W ED NESDAY, JULY 20, 2022
.COM.GH
NEWS FOR BUSINESS LEADERS
GNPC kicks off Saltpond field decommissioning project | STORY ON PAGE 3
Access Bank appoints Ama Bawuah as first female board chairperson | STORY ON PAGE 4
The Kosmos Innovation Center and Mastercard Foundation train 108 young women agripreneurs
NEWSDESK REPORT
Bagbin directs Parliament to probe two state institutions The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has directed five committees of Parliament to investigate the activities of the National Food Buffer Stock Company (NFBSC) and the Ghana School Feeding Programme Secretariat (GSFPS). He said the committees on Education, Gender, Children and Social Protection, Health, Food and Agriculture, as well as Finance, must report to Parliament the findings and recommendations on the feasibility and sustainability of the programmes of the two institutions before the end of October this year. He said the school feeding programme provided great potential to accelerate the
nation’s progress towards the attainment of the UN Sustainable Development Goals (SDGs) on hunger, poverty and malnutrition. Delivering an official communication on the floor of Parliament on the NFBSC and the GSFPS, Mr Bagbin said it was critical that the House addressed issues affecting the efficient implementation of the programme as matters of national priority. That, he said, would help to institute realistic and sustainable measures to avert a possible recurrence of challenges in the future. The Speaker said as matter of concern and of public interest, his attention had been drawn to the recent protest and strike action by caterers of the School Feeding Programme. | MORE ON PAGE 2
The Kosmos Innovation Center (KIC) and the Mastercard Foundation held a three-day Bootcamp in Kumasi for 108 aspiring young women entrepreneurs within the Agri-MSME sector. The KIC Women’s Bootcamp is part of the capacity building program under the KIC and Mastercard Foundation’s multi-year partnership to train the next generation of young leaders and agriculture entrepreneurs. The Bootcamp seeks to create a pipeline of empowered women in the agriculture ecosystem as well as build the capacity of participants in the AgriTech Challenge. The three-day event was facilitated by 16 external trainers and mentors, specifically selected to share their diverse experience in a broad range of areas, including agripreneurship; opportunities in the agriculture value chain for women; tech applications to agribusiness; presentation skills, and design thinking; among others. Participants were taken through various business and managerial topics, all aimed at enhancing their self-employability and investor readiness. Participants were also exposed to the opportunities in Ghana’s agribusiness value chain and how they can make the most of these opportunities to be leading players within different value chains. | MORE ON PAGE 3
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News/Editorial
Horticulture fast becoming the new job-making machine “When the last tree dies, the last man dies” they say and truly so because flora and fauna preserve the environment and hence human life, and at a time that economies are grossly feeling the harsh outcomes of climate change, the need to preserve our environment and green resources have become even more critical. Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, specifically the horticultural value chain. Recent statistics put proportions of the youth (15 to 35) that are unemployed and seeking work at 34.2percent. Unemployment is therefore considered by many to be the most critical issue affecting the country. It is trite to say that with the right national and individual orientation, policies, and drive, Ghana’s rich flora and fauna resources could provide millions of jobs to the country’s teeming youth. Stratcomm Africa is leading the charge to green
Ghana for the varied purposes of beautification, wealth and job creation as well as a sustainable fight against climate change. Now in is tenth year, the annual Garden and Flower Show challenges and motivates the youth and businesses in the sector to aspire to grow and reach their full potential, in order to improve their livelihoods and impact society. This year’s theme “Growth Unleashed” preps the mind of young Ghanaians to burst forth and to grow beyond the norms to achieve a blooming environment. The global horticulture market is estimated to be valued at USD 20.77 Billion as of 2021 and is projected to reach US$40.24bn by 2026 at a compound annual growth of 10.2percent whilst global flower and ornamental plants market was valued at US$475.6m in 2020 and is expected to reach US$725.4m by the end of 2027, growing annually at 6.3percent during 2021-2027.
NEWSDESK REPORT
Bagbin directs Parliament to probe two state institutions CONTINUED FROM PAGE 1
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The development, he said, required urgent attention in order to ensure that food, an essential requirement for life itself, was made readily available to the vulnerable children of school age. Mr Bagbin said school feeding programme caterers, who ceased operations in May this year, had requested that their grants be increased from 0.97 pesewas to GHc3 per child per meal. He said a number of them had also threatened to terminate their contracts entirely due to months of non-payment of arrears by the government.
He told the House that he was personally aware of the extent to which the non-payment of those arrears was affecting school enrolment and attendance, particularly in rural communities. “We have all accepted the truism that children and the youth are the wealth of a nation. The situation we are in now affects the vulnerable schoolchildren and future leaders of this country,” he said. Expressing worry over how political leaders were prioritising political development over economic growth, Mr Bagbin said:
“We are neglecting a significant resource of development -- the people” “As MPs, we cannot fold our arms or follow partisan lines and positions while Rome burns. As you are all aware, Parliament is the primary democratic institution which represents the people of this country and Parliament is the only constitutionally legitimate authority to call government to order and to put things right. We must resolve, here and now, to act quickly and decisively on this matter,” he said.
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GNPC kicks off Saltpond field decommissioning project The Ghana National Petroleum Corporation (GNPC) has officially commenced the decommissioning of the Mr Louie Platform in the Saltpond Oil Field which is estimated to last 12 months. Being the first decommissioning project of its kind in Ghana, GNPC, the lead contractor, as well as other relevant stakeholders, have demonstrated their readiness to work hand-in-hand to ensure the success of the project. Having obtained majority of the statutory approvals and key permits, GNPC will provide both financial and technical support to fully execute the year-long project. The Mr Louie Platform (commissioned in 1970) has reached the end of its operational life and is deteriorating. GNPC has, therefore, engaged Hans & Co. Limited [a wholly Ghanaian- owned Company] to lead a consortium of industry experts in undertaking the project
on a turnkey basis. The release noted that the project would be supported by a project management consultancy firm to ensure that all aspects of the decommissioning, including well plugging and abandonment and topside removal, are performed with strict adherence to Health, Safety, Security and Environmental (HSSE) protocol. Ensuring marine ecosystem In a release, the Chief Executive Officer of the GNPC,
Opoku-Ahweneeh Danquah said the decommissioning of the first oil platform in Ghana was necessary to ensure that the marine ecosystem around the Saltpond area was returned to its pre-licence condition. With several oil and gas platforms expected to be decommissioned in the future, he said the GNPC personnel would gain additional hands-on technical capabilities by collaborating with other experienced industry experts during this exercise. The CEO further noted that the field decommissioning process was preceded by pre-planning and a feasibility study that was endorsed by the Ministry of Energy. “While we continue to work to
meet all the technical and safety requirements, the corporation is also enhancing its social licence to operate by continuously holding stakeholder and community engagements in coastal communities where the project is taking place. “This is to sensitise fisherfolk about the importance and the need to observe safety measures and stay away from the restricted zone. We have also supported the traditional authorities to perform all the necessary customary rites for the project to kick-off,” he stated in the release. Mr Danquah expressed his appreciation to the Ministry of Energy, Petroleum Commission, Ghana Maritime Authority, National Security, Environmental Protection Agency and other key stakeholders whose representatives were present at the kick-off for their support in ensuring that the project took off successfully.
The Kosmos Innovation Center and Mastercard Foundation train 108 young women agripreneurs
“The impact of the KIC Women’s Bootcamp continues to serve as a motivational factor for the organization. It is the goal of KIC and its partners to empower more young women to create decent jobs for themselves and their peers, and we see the Bootcamp as one of the avenues for driving this change. The Bootcamp also aligns with the organization’s vision of empowering women to thrive and feel equipped to establish themselves in Ghana’s AgriMSMEs sector. We want to scale up the presence of women by inspiring them and opening them up to all the opportunities within the field,” said Benjamin Gyan-Kesse, the Executive Director of KIC. “The successful completion of this year’s Bootcamp is a demonstration of the commitment of both organizations to help strengthen and shape the future of women entrepreneurs within the agriculture and agriculture adjacent sectors in Ghana,” he concluded.
