F R I DAY, JU LY 2 9, 2022
.COM.GH
NEWS FOR BUSINESS LEADERS
SSNIT seeks strategic investors over nonperforming assets BY EUGENE DAVIS
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IFC, LMI provide clean power and water to industry STORY ON PAGE 3
OBG, ASEA team up for key study on economic dev’t
A new focus report, produced by Oxford Business Group (OBG) with the African Securities Exchanges Association (ASEA), explores efforts under way to integrate the region’s stock markets, which is gathering pace on the back of growing awareness among key players of the need to build resilience and diversify the investor base. Titled “African Stock Exchanges”, the wide-ranging study provides detailed analysis of the trends, opportunities and challenges evident across the continent’s financial sector, and its capital markets in particular, in an easy-to-navigate and accessible format, supported by key data and infographics. The focus report shines a spotlight on the African Exchanges Linkages Project (AELP), which aims to connect stock exchanges regionally and foster both investment and trade, following a pilot phase that involves seven leading exchanges. The AELP is a joint initiative of ASEA and the African Development Bank, funded by the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund, one of the Bank’s bilateral funds. The project is expected to increase the depth and liquidity of the region’s capital markets, while benefiting from anticipated heightened trade activity under the African Continental Free Trade Area agreement. | MORE ON PAGE 4
Exim Bank commits US$10m to yam export The Ghana Export - Import Bank (GEXIM) has announced a package of US$10 million to support yam export as part of the bank’s effort to develop the sector and ensure Ghana remains the world’s largest exporter of yam. The announcement was made by the Chief Executive Officer of GEXIM, Lawrence Agyinsam, at a Stakeholder Consultative Forum on Yam Export organised by the bank in Accra. It was under the theme: “Facilitating International Trade; The Role Of Ghana Exim Bank in Yam Exports”. According to Mr. Agyinsam, the bank, as part of its mandate is to support and
develop directly or indirectly trade between Ghana and other countries and build Ghana’s capacity and competitiveness in the international market place and approved by its Board, is ready to extend this financial support to this sector. “The Ghana Export – Import Bank Act, 2016 (Act 911) mandates us to plan, promote, develop and finance export-oriented concerns as well as provide support for Small and Medium Enterprises engaged in agro-processing and export trade. In 2020, export of yam tubers reached a record-high of | MORE ON PAGE 2
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THEBUSINESS24ONLINE.COM
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.
Exim Bank commits US$10m to yam export Continued from page 1
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US$48 million according to data from the Ghana Export Promotion Authority (GEPA), making the country the world’s largest exporter of yam. With this financial package, we are optimistic to improve on the figures and also entrench our position as global leader when it comes to yam export,” he added. The GEXIM CEO further highlighted the Bank’s support for the sector at various levels over the years to enhance their productivity as well as build their capacity through technical assistance to boost international trade. Mr. Agyinsam urged all stakeholders within the yam value chain to be abreast with global trends in the production and export of yam and ensure they conform to the required processes and meet the globally defined standards and certification for yam export. The Executive Secretary of Ghana Root Crops and Tubers Exporters Union (GROCTEU), Mr. Robert Taylor, called for more support from state agencies and regulators to enable their members to scale up in their operations and increase their productivity. He further urged yam exporters to strategically position themselves to take advantage of GEXIM’s financial package to increase their exports. Representatives from other organisations were given the opportunity to make a
presentation on their contribution in the value chain. They included the Ghana Standard Authority, Council for Scientific and Industrial Research (Food
Research Institute) CSIR, Ministry of Food and Agriculture, Ghana Shippers’ Council and Ghana Export Promotion Authority (GEPA).
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| FEATURE
FRIDAY, JULY 29, 2022
SSNIT seeks strategic investors over non-performing assets BY EUGENE DAVIS
The Social Security and National Insurance Trust (SSNIT) has begun the process of roping in strategic private partners to take over the helm of some of its legacy investments, Director-General, Dr. John Ofori-Tenkorang has said. According to Dr. OforiTenkorang, following review of the company’s investments, the existing ones they do not have proper oversight, management has decided to hand those responsibilities to prospective investors who are skilled in that area. Speaking to Business24 after they appeared before the Public Accounts Committee (PAC) on Wednesday, he said “There were
quite some few issues that we have to deal with, majority of the issues have to do with legacy investments and some of them going back as far as 1996 and what has happened is that, our job is to make sure that whatever investment that we are not performing, we taking steps to make sure they perform. Some of the things that we have done is that, our investments that we do not have proper oversight control or we are the majority shareholders, we have gone out to try and seek private sector participation specifically in our hotels -so that people who know how to make money in that business get into the driver’s seat
and we tag along.” Further, he stated that “There are certain things like how we do our investments appraisals and what kind of investments structures or vehicles we put in place to undertake these investments. We have revised our investment guidelines to ensure that for example, SSNIT will not get into a joint venture, with a party who is a minority shareholder and that party ends up getting all the construction contract. So this and many other things that we have put in place to make sure that proper due diligence is done before we enter into investments and also to make sure that the oversight is improved.” A 2020 report of the Auditor General on Public Boards, statutory institutions for the period ending revealed that SSNIT has more than ¢440 million locked up in non-performing investment. 21,000 ‘ghost’ pensioners removed Responding to questions from members of PAC over financial malfeasances when officials of the Trust appeared before them, Dr.Ofori-Tenkorang indicated that they have removed more than 21,000 ‘ghost’ pensioners from
the scheme after it embarked on measures to ensure prompt payment of pensions. He also revealed that in 2018, the Trust changed the Pensioner Certificate renewal frequency from once every three years to once a year in a move to promptly identify and delete deceased pensioners aged 72 years and above. Dr Ofori-Tenkorang said SSNIT has since implemented several measures to tackle issues concerning deceased pensioners. These include; Electronic tracking of the one-year Pensioner Certificate renewal policy; and Automatic deactivation of names of Pensioners due for annual Pensioner Certificates Renewal in the new Operational System. The Auditor-General’s report which made the adverse findings against SSNIT covered the periods 2017 to 2019. Most of the queries were however found to be legacy issues spanning more than two decades. The management of the Trust also informed the Committee that it has tackled the majority of the issues, and instituted measures, and policies to avert future occurrences.
IFC, LMI provide clean power and water to industry IFC and LMI Holdings have partnered to provide essential infrastructure services to manufacturing companies located in LMI-operated special economic zones in Ghana to support job creation and greener as well as more sustainable and competitive industrial development in the country. Under the partnership, LMI will build a 16.8-megawatt rooftop solar plant that will power businesses operating in the Tema Free Zone (Tema FZ), on the outskirts of Accra, helping to contribute to Ghana’s climate agenda. LMI will also build a water treatment and distribution plant, with an initial capacity to treat 4,000 cubic meters per day to serve businesses in the new Dawa Industrial Zone (Dawa IZ), also on the outskirts of Accra. IFC will provide LMI with a loan of up to $30 million from
its own account to support LMI’s development plans in the two industrial zones, providing dozens of firms with the essential infrastructure they need to increase their productivity and competitiveness. “As an indigenous Ghanaian company, LMI is committed to the task of facilitating our country’s industrialization ambitions and boosting exports. This partnership with IFC gives LMI the means and space to make big bets on Ghana,” said Kojo Aduhene, LMI’s CEO. “This project demonstrates how the private sector can bring effective solutions to development challenges and support job-creation. Through this investment, IFC’s first that is funding both infrastructure and water development in an industrial special economic zone in sub-Saharan Africa, IFC is supporting Ghana’s industrialization ambitions for a
greener and more sustainable future,” said Kyle Kelhofer, IFC’s Senior Country Manager for Ghana. LMI’s solar plant in Tema FZ, compared with current thermal power on the national grid, is expected, together with the water plant, to reduce Ghana’s emissions by approximately 10,000 tons of CO2 equivalent annually. The water plant will be Ghana’s first private production of reliable, high-quality water for industry. LMI, a highly diversified Ghanaian company with interests in the construction, property development, logistics, utilities, and ICT sectors, is the primary
developer of the Tema FZ, which hosts more than 80 companies operating in various sectors, including building materials and agro-processing. LMI has also embarked on developing its second industrial park with a total area of 2,000 acres, as part of a new city development, Dawa City, 40 kilometers to the east of Accra. Over the last decade, IFC has provided over $4 billion in financing and advisory services to Ghanaian companies in sectors including agribusiness, education, energy, healthcare, financial services, manufacturing, retail, tourism, and transport.
