Women must make themselves available for leadership positions- MTN Ghana CFO urges | Page 03
Dumsor' will never be back - Energy Ministry to Kwabena Donkor | Page 03
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Bawumia says economic fundamentals stronger and better Vice-President Dr Mahamudu Bawumia has said although the COVID-19 pandemic has shaken the strong foundation of the Ghanaian economy, the growth of the economy is fundamentally stronger than it was in the 2013-2016 period
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peaking on the state of the economy at the TESCON national conference in Kasoa, Dr Bawumia said “the path of inflation in Ghana has been similar to those of other countries following the COVID pandemic. Inflation had declined from an average of 17.5% in 2016 to an average of 7.2% in 2020. Since the pandemic, inflation has increased to an average of 10% in 2021.”
“As of February 2022, inflation rose further to 15.7% as a result of global conditions, including a rise
in crude oil and other commodity prices and the Russian-Ukraine conflict. It is important to note that between 2013 and 2016 inflation averaged 15.9%. Between 2017 and 2021, however, inflation has averaged 10.4% notwithstanding the impact of COVID-19.” Bawumia said notwithstanding COVID-19, interest rates are lower now than they were in the 2013 -2016 period. MORE ON PAGE 2
Stop pricing goods and services in foreign currencies – BoG warns The Bank of Ghana (BoG) has cautioned persons pricing goods and services in foreign currencies to desist from such practices or have themselves to blame. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies
and institutions from pricing, advertising, receipting, or making payments in foreign currencies in Ghana. The central bank in a statement also said the law prohibits individuals or institutions from
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Reopened borders key to post-covid recovery Government recently announced the reopening of the country’s land borders, emphasizing the benefits to traders who conduct business along and across Ghana’s borders. It is some huge relief to border communities whose source of livelihoods have been greatly affected by the prolonged border closure. Although residents and state agencies operating in border towns are excited about the news, they have also recounted the harsh impact of the closed borders on their revenues and livelihoods. Ghana Immigration Service’s Sector Commander for Aflao, for instance, says that the shutdown of the borders has taken a huge toll on the Service’s revenue mobilization efforts. “The revenue we generate from processing visas on arrival, penalties for overstays and others go to government but the Service has
a percentage but now that those monies have stopped coming in, we can’t have our expected revenue. It must be said that even though Ghana has reopened its borders, it is required of the Togolese government to also open its land borders to bring life to normalcy. “We pray and hope that the Togo side will also be opened to human movement; if they don’t do that then travelers cannot cross to Ghana as expected,” he added. Cross border trade has been is key to the recovery of economies of the continent and we hope that Ghana’s neighbours will reopen their borders anytime soon. But as the borders reopen, there remains several trading blocks hindering the easy flow of goods across the subregion as increased security checkpoints and barriers continue to plague Ghana’s transit corridor.
Bawumia says economic fundamentals stronger and better Starts from page 1
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“Before COVID-19, the steady disinflation process provided scope for significant monetary policy easing. The Bank of Ghana’s Monetary Policy Rate (MPR) was cut by a cumulative 11% between January 2017 and January 2021.” “This translated into a reduction in short term interest rates, with the interest rate on the 91-day Treasury bill declining from an average of 21.2% between 2013 and 2016 to an average of 13.8% between 2017 and 2021. Lending rates have also fallen from an average of 28% between 2013 and 2016 to an average of 23% between 2017 and 2021,” he said. Bawumia added that in response to the recent increase in inflation, the Bank of Ghana has increased the policy rate by 2.5% from 14.5% to 17.0%. Bawumia said the robust fiscal discipline under the Akufo-Addo led administration is a contributing factor to the country’s strong economic fundamentals. “The developments in the fiscal
balance show a remarkable and sharp dichotomy between the fiscal deficit (ie. the 23 differences between government revenue and government expenditure) before the COVID-19 and after COVID-19. The fiscal deficit between 2013 and 2016 averaged 7% of GDP. Between 2017 and 2019 (before COVID-19), the fiscal deficit declined to an average of 4.5%.” “For the first time in a decade, Ghana recorded primary balance surpluses (for three years in a row). To sustain the path of fiscal discipline, parliament passed into law a Fiscal Responsibility Act that limits the fiscal deficit in any year to a maximum of 5% of GDP and requires a positive primary balance (that is our tax revenues should exceed all government spending, excluding debt service payments),” he said. He added that the country’s external sector performance is the strongest as compared to the trade deficit of US$1.7 billion recorded from 2013 to 2016.
“Ghana’s external payments position strengthened in the 20172021 period relative to the 20132016 years. For the first time in over 30 years, the trade balance (the difference between what we export and what we import) recorded a surplus for five successive years,” he said. “The trade balance was in the deficit between 2013 and 2016 but moved from a deficit of US$1.7 billion in 2016 to a surplus of US$1.1 billion in 2017, a larger surplus of $1.8 billion in 2018, and an even larger surplus of US$2.2 billion in 2019. The impact of 19 COVID-19 has seen a reduction of the surplus to US$2.04 billion in 2020 and a further reduction to US$1.1 billion in 2021. “…Nevertheless, this is still a much stronger performance than the trade deficit of US$1.7 billion recorded in 2016 (which was one of the stronger performances in the 2013-2016 period.”
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Women must make themselves available for leadership positions - MTN Ghana CFO urges The Chief Finance Officer for MTN Ghana, Antoinette Kwofie, has urged women who aspire to take up leadership positions to make themselves visible in order to make an impact in society. This, she believes, will help bridge the gender gap and promote gender equality. Ms Kwofie was speaking at the 2022 ‘Ring the Bell for Gender Equality’ program organized by the Ghana Stock Exchange in partnership with the International Finance Corporation (IFC). She was among a five-member panelist who spoke on the theme “Gender Equality Today for a Sustainable Tomorrow.” Sharing her experience as a woman in Finance, Ms Kwofie said in the world of Finance, women are viewed as the exception rather than the norm. She said until she got into the corporate world, she did not know that the expectations of women were different because she grew up in a home of five girls and everything got done by them. She said, “We did everything and nothing came to a standstill because we are women”. As a result, she said she is very passionate to create a role
model for the next generation of women to know that they are enough to make things happen and also conscientize them to know that as women, they do not have to be men in order to thrive. Explaining what gender equality means to her, Antoinette said, “Gender Equality means the world deciding to pick-up a box with two hands which is better rather than trying to struggle to pick it up with one hand”. Speaking on the necessity to take other women along, Antoinette said she believes that every woman should be able to see beyond themselves. “If you can’t see it, you can’t be it. You have to be more visible. You can’t be invisible if you want to make an impact, your visibility has to create the right impact”, She reiterated. Ms Kwofie committed to creating space to talk about issues that pertain to women in a professional environment, undertake mentoring, coaching, putting in place intentional policies and measures that can be measured along. She is of the belief that “what doesn’t get measured, doesn’t get performed.
Antoinette Kwofie - CFO MTN Ghana
‘Dumsor’ will never be back - Energy Ministry to Kwabena Donkor The Ministry of Energy has reacted to a recent comment by Dr. Kwabena Donkor, a former Minister of the sector, that the power outage crisis popularly referred to as “dumsor” will return if urgent steps were not taken. In a statement by the Public Affairs Unit of the Ministry of Energy, the Ministry said “dumsor” will never be back. Making the claim, Dr. Donkor described as “insignificant addition to our generation capacity,” based on which he said the power outage crisis will likely re-occur. But the Ministry has rejected “the assertion by the former Power Minister that there is a risk of returning to ‘dumsor’ by virtue of the state of generational capacity.” “In line with our projected demand and the prudent management of the Energy sector, the Ministry of Energy is confident that there is no way
that this country will go back to the dark days of ‘dumsor.” As a nation, we should take prudent steps so as to avoid the unnecessary take-or-pay contracts that are draining our coffers as a nation all in the name of adding on to our generation mix, the Public Relations Officer of the Ministry of Energy, Kwasi Obeng-Fosu stressed. “The claim by Dr. Donkor that the NPP government has not added significantly to the energy generation capacity cannot be supported by the available facts. Government is of the view that, there must be prudent addition to the generation capacity in order not to get the country into over-capacity and its associated
issues, and that the addition must be premised on projected demand.” “As we speak, the total generation capacity added by this government is 421MW. This brings Ghana’s total installed capacity to 5358.50MW, against the backdrop of current peak demand of 3,469MW which was recorded on March 18, 2022. So we are managing the situation better,” he added. Mr. Obeng-Fosu also acknowledged that due to minor works, faults and natural occurrences certain parts of the country were facing intermittent outages.
