Africa Fertilizer Financing Mechanism extends US$2m credit to boost farmers’ access to fertilizers in Ghana //STORY ON PAGE 3
W E D N E SDAY, J UN E 1 5, 202 2
eTranzact calls for more investment in digital payment ecosystem //STORY ON PAGE 3
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Economy shows signs of rebound, but… By Business24 Journalist
‘Ghana Card has long way to go to gain e-passport recognition’ By Eugene Davis
//STORY ON PAGE 4
Ghana has enjoyed two decades of steady growth, but the impact of the Covid-19 pandemic and the Ukraine-Russia crisis could dent economic prospects, according to an African Development Bank report launched on Thursday. The 52-page report, titled ‘Transforming Ghana,’ reviews the country’s development over the past ten years (2012–2021) and evaluates the African Development Bank’s contribution through its High 5 strategic priorities. Ghana’s GDP per capita grew 2.3% per year on average between 2012 and 2021, the report notes, citing the country’s stable political environment. Real GDP growth averaged 5.2% during the same time,
causing the country to rank among Africa’s fastest-growing economies for several years. Having achieved lower-middle income status in 2010, the population living below the poverty line fell from 24.2% in 2012 to 10.7% in 2021. With regards to the High 5s, the Bank’s track record is impressive. In the period under review, 96,200 people gained access to electricity connections, thanks to Bankfunded projects. A further 520,000 benefited from improvements in agriculture. Around 1.24 million people have enjoyed better transport services, and 277,000 people gained access to new or improved water supplies, among other achievements. //MORE ON PAGE 2
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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. The Ministry of Communications and
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.
Economy shows signs of rebound, but… By Business24 Journalist | continued from page 1
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Looking ahead, the mediumterm outlook is positive, with the economy projected to grow by 5.3% in 2022 and 5.1% in 2023. This may change if the UkraineRussia crisis is prolonged, the report found. It said the Covid-19 pandemic and the Ukraine-Russia crisis have accentuated the need for structural transformation, citing declining mineral resources. At the same time, population growth and social expectations call for creating a massive number of jobs, particularly for the surging youth demographic. In this context, economic diversification is paramount, together with inclusive growth, to mitigate the country’s vulnerability to external
shocks and build resilience. The new decade, whose beginning was marked by the Covid-19 pandemic and the Ukraine-Russia crisis, will test the country’s resilience and the inclusivity with which Ghana pursues economic and social development, the report said. Ghana and the African Development Bank have been partners since 1973 when the Bank approved its first project in support of the rice sector. Since then, the Bank has approved 127 projects worth $4.1 billion. The projects have concentrated on agriculture and transport, which together account for more than 50% of the Bank’s investments in
Ghana. The current active portfolio in Ghana comprises 18 operations with a total commitment of $751.5 million across various sectors. The transport sector is the largest beneficiary with 42% of total commitments, followed by agriculture (23%), and the remaining going to sectors including power and water supply and sanitation. The current Bank’s country strategy paper for Ghana covering the period 2019–2023 supports the country’s development goals of job creation, economic inclusiveness, and macroeconomic stability through industrialization.
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eTranzact calls for more investment in digital payment ecosystem Executive Director for eTranzact Ghana, George Babafemi, says though the country has good infrastructure to support its digitization agenda, there is the need for companies in the digital payment industry to invest more into technology and security of their operations. He said to ensure that the industry sustains the success and growth, there should also be more public education, and effective regulation from the central government to let the public know and understand the digital payment ecosystem and it benefits. “When I talk about regulating the industry, I remember back then in 2005, it wasn’t an interesting industry. People didn’t understand what we were saying. eTranzact was the first to start mobile transaction in the country on the smart phone, that’s from your bank account to anybody in 2005. When we started, we were not understood but a lot has gone into that space, many investors are now coming into the space. So, there was a need for government to come in to regulate that space effectively so that companies cannot just come and do anything they like within the space,” he said. Though, he said the country has enough regulations in the industry, there should be more education about what the regulation entails, saying “as it stands now it is only the industry players who know much about the regulation.”
“How many individuals know about the regulations of this industry and know who they can complain to, or deal with and also, to know which companies are licensed to operate in the industry and in the country? The public needs to know about the regulations and that will start with education,” Mr. Babafemi said. He, however, called on all stakeholders to start educating the public on the nature of the industry but urged government to lead that agenda. “Every industry player should get involved in the public education, especially in the area of security since that’s one of the things that demotivate the public from engaging actively in that space,” he added. Pioneering payment system in Ghana He said eTranzact is a pioneer in the digital payment industry in the country as it has been around since the last 17 years, providing payment services for banks even at the time people do not have much ideas about it. “We have all these years been providing services for companies, individuals and banks who want to go digital with their financial services. As at today, everyone has something to do with receiving or making payment for goods and services. eTranzact plays in the space as a payment aggregator and as an intermediary between a payee and the receiver. He said his company develops customized applications
that make payments very convenient and easy for its customers. Sometime people don’t even know what they need but when they talk to us, we will proffer and develop solution that is custom-made and most suitable for them, he said. When asked how the industry has been performing over the years, Babafemi said “We are still here, the fact that people are getting to know about eTranzact more and more means that the industry is opening up but there are rooms for improvements.” He explained that the things that can always make the industry better which eTranzact has been doing now is educating the public on the nitty gritty of the industry. He said many people just have an idea of what is happening but they really don’t know how to dig into them. He cited, for instance, the e-levy which just got into the space, saying even though there has been public education on elevy, many people especially businesses really don’t know how they can take advantage of it. He said “all they know is that you are charged e-levy when you pay money through your mobile money but then there are legitimate exception such that If I’m paying a business entity who is registered with Ghana Revenue Authority as an income tax entity, I wouldn’t need to pay e-levy. That’s something that all businesses need to know and this
should help businesses who are not on GRA register to regularize as tax paying entity. He said eTranzact is resolved to educate the public on digital payment service and how individuals and businesses can leverage to grow, stressing that businesses who want to digitize their products or services need to know which of the plethora of payment solutions to leverage on. He added that many people have the mindset that digitization of their payment services is very expensive, however, this is not always true. It doesn’t have to cost a fortune to digitize the payment services of any company. Addressing that, he said eTtranzact can provides services for businesses almost at no initial cost of implementation. We work with banks and other institutions using this model and focuses of fee sharing because we don’t want to make payment services so expensive. We want everybody to be included. We call it financial inclusion. It has to be easily accessible in terms of cost.