The three-day Bootcamp concluded with a hackathon where participants used their new skills to identify and solve a practical problem within and outside the agriculture valuechain in Ghana. Some of the participants are expected to join the KIC AgriTech Challenge after the Bootcamp, while others have committed to use the knowledge acquired in their current work. The Ghana Country Head at the Mastercard Foundation, Rosy Fynn, said: “Young Ghanaians are the catalysts for Ghana’s transformation and our partnership with the KIC is centered on 2 training the next generation of young leaders, especially young women, in the agriculture and adjacent sector. As we build the capacity of young people, we give them the skills and tools to drive transformation and innovation in the sector to create work opportunities for themselves and their peers.” Earlier this year, the Mastercard Foundation and KIC announced the launch of a multi-year partnership to train the next generation of young leaders and entrepreneurs in Ghana’s agriculture sector. Key aspects of the program include: • AgriTech Challenge Classic – a 7-month annual training program aimed at building the entrepreneurial mindset of students and young graduates. Over the next four years, the
expanded version of the AgriTech Challenge is expected to train about 4,700 young people across Ghana through relationships with regional academic partners, such as universities and technical schools. • AgriTech Challenge Pro – a 5-month acceleration program aimed at equipping existing earlystage teams or AgriTech start-ups with the right tools, funding, and support to bring their business ideas or products to market and prepare them to scale. The program was developed to train teams advancing from the AgriTech Challenge Classic, as well as others from the broader start-up ecosystem in Ghana. • Incubation – the KIC Incubation is a multi-year business incubation program aimed at preparing businesses for growth, scale, and investor readiness. The incubation program involves more focused business training, specialized coaching and mentorship, networking, a physical workspace, and access to technical expertise. • Six businesses will be selected annually to receive between US$10,000 and $50,000 in funding, physical office space, and continuous support from the KIC. Throughout the incubation, the KIC will invest in capacity building programs to equip entrepreneurs with specialized mentorship using local industry
experts. • Business Booster – a 5-month program that spurs the growth of existing Micro-, Small, and Medium-sized Enterprises (MSMEs) in agriculture and agriculture adjacent sectors in Ghana that have demonstrated potential and are ready to scale. • The Business Booster program supports improvements in structure and operations and investor readiness by facilitating business relationships, networking, mentorship, business development support, and coaching. The program’s goal is to accelerate the development of 900 MSMEs over four years. • Blue Skies School Farm of The Year Competition – the School Farm of the Year Competition works by enabling secondary schools to compete against each other by managing and sustaining their own farms to win prizes and to be awarded the title of School Farm of the Year. This competition aims to develop the interest of young people in agriculture through practical training and exposure. The program will leverage school farms as models to teach and demonstrate innovations emerging from the KIC, while supporting the training of teachers on how to apply these solutions. The first KIC Women’s Bootcamp was organized in March this year, with 68 women from 5 local universities in attendance.
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Access Bank appoints Ama Bawuah as first female board chairperson
Access Bank (Ghana) Plc. announces the appointment of its first female board chair, Ama Sarpong Bawuah. She succeeds Mr. Frank Beecham who served from January 2014 to May 2022. Ama is an accomplished, resourceful businesswoman with over 25 years wealth of executive experience in public affairs and communications positions with several multinational
corporations. She served as Regional Lead for Public Affairs and Communications in North and Equatorial Africa for CocaCola and Senior Director for Government Relations for the Africa Region with Newmont Mining. Prior to these roles, she had also worked with Citigroup as Vice President in the Global Transactions Services team for their Corporate and Investment Bank Division at its headquarters in New York and consulted for DFID and UNDP at various points in her career. In an interview with Ama ahead of her appointment, she commended Access Bank Ghana for committing to excellence in leadership over the years and looked forward to serving in her new role. “I am excited about the opportunity to serve as Board Chair in the next phase of this great Bank. Access Bank’s vision of becoming the world’s most respected African Bank is in focus and I look forward to working
together with the excellent Ghana leadership team and staff to contribute to the achievement of this feat”, she remarked. Speaking on the new appointment, Managing Director of Access Bank (Ghana) Plc, Olumide Olatunji expressed optimism about the Bank’s prospects under Ama’s leadership. “I am excited about Ama’s appointment and look forward to the new phase of Access Bank Ghana under her leadership. She brings on board rich experience, diversity and clout. This is also a testimonial of our commitment to ensure women’s participation at the highest decision-making platform of the Bank. Ama’s wealth of knowledge and experience is great for our Bank and will spur us on to reach our vision of becoming the world’s most respected African Bank. I believe this will soon be evident in the solutions we offer customers and the value we bring to our shareholders”, he noted. Mr. Frank Beecham, immediate past chairman of the Access Bank Ghana Board thanked the Board and Management of Access Bank Ghana for the support he received while leading the Board.
“I thank the Board, Management, Shareholders and indeed all Staff of Access Bank for the opportunity to serve and the support you gave me during my tenure. I ask you to accord the same support to Ama, a great woman, who will lead our great Bank into its next strategic phase. I wish Ama the very best”, Mr. Beecham noted. Olumide also commended Mr. Frank Beecham, for his selfless dedication in positioning Access Bank Ghana as a leader in the Ghanaian banking sector. He noted that Mr. Beecham’s dedication to duty was par excellence. “Mr. Beecham’s commitment to our Bank was excellent; he ensured he was present whenever the Bank called on Him. His tenure as Board Chair saw the Bank record a continuous growth trajectory and positioned it as one of the best in Ghana, through various awards recognition including Best Bank in Ghana”. Operating from 54 business locations across the country, Access Bank (Ghana) Plc has over the years developed a deep understanding of its customers, delivering excellent services and empowering them to achieve more through financial education.
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Vodafone Grabs Three Prestigious Marketing Awards Vodafone Ghana received three prestigious awards at the 2022 Marketing World Award (MWA) ceremony held over the weekend. Vodafone won Most Innovative Product, Most Creative advert of the Year and Regional Campaign of the Year. Vodafone’s outstanding free Mobile Money Interoperability (MMI) service, which allows Vodafone customers to send money to any mobile money service provider for free, was recognised as the Most Innovative Product, while its Vodafone Cash advert, “Me Te Wo,” was adjudged the Most Creative Ad of the Year. The company’s annual Ashanti Month campaign, which gives a special focus to the Ashanti Region by undertaking a score of socially impactful initiatives in June every year, was also named the Regional Campaign of the Year. Commenting on the awards, David Umoh, the Director of Consumer Business Unit (CBU) at Vodafone Ghana, stated that the recognition was a testament to Vodafone’s unrivalled mastery in digital
innovation, enhancing customer experience and socially impactful initiatives. He said: “This is another proud moment for us at Vodafone Ghana as we continue to provide real value for our customers and initiatives that positively impact society. We would like to thank our customers for their continuing support, which motivates us to deliver nothing less than unmatched experience.” These new awards and Vodafone’s long list of accolades cement the technology company’s leadership in product innovations, creative and engaging advertising, and sustainable community campaigns that promote development. The Marketing World Awards (MWA), organised by Instinct Wave, recognise individuals and organisations that have exhibited excellence in marketing. The award scheme recognises outstanding brands, the best campaigns, marketing innovations, and creative use of digital marketing channels, amongst others.