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Stop pricing goods and services in foreign currencies – BoG warns Starts from page 1
The Bank of Ghana (BoG) has cautioned persons pricing goods and services in foreign currencies to desist from such practices or have themselves to blame. According to the apex bank, such practices breach the Foreign
Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting, or making payments in foreign currencies in Ghana. The central bank in a statement
GRA to introduce tax filing App - Bawumia The Ghana Revenue Authority (GRA) will soon launch a tax filing mobile application to enable the public to file tax returns and also receive tax clearance certificates. The Vice-President, Dr Mahamudu Bawumia has explained that the App will help to deal with fake take clearance certificates in the system. The Vice President who was speaking at an event organised by the Tertiary Education Confederacy of the New Patriotic Party (NPP), Thursday evening, said the App will be launched in a week or two from now. “Going forward, nobody will have to go and apply for tax clearance certificate,” he said, adding
“The era of fake tax certificate is about to end.” He said the manual process where people had to go to the offices of the GRA to file taxes was cumbersome and therefore prevented many from filing their taxes. For him, people also explored the paper (manual) system to get fake tax clearance certificates, noting that the introduction of the tax filling App will help to deal with the corruption that has frosted the tax system.
also said the law prohibits individuals or institutions from engaging in foreign exchange business without a licence issued by the Bank of Ghana. “Such violations are punishable on summary conviction by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen months (18) or both,” the Bank of Ghana cautioned. The bank also cautioned the public to desist from “black market” transactions. The central bank further reiterated in the statement signed by its Secretary, Sandra Thompson, that the only legal tender for transactions in the country is the Ghana Cedi. “The Public is hereby notified that the sole legal tender in Ghana
is the Ghana Cedi. The Bank of Ghana, in collaboration with the National Security and Law Enforcement Agencies, will clamp down on illegal foreign exchange operations. All offenders shall be dealt with in accordance with the law.’ The public is urged to call 0302665005 or WhatsApp the BoG on 0596912354 or 0501502270, or email at complaints.office@bog. gov.gh. The action by the apex bank follows the current challenges of the Ghana Cedi against major trading currencies, especially the dollar, as well as the country’s economic woes. The cedi in recent times has depreciated against major trading currencies, while the country’s inflation also keeps rising. In a bid to salvage the woes of the cedi, the central bank recently decided to pump about $2 million into the economy to reduce pressure on the cedi.
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We’re ready for the awards night -Ghana Beverage Awards organizers Global Media Alliance, organizers of the Ghana Beverage Awards (GBA) has expressed its readiness to host the sixth edition of the prestigious awards, initially scheduled on Friday, April 8 2022 at the Kempinski Gold Coast City Accra. According to the organizers, this year’s edition promises patrons a night full of thrills and heavy laden with never seen before experiences. Departing from the virtual awards ceremony organized for the immediate past two events, the newly packaged and improved GBA will provide an interactional platform for industry players and relevant
stakeholders whiles rewarding excellence in the Ghanaian beverage Industry. Speaking ahead of the event, Chief Executive Officer for Global Media Alliance, Ernest Boateng commended the participating beverage companies for their high level of participation in all activities that were earmarked to build some excitement among patrons in a lead up to the main event. “As organizers, we followed with keen interest the high levels of energy and enthusiasm that was channeled into the various activities held to herald the main event and I must say that year’s participation has been exceptional. We would to express our sincerest gratitude for your commitment and we make a solemn promise to innovate and make GBA always worth looking forward to,” he
said. He expressed gratitude for patrons for their patience and understanding in the event of the rescheduling of the event. “We’re most grateful for our patrons for their loyalty and support when we had the reschedule the awards from March 25 2022 to coming Friday due to some unforeseen circumstances. Your support during such a period really meant a lot to us.” Ghana Beverages Awards, currently in its sixth year, is organized under the theme “Inspiring Excellence in Ghana’s Beverage Industry.” In the last five years, the awards scheme has been instrumental in putting the spotlight on the local beverage industry while promoting both local and foreign beverages as well as the participation of small-scale beverage enterprises in Ghana.
Again, it has remained a force to reckon with through its contribution ensuring that beveragemanufacturing companies are compliant with the highest standards of practice in the production and delivery of their products. GBA is proudly supported by the Food and Beverage Association of Ghana (FABAG), Consumer Protection Agency (CPA), Food Research Institute (FRI) under CSIR, Perception Management International (PMI) ,Ministry of Trade and Industry, Ministry of Tourism, Arts & Culture and the Ghana Tourism Authority (GTA).It’s media partners are: Citi FM, Happy FM, YFM, Akonoba FM, Neesim FM Bolga Neesim FM Tamale, eTV Ghana, Net 2 TV, Oman FM,Mx 24, Business and Financial Times, Daily Guide and Ghanaweb.
Ministry of Lands denies spending GH¢10million on ‘galamsey’ confabs The Ministry of Lands and Natural Resources (MLNR) has refuted allegations by the National Democratic Congress (NDC) Member of Parliament (MP) for Tamale North, Alhassan Suhuyini, that the ministry had spent GH¢10m on conferences relating to the fight against illegal mining popularly known as galamsey. A statement issued by the Public Relations Unit of the MLNR denied the allegations, describing them as “false and without factual basis”. According to the MNLR, following a call by President Nana Addo Dankwa Akufo-Addo last year for a national dialogue to help address the menace of galamsey, the ministry organised a series of seminars. The first one, it said, was a twoday national consultative dialogue on illegal mining held at the Accra International Conference Centre from April 14-15, 2021. The dialogue, it said, produced a 15-point resolution, which included the need to hold similar dialogues in all the 16 regions. “As a way of prudently managing the public purse, the ministry adopted a strategy to bring together the regions and hold the dialogues on a zonal basis. Accordingly, two regional dialogues were held in Kumasi for the forest zone and Tamale for the
savannah zone. In addition to the dialogues, the ministry undertook a working visit to all the sixteen (16) regions of our country, where we engaged various stakeholders to solicit their support to fight illegal mining,” the statement said. It said the stakeholders engaged by the ministry included the Council of State, the National House of Chiefs, the Regional Houses of Chiefs, Regional Ministers, Regional Security Councils, the Ghana Chamber of Mines, Ghana National Association of Small Scale Miners (GNASSM), civil society organisations in the mining sector and miners. “All these meetings were fully funded by the ministry.The ministry also provided some funding for the Regional Security Councils, to assist in the fight against galamsey,” the statement added. The statement also explained that apart from the dialogues, the MLNR, in partnership with
GNASSM, initiated a Small Scale Miners Award Scheme, meant to encourage small-scale miners to mine in a responsible and environmentally friendly manner. Again, it said as apart of the fight against illegal mining, the ministry also revamped community mining schemes, provided more funding to the Minerals Commission and introduced measures to promote
mercury-free gold katcha. “All these form part of the ministry’s expenditure on the fight against illegal mining. At the appropriate time, the state agencies charged with auditing the accounts of the ministry will do their work as mandated by law, and take the appropriate actions if any wrongdoing is detected,” the statement said.
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A cure for Europe’s addiction to Russian energy By Niels Fuglsang Russia’s shocking invasion of Ukraine has awakened the European Union to the urgent need to reduce its reliance on Russian fossil fuels. But, as the EU attempts to escape the Russian energy yoke, it must not overlook the critical importance of energy efficiency. The EU is the single largest customer for Russia’s natural gas and petroleum products. Russia accounts for around 40% of the EU’s gas imports and about a quarter of its oil imports, but only now has it become starkly apparent just how vulnerable this has left us. That is why, soon after the invasion, the EU announced plans to cut its dependence on Russian hydrocarbons by two-thirds this year and end its reliance entirely “well before” 2030.
energy. In the past, the efficiency imperative has often been overshadowed in EU energy-policy discussions by the goal of increasing the share of renewable sources such as wind, solar, and hydro in the energy mix. But these objectives are two sides of the same coin. Fortunately, the EU’s broad package of draft climate legislation – which aims to reduce the bloc’s greenhouse-gas emissions by at least 55% compared to 1990 levels by 2030, up from the 40% target currently agreed – recognizes this complementarity. Beyond measures to boost the use of renewables, the “Fit for 55” package includes a proposal to increase the EU’s energyefficiency target for 2030 from 32.5%
an even more ambitious target. As the European Parliament member responsible for steering the draft energy-efficiency law through the assembly in the coming months, I will push for a binding EU energyefficiency target of 43% of final consumption by 2030. I also recommend introducing binding national targets to underpin the EU-wide goal, and adjusting interim national milestones in 2025 and 2027, to ensure that the trajectory to 2030 remains credible. Moreover, we should broaden an obligation to retrofit 3% of public buildings annually to include social housing. And we must strengthen provisions to improve energy efficiency in low-income households. Greater efficiency would help to
But it is worth noting that member states combined are not on track to meet even this goal. The EU can no longer afford to neglect energy efficiency. Aside from advancing Europe’s geopolitical and climate goals, greater efficiency would bring significant economic and social benefits. Efficiency-boosting building renovations promise to create many skilled jobs and stimulate economic activity in cities and elsewhere. Thanks to the unprecedented funds the EU raised to overcome the pandemic-induced slump in 2020, member countries are in a strong position to kick-start a Europe-wide renovation wave. In light of the wide-ranging benefits of boosting energy efficiency,
Greater energy efficiency – achieved through such basic investments as double-pane windows, modern thermostats, and building insulation – could go a long way toward enabling the EU to achieve these goals. According to the European Commission, when energy efficiency is increased by just 1%, gas imports decline by 2.6%. In other words, Europe can take a major geopolitical and environmental step forward simply by wasting less
of final consumption to 36%. (This target is based on 2007 projections for overall EU energy consumption in 2030.) To give the effort more teeth, the Commission wants to make its targets legally binding. While the package was put forward by the European Commission last July, Russia’s war in Ukraine has made its implementation all the more important. But the European Parliament and EU governments must also go further, agreeing to
shield households from energy-price increases – such as those that began last year in Europe as a result of a gasmarket squeeze – and keep heating bills affordable. Member states’ governments may well balk at the prospect of the EU introducing more stringent – and binding – requirements for national energy savings. After all, in 2018, when the current energy-efficiency target for 2030 was agreed, member states insisted that it be non-binding.
national leaders must show greater political commitment to the EU framework. National sensitivities about the freedom to act have long impeded EU-wide ambition. But, in addressing major crises, from the COVID-19 pandemic to the Ukraine war, the EU has dispensed with other, even bigger, political taboos. Given this recent history, scaling up the EU’s draft energy-efficiency legislation should be as politically feasible as it is strategically sensible.