Africa Fertilizer Financing Mechanism extends US$2m credit to boost farmers’ access to fertilizers in Ghana The Africa Fertilizer Financing Mechanism (AFFM) will extend a $2 million partial trade credit guarantee to ETG Inputs Ghana Limited to support delivery of fertilizer to 200,000 smallholder farmers in Ghana’s Upper East, Savannah, Northeast, and Northern Regions. The move will ease the current shortages in supply and boost yields, food security, and incomes of farmers in the designated regions. Under the agreement ETG Inputs Ghana Limited, a subsidiary of agricultural conglomerate ETG, will enable delivery of 10,000 metric tons of fertilizer to wholesalers who will distribute it, via retailers, to farmers in the regions. The credit enhancement mechanism is expected to reduce risks associated with suppliers selling fertilizer to wholesalers on credit, which can result in farmers having limited access to good quality fertilizer. “This project with ETG comes at a time when Africa’s farmers— recovering from the economic impacts of the Covid-19 pandemic—
now face rising market prices for fertilizer, largely due to Russia’s war in Ukraine,” said Dr. Beth Dunford, the African Development Bank’s Vice President for Agriculture, Human and Social Development. “This partial trade credit guarantee helps improve access to these inputs at more affordable prices.” The war in Ukraine has contributed to fertilizer shortages, driving prices higher, and reducing supplies. In Ghana, the fertilizer shortage has now affected 60% of the supply. The
country has seen the cost of a 50kg bag of a commonly used nitrogen-, phosphorus- and potassium-based fertilizer skyrocket from $26 in November 2021 to $46 in April 2022, according to the Africa Fertilizer(link is external) initiative, which compiles data, statistics, and information on fertilizers in Africa. The trend is threatening agricultural production just as many countries head into the planting season. At the same time, imports of food staples into Africa, such as
wheat and oilseed, are also being disrupted by the war. Ashish Lakhotia, CEO of Fertilizers and Agri-Inputs at ETG, said fertilizer production and distribution can be expensive. “Securing opportunities for risk-sharing is crucial to building an environment of trust that leads to fertilizer availability for smallholder farmers. I’m confident our collaboration with the Africa Fertilizer Financing Mechanism will mitigate potential risks we face when dealing with wholesalers.” The project, which will last for one year, will support as many as four wholesalers to sell fertilizer with a value of up to three times that of the partial trade credit guarantee. It will also contribute to linking wholesalers to around 200 retailers who will onsell the fertilizer to farmers. The Africa Fertilizer Financing Mechanism is hosted by the African Development Bank. Established in 2007, it seeks to enhance panAfrican agricultural productivity by promoting the use of fertilizers.
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‘Ghana Card has a long way to go to gain e-passport recognition’ By Eugene Davis The Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, has disclosed to parliament that the Ghana Card [national identity card] has “some way to go” for it to be recognized as an e-passport. Appearing before parliament on Tuesday to answer questions on Ghana card and e-passport, he said “Even though Ghana card bears the technical features of an e-passport, there is still a long way to go for it to be recognized as such.” Further, she indicated that the Ghana Card is not a replacement to the current biometric passport, noting that the Ghana Card may serve as an optional travel document to be used in tandem with the biometric passport. “It must be underscored that the passport, together with the travel certificate are the only approved travel documents for Ghanaians that are internationally recognized. At the moment, the Ghana Card cannot be used for travel to other countries either within or outside of ECOWAS
as that would require bilateral agreements with those countries for their authorities to accept the card as a travel document. The Ministry is in active discussion with ECOWAS member States and our bilateral partners to achieve this. However, in light of the announcement by the Ghana Immigration Service titled “Notice to the Public: Use of Ghana Card as a Travel Document”, dated 24 February,2022, Ghanaian and dual national holders of the Ghana card would be able to travel to Ghana using Ghana Card.” She explained that an e-passport is an international travel document, which contains the biodata of its holder on microchip. It has a robust security feature against identity and other forms of document fraud, thereby rendering it the travel document of choice for most countries. By contrast, the Ghana Card, as defined in section 19 of the National Identification Act, 2006 (Act 707) is “an identity card with a personal identification number issued by the Authority
for purposes of identification of a person to whom the card is issued” Therefore, while the card is principally an identification document, an e-passport is essentially a travel document. The Ghana Card is a national Identity card that is issued by the Ghanaian authorities to Ghanaian citizens – both resident and non-resident, and legally and permanently resident foreign
nationals. It is proof of identity, citizenship and residence of the holder. The Ghana Card, which uniquely identifies the individual based on biometric features, can be used by the individual for the verification and authentication of identity in the following situations: passport acquisition, healthcare delivery, acquisition of drivers’ license among others.
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Marine Protection: CIMAG pushes for an integrated ocean governance policy By Patrick Paintsil The Centre for International Maritime Affairs, Ghana (CIMAG), is calling for the establishment of an integrated ocean governance policy that provides the legal and political framework that protects the oceans for a sustainable marine future. According to its Executive Director of CIMAG, Albert Derrick Fiatui, such a policy will provide the reference point for the necessary coordination from the various governmental agencies that have some mandate to perform on the country’s oceans. Mr. Fiatui said: “What we see currently is an amorphous management of the ocean by various agencies. The Ghana Maritime Authority is supposed to be the landlord of the ocean, the environmental protection agency; the fisheries commission is doing something, the National Petroleum Authority and the Ghana National Petroleum Corporation and even the National Communications Authority because of the fiberoptics they put in the sea. All their activities are not very well coordinated so when issues arise
you do not know who to go to.” He lamented the deplorable state of the oceans in some of Ghana’s coastal areas, when it comes to marine litter. The Executive Director of CIMAG bemoaned the indiscriminate dumping of all forms of refuse in our waterways, decrying consequences to human and marine life. “The danger is that when these refuse go in the sea, the fish ingest them, and we in turn consume those fishes and they pose a danger to us. The newer diseases, the cancers could be attributed to some of these things.” He also bemoaned the ongoing
use of mangrove resources for domestic and commercial use by some indigenes of coastal communities. He said a lot of these human activities is borne from ignorance hence the need for increased awareness creation. Taking her turn on the subject, the Acting Director in charge of Natural Resources at the Environmental Protection Agency (EPA), Jewel Kudjawu, intimated that though she is of the opinion that enough awareness has been created, there remains a poor attitude towards marine conservancy. She lamented poor
domestic waste management, indiscriminate housing projects, aided by traditional authorities, among other human activities are rendering efforts to rid the oceans off filth futile. She revealed that this year the United Nations Environment Assembly (UNEA), has decided to introduce a legally binding document on plastics, and she is hopeful when implemented by countries, the marine litter situation will be drastically mitigated. She also disclosed the EPA is partnering with the Ministry of Environment, Science, Technology and Innovation and other stakeholders such as the Fisheries Commission, the District Assemblies, to develop an integrated ocean management policy. Mrs. Kudjawu said: “We have started working on it. We have a working group that has put the draft together. The draft will be taken to stakeholders to review so that they can make inputs; we revise and submit to cabinet for approval.”
Ghana’s Radio Regulations Board candidate introduced to Commonwealth countries Ghana’s Radio Regulations Board candidate, Rev. Ing. Edmund Fianko, was presented to some Commonwealth countries in Kigali during a breakfast meeting hosted by the Commonwealth. Rev. Fianko is an electronic communications engineer with in-depth experience in radio frequency spectrum management, telecom and broadcasting regulation as well as policy formulation at the national, regional and international levels. He has been actively involved in the electronic communications regulatory environment for the last fifteen (15) years. The Minister for Communications and Digitalisation, Ursula OwusuEkuful, who presented Ghana’s candidate requested member countries’ support for him. She also revealed Ghana’s quest to be re-elected to the ITU Council. As Ghana is the co-chair of the Commonwealth, Owusu-Ekuful, also urged the Commonwealth Community to vote for Commonwealth countries vying for the various ITU positions as it will enable the Association to have
people in strategic positions to push forward the Commonwealth agenda. She also seized the opportunity to announce a new draft resolution that Ghana is championing at the ITU and extended an invitation to other countries to be part of the initiative. “It is my pleasure to inform you all that Ghana is championing a new draft resolution on Partner2Connect and therefore calls for support from partner countries for its implementation and sustainability. In this regard, South Africa and Namibia have come up with their support hence they are co-sponsors of the draft at WTDC. Let me at this point seize the opportunity to invite any country which wishes to support this initiative.” Owusu-Ekuful was the guest speaker at the Commonwealth Breakfast Meeting. The Radio Regulations Board, in general, approves rules of procedure, used by the Radio communication Bureau in applying the provisions of the Radio Regulations and registering frequency assignments made by
the Member States. It also addresses matters referred by the Bureau which cannot be resolved through the application of the Radio Regulations and Rules of Procedure. Furthermore, the Board considers reports of unresolved interference investigations carried out by the Bureau at the request of one or more administrations and formulates Recommendations. The elections will be held at the next Plenipotentiary Conference (PP-22) which will be held in Bucharest, Romania, from 26th September to 14th October 2022.