Ghana Shippers Awards slated for August 19 NOMINATIONS for the fifth edition of the Ghana Shippers Awards have been opened in Accra. The award scheme seeks to provide a platform to celebrate individuals and companies that play significant roles in the growth and development of the shipping industry. It is organised by the Ghana Shippers’ Authority (GSA), the Ghana Ports and Harbours Authority (GPHA) and the Ghana Maritime Authority (GMA) in partnership with the Globe Productions Limited and supported by the Graphic News App. On the theme, “The negative impact and survival of COVID-19 on the maritime and shipping industry,” this year’s event would be chaired by the Minister of Transport, Mr Kweku Ofori Asiamah. It would focus on the negative impact of the pandemic on industry and measures put in place to overcome them. The ceremony, which is scheduled for Friday, August 19, in Accra, would recognise achievements from local and international companies involved in the shipping sector in Ghana. It would also reward those
who have played a defining role in moving the shipping industry forward within the COVID-19 and post COVID-19 period. It cuts across road transportations, ocean carriers, air transportation, freight forwarding, shipping agents, express services, courier agencies, government agencies, insurance and financial institutions and more. The award scheme will also provide the perfect opportunity for participating organisations to raise their profile within the context of this important industry, gain peer recognition and further heighten
their visibility with the professional audience. Benchmark The benchmarks for shortlisted nominees’ performance will be based on some Key Performance Indicators (KPIs) in the standards of excellence, including information technology for couriers, safety and competitive pricing. Shortlisted nominees would weigh above the scores and surveys done by the GSA who are major partners and handle the technical aspects of the awards. Categories
Among the categories are; Container Line of the Year, International Express Operator of the Year, Break Bulk Operator of the Year, Air freight Solutions Provider of the Year, Sea Freight Solutions Provider of the Year, Project/Heavy lift Forwarder the Year, Road Haulier of the Year, Air Cargo Carrier of the Year, Life Time Achievement Award, Shipping line Operator of the Year, Overall Shipping Company of the Year, Domestic Courier Service Provider of the Year , Freight Forwarder of the Year, Customer Service Award, Excellence in Award.
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African Economic Conference invites researchers to submit papers for 2022 edition
The organizers of the African Economic Conference have issued a call for research and policy papers that focus on the event’s theme: Supporting Climate-Smart Development in Africa. This year’s conference will be held from December 9–11 in Port Louis, Mauritius. As has been the practice over the years, it will be hosted by the African Development Bank, the Economic Commission for Africa, and the United Nations Development Program. The call for papers is underpinned by the need to address Africa’s vulnerability to climate change through innovative solutions and
accelerate investments through green growth strategies. Experts have warned that most Africans and the African economy will suffer from extreme weather events, which have become more frequent and severe, causing damage to agriculture, tourism, cities, infrastructure, water, and energy systems, and even the extractive sector. The call for papers is in the following four subthemes: • Just energy transitions in African economies, • Climate change and agriculture, • Climate-smart industrialization of Africa, and
• Climate-smart governance. Young African researchers are encouraged to submit their papers to share their work with a broader audience, gain knowledge from more seasoned scholars, and broaden their networks. The conference welcomes policyand solution-oriented papers that are linked to the event theme and based on strong empirical work. Papers should include innovative mechanisms that African countries could use to mobilize financial resources to mitigate and adapt to climate risks. A panel will select the best conference paper following
assessment of all entries. The organizers will reward the winning author at an award ceremony. A special issue of the African Development Review will publish selected papers. The submission guidelines are available on the conference website. Interested authors should submit their papers to aec2022@afdb. org(link sends e-mail) by 30 August 2022. Since its inception in 2006, AEC has mainly supported research, policy discussion, and knowledge sharing on issues affecting Africa.
Absa Bank sets pace at Marketing World Awards Absa Bank Ghana led the way at the 11th Marketing World Awards with five significant awards, in demonstration of the bank’s leadership in marketing communications and CSR in the banking sector. The bank won the Advertising Campaign of the Year with its Africanacity commercial, Best CSR Support for Education (National Science & Maths Quiz) and Marketing Team of the Year. The bank’s Director of Corporate Communications and External Relations, Nana Essilfuah Boison, was also awarded Marketing Thought-leader in Ghana and one of the Top 50 Marketing Leaders in Africa. The two awards highlight Essilfuah’s credibility and achievements as a leading Senior Marketing and Corporate Communications Executive in the sub-region. The Marketing World
Awards, held at the Movenpick Ambassador Hotel, awarded several corporate organisations across the private and public sectors in Ghana in various categories. Commenting on the awards, Marketing and Corporate Relations Director at Absa Bank, Nana Essilfuah Boison said: “These are exciting times for Absa as a new brand in Ghana. Despite only two years of launching our new image, we have worked hard to entrench the brand in the minds of our customers, clients and key external stakeholders. We are determined to continue fashioning out unique ways to bring the possibilities of our customers to life. These awards are a signal to us to keep going without resting on our laurels. We dedicate these awards to the Absa Ghana Board, Country
Management Committee (CMC), led by our Managing Director, Abena Osei-Poku, our employees and other stakeholders for their continuous support and loyalty.” Absa Bank Ghana is currently the most profitable bank in Ghana with a Profit before tax (PBT) of GHS1.1 billion, the first time a bank in Ghana has recorded that figure in PBT. This was contained
in the bank’s 2021 results which was published in March 2022. The financial performance demonstrated a concerted effort by the Bank to grow and maintain an efficient and resilient organisation, support its customers and clients while investing in relevant parts of the business to ensure sustainable growth.
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Vodafone offers broadband customers 100% bonus data in 2Moorch promo Vodafone Ghana has brought back the exciting 2 Moorch Family Package that offers existing and new fixed broadband customers 100% extra data. First introduced during Christmas last year, the promotion offered Vodafone customers data bonuses to interact with friends and family during the holiday, stream their favourite shows, shop online and engage in any other activity that required internet access. The reintroduction of this offer means active customers will enjoy 100% bonus data when they top up with GHS120 in addition to their existing monthly package. Commenting on the promo, the Director of the Consumer Business Unit at Vodafone Ghana, David Umoh, explained that Vodafone reintroduced the offer because of its commitment to customer loyalty. “We experienced an overwhelmingly positive response to the 2 Moorch Family promo when introduced in December last year. After it ended in April this year, customers have requested that we
bring it back. As a customer-centred organization, we ave reintroduced the offer to satisfy the needs of our customers and to reierate the fact that we appreciate all our customers,” he said. He added, “We are confident that this promo will give our customers more data to work, learn, and enjoy leisure without interruption,”. The 2 Moorch promo provides broadband customers with a supplementary bundle on top of their primary bundle. This means that customers can only subscribe to the offer when they have an active core bundle. To subscribe, Vodafone’s fixed broadband customers need to only dial *900# on any Vodafone mobile number and follow the prompts. Alternatively, customers can subscribe via the self-care portal at https://myvodafone.vodafone.com. gh/home/ or the Fixed Broadband website at https://vodafone.com. gh/personal/broadband-landing/. Customers can also download the MyVodafone App on Google Play or App Store to subscribe.
