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Doubling potato production in 10 years is possible, FAO boss says Potatoes could contribute even more to world history and global food security, and total production of the food crop could double in the next 10 years, QU Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO), said in his keynote presentation to the 11th World Potato Congress (WPC) convened in Dublin. Potatoes are the world’s third most important food crop and are regularly consumed by billions of people. They also generate income for small-scale producers, offer a low-fat, high-fibre source of healthy carbohydrates rich in antioxidants and nutrients, and
Starsight Energy is Africa’s fastest growing renewable energy company //MORE ON PAGE 3
GCB, AFD sign credit agreements to promote renewables //MORE ON PAGE 4
also generate fewer greenhouse gas emissions than other major crops, said Qu, an acclaimed expert on the food crop. Earlier in his career, he inter alia helped organize the 2015 WPC in China and served as a Trustee of the International Potato Center. Today potatoes, whose genetic origins are in South America, are cultivated on more than 20 million hectares in 150 countries for a total global output of 359 million tonnes in 2020. By focusing on improving yields and making full use of historic potato cultivation areas, worldwide production can be raised to 500 million tonnes in //MORE ON PAGE 2
MTN working to secure 30 percent localization of mobile money By Eugene Davis The Chief Executive Officer of telecommunications giant MTN, Selorm Adadevoh, says the company is making inroads in meeting all the agreed localization requirements of 25percent for Scancom PLC and 30percent for Mobile Money Limited. Speaking at this year’s Annual General Meeting of the company in Accra, he said “It is a little premature at this point because the first step as a listed company already as Scancom is to get the localization to 30percent, the is the commitment we have made, so currently that is what we are pursuing and therefore
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Private sector must own the AfCFTA! Africa’s social and economic transformation agenda has been significantly boosted with the take-off of the single continental market. Government and state actors in the trade and export sectors have lined up robust and measured interventions to build the competitiveness of the business community to take advantage of the enormous opportunities it has to offer. It is now up to the local business community to understand the market, the requirements and what it would take to enter these markets. There are certain sectors that have already seen the light. For example, businesses that are into high value manufacturing have already starting setting up business hubs in other parts of Africa. These businesses are expected to lead the path on this sustainable economic journey toward continental integration whilst dragging along the bulk of Ghana’s private sector businesses,
specifically the micro, small and medium enterprises. The Africa Continental Free Trade Area was established to create structures that would enable cost-efficient free movement of goods and services, and it is up to traders themselves to drive the trade. “AfCFTA has given us the opportunity to thrive in other markets, find those markets, find business partners and explore means of staying in those markets. AfCFTA is only reducing the barriers that would hitherto disable you from doing so,” a trade expert Dode Seidu, aptly reiterated in his recent engagement with the business community. The AfCFTA is not just a traditional trade agreement but a reliable chance for Africans to lift ourselves and for that matter we have to make sure that opportunities of the market are well explored to the betterment of the continent.
Doubling potato production in 10 years is possible, FAO boss says continued from page 1
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2025 and 750 million tonnes in 2030, the Director-General said. “Potato will become one of the advantage crops in the global food security system when the yield of other cereal crops is close to the limit,” Qu said. While hailing the genius of the peoples of Peru and Bolivia who domesticated the potato, the Director-General noted that Asia and Africa are the regions with the fastest growth of potato production today, while output is declining in Europe and North America. Globally, potato output has grown even as the land devoted to their cultivation has decreased, highlighting the role of improved yields, said Qu. The road ahead The Director-General called on multiple partners to help “greatly
improve” potato agrifood systems on the national, regional and global levels. Noting the importance of providing decent rural employment, offering nutritious food and emphasizing the need for inclusive policies, plans and actions, he called for increasing support for potato genetic improvements and shorter breeding cycles for potato varieties, and the potential value of virus-free potato seed systems. The International Potato Center gene bank in Lima has conserved more than 7 000 different native varieties and wild relatives, which have a wide range of traits, including the ability to adapt to different production environments and to resist various pests and diseases. Qu
emphasized that the relatively low natural resource requirements of potatoes makes them an important food crop for people to survive during famine and disaster relief. In China, potatoes are regarded as the preferred crop for increasing income and reducing poverty, he said, noting the plant’s spatial distribution in the country closely maps that of formerly poor areas, especially in mountainous areas. Charlie McConalogue, Ireland’s Minister for Agriculture, Food and the Marine also participated in the opening session of the 11th World Potato Congress, which included a session on how to reconstruct the potato sector of Ukraine, the world’s fourth-largest producer.
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MTN working to secure 30percent localization of mobile money
continued from page 1
By Eugene Davis listing is not currently in consideration but in due course if anything changes, we will update shareholders on the plans forward. Further, he explained that “Indeed, the company has amended its constitution in order to increase staff shares in the company from 4.4% to 5%, all in pursuit of the 30% localization. Again, the constitution was amended to add an additional member to the Board of Directors, in the person of the newly appointed Chief Finance Officer, Antoinette Kwofie, to make 13 members.” “MTN Ghana continues to make progress in fulfilling all agreed localisation requirements of 25% for Scancom PLC per original requirement and 30% for Mobile Money Limited. For ease of implementation and to further deepen localisation, MTN has offered to implement 30% Localisation for both Scancom PLC and Mobile Money Limited. Our consultations with the government, the Central Bank and other relevant stakeholders continues positively, and we look forward to providing further updates on our progress in subsequent releases.” He also indicated that the company is in discussions with the regulator
to implement national roaming programme in the country. To this end, he adds that they have engaged in bi-lateral discussions with other operators, and are advanced in the terms of agreement with at least one operator and have completed technical tests for standard national roaming. More advanced configurations are also underway. According to him, the year under review, Capital Expenditure (CAPEX) was GHS1.5 bn mainly to improve the network and quality of service and experience for customers. He explained that during the period – 4G network coverage was improved to over 90 per cent with an addition 1,446 sites to reach an extra 1.7 million people with 4G. Additionally, the company added on 131 2G sites, 130 3G sites, while some 1,200 sites were modernized to improve customer experience. The CEO said during the year, service revenue grew 28.5 per cent year-on-year, driven mainly by a 58% growth in data revenue (adding 36% to service revenue), 38% growth in mobile money revenue supported by some 4.9% growth in voice revenue. Meanwhile, the company saw one million additional subscribers and a significant rise in the number of smartphones on its network in 2021.
We are also finalizing the agreement in the coming weeks with GIFEC, in partnership to deliver on government’s rural telephony project. We will update the market on the implementation of the remaining directives as discussions with the NCA progress. The board chairman, Dr.Ishmael Yamson stated that profit after tax grew by 43% year on year to GHS2 billion in 2021, adding that the company therefore proposes to pay GHS0.085 dividend per share in addition to the GHS0.030 paid midyear, making the total dividend per share for the year GHS0.115. He noted that in the year under
review, the world and Ghana continued to reel under the several consequences of Covid-19, which started as a health crisis but quickly turned into an economic, social and political one, with seven million deaths globally, food shortage, high inflation, loss of jobs and several other challenges. In the midst of all those challenges, Ishmael Yamson noted that MTN Ghana continued to be the highest taxpayer in Ghana as it has always been over the years – paying some GHS3.1 billion taxes, out of which some GHS2.3 billion was direct and indirect taxes.
Starsight Energy is Africa’s fastest growing renewable energy company Starsight Energy, a leading African commercial & industrial solar power supplier with a significant presence in Ghana, has been ranked the fastest growing solar and renewable energy company in Africa by the Financial Times (FT). According to the FT, in its inaugural ranking of Africa’s fastest-growing companies in 2022, Starsight is the sixth fastest growing company in Africa and the first energy and renewable energy on the list. The rankings show that Starsight made tremendous progress since its inception in 2015. The company’s revenues in 2020 stood at US$8.886million as compared to its revenues in 2017 which was at US$0.832million. Currently, its absolute growth is 1154.403 percent and a compound annual growth rate of 132.351 percent. Staff strength of Starsight stood at 42 in 2017 but increased to 108 in 2020, hence making it to the fastest growing company rankings by FT. With more than 51MW of solar power installed in West Africa as at the end of 2021, the pan-African renewable energy company operates in three regions in Africa: West, East and South Africa with a clear plan to be in other regions. Managing Director for Starsight Energy Ghana, Emmanuel Ayifa Baah in an interview with the media described the feat as humbling.
