Business24 Newspaper 6 April 2022

ECG gets US$8.5m utility geographic information system

03 Robust digital solutions and systems will drive AfCFTA—Dr. Ashigbey

03 NEWS FOR BUSINESS LEADERS

BUSINESS24.COM.GH | WEDNESDAY, APRIL 6, 2022

Republic Bank’s Farid Antar named Outstanding CEO/ MD for 2021

Global chip shortage stalling Ghana’s digital migration process, Ursula says

BY EUGENE DAVIS

The Managing Director of Republic Bank Ghana, Mr. Farid Antar has been awarded as the “Outstanding Managing Director/CEO of the Year 2021” at the 12th Ghana Entrepreneur & Corporate Executive Awards 2022 held at the Movenpick Ambassador Hotel last Saturday, March 26, 2022.

The ceremony was organized to honor entrepreneurs and corporate executives who have had a significant and positive impact on society, built a legacy, and has demonstrated entrepreneurial and corporate

02

The Minister of Communications and Digitalisation, Ursula Owusu-Ekuful, has told parliament that the country has been unable to procure set top boxes which is a key component of digital migration for analogue television sets due to global chip shortage and ongoing Covid-19 pandemic.

Appearing before the house to answer a question posed by the Minority Leader, Haruna Iddrisu, on the definite date when Ghana would migrate from analogue Radio and Television to digital Radio and Television following the International Telecommunication Union (ITU) decision in Antalya, Turkey.

In her response, she said “A key component of the digital migration process is the acquisition of Set Top Boxes (STB) for analogue television sets to be able to receive the digital TV signals when the analogue signals are discontinued or switched off. Due to the global chip shortage induced by the ongoing COVID-19 pandemic and the disruption caused to global supply chains, we have been unable to procure STBs and are thus unable to give a definitive date for

Subscribers: In this rapidly changing business environment, make sure your digital account is activated so you can read the latest financial and business news.

Visit business24.com.gh/subcribe to activate your account.

Follow us online: business24gh

the digital migration.

The ITU is aware of these challenges and is not insisting on any firm timelines for the process to conclude.”

Further, in her presentation, she indicated that Ghana signed the Geneva 2006 (GE-06) Agreement establishing the digital terrestrial broadcasting plan at the Regional Radiocommunications Conference (RRC-06).

The agreement requires signatory countries including Ghana to migrate from analogue to digital television broadcasting by 17 June 2015.

The deadline was extended for African countries to 17 June 2020. The Ministry, in partnership with the National Communications Authority (NCA), working with local service providers and the broadcast industry, has made substantial progress in the transition from analogue to Digital Terrestrial Television Broadcasting in Ghana. The nationwide Digital Terrestrial Television platform has been deployed and all free-to-air analogue television authorization holders have been migrated to it and are broadcasting from it.

business24gh business24gh

Contact: editor@business24.com.gh Newsroom: 030 296 5315.

Advertising / Sales: +233 24 212 2742

2

| EDITORIAL/NEWS

WEDNESDAY, APRIL 6, 2022

Data compliance key to digital agenda

A

1

Wash your hands

2

Cover your cough

3

If you are sick, wear mask Brought to you by

LIMITED Copyright @ 2019 Business24 Limited. All Rights Reserved.

Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana well-informed. We value your support and loyalty.

Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

s the tide of digitalisation swims across all spheres of the economy, the need for proper data management become even more necessary. Data is relevant for business planning and commercial purposes for which reason we see most public and private organisation collating them on the regular, raising concerns about how they are managed or controlled.

It is for this reason that we commend the Data Protection Commission on its new course against some organisations who have failed to get the right certification that will bind them to conform to the laid down rules regarding the use and handling of people’s private information.

The DPC is taking legal action against data firms without their certification part of efforts to get organisations to prioritise data protection and to respect the privacy of peoples’ data in accordance with the requirements and prescriptions of the state data protection supervisory body.

Commission further is further urging data handling organisations to register with the Commission, train an employee to become a Certified Data Protection Supervisor (CDPS) and implement an in-house privacy programme.

The Data Protection Commission (DPC) is a statutory body established under the Data Protection Act, 2012 (Act 843) to protect the privacy of the individual and personal data by regulating the processing of personal data, choices of technologies and integrity of people with access to personal data.

The Commission provides for the process to obtain, hold, use, or disclose personal information and for other related issues bordering on the protection of personal data.

Republic Bank’s Farid Antar named Outstanding CEO/MD for 2021 Continued from page 1 leadership, sustained business performance, integrity, corporate vision and innovation.

The award focused on the successes of entrepreneurs and business executives such as Founders, Executive Chairmen, Managing Directors, and Chief Executive Officers.

Commenting on the award, the Managing Director of Republic Bank, Mr. Farid Antar said the recognition is a proof of the progress made by Republic Bank over the last three years. He was of full praise for the Executives and Staff of the Bank for the massive support, work and performance.

Recounting major milestones by the Bank over the last three years, the Managing Director of Republic Bank said the Bank has been full of activities for the last three years retooling.

“We have given many of our banking halls major facelifts including the opening of the Iconic Republic Courts situated at the prestigious Ridge roundabout enclave. Republic Bank has also massively invested and improved on the technology and electronic payment systems with the introduction of RepublicMobile Ghana App and other digital channels of the Bank.”

He added: “The Bank has improved upon its information security systems and now certified by ISO/IEC and

PCIDSS. We have also developed an SME Toolkit to support SME Businesses.

The Bank has also invested in building the capacity of Staff to deliver superior service.

Republic will soon launch its fantastic Credit Card products and offering to the market.”

In December 2021, Mr. Farid Antar

was adjudged the Managing Director of the Year 2021, Private Banking Category by the Corporate Ghana Awards 2021. The award was also in recognition of his outstanding contribution to the financial services sector of Ghana over the past three years.

3

| NEWS

WEDNESDAY, APRIL 6, 2022

Robust digital solutions and systems will drive AfCFTA— Dr. Ashigbey

BY PATRICK PAINTSIL The Chief Executive Officer of the Ghana Chamber of Telecommunications, Ing. Dr. Kenneth Ashigbey has called on businesses across the continent to leverage existing tech-based and digital services and solutions tap the enormous opportunities offered by the African Continental Free Trade Area (AfCFTA).

Speaking at the Africa Technovate Awards in Accra, he said: “Digitisation and digitalisation under AfCFTA will facilitate the flow of goods, ideas and capital as well as bolster innovation in the public and private sectors of Africa.

As Africa advances regional trade links under the single continental market, increased competition will call for customer-centric, speed to market and innovative solutions to addressing conventional problems, he added.

The Africa Technovate Awards is a unique initiative of AIDEC to

contribute to the development and uplifting of technology and digitization across Africa.

The broader aim of the awards is motivate and challenge technology and innovation companies that are driving digital solutions development and those adapting them to business.

This year’s edition was held on the theme “Information technology and the way forward for Africa under the fourth industrial revolution”.

GIZ’s Country Director for Ghana, Regina Baueroschse Barbosa, in her goodwill remarks, reiterated the significance of digital transformation as a lever for integrated sustainable and inclusive development.

“It [digitisation] address the untapped potential of millions of offline and unbanked inhabitants whilst considering risks arising from an existing and growing digital, income and gender gap; particularly, the digitisation of micro, small and medium enterprises bears huge potential for growth and employment,” she noted.

About 17 tech firms offering innovative digital solutions and

services across all spheres of the economy received various recognitions for their immense role in building a robust and resilient digital ecosystem.

Award winners included: Esoko (Digital Agric Business of the Year); Hubtel (Fintech Company of the Year); BIMA (Tech Insurance Company of the Year); Msoft Ghana

Limited (Tech Startup Company of the Year); and DreamOval (Ambitious Tech Company of the Year).

Hanergy Global Ghana Ltd won the “Digital Excellence Award” whilst that for “Outstanding Entrepreneur of the Decade” went to Alex Bram, CEO of Hubtel. Lifetime Achievers Award went to Prof. Nii Narku Quaynor, Chairman of Ghana Dot Com.

ECG gets US$8.5m utility geographic information system

BY PATRICK PAINTSIL The Millennium Development Authority (MiDA) has inaugurated and handed over a state-of-the-art utility geographic information system to the Electricity Company of Ghana (ECG) as part of its power compact activities.

The Utility GIS will provide a digital platform and tools for ECG to plan, manage and efficiently operate its network to meet global utility

management standards.

The system is also expected to significantly enhance customer service delivery of the state power distributor with improved reliability and quality of power supplied, reading and bills deliveries and response to consumer concerns.

MiDA’s Board Chairperson, Prof.

Yaa Ntiamoa-Baidu, speaking at the handing over ceremony, remarked that the investments into ECG’s operations and financial turnaround

will strengthen the utility company and consequently have a bearing on other operators in the power supply value chain.

“Over 80percent of the funding for the Compact is allocated to activities that help reduce technical and commercial losses, improve revenue collection, reduce outages and transform ECG into a modern utility player,” she said.

“The GIS is serving as the foundation to a suite of utility applications geared

at modernizing the operations of our country’s largest electric distribution utility,” she added.

ECG previously relied on manual and standalone computerized systems which made service delivery and operations ineffective and therefore, the new system will help it to better manage its assets and business processes to boost technical and financial performance aside improving customer service delivery.

Energy Minister, Matthew OpokuPrempeh, in a speech read on his behalf, commended the board and leadership of MiDA for their continuous support to the nation’s power sector.

He tasked the management and staff of ECG to see to the maximum use of the technology to enhance their operational efficiency and to improve customer service delivery.

“GIS is essential for electric utility operations in many ways and this tool provides the foundational layer of technology for effective asset management as well as regulatory compliance.

With diligent application of these tools, the ECG should be able to address the challenges to its operations including the high levels of distribution losses, low revenue collection rate and poor data handling management,” he noted.