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| NEWS
FRIDAY, JULY 29, 2022
OBG, ASEA team up for key study on economic dev’t CONTINUED FROM PAGE 1
The report also tracks the technological advances that have been made across the continent’s larger exchanges and are now being replicated in key smaller markets. The benefits digital solutions offer, which include facilitating the delivery of a larger range of products and services quicker and at a lower cost, are a key focus. In addition, the report considers the impact on African exchanges of rising demand for more sustainable investment products, analysing moves under way at some of the region’s larger markets, in particular, to sharpen the focus on environmental, social and governance reporting. Other topical issues looked at include the steps being taken by governments across the continent to improve the regulatory environment, which will be key in positioning exchanges to play a major part in supporting the region’s economic development. The study also examines the challenges that several of
the regional exchanges face in their expansion efforts, which range from limited liquidity and comparatively few listings to minimal participation from retail investors. The report features 16 case studies, which chart the development of key exchanges across the continent, alongside contributions from a broad range of business leaders. It also contains a wide-ranging foreword by Félix Edoh Kossi Amenounve, ASEA President,as well as CEO of Bourse Régionale des Valeurs Mobilières (BRVM), in which he discusses the steps needed to increase the part played by the region’s capital markets in Africa’s economic transformation. “For the most part, African stock exchanges remain modest in size and liquidity, and therefore their contribution to economic development continues to be marginal,” he said. “There is a need to encourage enthusiasm in African securities and address the lack of depth in the market
to support major operations; we must supply stock exchanges with more listed companies and boost demand for securities by developing institutional savings mechanisms and mobilising citizens’ savings through concerted efforts at enhancing financial literacy.” Commenting after the launch, Karine Loehman, OBG’s Managing Director for Africa, said that while exchanges had felt the weight of the pandemic, a recovery was now taking shape, buoyed by advancements in their operating models and an awareness amongst investors of the region’s potential. “Near-term challenges remain an issue, in part due to the economic situation of individual
markets and the impact of external headwinds,” Loehman said. “However, there is a growing realisation among governments, regulators and the international business community of the potential that stock exchanges offer African countries to unlock capital and galvanise intraregional growth at a time when the continent is poised for a period of major development.” The focus report on Africa’s stock exchanges forms part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including ESG and Future Readiness reports, countryspecific Growth and Recovery Outlook articles and interviews.
PIAC urges District Assemblies to ensure effective utilization of petroleum revenues The Public Interest and Accountability Committee (PIAC), the statutory body with oversight responsibility of the management and use of petroleum revenues has urged managers of the District Assemblies Common Fund (DACF) to prudently manage revenues allocated to them from the Annual Budget Funding Amount (ABFA). The DACF has received more than GH¢32,380,403.91 from the ABFA in 2021 following a 2019 decision of the Supreme Court in the case of Kpodo vs The Attorney-General. Speaking at a public forum for residents in the Nzema East Municipality in the Western Region, a Member of PIAC, Dr Emmanuel Tenkorang, said for the first time since Ghana started receiving petroleum revenue in 2011, the DACF received funds from the ABFA in 2021. He said there are guidelines guiding the utilization of revenues from the ABFA, and thus, the latest stream of expenditure to the DACF should be properly managed and accounted for to ensure that the transparency and accountability being demanded by PIAC would be holistic.
The forum, which was organized in line with PIAC’s second mandate of providing space and platform for public debate on the management of petroleum revenues, brought together participants from different sectors of the economy. 2021 Annual Report Findings Presenting highlights of the findings in the 2021 PIAC Annual Report, Dr Tenkorang noted that annual crude oil production declined by 17.7 percent from 66,926,806 bbls in 2020 to 55,050,391 bbls in 2021, despite the rebound of economic activities in 2021, after the easing of COVID-19 restrictions. Total petroleum revenues, he noted, also increased by 17.5 percent from US$666,390,751.22 in 2020 to US$783,325,849.87 in 2021 due to higher crude oil prices. This is in spite of the decline in crude oil production in 2021. Surface Rental arrears also increased by 22.22 percent from US$2,110,212.23 in 2020 to US$2,579,170.21 in 2021. Another recommendation he highlighted, was the usage of petroleum revenues to pay judgement debt in 2021.
“For the first time since 2011, the ABFA was used to pay a judgement debt of GH¢12,475,426.01. This was under the Roads, Rail and Other Infrastructure Priority Area during the period under review,” he stated. Report Recommendations The 2021 PIAC Annual Report recommended that the Ministry of Finance in collaboration with relevant institutions should develop appropriate guidelines on the utilisation and reporting of ABFA disbursed to the DACF. “PIAC also calls on GNPC to double up efforts at recovering loans to Government and its agencies to ensure that the Corporation’s work programme does not suffer from nonimplementation. For now, GNPC should discontinue granting loans and guarantees until significant recoveries are made with respect to outstanding loans and guarantees owed the Corporation,” he said. Notable Projects in the Nzema East Municipality Dr Tenkorang mentioned that some projects that have received funds from the Annual Budget Funding Amount (ABFA) include the construction of
CHPS Compound at AkangoNzema East (GHC194,614.70), construction of Akonu Community Shed in the Evalue Gwira Ajomoro Constituency (GHC86,772.88), construction of Axim Coastal Protection Project (GHC35,587,902.30), and the construction of Akosonu Community Shed in the Evalue Gwira Ajomoro Constituency (GHC51,143.42). In her address, the Municipal Chief Executive (MCE) of the Nzema East Municipal Assembly, Ms Dorcas Elizabeth Amoah, welcomed Members of the PIAC Team to the Municipality and expressed her excitement over the opportunity to educate citizens on the use of petroleum revenues in her Municipality. She urged participants to take active part in the discussion and also bring out their pressing issues regarding how petroleum revenues are utilized for government’s attention. Participants also had the opportunity to ask questions and also give their suggestions on best ways to manage the country’s petroleum revenues.
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FRIDAY, JULY 29, 2022
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SEND Ghana report
Without adequate social protection, economy’s growth would be hindered • Less than 1% GDP spent on social protection (0.6 in 2019), global average stands at 4.5% • LEAP payouts must cover all 2.4m extremely poor • Establishment of dedicated fund for social protection interventions • Depoliticisation of social protection value chain • Expedite passage of Social Protection Bill “The true measure of any society can be found in how it treats its most vulnerable members” – Mahatma Gandhi, Indian lawyer, anti-colonial nationalist and political ethicist Africa is well endowed when it comes to human and natural resources but then again Africa is behind in major development metrics. The key to resolving this mystery is not far-fetched; it lies in the failure of managers of affairs on the continent to adequately translate the abundant resources into visible prosperity. For the avoidance of doubt, conservative estimates by United Nations (UN) agencies suggest that the continent is home to more than 60 percent of the world’s arable landmass; the second largest and longest rivers (the Nile and the Congo); and its second-largest tropical forest. As of 2016, the African Development Bank (AfDB) estimated that the total value added by the continent’s fisheries and aquaculture sector alone is estimated at US$ 24 billion. In addition, it holds about 30 percent of all global mineral reserves and perhaps, most importantly, the youngest population in the world, with approximately 70 percent of sub-Saharan Africa under the age of 30. Yet, the Gross Domestic Product (GDP) of its 1.3 billion people (2020 estimates) is US$2.7 trillion, which is US$246 billion less than France’s GDP, the 7th largest economy in the world. For additional context, the European Union’s 447.7 million inhabitants command a GDP of about US$17.9 trillion (2020 estimates). Human Development – The Ghanaian case Again, the reason for these sober figures is not rocket science, it is found in the neglect of value addition to resources and as the world approaches a new wave of industrialisation, human resources is set to become
the most important asset of any society. With this in mind, how a nation develops its human capital has become the determining factor for its long-term viability. The Human Development Index (HDI) is a statistic developed in 1990 and compiled by the United Nations to measure various countries’ levels of social and economic development. It was established to place emphasis on the opportunities individuals require to lead dignified lives. As a summary measure for assessing long-term progress, it takes into consideration three basic dimensions of human development: a long and healthy life, access to knowledge and a decent standard of living. Long and healthy life is measured by life expectancy. Between 1990 and 2019, the UN notes, Ghana’s HDI value increased from 0.465 to 0.611, an increase of 31.4 percent, and puts Ghana in the medium human development category. As impressive as this sounds, however, for 2019, Ghana ranks 138 out of 189 countries and territories: a telling figure. Social Protection HDI is a key framework for social protection, which the UN describes succinctly as: “Social protection systems help individuals and families, especially the poor and vulnerable, cope with crises and shocks, find jobs, improve productivity, invest in the health and education of their children, and protect the ageing population. Social protection programs are at the heart of
