Business24gh Newspaper 20 June 2022

Parliament sets deadline for OforiAtta over covid-19 expenditure

BY EUGENE DAVIS

MON DAY, JU N E 20, 202 2

BUSINESS24.COM.G H

Government seeks public support ahead of YouStart launch

//STORY ON PAGE 5

NEWS FOR B U SINESS LEA DERS

As part of Government’s efforts to have an extensive public engagement on the YouStart Programme before its official launch, the YouStart Secretariat at the Ministry of Finance met with a cross section of Civil Society Organizations (CSO) in Accra.

The stakeholder meeting was among other things to take the CSOs through the YouStart policy structure, its framework, beneficiary groups requirements and seek their support and suggestions before the official launch of the programme.

In his presentation, Mr. Kofi Ofosu Nkansah, Chief Executive Officer of the National Entrepreneurship and Innovation Programme (NEIP), stated that over 100,000 youth look for jobs each year, a condition he described as terrible.

He noted that, most of the big industries and Multi-National Agencies today all started as start-up businesses and underwent transformation over time adding that, there was no better alternative for the youth of the country than to start small as start-ups under the YouStart programme.

Mr. Ofosu Nkansah said, the plan of Government under the programme, was to support all commercially viable innovations from the youth and that, Government had established the right structures and systems under the Ghana CARES programme headed by the Minister for Finance.

By Business24 Journalist

Absa Bank is transforming the SME landscape in Ghana //STORY ON PAGE 3

Ghana gets $24.98m credit to begin assembling agriculture implements //STORY ON PAGE 3

//MORE ON PAGE 2

Pernod Ricard, AROCHA plant trees to reclaim degraded illegal mining //STORY ON PAGE 4 land

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THEBUSINESS24ONLINE.COM

News/Editorial

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.

Government seeks public support ahead of YouStart launch ||continued from page 1

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According to Mr. Ofosu Nkansah, over $2 billion was spent on food imports and that was one of the reasons governments was keen to harness the youth potential in areas that could provide alternative solution to the food imports and build the local economy.

He disclosed that the YouStart Secretariat had received unique ideas and proposals from youth and stakeholder interactions across the regions and emphasized that this information was required for the effective operation of the programme.

Mr. Andrew Ameckson a Chief Accountant at the Ministry of Finance in his presentation indicated that, the YouStart programme was anticipated to create 1 million jobs, out of which 800,000 were expected to be direct jobs to the Ghanaian youth.

He further added that,

the YouStart was a national programme and that eligible applicants would be given the opportunity and support to contribute their quota to the development of the country.

Mr. Ameckson further gave some facts and figures on the youth population in the country and stated that, the overall youth population in Ghana from 15 to 35 age range was 11.7 million and the youth unemployment rate was 19.7%, estimated to be 1,140,009.

The unemployed females were 22.3% estimated to be 605,451 and unemployed males were 17.4% estimated to be 534,558.

Number of workers who lost their jobs and were seeking work were estimated to be 187,763, the presentation revealed.

He showed that, 50% of the Ghanaian youth estimated to be 5,872,229 were classified as under employed, this he explained, as

working below one’s capacity and that was why the YouStart was extremely essential to ensure that there was enough capacity building to get the best of the teeming youth.

Ms. Patience Arko Boham, an official of the Ministry, also touched on the features, benefits and eligibility criteria of the YouStart programme. She said that applicants were supposed to have a verifiable digital address, have a Ghana Card and two weeks training to qualify for the programme.

She revealed that, the programme was aimed to target the youth between the ages of 18 and 40 years, and after due diligence of the applications, an amount of GHC 50,000 and GHC 100,000 with 4% interest rate payable within a period of three years would be given to individuals and groups as working capital.

Civil Society Organizations present at the meeting included Network for Empowered Youth for Development, SEND GHANA, Ghana Chamber for Youth Entrepreneurs, STAR-Ghana Foundation, Strategic Youth Network for Development.

Others were African Center for Economic Transformation, Centre for Community Livelihood Development, Youth Advocate Ghana, Ghana TVET Service Implementing agencies under the YouStart programme which included NEIP, KPMG, Legacy and Legacy, representatives from the Ghana Association of Banks were present at the meeting.

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MONDAY, JUNE 20, 2022

Absa Bank is transforming the SME landscape in Ghana Absa Bank has set out to undo the most critical issue facing traders and small businesses in Ghana today access to finance.

There is no doubt about it; SMEs contribute over 80% to the country’s GDP growth. These businesses are the bedrock of economic stimulation, advancement and stability. Ghana’s history and its performance to date is in some way attributable to the enterprising resourcefulness of its SMEs – especially micro-traders, artisans and small set-ups.

However, unlike their counterparts in large institutions, multinationals and other corporate setups, access to finance continues to be a critical bottleneck. In cases where access to finance becomes available, the rates are extremely high and exorbitant, which affects the willingness to apply or access.

The situation gets trickier when for specific loans, the insistence on collaterals is enforced to cut off a section of these small business operators. Many advocates have called for a second look at the economic regime and relax complications to enable such businesses to thrive. The Ghana Union of Traders Association (GUTA), the mother body for most traders and retail businesses have often bemoaned the lack of flexibility in the financing regime and has called for government and the private sector to do something about it.

It is in this light, that Absa Bank Ghana partnered with the Mastercard foundation under the Young Africa

Works (YAWS) scheme to fund and train 5,000 locally-owned businesses with the aim of creating 50,000 jobs in Ghana.

The 5-year (2020-2025) strategic partnership between Absa Bank Ghana and the Mastercard Foundation (MCF) has a goal to create dignified and fulfilling jobs for young men and women in Ghana.

The project also supports MSMEs through capacity building, training and lending.

As part of implementing its capacity building mandate, YAWS will assign Business Development Service (BDS) providers to these individual SMEs to identify the gaps in their business operations and proffer bespoke training and solutions in addressing them. After the training, these businesses would be further assessed for lending purposes in order to ensure the sustainability of their establishments.

The other day in Accra, in front of over 350 members of GUTA, Absa signed a Memorandum of Understanding (MOU) with the executives of GUTA, outlining in great detail the terms of the partnership, including the nature of businesses that qualify to access loans under the YAWS scheme.

Absa bank has even gone above its call of duty to defray a lot of associated costs that affect businesses when they access loans in Ghana. For example, the MOU allows businesses under GUTA to access loans of up to GHC500,000 without collateral and

GHC1,000,000 without collateral to women-owned businesses, with an additional 1% discount for all eligible businesses.

“What Absa Bank has done is a welcome gesture in government’s drive to empower and sustain these businesses in advancing the country’ economic growth. I want to urge the traders and business folk gathered here to focus on how to carefully manage the returns on your business in order to ensure sustainability and continuity. Let us refrain from unnecessary spending on perishable items and instead reinvest in the business,’ said Deputy Minister, Honorable Nana Ama Dokuah, who was the special guest of honour at the MOU signing ceremony.

The faces of the traders at the ceremony reflected a high sense of optimism and excitement about the prospect of seeing their businesses transform with the partnership. To add to the energy in the room, videos of former loan recipients sharing testimonies of their transformation were shared on the screens by Absa Bank. These videos did a lot in reinforcing the viability of the

partnership and a call to action.

Commenting on the collaboration with GUTA, Managing Director, Abena Osei-Poku, with excitement in her voice, highlighted what the association with GUTA means for the bank.

“I hope that by the end of this session and the signing of the MOU, you will be left in no doubt about Absa’s commitment to stand beside you, in ensuring that your success and growth are guaranteed, making you ready to participate fully in the huge opportunity that the African Continental Free Trade Agreement (AFCTA) presents. We hope to use this avenue to firmly entrench our position as the go-to bank for all your needs and expectations.”