4

| NEWS

WEDNESDAY, APRIL 6, 2022

Africa must use its vast natural resources to the benefit of its people-AfCFTA Sec-Gen To foster the development of the continent, Africa must use its vast natural resources to the benefit of its countries and people, Mr Wakele Mene, the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat has said.

He said this would enable these countries to strengthen intra-Africa trade and economic integration; to diversify economies and industrialise; to build continental, regional and country infrastructure and to invest in education, health, science, and innovation.

Mr Mene speaking at the 8th Annual London School of Economics (LSE) Africa Summit said that “the development we talk about must be inclusive and must ensure people’s participation in their own development.”

The Summit is on theme: “: “African Prosperity Through Peace, Health,

and Development.”

He said this was where the AfCFTA was a game changer, and it presented an opportunity to accelerate intraAfrican trade and use trade more effectively as an engine for growth and sustainable development.

“Through the AfCFTA, Africa is reshaping her small and fragmented markets to create one integrated market with large economies of scale and scope,” he added.

According to the World Bank, if fully implemented, the AfCFTA will significantly reduce poverty on the continent.

The agreement will boost regional income by 7 per cent or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035.

He said wages for both skilled and unskilled workers would also be boosted by 10.3 per cent for unskilled

workers, and 9.8 per cent for skilled workers.

Mr Mene said as promising and hopeful as these projections were, as Africans “we shall have to take concrete steps to ensure that these promising projections do become a reality.”

He said the continent had to expedite the implementation of trade facilitation measures that were foreseen in the AfCFTA Agreement in areas such as soft infrastructure at the borders.

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

He said the finalisation of all these protocols would greatly

contribute to deepening economic integration in Africa, with these additional protocols, “we are further transforming the continent by removing physical and commercial barriers that have hitherto hindered trade among our countries.”

The Secretary-General said the continent was, therefore, poised to develop a harmonized market space which will in turn promote the development of regional value chains that will be linked competitively to global value chains.

He said Africa must strategically transform itself from agriculture to agribusiness; from being mere growers of cocoa beans to manufacturers of world-class chocolate products and from miningto-mining beneficiation.

Hollard Ghana, GIJ sign MoU to empower students Hollard Ghana, with subsidiaries Hollard Insurance and Hollard Life Assurance, has signed an agreement with the Ghana Institute of Journalism (GIJ) to commence an initiative to empower students for the future.

Known as the Hollard X Academia, GIJ is the second public university to be enlisted onto the initiative after the University of Energy and Natural Resources.

The comprehensive programme provides a platform to enable a better future for students through Hollard’s Streetwise Finance initiative, mentoring, engagement, corporate experience and resource sharing programmes for three years, subject to renewal.

At the signing ceremony at the GIJ’s Dzorwulu campus, Group Chief Executive Officer of Hollard Ghana, Patience Akyianu, described the partnership as the group’s contribution to nation-building and economic development.

“It brings me joy to see this partnership with the Ghana Institute of Journalism come to fruition. As we embark on our partnership journey, we are certain this initiative will bridge the gap between academia and the world of work. Being an unconventional insurer working with a socially minded purpose, our partnerships form an integral part of our business – in this regard, we’re fostering a triple win for the university, the students and Hollard,”

she said.

Modules She added: “With our business purpose to enable more people to create and secure better future, we have carefully created five modules that will provide students with a competitive advantage for the job market.”

She explained that the first module sought to honour a valedictorian with a cash amount, a citation and a laptop. The second module will reward one third-year student and

one final-year student with tuition grants. The third module includes the Streetwise Finance leadership and entrepreneurship mentoring seminar.

Modules four and five, she said, would cover corporate experience and thought-leadership events.

“All these power-packed modules form part of our social impact efforts to give back to the communities within which we operate,” she added.

The Rector of GIJ, Professor

Kwamena Kwansah-Aidoo, commended the insurance group for their thoughtfulness.

He said: “We at GIJ are happy about this partnership with Hollard Ghana.

Apart from resource sharing between our two institutions, our students will benefit substantially through mentoring programmes which will come in handy in the world of work.

Management is grateful for this gesture and we assure Hollard Ghana of our utmost commitment”.

5

| NEWS

WEDNESDAY, APRIL 6, 2022

Zero Gravity Experience: What New-Age Brands Can Learn About Product Launches Experiential marketing is one of many tools available to the brand manager to engage consumers and potential consumers. However, ensuring that consumers get a whole new amazing experience is another issue.

In the business of experiential marketing, we are constantly looking for new ways to engage consumers and build brand awareness.

While brands put a lot of effort into curating an experience for their consumers, a lot of the success comes when the experience is engaging and consumers themselves are drawn to the experiential.

This year, our major experiential activation as an agency has been the Coca-Cola Zero Gravity Experience, which happened to be the main pull factor for the relaunch of the Coca-Cola Zero Sugar product to the Ghanaian consumer.

When Coca-Cola Zero Sugar was being reintroduced to the Ghanaian market, the team had to find answers to what a product launch will mean for a brand that needs to appeal to many but largely to a younger audience who are digitally plugged, fun, and crazy about selfies.

Coca-Cola’s brief was simple. Coke Zero was coming back into the market with a New and Improved Taste.

To be able to gain the maximum impact they wanted from their product launch, they needed consumers to take a second look at it, taste it and share the new and improved taste with the world.

To achieve this, the execution had to go beyond digital and instead pull off a disruptive experiential activation that would get young consumers gravitating towards the event and the brand as well.

Activate for your consumer, not the brand The key part of the activation, digital or offline is how consumers and potential consumers interacted with the activation. The success of the activation lies within how it was received by the consumers.

That is why it is essential to build an experience the consumers will love and not one that is necessarily ideal for brands’ executives.

Focus on what your consumer cares about Understanding your consumer is a very key aspect of any marketing

activity. However, doing this extremely well is very important when you are going to host an event and you expect consumers to turn up. That means you need to have something compelling beyond just hosting an event. It must play on something they love beyond your product. With young people so engrossed in photography and always on the lookout for the most amazing photo of themselves to share on social media, it was smart to build an experiential centered on photography.

Go all the way However, just setting up a ‘studio’ and asking consumers to show up to take photos is not a compelling pull factor. The execution must be daring, new, exciting, and evoke all the positive feelings you want your consumer to have about your brand.

The experiential idea was Zero Gravity. We wanted to celebrate the freedom that today’s consumer craves and enjoys. A world that’s without barriers. We tapped into the trend of photography and built a Zero Gravity experience that had people from different parts of Ghana trooping into the experience and sharing their images. The setup

alone provided enough awe, the process of the photo-taking added activity, and the final photo itself brought a real magic moment to life.

Land the idea This is where the experience and consumer journey play a key role. This is also where the brand can play around with its core messaging in a way that is creative, subtle, and at the same time forward. Highlighting Coca-Cola’s three key messaging touchpoints – meals at home, meals away from home, and screen time, the team built an experience that took consumers on this journey through Coca-Cola’s messaging.

The messaging on digital also played on the Zero Gravity idea.

Before the launch of the product, all the messaging online came with upside-down captions and upsidedown creatives. That provided some form of context and mystery in equal measure and it also made consumers curious about what the Coca-Cola Zero Gravity was about.

Results One key reason why brands undertake offline activations is to get consumers to interact and

engage with the brand offline and then amplify that interaction on digital platforms.

First of all, consumers showing up at the brand event is a win for the brand which then provides an opportunity to sample the consumers and get them to try the product.

The impact of the three-day launch was witnessed in real-time, as thousands of consumers were sampled and tasted their first CocaCola Zero Sugar.

Though the engagement was onthe-ground, digital amplification of the product launch achieved a reach of 4.9 million users on Twitter alone.

The activation also proved that product launches can have a significant impact on the target market beyond awareness creation.

It also provided a road map for brands to achieve relatability with their young consumers by engaging with aspects of young people's culture honestly and creatively.

Finally, it demonstrated what is possible when brands empower their creative agencies to dream because true magic occurs when we dream!

6

WEDNESDAY, APRIL 6, 2022

| NEWS

WEDNESDAY, APRIL 6, 2022

7

Zoomlion Wins Excellence Change Management Award Zoomlion Ghana Limited (ZGL) has been awarded Excellence Change Management Brand of the year at the just ended 4th Africa Human Resources Innovation Awards 2022 (AHRIA) held on Friday, March 25, 2022, at Movenpick Hotel, Accra.

Also, Mr. Collins Kofi Frempong, who is the Group Head, Human Capital for the Environment and Sanitation Cluster of Jospong Group of Companies ( JGC), was awarded Male HR Professional of the Year.

This year’s event, which was on the theme “Rewarding Excellence in the HR Sector,” was graced by the crème de la crème of the HR fraternity within Ghana and its neighbouring countries.

The 4th AHRIA was organised to recognise organisations with excellent HR practices and outstanding HR practitioners who have demonstrated excellence and innovation in the HR profession within the African subregion.

The night provided an exceptional

opportunity for stakeholders to network, entertain clients and reinforce relationships with partners and reward staff with exceptional performance.

In a welcome address, the Chief Executive Officer/Founder of Instinct Wave, Mr. Akin Naphtal, commended organisations and practitioners who have pushed the boundaries and raised the bar of excellence in the profession in spite of the effect of the Covid -19 pandemic on the global workforce.

“HR undoubtedly, is the focal point of every organisation, However, the Covid-19 pandemic has permanently solidified the position of this noble profession. Employers and employees were thrown into chaos and uncertainty, with no clear end in sight. ...HR operated in crisis mode for much of 2020 and the first half of 2021, figuring out how employees could work from home, trying to provide extra mental and physical health

support, and working more than ever on C-level strategies for keeping their organisations functioning. As the dust continues to settle and companies adjust to a new normal, the role of HR has fundamentally changed,” he stressed.

Some of the winners during the gala night included telecommunication giant, MTN Ghana, who went home with six most coveted awards, Goldfields Ghana, Absa Bank, VRA, DVLA, Bank of Ghana, Nigerian Brewery, among others.

