Business24 Newspaper 10 June 2022

Gov’t will not relent to flush out illegal miners -Prez

By Eugene Davis

F R IDAY, JU N E 1 0, 202 2

BUSINESS24.COM.G H

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NEWS FOR B U SINESS LEA DERS

Government commits €155 million to rural broadband services

By Patrick Paintsil

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CBG MD Daniel Wilson Addo meets Prime Minister Boris Johnson

The Future of Work Capsules: The global looming debt crisis and lessons from the 1980’s

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By Baptista Sarah Gebu (Mrs.)

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A collective climate action Today, June 10, 2022, public and private sector institutions and all well meaning Ghanaians will partake in the president’s climate action initiative dubbed “Green Ghana” to plant tress across the length and breadth of this country.

The 2022 edition of the Green Ghana Day was launched on 1st March,2022 by the President of the Republic under the theme ‘’Mobilizing for a Greener Future’’ with a target to plant at least 20 million tree seedlings nationwide.

The Green Ghana Project is aimed at planting hard wood, which could be used for timber in 10-20 years. It is expected that this exercise will improve the vegetation and forest cover as over 80 percent of this cover has been destroyed by human activity, the minister said at last year’s tree planting exercise.

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Digitalisation has announced to plant orange trees, decorative palm trees, coconut trees, mango trees, pawpaw trees and more at its enclave as well as other premises of the various agencies.

The initiative forms part of the efforts by the Ministry of Lands and Natural Resources (MLNR) and the Forestry Commission to encourage Ghanaians to plant more trees to preserve and protect the country’s forest cover and the environment in general.

The effects of climate change are dire and consequential with rippling impact on every sphere of the economy as already being witnessed in the agrarian sector.

We urge the general public to join the Green Ghana initiative as we seek to restore the nation’s ever depleting vegetation, protect the environment and take the fight to climate change.

Government commits €155 million to rural broadband services

By Patrick Paintsil As part of efforts to bridge the gap in the telecommunication network connectivity, Government through the Ministry of Communications and Digitalisation, has committed about €155 million to supplement universal service funds to boost broadband services in rural areas and narrow the digital divide.

The sector minister, Ursula Owusu-Ekuful, made the disclosure yesterday during the 2022 WTDC roundtable discussion in Rwanda.

According to her, 2,016 project cell sites are being built across the country to connect about three million Ghanaians by 2023. She also revealed that similar amount will be committed for the second phase, once the current phase of the Rural Telephony and Digital Inclusion Project is completed.

Ghana, the minister said, has pledged an open spectrum policy to facilitate the usage of any technology to connect more than 6,000 villages across the country.

Under the programme,

three million Ghanaians will be connected by 2023, in addition to building the shared infrastructure for rural connectivity.

“We have mandated and are implementing a national roaming policy for any user to access broadband and emergency call services in our rural, unserved and underserved communities, regardless of their service provider,” she said.

Mrs Owusu-Ekuful further reiterated Ghana’s commitment to enhance digital skills to empower the citizens to develop and utilise digital solutions to address social and economic challenges.

She recounted how government has committed about $2.6 million to add two innovation centres for the training of at least 3,000 people by 2024.

The Girls in ICT programme, the Minister noted, which was initially targeted at 1,000 female students from selected basic schools has been up-scaled to 5,000 girls who have begun training in five regions. It is expected that an

equal number of young women will be trained at the tertiary level.

She disclosed that Ghana has an agreement with SMART Africa Alliance, “working through the Smart Africa digital Academy, to train up to 22,000 persons by 2023.”

According to the Minister, Ghana’s Universal Access and Service Fund Administration operates over 220 Community ICT Centres (CICs) across rural communities with a programme to build capacity, offer skills training as well as advisory services.

Ghana is collaborating with the ITU and NORAD to train more than 14,000 individuals by 2023, utilising the network of CICs. A total of 220 CICs have been put in place to train 105,600 persons annually, with government seeking collaboration with partners and financiers to expand the space to deliver digital skills to at least 200,000 persons by 2024.

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FRIDAY, JUNE 10, 2022

CBG MD Daniel Wilson Addo meets Prime Minister Boris Johnson The Managing Director of Consolidated Bank Ghana LTD. (CBG), Mr. Daniel Wilson Addo has met with British Prime Minister Boris Johnson, at No.10 Downing Street, ahead of the Commonwealth Business Forum (CBF 2022) scheduled for Rwanda later this month.

The meeting was organized by the Commonwealth Enterprise and Investment Council (CWEIC) to launch the CBF 2022. Mr. Addo who is a member of the Global Advisory Council of CWEIC, indicated that it was critical for CWEIC to meet and align with the Prime Minister on the expected outcomes from the forum.

As part of a one-on-one brief with the Prime Minister, Mr. Addo spoke about the relevance

of the Commonwealth and the opportunity available for its members to leverage its global presence to facilitate and foster trade and investments. He also spoke about the AFCTA, its potential to accelerate IntraAfrican trade, and CBG’s strategic focus on facilitating trade in West Africa.

The CWEIC meetings are highly patronized by the 54 countries that make up the Commonwealth including the United Kingdom.

The 2018 edition was a three-day event with more than 40 individual sessions in three iconic London locations. 1400 participants from 80 nations took part representing businesses, regulators, trade and investment promotion bodies, and Governments.

Gov’t will not relent to flush out illegal miners -Prez

By Eugene Davis

The President of Ghana, Nana Addo Dankwa Akufo-Addo has reiterated that government will not relent in its efforts to clamp down on irresponsible and selfish illegal mining in a bid to safeguard water bodies, forests and the environment.

According to him, the idea is to ensure that small scale mining supports government’s drive to optimise the earnings from mining in pursuit of development, progress and prosperity for all Ghanaians.

Speaking at the commissioning of 100 mercury-free gold processing equipment (Gold-Kacha) at the Independence Square in Accra, he stated government will continue to pursue policies and programmes that will promote responsible and sustainable mining practices that contribute to national development.

“When I called for a national dialogue on small scale mining, I was convinced and I am still convinced that small scale mining can and should be done sustainably, there are several of our compatriots who are mining responsibly and are employing the protocols that have been established by the minerals commission and government will continue to support them to offer them its support.

However, there are still some who have vowed to seek only their selfish, parochial interest at the expense of the collective national interest, these are those who pay no regard to the sanctity of our forests, water bodies or environment, government will not relent in its efforts to flush them out of the eco system.” He added.

On the significance of the 100 new sets of mercury-free gold processing

equipment, the president stated that the equipment has the capacity to recover over 90percent of gold from the ore and therefore give small scale miners much more gold than they would obtain from the traditional method using mercury.

In addition to government’s commitment to the Minamata Convention on Mercury, the president maintained that government owe it a duty to safeguard its environment by reducing and eventually eliminating the use of such harmful chemicals.

“The addition of these 100 equipment will go a long way to facilitate clean mining in the smallscale sector, it is our intention to procure some 300 more of this equipment under National Alternative Employment and Livelihood Programme for use in the various communities where the programme is being implemented.

Our goal is to eliminate gradually the use of mercury in small scale mining and help realise the objectives of Minamata Convention on mercury.”

He maintained that government is not against small scale mining but rather any form of mining that pays no heed to the preservation of the environment that threatens the country’s survival.

Small-scale mining today accounts for some 40percent of gold exports and provides job opportunities and sources of livelihood and income for many Ghanaians.

The Minister of Lands and Natural Resources, Samuel Abu Jinapor, indicated that key measures have been put in place to support the Ghana mining sector especially community mining.

In tackling the age-old menace of illegal mining, government he said have adopted a two-pronged approach, law enforcement and the reformation of the sector. In the area of enforcement, he revealed that they have held engagement with all 16 regional ministers and their respective regional security council to lead law enforcement in their area of jurisdiction, Forest guards of the Forestry Commission have been working with security agencies to enforce the ban, with government in the process of recruiting and training river guards to protect the river bodies.