The Rotary Club of Tema Community 25’s Brew Fellowship commissions water project at Prampram Polyclinic. By Baptista S. Gebu The Rotary Club of Tema Community 25’s BREW fellowship recently commissioned its water project at the Prampram Polyclinic Surgical Ward. Present, the leadership of the BREW fellowship and Prampram Polyclinic, club members, staff of the hospital, and other guests witnessed the fellowship’s flagship project. The chairperson of the fellowship in her remarks alerted the project was born out of the main Club’s Dawhenya Child Welfare Service Project earlier commissioned where representatives of the Prampram facility requested for support for their surgical ward. As a fellowship that priorities clean
water project – the sought to attend to the plights of the health facility. Beril Karikari, Medical Officer in charge at the Prampram Polyclinic thanked the fellowship on behalf of the health facility for the kind gesture and promised to be good stewards. Subsequently, the fellowship donated a Polytank to the Tema Hopesetters Autism Center where the founder Barbara Anchil expressed appreciation to the fellowship and called for greater awareness creation on autism issues in the country. Rotary Fellowships are international groups that share a common passion. Being part of a fellowship is a fun way to make friends around the world, explore a
hobby or profession, and enhance one’s Rotary experience. Beers Rotarians Enjoy Worldwide (BREW) Fellowship is one of the newest officially recognized Rotary fellowships. BREW founders Moses (a Ghanaian), Steve, Patrick and Martin BREW started the fellowship. Organized in 2013 by, Past District 5160 Governor Steve Lack - a member of the Rotary Club of Pleasant Hill, California USA; Moses Aryee - Past President of the Rotary Club of Accra West & Past Assistant Governor for District 9102, Ghana; and Past District 5440 Governor Martin Limbird of the Rotary Club of Fort Collins Colorado, USA, the goal of BREW is to create the largest fellowship in Rotary and also strive to support efforts and projects to bring clean water to those in thirst
since water is the primary ingredient used in beer. Rotary is a global network of 1.4 million neighbors, friends, leaders, and problem-solvers who see a world where people unite and take action to create lasting change – across the globe, in our communities, and in ourselves. Solving real problems takes real commitment and vision. For more than 110 years, Rotary’s people of action have used their passion, energy, and intelligence to take action on sustainable projects. From literacy and peace to water and health, we are always working to better our world, and we stay committed to the end. Rotary members believe and share responsibility to take action on our world’s most persistent issues.
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Nigeria: African Development Bank Board approves $134m loan to boost local food production The Board of Directors of the African Development Bank Group on Friday approved a $134 million loan for the National Agriculture Growth Scheme – Agro Pocket program in Nigeria to scale up food production and boost livelihood resilience. The program will support fasttracking of the implementation of key policy and institutional reforms and boost private sector participation in agriculture. This will help increase cereals and oil grains production by 7 million tonnes to 35 million tonnes. It will also increase average cereal yields from 1.42 tonnes to 2 tonnes per hectare during the September 2022-December 2023 implementation period. The program aligns with the Bank’s African Emergency Food Production Facility and will support Nigeria’s efforts to mitigate the impacts of the war in Ukraine. Food prices have been rising rapidly due to higher volatility caused by the Covid-19 pandemic, aggravated by the war. The program also aligns with the Bank’s Ten-Year Strategy as it promotes climate-resilient agriculture and targets the vulnerable population, including youth and women. Nigeria, Africa’s most populous
nation, is projected to hit 402 million by 2050 from 206 million people in 2020, making it the third-most populous country globally. The bulk of its rural population, representing 48% of the populace, produces up to 90% of the national output. H o w e v e r , inadequate support for the farmers has confined them to traditional agronomic techniques, resulting in low productivity and limited opportunities for value addition. In 2020, the harvested cereals area and yields declined by 2.75% and 1.5%, respectively. Lamin Barrow, Director General of the Bank’s Nigeria Country Department, said the program would prioritize support for five strategic crops: maize, rice, wheat, soya beans and sorghum, with a particular focus on wheat value chains. He said National Agriculture Growth Scheme – Agro Pocket program is anchored in the National Agriculture Technology and Innovation Policy (202227) which aims to modernize Nigeria’s agriculture sector in
line with changing global food systems and supply chains. The program will complement Banksupported operations in the country, particularly the Special Agricultural Special Zones. “The Bank will support the Federal Government to put in place a robust institutional framework, including operationalization of the National Agriculture Growth Scheme – Agro Pocket program Secretariat as the administrative vehicle to oversee the implementation of the Agro-Pocket Scheme, whose precursor is the highly successful e-wallet scheme that was rolled out in Nigeria between 2012 and 2015,” he said. The National Agriculture Growth Scheme – Agro Pocket program would help build the
resilience of farming livelihoods, enhance farmers’ access to improved seeds, and strengthen the capacity of industry stakeholders, Barrow stressed. Beth Dunford, the Bank’s Vice President, Agriculture, Human and Social Development, said: “Cushioning the poor from the effects of higher food, and energy costs, requires urgent and sustainable policy, such as increased public expenditure on agriculture.” The African Development Bank led the mobilization of $538 million for the flagship Special Agro-Industrial Processing Zones program to develop value chains for strategic agriculture commodities in Nigeria and transform rural areas into zones of economic prosperity.
Africa Economic Summit Group holds Future of Real Estate in Africa in Abuja The Africa Economic Summit Group has announced the first roundtable in the series planned for the Future of Africa Project which launched recently. This project initiated by the Africa Economic Summit Group, a United Kingdom based international organisation committed to the growth and competitiveness of the African continent is a twoyear long journey to harvest the finest of thoughts by Africans on the future they want for their continent. Announcing the roundtable on Friday, the CEO of the Group said that the roundtable which will be held at the Transcorp Hilton in Abuja Nigeria was designed to design a framework for a liveable, sustainable, resilient, and affordable housing for all in Africa Dr Reuben noted that Africa is a diverse continent with roughly 1bn people, 54 countries and thousands of languages with many of its economies facing similar challenges. ‘A common obstacle African markets face is a shortage of affordable housing. Kenya has a housing gap of approximately 2m homes, for example, while more than 12m people in Egypt live in
informal buildings. In Ghana the gap is reportedly 1.8 million and Nigeria 20 million homes. This problem is not particular to Africa but high GDP expansion, limited job creation, strong population growth and rapid urbanisation, its acuity in African economies is more pronounced, He said. The Africa Economic Summit Group Boss further noted that by the year 2040, for example, the continent is expected to have the largest workforce in the world, and African cities and towns will see consumer spending exceed $2trn. But to foster and sustain high economic growth – and the positive factors that come with it – African markets will need to improve the fundamentals of their housing sectors. While the specific features of local real estate markets and regulatory regimes vary significantly across the continent, from Cairo to Accra, chronic housing deficits, a lack of funding and an affordability gap are common throughout the region, he said. The Future of Real Estate Roundtable series is a part of the Future of Africa Project designed to provide a vision and action-
oriented roadmap for rethinking our approach to buildings and urban life.
