one another.

Celebration The celebration of the Commonwealth Day comes only three months before the scheduled Commonwealth Heads of Government Meeting (CHOGM), to take place in Rwanda during the week of June 20, 2022.

Despite having had to be postponed twice, in 2020 and 2021, due to pandemic restrictions, Rwanda remains committed and is ready to receive the Commonwealth Family and host a memorable, impactful and enjoyable CHOGM. To be hosted on the theme “Delivering a Common Future: Connecting, Innovating, and Transforming,” CHOGM2022 Rwanda provides a unique opportunity for members to deliberate on innovative ways to address some of the world’s most pressing challenges including climate change, recovery from the effects of the COVID-19 pandemic and how to bounce back better leaving no one behind.

These innovations will be hinged on leveraging cooperation and the Commonwealth’s influence to transform lives and create prosperity.

In addition to the meeting of the Heads of Government, CHOGM Rwanda2022 will feature its customary forums in which every citizen of the Commonwealth will have the opportunity to contribute to the debate and influence the decisions of our senior-most leaders.

These forums are: Youth Forum, which offers a unique platform for the over 1.5 billion youth in the Commonwealth to have a voice that is heard; Women’s Forum for the advancement of gender equality and women empowerment for their optimal contribution to the transformative agenda of the community; People’s Forum, which brings the dynamic ideas of all our peoples voiced by civil society organisations

from all levels to influence the way forward; and the Business Forum, a very influential platform for connecting business minds to innovate solutions to our most pressing challenges.

Through these forums, CHOGMRwanda2022 will be inclusive and representative of the diversity of the people of the Commonwealth, creating the base for expediting implementation of the outcomes of the weeklong engagements.

This is an opportunity for citizens of the Commonwealth, more so those of us in Africa to take advantage of having the event on the continent and utilising its platforms to make our voices heard and contribute to forging a more equitable and sustainable world.

At the meetings, Rwanda will also assume the role of Chair in Office of the Commonwealth for which it is committed to ensuring that there is effective coordination of the implementations of the resolutions of CHOGMRwanda2022 as well as outstanding ones from previous forums.

Thanks to our visionary leadership and timely investment with our community and partners, Rwanda today is one of those countries with the least risk of COVID-19, having vaccinated more than 60 per cent of the population already.

As a result, the government recently cut down on pandemic-related restrictions, opening more and more and it is our hope that come June, beautiful Kigali and the scenic land of a thousand hills will be even more open for all of you to enjoy the events of CHOGMRwanda2022.

As we reminisce the shared values, cultures and history of our community on this Commonwealth Day, I take this opportunity to invite you all to be a part of CHOGM2022.

Over the next few weeks, more details on registration and participation will be shared on www.chogm2022.rw and the High Commission of Rwanda in Ghana will also find as many avenues as possible to ensure that you all remain informed on developments.

The writer is the High Commissioner of the Republic of Rwanda to Ghana with additional responsibility to Benin, Cote d’Ivoire, Liberia, Sierra Leone and Togo. Writer’s E-mail: ambaaccra@minaffet.gov.rw

WEDNESDAY, MARCH 30, 2022

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Replace Russian oil and gas with renewables

CEPHAS KWAKU DEBRAH

Russia’s invasion of Ukraine has shaken many long-held Western assumptions about the foundations of peace in Europe. Among other things, it has renewed policymakers’ focus on energy dependence as a key strategic issue.

The United States recently announced an immediate ban on imports of Russian oil and gas, while the United Kingdom and the European Union pledged to curb them more gradually.

The rationale is clear: punish Russia, reduce its leverage, and restore peace to Ukraine. But wrong choices now – specifically, continuing to favor fossil fuels over renewable energy – could lock in a far less peaceful future.

Some Western countries have let themselves become overly reliant on Russian oil and gas in recent years, so the decision to cut back was not easy. But the bigger, tougher decision facing Western governments is how to reduce their overall dependence on fossil fuels. Simply replacing one dirty energy source with another would leave the growing dangers of climate change to be dealt with later – if at all.