Mr. Jinapor noted that the policies and strategies being implemented by the Ministry of Lands and Natural Resources, are to promote viable business for Ghanaians who intend to work in the mining industry, whilst, at the same time, protecting the environment.

“This is part of the broader vision of the Akufo-Addo Government to make Ghana the mining hub of Africa, where all mining and mining related activities, from exploration to downstream production, and from innovation to research, will be centred. Yes, we recognise the complexities of the small-scale

mining industry and the intractable nature of the negative practices associated with it. Let us face it, what we are dealing with is gold, which is money. Thus, those involved, both the gold barons, foreigners and Ghanaians alike, who finance this illicit business from the comfort of their mansions, and the “goro boys” on the ground, would not relent in their efforts.”

The 100 new sets of mercury-free gold processing equipment, intended to curb environmental pollution and land degradation arising from the wide use of mercury and other harmful chemicals by illegal smallscale miners in the country.

The new technology, includes crusher, miller, concentrator and upgrading smelting system known as “Gold-Kacha”, with its operation will help to eliminate the use of mercury to extract gold from the ore.

It follows the adoption of the Minamata Convention on Mercury, which enjoins state parties to take measures to reduce and where feasible, eliminate the use of mercury in artisanal and small-scale mining.

Gold-Kacha will significantly help to protect the health and lives of small-scale miners and the natural environment.

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FRIDAY, JUNE 10, 2022

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FRIDAY, JUNE 10, 2022

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The Future of Work Capsules: The global looming debt crisis and lessons from the 1980’s

By Baptista Sarah Gebu (Mrs.) We recently celebrated African Union Day. On this day in 1963, the Organization of African Unity – now known as the African Union – was established. We commemorate this day, reflecting on the accomplishments of people across the African continent, and on the challenges, we still endure and must concur. This year, I spent this very significant day with queen mothers where I delivered a speech and helped build capacity for some other women and girls present.

Long Live the African Union and may it eventually help unite Africans and all backs in the diaspora!

The entire world is said to be in debt crises, national budgets are at breaking point as some governments are forced to cut spending and many borrow more to stay afloat. What can we do to stop the looming global debt crisis? Can Africa do something to prevent the looming debt typhoon? Is history repeating itself as the 1980’s were remembered by many as a lost decade where many economies faced financial tremor which was said to have eroded their economy. A Lost Decade is an economic phrase used to refer to a decade of time with no financial gains in the stock market; this lost decade refers to a period of economic stagnation. In a World Bank tweet recently, it was announced in the next 12 months; as many as a dozen developing economies could prove unable to service their debt. What could the world economies be heading to?

According to the Federal Reserve history, “During the Latin American debt crisis of the 1980s—a period often referred to as the “lost decade”—many Latin American countries became unable to service their foreign debt. The Federal Reserve and other international institutions responded to the crisis with a number of actions that ultimately helped alleviate the situation, albeit with some unintended consequences. Lessons from the past can help us manage the future. What was the trigger of this lost decade, there were two large oil shocks causing high rocketing oil prices which eventually disturbed the finances and created big deficits and pushed most economies into points of collapse. According to the New York Times, Mexico was the first to fall as a long, anxious queue formed outside on the outskirts, with many job-seekers, mostly women; coming from far away and several other countries announcing they couldn’t pay their debts. Brazil, Peru, Chile, Columbia, Venezuela, Argentina and Ecuador were all affected with unemployment, deep recession, slow economic growth, high inflation and mounting debt.

Developing economies are now said to be suffering from debt crisis and some economies are collapsing

from ballooning debt and shrinking foreign reserves among high inflation rates. There isn’t enough money to pay for basic necessities of life such as food, proper medical care and shelter among others due to mismanaged finances as those economies spend more than the national income and destroyed the economy. The global factors contributing to these includes induced slowdown, growing cost of borrowing and until recently Russia’s invasion of Ukraine. The sanctions imposed by the West has increased food and fuel prices. The fear is that these Sir Lanka crises can mutate as put forward by the world in one news. Sri Lanka has defaulted on a multi-million pound foreign debt payment, deepening the nation’s worst economic crisis since it gained independence in 1948. The new Prime Minister, Ranil Wickremesinghe, is appealing for foreign help to bail out the government, which has almost run out of foreign currency reserves the BBC reported. The entire developing world is said to be at risk.

The World Bank had issued a warning saying developing nations face a looming debt crisis. This issue named 17 countries saying this could crush their economy in 2022. Nine days later, Russia invaded Ukraine leading to disturbance in supply chains compounded by sanctions imposed on Russia by the West has put financial markets into disarray, triggered a global oil crises, making the economic forecast darker and darker.

UN warns 107 countries have severe exposure to consequences of the Ukraine War. These countries are forced to face one of the three crises namely the rising food prices, rising energy prices and tougher financial conditions. These 107 countries together represent 1.7 billion people or one fifth of humanity. 69 courtiers face all these 3 risk which includes 25 countries in Africa and same for Asia – Pacific and 19 countries for Latin America.

To commence, Egypt imported $5.2 billion in Wheat, becoming the first largest importer of Wheat in the world. Egypt the land of the pharaohs as the world’s largest importer of wheat depends on Black Sea wheat, importing about 80% from Russia and Ukraine in 2021.

Egypt now is said to have approved India as one of its suppliers. An Egyptian delegation went to India to discuss wheat imports, visiting fields and grain stores in various regions for a rigorous quality review. Egypt wheat reserves may not last longer per media reports. Accounting to the Middle East Monitor, “Russia’s invasion of Ukraine and imposed sanctions could lead to bread shortages across parts of the Arab world, including war-torn Yemen, where millions are already on the

brink of starvation”.

According to a special briefing by the US-based Middle East Institute (MEI) earlier this week, “the Ukraine crisis could trigger renewed protests and instability in several MENA countries.” The region is heavily reliant on wheat supplies from both countries in the conflict, with half of Ukraine’s wheat exports make their way to the Middle East North Africa (MENA) region and Russia also providing a significant amount of wheat. “If a war causes disruptions to these supplies, this could hit food import dependent countries like Egypt, Yemen, Libya, Lebanon, and others hard,” the report added. Rising prices are set to stoke inevitable rise in civil unrest in Egypt, Tunisia and Lebanon. In Tunisia, trade deposits widens to $800 million, inflation and fuel prices are said to be high as this could cause civil unrest. In Lebanon, fuel prices went up, the currency lost it value, the country is said to have gone to the World Bank for loan to ensure food security. “Tunisia has experienced a sharper decline in economic growth than most of its regional peers, having entered this crisis with slow growth and rising debt levels” – the World Bank reported. In Argentine the country is running to the IMF for bale out. Research has it that, their debt levels are mounting, same with inflation as the country is hit by bread shortage. “Argentina, which has been struggling with high inflation for years, is on course to see inflation of at least 60% by the end of 2022” reported the dw news.

In Ghana, the debt and interest rates are chocking the economy.

According to the Business and Financial Times, attempts to cool off inflationary pressures remain unsuccessful as consumer inflation increased almost four-fold to 27.6 percent year on year from 7.5 percent last year. In Kenya the government is reported to has gone in for $244 Million IMF loan. In South Africa the debt is up to 80% of GDP the IMF reported. In Turkey and elsewhere the spike of the debt crisis is looming. What are your thoughts, is it Russia’s invasion of Ukraine or it’s the sanctions imposed by the West?

In the next 12 months, as many as dozen developing economies could prove unable to service their debts as put forward by the World Bank.

This will be the largest debt crisis in a generation. The entire world is in debt distress, national budgets are at breaking points however, experts have advised on road maps to urgently consider. Africa and other suffering economies must manage their borrowing and lending better, think of introducing better ways

of managing shocks including expanding common framework and eligibility criteria, promoting alternatives to borrowing such as improving tax collection and reducing borrowing and increasing accountability and transparency.

These are some of the ways experts’ advice we can navigate our way around this looming debt crisis.

