Gov’t developing database on ‘core poor’, Gender Minister says
Apiatse explosion: Gov’t moves to ensure safe and healthy mining
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B U S INE SS24 .CO M.GH
NO. B24 / 312 | NEWS FOR BUSINESS LEADERS
Ghana’s oil generates US$31.22bn in last 10yrs BY BENSON AFFUL
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he Public Interest and Accountability Committee (PIAC), the revenue watchdogs of Ghana’s oil, has estimated that the country has generated about US$31.22 billion in the last 10 years since oil was found on the shores of the nation. The amount, it said, comprise both entitlements due the state and its contractor parties. However, out of this amount, Ghana has earned US$6.55 billion in total petroleum receipts between 2011 and 2020, equivalent to 9.97pct of 2020 Gross Domestic Product (GDP). PIAC analysis on the oil revenue in the last 10 years also found out that carried and participating interest (CAPI) has by far generated the highest share for Ghana, accounting for 58percent or... MORE ON PAGE 2
Watchdog commends gov’t for crackdown on illegal fishing but warns of new threats MORE ON PAGE 2
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Ghana’s oil generates US$31.22bn in last 10yrs ...continued from page 1 US$3.81 billion of the total US$6.55 billion revenue earned. This is followed by royalties at 25percent (US$1.64 billion) and then corporate income tax at 17percent or US$1.08 billion. Ghana has so far signed eighteen (18) petroleum agreements with various international and local oil companies since the early 2000s. Of these, three producing fields, namely the Jubilee, TweneboaEnyenra-Ntomme (TEN) and Sankofa-Gye Nyame (SGN), account for petroleum revenues as of end-2020. The data shows that total production from Ghana’s three fields peaked in 2019 at an annual output of 71,439 barrels before commencing a decline to 66,926 barrels in 2020.
“Production will continuously decline if nothing is done through new in-fill developments on these existing fields or new fields coming on-stream. Peaking is further compounded by reservoir challenges leading to production losses on some fields. At the same time, the abovesurface issues include FPSO reliability challenges and delayed gas processing infrastructure forcing gas reinjection, which is ultimately negatively impacting well performance,” PIAC said in its report. The committte said Annual Budget Funding Amount (ABFA) has been allocated the highest amount of US$2.6 billion (40%) over the period. This is followed by Ghana National Petroleum
Corporation (GNPC) receiving US$2.0 billion (30%). Also, it said the Ghana Stabilisation Fund (GSF) has received US$1.39 billion (21%) of total revenues, whereas the Ghana Heritage Fund (GHF) has received US$586 million (9%) of the total allocation. These allocations are broadly consistent with the PRMA as amended. “Over the past ten-plus years, the Ghana National Petroleum Corporation (GNPC) has sought to maintain a sole focus on its commercial mandate by forming joint ventures and other forms of cooperation with international or local partners, particularly with IOCs and major supply chain companies. Of Ghana’s US$6.55 billion total oil
revenue entitlements since the commencement of oil exports from 2011 to 2020, GNPC has received 30% (US$2 billion) of this amount, representing both equity financing costs (Level A receipts) and other operational expenses (Level B receipts).” PIAC added that GNPC’s total equity financing costs (Level A receipts) amounted to US$1.14 billion over the period, representing 55% of the total GNPC allocations. Again, it said Level B receipts for other expenditures such as staffing and other operational costs amounted to US$921 million or 45% of total allocations. BY BENSON AFFUL affulbenson@gmail.com
Watchdog commends gov’t for crackdown on illegal fishing but warns of new threats BY BENSON AFFUL affulbenson@gmail.com
The deputy minister for Fisheries and Aquaculture Development, Moses Anim says government will not cut corners in prosecuting those who contravene fisheries laws in the country. His comments come in light of evidence that the destructive and illegal ‘saiko’ trade – in which trawlers target the staple catch of small-scale fishers – might be taking a new form, with trawlers landing the fish directly at port, rather than transferring the catch to specially adapted canoes at sea. The Environmental Justice Foundation (EJF) commended the deputy minister for his statements, but strongly urges the government to turn words in to action and bring an immediate and permanent end to all ‘saiko’ fishing, with full enforcement, prosecutions and deterrent penalties. ‘Saiko’ is a severely destructive form of illegal fishing, where trawlers target the staple catch of canoe fishers and sell it back to local communities at a profit. It steals jobs, threatens food security and endangers Ghana’s economy. While a strong crackdown last
year has stopped the landings of saiko canoes, there is now evidence that the trade may be taking a different form, as acknowledged by the Mr. Anim at the recent stakeholder meeting to validate the fisheries management plan (2022-2026) in Accra. Under this new method, saiko catches – including juvenile fish – are being landed directly by trawlers at Tema port and brought to communities by road, undercutting small-scale fishers. This worrying new form of the trade was also highlighted by the President of the National Fish Processors and Traders Association, Madam Regina Solomon, who decried the
landing of anchovies by trawlers at Tema, and stressed the negative impact this is having on the trade of fish processors. Mr. Anim was clear that perpetrators of illegal fishing activities in Ghana will be dealt with according to the law to safeguard Ghana’s fisheries. He warned that the ministry was aware that the trade may have changed form, and said that the government would not hesitate to apply sanctions should any illegalities be identified. EJF says it welcomes this decisive statement by the deputy minister and the commitment of the ministry to crackdown on operators breaking Ghana’s fisheries laws. A EJF research on the saiko trade in 2017 indicated that saiko alone took around 100,000 tonnes of fish, worth over US$ 50 million when sold at the landing site. Saiko is costing Ghanaians millions of dollars annually, and threatening coastal livelihoods. “Enhancing transparency in fisheries and enforcing regulations is vital in safeguarding the livelihoods of local fishers. Many of the transparency measures, including publishing details of fishing licence conditions,
vessel ownership and sanctions for illegal fishing, are low-cost, simple to implement and can be introduced immediately,” the fishery watchdog said. Steve Trent, CEO and founder of EJF, said: “I applaud the deputy minister’s statement whole heartedly, but Ghana still needs an immediate and effective enforcement of its fisheries laws. Perpetrators must be sanctioned to serve as a deterrent to others and prove that this government means to stop saiko and all other forms of illegality in its entirety. Rigorous inspections at the two industrial ports Tema and Takoradi are also vital to prevent any new form of saiko and ensure that trawlers stop illegally catching the ‘people’s fish’ once and for all. These efforts should be underpinned by a move to full transparency in the fisheries sector. His Excellency President Nana Akufo-Addo must personally ensure that words become action. Until that happens these abuses that are destroying Ghana’s fisheries, ruining lives and livelihoods, and breaking national laws, will simply continue. Now is the time for action.”
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Gov’t developing database on ‘core poor’, Gender Minister says BY EUGENE DAVIS
reassessment of the beneficiaries under the LEAP beneficiaries to enable us graduate and exit those who are no longer extremely poor and bring onboard other deserving beneficiaries.” The selection of beneficiaries, the minister indicated under the Livelihood Empowerment Against Poverty (LEAP) programme is a transparent process. She further stated that eligibility for LEAP is based on poverty status and having at least one of the three demographic conditions such as households with orphan or vulnerable children (OVC), elderly poor and persons with extreme disability. Initial selection of poor households is done through a
The Ministry of Gender, Children and Social Protection, says it is currently building a database of extremely poor people in the country, otherwise known as the “core poor” under its Ghana National Household Registry (GNHR), sector minister, Cecilia Abena Dapaah has told parliament. According to her, so far, the ministry has collected data in Upper East, Upper West, North East, Savannah and Northern Regions, which is to facilitate the targeting of the poor for social interventions including the LEAP Programme. Appearing before parliament on Wednesday to answer questions relating to her sector, she said: “We are about piloting a
community-based process and is verified centrally with a proxy means test. Within the category of extreme poor, the programme further targets households with one or more persons who are over 65years of age, Persons living with a severe disability and Caregivers of orphans and vulnerable children. As a result of a new initiative known as LEAP 1000, the programme also targeted households with a pregnant woman and children below 1year of age in the year 2016. The list of those who qualify is shared with the communities for validation through community durbars.
Apiatse explosion: Gov’t moves to ensure safe and healthy mining BY EUGENE DAVIS
The Minister of Lands and Natural Resources, Samuel Abu Jinapor, has announced that a Health and Safety Committee of Inquiry has been established following recommendation from the Apiatse disaster reports. According to him, the committee is expected to submit its report in the next few weeks and government will duly comply with its recommendations. Appearing before parliament to respond to questions on what the findings and recommendations of the Apiatse Disaster reports are, whether the reports can be published.