Given the pressure of the current Ukraine crisis, such shortsightedness would be understandable.

Western governments must close the energy gap created by stopping Russian fossil-fuel imports, while minimizing the damage to national economies. For now, they have the public with them. But if energy costs rise too high, or shortages become too disruptive, the resulting economic havoc could erode public support.

Any alternative energy sources must therefore come onstream quickly and provide affordable, reliable supplies. And they should not create new geopolitical entanglements that might cause problems later.

At the recent annual CERAWeek energy

conference in Houston, Texas, Big Oil CEOs and their lobbyists were quick to propose boosting oil and gas production, removing output caps, easing regulations, and reversing policies aimed at lowering carbon dioxide emissions. Several energy analysts and economists have echoed this line.

But with climate change fast becoming a leading driver of insecurity worldwide, doubling down on fossil fuels would be a tragic mistake – a choice that could make the world a more violent place in the coming decades.

The 2021 Production Gap Report highlighted the disconnect between current fossil-fuel production plans and climate pledges. Under current policies, global warming is on track to reach a catastrophic 2.7° Celsius this century. We need to be rapidly closing down wells and mines and shrinking production, not adding more capacity.

Climate change is already making the world more dangerous and less stable. The latest report from the Intergovernmental Panel on Climate Change (IPCC) – dubbed “an atlas of human suffering”

by United Nations Secretary-General António Guterres – offered a stark assessment of the huge economic and human costs of even the early effects of climate change that we are experiencing now. It paints a picture of a future that we must avoid.

A survey of headlines over the past 12 months reveals record floods, storms, wildfires, heat waves, and droughts. All of these weather events are becoming more frequent, extreme, and deadly as a result of climate change, and all of them can increase the likelihood of conflict and instability.

Today, 80% of UN peacekeepers are deployed in countries regarded as most exposed to climate change. Likewise, a recent study found that a 1°C increase in temperature was associated with a 54% increase in the frequency of conflicts in parts of Africa where nomadic herders and sedentary farmers compete for dwindling supplies of water and fertile land.

As the IPCC report rightly points out, the consequences of climate change most quickly destabilize places where tensions are already high and government structures are already weakened or corrupt. As research for the forthcoming Stockholm International Peace Research Institute (SIPRI) Environment of Peace report shows, armed extremist groups like al-Shabaab, the Islamic State, and Boko Haram have thrived in regions that are suffering the worst effects of climate change. They find recruits and supporters among people whose lives and livelihoods have become increasingly precarious because of floods and droughts.

In our globalized, networked world, the repercussions of local climate impacts can quickly spread, through supply-chain shocks, spillover conflicts, and mass migrations. And, as Russia’s invasion of Ukraine has demonstrated, the rules-based order is alarmingly fragile, leaving ordinary people to face the terrible consequences.

The West’s rejection of Russian oil and gas creates an opportunity to accelerate the transition away from fossil fuels. Energy efficiencies and other demand reductions can do part of the job.

As for the rest, renewable alternatives like solar and wind power make economic sense. They are far quicker and safer to install than nuclear plants or most of the fossil-fuel alternatives being discussed. And they don’t expose people to the spikes and dips of global fuel markets.

The logic points in only one direction. The world will achieve true energy security – and have a chance of building a more peaceful, livable, and affordable future – only if we leave fossil fuels behind.

The authors are all members of the expert panel advising the Environment of Peace initiative at SIPRI. Project syndicate

16

| NEWS

WEDNESDAY, MARCH 30, 2022

TOURISM

WEDNESDAY, MARCH 30, 2022

17

Nominees unveiled for maiden Africa Technovate Awards …scheduled for April 2 at UPSA

N

ominees for the maiden edition of the Africa Technovate Awards have been unveiled with Africa’s big names in technology ready to do friendly battles for the coveted honours on Saturday, April 2 at the auditorium of the University of Professional Studies, Accra.