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WEDNESDAY, JULY 20, 2022
The world needs a digital lifeline By Riccardo Puliti In periods of crisis, digital technologies provide a lifeline that keeps people, communities, and businesses functioning. From the COVID-19 pandemic to violent conflicts and natural disasters, being connected has allowed us to continue working, learning, and communicating. How policymakers have responded to these emergencies has played a large part. In particular, as new paper by the World Bank Group’s Development Committee shows, more agile regulation has accelerated digitalization and unleashed innovation. In today’s global context of several overlapping crises, this needs to become the norm. Secure and resilient internet infrastructure is a fundamental necessity. During the pandemic, as more and more of our lives went online, internet usage spiked worldwide. In 2020, 800 million people went online for the first time, and 58 low- and middle-income countries used digital payments to deliver COVID-19 relief. To manage that surge, governments and regulators in more than 80 countries moved quickly to change rules, including those governing the allocation of radio spectrum – the electromagnetic waves used for wireless communications. In Ghana, regulators assigned temporary radio spectrum to networks in high demand, and all mobile-
service providers were granted permission to expand coverage. This resulted in better-quality service for more than 30 million mobile subscribers, letting them “go” to work, learn online, and access essential services. Agile regulations have also helped digital technologies offer critical support to people in fragile and conflict situations. In Ukraine, the presence of a strong internet connection through satellite links, even while terrestrial infrastructure is under attack, has enabled the government to communicate with its citizens in real time. At the beginning of the war, shelling and cyberattacks were predicted to take down the internet, but innovations such as the satellite hookups have kept the country online. Here, too, the Ukrainian government moved quickly to speed up permissions and adapt rules. But a digital lifeline is effective only if it is safeguarded from cyberattack, something that Ukraine knows well. For many years, the country has been a testing ground for strikes on infrastructure. Hackers carried out waves of attacks that hit Ukraine’s distribution centers, call centers, and power grid. And it’s not just Ukraine. All countries are vulnerable to these incursions. The United States fell victim to cyberattacks last year that took down its largest fuel
pipeline, leaving many Americans in long lines to fill their gas tanks. And in Africa, Kenyan internet users endured more than 14 million malware incidents in 2020. Like cyberattacks, nature can cause damage to communications infrastructure that demands an agile reaction. A volcanic eruption in January this year sent the island nation of Tonga into digital darkness. The eruption cut Tonga’s single undersea telecom cable and threw the country into 38 days of isolation from the internet and much of the outside world. This crisis has prompted discussions about how to strengthen the network and emergency-response systems, so Tongans are not at risk of digital darkness again. To mitigate such vulnerabilities, unleashing digitalization needs to be a high priority even in periods of relative calm. Potentially transformative yet fast-evolving technologies require policymakers to promote financing, regulations, and institutions that make it easier to test out new ideas in real life. Some countries are starting to make progress. Kazakhstan is using agile regulation to digitalize, decentralize, and decarbonize its vitally important energy operations. Unlocking the potential of digitalization for the masses through well-targeted regulation
can also help close the digital divide and improve welfare. Recent research has shown that the availability of cheaper internet access increases employment among low-income households. Countries such as Saint Vincent and the Grenadines and Malaysia provide low-cost plans for poorer users. Digital access is essential for people all over the world, especially residents of underconnected rural areas, the poor, women, and the displaced. In Nigeria and Tanzania, poverty rates fell by seven percentage points in areas with internet connections. With the world facing multiple emergencies, policymakers need to mobilize digital connectivity to improve the daily welfare of the most vulnerable populations. Right now, innovation is moving so fast that many officials, especially in developing countries, are finding it hard to keep up and ensure that the benefits of digitalization reach the people who need them most. But we should not need a crisis to accelerate the transformation. Now is the time to build a digital lifeline – before the next disaster hits. Read more about the World Bank’s work on digital development and the digital lifeline that proved crucial in the pandemic in this recent paper on digitalization and development.
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| NEWS
WEDNESDAY, JULY 20, 2022
APAC 2022: It’s time to make a strong case for African leadership in protected areas WWF is calling for ambitious commitments to create effectively managed, governed, and wellfunded conserved areas that safeguard the livelihoods of the people around them at the IUCN Africa Protected Areas Congress (APAC) taking place in Kigali, Rwanda next week. Happening from 18th to 23rd July 2022, the IUCN Africa Protected Areas Congress (APAC) is the first-ever continent-wide gathering of African leaders, citizens, and interest groups to discuss the role of protected areas in conserving nature. WWF believes that protected areas must contribute to nature conservation, climate adaptation and mitigation and advance the well-being of Indigenous Peoples and local communities. Alice Ruhweza, WWF Africa Region Director, said: “Africa is on the front line of the crises in climate and nature. Africa’s protected and conserved areas are of great ecological, social, economic and cultural importance, providing resources that support communities and
enable pathways for adaptation to climate change. We are calling for stronger recognition of the role of protected and conserved areas in climate change adaptation and mitigation and consolidation of scientific, traditional knowledge and best practices on the nexus between protected and conserved areas (P&CAs), biodiversity, people and climate change.” Marco Lambertini, WWF Director-General, said: “Biodiversity loss is one of the critical challenges of our time. Conserving, restoring and sustainably managing the natural spaces left on the planet, are all key elements of becoming a nature-positive society. WWF is committed to refining and strengthening its support for areabased conservation, particularly protected area management, at a time when governments are discussing a global target of protecting at least 30% of the world’s land, ocean and freshwater systems. To deliver such an ambitious conservation target, WWF is also committed to promoting an inclusive rightsbased approach to conservation
that balances the needs of people and the planet through local engagement, ownership, and joint accountability. We welcome and share the objectives of APAC, looking at protected and conserved areas as a key tool to address climate change and support the delivery of the Sustainable Development Goals.” Managing protected areas is a critical tool for conserving the world’s biodiversity and combating climate change and also forms the basis of WWF’s goals and initiatives. Globally, scientists have recently confirmed that as many as 1 million species are at risk of extinction, across the globe, including average population declines of 68% globally and 65% in Africa. WWF has a global target to protect 30% of all global habitats through enhanced connectivity and effective management of protected and conserved areas, including those managed by Indigenous Peoples & Local Communities. Such a target requires a combination of approaches and strategies, including community-conserved areas and working landscapes
that are sustainably used, among others. WWF strongly believes conservation has never been at odds with Africa’s economic and social development aspirations. Nature and conservation are an encompassing and inclusive endeavour of people of all walks of life. Up to 50% of the wealth in most African countries comes from natural capital and assets, with around 70% of Africa’s population dependent on nature for their livelihoods. Marco Lambertini further said, “WWF joins many other groups, governments and businesses in advocating for the world’s leaders to adopt a nature-positive global mission at the forthcoming COP15 of the UN Convention of Biological Diversity. A mission that commits to have more nature at the end of this decade than at its start, through conservation, restoration and sustainable management of species, habitats and natural resources for the benefit of present and future generations, and all life on Earth ”.
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| NEWS
WEDNESDAY, JULY 20, 2022
Fitch Ratings affirms African Development Bank at ‘AAA’; outlook stable
The global credit rating agency Fitch Ratings has affirmed the African Development Bank’s longterm credit rating AAA with a Stable Outlook. This is a very strong endorsement of the African Development Bank’s financial strength and profile, as well as the extraordinary support of its shareholders. The importance of the Bank’s public mandate, its governance, and the excellent quality of its risk management was highlighted by Fitch. The Bank’s Acting Vice President for Finance and CFO, Hassatou N’Sele noted: “this stellar credit rating allows the African Development Bank to
provide financial resources to African countries at favorable levels to develop their economies. This is extremely important in the current environment of rising interest rates and issues around debt sustainability.” Additional recognition The Bank’s role in shaping the global development landscape received additional recognition this week. Publish What You Fund, the global campaign for aid and development transparency, has ranked the African Development Bank’s Sovereign Portfolio first out of 50 global development institutions in its 2022 Aid Transparency Index. Based on its strong financial
position, the Bank has launched game-changing initiatives for Africa, from helping African countries build back from Covid-19 recovery, to tackling the global food insecurity crisis sparked by the Russia-Ukraine conflict. As the global food crisis brought growing fears of food insecurity in Africa, the Bank approved a $1.5 billion African Emergency Food Production Facility which will provide 20 million smallholder farmers on the continent with certified seeds and access to agricultural fertilizers to enable them to rapidly produce 38 million tonnes of food. This will see a $12 billion increase
in food production in just two years and will build on the success of its flagship Technologies for African Agricultural Transformation (TAAT) program, which has delivered heat-tolerant wheat varieties to 1.8 million farmers in seven countries. Some 40 countries have already applied for funding from the Facility. The Bank has also been instrumental in the establishment of the African Pharmaceutical Technology Foundation in Rwanda to significantly enhance Africa’s access to the manufacture of medicines, vaccines, and other pharmaceutical products to help hasten the continent’s postpandemic recovery.
