Business24 Newspaper 4 May 2022 by Business24 Online

Henry Chinedu Onwuzurigbo heads Zenith Bank Ghana 05

Ghana’s petroleum industry offers higher returns – Dr. Amin Adam 05

NEWS FOR BUSINESS LEADERS

BUSINESS24.COM.G H | WEDNESDAY, MAY 4, 202 2

Petrol, diesel prices to go up while LPG to 03 drop by 2pct

GIPC to renegotiate bilateral investment treaties By Eugene Davis Deputy CEO of GIPC, Yaw Afriyie has said the centre is looking forward to renegotiating existing bilateral investment treaties (BITs) whilst working closely with the Foreign Affairs Ministry to have all outstanding ones signed and ratified to ensure it is line with international best practices. BITs, together with other critical reforms taken by the government, including the institution of the business regulatory

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unit at the Ministry of Trade and Industry and reviews to the Companies’ Act and the GIPC Act, are geared toward making investing in the country more attractive and more competitive in the sub-region. Speaking at the 8th edition of the GIPC Economic Counselors’ Dialogue in Accra, Mr. Afriyie said: “We look forward to renegotiating some of the BITs entered in the 1990s to bring them in line with current international best practices.

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Stay focused and work hard, Chairman Nick Danso Adjei tells 03 the youth

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New homes for civil servants plausible The Chief Director at the Ministry of Works and Housing, Rev. Stephen Yaw .Osei, has announced that government will soon roll out a district housing scheme, with 500 units of houses to be constructed for professionals in all the sixteen regions of the count. He also said that the rent law, which was under review has been approved by Cabinet but presently before the Attorney General’s department. It is hoped that sometime this year, it will be brought to parliament for it be passed. These are among a raft of measures from the government to fix the nation’s housing problem by exploring the option of allowing Ghanaians to access decent and safe homes. “We are talking to the Controller and Accountant General, where monies will be deducted at source, so if you are professional and you are posted to a region, you can have a place.” The new interventions are an addition to an earlier announcement by the sector minister of a strategic public-private partnership that will birth a new affordable housing scheme for people

outside the mortgage bracket. Real estates experts have long implored real estate actors to support these efforts to bridge the yawning housing gap in the country. Ghana’s housing deficit is estimated at more than two million units and continues to rise due to population growth, urbanisation, rising incomes and shrinking household sizes. Heightening the situation is the absence of a workable state policy on rent, which has seen most average Ghanaians in search of decent accommodation spend a chunk of their earnings on exorbitant rent payments. Sadly, the state is not in the position to put the situation under control as property owners and landlord cite the ballooning cost of building raw materials as the basis for their skyrocketing rent. These situations make the new announcement from the ministry very plausible and timely

GIPC to renegotiate bilateral investment treaties starts from page 1

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We continue to negotiate BITs with our key partners actively, and we are open to discussions with the Ministry of Foreign Affairs, the possibility of engaging widely to have BITs signed and ratified.” Under BITs, the parties also agree to international law standards for expropriation and compensation, free transfer of funds related to investments, fair and equitable treatment, and most-favoured-nation treatment. Bilateral Investment Treaties (BITs) are one such means, and they are an essential tool for facilitating economic growth and addressing many of the level-playing-field issues that foreign investors face when doing business.

For old generation BITs, we are committed to re-negotiations towards making them compliant with best practices and our current investment regulatory framework.” In this fast-evolving international environment, Mr. Afriyie added it is essential to work collaboratively to devise bilateral cooperation tools that reflect the dynamics and needs of individual countries. The Head of Legal at GIPC, Naa Lamle Orleans-Lindsay, indicated that the country has ratified seven agreements and executed over a dozen with countries in Africa, Europe, Asia and Americas. She also disclosed that under the Africa Continental Free Trade

Area (AfCFTA), the committee dealing with investment is seeking to harmonise the regulatory regime of trade and investment, and taxation across African continent in a bid to develop one master document about all these areas. The Economic Counselors’ Dialogue is an annual event organized by the GIPC to bring economic, commercial, and trade counsellors from diplomatic missions serving in Ghana to dialogue on issues affecting economic relations and the investment climate in Ghana. This year’s dialogue focused on “Bilateral Investment Treaties: Partnerships for Protecting Investments”.

| NEWS

WEDNESDAY, MAY 4, 2022

Petrol, diesel prices to go up while LPG to drop by 2pct Petrol and diesel prices are expected to go up marginally at the pumps in the first pricing window beginning May 1 until May 15, this year with the Chamber of Petroleum Consumers (COPEC) predicting that prices of the commodities are expected to sell at GH¢ 9.538 per litre of petrol and GH¢10.829 per litre for diesel respectively. Comparatively, the average price then goes up by 19GHp per litre (1.94%) over that of the previous window, with petrol going up by 7GHp per litre, representing 0.7%, and diesel also being up by 32GHp per litre, representing three per cent. This will bring the average price of petrol and diesel for the next window to be at GH¢10.183 per litre. On the other hand, Liquefied Petroleum Gas (LPG) is likely to be sold around GHȼ10.093 per kilogramme, showing a reduction of about 21GHp or two per cent over that of the previous window. it said the changes was reflective of the regular fuel price changes per window, changes

to international fuel prices, the applicable dollar-exchange rate and the taxes on fuel. “At the current average crude price of $104.56 per barrel, resulting in $1,057.44 per metric tonne for petrol and $1,138.33 per metric tonne for diesel on the international market, coupled with the exchange rate of 1$: GH¢7.8165 and the government’s tax rebate of 15GHp per litre still in place, COPEC is expecting the ex-pump prices of fuel for the next pricing window, from May 1 to May15,” the release said. It said considering no sudden jerks in crude oil pricing, which could lead to changes in petrol and diesel prices on the international market, then the ex-pump prices were expected to be within the projected figures for the next window. “The expected increase in fuel prices is primarily due to the fallen dollar exchange rate and increase in prices of finished products (Petrol and Diesel) on the international market despite the fallen crude price.

