FR I DAY, JU N E 24 , 202 2
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NEWS FOR B U SINESS LEA DERS
Majority Leader wants tax holidays for Dzata cement By Eugene Davis
//STORY ON PAGE 2
UKGCC raises funds for UGMC with 1st Royal Ascot Ladies Day Commemoration //STORY ON PAGE 3
Ghana will help make Pan-African vaccine manufacturing project success – Akufo-Addo //STORY ON PAGE 3
MTN on track to invest US$1bn in infrastructure by 2025 //STORY ON PAGE 4
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News/Editorial
THEBUSINESS24ONLINE.COM
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.
Majority Leader wants tax holidays for Dzata cement By Eugene Davis
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Majority Leader, Osei KyeiMensah-Bonsu, has called for a tax exemption for indigenous manufacturer, Dzata Cement, noting that it will aid in the increase of production and create high skilled jobs for Ghanaians. Dzata cement which is in its infancy began operations sometime last year plans to build 10 silos, with two already constructed and has installed new technology to boost production as well as projecting 3 million tonnes annually when fully operational for the local and African market. Addressing the press after a visit of the facility by parliament’s joint committees of trade and industry, and works and housing, he said “We must commend him for what he has done and it is for parliament to come together to assist him including the teething problems that he is facing including some exemptions that he may need in the import of equipment -we have the 1D1F, it comes along with some facilities; can we extend same to him even though he is in operation. What can be done by parliament to assist him to employ Ghanaians to also offer the system greater resilience for the economy so we can overcome occasional sneaking from the West and China.” According to him, if such enterprise adds value to the country’s produces it will help transform the economy. The Minority Leader, Haruna Iddrisu, lauded the company stressing that “it exemplifies
Ghanaian enterprise and wakes up the political elites of Ghana to grow above petty partisanship. Opportunities of Ghana must be to the benefit of everyone.” He also indicated that the facility requires some enormous financial support and reckons “it is not above the state, together we should support genuine Ghanaian enterprises to liberate us from poverty.” The Executive Director of Dzata cement, Ibrahim Mahama, indicated that the company is desirous of expanding with the construction of 8 more silos with the expansion cost estimated at US$32m for phase two and phase three expected to cost US$48m. Speaking to the press, he said “For us as a company, even though we are young we are very desirous to partner government so we bridge the infrastructural deficit in this country and that is the base we want to supply[cement]. For us the infrastructural deficit [roads, hospitals] all those we have identified, Dzata is well positioned to partner government so that at the end of the day we will develop this economy through the provision of cement products
and its aggregates.” He however highlighted challenges from ports through production to downstream [market], and adds that “as the only indigenous company the support we have received from government is appreciated but we want to believe that a lot more will also come.” The over US$100 million investment is located on a 10-acre land near the Tema Port. The first phase of the production is 1.2m tonnes. Ghana currently has eleven cement plants for production in the industry. The entry of Dzata cement into the industry makes it the 12th plant and second bagging plant. The Dzata Cement plant, which is wholly managed by Ghanaians, can produce an average of 120 bags per minute from the two production lines. It is expected that the price of Dzata cement will be relatively lower than that of its competitors. The country currently has four major cement companies. These are Ghacem, Dangote, CIMAF and Diamond cement brands.
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FRIDAY, JUNE 24, 2022
Ghana will help make Pan-African vaccine manufacturing project success – Akufo-Addo “As I said in Marburg, the PanAfrican Vaccine Manufacturing Project fits perfectly with Ghana’s roadmap for domestic vaccine development and manufacturing. Ghana is ready to play her role, and I reaffirm, once again, her determination to make the Project work successfully.” These were the words of the President Nana Addo Dankwa Akufo-Addo, at the groundbreaking ceremony for the commencement of construction of a vaccine manufacturing plant in Kigali, Rwanda, on Thursday, June 23, 2022. Expressing his gratitude to President Paul Kagame for the invitation to participate in the event, President Akufo-Addo indicated that the commencement of construction “signals to the rest of the world the commencement of this end-toend vaccine manufacturing facility, involving Rwanda, Senegal and my own country of Ghana.” In his remarks, the President indicated that the import of the Pan-African Project means that Ghana, Senegal and Rwanda must work together, the reason why the relationship between the Food and
Drugs Authorities (FDA) of Ghana and Rwanda is being deepened with the signing of a new Memorandum of Understanding on Friday, 24th June. “Through this, FDA Ghana, which achieved WHO Global Benchmarking Maturity Level Three (3) in 2020, and is working hard to achieve Maturity Level Four (4) by the end of this year, will assist FDA Rwanda to attain WHO Maturity Level Three (3) as soon as possible. Both agencies will collaborate further in vaccine drug product manufacturing, fill, finish and lot release in their respective countries,” he said. President Akufo-Addo continued, “Again, collaboration between our two countries resulted recently in a team from Rwanda visiting research institutions in Ghana, with the aim of strengthening institutional development and partnership
towards vaccine discovery and advancement”. In addition, the President revealed that Ghana’s research institutions are undergoing capacity-building to be ready for the discovery and development of vaccines and other biologicals, stating that “a consortium of Ghanaian pharmaceutical companies, led by DEKS Vaccines Ltd., is working closely with BioNTech Rwanda, BioNTech Germany and kENUP to fill, finish and package the drug product in Ghana from the plant
here in Rwanda.” He thanked BioNTech of Germany, kENUP Foundation, IFC, EIB and the other financial institutions for working closely together with African countries to enable the continent achieve vaccine self-sufficiency. “I assure all and sundry that Ghana is delighted to be part of this PanAfrican Project to manufacture mRNA COVID, Malaria and TB vaccines from drug substance through drug product to fill, finish and package,” the President added.