For us in Ghana our head of state Ignatius Kutu Acheampong’s “operation feed yourself” initiative which was an agricultural program administered in Ghana under the then military general aimed to increase levels of food crops produced in Ghana for domestic consumption and attempts selfsufficiency. This initiative should be revisited in full force. The recent government’s planting for food and jobs initiative was created on this premise. Let’s go back to our root. “Sankofa” is good. The complete Africanization of our mind, body and soul is needed, as we make efforts to return to Eden and support our domestication plan to self-sufficiency. The over dependency on imports is not too good for Africa. The benefits of a single trade market for Africa must be re-activated and promoted. I am so aligned to the Managing Director of FBN Bank, Victor Yaw Asante’s call, for AU to solicit regional integration and support, forge fresh collaboration that will help the African Continental Free Trade Area (AfCFTA) remove all trade barriers from the continent that hinder intraAfrican trade.

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

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Alleviating looming global hunger crisis

By Bjorn Lomborg The UN Secretary-General recently warned that a widespread hunger crisis will affect different parts of the world due to Russia’s war in Ukraine, and Putin is now using a blockade of grain exports as blackmail against the world. The writer offers some perspectives on averting this disaster.

A global food crisis is looming, so policymakers everywhere need to think hard about how to make food cheaper and more plentiful. That requires making a commitment to producing more fertiliser and better seeds, maximising the potential offered by genetic modification and abandoning the rich world’s obsession with organics.

Russia’s brutal war in Ukraine is making less food available because the two nations have been responsible for more than a quarter of global wheat exports and big quantities of barley, corn and vegetable oil. On top of punishing climate policies and the world emerging from the pandemic, prices of fertiliser, energy and transport are soaring,

global needs. And the emerging food crisis now reveals another harsh truth: organic farming cannot feed the world and could even worsen future crises.

Long simply a fashionable trend for the world’s one per cent, environmental activists have increasingly peddled the beguiling idea that organic farming can solve hunger. The European Union is actively pushing for a tripling of organic farming on the continent by 2030, while a majority of Germans actually think organic farming can help feed the world.

However, research conclusively shows that organic farming produces much less food than conventional farming per hectare.

Moreover, organic farming requires farmers to rotate soil out of production for pasture, fallow or cover crops, reducing its effectiveness.

In total, organic approaches produce between a quarter and half less food than conventional, scientific-driven agriculture.

This not only makes organic food more expensive, but it means that organic farmers will need much more land to feed the

to organic farming, appointing organics gurus as agricultural advisors, including some who claimed dubious links between agricultural chemicals and health problems. Despite extravagant claims that organic methods could produce comparable yields to conventional farming, within months, the policy produced nothing but misery, with some food prices quintupling.

Sri Lanka had been selfsufficient in rice production for decades, but tragically has now been forced to import $450 million worth of rice. Tea, the nation’s primary export crop and source of foreign exchange, was devastated, with economic losses estimated at $425 million.

Before the country spiraled downward toward brutal violence and political resignations, the government was forced to offer $200 million in compensation to farmers and come up with $149 million in subsidies.

Failed Sri Lanka’s organic experiment failed fundamentally because of one simple fact: it does not have enough land to replace synthetic nitrogen fertiliser with animal

farming inputs are the reason why the number of people working on farms has been slashed in every rich country, freeing people for other productive occupations.

In fact, one dirty secret of organic farming is that, in rich countries, the vast majority of existing organic crops depend on imported nitrogen laundered from animal manure, which ultimately comes from fossil fuel fertilisers used on conventional farms.

Without those inputs, if a country – or the world – were to go entirely organic, nitrogen scarcity quickly becomes disastrous, just like we saw in Sri Lanka. That is why research shows that going organic globally can only feed about half the current world population. Organic farming will lead to more expensive, scarcer food for fewer people, while gobbling up more nature.

To sustainably feed the world and withstand future global shocks, we need to produce food better and cheaper.

History shows that the best way to achieve that is by improving seeds, including using genetic modification, along with

and food prices have climbed 61 per cent over the past two years.

Harsh truths The war has exposed some harsh truths. One is that Europe – which portrays itself as a green energy trailblazer – is highly reliant on Russian gas, especially when the sun is not shining or the wind is not blowing.

The war has reaffirmed the basic reality that fossil fuels remain crucial for the vast majority of

same number of people as today – possibly almost twice the area.

Given that agriculture currently uses 40 per cent of Earth’s icefree land, switching to organics will mean destroying large swathes of nature for less effective production.

Sobering lesson The catastrophe unfolding in Sri Lanka provides a sobering lesson. The government, last year, enforced a full transition

manure. To shift to organics and keep production, it will need five to seven times more manure than its total manure today.

Synthetic nitrogen fertilisers, mostly made with natural gas, are a modern miracle, crucial for feeding the world. Largely, thanks to this fertiliser, agricultural outputs were tripled in the past half-century, as the human population doubled.

Artificial fertiliser and modern

expanding fertiliser, pesticides and irrigation. This will allow us to produce more food, curb prices, alleviate hunger and save nature.

The writer is President of the Copenhagen Consensus and Visiting Fellow at Stanford University’s Hoover Institution.

His latest book is “False Alarm.”

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FRIDAY, JUNE 10, 2022

UNIDO, others trains SMEs to improve their competitiveness

By Eugene Davis The United Nations Industrial Development Organization (UNIDO ), European Union and Ministry of Trade and Industries (MoTI) has organised the first cluster International Conference in Ghana to strengthen cluster inclusiveness for Small businesses in Accra .

The conference was hosted by the EU- funded West African Competitiveness Program (WACOMP) implemented by UNIDO and MoTI in collaboration with the Ghana Export Promotion Authority (GEPA) and the Association of Ghana Industries (AGI). The main objective was to present and promote Ghanaian clusters results and strengthen connections between Ghanaian SMES as a sustainable way to enhance the country competitiveness and integration in the African Continental Free Trade Area (AfCFTA).

Mr. Fakhruddin Azizi, UNIDO Representative in Ghana and Liberia in his address noted the strong cooperation between UNIDO and the Government of Ghana and the joint commitment to the 2030 Agenda for Sustainable Development, especially in relation with areas such as energy and environment, investment, and quality standards. He enphasised the successful achievements of the West Africa Competitiveness Programme (WACOMP), which can become a reference in the region, in terms of enhanced value addition, low carbon, sustainable production and processing and increased access to regional and global markets.

Mr. Timothy Dolan, Team Leader Macro-Economic and Trade Section of the European Delegation to Ghana indicated that:“Supporting SMEs and promoting cluster approach and

cooperation is indeed a strategic approach to ensure Inclusive and Sustainable Industrial Development, that no one is left behind and that women can fully take advantage of the opportunities offered by the African Continental Free Trade Agreement”.

Mr. Charles Kwame Sackey, Chief Technical Advisor of WACOMP - Ghana stated that: “ Business clusters are core actors of change in the country’s industrial strategy and strengthening their resilience and their capacity to cooperate and trust each other should be the target of policy makers. This first Ghanaian Cluster conference will contribute to ensuring knowledge sharing in the region and will allow Ghanaian clusters to learn from each other and capitalizing on networking and collaboration.”

Over 120 SMEs attended the conference which also showcased products from Ghanaian entrepreneurs exporting their products benefiting from the WACOMP – Ghana project.

The CEO of the Association of Ghana Industries (AGI), Seth Twum Akwaboah lauded the initiative and stated “when we come together and work together, we should be able to export”. He also added that in all these standards and compliance must be adhered to.

Dr. Asabea Asare, CEO of Ghana Export Promotion Authority(GEPA) noted that SMEs provide a crucial linkage to set off a chain reaction for broad base industrial development,

without SMEs industrial growth in developing countries may not be able to sustain increasing domestic value,employment, productivity and industrial linkages, hence “growing competitiveness of smes becomes a critical issue competitiveness increases the scope of success to reach global market and it has been recognized that smes play a crucial role in the support of development in the regional economy because it offers the way for the resources of a country to be modernized which results in creating employment opportunities and income for the overall national economy.”