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€32.5m SUNREF green energy project to significantly support Ghanaian economy The country’s economy is expected to be heavily impacted under the €32.5 million Sustainable Use of Natural Resources and Energy Financing (SUNREF) programme. SUNREF is part of a global initiative by French Development Agency to get public and private banks to finance private sector investments in green technologies and sustainable energy. SUNREF encourages industries and individuals to switch to more sustainable and efficient energy sources. Speaking to Joy Business after engaging members of the Association of Ghana Industries in Tema, Team Leader for SUNREF, Normand Michaud said Cal Bank and GCB Bank are partners in pushing the green economy agenda. “If you have industries that are willing to invest to be more efficient and generate their own electricity through renewable energy, then the whole country can switch or remove the power [thermal] generation that is polluting the environment. So it is going to help the country a lot.”
“Even financially speaking, if the country can free up some of its electricity consumption they can start selling it more to other countries and so it will have a huge impact on the economy”, he added. Mr. Michaud further said “the SUNREF programme right now is going to run for two years or maybe three years in terms of providing loans by the two banks – GCB and CalBank. After that, if things go on well, there is also a possibility of doing phase II in which AfB will invest the same amount, that will run for another three or four years.”
The Project coordinator for the SUNREF Ghana programme, who is also a representative from the Energy Commission, Ebenezer Ashie said the SUNREF Ghana programme which aims to facilitate access to affordable sustainable energy and facilitate cost savings will resonate more with the Renewable Energy Master Plan (Vision 2030) of the Energy Commission of Ghana. He urged admonished small and medium enterprises (SMEs) and other retail consumers to take advantage of the SUNREF project. The SUNREF project is a financing programme that promotes green growth aimed at helping Ghana achieves its Vision 2030 Renewable Energy Master Plan. SUNREF Ghana launches €32.5m Green Finance Programme to boost renewable energy SUNREF, a green finance label developed by l’Agence Francaise de Developpement (AFD) and supported by the European Union (EU), launched its energy financing programme for Ghana , in Accra in 2021.
The Programme was a unique and innovative financial offer, with a credit line of €30 million from the AFD and €2.5 million as grant and technical assistance from the EU, provided to local partner banks. CalBank was the first bank to partner with the programme. Through this partnership with local partnering banks, SUNREF Ghana will offer competitive loans and technical assistance for structuring green investments, to help companies, organisations, individuals and households seize the opportunities of green finance and the ecological transition. The programme aims to develop and consolidate a financing market for green investments in the area of energy efficiency, renewable energies and environmental services. SUNREF Ghana will support eligible and viable green projects, help to increase the competitiveness of businesses – particularly SMEs, improve energy security, and strengthen the capacity of local stakeholders.
Sanitation Minister Charges Jospong Group To Lead In Green Energy The Jospong Group of Companies ( JGC) has been charged to lead in the energy to waste sector also known as green energy. The Minister of Sanitation and Water Resources, Madam Cecilia Abena Dapaah, who made the call on Friday, April 7, 2022, following an inspection tour of the Accra Compost and Recycling Plant (ACARP) at Adjen-Kotoku in the Ga West Municipality, Greater Accra, assured that the government was ready to support any private entity that will venture into the green energy space. According to her, though investing in the waste to energy space was capital intensive, she was confident JGC, with its track record, would be able to marshall the needed resources to undertake such a project. In this vein, she commended the JGC for its continuous ‘huge investment” in the water and sanitation space. That, she said, was evident in the group’s completed and and
ongoing waste management projects across the country. “We will continue to encourage and support them [ JGC] to grow higher,” she assured. After being conducted around the plant by the General Manager (GM) of ACARP, Mr. Michael Padi Tuwor, Madam Dapaah expressed her satisfaction with operations at the facility. “I am very impressed with operations at ACARP because they have lived up to expectation,” she gladly expressed. For the Ministry of Sanitation and Water Resources (MSWR), she emphasised that it was crucial that there were projects like ACARP to help add value to waste in the country. “Where would we have put the 7,149,922 tons of waste Ghana generates yearly if there were no projects like ACARP”? she quizzed. Against this background, Madam Dapaah praised members of the Environmental Service Providers Association (ESPA) for
their contributions towards waste management. She also used the opportunity to encourage Ghanaians to cultivate the habit of waste separation first in the homes. “The country must also wean itself from open defecation, and desist from the practice of including solid waste to faecal sludge,” she advised. She indicated that her ministry was consciously sensitising Ghanaians on the need to bury organic materials for compost and ensure that inorganic materials were transported to transfer stations and facilities such as ACARP. “Our doors are still open for proposals and ideas,” she said. The minister lauded President Nana Addo Dankwa Akufo-Addo for his vision to ensure a clean Ghana. “We must continue to pray for the President for his empathy in providing Ghanaians with free water for 15 months which helped
save lives during the early months of the Covid,” she said. She described the Executive Chairman of JGC, Dr. Joseph Siaw Agyepong, as a man with a “soft ear” to proposals and ideas. “He also believes in women, a risk-taker and has the can-do spirit which makes a lot of impact,” she said. The GM of ACARP, Mr. Michael Padi Tuwor, thanked Madam Dapaah and her team for the visit. He assured that the company will continue to contribute its quota towards managing and adding value to waste.
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Ghana Cylinder Company Has Complied With Auditor General’s Report- CEO
Chief Executive Officer of the Ghana Cylinder Manufacturing Company (GCMC) limited, Frances Asiam has stated that the company has complied with all recommendations given by the Auditor General with regards infractions.
The Auditor General has accordingly confirmed that no further action is required against the company regarding the infractions captured in its report since it has all been addressed. The 2018 Auditor General’s report on public accounts of Ghana: public boards, corporations and other statutory institutions for the period ended 31, December, 2018 raised several infractions against the Ghana Cylinder Manufacturing firm for three financial years ended 31 December, 2027. Ms Frances Asiam said this when she appeared before the Public Accounts Committee of Parliament to respond to the Auditor Generals report. According to her many factors
accounted to those infractions and assured of her commitment to ensure those shortfalls do not recure in future. The committee has however instructed the company to remit a total of GHS111,651.28 to the Ghana Revenue Authority (GRA) within the next 14 days being a withholding tax which was withheld on goods and services procured from 2014 to 2017 financial years among other infractions . The said amount was discovered by the Auditor Generals Department(AGD) as an infractions through the nonpayment of remittances by the company to the Ghana Revenue Authority (GRA). Other infractions cited by the
Auditor General’s report against the company include the payment of a total amount of Ghc 52, 400.00 unapproved allowances to the Board of Directors, purchases of Ghc 357, 747.26 not accounted for, failure to withhold taxes on Board members allowances Ghc 4,400.00, unaccounted impress of Ghc 10,000.00, unplanned procurement and non-existence of procurement unit, inappropriate method of procurement among others. The Ghana Cylinder Manufacturing Company CEO also hinted of her commitment to expand the company and augment the manufacturing of cylinders locally.
IFC, Reall celebrate northern Ghana’s first affordable housing project IFC and Reall today announced the first affordable housing project to achieve IFC’s Excellence in Design for Greater Efficiencies (EDGE) green building standard in northern Ghana, a region particularly affected by climate change. Reall, a UK-based development organization supporting affordable homes in Africa and Asia, partnered with Ghana’s Afreh Group to construct 100 eco-friendly, two-bedroom units in the Lahagu suburb of Tamale, the capital of Ghana’s Northern Region. The construction was completed in July 2021. The units feature low-flow water fittings, walls built with compressed earth blocks, and naturally ventilated spaces, reducing electricity and water use by a third for residents, compared with other buildings in the region. The manufacturing process for the sustainable materials consumed less than 50 percent of the normal energy used to manufacture and install more widely used construction materials. “Reall and Afreh Group have combined best practice construction methods from the UK and Ghana to deliver a product that is affordable,
climate-smart, and attractive to the Ghanaian customer. We hope this will show other developers in northern Ghana that homes that are climate-smart can also be affordable,” said Tom Woodward, Reall’s Climate Lead. “IFC’s EDGE continues to drive green building in Ghana,” said Kyle Kelhofer, IFC’s Senior Country Manager for Ghana. “The certification of this project is
14 large buildings since 2017 in the health, hospitality, retail, and financial sectors, and is encouraging developers to adopt green building techniques. About Reall Reall are innovators and investors in climate-smart affordable homes in urban Africa and Asia. Affordable green homes are a doorway to 16 of the 17 Sustainable Development Goals –
particularly important as it caters to the region’s lower income groups, as well as addressing the area’s higher vulnerability to climate change because of water scarcity and increasing environmental degradation.” IFC’s EDGE program was launched in 2014 to support the construction of green buildings and help fight climate change. The program is active in 170 countries. In Ghana, EDGE has certified
transforming the lives of people on low incomes and responding to Covid-19. We do this because affordable homes drive inclusive growth, job creation, gender equality, urban resilience, climate mitigation and pathways to netzero. We de-risk investments by demonstrating the viability of innovative ownership and rental models, including the $10K home and pioneering green solutions.