“It is humbling but at the same time it is a recognition of the hard work the team has put in place over the period. It is just natural that you get rewarded when you do solve a problem. It is humbling to know that what you are doing to help companies Go Green whiles saving them on electricity cost & carbon emissions has been recognised on a global scale. When you have a business operating the previous year only in Nigeria and just a year plus down the line, you have operations in Ghana, Kenya, Rwanda, Tanzania, and then into South Africa, obviously that is a major leap from one location to all of these locations,” Mr. Ayifa Baah said. Operations in Ghana Delving deeper into the company’s operations in Ghana, Mr. Ayifa Baah explained that there is some 10MW of solar power under deployment for commercial and industrial institutions with over 50percent installed. “The bulk of our installations are in Accra but we have installations in Kumasi, and some parts of the Eastern Region,” he said. Mr. Ayifa Baah, striking an optimistic tone, said by the end of 2022, Starsight Energy Ghana is seeking to have more than 10MW installed for Commercial & Industrial clients. The call to adopt solar as a more
sustainable power option With the recent request for increment in electricity tariffs as a result of a general increase in generation cost of utility companies, Mr. Baah urged consumers, especially commercial and industrial users of power, to look at solar as a more sustainable option. “When you go solar, you save money and protect the environment at the same time,” he said, adding that at Starsight, their lease-to-own package lead to consumers saving at least 15 to 45 percent of their monthly electricity bills. “We run a lease-to-own model. We build the solar plant at our cost, we maintain it at our cost, you just pay for using the plant and while you are paying, you are acquiring it. Our contracts start from five years and if you want a contract for over 10 years, we can, we are very flexible with our options. You do not incur any additional cost; you are still paying your monthly utility at a reduced amount and yet get to own the plant within a number of years. Our target starts from 15 percent reduction in your tariff all the way to 45 percent per kilowatts hour savings on electricity cost,” Mr. Ayifa Baah added. About Starsight Energy Founded in 2015, Starsight is the leading African Commercial & Industrial (C&I) energy-as-
aservice provider. It has deployed approximately 63 MW of generation assets and 25 MWh of storage at over 500 sites in all six African countries. The Company’s team of highly experienced professionals provides power solutions to a diverse clientele, including banks, gas stations, schools, and large commercial agricultural companies. Starsight’s proprietary smart technology optimizes energy consumption enabling customers to significantly reduce energy costs and boost profitability without incurring any upfront expense. Starsight delivers an end-to-end service, starting with assessing a client’s energy needs to the installation and maintenance of a renewable energy solution. This is then followed by ongoing technical support. Starsight’s long-term relationships with its blue-chip clients reflect the quality of its in-house engineering, procurement, and construction services, along with the reliability of its operations, maintenance, and customer service. Together these provide customers with the peace of mind that all their powerrelated issues are in trustworthy hands. Starsight has consistently maintained the highest ESG credentials and continues to reduce its customers’ carbon footprint and harmful diesel emissions.
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GCB, AFD sign credit agreements to promote renewables GCB Bank PLC has signed $13.7 million credit facility and one million Euro grant financing agreements to support local businesses towards the development of energy efficiency and renewable energy projects. The agreements and projects are part of the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Ghana, aimed at promoting investment in sustainable energy and environmental protection among private sector players in developing economies. Under the agreement, GCB and SUNREF will continue to offer competitive loans and technical assistance for structuring green investment to companies, organisations, individuals and households. The Managing Director of GCB Bank PLC, Mr Kofi Adomakoh, signed the agreement on behalf of the Bank while the French Ambassador to Ghana, Anne Sophie Ave; the Head of Cooperation, European Union Development, Mr Mina Massimo; and the Director of AFD, Africa Department, Mr Christian YOKA,
signed for their respective institutions. The SUNREF Programme seeks to mobilise Ghanaian financial institutions including GCB to finance private sector investments in green technologies. GCB and other financial institutions will provide green loans and investment grants (up to 10 per cent of the loan) and technical assistance to finance small and medium scale
renewable and energy efficient projects. In his speech, Mr Adomakoh highlighted the importance of the agreement and partnership in protecting the climate and promoting clean energy. “For us at GCB PLC, sustainability is a matter of survival. It is for a rethink of how we deploy our capital and resources to achieve growth beyond our generation. Our partnership with
AFD is a demonstration of our commitment to this cause,” Mr Adomakoh said. He said Africa needs support and with the right kind of funding the continent will make progress in the promotion of energy efficiency. Mr Adomakoh said GCB is committed to the partnership and will deploy the funds to achieve its objectives.
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Africa needs to turn climate change challenges into green job opportunities for youth and women Africa — the main victim of climate change, despite emitting only 3% of greenhouse gases — should turn its climate challenges into opportunities to create green jobs for youth and women. This was the message that emerged at a knowledge event held on the sidelines of the African Development Bank Group’s Annual Meetings in Accra. The session, held on the last day of the meetings on Friday, brought together participants around the theme of green jobs for youth and women in Africa after Covid-19. They shared their experiences on climate change adaptation solutions developed in Africa and the United States by the private sector. Ghana’s Minister of Finance, Kenneth Ofori-Atta, Chairman of the African Development Bank’s Board of Governors, elaborated on Ghana’s strategy to create green jobs for youth and women. “We have put in place a $1 million You Start Programme that will enable us to create one million jobs for youth and women,” he said. The sectors concerned are agriculture, solar energy, reforestation, and agricultural processing. According to Ofori-Atta, young people represent more than 70% of the population. African governments should unlock their potential by offering them better education, training, and support. Ofori-Atta’s counterpart from Rwanda, Dr Uzziel Ndagijimana, pointed out that his country is committed to adapting to climate change and banned the use of plastic bags and non-biodegradable packaging materials in 2008. Rwanda has created its own Green Fund, a
ground-breaking investment fund that is the largest of its kind in Africa. “There is a need to develop human capital — technical and vocational training, science and technology training, engineering — and to set up guarantee funds for SMEs and youth and women-owned enterprises,” he said. He pointed out that 70% of SMEs benefit from public guarantees to help them flourish. “More jobs for young people means more money for the public treasury,” he said. United States Treasury official Eric Meyer said the green economy generated $13 billion in revenue for his country and created 9.5 million full-time jobs. He said the United States has been incredibly successful in creating green jobs, so this experience can be shared with African countries to support investments to create green jobs for young women and men in Africa. “Green jobs pay 70% more than dirty jobs,” Meyer said. He said the US government is encouraging the private sector to invest heavily in the green economy. “The government is giving the right
signals through regulations that favour green investments. President Biden has put the US on the path to a green economy, including electric vehicles, green energy, etc.” Earlier, the private sector expressed its commitment to climate adaptation. Yewande Adebowale, founder of Salubata Technological Innovations Limited, reiterated the need to invest more in the private sector to meet the challenge of climate change. Adebowale’s company produces customisable shoes from plastic waste under the brand name ‘Salubata’, (shoes that never wear out, in the Yoruba language). Each Salubata shoe purchased contributes to the removal of over 12.66 kilograms of CO2 from the environment, she said. However, she lamented the obstacles that young entrepreneurs face to access finance: red tape, regulations, and other difficulties. “Young people have talent. We need to open finance to SMEs and develop strategic partnerships, build the capacity of young entrepreneurs,
support African brands.” The Managing Director of Ecobank Ghana, Daniel Nii Kwei-Kumah Sackey, said the private sector is committed to climate change adaptation and is funding adaptation projects. Ecobank Ghana is the only Green Climate Fund accredited financial institution in Ghana. It has received $20 million to finance green projects and support from the African Development Bank under its Affirmative Finance Action for Women in Africa initiative (AFAWA) through which the Bank made $420 million available in 2021 and intends to make $500 million available in 2022 to support women-owned businesses in Africa. Patrick Verkooijen, CEO of the Global Centre on Adaptation, made the link between green growth and green jobs. He pointed out that $15 billion of investment in adaptation in Africa will yield $200 billion per year. He called for the mobilisation of adaptation funding on a large scale, and said the African Development Bank and the Global Centre on Adaptation have mobilised $3 billion for the Africa Adaptation Acceleration Programme since COP 26 in Glasgow. Echoing this statement in her closing remarks at the event, Dr Beth Dunford, African Development Bank Group Vice President for Agriculture, Human and Social Development, recalled that a dollar invested in adaptation could save 30%-40% of the costs of adaptation later. According to her, we need to put together a sustainable structure to start from incubation to the creation of real businesses for young people and women.