He told lawmakers in parliament that “on the recommendations of the Committee, a Health and Safety Committee of Inquiry has been established, chaired by the Vice Chancellor of the Paa Grant University of Mines and Technology (UMaT), Prof. Richard Amankwah, with members drawn from the Ghana Academy of Arts and Sciences, the Ghana Bar Association, and the mining industry, to review the entire health and safety regime of the mining industry, and make recommendations to government, for legislative, policy and other reforms. Mr. Speaker, the Committee will be submitting its report to me in the next couple of weeks, and we will implement the necessary recommendations to make our mining industry safer and better.” Following the fatal incident, the Minerals Commission, the regulator, conducted its investigations, in accordance with the Minerals and Mining (Explosives) Regulations, 2012 (L.I. 2177), and submitted its report. However, given the complexity of the matter, the minister said he personally constituted a threemember Committee, chaired by a highly respected former Chief Executive Officer of the Minerals Commission, Mr. Benjamin Aryee, to carry out independent
investigations to corroborate, or otherwise, the findings of the Minerals Commission. The two reports established certain regulatory breaches, on the part of Maxam in the manufacture, storage, and/or transportation of explosives. Among them were the failure to ensure that the transportation of explosives was managed by a certified explosives manager, contrary to regulation 6(2)(a) of Minerals and Mining (Explosives) Regulations, 2012 (L.I. 2177); and also to ensure that activities that involve explosives are carried out only by competent and certified persons, contrary to regulation 6(2)(b) of L.I. 2177; Failure to ensure that the code of safe working practice developed for the transportation of explosives are followed, contrary to regulation 11(1) of the L.I. 2177. The company also failed to ensure that the transportation of explosives was done under the supervision of a person with the required certificate of competence, contrary to regulation 15(1)(a); and that the transportation of explosives was carried out by a person with the business licence to transport explosives, contrary to regulation 15(1)(b) of L.I. 2177. The Committee report, the minister revealed recommended, among others, that Maxam be
sanctioned. The Committee also made some recommendations to make the transportation of explosives safer including the installation of fire suppression system in explosive vehicles, the use of two escort vehicles, one in front and one behind, the use of two police officers, one armed and other unarmed, the use of sirens to alert road users, and a review of the entire health and safety regime of the mining industry. As to the publication of the report, “it is the considered view of the Ministry of Lands and Natural Resources, that it will be more useful to publish the report of the Health and Safety Committee of Inquiry, which has a broader mandate, and whose recommendations are geared towards reformation of the mining sector,” the minister stated. On January 20, 2022, a truck transporting some explosive materials – Ammonium Nitrate and Fuel Oil (ANFO) – from MAXAM Ghana Limited’s explosives plant located at Iduapriem, Tarkwa in the Western Region, to Chirano Gold Mines Limited’s site in the Western North Region, exploded at Appiatse in the Prestea Huni Valley Municipality of the Western Region, causing extensive damage to life and property.
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Let’s walk the talk in the fight against ‘saiko’ A EJF research on the saiko trade in 2017 indicated that saiko alone took around 100,000 tonnes of fish, worth over US$ 50 million when sold at the landing site. The practice of saiko, which is illegal, unregulated and unreported (IUU) fishing, is costing Ghanaians millions of dollars annually, and threatening coastal livelihoods. ‘Saiko’ is a severely destructive form of illegal fishing, where trawlers target the staple catch of canoe fishers and sell it back to local communities at a profit. It is one disturbing challenge of the fisheries sector that steals jobs, threatens food security and endangers Ghana’s economy. The continual abuses of the state’s marine resources are destroying Ghana’s fisheries, ruining lives and livelihoods,
and breaking national laws, and there is the urgent need for stakeholder action on this menace. Ghana still needs an immediate and effective enforcement of its fisheries laws as the illegality continues to cause havoc along the fisheries value chain despite the numerous legislations that’ve been enacted to curtail the problem. Perhaps, we will need some tougher sanctions for perpetrators to serve as a deterrent to others and prove that this government means to stop saiko. There have been several interventions from both national and regional actors in the fisheries space in the fight against saiko. While a strong crackdown last year has stopped the landings of saiko canoes, there is now evidence that the trade may be taking a different form.
Under this new method, saiko catches – including juvenile fish – are being landed directly by trawlers at Tema port and brought to communities by road, undercutting small-scale fishers, according to EFJ. We cannot give up now neither can we relent on our quest to secure the nation’s marine resources and the livelihoods that depend on them and the time to act is now!
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Vice-President Bawumia launches Digitalized National Gold Assay Lab The Vice President, Dr Mahamudu Bawumia, has reiterated the government’s willingness to support any institution, public or private, which intends implementing digital initiatives to promote efficiency and fight corruption in the provision of public services.
The successful implementation of such initiatives, Dr Bawumia explained, ties in with President Nana Addo Dankwa AkufoAddo’s vision to make access to government services easier, more efficient and reduce the human interface which could lead to corruption. Dr Mahamudu Bawumia gave the affirmation at the launch of a Digitalized National Assay Laboratory, run by the National Assayer, the Precious Minerals Marketing Company (PMMC), which has the mandate to assay all precious minerals earmarked for export, in Accra on Wednesday, March 2, 2022. “As you are aware, government is already transforming the governance of various sectors of Ghana’s economy through digitization. Government’s digitization drive is a key component of the overall economic strategy because the Fourth Industrial Revolution is upon us and Ghana must take advantage of it if we are not to be left behind. “The digitalization drive of Government is spreading to cover many sectors of the national economy. One area where the Government has made significant inroads has been using digitalization to address the issue of efficient public service delivery and checking corruption. “Our approach to improving the delivery of public services is to minimize human contact as much
as possible. Consequently, we have embarked on an aggressive digitalization of the processes of service delivery across many public institutions. “I am happy to indicate that the launch of the Digitalized National Assay Laboratory today is a major addition to the Government’s portfolio of digital initiatives already implemented” Dr Bawumia indicated.Vice President Bawumia lauded the leadership roles played by the Minister for Lands and Natural Resources, Hon Samuel Abu Jinapor, the Board of PMMC led by Hon Kinston Kissi, and the management and staff of PMMC for digitizing the operations of the National Assayer, saying this would, among others, provide realtime data on Ghana’s gold exports and ensure the nation receives the revenue due her. “In 2017, President AkufoAddo directed that Government identifies a way to independently verify gold exports in order to ensure that the country obtains
revenue due it from its precious mineral resources. “Following several engagements with the Ghana Chamber of Mines and the Association of Gold Exporters, now Chamber of Bullion Traders, Ghana, modalities for the smooth take-off of the National Assay Program were put in place, and PMMC officially commenced operations as the National Assayer with the mandate to assay all gold earmarked for export from Ghana, in February 2018. “I am informed that as part of measures to optimize revenue and ultimately maximize the benefits from our natural resources, the silver identified in the gold d’ore which is exported shall soon be quantified and the appropriate tax levied on and collected from same,” the Vice President revealed. “President Nana Addo Dankwa Akufo-Addo recognizes that our progress as a nation in the modern world is inextricably linked to digitalization and will therefore continue its adoption for enhanced
service delivery. It is a critical path for our nation to remain competitive in the world of today and tomorrow,” he added. Shedding more light on the benefits of digitizing the assay process, the Managing Director of PMMC, Nana Akwasi Awuah, said it is now possible to generate assay certificates which have unique security features. These unique features will make the certificates difficult to forge by gold scammers to facilitate their dubious elaborate schemes. “Digitization has also now made it possible to monitor in real time, gold exports passing through the National Assay Laboratory. At the click of a button, persons given access to the dashboard can see, in real time, the amount of gold exported in both kilograms and ounces, where it was exported to, the value in Ghana cedis and dollars, the withholding tax, the exporter, and many other relevant data in order to aid national economic planning.”