boosting human capital for the world’s most vulnerable.” Since independence, the nation has initiated a number of stop-start social protection measures, with much of the social protection framework operated by traditional, family, faith and
welfare-based institutions. A National Social Protection Strategy (NSPS) was developed in 2007 and revised in 2012. A Social Protection Rationalisation Study conducted in 2013 established the need for a holistic National Social Protection Policy. Subsequently, the Ghana National Social Protection Policy (GNSPP) was introduced in 2015 and identified five flagship programmes – the Capitation Grant, Labour Intensive Public Works (LIPW), National Health Insurance Scheme (NHIS), Ghana School Feeding Programme (GSFP) and the Livelihood Empowerment Against Poverty (LEAP). These programmes have shown some positive impact in three key areas for households – income, education and health, consistent with the focus of the HDI framework. Assessment of the true impact of these programmes, however, have been initiated by the supplyside – the government, with minimal input from the demandside – direct beneficiaries, their agents and relevant civil society organisation. This gap informed the commissioning of a Mirror Report by the Civil Society Partnership on Social Accountability for Social Protection, aggregating citizen assessments of these key interventions. According to the Partnership, “The purpose of the Mirror Report is to provide a complimentary report to the official government report on social protection delivery with the view to promote mutual accountability on the implementation of social protection interventions… to reflect citizens’ experiences of services and identify critical issues for achieving social protection as a right.” The One Percent The findings of the study, which covered one district in each of the 10 ‘traditional’ regions in the country, pointed to some interesting, if not alarming points. It showed that since 2015, less than one percent of the nation’s GDP has cumulatively been spent on the five principal social protection interventions, putting Ghana behind its Lower-Middle Income peers in Sub-Saharan Africa (SSA) who spend approximately 2.2 percent of GDP, in this regard. Unsurprisingly, the nation’s
social protection expenditure pales in comparison to the Middle-Income range, which the United Nations Children’s Fund (UNICEF) indicates is between 6.7 percent and 8.7 percent. This simply does not bode well for the long-term fortunes and sustainability of the country. Other key findings include budget planning and execution being a challenge, as seen in significant disparities between approved programme budgets and actual outturns, improper targeting and selection of beneficiaries, inconsistent data on key metrics as well as perceived political interference in the smooth running and potential scaling up of the programmes. Reversing the narrative Whilst the above makes for gloomy reading, there is ample time to change the trajectory of social protection programmes in the country, prioritise human capital development and enhance the lot of the citizenry. The Mirror Report offered recommendations under three broad areas – financing of social protection interventions, delivery and transparency of social protection programmes and coverage of flagship social protection interventions. Specific recommendations include the gradual increase of social protection spending to 4.5 percent of GDP by 2025, in line with global developments; develop a stronger framework for timely and adequate social protection budget allocation and disbursements; and the establishment of a dedicated fund for social protection interventions. Others include the prioritisation of logistics; an increase in payouts, especially for LEAP, in light of prevailing inflationary pressures; the depoliticisation of the social protection value chain and the expediting of the Social Protection Bill. Also, government has been urged to expand the scope of the current flagship programmes to capture all eligible persons. LEAP, for example, currently covers 1.65 million out of the 2.4 million extremely poor Ghanaians. Beyond the race to attaining the eight Millennium Development Goals (MDGs) and the wider 17 Sustainable Development Goals (SDGs), the survival and advancement of the country, now more than ever, relies on how well we harness our most important resources – human beings, especially the most vulnerable.
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| FEATUTRE
FRIDAY, JULY 29, 2022
Absa, AWS lead cloud computing transformation in Ghana
Absa Bank’s commitment to youth empowerment in Ghana has received a massive boost with a partnership with Amazon Web Services on cloud computing skills in Ghana. The Bank has been an active participant in supporting the youth over several years with transformative initiatives like ReadytoWork, which support skills development and the National Science and Maths quiz. The bank’s strategy also embraces a drive to harness the potential
of the Ghanaian youth in digital technology and vocational competencies. Now, thanks to a partnership with Amazon Web Services, Absa can now embed cloud computing skills amongst many youth in tertiary institutions and empower them to embrace the future of technology with confidence and optimism. The partnership allows Absa to identify an implementing partner in Ghana to train and equip youth in the tertiary sector with cloud computing skills and certification
in readiness for the workplace. In view of this, the bank has partnered IPMC to bring this collaboration with AWS to life in Ghana. As part of the agreement, 10 teachers from the institution will receive a trainer of trainers’ programme to equip them to teach the cloud concept to 1,000 students. The training will be conducted by Absa and Amazon Web Services (AWS). Absa Bank has also committed to financially support the certification of 100 students of IPMC as part of the partnership. Ultimately, the expectation by both parties is to embed cloud computing as part of the curriculum of IPMC to create a critical mass of expertise in Ghana. At the MOU signing ceremony, Managing Director of Absa Bank, Abena Osei-Poku said: “This is an exciting time for Absa as we boldly seek to demonstrate the essence of technology as a forcefor-good in Ghana. We are happy to bring possibilities to life by
creating solutions that address the challenges of our time. The partnership with Amazon is to provide access to a wealth of information and programmes on cloud computing that can be accessed by selected institutions, like IPMC, in Ghana for their students. These students will also get hands-on experience in using Amazon’s cloud services, forums, certifications and become part of a global community of like-minds to interact and share ideas.” Chief Executive of IPMC, Amar Deep S Hari said: “For an institution like Absa Bank to show an interest in a very core part of the technological future is impressive and very exciting for us. We look forward to a fruitful partnership that will benefit our students especially, the two institutions and ultimately, Ghana. The country has always shown a willingness to lead the digital technology agenda in the sub-region and this will be a further boost.”
KNUST and Nestlé renew partnership to promote academia-industry activities
Management of the Kwame Nkrumah University of Science and Technology (KNUST) and Nestlé Ghana Limited have signed a Memorandum of Understanding (MoU) to renew the existing collaboration between both institutions. The MoU, which was signed on Thursday, 21st July 2022 at the Council Chamber aims at renewing the existing collaboration to build capacity and develop technical cooperation in the areas of research development, education and training, student academic excellence awards, student sponsorship and dissemination of knowledge on a non-commercial basis for mutual benefits. Receiving the team from Nestlé, the Pro Vice-Chancellor, Professor Ellis Owusu-Dabo stated that KNUST, as an academic institution believes in constructive
Professor Ellis Owusu-Dabo, Pro Vice-Chancellor, KNUST partnerships and as a result, it cherishes its relationships with industries such as Nestlé. He added that the University’s mandate is to undertake relevant research to proffer solutions to the
development setbacks confronting the nation. He hoped that the partnership would also offer the staff of the Colleges of Engineering and Science the opportunity to gain practical and industrial experiences. This in his view would equip them with skills and expertise on the current trends of the industry. The Pro Vice-Chancellor assured the team of KNUST’s commitment to collaborating with industry to develop innovations that will positively impact the lives of individual in our communities and the corporate world. He further seized the opportunity to appeal to Nestlé Ghana Limited to support the Vice-Chancellor’s project to Support One needy Student with One Laptop by donating a laptop in
Madam Celine Worth, Global Director, Affordable Nutrition Programme and Academic Alliance
that regard. The Global Director for Affordable Nutrition Programme and Academic Alliance, Madam Celine Worth, noted that as an international company in the food industry, the Company believes that continuous research is needed to improve its product line for customer satisfaction, therefore, Management valued the contribution of the academia in promoting its brand. She added that with the agreement in effect, the students will have the opportunity to undertake their internships and attachments at Nestlé to help improve their practical skills in their various fields of study. Speaking at the meeting, Mr. Tesfa Haile, Head of Nestlé Research and Development for Sub-Saharan Africa, stressed the need for the Faculty of Agriculture to focus more on food safety and sustainable agricultural practices in their research as it could contribute positively to providing solutions to the challenges in the food industry. The MoU which is expected to be in force for a period of three years was signed by Professor Ellis Owusu-Dabo and Madam Celine Worth for KNUST and Nestlé respectively.