We amplify impact through strategic policy change, disruptive financial innovation and sharing learning. Working with key players we blend proof of concept and evidence to overcome systemic barriers and transform markets at scale. Climate-smart affordable housing can unlock an uncrowded $17 trillion market opportunity and deliver for people, profit and planet. Together we can drive sustainable urbanisation, accelerate a just transition to netzero, and improve the lives of 100 million people in urban Africa and Asia by 2030. About IFC IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic.
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| HEALTH
FRIDAY, APRIL 8, 2022
World Health Day: Achieving universal health coverage with private health insurance The announcement of a newborn comes with lots of excitement, and that of my son was no exception. It was the day my wife and new born son were to be discharged that I met a very agitated man at the nurses’ station. His wife had also delivered and was in the room opposite my wife’s. I eagerly inched towards the station to find out what was going on. Here was a man pleading with the nurses to grant him more time to find money to pay for the medical bills of his wife and newborn daughter. He’d been searching to find money the day before to pay the medical bills of his wife and newborn daughter. According to him, all efforts to get a loan from family and friends have proved futile. Though ready to go home, it would only be possible when he had fully settled the medical bills. Although I didn’t have to go through that ordeal because my private health insurance policy catered for all of the medical expenses, I began to imagine the unfortunate situations I’d have to go through if not for my health insurance policy. Last month I attended a friend’s baby christening. Johnson, the father of the baby was upfront about how his private health insurance relieved him of the financial burden of paying for the cost of antenatal care for his wife and delivery of the baby ‘A month ago, my family and I got an infection which led us to the hospital for treatment. I was shocked to see our medical bill when I received the alert from my health insurance company. I genuinely wondered how I would have footed that bill at that material moment had it not been for the health insurance policy; because I was broke, with about a week to pay day.’, he added He was full of praise for his employers for providing employees with a private health insurance policy and encouraged his friend to get a private health insurance policy for himself and his family. Having worked in the private health insurance industry, I was proud of the impact of our services on individuals, families and employers, but at the same time sad for people who need health insurance but are missing out on this due to one reason or the other. People who cannot afford to pay for healthcare resort to self-medication or manage their health issues by themselves and only visit the hospital when the situation worsens. This situation is what the World Health Organization and governments worldwide want to reduce to the barest minimum with the concept of Universal Health Coverage (UHC).
Most people do not understand UHC, and the few who understand think of it as an abstract concept to which they cannot relate. Universal Health Coverage is simply a system where everyone can access healthcare without posing financial challenges to them. The United Nations has estimated that over half of the world’s population does not have access to the healthcare they need, and over 500 million people are driven into poverty each year by paying outof-pocket for healthcare. The indicators for achieving UHC for Ghana and any country would be the availability of health infrastructure, easy access to health facilities, and affordable and quality healthcare. More than half of Ghana’s population does not have health insurance; this means a lot more are paying out of pocket for their healthcare. This trend amid the continuous increase in healthcare defeats the very purpose for which UHC was introduced. Health insurance has proven to be the most sustainable and efficient means to finance healthcare without posing undue hardships to the citizens. Thankfully in Ghana, there have been some inroads with the introduction of the National Health Insurance Scheme (NHIS). An impressive record of about eleven million people have signed on to the NHIS. However, the private health insurance industry is poised and making very frantic efforts to support the NHIA and government to accelerate Ghana’s efforts in achieving UHC. Private health insurance (PHI) companies support the attainment of UHC in the following ways: Innovation of Affordable Health Insurance Products With the UHC principle of leaving no one behind, private health insurance companies have designed innovative products to meet the healthcare needs of different segments of society, especially for underserved communities and people with low incomes. Apart from having products for everyone, it has different health plans and benefits with their respective premiums so people have options to choose from depending on their family and pocket size. This will make private health insurance affordable and make it attractive to as many people as possible and help improve access to healthcare. It is gradually doing away with the trend where only the affluent and people from the formal sector could afford private health insurance. Wider Healthcare Service Provider
Network with Trained & Skilled Healthcare Personnel Across Ghana One of the key indicators to achieving UHC is the availability and distribution of healthcare centres and infrastructure in providing quality healthcare. Private health insurance engages the services of several healthcare service providers including government and private ones across Ghana so that subscribers can access healthcare anytime, any day, anywhere. It also ensures that licensed, well trained and skilled healthcare workers are employed to provide safe medical treatment for quality healthcare. These healthcare partners go through rigorous monitoring, training and inspection to ensure that they have the requisite infrastructure (personnel, equipment) to provide the needed healthcare to subscribers. Private health insurance companies leverage their subscriber base to negotiate favourable service charges on behalf of their subscribers, making healthcare less costly amid high medical inflation and a better option than paying out of pocket. Complements NHIS with Wider Scope of Medical Benefits The NHIS is one of the best social interventions aimed at improving access to primary healthcare in Ghana. Private health insurance companies complement the NHIS by providing a wider scope of healthcare benefits that include cover for areas such as surgeries, dental and optical care (including spectacles), chronic care management caters for diseases such as hypertension and diabetes and critical illness care such as cancers, and kidney failures, strokes etc. Health insurance provides a cushion in times of uncertainty and prepares you to manage medical emergencies as and when they come. This way you can preserve your savings and still have peace of mind. Nationwide Medical Insurance and Universal Health Coverage To make UHC a reality in Ghana, Nationwide Medical Insurance, Ghana’s leading private health insurance company has pioneered private health insurance and is doing its bit by supporting the NHIA and other stakeholders to achieve UHC through the following; Designing innovative products to meet various segments of society, especially for the underserved communities and those who need health insurance the most. This informed the decision to introduce MyHealth, a comprehensive and affordable health insurance plan for individuals and families. It comes with
different health plans to choose from based on your family and pocket size. Nationwide also provides comprehensive health insurance benefits including critical illness, chronic care management, maternity, surgeries, dental and optical care among others. Apart from these, subscribers enjoy value-added services in addition to the core health insurance benefits to make their experience with the health insurance policy worthwhile Expanding the Health Service Provider Network by accrediting more of the Ghana Health Service and Christian Health Association of Ghana (CHAG) health facilities beyond Accra to improve access to healthcare in the communities. NMI currently has the largest healthcare service provider network in the private health insurance industry. Empowering people with the needed information to take care of their health and wellbeing through health promotion. NMI creates awareness of diseases and health risks among subscribers through channels like posters, health bulletins, and social media among others. In addition to that, the company is committed to creating the needed awareness of private health insurance and UHC. In showing leadership, the company owes it a duty to put in efforts to create awareness of the private health insurance industry and what it offers. It is important for people to, first of all, know that there are several private health insurance companies and also demystify the misconception that private health insurance is for the elites and affluent. NMI is committed to the realization of UHC by considering it in its business operations, product design, partnerships etc. This year’s World Health Day advocates for more urgent actions needed to keep humans and the planet healthy and foster a movement to create societies focused on well-being for a healthier tomorrow. But one of the effective ways to have a healthier tomorrow is by protecting your health with a health insurance policy. Written by: Gustav Gyekye Appiah - Team Lead, Brand & Marketing Communication. Nationwide Medical Insurance
| FEATURE
FRIDAY, APRIL 8, 2022
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Elizabeth Ohene writes... The new normal is the normal BY ELIZABETH OHENE
Suddenly, I find I am hesitating at doing what should be normal, regular and instinctive. Last Saturday, I went to visit Sena and Akua, my favourite nephew and niece who had been away in boarding school and I hadn’t seen for quite a while. Of course, there were screams and broad smiles and as they reached me with arms wide open and the hug was in progress, I realised I almost froze. I then took a deep breath and gave them the tightest hug ever. After two years of constantly having to remind myself that I might be endangering my loved ones if I hugged them, it is not surprising that hugging does not seem to be the instinctive thing to do any more. Here I am, having difficulty stepping out of my house without a mask. It isn’t just that it feels wrong, I feel naked without a mask. Going outside my home or entering a roomful of people without a mask now feels like throwing a piece of paper on the ground for example, one of those things I never do because my mother disapproved so strongly. Of all the things that we have had to do and put up with in the past two years as part of the COVID-19 protocol, the wearing of masks seemed to be the most intrusive, the most uncomfortable and the most unnatural. It was the one thing that I had been so looking forward to getting rid of once this miserable virus went away. When President Akufo-Addo made his last “Fellow Ghanaians” speech in which he announced the lifting of many of the COVID-19 restrictions, it was the bit about it no longer being mandatory to wear masks that excited me the most. The hour of liberation had struck. Now, suddenly, here I am and I can see so many good reasons for wearing a mask! We are all so relieved our rate of COVID-19 infections have gone down so dramatically, but I am looking at the COVID-19 figures in Europe and in China and I can’t help but think that this virus is not yet done with us. Shanghai, the famous Chinese city, is in the midst of a severe lockdown. I am telling myself what if our infection rate starts creeping up again and it becomes mandatory again to wear masks. So, I am thinking better not delude myself and get out of the habit of