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Time for Supply BY JOHN H. COCHRANE, JON HARTLEY The return of inflation is an economic cold shower. Governments can no longer hope to solve problems by throwing money at them. Economic policy must now turn its attention to supply and its cousin, economic efficiency. The issue is deeper than delayed goods deliveries and a year’s worth of sharp price increases. From the end of World War II to 2000, US real (inflation-adjusted) GDP per capita grew 2.3% per year, from $14,171 to $44,177 (in 2012 dollars). Americans became healthier, lived longer, reduced poverty, and paid for a much cleaner environment and a vast array of social programs. But since 2000, that post-war growth rate has fallen almost by half, to 1.4% per year. And it’s worse in Canada and Europe, where many countries have not grown at all since 2010 on a per capita basis. Nothing matters more for human flourishing than long-term economic growth. So, no economic trend is more worrisome than growth falling by half, especially for the well-being of the less fortunate. The eruption of inflation settles a long debate. Sclerotic growth is not the result of demand-side “secular stagnation,” fixable only with massive fiscal and monetary stimulus. Sclerotic growth is a supply problem. We need policies to increase the economy’s productive capacity – either directly or by reducing costs. How? The simplest and most important thing governments can do is to get out of the way. Byzantine regulations and capricious regulatory authorities stymie business. We do not need thoughtless deregulation, but rather smarter regulation that is simple, effective, avoids disincentives and unintended consequences, and is not distorted to protect current business and prop up regulatory empires. That means adding sunset clauses to regulations, regularly re-evaluating existing measures, and instituting a right to external appeal. The United States needs infrastructure. The problem is not money. The problem is that building anything in America has become almost impossible, owing to the thicket of regulations and lawsuits that will stop or drive up the costs of any project. Start by repealing the Jones Act, a 1920 law that requires
all intrastate shipping to use expensive US merchant marine vessels (in practice, it is the “Send It by Truck Act”). Repeal the DavisBacon and Related Acts, which deliberately add to the costs of building highways. Reform the National Environmental Policy Act, which allows people to sue to stop and delay projects on specious environmental grounds. Overhaul the Nuclear Regulatory Commission. Not one new nuclear plant has been built since the NRC was founded in 1975. Protectionism reduces supply. Tariffs and trade restrictions make products more expensive and deprive other countries of the dollars they need to buy from America. Yet the Biden administration has kept longstanding restrictions and even the Trump administration’s tariffs in place. It also doubled the tariff on imported lumber last November, just as construction costs were skyrocketing. High housing costs in the parts of America with good jobs create barriers to opportunity and force people to make long commutes that contribute to congestion and emissions. The cause is clear: restrictions on land use and zoning and building codes that make it impossible or expensive to build and to build densely. Rent controls help today’s tenants at the expense of today’s landlords, but also deny opportunities to newcomers, especially the poor, and ruin the rental housing stock. America’s failing public schools are another barrier to opportunity and productive capacity. Again, money isn’t the issue: Nationally, K-12 schools spend an average of $13,000 per student. New York’s dismal public schools spend $28,000. The problem is teachers’ unions and politicized education bureaucracies, which are now busy dumbing down curricula. A solution that puts students first is more educational choice and competition. Many Americans are neither working nor looking for work. It is not for a lack of jobs. Employers are begging people to work. One problem is that many people lose a dollar or more of benefits for each additional dollar they earn. Disincentives add up across programs such as food stamps, housing subsidies, health insurance subsidies, educational subsidies,
disability payments, and more. Reforming entitlement programs to limit the overall disincentive to perhaps 50 cents on the dollar would help. Labor laws and regulations are rife with cost-increasers and disincentives. Detailed regulations cover working hours, scheduling, mandated benefits, and more. Occupational licensing requirements, unions, regulatory compliance burdens, and payroll and income taxes all raise the cost of employment. The US needs workers. The country needs truck drivers, childcare providers, teachers, nurses, and construction workers. It needs entrepreneurs. It needs taxpayers to fund a bankrupt welfare state. All these workers are standing at the borders. Immigration reform that increases economic migrants is a prime supply policy. “Creating jobs” with policies such as the Green New Deal is now a cost, not a benefit, as those workers must stop doing something else. To raise revenue with minimal economic distortion, taxes should feature low marginal rates, a broad base, simplicity, and predictability. The US system is the antithesis of this description. US health care and insurance are a bloated government-created oligopoly. Market-oriented reforms can cut costs and improve performance. The US can no longer just throw more money at the problem. Alas, getting out of the way is terrible politics. Economic regulation largely serves to protect constituency A at the expense of constituency B, and it comes at the
expense of economic efficiency. Supply policies do not come with simple, emotionally appealing watchwords like “stimulus.” They require painful reforms to thousands of different markets and regulations – a great spring cleaning of economic life. And politicians prosper by proffering new ideas and new programs, not by promising difficult reforms or using unfashionable terms like “supply side,” “free market,” or, heaven forbid, “neoliberal.” But there is hope. Progressives, in particular, are noticing the problem. Spurred on by a “YIMBY” (“yes in my backyard”) movement, even California is beginning to crack down on zoning restrictions that prohibit housing construction and price the poor out of areas with economic opportunity. The Obama administration was early to criticize occupational licensing and zoning. Progressive writers such as Ezra Klein, Derek Thompson, and Matthew Yglesias are decrying supply-side restrictions on growth. If they want to call it “supplyside progressivism,” a “progress agenda,” or an “abundance agenda,” fine. For now, the Biden administration’s “comprehensive strategy” to focus on “modern supply-side economics” is merely a re-branding of its boondogglefilled “infrastructure” bill and the ill-conceived Build Back Better welfare-state expansion. Nonetheless, in doing so they recognize the problem. They, or their successors, may follow with effective strategies.
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UBA Ghana Board commends outgoing MD Olalekan Balogun The Board Chairman of UBA Ghana Limited, Mr. Kweku Awotwi has commended Mr. Olalekan Balogun, outgoing Managing Director and Chief Executive Officer of the Bank for his stellar leadership over the past two years. Mr. Awotwi gave the remarks at a send-off gathering held for Mr. Balogun to bid him farewell for serving the Ghana subsidiary and leading the team to grow the business. Present at the ceremony were some board members including Mr. Francis Ayim, Mr. Ivan Avereyireh, Mr. Francis Koranteng and Executive Management Committee members as well as some Business Managers and Unit Heads. The team eulogised the contributions of the outgoing Managing Director/Chief Executive Officer, in advancing the performance of the bank over the
last two years he served as head of the bank. Management, Business Managers amongst others presented Mr. Balogun with gifts in appreciation of his commitment. He was also adorned in the traditional Kente attire, a symbol of Ghanaian heritage. In his remark, Mr. Balogun expressed gratitude for the opportunity to lead the bank, noting that the resilience and dedication displayed by his administration were through efforts of the Board, executive management and staff. He thanked his employers for seeing such leadership qualities in him and giving him the opportunity to steer the affairs of the Bank. During his tenure as CEO, Mr Balogun led the bank to increase its deposits and also make profits for the 2021 financial year. He is being succeeded by Mr. Chris Ofikulu, who assumed office on February 20, 2022.
AU-EU to ensure fair and equitable access to vaccines
The Heads of State and Government of the Member States of the African Union (AU) and the European Union (EU) says their renewed Partnership addresses both the immediate opportunities and challenges, as well as the longterm possibilities offered by our partnership. They said the immediate challenge was to ensure a fair and equitable access to vaccines. Under the Co-Chairpersonship of Mr. Charles Michel, President of EU Council and Mr. Macky Sall, Chairperson of the AU said they together would support local and regional mechanisms for procurement, as well as allocation and deployment of medical products. The EU reaffirmed its commitment to provide at least 450 million of vaccine doses to Africa, in coordination with the Africa Vaccine Acquisition Task Team (AVATT) platform, by mid-2022. Contributing to this and complementing the actions of the AVATT, Team Europe has provided more than USD 3 billion (the equivalent of 400 million vaccine doses) to the Covax facility
and to vaccination on the African continent. The European Team said it would mobilise EUR 425 million to ramp up the pace of vaccination, and in coordination with the Africa CDC, to support the efficient distribution of doses and the training of medical teams and the capacity of analysis and sequencing. The Team also said, “we will also contribute in this context to the fight against health-related disinformation and learning from the current health crisis, we are committed to supporting fullfledged African health sovereignty, in order for the continent to respond to future public health emergencies.” They said they support a common agenda for manufacturing vaccines, medicines, diagnostics, therapeutics, and health products in Africa, including investment in production capacities, voluntary technology transfers as well as strengthening of the regulatory framework to enable equitable access to vaccines, diagnostics, and therapeutics. The AU and the EU underlined the urgency of the WTOs
contribution to the fight against the pandemic and to the recovery of the global economy and commit to engage constructively towards an agreement on a comprehensive WTO response to the pandemic, which includes trade related, as well as intellectual property related aspects. In response to the macroeconomic effects of the Covid crisis on African economies, the Team said they support the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative. “We also call for ambitious voluntary contributions, by channeling part of the recently allocated Special Drawing Rights, in order to achieve the total global ambition of at least USD 100 billion liquidity support to countries most in need, of which a major part should benefit Africa,” they added. They welcomed the USD 55 billion that have been pledged already from the new allocation of SDRs, of which several EU Member States (Team Europe) have so far pledged USD 13 billion and encourage more EU member states to consider contributing to this global effort. It said African institutions,
in consultation with national authorities, will be involved in the use of these SDRs to support the continent’s recovery. “We will seek to ensure increased spending through international programmes in the fields of health, climate, biodiversity, education, and security to facilitate economic recovery,” they said. They also agreed to examine lending instruments for sustainable investment projects in priority sectors, while enhancing their capacity to face these challenges and they have agreed that recovery investments should continue building resilience and more sustainable economies to achieve our long-term priorities. The Heads of States said they commit to combatting Illicit Financial Flows (IFFs) and to addressing domestic tax base erosion, profit shifting, and cooperate in tax transparency and they agree to continue cooperating to develop and consolidate the strategic capability in the fight against different types of IFFs including money laundering, the financing of terrorism, and proliferation financing.