Ursula Owusu-Ekuful, Minister for Communications and Digitilisation, delivering her remarks
Representatives of Commonwealth Member Countries at the meeting, including the ITU Secretary General
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Putin’s war and the German Economic Model By Dalia Marin
Will Germany’s economic model survive Russian President Vladimir Putin’s war on Ukraine? As I noted in a recent talk at Harvard University, answering that question requires revisiting recent economic history. Germany’s economy was transformed after the fall of communism in 1989. Liberalization of trade with the country’s eastern neighbors had three profound effects at home. First, it led to decentralized wage bargaining. Second, it had a flattening effect on hierarchical management in German firms. And third, it extended German production networks into Central and Eastern Europe. On the first count, the opening of ex-communist Europe – where labor costs were lower – changed the power equilibrium between Germany’s trade unions and employers’ federation. With the loss of union bargaining power, wage negotiations shifted from the national level to the firm level. Owing to this new structural wage restraint (the so-called Lohnzurückhaltung), unit labor costs in Germany declined by 30% between 1995 and 2012. Germany was the only country in Europe to experience such declines. While the 2002-05 Hartz labor-market reforms are often blamed for reducing German wages, the data indicate that they played no role in this development. The opening of the excommunist countries also introduced decentralized management. As trade became more internationalized and competitive, innovation and the generation of new ideas became more important. To encourage
more creativity among workers, German firms delegated decisionmaking power to lower levels of management. This approach proved highly effective. Germany’s business culture increasingly championed quality, and empowering lower levels of management led firms to introduce more products that customers appreciated. The typical (median) German firm that embraced decentralized management increased its export-market share by a factor of three, while firms that stuck with centralized management generally recorded no such gains. Finally, the opening of excommunist Europe led to expanded production networks, which reduced costs and helped Germany deal with a severe skills shortage. Germany’s eastern neighbors offered a large pool of skilled workers, particularly engineers. In 1998, 16% of the these countries’ populations had university degrees, compared to 15% of Germans. Moreover, the growth of Germany’s human-capital stock (based on measures across five categories of educational attainment) had slowed to an annual rate of 0.18% in the 1990s, compared to 0.75% in the 1980s. Thus, when German firms invested in Central and Eastern Europe, they employed three times as many people with academic degrees and 11% more research personnel in their subsidiaries than in their parent firms. By the late 2000s, the resulting supply chains had reduced costs and increased productivity in German multinational firms by over 20%. Germany went from
being the sick man of Europe in the 1990s to the economic powerhouse that it is today. Will these economic arrangements survive Russia’s invasion of Ukraine? To answer that, it helps to revisit the period following the 2008 global financial crisis. While transnational supply chains were a major engine of globalization after the fall of communism, and especially after China’s entry into the World Trade Organization in 2001, they stopped expanding after 2008. Increased global uncertainty led to an accelerating trend of reshoring to high-income countries, including Germany. The risk of non-delivery for key inputs made firms in highincome countries reassess their production networks. While the global financial crisis ended hyper-globalization, the COVID-19 pandemic seems to have triggered deglobalization. The coronavirus introduced an unprecedented degree of global uncertainty, compounding the legacy effects of the 2008 shock. Kemal Kilic of LMU Munich and I estimate that COVID-19 has reduced global supply chains by 35%, measured by imported inputs from developing countries as a share of total inputs. Now, Putin’s war is accelerating the deglobalization that COVID-19 started. The war has sent shockwaves throughout the world economy and further increased global uncertainty. Worse, Russia’s aggression seems to be just one violent manifestation of a broader authoritarian trend. A world of increasingly assertive autocracies is hardly conducive to trade, global supply chains, and foreign direct investment.
Recent moves by China are particularly worrying. China has sanctioned imports from Lithuania in retaliation for that country hosting a Taiwanese Representative Office, and it has imposed tariffs on imports from Australia after Australian officials criticized Chinese stonewalling in the investigation of the pandemic’s origins. Unfortunately, the weaponization of trade has become all too common and, along with the shock from Putin’s war and the continuing uncertainty from the pandemic, will prolong the disruption of supply chains. The longer these disruptions last, the more likely it is that firms will reorganize their supply chains altogether. US Secretary of the Treasury Janet Yellen has already suggested that “friendshoring” should be added to the list of strategic options, alongside reshoring and onshoring. In Germany, friend-shoring is already underway. According to a survey by the Ifo Institute, 50% of German companies with supply chains in China are now rethinking their operations. The German economic model is not dead yet. But its high dependence on international trade implies that today’s changing economic and geopolitical environment will confront Germany with greater challenges compared to most other developed countries. The best way for Germany to sustain its post-Cold War economic model is to diversify its trading relationships so that it is no longer overly exposed to instability in a particular country or region.
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The keys to the Kingdom By Richard Haass
Several recurring debates animate foreign policy. The most basic is how much foreign policy to have, or how to strike the right balance between addressing domestic issues and problems abroad – in extreme form a debate between isolationism and internationalism. Then there are debates over tools (diplomacy versus sanctions or military force) and means (unilateralism versus multilateralism). In some countries, there are also debates over how foreign policy should be made and carried out; in the United States, for example, this debate involves the role and powers of Congress versus those of the president and the executive branch. For democracies, though, there is an additional debate over goals. To what extent should foreign policy seek to shape other countries’ internal characteristics, namely by promoting the spread of democracy and human rights, rather than focusing on influencing other countries’ external behavior in an effort to promote hard interests such as security and trade. Call this the debate between idealism and realism. This is an eternal debate for US leaders and policymakers. Take the case of Saudi Arabia. Relations between the two countries had for three-quarters of a century been mostly cooperative, above all on oil-related matters: In exchange for the Saudis pumping copious amounts (thereby reducing price pressures), the US provided the advanced arms and intelligence
the Saudis required for their security. The two countries also collaborated against the Soviet Union during the Cold War, most notably in Afghanistan. Such common interests more often than not offset persistent differences over the Saudi government’s poor human rights record and the Kingdom’s hostility toward Israel. President Joe Biden’s administration came into office a year and a half ago determined to alter this pattern and treat Saudi Arabia as a “pariah.” The US had concluded that Crown Prince Mohammed bin Salman (widely known as MBS), the country’s de facto ruler and heir apparent to the throne, ordered the 2018 murder in Istanbul of Jamal Khashoggi, a prominent journalist and Saudi dissident who was a US permanent resident. The Biden administration was also deeply opposed to Saudi participation in Yemen’s civil war, a conflict responsible for enormous human suffering. With oil prices low and supplies plentiful (in no small part because of much-expanded US output), and Biden determined to reduce the US footprint in the Middle East and focus on Asia, values appeared to take precedence over economic and security interests for the first time since US-Saudi relations developed in the 1940s. Now, however, the Biden administration is reportedly considering a change of course, with Biden planning to visit the Kingdom and meet with MBS this summer. It is not difficult
to figure out why. Energy prices have skyrocketed, owing to high demand associated with the postpandemic economic recovery and the sanctions now in place against Russia, Iran, and Venezuela, all of which limit supply. Higher energy prices are fueling inflation, which has emerged as the greatest economic and political challenge facing the Biden administration. Suddenly, Saudi Arabia, the rare oil producer with the ability to increase output relatively quickly, is a muchneeded partner again. Other factors are at work as well. Several Arab countries in recent years, including the United Arab Emirates and Bahrain, have made peace with Israel. Bringing Saudi Arabia, host to the holiest sites in the Muslim world, into the peace camp would have great symbolic and political value. Also paving the way to a presidential visit is Saudi Arabia’s embrace of a ceasefire in Yemen. What could ultimately prove to be the most important reason, though, is Iran. The US and Saudi Arabia find themselves sharing mounting concern over Iran’s nuclear and missile programs, as well as its support for violent groups in Yemen, Syria, and Lebanon. It is a classic case of the enemy of my enemy is my friend. Close cooperation between the Kingdom and the US will be essential if, as seems increasingly likely, diplomatic efforts to restore the 2015 nuclear pact with Iran fail – or fail to prevent Iran from achieving nuclear breakout with little or no notice.