So, whether you are a microlevel business operator or fall in the category of a medium-sized business in Ghana, you need not be burdened by the inadequate access to funds for expansion and diversification.

The Absa – Mastercard Foundation partnership falls right into the heart of your specific need and is the panacea for overcoming the future challenges in the sector.

Ghana gets $24.98m credit to begin assembling agriculture implements Ghana is expected to start the assembling of agricultural implements to support smallholder farmers, improve and diversify the agriculture sector and create jobs for many Ghanaians.

The Government through the Finance Ministry signed an US$24.98 million credit facility with the Government of India, represented by the Exim Bank of India for the establishment of an assembly plant at Esieninpong in the Ashanti Region.

The amount would be used for the building of the structure for the assembling plant, supply of knockdowns and fabrication of agric implements.

The construction and installation of plants and machinery and other civil works are expected to be completed in 18 months for the assembling of tractors, backhoe loaders, power tillers, power reapers, power pumps, and paddy threshers in the country.

About 4,500 tractors, 600 backhoe loaders, 6,000-disc harrow and ploughs, 3,000 power tillers are expected to be assembled in the country annually.

It is expected that the products will be exported to neighbouring African countries to generate income for

Ghana.

This would support agricultural mechanisation, reduce the importation of foreign goods, and lessen inflationary and exchange rate pressures, and help create more jobs in the agric value chain to reduce poverty.

Mr Ken Ofori-Atta, Finance Minister, signed on behalf of the Government of Ghana, while Mr Selver Kumar, Resident Representative, Exim Bank, India, signed for the Government of India.

In his remarks, Mr Ofori-Atta said the project was in line with Government’s initiatives to formalise the Ghanaian economy and improve the agriculture sector, diversify

the country’s manufacturing base, and overhaul its development agenda.

“Ultimately, the project is expected to significantly transform Ghana’s agriculture sector, create jobs, raise incomes, reduce malnutrition, and help accelerate economic growth,” he said.

He said the agreement marked another significant milestone in advancing bilateral economic relations between Ghana and India and reaffirmed their mutual commitment and determination to broaden and deepen their bilateral cooperation.

Mr Ankrah added that the provision of the assembling plants in the country would be a major contributing factor to the success of the Government’s flagship Planting for Food and Jobs (PFJ) programme.

“The assembling plant will boost the mechanisation agenda of Government and reduce the importation of goods from foreign

countries, which in the long run will help to reduce the pressure on major trading foreign currencies such as the dollar,” he said.

Mr Kumar also emphasised on the contribution of the project to the Ghanaian economy, noting that it would help create more jobs particularly for the youth and be a game changer for the people and the economy.

Mr Soral of Action Construction Equipment Ltd said that while most of the knockdown implements would be brought from India for the start of the project, it would include some local content with time.

“Initially, it will be an assembling plant, but gradually, it will become a 100 percent manufacturing plant that will manufacture each component of the item,” he told the Ghana News Agency.

Meanwhile, five Ghanaians from MoFA are to be given on-the-job training on the assembling plants in India, with India taking care of the cost involved, in addition to the provision of technical support for 12 months to the country.

Source: GNA

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MONDAY, JUNE 20, 2022

Pernod Ricard, AROCHA plant trees to reclaim degraded illegal mining land Pernod Ricard in partnership with AROCHA Ghana has planted 1800 plant seedlings to reclaim degraded illegal mining lands at the Adensua Stream near the Atiwa Forest in Kyebi.

In restoring biodiversity near Adensua Stream, the staff members at Pernod Ricard, a global producer of alcoholic beverages, in partnership with AROCHA Ghana have embarked on tree planting to reclaim the forest cover at Adensua Stream at the Atiwa Forest in the Eastern Region.

The company has taken it upon themselves as part of their corporate social responsibility projects to initiate what they call “Responsible Day”.

The Responsible Day is an initiative under the company’s CSR where the company embark on series of projects to help promote and protect the environment and everything that has to do with nature.

Madam Eunice Osei-Tutu, the Sustainability and Responsibility Manager, Penord Ricard Ghana for West Africa,, stated that the

initiative is to promote and protect the environment from the contamination of illegal mining, which is destroying the natural state of land.

She added that the company is determined to help nurture the affected land at the Adensua stream by filling the land with trees so it can pick up to its original state as a healthy green forest.

“The targeted number of trees to be planted is 2,400 and so far, we have completed 1,800 trees on the land. We will complete the rest in the coming days,” she said.

Mr Daryl Bosu, the Deputy National Director, AROCHA Ghana,, said the land around the Adensua stream is a 12-acre land in total, in which 9 acres have been occupied with the new seedlings of trees being planted by the team.

He said “the remaining 3-acres will be cleared and prepared for the completion of the tree planting on the land in the coming days.

He added that four different species of traditional plant seedlings were being used in the

tree planting to fill the land been acclaimed for restoration. These seedlings are Mahogany (Khaya

Avorancis), Maxonia Digitata, Ofram (Termelia Suberba) and Emere.

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MONDAY, JUNE 20, 2022

Parliament sets deadline for Ofori-Atta over covid-19 expenditure

By Eugene Davis Parliament has given Finance Minister, Ken Ofori-Atta, latest Wednesday, June 22 to appear before the House to account for all government spending approved for the utilisation for Covid-19 related expenditure before any further loan/grant will be approved for him.

The directive by the Speaker follows concerns raised by the Minority side in relation to a loan agreement between the Government of Ghana and the European Investment Bank (EIB) for an amount of Seven-Five Million Euros (€75,000,000) for the COVID-19 Health Response Ghana Project.

Addressing the house on Thursday, the Speaker of Parliament, Alban Sumana Kingsford Bagbin said “Until

the answer is provided, until he goes through the accountability process, we will not take that motion.

With respect to the questions, until he comes to respond to the questions and to submit the statement on how that monies have been applied, we will not entertain any business from that ministry.”

He however allowed the laying of financial related papers and referred it to the Finance Committee but urged them not to consider the business until the minister responds to the House.

A syndicated term loan facility agreement between government and the joint mandated lead arrangers and bookrunners (MLABS) [Rand Merchant Bank, a division of FirstRand Bank Limited

(London Branch), Standard Chartered Bank, and the Standard Bank for South Africa Limited] for an amount of up to US$250,000 to finance Capital and Growthrelated expenditures in the 2022 Budget remains part of the papers laid, but will be given the greenlight if the finance minister appears before the House.

The finance minister is thus expected to appear before parliament on Wednesday to answer all close to 16 outstanding

questions and account for covid-19 related expenditure approved by the House.

The Majority Leader, Osei KyeiMensah-Bonsu, said the finance minister is not “running away from accountability”. However, narrating events leading up to Speaker’s directive, he added that Mr.Ofori-Atta asked for time to study the answers provided

by Ministry of Finance technical people.

Prof. Elikplimi Agbloyor expresses optimism over measures introduced to control inflation Professor Elikplimi Komla Agbloyor, an Associate Professor in Finance at the University of Ghana Business School, and the Chair of the Research Committee at Tesah Capital is hopeful about the measures that have been introduced by the Bank of Ghana (BoG) to control inflation and restore stability to the economy.

According to a news article written by Isaac Aidoo in The Finder newspaper, Professor Agbloyor mentioned that Tesah Capital had predicted that the policy rate would be increased to help deal with rising inflation. He avers that the increase in policy rate (200 basis points increase by BoG) is in line with Tesah Capital’s prediction of between 150 and 300 basis points. He stated further that the increase by the Bank of Ghana amounts to a cumulative rate of 450 basis points in total in the first five months of 2022.