wearing the masks. Attractive There are other reasons the new normal is looking normal and even attractive. The past two years, I didn’t have my once or twice a year common cold or flu, which used to put me to bed for two to three days and made me feel so sick. The doctors say wearing masks protects me from the flu or common cold also. There are other reasons. Just think of how many times you have met someone who looks familiar but you can’t work out who he/ she is and when you can, you are unable to remember the name or how you know them. These past two years, you can always blame non-recognition of someone you meet on the face mask. The mask buys you time as you go through the ritual of the greetings and you are able to work out the identity of the person you are speaking to and there are no hurt feelings. According to Shakespeare, “there is no art to find the mind’s construction in the face”, but there are many times when the face betrays what we are thinking and feeling in spite of our best efforts to hide our thoughts and our feelings. With a mask firmly in place, however, you discover that the mind’s construction is safely hidden and not visible. Who would have thought that this irritant of a clothing item would turn out to be such a useful tool in dealing with human relationships? Other reasons There are other reasons. For the past two years, most women have got away with not wearing any makeup. There is hardly any point in putting layers of lotion and powder on your face and then covering it up with a mask. Some very determined souls make sure they put makeup on their foreheads, the bit of the face that shows after the mask coverup. Cosmetics generally have not been high on people’s priority lists during the pandemic. The first year, many of us found we could survive without going to the
salon; the adventurous ones made drastic changes to their hairstyles to cut out the need for regular salon visits altogether. Chances are you would discover that you are quite satisfied and even happy with the decisions you made out of the difficulties imposed by the pandemic. So, you won’t go back to the routine of the pre-COVID-19 days. Lipstick has had a hard time these past two years and sales have declined dramatically. I suspect there will be a few people who would go overboard and we shall be seeing some wild lipstick colours in the next few weeks as we celebrate the return of the ability to display sculpted and painted faces. But there will be many who would think that once they have found something else to do with the money that used to go on cosmetics, it will not go back to the pre-COVID-19 days. Funerals As a people, I suspect the most difficult thing imposed on us by this pandemic has been the restrictions on funerals. It is the one area where the rules have been most regularly flouted. We simply could not accept the idea of not having a big crowd at a funeral. I wonder if the practice of distribution of food parcels at the end of the burial service will continue or if we shall revert to buffet lunches. I wonder about social distancing. Are we going to be glad to see social distancing disappear? I must confess that I have liked social distancing and I am not looking forward to going
back to crowded rooms and tightly packed benches and pews. No matter how much you like the togetherness of sitting close to people in church and other gatherings, it has to be admitted that there is something quite attractive about spacing out chairs and sitting on every other chair in an auditorium. Once on the subject of social distancing, the discussion must lead inexorably to virtual meetings and working from home. I would vote for classroom teaching above long-distance learning any day, but I am not sure that in-person meetings are that superior to the virtual meetings we have all become accustomed to. I started with hugging and I must end with handshaking. I accept that it is part of our custom to shake hands as part of the welcoming and greeting ritual. The elders look out for where you start handshakes when you enter a room to be able to tell if you are well versed in Ghanaian custom. For the past two years, we have made do with fist bumps and hand waves. I am going to try and keep this particular COVID-19 protocol going and see if I get any support. Here is hoping the restrictions remain lifted and we have a choice in which of the protocol we observe. As for me and my household, having learnt them and become used to them, we shall be keeping most of the rules of the protocol.
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| TOURISM
FRIDAY, APRIL 8,2022
Kwame Nkrumah Memorial Park must be more than a tourist attraction…adding a learning centre may not be a bad idea Part 3 The President of the Republic, Nana Addo Dankwa Akufo-Addo, on Sunday, 3rd April 2022, launched one of his government’s flagship projects in our tourism sector, dubbed “Destination Ghana”, in London, United Kingdom. The “Destination Ghana” London event is the first in a series of activities of the “Destination Ghana” project, which has, at its core, the objective of inviting and welcoming the rest of the world to visit Ghana. The President continued by saying that, this year alone, some $25 million would be expended to upgrade some of our iconic sites, including, the Kwame Nkrumah Memorial Park. This comes at the right time after the just ended Ghana month. I began a series highlighting the works and history of Dr. Kwame Nkrumah and why our young tourists both domestic and international must learn this history. The current tour of the Kwame Nkrumah Memorial Park is too short a time and adding a learning centre must be highly considered as part of the renovation project. Constantly plagued by financial worries whiles a student in the US, Nkrumah worked during vacations at sea on board the Shawnee, a ship of the Clyde Millory Line. However, he was fortunate that his studiousness earned him the support of individuals in prominent positions who assisted him financially. His conscientiousness was noted in a letter from the Dean of Lincoln University to the Dean of Graduate School of Art and Science, at Howard University, recommending Nkrumah apply for a scholarship in the Graduate School of Art and Science. In 1939 Nkrumah enrolled at the University of Pennsylvania, in Philadelphia, for the Master of Science degree in Education. Sherwood maintains: “He gained one credit, two A’s, seven B’s, one C and one D grade, and was awarded the degree in Feb 1941. This is quite an achievement for someone ‘carrying’ 12 to 14 hours at the Lincoln Seminary and four hours at Pennsylvania in the first semester of 1940, and 10 in the second. One has also to bear in mind that he had to travel to Philadelphia from Lincoln until July 1941.” In January 1941 Nkrumah wrote to Dr. Thomas Jesse Jones, the director of the Phelps Stokes Fund, seeking sixty dollars towards his fees at the University of Pennsylvania. He was successful in his application and in a letter of appreciation to Dr Jones wrote: “It is my pet ambition to carry on where my teacher and inspirer Dr Aggrey left off. My interest in you and Dr Aggrey is profound and immeasurable. Aggrey is dead and gone, but I am consoled in the fact that I can still have you as my guide in all things if you want to be so.”Towards the end of his undergraduate studies, Nkrumah expressed an interest in pursuing an MA in journalism at the University of Pennsylvania, but lacked the financial means to do so. Sherwood suggests that he accepted a place at the Lincoln University Theology Seminary in September 1939 in order to help resolve his financial difficulties. Nkrumah’s choices were also limited as the University of Pennsylvania did not offer journalism. At some stage during Nkrumah’s seminary course, it appears he became alienated from religion. Rev-
erend Philip Miller who was at the time one of Nkrumah’s lecturers, commented on Nkrumah’s religious commitment: “...courteous, somewhat aloof ...very religious: he led prayer services and tended other religious facets conscientiously ... Over dogmatic on certain points of social anthropology ... He became deeply imbittered by some indeterminate cause late in his seminary course. The details and nature of this disillusionment remain unknown. Whilst Sherwood claims “one would not wish to query Nkrumah’s sincerity” in his motivations for taking up the licentiate, she hints that they were largely financial. He received a small fee from the Church collection and was also eligible for reduced bus fares as a minister. It is indeed curious that whilst Nkrumah was brought up a Roman Catholic, he obtained his BA in Sacred Theology from a Presbyterian College and a licentiate from the Chester Presbytery. To add to this denominational confusion Nkrumah then went to preach at a Baptist Church in Washington. Interestingly, one congregation member interviewed by Sherwood recalls that much of what Nkrumah preached in his sermons focused on Africa. A seminary classmate of Nkrumah’s, Everett A. Hewlett, confirmed that Nkrumah was a serious student who immersed himself in books and that “He was a good speaker and the congregation enjoyed his talks.”65 Nkrumah’s skills in public speaking had improved since his participation in the Aggrey Student’s Society and his earlier experience as a teacher in the Gold Coast. Nkrumah stated in his Autobiography that his intellectual influences during this period included Karl Marx, Lenin and Mazzini. However, it was Philosophy and Opinions of Marcus Garvey published in 1923 that deeply impacted on him. At this particular juncture, Garvey’s discourse of racial self-assertion considerably influenced Nkrumah. It was expressed in a sense of racial pride in the young Nkrumah and optimism for the future of the African continent. Nkrumah was later to prove himself to be diametrically opposed to Garvey on the ideological question of European involvement in the development of Africa. Nkrumah’s early political outlook was also reflected in his involvement with the Association of African Students (AAS) in the USA and Canada in 1943.68 The AAS came into existence in January 1941 when a few students at Ohio State University devised a constitution. Founding members were Nigerians Ozuomba Mbadiwe, Nwafor Orizu, and the Sierra Leonean John Karefa-Smart. The organisation had 28 members. Its aims were to “interpret Africa to America;” “to acquaint our people at home with the facts of the rapidly changing international scene” and to liaise with other bodies, such as the West African Student Union (WASU) in England in the struggle for freedom for colonial subjects. Between September 14 to December 31, 2000, the British Broadcasting Corporation listeners in Africa voted Dr. Kwame Nkrumah, the “Man of the Millennium” beating another great
man, Nelson Mandela. I visited the Kwame Nkrumah Memorial Park a week before our Independence Day with a high-powered delegation of Nigerian business men. They were very excited to be in Ghana and would have loved to be part of our celebration however their tight schedule did not allow them. I was very excited to see many school children who were on excursions at the park, learning about the great works of Dr. Nkrumah. It brought me great hope knowing that our kids and future leaders are on the right path to learning about him. One big question still remains unanswered; ‘How many schools often take their pupils to visit this memorial park? How often do they visit this attraction? I have interviewed many Ghanaians who live in Accra and pass by the Kwame Nkrumah Memorial Park on a daily bases yet have never thought it wise and prudent to take an excursion to learn about Dr. Nkrumah and his role in helping us enjoy independence today. Through his efforts and that of many other great ones, today we can be proud of our freedom. Never again will a foreigner rule us on our soil and dictate to us how our affaires should be run. One favourite quote of Dr. Nkrumah was that “the independence of Ghana will be meaningless unless it is linked to the liberation of the whole African continent. Today Africa is independent and we are running our own affairs. The sad state of Kwame Nkrumah Memorial Park In my bid to promote domestic tourism, I do encourage young men and women to visit the park. I have made it a point to also encourage students to visit the attraction. Unfortunately, I nearly wept upon my last visit to the park. I was taken aback when the Nigerians were commenting on the current poor state of the park. What were some of the reasons for their complaints? 1. The toilet facilities were in bad shape. 2. The air conditioners in the museum were not working. I was told this problem has been on and off for some time now. 3. The water meant to signify spring of life was not flowing through the bare chested squatting statuettes flute blowers. 4. The gentlemen at the gate were shabbily dressed. 5. The air conditioned in the only shop that sells souvenirs and other books of Dr. Kwame Nkrumah were not working.