Stay focused and work hard, Chairman Nick Danso Adjei tells the youth Executive Chairman of Ghana Link Network Services Limited, Nick Danso Adjei, has been acknowledged and honoured with a prestigious award for his immense contribution to the growth and development of Ghana’s trade and maritime ecosystem. At the 5th edition of the Ghana Business Leaders Excellence Awards Night held at the Coconut Groove Regency Hotel on Saturday, April 30, 2022, Mr. Danso Adjei was honoured with the Best Trade Facilitation and Revenue Mobilisation Award. The award is in recognition of his exemplary and visionary leadership to leverage technology to automate processes to facilitate trade and increase revenue for national development and successfully steering the implementation of the Integrated Customs Management System (ICUMS). This recognition makes the fifth topmost award that has been

Chairman Nick Danso Adjei and beautiful daughter Silvia Danso Adjei – Managing Director Nick Petroleum

received by the distinguished business leader for the conspicuous success chalked in the rollout of the ICUMS system. Addressing the media on the side-lines of the event, Mr. Danso Adjei, stated the award is a testament to the hard work of Ghana Link towards the success of ICUMS and that Ghana Link is now more motivated than ever, to make the platform more successful and rake in more revenue for government to be used for national development. Speaking further, he advised entrepreneurs and the youth in general to be focused, determined and persevere in achieving their goals. With the youth, he urged them to desist from drugs such as tramadol which will eventually ruin their lives. The Awards Ceremony was held under the theme: Covid-Era National Development Through Dynamic Business Leaders.” The theme was chosen to

reflect the daunting challenges being encountered by the Ghanaian business community as a consequence of the coronavirus pandemic. The Ghana Business Leaders Excellence Awards Scheme has its origins in the Diamond Jubilee Business Leaders Excellence Awards mandated by the National Planning Committee to organise within the context of the Ghana at 60 years anniversary programme to commemorate the Diamond Jubilee of Ghana’s Independence in 2017. The rationale for the Diamond Jubilee Awards Scheme was to honour business moguls who had distinguished themselves across the spectrum of economic activity and, in the process, made remarkable contributions to Ghana’s development during the 60 years of independence.

| NEWS

WEDNESDAY, MAY 4, 2022

| ENERGY

WEDNESDAY, MAY 4, 2022

Ghana’s petroleum industry offers higher returns – Dr. Amin Adam Dr. Mohammed Amin Adam, Deputy Minister of Energy, has told investors that Ghana’s petroleum fiscal regime is investor-friendly, which offers higher returns to investors, and urged them to take advantage of the favourable petroleum market environment. Speaking at an investment forum on the side-lines of this year’s Offshore Technology Conference (OTC) in Texas, USA, where the world’s elite energy professionals met, Dr Adam said “our petroleum fiscal regime is investor-friendly offering higher returns to investors, the licensing regime is transparent, and provides investor certainty and flexibility.” He mentioned Ghana was aspiring to become a hub for refined petroleum products and petrochemicals in the West African subregion and that there

were numerous petroleum downstream opportunities available for grab. “Government has therefore designated a free zone area for the development of petroleum and petrochemical refineries, storage, and transportation facilities for the export of products to largely African markets. This requires collaboration with the private sector to achieve the objectives of the Hub,” he emphasised. The Deputy Minister of Energy stated that government established the Ghana Petroleum Hub Corporation, which was necessitated by investors’ demands for the removal of ‘regulatory fatigue, red tapes and long lead times in project development. That, he said, was to facilitate the issuance of permits and licenses to potential investors “and to play a rapid response

role in addressing the challenges investors encounter in delivering on projects.” In a related development, Dr. Amin Adam in a brief ceremony, officially opened Ghana’s pavilion at the OTC, at the NRG Park in Houston, Texas. The OTC, an annual event, provides energy professionals

with the opportunity to meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters and has expanded technically and globally with the Arctic Technology Conference, OTC Brasil, and OTC Asia.

Henry Chinedu Onwuzurigbo heads Zenith Bank Ghana Zenith Bank (Ghana) Limited has appointed Henry Chinedu Onwuzurigbo as the new Managing Director/Chief Executive Officer of the Bank. He takes over from Anthony Akindele Ogunranti, who has been elevated to the position of Executive Director in Zenith Bank Plc. Mr. Onwuzurigbo, until his appointment was the Executive Director of Zenith Bank Ghana. Prior to joining Zenith Bank Ghana, he was an Executive Director in charge of Business Development and Treasury at Zenith Bank UK. He comes into this new role with over 24 years broad-based wealth of experience in banking, spanning across various business development functions, and has held Senior Management positions ranging from Head of Operations, Head of Marketing, Branch Management, Regional/ Zonal Management, Head of Inspection and Deputy Group Chief Inspector in Zenith Bank Plc as well as the Head of Internal Audit of Zenith Pensions Custodian Limited (a subsidiary of Zenith Bank PLC). He was also the Pioneer Head of Internal Audit in Zenith Bank (UK)

Ltd. Mr. Onwuzurigbo is a Chartered Accountant and holds a Bachelor’s degree in Accounting. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), a member of the Institute of Internal Auditors (UK), an Associate of the Chartered Institute of Taxation, Nigeria, a senior member of the Chartered Institute of Bankers,

Nigeria as well as a member of the Financial Reporting Council. Onwuzurigbo h o l d s professional c e r t i f i c at i o n s a n d qualific ations in Accounting, T a x a t i o n Banking as well as International Trade Finance. He has a t t e n d e d various courses in Leadership, S t r a t e g y, Anti-Money Laundering (AML) and G e n e r a l B a n k i n g Practices at the London Business School, Euromoney, Lagos Business School, Financial Institution Training Centre Nigeria (FITC) as well as other training institutes in the United Kingdom. Prior to joining Zenith Bank, he worked in audit practice and consultancy with Coopers and Lybrands (now Price Waterhouse

Coopers). “As an astute banker and a dynamic leader with resilient passion for the Zenith brand, the Bank believes that Mr. Onwuzurigbo will bring to bear his expertise and significantly contribute to the growth of the brand in Ghana. He will also facilitate the replication of the successes achieved in Zenith Plc and Zenith UK in Zenith Bank Ghana”, a statement by the bank said. “Onwuzurigbo comes into this role with great enthusiasm and passion to lead the Zenith Bank Ghana team to another level of exceptional performance in all parameters. He will champion the course to attain the Bank’s quest of being the market leader in the Ghanaian Banking Industry. “Zenith Bank, since its entry into the Ghanaian banking landscape in September 2005, has differentiated itself from its peers in the areas of product innovation and service offerings, multiple channels for electronic banking and a consistent delivery of exceptional customer service. The Bank will continue to engage with its customers and proffer innovative solutions that cater to their unique financial needs.”