Professor Agbloyor commented that the year-to-date depreciation of the cedi by 15.8 % to the dollar, 8.2% to, the pound and 8.5% to the euro contributed to imported inflation and consequently the increase in the policy rate. He said, “once your currency depreciates you need more cedis to import goods and this can fuel inflation”.

According to the news article,

he justified the Bank of Ghana’s increase in the policy rate to curb inflation regardless of its consequential impact on lending for businesses and implications for growth. This justification was based on the fact that in 2021, the economy recorded a growth rate of 5.4%, which was higher than the projected rate of 4.4% and therefore the balance of risk was towards inflation and not growth.

Prof Agbloyor concluded that the BoG was on the right path in focusing on curbing inflation since the country’s growth numbers for

2021 were impressive.

Additionally, Professor Agbloyor indicated that the impact of measures being taken to deal with inflation would be gradual.

In saying this, he reaffirmed what the Governor of the Bank of Ghana, Dr. Ernest Addison said regarding the fact that it takes about six months for the impact on the economy to be felt when the policy rate is increased.

Accordingly, the UGBS Associate Professor called on the Monetary Policy Committee to give guidance to the market by

providing its forecast of the policy rate for at least the next two years.

He explained that this has now become common practice by central banks around the world.

Among other suggestions and recommendations, he urged the government to consider putting in place strategic oil reserves that can be released onto the market in emergency periods. He also explained that improving the storage of commodities will help to stabilise prices during nonharvest seasons and crisis periods.

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MONDAY, JUNE 20, 2022

GCB opens 185th branch in Nalerigu GCB Bank PLC has opened a new branch in Nalerigu, the capital of the North East Region of Ghana, making it the first universal bank in the country to set up a branch in the region since its creation a few years ago.

The Nalerigu branch brings the Bank’s total branch network in the northern sector to 20 and 185 nationwide excluding several agencies.

Speaking at the launch of the branch, Mr Emmanuel Odartey Lamptey, Deputy Managing Director of Operations, GCB Bank PLC, explained that Nalerigu plays a strategic role in the North East Region and as Ghana’s first indigenous Bank, committed to deepening financial inclusion, it was the responsibility of GCB to bring safe, convenient and competitive banking products and services to the people of Nalerigu and surrounding communities.

“Since the establishment of GCB Bank 69 years ago, it has been our constant endeavour to support the economic growth of Ghana by providing convenient and competitive banking products and services to all clients including micro and small enterprises, retail traders, small and marginal farmers as well as private and public sector organizations no matter where they are,” he explained.

“Nalerigu has great potential and is the heartbeat of several economic activities, ranging from farming to several SMEs - both formal and informal. It is also home to several government departments and agencies as well as educational institutions and health facilities like the Baptist Medical Centre which serves both the people of Northern

Ghana and patrons from Burkina Faso. All of these institutions require safe, swift and convenient banking services and GCB Bank is happy to offer the necessary partnership to help individuals, businesses and institutions in Nalerigu to reach their full potential through unique and accessible financial solutions,” he added.

On the Bank’s performance, Mr Lamptey explained that GCB Bank’s strong performance over the years has been supported by the bank’s wide branch network, strong customer base across the country and unique digital solutions.

“Our ambition is simple, and it is to dominate the market,” the Deputy MD stated.

The Vice-President of the Republic of Ghana, Dr Mahamudu Bawumia who joined the Nayiri (Overlord of Mamprugu) and the Board and Management of GCB Bank to officially launch the branch, commended GCB Bank for the strategic role it plays in driving the country’s socio-economic agenda.

He added that GCB’s strong financial performance since

inception 69 years ago is testament that Ghanaian institutions can excel consistently at the highest level.

Dr. Bawumia commended GCB Bank for its leadership in the banking sector and stated that GCB Bank has made history as the first Bank to establish a branch in Nalerigu. “It is a memorable day, and we shall never forget,” he stated.

“The creation of the new regions is not only to ensure decentralization and expand development, but it is also to create a new sense of inclusion. The establishment of the first bank in Nalerigu is a direct result of the creation of a new region,” he explained.

The Vice-President explained that one of the goals of government’s digitalization drive is to formalize and de-risk the lending ecosystem through the creation of a reliable and credible national identity system.

Dr. Bawumia commended GCB Bank for its vision and innovation in the digitalization space by being the first Bank to establish a mobile money wallet dubbed G-Money in 2020.

“I have followed the progress of

G-Money with keen interest, and I am impressed with the strides it has made within this relatively short period. One such important strategic move is the integration with firms to facilitate the transfer and receipt of funds in the cocoa farming and purchasing ecosystem using the G-Money platform. Such moves feed into the Government’s agenda of making Ghana a cash lite society,” he added.

He explained that the establishment of G-Money, provided the inspiration for GhanaPay, which is a wallet developed for the entire banking industry.

Present at the programme included Alhaji Alhassan Yakubu, Member of the Board of Directors; Executive Head, Retail Banking, Mr John Adamah; Chief Digital and Marketing Officer, Mr Eric Coffie; Mr Dominic Cobbinah, Head of Banking Operations; Acting Head of HR, Mr. Peter Bosrotsi; Head of Customer Service, Muniru Muktar; Head of Corporate Affairs, Mr Emmanuel Kojo Kwarteng; Tamale Regional Manager, Alhaji Mohammed Mipo; Tema Regional Manager, Alhaji Mamoud Gomda; Mrs Joyce Mensah Governance, Risk and Control Manager and others.

The Ministers of the Defence, Interior, Roads and Highways, Youth and Sports, North East, Mr Dominic Nitiwul, Mr Ambrose Dery, Mr K. Amoako-Atta and Mustapha Ussif, Mr Zakaria Yidana and other high ranking government officials accompanied the Vice-President, representatives and chiefs from Nayiri’s palace witnessed the historic opening of the Nalerigu branch of GCB.

40-man US business delegation calls on Transport Ministry A 40-man delegation made up of business people and government officials from Miami-Dade County (MDC), located in the southeastern part of the U.S. state of Florida have paid a courtesy call on Ghana’s Transport Ministry in Accra to explore business opportunities with its Ghanaian counterparts.

The objective of the visit is to interact with the Ministry and find out investment opportunities in the aviation, port hub and other business

sectors.

The Minister of Transport, Kwaku Ofori Asiamah, in welcoming them lauded their efforts to choose Ghana as one of their destinations to explore business opportunities and indicated that the country is always opened for business.

A Deputy Minister of Transport, Hassan Tampuli on his part also stated that the country’s doors “has always been opened since independence for trade, investments and tourism but

we believe that you have some very specific areas that you want to study and collaborate with us. And for us we have the Airport Company, Civil Aviation, Ghana Ports Authority and we want to go into some specifics there are areas we can share perspectives but as far as this ministry is concerned the philosophy of this government, we have no business in doing business, so the private sector is the engine of growth.

So we will do everything to facilitate the growth of the private sector, so if we have to connect you to various private sector operators, we are ready and willing to do so.”

Speaking with the press after the visit, Jean Monestime, Miami-Dade County Commissioner, District 2, said “The visit is a development mission, as MDC officials we have come to Ghana with representatives of different industries to promote our county as a destination for business, trade, education, tourism, cultural exchanges.

One of the things we have at our heart is to see more Africans using MDC as a transit hub and so far, we only have one direct airline from MDC to Africa and is from Morocco, so we will be thrilled that in the near future that other countries including Ghana from Africa, will be starting a direct line to MDC, ensuring that a Ghanaian or any other African travelling to South America will transit through MDC or go the USA, their primary destination would be MDC. MDC is number one in the USA for international passengers and port Miami is the number one in the world for cruise passengers, so that is why we want to promote these respective industries and ensure that others who may not know would use our ports as a destination.