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To introduce or not to? BY JOHNSON ALIFO
Even as the demands of Ghanaians keep increasing and the resources remain largely the same, I think the government believes that the introduction of the E-Levy will be the gamechanger. The opposition National Democratic Congress (NDC) in and outside Parliament are up in arms against its introduction. Some Ghanaians suspect the zeal of the NDC on this issue may be due to political expediency or altruism or both. I am indifferent to the introduction or otherwise of the E-Levy into our revenue mix. There are no easy ways of raising revenue, especially in the developing world. Mr Ken Ofori Atta and his immediate predecessor, Mr Seth Tekper, may testify to my assertion. However, there are simple processes, which when undertaken with due diligence, would result in the dramatic increases of our national revenues. Our system, which conforms to universal practice, consists of a number of processes. These processes are regulated by laws, rules, regulations and guidelines. Four key processes are explicitly or implicitly identifiable in the Public Financial Management Act
(2016) Act 921. These processes are mandatory requirements of all “covered entities” of government, and they are: Budgeting; Safeguarding, Monitoring, and Accountability. It is determining the income, the capital and others to finance the expenditure planned for the period by preparing a detailed budget. The budget must be based on authentic data and reliable information. Budget implementation must be religiously expedited. Is about implementing controls to ensure that income, capital and other assets are safeguarded against fraud, theft and improper
use. Safeguarding must go beyond the promise of protecting the public purse. All public agencies must be responsible for protecting the public purse and to account for their stewardship in their mobilisation and utilisation of public funds. Audit is one of the methods in dealing with corruption. But before the applause for the Auditor-General for the reports on 2020 accounts of state institutions die down, what is the status of his reports, if I may ask? Ghana’s Corruption Perception Index (CPI) for 2021 released on Tuesday, February 1, 2022 revealed no improvement over the previous ones. Let’s wait for the verdict of the Public Accounts Committee (PAC). “Poor audit is worse than no audit” asserts the International City Managers’ Association (ICMA). The impact of these reports ought to be felt in the financial management function. Monitoring actual result and performance against budgets. Any significant variations noticed must be investigated immediately by the Internal Audit Agency operatives or any suitable institution and reported on to the Ministry of Finance.
Anything short of this will undermine effective financial management. Accountability Is essentially reporting to all stakeholders by the preparation of relevant reports by public officials who have the duty of mobilising and expending money on our behalf. These reports must state clearly what it is: (a) what it purports to cover; (b) the period it covers, and (c) the name and status of the author. Whether the current arrangement whereby the (PAC) of Parliament serves as the “last stop” for public financial reports is ideal in the fight against corruption, should be a matter of public interrogation. its lessons to build consensus on the introduction of the E-Levy. More importantly, we need to recognise and appreciate the inescapable fact that it’s the discipline of execution of the four processes of the financial management function which will ultimately be the gamechanger.
The writer is a Consultant in Local Government, Weija – Accra. E-mail: johnsonalifo23@gmail.com
Birmingham, Manchester and London to experience DWP Academy Dance Magic this April By popular demand from fans of Ghana’s biggest Dance School, DWP Academy, Made in Ghana UK Festival 2022 is making it possible for dance lovers in the UK to experience and learn directly from some of Africa’s best in the field from April 6-16, 2022. With branches and reps in Accra, Kumasi, China, and the U.S.A, DWP Academy, undoubtedly the biggest dance school in Ghana, will provide both African and contemporary dance tutorials for young people in the UK. According to the organisers this collaboration is aimed at promoting positive social values and behaviors whiles creating experience and participation of young people in the dance and music industry. ...continues on page 13
Renowned Dance coaches and choreographers from Dance with a Purpose (DWP) Academy are teaming up with the Made in Ghana UK Festival to host dance master classes in Manchester at Elliott Campion Studios on 2nd April; in Birmingham on 9th April at DanceXchange; and in London on 16th April at The Factory Dance Centre. “It’s been long time coming. We have created some of the biggest dance moves and dance music such as Adonko, Agbelemi, Sho and GUDA. Dances that have gone global and viral and this is the right time to touch base with our fans in the UK who have been yearning for our master class to learn directly from the very best” explains Enoch Nylander, Dancer and Publicist for
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Report shows another ‘scramble for Africa’ by foreign powers is underway in international media • Analysis of 750 million stories published between 2017 and 2021 • 70% of coverage about business in Africa references foreign powers including China, the USA, Russia, France, and the UK • Corruption referenced in nearly 10% of stories on business in Africa • <1% of the coverage on business and Africa referenced the AfCFTA
There is another scramble for Africa according to international media, but this time it is about who can best profit from the continent’s business opportunities. And the charge is being led by foreign powers, with 70% of coverage about business in Africa referencing China, the USA, Russia, France, and the UK, according to the newly launched The Business in Africa Narrative Report, by Africa No Filter and AKAS. The report shows that the keywords, stories, frames, and narratives associated with business on the continent are dangerously distorted. There is an overemphasis on the role of governments, foreign powers, and larger African states alongside an underappreciation of the role of young people, women, entrepreneurs, creative businesses, smaller successful African states, and Africa’s future potential. Moky Makura, Executive Director at Africa No Filter, said: “We wanted to understand why Africa is seen as a high-risk business destination and why the cost of money is at a premium. The report gives us an insight into why. It shows that business opportunities on the continent are both underrepresented and misrepresented, and now that we know this, we can work on educating the media and changing the narrative around business in Africa.” Richard Addy, report author and co-founder of award-winning international audience strategy consultancy, AKAS, added: “This ground-breaking report offers a detailed data analysis on the narrative around business in Africa. This rigorous research is important because narratives, frames and stories are the lenses through which we perceive and
experience Africa. They inform beliefs, behavior and ultimately dictate policy.” In addition to the dominance of foreign powers in business stories featured in international media, the report highlighted a number of other key frames dominating dangerous distortions played out in stories, and the underrepresentation of businesses across the continent, including: • More negative coverage: International media are more likely to have a negative tone. African media are twice as likely to reference corruption in their coverage of business in Africa compared to international media, with corruption featuring in 10% of African media stories. • Africa is Nigeria and South Africa: Nearly 50% of articles in global media outlets reference South Africa or Nigeria, crowding out business stars like Mauritius, Namibia, and the Seychelles. Mauritius is the highestranking African country in the World Economic Forum’s Global
Competitiveness Index. • Silencing creativity, amplifying technology: Nollywood is the world’s secondlargest film industry, and music genres like AfroBeats and AmaPiano are influencing pop culture globally, yet creative businesses were only featured in 1% of all business news articles across African and global media. Additionally, while 22% of Africa’s working-age population started new ventures between 2011 and 2016, the highest rate of any region globally, African start-ups received declined coverage. • Youth and women are underrepresented: African countries claim the top three spots in the Mastercard Index for the highest concentration of women business owners globally, but business news and analysis on gender equality issues have declined. Africa also has the youngest population globally. However, youth and women are underrepresented in business stories. In fact, online news
coverage of young people has declined between 2017 and 2021. In addition, stories about African youth globally are often framed through negative stereotypes, invoking images of inactivity, violence, and crime. • Government, policy, and regulations dominate: 54% of business news in 2021 was framed through government action and policies. Additionally, African media focused more on themes related to government than on those related to entrepreneurship. Yet, African countries make up six of the top 10 countries whose populations were most likely to search for the topic of entrepreneurship in 2021. • Missing Free Trade Area and investment: The African Continental Free Trade Area is the largest free trade area in the world by the number of countries taking part, yet it makes up under 1% of business news and analysis while mentions of Foreign Direct Investment fell from 3.2% in 2017 to an even lower 1.9% of coverage in 2021.
FRIDAY, MARCH 4.2022
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Ckrowd launches studios for content creators Ckrowd, Africa’s most preferred and premium content streaming platform, has announced today the opening of a new digital entrainment branch, the Ckrowd Studios. Ckrowd Studios will allow content creators and content enterprises to leverage Ckrowd’s digital tools, innovation and the digital marketplace to earn revenue for their Live & OnDemand creations. Ckrowd will provide premium distribution and monetization services to film and content producers that deliver great quality in content, but often find other studios and traditional cinema models challenging for their content goals. Ckrowd Studios, a private enterprise driven and a business-tobusiness initiative between Ckrowd and independent producers across Africa & Diaspora, will offer content producers and creators a digital cinema format to release and distribute exclusively their creation, both to local and global audiences. Ckrowd will provide its secure and scalable digital infrastructure to power Ckrowd Studios, deepening its connection and relationships with its audiences worldwide. Using the Studios will also enable digital creatives to make smarter business decisions, and connect to their audiences anywhere, while also enabling access to business insights and monetisation using data analytics and geo-localisation. Furthermore, film producers and creators will be able to receive foreign exchange
earnings for their locally, but quality crafted and produced TV and film content. Live or On-Demand content are co-created and formatted together with the Ckrowd Production & Marketing team. The team of experts at Ckrowd will then formulate ad-hoc integrated marketing and distribution plans, which will be supported by Ckrowd marketing innovative tools to drive paid viewership and revenue to the content via the website [www. ckrowd.com]www.ckrowd.com. This Digital Cinema formula will produce and offer audiences many original and well-produced content, that are often overlooked in the global market due to the many intricacies and bureaucratic processes behind other studios and global entertainment companies that cannot fully grasp how to effectively reach local audiences and the Diaspora. The entertainment platform will feature English speaking films, but also some in local languages, including Yoruba, which will be produced by entertainment mavericks who have just been signed to Ckrowd Sudios, such as Adeleye Fabusoro, CEO of Rare Edge Media, and Ola Abraham Emmauel of Owambe Productions, creators of Bro Code (TV Series) starring Adedimeji Lateef, Baaj Adebule. Furthermore, Ckrowd Studios will help to accelerate cultural integration within the film and content creation industries by supporting and connecting producers across East, West &
Southern African regions and bringing their films to distributor and consumer audiences across the continent and global audience for better distribution and funding. Karine Barclais, founder of Cannes Pavillon Afrique commented: “All these initiatives make Ckrowd a rallying point and a go-to for African and Diaspora film creators” “We believe that Ckrowd Studios will be a winning solution for talented producers and production houses seeking to drive profit for their content, including Live or On-Demand film, TV series, short films, documentary, educational series, music videos and more, “said Kayode Adebayo, CEO of Ckrowd. “Viewers will also enjoy and be able to consume a vast array of content options for a small fee using Pay-Per-View options, which will simply mean they do not have to pay any fees for content they are not interested in, which is what the subscription payment encourages. In this manner, consumers can seek for tailored content about Africa and the Diaspora across the different verticals such as fashion, music, gastronomy, history, folklore, languages, culture, mythology, literature and more and not be tied to a huge archive and library of superfluous content that might not interest them, through the specific subscription payment model. He continued “By leveraging Ckrowd Studios and its technology, distribution, marketing, ad sales platforms, capital support, expertise and monetisation, producers, directors
and content creators alike will seamlessly build and enhance their reach and revenue worldwide.” Ckrowd intends to become the biggest content and concept company for Africa and Diaspora Content, complete with production and financing opportunities for Content Producers. This is because Ckrowd will also provide producers and creators with an ultra-modern audio-visual & film studio facility to support local and global production projects, showcasing its commitment to be directly involved in producing 50% of its original and exclusive content and forming strategic partnerships to co-finance and license content from producers and content creators across Africa and the Diaspora. Ckrowd Studios presents a tremendous opportunity to engage audiences across Africa and the Diaspora, supporting content producers and creators to earn a revenue, through the offer of Ckrowd’s secure technology solutions, data analytics and distribution platforms as it continues to transform the content creation industry into a viable business digitally, and connect with more viewers globally. This will contribute to connecting content and content creators from emerging economies with a global audience, to attract the highest monetary return on investment for their content, whilst facilitate culture exchange and global connections to explore and understand the driving force of culture.