UNIDO supports the industrialization drive of the Government of Ghana by supporting in building competitiveness of SMEs, development of standards, procuring equipment where necessary to augment the efficiency of testing and measurements in laboratories in GSA and FDA. Supporting SMEs and clusters is indeed a strategic approach to ensure Inclusive and Sustainable Industrial Development, to ensure that no-one is left behind and that women can fully take advantage of the opportunities offered by the

African Continental Free Trade Agreement. The conference and the cluster exhibition will be the occasion to get to know more about how Ghanaian SMEs managed to improve their products, compliance to international standards and gained market access.

The government industrialization drive clearly will be given a great boost if we develop vibrant economic clusters. This conference aims at creating the awareness, emphasize important areas of common interest and collaborative action that the ministry of Trade and Industry and all partners can take advantage to sustain our emerging clusters and SMEs. The West Africa Competitiveness Programme - WACOMP, is a partnership initiative between the Economic Community of West African States (ECOWAS) and the European Union (EU). In Ghana it is implemented by UNIDO and the Ministry of Trade and Industry, Targeting 3 value chains names Cassava and its derivatives, Fruits (mango and pineapple) and Cosmetics and personal care products.

UKGCC to hold 1ST Royal Ascot Ladies Day in Ghana The UK-Ghana Chamber of Commerce (UKGCC), a memberbased trade association that promotes bilateral trade between the UK and Ghana, will on Saturday, 18th June 2022, host the first Royal Ascot Ladies Day Event in Ghana to celebrate the iconic annual UK cultural event.

Ascot, one of Britain’s most wellknown racecourses, holds a special week of races in June each year called the Royal Ascot, attended by Her Majesty the Queen.

This week has become Britain’s most popular race meeting, welcoming over 300,000 visitors all dressed in their finest clothes and hats. The Ladies Day is synonymous with fashion competitions where awards are given for Best Dressed Lady, Best Dressed Couple and Best Hat. It is day to see and be seen!

The UKGCC is commemorating this great British Tradition in a specially curated Royal Ascot Ladies

Day Experience, set up as a high tea garden party and will offer business networking opportunities with UKGCC member companies and other key stakeholders.

As a charity fundraiser, all proceeds from ticket and raffle sales will be donated to the UNIVERSITY OF GHANA MEDICAL CENTRE (UGMC) MEDICAL AND SCIENTIFIC RESEARCH CENTRE (MSRC) FUND RAISING COMMITTEE. According to Executive Director of the UKGCC, Adjoba Kyiamah, the donation to the UGMC MSRC Fund Raising Committee is important because “Now more than ever, we need more clinical trials in our country to help identify the best treatment for diseases in our

environment. It is also an urgent imperative given the backdrop of the recent global pandemic”.

She urged the public to come and support a worthy cause.

The Royal Ascot Ladies Day event is poised to be a glorious occasion, where high fashion, glamour and millinery masterpieces take centre stage at the Polo Court Gardens at 12PM Prompt. Dress code is hats, ties and everything elegant!!

Interested participants may purchase tickets by dialling *713*33*20#, call Event HOTLINE: 0501 288 520 for reservations and enquiries or visit https://ukgcc.com. gh/royal-ascot-ladies-day-event/ for more on Royal Ascot Ladies Day and ticket packages.

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FRIDAY, JUNE 10, 2022

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The promise and pitfalls of Indian foreign policy

By Shashi Tharoor Two episodes in the first week of June starkly illustrate both the promise of Indian foreign policy and the pitfalls it faces as a result of the country’s increasingly toxic domestic political culture.

The promise lay in a response

by India’s foreign minister, Subrahmanyam Jaishankar, to a question posed by an interviewer at the GLOBSEC 2022 forum in Bratislava, Slovakia, which focused on the Ukraine war.

Jaishankar’s response resonated so powerfully that it quickly went viral, not just in India, but also in Europe and many other countries.

Anecdotal evidence abounds of Iranians and Arabs extensively forwarding video clips of the exchange, subtitled in their own languages. Some international commentators even called it, albeit with some hyperbole, “India’s coming-of-age moment.”

The interview with Jaishankar focused on India’s continuing reluctance to choose sides in the war. India has refused to condemn Russia’s invasion, while at the same time sending humanitarian aid to Ukraine and maintaining good relations with the United States both bilaterally and in the Quad (the informal four-country security grouping that also includes Japan and Australia).

But Jaishankar pushed back strongly against European assumptions that other countries should support their point of view on the conflict. “Europe has to grow out of the mindset that Europe’s problems are the world’s problems, but the world’s problems are not Europe’s problems,” he said, adding that the world “cannot be [as] Eurocentric

as it used to be in the past.”

Moreover, Jaishankar pointed out, “If I were to take Europe collectively, which has been singularly silent on many things which were happening…in Asia, you could ask why anybody in Asia would trust Europe on anything at all.” India, he continued, would do exactly what Western countries do – evaluate a situation in the light of its own interests. Those interests, he emphasized, justified India’s current stance on the war.

It was a clear, confident, and defiant assertion of India’s strategic autonomy, and it played well at home, except perhaps with the few of us of us who believe that the country’s strategic interests warrant a tilt toward the West in its growing confrontation with China and Russia. What was striking, too, was the way that Jaishankar’s comments impressed some Muslim countries that themselves resent Western tutelage.

But no sooner had the applause for India’s forthrightness echoed around the developing world when news hit of an entirely unwelcome kind of Indian outspokenness – offensive statements about the Prophet Muhammad by two of the principal spokespersons of the ruling Bharatiya Janata Party.

Muslim-baiting has become standard for the Hindu-chauvinist BJP, which gains votes by stoking Islamophobia among the Hindu majority.

This time, however, the attacks went too far, crossing all acceptable limits by demeaning the Prophet himself. The internet long ago rendered obsolete the myopic assumption that India’s

political debates, conducted in Hindi, will affect only domestic Hindi-speaking television audiences. It did not take long for Muslim countries to erupt in fury.

Several Muslim countries, including those in the Gulf, summoned India’s envoys in their capitals, dressed them down for the “unacceptable” statements, and demanded punishment for those who made them. Qatar canceled a formal lunch for the visiting Indian vice president.

The Organization of Islamic Cooperation, no friend of India, capitalized on the moment by condemning it and calling on the United Nations to take action against it. Movements to boycott Indian goods erupted in several Muslim countries, and some Indians working in the Gulf had their employment terminated.

Indian officials scrambled to limit the damage, assuring the Muslim world that the offensive statements in no way represented the view of the Indian government but had been made by “fringe elements.” The two BJP spokespersons were summarily removed from their positions, with one being suspended from the party and the other expelled.

But the incident highlighted the Islamophobia unleashed or condoned by Prime Minister Narendra Modi’s government, and the extensive damage it has caused to India’s standing in the Muslim world.

The backlash from the Islamic world, and India’s rapid response to it, served as a reminder that the Gulf region remains vital to the country’s interests. It is a key trade partner, an indispensable

contributor to India’s energy security, a host to eight million Indian expatriate workers whose remittances support their families back home, and a significant security partner in the fight against terrorism.

For the BJP to jeopardize all of this for the sake of its vindictive, self-serving Muslim-bashing is profoundly irresponsible.

Ironically, the Modi government had invested considerable effort in strengthening relations with Muslim countries, especially in the Gulf, and thus increased their salience in Indian foreign policy.

India had long enjoyed a reputation for being hospitable to Muslim interests, celebrating its diversity, and embracing its own substantial Muslim population with pride. The Islamic world had been familiar with movie stars, businessmen, and athletes, as well as presidents, foreign ministers, and ambassadors who were proud Muslims and proud Indians. It was India’s established record, and its domestic traditions of coexistence, that made Muslim countries all the more receptive to its efforts to improve relations, despite the hostility of Pakistan.

But now a government that should know better has allowed the BJP to give free rein to its loudest chauvinist voices. When perceived domestic political interests undermine clear national interests, the country obviously should come first.

Perhaps Jaishankar should direct some of his plain speaking to his own political leadership, before all his work abroad is undone by his party colleagues at home.