Next up for the delegation is a visit to West African neighours Nigeria to discover similar business opportunities.

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MONDAY, JUNE 20, 2022

Emirates first class customers to enjoy even more comfort with launch of complimentary Home Check-in service Emirates adds another First Class experience with a new Home Check-in Service that offers customers the option to check in from home in a comfortable and convenient manner.

This service is provided free of charge to Emirates’ First Class customers based in Dubai and Sharjah, where the Check-in Agents will visit their homes or hotels at pre-booked timings to complete all check-in formalities, including document verification, checking-in of baggage, and issuing boarding passes. There is an allocated counter at the airport for any last-minute extra luggage.

The Check-in Agents will take the luggage directly to the airport, while customers can choose to go to the airport at their convenience using the pre-booked Emirates complimentary chauffeur-drive service.

The complimentary Home Check-in service must be booked at least 24 hours prior to flight

departure time and the latest check in for the home service is six hours before the flight’s departure.

On arrival at Dubai International airport (DXB), which must be minimum of 90 minutes prior to the flight, customers can proceed directly to immigration and security, and then continue to Emirates’ dedicated First Class Lounge.

All Emirates customers can experience a smooth and contactless experience at the airport by using the Emirates App to check-in and issue a mobile boarding pass and using the Emirates’ self-service bag drop. Registered customers can continue hands-free through the airport by using the integrated biometrics tunnel and smart gates at DXB. First Class customers can enjoy a full complement of trademark services located within the Emirates First Class Lounge,

such as: a complimentary facial treatment at the Timeless Spa, complimentary services at Shoeshine by Mr Cobbler, four fine champagne vintages at the dedicated Moet and Chandon bar, special offers at luxury wine and spirits retailer Le Clos, and limited-edition tea blends with Dilmah Tea. From the Emirates Lounge, customers can directly board their flight through a private air

bridge on certain routes.

Offering over 1,700 First Class seats across its fleet of A380 and Boeing 777 aircraft, Emirates continues to set the standards for First Class travel with signature Emirates First Class experiences and product innovations like fully-enclosed private suites, the in-flight Shower Spa, the Onboard Lounge and many other industry firsts.

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MONDAY, JUNE 20, 2022

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MONDAY, JUNE 20, 2022

Nigerian Idol sponsor, Binance, speaks to top two contestants, Progress & Zodak The seventh season of the Nigerian Idol competition came to a close on May 22nd, 2022 with Progress Chukwuyem emerging the winner of the competition.

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider spoke to the top two contestants about their experience. The company was the exclusive cryptocurrency & blockchain sponsor for the show.

Progress and Zadok emerged as the final two after weeks of performances on live shows to earn fan votes. The musical contestants were judged based on their creativity, the strength of voice and stage performances.

On winning the Nigerian Idol competition, Progress said, “Honestly, I don’t think I’ve fully comprehended that I actually won the competition. Sometimes, it still feels like a dream. I feel like a conqueror and I feel I can achieve whatever I put my mind to.”

On his contact with Binance, Progress said, “The competition

exposed me to the numerous services of Binance and an exciting financial world in cryptocurrency.

I see Binance’s services as one that aids the advancement of the country in terms of meeting up with global standards. I also want to thank Binance for investing in talents.”

As the winner of the competition, Progress went home with a cash prize of N30m, a brand new car, a refrigerator, a year’s supply of drinks and a weekend

getaway. He will also get to record an album produced by a leading music producer.

Progress was announced winner by the show’s host, IK Osakioduwa after he battled with Zadok, for the grand prize.

Binance also spoke to Zadok about his Nigerian Idol experience.

“I felt really privileged to be a top performer on Nigerian Idol this season, I had really priceless moments. Shoutout to Binance for sponsoring the show - I already

use Binance and I look forward to working with the company in the future,” said Zodak.

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Drought remains major threat to livelihoods in Northern Ghana Mr Asher Nkegbe, the Upper East Regional Director, Environmental Protection Agency, says drought remains a major threat to livelihoods in Northern Ghana and underscored the urgent need for stakeholders to take steps to protect and conserve the environment to mitigate the challenge.

“In the Northern part of Ghana, the drought is compounded by population and livestock pressures on land…land, we experience harsh climatic conditions, unpredictable rainfall, inappropriate farming

practices that encourage erosion and impoverishment of our soils,” he said.

This, he said, had led to low agriculture productivity, creating food and nutritional insecurity among the already impoverished families and called for collective efforts to combat the challenge.

Mr Nkegbe was speaking at Bolgatanga during the commemoration of this year’s World Day to Combat Drought and Desertification on the theme, “Rise up from drought together.”

According to the United Nations Convention to Combat

Desertification (UNCCD) report, between 1900 and 2019, about 2.7 billion people had been affected by drought with about 11.7 million deaths recorded.

In 2019 alone, over 45 million people across Africa experienced food insecurity posed by drought.

Mr Nkegbe said as a result, the UNCCD in 2017 supported drought prone countries including Ghana to develop robust interventions and programmes to build the resilience of communities and that move had led to the development of the Ghana National Drought Plan.

Apart from this, he said, the World Bank and other partners supported the country to scale up the Sustainable Land and Water Management Project through the six-year Ghana Landscape Restoration and SmallScale Mining Project to reverse degraded lands and forests to mitigate climate change.

He said Ghana was committed to the international protocols on drought and desertification and the Sustainable Development Goals and added, “we encourage each and everyone to take steps to protect the environment,

conserve our water bodies and use them sustainably for the good of all of us.”

Mr Stephen Yakubu, the Upper East Regional Minister, noted that annual bushfires remained a major contributor to environmental destruction and drought particularly in the Upper East Region and that was retarding afforestation efforts.

He proposed that bushfires be declared national security threat and be given the necessary consideration it deserves to combat the menace and called on the Municipal and District Assemblies to enact and enforce by-laws to combat the canker.

“Traditional leaders should also develop rules and regulations on bushfires in their communities,” he added.

The Regional Minister entreated Ghanaians to support government’s regreening projects particularly the Green Ghana Initiative to restore degraded landscapes and forest reserves to mitigate climate change.

The day was marked with tree planting at strategic places in the Bolgatanga Municipality.

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| FEATURE

MONDAY, JUNE 20, 2022

Climate-impact disclosure is common sense

By Ani Dasgupta I spend most days advocating for action that could be considered radical. But today, I am advocating for plain common sense. In March, the US Securities and Exchange Commission proposed a new rule that would require publicly traded companies to disclose their climate-related risks and greenhouse-gas (GHG) emissions.

Now that the public comment period has ended, the SEC should adopt the new disclosure rule in its entirety.

As written, the proposed rule would require companies to disclose GHG emissions data for their own operations, as well as for the goods they buy and sell.

It would apply to all companies publicly traded in the United States, and thus to the $82 trillion worth of trading that the SEC oversees each year.

The rule may sound sweeping, but it is really just about information. Businesses should be required to share with investors how climate change could affect their returns. Information is the bread and butter of financial regulators, CEOs, investors, and markets generally. Each trade is connected to an investor making decisions based on the best available information. There is nothing radical about wanting more.

The SEC’s action comes at just the right time. Businesses bore a stiff share of the $145 billion in weather- and climate-related costs

incurred in the US in 2021. Climate risks are already substantial and can be expected to grow. That’s why a bipartisan, business-heavy committee (which included the World Resources Institute) recommended new disclosure rules in a 2020 report to the Commodity Futures Trading Commission.