UKGCC raises funds for UGMC with 1st Royal Ascot Ladies Day Commemoration The UK-Ghana Chamber of Commerce (UKGCC), a memberbased trade association that promotes bilateral trade between the UK and Ghana, has raised funds to support the establishment of a clinical trials unit at the University of Ghana Medical Centre. The UKGCC raised the funds while commemorating the first Royal Ascot Ladies Day Event in Ghana at the Polo Court Gardens, Accra. Ascot, one of Britain’s most wellknown racecourses, holds a special week of races in June each year called the Royal Ascot, attended by Her Majesty the Queen. This week has become Britain’s most popular race meeting, welcoming over 300,000 visitors all dressed in their finest attire. The UKGCC’s version of the Ladies Day, co-hosted by Ace presenter and radio and Television personality, Nathaniel Attoh, and Ghanaian actress, Sika Osei, paid homage to this iconic British tradition. As a charity fundraiser, all proceeds from ticket and raffle sales will be donated to the University of Ghana Medical
Centre (UGMC) Medical and Scientific Research Centre (MSRC) Fund Raising Committee. Executive Director of the UKGCC, Adjoba Kyiamah, said The UGMC MSRC was chosen because given the backdrop of the recent global pandemic, now more than ever.
the best treatment for diseases in our environment. The UGMC’s work, in undertaking research, will discover new treatments, methods and procedures to improve the health status of Ghanaians, Africans and the world and so we must support their efforts,” she added.
“We need more clinical trials in our country to help identify
Dr. Chris Owoo, Clinical Lead, Ghana Infectious Disease Centre,
Ga East and member of the UGMC MSRC Board, expressed gratitude to the UKGCC for organising the charity fundraiser and added that as the first purpose built clinical trials centre in Ghana, the unit will research both foreign and locally manufactured (including plant-based) drugs. “The opportunity to invest in the health of our present and our future population is now and what we do at the moment will determine where we will be when we have another pandemic or other disease conditions that continue to plague us,” he said. He appealed to other organisations and individuals to support the establishment of the centre, slated to be completed by the end of this year, and drive the change the country needs. The 1st Royal Ascot Ladies Day Experience in Ghana concluded on a high note with memorable highlights that included a millinery showcase and awards for Best Dressed Lady, Best Hat, and Best Dressed Couple. Interested donors to the clinical trials centre may reach out to the UKGCC.
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FRIDAY, JUNE 24, 2022
MTN on track to invest US$1bn in infrastructure by 2025
The Chief Executive Officer of MTN Ghana, Selorm Adadevoh, has reiterated MTN’s commitment to deepening digital and financial inclusion as part of its Ambition 2025 strategic vision. He stated during the Company’s 2022 Media and Stakeholder Forum held on Monday June 20, 2022 that “the company was on track to invest 1 Billion dollars in
digital infrastructure by 2025.” Mr. Adadevoh said the core of MTN’s strategy is to leverage technology to build and enrich lives. He explained, “MTN is positioned to lead digital solutions for Africa’s progress. “At the heart our ambition is driving digital and financial inclusion to enhance the quality of life of Ghanaians.” Mr. Adadevoh also mentioned
that the business was promoting mobile advertising and Ayoba which till date has over 10 million users in Africa with 20% users being from Ghana is the platform to drive it. He revealed that Ayoba currently has 15 micro-apps with majority built by local developers. This is aimed at boosting local content. The CEO assured customers that
MTN was committed to improving customer experience and bringing services closer to the doorsteps of consumers. Consequently, he said, MTN had established 306 touchpoints across the country in collaboration with local partners within communities through the Lite Retail Scheme. The scheme will continue to roll out more touchpoints. The MTN Media and Stakeholder Forum is an annual event held by the company to engage key stakeholders on the operations of the company. The theme for this year’s forum was “Building platforms to deliver a Brighter future for Ghana and beyond.” Various stakeholders and partners including representatives from government agencies, Telecoms Chamber and the media commended MTN for consistently fostering strong relations with its stakeholder community and making them a part of the MTN brand.
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FRIDAY, JUNE 24, 2022
Vodafone Healthline doctor shares tips on how to detect a silent heart attack Cardiologist and Senior Physician Specialist, Dr Aba Folson, has explained that not all heart attacks come with classic signs such as severe chest pain. She noted that some patients who experience heart attacks may not recognize it until after a physical examination by a health practitioner. According to her, even though silent heart attacks may not show
common symptoms, they are no less dangerous. Speaking on the 13th episode of season 10 of the Vodafone Healthline show, Dr Aba Folson advised that the best way to detect a silent heart attack is to be on the lookout for certain atypical symptoms which you can then share with a doctor for further examination. As she told the host, Frema
Asiedu, “Indeed, there are patients who get heart attacks and don’t feel any chest pain or any of the typical symptoms. In that case, there are atypical ways by which the myocardial infarction, also known as heart attack, presents itself. Some symptoms such as nausea and sweating may be present. There may be other symptoms that could be evidence of heart damage. When one is unaware of the condition, the muscle dies and stops working and eventually, the signs of heart failure set in. When the heart does not pump blood as well as it is supposed to, there is a retention of fluids in one’s chest, and under the feet and that is one atypical sign of a heart attack.” The doctor added that other signs one can look out for include shortness of breath, and unexplained fatigue, among others. Meanwhile, Dr Folson has cautioned
that classic symptoms or not, the best thing is to contact your doctor as quickly as possible when one experiences persistent traditional symptoms of heart attack or the atypical symptoms. Heart attack, also known as Myocardial Infarction, is a condition that occurs when a blood clot forms within the coronary vessels and blocks blood flow into the heart. Without the blood flow, the tissue loses oxygen and dies. Notable symptoms of a heart attack include pain in the chest, neck, back or arms, as well as fatigue, lightheadedness, and abnormal heartbeat. The 10th Season of Vodafone Healthline, Vodafone’s innovative healthcare show, ended this week after 13 impactful episodes aired for weeks across various TV stations. The episodes were jampacked with transformational surgeries that were timely in saving lives, general health education, and health experts who gave advice that helps Ghanaians make informative choices and live fulfilling and healthy lives.