| NEWS

WEDNESDAY, MAY 4, 2022

| NEWS

WEDNESDAY, MAY 4, 2022

‘Ghana’s oil investment climate is the most liberal in Africa’ Deputy Energy Minister, Hon. Dr. Mohammed Amin Adam says Ghana’s oil investment climate has been touted as the most liberal not just in the West African subregion but the whole of Africa. Speaking on behalf of Energy Minister, Dr. Matthew Opoku Prempeh at the official opening of the Ghana pavilion at this year’s Offshore Technology Conference underway in Houston, Texas, USA, he said Ghana’s petroleum fiscal regime is investor-friendly offering higher returns to investors. He added that the licensing regime is transparent, provides investor certainty and flexibility, and also accommodates different financial products including risk capital as well as concessional facilities for the development of our oil and gas resources. “Our oil basins are largely derisked especially the Western Basin which contains about 80 prospects and 40 discoveries. This means that the potential to make a discovery when you invest in exploration in Ghana is very high” he noted. Dr. Amin Adam who also represents the people of Karaga in

parliament expressed satisfaction at the increased participation of both the private and public sectors at the conference. In his view, this shows that the potential for growing Ghana’s petroleum and energy industries is huge; and the prospects for accelerating the growth of the economy are much brighter in the future. “As already demonstrated by data from the Ghana Statistical Service, the real economic growth rate in 2021 is about 5.4% which outperformed what was projected at 4.4%, a strong indication of the

return of our economy to preCOVID times”. He continued “The recovery of our economy means that we must position our oil and gas industry to play its strategic role of generating more revenue for the state, creating jobs for our people, adding value to the economy and improving on our trade balance. This calls for greater partnership between Ghanaian businesses and foreign investors” On the downstream petroleum front, the Deputy Minister said Ghana aspires to become

a hub for refined petroleum products and petrochemicals in the West African sub-region and beyond by the year, 2030 and therefore Government has designated a free zone area for the development of petroleum and petrochemical refineries, storage and transportation facilities for the export of products to largely African markets. He said this requires collaboration with the private sector to achieve the objectives of the Hub. He further said in recognition of the global advocacy for energy transition whilst also ensuring that hydrocarbon assets are stranded, oil and gas activities will be undertaken in an environmentally friendly manner as the country leverages its oil and gas resources in pursuit of cleaner energy. The 4-day OTC event will see the Deputy Minister as the leader of the Ghanaian delegation addressing strategic events all with the aim of positioning Ghana for investment.

Trade has central role in addressing food security challenges — WTO boss

Record food prices and a worsening food security context have given new urgency to the role of trade in addressing the challenges we face today, Director-General Okonjo-Iweala said at a seminar on food security organized by the WTO on 26 April. In her opening remarks, she said the event provided an opportunity to deepen

understanding of the issues at stake and to help members take concrete steps forward so that trade can contribute to the attainment of food security around the world. DG Okonjo-Iweala stressed that trade and food security has long been a critical issue on the WTO agenda but has now “shot to the top of the global policy agenda”

due to the impact of the Ukraine conflict, especially in countries dependent on food exports from Ukraine and Russia. The highlevel participation at the seminar was testimony to the importance the international community attaches to this issue, she said. Russia and Ukraine together account for more than one-quarter of all traded wheat, and around three-quarters of world exports of crude sunflower oil, said the DG. In addition, Russia accounts for nearly one-tenth of fuel exports and, together with Belarus, one-fifth of the world supply of fertilizer. She emphasized that households in Africa and the

Middle East are particularly vulnerable to disruptions in these supplies: “35 countries in Africa import food and 22 import fertilizers from Russia, Ukraine, or both countries.” This could exacerbate the hunger already faced by millions of people around the world. The current spike in food prices comes on top of challenges due to the pandemic, economic downturns, climate-related shocks and conflict, she noted. DG Okonjo-Iweala underscored the central role that trade can play in addressing food insecurity, including improving availability and access to food, helping to meet demand for more diverse and nutritious food, and improving the predictability and stability of global food markets for producers and consumers. The DG emphasized that trade negotiators are very conscious of the need to improve food security as they prepare for the upcoming 12th Ministerial Conference, which is due to begin on 12 June.

| NEWS

WEDNESDAY, MAY 4, 2022

Multichoice Ghana invests over $1m in movie industry Multichoice Ghana has as part of efforts to help revive Ghana’s ailing movie industry has invested over $1million into the industry in the last one year. This follows a huge outcry from stakeholders due to COVID-19 negative impact on the industry. The investment forms part of the grand agenda to not only get the industry back but also rock shoulders with other thriving and recognised industries around the world. The investment was through it’s content on its Akwaaba Magic channel, which is dedicated to only Ghanaian content. Managing Director, MultiChoice Ghana, Alex Okyere disclosed this during Akwaaba Magic’s 1st Anniversary celebration launch at the Labadi Beach Hotel on Sunday. “Our focus is to bring the best mix of local and international content to the homes of our customers. This can only be achieved by supporting the local film industry to harness its full potential.

We started by rebranding the Rock Channel to RockGh and introducing the Tracejama on Dstv & Gotv. Since the channel started airing on Dstv and later on Gotv, Akwaaba Magic has commissioned several productions including Dede, To Have & To Fold, Inspector Bediako, Accra Medics, Date My Family among several others. We invested over one million

dollars in just one (1) year,” he stated. “Directly Akwaaba Magic has created over a thousand jobs for cast and crew. And we have been shooting in Accra, Ada, Akosombo, Takoradi, Kumasi, Aburi etc,” he added. He also thanked movie stakeholders for their continual contributions to Multichoice and Akwaaba Magic’s efforts to support

the industry. Akwaaba Magic is currently celebrating its first anniversary with brilliant new shows for its viewers. It was launched on March 8, 2021, and it has since made its way into the hearts of Ghanaians by being an authentic Ghanaian storyteller, a role that MultiChoice takes seriously, and a tradition that continues to propel us well into the future. Sunday ceremony also witnessed the launch of Akwaaba Magic Abusua, an exciting new destination for authentic Ghanaian entertainment. It was attended by personalities such as Nadia Buari, Juliet Ibrahim, Roselyn Ngissah, Beverly Afaglo, Oscar Provencal and Anthony Woode among others. Deputy Minister of Tourism, Arts & Culture Mark Okraku Mante in an address congratulated Multichoice & the team at Akwaaba Magic for its contribution to the movie industry.