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| NEWS

FRIDAY, JUNE 10, 2022

Huawei Ghana partners Ministry of Education to support teaching and learning of ICT The Methodist Girls Senior High School at Mamfe in the Eastern Region of Ghana has received 20 laptops and one projector from Huawei Ghana, as part of measures to boost the teaching and learning of Information and Communication Technology (ICT) in the school.

Speaking at a brief ceremony at Mamfe to hand over the laptops and projector, the Deputy Minister for Education, Rev. John Ntim Fordjour thanked the management of Huawei Technologies (Ghana) S. A. Ltd for its regular support in the development and advancement of education in the country.

The donation, he said, comes in handy as government continues to focus on providing vital resources to effectively enhance teaching and learning especially towards the development of Science, Technology, Engineering and Mathematics (STEM) education.

Rev. Ntim Fordjour said that the acquisition of critical thinking and other skills by students remains a priority of government and described the attainment of Information Technology as very crucial for all, irrespective of the field of study.

The Deputy Minister recounted the important role ICT plays in the lives of students especially girls, and

commended the school for the numerous local and international robotics awards it has bagged in the recent past, in honour of the nation.

He charged the school’s robotics team to keep working hard to bring in more awards.

The Deputy Minister assured the school that efforts were being made to tar all roads in the school to enhance and create a conducive environment for effective teaching and learning.

Madam Jenny Zhou, the Director for Public and Government Affairs at Huawei Ghana, said that as a responsible corporate institution, Huawei is committed to enhancing education and has over the years contributed towards the development of education in Ghana.

She commended the Ministry of Education for prioritizing STEM education and promised to partner with the Ministry to support the teaching and learning of ICT in schools.

She said Huawei believes in bridging the gender gap in ICT and is therefore putting in place the

right measures to advocate for the promotion of women in technology.

“A few weeks ago, we joined the Ministry of Education to donate some ICT devices to the Bosomtwe Girls STEM School at Deduako all geared towards promoting the learning of IT in schools, especially for girls”.

“I am therefore very happy to be here today to do same, hoping that the devices we are donating will be utilized to enhance your ICT skills”, she added.

“As an organisation, we strongly believe in developing the ICT skills of the citizenry, especially the youth. In light of this, a few days

ago we launched our Leadership Employability Advancement and Possibility (LEAP) Program in Ghana to create an opportunity for many Ghanaian youth to develop an interest in acquiring ICT skills to help them in their field of endeavour”.

The Director for Public and Government Affairs said that through the LEAP programme, Huawei hopes to provide ICT skills training to 100,000+ Ghanaians by 2024 with the youth as their key focus.

She urged the students to take advantage of opportunities that come their way while in school to develop their skills for tomorrow.

AfDB to launch public financial management academy to build capacity in African countries The Board of Directors of the African Development Bank on Wednesday approved the creation of a virtual academy to build public financial management capacity in African countries. Countries will receive technical assistance through structured, targeted, dedicated and local training as well as through policy dialogue.

The academy, hosted within the African Development Institute of the African Development Bank Group, will deepen partnership with the International Monetary Fund, the World Bank and African countries to improve public financial management practices in Africa.

Other implementing partners include key regional public financial management institutions, regional technical assistance centers, universities, and national public administration training institutes.

The training, technical assistance and policy dialogue delivered by the academy will cover upstream and downstream issues in the public financial management cycle, tailored to the specific needs of African countries.

The training modules will cover, among others: macroeconomics and planning, fiscal policy forecasting and modelling; prudential budgeting and expenditure management; domestic

and external revenue mobilization; debt management and transparency; public-private partnerships in public finance management; strengthening supreme audit and accountability systems; and curbing corruption and illicit financial flows. In addition, cross-cutting issues will also be taken into account, including institutional, legal, and regulatory processes and human capacity governance.

The beneficiaries of the trainings cover the entire African civil service, including technical and political leaders who have the power to influence and change the public financial management systems of African countries. Thus, the academy will welcome technical public finance managers and senior officials from the ministries of finance, national planning, budget directorates, debt management directorates, and revenue-generating agencies, including tax and customs administrations.

In addition, the academy will target all officials involved in the expenditure chain (officials from national treasuries, administrative and financial directorates of ministries responsible for expenditure and financial control), officials from central banks and sectoral ministries such as the environment. Also targeted are

relevant agencies, parliamentarians, academics, private sector leaders and civil society organizations as well as think tanks.

The academy will also provide the necessary technical assistance to relevant institutions responsible for public finance management. It will seek out and establish partnerships with national public administration training institutes, to effectively deliver tailor-made capacity building programs for civil servants.

Prof. Kevin Chika Urama, Acting Chief Economist and Vice President for Economic Governance and Knowledge Management of the African Development Bank, said: “The establishment of the Public Finance Management Academy will go a long way in addressing the long-standing capacity gaps in public financial management practices across African countries. It will enable the Bank to leverage resources (skills, competencies, and finance) from sister multilateral development banks, international and African public financial management institutions to provide cutting-edge training, technical assistance and policy advice, embedded in the local realities of African countries.

I am very grateful to all partners who worked with us to design this transformative academy for Africa.”

The policy dialogue component of the program will engage highlevel decision makers and policy makers responsible for designing and promoting the expected change in African public financial management systems.

The technical assistance component will target relevant public institutions or their units, civil society organizations, and think tanks, involved in public financial management activities in Africa, including the media.

When fully operational, the academy’s courses will be offered to interested parties as certified postgraduate programs at preferential rates.

The Bank will establish a Policy Laboratory Unit comprised of certified global experts on public financial management who will be the faculty members to deliver the courses. The members of the Policy Laboratory Unit, who will be retained on a needs basis, will be enlisted from the Bank Group, multilateral institutions, bilateral and regional institutions, African universities and think tanks, and individual experts on key subjects of interest.

Each institutional member of the academy will provide specialized interventions according to its mandate and comparative advantage.

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| EDUCATION

FRIDAY, JUNE 10, 2022

Initial thoughts: As Ghana embarks on review of SHS Curriculum

By Peter Anti I am of the conviction that we can use education to produce the kind of citizens we desire for the future. One of the compelling ways to achieve that is through curriculum reforms.

Mastercard Foundation in July 2020 released a research report on Secondary Education in Africa, where researchers sought to find out the role of secondary education in ensuring that the youth acquired the skills, knowledge and competencies necessary to succeed in a dynamic and globalised labour market which now puts a premium on digitalisation and automation.

The report indicated that despite progress, many youths in Sub-Saharan Africa currently lack the foundational, digital, and 21st Century skills needed to succeed in a changing world of work.

The World Bank reports that fewer than 20 per cent of students meet minimum proficiency requirements in reading and math during late primary, well below scores in other regions (World Bank, 2018).

Also, the report advocated the provision of flexible pathways for the youth in their education.

It recognises that there are diverse young people pursuing education and hence there should be flexibility in how they progress, paying attention to their capabilities.

The final highlight for me in the report is on ensuring that the youth receive relevant knowledge and skills for the future.

It emphasises that employers in both the formal and informal sectors increasingly demand workers with 21st Century skills, such as critical thinking, communication, creative problem solving, resilience and teamwork.

Secondary education in Africa should seek to address these challenges. This report is worth

analysing especially in Ghana.

That is because we are in a period of curriculum reforms.

We have implemented the Standard-Based Curriculum at Kindergarten to Basic 6 (despite some challenges), we are implementing the Common Core Programme at the Junior High School level, and have kickstarted the process of reviewing the secondary school curriculum.

This puts Ghana in a pole position to ensure that we use this opportunity to address some of the challenges facing secondary education in the country.

Exit points The developers of various educational reforms envisioned two exit points for graduates of secondary education in Ghana.

The graduates are either to enter the world of work or continue to tertiary institutions. It is not far-fetched that the current state of our secondary education does not prepare the students for the world of work.

On average, 50 per cent qualify

to enter tertiary institutions while between 18 per cent to 21 per cent enrol in various tertiary institutions.

It is imperative to also note that reports from our tertiary institutions suggest that most of the applicants have problems with numeracy and literacy.