EU, Govt launch joint programme for 2021-2027 would support green growth for jobs, smart and sustainable cities and good governance and security in the country. A press statement issued by the EU Delegation to Ghana said that the document was prepared in close consultation with Ghanaian authorities, civil society organisations, including women and youth organisations, local authorities, private sector representatives, the UN and other partners.

"These priorities were jointly determined with Team Europe partners and in close consultation with Ghanaian authorities, civil society and other relevant stakeholders," it said.

Partner

The European Commissioner for International Partnerships, Jutta Urpilainen, and the Minister of Finance, Ken Ofori-Atta, have officially launched the Multiannual Indicative Programme for Ghana for 2021-2027.

The launch which was held last Thursday was part of activities lined up for the Commissioner's visit to the country. The programme is geared towards supporting Ghana’s economic transformation

agenda, boost strategic sustainable investments, decent job creation and private sector development.

The programme, under the European Union's new Global Europe financing instrument would provide €203 million for the period 2021 to 2024 to achieve the targets.

Developed in conjunction with the Czech Republic, Denmark, France, Germany, Hungary, the Netherlands, Spain, Switzerland, and the European Investment Bank, the programme

Ms Urpilainen said that the country was a strategic partner for the EU in West Africa, acting as an economic powerhouse and an anchor of stability. "The EU sees concrete opportunities to deepen our partnership by working together on Ghana’s green and digital transition, security situation, and at multilateral level by promoting our common values,” she said.

“The EU Global Gateway strategy will serve as one of the frameworks for our partnership with Ghana, with the aim to boost smart, clean and secure connections and to provide the quality investment needed in Africa,” she added.

Global Gateway The Global Gateway is the new EU

strategy to boost smart, clean and secure links in digital, energy and transport, and strengthen health, education and research systems across the world, the statement said.

Aimed at promoting sustainable and trusted connections for people and the planet and tackling the most pressing global challenges, the strategy aims to mobilise up to €300 billion in investments between 2021 and 2027 to support a lasting global recovery, taking into account partners needs and the EU's own interests.

Priority areas include climate change and protecting the environment, improving health security and boosting competitiveness and global supply chains.

The statement added that the EU was already active on some of the priorities, through the European Union Agriculture Programme in Ghana (EU-GAP), supporting the agricultural sector in the Upper West, Savannah and North East Regions.

Another support was to the Kumasi Metropolitan Assembly (KMA) through the Holistic Reinforcement for Sustainable Development (HORESD) project, to help manage solid waste and improve service delivery in the metropolis.

The EU, supported by the European Investment Bank and the French Development Agency, also funded the restoration and upgrade of the Kpong Dam in 2019, the statement added.

8

| F E AT U R E

WEDNESDAY, APRIL 6, 2022

Op-Ed: Reflections on Leadership WRITTEN BY ABENA OSEI-POKU, MANAGING DIRECTOR OF ABSA BANK GHANA LIMITED Introduction GROWING UP, the issue of whether leaders were born or made was such a raging topic that it proved too difficult to diffuse. I remember hearing a rather funny but poignant statement from a well-known academic, who said the person who settles that debate must be awarded the Nobel Peace Prize.

I grew up the first amongst four girls. It was a relentless and neverending picture of love, collaboration and resilience. I remember vividly as if it were yesterday, my father telling me to lead by example and that my younger sisters were looking up to me. He was such a man of encouragement. I didn’t realise until much later that it was the embryonic phase of my leadership development.

I keep getting asked countless times to describe my appreciation of leadership and how my own experiences have taught me about the concept and its ramifications.

In fact, I recently joined a virtual session organised by the UK-Ghana Chamber of Commerce (UKGCC) on International Women's Day (IWD) to share my thoughts and reflections as a Senior Executive in one of Ghana's leading financial institutions. It was a great session and one that made me reflect more deeply about how my own journey has redefined leadership for me.

Attempting a definition Leadership has come to mean so many things to so many people. At what stage in life can one confidently lay claim to having led successfully and what tangibles can one exhibit to reflect that? The way I see it, and no matter the diversity of attributions given to it, leadership is about people.

When you are able to grasp that, you put yourself on a path to effective leadership and playing a significant role in winning and influencing people.

"Uneasy lies the head that wears the crown,” said Shakespeare.

Leadership is not a rosy journey or position to be in. However, when you understand that it is all about how to handle people and not just about being smart, everything falls in place.

A successful leader demonstrates a lot of emotional intelligence, discernment, and engagement. You need to embrace the responsibility that comes with being looked up to and harness the skills of identifying the strengths and weakness of your people to fit them in the right roles.

There was a time in my career when my Line Manager noticed my potential and moved me into a role

to enhance my skills-set and get me ready for the next level. I had come back from maternity leave at the time and took it the wrong way. My biases immediately stood out distinctly and I felt I was being sidelined because I was female, but my line manager was insistent. Years later, I got my epiphany and understood the whole point of the exercise - and I must say I have never stopped being thankful for it.

Eight years ago, I was told blatantly that I'd never make CEO by a Senior Group Executive I respected. He struck a mortal blow right through my ambitions, but I didn’t let that put me down. I remember leaving that meeting thinking "If someone's going to give up, that won't be me.” I delved deep into the recesses of my being and never wavered or despaired. I put my head down and relentlessly got to work to present a better version of myself.

A blueprint for success A good leader possesses an uncanny amount of humility and a willingness to learn no matter the circumstance or environment. A leader also learns from the people they lead. It is absurd to think knowledge resides in one head; in fact, I think the greatest barrier to knowledge is the presupposition that we already know it. I have always surrounded myself with the best of people, much better than me.

In all my experiences, the lessons and approaches have been dynamic and yet full of the same central truths.

Living in readiness or in expectation of the next opportunity fills you with the energy and urge to prepare, learn and know more. The Romans had a famous saying, "Victory loves Preparation," and they could not have been so spot on. The yearning for constant reinvention and new discoveries must encompass any leader desiring to make a mark in their sphere of influence and beyond.

I have come to cultivate a presence of mind in my journey where I always look for opportunities to make the biggest difference - whether at work, home or in society. It is not about defining a certain direction or ascribing labels to the kind of leadership we exhibit. Anytime I have been asked about my specific style of leadership, I hesitate because there is no one size fits all. It takes a commitment to hard work, learning from mistakes, willingness to always be a better version of your previous day and a lot of Grace!

Work-Life Balance It is a cliche that continues to permeate the corporate world with characteristic vigor. However, as I understand it, I do not embrace the thought that such a thing exists. As a leader, you have to make choices, you must be decisive. It is not a knock on your time management skills, it is

rather a call for a strong and effective support system.

I am blessed to have a close knit family. Throughout my life and career, apart from God’s grace, they have been the backbone for my success. We support each other in every challenging situation, through prayers, encouragement, and unfettered love and that's priceless!

Key takeaways on leadership Leadership is a journey. It is one of unmitigated learning and investment.

I invested in my journey, consciously or unconsciously, by the choices I made in building capacity, taking risks, helping others, fostering relationships, pushing myself outside my comfort zone and gaining visibility. As a mentor once told me, P = C x A2; where Performance (P) equals Capability (C) multiplied by a double dose of Attitude (A). The model highlights that to maintain a high level of performance, attitude is everything! It was a lesson that really struck a chord and stuck with me.

Learn to embrace the opportunities that come your way, identify mentors (in your sphere of influence or the external environment) and cultivate a habit of voracious reading. Above all, remember that success in business (any kind of business) is a team effort.

It is better to move together and achieve more than to move alone and achieve little. Above all great grace Abounds!

| NEWS

WEDNESDAY, APRIL 6, 2022

9

GIFEC trains 240 females in ICT The Ghana Investment Fund for Electronic Communications (GIFEC) has concluded a one-week basic Information and Communication Technology (ICT) and Entrepreneurial Skills training for two hundred and forty (240) women to enhance their economic lives.

Dubbed “ICT Skills for Entrepreneurial Women Empowerment (ISEWE)”, the training programme which is in its second phase was held within three (3) communities namely, Manhean, Krachi Nchumuru and Abetifi.

It forms part of GIFEC’s ICT Capacity Building and Skills Development programme and is implemented with support from the United Nations Educational, Scientific and Cultural Organization (UNESCO).

The first phase of the training programme was held in 2019 which witnessed the training of one hundred (100) women each in Asumura, Goaso, Asankrangwa and Berekum.

Speaking at the climax at Manhean in the Ga West Municipal, Greater Accra Region, the Administrator (CEO) of GIFEC, Mr. Prince Sefah said “women are the most celebrated of beings around the world for the significant roles they play in society. Therefore, there is the need to involve women

more in the national development process”.

He added, that “it is saddening that the participation of women in governance, politics, education, science, and technology is not where it ought to be yet”.

Mr. Prince Sefah said according to UNESCO’s groundbreaking study report – “Cracking the Code: Girls’ and women’s education in Science Technology Engineering and Mathematics (STEM)”, only 35% of STEM students in higher

education globally are women. “In this light, therefore, the Ministry of Communications and Digitalisation (MoCD), under the stewardship of Hon. Mrs. Ursula Owusu-Ekuful, and through GIFEC, is making conscious efforts to close the gender digital divide”, GIFEC CEO stated.

Mr. Sefah further stated that GIFEC is the key technical resource and training facilitator of the Girls in ICT Programme of the MoCD, which seeks to encourage and empower girls and young women to consider studies and

careers in the growing field of ICTs, enabling both the girls and industry to reap the benefits of greater female participation in the ICT sector.

“Since 2017, about 5,000 girls and 500 Teachers have been trained in basic ICT skills and coding.

Preparations are far advanced to train 5,000 more girls and 500 teachers in 5 regions this year”, He stated.

Addressing the participants, the Queen Mother of Manhean, Naa Sakoa I, advised the beneficiaries to make good use of the knowledge and skills acquired to improve their business and their living conditions.

The beneficiaries were presented with certificates for their participation in the training programme.