In total, there are 51 nominations in 17 categories. The numbers include 48 corporates organizations, educational institutions, and three individuals who are nominated for the Lifetime Achievement Awards. Each category has three nominations each. The award process is being audited and validated

by Deloitte & Touche The awards scheme is designed to appreciate African technology companies who have blazed the trail for several years and budding young innovative and creative tech companies charting a path for Africa in a fast digitally transforming world.

The categories include: a.Sector Awards: Outstanding Edtech Institution of the Year, FinTech Company of the Year, e-Health Company of the Year, Digital Agric-Business of the Year, Tech Insurance Company of the Year. b.Regional Awards: Digital Innovation and Creativity Award, Digital Business Transformation Award, Tech Startup Company of the Year, Young Tech Startup Company of the Year, Blossoming Tech Company of the Year, Mature Tech Company of the Year, Ambitious Tech Company of the Year. c.Africa Awards: Outstanding Digital Entrepreneur of the Decade, Live Time Achievers Award, Quality Standards Award, Digital Excellence Award, and Long-Standing Service Engagement Award.

The final category winners will be announced during the exclusive live ceremony at the UPSA auditorium on Saturday 2nd April 2022.

With a focus on going the extra mile to deliver innovative ways of solving problems in the technological spaces, companies making the judges cuts include: Outstanding EdTech Institution of the Year 1.Academic City University College 2.AITI 3.Ashesi University Fintech Company of the year 1.Kippa 2.Hubtel 3.M-Kopa e-Health Company of the Year 1.Africa ICT Right 2.AmaGhana Online 3.NHIS Digital Agric-Business of the Year 1.Puno 2.Smart Farmer 3.Esoko Tech Insurance Company of the Year 1.BIMA 2.Prudential Insurance 3.Phoenix Insurance Digital Innovation and Creativity of the Award 1.Chatbots Africa 2.Treepz Ghana 3.Hanergy Global Ghana Limited Digital Business Transformation Award 1.Enterprise Computing 2.Jijigh

3.Tonaton Tech Startup Company of the Year 1.Msoft Ghana Limited 2.PayBox 3.Turntabl Young Tech Startup of the Year Award 1.Puno 2.Kippa 3.Gambia Tech Project Blossoming Tech Company of the Year 1.Omni Strategies 2.SOKO Aerial 3.mNotify Company Mature Tech Company of the Year 1.Adapt IT

2.SoftTribe 3.Isolutions Associates Ambitious Tech Company of the Year 1.American Tower Corporation 2.Adapt IT 3.DreamOval Outstanding Digital Entrepreneur of the Decade 1.SoftTribe 2.M-Kopa 3.Hubtel Live Time Achievers Award 1.Prof. Nii Narku Quaynor – Ghana Dot Com 2.Herman Chinery-Hess – SoftTribe

3.Kofi Dadzie – Rancard Quality Standards Awards 1.AIT 2.Ghana Standard Authority (GSA) 3.Research ICT Africa Digital Excellence Award 1.Hanergy Global Ghana Ltd. 2.TXT Ghana 3.Ghana Dot Com Long Standing Service Engagement Award 1.Delbond Teknologies. Limited (Dtek) 2.Rancard Solutions 3.SoftTribe

18

| MARKET REVIEW

WEDNESDAY, MARCH 30, 2022

Weekly Market Review For Week March 25, 2022 MACROECONOMIC INDICATORS

Best 5 Traded Equities by Volume for the Week Ending 25/03/2022

Trend in Market Indices - 2022 3,000

Q3, 2021 GDP Growth

6.6%

Average GDP Growth for 2021

5.3%

2021 Projected GDP Growth

5.0%

BoG Policy Rate

17.0%

1,500

13.90%

1,000

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¢) – Dec, 2021

351.8

Debt to GDP Ratio – Dec, 2021

CAL, 1.40%

GGBL, 1.19%

2,000

SIC, 0.15%

500 0

MTN, 96.53%

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

Weekly Interbank Interest Rate

2,500

GOIL, 0.23%

80.1%

GSE CI

MTN

CAL

GGBL

GOIL

SIC

GSE FSI

Best 5 Traded Equities by Value for the Week Ending 25/03/2022 YTD Performance of GSE Market Indices 1.00%

GGBL, 2.40%

CAL, 1.07%

GLD, 3.33%

SIC, 0.58%

0.50% 0.00%

/0

-1.00%

11

/0

1/2 2 1/2 18 2 /0 1/ 25 22 /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

-0.50%

04

STOCK MARKET REVIEW The Ghana Stock Exchange strengthened for the week on the back of gains by 4 counters.