This has even necessitated the National Teaching Council (NTC) to propose the institution of an entrance examination in numeracy and literacy at the various colleges of education.

The icing on the cake is the mode of assessment which focuses more on the cognitive domain and places less emphasis on other domains.

This mode of assessment has resulted in the implementation of a tested curriculum instead of the formal or written curriculum which is supposed to focus on the total development of the student.

It also has led to the introduction of teaching methodologies that promotes memorisation at the disadvantage of other progressive

pedagogies, such as practicebased, problem-oriented and project pedagogies.

Different kind These challenges enumerated calls for a different kind of curriculum for the SHS. In this era of curriculum review, it will be important to include 21st Century skills, focus on numeracy and literacy, promote differentiation and remedial teaching and pay attention to the sequencing of content while integrating cross-cutting issues in the SHS curriculum.

We need a document that can truly address the lack of lifelong learning and inadequate preparation of the students for the world of work.

To achieve this, the developers of the curriculum should be receptive to ideas from experts and continue to engage broadly during this period.

The writer is with IFEST – Ghana

| FEATURE

FRIDAY, JUNE 10, 2022

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STEM Centres to provide hope for digital skills and engineering students—Minister Minister for Communications and Digitalisation, Ursula Owusu Ekuful has said that the provision of Science, Technology, Engineering and Mathematics (STEM) Centres for the learning of engineering and technology skills will provide hope for the basic schools benefiting from the ongoing Girls in ICT training programme.

The STEM Education project is an initiative by the Government through the Ministry of Education to provide an easily accessible avenue for Junior High School leavers with interest in the field of Science, Technology, Engineering and Mathematics across the country.

Besides the promotion of science courses, it will also serve as a turning point for many

digital skills students who want to further their interest.

The Minister gave the assurance after touring one of the STEM Centres in Akrodie, a suburb of Goaso in the Ahafo Region, where work is almost completed on one out of the 10 model STEM Senior High Schools across the country.

As part of her ICT promotion activities in the Ahafo Region, Ursula Owusu Ekuful, toured the centre together with the Regional Minister, George Yaw Boakye, where she was elated with progress of work and assured students with interest in technology and engineering that they will not be left behind in the digitalisation agenda.

She said Government must be commended for the vision and foresight in the project which

will make the education of mathematics and engineering easy in the country.

“I’m quite impressed with progress of work here and I think government and the president must be commended for the vision to enhance the promotion of ICT in our education which forms part of what we’re doing with the Girls in ICT initiative.

The centre will admit students right from the basic level so they can continue the studies in the various interests they may pick up in science, technology and engineering.

“The Ministry of Communications and Digitalisation is going to follow up keenly to ensure that the students benefit immensely from these initiatives” she said.

The Regional Minister for the Ahafo Region, George Yaw Boakye expressed confidence that the centre will be used for the intended purpose.

“The cardinal principle here is the promotion of ICT Education across the country and we applaude the initiative to ensure that students coming to this institution get all the benefits with the modern fittings and also a serene environment for learning”, he noted.

The ultra-modern facility is expected to be completed before the end of the year.

Other STEM Centres in the country include Abomosu STEM School, Kpasenkpe STEM School, Bosomtwe Girls STEM School and STEM Centre at Accra Senior High School.

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| FEATURE

FRIDAY, JUNE 10, 2022

The Weeknd Partners with Binance for the first crypto powered world tour Binance, the global blockchain ecosystem behind the world’s largest cryptocurrency exchange, today announced it is the official sponsor of The Weeknd’s “After Hours Til Dawn” tour. This marks the first global concert tour to integrate Web 3.0 technology for an enhanced fan experience.

Binance has collaborated with HXOUSE, a think-centre and community incubator for creative entrepreneurs, to release an exclusive NFT collection for The Weeknd’s tour, along with co-branded tour merchandise.

Attendees’ virtual ticket stubs can also gain access to commemorative NFTs which will provide unique experiences for fans.

“Binance is all about the community, about people, about inclusion. I was impressed by their focus on users and innovative edge,” said The Weeknd. “It made perfect sense to work together and I can’t wait for fans to experience crypto within a creative avenue while supporting a good cause.

There are so many possibilities with crypto and I think this is just

the beginning.”

“We are excited to be an exclusive crypto partner of The Weeknd’s tour, giving fans and people the ability to interact with crypto in a new avenue,” said Binance Co-Founder Yi He. “Crypto is community-centric and we believe this partnership embodies that, including empowering local artists and giving back, through a mainstream platform.”

As a United Nations World Food Programme (WFP) Global Goodwill Ambassador, The Weeknd launched the XO Humanitarian Fund earlier this year to support WFP’s lifesaving emergency operations in hunger hotspots around the world. To mark the launch of the tour, Binance will donate $2 million to the XO Humanitarian Fund, which is administered by World Food Program USA. Additionally, The Weeknd and Binance are creating a specially designed NFT collection and five percent of its sales will be donated to the XO Humanitarian Fund.

The Weeknd’s “After Hours Til Dawn” tour will begin July 8, 2022.

Binance.US is the official sponsor of The Weeknd’s tour in the U.S. and Binance.com for the global portion of the tour.

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.

Disclaimer: Binance.com services are not available in the United States. U.S persons should sign-up with Binance.US. World Food Program USA World Food Program USA, a 501(c)(3) organization based in Washington, DC, proudly

supports the mission of the United Nations World Food Programme by mobilizing American policymakers, businesses and individuals to advance the global movement to end hunger. Our leadership and support help to bolster an enduring American legacy of feeding families in need around the world. To learn more about World Food Program USA, please visit http://www.wfpusa. org/theweeknd/.

HXOUSE HXOUSE is a Toronto-based, globally focused think centre.

Serving its community as an incubator and accelerator, HXOUSE helps to foster innovation and opportunity for creatives and entrepreneurs.

HXOUSE seeks to empower youth through mentorship and practical education by engaging the creative mind through crossdisciplinary learning. HXOUSE’s core belief is that by learning outside of your discipline you can better evolve your craft.

| AGRIBUSINESS

FRIDAY, JUNE 10, 2022

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World’s most vulnerable are paying more for less food The global food import bill is on course to hit a new record of US$1.8 trillion this year, but higher prices and transport costs rather than volumes account for the bulk of the expected increase, according to a new report released today by the Food and Agriculture Organization of the United Nations (FAO).

“Worryingly, many vulnerable countries are paying more but receiving less food,” FAO says in its latest Food Outlook.

The global food import bill is projected to rise by $51 billion from 2021, of which $49 billion reflects higher prices. Least Developed Countries (LDCs) are anticipated to undergo a 5-percent contraction in their food import bill this year, while sub-Saharan Africa and the group of Net Food-Importing Developing Countries are both expected to register an increase in total costs, despite a reduction in imported volumes.

“These are alarming signs from a food security perspective, indicating that importers will find it difficult to finance rising international costs, potentially heralding an end of their resilience to higher prices,” the report notes.

“In view of the soaring input prices, concerns about the weather, and increased market uncertainties stemming from the war in Ukraine, FAO’s latest forecasts point to a likely tightening of food markets and food import bills reaching a new record high,” said FAO economist Upali Galketi Aratchilage, lead editor of the Food Outlook.

FAO has proposed a Food Import Financing Facility to provide balance-of-payment support to the low-income countries most reliant on food imports as a strategy to safeguard their food security.

Animal fats and vegetable oils are the single biggest contributor to the

higher import bills expected to be reached in 2022, although cereals are not far behind for developed countries. Developing countries, as a whole, are reducing imports of cereals, oilseeds and meat, which reflects their incapacity to cover the increase in prices.

Issued twice a year, Food Outlook offers FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, including cereals, oilcrops, sugar, meat and dairy and fish. It also looks at trends in futures markets and shipping costs for food commodities. The new edition also contains two special chapters examining the role of rising prices for agricultural inputs, such as fuel and fertilizers, and the risks the war in Ukraine poses for global food commodity markets.