The purpose of the project is to bring ICTs within reach of rural areas and underprivileged groups, as a vehicle to train disadvantaged girls and women, to acquire literacy skills, numeracy skills, entrepreneurial skills and more importantly, to help the unemployed start and build their own businesses.

The goal of the programme is to expand the digital capabilities and benefits of ICTs to disadvantaged women and girls through capacity building, education, and awareness.

Huawei Donates to Support Students with Hearing Impairment at Mampong Huawei Ghana, has donated ICT devices and equipment worth GHC 125,000 to facilitate the teaching and learning of students living with hearing loss at the Mampong Akuapem Senior High Technical School for the Deaf at the Eastern Region of Ghana.

The items donated to the school included; 7 HD projectors to facilitate digital teaching, 2 pieces of 65 inches Television Sets, 2 sets of Public Address System, 20 desktop computers and 20 pairs of Office Desks and Chairs.

The donation which affirms the leading ICT Company’s commitment to promote inclusive education for all at all levels was aimed at giving the hearing impaired students at Mampong Akuapem an opportunity to enhance their skills with more practical learning experience. It will also seek to facilitate the overall teaching and learning processes of the school.

Speaking during the ceremony, the Director of Public and Government Affairs at Huawei Ghana, Mrs., Jenny Zhou, mentioned that as a company, Huawei prioritizes social contributions geared towards ICT and Education and as a result will continue

to consciously invest in more of such initiatives to help in the development of inclusive education the country.

She disclosed that, Huawei is currently working with UNESCO and the Ministry of Education through the Ghana Education Service (GES) and partners in Ghana to implement the pilot of the Technology Enabled Open School System (TeOSS) through which robust systems that can connect schools and home-based learning at the Basic School level are being built to ensure the continuity and quality of learning under normal or crisis situations.

“I am happy to say that we have included the Akropong School for the Blind or the Visually Impaired as we like to call it, as part of the first beneficiaries for the project and our team of Engineers and Project coordinators from Huawei UNESCO, GES and CENDLOS have visited the school for a comprehensive assessment and site survey.”

According to her, Huawei’s just ended Seeds for the Future Women in Tech program also for the first time in Ghana also saw the successful participation of a female student

with a hearing impairment who impressively emerged as one of the top scorers and best participants during the training.

Mrs. Zhou, in line with this, encouraged the students to avoid being defined by any predicament and never give up in pursuing their dream as there are endless and equal opportunities out there for them.

The Deputy Minister of Education, Rev Ntim Fordjour, commended Huawei and other supporting companies like Meinergy Technologies and Green House International for their benevolence.

According to him, between 2017 and 2020, a total of 2009 infrastructure projects were initiated by H.E. Nana Addo Dankwa Akuffo-Addo’s government out of which 70% has since been completed and handed over with the rest at various are stages of completion and as such the gesture by the three companies is a step in the right direction.

He therefore called on other corporate players to also augment on the effort government is putting in place to provide support for special students in education to ensure that

every child in Ghana has an equal access to quality education.

The Eastern Regional Minister, Hon. Seth Kwame Acheampong, commended Huawei, Meinergy Technology and Green House International for supporting them in the delivery of their community service to the students and management of Mampong Akuapem Senior High Technical School for the Deaf. He encouraged the students to learn more and enjoy the nurturing they are being given as disability is no disadvantage in our local community today.

10

| F E AT U R E

WEDNESDAY, APRIL 6, 2022

The end of the “Global Savings Glut”?

I

BY JIM O’NEILL n 2005, Ben Bernanke, then a governor of the US Federal Reserve Board, introduced the idea of a global savings glut to explain why the United States ran persistent currentaccount deficits. Departing from much of the academic thinking of the 1980s and 1990s, he argued that excess savings outside the US made interest rates – particularly long-term rates – lower than they otherwise would be.

Bernanke was developing an idea that then-Fed Chair Alan Greenspan had also flirted with. The US currentaccount deficits persisted because US Treasury bonds appealed to savers around the world who were eager to hold supposedly safe assets. In the past, there had been an assumption that these persistent deficits would at some point jeopardize the stability of the dollar and force US interest rates higher as protection against inflation and domestic financial instability.

Bernanke’s thesis became quite fashionable in international monetary circles at the time. And it gained even wider currency after the 2008 financial crisis, when inflation was persistently low and US currentaccount deficits continued. From the late 2000s, many companies changed

their saving behavior and started building war chests, lending further momentum to the idea.

Even though I tend to accept the wisdom of much sharper academic minds than my own, I never really bought into Bernanke’s thesis. I was skeptical for two reasons.

First, a country’s balance of payments is an accounting identity comprising the current account and the capital account. The current account is determined by the domestic saving-investment balance.

A country that saves more than it invests will have excess savings and a current-account surplus, and vice versa, just as a country that imports more than it exports (at least on a current-account basis) will have a trade deficit. But it does not follow that the capital account (reflecting the flow of money into and out of the country) necessarily dictates what happens to the current account.

Second, given that the popularity of the savings-glut thesis coincided with a period of persistently low inflation, it could be that the general decline in bond yields was primarily due to that factor.

Beyond these issues, I have never quite understood why advocates of the savings-glut idea were not challenged more when China started reducing its own massive currentaccount surpluses. If pushed, they probably would have said that the

change was offset by bigger surpluses elsewhere, such as in the postcrisis eurozone and on the books of companies that had been hoarding cash for fear of a rerun of 2008.

But now, two new developments are presenting the savings-glut thesis with yet another test. First, we appear to have entered an era of higher inflation, which may or may not prove persistent. For central banks, the only way to ensure that it is temporary is to tighten their monetary policies and pursue normal levels of positive real interest rates, rather than clinging to old theories to justify their persistent low levels. It is to be hoped that everyone will also remember their Economics 101, which holds that there should be a close association between the trend rate of economic growth and real interest rates.

The second big development is the new regime of Western sanctions against Russia, including freezing a large share of the Russian central bank’s Western foreign-exchange reserves (the lion’s share of its financial war chest). This masterstroke may lead other excess reserve holders to stop accumulating so much foreign exchange, which would put a decisive end to Bernanke’s global savings glut.

That would not be such a bad thing. Even if the savings-glut thesis is true, why do all these countries need persistent massive currentaccount surpluses? We should

welcome a world where the value of other countries’ currencies can rise more, thereby boosting residents’ real domestic incomes. Greater purchasing power would allow them to acquire more foreign goods. Their leaders might even consider pursuing policies to reduce their domestic savings rate and increase domestic consumption and investment. And that, in turn, might even contribute indirectly to an increase in domestic US savings.

I have shared these ideas with several international monetary experts, and most politely dismiss my thinking.

They argue that most other countries with large foreign-exchange holdings have no need to fear Western policy responses, or that they lack the political structures needed to manage a smooth domestic economic regime shift. Others have suggested that America’s use of sanctions might lead to further diversification away from the dollar. But it is not clear what other highly liquid currencies one could hold with confidence. In the absence of alternatives, more countries may start to wonder why they should hold so many reserves in the first place.

If so, and especially if the inflation trend of the past 30 years is reversed, the turmoil we have seen in bond markets so far this year could be just a prelude.

11

| FISHING

WEDNESDAY, APRIL 6, 2022

Global impact of illegal fishing and human rights abuse in China’s vast distant water fleet revealed

C

hina’s distant water fleet – by far the world’s largest – is rife with human rights abuses and illegal fishing, and targets endangered and protected marine life across the world’s ocean, EJF’s new report reveals. In the most comprehensive analysis of the fleet to date, EJF shows that China’s state subsidies have allowed the grossly overcapacity fleet to exploit the waters of nations such as Ghana that need marine resources for livelihoods and food security.

This destruction is enabled by the often total lack of transparency across global fisheries, says EJF, and to prevent it, all nations must implement freely available, costeffective measures that would give all stakeholders much greater control over their seafood supply chains.

China’s distant water fleet operates across the entire globe with consequences that impact almost every nation, shows EJF’s report – which cross-references data from the Chinese government with illegal fishing records and testimony from crew.

Illegal fishing Illegal fishing is rife among the fleet, EJF found. Testimony from over a hundred crew aboard 88 vessels showed that 95% reported witnessing some form of illegal fishing.

Almost all the crew interviewed said that sharks were illegally finned on their vessels, a cruel and wasteful process where the more valuable fins are removed, and the shark is thrown overboard to die. Smartphone footage obtained by EJF also shows seals being clubbed to death and beheaded, with over a third of the interviewees reporting that protected species such as turtles and seals were caught and killed on their vessels.

Around a fifth of the crew also said dolphins were routinely slaughtered as bait for sharks.

“It did not matter whether the shark was big or small, even babies inside the sharks' belly - we took them all. I guess you could call it a ‘devil vessel’ because it really took everything," said one crew member.

Human rights abuse These destructive practices are enabled not only by harmful state subsidies – amounting to around US$ 1.8 billion – but also by gross human rights abuses of migrant crew. These workers spoke of physical and verbal

abuse, gruelling hours, inadequate food and water, and forced labour at the hands of Chinese captains and senior crew.

The testimony and footage EJF received revealed Indonesian crew being beaten with metal pipes and threatened with knives by senior Chinese crew. Overall, 58% of the crew EJF interviewed said they had witnessed or experienced physical violence and 85% reported abusive working and living conditions. “I was being restrained and hit. They beat every part of my body,” said one Indonesian man. In addition, almost all the crew (97%) interviewed said they had experienced some form of debt bondage or had documents such as passports confiscated.

Opaque corporations As well as offenses carried out at sea, the report examines the corporations involved in these infringements – mapping the complex onshore corporate structures of the fleet. In Ghana, for instance, at least 90% of the nation’s industrial trawl fleet is suspected to be owned by Chinese corporations who use local ‘front’

companies to register as Ghanaian and circumvent the law. Many of these vessels have been repeatedly associated with illegal fishing.