The GSE Composite Index (GSE CI) gained 3.44 points (+0.13%) to close at 2,742.06 points, reflecting year-to-date (YTD) loss of 1.69%. The GSE Financial Stocks Index (GSE FI) also, gained 6.24 points (+0.29%) to close at 2,173.53 points, reflecting year-to-date (YTD) gain of 1.01%.

-1.50% -2.00% -2.50%

MTN, 91.61%

-3.00% -3.50%

MTN

-4.00% GSE CI

CAL

SIC

GSE FSI

Volume and Value of Trades for Week Ending 25/03/2022

200.00% 162.50%

80,000,000

150.00%

70,000,000 60,000,000

100.00%

50,000,000 40,000,000

50.00%

30,000,000 20,000,000

▲46.04%

Access Bank Ghana PLC

1.9

2.09

▲10.00%

SIC Insurance Company Ltd.

0.2

0.21

▲5.00%

Cal Bank PLC

0.84

0.85

▲1.19%

64,030.00

GCB Bank PLC

5.18

5.16

▼0.39%

64,020.00

VOLUME

25 /0 3/ 22

158.6

24 /0 3/ 22

108.6

23 /0 3/ 22

Gain/Loss (%)

22 /0 3/ 22

21 /0 3/ 22

SI C

-

Closing Price

46.04%

-33.65%

25.00% 21.43% 18.28%

-33.33% -25.00% -9.77%

0.00%

10,000,000

Opening Price

-50.00%

-4.50%

VALUE

CURRENCY MARKET

Market Capitalization for Week Ending 25/03/2022 -0.69% -0.70% -0.71% -0.72% -0.73% -0.74% -0.75% -0.76% -0.77% -0.78% -0.79%

64,010.00 64,000.00 63,990.00 63,980.00

22 /0 3/ 22 23 /0 3/ 22 24 /0 3/ 22 25 /0 3/ 22

3/ 22

63,970.00

21 /0

NewGold

GGBL

5 Best & 5 Worst Performing Stocks YTD Return

Price Movers for the Week

Equity

GLD

GL D GG BL ET I EG M L TN GH BO PP FM L PB AC C CE SS

Market capitalization inched up by 0.06% to close the week at GH¢64,021.57 million, from GH¢63,985.35 million at the close of the previous week. This reflects YTD decrease of 0.73%.

Trading activity recorded a total of 70,271,365 shares valued at GH¢78,490,246.30 changing hands, compared with 18,582,177 shares, valued at GH¢24,300,166.61 in the preceding week.

MTN dominated both volume and value of trades for the week, accounting for 96.53% and 91.61% of volume and value of shares traded respectively .

The market ended the week with 4 advancers

MARKET CAP

YTD%

The Cedi appreciated marginally against the USD after declines in nine consecutive weeks. It traded at GH¢7.1121/$ on Friday, compared to GH¢7.1125 /$ at week open, reflecting w/w appreciation and YTD depreciation of 0.01% and 15.55% respectively. This compares with YTD appreciation of 0.58% a year ago.

The Cedi however depreciated against the GBP for the week. It traded at GH¢9.3827/£, compared with GH¢9.3533/£ at week open, reflecting w/w and YTD depreciations of 0.31% and 13.38% respectively. This compares with YTD depreciation of 0.38% a year ago.

The Cedi strenghtened against the Euro for the week. It traded at GH¢7.8134/€, compared with GH¢7.8451/€ at week open, reflecting w/w appreciation and YTD depreciation of 0.41% and 12.96% respectively. This compares with YTD appreciation of 4.60% a year ago.