Jumia launches Ghana Shopping Festival Africa’s leading e-commerce platform has announced the launch of the “Ghana Shopping Festival” campaign. This campaign is poised to support Ghanaian consumers get the best deals of up to 80% on quality and essential products while helping online shops to scale their businesses by accessing millions of consumers online. The campaign which started on Monday, February 28th will run until Sunday, March 27th, 2022 with the theme #JUMIADEYFORYOU. This is in partnership with local
and international brands such as Nivea, Oriamo, TCL, Xiaomi, Unilever, Pernod Ricard, and many others. Speaking about this campaign, the CEO of Jumia Ghana, Tolulope George-Yanwah, said ‘’This year, we are focused on being there for our consumers hence the theme ‘’’ Jumia Dey For You’’. We believe in assuring all our partners of our commitment to making your everyday lives easier and better through great deals, quality products and excellent services. At
a time when Ghanaians are shifting to essential products online, we are dedicated to delivering their everyday needs conveniently and safely. In addition to the great discounts and buying directly from top brands, customers have a large pool of benefits lined up during this campaign. Daily flash sales will be live on specific days with 4 major flash sales on the ‘’Explosion Days’’ (every Friday throughout the campaign). There will also be brand days
where certain brands will have products available at exclusively low rates during the campaign. Customers who order can pay via JumiaPay or pay via mobile money to the delivery agent. Orders can also be picked up at the nearest pick-up stations at reduced shipping fees. To discover the different products available for the Ghana Shopping Festival, simply download the Jumia application or visit www.jumia.com.gh.
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| OPINION/ANALYSIS
FRIDAY, MARCH 4.2022
Will Russia-Ukraine conflict change African business with Europe? Russia has evaded neighboring Ukraine located in the Eastern Europe. As one of the former Soviet republics looking to climb unto global stage and steadfastly develop the future, it therefore sets ambition to join the North Atlantic Treaty Organization and European Union. On the other hand, these two directions of its ambitions have angered Russia. As already known, Ukraine is in Eastern Europe and shares a border with Russia. It used to be part of the Soviet Union but became an independent country in 1991. Under the directorship of Russian President Vladimir Putin, and approved by the both Federal Council and the State Duma, Russian collective made the decision to hold a special military operation in response to the address of leaders of Donbass and Luhansk republics, both in eastern Ukraine. Putin launched the “special military operation” repeating a number of unfounded claims, alleging that Ukraine’s democratically elected government had been responsible for eight years of genocide. Putin feverishly seeks to demilitarize and denazify Ukraine. The results of the waging war on Ukraine, Russia has to suffer from a raft of sanction imposed by various foreign countries including the United States, Canada, Britain, European Union and down to Australia. The results of the waging war on Ukraine. The longer-term economic consequences for the rest of the world will be far less severe than they are for Russia, but they will still be a persistent challenge for policymakers, noted Jason Furman, a former chair of U.S. President Barack Obama’s Council of Economic Advisers. He wrote in his opinion article published by Project Syndicate: “The mediumand long-term consequences for the global economy of Russia’s military operation in Ukraine will depend on choices. By launching the operation, Russia has already made one terrible choice.” While the sanctions take its bites and associated snowballing effects, it has opened huge significant potential opportunities for a number of African countries. In the first place, researchers at Oxford Economics Africa believe that Russia’s invasion of Ukraine could increase wheat prices in Angola and Mozambique, but the
rise in oil and gas prices benefits the finances of these two African countries. “Both Angola and Mozambique have a very limited level of trade with Russia and Ukraine; Angola imports wheat and yeast from Russia, while Mozambique imports a significant amount of wheat and a small amount of refined oil from Russia,” Oxford Economics Africa analyst who follows these two African economies told Mozambique News Agency. “It appears that, at least for now, Angola is generally benefiting from higher oil and gas prices, which are partially driven by the conflict,” Gerrit van Rooyen said in remarks from Paarl, South Africa. Higher oil prices are positive for government revenues,” the analyst added. If the rise is sustained, “this could increase investment in Angola and lower debt levels faster than previously anticipated.” “If gas prices remain high due to the conflict, this will be positive for investments in Mozambique’s liquefied natural gas [LNG],” his analysis continues, since “the profits from the natural gas in the Rovuma basin could be greater than the risk of armed extremist insurgency in the region.” Despite the benefits for the public accounts of the two Portuguesespeaking states, van Rooyen points out that, for the average citizen, the disadvantages outweigh the advantages. Higher oil and wheat prices could be bad news for consumers, as inflation, which is already high in these countries, particularly in Angola and it is, however, expected to increase more than initially expected. Monitoring media reports have indicated that a few oil and gas producing African countries have the possibility, if well-exploited, to supply Europe. For example, Algeria’s state energy firm is ready to supply Europe with more gas in view of a possible decline due to the Russian invasion of Ukraine. Sonatrach CEO Toufik Hakkar said the firm was ready to pump additional gas to the EU from its surplus via the Transmed pipeline linking Algeria to Italy. Sonatrach is “a reliable gas supplier for the European market and is willing to support its long-term partners in the event of difficult situations,” Hakkar said, and was reported by the daily Liberte. Hakkar nonetheless said this
would be contingent on the availability of a surplus of gas or liquified natural gas [LNG], but have to fix its “contractual engagements” with the importing partner for the supplies to the European market. Nonetheless, Algeria could only compensate for the decline in Russian gas supply by offering a maximum of two or three million additional cubic meters. Algeria plans to develop new reserves of shale gas. In January, Sonatrach said it would invest US$40 billion into oil exploration, production and refinement, as well as gas prospecting and extraction, between 2022 and 2026. Arguments whether Africans can take advantage to increase their business, especially in oil and gas, are still varied. “For Africa it’s a gain, it’s an opportunity, it presents that window of opportunity for African countries to see how they can increase their production capacity and meet the need of global demands of crude oil,” says Isaac Botti, a public finance expert told Voice of America. However, Africa’s production combined accounts for less than a tenth of total global output. Nigeria is Africa’s largest producer of oil followed by Libya. Other notable producers are Algeria and Angola. Algerian state-owned oil and gas giant said it would supply Europe if Russian exports dwindled as a result of the crisis, Botti noted and added that it’s a good example for other African nations. “We need to develop our capacity to produce locally, we need to look at various trade agreements that are existing,” he said. For years African oil producers including Nigeria have been struggling to meet required daily output levels. Many experts, including Botti, worry strongly that African producers may struggle to fit into the big market with increasing global demands for crude oil. Instead of African business to the United States and Europe, some researchers and experts have shown concern about the level of impact of Russia-Ukraine conflict on Africa. Admittedly, they noted in their separate discussions that the war in Ukraine could further push oil prices up and increase inflation in Africa. From an African agriculture perspective, the impact of the war will be felt in the near term through