Where the fish caught by the fleet ends up is also shrouded by opacity, making it difficult or impossible to trace supply chains. However, what is known is that a number of Chinese distant-water vessels are licensed to export to Europe, and China is the US’s largest seafood trading partner.

Exploitation of developing nations’ waters The Chinese fleet has become a substantial presence in many developing countries and regions that have limited capacity for monitoring fishing vessels yet are heavily dependent on fishing for local food security and livelihoods, the report shows.

Africa stands out, accounting for 78.5% of the Chinese governmentapproved fishery projects in other countries’ waters. In West Africa the Chinese bottom trawl fleet catches an estimated 2.35 million tonnes of seafood every year – by some estimates, around half of China's total distant-water catch – valued at over US$ 5 billion. Many fish populations

in the area – such as ‘small pelagic’ fish in Ghana – are heavily exploited, to the point of possible collapse, which would spell disaster for coastal communities.

Steve Trent, CEO and founder of the Environmental Justice Foundation, said: “These state-subsidised vessels are ravaging the ocean, committing human rights abuses and driving environmental injustice, all while hiding behind complex onshore corporate structures preventing those responsible from being held to account. These findings highlight the overarching failure of the Chinese government to effectively control and regulate its distant-water fleet, but also reveal a wider international problem: the shocking lack of transparency across the sector. As well as China controlling its fleet, any nation importing fish caught by Chinese vessels should be demanding full transparency along the whole supply chain. That is the only way we can be sure that we, as consumers, don’t end up eating slave-caught fish and driving the destruction of our ocean.”

12

| AGRIBUSINESS

WEDNESDAY, APRIL 6, 2022

Global body for protecting plant health meets as advocacy efforts accelerate

A

key meeting on measures to protect plant health got underway today amid heightened advocacy efforts and moves to set global plant health standards, helping to protect human health and food security. The Commission on Phytosanitary Measures (CPM), the governing body of the International Plant Protection Convention (IPPC), began its 16th session today.

In her opening remarks, Beth Bechdol, Deputy Director-General of the Food and Agriculture Organization of the United Nations (FAO), spoke of “crucial opportunities ahead of us” for raising the profile of plant health issues, with the first celebration of the International Day of Plant Health to be organized by FAO on 12 May and the first International Plant Health Conference, to be hosted by the United Kingdom in September this year.

Bechdol thanked Finland for its leadership in implementing the International Year of Plant Health, which came to a close in July 2021 and Zambia for championing the declaration of an annual International Day of Plant Health, which was decided on by the 76th Session of the UN General Assembly last week.

The last year also saw increased cooperation with the Comité de Liaison Europe-AfriqueCaraïbe-Pacifique, resulting in a Memorandum of Understanding “that will trigger the development of advocacy materials and

e-learning courses for use by phytosanitary practitioners around the world,” Bechdol noted.

Plant pests and diseases cause food crop losses of up to 40 percent, according to FAO estimates and the damage they cause to agriculture exacerbates the major issue of growing world hunger and threatens rural livelihoods.

IPPC standards to promote plant health Against this background, ongoing work on the adoption of IPPC standards will help countries as they seek to put in place best practices in plant health and safe trade.

"The current challenges we are witnessing today leave us with no option but to join our efforts and show full commitment towards the mitigation of the effects of the risks by adopting the IPPC standards and applying them at country and regional levels,” Lucien Kouame Konan, the CPM Chairperson said.

The meeting this week marks the first under the tenure of Osama El-Lissy as IPPC Secretary, who said: “The safe trade of healthy plants and plant products across borders form the basis of the food value chain and the fight against world hunger.

Without plant production, there will be no food for humans or feed for animals.”

El-Lissy added: “The IPPC has an essential role in providing the required knowledge and polices to secure the safe movement of

billions of plants and plant products across borders, and consequently to support the Sustainable Development Goals and leave no one behind.”

With a total of 184 contracting parties, the IPPC is celebrating its 70th anniversary as the only international or UN entity mandated for setting standards to protect plants and plants products across borders and facilitate safe and efficient plant trade globally.

Among the significant developments since the start of the COVID-19 pandemic, the IPPC ePhyto Solution, has helped 106 countries to exchange digital phytosanitary certificates to expedite safe, efficient and low-cost trade in plants and plant products.

Meanwhile, Phytosanitary Capacity Evaluation has helped over 80 countries on all continents to improve their phytosanitary systems and revise their phytosanitary legislation through trained facilitators. The process aims at modernizing the countries’ phytosanitary legislation and ensuring confidentiality and protecting countries' sovereign rights.

The IPPC Secretariat is also committed to engage in setting up a global pest outbreak alert and response system to assist countries to prepare for and respond to emerging pests to protect their territories and their access to export markets.

WEDNESDAY, APRIL 6, 2022

13

| F E AT U R E

Fixing our failing food systems

F

ood prices are surging to record highs in many countries, driven by factors including climate change, violent conflict, the COVID-19 pandemic, and supply-chain disruptions. This perfect storm has exposed the inefficiencies and flaws of global food systems, leading some to warn of a looming food crisis.

Last September, a United Nations summit brought together key actors in food and agriculture and produced new national and international commitments to improve food systems for people and the planet.

The summit’s five Action Tracks identified powerful solutions to end hunger and malnutrition, and to ensure environmental sustainability throughout food value chains.

Governments and businesses had an ideal opportunity – shortly before the UN Climate Change Conference (COP26) in Glasgow in November – to act decisively to transform food systems.

That opportunity has not been realized.

But with time running out in the critical UN Decade of Action on Nutrition from 2016 to 2025, we must measure progress in months, not years – and COP26 largely relegated food systems to the sidelines. In UN climate negotiations, coal, cars, trees, cement, and steel – and cash – continue to capture political and media attention, while the urgent need to change the way we produce and consume food is generally overlooked.

This is extremely short-sighted, given that

food systems are responsible for one-third of global greenhouse-gas emissions. Even if every other sector were to reach net-zero emissions tomorrow, it would be impossible to limit global warming to 1.5 degrees Celsius without significant changes to food systems. Today, food systems use 70% of freshwater resources, cover 40% of the planet’s ice-free land, and are a primary factor driving deforestation, the extinction of thousands of species, and the collapse of the ecosystems upon which we depend.

At the same time, food systems are also failing in their primary goal of nourishing the world’s growing population. Rapid increases in hunger and malnutrition, exacerbated by COVID-19 disruptions and increasing poverty rates, are erasing a decade of progress. Three billion people cannot afford a healthy and nutritious diet, and millions are at risk of death, disease, and debilitating physical and cognitive impairments as a result. It is widely feared that the war in Ukraine will worsen food insecurity in developing countries.

Still, there is hope. A food system based on sustainable production, respect for natural ecosystems, a circular economy, and responsible stewardship of land and resources throughout the value chain will greatly benefit human and planetary health, and boost jobs and livelihoods.

Moreover, the solutions identified during the UN Food Systems Summit process are ready to be implemented. Organizations focusing on

health, nutrition, poverty, and development began to overcome barriers to collective action. By reviving the momentum toward reforming food systems generated last year, we can ensure that the UN’s decade of action achieves its goal: to “eliminate malnutrition in all its forms, everywhere, leaving no one behind.” And stronger collective efforts can help to achieve the goals of the 2015 Paris climate agreement in the harvests that remain between now and 2030.

This will not happen without political will; governments and businesses, together with partners in civil society, must step up. The transformation we desperately need will be possible only if we invest the necessary time and resources to turn national and international commitments into action.

As a next step, action on food systems must become a mainstay of global climate policymaking in all major fora.

These include COP27 (which will take place in Egypt in November) and each subsequent COP; global action agendas on methane and deforestation; Nationally Determined Contributions under the Paris climate agreement; COVID-19 recovery plans; green infrastructure programs; public health measures; and sustainable trade initiatives.

High-level meetings throughout 2022 present opportunities to consolidate and implement national plans and commitments. The UN Convention on Biological Diversity (CBD COP15) in Kunming, China, should finalize an ambitious new global biodiversity framework, with food systems at its core. The G7, under Germany’s presidency, could mobilize new financial pledges to address hunger and protect nature. The Indonesian presidency of the G20 offers an opportunity for member countries to increase efforts to strengthen food-system resilience, combat hunger, and reduce food loss and waste. At COP27, the Egyptian presidency can place food systems at the heart of the climate agenda with a proposed Agriculture, Nutrition, and Food Systems Day – or a food fortnight.

Companies, meanwhile, must act on their commitments to reduce hunger and malnutrition, provide healthy foods, adopt and meet science-based targets, and tackle deforestation.

Multilateral development banks, international institutions, donors, and philanthropists can increase financing of all kinds, explicitly targeting the need for healthy food produced by sustainable methods. The World Trade Organization should put this issue at the center of the global trade agenda.

We are already witnessing the consequences of food-system failure, as extreme weather events, economic insecurity, conflict, and COVID-19 continue to wreak havoc. These problems will only worsen if we fail to act fast.

But another, more sustainable future is possible, and the solutions are within reach.

Realizing it requires only the political will to act now.

Project syndicate

14

| M A N U FAC T U R I N G

WEDNESDAY, APRIL 6, 2022

The Future of Work Capsules: The Future Workplace and Green Careers

BY BAPTISTA SARAH GEBU (MRS.)

W

e say a job is green if that job or selfemployment genuinely contributes to a more sustainable world. How green will your career be in the future workplace?

How green will you want your job to be? What green skills will you need to promote sustainability and retention?

Have you heard of Green Careers?

Welcome to the future of work capsules and green careers. How green will your organization, church or association be? How will the concept of the green careers lead us to a green religion and spiritual awakening in readiness of Christ soon second coming? We must learn to be very good stewards first of our bodies, which is the temple of God and second the environment in my opinion.

Green Careers, Green skills, Hybrid Green Professional and the Green Economy Green Careers must begin with a green steward. Without a good green steward, the environment will have no care –givers, neither can there be green careers in the future workplaces in my opinion. Let’s view this discourse holistically and not in isolation.