UKGCC UK Advisory Board Member awarded best student in prestigious MBA programme UKGCC UK Advisory Board Member and senior banking executive, Linda Wayoe MBA, MCBI, has been named Best Overall Student for 2022’s worldclass Chartered Banker MBA (CBMBA) Programme at Bangor University in Wales. Ms. Wayoe, who is also a seasoned Business Transformation Executive, graduated on Thursday, June 30, 2022, with Distinction. The programme also earned her the dual qualification of Chartered Banker and Master of Business Administration (MBA). Paul Akwaboah, a corporate executive and member of the UKGCC’s UKbased Advisory Board, remarked
“We are extremely proud of Linda for this achievement and it’s an honour to serve on the UK Board with her.” In a statement, Ms. Wayoe expressed gratitude for receiving such a prestigious award. “Thank you to Bangor University and the Chartered Banker Institute (CBI) for recognising my efforts and this immense honour. My experience of the CBMBA Programme has been absolutely phenomenal,” she noted. According to her, the comprehensive programme has impacted her tremendously, and she pledges to utilise them in her field of work dutifully.
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| NEWS
WEDNESDAY, JULY 20, 2022
NPA, Ministry of Energy tour SIGMA Ghana
Officials of the National Petroleum Authority (NPA) and the Ministry of Energy have toured the facilities of SIGMA, Ghana, a multinational company with 24 years of experience in manufacturing Gas Cylinders. The visit was to enable the NPA and the Ministry to familiarise themselves with the operations of the company and ensure that the cylinders produced are of the highest quality. SIGMA, Ghana, a 100% Ghanaian company, was established in 1998 and lately has renovated and relaunched its new cylinders factory in Accra. As part of the re-launch, the Ministry of Energy and National
Petroleum Authority paid a courtesy visit to the SIGMA Cylinders Factory and had a tour of the facilities and the operations. The factory, which was renovated lately and built over an area of 3,800 sqm, has a manufacturing capacity of 1.5 million cylinders per year with over 150 employees in their bid to support the local economy by providing employment opportunities and movement in the economic cycle. In an interview with the Chief Executive Offier, Jad Jaber, he said that the company has reviewed its processes over the years and has prioritised its activities on delivering quality and safe
cylinders in the Ghanaian market. To achieve this the company has established a SIGMA Academy that provides employees with constant training and special knowledge on production. The Deputy Director of Petroleum downstream at the Ministry of Energy, Ali Nuhu Abekah, commended SIGMA, Ghana for their contributions to the petroleum industry. According to him, the entire set up of the company was impressive and that government will continue to support them. “Obviously, it is government’s policy to ensure that our indigenous factories function here. And also ensure that the local content has enough participation in Ghana’s Economy and also the industrialization process and therefore such facilities are very crucial to ensure that we achieve such objectives,” he said. He said the facility is also critical as government seeks to implement the cylinder recirculation model. On her part, the Deputy Chief Executive Officer of the National Petroleum Authority (NPA) Linda Asante said that it was refreshing to see gas cylinders being manufactured locally. This, she
said, will reduce high importation of gas cylinders. “We all know that cylinders are mainly imported but when we came here, we’ve seen that cylinders are being manufactured here, and so it is highly commendable.” According to her, the cylinders per their observation are of standard and can resist the temperature of the country and assured that the sigma group will be given a key role in the Cylinder Recirculation Module. Director of Gas at the NPA, Ntiwaa Kwakye, also expressed satisfaction with the operations of the Sigma group. She said: “I think it is impressive to witness the facilities in place here at Sigma Ghana. We will continue to collaborate with them especially as we seek to implement the CRM and we know they will be a key stakeholder in the exercise because we need cylinders that are of highest quality and SIGMA group have proven to be the best choice.” The Plant Manager of the Sigma Group, Emmanuel Tetteh, said the company is open to assisting government to ensure a successful implementation of the CRM.
Emirates awards top performing travel agents in Ghana Emirates Airline, has awarded its top-performing travel agents in Ghana in an event hosted by the airline. The awards event recognised the efforts of local travel agents, supporting the success of the airline as well as the overall industry as it navigates recovery. As a global airline, Emirates is committed to the markets in which it operates. Emirates recognises the integral role that travel agents play in the success of the organization
within the Ghanaian market, and appreciates the hard work and contribution of these agents to its growth in the country. A total of 12 travel agencies were honoured at the event. The honourees included Satguru Travel & Tours, Travel Places, Shivohum, Josh Travels Limited, Westside Travel Services, Eurotour Ghana, Wakanow Ghana, FJ Travel, Krishna Travel, Yoshiken Travel, Bindu Travels, and Adansi Travels. Satguru
Travel & Tours won the award for the overall best performing travel agency. Speaking at the awards ceremony, Emirates Senior Vice President, Africa- Commercial Operations, Badr Abbas, expressed his gratitude to the travel agents present: “Emirates Airline and Ghana share a very special relationship that goes back to almost 20 years, and we have been connecting Ghanaian travellers to a global network
which now spans nearly 130 destinations, making it easier to connect with friends, family, trade and tourism opportunities. I have been eager to visit Ghana, a market that is very important to us, to meet with the people that have supported us, even in the most difficult of times. Throughout this journey, you, our loyal travel agents have been an integral part of our rebuilding efforts, for which we are extremely grateful. We look forward to your continued support in the years ahead. It has been a challenging two years for all of us, and together we are navigating recovery. We are grateful for your loyalty to Emirates as steadfast partners, in spite of challenging market dynamics, and together, we are confident that we are gradually gaining an even stronger footing for the future” Also present at the event were the Emirates Country Manager for Ghana and Cote D’Ivoire, Cathrine Wesley, and the local Emirates team, who hosted the honourees. Emirates currently operates daily flights to Accra in line with increasing demand for international travel from the market.
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| FEATURE
WEDNESDAY, JULY 20, 2022
Winning over cancer with Apollo Proton Cancer Centre Apollo Proton Cancer Centre (APCC) is the first and only proton therapy center in South Asia, the Middle East and Africa. At the just-ended stakeholder meeting organized by Shinon Healthcare, a Medical and Health Consultancy company based in Singapore with offices across 12 countries over 14 countries, including Ghana representing, the CEO of Apollo Proton Cancer Centre, Mr. Harish Trivedi, illuminated that the purpose of setting up the center is to create access and a fighting chance to win the fight against cancer Dr. Rakesh Jalali, Medical Director of APCC, explained that Proton therapy is a radiation therapy that uses tiny particles called protons. Protons are excellent cell killers, but because of the way protons deliver their energy, proton therapy does not damage as much healthy tissue as much as photon therapy. Therefore, a higher radiation
dose can target the tumor without affecting many normal healthy cells. The pencil beam technology used in the treatment gives the added advantage of accurately targeting the tumor without damaging the healthy tissues either before or behind the tumor. Proton therapy is at least as effective as conventional radiation therapy but with fewer side effects. In some cases, proton therapy is not only the best but also the only option. It has been proven successful in curing or controlling many cancers when used appropriately. Success after radiation therapy depends on the type and stage of cancer treated. Control rates with proton therapy can be as high as 85-90% in certain cancers like chordomas, brain tumors, or liver cancers. Proton therapy has many advantages, including: targeting tumors and cancer cells with precision and minimal exit dose; reducing overall toxicity; reducing the probability and/or severity
of short- and long-term side effects on surrounding healthy tissues and organs (e.g., reduces the likelihood of secondary tumors caused by treatment); and precisely delivering an optimal radiation dose to the tumor. It can treat recurrent tumors, even in patients who have already received radiation, improve quality of life during and after treatment and increases the longterm, progression-free survival rates for certain types of tumors. Among the cancers treated are bone and soft tissue, breast, central nervous system, gastrointestinal, gynaecology, head and neck, lymphoma, paediatrics, thoracic and urology. Its robust multi-disciplinary platform at the bedrock of APCC’s approach to treating cancer; highly skilled clinicians come together to form a cancer management team (CMT). Each CMT is focused on delivering the best possible outcomes for their patients with utmost care.