FRIDAY, APRIL 8, 2022
|
WEEKLY MARKET REVIEW
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continued from page 12 6. The memorial park was opens for business at 10 am. On many occasions, I got there with tourists and I had to wait because the one on duty was late. Former President Rawlings whose vision led to the establishment of the park will be disappointed to see the park in its current state however hope has finally arrived. The Museum was created in his honor after which his body was exhumed from his original burial grounds at his home town-Nkroful. Features of the mausoleum itself are an attractive masterpiece and a futuristic creation. Welcoming a visitor into the park are two springs of water on either side of the pavement/ walkway. The springs have 7 bare chest squatting statuettes flute blowers, literally blowing springs out. In Ghanaian culture, flutes are blown to welcome very important
dignitaries and on special occasions. Therefore, by this symbolism, it can be concluded that all visitors to the park as seen as very important people and there are no second-class citizens of Ghana and for that matter Africa. The two main features of Kwame Nkrumah Mausoleum are the museum and the mausoleum. The mausoleum is the actual place that the mortal remains of this true son of Africa have been interred for the third time in the past 40 years if one looks at the fact that the body was first buried in Guinea before being brought to Nkroful and later the Mausoleum for a final resting place. The edifice resembles swords that have been turn upside which many say signifies peace. Others also see it as an uprooted tree signifying the unfinished work of Nkrumah. The mausoleum itself is built on a beautiful man-made
island. The island is connected to the mainland by two bridges. Turning the memorial park into a world class tourist attraction will mean that more tourists will be attracted to visit the park. They will come to the centre and listen to lectures and conduct researches. This will lead to an increase in tourist arrivals. There’s more to unravel from the history of Kwame Nkrumah. I will leave the rest for a visit to the attraction upon completion of renovation works and hopefully research centre.
Philip Gebu is a Tourism Lecturer/Trainer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail.com / info@forealdestinations.com. Visit our website at www.forealdestinations. com or call or WhatsApp 0244295901,/0264295901. Visit our social media sites Facebook, Twitter and Instagram: FoReal Destinations
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| TECH
FRIDAY, APRIL 8, 2022
17 tech firms, individuals honoured at maiden Africa Technovate Awards
The maiden edition of the Africa Technovate Awards came off successfully on Saturday, April 2 at the grand auditorium of the University of Professional Studies (UPSA) in Accra with 17 technology institutions and individuals winning honours. The event, organized by Africa Integrated Development and Communications Consultancies (AIDEC), was held under the theme ‘Information Technology and the Way Forward for Africa under the Fourth Industrial Revolution’. Hubtel won Fintech Company of the Year with its CEO, Alex Bram winning Outstanding Entrepreneur of the Decade. Enterprise Computing took home Digital Business Transformation of the Year while DreamOval won Ambitious Tech Company of the Year. Digital Excellence went to Hanergy Global with Quality Standards Award going to Research ICT Africa. Soko Aerial was adjudged Blossoming Tech Company of the Year with Chatbot Africa winning Digital Innovation and Creativity of the Year. The Digital Agribusiness of the Year went to Esoko while Tech Insurance Company of the Year was won by BIMA; E-Health Company of the Year was Africa ICT Right and Outstanding EduTech Institution of the Year went to Academic City University College. The Tech Startup of the Year was MSoft and Young Tech Startup of the Year went to Gambia Tech Project (The Gambia). The rest include Mature Tech Company of the Year, Isolutions Associates (Kenya); Long Standing Service Engagement, Delbondtek; and Lifetime Achiever of the Year going to Prof. Nii Narku Quaynor. Addressing the ceremony, Chairman for AIDEC, Robert Yenneh said the award scheme was organized to motivate technology innovators ‘Technovate’ to remain even more competitive and enthusiastic about driving Africa on the road of a fast-transforming technological world. Highlighting the importance of technology
and innovation as a critical economic development tool, Mr. Yenneh noted that the way forward for Africa is to devise more smart policies to maximize and harness the gains of technology as the answer lies not in its denial. “The many successes of 2021 and the host of fast-growing tech companies across the continent are creating hope for more fantastic feats in years to come. Generally, the pandemic has forced a greater demand for digital reliance across the board, and this outcome is likely to be here to stay in the ‘new normal’, as the utility of more abundant data and the ever-lower cost of using those data influence how entrepreneurs, policymakers, and professionals make decisions. The pandemic, however, is just one driver of current trends. Climate responsibility, continued economic development, demographic shifts, and social well-being are also key drivers. One thing is certain; there is no turning back for us now amid this new normal. However, one thing that should be of concern is how we can devise more smart policies to maximize the benefits of technology,” he said. Country Director for GIZ Ghana, Regina Bauerochse Barbosa called on the need to effectively train and equip Small and Medium Enterprises (SMEs) with the necessary digital skills emphasizing that they serve as a lever for integrated sustainable and inclusive development. She said the ability to leverage technology has opened up room for different opportunities in sectors ranging from logistics to healthcare, education and across different markets but SMEs particularly the informal sectors have a hard time leveraging these opportunities because they lack the requite skills. “As an integral factor in the pursuit of the Agenda 2063 of the African Union, the Digital Development Strategy (2020–2030) emphasizes the role of digital transformation as a lever for integrated sustainable and inclusive development. It addresses the untapped potential of millions of offline and
unbanked inhabitants while considering risks arising from an existing and growing digital, income and gender gap. In contrast to the thriving start-up scene in urban centers like Accra, it is particularly rural areas and informal businesses that have not yet fully benefited from the opportunities of digital transformation. Particularly the digitalization of micro, small and mediumsized enterprises bears huge potential for growth and employment. Yet, the uptake and use of respective digital tools and channels is frequently prevented by a lack of digital skills or awareness of such services,” she said. Full list of award winners 1. The Digital Agribusiness of the Year- Esoko 2. Tech Insurance Company of the Year – BIMA 3. Fintech Company of the Year – Hubtel 4. E-Health Company of the Year – Africa ICT Right 5. Outstanding EduTech Institution of the Year – Academic City University College 6. Digital Innovation and Creativity of the Year – Chatbot Africa 7. Digital Business Transformation of the Year – Enterprise Computing 8. Tech Startup of the Year – MSoft 9. Young Tech Startup of the Year – Gambia Tech Project (The Gambia) 10. Blossoming Tech Company of the Year – Soko Aerial 11. Mature Tech Company of the Year – Isolutions Associates (Kenya) 12. Ambitious Tech of the Year – DreamOval 13. Long Standing Service Engagement – Delbondtek 14. Quality Standards – Research ICT Africa 15. Digital Excellence – Hanergy Global 16. Outstanding Entrepreneur of the Decade – Alex Bram 17. Lifetime Achiever of the Year – Prof. Nii Narku Quaynor
| AFRICAN BUSINESS
FRIDAY, APRIL 8, 2022
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Malawi: Country strategy sparks transformation in agriculture Some 250 young agricultural entrepreneurs were trained, 10,000 people gained access to agricultural loans and 12 small agricultural businesses have been created. In total, 8,000 new irrigation projects were launched. Malawi has achieved significant progress in its agricultural sector, helped by a country strategy drafted by the African Development Bank. The 20182022 strategy also supported progress in the transport sector, according to the mid-term review approved on 4 April by the African Development Bank Group’s Boards of Executive Directors in Abidjan. The Country Strategy Paper, approved by the African Development Bank Group’s Boards of Executive Directors in June 2018, is based on two pillars: investing in infrastructure development through energy
and transport, and investing in economic transformation by added value in agriculture and developing water infrastructure. With regard to the second pillar, the mid-term review of the strategy highlights the transformation of the Shire Valley, currently under way. By the halfway mark, some 250 young agricultural entrepreneurs had received training, 10,000 people had gained access to agricultural loans and 12 small agricultural businesses were created. In total,
8,000 new irrigation projects were launched. The Fisheries and Aquaculture Development Project and the Emergency Recovery and Resilience Programme following cyclones Idai and Kenneth should be completed this year. In terms of economic diversification and improving the business climate, by 2020 the strategy had resulted in training for 1,000 small farmers and provided agricultural extension services. It has also allowed over 2.28 million transactions to
be processed through a digital payment platform and secured three VISA and Mastercard certifications. In terms of the first pillar and the improvement of transport infrastructure, the fourth phase of the Multinational Nacala Road Corridor Development Project is under way. The project aims to renovate the road between Nsipe and Liwonde (55 kilometres) and create a one-stop border post between Malawi and Zambia (completed in 2021), while a onestop border post between Malawi and Mozambique is due to be completed by 2023. A significant achievement was the completion of two projects in the transport sector: the resurfacing of the road between Mzuzu and Nkhata Bay (47 kilometres) and the renovation of the road from Liwonde to Mangichi (75 kilometres).