UKGCC Executive Council Member recognised at 8th Feminine Ghana Achievement Awards UKGCC Executive Council Member and General Manager and Divisional Head (Marketing) at Zenith Bank (Ghana) Limited, Maebelle Nortey, has been recognised as a Most Outstanding Female in Banking at the 8th edition of the Feminine Ghana Achievement Awards 2022. This recognition automatically ushers Mrs. Nortey into the Feminine Hall of Fame, which is the topmost connective female network platform in Ghana today. Commenting on the recognition, UKGCC Executive Council Chairman and Founder of Blue Skies LTD., Anthony Pile,” said the UK-Ghana Chamber of Commerce
is immensely proud to announce the award of “Most Outstanding Female in Banking” this year to one of our directors, Maebelle Nortey. “The women of Ghana are no longer in short supply of role models. High female achievers in all commerce and industry sectors are more and more in evidence in Ghana. They are having an immense impact directly and indirectly on the economy of this country. Undoubtedly women like Maebelle are putting Ghana ahead. We congratulate Maebelle on this richly deserved award. We are very proud of you, Maebelle!.”
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FRIDAY, JUNE 24, 2022
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Ghana’s runaway inflation: ‘Greedflation’ phenomenon By Kwadwo Amoako-Tuffour Over the last three years, Ghana has endured more suffering than its share of bad news and adversities. Fluctuations in global economic recovery have caused the economy to shrink. A heatwave of inflation has diffused into the global economy with no exception. Ghana’s inflation is 27.6 per cent as of May 2022. This is a result of the persistent fluctuations in the Consumer Price Index (CPI) and the rudiments of the RussiaUkraine war which cannot be overemphasised — pushing up the prices of imported food items. Casting our minds back to elementary economics, we know that the CPI is a tool for measuring inflation. The CPI measures the changes in the price of a fixed basket of goods and services purchased by households — with the assumption that households purchase a basket of goods and services monthly, hence price changes occur monthly. We also know that the CPI is influenced by food inflation. Food inflation, moreover, contributes
significantly to year-on-year and month-onmonth overall inflation. The issue on the ground is that producers and sellers in Ghana (wholesale and retailers) have taken advantage of the challenging times facing the economy and self-inflating prices of goods and services — especially food items. The term “greedflation” is coined from this unacceptable and greed-bound practice. In the spirit of the torrential rains experienced lately, one would expect that prices of food items would fall because of the expectations of a bumper harvest. But this is not the case. The contribution of year-onyear food inflation for May 2022 to the overall inflation was 30.1 per cent. This was predominantly caused by fats and oils (52.0%) and water (42.4%). On a month-on-month
basis, three subclasses; cereal products (5.3%), vegetables (5.4%) and oils and fats (6.5%) recorded inflation rates higher than the overall inflation (4.0%). Generally, these subclasses of food items are the most consumed by Ghanaians, hence the justification of food inflation partly causing the runaway inflation. The statistics clearly show that “greedflation” — as producers and sellers persistently inflate the prices of goods and services, the higher the inflation rate in the economy. This practice is predominant in the nation’s capital, Accra. A ball of Kenkey is sold at different prices at different
locations — the same applies to other food items. To help reduce the burden of the economic downturn on citizens, producers and sellers (wholesale and retailers) should refrain from the practice of self-inflating prices of goods and services, which has the potential to accelerate overall inflation through food inflation. Moreover, it is high time a regulatory body is established to regulate and control the incessant price discrimination practiced in the nation’s capital and other parts of the country. The writer is an MPhil Economics Student at the University of Ghana. E-mail: pdadzie03@gmail.com
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FRIDAY, JUNE 24, 2022
Fido raises $30M from Fortissimo Capital, Yard Ventures and Harvard alumni venture capital fund Fido, a leading fintech company whose mission is to empower individuals and entrepreneurs to reach financial freedom, has announced the completion of a $30 million series-A financing led by Fortissimo Capital along with participation from Yard Ventures, the venture capital fund of Harvard alumni, and additional private investors. This brings the company’s total funding to $38 million thus far. The additional funds will be used to launch new category-creating financial products in Ghana, grow the company’s customer base throughout Africa, and establish a technology centre in Accra to train engineers for higher levels of software development. A statement issued by Fido said the fintech was created in response to the lack of access to financial services which hinders the growth of entrepreneurship in Africa. “The banking sector (in Africa) is complicated and bureaucratic, its processes are time-consuming and not very customer-friendly, so access to financial services remains beyond the reach of a significant segment of the population,” the statement said.
“Fido changes this paradigm by automating the whole customer journey from onboarding to credit analysis and even provides financial guidance. Its autonomous banking platform and unique machine learningrisk models, make instant credit decisions even for customers with no financial track record, while helping reduce operational costs. Fido’s autonomous banking system relies on mission-critical, real-time machine learning models for risk scoring and fraud detection, based on non-financial data, to approve or reject a loan in real-time, and simultaneously deliver market-leading default rates. The B2C mobile application is fast, data-driven, low latency, and built on a distributed cloud architecture, helping boost accessibility to financial services to unbanked regions”. Fido is going beyond just digital-financial services and aims to educate customers on how to improve their credit scores over time and incentivize positive financial behaviour. Later this year, the company plans to launch savings and costeffective payment products in some of its markets to help users
easily improve their financial health with a product that’s simple to use. To support the launch of its new financial products Fido will expand the tech team in Tel Aviv and open a tech hub in Accra to attract and develop local talent. Fido is led by a seasoned team of creative entrepreneurs and AI veterans, that include CEO Alon Eitan, CTO Guy Shaked, and CCO Kelvin Abdallah, who joined cofounder Nadav Topolski in mid2021 to triple revenues over the past year. The company has grown to a team of 60 that includes data scientists, engineers, and financiers, while already having underwritten 1.5 million loans to more than 340,000 customers at a value of over $150 million. “We are building a new culture of money in Africa by making financial services instant and accessible,” said Alon Eitan, Fido CEO. “We’re proud of what we are building and grateful to have such a talented team and experienced group of investors backing our vision. This is not only about making financial services accessible, but also about making them better: instant, simple, and
transparent. We are just getting started.” “We are truly impressed by the team’s ability to underwrite people instantly while delivering sustainable economics. This differentiates them from the other players in the space,” said Yochai Hacohen, Partner at Fortissimo Capital. “Fido brings a genuinely differentiated offering that solves an enormous challenge by using disruptive technologies. Now world-class fintech technology is available to all, for mutual growth and shared prosperity.” “In addition to being impressed by the team and upside of Fido’s business model, we take pride in supporting such an impactful business that is helping to democratize access to financial services for those who were previously neglected by traditional institutions,” said Ron Levin, Partner of Yard Ventures and author of The Higher Purpose Venture Capital Blog, which profiles venture-backed companies that are helping to solve problems around wealth inequality.
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FRIDAY, JUNE 24, 2022
Tropical Cable marks 25th anniversary, launches new product Ghana’s leading manufacturer of electrical cables and conductors, Tropical Cable & Conductor Ltd. (TCCL), has marked its silver jubilee in Tema under the theme, ‘25 Years of Impacting Ghana: New Ideas, New Products, New Markets’, with a launch of an industry-first product. The new product, Coaxial TV Cable is a type of communication cable specially manufactured with a pure copper core, insulated, with a pure copper wire braid around it and sheathed with Flame Retardant Low Smoke PVC to guarantee excellent signal strength and safety. It is primarily used for connection of satellite antennas and TV antennas to television sets in various facilities, homes and businesses. As well as connection of CCTV Cameras. Launching the product, the Vice President of the Republic of Ghana, H.E. Dr. Alhaji Mahamudu Bawumia who was the Special Guest of Honour & Keynote Speaker for the 25th Anniversary
launch, commended Tropical Cable for being the first-ever manufacturing company to locally make Coaxial TV Cables in Ghana. “This is a very exciting move by Tropical Cable who has demonstrated to be the first and competitive in everything quality when it comes to manufacturing in Ghana and the Sub-region. And on its 25th Anniversary, it is the first to manufacture these Coaxial TV Cables in Ghana. It is indeed a great honour and privilege to formally launch the first ever locally made Coaxial TV Cables in Ghana by Tropical Cable.” Speaking on the 25 years’ journey of Tropical Cable, the Founder and Executive Chairman of Tropical Cable & Conductor Limited, Dr. Tony Oteng-Gyasi, said the experience has been interesting and full of lessons. “Looking back over the past 25 years, I can only describe the experience of Tropical Cable as interesting, revealing, and full of
lessons. I started this company with the simple aim to create an African industrial giant and a company that will live beyond me. I want to acknowledge the many people who have assisted and worked with me to achieve this vision. Tropical Cable is here today because of discipline and integrity, strong and dedicated team, our customers, electrical companies, distributors, retailers and others”. Reiterating the company’s commitment to making a meaningful impact on the development trajectory of Ghana, Managing Director of Tropical Cable & Conductor Ltd., Mr. Martyn Mensah, said, “Our track record speaks for itself – we have created long term jobs with most of our staff having been with us for over 15 years and have contributed to the development of the built environment and power sector in Ghana. Besides contributing to government revenues through prompt payment of
taxes, our drive to grow exports has supported government’s efforts aimed at tackling the depreciation of the cedi. We are proof that the private sector can make a meaningful impact on the development trajectory of our nation. Our plan is not to survive the next 25 years but to thrive as there is so much more that we can and plan to do, and therefore the support of the government is critical in our growth strategy in the coming years”. “The vision remains relevant and compelling, and we will ensure that, the next 25 years are as remarkable as those gone by. We will continue to lead the way in innovations and new technology that will ensure that we are the go-to-choice for the electricity supply sector and to continue to add to the numerous “firsts” that we have chalked over the years”, he concluded.
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‘DARE TO BE’ book launched Stratcomm Africa, on Sunday, 19th June 2022, hosted the launch of a book - Dare to Be -by Esther Amba Numaba Cobbah, which celebrates six amazing young Ghanaian female entrepreneurs. The book was launched by Maidie Arkutu, former Vice President/ Chairman & Managing Director, Unilever Francophone Africa, and Mawuena Trebarh, former Chief Executive of the Ghana Investment Promotion Centre. The event took place at Sealine View, McCarthy Hill, Accra. ‘Dare To Be’ takes the reader through the outstanding entrepreneurial journeys of the six women; – Kafui Danku ( F i l m m a k e r/A c t r e s s ) , F r e d a Obeng-Ampofo (Kaeme),EmiBeth Quantson (Kawa Moka Coffee),Nyame-Nhyiraba Awura Abena Agyeman (Wear Ghana Ltd),Aisha Ayensu (Christie Brown) and MzVee (Singer, Afropop. Dancehall and R&B artiste). Each of the women interacted with the audience, delighting and amazing them with firsthand insights about their entrepreneurial experiences. They also autographed copies of the book for those present and took pictures with several of them. Author of Dare to Be, Ms Cobbah, highlighted the authenticity of each of the women in pursuing their dreams, challenges encountered, how they
persevered and developed their skills and their faith which kept them going. She also emphasized the hard work involved for each of them and the struggles they had to go through. She hoped that they would be examples to other young women, as well as men, to use resources around them to initiate and sustain enterprises. Mrs. Sharon Anim, Manager, Communications, at Stratcomm Africa says, “As an organization birthed by a woman, Stratcomm Africa, is committed to employing its communication capabilities to tell these stories of the unrelenting pursuit of excellence, hard work, resilience and perseverance in developing and sustaining entrepreneurial dreams.” Mrs. Anim added that Stratcomm Africa is confident that, “the sharing of such stories can help transform Ghana into a dynamic, economically vibrant country as more of the youth actively seek to put the resources around them into thriving enterprises that create much needed jobs and enhance livelihoods in the society.” “Dare To Be’ will be out on 1st July 2022 in the following outlets; Booknook.store, Amazon, Challenge Book Shop and Vidya Book Store. Limited copies are available at Handkrafted at Asylum Down (in the Stratcomm Africa office building, Vana Place), Accra.
FRIDAY, JUNE 24, 2022
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FRIDAY, JUNE 24, 2022
Ghana’s ports pledges to green and enviro-friendly operations
By Patrick Paintsil
The Ghana Ports and Harbours Authority has stated its commitment to be environmentally sustainable in its operations with official green agenda in the coming months. The Authority has already begun initiatives geared towards protecting the environment for human, plant and aquatic life. Chairman of the Coastal Conservancy Organisation (CCO), Justice Eshun, whose NGO has partnered GPHA for the environmentally sustainable projects said the exercise will be executed in three phases which included preparation for planting, launch and actual planting, and lastly the tending, protection and long term management of the trees. “We are currently on the third phase. We have put a wooden
protective cover on all the trees that were planted to indicate to people those are areas they should not trespass. Another good thing is that, we are currently keeping a nursery where we can make replacements if some of the plants do not survive or are unhealthy.” He also highlighted its coastal cleaning projects, another partnership with GPHA for the conservation of Ghana’s beaches. Mr. Eshun said for 11 months CCO, with funding from GPHA, has been cleaning 10 different beaches that had been inundated with filth, with mostly non bio degradable objects like plastics, car tyres among others. Corporate Estate and Environmental Managers at GPHA, Andy Bright Berko, revealed that one of such
initiatives is a tree planting campaign which coincides with the national agenda, the green Ghana project. He said the tree planting is intended “to create a carbon sink in the port area” in order to absorb the carbon emissions that emanate from direct port operations and ancillary operations. According to him, the port authority has begun the separation of plastic and paper waste for recycling while giving out wooden waste for re-use, with an initiative to embark on a reduction of waste generation as well as measures taken for waste segregation at the ports. The General Manager, Estate and Environment at GPHA, James Benjamin Gaisie, said “vessels that call our ports are bound by
Justice Eshun is the Chairman of the Coastal Conservancy Organisation (CCO)
international protocols such as the MARPOL convention annex 6. It obliges vessels to use fuel with low sulphur content and so vessels who have high sulphur content in their fuels, when calling ports will have to change fuels. In Ghana, GMA is supposed to ensure that all vessels comply.” Mr. Gaisie also said, at Ghana’s ports, waste reception facilities are available to receive, handle and dispose ship generated waste in an environmentally sound manner. He said the Authority recognizes that port activities, being industrial in nature can pose risk to the environment and that is why GPHA has taken upon itself to initiate the sustainable ports agenda and this would be successful with the collaboration of stakeholders.
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FRIDAY, JUNE 24, 2022
Africa50, AfDB and African Sovereign Investors Forum signal strong desire to jointly mobilize capital for infrastructure projects The African Development Bank, Africa50, and Africa Sovereign Investors Forum (ASIF), have signed a letter of intent to collaborate on developing green and climate resilient infrastructure projects across Africa. The three entities will work together to galvanize financing and to drive the development of skills and expertise within the infrastructure sector. The signing took place on 20 June 2022 in Rabat, Morocco, during an event to launch the Africa Sovereign Investors Forum. Under the high patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, 10 African sovereign investors agreed to set up the Forum. The newly formed platform will accelerate coordination to mobilize patient capital for the continent’s development. The signatories are Agaciro Development Fund of Rwanda(link is external), Fonds Souverain de Djibouti, Fonds Gabonais d’Investissements Stratégiques (FGIS(link is external)), Fonds Souverain d’Investissements Stratégiques (FONSIS(link is external)) of Senegal, Fundo Soberano de
Angola (FSDEA(link is external)), Ghana Infrastructure Investment Fund(link is external) (GIIF(link is external)), Ithmar Capital (link is external)(Morocco), Nigeria Sovereign Investment Authority (NSIA(link is external)) and The Sovereign Fund of Egypt (TSFE(link is external)). Africa50 CEO Alain Ebobissé signed for his organization. African Development Bank Vice-President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, signed on behalf of the Bank, and Ithmar Capital CEO Obaid Amrane, who will serve as the inaugural chair of ASIF, signed on the new initiative’s behalf. Ebobissé said: “this is an important step to building strong collaboration between the right stakeholders to meet the substantial infrastructure financing needs of Africa. We must make key regional infrastructure projects attractive and bankable for both global and African private investors and today’s signing will go a long way to address the continent’s infrastructure deficit. It is therefore important that we leverage the strength of the African sovereign wealth funds on the continent, who
manage significant domestic savings, to drive the growth of Africa’s economies through the development and successful implementation of strategic infrastructure”. Quaynor said: “The African Development Bank’s partnership with ASIF and Africa50 would enable stronger collaborations on project development and co-financing, mobilization of capital to fund resilient, green and sustainable infrastructure and identification of investment opportunities to promote Africa’s infrastructure and industrialization. This is a key part of the Bank’s strategy to harness the estimated $2 trillion of assets under management from African institutional investors including sovereign wealth funds, pension funds and insurance companies for the continent’s infrastructure and industrialization,” he said. Amrane said “ASIF main objective is to accelerate the development of investment opportunities and to mobilize patient capital. As sovereign investors, we see strong complementarities with African Development Bank and Africa50,
especially that our visions are aligned with regard to project preparation and capital mobilization. We are pleased today to formalize ASIF, AfDB and Africa50’s mutual desire to collaborate together, for we have a common objective to foster investment in climate resilient projects, among others, according to our respective mandate.” The collaboration agreement will also seek to address the identification and preparation of projects, a critical successful factor in attracting financing into any projects. About Africa50: Africa50 is an infrastructure investment platform that contributes to Africa’s growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 31 shareholders, comprised of 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank AlMaghrib. For more information, visit: www.africa50.com
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FRIDAY, JUNE 24, 2022
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Sahara Group’s Trainee Program promotes downstream expertise in Ghana Leading energy and infrastructure conglomerate, Sahara Group, has commenced a Graduate Management Trainee Program in Ghana to give young graduates in the nation an opportunity to make a difference in the oil and gas sector. With focus on Sahara’s downstream operations in Ghana, the GMT program will offer successful applicants an opportunity to “upgrade their unique skills and ensure exposure to top-level responsibility early in their careers,” said Yvette Selormey, Managing Director, Sahara Downstream in Ghana. “Sahara Group is renowned for transforming young talent into global icons in the energy sector and this is a platform specially designed for every young graduate in Ghana seeking to learn and grow within a work culture that encourages and rewards excellence,” she said. Ghana’s downstream sector continues to experience significant growth as a result of the government’s strategic reforms, policies and investments. There are also increasing efforts by the government to boost the adoption of Liquefied Petroleum Gas (LPG) LPG as a cleaner fuel compared to biomass and kerosene. LPG consumption in Ghana for Q1 2022 stood at 101,362 MT and this is projected to quadruple by end of year. Sahara Group is expected to contribute significantly to the nation’s energy transition drive through continuing investments and the operations of LPG vessels, storage and distribution facilities associated with the energy conglomerate in Africa. Selormey said the program would give individuals with good first degrees in applicable disciplines a secure shot at kick-starting their careers with world-class training modules, mentorship, and self-driven goals. “Details of the application process which will run from June 20th to 3rd of July 2022 are available on all Sahara Group’s social media channels. We invite youths in Ghana to start their journey to making a difference by applying today,” she added. According to Selormey, Sahara Group has operated as a foremost business in Ghana’s oil and gas sector for over 20 years, facilitating access to energy and contributing to economic growth and development. She said: “So Energy, a Sahara Group downstream company
in Ghana continues to raise the bar in the sector, leveraging innovativeness, top-notch quality and safety policies, good corporate citizenship, and a unique service experience. The So Energy brand is renowned for integrity, reliability, efficiency, and implementing sustainable interventions in health, education
and capacity building.” With storage terminals across Africa, the Middle East and Europe, and a combined capacity more than 300million liters for a range of refined petroleum products, Sahara Group’s downstream business covers product procurement, bulk sales, and distribution of petroleum
products across the globe. Sahara’s downstream business is expanding across Africa with leading entities including, Asharami Synergy Plc., So Energy Ghana, Sahara Tanzania, Asharami Energy Zambia, Asharami Energy Kenya, and Asharami Energy Senegal, among others.
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FRIDAY, JUNE 24, 2022
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| NEWS
FRIDAY, JUNE 24, 2022
The President must intervene to save the tema oil refinery (tor) from dead collapse 1.
While the price of a gallon of Diesel draws closer to Gh¢60, the Institute for Energy Security (IES) wishes to put the President H.E. Nana Addo Dankwa AkufuAddo on notice that “the Tema Oil Refinery (TOR) is still in coma, requiring his urgent intervention to save the State facility which is saddled with over Gh¢400 million debt, from total collapse.” 2. After close to 6 years of poor management of this vital State institution, the refinery sits idle and hopeless; losing out on the prospects of the Russian-Ukraine conflict, plus the potential of generating that synergy between the upstream and the downstream sectors of the Ghanaian petroleum industry. 3. Although the global economic crisis caused by the pandemic, and the Russian-Ukraine war somehow presents an opportunity for the country’s petroleum sector to exploit opportunities in
the petroleum value chain, TOR sits idle, rusting away. 4. Over the period, successive managements and Boards of the refinery have literally failed to provide that vital leadership required to maintain and grow the refinery; particularly so, when the present government in January 2017 inherited a refinery that had cracked approximately 7 million barrels of crude between mid-2015 and end 2016. 5. A combination of bad sales and purchase agreements, poor facility maintenance, capacity under-utilization, operational inefficiencies, under-investment, carelessness, and incoherent policies, have diminished any hope that the refinery could run uninterrupted and even profitably. 6. At a time this nation needs it most, the refinery has ceased to play any meaningful role in managing fuel price and supply risks, while pockets of fuel shortages are recorded with the price of fuel almost
quadrupling in the past 6 and half years, stoking inflationary pressures on the entire economy, as Ghanaians will attest. 7. Unfortunately, the Energy Minister Dr. Matthew Opoku Prempeh sits clueless, failing to provide a single strategic option to lift TOR out of its present condition while clamoring towards another refinery. Instead, it is reported that the Minister is uncooperative with TOR’s Management and Board decisions and strategic directions, a situation which would definitely generate another round of leadership failure at the State refinery. 8. After a year and half in office, the Energy Minister has failed to provide that leadership necessary for the restoration of TOR. Put bluntly, the Minister has failed to find for TOR a strategic partner and direction to overturn the crippling state of the refinery. 9. As a result of all the above, and by virtue of TOR’s strategic
place in the Ghanaian economy, the IES wishes to call on the President to as a matter of urgency intervene and restore the facility to a sustainable operational path, before it collapses dead in only a matter of months. 10. Finally, we do not want to hold the belief that the President, H.E. Nana AkufoAddo, is not interested in the functionality of TOR and the ongoing fuel price hikes hurting Ghanaians at the pump. IES, therefore, wishes to call on the President to ensure the refinery’s Management and Board develop a comprehensive business strategy that ensures that TOR is operationally and financially viable, as developments on the international fuel market will continue to have a direct effect on the Ghanaian fuel market. Signed: Fritz Moses Research Analyst, IES (fritz@iesgh.org)
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| ADVERT
FRIDAY, JUNE 24, 2022
The Struggles of Content Creators – A Founder’s Viewpoint By Kayode Adebayo From a hobby to a big-time career, content creation has become a vital part of the social media marketing that few people envisaged. The art of content creation transcends location, age, race or identity, yet it relies on these and more, for it to be impactful. As consumers of content, it is difficult to fully appreciate the struggles creators go through to produce the various content with relevant messaging. Creative Block There are so many different challenges that hinder content creators. Every content creator has their peculiar struggles. The most common amongst them all is referred to as the Creative Block. Creatives will, particularly, find this position very familiar as it is a stage that seems to confront most creatives. Creative Block can last days, weeks or even months. When it occurs, creators find it almost impossible to create content. At this point, creators would usually take a break from work to do other things such as exercising or meditating to overcome it. To jump this hurdle, some creators say reading inspires them while others believe in sleeping their way to creative recuperation. Procrastination As a content creator, there is also the tendency to procrastinate depending on one’s concentration capabilities. Procrastination delays meeting deadlines, cannibalises productivity and makes you believe in the illusion
of abundant time. In the midst of all of this, one needs to dig deep within oneself to be motivated and disciplined to be productive. Some of the best ways to overcome procrastination are to, primarily, understand the reason for deferring tasks. Then, schedule one activity each day with clear deadlines and rewards. In between the big activity, one can execute low priority activities as a break from the big activity. Successful outcomes of projects bring satisfaction and invigorate content creators to produce more, eliminating delays and procrastination. Generating content consistently
Every successful content creator has to be consistent both in messaging and output. Once a community of audience is built, you cannot afford to disappoint and that scares many content creation enthusiasts. Unfortunately, 60 per cent of marketers say that this is their biggest content marketing difficulty. In this digital age, content has become easier to publish with many platforms and tighter competition for audience attention. A major reason content creators struggle with content is the unavailability of a content strategy. Having a defined content strategy will help to guarantee that your content is prioritized and is communicated to your audience in the best way possible. To structure your content
production, develop a content calendar for the next six months as part of your content strategy, and start monitoring your competitors’ output. This will provide you with a baseline for how much material you’ll need to develop to have an effect in your market. Constant Criticism Anything you say or do, some people would criticise you and such is life. As a content creator, you will be judged on everything you produce, language, message, appearance, talent, quality of content, sound and so on. There is no way to prevent this. As an individual, you must be aware of the distinction between constructive and negative criticism. On paper, it may appear simple, like ABC, but tackling it requires a strong intellect. While some people may use criticism to motivate themselves, for the most part, others take offence to it. The best way to approach criticism is to acknowledge it. Acknowledging them does not always imply that you agree with them. For instance, you can say “Thanks for the feedback, I truly appreciate it”. You have the option of simply acknowledging their critique and moving on or applying it to your work. Monetisation The surge in content creators from developing or third world countries is providing an outlet for young creators to express their ideas and creativity. It has,
over the years, transformed into another career option for young, creative, entrepreneurs. Terms and conditions for monetising content on the leading streaming platforms are crippling to the potential income generation capabilities of content from third world countries. Few platforms that monetise content originate from third world countries. One of such is the Ckrowd platform which offers greater support for global content creators who can now receive revenue in foreign and local currency simultaneously for the same content. This will provide greater visibility and increased global appeal to creators in the Diaspora and emerging markets, where local based revenues are often ignored when discussing monetization; http://www.ckrowd.com platform created by Ckrowd Africa Tech & Solutions. Not everyone is cut out for content creation. Consider the type of content you would like to see and produce it. Be bold; content creation can be entertaining for those who patiently learn the craft. So, experiment and figure out what works for you, and the specific platform to reach your audience. Take time to absorb what you observe in the environment around you and save any ideas you think you could turn into something useful.