Gov’t poised to transform new regions with technology and innovation Minister for Communications and Digitalisation, Mrs. Ursula Owusu-Ekuful has said government is poised to use information and communication technology (ICT) to transform the newly created regions. Speaking at the 3rd Girls in ICT event held at Akyerensua in the Ahafo Region, Mrs. OwusuEkuful hinted on a monitoring mechanism employed by her ministry to ensure the tools given and the knowledge impacted are utilised for the intended purpose. “We are focusing on the new regions so not to leave anyone behind. We shall follow up to ensure the skills acquired are put to good use” she said. Under the theme; Access and Safety, this year’s girls in ICT is looking at access of internet for
girls and the safety of users. The best 100 girls were presented with laptops and
certificates. The best 20 girls will have fully furnished ICT laboratories established in the schools. The legislator noted the STEM education site at Akrodie, a suburb of Goaso will be used to advance ICT studies for many that will like to pursue their interest in the field of Science, Engineering and ICT. She also hinted that more computer laboratories and Rural Telephony Sites are being constructed to enhance the voice and data connectivity for the rural folks in the region. However, she reminded the people to register their SIM cards before July to avoid it being blocked. “We are not going to extend the deadline for registration of
the SIM cards again because the deadline has been extended already, make sure you register by the end of July because we want to use thatto fight cybercrime in the country. I am appealing to all of you to get a Ghana Card and use it to register otherwise you’ll lose your card either for voice or data services” she warns. Regional Minister for the Ahafo Region, George Yaw-Boakye, in his welcome address expressed gratitude to the Ministry for considering such a young region as part of beneficiaries for the Girls in ICT initiative. He applauded Mrs. Ursula Owusu Ekuful for her great work towards ensuring that ICT education is spread across the country and bridging the digital gender gap.
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| FEATURE
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Wilmar Africa partners Inspire Today to mark Menstrual Hygiene Day
Wilmar Africa, producers of Jama soap and Alife, has partnered an NGO, Inspire Today, to support young menstruating girls in Amasaman Cluster of schools in the Ga West Municipality of the Grater Accra Region to mark World Menstrual Hygiene Day. More than 3,000 menstruating girls received sanitary towels,
bathing soap, roll-ons, shaving sticks and educational materials. This is an effort to reduce the rising cases of sex for sanitary pads among adolescent girls in Ghana. The award winning company provided the girls with the different range of their Jama detergent washing powder,
cartons of the alife soap to help the girls practice good personal hygiene. Brand manager in charge of Jama and Alife at Wilmar Africa, Maame Adwoa Markin stressed the need to prioritize the education of the girl child. ‘We know that it’s only in cleanliness that you are able to assimilate what you are being taught in class and that is why we have consistently provided our Jama and Alife soap to these girls through Inspire Today. Our partnership with Inspire Today is to ensure that the girls clean themselves well during menstruation and have a hygienic period.’ The Amasaman Cluster of schools will be the 17th cluster to receive support from the Inspire today Foundation. Founder of INSPIRE TODAY, Etornam Sey, expressed worry about a recent report by plan international Ghana revealing that 83 per cent of Adolescent Girls interviewed in Wa East sleep with men in exchange for sanitary pads.
‘We find the report very humiliating and that is because girls should not be exchanging sex for sanitary pads. We give free condoms to the youth to practice safe sex and these are people who are choosing to have sex. The girls do not choose to menstruate and we should be able to give them free sanitary pads so they can stay in school’. She has meanwhile called on government to review the 20 per cent tax on disposable sanitary pads to make it affordable for the adolescent girl. Director of education for Ga West Municipality, Rev. Peter Bilson has expressed gratitude to Inspire Today and MTN Ghana foundation for the consistent support for girls in public schools. Inspire Today Foundation is a network organization nurturing a nationwide movement of female leaders through a concerted effort at achieving the sustainable development goals three and 5 which is promoting good health and well-being and enforcing gender equality.
Rotary District 9102 Ghana hosts the Queen’s Platinum Jubilee Beacons empowering women and girls The opening ceremony of the Queens Platinum Jubilee Beacons to commemorate Her Majesty the Queen’s 70th year as monarch and head of the commonwealth is underway with empowerment programs for women and girls for the commonwealth city of Accra. On May 18, 2022 the University of Ghana hosted the youth event targeted at tertiary and second cycle students in the country. This event which sought to celebrate the monarch’s jubilee and women’s achievements in Ghana, increase knowledge, create awareness and understanding of women issues globally; empower and lobby for accelerated gender parity as well as encourage female-focus projects was held under the theme: “Empowering the Next Generation of Women for Global Leadership”. The Vice-Chancellor, Prof. Nana Aba Appiah Amfo, in her opening remarks welcomed the participants to the University of Ghana and expressed how the theme of the event resonates with her dream to encourage and mentor young ladies to make impact and break stereotypes wherever they find themselves. She indicated that the event is a strategic investment in the future, as
it will provide an opportunity for the education, mentoring and training of “women of today who will someday take up the mantle of leadership in various fields”. Dr. Abena Asomaning Antwi, Managing Director, Africa Environmental Sanitation Consult, in her keynote address, encouraged women not to relent in taking leadership positions. She urged the women present not to be their own enemies by setting limitations for their fellow women. She encouraged women to put themselves up for leadership positions and further entreated them to never be afraid of what people will say – about their abilities to do certain things, their
looks, their qualifications and almost about everything that could pull them down. Past Rotary International Director Samuel Awuku Okudzeto, in his brief remarks expressed his delight in the opportunity to be present for the event and encouraged participants to go all out to make a difference wherever they find themselves. He challenged them to strive for both local and global achievements. There was a panel discussion facilitated by Madam Baptista Sarah Gebu the chair for the Queen’s Platinum Jubilee Beacons Youth & Queen Mother’s Sub Committee who highlighted global women issues and together with the panel advanced
the gender-based violence discourse. She was pleased the awareness created about global women and girls issues will support a paradigm shift. The session came out with several affirmations encouraging women and girls to be aware of violence issues and report any known issues of violence in the community or institution of higher learning to the appropriate authority. They were called to be change agents and ambassadors in their own ways. Earlier, the Past District Governor, Madam Yvonne Kumordji - Darko, made brief remarks on the theme and highlighted the rotary experience, Madam Nancy Ansah, former Registrar, Regent University College of Science and Technology and Project Director for Hope for Future Generations and the District Governor Elect - Victor Yaw Asante took turns to make their remarks. The event was interspersed with a cultural performance by the Adehyieman Cultural Troupe and melodious tunes from ‘Tracy with the Trumpet’. Present at the event was PAG Jack Dotsey, Chairman of the Planning Committee, other Rotarians, Rotractors, students and staff of the University.