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| TOURISM
FRIDAY, JULY 29, 2022
Museums and their location By Philip Gebu
I started a series on museums aimed at generating interest thereby increasing the number of visitors to our museum and tourist attractions as a whole. In recent times, people including upcoming presidential hopefuls have been calling on the country to focus on tourism to improve the economy. Yes indeed tourism is an avenue to helping improve the country’s balance of payment in Ghana and any other economy in the world. Many countries have resorted to tourism as the solution to their survival as a country and they have indeed succeeded. A good case studies is Dubai which was once a deserted land yet today they turned on to tourism and is a preferred destination for tourists. The sad aspect is that, some Ghanaians still prefer taking a holiday over there rather than Ghana. The so called excuse is that, Ghana is an expensive destination. I beg to differ. In Ghana, any tourist visiting any tourist site in can acquired any type of accommodation to meet his or her budget. The type of transportation to use is also a matter of choice. I recently went to Paga in the Upper East Region. I had the option of flying to Tamale and continue with a hiring vehicle. Another option was to move from tamale to Paga with a taxi or a commercial vehicle. The second option was to travel to Bolgatanga directly by road and move to Paga with a taxi. Flying was obviously going to be more expensive. What I want to highlight with this analogy is that travel is relative and it depends on the means of transport one uses or the choice of Accommodation or the type of ancillary services one opts for. There are many independent tourists who visit Ghana and other countries. Independent tourists make their own travel plans and try to cut down on their travel budget to the barest minimum. If our tourism will thrive we need to get all involved especially domestic tourists and encourage people to look at cheaper options of travelling around the country while on their tours. If we see travel as an expensive venture, very few people may be involved. We need to encourage the education for cheaper alternatives. Domestic tourism must not be an option but rather a must. If a person has a car and can fuel it whiles on tour, that’s fine. On the other hand if another person does not own a vehicle and opts for public transport it’s a great. Whichever way, one may opt for, at the end tourism would have taken place.
I would like to highlight some of the Museums we must visit and I encourage all and sundry to be involved. Let me know your experience and comments. I will be glad to write on them. 1. The National Museum The National Museum of Ghana is owned and operated by the Ghana Museums and Monuments Board (GMMB), and has been in operation since March 5th, 1957. The museum has three primary collection areas; archaeology, ethnography, and art, which are used to weave together a story about Ghana’s rich cultural history. The museum offers internships to students of all disciplines, and from all backgrounds on a rolling basis (throughout the year). 2. Museum of Science and Technology (MST), Accra (1963) The Museum of Science and Technology in Accra was established when two lecturers from the Legon Campus of the University of Ghana, identified a need to create awareness of past and current developments in science and technology in Ghana, and presented a proposal for the development of the institution to Kwame Nkrumah, the then president of Ghana. A short time later, in 1965, the Museum of Science and Technology opened its doors. The institution endeavors to inspire those who visit, particularly its more youthful guests, with a desire to discover more about the sciences and technological development in the world around them. Exhibits include a human heart and a piece of stone from the moon. The museum incorporates a library, and provides educational activities for children. Opening hours are 9:00am to 4:30pm, Monday to Friday, It is located in Accra near the workers college. 3. Volta Regional Museum, Ho (1973) The Volta Regional Museum is located in Ho capital of the Volta Region. The museum building was used as the Office of the Regional House of Chiefs. The building was sold to the Ghana government in 1967, and the Volta Regional museum was opened in 1973. They include the Chair of State of the last colonial German governor of the Volta Region, local paintings, woodcraft and potter, Volta Region Kentedesigns,
masks, chiefs’ stools, swords, and displays on Asante fetish shrines. ‘Opening hours are from 8:00am to 5:00pm every day, while the museum’s office is open from 7:30am to 12:30pm, and 1:30pm to 4:30pm, from Monday to Friday. 4. The Cape Coast Castle Museum (1974) The Cape Coast Castle Museum is housed in one of the wings of Cape Coast Castle, in the Central Region. Established in 1970, the museum was given a facelift in 1994 by the GMMB, with funds from the UNDP, USAID, the Smithsonian Institution and Counterpart funding from the Government of Ghana, along with support from other NGOs. The Cape Coast Castle Museum aims to educate its visitors about the advent of Europeans to Africa and their interactions with the local communities and the Central Region in general. Visitors can view maps of slave trade routes and look at examples of the objects which were traded in for slaves – such as glass beads, whisky bottles, and firearms. Representations of the hold of a ship, as well as auction blocks, have been constructed to simulate for guests a tiny part of the experience of the enslaved. The museum also includes exhibits on the pre-colonial history of the Central Region, in addition to displays on its contemporary culture. Visitors can view a video documentary on “Cross Roads of Trade, Cross Roads of People” putting into context the interactions between the Africans at Home and those in the Diaspora. Exhibits include: gold weights and measuring scales; state swords; guns; stone implements for hunting; paintings; terracotta figurines; a palanquin (a structure used to carry chiefs); life size European engravings that depict West African scenes; maps of the slave trade routes; examples of items exchanged for slaves; shackles; a black-andwhite print of the slave ship, nineteenth-century engravings of captives onboard a slave ship; clan staffs; a canoe; photographs of famous black people through the years; traditional cloths; carved wooden utensils; musical instruments; and a model of Cape Coast Castle. The Cape Coast Castle Museum’s facilities include conference halls; a library; an art and craft studio; a book store and gift shop; curio shops, a car park; and an open courtyard
for outdoor activities. The Cape Coast Castle also hosts the Building History Museum. There is also a 45-minute guided tour, which allows visitors to view the castle’s dungeons, the condemned cell and the “Door of No Return”. The museum is open from 9:00am to 4:30pm every day. 5. Museum of Nzema Culture and History - Fort Apollonia (2010) The “Fort Apollonia Museum of the Nzema culture and history” is housed in the ancient Fort Apollonia, founded by the British between 1765 and 1771 located at Beyin in the Jomoro District. Fort Apollonia was the last fort to have been built along the Gold Coast. After many years of neglect the fort has been restored with funds of the Italian Ministry of Foreign Affairs, and is now the home of an eco-museum dedicated to Osagyefo Dr. Kwame Nkrumah, the first president of Ghana and the most important figure to come from the Nzema area. 6. Upper East Regional Museum, Bolgatanga (1991) The Upper East Regional Museum is in Bolgatanga, the capital of the Upper East Region. It was established in 1972 and installed in its current location in 1991, by the Ghana National Commission on Culture. The museum aims to preserve the material culture of the Upper East Region, while educating the populace, especially the youth, on the need to protect and remember their local heritage. Exhibits include: local pottery; paintings; musical instruments; jewellery; weaponry; chiefs’ possessions; carved darkwood stools; and bronze ancestral vases. Opening hours are 8:30am to 5:30pm daily. 7. St. George’s Castle (Elmina Castle) Museum (1997) The St. George’s Castle Museum is located within St. George’s Castle (often called ‘Elmina Castle’), a fortress in the Central Region. This museum was established in 1996 through the joint efforts of GMMB, the United States Agency for International Development and the Mid-West Universities Consortium for International Activities. The purpose of the museum is to educate the public on the history of St. George’s Castle, as well as to preserve the cultural heritage of the Central Region. Exhibits include: photographs representing the images of St. George’s Castle across the centuries; displays
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Continued from page 7 on the Asantes of Elmina, and on local trading activities with the Europeans; gold weights; shackles; murals; local textiles, stools, stone implements, ceramics, bottles, clay, glass and beads. The museum provides tours of St. George’s Castle. Visitors may absorb the sights of the former storehouses and slave dungeons, chapels and governor’s chamber. Another scene of interest is the cell where a King of Asante was once held prisoner. Visitors will also be afforded the opportunity to capture some bird’s eye photographs of the surrounding harbours, fishing boats, and the nearby Fort St Jago, all from the battlements of the four-storey St. George’s Castle. The museum’s opening hours are 9:00am and 4:30pm daily. 8. Manhyia Palace Museum Kumasi The Manhyia Palace is the seat of the Asantehene of Asanteman, as well as his official residence. It is located at Kumasi, the capital of the Ashanti Kingdom and Ashanti Region. The first palace is now a museum. King Opoku Ware II built the new palace, which is
close to the old one and is used by the current Asantehene, King Osei Tutu II. 9. Kumasi Fort and Military Museum The Kumasi Fort and Military Museum is one of few military museums in Africa. It is located in the Uaddara Barracks in Kumasi, the capital city of the Ashanti Region of Ghana. The Prempeh Museum, Kumasi Cultural Centre, Kumasi Zoo and Kumasi Central market are all within walking distance of the fort. Source: Museums and Monument board Philip Gebu is a Tourism Lecturer. 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 w w w.fo re a l d e s t i n a t i o n s . com or call or WhatsApp +233(0)244295901/0264295901. Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations
Leave AngloGold Ashanti’s concessions - Obuasi MCE to illegal miners The Municipal Chief Executive of Obuasi, Elijah Adansi-Bonah, has issued a strong warning to illegal miners operating on the concession of AngloGoldAshanti Obuasi Mine to immediately stop such activities. The MCE gave this directive in his interactions with the media at the sidelines of a General Assembly meeting held in Obuasi on Wednesday. It will be recalled that some illegal miners were captured in a viral video running away with their booty after invading underground sites of AngloGold Ashanti in Obuasi. Again some 30 illegal miners were recently arrested in Obuasi by soldiers while allegedly mining on a concession belonging to AngloGold Ashanti. The Obuasi MCE said the issue should be of national interest considering the importance of AngloGold Ashanti to the socioeconomic development of Ghana. “ This issue is very sensitive. It is not about AngloGold Ashanti nor the Obuasi Municipal Assembly, it is of national concern since activities of illegal miners on the concessions of AngloGold Ashanti was one of the reasons the
company almost folded up around 2014/2015”. He mentioned that the company has contributed tremendously to the development of Obuasi since 2019 when it was redeveloped fearing that an intrusion of their underground sites and concessions will jeopardise efforts made by the Government in reviving the Obuasi Mine. He appealed to residents of Obuasi to take advantage of the numerous opportunities presented by AngloGold Ashanti in both direct and indirect jobs and not create a situation where the Mine will consider leaving Obuasi. Issues of illegal mining has been a major headache of AngloGold Ashanti as the company has over the years struggled to deal with the activities of illegal miners in its Obuasi Mine. In 2016, AngloGold Ashanti issued a threat that it will leave the country if government was not able to stop the operations of illegal miners on their concessions. Speaking to the press in Accra, the Managing Director of AngloGold Ashanti, Mr. Eric Asubonteng, said the activities of
illegal miners is posing a threat to the security and peace of the mine and is affecting the effective operations of Obuasi mine. “Our concessions are not safe and if the activities of illegal miners will continue without government doing anything about it then we will advise ourselves”. “Illegal miners have been looting large quantities of high-grade gold bearing material for more than two months. In the process they
are causing significant damage to critical infrastructure” he said. A deep throat source at Anglogold Ashanti has revealed to this reporter that investors are currently not happy with recent developments regarding the invasion of the Obuasi Mine by illegal miners and are working with stakeholders for a swift intervention to salvage the situation.