How climate change affects business is exactly the sort of information that CEOs need to manage risks and take advantage of new opportunities. Investors and governments around the world are increasingly pushing for greater information transparency.

The G20-backed Task Force on Climate-Related Financial Disclosures (TCFD) issued its recommendations back in 2017, garnering the support of more than 3,000 companies and 92 countries around the world since then.

Moreover, the International Sustainability Standards Board expects to issue new climaterelated rules by the end of the year. China is testing a mandatory disclosure policy. The United Kingdom is phasing in TCFDstyle mandatory disclosure rules over the next three years. And the European Union is working out its Sustainable Finance Taxonomy, which goes further than climate-risk disclosure by categorizing economic activity according to clear sustainability criteria. All these initiatives will

require corporate GHG-emissions reporting.

For many business leaders, there’s nothing new here. Leading companies such as Apple, Best Buy, Coca-Cola, Cargill, Ford, Gap, Hilton, and Starbucks are already disclosing climate-related risks, including those associated with their supply chains. Far from fringe, these companies represent mainstream America.

Even the oil and gas giants Shell, TotalEnergies, and Equinor have a long track record of reporting on emissions across their value chains.

Savvy CEOs are already using climate-related risk disclosures to identify and pursue new business opportunities.

As General Electric Chairman and CEO Lawrence Culp put it in 2020, “We are particularly aware of the engineering challenges still to be solved to make the ambition of net zero a reality. … However, we believe those challenges are also key strategic opportunities for GE.” CEOs and investors increasingly understand that the twenty-first-century economy will have to be green, efficient, and resilient. The flow of capital into sustainable-labeled investments surged to a record $649 billion in 2021.

But the availability and quality of the data remain very uneven.

Businesses follow wildly divergent approaches to disclosing their climate risks. Some count their

emissions one way, others another way. Some don’t report the “scope 3” emissions associated with the use of their products (a problem the SEC rule would rectify). And some are completely opaque, not reporting or managing their emissions at all. As a result, many companies – and their investors – are unaware of the climate risks and opportunities they face. Instead of clarity, we have confusion.

If companies were required to adhere to a uniform set of disclosures, investors would be much more capable of discerning where money should flow. Once investors can see disclosures from all companies, they can make better decisions for their clients, and firms will be on a level playing field, enabling virtuous competition.

The global shift toward mandatory disclosure is well underway. By acting now, the SEC can provide a much stronger foundation for markets to stand on, and the US can remain a global rule-maker, rather than becoming a rule-taker. All financial actors – businesses, investors, governments, and citizens with 401Ks – must face up to the risks of climate change, some of which have already materialized.

Requiring companies to disclose these risks is not radical; it is prudent.

| COMMENT/ANALYSIS

MONDAY, JUNE 20, 2022

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Huawei keeps leading in 5G patent license ranking

Huawei’s number of 5G standard essential patents (SEPs) continue to rank No. 1 in the world, according to Clarivate, a leading global IP consultancy, and analytics firm.

Clarivate’s latest report “Demystifying the 5G standard essential patent landscape: Phase 3” conducted a systematic study on 5G patents. The report shows that Huawei still ranked No. 1 with a patent family of 6,566 and the fastest growth rate.

SEPs are common in the telecommunications field. No company can avoid 5G SEPs if they want to design products that comply with 5G standards. For five straight years, Huawei has ranked

No. 1 worldwide in terms of Patent Cooperation Treaty applications.

African countries are already benefiting from Huawei’s 5G patents, as several operators have already begun rolling out 5G with Huawei equipment to provide high-speed home and office broadband, as well as industryspecific solutions in mining, tourism, and other industries critical to Africa.

This dominance in 5G intellectual property could be attributed to Huawei’s active management of its intellectual property portfolio. By the end of 2021, Huawei held more than 110,000 active patents across over 45,000 patent families.

At Huawei’s Innovation and Intellectual Property Forum held on June 8th, 2022, in Shenzhen, the company highlighted several key inventions as part of its biennial “Top Ten Inventions” Awards.

Liu Hua, a World Intellectual Property Organization official, acknowledged Huawei’s continued investment in innovation, saying: “We look forward to seeing Huawei continue to take part in highlevel global competition and cooperation with innovation at its core.”

Huawei is also the World’s 2nd Highest Investor in R&D, according to the 2021 EU Industrial R&D Investment Scoreboard. As of the end of 2021, Huawei had 107,000 R&D employees and invested over 22% of its sales revenue in R&D. “We are eager to license our patents and technologies to share our innovations with the world,” said Huawei’s Chief Legal Officer, Song Liuping at the Innovation and Intellectual Property Forum.

Over the last 20 years in Africa,

Huawei’s advanced patented technologies have helped connect an estimated 1 billion people. Huawei’s innovative rural network solutions have brought networks to more than 10 million people who were previously not connected. These networks are providing them with access to information-based services such as health and education. To combat climate change and its impacts, Huawei has leveraged digital technologies to provide a green, smart, and secure digital energy solution tailored for Africa, helping to reduce carbon emissions and relieve power shortages.

Yang Chen, Vice President of Huawei Southern Africa, noted that: “We have set up 6 innovation centers and hardware training centers in Sub Saharan Africa for joint innovation and skill transfer. In April, we launched the LEAP Talent Development Programmme in the region, aiming to cultivate 100,000 ICT talent within three years, to increase African youths’ innovation capacity. Technologies and Innovation capacity is Huawei’s core competencies, and We are sharing that with Africa to meet local needs and benefit African people.”

Winners of 65th Vodafone Asantehene Golf Tournament rewarded Constance Awuni of the Royal Golf Club and Kofi Yeboah of the Tafo Golf Club emerged winners of the 2022 Vodafone Otumfuo Golf Championship held in Kumasi over the weekend.

The tournament saw Kofi Yeboah clinch the win in the Men’s Championship with a score of 306 to beat James Akwaboah and Christopher Osei Cobbinah, who placed second and third, respectively.

Constance emerged the winner in the women’s event with a score of 167 to beat Jessica Tei and Bernice Dzitorwoko, who placed second and third.

The winners had the honour of being presented with their prizes at a plush awards ceremony held on Saturday, 11th June 2022, at the Golden Tulip Hotel in Kumasi.

Winners in other categories, such as the Handicap category (Men and Women), among others, were also awarded.

The award ceremony was graced by the Asantehene Otumfuo Osei Tutu II, his chiefs, the headline sponsor of the tournament, Vodafone Ghana, and other sponsors.

Speaking at the event, the

Director of the Enterprise Business Unit at Vodafone Ghana, Tawa Bolarin, congratulated the winners of the tournament and expressed Vodafone Ghana’s delight in being associated with the tournament.

“Vodafone Ghana commends all winners in the Vodafone Otumfuo Golf Tournament. We believe that golf is a sport that needs to be embraced by all. That is why Vodafone Ghana continues to support this tournament, and by extension, Asanteman. We hope to experience this joy again in the next edition of the championship.”

For the past 60 years, every Asantehene has consistently hosted the Golf Championship.

The sport is touted as one of the leading and most popular in Kumasi, aside from football.

In 2017, Vodafone Ghana signed a five-year strategic partnership with the Royal Golf Club, which has proven to be of significant benefit to customers and noncustomers of Vodafone in the Ashanti Region. The telecom giant recently extended the partnership deal for another 5 years.

Through this partnership, Vodafone introduced various initiatives that have had a

great impact on the lives of the people. These include a free health screening activity dubbed Healthfest, clean-up, and donation exercises, among others.

The partnership has also seen the enterprise arm of Vodafone, Vodafone Business, run several activations to support small and medium businesses.