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E-Levy: Another victim of Ghanaian aliterate culture By Dinah Amankwah On Thursday, May 5, 2022, whilst topping my mobile wallet – not e-levied – a conversation ensued between the vendor and another client: Client: (Sternly) I am withdrawing money from my account; don’t you dare tax me even one Cedi! Vendor: Withdrawal from your account does not attract e-Levy. Client: (Smiling) Really, no e-Levy? Vendor: No. Transferring money to another person’s wallet attracts e-Levy, not your own withdrawal. (Vendor and I chorused): You are fighting what you do not even understand. The exchange reminded me of two national policies that suffered ignorant antipathy: At the maiden plenary session of the 2007 Educational Review, the Director of Curriculum Review and Development Design, now NaCCA, lamented that the Religious and Moral Education subject was not impacting moral values of pupils, focus on religious issues notwithstanding. A lengthy debate in the succeeding sessions culminated in the consensus that rather than teach/learn values in isolation under one subject, moral values should be worked into all the subjects. Social Studies would tackle religious issues. The Director’s logic still resonates with me: Market women knock inwards the bottom of measuring tins for grains, shortchanging customers. Scales are also adjusted to
cheat customers. In a pragmatic discussion of addition or percentages, teachers could explain that a tampered tin or adjusted scales do not give expected value for money – Dishonest. All subject areas, including English Language, worked assiduously to incorporate moral and cultural values into lessons, also managing social-emotional learning. It was a strenuous effort to render education practical. The reviewers never expected the hue and cry that greeted the first draft syllabus over the removal of Religious and Moral Education. The most vociferous protest came from the churches. Apparently, the Review Committee and the sitting Government were antichrist to dare remove such a subject. Through all the pontification, however, I gleaned that they had not read the syllabi. The superficial understanding about the removal of the subject, disregarding rationale and replacement effort, was numbing. The subject was reinstated: Paradoxically, pupil morality has continued to dip to the lowest ebb. Many years later, we are harvesting increasing basic school alcohol/ drug addiction, materialism, immorality culminating in teenage pregnancies, unplanned births, unnecessary curtailment of girl/child education, and a perpetuation of female dependency and poverty statuses. Could we, possibly, have done better with the original 2007
curriculum draft? The Comprehensive Sex Education concept yielded another national hollow ruckus from the uninformed. One Monday, I was meeting four professional groups, so I sought a learner perspective. Their only apprehension was the open discussion of sex, arguing it would arouse children’s curiosity. I explained it was purported to open discussion on sex, sensitise children, among others, to being touched wrongly, even by parents, potentially raise assertive children to resist/reduce child molestation, and promote a responsible attitude towards sex. I asked who had read the document. No one in four tertiary professional groups had read the document, yet they were condemning it. Same route The dialogue above starkly reminded me that we are treading the same aliterate route with the E-Levy. Being aliterate means one can read but feels disinclined to read. The antagonists in the instances I have cited were literates, but they were not interested in reading the texts they criticised, hence, their uninformed conclusions. Therefore, I ask all E-Levy adversaries: Have you read the document? If any antagonist, like the client above, has not read and understood taxed items, and exemptions, what is the moral grounds for heightened antagonism? Sheer antipathy to taxation – civic responsibility?
Residents who have embraced superficiality are not interested in adjustments for genuine human resource development and empowerment. If we treaded a literate course, all radio and TV stations would devote an hour each day to explain the E-Levy through knowledgeable tax personnel throughout 2022. Pressure groups and Ghanaian think tanks would collaborate with the NCCE and Ghana Revenue Authority/Ministry of Education/Adult Education/ the Media to simultaneously design grassroots education and critique the process to straighten government. A literate Ghana would be critically poring over the tax details for responsibilities, exemptions, potential for national economic sustenance. An analytical Ghana would be scrutinizing the digitization process GRA is utilising for fair taxation, the savvy of ICT personnel involved, the competence and integrity of communication service providers/Momo operators, the technological knowledge/ infrastructure they have for competent services. We have responsibilities! My question to each stakeholder: Have you read the E-Levy document? The writer is a Snr Lecturer, Language and Communication Skills, Takoradi Technical University, Takoradi. E-mail: sad426@hotmail.com
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FANMILK Ghana partners Inspire Today to mark Menstrual Hygiene Day Fanmilk Ghana limited, producers of Fanchoco, has partnered an NGO, Inspire Today, to support young menstruating girls in Amasaman Cluster of schools in the Ga West Municipality of the Grater Accra Region to mark World Menstrual Hygiene Day. More than 3,000 menstruating girls received sanitary towels, bathing soap, roll-ons, shaving sticks and educational materials. This is an effort to reduce the rising cases of sex for sanitary pads among adolescent girls in Ghana. The company believes that every child irrespective of their socioeconomic background or geographical location deserves a dignified menstruation. The Amasaman Cluster of schools will be the 17th cluster to receive support from the Inspire today Foundation. Founder of INSPIRE TODAY, Etornam Sey, expressed worry about a recent report by Plan International Ghana revealing that 83 per cent of Adolescent Girls interviewed in Wa East sleep
with men in exchange for sanitary pads. ‘We find the report very humiliating and that is because girls should not be exchanging sex for sanitary pads. We give free condoms to the youth to practice safe sex and these are people who are choosing to have sex. The girls do not choose to menstruate and we should be able to give them
free sanitary pads so they can stay in school’. She has meanwhile called on government to review the 20 per cent tax on disposable sanitary pads to make it affordable for the adolescent girl. Director of education for Ga West Municipality, Rev. Peter Bilson has expressed gratitude to Inspire Today and MTN Ghana
foundation for the consistent support for girls in public schools. Inspire Today Foundation is a network organization nurturing a nationwide movement of female leaders through a concerted effort at achieving the sustainable development goals three and 5 which is promoting good health and well-being and enforcing gender equality.
Opportunities abound in Ghana’s digital economy
Acting Chief Enablement and Information Officer at ABSA Bank, Justice Amegashie has underscored the need for entrepreneurs to embrace Ghana’s
emerging digital economy to turn around their businesses. Speaking on the first of a series of fora as part of the 2022 Citi Business Festival, Justice
Amegashie said, “the digital economy is definitely a boost for entrepreneurs. The main reason is that our digital technologies allow scaling up quickly and broadens your reach.” Citing examples from the world of social media marketing, he said businesses that take advantage of the digital space are likely to improve customers’ reach and scale-up. The forum was themed, “Reimagining the Digital Economy.” It explored the possibilities for business in the new business ecosystem as the world approaches the fourth industrial revolution, which is driving changes in the new digital economy. “For instance, the word is out
for social media marketing. Just in the comfort of your office, you are able to reach out on what you are offering. The cost to produce will even reduce because you have been able to get the digitized version of that.” “In a nutshell, it tackles the inefficiencies we have in the traditional setting. So, for entrepreneurs, that reach and online presence is enormous, and I think that entrepreneurs must take advantage of it.” “The other thing is the ability to scale quickly. In all of this, they have the opportunity to innovate and improve processes. These are some of the thing’s entrepreneurs must allude to and get the needed advantage”, he added.
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Connecting the African continent to drive a unified voice this World MS Day 30 May 2022: World MS Day, officially marked on 30 May, aims to bring the global Multiple Sclerosis (MS) community together by sharing stories, raising awareness, and reducing the stigma, for everyone affected by the disease. MS is a chronic, immune-mediated disease of the central nervous system that leads to neurological symptoms and disability, affecting 1 out of every 3000 1 people in the world. While it’s the most common non-traumatic case of neurological disability in young adults, it’s a disease that is often misunderstood by both patients and providers, largely because the symptoms often mimic other conditions. MS symptoms can slowly appear or creep up on you suddenly. They can be scary and disorienting – that’s why we need the increased awareness and education of the disease. The theme for World MS Day is connections – how building connection for the community and self is important to make people affected by the disease feel less lonely and socially isolated. Local Patient Organisation Groups are also getting involved to further raise awareness, challenge social barriers and stigma, to celebrate support networks and champion self-care. They have held numerous
events which includes a video in partnership with The Multiple Sclerosis International Federation (MSIF). By bringing about massive awareness to reach all people with MS, clinicians and therapists are creating an inclusive support structure and platform to address the burning issues of access to treatment, advocacy, epidemiology and financial support to all people living with this debilitating and incurable disease to never lose hope or feel alone –as we are stronger together. Roche is working across Africa to build up MS care from the ground up, starting with identifying data gaps, launching clinical trials to understand how MS affects a typical African patient, and developing data registries to analyse these insights. Additionally, Roche is working with patient organisations to increase awareness and reduce the stigma. The organisation is proudly committed to creating awareness of MS through collaboration with various Patient Organisations across the region. It is important to speak with a consistent, unified voice in raising awareness on the signs and symptoms of MS and to reduce the stigma associated with MS. Roche is proud to walk the steps with all those living with MS.