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Public Relations in a new era – My viewpoint By Emmanuel Klome As strategic communication become an integral part of the public relations (PR), marketing and communication ecosystem, the benchmark for work delivered has increased in the world that’s constantly changing. A return to simplicity could be a necessity, both in remembering why we do what we do, and how to effectively reach other stakeholders. The change within the media landscape hasn’t happened in isolation; it has catalysed the evolution of PR. As storytellers and practitioners, we have seen industry change dramatically and know that impactful and sustainable campaigns rely upon well-informed PR strategies that are led by data and insights. Consumers used to get their news from newspapers, magazines, and news channels published by the traditional mass media organizations that were able to produce quality content. Now, people mostly discover their news online via social media and news websites that provide real-time notifications and an upto-date news feed. Media Relations as PR On the other hand, media relations are a critical aspect of building trust and nurturing the relationship between an organisation or brand and its target through media players. Media relations refer to the mutually beneficial relationship between journalists and public relations professionals. Which gives PR professionals access to both traditional and digital media platforms to reach their audience. Forming and maintaining an alliance with the media gives professionals the advantage to set the agenda and shape public opinion concerning their brands. The media remains a part of a potent strategy to push products and services in an increasingly competitive environment. Importantly, it also gives the power to be able to endure public scrutiny and be in control of value proposition and promise. it might be folly for a company to not treat its relationships with the media seriously. PR professionals recognize the fact that media is its bread and butter, a method to manage and maintain good and healthy relations with media contacts.
The media act as a go-between for a company and its target public. It creates awareness for the organization to form a positive image, influence, or behaviour from the chosen audience. It remains critical to induce coverage for the organization, be it in print, online or electronic media. Not only media relations cost-effective, but it is also an important part of business practice in stakeholder management. Social Media as Digital PR Also, the growth of social media and advances in information technology has placed in the hands of ordinary people, the ability to transmit, share and broadcast their opinions to even wider audiences. Beyond that, communication professionals have found social media to be a valuable tool for disseminating message to their audience. This means they all rely heavily on elements of social and digital media, content, and design and they all need to report back to senior stakeholders on the value they’re adding to the business. That means that now PR has expanded to cover tactics and activities that might previously have fallen outside of the traditional definition of PR. This is a huge development in the PR industry and can have a major impact on the success of your business. Customer Service as PR To end, client service has a component of PR. Each purpose of contact an organisation has with its customers, has the potential to either build loyalty or produce discontentedness. Client Service works higher once integrated with Public Relation. Meanwhile, establishment invests tons in building a complete name, making a content promoting strategy, and turning into a trade thought leader however it’s time they placed worth on PR as on customers. Because, if a sad client is left disgruntled, those investments can be wasted. In today’s digital age, a dissatisfied client who has access to social media can generally use their phones to share their frustration. A decent PR can facilitate uncover the service issues that client service cannot fix. To be prospering, digital techniques should be integrated with a lot
of ancient techniques like print, broadcast, and email promoting as a part of multichannel promoting communications.
Emmanuel Klome The writer is a PR Account Executive at Global Media Alliance
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Rebecca Foundation, partner give entrepreneurship training to women in Okaikwei South The Rebecca Foundation in partnership with The KGL Foundation has trained 24 women in catering and 20 others in beauty and cosmetology in the Okaikwei South community. This is part of the Terema initiative by The Rebecca Foundation which seeks to empower women economically by giving them employable skills through training. Beneficiaries were given startup kits and certificates to kickstart their businesses. They were also taken through basic financial and business management training. We hope the women will also train other women while generating income to support themselves and their families.
RMB funds greenfield dry bulk port concession in Côte d’Ivoire Rand Merchant Bank (RMB)– the corporate and investment banking arm of FirstRand Group, of which First National Bank Ghana is a member, in partnership with two other commercial banks, acted as Mandated Lead Arranger, of a EUR90m 10-year senior debt financing package for the Terminal Industriel Polyvalent de San Pedro (“TIPSP”), in Côte d’Ivoire’s secondary port, San Pedro. The concession is a 35-year agreement between TIPSP and the Autonomous Port of San Pedro, the state-owned port authority, encompassing the design, construction, financing, operation and maintenance of a greenfield multipurpose bulk terminal. The concession grants TIPSP exclusive rights to handle the import of cement clinker, gypsum, limestone, as well as fertilizers and hydrocarbons and the export of manganese, nickel and lithium, along with palm oil. The port of San Pedro, built in the 1970s, is currently congested with limited capacity to support the growing volumes of goods handled by the port. The concession, and construction of the dry bulk port is, therefore, expected to have a significant developmental impact on the region. A dry bulk terminal in San Pedro allows for a more competitive import and export solution for commodities through the
Western corridor of the country while reducing reliance on the larger, primary Abidjan Port. San Pedro port is well-positioned to play a key role in servicing hinterland or landlocked countries, notably Mali, Liberia, Burkina Faso and Guinea, and capture a significant part of the traffic currently transiting via the port of Abidjan or other West African ports. Arise Ports & Logistics is the majority shareholder of TIPSP, contributing a wealth of experience in developing and operating ports across Africa. Arise Ports and Logistics is further supported by three influential shareholders on the continent: AP Moller Capital, African Finance Corporation and Olam International. Enyinna Anumudu, Senior Transactor at RMB Nigeria notes: “This transaction marks RMB’s first project finance facility for a concession in Côte d’Ivoire, a jurisdiction which the bank recognises as a country with strong performance metrics and significant infrastructure development plans. Our support of this deal is in line with RMB’s non-presence country strategy, as it looks to support strategic national infrastructure projects across the continent led by key sponsors”. RMB covers the West African market via its primary regional hub in Lagos, Nigeria. Across the region, the bank operates a
merchant bank in Nigeria, RMB Nigeria Limited and within the corporate and investment bank in Ghana-First National Bank. RMB continues to deliver on its investment banking solutions across infrastructure/project finance for strategic, financial and sovereign sponsors in the region across its presence markets of Nigeria and Ghana and its target non-presence markets of Cote D’Ivoire, Senegal and Gabon. Amber Bolleurs, Senior Transactor in the Infrastructure Sector Solutions team at RMB says “Our involvement in this transaction conveys our commitment to the West African region. Further to this, the complexity of the market risk, which was analysed to establish bankability of this project, the timeline to reach financial close, and the involvement of multiple French and Englishspeaking funding partners and sponsors showcased RMB’s
Amber Bolleurs
dedication to public-private partnerships and concessions as a means to delivering world-class infrastructure.” Ebrima Sawaneh, Chief Operating Officer of Arise Ports & Logistics, says: “We are so pleased that a modern, state-of-the-art dry bulk terminal at TIPSP has enabled San Pedro to become a hub capable of servicing trade in the country and wider region. Mining ores such as nickel have been central to TIPSP’s shipping volumes since the port came into operation.” Sawaneh also appreciates all the lenders, advisers, TIPSP shareholders, Port Authority and Government of Cote D’Ivoire for their support. Bolleurs concludes, “We are proud to work alongside our funding partners, to service key sponsors, on this high-impact project. We look forward to pursuing further infrastructure projects in the West Africa region.”