Takeaways World production of major cereals is expected to decline in 2022 for the first time in four years, while global utilization is also seen down, for the first time in 20 years. However, the use of cereals for direct food consumption by humans is not anticipated to be impacted, as the decline in total use is expected to result from lower feed use of wheat, coarse grains and rice.

World wheat stocks are set to increase marginally in the year, mostly due to anticipated build-ups of inventories in China, the Russian Federation and Ukraine.

Word maize output and utilization are forecast to hit new records, associated with greater ethanol production in Brazil and the United States of America as well as industrial starch production in China.

Global consumption of vegetable oils is predicted to outpace production, despite expected demand rationing.

While meat production is expected to decline in Argentina, the European

Union and the United States of America, global output is forecast to expand by 1.4 percent, led by an 8-percent foreseen increase in pig meat production in China, reaching and even exceeding the level before the dramatic spread of the African swine fever virus in 2018.

World milk production is forecast to expand more slowly than in previous years, constrained by falling dairy herd numbers and lower profit margins in several major producing regions, while trade may contract from the elevated level of 2021.

World sugar production is expected to increase after three years of decline, led by gains in India, Thailand and the European Union.

Global aquaculture production is forecast to increase by 2.9 percent while that of capture fisheries will likely expand by 0.2 percent.

Reflecting rising prices of fish, total export revenues from fisheries and aquaculture products are anticipated to climb by 2.8 percent, while volumes seen dropping by 1.9 percent.

Food Outlook offers deeper dives into major agricultural commodities, in particular wheat, maize, rice, the oilcrops complex, as well as dairy, meat, fish and sugar.

Agricultural inputs and the future Along with rising food prices – with the FAO Food Price Index (FFPI) near its all-time high and prices of several staples having registered large runups in the past year – the agricultural sectors are exposed to supply limitations due to rising input costs , in particular for fertilizers and fuels, that could spur further food price rises.

High food prices are typically a boon for producers, as farm profits rise. However, rapidly rising input costs – associated with rising energy costs and export restrictions on key fertilizers imposed by major

players in the sector – are more than offsetting that, and if protracted, this would raise concerns about whether supply responses can be both quick and sufficient. “The spike in the price of inputs raises questions about whether the world’s farmers can afford to buy them,” Josef Schmidhuber and Bing Qiao of FAO’s Markets and Trade Division note in their special chapter on the dynamics of high input prices.

Farmers may reduce input applications or switch to crops that are less input-intensive, which would not only lowers productivity but also have negative effects on exports of key foodstuffs to the international markets, adding to the burdens faced by countries highly reliant on imports to meet their staple food needs. This also applies to major exporting countries, the chapter adds, noting that, for instance, some North American farmers are shifting from maize to soy, which requires less nitrogen fertilizer.

The Global Input Price Index (GIPI), a new tool introduced by FAO in 2021, is now at an all-time high and has risen even faster than the FAO Food Price Index over the past 12 months.

This points to low (and falling) real prices for farmers, despite the higher prices faced by consumers. That, in turn, stymies incentives for them to step up production in the future. For that to happen, however, either the GIPI has to fall or the FFPI has to rise even further – or a combination of the two.

For now, and based on current conditions, the situation does “not augur well for a market-led supply response that could conceivably rein in further increases in food prices for the 2022/23 season and possibly the next,” the report says.

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FRIDAY, JUNE 10, 2022

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| NEWS

FRIDAY, JUNE 10, 2022

World Bank approves additional $145m for Ghana to improve urban services The World Bank has approved an additional financing of $145 million International Development Association (IDA) credit for the Ghana Secondary Cities Support Programme.

The financing will allow the country to scale up and improve urban services to two million people in 35 secondary cities.

This builds on an existing Programme of support to secondary cities agreed in 2018 and enables a scale up to support 35 secondary cites across the country.

The additional financing will continue enhancing institutional capacity for urban management and providing improved basic urban infrastructure in 35 secondary cities, including the six newly created regional capitals.

Over the last decades, the urban population of Ghana grew substantially with more than 56 percent of the population resided in urban areas in 2021.

Urbanization has resulted in a greater share of the population with access to basic services, but continuously growing urban population and demand have outpaced infrastructure and service provision.

Climate change and natural disasters will further exacerbate the challenge in service delivery.

If urbanization is not managed well, growing urban population and spatial development patterns of cities would put more people and assets at risk.

However, if managed well with integrated land use planning,

urbanization can lead the country to sustainable growth by increasing productivity, livability, and inclusivity.

“Ghanaians residing in participating municipalities will have improved access to urban services, such as better roads, efficient services, and reduced flooding,” said Pierre Laporte, World Bank Country Director for Ghana. “The additional financing will further focus on strengthening the capacity of secondary cities on climate change mitigation and adaptation.”

The additional finance to the Ghana Secondary Cities Support Programme is part of Government’s broader urban development and decentralization Programme.

It will continue to strengthen local systems and focus on secondary cities by providing them incentives to improve their performance as city managers.

The program will also assist

regional and national institutions to provide secondary cities with the support needed for effective urban management and service delivery.

Ghana’s resilient, inclusive, and green recovery from the COVID-19 and sustainable development will depend on how efficiently and effectively growing cities will be managed.

“The Ghana Secondary Cities Program will support Government’s National Decentralization Action Plan to ensure the effective and efficient management of growing cities to boost economic activities and improve living conditions. To bring this opportunity of urbanization to fruition, cooperation, and coordination at different levels of governments will be essential”, said Martin Onyach-Olaa, Senior Urban Specialist and Task Team Leader.

Source: GNA

The role of Stablecoins in Africa’s Crypto Market 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 lowrisk instruments like treasury bonds

or mutual funds, crypto investors also have the option of utilizing stablecoins; this provides a long-term 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

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

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 lowrisk instruments because of the strength of the regulation that goes into establishing the fiat-back reserve of each stablecoin.

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. Dollarbacked 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

FRIDAY, JUNE 10, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING - JUNE 3, 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

19.65%

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 a decline in Calbank PLC’s share price. The GSE Composite Index (GSE CI) lost 3.81 points (-0.15%) to close at 2,550.98 points, reflecting year-to-date (YTD) loss of 8.55%. The GSE Financial Stocks Index (GSE FI) also lost 6.93 points (-0.32%) to close at 2,185.64points, reflecting year-to-date (YTD) gain of 1.57%.

Market capitalization declined by 0.06% to close the week at GH¢62,236.68 million, from GH¢62,276.58 million at the close of the previous week. This reflects YTD decline of 3.50%.

Trading activity registered a total of 10,552,896 shares valued at GH¢9,573,403.22 changing hands, compared with 4,796,801 shares, valued at GH¢4,288,986.32 in the preceding week.

MTN dominated both volume and value of trades for the week, accounting for 82.38% and 81.73% of volume and value of shares traded respectively.

The market ended the week with 2 leaders and 1 laggard as indicated on the table below.

THE CURRENCY MARKET The Cedi depreciated against the USD for the week. It traded at GH¢7.1461/$, compared with GH¢7.1413/$ at week open, reflecting w/w and YTD depreciations of 0.07% and 15.95% respectively. This compares with YTD appreciation of 0.23% a year ago.

The Cedi appreciated against the GBP for the week.

It traded at GH¢8.9416/£, compared with GH¢9.0020/£ at week open, reflecting w/w appreciation and YTD depreciation of 0.67% and 9.11% respectively. This compares with YTD depreciation of 3.30% a year ago.

The Cedi also lost against the Euro for the week. It traded at GH¢7.6604/€, compared with GH¢7.6440/€ at week open, reflecting w/w and YTD depreciations of 0.21% and 10.86% respectively. This compares with YTD appreciation of 1.02% a year ago.

The Cedi further depreciated against the Canadian Dollar for the week. It opened at GH¢5.5951/C$ but closed at GH¢5.6792/C$, reflecting w/w and YTD depreciations of 1.48% and 16.51% respectively. This compares with YTD depreciation of 4.27% a year ago.