Zimbabwe: African Development Bank notes progress on arrears clearance African Development Bank officials and representatives of the Zimbabwe government met on Wednesday to discuss the nation’s arrears clearance and ongoing partnership between the southern African nation and the development institution. They noted progress in Zimbabwe’s reform agenda. African Development Bank Group Vice President Yacine Fal and a delegation on a tour of two southern African countries, held talks with finance minister Mthuli Ncube at the ministry offices in Harare. Ncube outlined the ongoing reforms in the wake of global headwinds such as drought, cyclones, the Covid-19 pandemic and more recently, fuel and fertilizer price hikes. The Zimbabwe government has lowered taxes on fuel, made changes to its land policy and is implementing a range of social protection measures while tackling the Covid-19 pandemic, Ncube said. Two projects in particular are going well. The first, is an agriculture-based programme which has given relief to two million households and the second is a cash transfer programme, targeting children from poor families. Other measures included subsidized medical care for elderly people and other vulnerable population groups, and a grain distribution programme for populations in
drought-hit areas. Ncube said the government was discussing a new International Monetary Fund Staff Monitored Programme or SMP for Zimbabwe. SMPs are informal agreements between country national authorities and International Monetary Fund (IMF) staff to monitor the authorities’ economic program. Ncube said the government had made significant efforts ahead of embarking on a new programme, including reducing inflation. He asked the African Development Bank to increase its private sector window with more capital and long-term funding and said the country would need additional bridge finance to hold interest rates steady. Commending the achievements of Zimbabwe’s reform efforts achieved in a short period, Fal said continued coordination efforts for the reforms and dialogue with partners were crucial. “You have a very ambitious reform programme and the challenges are many,” Fal said. In remarks during the session, African Development Bank chief economist Kevin Urama said Zimbabwe’s reforms to its state-owned enterprises were a demonstration of its willingness to advance. The African Development Bank’s Africa Natural Resources Centre could provide additional support and
technical assistance in land policy. Its public finance management academy, which provides a framework for supporting regional member countries in their public financial and debt management efforts, specifically on training, technical assistance and policy dialogue, is another important tool which the Bank has on hand to assist, Urama said. Director General for the Bank’s Southern Africa regional development and business delivery office Leila Mokaddem said the Bank and other development partners would discuss financial support for an SMP, which in the case of the African Development Bank, could potentially be sourced from its transitional support facility. “Without financial support an SMP cannot work,” Mokaddem said, adding that including the private sector and giving them incentives would be critical. Following the finance ministry, the delegation continued to a meeting with Dr. M.J.M. Sibanda, Chief Secretary to the Zimbabwe president’s Cabinet. Sibanda, who chairs a tripartite committee of government, treasury and public services said despite the many challenges, the committee’s immediate priorities in the past months had been to push through reforms in governance and contracts. He thanked the Bank for its
corporate governance and procurement reform programme to Zimbabwe through capacity building, monitoring and evaluation, the health sector and $4.1 million in institutional support the African Development Bank has given for the nation’s state enterprises. “We succeeded because of the support from the African Development Bank,” Sibanda said. The Zimfund has been an important source of budget support for Zimbabwe in infrastructure and agriculture. African Development Bank Zimbabwe Country Manager Moono Mupotola said a 10-year programme ending in June 2022 would be replaced with a new fund, expanding to ICT and digital programmes and continued technical support. “We would like to bring in the private sector, drawing on institutional investors in Zimbabwe such as pension funds,” Mupotola said. Fal said a breakfast meeting organized earlier on Wednesday by the African Development Bank with ambassadors from the G7, European Union and other development partners, had been very encouraging “We welcome this dialogue. These are baby steps, but we are getting there,” Fal said
16
| FEATURE
FRIDAY, APRIL 8, 2022
Tackling global warming through promotion of clean cooking energy The world’s poor are continuously affected by the low availability of sustainable and reliable energy, with increasing difficulty in remote areas. Modern energy services are crucial to human well-being as well as to countries’ economic development. As of 2020, roughly two million metric tons of wood charcoal were estimated to have been produced in Ghana. The production volume of this product increased by 56.71 thousand metric tons from 2017. Furthermore, between 2010 and 2020, the quantity of charcoal produced from wood increased progressively. Major sources Charcoal and fuelwood have been identified as major sources of cooking energy used by households in both rural and urban areas leading to 136,600 tree cover loss (Dokua, 2022). Despite a dip in CO2 emissions caused by the COVID-19 pandemic, the world is still heading for a temperature rise in excess of 3°C this century. But a low-carbon recovery could cut 25 per cent off the emissions (United Nations Environmental Programme
UNEP, 2020). Apart from causing global warming, nearly four million people a year die from illnesses linked to cooking with polluting fuels, and women are most affected (World Economic Forum, 2021). Inhaling these toxic fumes kills more people than malaria – and women are disproportionately affected. The World Health Organisation’s (WHO) latest data estimates that around 3.8 million people die each year from illnesses, including pneumonia and lung cancer, linked to household air pollution (HAP) from cooking over stoves indoors with these solid fuels and kerosene. In sub-Saharan Africa, more than 80 per cent of the population has to rely on these fuels (World Economic Forum, 2021). In Nigeria alone, firewood smoke kills 93,000 women and children (Chido, O.W, 2020). Investments UNEP Report released on December 9, 2020 highlighted the need for urgent investments in climate action as part of COVID-19 recovery, to bring the world closer to the Paris Agreement
goal of at most a 2-degree Celsius temperature rise. Inger Andersen, UNEP Executive Director, highlighted that a truly green recovery from the pandemic can take “a huge slice out of greenhouse gas emissions” and slow climate change. “I urge governments to back a green recovery in the next stage of COVID-19 fiscal interventions and raise significantly their climate ambitions in 2021”, she said. The green recovery could cut expected emissions in 2030 by up to 25 per cent, and boost the chance of keeping temperature rise to below 2-degree Celsius, up to 66 per cent, according to the report. Way forward Measures such as supporting zero-emissions technologies and fossil fuel subsidies, stopping new coal plants, and promoting nature-based solutions – including large-scale landscape restoration and reforestation – must be prioritised. In the case of Ghana and other African countries, governments, NGOs and corporate organisations must invest in initiatives and emerging businesses producing
sustainable clean and affordable cooking energy to communities to mitigate global warming. Tax waivers must be issued to young local entrepreneurs who are striving to start clean cooking business. Investments into green farming, livestock farming must be prioritised to ensure the adequate availability of organic raw materials for the clean cooking energy production. Furthermore, we must ensure access to equitable funding from financial institutions for businesses that are into clean cooking energy production. Finally, there is the need to encourage less red meat consumption, while promoting aqua farming to ensure adequate availability of fishes as an alternative consumption for red meat. The writer is a United People Global (UPG), Geneva, Switzerland Sustainability Leader. E-mail: mmedegli@gmail.com
17
| COMMENT/ANALYSIS
FRIDAY, APRIL 8, 2022
What is India doing in Ukraine? BY SHASHI THAROOR Toward the end of March, an unusual sequence of diplomatic visitors passed through India’s capital. First came Japanese Prime Minister Fumio Kishida, Austrian Foreign Minister Alexander Schallenberg, and US Under Secretary of State for Political Affairs Victoria Nuland. They were followed by Greek Foreign Minister Nikos Dendias, Omani Foreign Minister Sayyid Badr Albusaidi, and Chinese Foreign Minister Wang Yi. The parade continued. Next to arrive were Gabriele Visentin, the European Union’s special envoy for the Indo-Pacific; Marcelo Ebrard, Mexico’s foreign minister; Jens Plötner, foreign and security policy adviser to German Chancellor Olaf Scholz; and
Modi used this room for maneuver well? The West, even as it seeks to line up India on its side vis-à-vis Ukraine, has signaled its understanding of India’s dependence on Russia for vital defense equipment and long history of close diplomatic relations with the Kremlin. China has been somewhat surprised to find itself on the same page as India regarding the war. Both countries abstained in a series of United Nations votes condemning the Russian invasion and have maintained their communication channels with the Kremlin despite Western sanctions. China has been asking for restoration of “normal” bilateral relations with India, which have been in a deep freeze
including Japan and Australia that is widely seen as a way to check China’s regional ambitions. India has also significantly increased its defense purchases from the West in recent years, and, with the US, is seeking to modernize its manufacturing base for military equipment. This process is likely to be accelerated by India’s current realization that its dependence on Russian supplies imposes significant constraints, particularly in the event of a future border crisis with China. Singh, the US deputy national security adviser, pointedly warned of “consequences” should India breach the Western-led sanctions on Russia, and he urged India to recognize the diminishing