Enyinna Anumudu
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The next chapter of Ghana’s e-commerce revolution
The first ever e-commerce website in Ghana was eshopafrica. com. It was founded by an English lady known as Cordelia SalterNour in 1999, with the website launching officially in February of 2001. Since then, the e-commerce industry has grown and gone through so many changes over the past 20 years. Several online shopping platforms have come and go while a few others have evolved to meet international standards. Nearly 80% of e-commerce websites in Ghana are less than 10 years old with Jumia standing out as one of the longest-serving e-commerce platforms in Ghana. The impact of this ecosystem cannot be overemphasized. However, what does the next chapter look like in Ghana’s e-commerce revolution? Below we look into this very important topic. Sustainable development - E-commerce affects economic variables and growth rates. It leads to higher wages, higher standards of living for individuals, structuring markets and expanding marketing, increasing sales and exports, and thus increasing production and growth rates. With this in mind, the next chapter of e-commerce growth will involve a lot of focus on sustainability. Ensuring the environment is safe while creating job opportunities for the youth and inspiring women to actively take leadership roles in several facets of our economy including e-commerce will be at the forefront of many strategies and agendas. SME growth/partnerships: E-commerce provides an
opportunity to break free of the limitation that physical outlets impose, enabling SMEs to sell their items of inventory stock to the world. e-commerce can expand SME networks across geographical borders to reach a greater number of countries. To this end, the next chapter of Ghana’s e-commerce revolution will involve many small businesses utilizing online platforms and accessing various strategies and partnerships to grow their businesses. Policymakers as well as other stakeholders need to partner to increase opportunities and ensure that businesses get the needed exposure and funding to develop. Smartphone adoption: In the third quarter of 2021, 99.7 percent of internet users in Ghana aged 16 to 64 years owned a mobile phone of any type. According to the same survey, 99.3 percent had smartphones, while another 17.8 percent owned feature phones. E-commerce growth is directly linked to smartphone adoption. In Ghana today, nearly everyone above 16 years owns a smartphone. A few teenagers also have smartphones and tablets which has helped the growth of e-commerce. \it is estimated that in the foreseeable future, smartphone adoption will increase exponentially as Ghanaians will now use more than one smartphone in order to match up to the ever-changing speed of managing both individual and business accounts. Internet penetration: Ghana’s internet penetration rate stood at 53.0 percent of the total population at the start of 2022. Smartphone
adoption has a positive effect on internet penetration as more and more smartphone users utilize the internet in accessing websites, downloading apps, and navigating social media. In the next chapter of Ghana’s e-commerce revolution, this will be key with telecommunication networks and internet service providers at the forefront of this. Speed, affordability, and accessibility to rural areas should be critically looked at as the industry expands to all corners of the country. Regulations - One very critical aspect of e-commerce growth that we usually overlook is policymaking and legislation. While the industry is fairly new and there may not be any steady laws or many regulations on its usage. In Ghana, there are some government agencies and other associations that regulate the e-commerce sector but it is likely that with
an expansion in categories and different products requiring different forms of quality control checks and accreditation, more legal frameworks and laws will come into force. Companies and individuals have to be prepared to understand and practice these regulations. Collaborations between these law-making agencies and the private sector will go a long way in ensuring that e-commerce platforms, SMEs, and consumers are always compliant. The next few years are massive for e-commerce growth and development in Ghana. All stakeholders need to be ready to play their part in achieving this growth. Innovation and improvement in technology will greatly benefit everyone while our economy may see a great boost provided everyone contributes their quota. E-commerce is the future of Ghana and Africa.
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The true meaning of cybersecurity By Martin Ignacio Díaz Velásquez When we talk about cybersecurity, we usually think of commercial antivirus software, ransomware attacks on large corporations, or leaks of politically scandalous emails. But little is said about public security in the digital realm, and that is a big problem when we increasingly depend on information and communication technologies (ICTs) and the Internet of Things to carry out our ordinary daily activities. Moreover, these technologies’ rapid development has led to a hybridization of crime. Many illicit activities now straddle the physical and virtual worlds, which has introduced new trade-offs and calls for a reconsideration of longstanding law-enforcement strategies. Consider illegal recreational substances. Many people now seek to acquire these over the internet, because buying online is generally seen as safer than meeting a stranger in a dark alley. But online channels tend to put people into direct contact with the organized crime groups that control most of the distribution of illicit substances. When people hand over money to these groups, they are unwittingly helping to fund the global networks that also finance terrorism and traffic in arms, people, and human organs and tissues. It is well known that the COVID-19 pandemic accelerated many forms of digital innovation and adaptability, and online drug purchases are no exception. Amphetamine-type stimulants and new psychoactive substances are increasingly available on the
darknet, the open web, crypto markets, and even social media. There are both risks and potential benefits associated with these new distribution channels. On a positive note, analyzing digital data flows could allow for faster detection of novel psychoactive substances that pose a threat to public health. And, of course, transacting on crypto markets or through similar digital channels can protect individual users from physical violence, theft, sexual exploitation, and abduction. Moreover, recent studies show that people who use drugs and acquire substances through ICTs are more likely to adopt harmreduction practices and promote responsible use, generally because they are operating from the privacy of their homes or other safe settings. Governments and lawenforcement authorities should keep these findings in mind as they seek to create safe public spaces online. While the state alone is responsible for defining what counts as a crime, policing criminal activity is not its sole purpose; it also must ensure public health and uphold fundamental rights such as privacy. And in the case of drugs, specifically, it will need to be more thoughtful about who is really a criminal, and who is a victim. Accordingly, many lawenforcement strategies should be reconsidered, and resources should be redirected toward strengthening the competencies of nascent cybercrime units. Rather than pursuing recreational substance users and markets,
investigative efforts should focus primarily on ICT-mediated criminal activities and operations that pose a significant threat to the general public. Here, a promising new model is “pre-arrest police diversion” or “deflection.” This collaborative intervention strategy connects law enforcement, biopsychosocial agents, and public-health systems to create community-based treatment and support pathways, so that drug users do not have to enter the justice system. As Jac Charlier of Treatment Alternatives for Safe Communities explains, deflection positions “law enforcement to be the referral source to community-based drug treatment and mental-health services prior to potential crises. In this way, law enforcement opens up new treatment access points not previously available to those in need.” But another problem is that it is difficult to find accurate online information about support pathways that is devoid of stigma or prohibitionist sophisms. This must change. To create safe digital spaces, we need to shift public actions vis-à-vis drug users from a repressive perspective to an educational one. That means leveraging specialized lawenforcement units and optimizing the reach of biopsychosocial agents. With these modifications, we also can start to rebuild the lost trust between this population group and law-enforcement agencies. These methods are known to reduce the impact of controlledsubstance use on communities
and households, while freeing up law-enforcement resources to focus on what really matters, such as terrorist financing, the rise of new opioid markets, counterfeit pharmaceuticals, arms trafficking, and child sexual-abuse material distributed online. But, owing to the hybrid nature of these forms of cybercrime, effective implementation of new law-enforcement strategies will require international coordination. The United Nations has formed an ad hoc committee to draft a “Comprehensive International Convention on Countering the Use of Information and Communications Technologies for Criminal Purposes.” But to ensure public security in cyberspace, the convention will need to couple improved lawenforcement procedures with the kind of humanitarian vision that underpins deflection. As long as states insist on criminalizing recreational substances, people will continue to seek them on the black market, and law-enforcement agencies will continue to fight an uphill battle. But with the right strategies in place, ICTs have enormous capacity both to reduce harm to drug users and to empower law enforcement to focus on truly pernicious criminal behavior. As the world increasingly moves online, we must recognize that cybersecurity is about more than preventing hacks and fraud. It is also about improving the safety, health, and well-being of the people behind the screens.