the global agriculture commodity prices channel. A rise in prices will be beneficial for farmers, especially for grain and oilseed farmers, the surge in prices presents an opportunity for financial gains. In his research analysis, Wandile Sihlobo, Senior Fellow at the Department of Agricultural Economics, Stellenbosch University, wrote that some countries on the continent, such as South Africa, benefit from exporting fruit to Russia. In 2020 Russia accounted for 7% of South Africa’s citrus exports in value terms. And it accounted for 12% of South Africa’s apples and pears exports in the same year - the countries’ second largest market. But from Africa’s perspective, Russia and Ukraine’s agricultural imports from the continent are marginal - averaging only US$1,6 billion - in the past three years. The dominant products are fruits, tobacco, coffee, and beverages in both countries. Every agricultural role-player is keeping an eye on the developments in the Black Sea region. The impact will be felt in other regions, such as the Middle East and Asia, which also import a substantial volume of grains and oilseeds from Ukraine and Russia. They too will be directly affected by the disruption in trade, according to Sihlobo. There is still a lot that’s not known about the geopolitical challenges that lie ahead. But for African countries there are reasons to be worried given their dependency for grains imports. In the near term, countries are likely see the impact through a surge in prices, rather than an actual shortage of the commodities. Other wheat exporting countries such as Canada, Australia and the US stand to benefit from any potential near term surge in demand. “The last time we had a windfall from oil prices related to war was in 1991, during the Gulf War. We know it will directly impact the price of crude oil. The revenue may increase, but since we have shifted oil investment to multinational companies, they are more likely to reap greater revenues than the country itself.” Professor AbdulGaniyu Garba of the Department of Economics Ahmadu Bello University Zaria said. “If there is an increase in crude oil prices, it means inflation will grow globally, the cost of most of
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OPINION/ANALYSIS
...continued from page 12 our imports will also rise, which will transfer to the domestic crisis,” the Nigerian economist added. Commodity prices have skyrocketed in many African countries, making life more challenging for millions of people. “People start starving once these countries fight because they [global powers] presented themselves to African countries as mother countries,” Dox Deezol, a South African entrepreneur and artist in Johannesburg, told DW. As a member of BRICS [Brazil, Russia, India, China, South Africa] -- the world’s five emerging economies -- South Africa was relatively silent when Russia annexed Crimea in 2014. However, the South African government has urged restraint this time. “South Africa is integrated into the global economy. So the war’s impact on the global economy, as we have seen in the soaring prices of oil and energy generally, will affect South Africa because when the world sneezes, South Africa catches a cold,” Professor Siphamandla Zondi, an international relations expert and head of BRICS studies at the University of Johannesburg,
told DW. It’s not just the oil prices that could impact Africa. For example, there is significant agricultural trade between African countries and Russia and Ukraine. Some say Africa’s trade with Russia and Ukraine could also be at stake. In 2020, African countries imported agricultural products worth US$4 billion from Russia. Wheat accounted for approximately 90% of these imports. Egypt was the largest importer, followed by Sudan, Nigeria, Tanzania, Algeria, Kenya, and South Africa. Similarly, Ukraine exported agricultural products worth US$2.9 billion to Africa in 2020. Wheat accounted for roughly 48% of this, maize 31%, and sunflower oil, barley, and soybeans accounted for the remainder. The ongoing war could affect supply chains and raise the cost of imports. It is also unclear what effect the sanctions imposed by the US and its allies on Russia will have on Africa-Russia trade relations. The repercussions of the conflict are readily felt in other economic sectors. Media reports indicated tourism and aviation business
are also negatively affected. In terms of education and training, many African governments, ministries and departments struggle to evacuate their students and nationals from the war-torn Ukraine. From basic research for this article, Ukraine has emerged as a choice destination for African students, especially in the fields of medicine and engineering. According to Ukraine’s Ministry of Education and Science, some 180,000 international students’ study in Ukraine with the largest number from India, followed by Morocco, Azerbaijan, Turkmenistan, Egypt, Nigeria, South Africa, Tanzania, Zimbabwe and Ghana. The fact is that Africa remains deeply concerned over the escalation of the conflict in Ukraine. Nearly all African foreign ministries have expressed their deepest displeasure over the violation of the territorial integrity of Ukraine and categorically blamed Russia for creating instability in the world. While looking the future African business to the United States, Europe and Asia, the current Chair of the African Union and
President of Senegal, Macky Sall, and the Chairperson of the African Union Commission, Moussa Faki Mahamat, have expressed their extreme concern at the dangerous situation created in Ukraine. They called on the Russian Federation and any other regional or international actor to respect international law, the territorial integrity and national sovereignty of Ukraine. The Chair of the African Union and the Chairperson of the African Union Commission urged Russia and Ukraine to establish an immediate ceasefire and to open political negotiations without much delay. It should be under the auspices of the United Nations, in order to preserve the world from the consequences of planetary conflict, and in the interests of peace and stability in international relations in service of all the peoples of the world. Some tough actions are still expected from the Security Council of the United Nations.
Birmingham, Manchester and London to experience DWP Academy Dance Magic this April ...continued from page 9 DWP Academy. “We appreciate Made in Ghana UK festival’s effort to make this collaboration possibly” Enoch added. While in the UK, the team is scheduled to visit a number of colleges in the selected cities for similar workshops to share in the African dance experience with talent in the UK. Tickets are available at the following links: • https://www.eventbrite. com/e/afropop-dance-masterclass-
manchester-tickets-262977160767 • https://www.eventbrite. com/e/afropop-dance-masterclassbirmingham-tickets-262975746537 • https://www.eventbrite. com/e/afropop-dance-masterclasslondon-tickets-254062476707 Made in Ghana UK Festival 2022 is scheduled for East WinterGarden in London on 25th and 26th June, 2022. The two-day festival seeks to be the preferred reference-point for Ghana’s biggest players in trade, culture, creative arts and tourism.
It is organized by Made In Ghana UK Ltd (London), Made in Ghana Consulting Ltd (Accra), and the Ghana High Commission, London; in partnership with Seventh Street Multimedia; Ministry of Tourism, Arts & Culture, Ministry of Foreign Affairs & Regional Integration, Ministry of Trade & Industries, Ghana Export Promotions Authority (GEPA) and Association of Ghana Industries (AGI). Other partners include, Showbiz Africa, Access Media, OK Music, EIB Network, National Commission
on Culture (NCC), Ghana Post, Zionfelix.com, Afriscot Media, Musicians Union of Ghana, Laboro GH, The Beat London, Yanga TV and Rok TV. According to the Director of Communications, Mrs. Afua Hagan (@afuathescot): “the festival seeks to amplify, promote and enhance Ghana’s trade; culture, tourism and the best of Ghanaian talent”
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FRIDAY, MARCH 4.2022
FRIDAY, MARCH 4.2022
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| FEATURE
Bridging the gender inequality gap from the grassroots In Ghana, though women constitute about 51% of the total population, the country has witnessed low participation of women in leadership since independence. For example, out of Ghana’s 275 members of parliament (MPs), there are only 40 women representing about 16%. Similarly, only 18 women are appointed as Ministers out of the 86 current ministerial positions, representing about 21%. The situation is not different at the local government level, where out of the current 261 Metropolitan, Municipal and District Chief Executives (MMDCEs), only 38 are women, with the remaining 223 being men. Though these statistics suggest some progress made from previous years, there is still more work to be done to bridge the gender inequality gap. Besides women, youth representation in political institutions, policy-making and decision-making processes has remained limited in Ghana; despite the country being touted as a youthful nation, with the youth constituting about 37% of the population. “My community elders had a meeting with me to step down as an Assemblywoman aspirant to allow a man in the community to contest unopposed. Their reason was simply because I am a woman and must not challenge a maleaspirant who was contesting with me in the community because this is disrespectful. I had to step down because I had no support. But I will stand again”, said Agnes Akanwake in the Kassena Nankana West District Assembly in the Upper East Region of Ghana. Agnes was among a group of women and youth engaged at leadership and advocacy capacity development sessions organized by the United Nations Development Programme (UNDP) for selected district and municipal assemblies to promote inclusive recovery from COVID-19. During the sessions, the women and youth noted challenges confronting them in their bids to take up leadership positions. Lack of confidence, social norms such as cultural and religious beliefs, absence of support from men and society, intimidation, harassment, name tagging, and lack of funds are some of the challenges cited by the women participants as factors preventing them from exercising their civil responsibility to take up political leadership positions.
“When you want to serve your people and society to contribute to development, you are given negative names”, Gladys Ramatu Bawa, a retired Teacher in the Sagnarigu Municipal Assembly in the Northern Region of Ghana bemoaned.