Most importantly, Vodafone Ghana has established a fruitful relationship with His Royal Majesty, Otumfuo Osei Tutu II and the people of the region through its ‘Ashanti Month’ campaign with the Asantehene Golf Championship as its ultimate highlight.

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| NEWS

MONDAY, JUNE 20, 2022

African Trade Insurance Agency to hold Annual General Meeting in Accra Ghana will be hosting the 22nd Annual General Meeting (AGM) of the African Trade Insurance Agency (ATI) in Accra on Thursday, June 23, 2022, at the Kempinski Gold Coast Hotel.

ATI is a multilateral financial institution created in 2001 as a credit and political risk provider predominantly providing Political Risk (also known as Investment Risks), Trade Credit insurance for cross border trade and surety bonds insurance. It was established with the financial and technical support of the World Bank and currently has 21 member countries and 10 other corporate shareholders including the African Development Bank.

Since its inception, ATI has become a much sought-after partner for the government, banks, traders, SMEs, to mention but a few, and continues to bridge the gap between sovereigns & international investors; creditors & suppliers. ATI is the second highest rated institution in Africa and is rated A/Stable by Standard & Poors and Moodys.

Ghana became the 15th Member State of African Trade Insurance Agency (ATI) in October 2019. Subsequently, ATI

officially launched its services and products in the Ghanaian market in February 2020, sensitized the importance of the country’s membership of ATI and created awareness with the private sector and relevant Government agencies.

Since the introduction of its product and services in

the Ghanaian market, ATI has provided political risks coverage for transactions and projects in the financial, health, and roads sectors with a total gross exposure of US$ 450 million.

Through ATI’s support, the capacity and quality of our health sector has been greatly enhanced.

ATI’s intervention in the financial

sector is also helping Bank of Ghana to maintain adequate foreign exchange to meet external transactions, ease its balance of payments challenges, and support the local currency. Since its inception ATI has supported over USD71 billion worth of trade and investments in Africa.

UGBS student gets internship appointment at IFC, World Bank Mr Patrick Kumeshina, a second-year MBA Marketing student at the University of Ghana Business School (UGBS), recently got an internship appointment to work with the International Finance Corporation (IFC) of the World Bank Group in Washington, DC. It is in this light that he paid a courtesy call on the Dean of the Business School, Professor Justice N. Bawole on Friday, 10th June 2022.

In a discussion with the Dean, Patrick mentioned that there was an opening for an internship application, so he put in his application just like everybody else, and went through the rigorous process where he attended a series of interviews and took an aptitude test. His candidature was the best throughout the process, and he was granted a 3-month ( July

to September, 2022) internship opportunity with the IFC. According to Patrick, people do not often look out for these opportunities.

For instance, internships with the World Bank, the United Nations, the World Trade Organisation (WTO), and other opportunities that will make them all-rounded students rather than just academicfocused. So, he hopes to use this platform to motivate and inspire students to seek opportunities outside the scope of schoolwork that will expose them. In his opinion, when they look out for these kinds of opportunities to augment academic performance, then they are becoming the true global leaders that we want to be.

When asked what advice he will give to students, he said, “believe in yourself, know that you have the best faculty you can find

anywhere in the world, and keep on developing yourself.”

Patrick is grateful to his supervisor, Dr. Raphael Odoom, for the motivation and for giving him the right tools, specifically in terms of the quality of content that is taught in the classroom. He attested to this by saying, “when

you go for the interview and they ask you questions, you realise that it’s nothing above what you’re taught. I think the faculty are really doing well”. Patrick also extended his appreciation and gratitude to his colleagues for their moral support.

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| FEATURE

MONDAY, JUNE 20, 2022

Could cost sharing sustain the Ghana National Health Insurance Scheme?

By Anthony Afful-Dadzie, Eric Afful-Dadzie & Seth Mensah

The University of Ghana Business School (UGBS) has a strategic goal to establish an environment that fosters revolutionary and policy relevant research for development.

Prof Anthony Afful-Dadzie, an Associate Professor and Head of the Department of Operations and Management Information Systems at UGBS has collaborated with other researchers to undertake an investigation on whether cost sharing can sustain the Ghana National Health Insurance Scheme. In their paper, the researchers note that people in developing countries typically live below the average poverty line and thus see health insurance as a basic necessity. Consequently, many developing countries have various health insurance schemes to cater for the health needs of their people. The researchers note that a growing challenge facing such schemes is the issue of sustainability. Such has been the fate of the Ghana National Health Insurance Scheme (NHIS) which was established in 2003 to replace the then repressive out-ofpocket payment system. The NHIS has been in deficit since 2009 which threatens its survival. As a

result, a number of interventions have been proposed, one of which is cost sharing.

Prof.

AffulDadzie and his team of researchers argue that cost sharing, where a subscriber pays a portion of his/her total medical cost, can be considered as a form of an indirect tax tied to utilization – the more a subscriber utilizes the insurance benefit package, the more tax the subscriber pays – and thus can serve as an indirect control measure on utilization and claim cost. With this in mind, the researchers set out to determine the optimal cost sharing rate which when employed could help sustain the NHIS financially without negatively affecting enrolment.

To begin with, Prof Afful-Dadzie and his team collected 1814 responses across Ghana from a

carefully designed questionnaire on various cost sharing rates and people’s willingness to use the NHIS given the cost sharing rate.

Their analysis revealed that a 5% cost sharing rate would have kept the scheme in surplus between 2007 and 2015. In addition, the 5% cost sharing rate would have led to virtually no change in enrolment and would have reduced utilization rate by about 15%. To put it in simple terms, the thought of an NHIS subscriber paying GHS5 out of a total medical bill of GHS100 would have been

Kathleen Addy assumes office as NCCE Chairperson KATHLEEN Addy has been appointed as Chairperson of the National Commission for Civic Education (NCCE).

She takes over from Josephine Nkrumah who resigned her position to serve as an ECOWAS Ambassador to Liberia.

The President further said that Ms Addy had championed many causes for the promotion of democracy, good governance and human rights, including issues about women’s rights.

He commended Ms Addy for her dedicated service to the country over the years and wished her the best in her tenure.

President Akufo-Addo said the NCCE was a direct creation of the 1992 Constitution which stipulated the functions and membership of the commission

which was established by Act 452 of the constitution in 1993.

He said all functions of the commission were important, and that Article 233 Clause ‘E’ of the constitution says it is to “formulate for the consideration of government from time to time programmes for national, regional and district levels aimed at realising the objectives of the constitution”.

Significance The President said since its establishment some 29 years ago, the NCCE had done its part in educating the people to recognise the importance of their freedoms and civic rights.

“Some concerns had been raised in certain quarters about the effectiveness of the NCCE in the discharge of its functions and

some have gone as far to advocate its abolishment.

“I am of a different opinion. I believe the NCCE will continue to be relevant, it still has an important role to play in helping to establish a culture of awareness in our country in which citizens are alive to their civic responsibilities and duties, especially at this time when some irresponsible elements within the body politic are calling for the overthrow of the constitutional order,” he said.

The President also added that “as chairperson, I need not remind you that you are not subject to the direction or control of any person or authority in the performance of your functions, including myself

sufficient to keep the scheme in surplus. Intuitively, this happens because the fear of paying out the cost sharing amount helps to reduce wasteful utilization of the NHIS scheme in addition to benefiting from the cost sharing amount paid by the subscriber in the event of use.

Interestingly perhaps, the researchers also found that women in general have higher enrolment and utilizes health insurance more than men when under cost sharing.

as the head of the Executive.”