The Cedi lost grounds against the Canadian Dollar for the week. It opened at GH¢5.6371/C$ but closed at

GH¢5.6837/C$, reflecting w/w and YTD depreciations of 0.82% and 16.58% respectively. This compares with YTD depreciation of 0.47% a year ago.

Treasury Yield Curve 22 20

01/01/22

21/03/22

25/03/22

USD/GHS

6.0061

7.1125

7.1121

▲0.01

▼15.55

GBP/GHS

8.1272

9.3533

9.3827

▼0.31

▼13.38

EUR/GHS

6.8281

7.8451

7.8134

▲0.41

▼12.61

CAD/GHS

4.7416

5.6371

5.6837

▼0.82

▼16.58

EUR/GHS

6.8281

7.6405

7.6934

▼0.69

▼11.25

CAD/GHS

4.7416

5.4792

5.5280

▼0.88

▼14.22

17.11

14

Gold

19/03/22

12/03/22

05/03/22

26/02/22

19/02/22

12/02/22

05/02/22

29/01/22

22/01/22

USD GBP CAD GOVERNMENT SECURITIES MARKETEUR Government raised a sum of GH¢733.21 million for the week across the 91-Day, 182-Day and 364-DayTreasury bills, compared to GH¢1,178.22 million raised in the previous week.

The 91-Day Bill settled at 14.14%, from 13.42% last week whiles the 182-Day Bill settled at 14.51%, from 13.61% last week. The 364-Day bill also settled at 17.10%.

The table and graph below highlight primary market yields at close of the week.

Year Open

Previous Yield %

Current Yield %

01/01/22

14/03/22

18/03/22

12.53

13.25

13.42

13.21

13.55

13.61

16.64

16.96

16.96

19.75

19.75

19.75

20.50

20.50

20.50

21.00

20.75

20.75

18.80

21.75

21.75

18.10

18.10

18.10

10-Yr Bond

19.75

19.75

19.75

15-Yr Bond

19.75

19.75

19.75

20-Yr Bond

20.20

20.20

20.20

Commodities

Year Open

Brent crude oil (USD/bbl)

77.78

Gold (USD/t oz.)

1,828.60

Cocoa (USD/ MT)

2,520.00

Cocoa (USD/ MT)

2,520.00

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

▲1.22

▲7.10

▲0.42

▲3.01

0.00

▲1.88

1,500

0.00

0.00

0.00

▼1.19

0.00

15.69

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

107.93

120.65

1,929.30

1,954.20

2,537.00

2,562.00

2,537.00

Chg %

YTD %

▲11.79

▲55.12

▲1.29

▲6.87

▲0.99

▲1.67

▼1.67

▲0.67

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

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

0.00

Week Close

ABOUT CIDAN

International Commodity Prices - 2022

YTD Chg (%)

& G O L D

140 120 100 80 60

1,000

40

500

20

0

0

Gold

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: www.investing.com

WoW Chg (%)

0.00

Week Open

2,580.00

Cocoa

BUSINESS TERM OF THE WEEK

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 19/03/22

12/03/22

19/03/22

26/02/22

05/03/22

12/02/22

19/02/22

29/01/22

05/02/22

15/01/22

22/01/22

01/01/22

08/01/22

15/01/22

08/01/22

01/01/22

-20.00

7-Yr Bond

-10%

Prices of Cocoa advanced for the week. The commodity traded at US$2,562.00 per tonne on Friday, from US$2,537.00 last week, reflecting w/w and YTD appreciations of 0.99% and 1.67% respectively.

-15.00

6-Yr Bond

0%

Gold prices inched up on Friday and for the week, on the back of geopolitical tensions fed by the war in Ukraine and inflation concerns. Gold settled at US$1,954.20 from US$1,929.30 last week, reflecting w/w and YTD appreciations of 1.29% and 6.87% respectively.

-10.00

5-Yr Bond

10%

rude Oil prices rose to over $120 a barrel on Friday, as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the United States. Brent futures traded at US$120.65 a barrel on Friday, compared to US$107.93 at week open. This reflects w/w and YTD gains of 11.79% and 55.12% respectively.