For the youth, age is mainly an inhibiting factor. Despite the legal and constitutional provisions which clearly state that a person shall not be discriminated against on any ground such as gender, race, colour, ethnic origin, religion, creed or social or economic status, the story of Gladys and Agnes, and other women who aspire for leadership and political positions in Ghana seems to be improving at a rather slow pace. For women and youth to effectively engage in development and recovery efforts for pandemics such as COVID-19; society must respect their rights and they need to have the right capacities to articulate their issues and concerns. In this regard, about 250 women and youth participants in five selected districts where UNDP has been providing COVID-19 recovery support to the local assemblies, are benefiting from the leadership and advocacy training. The selected districts are Sagnarigu, Ketu South, Kasena Nankana West, Sefwi Wiawso and Jomoro. The participants including assembly women and aspirants, representatives of queen mothers, youth groups, and other relevant community leaders/ members involving persons with disability are being engaged in useful lessons and discussions to identify structural barriers and co-create solutions to address the gender equality barriers. “We still have men who get intimidated with the success of
their wives or women in general. So, sensitization efforts must also target men to break down the gender barriers. The good thing in supporting women is that they get the opportunity to support development efforts which benefit everyone including men and children”, noted Desmond Abire, Assembly Member, Kassena Nankana West District. The women want to see more sensitizations targeting men, traditional rulers, and opinion leaders to contribute to efforts to break down the cultural and religious barriers inhibiting gender equality at the grassroots. Funding support for women aspiring for political leadership positions, and honoring men and communities that support the political leadership of women, they stated, will also help in closing the gender inequality gap. For Sherifa Bawah, who leads a women group in Paga at the Kassena Nankana West District, it would also be helpful if women build their confidence level, as this would help overcome the odds. “My advice to my fellow women is that they should ignore the criticism and discouragements and remain focused on what they want to do to help society”. Empowering women and girls advances social inclusion, economic growth, and development. It is therefore important to end all forms of discrimination against women, girls, and youth to ensure a sustainable future for all.
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FRIDAY, MARCH 4.2022
FRIDAY, MARCH 4.2022
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World Obesity Day 2022 – Everybody needs to act BY AKOTO DERGROSS, AUTHOR, FOUNDER & CEO, FAT2FIT GHANA
World Obesity Day is observed globally on March 4th with the aim of raising awareness and calling for a cohesive, crosssector response to the global obesity crisis. Consequently, Fat2Fit Ghana aims to increase knowledge and understanding of the need for all stakeholders including the global community, governments, corporations, civil society, the media and individuals to take action to improve treatment and prevent obesity. The World Health Organization defines obesity as abnormal or excessive fat accumulation that presents a risk to health. It is commonly measured by using the Body Mass Index (BMI), although other methods such as waist-tohip ratio, taken with BMI, can be more accurate. A BMI over 25 is considered overweight, and over 30 is obese. Obesity posits a higher risk for many non-communicable diseases such as diabetes, heart disease, hypertension, stroke, certain forms of cancer, among others. Many studies say ‘apple shaped’ obesity where people deposit fat around their abdomen is more dangerous compared with ‘pear shaped’ obesity where people deposit fat around their hips and thighs. This is because excess belly fat surrounds key internal organs such as the liver and kidney and can impair their functions. Excess fat accumulation over time can easily develop blood clots, leading to stroke. Globally, over 800 million people are obese with another 1.9 billion people being overweight. Childhood obesity is expected to increase by 60%, reaching a stunning 250 million by 2030. The medical consequences of obesity is expected to cost over $1 trillion by 2025. In Ghana, nearly 43% of the adult population is either overweight or obese. These staggering statistics should be a source of concern to all individuals, organizations, and alliances, as obesity exerts enormous economic burden on the already outstretched healthcare systems in many countries. The current pandemic has uncovered how susceptible populations with high rates of obesity are to severe illness from Covid-19. One study found that people with obesity who contracted SARS-CoV-2 were 113% more likely than people of a healthy weight to be hospitalized, 74% more likely to be admitted to
an ICU, and 48% more likely to die. Many of the causes of overweight and obesity are preventable and reversible. Although other complex factors are involved, the fundamental cause of obesity is an imbalance of calories consumed and calories expended. As global diets have changed over the years, there has been an increase in the consumption of energy-dense foods high in fat, salt and sugars. Notably, there has also been a decrease in physical activity due to the changing nature of many types of work, more access to
2022 Theme: Everybody Needs to Act The theme for this year’s World Obesity Day celebration could not have been more befitting - ‘Everybody Needs to Act’. This highlights the role all stakeholders including, the global community, governments, corporations, civil society, the media and individuals needs to play in addressing the obesity epidemic. The Global Community: The global community has a crucial role in fighting obesity. Global leaders must first and foremost acknowledge the
Strategy in 2021 to tackle obesity. The UK introduced a sugar tax in 2018 as part of the Government’s childhood obesity strategy. In Ghana and most developing countries, addressing obesity is less prioritized by the government due to the pressure on limited resources in addressing issues such as infrastructure, youth employment and poverty reduction. This should however change given the linkage between obesity and many chronic conditions such as diabetes, heart disease, stroke and hypertension which are highly prevalent among Ghanaians and costly to treat.
transportation and increased urbanization. Obesity is one of the most glaring – yet most neglected – public health problems. Despite the many warnings that have been raised by organizations such as the World Health Organization since the early 2000s, obesity rates continue to rise. To date, no country has reversed its rising obesity rates and current trends suggest that obesity prevalence will continue to rise starkly. If immediate action is not taken, millions will continue to suffer from an array of serious health disorders. Children in particular will suffer as overweight and obesity in childhood is known to have a significant impact on both their physical and psychological health. Overweight and obese children are more likely to be bullied and experience namecalling than normal-weight children which can affect their self-esteem. They are also likely to stay obese into adulthood and more likely to develop noncommunicable diseases.
urgency of the situation. There must be a more coherent, collective and concerted global effort as seen for global challenges such as climate change. If global leaders can commit just a fraction of their efforts towards addressing climate change to addressing obesity, notable inroads can be made. It is time for the global community to concert its efforts in order to uproot this menace from our world. The time for global action is now! Governments: The role of governments in the fight against obesity cannot be overemphasized. Government must provide leadership, prioritize funding and coordinate a public-private sector response, as well as initiate programs with a strong focus on preventive measures. Policy guidelines and regulations on nutrition, food processing, food labeling and physical activity must be reviewed and enforced. The Australian government for example developed a 10-year National Preventive Health
Corporations: Companies, particularly food processing companies can make a significant contribution to reduce obesity by reducing the fat, sugar and salt content of processed foods, producing new food products low in energy density, offering healthier choices, becoming more transparent with nutritional information, and ending false or misleading advertising. Television and online advertising of unhealthy foods targeted at children must equally be restricted. Companies must also support the health and wellness of their staff by providing workers with the knowledge, skills, and support to eat healthier and become more active. This can include nutrition talks, regular physical activity practice in the workplace such as aerobics, on-site exercise facilities and changing rooms, access to nutritionists and other counselors, and worksite or company-wide policies that provide healthier food options. Lastly, companies as part of
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...continued from page 17 their Corporate Social Responsibility must support community initiatives that seek to address obesity. Prudential Life Insurance deserves commendation for its support of several initiatives that promote a healthy-active lifestyle such as my award-winning 3FMFat2Fit 60-Day Challenge. Civil Society: Another key stakeholder in the fight against obesity is the civil society. Civil society can get involved at both the grassroots and policy levels. They can educate school going children on healthy eating habits and reducing their sugar intake, initiate fitness programs such as community marathons and local cycling events, or advocate for public health policies that address obesity. The Media: The media has a pivot role
to play in reducing obesity, through promoting healthy diets and exercise. In a world where we spend a significant part of our time on both traditional and online media, in particular social media, the media can initiate health campaigns to enhance awareness of the obesity epidemic and most importantly, increase behavioral change campaigns to reduce obesity trends. Journalists and health professionals should collaborate to promote greater coverage of physical activity, nutrition and health issues as well as more accurate reporting to inform and educate the general public. Individuals: Finally, families and individuals cannot be omitted from the fight against obesity. Individuals come from families where they learn habits that accompany them for life. In that regard, parents have
a crucial role in exposing their children to a healthier lifestyle. What children learn at home about eating healthy, exercising, and making the right nutritional choices is the biggest influence on the choices they make, both now and when they grow up. At the individual level, people can limit intake of total fats and sugars, reduce their food portions, increase consumption of fruit and vegetables, as well as legumes, whole grains, and nuts, avoid processed foods as much as possible, choose grilled, steamed or boiled foods over fried foods, drink lots of water and avoid heavy late-night eating as this contributes to “pot belly” and high visceral fat. Engaging in regular physical activity is also a must. The World Health Organization recommends 60 minutes a day for children and 150 minutes spread through the
week for adults. Exercise must be pre-scheduled into your daily routine or it will not get done. Obesity is preventable. The saying ‘obesity does not run in your family; nobody runs in your family’ holds true. As we mark World Obesity Day 2022, let’s all come together and play our part in ending this epidemic. Everybody Needs to Act. The writer, Akoto DerGross, is a Certified Weight Loss Expert and Author of 7 Simple Steps to Losing Weight and Change What You Eat; Change How You Look. He is the CEO & Founder of Fat2Fit Ghana, an organization committed to reducing obesity trends in Ghana and beyond through educational and promotional campaigns. Fat2Fit; Lose Weight the Right Way!