Despite these new considerations, the Biden administration is treading carefully, as it is sure to be attacked for changing its stance. The good news is that there is no reason for the US to abandon its commitment to human rights. The Saudis need US support to stand up to Iran, and as a result can be pushed to improve their treatment of government critics, women, and religious minorities. The result will not be perfect, but the emergence of a more open society is achievable. There is a larger lesson here. A successful foreign policy for a global power such as the US cannot choose values over interests. A pure, values-centered approach to Saudi Arabia – or toward China, Russia, Iran, or North Korea, for that matter – is unsustainable. The principal measure of a foreign policy is that it prioritizes the country’s security over its preferences. Realism must prevail over idealism. History suggests the ability of a country, even one as powerful as the US, to bring about political reform in other countries is limited. But this does not mean that the US should ignore democracy and human rights. Foreign policy must reflect the country’s values if it is to enjoy public support and lead over time toward a more democratic world, which is more likely to be peaceful and prosperous and open to cooperation. It is always a matter of degree and of balance. What the Biden administration is contemplating in Saudi Arabia appears to be righting the balance.
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WEDNESDAY, JUNE 15, 2022
Ex gratia, public service It has been a rather busy political landscape for the last month or so as the nation has gone charging breathlessly on a variety of issues with the speed and vigour of a bull in a China shop. As my friend Yaw Nsarkoh wrote on Facebook last Thursday, “In about only three weeks – the Ghana chatterati has flitted from: Achimota Forest and wills to floods, flogging of young people in Wa, management of public lands, tweets by High Commissioners and four-page responses by the IGP. “To the sources of funding of cathedrals. To now, media wars over Togbe Afede’s refund of ex gratia. My limited antenna has detected no clearly communicated resolution roadmap for any of these issues. The civic stamina that Mr Nsarkoh alludes to does not go that far though, and eventually, we shrug and move on – until the next payment cycle, that is, when we express shock once again. It appears, however, a letter by Togbe Afede XIV, the Agbogbomefia of the Asogli State, President of the Asogli Traditional Area and former member of the Council of State from 2017 to 2020, which recently found its way into the public space and in which he stated he had returned his ex gratia benefits to the State, has sparked yet another national outburst on the matter, way ahead of the usual peaking point in our political cycle. Whatever the merits or otherwise of the several issues the letter raised, with its attendant
media wars, it is undeniable that Togbe’s GH¢366,000 ex gratia letter touched the raw nerve that ex gratia is and always has been. However, the whopping sums involved and our particularly difficult current economic situation have conspired to jangle those frayed nerves even further. Constitutional arrangements Article 71 of the Constitution defines a group of people popularly known as ‘Article 71 office holders’, including the President, the Vice-President, the Speaker of Parliament, the Chief Justice and the Justices of the Superior Court of Judicature. The rest are Members of Parliament (MPs), Ministers of State, political appointees and public servants with salaries charged to the Consolidated Fund but enjoying special constitutional privileges. Whilst the President, through a committee he sets up, determines the salaries and emoluments of certain Article 71 office holders, including the Speaker, Deputy Speakers and MPs, Parliament in return determines the salaries and emoluments of the President, his vice, his ministers and their deputies and the Council of State, again through the same committee, which comes across as a cozy little arrangement among the ruling classes. Prof. Baffuor Agyemang Duah, a Senior UN Governance Advisor and co-Founder of the Centre for Democratic Development (CDD), makes the interesting point that curiously, the Constitution which has selected what he calls ‘an elite
class of people to be treated in a special way in respect of their salaries and benefits by way of Article 71, was supervised by a government that held great store by way of its abhorrence of elitism and claimed to stand for the ordinary man. Article 71 of the 1992 Constitution was lifted, word for word, from Article 58 of the 1979 Constitution. The whole idea, therefore, predates the Fourth Republic, even if it was never actualised for the Article 58 office holders under the 1979 Constitution, following the 31st December, 1981 coup that truncated the Third Republic. Abolition or reform? However, you look at it, the ex gratia figures are quite princely sums and way above the dreams and means of the overwhelming majority of Ghanaians, especially when you look at the basic salaries of the various Article 71 office holders and then pit them against what doctors, nurses, teachers, lecturers and other public servants earn and also take home when they come to the end of their long service to the State. There is no doubt the level of public irritation with ex gratia, the quantum of which is usually yoked to the qualifying person’s basic retiring salary as a golden goodbye of sorts, together with various perks in some cases. Some even call for the scrapping of Article 71 from the Constitution in order to create a fairer system and rein in the level of public spending on salaries and emoluments.
Whether one agrees or not, what we cannot run away from is that there must at least be some important, fundamental reforms, including the rationalisation of ex gratia and the whole Article 71 architecture because it will not just go away into the sunset. Indeed, Prof. H. Kwasi Prempeh of the CDD believes that the Fair Wages and Salaries Commission (FWSC) should be made to double as and take over the functions of the Article 71 committee and harmonise Article 71 “emoluments” with public sector salaries and benefits generally. In his view, using the FWSC would also save us the additional expense of constituting a new Article 71 committee every four or eight years. He does not believe we even need a constitutional amendment to do this. Since it is the President’s prerogative to appoint the Article 71 committee, he insists that all a President has to do is designate the FWSC as the Article 71 committee and thereby establish a useful precedent that will serve as convention for his successors to follow. I am sure other views persist and that they can be distilled in such a manner as to be able to deal with this issue in a clear, concise and just manner. May we have the focus and civic stamina to last the course. Rodney Nkrumah-Boateng. E-mail: rodboat@yahoo.com
WEDNESDAY, JUNE 15, 2022
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| NEWS
Africa’s new exciting entry point for culture and creativity So Fraiche Media, Africa and the Diaspora’s most preferred bespoke media production agency which produces the best visual content, collaborated with media broadcaster and presenter Norman Busigu to host an exclusive screening event for the highly anticipated debut of the documentary “Ghana: Africa’s exciting entry point”. Held at the renowned London’s members’ club Soho House (White City) on Saturday, June 11, the event celebrated the tenth anniversary of So Fraiche Media’s work across Ghana, the UK and West Africa, including a special Q&A and panel session with talents, including Global Entertainment Director for Vogue, Deborah Ababio. The documentary featured broadcaster Noman Busigu’s journey across Ghana to explore how the country has transformed itself as the new hub and destination for entertainment, business, tourism, culture and the creative economy for Africans and Diasporans. With a series of interviews at Ghana’s more prominent and famous landmarks and events, including the Independence Arch in Black Star Square in Accra, Afrochella and the Cape Coast castle, viewers had a glimpse of why Ghana is now one of the most preferred destinations for many individuals of African descent who want to invest, reconnect and create new economic pathways. The documentary was produced by So Fraiche Media, whose work has created incredible productions emphasising the new leading role of Ghana, the youths, and Diasporans in creating a new way of storytelling to showcase Africa’s transformation over the last decade and inspire new solution-providers to bring their creativity and businesses across Ghana and many other nations to tap into the creative potential of the continent. The exclusive screening saw the attendance of a number of dignitaries and personalities, including diplomatic members from the Ghana High Commission UK, Mr. Papa Kow Bartels, Head of Trade and Investment Minister/ Counsellor; Mrs Joana Nyarko-Mensah Adika,
“This documentary and the work displayed by So Fraiche Media are indicative of the opportunity for African content creators to push the boundaries of their creativity and innovation and use storytelling to celebrate Ghana and Africa and discuss new solutions to address issues and challenges. As Ghanaians, we will continue to create opportunities for those looking at Ghana as the new exciting entry point for business, creativity, culture and tourism. We have reached a stage where it is essential for Africans and Diasporan youths to tell new and compelling stories about Africa, help to attract new investments and shift the usual, negative stereotypes” commented Mr. Papa Know Bartels, Head of Trade and Investment Minister/Counsellor at the Ghana High Commission, UK.