FRIDAY, JUNE 10, 2022

19

| MARKET REVIEW

BUSINESS TERM OF THE WEEK COMMODITY MARKET Crude Oil rose after U.S. crude inventories fell more than expected amid high demand for fuel, shrugging off OPEC+’s agreement to boost crude output to compensate for a drop in Russian production. Brent futures traded at US$119.72 a barrel on Friday, compared to US$119.43 at week open. This reflects w/w and YTD gains of 0.24% and 53.92% respectively.

Gold closed lower for the week, with the yellow metal caught between support from slightly lower U.S. Treasury yields and pressure from a firm dollar. Gold settled at US$1,850.20, from US$1,851.30 last week, reflecting w/w loss and YTD gain of 0.06% and 1.18% respectively.

Prices of Cocoa also inched up for the week. The commodity traded at US$2,469.00 per tonne on Friday, from US$2,462.00 last week, reflecting w/w gain and YTD losses of 0.28% and 2.02% respectively.

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,393.70 million for the week across the 91-Day and 182-Day Treasury Bills.

This compared with GH¢1,124.50 million raised in the previous week.

The 91-Day Bill settled at 22.57% p.a from 19.94% p.a. last week whilst the 182-Day Bill settled at 24.41% p.a from 22.95% p.a. last week.

The table and graph below highlight primary market yields at close of the week.

INTERNTIONAL COMMODITIES PRICES

Carry Trade: A carry trade is a trading strategy that involves borrowing at a low-interest rate and investing in an asset that provides a higher rate of return. A carry trade is typically based on borrowing in a low-interest rate currency and converting the borrowed amount into another currency. Generally, the proceeds would be deposited in the second currency if it offers a higher interest rate. The proceeds also could be deployed into assets such as stocks, commodities, bonds, or real estate that are denominated in the second currency.

Source:https://www.investopedia.com/carrytrade-definition-4682656

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

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

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

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

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NO. B24/317 | NEWS FOR BUSINESS LEADERS

FRIDAY, JUNE 10, 2022

GSE, Botswana Stock Exchange admitted to African Exchanges Linkage Project The African Securities Exchanges Association (ASEA) has admitted the Botswana Stock Exchange (BSE) and Ghana Stock Exchange (GSE) to the African Exchanges Linkage Project (AELP).

The admission was formalized at an AELP Steering Committee meeting on 31 May 2022 held on the sidelines of the 10th Edition of Building African Financial Markets (BAFM) Seminar hosted

by The Central African Stock Exchange (BVMAC) in Douala, Cameroon.

Speaking on behalf of the Steering Committee, the Chairman Dr. Edoh Kossi Amenounve, said “The admission of the two exchanges is a demonstration of the importance of enlarging the community of exchanges integrated through the AELP. As we have added two members to the current seven Exchanges, we hope that in the coming years, more will join as we seek to have increased participation in the capital markets integration.

This shows our commitment as exchanges to put our best effort towards continental integration by facilitating cross-border securities trading and movement of capital.

I would therefore like to congratulate the Botswana Stock Exchange and Ghana Stock Exchange and officially admit them to the AELP.” The Project has been built around selected securities exchanges that have gone through market preparedness assessments conducted by ASEA. The original exchanges participating in Phase 1 of the AELP are: Bourse Régionale des Valeurs Mobilières (BRVM), Casablanca Stock Exchange (CSE), The Egyptian Exchange (EGX), Johannesburg Stock Exchange ( JSE), Nairobi Securities Exchange (NSE), The Nigerian Exchange (NGX) and Stock Exchange of Mauritius (SEM).

The project is aimed at boosting Pan-African investment flows through the creation of linked Exchanges. As progress has been made on the interconnectivity of the initial seven Phase 1

exchanges, the admission of these two exchanges is a big achievement towards the expansion of the project.

Commenting on this milestone, the BSE CEO, Mr. Thapelo Tsheole said, “The AELP is a transformational initiative that is set to revolutionize and harmonize the trading of securities amongst participating exchanges in the Sub-Saharan Region.

Hence, as the BSE, we took the immediate decision to join the original seven (7) participating Exchanges to stimulate easier cross-border trading in our market and similarly, also provide a gateway to other regional markets for our local investors.

As a key strategic initiative by ASEA, I am confident that will have a positive effect on liquidity levels across African markets and consequently, also serve as a value proposition to attract investment inflows into Africa. Therefore, I would like to thank the ASEA Executive Committee for admitting the BSE into this wonderful Project.”

Both exchanges have demonstrated increased

efforts in promoting cross-border trading within their markets and regions.

The BSE for instance has in recent years revised its listing requirements in order to boost regional cross-listings within the Southern African Development Community (SADC). GSE has also taken part in capital market integration initiatives, as a key driver of the West African Capital Markets Integration (WACMI).

In his remarks, the Managing Director of the Ghana Stock Exchange (GSE), Mr. Ekow Afedzie, said: ‘The Ghana Stock Exchange is proud to be admitted to the African Exchange Linkage Project (AELP) program.

We are delighted about the opportunity to benefit from the laudable initiatives of AELP in addressing the liquidity challenges facing African capital markets by providing a platform to accelerate the process of cross-border investment flows on the continent.’

Left to Right (Mr. Louis Banga Ntolo – C.E.O BVMAC; Mr. Kofi Owusu Ansah – Deputy Manager, Trading and Surveillance, GSE; Dr. Edoh Amenounve, CEO BRVM and President of ASEA; Ms. Abena Amoah, Deputy MD, GSE; Ms. Diana Okine, Head International Relations, GSE; Ms. Lina Tonui, Project Manager AELP; Mr. Thapelo Tsheole, CEO BSE)

Jumia celebrates a decade of E-commerce in Ghana Jumia marked its 10th Anniversary by celebrating its impact on Ghanaians through e-commerce and technology. The company’s anniversary which is themed ‘‘10 years with you’’, will run for one month and aims to support its consumers by providing a wide range of relevant products at the best prices and establishing new partnerships with both international and local brands.

This year’s celebrations were launched at the Airport View Hotel, Accra where various industry stakeholders and policymakers shared insights on the growth of e-commerce, its challenges, and future trends.

Speaking at the launch, the CEO of Jumia Ghana, Tolulope Thomas said ‘’It’s that time of the year again and it’s massive! 10 amazing years in Ghana driving e-commerce to heights never seen before.

We are proud to celebrate the impact, growth, and wonderful people. We will continue to provide seamless support to all our vendors and partners in the quest to grow and develop their businesses while offering convenience and affordability to our consumers. We will also stay committed to creating job opportunities for the youth as well as positively impacting the nation’s economy with further expansion to more rural areas.. We are grateful to all our employees, consumers, policymakers, sellers, and the players in the ecosystem for helping us

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

achieve this momentous milestone. 10 years with you’’ A panel of E-commerce experts such as Anita Wiafe, Executive Secretary of the E-commerce Association of Ghana, Stephen Boadi, Digital Marketing & Communications Consultant, and Abena Chrappah, Digital & Media Manager and e-commerce lead, Guinness Ghana discussed the socio-economic impact of e-commerce in the country over the last decade.

Speaking on the impact of Jumia in Ghana, the owner of FT Tawakaltu restaurant in Accra, Hajia Memuna, said ‘’It is amazing how the internet can change people’s lives.

I never believed in online sales until I partnered with Jumia in 2020. During the COVID-19 pandemic, business was very low as movements were restricted and many of my customers couldn’t come to my restaurant to buy food. Things however changed when I partnered with Jumia as they helped me reach more consumers in a safe and convenient way. This helped me recover from the effects of the pandemic and opened an extra food joint here in Accra. Jumia’s impact on small businesses like mine is just overwhelming. Thank you Jumia and happy 10th anniversary’’ Jumia launched its Sustainability report earlier this year as it believes in contributing to social development, generating employment and business opportunities,

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and closing inequality gaps for thousands of people.

To reiterate its commitment, Jumia donated 400 UN ECE 22.05 Certified Helmets to its delivery associates at the Anniversary Launch event in Accra as part of the Fédération Internationale de l’Automobile (FIA) Safe and Affordable Helmet Programme.