ASA Savings & Loans customers receive free health screening at Wenchi As part of its corporate social responsibility, ASA Savings and Loans has organised a free health screening for customers at Wenchi and its environs in the Bono Region. A total of about 150 people benefited from the exercise. The beneficiaries were made up of largely market women and other petty traders. The screening covered conditions like malaria, typhoid, blood pressure, blood sugar, eye test and blood group. The customers received free medications; those diagnosed with severe conditions were referred to seek further treatment at bigger health facilities. The medical screening was held at the premises of Wenchi Business Centre of the financial institution. It was conducted by health personnel from the Rafchik
Hospital at Abesim near Sunyani. The Techiman Area Manager, ASA Savings and Loans, Seth Morgan Arhin, said the exercise had become important to promote healthy lifestyle among its customers and the community at large, indicating “We noticed
that most of the people are always busy with their business activities and they hardly get time to go for checkups, hence the screening.” The free health screening he further indicated, was not the first time and it would not be the last time too. It will be replicated in
the years ahead. “Apart from Free health screening, we also plan to organise activities like Donation to orphanages, free distribution of nose mask and hand sanitizers, donation to community schools, scholarship to the needy. The company will continue to support the community and they can always count on us,” Mr. Arhin added. Two beneficiaries, Akua kyerewaa, 35, and Agnes Kobi, expressed profound gratitude for the screening, besides what they described as wonderful financial support they have been receiving from ASA Savings and Loans. Ms. Kyerewaa said: “I have not seek for any medical check-up in the last three years. But today’s exercise has revealed some medical history which will be very crucial to my health life.”
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Pour on the benefits!
…five ways the dairy sector can contribute to sustainable agrifood system Every day, milk and dairy products provide essential nourishment to billions of people worldwide. From young children to older adults, milk can contribute to healthy and active lives. Thanks to its nutrient-rich composition milk is the third biggest supplier of protein and the fifth largest provider of energy, improving global nutrition and strengthening human health. The challenges faced by agrifood systems today are major. Producing more food to feed a growing population is only part of the picture. The real need is to ensure access to essential and adequate nutrients for everyone. With between 720 and 811 million people suffering from hunger in 2020, milk and dairy products can significantly contribute to a Zero Hunger world. Global milk production has grown largely in response to increased consumer demand, and this has implications for the sustainability of dairy systems. FAO and the Global Dairy Platform are partnering to make dairy production more sustainable and to enhance the contribution of dairy to better agrifood systems.
dairy products has been associated with increased linear growth in both wealthier and poorer populations. With hundreds of millions of people who still don’t have access to adequate and nutritious food and suffer from chronic food deprivation, malnutrition and nutrient deficiencies, milk and dairy products provide a good source of nutrition in all stages of life. 2. Offering livelihoods and spurring economic growth Dairy systems provide a living for hundreds of millions of people across the globe. They also directly contribute to the livelihoods of more than 500 million extremely poor people, many of whom are smallscale dairy producers. Out of the 570 million farm holdings worldwide, more than one out of four keep at least one milk animal, including cows, buffaloes, camels, goats and sheep. Cows are by far the most common dairy animal in
3. Promoting One Health Human health is closely linked to the health and welfare of animals and to that of the environment. Improving animal health is crucial for the health of humans and of the planet; this concept is known as One Health and it is a part of the holistic approach for which FAO advocates. Furthermore, animal diseases constrain production and reduce livestock’s contribution to resilient livelihoods, economic growth and food security. Both human and animal health have historically benefited from the use of antimicrobials. Yet, use of antimicrobials in livestock is now almost three times that in human medicine. With levels of antimicrobial resistance and associated consequences rising globally, livestock systems should shape their responses toward sustainability in a way that reduces the need for these drugs. FAO supports better disease
Here are five ways the dairy sector benefits us and contributes to healthy agrifood systems: 1. Achieving food security and nutrition. Milk and dairy products are crucial allies against hunger and food insecurity. They are high in macronutrients (carbohydrates, fats and proteins), as well as essential micronutrients such as vitamin A, vitamin B12, calcium and magnesium. Consumption of milk and
high-, low- and middleincome countries. Driven by population and economic growth, particularly in low- and middle-income countries, the demand for livestock products is expected to increase substantially in the next 30 years. By promoting best practices for livestock management, FAO is helping to ensure that this increase in demand is managed sustainably.
prevention and veterinary treatments, good agricultural practices and vaccination programmes to protect the health of dairy animals, while helping farmers and pastoralists reduce the use of antimicrobials and manage the risk of antimicrobial resistance at its root. 4. Contributing to the conservation of biodiversity and genetic resources Most people are aware of the
impact that livestock have on natural resources and greenhouse gas emissions but not many are aware of how sustainable livestock systems can contribute to the conservation of biodiversity and genetic resources for food and agriculture. When managed sustainably, livestock contribute to important ecosystem functions, such as nutrient cycling, soil organic carbon sequestration and maintaining agricultural landscapes. The FAO’s Livestock Environmental Assessment and Performance (LEAP) partnership, for instance, offers a global platform for governments, farmers, policy makers, producers and researchers from all over the world to discuss and develop guidelines that assess the impacts of livestock on the environment. 5. Reducing greenhouse gas emissions Dairy production increased globally by 30 percent between 2005 and 2015. Under business as usual, this would have increased greenhouse gas emissions by 38 percent. However, growth in production was achieved in part by improvements in efficiency and milk yields, so greenhouse gas emissions increased by only 18 percent during this period. The dairy sector is working to build on these improvements in its response to global warming and to reduce its greenhouse gas emissions. The good news is that there are also many opportunities to reduce emissions from livestock. The Pathways to Dairy Net Zero initiative, for instance, is a new climate initiative launched by a group of dairy stakeholders, spearheaded by the Global Dairy Platform and supported by FAO, to tackle the contribution of dairy systems to global warming, whilst at the same time continuing to provide nutritious foods and livelihoods of millions of people. FAO, the Global Dairy Platform and other partners are working to build a sustainable future for dairy and for agrifood systems as a whole. By continuing to work toward sustainability, dairy can play a major role in achieving a world without hunger.
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IIPGH Tech Entrepreneurs Forum 2022 held successfully The Institute of ICT Professionals Ghana’s 2022 Tech Entrepreneurs Forum was a success, revealing many perspectives on the issue of remote Information Technology (IT) service delivery, difficulties, and prospects in Africa. The forum tackled issues relating to challenges and opportunities in the remote IT service delivery, particularly, Business Process Outsourcing (BPO), a process of contracting standard business functions to a party outside of the company to handle. The two-day forum brought together experts and businesses that provides remote office spaces, technology hubs/parks, BPO service providers, and offshore remote IT services, shaping discussions about opportunities for technology entrepreneurs and graduates. Educational institutions, students, and professionals also spoke about how to prepare for remote work chances. Executive Director, Institute of ICT Professionals Ghana, David Gowu in a remark, noted that in order to capitalize on the opportunities, capacity must be built, and that his organisation has focused on training young people, youths, and even adults, including teachers, to address Ghana’s ICT human resource constraints. He added that IIPGH collaborates with other organisations, particularly academia, to channel education through what it calls the IndustryAcademy Tech Dialogue, which brings together students, policymakers, and others to champion ICT development to create opportunities for youths and industry players. “For industry-led public education, professionals provide ICT education through weekly newspaper articles, web portals, television and radio talk shows, and other means,” he added. International Management Advisor, AFOS Foundation, Mike Loose complimented efforts in ICT education but was quick to add that the country must increase its efforts in strengthening the capacity of its population, particularly youths, and collaborate to boost growth in the tech field. “You cannot see each element in isolation, we have capacity building for a purpose, and it is to help students or graduates move from capacity building and from being students into an employee
Guest Speaker: Lars Johannisson, CEO Africa, Teleperformance
David Gowu, Executive Director, Institute of ICT Professionals Ghana (IIPGH)
David Gowu, Executive Director, Institute of ICT Professionals Ghana (IIPGH)
Mr. David Ofori, Operations Manager at Ghana Digital Centres Limited (GDCL)
Richard Okyere-Fosu, Director-General, National Information Technology Agency (NITA)
A shot of the 2022 IIPGH Tech Entrepreneurs Forum
All speakers at the IIPGH 2022 Tech Entrepreneurs Forum
Speakers and participants at the 2022 IIPGH Entrepreneurs Forum
or entrepreneurs. As one of the speakers said about evolution, there is an evolution in capacity building. It must be for a certain purpose and once you complete capacity building it should result in something and that is ideally employment for personal benefit and the benefit of the nation,” he said. The Guest Speaker for the event Mr. Lars Johannisson, CEO Africa, Teleperformance in his remarks noted that Africa is the second-largest continent in terms of area and population, as well as being a diverse and economically developing region, therefore the continent should leverage growth in the tech space. “Academic organizations, private institutions, NGOs, and government all have a role to play, and we all need to work together on a common agenda.” The telecommunication industry had been successful because they have certain parameters of standardisation that they align with. To innovate and be consistent, same applies to this, and as a country and as a continent, let us have one voice, one narrative on what to bring unto the table when it comes to remote service delivery which is a fast-growing industry particularly for developing countries,” he added Mr. David Ofori, Operations Manager at Ghana Digital Centres Limited (GDCL) on his part elaborated what government is doing in terms of infrastructure towards BPO services. He added that in the current state of unemployment, BPO service delivery or remote working options are worth exploring, he stressed that the right infrastructure is required to make this possible. “We also are planning to have regional centers across the country which will help expand the BPO infrastructure. Ghana is in the right time zone, we speak english, and we have at least a very youthful population who are well talented and well educated and that means that it is the right place and a very favorable destination for BPO activities. We have a very stable political environment. We are also the headquarters for the secretariat of the Africa Continental Free Trade Area which means that any BPO activity that comes here can launch on the back of Ghana and expand to the continent,” he said.