Political & Economic Counsellor; presenter and host, Akua Gyamfi; Aji Ayorinde, Commercial, IP and Music lawyer and cofounder of Uburu, who engaged in the panel discussion focusing on investments in the creative industries and how young Ghanaians across the country, the Diaspora and other nationalities can be part of this new creative and socio-economic revolution heralded in and from Ghana. Cyril Ofori-Nelson, CEO and co-founder of So Fraiche Media said: “As Ghana continues to be considered the go-to destination for tourism and business, we believe that it is crucial for Ghanaians and Diasporan creatives to capitalise on the burgeoning African creative and film industry by hosting productions from neighbouring countries and more across the Continent, as well as attracting international film and TV projects. For this reason, So Fraiche Media aims to continue its mission and mandate to support creatives with visually compelling produced content to attract more business and investors and showcase the new rising power of the Y.A.D.C (Young African and Diasporan creatives). “ Africa’s new creatives represent one of the most important and lucrative markets to invest in and as the world learns more about the impact of African creatives, Ghana has now become one of the main hubs of the Continent’s creative economy. Creative companies such as So Fraiche Media wants to further promote international and intra-African integration across the creative industries and uses video and content creation to support African and Afro-Diaspora creatives to make their impact on the global scene and fly the flag for Africa. Photo: From L to R: Ghana Documentary at Soho House, White City, London, UK; Mr. Papa Kow Bartels, Head of Trade and Investments, Minister/Counsellor at the Ghana High Commission, UK; So Fraiche Media Panellists at Soho House, White City, London, UK; Broadcaster Norman Busigu at Soho House, White City, London, UK
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| FEATURE
WEDNESDAY, JUNE 15, 2022
Stop blood tax! End period poverty! Another year to celebrate World Menstrual Hygiene Day (May 28) just went by with a lot of talk, pledges and commitment to make menstrual hygiene products affordable and accessible to all girls and women. That was not new, neither was it eventful because that has been the case each year — talk, talk and more talk with little action. I chanced upon a Facebook comment — the writer, a basic school teacher, narrated how he met a young girl at a pharmacy who had come to buy a sanitary pad. When the price of GH¢10 was mentioned as the cost for a pack of sanitary pads, she began to walk away. ‘’Noticing her stained dress, I engaged her in a conversation. She had only GH¢7 for the pad and could not afford the GH¢10’’. According to her, since that day was a Sunday, she would ‘manage’ at home. However, the next day was her problem — she could not go to school and would have to wait till her menses was over or if she used pieces of cloth to collect the blood. ‘’I had to buy her two packs of sanitary pads that day’’, he said. The question is: how was she going to ‘survive’ the coming months? How many girls and women in our society face the same situation every month? Period poverty real Period poverty refers to the social, economic, political and cultural barriers to menstrual products, education and sanitation. Period poverty is real. Women and girls menstruate every month and many are unable to afford sanitary pads. Cultural myths, discriminatory traditions, gender inequality, bad policies, among other things, continue to impact negatively on women and girls leaving them stigmatised, restricting their mobility and feelings of embarrassment for something they experience which is a natural phenomenon. A relationship publicist and blogger, Ms Abena Magis, says period poverty is real and although she has no data to support it, she was positive that out of every 10 girls, about seven to eight cannot afford to buy sanitary pads, particularly those in the rural and sub-urban areas. Ms Magis works with teachers
across the country to provide sanitary pads to girls and women. Her initiative known as the ‘Mano Pad Fund’ has been distributing thousands of sanitary pads to girls and women across the country since 2020. She hopes to develop this initiative into a sanitary pad bank, which will be stationed at vantage points across the country for easy access to girls who cannot afford sanitary pads. Getting sanitary pads could sometimes lead girls to do the unthinkable, which may be detrimental to their life or health. Ms Magis narrated a story of one of her coordinators who goes to villages in the northern parts of the country and other border towns to distribute sanitary pads. On one of such occasions, the man, after distributing the pads, could not believe it when one of the beneficiary women was willing to give her daughter to him in marriage because of sanitary pad. Again, Ms Magis said a teacher at a basic school in Yamoransa also attested to the fact that some of pupils slept with men for money to buy sanitary pads. Tax Menstrual hygiene products are classified as luxury products and heavily taxed, making it unaffordable for women and girls in low-income homes and deprived communities in the country. Over the years, governments have been urged to remove the 20 per cent import duty tax and the 12.5 per cent Value Added Tax (VAT) on sanitary products to make it less expensive and accessible to women and girls. But this call on governments have fallen of deaf ears. Kenya and South Africa have reviewed taxes on sanitary products. Kenya spends at least $3 million annually to provide free sanitary products for girls. In 2020, Nigeria waived VAT on locally manufactured sanitary products. Spain was in the news recently for the country’s plan to introduce paid “menstrual leave” in the workplace, if approved in parliament. It would mark a European first. New Mexico has a 5.125 per cent tax on all menstrual/hygiene products. A bill, HB 32 Feminine Hygiene Products
Tax Repeal, is under consideration to remove that tax to make menstrual products more accessible for New Mexicans. Prices of sanitary pads But that is not the story in Ghana. Sanitary pads are expensive and not affordable to most people. A pack of Yazz is GH¢11; Propa GH¢11; Softcare GH¢8; Always GH¢12; Cute woman GH¢4.50; as of the time of filing this story. Locally manufactured pads such as Yazz and Softcare are expensive because of the taxes on the raw materials. However, there are a few people using cloth materials to make reusable menstrual pads which are environmentally friendly and less expensive compared to the disposable ones. Sustainable interventions For the founder of Period Matters, Able Delalie, it was important to remind the government of the campaign promise to remove the taxes on menstrual hygiene products. She did not mince words when she said: “On menstrual hygiene day, let’s be reminded of the promises the current government made to us when they were canvassing for our votes. Prices of our menstrual products have increased astronomically. Our purses have no choice than to bleed alongside our bleeding vaginas. Menstruators make up 50.7 per cent of Ghana’s population yet our concerns go unattended to.” Ms Delalie, who is also a pharmacist with special interest in female reproductive health, noted that advocates had over the years sought to bridge the period poverty gap through various efforts. However, she noted that all these interventions and progress would come to naught if there was no sustainability. For Ms Magis , to reduce period poverty, the government must remove the luxury tax and VAT on menstrual hygiene products to make it affordable. “Buying sanitary pads goes for averagely GH¢9 depending on the town and is astronomical, and how many girls can afford to buy it? She queried. She suggested pilot schemes so that girls attending schools in the rural areas would be given free pads
provided by the government to stop period poverty. Health, well-being According to health experts, when women and girls use unsanitary menstrual products, it increases their risk of fungal, urinary, and reproductive-tract infections which impacts on their overall health and well-being. Therefore it is important for women and girls to have access to hygienic sanitary products, accurate scientific information and hygienic practices of menstruation. Women, girls, boys and men also need education and information on how periods work, when to expect them, how to manage them, hygienic solutions, where to access them and methods of disposal. Menstrual equity There is the need to correct this inequity and it is worthy to note that on May 27, 2022, US Representative, Grace Meng, introduced a resolution in the House of Representatives, the Menstrual Equity for All Act which seeks to make menstrual hygiene products more affordable and accessible to women. According to ActionAid, girls often miss one or more days of school during their periods, which negatively impacts their education. In Sub-Saharan Africa, for example, some girls will miss as much as 20 per cent of their school year; some may drop out of school altogether. The loss of education can mean girls are more likely to be forced into child marriage. Period poverty impacts girls and women everywhere. The solution is within reach. We need sustainable interventions to ensure that women and girls have free and easy access to menstrual hygiene products and services. Every woman or girl should have an understanding of her menstrual health needs and access to related products and services. If we are to meet the Sustainable Development Goals 3 (Good Health and Wellbeing), 4 (Quality Education), and 5 (Gender Equality), then it is time to take action on period poverty. Menstruation is a natural phenomenon and it should not be a barrier to women and girls to achieve their dreams.