| FEATURE

WEDNESDAY, MAY 4, 2022

How women can break the bias By Ellen Johnson Sirleaf, Lilian Best

Since 1911, societies around the world have dedicated days, months, and even decades (in Africa’s case) to celebrating women’s achievements and promoting solutions to new and persistent challenges. But over the past two years, the COVID-19 pandemic has expanded the plight of women to outsize proportions, sharply highlighting the urgency of this year’s International Women’s Day theme: “Break the Bias.” The onus is on us, the world’s women, to fulfill this charge. Relying on our own ingenuity, we must shift our focus, refresh our global discourse, and usher in a new era for women’s leadership. There is no doubt that women have borne the brunt of the pandemic’s costs. Many were forced to shelter from a silent enemy that we now know to be less lethal than their own closest kin. Many women were victims of what UN Women calls the “shadow pandemic,” suffering beatings, rape, insults, and psychological trauma in what should have been a safe haven from a biological scourge. Among the more staggering statistics from this period is one documenting the number of women who didn’t suffer or witness domestic violence: one in ten. You read that right: In Liberia, just one in ten survey respondents reported not witnessing sexual or gender-based violence, and only two in ten reported not experiencing it, during the COVID lockdown. There is a clear inverse correlation

between education and susceptibility to sexual and gender-based violence. Less-educated cohorts are generally more vulnerable, because they tend to have low economic and political agency and scant access to the health systems that could detect and address risks. These women suffer alone but together, listening to each other’s cries through windows and walls. Despite the structural disadvantages we face, women have risen to the occasion. In government, we have swiftly established unpopular but undoubtedly effective measures to curb the spread of COVID-19. New Zealand Prime Minister Jacinda Ardern is but one of the many women leaders stretching the bounds of ingenuity and determination to save lives. From Ethiopia, Germany, and Slovakia to Denmark, Namibia, and Finland, the world’s 21 women heads of state and government serving when the pandemic erupted led the charge against it with transparency and integrity, outstripping their male counterparts with effective publichealth policies. Health systems, too, benefited from women’s leadership. Liberia’s director-general of the General Services Agency, Mary Broh, has shown unshakeable tenacity, setting up web-based tracking tools to take stock of COVID-19 cases, treatments, vaccinations, and supplies, and running a city-wide cleanup drive in Monrovia ahead of the country’s bicentennial celebrations. Liberian women broke protocols

and traditions to save lives, bridging the gaps between time-honored systems and the needs of the moment. While others were focused solely on the pandemic, women leaders took the initiative to set up maternal centers at COVID-19 points of care, minimizing infant mortality. They also enlisted religious communities’ support to establish testing centers, widening the net of outbreak control points. Throughout the pandemic, women have shattered the myth that strategies based on compassion and consensus-building are weak and ineffectual. Adaptable and sensitive to the demands of the moment, women leaders have used these qualities to build unity and support for lifesaving behaviors. Rather than being defeated by the double standards held against us, women leaders have remained humble, diligent, and collegial. But above all, they have been consistent and decisive. Moreover, we have been learning from our experiences to assess accurately the uneven social and political terrain on which we operate, so that we can approach our conditions more strategically. In addition to sharpening our awareness of the difference between pandemic and endemic, COVID-19 and flu, we have also directed more attention to sexual and gender-based violence. This problem has long been considered endemic – a cyclical scourge flowing from the honeymoon to the hospital. We should now treat

it the same way we do a virus. That means isolating perpetrators and bringing them to justice, establishing systems to detect and address cases, and engaging with communities to stop the spread. We must devise curative and preventive measures that include men and boys, so that a lasting cultural transformation occurs. The post-pandemic road ahead is long. Navigating it demands women’s perseverance and strategic acumen. We must target and reform the justice and social systems that have left women to the wolves, and we must harness the indirect, outsize force that politically and economically empowered women can bring to bear against violence. We must crowd legislatures and government offices with women, creating a critical mass that can shift the paradigm on justice, peace, security, and health. Breaking the bias may not lead to an immediate ceasefire in domestic settings. But with more women leading at every level and in every sector, we will gradually increase our collective access to education, gainful employment, and all the other resources needed to help women escape violence. If you are a woman reading this, we challenge you to consider pursuing a public leadership role, starting in your own community. We dare you, and we believe in you. The world is yours to win.

| EDUCATION

WEDNESDAY, MAY 4, 2022

How Ashesi alumnus Kojo Bucknor ‘12 is bringing life to Ghana’s hospitality industry What do the Alley Bar, TreeHouse Restaurant, Nyaniba Market, and Aphro Spirits have in common? They are all businesses co-founded by Ashesi alumnus Kojo Bucknor. Over the past three years, the enclave of hospitality businesses has emerged in Osu and is fast becoming a thriving destination for young people in Ghana’s capital city Accra. Cofounder and Ashesi alumnus Kojo Bucknor shares his story as one of the two entrepreneurs building this new hotspot. Kojo started his career at General Electric (GE) after graduating from Ashesi in 2012, among a pioneer group of alumni the company had recruited in its earliest days in Ghana. This allowed him to be involved in many significant projects within the organisation. Within a year, his work had expanded beyond West Africa to project development across sub-Saharan Africa “Working at GE was a steep learning curve and an eye-

opening experience for me,” Kojo shared. “Even though we were thrown into the deep end, we had already built our rafts at Ashesi.” By the close of the decade, Kojo had worked in several key roles, including being Project Finance Director for Power Distribution Services - a Ghana governmentled effort to reshape the Electricity Company of Ghana. Having built experiences across corporate Africa, Kojo wanted to explore new pathways as an entrepreneur. In 2017, he started developing a long-held idea for an ecosystem of businesses. In Osu’s Nyaniba area, Kojo and his partner Kwasi Osei-Kusi have created a popular set of hospitality businesses designed to welcome people from all parts of Accra’s bustling population. Over the last three years, the two co-founders, who first met as teammates at GE, have taken a run-down alley and a set of abandoned warehouses and built the Alley Bar, TreeHouse Restaurant, and the Nyaniba

Neighbourhood Market. The vision is to create a thriving hub both for entertainment and for young lifestyle businesses looking to engage a diverse consumer audience. “Our thinking was to build a portfolio of hospitality experiences that we believed did not yet exist,” says Kojo. “By growing the traffic into this area, we can open up spaces for small businesses, mostly running small storefronts online, to have an affordable physical space to operate out of and a steady stream of customers they can engage with.” Kojo is also CEO of the locally produced palm spirit brand, Aphro Spirit. The brand takes akpeteshie - a local beverage that has been popular in West Africa for several decades - and looks to repackage it for a global market. More importantly, Aphro Spirits works to ensure that palm farmers who provide the liquor’s raw material can grow their

harvest’s value. In the first year of its launch, Aphro won “Spirit of the Year” at the 2020 Ghana Beverage awards. “I doubt that anyone would ordinarily mention akpeteshie, the local gin, as a possible item on the world market,” said the President of Ghana, speaking about Aphro Spirits and local manufacturing during his inauguration address in January of 2021. “I cannot vouch for its taste or potency since I gave up alcohol many years ago. But I can say that the Made in Ghana and beautifully packaged ‘apio’ I have recently seen can compete in the most sophisticated markets in the world.” “Aphro is a product proudly made in Ghana,” says Kojo. “We believe the success of the Africa Free Trade Agreement will be a significant enabler to gaining presence, scale and market share across the continent, and our application to this convention is underway.”

| AGRIBUSINESS

WEDNESDAY, MAY 4, 2022

Forests and trees can help us recover from multiple crises, new FAO report says With the world facing multiple crises including, COVID-19, conflicts, climate crisis and biodiversity loss, our forests can help us recover from their impact, but only if we step up action to unlock their potential. In a key report launched today, the State of the World’s Forests Report 2022, the Food and Agriculture Organization of the United Nations (FAO) sets out three pathways for doing that: halting deforestation; restoring degraded land and expanding agroforestry and sustainably using forests and building green value chains. “The balanced, simultaneous pursuit of these pathways can help address the crises facing people and the planet while also generating sustainable economic benefits, especially in (often remote) rural communities,” FAO Director-General QU Dongyu writes in the foreword to the report, subtitled “Forest Pathways for Green Recovery and Building Inclusive, Resilient and Sustainable Economies” and launched at the XV World Forestry Congress in Seoul. The pathways are put forward “on the understanding that solutions to interrelated planetary crises have immense economic, social and environmental implications that need to be addressed holistically,” Qu adds. The key arguments of the report are that: 1. Halting deforestation and maintaining forests could

avoid emitting around 3.6 gigatonnes of carbon dioxide equivalent (GtCO2e) per year between 2020 and 2050, including about 14 percent of what is needed up to 2030 to keep planetary warming below 1.5 °C, while safeguarding more than half the Earth’s terrestrial biodiversity. 2. Restoring degraded lands and expanding agroforestry – 1.5 billion hectares of degraded land would benefit from restoration, and increasing tree cover could boost agricultural productivity on another 1 billion hectares. Restoring degraded land through afforestation and reforestation could costeffectively take up to 1.5 GtCO2e per year out of the atmosphere between 2020 and 2050 similar to taking up to 325 million gasolinepowered passenger cars off the road each year. 3. Sustainably using forests and building green value chains would help meet future demand for materials – with global consumption of all natural resources expected to more than double from 92 billion tonnes 2017 to 190 billion tonnes in 2060 – and underpin sustainable economies with greater employment opportunities and more

secure livelihoods. Societies could make better use of forests and trees to simultaneously conserve biodiversity, better provide for human well-being, and generate income, particularly for rural people, the report says, arguing that “there will be no healthy economy without a healthy planet.” But, current investment in forests falls way short of what’s required. According to one estimate, total financing for the forest pathways needs to increase threefold by 2030 and fourfold by 2050 for the world to meet climate, biodiversity and land degradation neutrality targets, with the estimated required finance for forest establishment and management alone amounting to $203 billion per year by 2050. Ways forward along the pathways The report says the ways for swiftly moving along the pathways may include: • Directing funding for recovery towards long-term policies aimed at creating sustainable and green jobs and further mobilizing private-sector investment; • Empowering and incentivizing local actors, including women, youth and Indigenous Peoples, to take a leading role in the forest pathways; • Engaging in awareness

raising and policy dialogue on sustainable forest use as a means for simultaneously achieving economic and environmental goals; and • Maximizing synergies among the three forest pathways and between agricultural, forestry, environmental and other policies and minimizing trade-offs. The report cites a wide range of examples from around the globe, both demonstrating the vital importance of forests and trees to people’s livelihoods and pointing to supportive policy initiatives from the key role of non-wood forest products in Turkey and wood fuel in and Georgia, to smallholder forestry in China and Vietnam, sustainable charcoal in Côte d’Ivoire and formalizing land rights in Colombia. FAO’s forestry work FAO’s Forestry Programme is focused on bringing about transformation that benefits forests and the people who depend on them and helping to achieve the 2030 Agenda for Sustainable Development and the Sustainable Development Goals. FAO’s approach balances economic, social and environmental objectives to enable the present generation to benefit from the Earth’s forest resources while conserving those resources to meet the needs of future generations.

| FEATURE

WEDNESDAY, MAY 4, 2022

Unacceptable levels of pesticides in our watermelon? Are we safe? By Vicky Wireko

Arguably, it is one of the favourite and most preferred among the fruits we have. It is easy to eat and even more delicious when made into a drink. I am yet to see anyone who dislikes watermelon. Children love it to bits. It is not just the look and sweetness of it, but experts tell us that it is a wonder fruit, full of nutritional goodness. It is reputed to be packed with nutrients, including vitamins A and C, while offering antioxidants, among others. As we approach the rainy season, one is looking forward to the season of watermelons, where the fruit comes in abundance and relatively cheap too. Sadly, due to poor storage and lack of appropriate preservation, this super fruit is left to go to rot. One’s expectations have however been watered down with recent news that some farmers are poisoning their produce, probably unknowingly, with unacceptable levels of pesticide in their cultivation of the fruit. The result is that the unsuspecting consumer gets the raw deal. Research finding According to a published research conducted by scientists at the Kwame Nkrumah University of Science and Technology (KNUST), and which made the

rounds last week, unacceptable levels of pesticide residues have been discovered in watermelons sold in the Mampong Municipality of the Ashanti Region. The disturbing bit of the research finding is the fact that although the organo-chloride pesticides are banned for agricultural use, some farmers have been found using them on their farms. We are told by the scientists that the pesticides have adverse health effect on consumers. Alarmingly, children who consume such contaminated watermelon are found to be at the higher risk of suffering adverse effects including cancer if they consume the fruit regularly. For the study, the researchers are said to have used about 120 pieces of watermelons from five communities in the Mampong Municipality before coming to the disturbing conclusion. Should one, therefore, assume that other fruits grown in the area by local farmers also are victims to the pesticide found in watermelons? Or they were not tested at all? Our information is that the research work covered other fruits grown in the area, including bananas and pineapples. Pesticides However, the good news is that the test conducted on other

fruits, such as, bananas and pineapples showed that the levels of pesticides were undetectable. The research finding did not elaborate on the whys and the hows and that perhaps would be the topic for another time. But what the research highlighted on is that the types of pesticide-ridden watermelons also found in other parts of Ashanti, Bono and Bono East Regions. When the research findings were made public last week, the media as usual picked it and ran amok with it. Sooner, one got responses from the Environmental Protection Agency (EPA), indicating that investigations were being conducted in collaboration with the police and other stakeholders. By this week, the story seems to have faded into thin air. The media has been silent over it and so have the “stakeholders” and their investigations. The public has not been enlightened as to what next with the wonder fruit from those identified areas. Should consumers continue consuming as was before? Are we safe? If the organo-chloride pesticides are well and truly banned, how come they are in the market and clearly available to the farmers? What is the Ministry of Food and Agriculture saying about the

unfortunate revelations coming out of the research work by the Scientists? For now, the researchers have made their revelations known by exposing some of the care less practices in crop cultivation. The organic foods one is proud to consume may after all not be that organic. With their finding, they have called for a regular monitoring of pesticide residue in fruits and the appropriate actions to be taken to protect consumer health. One needs more of such research work in this our environment to help shape and guide health policies and practices in this age of viruses and infections. There are too many unexplained sicknesses one hears about of late. The countless posters and banners all over town expressing grief with words like: “Gone too soon”, “What a shock”, “Too young to go”, Missing you already”, and the like leave a lot on one’s mind. The watermelon season is almost here. Are there any assurances or cautions? Here too, there are more questions than answers. Who to the rescue of fruit lovers? Writer’s E-mail: vickywirekoandoh@yahoo.com

| COMMENT/ANALYSIS

WEDNESDAY, MAY 4, 2022

Soft power after Ukraine By Joseph S. Nye As Russian missiles pound Ukrainian cities, and as Ukrainians fight to defend their country, some avowed realists might say, “So much for soft power.” But such a response betrays a shallow analysis. Power is the ability to affect others to get the outcomes you want. A smart realist understands that you can do this in three ways: by coercion, by payment, or by attraction – in other words, the proverbial “sticks, carrots, and honey.” In the short run, sticks are more effective than honey, and hard power trumps soft power. If I want to steal your money using hard power, I can threaten to shoot you and take your wallet. It does not matter what you think, and I get your money right away. To take your money using soft power, I would need to persuade you to give me your money. That takes time, and it does not always work. Everything depends on what you think. But if I can attract you, soft power may prove a far less costly way to get your money. In the long term, honey sometimes trumps sticks. Likewise, in international politics, the effects of soft power tend to be slow and indirect. We can see the effects of bombs and bullets right away, whereas the attraction of values and culture may be visible only in the long run. But to ignore or neglect these effects would be a serious mistake. Smart political leaders have long understood that values can create power. If I can get you

to want what I want, I will not have to force you to do what you do not want to do. If a country represents values that others find attractive, it can economize on the use of sticks and carrots. The war in Ukraine is bearing out these lessons. The shortrun battle has of course been dominated by hard military power. Russian troops swept into the country from Belarus in the north and from Crimea in the south. Ukraine’s ability to protect its capital, Kyiv, and to thwart the invasion from the north was determined by its military effectiveness and by the invader’s mistakes. Russia is now seeking to take Ukraine’s south and east, and it remains to be seen how events will play out in this phase of the war. In the near term, the outcome will be determined by military force – including the equipment being supplied by the United States and other NATO countries – and by the exercise of hard, coercive economic power. While threats of trade and financial sanctions did not dissuade President Vladimir Putin from launching his military invasion, the sanctions that have been imposed have had a damaging impact on the Russian economy, and the threat of secondary sanctions has deterred countries like China from assisting Russia militarily. But more to the point, soft power, too, has already played a role in the conflict. For years, US officials had pressed Germany

to abandon the Nord Stream 2 pipeline project, warning that it would make Europe more dependent on Russian natural gas, and that its route under the Baltic Sea would weaken Ukraine. Germany refused. But then came the shock of the Russian invasion. Atrocities against civilians have made Russia so unattractive to German public opinion that the government suspended the pipeline. Similarly, the US had long pressed Germany to honor a NATO commitment to increase its annual defense expenditures to 2% of GDP. Again, Germany had been dragging its heels until the invasion, which forced it to reverse its position almost overnight. Moreover, Ukrainian President Volodymyr Zelensky has proved especially adept at wielding soft power. When the US offered to spirit him out of the country, he famously replied that he needed ammunition, not a ride. Zelensky’s prior experience as a television actor has served him well. With his informal attire and constant communication with Western media and parliaments, he has succeeded in representing Ukraine as an attractive and heroic country. The result was not just Western sympathy but a substantial increase in deliveries of the military equipment that Ukraine needed for the hardpower task at hand. In addition, the disclosure of Russian atrocities against civilians

in places like Bucha, a suburb of Kyiv, has reduced Russia’s soft power and reinforced Western sympathies for Ukraine. The longer-term effects on Russian soft power remain to be seen. UN member states have already voted to condemn Russia’s actions and to expel it from the UN Human Rights Council, though nearly one-third – including many African countries – abstained. Notably, India, the world’s largest democracy, has refrained from criticizing Russia. It does not want to jeopardize its supply of Russian-made military equipment, nor does it want to reinforce Russia’s ties with China, which it sees as its major geopolitical threat. As for China, while it abstained from the UN vote condemning the invasion, it voted against Russia’s removal from the Human Rights Council, and it has lent its formidable media resources to supporting Russia’s propaganda campaign. How this will play out in the long term will depend in part on the outcome of the war. Sometimes, memories are short. For now, however, Russia and China seem to have suffered a loss of soft power. In the months prior to the invasion, the two countries solidified their axis of authoritarianism, and China proclaimed that the East Wind was prevailing over the West Wind. Today, that slogan has become much less attractive.

| AFRICAN BUSINESS

WEDNESDAY, MAY 4, 2022

Bawumia cuts sod for Anglican Church’s rubber plantation Dr. Mahamudu Bawumia has cut the sod for a rubber plantation farm at Assin Nsuta in the Central Region. The 826-acre rubber plantation, is an initiative of the Anglican Diocese of Accra (ADOA), and supported by the Agric Development Bank (ADB), is expected to create jobs for the youth within the community. Speaking at the sod-cutting ceremony, Vice President Bawumia commended the Anglican Diocess of Accra for the initiative, and also highlighted the immense benefits will bring to the local community and the nation as a whole. “In this day and age when we are all seeking and asking for what they can benefit from the Government instead of what they can contribute, it fills me with great joy and gladness to see the Anglican Church in Ghana, specifically, the Accra Diocese become a change agent. Indeed, this is what practical Bible or Christian doctrine and principles are founded on – That is: collaboration with the state to help citizens, especially, the poor and volunerable members of society cope with daily challenges,” Dr. Bawumia said of the Anglican Church. “I am told, a rubber plantation of this magnitude - covering 826 acres of valuable land is the

biggest private-owned rubber plantation in the country.” “This will contribute positively to climate change as well as provide jobs for many people especially the teeming unemployed youth in the community and beyond.” “It is even unnecessary to overemphasize the importance of natural rubber whose immense benefits are well known. Natural rubber is harvested in the form of latex which is used for the production of tyres, mattresses, shoe soles, hot water bottles, balloons, rubber boots and seal rings and many more,” Dr. Bawumia noted. “Production of these from raw material that can be sourced right here in our country opens a wide range of opportunities including, exportation for the country. The Vice expressed gratitude to the Chiefs and people of Assin Nsuta for ceding a large track of their land for this project. “They indeed deserve our high commendations.” Dr. Bawumia also reiterated government’s commitment towards prioritising the agriculture sector, which he stressed plays a significant role to the country’s GDP. “The Agricultural sector as we all know, accounts for one fifth of the nations Gross Domestic Product (GDP). It

employs nearly half of the country’s workforce and is the main source of livelihood for the majority of the country’s poorest households. Hence, the need to focus on policies like the Planting for Food and Jobs to boost our Agricultural Sector.” “Planting for Food and Jobs as we may be well aware has five modules of which, this rubber plantation aligns with four of its key precepts, namely; Food Crops Production and Job Creation (PFJ): where people work, their status is lifted and their personal economic lives get better and richer.

Planting for exports and Rural Development (PERD): A double edge sword, bringing in revenue to the country and developing Assin Nsuta beyond what it is now. Greenhouse Technology Villages: Research into methodologies and sophisticated but safe measures of growing our food and living healthy.” The Lord Bishop of the Anglican Diocese of Accra, Rt. Rev’ Dr. Daniel Syivanus Mensah Torto, said the project is part of the Anglican Church’s contribution towards the development of the country.

Charger Limited wins big at Responsible Business & Leadership Awards The Founding President of Charger Limited, Dr Emmanuel Bortey Borketey, producers of Happy Man Bitters and Plus 1 drinks have excelled at the maiden Responsible Business & Leadership Awards held in Accra. The Responsible Business and Leadership Awards (RBLEA) is an empowerment-driven initiative that seeks to distinguish and uphold the achievements of inspiring corporate front-runners of responsible values. The Founder and President of Charger Limited, Dr Borketey, was honoured with the Business Leader of the Year for his inspiring and zestful leadership skills exhibited in the corporate space. The young entrepreneur is known to be a man of the youth as he is surrounded mainly by

groups of vibrant young men and women he mentors and supports in various ways. The night also witnessed Charger Limited winning The Responsible Manufacturing Company of the year (Beverages). In 2021, Charger Limited, under a subsidiary company called Happy Man Beverages, launched its carbonated soft drinks line Plus 1. Within the span of a year, Plus one products have carved a niche for itself in the beverage market while partaking in social interventions as part of its Corporate Social Responsibility. An elated Dr Borketey said “Two awards in one night seem like a great way to transition into the year’s first half. Most definitely, this will urge us on to do more in our space.”

WEDNESDAY, MAY 4, 2022

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WEDNESDAY, MAY 4, 2022

UGBS signs MOU with Hollard Ghana As part of its plan to strengthen its partnerships, The University of Ghana Business School recently signed a Memorandum of Understanding (MOU) with Hollard Ghana. The event took place on Monday, 25th April 2022, at the Graduate Building of the Business School, and was witnessed by some faculty and staff of UGBS, as well as some staff from Hollard Ghana. In his welcome address, the Dean, Prof. Justice N. Bawole stated that the University of Ghana Business School (UGBS) seeks to strengthen its relationships with all its partnerships, especially with companies that are led by the school’s alumni. This is to ensure that they will continue to share ideas, collaborate, and work together to create opportunities for students. This then creates a win-win situation for both academia and industry. He then expressed his delight at the proposal brought forward by Hollard Ghana. Prof. Bawole, in his address,

acknowledged the Group Chief Executive Officer (CEO) for Hollard Ghana, Mrs. Patience Akyianu, an alumna of UGBS. He also thanked the company for its continuous support and collaboration with the school. “It is worthy to note that this partnership between UGBS and Hollard seeks to affect the next generation by giving them a view of what to expect in the

real corporate world”, said Mr. Daniel Boi Addo, Head, General Business Subsidiary, Hollard. The partnership has four (4) modules, namely the Hollard Prize, which will reward the best student (Valedictorian Performance Award); the Hollard Corporate Experience; the Thought Leadership Event (annual); and the Hollard Streetwise, which is in two folds:

Mentorship Programmes, as well as the Hollard Entrepreneurship Challenge. According to Mrs. Patience Akyianu, Group CEO, Hollard Ghana, the firm aims at supporting UGBS in deploying a positive corporate approach to education, which is already taking place in some parts of the world. This approach is expected to help reduce the unemployment rate in the country.

Ghana needs $961m to eliminate malaria by 2029 Health experts have projected that about $961 million is needed to sustain national efforts toward eliminating malaria in Ghana by 2029. The National Strategic Plan (NSP 2021-2025) has a funding gap of $412 million to support malaria elimination to avoid the dire consequences, particularly on children and pregnant women. Dr Salifu Bawa who works with the Public Health Department of the Cape Coast Teaching Hospital (CCTH), said globally, the World Health Organisation (WHO), had estimated that about $10 billion was needed to implement national strategic plans for malaria eradication in 30 African countries over the next three years. He was addressing a malaria awareness seminar organized by the Central Regional branch of the Pharmaceutical Students’ Federation of Ghana (PSFG) in Cape Coast. The seminar formed part of activities by the Association in commemoration of World Malaria Day” on the theme: “Advance Equity. Build Resilience. End Malaria.” Dr Bawa, said in 2019, total funding reached $3 billion against a global target of $5.6 billion, leading to critical gaps in access

to proven malaria control tools. For that matter, he called on stakeholders in the fight against malaria to step up the game to save more lives saying: “It is not acceptable that thousands of people, mainly children and pregnant women continue to die needlessly of malaria.” Unless countries find

Sub-Saharan Africa continued to carry the heaviest malaria burden, accounting for about 95per cent of all malaria cases and 96 per cent of all deaths in 2020. In Ghana, the Volta and Western regions have the highest malaria burden, combining to account for 47.4 per cent of the country’s prevalence rate.

innovative ways to mobilize adequate resources to bridge the funding gap, malaria will likely take many more lives on the continent. He said malaria, though deadly, was a preventable disease that should not kill anyone, noting that “it was not the time for countries with high burden of malaria to lose grounds.”