Excel-Plus Education to host 2nd edition of Study Abroad Fair Excel-Plus Education will host the second edition of the Study Abroad Fair on March 21, 2022, at the Golden Tulip Hotel in Accra. The fair will partner with institutions in the United Kingdom, Ireland and Germany to give a vast opportunity to Ghanaian students to meet representatives from various institutions to get firsthand information directly from the schools concerning fees, scholarships opportunities, programs, accommodation, and work opportunities after school. Speaking to the media, Head of Business and Operations at ExcelPlus Education, Joseph Quainoo said this will enable most students to have direct access to certain important briefings to guide them in terms of choosing better education abroad. According to him, the fair will also bring quality education and other opportunities to the doorstep of every young Ghanaian who wants to travel abroad for quality education. “I am humbled to create such wonderful opportunities for free to my colleague brothers and sisters who seek to study abroad. I hope this privilege will go a long way to assist everyone who participates to get
firsthand information about most institutions outside to enable them to make the right choice,” he said. Mr Quainoo also took the opportunity to explain to the general public that, Excel-Plus Education will provide free students counselling, placement of students, applications, fees information, pre-department
briefing, visa counselling and many others. “Our services are free of charge and includes students counselling, placement of students, applications, fees information, scholarships information and many others. I entreat everyone to attend”, he added. Excel-Plus Education is a
reputable organization that represents international universities with partners across the globe. The company has assisted thousands of students across Ghana and the African continent with the aim of providing quality education for a better future.
FRIDAY, MARCH 4.2022
19
| FEATURE
Will sanctioning Russia upend the monetary system? BY JIM O’NEIL
The savage fighting in Ukraine has led many to wonder whether Russian President Vladimir Putin’s supposed strategic brilliance is all that it was chalked up to be. Though Putin anticipated that NATO wouldn’t respond militarily to his war, he seems to have underestimated the West’s capacity for solidarity. The United States and its allies and partners have already implemented unprecedently severe economic and financial sanctions against Putin’s regime, and the decision to block Russia’s central bank from international financial markets (effectively freezing the country’s foreignexchange reserves) is arguably a masterstroke. True, Russia has diversified its reserves away from the dollar in recent years. But judging by the scale of the international response and its immediate impact on the Russian economy, this strategy appears to have been insufficient to maintain access to the financing it needs. Even Switzerland has announced that it will participate in the new sanctions regime by freezing Russian assets. Unless Russia has considerable reserves held in Chinese renminbi or currencies issued by other countries that still support it, the squeeze on its economy will be unavoidable. Whatever Russia’s response, the
question now is what these moves by the West – and by almost all the world’s financial centers – will mean for future monetary affairs and the international monetary system. Are we witnessing a further consolidation of US power through the dollardominated system, or will this episode set the stage for the kind of monetary and financial fragmentation that some analysts have long anticipated? Having written about the future of the dollar myself, I cannot recall a previous policy announcement that raised the global monetary stakes as much as this one has. The immediate effect of the Russia sanctions has been to highlight the US’ continued dominance. But it also may force many emerging economies to reconsider the textbook approach to building up foreign-exchange reserves to protect against economic crises. The need for such self-insurance was the big lesson from the 199798 Asian financial crisis. But now that Russia’s central bank has lost the ability to convert its foreign currencies into rubles, the strategy would appear to come with some new risks. This is particularly true for countries whose aspirations might run afoul of the Western democratic world’s prevailing norms – as threatening and then
invading a smaller neighbor obviously does. It doesn’t take a deep thinker to appreciate that China must be alarmed and displeased by the audacity of both Russia’s war and the Western reaction to it. If China were to pursue military action against Taiwan, it, too, could expect to lose much of its access to the global financial system. One can see why escaping this deep dependency on the Western-controlled currency system might now become a top priority for some countries. If renminbi, rubles, Indian rupees, and other currencies were more convertible for other countries, a fundamentally different international monetary system could emerge – one in which the kinds of sanctions being imposed on Russia would not be so effective. But this scenario remains unlikely, for two related reasons. First, there is a reason why China has not done more to elevate the renminbi as an international currency. At the many conferences on the global monetary order that I have attended, the message from Chinese scholars has long been clear: Their preferred method for improving the current system is to expand the role of special drawing rights, the International Monetary Fund’s reserve asset.
This makes sense when one considers what internationalizing the renminbi would entail. Because China would need to allow much greater freedom in the offshore use of its currency, it would have to give up its ability to maintain capital controls. So far, it has been unwilling to do this. Yet, without capital-account liberalization, no other country – not even one as financially desperate as Russia – would want to hold its reserves in renminbi. Second, even if a major power like China were to respond to today’s changing circumstances by pursuing major financial reforms, it would still have to offer credible assurances regarding the safety and liquidity of reserves held outside Western currencies. Otherwise, why would anyone take the risk? Again, China seems unlikely to pursue any reforms that would require radical changes to its own economic and regulatory model. If China did bite the bullet and open its financial system, structural changes in the global monetary order would almost certainly follow. But, even in that case, the changes would not happen in time to spare Russia the consequences of its president’s appalling behavior.
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NO. B24 / 312 | NEWS FOR BUSINESS LEADERS
FRIDAY, MARCH 3.2022
N EWS
Samsung offers epic pre-order deal with the rulebreaking Galaxy S22 series Samsung has launched the Galaxy S22 series, the most powerful devices the company have ever created, with an amazing pre-order offer. It offers ground-breaking technology, from pro-grade camera and video technology, Samsung’s first 4nm processor which takes performance to new speeds, and a Galaxy S22 Ultra battery that can last two days1. Now, is definitely the time to take advantage of a pre-order offer2, made for those who want to enjoy a smartphone that breaks the rules of mobile technology. The Galaxy S22 Series includes the Galaxy S22, Galaxy S22+ and the Galaxy S22 Ultra, which is integrated with fan-favourite Note series and built-in S Pen. Together they offer unparalleled performance, are equipped with an image sensor that is larger than even the celebrated Galaxy S21 Series, along with a host of innovative camera features like Nightography designed to break the rules of light, and enhanced with incredibly intuitive and pioneering AI technology. The
devices will be available from 11 March 2022. Pre-Order Offer Now Available Samsung’s Galaxy S22 preorder offer, available until 10 March 2022, includes the peace of mind of Samsung Care+2, a dedicated product support service that offers accidental screen damage protection. Now is the time to: Pre-Order a Galaxy S22 series device to receive a FREE Galaxy Buds2, Silicone phone cover and get the benefit of Samsung Care+2 Galaxy S22 Ultra is the most powerful Ultra device Samsung ever made – a stunning device, packed with next-generation videography and viewing capabilities, an expansive and bright display, 45W superfast charging3 and Galaxy’s most intelligent camera yet. Galaxy S22 Ultra is available in Phantom Black, Phantom White, Green, and Burgundy. The Galaxy S22 and S22+, which are designed with the iconic Contour-Cut design and
camera housing from the Galaxy S21 Series is now enhanced with luxurious glass and haze finishes. They are available in Phantom Black, Phantom White, Green and Pink Gold.
Clearly, you have so many reasons to be the first to enjoy epic standards in smartphone innovation with the Galaxy S22 series.
LG Electronics votes GH¢180,000 for 2022 solving northern Ghana community problems project LG Electronics FZE in partnership with Korea Friends for Hope International has launched the 2022 open competition for solutions, to help solve problems in local communities in northern Ghana. Dubbed, “Win big in the LG Ambassador challenge”, a total of GH¢180,000 has been voted to support beneficiary communities in the northern parts of Ghana with the aim to assist them to help improve their lot. For the 2022 competition, the beneficiary communities are to solve some community problems in the areas of education, water, sanitation and animal farming. Three selected participants will be given a seed capital of GH¢60,000 each. LG Electronics FZE says it recognises that many communities are faced with many problems which require
everyone’s effort in dealing with them. How to Participate Interested participants are to suggest ideas through google docs and LG Electronics will select the best ideas and provide the financial support necessary for problem solving. (Up to GH¢60,000). Entries are opened from January 10, 2022, to March 6, 2022, to be followed by the announcement of selected communities on March 24, 2022. In the maiden edition in 2021, three winners were awarded the cash prize of GH¢50,000 each. The winners were from the Karimenga community for ecological farming, the Boko community for bakery, and the Dagmweo community for weaving. The weaving project, selected as LG Ambassador at the suggestion of Ateere Eric of the
Dagmweo Community, selected women with children under the age of five to provide smock vocational training, traditional weaving in northern Ghana. As a result of the programme, which first began in March 2021, and has been running for about a year, participating women are earning income by selling smock fabrics already after learning the skills of weaving smock. Michael Baba of the Boko community on the other hand was selected as an LG Ambassador for proposing a bakery project. The project selected singleparent women to provide bakery education and supported the machines and ingredients needed to bake. Since it was relatively easy to learn how to make bread, women who completed baking education for about two months immediately began to earn income by baking and selling
bread. For the 2022 edition, LG will be looking at three different sectors which consist of Education, Water and Sanitation, and Animal Farming. In the area of education, beneficiaries are to be provided with assistance in ICT, furniture, maintenance of existing and new infrastructure to the tune of GH¢60,000 to the beneficiary communities in northern Ghana. Similar support will be provided to assist in water and sanitation. Communities that lack water will be assisted with bole holes and other ways to improve the sanitation situations in the benefitted communities. For animal farming, the GH¢60,000 is to help make sure that there is a year-round production of animal products for the people in the selected communities.
Published by Business24 Ltd. Nii Asoyii Street, Mempeasem. East Legon-Accra, Ghana. Tel: 030 296 5297 | 030 296 5315. Editor: Benson Afful editor@business24.com.gh. +233 545 516 133.