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| HEALTH
WEDNESDAY, JUNE 15, 2022
Why not flexitarian diet? By Maame Efua Egyima Annan & Dr Joana Ainuson-Quampah The flexitarian diet is a combination of two-word “flexible” and “vegetarian”, which evolved from a definition of a vegetarian consumption pattern, occasionally including meat products. This diet was created by a registered dietician called, Dawn Jackson Blatner, to help people reap the benefits of vegetarian eating, while still enjoying animal products in moderation. The flexitarian diet is also referred to as, Semi-vegetarian, Vegivores or Vegan before 6pm. Why Flexitarian diet? Flexitarian diet became known when veganism and vegetarianism started to gain some sort of acceptance in a way not seen before. Individuals on vegan and vegetarian diets have been reported to have an increased risk of Vitamin B12 and iron deficiency. Also, high meat consumption has been associated with environmental stress, as well as obesity and obesity-related diseases, such as, heart diseases, stroke, type 2 diabetes and certain cancers. This diet is a style of eating that encourages eating mostly plant-
based foods and adding small portions of meat once in a while. It also seeks to protect human health, prioritise animal welfare and protect the environment. A flexitarian diet does not just mean decreasing meat consumption, however, eating mostly fruits, vegetables, legumes, and whole grains, focusing on protein from plants instead of animals, being flexible and incorporating meat and animal products from time to time, eating the least processed, most natural forms of foods as well as limiting added sugar and sweets are important principles that must be considered by people looking to eat healthier. This diet is nutrient dense, very easy to follow, affordable, has less restrictions and no clear-cut rules, and has no recommended amount of calories and macronutrients. However, because flexitarian diet is closer to being vegetarian than omnivore, there is a likelihood of being deficient in certain nutrients, if the diet does not contain a variety of whole foods in their right proportions. To be on the flexitarian diet, one can choose to follow one of the three levels: Beginner; two
meatless day, 26 ounces (728g) of meat or poultry weekly. Advanced; three or four meatless days, 18 ounces (504g) weekly meat or poultry. Expert; five meatless days, nine ounces (252g) of meat or poultry weekly. Possible benefits Flexitarian eating is meant to be primarily plant-based and will most likely have benefits similar to fully vegetarian diets. Flexitarian eating may help manage weight. This is partial because flexitarians often limit high-calorie, highly processed foods and eat more plant foods that are naturally lower in calories. Several studies have shown that people who follow a plantbased diet may lose more weight than those who do not. Because this diet aids in weight loss and include many foods that are high in fibre and low in unhealthy fats and added sugars, it may help prevent and manage other related diseases. Since high meat consumption demands for high meat production which inflicts stress on the environment, going in for a flexitarian diet may help reduce greenhouse gas emissions, reduce deforestation and soil
degradation, conserve land and water, and increase biodiversity. Conclusion The flexitarian diet focuses on healthy plant proteins and other whole, minimally processed plant-based foods, but encourages eating meat and animal products in moderation. Because there are no specific rules or suggestions, it is an appealing option for people who are looking to cut back on animal and animal products. Eating flexitarian may aid weight loss and reduce your risk of heart disease, cancer, and type 2 diabetes. It may even be good for the environment. However, planning your flexitarian food choices well is important to prevent nutritional deficiencies and reap the most health benefits. Always consult a dietician to ensure that the information displayed on this page applies to your personal needs and guide you in your flexitarian diet choices. The writers are with the Department of Dietetics, University of Ghana. E-mail: meeannan@st.ug.edu.gh
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| NEWS
WEDNESDAY, JUNE 15, 2022
J.A. Plant Pool boss on top Mrs. Adwoa Frimpomaa Nimako Boateng; Managing Director for J.A. Plant Pool Gh. Ltd. has received a huge recognition as the Most Outstanding Female Supplier of Heavy-Duty Trucks whiles she get inducted into the ‘SHE ACHIEVERS NETWORK’ at the 8th Feminine Ghana Achievement Awards 2022 held on the theme; “The role of women in Ghana’s Socio-economic recovery”. The awards ceremony which was held at Marriot Hotel in Accra on Friday, June 10th, assembled women of influence in diverse sectors of the Ghanaian economy whiles serving as hosts to other high-profile women from other parts of the world such as H.E. Claudia Turbay Quintero, Ambassador-Embassy of Columbia, H.E. Jean Claude Galea Mallia-High Commissioner-High Commission of Malta, H.E. Fidelia Graand-Galon, AmbassadorEmbassy of the Republic of Suriname among other VVIPs. In giving the welcome address, Pro. Mrs. Goski Alabi, PresidentLaweh University College with a great sense of honor, expressed appreciation to all awardees for the excellence, leadership, and professionalism they employ in carrying out their duties as women in male-dominated economies as well being role models who serve as a source of inspiration for the younger generations. Engaging the media, Mrs. Adwoa Frimpomaa Nimako Boateng; Managing Director for J.A. Plant Pool Gh. Ltd. expressed her excitement about the recognition given to her as she said these words: “I feel honored to be recognized as the Most Outstanding Female Supplier of Heavy-Duty Trucks because this is an industry fraught with competitors and so to be singled out as such, it means a lot to me and my team members as well as my COO and the Executive Chairman-Dr. Joseph Siaw Agyepong through whom we are where we are today”. In concluding her remarks, she dedicated the award to the entire hardworking force of J.A. Plant Pool Gh. Ltd. for the unflinching support she receives from them in carrying out her duties. In all twenty-two (22) excelling women in the Banking, Hospitality, Shipping & Logistics, Information Technology, Business Consultancy, Pharmaceuticals, Real Estate, Construction, Catering, Fashion & Lifestyle, Aviation, Education, and Health among other sectors of the Ghanaian economy were awarded and inducted into the ‘SHE ACHIEVERS NETWORK’
fraternity. BRIEF BACKGROUND OF THE AWARDS SCHEME: The Feminine Ghana Achievement Awards scheme which is powered by The Business Executive Magazine Ltd. was established to identify, publicly recognize and reward women whose personal and professional conduct has been exemplary with outstanding achievements. The awards seek to publicly recognize women in Ghana who have achieved outstanding accomplishments in various forms of endeavor across both the public and private sectors of the Ghanaian economy. Brief profile of Adwoa Frimpomaa Nimako – Boateng Adwoa Frimpomaa Nimako – Boateng is a management professional responsible for the successful leadership and
management of a company’s business. She has in-depth experience in product & service marketing, financial advisory, risk, and relationship management. Adwoa has extensive experience in content marketing and managing service desks, ethical behavior, organizational reengineering, customer service management, and continuous learning. Adwoa holds an Executive MBA in Finance from the University of Ghana, Legon, and a Bachelor of Commerce (B.com) from the University of Cape Coast. Before joining S.A Automobile Ltd (formerly Yutong Ghana Ltd) as General Manager, she had served in a managerial position as Senior Credit Control Officer at J. A Plant Pool Gh Ltd. She had also worked extensively with J.A Plant Pool Gh Ltd as Head of Yutong
Buses. In her career, she had the opportunity to successfully coordinate the importation of Yutong Buses and Spare parts all year round, constantly monitoring the business relations with YUTONG CHINA and other stakeholders, and was responsible for planning the company’s future strategic policies and developmental goals. Adwoa had an Industrial attachment on Workshop and Warehouse Management at YUTONG HONGKONG CHINA LTD (the largest Automobile giant in Asia). Additionally, she holds a certificate in Credit Risk and Finance from Yutong Hongkong Limited, China. She has a strong technical knowledge in setting up and managing new enterprises as well as strong knowledge of international businesses.