Green Careers must begin with green stewards. Be agile. If you're interested in the environment, there are several jobs and green careers that can help you make a positive impact. Each job in the green sector will allows us to make a difference as it relates to the Earth, sustainability and conservation at large.

Whether you want to make a hands-on contribution or help from afar, there are many jobs that can use your unique skill set. You may want to start thinking along the line of being a Farm Manager, Environmental Specialist or Scientist, a Green Hybrid Professional, a Solar Installer, Wind Turbine Technician, a Landscape Architect, Natural Resource Manager or Recycling Expert, Tourism conservation officer, among others.

Green tourism that aims at protecting the environment and i.e. plants and animals has created lots of job opportunities in our national parks and theme parks.

Any occupation that is affected by activities such as conserving energy, developing alternative energy, reducing pollution, recycling, environmental preservation can be termed a green occupation or career. Green careers are professional jobs that contribute to environmental preservation, conservation and sustainability.

Individuals with these types of jobs are green-collar employees or Green Hybrid Professional typically for the freelancers. Their job duties vary, but they generally promote environmentally conscious decisions and policy and aim to improve a variety

of environmental issues such as water and air pollution, recycling, energy and gas. There are several employment opportunities for you to make a positive contribution to the planet. Once you understand the options available, it's easier to find a green career that matches your skill set and expertise. Or better still develop one.

Green skills on the other hand refers to “the knowledge, abilities, values and attitudes needed to live in, develop and support a sustainable and resourceefficient society” (Cedefop, 2012).

Green skills will be needed by all sectors and at all levels in the workforce.

According to UNEP (2011) [78], a green economy is one that considers “lowcarbon, resource efficient, and is socially inclusive” with the main objective to “improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.” The 'Green Development' theme has identified six strategic pillars to include - climate change, resource saving and management, circular economy, environmental protection, ecosystem protection and recovery, water conservation and natural disaster prevention.

Humanity’s ability to make development sustainable and some examples of green careers Humanity has the ability to make development sustainable—to ensure that it meets the needs of the present without compromising the ability of future generations to meet their own needs. The concept of sustainable development does imply limits—not absolute limits but limitations imposed by the present state of technology and social organization on environmental resources and by the ability of the environment to absorb the effects of human activities as put forward by the World Commission on Environment and Development, 1987:8.

Greenhouse warming is the most discussed aspect of long-term global climate change. "Greenhouse," in this context, refers to the prospect of global warming driven by substances introduced into the atmosphere by human activities. Some green careers have emerged as a result of this concept and includes; Green insurance, green accounting and green marketing Green insurance (also often referred to as eco-friendly insurance) can be defined as insurance that not only covers people in case of injury or damage, but also contributes to protecting our environment. Insurance companies encourage consumers to go green by providing products and discounts that promote a more sustainable life.

For instance, this could mean that a fraction of the insurance premium is donated to environmental- friendly projects, initiatives and organizations in order to plant trees in our rainforests

and the types includes; green car insurance, green business insurance, eco-friendly home insurance, green travel insurance, eco-friendly liability insurance, green life insurance, ecofriendly health insurance among others.

Green accounting is a type of accounting that attempts to factor environmental costs into the financial results of operations. It has been argued that gross domestic product ignores the environment and therefore policymakers need a revised model that incorporates green accounting.

Accounting systems should be structured so that they "show for all capital—man-made, natural and human—the ratio of stock at the end of the period to that at the beginning” A new system of sustainable accounting, known as Green Accounting, has emerged which permits the calculation of earnings for a nation by taking into account the economic destruction and depletion in the natural resource base of an economy.

Green marketing is the process of promoting products or services based on their environmental benefits which could look at developing and selling environmentally friendly goods or services. When we market products that are presumed to be environmentally safe, we say one is practicing green marketing. It incorporates a broad range of activities, including product modification, changes to the production process, sustainable packaging, as well as modifying advertising. the 4P's of marketing when incorporated with green are called -Green Product, Green Price, Green Place and Green Promotion. Interesting isn’t it?

Green Human Resource Management (GHRM) and Green Management Green Human Resource Management (Green HRM) is that aspects and practices of HRM that pursue the goal of environmental sustainability.

Its aim will be to reconcile the goals of companies and society without compromising company goals.

When we create, enhance, retain greening within each employee of our organization we enable these individual employees to support and contribute to be, environmentalist, ecologist, nonpolluter, and as inventors.

When individual employees and organizations as a whole understand and support save paper by using devices to take note instead, think of the environment before printing that paper and or documents, check every leaking water sources to save water in the organization for instance, promote teleconferencing, mandate employees to meet a specific green score in their performance appraisal goals then we say we are practicing green HRM or management.

Some benefits that can be derived

from GHRM will include, cost sharing amongst others. It is very important to know that human resource management can be said to be different from GHRM in a way. This is because, in green HR, HRM policies are used to stimulate and support the sustainable use of resources and preserve the natural environment. Green HR focuses on the development, implementation and maintenance of all activities aimed at making staff members supportive and committed to sustainable goals.

This is in respective of whether the organizations main business in into conservation, preservation or promotion of sustainable environment.

In my opinion, the biggest success for HRM in this regard will be to support employees to be good stewards, understand what that clearly means ahead of introducing the concept of green employees.

Green HR consists of two essential elements: Environmentally-friendly HR practices and the preservation of knowledge capital. It entails undertaking environment friendly initiatives resulting in greater efficiency, lower costs, and better employee engagement and retention which in turn help organization to reduce carbon according to research.

Green management on the other hand looks at the paradigm that includes improving environmental awareness, using energy resources and ecofriendly technologies, reuse of wastes, and recycling activities starting from production activities of businesses to packaging and delivering to consumers.

Welcome to the future workplace and green careers. How will you define your green preferred career for the future workplace? Let’s hear from you.

Baptista is a human resource professional with a broad generalist background.

Building a team of efficient & effective workforce is her business. Affecting lives is her calling! She is a Hybrid Professional, HR Generalist, strategic planner, innovative, professional connector and a motivator. You can reach her via e-mail on forealhrservices@gmail.com You can follow this conversation on our social media pages Facebook / LinkedIn/ Twitter / Instagram: FoReal HR Services.

Call or WhatsApp: +233(0)262213313.

Follow the hashtag #theFutureofWorkCapsules #FoWC

| AFRICAN BUSINESS

WEDNESDAY, APRIL 6, 2022

15

The importance of self-care and reflection

BY LOUISA AFRIYIE AFRANE OKESE

I

n a society where people feel pressured in diverse ways by family, friends, job, marriage and so on, it is crucial to keep a healthily balanced life. The pressure to be productive nearly 100 per cent of the time is daunting and mentally draining for many people.

A true remedy to keep a healthy mind and body amidst all the pressures of life is to take a step back and reset.

Self-care and reflection are extremely vital to help maintain sanity and wellbeing for optimum productivity.

While self-care is any activity or inactivity to keep yourself healthy, reflection, according to the Institute for Academic Development, is a process of exploring and examining yourself, your perspectives, attributes, experiences and actions or interactions. It helps you gain insight to navigate your future steps.

It takes a person who is intentional about self-care to have a plan inclusive of reflection on past actions.

Reflection, while often done by writing, it can also take the form of a

conversation with a 'trusted friend', relative, coach or mentor. This is because it allows you to review your reflections and develop them more thoughtfully.

It is crucial to take some time off work to regain your energy, no matter how little that time away from work might be. It is all about the balance as you would find that reading a novel in a quiet place can be soothing and de-stressing. If you are not a big fan of reading, you can solemnly meditate away from everyone with no thoughts about work, family or friends.

While some people might go on vacations as their escape plan to balance life’s stressors, others would resort to journaling. Journaling can serve as a driver of reflection. It can generate positivity as you write all the exciting things you have experienced throughout the day and in great detail. Writing your daily highlights can help you focus on the bright spots in your life, blocking out all negatives from your mind.

It also jolts your inner creativity and expression. With the liberty to express your truth through writing, you are able to develop intricate writing styles by describing all the details.

By pouring your heart out, you are able to heal from emotional wounds and regain joy and happiness. Being honest about your emotions through journaling, you are able to manage anxiety, reduce stress and cope with depression.

Self-care, without question, involves eating a balanced diet and drinking lots of water. As is widely known, it is

said that “you are what you eat”. You feel better and energised when you eat healthy. Incorporating exercises in your self-care routine should round off. Leverage your journal to keep track of your routine and stick with it. With dedication to self-care routines and reflections, your life is bound to be smooth-sailing and lesspressured.

16

| NEWS

2022 Africa CEO Trade Survey – what does the AfCFTA mean for African business The Pan-African Private Sector Trade and Investment Committee (PAFTRAC) has announced today the launch of the 2nd edition of its Africa CEO Trade Survey. The focus this year will be on the opportunities being created by the African Continental Free Trade Area (AfCFTA) Agreement.

The AfCFTA agreement creates the largest free trade area in the world, by the number of countries participating and under which trading commenced in January 2021. To ensure the success of the AfCFTA it is crucial that the private sector's voice be heard.

The Africa CEO Trade Survey is an initiative by PAFTRAC that provides the continent’s private sector with a platform to express their sentiments on localized and pan-African trade policies. The survey results are presented in a report format that seeks to advocate private sector views to inform policy reform and shape the future of African trade.

“The opportunity that the AfCFTA brings to businesses across the continent is enormous, that is why we must get the implementation right.

The private sector wants and needs to be an ally in this process.” said Prof Patrick Utomi, Chairperson of PAFTRAC, commenting on the launch of the Africa CEO Trade Survey. “We call on business leaders from across the continent to make your voices heard by participating in this survey.”

Last year’s survey spanned 46 countries and welcomed responses from over 400 African CEOs.

WEDNESDAY, APRIL 6, 2022

Comoros: African Development Fund commits $21.6 million to upgrade national road network The Board of Directors of the African Development Fund approved on Thursday in Abidjan $21.6 million in grants for the third phase of the National Road Network Rehabilitation Program in the Union of Comoros.