Mr. Christopher Rockson, who represented Ghana at the meeting, enquired about Apollo Hospitals’ plans to support Africa (Ghana) increase its healthcare standards and infrastructure. In response, the founder and Chairman of Apollo Hospitals Group, Dr. Prathap C. Reddy, indicated that there is a special program named APOLLO CONNECT which is aimed at sharing knowledge, creating partnerships and investing in strategic healthcare-related projects in partner countries and that Ghana holds a special place in his heart as India and Ghana share a long-standing history of cooperation. On his part, Mr. Rockson mentioned that a cooperation agreement has already been signed with Shinon Healthcare to set up an information center focusing on the West African market and hoped this would lead to fast-tracking Apollo’s plans to establish a physical presence in Ghana.
L-R: Mr. Christopher Rockson; Dr. Prathap C. Reddy; and Mr. Dhruv Sharma
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| ADVERT
WEDNESDAY, JULY 20, 2022
Is the US in recession? By Jeffrey Frankel On July 28, the United States Bureau of Economic Analysis (BEA) will release its advance estimate of second-quarter GDP growth. The impending announcement has observers on the edge of their seats, with many expecting it to confirm that the US economy slid into recession in the first half of 2022. But even if the announcement seems to say that, the reality is more complicated. The recession prediction is based on two assumptions: firstquarter growth was negative, and a recession is defined as two consecutive quarters of negative growth. As a result, if secondquarter growth is estimated to have been negative, the stock and bond markets could react by rising in the very short run. A recession might lead investors to believe that the US Federal Reserve will ease up on its aggressive interestrate hikes. But there are three major flaws to this reasoning. First, growth is as likely to have been positive as negative in the second quarter. Yes, the Atlanta Fed’s GDPNow model estimates a second-quarter annual growth rate of -1.5%, based on data available through July 15. Nonetheless, some economists – including me – would argue that growth was more likely positive in the second quarter. Even if the BEA estimate is negative, however, it does not necessarily mean that the US has entered a recession. That is because – and this is the second
flaw – a US recession is not defined as two consecutive quarters of negative growth. True, the two-consecutivequarters rule is used to determine whether most advanced economies – particularly in Europe – are in recession. But it is not the main criterion in all countries. It certainly is not in the US, where the Business Cycle Dating Committee of the National Bureau of Economic Research makes that call, based on a variety of indicators – a role that the BEA officially recognizes. (It is worth noting that institutions that are private nonprofits, like the NBER, also produce other important economic indicators, such as the consumer confidence index and the purchasing managers’ index.) The NBER’s approach arguably produces more accurate assessments than the simplistic two-consecutive-quarter rule. This was demonstrated, for example, by the recession of 2001, an episode that would fail the twoquarter test, because GDP growth was negative in the first and third quarters of that year, but positive in the second quarter. But if one looks at a variety of indicators – especially employment – it is clear that there was indeed a recession. The NBER recognized that. It is still natural to view output growth as the most important indicator of a recession. But even if one operated according to that two-consecutive-quarter rule, there is a third flaw in the
assumption that the US entered a recession in the first half of 2022: contrary to popular belief, first-quarter growth was not necessarily negative. There are two ways to measure output. The one that gets all the attention in the US is GDP, which is measured on the product side – that is, by adding up the sectors in which goods and services are sold. Using that measure, annual US GDP growth was negative in the first quarter, at -1.6%. But growth can also be measured by gross domestic income, which is calculated on the income side – that is, by adding up kinds of income, like employee compensation. In theory, the two measures should be precisely equal. But in practice, there is a statistical discrepancy – one that, in the first quarter of 2022, was large, with GDI growing by 1.8%. The average of the two measures – sometimes called gross domestic output (GDO) – was also positive. Here comes the important part. Experts – including in the US government – have long viewed GDI as just as informative in measuring economic output as GDP. So has the NBER committee, which considers GDO in determining quarterly turningpoint dates. This has two implications for the upcoming BEA release. The first is that, even if the BEA shows GDP growth to have been negative for two consecutive quarters, the NBER committee
is very unlikely to conclude that a recession started in the first quarter of 2022. That conclusion would be too far out of line with GDI, employment growth, and other economic indicators from the first quarter. Second, the GDP figures will soon be revised. This is routine, and revisions are substantial: the mean absolute revision for a given quarter – even just going from the third to the final BEA release (after mid-year “benchmark revisions”) – is 1.2 percentage points, for a sample ending in 2018. This is the main reason why the NBER committee waits so long – 11 months, on average – before calling turning points. When the BEA undertakes its comprehensive “benchmark revision” of the National Income and Product Accounts – this year, the results are set to be released in September, instead of July – it could well revise first-quarter GDP growth upward, conceivably even by enough to turn it positive. Revisions historically have moved GDP in the direction of GDI more often than vice versa. In that sense, GDI may be a more reliable measure of domestic output than GDP. Brace yourself for headlines claiming that the US economy is in recession, with all the public and market reactions that will trigger. But do not be surprised if you are told the opposite two months later.
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| NEWS
WEDNESDAY, JULY 20, 2022
Ghana to sign $3.2bn Western Railway Line agreement with Thelo DB Consortium Ghana is to sign a $3.2billion framework agreement for the Western Railway Line Project with the Thelo DB consortium on July 25. The Signing Ceremony will take place during the Ministerial Programme hosted by the African Continental Free Trade Area Agreement (AfCFTA) Secretariat in Accra. A statement issued in Accra quoted Mr Ronnie Ntuli, Chairman, Thelo DB, saying “The Western Railway Line Project will transform Ghana’s existing railway infrastructure
base into a modern, robust and integrated railway system, with the associated infrastructure to position Ghana’s rail network as a leading transport system in Africa.” The project includes Planning (all project preparation-related activities, such as feasibility studies, demand analysis, preliminary and detailed design, and procurement consulting); Implementation (systems engineering design, construction supervision, design review, audit systems engineering, testing and commissioning of rolling
stock and infrastructure); and Operations and Maintenance Management (early train operator, consulting services in terms of infrastructure operations, rolling stock operations, infrastructure and rolling stock maintenance). Officials to speak at the signing ceremony will include President Nana Addo Akufo-Addo, Mr John Peter Amewu, Minister for Railways Development, Mr Ebrahim Patel, Minister of Trade and Industry, South Africa, Mr Wamkele Mene, Secretary General, AfCFTA Secretariat and Dr Akinwumi A.
Adesina, President of the African Development Bank Group. Others are Professor Benedict Oramah, President, and Chairman of the Board of Directors, Afreximbank; and Mr. Ronnie Ntuli, Chairman, Thelo DB. Thelo DB is a South African railway entity incorporated between Thelo Ventures, an African industrial company, and Germany’s Deutsche Bahn Engineering & Consulting (DB). The Thelo DB consortium also includes Ghanaian partner Transtech Consult.