0.00

3-Yr Bond

20%

COMMODITY MARKET

5.00

2-Yr FXR TN

14.14

10

YTD Performance GBP of the EUR Ghana CAD Cedi USD against Selected Currencies

364 Day TB

30% 14.51

12

10.0000 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000

182 Day TB

40%

16

Exchange Rates: Ghana Cedi vs Selected Currencies

91 Day TB

50%

18.10

18

Source: Bank of Ghana

Security

60%

19.00

YTD %

/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

Change

01

Week Close

70%

20.20 19.75 19.75

19.75

2y r 3y r 5y r 6 yr 7y r 10 yr 15 yr 20 yr

Week Open

-5.00

21.75

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

Year Open

YTD Performance of Selected Commodity Prices

20.75

Weekly Interbank Foreign Exchange Rates Currency Pair

19

| MARKET REVIEW

WEDNESDAY, MARCH 30, 2022

Cocoa

Brent Crude

B R E N T C R U D E

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

The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

MONDAY, FEBRAURY 14, 2022

WWW.BUSINESS24.COM.GH

NO. B24 / 314 | NEWS FOR BUSINESS LEADERS

WEDNESDAY, MARCH 30, 2022

How Binance is committing to gender equality in Africa and beyond

T

echnology has predominantly been a male-dominated sector; the lack of equal representation has made certain tech spaces become a breeding ground for gender biases and discrimination and the cryptocurrency industry is not left out.

Although crypto was made to promote freedom from repression, there is an evident gender gap.

Of the 378 venture-backed crypto and blockchain companies founded globally between 2012 and 2018, only one had an all-female founding team, and only 31 (8.2%) had a combination of male and female founders.

Outside of leadership, women are grossly underrepresented in the workforce, with 95% of people in the blockchain industry being men, according to the Global Crypto User Index. Project Syndicate also posits that the overall female labour-force participation rate in sub-Saharan Africa has reached 61%, yet women constitute only 30% of professionals in the tech industry.

The world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, Binance, understands the importance of gender inclusivity in the blockchain world and has continued to create opportunities and initiatives tailored to meet these

demands.

For International Women’s Month, Binance Africa rolled out an 8-week Bootcamp to equip women with the necessary tools and skills for a career in blockchain. The participants in this training session will work on hands-on projects and build important critical thinking skills with real-world problems and solutions.

Furthermore, Binance Charity, the philanthropic arm of Binance, launched the MamaToTheRescue project to strengthen the Kenyan economy and empower women with new and sustainable technical skills. Binance Charity sourced and donated sewing machines, creating job opportunities for local women.

Beyond its women-empowerment initiatives, Binance has also fostered a company culture that is not afraid to innovate and break the status quo.

The company is one of the few tech companies with a sizeable number of women holding senior positions across many of its departments including, He Yi, Co-founder, and Chief Marketing Officer of Binance; Helen Hai, Head of Binance Charity and Binance NFT; Damilola Odufuwa, Head of Product Communications; Carine Dikambi, Francophone Africa Lead; Laura Li, Country Manager for Africa

and Zane Wong, Director of KYC Compliance.

The Francophone Africa Lead, Carine Dikambi, believes blockchain technology is a transformative technology that improves lives and delivers financial freedom and inclusion for millions.

On the power of crypto and women’s rights, Damilola Odufuwa, Head of Product Communications, says, “I’ve always been passionate about financial inclusion for women. I was sold as soon as I realized the impact crypto and blockchain technology could have on women’s rights. I was determined to use my experience in media and communications to aid the conversation on how tech & crypto can work hand-in-hand with tech & women’s rights to democratize the microphone that has traditionally been reserved to those in power. Of course, I was also drawn to the industry’s influence, use cases, transparency, and rapidly evolving nature.”

For Binance, the goal is to build a more inclusive ecosystem, while continuously innovating and creating freedom of money for people all over the world. The exchange platform urges all other centralized exchanges to work towards building a more balanced ecosystem to break the bias and create freedom of repression for all.

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