Business24 Newspaper 18 May 2022 by Business24 Online

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Let’s get serious with energy transition, experts caution gov’t Multi-modal transport network key to AfCFTA success, says CalBank pegs loans dep. sector target for FY2022 minister 03 below 10pct 03 By Patrick Paintsil

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Skills-based training remains critical to job creation agenda Ghana’s rising unemployment remains a hanging albatross on the neck of government as it poses serious security and economic concerns to the national development. Scores of graduates are in constant search of jobs but the question is whether they are well-skilled for the kinds of jobs that they seek. What makes it a conundrum is the incessant demand from the business sector for a more employable or skilled workforce. It clearly tells that the lack of wellequipped graduates or persons with employable skills plays a big part in the high rate of joblessness in the country. According to Statista, Ghana’s unemployment rate is above the worldwide unemployment rate, and compared to other Sub-Saharan African countries and other regions, Ghana has a relatively average rate of unemployment. There is the urgent need for skills-based training in our training institutions to build a competent and employable workforce to drive the nation’s socioeconomic aspirations. Another concern has been the preference for white-

collar jobs instead of having graduates venturing into entrepreneurship with innumerable opportunities almost every aspect of the Ghanaian economy. A 2020 World Bank report titled “Youth Employment Programs in Ghana: Options for Effective Policy Making and Implementation” identified agribusiness, entrepreneurship, apprenticeship, construction, tourism and sports as key sectors that can offer increased employment opportunities for Ghanaian youth. It also called for more investments in career guidance and counseling, work-based learning, coaching, and mentoring to equip young people with the skills needed for work. The report suggested that although these are not new areas, the government could maximize their impact by scaling-up these priority areas in existing youth employment interventions and improve outreach to the youth. We need a practical and sustainable approach to tackling the alarming unemployment rate in the country and we can start with correcting the persistent industry-academia mismatch.

Let’s get serious with energy transition, experts caution gov’t News Desk Report

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Energy experts have urged government to be dispassionate and realistic about the discourse on energy transition to develop decisive and appropriate policies that will propel the country into the new era. The industry watchers have described government’s attitude towards energy transition as lukewarm. According to them, government’s posture has the propensity to plunge the country into energy crises if they fail to match the unescapable revolution. This came up during an energy transition sensitization workshop held in Kumasi for journalists and civil society activists in the northern sector of the country. The workshop was jointly organised by think tanks-Natural Resource Governance Institute and Africa Centre for Energy Policy (ACEP). “Government has been too emotional about the issue. It must accept that energy transition is a reality and it must not play the ostrich with the issue. Government’s claim that energy transition is a western agenda cannot be true. It is real that automobile companies are shifting away from fossil fuel powered vehicles to electric cars, and as we find ourselves in a global village we’ll be affected by these developments,” Dennis Gyeyir, Africa programme Officer, Natural Resource Governance Institute (NRGI), observed. He urged government to institute the necessary plans to respond appropriately to the phenomenon by leveraging the opportunities that

Participants at the workshop comes with it as well as evaluating the associated risks to inform how best to mitigate them. “We shouldn’t sit unconcerned for developed countries to come up with energy transition solutions to sell to us; this time round, we should be prepared to develop local solutions. Government must move from the skewed realities and begin to institute plans such as utilization of critical minerals like iron ore and lithium at our disposal for the production of solar panels and batteries, provide incentives for renewable energy technology and research,” he added. On his part, David Manley, Senior Economic Analyst-NRGI pointed out that the current energy transition is both policy-induced and driven by the rapidly falling costs of wind and solar and therefore makes economic sense for many countries to embrace it, not just for climate sense. “Transition risk the potential for energy transitions in major oil and gas consuming economies to permanently reduce demand for oil and gas exports in your country. If realised, this would lead to a dip in government revenue, poor returns on capital invested in

National Oil Companies (NOCs), and unemployment, stranded gas for domestic uses,” he said The Executive Director of ACEP, Benjamin Boakye, noted that the link between the country’s oil production and investment in energy transition is nonexistent, while policies on renewable and petroleum are on different trajectorieso indicating that the friction generates apathy towards energy transition. He also stated that the current national energy policy does not regard energy transition as a potential challenge or threat to upstream oil and gas development. Mr. Boakye therefore entreated the government to resolve the policy gap in linking upstream oil and gas development with the energy transition, promote shared understanding among institutions on the risks and opportunities that come with the transition including the production of biofuels such as ethanol and biodiesel. He further advocated the development of a comprehensive action plan that remedies the systemic inefficiencies in policy implementation.

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WEDNESDAY, MAY 18, 2022

Multi-modal transport network key to AfCFTA success, says dep. sector minister By Patrick Paintsil

The Deputy Minister of Transport, Alhassan Tampuli has identified the creation of a robust multimodal transport network as key to the success of the Africa Continental Free Trade Agreement (AfCFTA). Speaking on behalf of the Minister of Transport Kwaku Ofori Asiamah at the opening ceremony of the Chartered Institute of Logistics and Transport (CILT) Africa Forum held in Accra, he said that the transport sector would play a key role in linking activities within the continent and beyond. “On our part as policy makers, we

remain committed to the facilitation of cargo and passengers across our borders and to other African countries through the development and enhancement of ground and air transport infrastructure. From airports, seaports and cargo terminals to maritime and air space management; in terms of infrastructure we have embarked on massive infrastructure development to improve all of our seaports and airports as well as railway connectivity,” he indicated. The Deputy Minister of Trade and Industry, Herbert Krapah also

supported the call for improved multimodal transport network in order to meet the continent’s integration objectives. He said that the development of the Akosombo-Mpakadan rail line which is part of the 1000km rail connection between Ghana and Burkina Faso, when completed will link Ghana from Tema to Ouagadougou. “The Boankra Inland Port which is expected to ease congestion at our ports by linking the ports of Tema and Takoradi to the inner parts of the country and the landlocked countries of Burkina Faso, Mali and Niger,” he

noted. President of CILT Ghana, Ing. Mark Amoamah, said the Institute is ready to partner stakeholders to help achieve the objectives of the single continental market. The CILT Africa Forum serves as a platform for governments, organizations and individuals to share, learn and promote professional and business interests. This year’s event was on the theme: “Sustainable Implementation of the Africa Continental Free Trade Agreement: The Role of Logistics, Transport and Industry”.

CalBank pegs loans target for FY2022 below 10pct Publicly-listed lender CalBank says it will approach its loan book growth projection for this year with caution in a now risky market, keeping a strong eye on rising inflation, interest rates and forex activities. “It’s quite obvious that in any high risk regime loan quality is likely to be challenged, within the last two to three months, there’s been a lot of fluidity in the market in terms of rate hikes and inflation and exchange rates,” Managing Director Philip Owiredu said at the bank’s session on Ghana Stock Exchange’s Facts behind the Figures. He added: “We will ensure not to impact on the quality of the loan book

just by growing, so we’ll keep an eye on the market to ensure that we keep a healthy asset quality. Our target is to keep it below 10percent and we are doing that at the moment.” CalBank recorded significant improvement in net income, nonfunded income, total assets, deposits and profit before tax in the first quarter of this year compared with same period in the prior year recording 19.9percent, 14.6percent, 35.5percent, 41.4percent, 25.9percent respectively. “This is a good sign for the bank in the period under review; previously we’ve averaged about five or six indicators showing a positive sign.

We are on the growth path and we’ll continue to improve our performance for the period ahead of us,” said Thomas Boansi-Sarpong, Executive Head, Finance and Operations. The bank remained resilient amid a global pandemic to record some giant significant strides in line with its three-year growth strategy to register an aggressive growth in its balance sheet. Looking ahead, it seeks to rebuild its revenue growth engines through innovative and personalized product portfolios and pricing approach as well as reinforce its operational and brand culture with refined retail banking services backed with staff

up-skilling and retooling. CalBank has also pledged its strong focus on its environmental, social and governance responsibilities in this year and beyond. “In 2022, we will continue to make giant leaps into sustainable banking as we galvanise human and financial resources to take our ESG responsibilities to the next level. We are expanding our scope of environmental and social management beyond our clients’ business activities to cover our internal footprint,” it said.

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WEDNESDAY, MAY 18, 2022

Industrialisation, AfCFTA present multiple opportunities for private sector - Kojo Aduhene

The opportunities emerging for investors to play a part in Africa’s industrial expansion and intra-regional trade growth were among the topics explored by Kojo Aduhene, CEO of Ghanabased LMI Holdings, in a wideranging interview he gave recently to Oxford Business Group’s online broadcasting channel, Global Platform. Aduhene told OBG that with individual countries now putting the necessary framework in place, the time was ripe for both the public and private sectors to begin addressing infrastructural shortfalls in priority areas,

such as power distribution and transmission, alongside water and internet provision. “Ghana and Africa must industrialise,” he told OBG. “To do that we need to have an enabling environment. We need to make sure we have in place all the infrastructure that will be needed.” Aduhene was upbeat about the prospects for increased intra-regional trade through the African Continental Free Trade Area (AfCFTA), which he said held the key to boosting Africa’s competitiveness over time. “We need to integrate to make

use of various raw materials so we can be competitive,” he said “The African Continental Free Trade Area is excellent, because it forces countries to take decisions. I am excited about it, especially for a company that wants to be active Africa-wide in five- or 10-years’ time.” The importance of making environmental, social and governance (ESG) goals a priority in areas such as power generation and transport was another focal point. “If we don’t look at ESG goals now, we will pay a price in the future,” he said. “If it is done to scale, renewable energy can be cheaper than the sources we have now. For regional integration, transport is crucial. I think we should develop other forms of transport that are more environmentally friendly and cheaper, like rail, like waterway transport.” Aduhene also highlighted the need to ensure urban migration is planned properly, with affordable housing in rapidly expanding centres a must.

“One way of doing so is to develop smart cities where we can use technology to make living easier, to make the provision of leisure, traveling to work and all of that much simpler,” he told OBG. Marc-André de Blois, OBG’s Director of PR and Video Content, said the interview with Aduhene provided a fascinating snapshot of both the opportunities and challenges that Africa presents as it enters a historic phase in its socioeconomic development. “Africa stands on the brink of an exciting new chapter in its growth story, with the implementation of the AfCFTA translating into myriad openings for investors as the continent moves to lay the groundwork for much-needed industrialisation and cross-border trade facilitation,” he said. “I’m delighted that we’ve been able to offer valuable insight into the plans taking shape across the continent, which will undoubtedly require significant input from the private sector.”

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WEDNESDAY, MAY 18, 2022

NIB, AADFI to lead dialogue and financing solutions for development THE National Investment Bank (NIB) is to host senior management and experts in development finance across Africa in Accra from May 23 to 25 for the 2022 General Assembly of the Association of African Development Finance Institutions (AADFI). The three-day assembly will take place at the Labadi Beach Resort under the theme: “Unlocking Innovative Resources for Development Finance: Agenda for African DFIs.” A press statement from the bank said the event would come ofd at a time when NIB, the country’s foremost development finance institution, was being restructured to support industrial corporates with funding and advisory services in line with the government’s industrialisation programme. Speakers It said the key speakers included the Vice-President of the Private Sector, Infrastructure, and Industrialisation of the African Development Bank (AfDB), Solomon Quaynor; the CEO of the European Organisation for Sustainable Development (EOSD), Arshad Rab; and the CEO of the TCX Fund, Ruurd Brouwer; among others. It said the event would be attended by CEOs and Senior management executives of African DFIs, supervisory authorities, including ministries of finance and central banks, representatives of international DFI and agencies, and other key stakeholders in the development finance space. It noted that Africa had, over the recent past, made strides in the areas of banking and finance, agriculture,

education, health, and infrastructure development, among others, all geared toward lifting the people out of poverty. It, however, said the COVID-19 pandemic had not only crippled economies worldwide but had also succeeded in clawing back the gains made, slowing down and, in some cases, stopping entirely or stalling progress for many institutions and nations alike. “For NIB, the 2022 AADFI Annual General Assembly will provide a platform for stakeholders to restrategise ways to obtain more investment for sustainable, environmentally-friendly developmental projects and ecosystems that will help Africa

endure and withstand the shocks of future pandemics.” “It will also provide an opportunity to exchange ideas and experiences from different institutions and countries in development financing,” the statement said. Activities The statement said the event would feature the board of directors meeting, the annual workshop, and the ordinary general assembly of the AADFI. It said it would also include a retreat for chief executive officers (CEOs) of national DFIs. The statement explained that the 2022 AADFI Annual General Assembly would examine options for raising suitable development funds to support the recoveries of the African economies, as well as the possibilities and most innovative financing instruments available to African DFIs. “Solutions on innovative financing for development will also be proffered toward positively impacting the economy. The role of Ghana’s development finance institutions – NIB, Agricultural Development Bank (ADB), Ghana Export-Import Bank (GEXIM), and the newly created Development Bank Ghana (DBG) – in development will be highlighted, and the need for them to be given the necessary support to perform. The issue of managing local currency risks and hedging solutions will also be presented, which will offer the opportunity to discuss solutions for strengthening the resilience of national DFIs in mobilising innovative resources for development projects,”

it said. It added that beyond the issues to be discussed, the annual event of the AADFI provided a unique platform for networking among the DFI community. It said with the advent of the DBG, NIB would continue to focus directly on industrial corporates by providing medium to long-term financing and advisory services, while the development bank would complement the services of NIB by serving as a source of medium to long-term financing at reasonable interest rates for on-lending. The AADFI is an international organisation established under the auspices of the African Development Bank (AfDB) in 1975 as an umbrella organisation for DFIs in Africa. It has over 80 active members composed of national and multilateral institutions engaged in finance and development activities in Africa and other continents. The AADFI is a founding member of the World Federation of Development Financing Institutions (WFDFI), bringing DFIs in Asia and the Pacific, Latin America, Europe, the Middle East, and Africa under one platform. The AADFI aims to promote socioeconomic development through cooperation among development banks and other financial institutions. It serves as a medium for knowledge exchange, technical assistance, and collaboration between DFIs in Africa and across the globe to enhance socio-economic development in our continent.

Fidelity Bank supports two institutions Fidelity Bank has donated desktop computers to the Information and Communication Technology (ICT) Centre of St. Mary’s Seminary Senior High School (SMASCO), Lolobi in the Oti Region of Ghana. The donation forms part of the bank’s social impact initiatives to equip young people with digital skills. The bank also donated student desks to the Police Public Safety Training School at Pwalugu in the Upper East Region to support effective teaching and learning. In a release issued by bank on Monday, it said the gesture was in response to the school’s request for help to furnish its ICT lab with computers to facilitate ICT education for students. Presenting the desktop computers to the school, the Divisional Director for Retail Banking at Fidelity Bank, Nana Esi Idun-Arkhurst, said it was a privilege to support

the community and more importantly, contribute to the acceleration of digital growth in the country. “Fidelity Bank understands that as the world is moving faster than ever towards digitisation, it is crucial that no one is left behind. The donation of these computers to SMASCO, is a step towards digital inclusion and it is our hope

that this gesture will positively impact the lives of students at SMASCO,” she said. She added that Fidelity looks to replicate this and other social impact projects in the educational sector as part of its 15th anniversary celebrations. Receiving the computers, the president of the St. Mary’s Seminary Senior High Old Boys

Association (SMOBA), James Kwasi Oberko, commended Fidelity Bank for the support. “On behalf of the Governing Board and Old students of SMASCO, I wish to express my profound gratitude to the management of Fidelity Bank for responding positively to our request.

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WEDNESDAY, MAY 18, 2022

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WEDNESDAY, MAY 18, 2022

Experts urge increased investments to transports industry Governments and industry players within Africa have once again been urged to collaborate towards investments into transport infrastructure to drive the continental free trade. Mrs. Naa Densua Aryeetey, an Executive Member of the Governing Council of the Chartered Institute of Logistics and Transport (CILT), Ghana and Mr. Patrick Andoh, the Vice President in charge of Logistics at the Chartered Institute of Logistics and Transport (CILT), Ghana are the latest to add to this clarion call. They made calls for investments into multimodal systems of transport such as modern rail networks, robust road infrastructure, inland water and maritime transport. This follows the debate that the Free Trade Agreement in Africa may be rendered unsuccessful without adequate transport infrastructural support. According to the experts in transport and logistics who were speaking on the Eye

on Port program, adequate investment into all the various means of transport reduces the burden on the continent’s road infrastructure, and gives Africans

systems and therefore “the element of ownership of these vessels in itself is strategic and it helps achieve our objectives for the continental free trade.”

the opportunity to cost-effectively convey much cargo across the continent. Mr. Patrick Andoh, FCILT, stated that he supports the call for African states and private organisations to own ocean carriers for intra-regional trade. He said transport and logistics is the backbone for all trading

Mrs. Aryeetey on her part, called on freight forwarders in Ghana to consolidate resources towards this goal. She said logistics and shipping service providers in Ghana, and Africa, at large, should take a cue from the major international shipping companies, who are forming conglomerates in order

to successfully achieve their goal of providing end-to-end shipping services globally. Mrs. Aryeetey said it has become crucial for investment into regional sea shipping because the status quo at the moment makes shipping among African countries very expensive. She said such investment into maritime transport will not only make trade more efficient, but will generate revenue for African states as well as create jobs. “If we have our own vessels it will even serve as an opportunity to train our seafarers,” she added. The Executive Member of the Governing Council of CILT, Ghana, also said African countries should augment its railway infrastructure as well as inland water transport, to expedite movement of goods across the hinterlands. Mr. Patrick Andoh, the Vice President in charge of Logistics at CILT Ghana, also said funding should be allotted for maintenance of transport infrastructure.

University of Ghana ranked highest tertiary institution in Ghana The University of Ghana (UG) is ranked the highest tertiary institution in Ghana by the AlperDoger (AD) Scientific Index 2022 Version 2. It also has the first of the top 1,000 scientists in the country with more than 270 scientists appearing in the top 1,000 scientists featured. This was contained in a statement issued by Professor Robert Ebo Hinson, Director, Public Affairs Directorate of UG, and copied to the Ghana News Agency, in Accra. It said across the diverse disciplines within its four Colleges, the University led nationally and progressively, intensifying its impact in pursuit of excellence. ‘‘The premier institution’s scholars represented 30 per cent to 70 per cent of the top 20 ranked scientists,” the statement said. In Agriculture and Forestry, it said, it had 11 out of the top 20 Scholars in Ghana, nine Business and Management, 11 Economies and Econometrics, seven Engineering and Technology and six Medical and Health Sciences. The Index named Dr. Dwomoa Adu, a Senior Research Fellow in the UG Medical School, College of Health Sciences, as the best scientist in Ghana, out of the 1,000

academics featured. Similarly, it said last year, Dr Adu was listed by the 2021 Index Report as the overall topmost scholar in Ghana out of the 231 scientists who made the ranking cut-off. The statement said in the current rankings, Professor Daniel Adjei Boakye of the Noguchi Memorial Institute for Medical Research and Prof Ernest Aryeetey, former Vice-Chancellor, Institute of Statistical, Social and Economic Research, were ranked 6th and top scientists in Ghana respectively. It said Prof Joshua Yindenaba Abor former Dean of the University of Ghana Business School and Prof Dorothy Yeboah Manu, Director of Noguchi Memorial Institute for Medical

Research, emerged 9th and 13th respectively. The rest are: Prof Isabella Quakyi, former Dean of the School of Public Health and Prof Robert Ebo Ilinson former Head, Department of Marketing and Entrepreneurship, UG Business also emerged 16th and 19th respectively. The assessment procedure, it said, for ranking the 1,000 Ghanaian scientists and their scientific studies was based on international standard scoring systems, including citations in renowned databases such as Scopus, Web of Science, Publons and Google Scholar. The statement said databases provided the numerical indicators showing how productive and effective a researcher was.

It said the Scientific Index also listed the University as 15th out of the 2,049 universities in Africa, and at 1,704 out of 14,284 universities surveyed globally. ‘‘This feat, achieved by scientists from UG, follows from the Webometrics ranking of UG as first in Ghana, 11th in Sub-Saharan Africa and 1,121 in the world – out of 31,000 Higher Education Institutions from more than 200 countries earlier this year.” The QS World University Rankings, in its 2022 ranking, classified UG as one of the 20 best universities in Africa, the only West African university to be so classified. ‘‘Congratulations to all the UG Scientists who have made it to the list of the top 1,000 scientists in Ghana. UG is so proud of your commitment to academic excellence,’’ it said. The AD Scientific Index is a ranking and analysis system based on the scientific performance and the added value of the scientific productivity of individual scientists. It also provides rankings of institutions based on the scientific characteristics of affiliated scientists. GNA

| AGRIBUSINESS

WEDNESDAY, MAY 18, 2022

1 billion ‘dryland-like’ hectares under threat, FAO study confirms An additional one billion hectares of land – so called “presumed drylands” face similar challenges to the world’s drylands, according to a new report launched today by the Food and Agriculture Organization of the United Nations (FAO). The report, Valuing, restoring and managing presumed drylands: Cerrado, Miombo– Mopane woodlands and the Qinghai–Tibetan Plateau, makes the distinction between official drylands, which are defined by water scarcity and register an aridity index of less than 0.65, and ‘presumed drylands’, which are areas with dryland features and seasonal water shortages, but an aridity index of 0.65 or higher. The study confirms the existence of 1 075 million hectares of presumed drylands, in addition to the 6.1 billion hectares of official drylands that already cover 41 percent of the planet’s land surface and are home to 2 billion people. It also shows that presumed drylands contain 322 million hectares of forest, and that forests, other wooded land and trees are present in half of presumed dryland areas. Presumed drylands are present across all continents, but most are found in Africa, South America and Asia, the assessment reveals. “Presumed drylands are important because many of them are home to a large number of people who rely on the land for their livelihoods, as well as

containing significant biodiversity and helping to adapt to and mitigate climate change impacts through tree cover,” said FAO Forestry Officer Fidaa F. Haddad. “However, presumed drylands are undervalued, poorly researched, and at risk of becoming real drylands in the near future unless they receive greater attention and investment,” Haddad added. Unsustainable use The report shows that presumed drylands are under threat from unsustainable use, such as overgrazing or deforestation for conversion to agriculture. Exacerbated by climate change, this leads to land degradation and desertification, reduces productivity, and threatens the food security, livelihoods and well-being of presumed dryland populations. The study examines the characteristics and challenges of the three largest presumed dryland zones – Brazil’s Cerrado ecoregion, China’s Qinghai– Tibetan Plateau, and Southern Africa’s transboundary Miombo– Mopane woodlands – and offers possible solutions to halt and reverse degradation. Recommendations include the adoption of agroforestry approaches, such as silvopastoral systems that combine livestock rearing with the provision of fruits, timber and carbon sequestration, and more sustainable pasture management approaches, such as grazing rotation schemes.

The report presents potential investment scenarios, comparing a business-as-usual approach to land degradation neutrality, and highlights opportunities presented by major initiatives such as the UN Decade on Ecosystem Restoration, co-led by FAO and the United Nations Environment Programme (UNEP), to enhance and accelerate restoration efforts, and the Seoul Forest Declaration at the recent XV World Forestry Congress. An economic assessment also underlines the need to create an environment conducive to investing in sustainable activities in presumed drylands. Local and national policies will be key to the success of any initiative aimed at sustainably managing, protecting, and restoring the presumed drylands’ land resources, the report stresses. “We need to invest in more sustainable land and forest management approaches now rather than later, when a greater proportion of land will have been degraded,” said Haddad. FAO at the Abidjan COP15 event The new report was launched at a side-event of the 15th session of the Conference of the Parties (COP15) of the United Nations Convention to Combat Desertification (UNCCD), which is currently taking place in Abidjan, Côte d’Ivoire where FAO is leading discussions in promoting sustainable land management and restoration of degraded lands and impoverished soils.

“We need to take urgent and bold actions to meet the growing demand for food, feed, biofuel and fibre, while conserving biodiversity and reducing the burden on natural resources and ecosystems,” said FAO Deputy Director-General Maria Helena Semedo who is leading FAO’s delegation. “Addressing land degradation through the restoration of production ecosystems using a holistic, landscape and cross-sectoral approach is crucial for food security and resilient livelihoods and at the heart of agrifood system transformation.” During the week-long Conference, FAO signed a $20 million project with the Global Environment Facility and the Government of Cote d’Ivoire as part of the “Abidjan Legacy Programme” to promote deforestation-free cocoa value chains and restore degraded cocoa-forest landscapes in the country. FAO organized a series of High-Level events including the launch of a FAO-UNCCD technical guide marking the 10th anniversary of the Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests in the Context of National Food Security, and the report, State of the World’s Land and Water Resources for Food and Agriculture: Systems at breaking point.

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WEDNESDAY, MAY 18, 2022

Avanti Joins Paris Peace Forum’s ‘Net Zero Space’ Initiative Avanti Communications (“Avanti”), the leading provider of high throughput satellite capacity across EMEA, today announced it is joining the Paris Peace Forum’s ‘Net Zero Space’ Initiative to help tackle the growing threat of space debris. The Paris Peace Forum’s ‘Net Zero Space’ initiative was launched in 2021 with the support of several leading players in the space industry. The ambition of this international alliance is to create a sustainable outer space environment by 2030 through initiating immediate action to contain and mitigate the generation of in-orbit debris. Taking this opportunity, Avanti reiterates its commitment to sustainability and Corporate Social Responsibility. From providing vital connectivity to the most disadvantaged communities in the world and supporting the United Nations Sustainable Development Goals to the role Avanti plays for a better environment, it is committed to make a difference both in the way

the business operates and in the positive contribution it makes to society. In line with the Net Zero Space Initiative, Avanti contributes to the sustainability of the space environment in concrete and tangible ways: • The satellite technology provider operates its fleet in the spirit of the Outer Space Treaty, complies with the ITU regulations governing radio spectrum and associated orbital resources, and fully applies the Space Debris Mitigation Guidelines of the Inter-Agency Space Debris Coordination Committee (IADC). • It operates its spacecraft in a safe and responsible way to avoid proliferation of space debris. In particular, Avanti has developed and adopted a framework to mitigate the risks of satellite relocations and other non-routine operations – this has been peer-reviewed and published in an international operators’ conference proceedings to

inspire others to operate safely. • Avanti also maintains trusted and fruitful relationships with industry-leading partners like the 18th Space Control Squadron (18 SPCS), the Space Data Association (SDA), the Space Surveillance and Tracking service of the European Union (EUSST), the UK Space Operations Centre (UKSpOC), and fellow operators to enable better coordination and to mitigate the risks of proximity operations. • Looking to the future, the business contributes to the development of new guidelines and best practices, both as a member of the Space Safety Coalition (SSC), and by participating to relevant working groups like those established by the European Space Agency (ESA), the World Economic Forum (WEF), and the European Committee for Space Standardization (ECSS). Vikas Grover, Chief Technology Officer at Avanti, commented, “We are honoured

to work alongside the Paris Peace Forum on the crucial issue of preservation of the space environment. Avanti wholeheartedly supports the Net Zero Space Initiative and looks forward to working together with the Paris Peace Forum and other endorsees to raise awareness of, and action regarding, space safety and sustainability.” Jérôme BARBIER, Head of Outer Space of the Policy Department of the Paris Peace Forum, says “Space debris have no nationality, nor rationality: protecting Earth’s orbital environment can only be a global effort, uniting forces from Governments and space agencies, the space industry and all actors interested in maintaining Humanity’s ability to benefit from, and access to outer space. We are today delighted to welcome Avanti in the Net Zero Space coalition and to advance together towards a more sustainable space industry.”

Akufo-Addo strongly supports AfDB’s quest for more resources to accelerate continent’s transformation agenda Ghana’s President Nana Akufo-Addo has backed calls for more resources for the African Development Bank Group to accelerate its transformative role across the continent. President Akufo-Addo received the African Development Bank Group president, Dr. Akinwumi Adesina, at State House in Accra on Wednesday. President Akufo-Addo expressed strong support for a significant replenishment of the African

them a greater significance in terms of being able to raise money on the global bond market… This way, we can play the lead role in financing our development.” He commended Adesina for what he said was his dynamism as the head of the African Development Bank, and his advocacy on the global stage for Africa’s development. Adesina is visiting Ghana ahead of the African Development Bank Group’s 2022 Annual Meetings in

Development Fund, the African Development Bank Group’s concessional financing arm. He noted that the work of the Fund has become even more critical in the wake of the Covid-19 pandemic, climate change, and most recently, the Russia-Ukraine war. The Ghanian president said: “We must all focus on how best we can expand the capital base of the African Development Bank and the African Development Fund to give

Accra from 23-27 May. Accompanying him to the Ghanaian capital on this preparatory mission are the Bank Group’s Secretary General, Vincent Nmehielle; Acting Chief Economist and Vice President for Economic Governance and Knowledge Management Kevin Urama; Director General in the Office of the President Alex Mubiru; Executive Director representing The Gambia, Ghana, Liberia, Sierra Leone and Sudan, Kenyeh Barlay; and the Bank Group’s

Ghana Country Manager Eyerusalem Fasika. The 2022 Annual Meetings also mark the 50th anniversary of the African Development Fund. Since its establishment, the Fund has invested more than $45 billion in low-income countries and fragile states. Akufo-Addo said Ghana was excited to host the Bank Group’s forthcoming Annual Meetings, which several African leaders will attend. According to Adesina the African Development Bank would make a case for a strong African Development Fund-16 replenishment during the Annual Meetings. He stressed the importance of allowing the Fund to use its equity to tap the global capital market to leverage a lot more resources for low-income African countries. Adesina said: “Mr. President, your personal advocacy for this, along with other heads of state and government, will be critical.” The Bank Group’s active portfolio in Ghana is made up of 18 operations worth a total commitment of $751.5 million across various sectors. Transport accounts for the largest share of 42% while agriculture amounts to 23%. Key among Bank-financed projects is the four-tier Pokuase road interchange, which is part of the multi-component Accra Urban Transport Project. Completed in July 2021, the interchange is the first of its kind in West Africa and the second largest in Africa. The local transport

union and commuters say that since its completion, the interchange has eased travel time from two hours to 30 minutes. Selina Avevor, leader of the Kpobiman Women Association— which trains women in livelihood skills such as catering, batik tie-dye, and other crafts—said: “Thanks to the African Development Bank, the government of Ghana has provided us a 20-bed hostel with air-conditioning to house trainees. They also provided us with a new 150-liter soap-making machine, flour mixing machines with electric motors, and four rollers with electric motors. In addition, they constructed a borehole and gave us a water storage tank and office furniture.” Adesina commended the Ghanaian authorities for ensuring value for money in the execution of the project, particularly by utilizing funds initially meant for a three-tier structure to build a four-tier facility. “Similarly gratifying for me is the facility’s impact on people’s lives,” he said. The African Development Bank president and his team also held discussions with Ghana’s Finance Minister, Kenneth Ofori-Atta, the current chair of the Bank Group’s Board of Governors. The Bank delegation was fully briefed on Ghana’s preparedness for the Annual Meetings. The delegation also visited the Accra International Conference Centre, the main venue for the meetings.

| FEATURE

WEDNESDAY, MAY 18, 2022

The end of Europe’s clean-energy evangelism By Ana Palacio Russian President Vladimir Putin’s war against Ukraine has served Europe a heaping dose of energy realism. While the European Union was touting a “no pain, all gain” transition to renewable energy, many of its industries – particularly in Germany – had developed a debilitating dependence on cheap Russian gas. This revelation should be the first step toward a more realistic – and less dogmatic – European approach not only to its own energy transition, but also to that in the Global South. The EU has an action plan for weaning itself off Russian fossil fuels. But, while the details of REPowerEU are still being finalized, it is already clear that, like so many European “solutions,” the plan is an exercise in muddling through, exemplified by the fact that it will not be completed until 2030. Though REPowerEU aims to accelerate the rollout of renewables and replace gas in heating and power generation, it also depends significantly on the diversification of energy supplies. Already, energy producers in the Global South have received desperate pleas to help meet the EU’s energy needs, which has probably prompted more than a few eye rolls. After all, countries across the developing world have endured years of European proselytizing about the importance of rapid progress toward a carbon-free energy system. If the EU cannot achieve this in the short term – in order to

avoid funding an unjust war, no less – the Global South most certainly cannot. Europe is worried that economic growth and local livelihoods will suffer if it attempts to move too rapidly to renewables. Developing economies are worried that they will have no path to sustained economic growth and poverty reduction at all. They are right to worry. The positive correlation between baseload power and prosperity clearly shows that a reliable energy supply is essential to economic progress. But, globally, 770 million people – mostly in Africa and Asia – lack access to electricity. In Sub-Saharan Africa, the pandemic worsened energy poverty, with 77% of the region’s people now living without electricity, compared to 74% in 2019. Given that future population growth – and, thus, growth in energy demand – will be concentrated in the Global South, this problem is set to get much worse. And, for now, renewables cannot solve it, because they do not represent a sufficiently reliable power supply. A scale-up in hydrogen fuel could change this, though this remains a stretch for emerging-market and developing economies. United States Special Presidential Envoy for Climate John Kerry, for one, has now recognized the folly of attempting to force developing economies to go fully renewable. On March 7, following the Russian invasion of Ukraine, he acknowledged that

gas would be crucial to economic development in African countries. Even the World Bank – without much fanfare – has reversed its moratorium on financing gas projects. Yes, this new realism implies a near-term increase in African emissions – but starting from a very low level. The 48 countries that comprise Sub-Saharan Africa (excluding South Africa) represent 0.55% of global carbon dioxide emissions. As a whole, Africa consumes less energy than any other continent – far less than Europe, especially if one takes into account historical consumption. Rich countries are well aware of this discrepancy, which is why developing countries have been increasingly critical of the developed world’s climate hypocrisy: constant pressure to cut emissions coupled with prolonged refusal to finance climate mitigation and adaptation in the Global South. The Green Climate Fund embodies this hypocrisy. At the United Nations Climate Change Conference in 2009, developed economies pledged to channel $100 billion per year for mitigation and adaptation efforts in developing countries by 2020. As of January 2022, participating countries’ pledges amounted to a measly $10 billion. Sustainability is vital to our planet’s future. But the green transition must be just. And justice demands that the Global South receive the same opportunity to develop as the North had. That will be possible only with energy

security for all. That is why this week’s Sustainable Energy for All Forum is so important. Stakeholders from both the public and private sectors will gather in Kigali, Rwanda, to find ways to accelerate progress toward UN Sustainable Development Goal 7: ensure access to affordable, reliable, sustainable, and modern energy for all. This year’s Forum comes at a pivotal time in the global energy transition. Moreover, this is the first time since the Forum was launched in 2014 that it will be held in Africa. One hopes that the continent’s centrality to the event – and the harsh realizations that the war in Ukraine has imposed on Europe – will be reflected in its conclusions, which, given the current crisis, will be more consequential than ever. Europe has always prided itself on being a leader in the greenenergy transition. This should not change. But, rather than allowing its vision to become clouded by idealism and ideology, the EU must ensure that its energy ambitions – for itself and for developing economies – are firmly grounded in reality. Europe must support developing countries’ efforts to adapt to climate change and achieve net-zero emissions. But it must also help them to achieve energy security. As one African minister succinctly put it, “We will decarbonize, but first we have to carbonize.”

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WEDNESDAY, MAY 18, 2022

True and false “liberations” – fighting the ghosts of neo-colonialism This year, the celebrations of the victory in World War II are being overshadowed by blood and suffering on the territory of Ukraine and destruction of Ukrainian cities. Ghosts of the new aggressive, neo-colonial war of the empire, hungry for more territory, cast their dark shadows on these days, which are usually connected to celebration of peace. The unprovoked, illegal Russian aggression against its smaller democratic neighbor should make us think about how memory can be violated for the sake of neo-imperial policies. The traditional event at the Red square in Moscow has gradually changed its original purpose. It was supposed to be the humble expression of gratitude and remembrance of Soviet heroes of many nations including Russians and Ukrainians, but it evolved into a state organized propagandist showdown and demonstration of power. In the past years, threats usually accompanied the speeches, but this year threats have materialized into a war. The heroism of victims in WWII has been used to make the case for the strong hand of a ruthless authoritarian regime and its expansive dreams of colonial revival.

Czechoslovak WWII experience with a powerful neighbor (Totalitarian Nazi Germany) who invaded a smaller neighbor under the pretext of “liberating” the German speaking population was a preface of much greater war – because this “liberation” was not stopped and did develop further. This lesson-learned should not be forgotten. Czechoslovakia saw another false “liberation” in 1968, when an invasion army of almost half a million soldiers fulfilled the order from Moscow and killed hopes and promises of freedom of the Prague spring. The following Soviet occupation turned a proud and independent country into a broken Soviet colony from which Europe was kidnapped – as Milan Kundera famously reminded the world. In other parts of the planet, the 60s were luckier and brought great decolonization movements. Empires were shaken and many nations of different continents were allowed to taste freedom. The former Soviet satellites like Czechoslovakia together with nations kept as part of the Russian and later the Soviet empire had to wait another thirty years for the same delight. But with the end of the Cold War they also celebrated

their moment of joy. This was how true liberation looked like. The victory in WWII, together with the decolonization process and the end of the Cold War were the greatest leaps of humanity towards freedom in the 21st century. Its beginning was bringing hopes that “Munich moments” when a smaller state fell victim to a bigger neighbor and “Brezhnev doctrines of limited sovereignty” will not be repeated. Putin’s war of choice is stealing peace and lives from millions of Ukrainians but will come to haunt us all. Russian society will be severely hurt as well. Dead bodies of soldiers returning to their mothers and wives in bags write another tragic chapter of the complicated Russian history. The Russian economy will shrink to the levels of the 90s and all the economic growth and prosperity of the last 30 years will be erased. Russia will end as a poor and isolated country. Putin’s war is not in Russia’s interest. Weaponizing gas and oil is hurting many economies in Europe and elsewhere. The Russian army targeting the infrastructure of stocking the grain and Russian blockade of ports and other export routes

can provoke hunger of millions of other citizens in many countries in Africa and the Middle East. Traditional donors from the EU and US will have economies weakened and less capable to perform robust development assistance to poorer/developing countries. They will have to undertake a gigantic reconstruction effort in Ukraine. These resources will be missed elsewhere. No one in the world was in need of this war but evil cannot prevail. We all should refuse the phantoms of colonial ages, ghosts of neoimperialism, we cannot allow the rules-based international order to be destroyed and replaced by the power-based division of the political map to the spheres of influence. Illegal aggression cannot be tolerated and all peace loving people should unite in sending the anti-war signal. Let’s reject the Orwellian analogies where truth is a lie and war is called “liberation”. Let’s support Ukraine and hope that next year the celebrations of the end of WWII will turn back to what it should be – the remembrance of victims and fallen heroes and the promise for peace.

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WEDNESDAY, MAY 18, 2022

Danish Food & agriculture business delegation to visit Ghana A delegation of eight Danish companies will visit Ghana from the 17th -20th May to explore the market opportunities and expand the strong commercial relations between Denmark and Ghana in the food and agriculture sector. The trip is organised by the Embassy of Denmark in collaboration with the Danish Agriculture & Food Council. The main theme of the visit is the challenge of post-harvest food loss and the delegation will explore how innovative Danish solutions can help solve this problem and at the same time increase sustainable economic growth in the food and agriculture sector in Ghana. Through the interactions, the companies seek to gain market insights and build relationships with potential customers and key partners in the food and agriculture sector. Post-harvest food loss and waste is a major challenge in Ghana, and it is estimated that more than 50% of the production in selected value chains is lost before it reaches the consumer. The Ambassador of Denmark, H. E. Tom Nørring says: “Based on

the principle of producing more with less, Danish companies are world-leaders in developing sustainable solutions that improve resource efficiency and add value to the agricultural sector. That is why Danish companies are in a strong position to collaborate with Ghanaian partners in scaling up the agro-industry in Ghana and we look forward to facilitating that with this delegation.” As part of the programme, the delegation will visit several companies in greater Accra including Niche Cocoa Industries, Blueskies, Arla Foods Ghana and Transmed with the aim of showcasing successful businesses in Ghana and exploring the challenges that call for action through partnerships. The delegation will also meet with regulators and government stakeholders to learn more about relevant sector programmes and the framework conditions for doing business in Ghana, hosted by Ghana Investment Promotion Centre. Finally, the embassy of Denmark and the Danish Agriculture and Food Council will host a business

forum with a core focus on matchmaking and B2B meetings as well as discussions on how reducing food loss can lead to a more green, safe and prosperous food and agriculture sector in Ghana. The Danish companies participating in the delegation are Arla Foods Ghana, Cimbria, DanBred, Danfoss, Foss Analytics, Maersk Ghana, Orana, and TITAN Containers. Some are exploring the market opportunities in

Ghana and some have already made major investments in Ghana as a regional hub for their activities. The companies provide solutions in almost all areas of the food and agriculture value chains such as cold chain, transport, food safety, food processing, storage, machinery and more. For more information, please contact Senior Commercial Advisor Garcia Armelle C. Honvoh, garhon@um.dk, +233 55 663 7254.

UGBS receives 100 laptops from Dr. Bawumia The University of Ghana Business School received a donation of 100 laptops from the Vice President of the Republic of Ghana, H. E. Dr. Alhaji Mahamudu Bawumia. The laptops were presented to the school at the launch of its 60th Anniversary celebration which was held on 11th May 2022 at the R.S. Amegashie

Auditorium. The donation of the laptops to UGBS was in fulfilment of a promise he made during the launch of the school’s OneStudent-One-Laptop initiative held on 13th January 2022 at the school premises. The initiative was birthed during the COVID-19 period when teaching and

learning were moved online and aims to assist underprivileged students with free laptops to ensure effective online learning. In presenting the laptops to the school, Dr. Bawumia stated that his decision to donate the laptops was based on how touched and inspired he was by such a bold initiative. He noted that, for the

initiative to be successful, more laptops will be needed and therefore called for support from UGBS alumni. The University of Ghana Business School is grateful to Dr. Alhaji Mahamudu Bawumia for his donation.

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WEDNESDAY, MAY 18, 2022

Why our emotions will win over reason most times: And what to do about it By Mohammed Issa A month ago, I wanted to get a few items from Amazon. Before I knew it, I’d spent two hours and several hundred dollars on things that I didn’t need. A few weeks ago, I received an e-mail from an angry subscriber who went on to insult my ideas, writing style and wanted to know why I’d been sending him my newsletter. Before I could stop myself, I’d fired back an unsavoury e-mail telling him what I thought of his attack and proof of him subscribing voluntarily. A few days ago, I got stressed at work, like really stressed. So, I found myself parked in front of Blanche’s cake shop, buying a few slices of her cheese pound cake. Before I knew it, I’d devoured it in seconds. How many times have we found ourselves in these situations? We know what we are doing is wrong and not right for us but we continue to do it anyway. We lack the self-control to stop ourselves. Also, what makes it worse is that we feel guilty for acting weakly and judge ourselves harshly. I knew I shouldn’t have binged on the cake. I knew I shouldn’t reply to an angry e-mail or fritter away my money on things that were not needed. And yet I succumbed to all my desires and felt terrible afterwards. We all like to believe that our rational mind is in control. But the reality is that, it is not. The reason often comes out second best to our emotional triggers. These ingrained and hidden feelings are more powerful than we think, like dormant volcanoes waiting to erupt. The Elephant, rider Jonathan David Haidt is a worldrenowned social psychologist. He found that gut feelings (like disgust in his experiment) influence our reason much more than the other way around for his dissertation. He would later come up with the now-famous analogy of the Elephant and the Rider. The Elephant, for Haidt, is the mind’s many automatic, involuntary processes (emotional triggers); the Rider is the mind’s controlled, voluntary processes(rational). He didn’t choose a horse, as riders mostly can handle a horse. However, an elephant is intelligent but hard to control, especially when it wants to act in a way that the rider disagrees with. Most of the time, the elephant is obedient, but if something triggers it, there is no way anyone can control it.

The elephant in Haidt’s example is our brain’s limbic system which controls our emotions. Its mission for us is to survive, produce offspring and win in the natural selection game. Nothing else matters to it. That’s why competition, prestige and our basic needs are wired into our emotions as desires. Our emotional brains are ancient. But they help us survive and ride through our evolutionary journey. In contrast, the rational brain is the newer one preoccupied with logic, reason, imagination, creativity etc., – all the ingredients for the good life. To live a life of contentment (as I keep professing) is not high on the elephant’s priority list. So when it comes to direct competition between the emotional mind to preserve survival or the rational mind to pursue happiness. Emotions win nearly every time. Haidt writes, “we continue to strive, all the while doing things that help us win at the game of life. Always wanting more than we have, we run and run and run, like hamsters on a wheel”. Little wonder that many of us are stuck on the ‘hedonic treadmill,’ chasing our desires when our emotions are invoked. Overcome So, what can we do to overcome the Elephant’s emotional desires? a) Recognise that it is always the journey that matters and not the

destination. We are goal-setting machines, and without knowing it, we quickly replace an achieved goal with another to satiate the elephant’s hunger for instant gratification. However, the rider has the ability to think strategically, plan and think beyond the moment. So when we align both the elephant and rider, then we can create a long-term plan with milestones in between to celebrate. “Here’s the trick with reinforcement: it works best when it comes seconds—not minutes or hours—after the behaviour,” writes Haidt. The elephant “feels pleasure whenever it takes a step in the right direction”. Looking back at the halfmarathon I ran in 2014; it wasn’t when I crossed the finish line that I felt this sudden onset of contentment. Instead, I felt only a brief moment of excitement. Still, it was the same kind of excitement I felt during different stages of my training; the first 10k I finished, the long Sunday runs, the ice baths afterwards and the buzz of completing my weekly training schedule. b) Create an environment for the elephant where both its needs and that of the rider are more closely aligned Haidt says, “Life is about training and educating the elephant and the rider and getting them to work

together in harmony”. Environment The environment we need to create should include the below ingredients: • We should have adequate health and income. In other words, we do not have to worry about whether to die or starve. That way, we don’t find ourselves in stressful situations where our sympathetic nervous system is triggered. • We must strive to have some semblance of control over our lives and not be at the mercy of other people and others’ circumstances. Reflection and planning ahead go a long way to ensure that that happens. • We must build a trusting social environment around ourselves where friends and family support us. Many studies have already proved that connection with people is the foundation of human well-being. We can overcome our emotional obstacles when we finally accept that we can’t always control the elephant in us and instead create the right environment for the elephant not to act out. What emotional triggers do you struggle with, and how could you remove them from your life? I’m starting with the obvious. I’m avoiding the cake shop. The writer is a motivational speaker/CEO, KIMO Home. E-mail: hillary@kimogroup.com

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WEDNESDAY, MAY 18, 2022

Scilla Owusu’s City of Bukom: The City Producing World Boxing Giants & Nurturing The Next Generation of Champions

Written by Nana Akua Frimpomaa Amofa

champion D.K Poison. Others include Love Allotey, Floyd Klutei Robertson, Roy Ankrah, Kotey, Quartey, Joshua ‘The Hitter’ Clottey and more contemporary fighters like Joseph Agbeko, Isaac Dogboe and Richard Commey. The documentary explores Ghana’s boxing history - what has contributed to producing some of the world’s greatest boxing talents, how these boxing champions have been shunned, the industry’s inherent challenges, how the sport has been relegated to the background, the opportunities and the way forward for the sport. It also features boxing Ghana’s boxing history is synonymous to Bukom, and for world boxing giants like Azumah Nelson, Ike Quartey, Joshua Clottey among others, this is where it all began for them. A densely populated fishing community located in Jamestown, Bukom is known for two distinct things; its notoriety and boxing treasures. Boxing has won many laurels for Ghana and has won more titles than any other country on the African continent. Yet, not much has been done to celebrate the feats and accomplishments of the men and women behind it over the past four decades. Comes in 24-year-old, celebrated BritishGhanaian film maker and director, Scilla Owusu popularly known in music circles and working with music greats like Burna Boy, Davido, Mr Eazi, Stonebwoy, Wande Coal, Fuse ODG, Sarkodie, Patoranking among others. What does music and sport have in common? And why did Owusu, who has built an impressive career in the music industry, and featured on Forbes 30 Under 30 decide to shine her lens on Bukom and Ghana’s boxing industry? In 2020, Scilla Owusu attended “This is Ghana” photo exhibition by her brother, Danny Wonders held in Accra. Glancing through the photos, one of them left her in a state of reverie. It was a photo of a fierce-looking, young boy wearing boxing gloves ready to fight. That photo will pique her interest and become the catalyst in Owusu’s quest to explore a sport that has brought immense glory to Ghana on the continent and beyond. Prior to that, Owusu had very little interest in the sport, having watched just one boxing match in 2017. She began her research; asking

her brother questions about the photo, where it was taken etc. Her research pointed her to Bukom, a small town along the coast which nurtured world boxing champions, Azumah Nelson, Ike Quartey and Joshua Clottey. She would spend the next 10 months on her debut documentary “City of Bukom,” which was released in December 2021 and has received critical acclaim globally. Amidst challenges, Owusu did not relent on this project even though she had to work with a shoestring budget, lean crew, losing all her footage and a broken collarbone. A riveting 75-minute documentary, ‘City of Bukom’ explores how the unassuming slum has carved its niche in nurturing boxing talents. It gives an inside account of some of the most popular gyms like Akotoku Boxing Academy and Bronx Boxing, the township, developments and features the likes of ‘The Professor’ Azumah Nelson, Ike ‘Bazooka’ Quartey, British-Ghanaian Olympian and light heavy-weight boxer Joshua Buatsi, Ghana’s first boxing

about her filmmaking journey and ‘City of Bukom’ Tell us a bit about yourself – formative years, family, coming from a family of creatives (Sarah Owusu, Danny Wonders). How did all of this influence your career/ journey into film making? I burst into the industry through script writing. I wrote and produced a 6-part web series called A Lesson Learnt during the summer holidays after college. Since then, I began producing short films for independent filmmakers to gain more experience. As a result of this, I then found

Scilla Owusu, British-Ghanaian Filmmaker and brain behind City of Bukom promoters and enthusiasts like Nathaniel Attoh, Coach Kofi Asare, Ambassador Ray Quarcoo, Golden Mike, Yoofi Boham, Eddie Pappoe, Michael Amoo-Bediako, Carl Lokko among others. “Since 1970, Bukom has produced a world champion in every decade, but how does a community with limited opportunities and bleak chances of promise produce some of boxings giants year after year?” For many in Bukom, boxing is their key to a better life, a survival of the fittest and hope for a more promising future. I had the opportunity to speak with Scilla Owusu to find out more

an interest in producing music videos. In 2017, I made the decision to venture into directing. With my strong connections in the music industry as a result of producing, it was easier to make that transition. At present, I am focusing on more short films, web series & documentaries. You have built an incredible career as a video director and producer working with the likes of Burna Boy, Davido, Mr Eazi, Stonebwoy, Wande Coal, Fuse ODG, Sarkodie, Patoranking among others. What inspired you to do this documentary? Why boxing?

WEDNESDAY, MAY 18, 2022

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WEDNESDAY, MAY 18, 2022

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WEDNESDAY, MAY 18, 2022

Scilla Owusu with Professor Azumah Nelson What inspired me to make this documentary was the ability to tell a true authentic story. To attempt to bridge gaps in our history, and create connections to a network of well-informed global audiences to bring a solution to the problems highlighted in the documentary. I decided to run with the Ghanaian boxing angle because the history is just so staggeringly rich. I wanted to do my part to preserve such history that might be non-existent because of oral storytelling. It was my motive to bridge gaps in our history and merge it into a video for the big screen and the global audience. I wanted to create something that could be used to entertain and educate people of all ages. Personally, every sport has its difficulties, but I truly believe boxing requires tons of concentration and determination and I am grateful to have paid homage to such a ginormous part of our culture in the way I know best. Were there any hesitations or setbacks that initially discouraged you from pursuing this project? When I accidentally formatted my hard drive and deleted all of my footage, I worked too hard to string together. I wanted to drop the entire project as a whole. It was by far my absolute worst nightmare. The thought of having to put months of work back into filming and editing was something I didn’t want to face again. Fortunately, I managed to retrieve most of the files again. These technical issues tested me in ways I cannot possibly comprehend, but the finished body was just as perfect as I envisioned it to be, if not more. How did you source funds/ resources for the documentary? I paid with my own money I earned through creative projects. How long did it take to

complete the documentary? Can you share a little behind the scenes and the crew you worked with? We started in December - April, then took a break, then continued from July - September. In between that time, I was editing, then a final two months for more editing, color grading, subtitles, sound design and more. So approximately 10 months. For this specific project, to have Ghanaian creatives including Kwame Black, Riad Sabeh, Anthony Osafo, Aglow Visuals [cinematographers],

of research, do you think we are doing enough as a country to preserve our history? Was it easy to access information? Were stakeholders receptive to the documentary? Were they willing to support you with the information you needed? My biggest challenges or hesitations in making “City of Bukom” were the pre-production and post-production stages. With pre-production it involves so much research, it took me about a year to fully become one with the research. Not all the information is online, so I had to read various literature on boxing, speak to people within the Bukom vicinity, and so much more. It was so beautiful gaining all this input, but really arduous all at once, because I would want to share as much information as possible within a short space of time while answering the viewers potential questions. I think the country should make a better attempt at preserving our history, we need more libraries, museums and so on where this information can be easily accessible. Not only for filmmakers but for journalists

Tell the story you are passionate about. The more passionate you As a filmmaker, what are some of the important lessons you have learnt in your journey? No risks, no rewards literally. 80% of the time we were filming I had a fractured shoulder. There are a thousand reasons for excuses for failure but never a good reason. If anything, fracturing my shoulder is what inspired me to make this documentary, because initially I wanted it to be a short film but didn’t raise enough funds for it. Do you think we are doing enough as a country in telling our stories? If not, what do you think we can do to change this narrative? It is not by force that we need to tell our own stories, but we know it best so the creatives that are here, I would suggest looking at the stories around you before outside. You will likely know it inside out and be able to educate a wider audience. I think if we have more resources available to us, it will help creatives know what other stories are out there they can document or turn into films to educate a global audience. Are you considering any spin- off projects based on this documentary? Definitely! Likely a feature film - going back to the initial plan. But

Scilla Owusu with Ike Quartey Stephen Kwaku Odikro Jr [drone operator] and Ida Boatemaa Bamfo, [sound operator] come together to create an authentic Ghanaian story for Ghanaians was amazing. Everyone was very committed to the project and adopted a winning attitude from inception to completion. What are some of the challenges you encountered during the process? In terms

as well. What are some of the lessons you learnt from shooting this documentary? I should have probably learnt a few basic words in the Ga language, to better navigate around Bukom. What advice will you give to aspiring filmmakers especially from Ghana and the African continent?

time will tell. What’s next for Scilla Owusu? Any exciting projects coming up? More documentaries, more short films and more web series. Definitely going to be focusing on more film related projects, so you will definitely see a lot more from me.

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WEDNESDAY, MAY 18, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING - MAY 13, 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

17.0%

Weekly Interbank Interest Rate

18.05%

Inflation for February, 2022

23.6%

End Period Inflation Target – 2022

8.0%

Budget Deficit (% GDP) – Dec, 2021

9.7%

2022 Budget Deficit Target (%GDP)

7.4%

Public Debt (billion GH¢) – Dec, 2021

351.8

Debt to GDP Ratio – Dec, 2021

74.4%

STOCK MARKET REVIEW The Ghana Stock Exchange weakened for the week on the back of declines in share prices of 2 counters. The GSE Composite Index (GSE CI) lost 129.11 points (-4.80%) to close at 2,561.83 points, reflecting year-to-date (YTD) loss of 8.16%. The GSE Financial Stocks Index (GSE FI) also lost 2.92 points (-0.13%) to close at 2,206.32 points, reflecting year-to-date (YTD) gain of 2.53%. Market capitalization declined by 2.12% to close the week at GH¢62,508.52 million, from GH¢63,859.57 million at the close of the previous week. This reflects YTD decrease of 3.08%. Trading activity registered a total of 631,248,142 shares valued at GH¢580,516,363.55 changing hands, compared with 10,671,215 shares, valued at GH¢10,716,327.61 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 99.88% and 99.87% of volume and value of shares traded respectively. The market ended the week with 1 leader and 2 laggards as indicated on the table below.

THE CURRENCY MARKET The Cedi marginally depreciated against the USD for the week. It traded at GH¢7.1163/$, compared with GH¢7.1132/$ at week open, reflecting w/w and YTD depreciations of 0.04% and 15.60% respectively. This compares with YTD appreciation of 0.51% a year ago. The Cedi appreciated against the GBP for the fourth consecutive week. It traded at GH¢8.7022/£, compared with GH¢8.7859/£ at week open, reflecting w/w appreciation and YTD depreciation of 0.96% and 6.61% respectively. This compares with YTD depreciation of 2.51% a year ago. The Cedi also appreciated against the Euro for the week. It traded at GH¢7.4001/€, compared with GH¢7.5280/€ at week open, reflecting w/w appreciation and YTD depreciation of 1.73% and 7.73% respectively. This compares with YTD appreciation of 1.57% a year ago. The Cedi further appreciated against the Canadian Dollar for the week. It opened at GH¢5.5235/C$ but closed at GH¢5.4975/C$, reflecting w/w appreciation and YTD depreciation of 0.47% and 13.75% respectively. This compares with YTD depreciation of 4.28% a year ago.

WEDNESDAY, MAY 18, 2022

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BUSINESS TERM OF THE WEEK

COMMODITY MARKET Crude oil prices rose up again on Friday but registered a third successive weekly loss on concerns that global demand will be hit by subdued economic growth. Brent futures traded at US$111.55 a barrel on Friday, compared to US$113.12 at week open. This reflects w/w loss and YTD gains of 1.39% and 43.42% respectively. Gold prices plunged for the week on the back of a resurgent dollar which scaled fresh 20-year highs. Gold settled at US$1,808.20, from US$1,883.50 last week, reflecting w/w and YTD decline of 4.00% and 1.12% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,483.00 per tonne on Friday, from US$2,471.00 last week, reflecting w/w gain and YTD loss of 0.49% and 1.47% respectively.

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,248.67 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢2,130.58 million raised in the previous week. The 91-Day Bill settled at 18.23% p.a from 17.88% p.a. last week whilst the 182-Day Bill settled at 19.26% p.a from 18.81% p.a. last week. The 364-Day Treasury Bill settled at 21.55% p.a from 20.65% p.a last week. The table and graph below highlight primary market yields at close of the week.

INTERNTIONAL COMMODITIES PRICES

Price Skimming: Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time. As the demand of the first customers is satisfied and competition enters the market, the firm lowers the price to attract another, more price-sensitive segment of the population. The skimming strategy gets its name from “skimming” successive layers of cream, or customer segments, as prices are lowered over time. Source: https://www.investopedia.com/ terms/p/priceskimming.asp

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

WEDNESDAY, MAY 18, 2022

ON INFLATION By Kwadwo Acheampong

In the past week, we had the rude awakening to the news that April inflation rate was 23.6%, a significant rise from March’s 19.4%. Ghana’s rate of inflation has continued a precipitous trend since May 2021 when it was 7.5%. That this is a very discomforting trend goes without saying. The managers of the economy have stated that this may not be too surprising, judging from similar trends across the globe. Whether a reversal- a slide in inflation rate- is imminent is doubtful, as contributing factors still exist. Inflation is defined as a general increase in the prices of goods and services in an economy. When the price levels rise on the average, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. What we could buy with, for instance one hundred Ghana Cedis last month becomes more than what we can buy now.

and it usually requires external intervention from the International Monetary Fund (IMF) or major industrialized donor nations. Hyperinflation requires drastic remedies to end, such as imposing the shock therapy of slashing government expenditures. Why US Dollars? The IMF has been a popular proponent of shock therapies in many distressed economies. Through its programmes which lend to failing economies because of hyperinflation, freezes on spending like cutting government wage bills and drastic reduction or cancellation of many social interventions. Many times, these are tough and unpopular decisions governments resort to as last options. Another measure to correct hyperinflation is to alter the currency basis to restore confidence in the economy’s monetary system. One form this may take is dollarization, the use of a strong and stable foreign currency as a national

Deflation The opposite of inflation is deflation. Deflation means a sustained decrease in the general price level of goods and services. Deflation, therefore, potentially increases purchasing power. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose in many countries, and Ghana is no different. Other countries may use other metrics to gauge or express general inflation or a specific aspect of the economy. For instance, the employment cost index is used for wages in the United States. India uses the wholesale price index as well as the CPI. Economists believe that very high inflation and hyperinflation – which have severely disruptive effects on the real economy – are caused by persistent excessive growth in the money supply. A typical example is Argentina which has gone through periods of hyperinflation followed each time by attempts at stabilization. Hyperinflation distorts the economy

unit of currency. In recent times, the rationale for the continued use of the American dollar for dollarization has been questioned owing to high inflation rates in the United States of America. Views on low-to-moderate rates of inflation are more varied. Low or moderate inflation may be due to changes in real demand for goods and services, or changes in available supplies such as during periods of scarcities. Moderate inflation is not totally bad and affects economies in both positive and negative ways. On the negative side, the opportunity cost of holding money increases. There is uncertainty over future inflation and this may discourage investment and savings. Also, if inflation were rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. For instance, in Ghana, many motorists were used to seeing fuel pump stations declare that they had run out of stock, in anticipation of imminent upward

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price reviews. Positive effects, on the other hand, include reducing unemployment due to nominal wage rigidity, allowing the central bank greater freedom in carrying out its monetary policy role of stabilizing the monetary system, encouraging loans and investment instead of money under mattresses and in large receptacles in homes, and avoiding the inefficiencies associated with deflation. What’s the Cause? Several causes of inflation have been espoused by different economic theories. The quantity theory of money is more widely accepted as an accurate cause of inflation in the long run, than the quality theory of inflation. Consequently, there is now broad agreement among economists that in the long run, the inflation rate is essentially dependent on the growth rate of the money in circulation compared to how fast the whole economy is growing. However, in the short and medium term, inflation may be affected mainly by supply and demand pressures in the economy, and influenced by how wages, general prices of goods and services, and interest rates change. Most countries, since the 1980s, have practiced inflation-targeting monetary policy. This is a measure the central bank adopts to control inflation. When inflation is very low, the central bank would maintain low rates of interest on lending to commercial banks. This would influence the rates at which it borrows through treasuries. The general low rates would dissuade households and the investing public from investing in treasuries and similar investments. Rather, they would assume a bit more risk and invest in businesses to earn more. This would release more money for businesses to expand and employ more people. Conversely, when inflation rises, the central bank would seek to control the rise by increasing interest rates through their various mechanisms. More money would be invested in treasuries, therefore, than in businesses and this would help exert a downward pressure on inflation. Towards Stability The central bank or government

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may peg the local currency’s value to that of a more stable economy (and therefore, usually, a stronger, more stable and convertible currency, like the US dollar. Also, instead of a single currency, a basket of currencies may be used. Gold or a fixed exchange rate may be assumed by a country to also try to control inflationary pressures that are acute. Yet another measure that countries adopt is the control of prices. In Ghana, we have had ‘control price’ regimes. Sometimes these measures are drastic. It would be recalled that the Makola market in Accra was razed to the ground in a bid to rid the country of ‘kalabule’, a phenomenon that spurred inflation, particularly. Since purchasing power is eroded by inflation, it is usual for economies experiencing elevated levels of inflation to adopt measures to mitigate the effects of inflation. Even with normal rates of inflation, employment contracts, pension benefits, and social security entitlements are tied to a cost-of-living index, typically to the consumer price index. Salaries, contract remunerations and social security benefits would be adjusted periodically, typically annually. A cost-of-living adjustment (COLA) adjusts remunerations based on changes in a cost-of-living index. Though it does not control inflation, it seeks to mitigate the consequences of inflation for those on fixed incomes and other vulnerable people. During periods when inflation is higher than normal, remunerations are usually adjusted quarterly or even more frequently. It is hoped that the Bank of Ghana, with recent increases in its Monetary Policy Committee (MPC) rate, would be able to harness inflation. The rate of inflation has risen precariously high and there is no telling if an end to the rise is in sight. The citizenry expects to see a slowdown of inflation and subsequently the stability of prices. ABOUT THE AUTHOR Kwadwo Acheampong is Head Research at OctaneDC. Over the years, Kwadwo garnered experience in fund management and administration, portfolio management, management consulting, operations management and process improvement. Through his writings Kwadwo has discovered his love and knack to simplify complex theories spicing them with everyday life experiences to enrich and educate his readers. Feel free to send him your feedback on this article: kwadwo.acheampong@octanedc.com /+233 244 563 530