He, however, urged the chairperson to pursue stakeholder consultations in the commission’s pursuit of its mandate.

Appreciation Ms Addy expressed appreciation to President AkufoAddo, the government and the people for the honour and confidence reposed in her, and gave the assurance that she would lead the commission to undertake its functions as prescribed by the constitution.

“In my view, Mr President, the commission is among the most important institutions in this country. It is a singular institution that is tasked with the responsibility of shaping the minds of the people, which is building the people who will build the republic; for good citizens are not born, they are made, and we have the task of building them.”

“For it is the good citizens that we build that will build the country that we desire. I will execute my mandate to the best of my ability and look forward to a renewed NCCE that will continue to have even greater impact on the country and its citizens,” she said.

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| AGRIBUSINESS

MONDAY, JUNE 20, 2022

FAO Council endorses new 10-year strategies on Climate Change and on Science and Innovation The Council of the Food and Agriculture Organization of the United Nations (FAO) has endorsed two thematic strategies that will guide FAO’s work on climate change and on science, technology and innovation over the next decade.

The strategies are designed to drive the implementation of FAO’s Strategic Framework 202231, which steers FAO’s efforts to transform agrifood systems and promote a food secure world for all, as envisioned by the 2030 Agenda on Sustainable Development.

They were endorsed on Monday and Tuesday in Rome by the 170th session of FAO’s executive body, at a time of rising hunger numbers and growing threats to global food security.

“These two strategies are the extraordinary result of our collective efforts,” FAO DirectorGeneral QU Dongyu told the Council.

“The Strategy on Climate Change will guide FAO in providing strengthened support to Members in their ambitions to address climate change in agrifood systems, and in the implementation of the Paris Agreement,” the Director-General said. “The Strategy on Science and Innovation will benefit the billions of small-scale producers and their families who are urgently in need of the best available science, technologies and innovation to play their part in transforming our agrifood systems.”

The two thematic strategies deal with the entire global agrifood system, which covers the journey of food from farm to table – including when it is grown, fished, harvested, processed, packaged, transported, distributed, traded,

bought, prepared, eaten and disposed of. Agrifood systems also encompass non-food products, such as forestry and aquaculture, including the sustainable management and conservation of related ecosystems, as well as all the activities, investments and choices that play a part in getting us these food and agricultural products we need.

Climate Change Resilient and productive land and aquatic ecosystems are the foundations of sustainable agrifood systems.

The latest scientific evidence from the UN’s Intergovernmental Panel on Climate Change (IPCC) confirms the unequivocal and unprecedented climate risks that the planet is facing from intensifying heatwaves, heavy precipitation and droughts, fires and tropical cyclones.

Increasing weather and climate extreme events have already caused economic damages and exposed millions of people to acute food insecurity and reduced water security. Small Island Developing States (SIDS) are at particular risk due to warming ocean temperatures, ocean acidification and rising sea levels.

Given the already tangible impact of extreme weather events on food security, nutrition and poverty, “the urgency to address climate change has significantly increased,” the Council was told.

Global agrifood systems are responsible for about a third of total greenhouse gas emissions and are one of the major victims of climate change. The FAO Strategy on Climate Change 20222031 presents them as part of the solution.

Agrifood systems are envisioned to be sustainable, inclusive,

resilient, and adaptive to climate change and its impacts, contributing to low-emission economies while providing sufficient, safe and nutritious foods for healthy diets, as well as other agricultural products and services, for present and future generations, leaving no one behind.

The strategy aims to address a broad range of interlinked challenges, including the loss of biodiversity, desertification, land and environmental degradation, the need for accessible, renewable energy, and food and water security.

It is organized under three Pillars: i) Global and regional levels (strengthening global and regional climate policy and governance); ii) Country level (developing countries’ capacities for climate action); iii) Local level (scaling up climate action on the ground).

Its guiding principles include empowering and engaging farmers, livestock keepers, fishers, aquaculturists, Indigenous Peoples and forestdependent people, embracing both traditional good practices and innovations, and building on science-based evidence.

The Strategy is informed by science, prioritizes innovative solutions and inclusiveness, and recognizes the importance of scaling up both finance and investment.

Science and Innovation FAO sees science and innovation as a powerful engine to transform agrifood systems and end hunger and malnutrition. But it needs to be accompanied by strong institutions, good governance, political will, enabling regulatory frameworks, and effective

measures to promote equity among its actors.

Important strides have been made in a range of scientific and technological fields, including in biotechnology, data analytics and nuclear techniques in food and agriculture. Public-private partnerships are on the rise in research and development. At the same time, market concentration has heightened concerns about unequal access to resources and knowledge, both between countries and within social groups.

The challenges in harnessing science and innovation for agrifood systems range from underinvestment in research, to gaps in using science and evidence for decision-making.

The FAO Science and Innovation Strategy focuses on three Pillars: i) Strengthening science and evidence-based decisionmaking; ii) Supporting innovation and technology at regional and country level; iii) Serving Members better by reinforcing FAO’s capacities.

Achieving the strategy’s vision means that all countries have access to the science and innovation they need to overcome the complex social, economic and environmental challenges facing their agrifood systems. Achieving this vision in a globally equitable, inclusive and sustainable manner requires the active involvement of under-represented stakeholders – such as women and youth.

The two thematic strategies will be operationalized through Action Plans and are due to receive a mid-term review by the Council five years after their adoption.

MONDAY, JUNE 20, 2022

| NEWS

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| ADVERT

MONDAY, JUNE 20, 2022

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| NEWS

MONDAY, JUNE 20, 2022

Innovative partnerships key to global food security, FAO Director-General says QU Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO) today underlined the importance of innovative partnerships, especially with academic institutions, in helping to promote global food security, as he addressed a Graduation Day ceremony at the University of Siena.

“Fostering innovative partnerships for a food secure world is a top priority for the United Nations, as set out in the 2030 Agenda and its 17 Sustainable Development Goals (SDGs), Qu said. The priority is “embedded in the FAO Strategic Framework 2022-31, which will guide our work over the next decade,” he added.

To reach this goal, “we need to build stronger, more strategic partnerships with civil society organizations, parliamentarians,

Indigenous Peoples, academia and research institutions, and the private sector, and especially with the youth - and all of you!” the FAO Director-General said.

Academic and research institutions are critical partners in this area. FAO is currently collaborating with over 80 of them worldwide, 10 of which are in Italy.

Also participating in the graduation ceremony were Luigi de Mossi, Mayor of Siena, Ambassador Stefano Gatti, Special Envoy for Food Security, at the Italian Ministry of Foreign Affairs and International Cooperation, Professor Francesco Frati, Rector of the University of Siena and Professor Jeffrey Sachs, President of the UN Sustainable Development Solutions Network.

Sachs also received an honorary degree from the university as part of the celebration.

FAO has a Memorandum of Understanding with the PRIMA Foundation, a network of research and innovation institutions involving 19 countries in the Mediterranean that promotes innovation, research, technology transfer and training support.

The University of Siena is at the heart of this, serving as the host of the Italian Secretariat of the PRIMA Foundation.

The FAO Director-General announced that as part of the campaign ‘Together for the SDGs’, FAO is launching a web App called “Urban Actions” to inspire the public, especially young people, to learn about the 2030 Agenda and how they can help achieve the global goals in their own city.

Qu encouraged the new graduates to download the App from a ‘SDGs Wall’ which has been in place in Siena for the last few days, and learn about the specific

actions they can take.

“Together, we can make our urban areas more inclusive, safe, green and resilient to ensure they work with nature, and improve city living.”

He said Siena was making great efforts to be a sustainable city, demonstrating a balanced approach to protecting the local environment while stimulating economic growth through good urban planning, land usage, and rural and urban development.