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Multilateralism and the private sector
By Gelsomina Vigliotti
In an age mediated by advanced technology, it is easy to forget that human beings – and life itself – depend entirely on fragile planetary conditions. Now that a growing number of serious – if not existential – threats are confronting us, this is a basic truth with which we would do well to reacquaint ourselves. Climate change, critical supply shortages, biodiversity loss, and devastating pandemics are exposing our societies’ vulnerabilities like never before. No country can hope to escape these challenges or tackle them alone. Although multilateral cooperation is difficult on a good day, it is most important when times are tough. It is in moments of crisis that we must overcome narrow interests and focus on cooperation, pooling our resources, and improving how we make and implement collective decisions. This month’s G20 meetings in Indonesia come at one of those moments. Owing to Russia’s war in Ukraine, drought, and other factors, millions of people around the world are facing critical shortages of food and energy, which are occurring alongside record-breaking heatwaves in Europe, China, South Asia, and other parts of the world. In the absence of concerted global action, these crises could easily escalate into large-scale humanitarian disasters. G20 members represent 85% of global GDP, 75% of international trade, and two-thirds of the
world’s population. If they can act as one, they can help to manage these challenges and set a course for others to follow. Those who turn their backs on cooperation and the common good should be held accountable, just as those who are squandering time and energy on violence and war should be condemned and deterred. But states and governments are not the only actors in this global drama. To manage today’s crises, we also must bring the private sector on to the stage. States simply do not have the resources or expertise to resolve supply shortages, scale up cleanenergy deployment, or develop vaccines and therapeutics on their own. Rather, their strength lies in engaging and mobilizing the full power and ingenuity of the private sector. That is what will determine whether, and how quickly, humanity curbs global warming, ensures sufficient food and clean water – both for current and future generations – and survives future pandemics. International fora and institutions have a critical role to play in such mobilizations. Multilateral financial institutions, for example, can increase the impact of public funds many times over by guaranteeing loans to help finance desirable investments and reduce risks for private investors. They can also provide invaluable advice in project planning, structuring, and implementation, owing to
their technical expertise and experience working around the world. For example, the European Investment Bank’s development arm, EIB Global, can leverage more than 60 years of experience in more than 150 countries. As part of Team Europe, it is helping EU institutions and member states advance the European Union’s Global Gateway. The Global Gateway is an EU initiative to spur up to €300 billion ($305 billion) of investment in climate-change mitigation and adaptation, digital technology, sustainable transportation, health-care systems, education, and research in partner countries around the world. Launched in late 2021, it is now part of the Partnership for Global Infrastructure and Investment, which the G7 unveiled last month with the goal of deploying $600 billion toward the same ends. The COVID-19 crisis has underscored the threat posed by pandemics, which will become even more likely as a result of climate change and habitat loss. International cooperation to boost investment in basic infrastructure, primary health care, and trained medical workers is desperately needed to prepare for future disease outbreaks, so that we can prevent them from becoming pandemics. To that end, the EIB is helping to develop a financing strategy that can be adapted and applied to other issues globally. We are working with the World Health Organization, the European
Commission, and the African Union to mobilize €1 billion of investment to strengthen primary health-care services in Sub-Saharan Africa, including by expanding access to vaccines. The EIB will make available at least €500 million to help these countries meet the health-related Sustainable Development Goals. This investment is expected to crowd in additional financing from the public sector to restore, expand, and sustain access to essential health services; increase financial risk protection; improve the availability of vaccines, medicines, diagnostics, devices, and other health products; scale up innovative primary health-care delivery models; and invest in the health workforce. Such partnerships are critical to creating ecosystems that are conducive to private-sector engagement, especially when it comes to developing skills and investment in specialized human capital. Faced with global challenges too big and too complex for any country to tackle on its own, global cooperation – not only between states, but also between governments and the private sector – is the key to success. Multilateral financial institutions are designed to facilitate such cooperation. At a time when centrifugal global forces threaten to pull us apart, they can and must help build bridges – both literally and figuratively – to bring people closer together.
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| NEWS
FRIDAY, JULY 29, 2022
CMG launches “Great to Meet You” ChinaAfrica Youth Video Contest The CMG China-Africa Youth Video Contest officially launched on July 25. Through the original works of young African and Chinese video producers on the continent, the contest hopes to ‘meet’ the beautiful faces, places, and stories that make up the China-Africa relationship, while showcasing moving moments of crosscultural friendship. Submissions for the 2022 ‘Great to Meet You’ China-Africa Youth Video Contest are open now. “Youth is the hope of ChinaAfrica relations” The China-Africa Youth Video Contest aims to build a platform for Chinese and African youth to exchange and learn from each other with short video creations, showcase the vigor and vitality of young people in both places, and promote the sustainable development of the China-Africa friendship. In its engagement with the African media landscape, CMG has always made use of new technologies, new applications, and high-quality content to appeal to the continent’s younger
generation. At present, the trend of short video content is taking Africa by storm. This contest will provide a platform for Chinese and African short video creators to showcase the ‘youthful and positive energy’ of their peers and their potential to become an important force in building a China-Africa community with a shared future in the new era. Participants are expected to submit entries before August 25th. After extensive collection and expert review, the contest will finally select winners for the first, second, and third place prizes, as well as an honorable mention award, with each to receive 1,000, 800, 600, and 300 US dollars respectively, in addition to a prize certificate. These video works will have the opportunity to appear on CMG’s main outlets and other mainstream media platforms in Africa. The contest is a joint collaboration between CMG Africa and the College of Media and International Culture at Zhejiang University.
CalBank supports University of Ghana’s classroom modernization project The CMG China-Africa Youth Video Contest officially launched on July 25. Through the original works of young African and Chinese video producers on the continent, the contest hopes to ‘meet’ the beautiful faces, places, and stories that make up the China-Africa relationship, while showcasing moving moments of crosscultural friendship. Submissions for the 2022 ‘Great to Meet You’ China-Africa Youth Video Contest are open now. “Youth is the hope of ChinaAfrica relations” The China-Africa Youth Video Contest aims to build a platform for Chinese and African youth to exchange and learn from each other with short video creations, showcase the vigor and vitality of young people in both places, and promote the sustainable development of the China-Africa friendship. In its engagement with the African media landscape, CMG has always made use of new
technologies, new applications, and high-quality content to appeal to the continent’s younger generation. At present, the trend of short video content is taking Africa by storm. This contest will provide a platform for Chinese and African short video creators to showcase the ‘youthful and positive energy’ of their peers and their potential to become an important force
in building a China-Africa community with a shared future in the new era. Participants are expected to submit entries before August 25th. After extensive collection and expert review, the contest will finally select winners for the first, second, and third place prizes, as well as an honorable mention award, with each to receive 1,000, 800, 600, and 300 US dollars
respectively, in addition to a prize certificate. These video works will have the opportunity to appear on CMG’s main outlets and other mainstream media platforms in Africa. The contest is a joint collaboration between CMG Africa and the College of Media and International Culture at Zhejiang University.
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FRIDAY, JULY 29, 2022
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| FEATURE
FRIDAY, JULY 29, 2022
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Bolloré Group celebrates 200 years of existence 200 years ago, the foundations of a paper mill were set up in Odet, France. Many years later, this would become one of the world’s leading family businesses with a standing partnership in Ghana. The Bolloré Group as it has come to be known was founded by Jean Guillaume Bolloré and his brother-in-law Nicolas Le Marié. The group own and operate globalstakes in the world’s logistics, media & communication, technology development, and energy sectors among others. The Bolloré Group is a key transport and logistics operator on the African continent. In 47 out of the 54 countries, Bolloré contributes to national logistics and industrial transformation. It currently runs 16 container terminals and three railway concessions. Its exceptional proficiency in logistics corridors makes it possible to import and export cargo even in the most remote regions. It also participates in implementing
solutions dedicated to creating smarter, more sustainable cities. Thriving with worthwhile business partnerships, Bolloré Group in a joint venture with Ghana Port and Harbours Authority (GPHA) and APM Terminals whose parent company Maersk is the 2ndlargest container shipping line and vessel operator in the world incorporated Meridian Port Services Ltd (MPS) in 2002. APM Terminals and Bolloré have a few port partnerships between them. Known for its ability to implement pioneering solutions and products, Bolloré through its partnership with GPHA and APM Terminals has driven the container shipping business in Ghana and raised the standards of the Tema Port amongst its neighbouring countries in the West African region in the last 15 years. The Tema Port remains the choice of many of the world’s shipping lines and is poised to become the transhipment hub for the region.
The Port Authority’s vision is to establish Ghana as a model maritime nation. It has thus developed an ambitious port masterplan, part of which its partnership with Bolloré and APMTerminals has realised. The construction of the world class container port-MPS Terminal 3 coupled with the optimum geographical and physical characteristics of the port further established Tema Port as a regional maritime player.