The grants comprise $14.1 million from the African Development Fund, the concessional window of the African Development Bank Group, and $7.5 million from the Transition Support Facility, a special purpose entity within the Bank Group that provides funding complementary to its other instruments.

The project’s third phase will focus on improving the RN2 (OurovéniFoumbouni) in Grand Comores, the main island, the RN21 (DomoniMrémani) roadway on Anjouan island and Mwali’s RN32 (WallahNioumachoua) roadways. All three are located in areas with substantial economic and tourist potential.

"These road improvements will increase access to inland regions of the country and promote economic growth that is hindered by the deplorable nature of the country's transport infrastructure," said Pamphile Codo, the program team leader.

Currently, the RN2 section provides the only access route to the beaches of Ourovéni and Malé, which are patronized by visitors, including tourists from all over the world.

The RN21 serves many villages of the island of Grand Comores, and connects to several regional roads.

The RN32 traverses the most fertile region from where the largest share of the country’s agricultural produce is transported to the small port of Howani for onward shipment by boat to the other two islands that makes up Comoros.

The Ourovéni-Foumbouni section (7.2 km long) is home to 51.5% of the country's population, the DomoniMrémani stretch (14 km) has 41.2% of the population and the WallahNioumachoua section (9 km) has 7.3% of the population.

As of February 2022, the African Development Bank Group has four active operations in its Comoros portfolio, with a total commitment of $85 million.

Cultivating growth mindset: Pathway to quality education

BY SETOR Y. NYADROH In a school setting, encouraging people to stick with a new innovation even as it becomes challenging can sometimes be a daunting task. But why do certain people thrive when facing challenges while others languish?

According to Carol Dweck’s theory on mindset, growth mindset is opposed to fixed mindset, and could explain why some people fulfil their potential and others do not.

With the upheaval surrounding the advent of new policy reforms in Ghana’s education sector, to wit, the No Child Left Behind policy, etc, coupled with the COVID-19 pandemic dragging on, having a growth mindset may be even more critical.

For most of the children admitted to school these days, who cared too little about school and did not pay attention, research shows that teaching growth mindset in school may buffer the negative effects of biased perceptions, curbed aspirations and economic

deprivation on students’ academic achievement.

Growth mindset Can a growth mindset then be cultivated? Carol Dweck, a Psychology Professor at Stanford University, explains that students’ mindsets — how they perceive their abilities — plays a key role in their motivation and achievement. If you can change a student’s mindset, you can boost their achievement.

Dweck also explains that a growth mindset is different from having a positive outlook or being openminded.

While these qualities are definitely important, a growth mindset is not a disposition, but rather a constantly evolving concept that is often a result of our experiences.

She is also clear that a growth mindset is not the result of praising effort; it is the result of emphasising progress and seeing challenges not as an end, but instead an opportunity to learn and keep trying.

It means that when we see a

roadblock, we don’t turn around—we find out how to get around it.

Ability Students can be made to understand that ability can change as a result of effort, perseverance and practice.

Students with growth mindset believe that Mathematics is hard, but if I keep trying, I can get better at it.

Many teachers encourage growth mindset in their students without making it explicit. But that can be a powerful tool to improve student outcomes.

Tackling low academic performance in our schools means that today’s teacher requires dynamism and up to scratch approach in embracing the day-to-day challenges that arises on the job; having a growth mindset may help promote this kind of resilience.

The benefits of cultivating a growth mindset in the corporate world cannot be overstated. The adoption of a growth mindset at Microsoft is resulting in more-innovative ideas and products — and employees are developing leadership skills in

unexpected places, at every level.

This is according to an article published by Harvard Business Review, co-authored by Carol Dweck and Kathleen Hogan, Chief People Officer and Executive Vice President of Human Resources at Microsoft.

Novel As the world continues to globalise, Ghana needs novel solutions to new and old problems, and these solutions will be driven, in large part, by people with deep interests who also draw connections across disciplines.

Encouraging our schools to adopt a growth mindset may help spark that process.

These larger potential pay-offs for vulnerable students who are at the greatest risk of poor performance opens an avenue for designing policies and interventions, promoting equity and bridging the performance gap between different groups of students The writer is a teacher and CoFounder/Director of Africawide Literacy Initiative. E-mail:nysetor@ yahoo.com

WEDNESDAY, APRIL 6, 2022

17

18

| MARKET REVIEW

WEDNESDAY, APRIL 6, 2022

Weekly Market Review For Week April 1, 2022 MACROECONOMIC INDICATORS

Trend in Market Indices - 2022

Best 5 Traded Equities by Volume for the Week Ending 1/04/2022

3,000

Q3, 2021 GDP Growth

6.6%

Average GDP Growth for 2021

5.3%

CAL, 0.27%

EGL, 0.27%

SOGEGH, 0.22%

2,500

ETI, 0.21%

2,000 1,500

2021 Projected GDP Growth

5.0%

BoG Policy Rate

17.0%

1,000 500 MTN, 98.80%

Inflation for February, 2022

15.7%

End Period Inflation Target – 2021

8.0%

Budget Deficit (% GDP) – Dec, 2021

9.7%

2022 Budget Deficit Target (%GDP)

7.4%

Public Debt (billion GH¢) – Dec, 2021

351.8

GSE CI

29/03/22

22/03/22

15/03/22

08/03/22

01/03/22

15/02/22

22/02/22

01/02/22

08/02/22

25/01/22

11/01/22

15.47%

18/01/22

Weekly Interbank Interest Rate

04/01/22

0 MTN

CAL

EGL

SOGEGH

ETI

Best 5 Traded Equities by Value for the Week Ending 1/04/2022

GSE FSI

EGH, 0.78%

SOGEGH, 0.24%

YTD Performance of GSE Market Indices

EGL, 0.82%

CAL, 0.22%

1.50% 1.00% 0.50%

Debt to GDP Ratio – Dec, 2021

80.1%

29/03/22

22/03/22

15/03/22

08/03/22

01/03/22

22/02/22

15/02/22

08/02/22

01/02/22

25/01/22

18/01/22

11/01/22

-1.00%

04/01/22

0.00% -0.50%

MTN, 97.82%

-1.50% -2.00%

MTN

-3.00%

MTN dominated both volume and value of trades for the week, accounting for 98.80% and 97.82% of volume and value of shares traded respectively .

The market ended the week with 2 advancers and no decliner as indicated on the table below.

Price Movers for the Week Opening Price

Closing Price

Gain/Loss (%)

0.21

0.22

▲4.76%

Cal Bank PLC

0.85

0.86

`▲1.18%

SIC Insurance Company Ltd.

0.2

0.21

▲5.00%

Cal Bank PLC

0.84

0.85

▲1.19%

GCB Bank PLC

5.18

5.16

▼0.39%

GSE CI

SOGEGH

CAL

200.00%175.00%

GSE FSI

150.00%

Volume and Value of Trades for Week Ending 1/04/2022

46.04% 25.00%

100.00%

-33.65% -33.33% -25.00%

21.43%

100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 -

50.00%

18.28%

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

D

GG

SI C -50.00%

-9.77%

-4.50%

0.00%

VOLUME

01 /0 4/ 22

31 /0 3/ 22

30 /0 3/ 22

CURRENCY MARKET 29 /0 3/ 22

28 /0 3/ 22

Market capitalization inched up marginally by 0.01% to close the week at GH¢64,029.79 million, from GH¢64,021.57 million at the close of the previous week.

This reflects YTD decrease of 0.72%.

Trading activity recorded a total of 83,028,224 shares valued at GH¢88,889,722.36 changing hands, compared with 70,271,365 shares, valued at GH¢78,490,246.30 in the preceding week.

-4.00%

VALUE

Market Capitalization for Week Ending 1/04/2022 70,000.00

0.00%

60,000.00

-0.10% -0.20%

50,000.00

-0.30%

40,000.00

-0.40%

30,000.00

-0.50%

20,000.00

-0.60%

10,000.00

-0.70%

-

-0.80%

28 /0 3/ 22 29 /0 3/ 22 30 /0 3/ 22 31 /0 3/ 22 01 /0 4/ 22

The Ghana Stock Exchange strengthened marginally for the week on the back of gains by 2 counters.

The GSE Composite Index (GSE CI) gained 0.79 points (+0.03%) to close at 2,742.85 points, reflecting year-todate (YTD) loss of 1.67%. The GSE Financial Stocks Index (GSE FI) also, gained 1.43 points (+0.07%) to close at 2,174.96 points, reflecting year-to-date (YTD) gain of 1.07%.

SIC Insurance Company Ltd.

EGH

5 Best & 5 Worst Performing Stocks YTD Return

-3.50%

GL

STOCK MARKET REVIEW

Equity

EGL

-2.50%

MARKET CAP

YTD%

The Cedi recorded no price change against the USD after declines in nine consecutive weeks. It traded at GH¢7.1120/$ on Friday, compared to GH¢7.1121/$ at week open, reflecting w/w appreciation and YTD depreciation of 0.00% and 15.55% respectively. This compares with YTD appreciation of 0.53% a year ago.

The Cedi however appreciated against the GBP for the week. It traded at GH¢9.3217/£, compared with GH¢9.3827/£ at week open, reflecting w/w appreciation and YTD depreciation of 0.65% and 12.81% respectively. This compares with YTD depreciation of 0.58% a year ago.

The Cedi weakened against the Euro for the week. It traded at GH¢7.8515/€, compared with GH¢7.8134/€ at week open, reflecting w/w and YTD depreciations of 0.49% and 13.03% respectively. This compares with YTD appreciation of 4.86% a year ago.

The Cedi lost grounds against the Canadian Dollar for the week. It opened at GH¢5.6837/C$ but closed at GH¢5.6864/C$, reflecting w/w and YTD depreciations of 0.05% and 16.62% respectively. This compares with YTD depreciation of 0.63% a year ago.