WEDNESDAY, JUNE 1, 2022
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Nissi Ogulu launches NFT for good collection ‘Jigsaw Tribe’ on Binance NFT Marketplace Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider has announced that London-based, Nigerian musicianartist, NISSI OGULU, has launched ‘Jigsaw Tribe.’ The exclusive NFT For Good collection was made available on the Binance NFT marketplace in collaboration with Binance Charity on May 30, 2022. The digital art series features a collection of unique pieces exploring the musical heritage of Africa through ancient yet animated instruments, ‘Jigsaw Tribe’. It explores the different facets of life and music, each represented as a puzzle piece. “With ‘Jigsaw Tribe’, my intention is to take you across the continent to discover hand-crafted musical instruments, in all their colourful glory, that may not be known to the rest of the world. The pieces also reflect the music tradition of Africa, with its amazing sounds, in a hyper-contemporary and animated artistic expression,” says Nissi. This NFT collection comprises of NFTs with various rarity levels and pricing, added value utilities include invitations to live events and art exhibitions to concessions on signed & printed digital art pieces and whitelisting privileges to future NFT drops. The exclusive artwork series will be sold in a premium auction on the Binance NFT Marketplace between May 30th and June 20th, 2022. This is the latest collaboration for Binance Charity’s NFT For Good
Campaign, an initiative that enables world-renowned creators to convert their art and creativity into meaningful global action targeting social and humanitarian issues. As part of this, a percentage of proceeds will go to The Reach, an Ogulu family initiative that provides 6000 meals a month for underprivileged people in Nigeria along with other ad hoc community initiatives. “Binance Charity’s NFT for Good initiative connects creators, their art, and their cause. Jigsaw Tribe is yet another exciting example of this and it’s beautiful to see the series merging tradition and technology. Having spent many years working in Africa, the region, the people and their culture hold a special place in my heart. I’m thrilled we’re able to collaborate with Nissi in a homage to her heritage.” said Helen Hai, Executive VP of Binance and Head of Binance Charity. Born in Port Harcourt, Nigeria, into a highly creative family, Nissi’s older brother is Burna Boy (dubbed ‘the African Giant’) and her grandfather is Benson Idonije who was an Afrobeat legend and Fela Kuti’s manager. She credits entertainment business mogul, Bose Ogulu, her mother, who she describes as a “powerhouse”, for her and her sibling’s flair for creativity and innovative thinking. Her sister, Ronami, is also a genius in the world of fashion and creative strategy. As an artist, Nissi has worked with a variety of mediums but found her niche in the world of fine art with her unconventional,
contemporarily driven style of paintings and artistic innovative design. She has further expanded her deep involvement in the digital realm with her founding of Creele Animation Studios, which creates black and African content with storytelling through animation, music, the metaverse and games. “What excites me is the fact that African music and culture are finally getting the renown and success they so richly deserve as being integral to global music and creativity. So, the collection is my artistic take on bringing the continent’s vibrant music tradition and all-around creative brilliance to the world, this time in an animated way,” says Nissi. To participate in this charitable auction in support of the Binance Charity, traders need to open a cryptocurrency account on binance.com and bid for the artwork on https://www.binance. com/en/nft between 30 May 2022 (12:00pm CAT) and end on 20 June 2022 (12:00pm CAT). Trades will be accepted in BNB, the cryptocurrency coin that powers the Binance ecosystem. On May 25, 2022, Nissi joined Helen Hai for a live ‘Binance Charity Chats’ on Binance YouTube, discussing her eagerly anticipated NFT For Good drop. Art Collection includes: 1. AN AFRICAN PLAYGROUND 2. GAN GAN 3. GRIOT 4. HAMMAR 5. MAMA CHIVOTI
6. 7. 8. 9. 1.
NZUMARI SWEET TAMBOURINE ZULU HORN TO MY FANS An African Playground: The conga, aka tumbadora, is a tall, narrow, singleheaded drum from Cuba. Although the exact origins of the conga drum are unknown, researchers agree that it was developed by Cuban people of African descent during the late 19th century or early 20th century. Its ancestors are thought to be the yuka and makuta (of Bantu origin) and the bembé drums (of Yoruba origin). Congas were originally used in Afro-Cuban music genres such as conga (hence their name) and rumba, where each drummer would play a single drum. Congas have become a popular instrument in many forms of Latin music such as son (when played by conjuntos), descarga, AfroCuban jazz, salsa, songo, merengue, and Latin rock. 2. “Gan Gan”: An instrument in the percussion family that originates from West Africa. This hourglassshaped drum can be traced back to the olden days and is known by a variety of names including the gangan in Yoruba and doodo in Songhai. They are referred to as “talking drums” because they are
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WEDNESDAY, JUNE 1, 2022
3.