Qu also invited his young audience to participate in the World Food Forum to be held from 17-21 October at FAO headquarters in Rome. It is the second of its kind, which will be entirely focused on empowering young people to actively shape our agrifood systems and achieve the SDGs, the Director-General said.

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| MARKET REVIEW

MONDAY, JUNE 20, 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.

MONDAY, JUNE 20, 2022

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| 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.

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NO. B24/317 | NEWS FOR BUSINESS LEADERS

FRIDAY, JUNE 17, 2022

Afram Plains North MP donates medical and educational equipment to health facilities & schools Her quest to help improve health and education delivery in the Afram Plains area, the Member of Parliament (MP) for the Afram Plains North constituency in the Eastern Region, Betty Nana Afua Krosbi Mensah has presented medical equipment including incubators, delivery beds, electronic beds, dual desks, mono desks, exercise books and story books to health and educational facilities in the community.

The items donated by the MP for distribution to health and educational facilities in include, 16 electronic and manual hospital beds and 16 mattresses, 100 pieces of hospital aprons, 100 pieces of surgical nose masks, 30 walking sticks and clutches, 50 wheel chairs and 100 diapers.

Other include two (2) incubators for the Donkokrom Presbyterian Hospital which is the only referral facility serving both Afram Plains North and South Districts to help improve maternal healthcare.

The lawmaker also presented 100 bicycles to given to farmers and school pupils who walk long distances to their farms and schools.

Five (5) Corn and cassava mills to help advance agribusiness as part of the gesture.

The educational items gifted by Hon Betty Krosbi Mensah to enhance

education delivery include one thousand and two hundred (1,200) exercise books, one thousand and two hundred (1, 200) story books, 500 dual desks, 100 mono desks for teachers and 20 teachers tables and chairs.

The intervention by the MP was made possible by kind curtesy of her donor partners in Canada, namely YEG Rotary Club, Sinkunia Community Development Organisation and Emmanuel Foundation.

Speaking at the presentation ceremony, Hon Betty Nana Afua Krosbi Mensah said the gesture is to help improve maternal health delivery especially issues with still birth and to address the challenge of school pupils sitting on the floor and improve farming activities.

Hon Krosbi Mensah urged all political actors to eschew excessive partisanship and work collectively for the development of the island community which is highly disadvantaged as compared to other parts of the country.

She express gratitude to her donor partners YEG Rotary Club, Sinkunia Community Development Organisation and Emmanuel Foundation for coming to the aid of the Island community with the items.

Hon Betty Krosbi Mensah spent an estimated amount of Ghc 90, 000 on freight charges and transportation of the items from Canada to Accra and to Donkokrom.

The Kwahu Afram Plains North District Director of Health Services, Francis Kwotua Apungu who received the health related items for onward distribution to health facilities thanked the lawmaker for her continuous efforts at improving health care in the area.

He appealed to the MP to support in expanding the Donkokrom Presbyterian Hospital which serves both districts.

General Manager Presbyterian Health Services, Kwahu, Rev Ezekiel Amadu Daribi who received the two incubators, four electronic beds and two delivery beds on behalf of the Hospital said the equipment are of enormous importance in enhancing health delivery for the area.

The Kwahu Afram Plains North District Director of Education, Mr Solomon Akrogo Azubila and head teachers of beneficiary schools expressed gratitude to the MP for her benevolence saying the desks especially will help curb the phenomenon where school pupils lie on the floor during classes as a result of lack of tables and chairs.

The Guest Speaker, who is MP for Central Tongu, Alexander Roosevelt Hotordzie urged residents to support their MP to deliver more for them.

He cautioned against individualism and the influence of money whiles urging the people to rally behind the young lawmaker whom he described as a workaholic.

The Krontihene of Donkokrom, Nana Okai Kwaku Nkansah II who chaired the event prayed for God’s guidance and wisdom for the MP in her efforts in developing the Afram Plains area.

Nana Krontihene urged his people to unite behind the MP who is determined to transform the island community.

The event which was dedicated to Rev Ezekiel Amadu Daribi (outgoing General Manager) who is credited for transforming the status of the Presbyterian Hospital into a modern facility was attended Chiefs, religious leaders, staff of Ghana Health Service, staff of Ghana Education Service, representative of Member of Parliament for Afram Plains South, Hon Joseph Appiah Boateng, Presiding Member for the Kwahu Afram Plains Assembly, the Afram Plains North constituency Chairman of the NDC and other executives of the party.

North African conference on labor, entrepreneurship and MSMEs concludes with the “Rabat Declaration” “The post-Covid-19 world is opening up new avenues and opportunities. All public and private actors have a role to play in making themselves even more accessible to entrepreneurs. This will only be possible if a new impetus is given to entrepreneurship and MSMEs, with a synergy of all programs, public and private, which will have to be scaled up, have greater capacity, and be seamlessly interwoven.” This was the conclusion of a regional conference held on 7 and 8 June in Rabat, Morocco, on the future of labor and the role of entrepreneurship and MSMEs. The Rabat Declaration calls for new political awareness and a change of paradigm. It establishes convergence around the need for a new job creation model that is nurtured by entrepreneurship.

The event was jointly organized by the African Development Bank Group via a new platform known as eina4jobs(link is external) and the Moroccan Ministry of Economic Inclusion, Small Business, Employment and Skills. Eina stands for Entrepreneurship, Innovations

and Advice for Jobs. The event brought together about 300 people, including ministers, entrepreneurs and experts from Morocco, Tunisia and Egypt.

Eight specific action points were identified, including: improving regulatory frameworks, investing in high-potential value chains, creating public-private partnerships to leverage investment funding, providing targeted support for entrepreneurs and helping them technically and financially.

Participants exhibited a spirit of consensus-building at the two-day conference, discussing public policies in support of entrepreneurship and learning from the experiences of the three north African countries.

“After the Covid-19 pandemic, questions of employment and entrepreneurship must be addressed differently,” said Younes Sekkouri, Moroccan Minister of Economic Inclusion, Small Business, Employment and Skills. “It is important to find effective approaches and new, innovative solutions that place young people at the center of public policies

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and bring value to local areas.”

Nadia Fettah, Moroccan Minister of Economy and Finance, said support for entrepreneurship is a priority.

“Morocco, Egypt and Tunisia have the potential to create more than 8 million jobs by 2030. To do this, governments need to implement bold and inclusive policies that support and unleash talent,” she said.

The Tunisian Minister of Employment, Nasreddine Nsibi, stressed the need to “mobilize more financing, including from the private sector, because our young people expect an answer.”

“We have much in common — Morocco, Tunisia and Egypt — in terms of environment and challenges,” said Nevine Gamea, Egyptian Minister of Trade and Industry. “We are working to meet the needs of our citizens, including our young people, so they can access jobs and opportunities.”

Yacine Fal, African Development Bank Vice President for Regional Development, Integration and Business Delivery, said the Covid-19 pandemic

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had radically changed how companies conduct business. “Together, we are launching the Rabat Declaration to create momentum and inspire public action to support young people who dare, innovate and start up. Together, let us act in such a way that the world to come is designed to place young people and employment at the heart of the political agenda.”

Denmark Ambassador to Morocco Jesper Kammersgaard said it was “very positive” that the eina4jobs platform, funded by Denmark, provides an opportunity to develop a roadmap to address the challenges facing countries in the region.

Beyond the conference, the key delegates, including the German Corporation for International Cooperation; French Development Agency; World Bank; European Bank for Reconstruction and Development; United Nations Development Programme; and International Labor Organization, will engage in consultations around implementing the Rabat Declaration.