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| MARKET REVIEW
WEDNESDAY, JULY 20, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - JULY 15, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth
3.3%
Average GDP Growth for 2021
3.3%
2022 Projected GDP Growth
5.5%
BoG Policy Rate
19.0%
Weekly Interbank Interest Rate
21.15%
Inflation for February, 2022
29.8%
End Period Inflation Target – 2022
8.0%
Budget Deficit (% GDP) – Dec, 2021
2.6%
2022 Budget Deficit Target (%GDP)
7.4%
Public Debt (billion GH¢) – Dec, 2021
391.9%
Debt to GDP Ratio – Dec, 2021
78.0%
STOCK MARKET REVIEW The Ghana Stock Exchange weakened for the second consecutive week on the back of price declines by 3 counters. The GSE Composite Index (GSE CI) lost 74.41 points (-2.93%) to close at 2,464.13 points, reflecting year-to-date (YTD) loss of 11.66%. The GSE Financial Stocks Index (GSE FI) on the other hand remained flat to close at 2,163.03 points, reflecting year-to-date (YTD) gain of 0.52%. Market capitalization dropped by 1.33% to close the week at GH¢63,748.50 million, from GH¢64,609.70 million at the close of the previous week. This reflects YTD decrease of 1.16%. Trading activity recorded a total of 60,044,310 shares valued at GH¢54,548,444.78 changing hands, compared with 1,870,896 shares, valued at GH¢1,822,836.80 in the preceding week. MTN dominated both volume and value of trades for the week, accounting, for 99.68% and 91.89% of volume and value of shares traded respectively. The market ended the week with no advancer and 3 laggards as indicated on the table below.
THE CURRENCY MARKET The Cedi continued its downward trend against the USD for the week. It traded at GH¢7.3845/$, compared with GH¢7.3045/$ at week open, reflecting w/w and YTD depreciations of 1.08% and 18.67% respectively. This compares with YTD depreciation of 0.63% a year ago. The Cedi however strenghtened against the GBP for the week. It traded at GH¢8.7577/£, compared with GH¢8.7946/£ at week open, reflecting w/w gain and YTD loss of 0.42% and 7.20% respectively. This compares with YTD depreciation of 1.47% a year ago. The Cedi lost grounds to the Euro for the week. It traded at GH¢7.4499/€, compared with GH¢7.4421/€ at week open, reflecting w/w and YTD depreciation of 0.10% and 8.35% respectively. This compares with YTD appreciation of 3.18% a year ago. The Cedi also weakened against the Canadian Dollar for the week. It opened at GH¢5.6454/C$ but closed at GH¢5.6671/C$, reflecting w/w and YTD depreciations of 0.38% and 16.33% respectively. This compares with YTD depreciation of 1.66% a year ago.
WEDNESDAY, JULY 20, 2022
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| MARKET REVIEW
BUSINESS TERM OF THE WEEK Shell Bank: Shell bank means a bank that has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision. Source: https://www.fatf-gafi.org/glossary/s-t/
ABOUT CIDAN
COMMODITY MARKET Crude Oil prices declined for the week on the back of fears that further hefty interest rate hikes, primarily by the Federal Reserve, will severely hit global economic growth and thus oil demand. Brent futures traded at US$99.63 a barrel on Friday, compared to US$107.02 at week open. This reflects a w/w loss and YTD gain of 6.91% and 28.09% respectively. Gold prices fell with expectations growing that the U.S. Federal Reserve could hike interest rates more aggressively this month to fight red-hot inflation. Gold settled at US$1,699.75, from US$1,742.30 last week, reflecting w/w and YTD losses of 2.44% and 7.05% respectively.
INTERNTIONAL COMMODITIES PRICES
GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,150.89 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢1,321.84 million raised in the previous week. The 91-Day Bill settled at 25.96% p.a from 25.89% p.a. last week whilst the 182-Day Bill settled at 27.46% p.a from 26.55% p.a. last week. The table and graph below highlight primary market yields at close of the week.
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
WEDNESDAY, JULY 20, 2022
Ghana begins installation of e-visa system at missions abroad A technical team of Orell Füssli Security (OFS) Printing Limited in Switzerland is in Ghana to install new e-visa equipment at the Ghana Immigration Service and designated Ghana Missions abroad. The installation of the new e-visa system is consistent with current best practice towards the enhancement of greater efficiency, data security, accountability of consular revenues and for the protection of national security. Madam Shirley Ayorkor Botchwey, the Minister of Foreign Affairs and Regional Integration, said this on Tuesday at the opening ceremony for the Site Acceptance Test visit by the technical team of the company for the implementation of the e-visa system. The test is expected to be performed on Thursday July 21, 2022, at the Ghana Immigration Service headquarters. Ghana, in February 2020, signed a Technical Support Agreement with OFS and TGN Digital Security Limited for the
supply of machine-readable visa stickers and the deployment of an e-visa hardware personalisation system for the installation of the system. Madam Botchwey said in furtherance of the implementation of the agreement, following the Factory Acceptance Test visit, the existing service providers had successfully integrated their systems with that of the OFS for the deployment of the new visa system. ” There were initial pilot runs of the system at our Berne and Copenhagen Missions (smaller Missions) following the integration exercise,” she added. With the arrival of the technical team for the installation of the system, the Minister said the country was ready for the deployment of the system at the designated Missions abroad, starting with the bigger Missions in London and Berlin. Madam Botchwey welcomed the on-site training of the Ghana Immigration officers on the management and operation of the
system. “It is my expectation that the visit would pave the way for the smooth deployment of the new hardware systems in our Missions abroad to ensure efficient delivery of visa services to applicants,” she added. Mr Kwame Asuah Takyi, the Controller General of the Ghana Immigration Service said the Service had taken delivery of the visa stickers, three visa issuing stations and the server equipment for the project. The visa stations and server equipment, he stated, would be installed by the close of the week at the Airport and the Service’s Data Centre. Mr Geoffray Raymond, Head, OFS Team, expressed happiness about the partnership and was confident that the installation
would be completed by the end of the week. Malawi, Benin, Nigeria, Botswana, Ethiopia, Morocco, Djibouti, Ivory Coast, Gabon, Guinea, Madagascar, among others are implementing the e-visa system.
Minority wants probe of military personnel involved in “inhumane” treatment of illegal miners By Eugene Davis
The Minority in parliament has asked for a probe into the conduct of the military personnel who were alleged to have manhandled a group of young men suspected to be engaged in galamsey. Addressing the press on Tuesday, the ranking member of Mines and Energy Committee of Parliament,
John Jinapor said “The Minority, therefore, wish to call for an impartial and credible investigation into this act and the culprits made to face the full sanctions of the law. This is the only way to show that the impunity and favouritism that has characterized this government is at least being dealt with. We shall remain vigilant and committed towards ensuring that the rights of every Ghanaian is protected under the constitution,” he said. His comments follow a viral video in which a group of young men suspected to be engaged in galamsey, were made to lie in dirty, muddy water after they were caught in the act by some military personnel. The incident is believed to have taken place on Friday, July 15, 2022, at one of the sites belonging to Anglogold Ashanti in Obuasi in the Ashanti Region.
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The inhumane treatment meted out to the miners numbering over 30 has led to concerns over their flagrant human rights abuse. Mr Jinapor who is also the Member of Parliament of Yapei-Kusawgu took on his brother’s ministry and condemned the approach adopted in the fight against the menace. “Though the minority vehemently condemns all forms of illegal mining activities and encroaching, we are equally opposed to the use of brute, excessive and disproportionate force in the fight against illegal mining. The flagrant disregard for our laws under the Akufo-Addo-led Government is most unfortunate and must be condemned in the strongest terms possible. We find this incident despicable, unfortunate and highly reprehensible.” “Whilst the Akufo-Addo/Bawumia
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led Government remains mute on this dastardly and heinous act continuously being meted to the ordinary Ghanaian by some members of the military, foreigners on the hand are always treated with kids gloves and in some instances, the law compromised to favour them in the name of building international monetary relations.” “You will recall the infamous incident involving a Chinese Galamsey Queen known as Aisha Huang, following her arrest for her involvement in illegal mining, the state unilaterally discontinued the case in court on a flimsy excuse that they stood to secure economic gains for her release. Whiles her prosecution should have been used as a deterrent to others, it was treated with kids’ gloves as usual.”