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| NEWS
WEDNESDAY, JUNE 15, 2022
Politics, uncoordinated actions slowing Ghana’s investment potentials Ghana is not standing tall as a fine investment spot among its counterparts on the African continent, mainly due to politics. Not only is partisan politics affecting the country’s investment potentials, but also the “lack of coordinated thinking and action”, a Senior Partner of AB & David Africa, David Ofosu-Dorte has said. For him, the absence of a proper framework to sell Ghana to the diaspora is causing more harm than good. This, he says, must be reversed in order to make Ghana wellpositioned for investment opportunities to abound. “It is important that we set a framework for whatever we do. Without that framework, we will just be acting, and we will get diverted into areas we do not need. First, we need to define what our problem is, because there are a number of them.” “One of them is the political divide. It creates so much disruption. So even when one government is succeeding, disruption is so much that the other party is undermined. That problem is well known”, he said. David Ofosu-Dorte was speaking on the Citi Business Festival forum on Tuesday on the topic: “Understanding the Ghana
opportunity”. He bemoaned the fact that agencies spearheading investment opportunities in Ghana have failed to coordinate efforts toward making Ghana an investment destination. “The bigger problem which is for the public and private sector is that we lack coordinated thinking and coordinated action so we will be doing one thing and t’s not coordinated with other things and
never maximizes the advantage for the things we create”, he emphasised. The forum also saw Yofi Grant, CEO of GIPC; Juliet Asante, CEO of the Ghana Film Authority, and Jacob Brobbey, Acting Head of Markets, Absa Bank, proffering solutions on how Ghana can be an attractive destination for both local and foreign investors, among others. The Citi Business Festival is an
extensive program of business events and on-air activities providing inspiration, business ideas, and information to persons who are starting, building, or growing their businesses. The 2022 edition of the Citi Business Festival is mainly sponsored by ABSA Bank, with support from MTN Momo and MTN Business, Ghana Investment Promotion Centre, IT Consortium and GIRSAL.
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| ADVERT
WEDNESDAY, JUNE 15, 2022
| FEATURE
WEDNESDAY, JUNE 15, 2022
17
Probe living, not the dead! By K. N. Adomako-Acheampong We live in a country where people daily flaunt obscene unexplained wealth, with no one questioning. As one drives around in affluent areas, there are mansions springing up everywhere; mansions that are not obviously the results of labour. How then does the Special Prosecutor probe the estate of a deceased person? Dead men, they say, don’t talk! Who will be there to answer questions in respect of the contents of a deceased person’s Will? That exercise with national resources will be like wandering in a desert with no guide. Instead of chasing the source of wealth left behind by dead people why don’t we deal with those who flaunt their obscene, unexplained, untaxed wealth in our faces daily? Hardworking Ghanaians who struggle to turn the wheels of production and contribute to the economy get criminalised when they default in the payment of their social security contribution payments, whereas those who breach the law continue to swim in wealth, unchecked and untaxed! Pastors, politicians Everybody now wants to be a pastor and that is because in the ‘Jesus Industry’ (reference: I. K. Gyasi who first used the term) all that one needs to get rich is a smart disposition of a conman clutching to the Bible. No tax paid, no social security payments for the hordes of pastors who work under them, no annual renewals of any operating licence and virtually no sweat! Again, have you ever asked yourself why people abandon their prestigious professions to get into politics? The reason is simple. In politics, you do not have to wait for years to get your returns on your investments. Unearned money keeps flowing into the account of politicians, from kickbacks and bribes. We see it daily, but nobody raises questions while that corrupt politician is alive. Those who are caught eventually get away on technicalities. Inventory
If the office of the Special Prosecutor is actually desirous of holding public office holders accountable, then it should conduct a nationwide inventory on mansions. It would discover that almost all the immediate past and present political appointees own not less than two houses at choice areas, such as East Legon, West Lands, North Legon, etc, where salaries aren’t enough to purchase a land. We live in a country where people see appointments into public office as opportunities to loot the country. It is time such appointees were
made to publicly declare their assets as part of the appointment process and to render an inventory of his or her asset to Ghanaians, for us to judge his or her tenure in office. It is high time we named and shamed offending past and present office holders while alive for others to know that looting while in office does not pay. Much as the office of the Attorney General is doing its best to bring culprits to book, that process is too slow to make them accountable, knowing too well that a new government can employ the legal weapon of Nolle
Prosequi (N.P) to get sympathetic party functionaries standing trial for using their positions to loot the country, off the hook. There is the need, therefore, to set up special courts for such cases. Henceforth, no one should be allowed to die with his or her crimes, for he or she would hear and feel no probe afterwards. The writer is a practising lawyer, E-mail: Adomakoacheampong55@gmail. com
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| MARKET REVIEW
WEDNESDAY, JUNE 15, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - JUNE 10, 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
19.82%
Inflation for February, 2022
27.6%
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 strenthened for the week on the back of price gain by 1 counter. The GSE Composite Index (GSE CI) gained 0.76 points (+0.03%) to close at 2,551.74 points, reflecting year-to-date (YTD) loss of 8.52%. The GSE Financial Stocks Index (GSE FI) also gained 1.39 points (+0.06%) to close at 2,187.03 points, reflecting year-to-date (YTD) gain of 1.63%. Market capitalization advanced marginally by 0.01% to close the week at GH¢62,244.68 million, from GH¢62,236.68 million at the close of the previous week. This reflects YTD decrease of 3.49%. Trading activity recorded a total of 2,429,825 shares valued at GH¢2,174,862.13 changing hands, compared with 10,552,896 shares, valued at GH¢9,573,403.22 in the preceding week. MTN dominated both volume and value of trades for the week, accounting, for 88.65% and 89.14% of volume and value of shares traded respectively. The market ended the week with 1 advancer and no decliners as indicated on the table below.
THE CURRENCY MARKET The Cedi depreciated against the USD for the week. It traded at GH¢7.2000/$, compared with GH¢7.1461/$ at week open, reflecting w/w and YTD depreciations of 0.75% and 16.58% respectively. This compares with YTD appreciation of 0.15% a year ago. The Cedi appreciated against the GBP for the week. It traded at GH¢8.8787/£, compared with GH¢8.89416/£ at week open, reflecting w/w appreciation and YTD depreciation of 0.71% and 8.46% respectively. This compares with YTD depreciation of 0.89% a year ago. The Cedi also appreciated against the Euro for the week. It traded at GH¢7.5786/€, compared with GH¢7.6604/€ at week open, reflecting w/w appreciation and YTD depreciation of 1.08% and 9.90% respectively. This compares with YTD appreciation of 1.50% a year ago. The Cedi further appreciated against the Canadian Dollar for the week. It opened at GH¢5.6792/C$ but closed at GH¢5.6244/C$, reflecting w/w appreciation and YTD depreciation of 0.97% and 15.70% respectively. This compares with YTD depreciation of 4.27% a year ago.