Geoffrey van Leeuwen, foreign affairs and defense adviser to Dutch Prime Minister Mark Rutte. Last and by no means least were US Deputy National Security Adviser Daleep Singh, UK Foreign Secretary Liz Truss, and Russian Foreign Minister Sergei Lavrov. There was also an online IndoAustralian summit. The Ukraine war has exposed India’s strategic vulnerabilities in a tough neighborhood as arguably nothing else could, raising fundamental questions about the country’s global position and regional security. But, paradoxically – as the slew of recent high-profile visits confirms – the conflict has increased India’s strategic importance and, in the short term, widened its options. Has Prime Minister Narendra
since violent border clashes in June 2020 killed 20 Indian soldiers. “The world will listen when China and India speak with one voice,” Wang reportedly stated on his recent visit to Delhi. Russia, no doubt eager to thank India for “understanding” the Kremlin’s position, has offered the country economic incentives – notably, discounted oil and gas and affordable fertilizer – to dissuade it from changing its stance. While India’s long-standing focus on “strategic autonomy” has kept it out of formal alliances, its broad geopolitical orientation has been veering toward a special partnership with the United States, notably in the Indo-Pacific. India is a member of the US-led “Quad,” an informal grouping also
value of its close relationship with the Kremlin. “The more Russia becomes China’s junior partner, the more leverage China gains over Russia, the less and less favorable that is for India’s strategic posture,” he told an Indian TV channel. “Does anyone think that if China breaches the Line of Actual Control, that Russia would now come to India’s defense? I don’t.” China has been pushing the BRICS grouping (of which it is a member, along with Brazil, Russia, India, and South Africa) and the Shanghai Cooperation Organization as models of nonWestern collaboration that can ensure a multipolar world order. But Chinese blandishments toward India are unlikely to succeed if China’s leaders are
not willing to reverse their military gains from unprovoked Himalayan incursions in the spring of 2020. India will accept nothing less than a return to the status quo ante of April 2020 as the price for normalizing bilateral relations. But whether it can leverage China’s overtures to achieve results on the ground remains to be seen. Russia, meanwhile, is aware that India’s refusal to condemn its assault on Ukraine does not imply support. India has at no stage endorsed the Russian military campaign, and its language has notably hardened as the war has dragged on. Indian statements now pointedly refer to the inviolability of borders, respect for the sovereignty and territorial integrity of states, and the inadmissibility of resorting to force to resolve political disputes, even while calling on “both sides” to pursue diplomatic negotiations. India has also been quick to provide humanitarian assistance to Ukraine, sending 90 tons of relief materials. As the destruction has become more intense, its aid is likely to continue. India will gladly purchase essential supplies of fuel and fertilizer from Russia at discounted rates in rubles. But its diplomatic stance, and decreasing reliance on Russian defense equipment, mean that it is not completely in Russia’s camp. Still, India’s calls for peace in Ukraine would have been more credible had it taken steps to bring about that outcome. Whereas countries like Turkey and Israel have been actively engaged in peace diplomacy, India has made no effort to play a mediating role, despite at one point sending four cabinet ministers to Europe to supervise the evacuation of Indian citizens from Ukraine. Even Lavrov suggested in Delhi that India could help “support” a mediation process. India could have used the diplomatic attention it has been getting over Ukraine to carve out a role worthy of its aspirations for a permanent seat on the UN Security Council. Sadly, its ambitions seem to have been too modest. India’s first prime minister, Jawaharlal Nehru, observed in 1946 that “India, constituted as she is, cannot play a secondary part in the world. She will either count for a great deal or not count at all.” Ukraine is a test case, and the jury remains out. Will today’s India count at all?
18
| MARKET REVIEW
FRIDAY, APRIL 8, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - APRIL 1, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth
6.6%
Average GDP Growth for 2021
5.3%
2021 Projected GDP Growth
5.0%
BoG Policy Rate
17.0%
Weekly Interbank Interest Rate
15.47%
Inflation for February, 2022
15.7%
End Period Inflation Target – 2021
8.0%
Budget Deficit (% GDP) – Dec, 2021
9.7%
2022 Budget Deficit Target (%GDP)
7.4%
Public Debt (billion GH¢) – Dec, 2021
351.8
Debt to GDP Ratio – Dec, 2021
80.1%
STOCK MARKET REVIEW 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-to-date (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%. 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. 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 Equity
Opening Closing Price Price
Gain /Loss %
SIC Insurance Company ltd.
0.21
0.22
4.76%
Cal Bank PLC.
0.85
0.86
1.18%
THE CURRENCY MARKET 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.
19
| MARKET REVIEW
FRIDAY, APRIL 8, 2022
Weekly Interbank Foreign Exchange rates Currency Pair
Year Open
Week Open
Week Close
W/W Change %
YTD %
01/01/22
28/03/22
01/04/22
USD/GHS
6.0061
7.1121
7.1120
0.00
15.55
GBP/GHS
8.1272
9.3827
9.3217
0.065
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
Source: Bank of Ghana
BUSINESS TERM OF THE WEEK GOVERNMENT SECURITIES MARKET 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. 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. 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.
INTERNTIONAL COMMODITIES PRICES
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.
Translation Risk: Translation risk is the exchange rate risk associated with companies that deal in foreign currencies and list foreign assets on their balance sheets. Companies that own assets in foreign countries, such as plant and equipment, must convert the value of those assets from the foreign currency to the home country’s currency for accounting purposes. Source: https://www.investopedia.com/terms/t/ translationrisk.asp
ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069
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.
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NO. B24/317 | NEWS FOR BUSINESS LEADERS
FRIDAY, APRIL 8, 2022
Samsung launches the freestyle, a portable screen for entertainment wherever you are Samsung has announced the launch of its all-new portable screen and entertainment device, The Freestyle. The Freestyle offers first-of-its-kind technology and flexibility to deliver optimal viewing and entertainment for customers looking to bring video and audio content wherever they go. Targeted toward Gen Z and millennials, The Freestyle is a projector, smart speaker and ambient lighting device all rolled into one lightweight, portable device. When it comes to portability, The Freestyle weighs only 830 grams allowing to change any space into a screen with ease. Unlike conventional, boxy projectors, The Freestyle’s versatile cradle allows rotation of up to 180 degrees, enabling users to show high-quality video anywhere – tables, floors, walls or even ceilings – no separate screen required. “The Freestyle is a one-of-a-kind
projector geared towards ultimate versatility and flexibility to meet the consumers’ changing lifestyles,” said Lucas Lee, Managing Director at Samsung Ghana. “Without the limitation in space and form factor, The Freestyle is a fun and versatile device that can be used in any way consumers prefer.” The Freestyle comes with full auto keystone and auto levelling features, enabled by industryleading technology. The features allow the device to automatically adjust its screen to any surface at any angle, providing a perfectly proportional image every time. Additionally, the auto focus feature allows The Freestyle to display a crystal-clear image on any surface, at any angle, up to 100 inches in size. The Freestyle also comes with a dual passive radiator enabling a clean and deeper bass without distortion, and its 360-degree sound radiation allows customers to enjoy a cinema-quality sound
PUBLISHED BY BUSINESS24 LTD. TEL: 030 296 5297, 030 296 5315.
experience no matter where they are. For powering it up, The Freestyle is compatible with external batteries1 that support USB-PD and 50W/20V output or above, so users can take it with them anywhere, whether they are on the move, on a camping trip and more. The Freestyle is also a pioneer in that it’s the first portable screen that works when connected to a standard E26 light socket without the need for additional wiring, besides compatibility with the traditional wall plug option. When it’s not used as a projector to stream content, The Freestyle also provides mood lighting effect thanks to its ambient mode and translucent lens cap. The Freestyle is also a smart speaker, analysing the music to pair visual effects that can be projected on the wall, floors and anywhere else. The Freestyle offers Smart TV features available on Samsung Smart TVs, with built-in streaming
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.
services and mirroring and casting features compatible with both Android and iOS mobile devices. It is the industry’s first portable projector certified by global major OTT partners, providing customers with the best content viewing experience. It is also the first projector to include far-field voice control, allowing users to choose their favourite voice assistants when using the device hands-free. Local Availability The Freestyle will be available for pre-order from 28th March 2022, and continues until 16th April 2022. Special pre-order offer When you pre-order and purchase during the promotional period, 28th March to 16th April 2022, you can get complimentary gifts that include: