Business24 Newspaper 3 June 2022 by Business24 Online

FR I DAY, JU N E 3, 202 2

NEWS FOR B U SINESS LEA DERS

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NEWSDESK REPORT

Ursula says SIM cards re-registration deadline remains unchanged There will be no extension for the deadline of SIM cards re-registration exercise slated for July 31, 2022, the Minister for Communications and Digitalization, Ursula OwusuEkuful, has said. The Minister has asked the general public to be mindful of the timeline, stressing that “anyone who fails to re-register before the deadline does so at his/her own peril; all those who are adamant to embrace the exercise will have their SIM cards deactivated after July ending.”

Earlier in March, the government extended the initial deadline for the exercise from March 31 to July 31, 2022. This was largely due to the inability of many people to obtain their Ghana cards for facilitate the reregistration. The Minister emphasized that the exercise was very critical to protect the country’s cyber and digital space, and weed out criminals who perpetuate activities like mobile money fraud. //MORE ON PAGE 2

US government completes US$316m energy infrastructure in Ghana //MORE ON PAGE 3 AfDB boss Dr. Adesina calls for a food and security resilient Africa The African Development Bank Group concluded five days of annual meetings in Accra, Ghana with the current President Dr. Akinwumi Adesina pushing for a more independent Africa.

Adesina called upon all relevant parties to advocate for mass food production for export as this will eliminate hunger and poverty among the population. //MORE ON PAGE 3

Nacasky poised to support Ghana’s digitization agenda, targets transport firms //MORE ON PAGE 4

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News/Editorial

Private sector must own the AfCFTA! Africa’s social and economic transformation agenda has been significantly boosted with the take-off of the single continental market. Government and state actors in the trade and export sectors have lined up robust and measured interventions to build the competitiveness of the business community to take advantage of the enormous opportunities it has to offer. It is now up to the local business community to understand the market, the requirements and what it would take to enter these markets. There are certain sectors that have already seen the light. For example, businesses that are into high value manufacturing have already starting setting up business hubs in other parts of Africa. These businesses are expected to lead the path on this sustainable economic journey toward continental integration whilst dragging along the bulk of Ghana’s private sector businesses,

specifically the micro, small and medium enterprises. The Africa Continental Free Trade Area was established to create structures that would enable cost-efficient free movement of goods and services, and it is up to traders themselves to drive the trade. “AfCFTA has given us the opportunity to thrive in other markets, find those markets, find business partners and explore means of staying in those markets. AfCFTA is only reducing the barriers that would hitherto disable you from doing so,” a trade expert Dode Seidu, aptly reiterated in his recent engagement with the business community. The AfCFTA is not just a traditional trade agreement but a reliable chance for Africans to lift ourselves and for that matter we have to make sure that opportunities of the market are well explored to the betterment of the continent.

Ursula says SIM cards re-registration deadline remains unchanged NEWS DESK REPORT - continued from page 1

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Mrs. Owusu-Ekuful was speaking at Acherensua to climax Girls in ICT programme for the Ahafo Region. One thousand (1,000) young girls selected from basic schools in the region received training in ICT. Outstanding 100 pupils and selected teachers were awards for their exploits. She urged the young girls to take advantage of the Girls in ICT programme to position themselves in pursuing careers in the ICT space in order to justify the investment made in them. She also advised them to desist from using the internet for negative activities that could destroy their future. The Acting Chief Corporate Service Officer-MTN Ghana, Nana Kofi Asare, underscored the importance of ICT to the socioeconomic development of society, thus the decision of MTN to partner the Ministry for the Girls in ICT programme. He pledged the commitment of the company to collaborate with all stakeholders to sustain the initiative to help achieve the desire goals. He also commended the Communications Minister in particular for her unflinching support to the implementation of the programme. The Girls-in-ICT initiative is one of the flagship programmes of the Ministry of Communications

and Digitalisation with partners like MTN-Ghana. It is in line with the International Girls-in-ICT Day, an initiative introduced in 2012 and backed by all International Communications Unions (ITU) Member States. It aims at encouraging and

empowering girls and young women to consider studies and careers in ICT in the growing fields of ICTs, enabling both girls and technology companies to reap the benefits of greater female participation in the ICT sector.

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FRIDAY, JUNE 3, 2022

AfDB boss Dr. Adesina calls for a food and security resilient Africa continued from page 1

“Time has come for Africa to not just produce food but also to process food. Africa must package food. Africa must have quality standards on food and Africa must export to others. So when we talk about agriculture, we’re not talking about agriculture to maintain poverty, no -- agriculture to create wealth for Africa,” said Adesina. Adesina further reiterated the need to boost Africa’s security given the rising insecurity on the continent. “Development can only happen

when we have security. So the days are gone when security is looked like something for others. Security is now part of our own thinking in the Bank because we must support the countries to address security. So there must be a link between security, investment, growth and development,” said Adesina. This year’s meetings bore the special theme of a continent recovering from the socio-economic consequences of the Covid-19 pandemic.

US government completes US$316m energy infrastructure in Ghana The US government has announced the completion of a $316 million investment in energy infrastructure in Ghana. According to a press release copied to Ghana Business News, the Kasoa Bulk Supply Point (BSP), inaugurated Wednesday June 1, 2022, completed over six years is to support more reliable power supply for hundreds of thousands of schools, hospitals, offices, and homes in Ghana. “The US government funded the $50 million power substation as part of the MCC-Ghana Power Compact,” the release said. “With the inauguration of the Kasoa Bulk Supply Point here, we mark the successful completion of the MCC Ghana Power Compact. This was a nearly six-

year, $316 million commitment by the American people to improve Ghana’s energy infrastructure and support long-term economic growth,” said Nicole Chulick, the Deputy Chief of Mission of the US Embassy in Accra. The release further indicates that the Kasoa BSP is now the second largest-capacity BSP in Ghana. The 435-megavolt ampere (MVA) gas-insulated power substation will serve 250,000 ECG customers. It will also reduce technical losses in the power transmission and distribution system, contributing to the financial viability of the Electricity Company of Ghana (ECG) and the Ghana Grid Company (GRIDCo) in the long term. The $316 million MCC Ghana

Power Compact invested in new power infrastructure and reforms to provide more reliable, affordable electricity to Ghanaians. It also supported programmes designed to improve energy efficiency and expand opportunities for women in the power sector. Ghana’s Millennium Development Authority (MiDA) implemented the partnership with the Government of Ghana, it added. The release explains that the MCC Ghana Power Compact successfully improved the country’s power sector through the construction of four power substations: the Pokuase BSP, the Kasoa BSP, the University of Ghana Medical Center Primary Substation at Legon, and the

Ellen Moran Primary Substation at Kanda. These new power substations directly serve the 37 Military Hospital, Greater Accra Regional Hospital, University of Ghana Medical Center, Noguchi Memorial Institute for Medical Research, the National Mosque, and over 800,000 utility customers. Compact projects upgraded the power system in 10 markets in Accra and Tamale, it says. “Under the compact, ECG has also developed two new information technology systems: the Geographic Information System (GIS) and Multimeter Management System (MMS), to modernize the utility and help reduce commercial losses,” the release said.

| NEWS

FRIDAY, JUNE 3, 2022

Nacasky poised to support Ghana’s digitization agenda, targets transport firms Nacasky Ghana Limited, a technology provider company, says it is poised to deliver state-of-the-art IT solutions to transport companies to digitize their commercial vehicles and help boost sales while ensuring convenience for passengers. Nacasky is a wholly-owned Ghanaian IT company with a focused approach in the emerging field of software solutions and sensor devices. Nacasky already has a partnership with the Intercity STC to enable the two companies to work together to improve agility in operating out and mounting ISTC bus service levels of the future while improving returns on investment through technology-led transformation. Nacasky’s scope of work in the partnership includes ICT-based transport management solutions, including various modules such as admin module, account module, and

reporting system among others. The company has been working with both private and state-owned companies across the company to support their IT delivery services. The Chairman of the company, Nana Yaw Sarkodie Aboagye, said they have tailored-made products for every organization depending on their needs. He said the company also

provides IT solutions for SMEs and they do this with their exclusive Indian technology partner, K S Infosystems Pvt. Limited, which is the most reliable name in the market of IT solution providers in India and Ghana. “Our mission from the very first day has been to cultivate professional relationships with our clients to provide effective and

reliable information technology solutions for their needs. The team at Nacasky Company is equipped with a highlydeveloped skill set developed over decades of experience not only in information technology but also in business process across a range of industry sectors,” he added. Nacasky delivers state-ofthe-art solutions in various areas including integrated business solutions, system applications, product development, Internet/ Intranet applications and communication &network management services. This makes the company uniquely positioned to offer solutions promising greater operational efficiency, productivity gains and cost savings for each of their clients, regardless of the industry. Mr. Aboagye said the company guarantees rapid, reliable and robust information technology solutions that work.

| NEWS

FRIDAY, JUNE 3, 2022

Dredge Masters poised to deliver costeffective marine solutions Dredge Masters Ltd, a whollyowned Ghanaian company specialised in providing marine engineering solutions has called on potential clients, be it public or private enterprises to look no further than them for contracts. According to executives from Dredge Masters Ltd, the company has the requisite professional competencies and machinery, comparable to the best engineering firms in the world, at their disposal.

Managing Director, Capt. Ansar Ahmed Khan and Operations Manager, Sena Kofi Adiepena of Dredge Masters made these assertions on GPHA’s Eye on Port program. This interaction came on the back of the President of Ghana Nana Akufo Addo’s commissioning of two IHC Beaver 50 Dredgers the company acquired to augment capacity. This is first time a wholly Ghanaian-owned company has acquired such state of

the art dredging equipment. This adds to a combined fleet of equipment worth 54M Euros at the disposal of the company, positioning them to undertake massive marine engineering projects. According to them, this milestone births a new age of local companies venturing into areas of development that hitherto was ceded to foreigners. Thus, the executives from Dredge Masters called for equal consideration to be given to local companies whenever the search for dredging and other related engineering solutions come up. The Operations Manager, Sena Kofi Adiepena hinted that, “perhaps a local content policy should be activated that would see to it that local companies with the capacity will be fairly considered when a lot of these dredging contracts are being given out.” According to him, this would not only encourage increased local investment in that sector, but would ensure that profits gained remain in Ghana. Capt. Khan, the Managing Director for Dredge Masters, said not only does the company boast of world class equipment and professionals,

but will deliver cost and time-efficient execution of projects. Touching on port infrastructure developments, he said, “now ports do not have to wait for foreign companies to come at a very high cost. Now, we have our own equipment and our own professionals, at a lower cost and also immediate availability.” He said the company’s equipment enables Dredge Masters to undertake dredging up to 16m depth, which is the global industry standard. Mr. Adiepena revealed that Dredge Masters were contracted to dredge the Freeport of Monrovia in Liberia, to allow for bigger vessels and that has enriched the experience of the company. Similarly, the company has been engaging coastal protection project in the Ningo-Prampram area, as well as flood management projects in the Odaw Basin, and White Volta Tributaries. Also, the company has been engaged to undertake dredging activities for Ghana Water Company’s sub stations across the nation. Dredge Masters also undertook support activities for the oil and gas sector in Ghana.

Govt Assures Zoomlion

…of support for mass quality organic fertilizer production The Ministry of Food and Agriculture (MoFA) has assured Zoomlion Ghana Limited of the government’s support to ensure that they produce quality organic fertiliser on a large scale to help bridge the gap of the shortage of inorganic fertilisers in the country. According to the sector MInister, Dr. Owusu Afriyie Akoto, Zoomlion, with its recycling and compost plants, dotted across the country, has the capacity to produce organic fertiliser on a large scale to feed “our farmers.” The minister gave the assurance while addressing journalists after touring the Accra Compost and Recycling Plant (ACARP), a facility owned by Zoomlion, at Adjen Kotoku in the Greater Accra Region on Wednesday, June 1, 2022. He was accompanied by some senior officers of the ministry. The two-hour tour afforded the mInister and his team the chance to learn first hand about the operations of ACARP in general, but with particular interest to its organic fertiliser production. Visiting the plant for the first time, the agriculture minister was highly impressed, especially with ACARP’s organic fertiliser production process , adding that “I am confident Zoomlion with

this capacity will be able to help bridge the fertiliser shortage in the country.” “Zoomlion as the leading company in organic fertiliser production in the country has a huge potential to produce quality organic fertilisers to address the global fertiliser shortage which has hit Ghana,” he noted.

supplies that they need so that they are not affected by the global crisis of inorganic fertiliser shortage,” he insisted. According to him, the government was lifting the quota on supplies of local organic fertiliser producers. This move, he explained, will allow local producers to produce

He said the shortage of inorganic fertiliser on the market was a global issue, attributing it to Covid and the ongoing war between Russia and Ukraine. Against this backdrop, Dr. Akoto stressed that government was determined that agriculture in the country was not disrupted by happenings globally. “We are determined to ensure that our farmers get all the the

more to meet the country’s fertiliser demand of 600,000 metric tonnes. He reiterated his appeal to the other local producers in the organic fertiliser production space to encourage their foreign partners to come and set up plants in the country, adding that apart from boosting production, it will also generate employment. In a brief address, the Executive

Chairman, Dr. Joseph Siaw Agyepong, disclosed that by the end of the year, his 20 Integrated Recycling and Compost Plants (IRECoPs) all together will produce 150,000 metric tonnes of compost annually. He stated that a team of experts was in place to enhance the quality of the compost by his companies to inure to the benefit of farmers. “We have also dedicated some funds for research work to make sure that the quality of our compost is not compromised,” he noted. While commending the minister for the visit, he appealed for more of such engagements. “Such visits by you, Honourable Minister, spur us on as entrepreneurs to continue to come out with more innovations and give our best for the country,”’ he said. He explained that this was in view of the fact that the ongoing construction of 16 IRECoPs across the country will be completed by the end of the year. For his part, the Managing Director of ACARP, Michael Padi-Tuwor, disclosed that his outfit currently supplies organic fertilisers to farmers across all the 16 regions of the country.

| NEWS

FRIDAY, JUNE 3, 2022

| FEATURE

FRIDAY, JUNE 3, 2022

Olam Agri - Driving Ghana’s local rice production agenda By Ekow Quarcoo Although Rice has long been an important food staple in Ghana, its availability and consumption have depended heavily on imports over the years, mostly from countries like Vietnam, Thailand, India and the USA. Rice importation in Ghana rose sharply from it Gh¢151 million to Gh¢1.2 billion between 2007 and 2015, according to the Oxford Business Group, whose report discloses that by 2015, as much as 66 per cent of rice consumed in the country was imported. This situation is ostensibly caused by the continuous increase in the demand for rice by a rapidly growing population – demand and consumption levels which far outstrip the local production capacity. In 2017 for instance, Ghana was recorded to have produced 721,610 tons of paddy, when consumption stood at about 1.3 million tons, creating a huge deficit of 580,300 tons. The Ministry of Food and Agriculture (MoFA) suggests that the rice deficit has been growing since 2011 despite a 27 per cent increase in domestic production registered between 2013 and 2017. But besides concerns over the sharp shortfall between demand and domestic production, another problem inhibiting the growth of the local rice sector is the issue of what appears to be a general preference for imported rice by the average Ghanaian consumer. Government’s intervention In recognition of the full implications of this problem, the Minister of Food and Agriculture acknowledges that the country’s overreliance on imported rice is unsustainable and necessitates the need to boost local production to meet growing demand. The government’s flagship agricultural policy – Planting for Food and Jobs - as of 2017, had provided some 1,699 tons of seeds to farmers at a subsidised rate of 50 per cent and increased seed distribution by 39 per cent. The PFJ programme has also increased access to and developed the necessary channel for the effective and transparent distribution of fertilisers to farmers; it has also increased the land size in strategic regions to foster production in large quantities. These initiatives seem to be paying off, as Knoema reports, that paddy rice production hit 973,000 tons in 2020 and is projected to increase by five per cent in 2021/22 according to the Global Agricultural Information Network (GAIN). However, overall consumption in Ghana is also projected to shoot up by 1.58 million tons, due to the steady rise in the population, urbanisation, and the rapidly growing middle class. As indicated earlier, consumer preferences have for many years favoured imported rice varieties. Hagan and Awunvo-Vito contend that whereas preferences may be influenced by educational level,

household size, gender, availability and pricing, factors like the quality of grains, packaging, taste and availability are key influencers of preference. Changing trends in consumer perception In recent times, there appears to be some adjustment in consumer perception. Researchers agree with the assertion that the market is witnessing a subtle growth in the demand for locally produced rice; and that a section of the consumer public has discovered, either through the media or some other means, that locally produced rice has greater nutritional value than imported ones; while some consumers have simply bought into the general idea of consuming locally made products to boost the local economy. This, however, does not negate the fact that effective packaging and marketing, easy access made available through well-structured local distribution channels, and most importantly, competitive pricing combine to make imported rice much more attractive to consumers. To correct this trend, therefore, considerable investments must be made, not only to drive production downstream but also to focus on the entire value chain to generate a well-harvested and packaged league of rice brands that are effectively distributed and marketed at a competitive rate through effective pricing and tactical promotion. This is an extensive campaign which cannot be left on the shoulders of the Government alone and therefore requires strategic partners and investors, willing and ready to commit to improving the value chain through sustainable operations. This is where accomplished food chain institutions and managers like Olam Agri come in. Olam Agri With over 25 years of operational excellence in the agriculture and packaged food industry, Olam Agri in Ghana has grown to become one

of the leading companies within the national agri-space with a focus on the entire value chain - from the farmer through to the end consumer. Olam Agri’s rice business, since its establishment in 1994, has become one of the largest rice trading businesses in West Africa, with access to markets in Ghana, Nigeria, Ivory Coast, Mozambique, Cameroon, Senegal, Tanzania, Guinea, South Africa, Burkina Faso, Sierra Leone, Togo, Benin and Niger. With over two decades of rice production, processing, packaging, marketing, and distribution in Asia and Africa, Olam Agri’s rice business has developed expertise in the sustainable growth and development of rice for large-scale consumption and currently ranks number two globally, contributing close to one million metric tons of rice onto the global market. In Africa, the company is rated the second-largest rice trading business with a significant presence in over 14 countries within the sub-regions. Olam Agri has contributed to food security and sustainable growth in Nigeria by investing over 20 billion Naira in various portfolios in the rice sector and is currently operating over 10,000 hectares of farmland in Nasarawa State, with over 500 km of road network, making it one of the largest farms in Africa. Interest in local production In its quest to localise operations and contribute to the sustainability of rice production in the country as well as increase food security, Olam Agri’s rice business in Ghana has collaborated with local millers, aggregators, and other strategic partners who can produce and stock rice according to conventional market specifications. The business provides the necessary infrastructure and funding to ensure downstream support to increase local production. The company also collaborates and supports local farmers and out-growers by providing the requisite training to ensure that

farmers produce quality yields to complement the produce. In Nigeria for instance, Olam Agri has established an ultra-modern milling facility that is targeted at increasing overall production. This significant contribution has helped increase domestic production while supporting economic and agricultural development opportunities for local rice farmers. In Ghana, Olam Agri’s rice business has packaging facilities in major parts of the country and maintains warehouses across all 16 regions, making it one of the largest rice businesses within the country with popular brands like Royal Feast, and Royal Aroma being the market leads. The company also has the requisite funding necessary to promote local produce through effective advertising to make home-grown rice more competitive when pitched on the market with other brands, as is evident in its operations in Nigeria, Cameroon, and now Ghana. Olam Agri’s operational infrastructure, strewn between the farm gate and the marketplace, is an asset not only for stimulating production but also for promoting the consumption of local rice. The availability of well-equipped warehouses and laboratories stationed at vantage points across the country makes it possible for Olam Agri to store high volumes of rice under healthy conditions during the peak season to guarantee an uninterrupted supply all year. The future All things being equal, the future of domestic rice production looks promising, especially with the renewed interest and commitment by the government. Current domestic production stands at 3 to 4 metric tons per hectare but is projected at 6 metric tons per hectare and it is refreshing to note that experts like Knoema project a five per cent increase in overall domestic production in 2021/22. Olam Agri in Ghana, as part of its commitment to transform food, feed, and fibre for a more sustainable future means, is poised to provide the necessary support to help develop local rice production by complementing the government’s effort within the agri-space. There is no doubt that stakeholder collaboration is critical for uplifting the domestic rice production agenda. Such collaboration will help accelerate the development of rice production, promote employment within the agriculture sector, and assist in the production and effective distribution of quality rice to meet local appetite and demand as well as international standards. It is this vision, driven by functional and effective partnerships within the domestic rice production space, which evolved into the birth of Olam Agri’s maiden and one of Ghana’s most popular local rice brands, ‘Mama Gold’.

| NEWS

FRIDAY, JUNE 3, 2022

Access Bank unveils daycare for staff ACCESS Bank has opened a daycare at the bank’s head office in Osu for staff. The baby-sitting facility is part of the bank’s ‘We Care’ initiative that institutes measure to enable employees optimise productivity. The daycare, which was inaugurated last Monday, is part of the bank’s commitment to becoming the employer of choice and in providing a smooth transition to work for new mothers after resuming work from maternity leave. Staff of the institution have lauded the initiative and expressed profound gratitude to the management of the bank. Opening ceremony At the opening ceremony, the Managing Director of the bank, Olumide Olatunji, expressed how delighted he was to open the crèche, saying “getting this facility expresses the bank’s commitment to our employees”. He noted that the creche was

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timely as it would provide a fantastic learning environment in which an experienced nursery team would deliver exceptional care to the children of staff. The Head of Human Resources at Access Bank, Nana Adu Kyeremateng, explained that the initiative was a pilot that would increase in scale and replicated across regional hubs the bank operated in the country. “I’m certain that this will go a long way to promote the bank as an employer of choice in the industry,” Nana Kyeremateng said. To support the opening ceremony, Olumide was joined by Pearl Nkrumah, who is also the patron of the Access Women Network (AWN) and other executive members and staff of the bank. The creche, which will be staffed and managed by Sparkle for Kids, will open from Mondays to Fridays during working hours.

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| FEATURE

FRIDAY, JUNE 3, 2022

Getting deglobalization right By Joseph E. Stiglitz The World Economic Forum’s first meeting in more than two years was markedly different from the many previous Davos conferences that I have attended since 1995. It was not just that the bright snow and clear skies of January were replaced by bare ski slopes and a gloomy May drizzle. Rather, it was that a forum traditionally committed to championing globalization was primarily concerned with globalization’s failures: broken supply chains, foodand energy-price inflation, and an intellectual-property (IP) regime that left billions without COVID-19 vaccines just so that a few drug companies could earn billions in extra profits. Among the proposed responses to these problems are to “reshore” or “friend-shore” production and to enact “industrial policies to increase country capacities to produce.” Gone are the days when everyone seemed to be working for a world without borders; suddenly, everyone recognizes that at least some national borders are key to economic development and security. For one-time advocates of unfettered globalization, this volte face has resulted in cognitive dissonance, because the new suite of policy proposals implies that longstanding rules of the international trading system will be bent or broken. Unable to reconcile friend-shoring with the principle of free and nondiscriminatory trade, most of the business and political leaders at Davos resorted to platitudes. There was little soul searching about how and why things have gone so wrong, or about the flawed, hyper-optimistic reasoning that prevailed during globalization’s heyday. Of course, the problem is not just globalization. Our entire market economy has shown a lack of resilience. We essentially built cars without spare tires –

knocking a few dollars off the price today while paying little mind to future exigencies. Justin-time inventory systems were marvelous innovations as long as the economy faced only minor perturbations; but they were a disaster in the face of COVID-19 shutdowns, creating supplyshortage cascades (such as when a dearth of microchips led to a dearth of new cars). As I warned in my 2006 book, Making Globalization Work, markets do a terrible job of “pricing” risk (for the same reason that they don’t price carbon dioxide emissions). Consider Germany, which chose to make its economy dependent on gas deliveries from Russia, an obviously unreliable trading partner. Now, it is facing consequences that were both

production over safety concerns, Americans soon realized that just one company accounts for almost half of the US supply. The political ramifications of globalization’s failures were also on full display at Davos this year. When Russia invaded Ukraine, the Kremlin was immediately and almost universally condemned. But three months later, emerging markets and developing countries (EMDCs) have adopted more ambiguous positions. Many point to America’s hypocrisy in demanding accountability for Russia’s aggression, even though it invaded Iraq under false pretenses in 2003. EMDCs also emphasize the more recent history of vaccine nationalism by Europe and the US, which has been sustained through World Trade Organization IP

predictable and predicted. As Adam Smith recognized in the eighteenth century, capitalism is not a self-sustaining system, because there is a natural tendency toward monopoly. However, since US President Ronald Reagan and British Prime Minister Margaret Thatcher ushered in an era of “deregulation,” increasing market concentration has become the norm, and not just in high-profile sectors like e-commerce and social media. The disastrous shortage of baby formula in the United States this spring was itself the result of monopolization. After Abbott was forced to suspend

provisions that were foisted on them 30 years ago. And it is EMDCs that are now bearing the brunt of higher food and energy prices. Combined with historical injustices, these recent developments have discredited Western advocacy of democracy and international rule of law. To be sure, many countries that refuse to support America’s defense of democracy are not democratic anyway. But other countries are, and America’s standing to lead that fight has been undermined by its own failures – from systemic racism and the Trump administration’s

flirtation with authoritarians to the Republican Party’s persistent attempts to suppress voting and divert attention from the January 6, 2021, insurrection at the US Capitol. The best way forward for the US would be to show greater solidarity with EMDCs by helping them to manage the surging costs of food and energy. This could be done by reallocating rich countries’ special drawing rights (the International Monetary Fund’s reserve asset), and by supporting a strong COVID-19 IP waiver at the WTO. Moreover, high food and energy prices are likely to cause debt crises in many poor countries, further compounding the tragic inequities of the pandemic. If the US and Europe want to show real global leadership, they will stop siding with the big banks and creditors that enticed countries to take on more debt than they could bear. After four decades of championing globalization, it is clear that the Davos crowd mismanaged things. It promised prosperity for developed and developing countries alike. But while corporate giants in the Global North grew rich, processes that could have made everyone better off instead made enemies everywhere. “Trickle-down economics,” the claim that enriching the wealthy would automatically benefit all, was a swindle – an idea that had neither theory nor evidence behind it. This year’s Davos meeting was a missed opportunity. It could have been an occasion for serious reflection on the decisions and policies that brought the world to where it is today. Now that globalization has peaked, we can only hope that we do better at managing its decline than we did at managing its rise.

| MARITIME

FRIDAY, JUNE 3, 2022

Akufo-Addo reaffirms Ghana’s strong commitment to AfCFTA President of the Republic of Ghana, Nana Addo Dankwa AkufoAddo, has reemphasized Ghana’s full commitment to the creation of a single African market which is demonstrated in the hosting of the Secretariat in Ghana. “What’s going on around the world today calls for developing our own self-reliance and capacity to produce and grow things for ourselves and the market provides the framework in which that can be done,” he said in a meeting at the AfCFTA Secretariat in Accra. African Continental Free Trade Area (AfCFTA) Secretariat hosted the President of the Republic of Ghana and the President of Republic of Mozambique to update them on the progress of work on the continent’s trade integration agenda. Addressing the two heads of states, ministers of states, members of the diplomatic community and the media at the AfCFTA Secretariat, the Secretary General Wamkele Mene highlighted progress made towards the implementation of the AfCFTA thus far. “Much of the work that we were charged with by the Assembly of Heads of States in the first phase of the implementation of the agreement is nearing conclusion. In the over 88percent of rules of origin, we have reached an agreement and over 28 services offers are almost at the stage of implementation.” He said so far 43 countries have ratified the agreement signifying their commitment to the economic integration of the continent. “These 43 nations have demonstrated that they have the legal and political commitment to reduce barriers to intra-Africa trade and investments as well as positioning our continent for prosperity for decades to come,” Mr. Mene added. According to the president of Mozambique, Filipe Jacinto Nyusi, although his country is yet to ratify the continental free trade agreement, it has signed on to it and has signaled her full commitment to its implementation. The AfCFTA Secretariat presented a gift of rich Ghanaian Kenete to the visiting Mozambican President Filipe Jacinto Nyusi. Ghana’s Minister of Trade and Industry Alan Kwadwo Kyerematen thanked the two presidents for their unflinching commitment to the continental trade agreement.

“Africa has the potential to become the next powerhouse in the world but this will occur only if we industrialise and trade amongst ourselves. This is the opportunity that the single continental market is offering to us,” he added.

committed to unity of Africa. She expressed her conviction that in connecting the regional economic communities, eventually the entire continent will be connected economically thus AfCFTA presents opportunity for growth.

Tanzanian president Samia Suluhu Hassan to spearhead women in trade agenda President of Tanzania, Samia Suluhu Hassan, has reiterated the country’s commitment to the process of building a single African market as the stepping stone towards achieving African unity through trade and industrial development. She has also accepted the challenge to champion the course of women in trade as she pushes for equal opportunities for women and youth in the implementation of the AfCFTA. Speaking at the AfCFTA Secretariat in Accra, Ghana on May 25 2022, the first Female President of Tanzania and currently one out of two serving elected female presidents on the continent, she said Tanzania is ready for regional integration and

“AfCFTA is an opportunity for growth and prosperity for Africa; as of today, Africa accounts for only 2percent of global trade and only 7percent of African exports are intra-continental. We cannot afford to continue waiting until all bolts and nuts are fixed before we start trading. Some of the pending issues will be fixed on the way but we have to start trading now,” she indicated. She said her country is proud to be one of the 43 countries that have ratified the AfCFTA agreement and expressed hope that the AfCFTA protocols will help address inequalities among women and youth entrepreneurs on the continent. She added: “Women entrepreneurs and womenowned businesses are likely to miss out on the opportunities of the AfCFTA if no deliberate

strategies are taken to address their challenges because most of their businesses are small, informal and have low productivity. It is my hope that the AfCFTA protocol on women in trade will address such challenges and preexisting inequalities in African economies, especially for women and youth.” The Secretary General of the AfCFTA Secretariat commended the Tanzanian President for her efforts towards building her country and empowering women and proposed that she be the AfCFTA champion of women in trade. The Secretary General of the AfCFTA Secretariat presented gift from the secretariat to the first elected female president of Tanzania and the AfCFTA champion of women in trade. “We admonish with great admiration your accomplishments as a country under your leadership even in the most difficult times caused by Covid-19. In particular, we are very proud of the works that you do to empower women leaders in Tanzania,” he said. A deputy minister of Trade and Industry of Ghana, Herbert Krapah, assured that Ghana will continue to support the AfCFTA to economically integrate Africa’s economy. He said: “Ghana remains a very proud host of the AfCFTA Secretariat and we have always been at the forefront of the integration agenda both economically and politically and we will continue to provide the needed support that’s needed to enable the secretariat to work efficiently.”

| TOURISM

FRIDAY, JUNE 3, 2022

TripAdvisor surveyed travellers worldwide

and 38% said that environmentally friendly tourism is a consideration when travelling…reason we need to protect Achimota Forest By Joseph E. Stiglitz Recent media discussion has been centered on the purported will of Sir John and rumours of portion of the Achimota Forest land being sold out. When I heard the news and saw documents being paraded on social media as evidence, being an Akora i.e old Achimota student, I felt disturbed. All former students of Achimota School will indeed be disturbed as overwhelmingly expressed by comments on our year group’s WhatsApp platform. Indeed, the trees and the beauty around the school reminded us of the real importance of trees and birds. Many people in this part of the world do not really appreciate trees although government last year initiated the tree planting program. We are yet to undertake this year’s program; however, the most important commendation is to undertake this exercise on a personal level. Today many estate developers build their estate without making provision for trees. They seem to appreciate building houses without recourse planting of tree. Whiles in Achimota school, we used to visit the school farm on weekends and the farm served as a feeding ground for the school. One of my school mates tells me the farm is no more. I don’t know if indeed that’s the case however if it turns out to be true, that will be a big disappointment to us and the current and future students. Encroachers have also been a challenge to preserving the forest and I believe the right authorities are dealing with that. In 1061, The Accra Zoo was established by Ghana’s first President – Osagyefo Dr. Kwame Nkrumah with the sole purpose of entertaining his guests and it existed just behind the current seat of government. Following the overthrow of his government, the zoo was opened up to the general public and that birthed the Accra Zoo. The Accra Zoo boasts of having over 150 individual species of animals on display. They look healthy, wellfed and comfortable. The guides are courteous, knowledgeable and very friendly, and patient, contributing to making the experience worthwhile. Some of the animals that exist in the Accra Zoo are tortoises, rabbits, a duiker, an ostrich, an emu, a hyena, warthogs, reindeer, donkey, jackal, crocodiles, snakes, and many more. There is an aviary where birds of different species can be found; a crane, Senegal Parrots, African Grey Parrots. Macaws and many other birds can be found in the aviary. They are so colourful and have interesting reactions towards humans that would make visitors like to capture the moments. The Accra Zoo located at the Achimota Forest falls under the categories of ecotourism. According to the UNWTO’s definition, ecotourism refers to forms of tourism which have the following characteristics: 1. All nature-based forms of tourism in which the main

motivation of the tourists is the observation and appreciation of nature as well as the traditional cultures prevailing in natural areas. 2. It contains educational and interpretation features. 3. It is generally, but not exclusively organised by specialised tour operators for small groups. Service provider partners at the destinations tend to be small, locally owned businesses. 4. It minimizes negative impacts upon the natural and sociocultural environment. 5. It supports the maintenance of natural areas which are used as ecotourism attractions by: • Generating economic benefits for host communities, organisations and authorities managing natural areas with conservation purposes; • Providing alternative employment and income opportunities for local communities; • Increasing awareness towards the conservation of natural and cultural assets, both among locals and tourists. UNWTO has been involved in the field of ecotourism since the early 1990s and developed a set of guidelines focusing on the strong link between protected areas and tourism, with the aim of ensuring that tourism contributes to the purposes of protected areas and does not undermine them. In the framework of the UN-declared International Year of Ecotourism (IYE) 2002, UNWTO undertook a wide range of activities, including the organization of regional conferences and the World Ecotourism Summit, and published guidelines and methodologies for ecotourism development and market studies, as well as supported regional and national activities. At the request of the United Nations General Assembly, the World Tourism Organization prepared a report on the activities undertaken by States and major international organizations in the framework of the International Year of Ecotourism. Also, UNWTO prepared a series of market reports to increase the knowledge of seven important countries considered “Ecotourism generating markets”. Tourist choices are increasingly influenced by sustainability considerations. For instance, in 2007 TripAdvisor surveyed travellers worldwide and 38% said that environmentally friendly tourism is a consideration when travelling, 38% had stayed at an environmentallyfriendly hotel and 9% specifically seek out such hotels, while 34% are willing to pay more to stay in environmentally friendly hotels (Pollock 2007). CEDS and TIES (2005) found that a majority of international tourists are interested in the social, cultural and environmental issues relevant to the destinations they visit and are

interested in patronizing hotels that are committed to protecting the local environment, and increasingly view local environmental and social stewardship as a responsibility of the businesses they support. Choice experiments conducted in Uganda conclude that biodiversity attributes increase the willingness to visit tourism attractions, independently of other factors (Naidoo and Adamowickz 2005). Research also indicates that consumers are concerned about the local environments of their travel destinations and are willing to spend more on their holidays if they are assured that workers in the sector are guaranteed ethical labour conditions in the places they are visiting (ILO 2010b). On the other hand, Rheem (2009) argues that under a third of United States of America travellers indicate a willingness to pay some sort of premium for “green” travel with cost premium the most commonly identified barrier (67%). Traditional mass tourism, like sun-and-sand resorts, has reached a steady growth stage. In contrast, ecotourism, nature, heritage, cultural, and soft adventure tourism, as well as subsectors such as rural and community tourism are taking the lead in tourism markets and predicted to grow most rapidly over Europe, Asia and Pacific, Americas, Africa, Middle East. Nature-based tourism is an important economic component of the entire tourism market, including 75% of Australia’s international tourism. About 14% of international visitors to South have engaged in an “adventure activity” during their stay (Travel to South Africa). Out of 826,000 tourists to Kenya in, 23% visited national parks and reserves for wildlife safari tourism (Sindiga 1995). Asia/Pacific region alone reported 10% of tourism revenue to come from ecotourism activities in (Dalem 2002). There is empirical evidence that tourists seeking environmental and culturally differentiated destinations are willing to pay more for this experience. Inman and others (2002) estimate this to be between 25% and 40%. WEF (2009) estimates that 6% of the total number of international tourists pays extra for sustainable tourism options and 34% would be willing to pay extra for them. One third to one half of international tourists (weighted toward United States of America) surveyed in a CESD and TIES (2005) study said they were willing to pay more to companies that benefit local communities and conservation. Research by SNV (2009) records two studies where 52% of respondents in a United Kingdom survey would be more likely to book a holiday with a company that had a written code to guarantee good working conditions, protect the environment, and support local charities, while some 58.5 million United States of America travellers would “pay more” to use travel companies that strive to protect and preserve the environment. Two

separate studies in the Annapurna Conservation Area in Nepal and in the Eduardo Avaroa Reserve in Bolivia found that tourists from European, North American, and other developed countries were willing to pay higher entrance fees than currently charged because of their desire to protect the environment (Baral, Stern, and Bhattarai 2008 and Ellingson and Seidl 2007).Wells (1997) presents a survey of nature tourism “willingness to pay” (WTP) studies and shows that, in almost all cases, consumer surplus (private value of benefits from nature tourism) is higher than collected fees from tourists. In other words, the value of ecosystems for tourism is undervalued in many cases. For instance, Adamson (2001) estimates that 50% or more of the economic value from Manuel Antonio National Park in Costa Rica is not captured in entrance fees. WTP for entrance fees from international tourists was estimated at US$ 12 (compared to a US$ 6 actual entrance fee) and US$ 6 for national tourists (compared to actual US$ 2 fee). Furthermore, it is estimated that the average value of coral reef opportunities for recreation and tourism is US$ 68,500 per hectare per year in 2007 values, while it could reach up to more than US$ 3 million (TEEB 2030). The maximum monetary value of ecosystem services for tourism, in US$ per hectare per year, is estimated for coastal systems (US$ 41,416), coastal wetlands (US$ 2,904), inland wetlands (US$ 3,700), rivers and lakes (US$ 2,733), and tropical forests (US$ 1,426).

Philip Gebu is a Tourism Lecturer/ Trainer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail. com / info@forealdestinations. com. Visit our website at w w w.fo re a l d e s t i n a t i o n s . com or call or WhatsApp +233(0)244295901/0264295901. Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations

| NEWS

FRIDAY, JUNE 3, 2022

Dansoman robotics and community library records massive patronage The Dansoman multipurpose library has recorded about 20,000 visits since its opening in November 2020. This was revealed when a team from the MTN Ghana Foundation visited the Dansoman Robotics and Community Library to witness first-hand how the facility has impacted the community. The multipurpose facility was

constructed and handed over to the community by MTN Ghana Foundation in November 2020 with the aim to help improve the reading culture of the community and whip up students’ interest in Science, Technology, Engineering and Mathematics (STEM) courses. The facility comprised a 100-seater conventional library area, a 20-seater ICT center and

a Robotics lab. The Robotics and ICT labs are used as learning resource centers for students and young people undergoing training in Robotics. Speaking during the visit, the Senior Manager for Sustainability and Social Impact for MTN Ghana Foundation, Robert Kuzoe, expressed his excitement about how the library has impacted the people. He said, “The records on the patronage has been impressive and it shows the facility is positively impacting reading habits in the community. We are happy to see that we are achieving the objective for which the facility was set up.” He applauded the management of the library (Ghana Library Authority) for their good maintenance culture in keeping the building in good shape. He said “I’m impressed with how the facility has been maintained. As we all know, maintenance culture is an issue in Ghana and in many instances, we have had to expend funds to refurbish relatively new facilities that have been handed

over to beneficiaries. As you can see, this facility looks as if it was handed over today, but this was handed over in 2020 – two years ago,” he added. The Head of Dansoman Multipurpose Library, Madam Rejoice Akosua Agyei, expressed her gratitude to the MTN Ghana Foundation for their good deeds and urged them to visit regularly. She also stated that the facility has really impacted the students and communities as the library has seen good patronage. She said, “We have recorded 20,000 visits since we started operations. Day in, day out the patronage keeps increasing”. The Dansoman Community Library situated within Ebenezer Senior High School at the time of the handing over was the first Secondary School library in Ghana to have a modern integrated ICT Center and a Robotics lab. The multipurpose facility was constructed at cost of GHc 770,000.

World Vision to improve the well-being of 3.3m vulnerable children by 2025

Mr Dickens Thunde, the National Director of World Vision Ghana (WVG), says they aim to improve the well-being of 3.3 million vulnerable Ghanaian children with a series of life-changing programmes by the year 2025. He said this at the launch of the organization’s five-year strategy (2021–2015), which was themed “Accelerating Our Commitment to the Most Vulnerable Children.” Livelihood Improvement and Family Empowerment (LIFE), Healthy Environment and

Wellness Technical (HEAL), and Reading Improvement and Skills Enhancement (RISE) are the three major technical programmes outlined in the five-year strategy. In his address at the launch, Mr Thunde said the five-year strategic plan was fueled by the urgent need to salvage the plight of the vulnerable in society. “We believe that the time has come when we need to collaborate more and act together. Through our 43-year existence in Ghana and during that time, we have

seen tremendous improvement in the lives of children, especially the most vulnerable. “Our goal is to offer a brighter future for the most vulnerable children, and these strategies set to be rolled out would help in achieving the various Sustainable Development Goals,” he said. He explained that the strategy seeks to improve access to health care for one million vulnerable children and also improve learning outcomes for 1.3 million children through increased literacy for basic children and build and maintain peaceful, inclusive, and cohesive families and communities, all targeted at promoting love and justice for one million vulnerable children. Madam Lariba Zuweira Abudu, Deputy Minister of Gender, Child and Social Protection, in her keynote address lauded WVG for its commitment to ensuring the sustainable well-being of children over the past four decades. “The theme of the Strategy we are launching today, ‘Accelerating Our Commitment to Most Vulnerable Children’, cannot be over-emphasized at this time,

when there is a global clarion call to end all forms of violence and vulnerabilities affecting children, and harmonize concerted efforts to achieve the Sustainable Development Goals. “Child vulnerability manifests itself in many forms in Ghana with significant disparities between rural and urban, wealth quantiles of households, educational level and gender,” she said. Madam Zuweira Abudu noted that numerous children were exposed to economic, environmental, and social risks and the need to eliminate these vulnerabilities that threaten the basic survival of children which according to her is at the core of the Government agenda. Mr Baba Mahama, a former Board Member of WVG and Chairperson for the launch urged the current administration to pursue these strategies as they contribute to the improved wellbeing of the vulnerable in society. He urged corporate bodies to support the implementation of these strategies to increase the protection of vulnerable children in society.

| NEWS

FRIDAY, JUNE 3, 2022

300 healthcare professionals undergo capacity building training on Sickle Cell Disease Management Nationwide Medical Insurance and Novartis have partnered to build the capacity of about 300 healthcare professionals on improved ways to prevent and manage Vaso-occlusive Crisis in Sickle Cell Disease (SCD). The virtual CPD accredited training is to help participants redefine patient-centered care in SCD through shifting treatment paradigms in clinical practice that will provide solutions to improve patient care. About 300 healthcare professionals who participated in the capacity building training were mainly Physicians of accredited healthcare service providers of Nationwide Medical Insurance across Ghana. Nancy Ampah, Chief Executive Officer of Nationwide Medical Insurance, noted that patients’ access to healthcare and the

quality of healthcare rendered to them is at the heart of what we do as a private health insurance company. This initiative aligns with our commitment to strengthening healthcare systems for improved healthcare for our subscribers and patients who receive care at our accredited healthcare service providers (HSPs). Our promise to HSPs is to be the private health insurance partner they can depend on in delivering quality healthcare. I take this opportunity to thank Novartis for deciding to partner with us on this initiative and wish to express our commitment to this partnership which is aimed at building the capacity of our healthcare delivery partners to ensure better healthcare outcomes “At Novartis, we continue to seek opportunities to lower local

barriers to healthcare delivery, through collaboration with governments and like-minded strategic partners to support health system strengthening initiatives in communities where we can have the greatest impact,” said Roland AddoHammond, Cluster Franchise Head, Oncology and Immunology at Novartis English West Africa. ‘We are excited to join forces with Nationwide Medical Insurance to foster peer-to-peer education around sickle cell disease (SCD) to increase disease awareness and build Healthcare Professional capacity for SCD management.”

health insurance in Ghana for the past 18 years. It leads the market with over 65,000 subscribers and 700 healthcare service providers across Ghana. Nationwide is duly licensed by the National Health Insurance Authority (NHIA) and has health insurance products for corporate organizations, individuals and families, groups and associations, international health insurance and third party administration.

About Nationwide Medical Insurance Nationwide Medical Insurance (NMI) has been at the forefront of providing healthcare financing solutions and pioneered private

Media Contact Nationwide Medical Insurance Gustav Gyekye Appiah ggappiah@nationwidemh.com 0246059257

www.nationwidemh.com

Shipping sector actors commit to deepen cooperation By Patrick Paintsil The Ship Owners and Agents Association of Ghana (SOAAG), has held its annual cocktail event with a call on all stakeholders in the port and shipping industry to resort to dialogue as they seek ways of resolving challenges confronting the industry. The annual cocktail event is aimed at bringing players in the port and shipping industry together for networking and discussion of pertinent issues pertaining to the industry. The interactive and informal gathering was attended by Country Executives of vessels calling the country’s ports and representatives from the Ghana Ports and Harbours Authority, Meridian Port Services, Ghana Shippers’ Authority, the Shippers Council of the Sahelian countries, the Association of the Customs House Agents Ghana, the Member of Parliament for Tema Central, Hon. Yvess Nortey and a Deputy Minister for Trade and Industry, Herbert Krapah. An Executive Member of SOAAG, Adam Imoru Ayarna, called for dialogue and commended stakeholders for their immense commitment and contribution towards ensuring that there was business continuity in the wake of the covid-19 pandemic. The CEO of MPS, Mohammed Samara decried the low volumes

of trade so far due to what he described as economic issues but expressed optimism that the second half of the year will bring some positive prospects. He added that, “we are benchmarking this year as the best year ever in the history of the port which is not an easy benchmark to achieve.” The Tema Sector Commander of the Customs Division of the Ghana Revenue Authority, Julius Kantum called for cooperation among stakeholders to ensure that customs achieve its revenue targets. The Director-General of GPHA,

Michael Luguje assured the shipping lines and the business community that the Authority will continue to create the enabling environment for their businesses to thrive. The GPHA boss said, “for us as GPHA, it has been a fruitful collaboration over the years. Indeed, during the COVID, we recognised the need for cargoes to be moving. Even though many of the lines shut your offices, you introduced online sessions. Anytime we called any of you during the pandemic, you ensured to address our concerns.” A deputy Minister for Trade and

Industry, Herbert Krapah assured the shipping lines of the Ministry’s support because of the crucial role they play in trade facilitation. He said, “if you understand the scope of trade and industry you know it is only logical to put the logistics department and sector at the top of affairs. Logistics play a key role in the trade facilitation regime and we will not be able to reap the dividends of all the work we are doing in trade facilitation, without it functioning.” The event was used to unveil the new logo of SOAAG.

| NEWS

FRIDAY, JUNE 3, 2022

Nationwide Medical Insurance urged to provide wide access to healthcare through health insurance The Executive Chairman of Nationwide Medical Insurance (NMI), Nana Awuah – Darko Ampem II, has urged employees to consider the healthcare needs of individuals and families and provide them with affordable health insurance policies. According to him, this will enable NMI to achieve its vision of, becoming the dominant financier of healthcare services in the private medical sector. Nana Awuah – Darko Ampem II stated that private health insurance should not be the preserve of the rich or elite, but also people from less privileged backgrounds and underserved communities. He indicated that this can be made possible by leveraging technology. ‘People from all walks of life especially in the retail sector should have health insurance. Between pension, life, and health insurance, health insurance is the most important because is what you need to stay healthy

in your active years and even during your pension. This vision is possible and it can only be accelerated by leveraging technology.’ He said He entreated employees to believe in the Nationwide vision and see themselves as agents to cause that dream to be realized. He further thanked employees for their dedication and hard work towards the success of the company Nana Awuah – Darko Ampem II made these remarks at the launch of the Brand Awareness Campaign organized to help improve knowledge of the NMI brand to employees, and also to help them understand and appreciate the brand’s purpose, vision and values. The campaign was to drive conversations on building a vibrant and thriving internal

culture defined by NMI values The Chief Executive Officer of Nationwide Medical Insurance, Nancy Ampah, said that Nationwide Medical Insurance is a forward-looking company and even before the advent of universal health coverage, the founders of the company were driven by the need to provide access to quality and affordable healthcare on the vehicle of insurance. She told employees to see themselves as part of a company which aims to make a difference in society, the lives of its subscribers and the industry as a whole. ‘We

will continue to sustain this drive and together build a culture that puts our values into action and serves everyone’, she added. CEO of Strategic Communications Africa Limited (Stratcomm Africa), Ms Esther A N Cobbah, who spoke on the responsibilities of employees as brand ambassadors of NMI advised each staff of NMI to be an embodiment of what NMI stands for. She said, “As brand ambassadors of NMI everything you do should reflect the NMI Brand promise of dependability

OBG, Groupe Ascoma partner for new report on governance, risk management, compliance A new focus report, produced by Oxford Business Group (OBG) in partnership with Groupe Ascoma, a company of Chedid Capital, explores the increased focus on compliance, transparency and ethical practices in the West and Central African markets as the region looks to attract investment for its economic development. Titled “West and Central Africa: Governance, Risk Management and Compliance”, the focus report provides in-depth analysis of key issues relating to financial services, infrastructure and insurance, against the broader regional socio-economic landscape, in an easy-to-navigate and accessible format, featuring essential data and infographics. Subscribers will find detailed coverage of the key role that private sector players such as Ascoma are expected to play in driving change and instilling a culture of insurance and reinsurance across business communities by identifying risks common to the region and providing effective, tailored solutions to them. The report also maps out specific areas of the economy in which governance, risk management and compliance (GRC) principles are being given added weight, including mining, infrastructure and power and, and the financial services

industry. It also shines a spotlight on the way that doing business is evolving across the region’s economies at a time when ECOWAS and CEMAC members are keen to source funding for a vast range of intra-continental and domestic infrastructure projects. As such, it contains a focus on the developments undergoing in Gabon, Cameroon, Senegal and Côte d’Ivoire. In addition, it includes contributions from key representatives such as Farid Chedid, Chairman and CEO, Groupe Ascoma, and Samaila Zubairu, CEO, Africa Finance Corporation. In his commentary, Farid Chedid explains the importance GRC principles for the economic stability of West and Central Africa. ‘’ West and Central African markets require significant inflows of foreign direct investment, and need to be able to grow and create formal jobs for their relatively young populations.’’ he said. ‘’Investors prioritise governance

and risk manage¬ment, and boards of directors have an important role to play in this regard. Technology has had an important effect in terms of catalysing GRC imple-mentation in Africa, but will never replace the role of a board. Proper governance is not always straight¬forward in some African markets, which negatively impacts risk management and compliance (…).’’ Bernardo Bruzzone, OBG’s Africa’s Regional Editor, said that GRC trends are at various levels of development in West and Central Africa, as are enforcement and penalty structures.

‘’Progress is being made on all fronts, primarily led by the central banks of regional economic unions and alliance organisations.’’ Loehman said. “In spite of this, changes still need to be implemented to further improve the business climate and meet the requirements from investors who are asking for tighter regulations and greater transparency. The positive impact that GRC trends could have on West and Central Africa’s potential as investment destinations is more than evident.’’ “Governance Risk and Compliance in West and Central Africa” is part of a series of tailored studies that OBG is currently producing, which includes ESG Intelligence and Future Readiness reports, and other highly relevant, go-to research tools, such as country-specific Growth and Recovery Outlook articles and interviews. Click here to subscribe to Oxford Business Group’s latest content: http:// w w w.ox fo rd b u s i n e s sg ro up.co m / country-reports The report can now be viewed and downloaded at: https:// oxfordbusinessgroup.com/news/focusreport-how-are-grc-trends-evolvingwest-and-central-africa

FRIDAY, JUNE 3, 2022

| NEWS

FRIDAY, JUNE 3, 2022

| LIFESTYLE

FRIDAY, JUNE 3, 2022

Blending music with entrepreneurship: The story of Ade Kunle Crown If there was ever a perfect blend of hip hop and Nigerian influences, K Crown would be it. He’s the artist you didn’t realize you needed in your ear phones. He can deliver powerful music and lyrics while also dialing it back to serve subtle and sweet notes as the song requires. Ade Kunle Crown, who is professionally known as K Crown is a Nigerian musician, songwriter, performer, businessman and a philanthropist. He is originally from Osun state but was born in Kaduna Northern part of Nigeria. K Crown is the last child of a family of five who were compelled to return to Osun state after the death of his father due to the sharia conflict in the 90s. As a child, he was drawn to music and became quite proficient. He began his musical journey as a member of the choir and instrumentalist in children’s church. His passion for music prompted him to begin creating songs and even composing songs for his church for special occasions. Since the age of 12, he has won multiple prizes in church singing competitions, further fueling his passion for music. After graduating high school in 2011, Leaving just church music to pursue a career in music, he began performing professionally. His love for music led him to learn how to start recording himself when he was a teenager. K Crown worked consistently on his vocals in private. His vocal ability was so good, however, that his secret could not be contained. He began to get requests to join choirs. In addition, young K Crown received continuous bookings to perform at concerts and other events as he grew. In 2012, he released his debut single Rock the party while working as an apprentice producer with Music World Entertainment. In 2013, he released Motherly Love followed by some other mind-blowing singles. And in 2014 he performed for Osun State Governor Ogeni Raufu Adesoji Aregbesola at a rally for his second run during an election in Ede. He first gained his public recognition when he dropped his EP K Crown Vibes in 2020, which featured hit songs like Gee 4 Life and Broke. His versatility in hip-pop music has earned him massive attention from all around the world. K Crown admits that he is a lover of more hip-hop and afro sounds. He has been influenced by some popular artists like Fela, Lagbaja, Beautiful nubia, 2face, D’banj, Akon, R2bees, Wizkid Davido, most especially Olamide whom he regards as his mentor. As an entrepreneur along his journey in music, in early 2020, K Crown formed his record label called G4L Records which he made official in late 2021, this was been a dream come true that he has been planning for this for a very long time. The record label is managed with the help of his manager popularly known as Doughty and some close friends. “I remember we would be in church for more than 3 hours singing

and just to prepare for Sunday’s praise and worship, we would sing to the extent that we would start writing and composing our own song and practice it, then sing it in church the next Sunday and people will dance and start spraying us money in church. to me it was interesting, making money from singing, something I was always happy and eager to do for free, as at that time I did not even understand that making music can be someone’s profession I just love to do it “said K Crown when speaking on an interview about his early life and how he developed love for music with Metro FM South Africa in 2020. K Crown defined his latest Extended Play (EP), K Crown Vibes, as “very straightforward, radio friendly,

with different vibes” when it was released in 2020. On all streaming platforms, the project has received over 70,000 streams and is still counting. This demonstrates how quickly his fan base has grown. He has also hinted to his followers that he will release another body of work later this year, though he has yet to reveal the project’s title or release date. He has urged the public to show him more love and support than ever before when he releases his upcoming EP. A few of the popular musicians that he has featured are artists like CDQ, Kosere, and has also had the chance to work with producers like, Vibe Ace, BMB, Taleenbeats, Vibes Machine, Jovi Cas and more. K Crown isn’t just a musician, he’s a true believer

in it, as evidenced by his intensity and activity in his song video. His visuals are available on YouTube. All K Crown music is available on iTunes, Spotify, deezer, audiomack, etc. “Music is life, and it’s very spiritual, a very powerful weapon, it’s inspired me to take my life to another level and made me realize and see things from a different perspective; when I first started making music, I thought it was all about the money, cars, girls, and flashy lifestyle; however, as I’ve grown older, I’ve realized that it’s not about all of that; it’s about putting your life and struggles, and most importantly, your experience, into art and using it to inspire the next generation and the next to come. My ultimate objective and mission as a musician is to tour across the world with my music and support my family so that even when I leave this planet, the next generation can still refer to my songs and use my music as a reference of what’s going on in the world.” These were words of K Crown in another interview with radio presenter K buggy of Splash FM. ibadan Nigeria in 2021. Although such artists’ effects can be heard, K Crown is undeniably an exceptional artist. K Crown is also a fantastic songwriter, which complements his incredible musical ability. His words transport you to levels and paces that only those who have experienced or should experience love will comprehend. K Crown is currently based in South Africa, where he is pursuing his music career while also completing his studies in travel and tourism management at Vaal University of Technology. To hear K Crown sing is one thing. To see him perform is confirmation that we are witnessing the next star in the world of music. His performances are captivating and it is evident that he dedicates the same amount of energy whether performing for small crowds or large audiences. K Crown is a name that you will want to remember. But if ever it slips you, you won’t forget once his music takes hold of you. Social handles; K_crowntinz K_crownoffical

| MARKET REVIEW

FRIDAY, JUNE 3, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING - MAY 27, 2022 MACROECONOMIC INDICATORS Q3, 2021 GDP Growth

7.0%

Average GDP Growth for 2021

5.4%

2022 Projected GDP Growth

5.5%

BoG Policy Rate

19.0%

Weekly Interbank Interest Rate

19.34%

Inflation for February, 2022

23.6%

End Period Inflation Target – 2022

8.0%

Budget Deficit (% GDP) – Dec, 2021

2.6%

2022 Budget Deficit Target (%GDP)

7.4%

Public Debt (billion GH¢) – Dec, 2021

391.9%

Debt to GDP Ratio – Dec, 2021

78.0%

STOCK MARKET REVIEW The Ghana Stock Exchange weakened for the week on the back of losses by 3 counters. The GSE Composite Index (GSE CI) lost 9.41 points (-0.37%) to close at 2,554.79 points, reflecting year-to-date (YTD) loss of 8.41%. The GSE Financial Stocks Index (GSE FI) also lost 17.86 points (-0.81%) to close at 2,192.57 points, reflecting year-todate (YTD) gain of 1.89%. Market capitalization dropped by 0.42% to close the week at GH¢62,276.58 million, from GH¢62,540.50 million at the close of the previous week. This reflects YTD decrease of 3.44%. Trading activity registered a total of 4,796,801 shares valued at GH¢4,288,986.32 changing hands, compared with 1,667,473 shares, valued at GH¢3,918,729.40 in the preceding week. MTN dominated both volume and value of trades for the week, accounting, for 92.53% and 93.13% of volume and value of shares traded respectively. The market ended the week with 1 leader and 3 laggards as indicated on the table below.

THE CURRENCY MARKET The Cedi depreciated against the USD for the week. It traded at GH¢7.1413/$, compared with GH¢7.1323/$ at week open, reflecting w/w and YTD depreciations of 0.13% and 15.90% respectively. This compares with YTD appreciation of 0.32% a year ago. The Cedi depreciated against the GBP for the second consecutive week. It traded at GH¢9.0020/£, compared with GH¢8.8979/£ at week open, reflecting w/w and YTD depreciations of 1.16% and 9.72% respectively. This compares with YTD depreciation of 3.27% a year ago. The Cedi also lost against the Euro for the week. It traded at GH¢7.6440/€, compared with GH¢7.5276/€ at week open, reflecting w/w and YTD depreciations of 1.52% and 10.67% respectively. This compares with YTD appreciation of 1.00% a year ago. The Cedi further depreciated against the Canadian Dollar for the week. It opened at GH¢5.5558/C$ but closed at GH¢5.5951/C$, reflecting w/w and YTD depreciation of 0.70% and 15.25% respectively. This compares with YTD depreciation of 4.72% a year ago.

source: Bank of Ghana

FRIDAY, JUNE 3, 2022

| MARKET REVIEW

BUSINESS TERM OF THE WEEK

COMMODITY MARKET Crude oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, the start of peak U.S. demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil. Brent futures traded at US$119.43 a barrel on Friday, compared to US$112.55 at week open. This reflects w/w loss and YTD gain of 0.90% and 44.70% respectively. Gold inched up on Friday after the dollar retreated from 20-year highs. Gold settled at US$1,851.30, from US$1,842.10 last week, reflecting w/w and YTD gains of 0.50% and 1.24% respectively. Prices of Cocoa also inched up for the week. The commodity traded at US$2,462.00 per tonne on Friday, from US$2,429.00 last week, reflecting w/w gain and YTD losses of 1.36% and 2.30% respectively.

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,124.50 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,292.10 million raised in the previous week. The 91-Day Bill settled at 19.94% p.a from 19.08% p.a. last week whilst the 182-Day Bill settled at 22.95% p.a from 20.76% p.a. last week. The 364-Day Bill settled at 24.46% p.a from 21.55% p.a at last issue. The table and graph below highlight primary market yields at close of the week.

Credit Enhancement: Credit enhancements are provisions that a borrower or a bond issuer can use to reduce a bond issue or debt by improving its creditworthiness. This process depresses the credit risk that comes with the debt, increasing the overall credit rating or credit score while providing reasonable and required security to the lender, plus lowering interest rates. Source: https://www.theguarantors.com/blog/ a-brief-guide-to-credit-enhancement

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

RESEARCH TEAM INTERNTIONAL COMMODITIES PRICES

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

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

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FRIDAY, JUNE 3, 2022

MTN shareholders to receive dividend representing 70.6% of profit-after tax MTN Ghana has held its 4th Annual General Meeting since listing on the Ghana Stock Exchange in 2018. The meeting saw the approval of the Audited Financial Statements for the year ended 31st December 2021 and the declaration of a final dividend. After studying the full year performance of the company in 2021, the total dividend for the year was 11.5 pesewas per share, representing 70.6% of profit after tax and a 43.8% increase in dividend per share payout in 2021 over 2020. Board Chairman of MTN Ghana, Dr. Ishmael Yamson, attributed the significant growth in the company’s revenue to strong growth in Data Service, Mobile Money, and Voice Service. During the period, the company recorded 56.3% growth in data revenue, 38.2% growth in Mobile Money revenue supported by some 4.9% growth in voice revenue. He stressed that the past year ended successfully and assured shareholders that MTN Ghana will always endeavor to make sure the company is well-managed with best interests of shareholders in

mind. “We had a successful Annual General Meeting. The results were very good. Shareholders approved the payment of very decent dividends. We assure shareholders that our focus is a very robust governance culture that will ensure that the company is well managed, well catered for and continues to operate in an ethical manner,” Dr. Yamson indicated. Speaking at the event, Chief Executive Officer of MTN Ghana,

Selorm Adadevoh, explained that during the period in review, 4G network coverage was improved to over 90 per cent with an addition of 1,446 sites to reach an extra 1.7 million people. Additionally, the company added on 131 2G sites, 130 3G sites, while some 1,200 sites were modernized to improve customer experience. Mr. Adadevoh expressed optimism for the 2022 financial year stating that the company forecasts revenue growth in the high teens. “We forecast service

revenue growth in the high teens (in percentage terms) over the medium-term from the previous guidance of 13% to 15%. In addition, we will progress the execution of the expense efficiency programme and our prudent approach to managing costs to deliver on our commitment of margin expansion,” he said. Scancom PLC (MTN Ghana) held its first AGM in May 2019 after it listed on the Ghana Stock Exchange (GSE) on 5 September 2018. It remains the company with the largest number of Ghanaian shareholders following its Initial Public Offering (IPO) which raised GHS 1,146,589,464.75 from 128,152 applicants. The IPO of MTN Ghana made history as the largest primary share offer in the history of the GSE. Most importantly, it enabled many Ghanaians to own shares in one of Ghana’s largest, most visible and well-respected companies.

Africa Unity Day 2022 commemorated Africa Day is the annual commemoration of the foundation of the Organization of African Unity on 25 May 1963. It is celebrated in various countries on the African continent, as well as around the world. The organization was transformed

into the African Union on 9 July 2002 in Durban, South Africa, but the holiday continues to be celebrated on 25th of May. The First Congress of Independent African States was held in Accra, Ghana on 15 April 1958.

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Five years later on 25 May 1963, representatives of about thirty African nations met in Addis Ababa, Ethiopia, hosted by Emperor Haile Selassie. By then more than two-thirds of the continent had achieved independence, mostly from

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

imperial European states. At this meeting, the Organization of African Unity was founded, with the initial aim to encourage the decolonization of Angola, Mozambique, South Africa and Southern Rhodesia. “Only a united Africa with the right political direction can successfully give material and moral support to our freedom fighter,” the then president of Ghana, Osagyefo Dr. Kwame Nkrumah, said in his speech to continent’s leadership. The organization pledged to support the work conducted by freedom fighters and remove military access to colonial nations. A charter was set out which sought to improve the living standards across member states. Emperor Haile Selassie exclaimed “May this convention of union last 1,000 years.”