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able to be tuned to mimic the sound of human speech in terms of tone and accent such as emotion. GRIOT: A griot is a West African storyteller, singer, musician, and oral historian. They train to excel as orators, lyricists, and musicians. The griot keeps records of all the births, deaths, and marriages through the village or family generations. Griots today live in many parts of West Africa and are present among the Mande peoples (Mandinka or Malinké, Bambara, etc.), Hausa, Songhai, Tukulóor, Wolof, Serer, Mossi, Dagomba, and many other smaller groups. In addition to being singers and social commentators, griots are often skilled instrumentalists. Their instruments include the kora, the khalam (or xalam), the goje (or n’ko in the Mandinka language), the balafon, the junjung, and the ngoni. HAMMAR: This horn of the Hamar tribe of Ethiopia is usually played at the jumping ceremonies where the women and girls get into a frenzy through their dance, song, and horn blowing as their traditional ritual of strength is being performed. MAMA CHIVOTI: This instrument is the only one of its kind found in Kenya. It is longer than most wind or string instruments, made from bamboo, and is similar to a flute with six holes. It is used mostly as a mellow outro instrument in a musical routine. NZumari: The Zumari instrument also known
as Nzumari of the eastern African coast, South Somalia is a conical double reed of wood or horn and metal having four to six finger holes. In East Africa, the spread of the cone oboe likely started from the island of Lamu and some ethnic groups belonging to the Mijikenda on the Kenyan coast. 7. SWEET TAMBOURINE: A musical instrument in the percussion family consisting of a frame (wood or plastic) with metal jingles referred to as “zills”. The origin of the tambourine is unknown, but it appears in historical writings as early as 1700 BC and was used by ancient musicians in West Africa, the Middle East, Turkey, Greece, and India. Tambourines were also used in ancient Egypt. 8. ZULU HORN: An African horn trumpet may be made from the horn of most any animal, such as elephant horns used by the Akan people of Ghana (crafted before legal bans on the use of ivory) or a cow horn, as in the “side-blow” Ugandan trumpet known as the eng’ombe. A traditional African horn trumpet may appear more in ceremonial or ritual music than in popular music. Zulu warriors blow antelope horns known as kudu horn. 9. TO MY FANS: A special NFT love letter to Nissi’s fans, emphasizing her journey from child to adulthood and the pieces of the puzzle - the inspirations in her life - which have made her the artist and musician she is today. About Binance
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment, and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com Trade on the go with Binance’s mobile crypto trading app. Download for Android or iOS. About Binance NFT Marketplace Binance NFT Marketplace offers an open market for artists, creators, crypto enthusiasts, NFT collectors, and creative fans around the world with the best liquidity and minimal fees. Consisting of two parts, premium events and a trading marketplace, Binance NFT features valuable collectibles and an easily accessible trading market for all of its users. For more information, visit https://nft.binance.com/ For creators and artists’ collaboration; contact email: nft@ binance.com About Nissi Ogulu Born in Nigeria and having lived in the UK since 2011, as a music artist, Nissi’s music encompasses a spectrum of sound, blending cross-cultural African and European influences which trace the path she’s taken in life, zipping back and forth between the two continents a few times a year “on
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the spur of the moment” often to film music videos or deliver art exhibitions. Like her brother, she rejects the label of Afrobeats artist, not out of criticism for the growing genre, but simply because she “isn’t a fan of boxes in general.” As a visual artist, Nissi Ogulu presents a much-needed, worldly view into the heart of a culture which sustains her. About Binance Charity Binance Charity is a non-profit organization dedicated to the advancement of blockchainenabled philanthropy toward achieving global sustainable development. Binance Charity aims to transfer philanthropy by developing a 100% transparent donation platform based on blockchain to build a future where technology innovation is used to end all forms of poverty and inequality, advance sustainable development and ensure that no one is left behind. Binance Charity has supported over 2 million end beneficiaries through various projects. For more information, visit: https://www.binance.charity/ About Celebrity Services Africa
A talent & communications agency specializing in culturally relevant multi-media projects, with offices in South Africa and LA, CSA assisted in coordinating and executing the “JigSaw Tribe NFT” project partnership with Binance Charity and Binance NFT marketplace. www.csa.global About The Reach Nigeria Foundation A charitable organization that supports the most vulnerable and hungry, especially in times of extreme crisis & natural disaster. It then leverages that connection to help these communities develop a sustainable means of livelihood to escape the poverty trap. www.thereach.ng
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WEDNESDAY, JUNE 1, 2022
| FEATURE
WEDNESDAY, JUNE 1, 2022
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The role of Stablecoins in Africa’s Crypto Market
By Laura Tyson, Lenny Mendonca For many new and seasoned cryptocurrency investors, it is important to note that the ecosystem is characterized by bulls and bears – trending upwards or downwards depending on several market factors such as public hype, supply, demand, and investor sentiments, among others. Therefore, to sustain the community of users who aim to build wealth and enjoy the freedom of money through investments in cryptocurrency, niche digital currencies have been developed by exchange platforms to hedge against such volatility, known as Stablecoins. Stablecoins play a vital role in the crypto economy by introducing more liquidity into the ecosystem, allowing more digital asset trading on cryptocurrency exchanges. The different types of stablecoins are pegged based on their underlying collateral structure: fiat-backed, commodity-backed, crypto-backed, or algorithmic. For instance, on Binance, the Binance USD (BUSD), USD Tether (USDT), and USD Coin (USDC) are secured to the US dollar on a 1:1 basis, which means that the value of one BUSD for instance, is the same as one US dollar. As its name implies, its purpose is to provide price stability and serve as an alternative to the volatility of other cryptocurrencies, limiting their use cases for possible transactions. For new investors and expert traders, the certainty of stablecoins makes them a good asset to invest in and hold on to, especially during bear markets. In the same way that traditional investors might choose to keep portions of their assets in low-risk instruments like treasury bonds or mutual funds, crypto investors also have the option of utilizing stablecoins; this provides a longterm store of value for players in
the crypto space, especially when the market takes a prolonged downward turn. For instance, Binance USD (BUSD), a U.S dollar-backed stable coin approved by the New York State Department of Financial Services (NYSDF) is one of the most trusted stablecoins available in the ecosystem. It has continued to maintain its position because it is backed and regulated by reserves contingent on regular attestation. With BUSD, investors are protected by a regulatory body that has painstakingly assessed the underlying foundation of the asset offered to new and experienced investors. In other words, investors can rely on coins like BUSD as low-risk instruments because of the strength of the regulation that goes into establishing the fiat-back reserve of each stablecoin. Another key benefit of having a regulated stablecoin is that much like in the traditional market where investors can earn a fixed interest from a variety of investment products, crypto investors can also earn interest with stablecoins through lending. Investors can earn at a set interest rate from borrowers when they
lend out their stablecoins. Also, a user can earn interest with stablecoins through staking, which involves holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network for which they receive rewards. A crucial role stablecoins have been able to play, due to their highly predictable stability, is the building out of some of the more recent applications in the crypto space, namely non-fungible tokens (NFTs) and decentralized finance (DeFi). Stablecoins have enabled investors to generate returns on their crypto assets in the DeFi market while alleviating the potential adverse effects of market volatility. Dollar-backed stablecoins like Binance USD (BUSD) are one of the preferred currencies of NFT marketplaces and storefronts. These digital currencies offer a convenient funding source for NFT enthusiasts. Thus, stablecoins are creating the foundations for blockchain and crypto applications. As more people in Africa aim to take control of their finances and achieve financial freedom, stablecoins will remain a suitable
alternative to fiat currencies, serving as an essential part of the crypto ecosystem. In addition, even though stablecoins are currently considered a niche crypto asset, they are well on their way to becoming a store of value and means of payment outside the crypto ecosystem. This is because to function effectively as a currency alternative, cryptocurrencies need to possess certain qualities such as liquidity, relatively low-price volatility, and the ability to be integrated with established financial institutions; all qualities the stablecoins currently possess. Future regulation and compliance coupled with the collaboration with other fintech companies focusing on digital payments could potentially make stablecoins an option for retail payments as well as cross-border payments and remittances. Interested in purchasing and investing in stablecoins? Get started today by downloading the Binance app here and trade from anywhere in the world. There are different options available for buying cryptocurrencies at Binance; through a fiat deposit or by using a Binance P2P.
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| MARKET REVIEW
WEDNESDAY, JUNE 1, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - MAY 27, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth
7.0%
Average GDP Growth for 2021
5.4%
2022 Projected GDP Growth
5.5%
BoG Policy Rate
19.0%
Weekly Interbank Interest Rate
19.34%
Inflation for February, 2022
23.6%
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 week on the back of losses by 3 counters. The GSE Composite Index (GSE CI) lost 9.41 points (-0.37%) to close at 2,554.79 points, reflecting year-to-date (YTD) loss of 8.41%. The GSE Financial Stocks Index (GSE FI) also lost 17.86 points (-0.81%) to close at 2,192.57 points, reflecting year-todate (YTD) gain of 1.89%. Market capitalization dropped by 0.42% to close the week at GH¢62,276.58 million, from GH¢62,540.50 million at the close of the previous week. This reflects YTD decrease of 3.44%. Trading activity registered a total of 4,796,801 shares valued at GH¢4,288,986.32 changing hands, compared with 1,667,473 shares, valued at GH¢3,918,729.40 in the preceding week. MTN dominated both volume and value of trades for the week, accounting, for 92.53% and 93.13% of volume and value of shares traded respectively. The market ended the week with 1 leader and 3 laggards as indicated on the table below.
THE CURRENCY MARKET The Cedi depreciated against the USD for the week. It traded at GH¢7.1413/$, compared with GH¢7.1323/$ at week open, reflecting w/w and YTD depreciations of 0.13% and 15.90% respectively. This compares with YTD appreciation of 0.32% a year ago. The Cedi depreciated against the GBP for the second consecutive week. It traded at GH¢9.0020/£, compared with GH¢8.8979/£ at week open, reflecting w/w and YTD depreciations of 1.16% and 9.72% respectively. This compares with YTD depreciation of 3.27% a year ago. The Cedi also lost against the Euro for the week. It traded at GH¢7.6440/€, compared with GH¢7.5276/€ at week open, reflecting w/w and YTD depreciations of 1.52% and 10.67% respectively. This compares with YTD appreciation of 1.00% a year ago. The Cedi further depreciated against the Canadian Dollar for the week. It opened at GH¢5.5558/C$ but closed at GH¢5.5951/C$, reflecting w/w and YTD depreciation of 0.70% and 15.25% respectively. This compares with YTD depreciation of 4.72% a year ago.
source: Bank of Ghana
WEDNESDAY, JUNE 1, 2022
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| MARKET REVIEW
BUSINESS TERM OF THE WEEK
COMMODITY MARKET Crude oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, the start of peak U.S. demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil. Brent futures traded at US$119.43 a barrel on Friday, compared to US$112.55 at week open. This reflects w/w loss and YTD gain of 0.90% and 44.70% respectively. Gold inched up on Friday after the dollar retreated from 20-year highs. Gold settled at US$1,851.30, from US$1,842.10 last week, reflecting w/w and YTD gains of 0.50% and 1.24% respectively. Prices of Cocoa also inched up for the week. The commodity traded at US$2,462.00 per tonne on Friday, from US$2,429.00 last week, reflecting w/w gain and YTD losses of 1.36% and 2.30% respectively.
GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,124.50 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,292.10 million raised in the previous week. The 91-Day Bill settled at 19.94% p.a from 19.08% p.a. last week whilst the 182-Day Bill settled at 22.95% p.a from 20.76% p.a. last week. The 364-Day Bill settled at 24.46% p.a from 21.55% p.a at last issue. The table and graph below highlight primary market yields at close of the week.
Credit Enhancement: Credit enhancements are provisions that a borrower or a bond issuer can use to reduce a bond issue or debt by improving its creditworthiness. This process depresses the credit risk that comes with the debt, increasing the overall credit rating or credit score while providing reasonable and required security to the lender, plus lowering interest rates. Source: https://www.theguarantors.com/blog/ a-brief-guide-to-credit-enhancement
ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
RESEARCH TEAM INTERNTIONAL COMMODITIES PRICES
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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WEDNESDAY, JUNE 1, 2022
WTO boss calls for global solidarity in responding to crises By Patrick Paintsil At the World Economic Forum in Davos, Director-General Ngozi OkonjoIweala has urged government and business leaders to come together through multilateral institutions such as the WTO to address the multiple crises facing the global economy and world trade. In a gathering overshadowed by the Ukraine conflict and its impact on global food supplies, the Director-General met with heads of state, prime ministers, senior officials, corporate heads, academics, journalists and others during her Davos stay, which wrapped up on 26 May. The DG also met with trade ministers in attendance on 25 May to brief them on preparations for the organization’s 12th Ministerial Conference (MC12) on 12-15 June and to review progress in the negotiations on several key issues to be addressed at MC12. In her interventions, the DG underlined the important role that the WTO can play in helping to tackle pressing issues such as growing food insecurity, the COVID-19 pandemic, climate change, supply chain disruptions and dwindling fisheries resources. At a Forum session focusing on financing resilient economies, the DG said that a theme common to all the major crises facing the world today is that of the global commons, and the fact that no single country can resolve these challenges on its own. “You cannot have resilience unless you have global solidarity,” she told the Forum participants. “It’s survival together, it’s supporting each other, it’s financing together, it’s recognizing that my resilience cannot happen unless your
resilience also happens.” The DG reminded participants that world leaders created a set of institutions after the Second World War based on the idea of solidifying international interdependence and solidarity and using these institutions to help solve problems of the global commons. “We have the institutions, we just have not reformed them to be able to deal with these issues, and my institution, the WTO, is one that I think needs to be made fit for purpose,” she declared. The Director-General also participated in a discussion on challenges to trade with European Union Trade Commissioner Valdis Dombrovskis and Indian Commerce Minister Piyush Goyal. During this discussion, the DG noted that at MC12, WTO members will be addressing many crisis issues. These will include the WTO’s response to the pandemic, both in terms of addressing trade and health measures, and of a waiver to WTO intellectual property rules for vaccine production; concluding more than two decades of negotiations on an agreement to eliminate harmful fisheries subsidies; setting the path for future work on agricultural reform; and launching the process for discussions on WTO reform. Members will also seek to address food security fears by looking at what steps can be taken to facilitate trade’s central role in ensuring that food is available to those in need, while also addressing the concerns
of producers regarding the need to ensure sufficient domestic supply. “It’s very difficult to agree to things multilaterally, and that has been plaguing the WTO,” she acknowledged. “We shouldn’t make light of it. That’s why we need to find ways forward to agree on some things to show that the organisation can function.” The DG also underlined the urgent need to address global warming and its impacts during a Forum discussion on climate change. She said that climate change should not be sidelined as the world grapples with other immediate challenges. “The consequences of inaction are in front of us every day, on every continent, in so many countries,” she said. “It’s true that we’re in a world of simultaneous crises, climate change, food, the pandemic, international security, but I don’t think we can prioritize one over the other because they’re all linked, they’re all crises of the global commons.” An effective response, however,
requires significant financial commitments, something many poorer countries lack as they grapple with food shortages and the pandemic. “Developed countries had promised that, to tackle climate change, there would be US$ 100 billion per year to help poor countries meet their costs. That hasn’t been done,” she said in reference to the commitment made at the 2009 United Nations climate summit in Copenhagen. “There are no excuses on this.” The DG reiterated her call for a global carbon pricing mechanism involving developing countries to assuage fears of “green protectionism” and said the WTO would be the proper forum for such discussions given its broad and diverse membership. The WTO is already collaborating with the International Monetary Fund, the World Bank and the Organisation for Economic Co-operation and Development to explore such an initiative, she noted.
CKROWD partners with KAM Africa to provide monetisation and brand development for content creators Ckrowd, Africa’s most preferred and premium content streaming platform, has reached an agreement and will partner with KAM Africa, one of Africa’s most renowned brand and management agency, to provide Live and OnDemand content monetisation opportunities for top talent at KAM. This agreement will see social media influencers under the KAM Africa’s management to be included within Ckrowd as early adopters, building superfan communities on the platform, serving their audiences with exclusive access to these creators live and OnDemand content, which will be published and distributed solely on and through Ckrowd. KAM Africa’s strong clientele, which features some of the top social media talent in Nigeria and Africa, which include a number of prominent TikTokers such as @simplypeace, @iamperryblink and @ sheisprincess. These influencers and the other top influencers managed by KAM Africa all have an average of 15 million followers among them, with a large market reach across Africa, North America, Europe and Asia. This new strategic partnership will have Ckrowd providing influencers
across Africa and the Diaspora with strategies and digital marketing content tools to reach their paying audiences. Social media influencers have often lamented that despite large numbers of followers, it is somewhat challenging to drive any direct business-to-consumer monetisation activation, and instead they
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need to consider other offline revenue options, including sponsorships. To address this challenge, Ckrowd will offer them an immediate B2C approach for content monetisation, offering creators the possibility to own their own digital TV spaces through the Ckrowd platform. In addition, through this agreement content will be curated and distributed uniquely and exclusively, and it can be accessed by the influencers’ SUPERFANS for a minimal fee, either via subscriptions, pay-per-view, donations, or rental models. This will provide consistent streams of revenues to digital creators, engaging experiences with their online communities, whilst leveraging Ckrowd’s innovative technologies and tools. This joint venture between Ckrowd and KAM Africa will allow social media influencers to own their own exclusive Digital TV channels, connect with their respective fanbases and decide their own access price or prices for sharing unique content experiences. In return, fans will have closer access to their favourite creators, while creators can also rely on their own ‘tribe’ of supporters to commercially support their efforts in steadily creating exclusive live & OnDemand content for them.
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It will also provide new employment opportunities for those who understand the crucial role played by the creative economy, positioning culture, originality, and authenticity at the heart of content creation. As a business, KAM Africa, which operates under the KAM Africa Group umbrella, provides its clients and talent with strategic branding opportunities, comprising traditional and digital brand activations. These activations will include production around TV, films, product campaigns, speaking engagements and other form of self-expressions and creativity that need visual representation. “We are thrilled about this strategic partnership with KAM Africa. This continues to fulfil the reasons we developed this technology. Our goal is to onboard independent producers in TV, film and social media influencers, who are often overlooked as not considered commercially viable for video streaming platform usage. We are excited at the way in which Ckrowd technology will be used to form unique creator and superfans relationship, which will be unique in the kind of interactions produced and also rewarding both parties” stated Kayode Adebayo, CEO and founder of Ckrowd.