FRIDAY, JUNE 24, 2022
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| MARKET REVIEW
FRIDAY, JUNE 24, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING - JUNE 17, 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
19.96%
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 weakened for the week on the back of losses posted by 3 counters. The GSE Composite Index (GSE CI) lost 55.50 points (-0.33%) to close at 2,496.24 points, reflecting year-to-date (YTD) loss of 10.51%. The GSE Financial Stocks Index (GSE FI) also lost 15.47 points (-0.71%) to close at 2,171.56 points, reflecting year-to-date (YTD) gain of 0.92%. Market capitalization declined by 1.15% to close the week at GH¢61,528.03 million, from GH¢62,244.68 million at the close of the previous week. This reflects YTD decrease of 4.60%. Trading activity recorded a total of 29,705,115 shares valued at GH¢25,805,228.99 changing hands, compared with 2,429,825 shares, valued at GH¢2,174,862.13 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 98.16% and 97.29% of volume and value of shares traded respectively. The market ended the week with 1 advancer and 3 decliners as indicated on the table below.
THE CURRENCY MARKET The Cedi weakened against the USD for the week. It traded at GH¢7.2030/$, compared with GH¢7.2000/$ at week open, reflecting w/w and YTD depreciations of 0.04% and 16.62% respectively. This compares with YTD appreciation of 0.16% a year ago. The Cedi appreciated against the GBP for the week. It traded at GH¢8.7823/£, compared with GH¢8.8787/£ at week open, reflecting w/w appreciation and YTD depreciation of 1.10% and 7.46% 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¢7.5394/€, compared with GH¢7.5786/€ at week open, reflecting w/w appreciation and YTD depreciation of 0.52% and 9.43% respectively. This compares with YTD appreciation of 3.52% a year ago. The Cedi further appreciated against the Canadian Dollar for the week. It opened at GH¢5.6244/C$ but closed at GH¢5.5224/C$, reflecting w/w appreciation and YTD depreciation of 1.85% and 14.14% respectively. This compares with YTD depreciation of 1.98% a year ago.
Source: Bank of Ghana
FRIDAY, JUNE 24, 2022
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| MARKET REVIEW
BUSINESS TERM OF THE WEEK Bottom-Up Investing: Bottom-up investing is an investment approach that focuses on analyzing individual stocks and de-emphasizes the significance of macroeconomic and market cycles. In other words, bottom-up investing typically involves focusing on a specific company’s fundamentals, such as revenue or earnings, versus the industry or the overall economy. The bottom-up investing approach assumes individual companies can perform well even in an industry that is underperforming, at least on a relative basis. Source: https://www.investopedia.com/ terms/b/bottomupinvesting.asp
COMMODITY MARKET Crude Oil prices tumbled to a four-week low on the back of concerns of interest rate hikes by major central banks and rise in the US dollar, which could slow the global economy and cut demand for energy. Brent futures traded at US$113.12 a barrel on Friday, compared to US$122.01 at week open. This reflects w/w loss and YTD gain of 7.29% and 45.44% respectively. Gold prices fell as the U.S. Dollar and U.S. Treasury yields clawed back after a decline during the previous session. Gold settled at US$1,840.60, from US$1,875.50 last week, reflecting w/w loss and YTD gain of 1.86% and o.66% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,387.00 per tonne on Friday, from US$2,385.00 last week, reflecting w/w gain and YTD loss of 0.08% and 5.28% respectively.
INTERNTIONAL COMMODITIES PRICES
GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,504.54 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢1,102.72 million raised in the previous week. The 91-Day Bill settled at 24.68% p.a from 23.70% p.a. last week whilst the 182-Day Bill settled at 25.98% p.a from 25.41% p.a. last week. The table and graph below highlight primary market yields at close of the week.
ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069
CORPORATE INFORMATION CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com Disclaimer The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.
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NO. B24/317 | NEWS FOR BUSINESS LEADERS
FRIDAY, JUNE 24, 2022
Binance signs Cristiano Ronaldo for exclusive partnership…Legendary Portuguese footballer to release multiple NFT collections per year Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, today announced that it has kicked off an exclusive, multi-year NFT partnership with Cristiano Ronaldo, one of the greatest footballers to ever play the game. Through this partnership, Binance will launch a global campaign aiming to give Ronaldo’s fans an introduction to Web3 with a compelling entry point into the world of NFTs. Over the course of the agreement, Cristiano Ronaldo and Binance will create a series of collections for sale exclusively
on the Binance NFT platform. The first collection will be released later this year and will feature designs created in collaboration with Ronaldo. “Cristiano Ronaldo is one of the world’s best footballers and has transcended sport to become an icon in multiple industries. He has amassed one of the world’s most dedicated fan bases through his authenticity, talent, and charity work,” said Binance Founder and CEO “CZ” (Changpeng Zhao). “We are thrilled to provide his fans with exclusive engagement opportunities to connect with Ronaldo and own a piece of iconic
EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.
sports history.” “My relationship with the fans is very important to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of,” said Ronaldo. “I know the fans are going to enjoy the collection as much as I do.” The Cristiano Ronaldo NFT collections will be available exclusively on Binance NFT at www.binance.com/en/nft/home. About Binance Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure
PUBLISHED BY BUSINESS24 LTD. TEL: 030 296 5297, 030 296 5315.
provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.