WEDNESDAY, JUNE 15, 2022
19
| MARKET REVIEW
BUSINESS TERM OF THE WEEK Top-Down Investing: Top-down investing is an investment analysis approach that focuses on the macro factors of the economy, such as GDP, employment, taxation, interest rates, etc. before examining micro factors such as specific sectors or companies. Source: https://www.investopedia.com/ terms/t/topdowninvesting.asp
ABOUT CIDAN
COMMODITY MARKET Crude Oil prices went up for the week on the back of strong U.S. demand and easing of COVID-19 curbs in China. Brent futures traded at US$122.01 a barrel on Friday, compared to US$119.72 at week open. This reflects w/w and YTD gains of 1.91% and 56.87% respectively. Gold inched up even as the U.S. jobs report signaled more interest rate increases this year that could weigh on non-yielding bullion. Gold settled at US$1,875.50, from US$1,850.20 last week, reflecting w/w and YTD gain of 1.37% and 2.56% respectively. Prices of Cocoa also declined for the week. The commodity traded at US$2,385.00 per tonne on Friday, from US$2,469.00 last week, reflecting w/w and YTD losses of 3.40% and 5.36% respectively.
INTERNTIONAL COMMODITIES PRICES
GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,102.72 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,393.70 million raised in the previous week. The 91-Day Bill settled at 23.70% p.a from 22.57% p.a. last week whilst the 182-Day Bill settled at 25.41% p.a from 24.41% p.a. last week. The 364-Day Treasury Bill settled at 26.86%, from24.46% at last issue. The table and graph below highlight primary market yields at close of the week.
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
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NO. B24/317 | NEWS FOR BUSINESS LEADERS
WEDNESDAY, JUNE 15, 2022
Comms Minister rallies ITU member states to push Partner2Connect digital coalition The Minister for Communications and Digitalisation, Hon. Ursula Owusu-Ekuful who is currently participating in this year’s World Telecommunications Development Conference has called on ITU member-states to promote the Partner2Connect initiative. According to the ITU’s Facts and Figures 2021, 63% of the world’s population used the Internet in 2021. This represents an increase of 17% since 2019, with 782 million people estimated to have come online during that period leaving 2.9 billion people offline. According to the Minister, the Partners2Connect Coalition initiative is aimed at fostering meaningful connectivity and digital transformation globally and therefore needs to be formalized and focused on but not limited to the hardestto-connect communities in the Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs) and Small Island Developing States (SIDs). Hon. Owusu-Ekuful also indicated that the Partner2Connect initiative is the gateway to solving most of the challenges member-countries are facing and for that matter “let us resolve for the Telecommunication Development Bureau to promote the Partner2Connect programme at regional and international levels to mobilize new resources and partnerships in alignment with the Sustainable Development Goals (SDGs), the WSIS Action Lines, and the
United Nations Secretary General’s Roadmap for Digital Cooperation”. She further called on memberstates to cooperate in implementing the various Partner2Connect pledges and commitments for the benefit of all stakeholders. She made the call on 9th June, 2022 at the closing ceremony of the Partner2Connect sessions being held as part of the ongoing WTDC. The WTDC is scheduled to end on the 16th June, 2022. Also present at the closing ceremony was the Director of the International Telecommunication Union’s (ITU’s) Telecommunication Development Bureau (BDT), Ms. Doreen Bogdan-Martin, who revealed that the ITU Partner2Connect initiative had received more than 360 pledges which is equivalent to an estimated value of $18.5 billion. She further stated that there is power in collaboration and the pledges received demonstrate that helping the world will ultimately benefit us. The Partner2Connect Digital Coalition is a multistakeholder alliance launched by ITU in close cooperation with the Office of the Secretary-General’s Envoy on Technology, and in line with the UN Secretary-General’s Roadmap for Digital Cooperation, to foster meaningful connectivity and digital transformation globally, with a focus on but not limited to hardest- toconnect communities in Least
The Minister for Communications and Digitalisation, Hon. Ursula OwusuEkuful delivering her remarks
Other dignitaries at the closing ceremony: Hon. Paula Ingabire, Minister, ICT and Innovation, Rwanda, Ms. Doreen Bogdan-Martin, Director of BDT and Houlin Zhao, Secretary-General ITU Developed Countries (LDCs), Landlocked Developing Countries (LLDCs) and Small Island Developing States (SIDS). The Partner2Connect Digital Coalition will serve as a leadership
level platform to engage all stakeholders to mobilize and announce new resources, partnerships, and commitments to achieve universal and meaningful connectivity.
AshantiMonth:Vodafonetakesitsfreee-learning and health screening to the region
Vodafone Ghana has marked its annual Ashanti Month celebrations with free digital education and free health screening activities. Through its charity arm, the Vodafone Foundation, the company engaged over 6000 students in 5 schools in the region with its flagship digital educational platform, Instant Schools. Through Instant Schools, Vodafone Ghana provides access to essential educational resources, including subjects such as Maths and Science, from primary to
secondary school levels. The content is accessible via mobile phones for free, which benefits children who do not have access to traditional schooling. Besides this e-learning activity, the Vodafone Foundation collaborated with doctors and nurses of the Tafo Government Hospital to provide free health screening, medical testing, consultations and medication to over 300 natives of the Kumasi Tafo community and its environs. The healthcare professionals screened primarily for sickle cell, and also for other medical conditions like diabetes, hypertension, hepatitis B, and HIV. The Vodafone Foundation also provided NHIS registration and donated some items to the hospital. Speaking at the event, Dr Mrs Stella AgyenimBoateng, Board Director of the Vodafone Foundation, explained that the
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foundation was undertaking many impactful interventions in the region during Ashanti Month - from education to health and the environment. “From now on, we have themed all the interventions that the Vodafone Ghana Foundation offers the people of Asanteman each year as ‘Boa Asanteman’. Translated from Twi, this means “Help the Ashanti region”. Also, Dr Agyenim-Boateng stressed the importance of the sickle cell screening exercise, saying, “Most people are unaware that the disease is preventable. In addition to free screening, there is an opportunity for people here to get tested and know their sickle cell status.” Expanding on the theme, Geta Striggner-Quartey, Vodafone Ghana’s Director for Legal and External Affairs, said, “Each year, we increase the impact of our support and tailor our programmes to address the pressing issues of the region. ‘Boa Asanteman’ underscores our commitment to helping address some key sustainable development issues in the
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region, in the areas of education, health and the environment.” For his part, Reverend Amaris Nana Adjei Perbi, Head of the Vodafone Foundation, said schools that benefitted from Vodafone e-learning platform include Asanteman SHS, Kumasi Anglican SHS, Kumasi Wesley Girls SHS and Kumasi Academy. “Aside from being introduced to the Instant Schools e-learning platform, the students were taken through practical coding lessons where they learned basic computer programming using the Arduino platform,” he said. He noted that Vodafone Foundation also has other initiatives to help develop young minds in Ghana. “These include the National Coding Programme, which has equipped thousands of Ghanaian youth with vital computer programming and coding skills. Currently, Vodafone’s monthly STEM Birthday Stars and Vodafone-Ghana Library ICT Hubs continue to support and empower the youth with essential digital skills”.