Weekly Interbank Foreign Exchange Rates

01/04/22

USD/GHS

6.0061

7.1121

7.1120

■0.00

▼15.55

GBP/GHS

8.1272

9.3827

9.3217

▲0.65

▼12.81

EUR/GHS

6.8281

7.8134

7.8515

▼0.49

▼13.03

CAD/GHS

4.7416

5.6837

5.6864

▼0.05

▼16.62

60%

19.00 18.10

18

50%

17.11 16 14.85

40%

15.46

30%

14

20% 10%

12

Source: Bank of Ghana

0%

10

10.0000 9.0000 8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000

EUR

26/03/22

19/03/22

12/03/22

05/03/22

26/02/22

19/02/22

12/02/22

05/02/22

29/01/22

15/01/22

08/01/22

01/01/22

22/01/22

GBP

Crude Oil prices settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest ever U.S. oil reserves release. Both Brent and U.S. crude benchmarks settled down around 13% in their biggest weekly falls in two years, after U.S. President Joe Biden announced the release on Thursday. Brent futures traded at US$104.39 a barrel on Friday, compared to US$120.65 at week open. This reflects w/w loss and YTD gains of 13.48% and 34.21% respectively.

CAD

Gold retreated on Friday and was set to post a weekly decline after robust U.S. jobs data drove the dollar higher and bolstered bets that the Federal Reserve would aggressively raise rates. Gold settled at US$1,919.10 from US$1,954.20 last week, reflecting w/w loss and YTD appreciation of 1.80% and 4.95% respectively.

YTD Performance of the Ghana Cedi against Selected Currencies

26/03/22

19/03/22

12/03/22

05/03/22

26/02/22

19/02/22

12/02/22

05/02/22

29/01/22

22/01/22

15/01/22

08/01/22

01/01/22

5.00

-5.00

Gold

COMMODITY MARKET

USD

0.00

-10%

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

Exchange Rates: Ghana Cedi vs Selected Currencies

Prices of Cocoa advanced for the week. The commodity traded at US$2,599.00 per tonne on Friday, from US$2,562.00 last week, reflecting w/w and YTD appreciations of 1.44% and 3.13% respectively.

-10.00

International Commodity Prices -20.00 GBP

EUR

CAD

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢463.65 million for the week across the 91-Day and 182-Day Treasury bills, compared to GH¢733.21 million raised in the previous week.

The 91-Day Bill settled at 14.85% p.a., from 14.14% p.a. last week whilst the 182-Day Bill settled at 15.46% p.a., from 14.51% p.a. last week. The table and graph below highlight primary market yields at close of the week.

Year Open

Previous Yield %

Current Yield %

01/01/22

14/03/22

18/03/22

WoW Chg (%)

YTD Chg (%)

▲1.22

▲7.10

▲0.42

▲3.01

12.53

13.25

13.42

182 Day TB

13.21

13.55

13.61

364 Day TB

16.64

6.96

16.96

0.00

▲1.88

2-Yr FXR TN

19.75

19.75

19.75

0.00

0.00

3-Yr Bond

20.50

20.50

20.50

0.00

0.00

5-Yr Bond

21.00

20.75

20.75

0.00

▼1.19

6-Yr Bond

18.80

21.75

21.75

0.00

15.69

7-Yr Bond

18.10

18.10

18.10

0.00

0.00

10-Yr Bond

19.75

19.75

19.75

0.00

0.00

15-Yr Bond

9.75

19.75

19.75

0.00

0.00

0.00

0.00

20.20

20.20

Year Open

Week Open

Brent crude oil (USD/ bbl)

77.78

107.93

Week Close

Chg %

YTD %

20.65 ▲11.79 ▲55.12

Gold (USD/t oz.)

1,828.60 1,929.30

,954.20

▲1.29

▲6.87

Cocoa (USD/MT)

2,520.00 2,537.00

2,562.00

▲0.99

▲1.67

Cocoa (USD/MT)

2,520.00 2,580.00

,537.00

▼1.67

▲0.67

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

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

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

140 120 100 80

1,500

60

1,000

40

500

20

0

0

Gold

Cocoa

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

RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

Source: www.investing.com

91 Day TB

20.20

Commodities

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

USD

20-Yr Bond

Brent Crude

ABOUT CIDAN

-15.00

Security

Cocoa

26/03/22

28/03/22

▼15.55

19/03/22

01/01/22

▲0.01

12/03/22

7.1121

05/03/22

7.1125

70%

20.20 19.7519.75

19.75

26/02/22

6.0061

20

19/02/22

25/03/22

21.75 20.75

12/02/22

21/03/22

22

05/02/22

YTD

YTD Performance of Selected Commodity Prices

Treasury Yield Curve

YTD %

29/01/22

Change%

W/W

22/01/22

Week Close

15/01/22

Week Open

08/01/22

Year Open

01/01/22

Currency Pair %

19

| MARKET REVIEW

WEDNESDAY, APRIL 6, 2022

Brent Crude

B R E N T C R U D E

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

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

MONDAY, FEBRAURY 14, 2022

WWW.BUSINESS24.COM.GH

NO. B24 / 316| NEWS FOR BUSINESS LEADERS

WEDNESDAY, APRIL 6, 2022

Financing public universities: Proposal, implications

P

olicies emerge in response to specific needs of the society at a point in time.

A cursory look at our development trajectory reveals that in terms of tertiary education financing, we have moved from a free tertiary education policy to a cost-sharing model, all in response to peculiar challenges of the time.

Through the changing dynamics of these financing models, we have had to, on a balance of probability, pursue options that are in the best interest of the country’s educational agenda and our overall focus of human capital development.

It is based on this that a passionate analysis of the call by the finance minister to wane off public tertiary institutions from government payroll is non-negotiable.

Problem Two major events have necessitated a discussion on this long-standing debate on financing higher education institutions in Ghana.

The first is the challenge with the government payroll system which is over-bloated, coupled with our current economic challenges, which makes it difficult for the government to have enough fiscal space.

The second trigger is the recent UTAG strike on their conditions of service which have been an albatross on various governments.

There might be other remote causes but for me, these two are the immediate causes of the proposition

by the minister.

Minister’s solution To be able to address the economic challenges we are currently grappling with, the minister is suggesting that in the medium term, one of the measures to undertake will be to “wean off public tertiary institutions from government payroll and provide them with a fixed amount block grant instead”.

This to him would reduce the volume of the government payroll, and by inference take the government off any responsibility in terms of workers’ agitations since the institutions would be responsible for paying their employees.

Legal issues The 1992 Constitution of Ghana, Article 38, Section 2a states that: “The State shall, subject to the availability of resources, provide equal and balanced access to secondary and other appropriate pre-university education, equal access to university or equivalent education, with emphasis on science and technology.”

This denotes that there is a responsibility on the State to provide equal access to university education, but subject to the availability of resources. This position of creating equal access was brought up in a suit at the Supreme Court (SC) by the Federation of Youth Associations of Ghana (FEDYAG).

In that case, the SC held that public universities could have a fee-paying policy and that such a policy was not discriminatory. This implies that

it is legal for public universities to charge full fees under the current constitutional dispensation.

Implications It will be important for the government to publish a policy brief on this proposal so that it will be easier for policy analysts and the general public to appreciate the modalities of such a move.

Ghana Tertiary Education Commission Such a policy brief will clearly explain the terms and conditions of the “block grant”, its application and disbursement criteria and the role the Ghana Tertiary Education Commission (GTEC) will play in all this.

However, these are the implications of the proposition by the minister: • Under the present arrangement, apart from the government subventions, other sources of income to the public tertiary institutions are internally generated funds, private donations and student tuition fees.

With the minister’s proposition coming into force, the sources of revenue for public tertiary institutions will be these three sources plus the “block grant”.

• Act 983 requires that these public tertiary institutions submit their fees to be approved by the Parliament of Ghana. This proposal mean that this act is amended to exclude these public tertiary institutions to have a free hand in charging fees that will enable them to run their institutions efficiently.

• We have a target to obtain a Gross Tertiary Enrolment Rate (GTER) of 40 per cent by 2030. To achieve this, we have already removed the financial barrier at the secondary education level to pave the way for more people to access secondary education. This will naturally translate into higher enrolment levels at the tertiary level.

We have not been able to improve over the years because of inadequate infrastructure in our public universities. Adding a cost barrier will automatically reduce access to tertiary education, and hence, we will not be able to meet our target. The effect of this is that the positive relationship established between improvement in GTER and the economic transformation of countries cannot be realised in this country.

• The externalities of tertiary education are enormous. That is why in the development trajectory of advanced economies, they invested heavily in their tertiary education institutions, making them the hub

of strategic thinking, research and innovation.

“Privatising” public tertiary institutions might reduce the social benefits associated with accessing tertiary education since most people might not be able to afford the fees.

• There is also a possibility of retrenchment if the public tertiary institutions are not able to raise enough revenue to pay their workers.

The implications of a possible retrenchment on the overall economy cannot be underestimated.

• There should be robust students’ financial assistance schemes that will offer various forms of assistance to students. What we currently have is nothing to write home about.

Conclusion A good public policy finds a fine balance between social benefits and costs and it is implemented with the interest of the public at the centre.

We might be going through various challenges which require that we think outside the box. It is also true that the public sector wage bill is an albatross on government finances.

It, however, does not mean we should sacrifice the development of our human resources, especially at this stage of our development process.

We do not have the muscle to “privatise” our public tertiary institutions.

We should subscribe to a revised costsharing model where the government can absorb certain categories of employees’ remuneration in the public tertiary institutions in addition to the payment of a “fixed amount block”.

This will prevent the institutions from charging exorbitant fees that will block access to tertiary education for many who cannot afford it.

The writer is an education economist, researcher and education policy analyst. Executive Director, Institute for Education Studies (IFEST), an educational policy think tank.

PUBLISHED BY BUSINESS24 LTD. TEL: 030 296 5297 030 296 5315.

EDITOR: BENSON AFFUL editor@business24.com.gh. +233 545 516 133.