The Bolloré Group has thus contributed to Ghana’s trade facilitation, p r o v i d i n g connectivity to new markets and trading routes leading to continuous throughput volume increase at the Port of Tema while creating sustainable jobs that add to the socio-economic development of the country. In a message to celebrate the bicentenary anniversary, the Bolloré Group affirms that “The stability of its shareholding championed by its diversification strategy based on innovation and international development
enables it to pursue a long-term investment policy.“ The Bolloré story in Ghana through MPS cannot be told without recognition of the men and women who have worked hard to drive the growth of the company. Akin to a captain commanding the ship from the bridge is the Chief Executive Officer of MPS, Mr. Mohamed Samara whose stint with Bolloré dates to 14th February 1992,
representing 30 years of the 200 years of existence. On this auspicious occasion, it is only worthy to acknowledge the impact of this great business as very few companies can maintain the grit and consistency for success through 2 centuries and seven generations. Congratulations and “hats off ” to the Bolloré Group.
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| MARKET REVIEW
FRIDAY, JULY 29, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - JULY 22, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth
3.3%
Average GDP Growth for 2021
3.3%
2022 Projected GDP Growth
3.7%
BoG Policy Rate
19.0%
Weekly Interbank Interest Rate
21.70%
Inflation for February, 2022
29.8%
End Period Inflation Target – 2022
28.5%
Budget Deficit (% GDP) – Dec, 2021
5.6%
2022 Budget Deficit Target (%GDP)
6.6%
Public Debt (billion GH¢) – Dec, 2021
393.4%
Debt to GDP Ratio – Dec, 2021
78.3%
STOCK MARKET REVIEW The Ghana Stock Exchange weakened for the third consecutive week on the back of price declines by 2 counters. The GSE Composite Index (GSE CI) lost 23.63 points (-0.96%) to close at 2,440.50 points, reflecting year-to-date (YTD) loss of 12.51%. The GSE Financial Stocks Index (GSE FI) also lost 47.42 points (-2.19%) to close at 2,115.61 points, reflecting YTD loss of 1.68%. Market capitalization dropped by 0.43% to close the week at GH¢63,475.25 million, from GH¢63,748.50 million at the close of the previous week. This reflects YTD decrease of 1.58%. Trading activity recorded a total of 2,086,473 shares valued at GH¢1,865,540.47 changing hands, compared with 60,044,310 shares, valued at GH¢54,548,444.78 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 87.09% and 80.85% of volume and value of shares traded respectively. The market ended the week with no advancer and 2 decliners 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¢7.4745/$, compared with GH¢7.3845/$ at week open, reflecting w/w and YTD depreciations of 1.20% and 19.65% respectively. This compares with YTD depreciation of 0.69% a year ago. The Cedi also weakened against the GBP for the week. It traded at GH¢8.9915/£, compared with GH¢8.7577/£ at week open, reflecting w/w and YTD loss of 2.60% and 9.61% respectively. This compares with YTD depreciation of 1.34% a year ago. The Cedi also lost grounds against the Euro for the week. It traded at GH¢7.6409/€, compared with GH¢7.4499/€ at week open, reflecting w/w and YTD depreciations of 2.50% and 10.64% respectively. This compares with YTD appreciation of 3.46% a year ago. The Cedi again weakened against the Canadian Dollar for the week. It opened at GH¢5.6671/C$ but closed at GH¢5.8120/C$, reflecting w/w and YTD depreciations of 2.49% and 18.42% respectively. This compares with YTD depreciation of 1.83% a year ago.
FRIDAY, JULY 29, 2022
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| MARKET REVIEW
BUSINESS TERM OF THE WEEK House Call: A house call is a demand by a brokerage firm that an account holder deposit enough cash to cover a shortfall in the amount of money deposited in a margin account. This typically follows losses in the investments bought on margin. Source: https://www.investopedia.com/terms/h/ housecall.asp
ABOUT CIDAN COMMODITY MARKET Crude oil prices rose about 4% on the back of worries about tight supplies and a weaker dollar. Brent futures traded at US$103.71 a barrel on Friday, compared to US$99.63 at week open. This reflects a w/w and YTD gain of 4.10% and 33.34% respectively. Gold prices steadied after posting its biggest gain in more than a month as investors weighed renewed concerns over economic growth amid tightening monetary policy. Gold settled at US$1,727.40, from US$1,828.60 last week, reflecting w/w gain and YTD loss of 1.63% and 5.53% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,292.00 per tonne on Friday, from US$2,267.00 last week, reflecting w/w gain and YTD loss of 1.10% and 9.05% respectively.
INTERNTIONAL COMMODITIES PRICES GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢3,524.70 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills and the 3-Year Fixed Rate Bond. This compared with GH¢1,150.89 million raised in the previous week. The 91-Day Bill settled at 26.34% p.a from 25.96% p.a. last week whilst the 182-Day Bill settled at 28.06% p.a from 27.46% p.a. last week. The 364-Day Bill settled at 27.85% from 27.49% at last issue. The 3-Year FXR Bond settled at 29.85% from 25.00% at last issue. 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
FRIDAY, JULY 29, 2022
KNUST student shortlisted as part of the top 50 finalists for the 2022 Chegg. Org Global Student Prize A final year student of the Department of Communication Design of the Kwame Nkrumah University of Science and Technology (KNUST), Kumasi, Mathias Charles Yabe, has been selected as part of the top 50 finalists for the 2022 Global Student Prize. Mathias Yabe was selected from almost 7,000 nominations and applications from over 150 countries. The KNUST final year student was shortlisted for two major reasons. ‘During the COVID-19 pandemic, Mathias pioneered the development of a disabilityfriendly virtual learning platform for hearing impaired students studying during school closures, directly impacting the lives of 250 hearing impaired high school students in Ghana.’ He also launched (AkoFresh); an innovative mobile solar-powered cold storage preservation technology that extends the shelf life of perishable crops from five (5) days to twenty-one (21) days, therefore reducing post-harvest losses by 50% and alleviating poverty and improving nutrition.
The top 10 finalists of the 2022 Chegg.Org Global Student Prize are expected to be announced in late August this year. Out of the top 10 finalists, the winner will also be announced later in the year by the Global Student Prize Academy. The Chegg.org Global Student Prize is an annual $100,000 award given to an exceptional student that has made a real impact on learning, the lives of their peers, society, and beyond. The Varkey Foundation partnered with Chegg.org to launch the annual Global Student Prize last year, a sister award to its $1 million Global Teacher Prize. It was established to create a powerful new platform that shines the light on the efforts of extraordinary students everywhere who, together, are reshaping the world for the better. The prize is open to all students who are at least 16 years old and enrolled in an academic institution or training and skills programme. Part-time students, as well as students, enrolled in online courses.
Obuasi East MP encourages constituents to take covid-19 vaccine
By Felicia Manu
Residents of the Obuasi East District in the Ashanti Region have been urged to avail themselves for the COVID-19 vaccination which is still ongoing in the country. The Member of Parliament for the Obuasi East Constituency, Dr. Patrick Boakye Yiadom, at a press briefing bemoaned the low turnout regarding the vaccination exercise against the COVID-19 virus, and encouraged people who are yet to be vaccinated to do so. Dr. Boakye, a medical doctor and the Vice Chairman of the Parliamentary Select Committee on Health, said currently 18million out of the 31 million Ghanaians have so far vaccinated. This he said fall short of the expected head immunity of 22.9 million Ghanaians. He underscored the yeoman’s role played by the Government
in the management of COVID-19, and also making vaccinations available for Ghanaians to access at no cost. The Legislator seized the opportunity to correct some erroneous impressions about the vaccinate. He said “ currently less than 24% of people in Ashanti Region have vaccinated; a far cry of our projections. This is partly due to superstitions and other misconceptions perpetuated by people about the COVID-19 vaccines”. Currently at the fourth wave, he admonished Ghanaians to accept the fact that the virus has come to stay hence it is important to take appropriate measures to avoid any new wave. The District Chief Executive for Obuasi East Honorable Faustina Amissah also added her voice in debunking the conspiracy
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.
theories surrounding the vaccines stating that herself and the MP as leaders of the district have taken part in the vaccination exercise. She however advised residents in the district not to fall for such deceits from people. Delphine Gborgblorvor, the District Health Director called on Ghanaians to continue to observe the COVID-19 Protocols since the disease is still with us, stressing that vaccination is the only way we can avoid the disease. “As at now, Obuasi East has 6 active COVID-19 cases with 143 cases recorded since the turn of the year with 4 deaths whiles 133 people had recovered fully. Without the vaccines, the Directorate would have been overwhelmed by the number of cases”, She added.
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