In that regard the symbolic choice of Hohoe for this year’s World Malaria Day celebration was linked to the fact that the municipality was one of the six malaria pre-elimination areas in the country. This indicates the progress made in reducing the incidence of malaria over a number of years through the effective

implementation of multiple interventions. “Sleep under a long-lasting insecticide-treated net every night and throughout the night, ensure you test for malaria before treatment and complete your malaria treatment as prescribed,” he advised. Mr Daniel Ako Charway, Health and Projects Coordinator for PSFG, called for concerted efforts to control malaria through constant education by stakeholders. The PSFG, he noted, remained a key advocacy organization for pharmacy and pharmaceutical science students and recent graduates in Ghana. It seeks to promote improved public health through the provision of information, education networking and a range of publications and professional activities. “Our flagship programme is the national Drug Safety and Health Awareness Campaign, which has been going on since 1980 to promote safe drug use, helping students by improving their knowledge about drugs, building confidence and promote volunteerism,” Mr Charway added. Source: GNA

FEATURE

WEDNESDAY, MAY 4, 2022

The Night of Laylatul Qadr is possible for those who stay true to Ramadan Ramadan, the ninth month of the Islamic calendar, is considered one of the holiest months of the year for Muslims across the world. In Ramadan, Muslims commemorate the revelation of the Qur’an, and fast from food and drink during the sunlit hours as a means of drawing closer to Allah and cultivating self-control, gratitude, and compassion for those less fortunate. Ramadan is a month of intense spiritual rejuvenation with a heightened focus on devotion, during which Muslims spend extra time reading the Qur’an and performing special prayers. In fact, during the period of Ramadan, the reward for every good deed is multiplied by 70. The significance and place of Ramadan is never lost on any Muslim. As important as the period is however, the last 10 nights of the Ramadan is considered even more significant as they are full of greater rewards and blessings. Firstly, the holiest and most blessed night, Laylatul Qadr, is likely to occur on one of the odd nights on the last 10 nights of Ramadan and the reward of worship on this night is better than the worship of a thousand months of worship, equivalent to a person’s lifetime put together.

Laylatul Qadr, the Night of Decree or Night of Power, is one of the most sacred nights in the Islamic calendar. It was the night in which the Qur’an was revealed to the Prophet Muhammad (SAW), and falls within the last ten nights of Ramadan. It is also believed to be the night in which Allah shows great mercy to His creation and the night in which one’s fate is decreed. Allah says in the Qur’an, “The Night of Decree is better than a thousand months,” (Qur’an, 97:3). This means that when a good deed is performed on Laylatul Qadr, it is as if that deed has been performed for more than 1,000 months. The exact date of Laylatul Qadr is unknown, although it is thought to occur on an odd night in the last 10 days of Ramadan (e.g. the 21st, 23rd, 25th, 27 or 29th night). The Prophet Muhammad (SAW) said, “Seek it in the last 10 days, on the odd nights,” (Hadith, Bukhari and Muslim). Secondly, the last ten nights of Ramadan are nights of intense prayer, acts of worship and Qur’an recitation. The Prophet Muhammad (SAW) would stand in prayer during the last ten nights of Ramadan, praying for forgiveness. The Prophet (peace be upon him) said, “Whoever

prays on Laylatul Qadr out of faith and sincerity, shall have all their past sins forgiven” (Hadith, Bukhari and Muslim). Also, many Muslims choose to spend the last 10 days of Ramadan in seclusion (i’tikaf ), where one solely focuses on worshipping Allah and refrains from involvement in worldly affairs. It is a time to reflect, increase worship and to increase one’s religious knowledge, seeking closeness to Allah. The sunnah is to remain in i’tikaf for 10 days but as a minimum it can be 1 day and 1 night. I’tikaf is a great opportunity to reconnect with Allah in solitude. It is also a time to implement good religious practices which can be carried on throughout the whole year. I’tikaf traditionally takes place in mosques, or you can set up a place of seclusion in your home for dedicated worship. The last 10 days of Ramadan are an opportunity to gain multiple rewards by giving sadaqa to those in need for the sake of seeking the pleasure of Allah. The rewards of giving sadaqa during Ramadan are multiplied by 70 and the reward for any righteous act during Laylatul Qadr is equivalent to having performed the same act for over 83 years. The Prophet (peace be upon

him) said “Sadaqa extinguishes sin as water extinguishes fire,” (Hadith, Tirmidhi). He also said that Allah offers relief on the Day of Judgement for those who give sadaqa: “The believer’s shade on the Day of Resurrection will be their charity,” (Hadith, Tirmidhi). As we inch closer to the end of the Ramadan, we urge all Muslims to be steadfast and stay the course for the greater reward that Allah will bestow on all who stay true to the tenets of Islam. Nabil Hussayn, Head, Employee Value Banking, Stanbic Bank

Star Assurance, partners embark on walk to mark 37th anniversary

Star Assurance and its partners at the weekend embarked on a walk through the principal streets of Accra as part of activities to mark its 37th Anniversary. Dubbed “Walk with Your Solid Partner,” the event was to demonstrate the solid partnership the Company has had with its stakeholders over the years. Speaking at the El-Wak stadium

where the team converged after the walk, the CEO of Star Assurance, Mrs. Boatemaa Barfour-Awuah underscored the value of the loyalty engendered by the great partnership that the company has had with its clients, intermediaries, employees and other partners over the last 37 years of its existence as one of the leading insurance service

providers in Ghana. “This walk not only gives us great health benefits but also demonstrates the enduring partnership we have with all our stakeholders, especially our clients,” she added. Star Assurance took the opportunity to introduce motorists and the general public to some of its products and retail channels especially POKUAA, its innovative WhatsApp-enabled insurance distribution channel which was recently launched in Accra. Touching on POKUAA, she encouraged the insuring public to use the platform to purchase their policies since it offers smooth and seamless customer experiences, for both existing and new clients. “As your solid partner, we are relentless in our efforts to bring you solutions that enhance your productivity by reducing the time, effort and resource you would have expended in your quest

to be physically present to buy your insurance.”, Mrs. Boatemaa Barfour-Awuah added.

L imited Copyright @ 2019 Business24 Limited. All Rights Reserved. Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellinformed. We value your support and loyalty. Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

| MARKET REVIEW

WEDNESDAY, MAY 4, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING - APRIL 22, 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

16.78%

Inflation for February, 2022

19.4%

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

80.1%

STOCK MARKET REVIEW The Ghana Stock Exchange retreated for the week on the back of a decline in the price of 1 counter. The GSE Composite Index (GSE CI) lost 0.68 points (-0.03%) to close at 2,696.67 points, reflecting year-to-date (YTD) loss of 3.32%. The GSE Financial Stocks Index (GSE FI) also lost 1.23 points (-0.06%) to close at 2,219.66 points, reflecting year-to-date (YTD) gain of 3.15%. Market capitalization declined marginally by 0.01% to close the week at GH¢64,040.47 million, from GH¢64,047.56 million at the close of the previous week. This reflects YTD decrease of 0.71%. Trading activity registered a total of 10,980,196 shares valued at GH¢10,983,012.32 changing hands, compared with 2,065,583 shares, valued at GH¢1,737,529 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 98.57% and 98.54% of volume and value of shares traded respectively . The market ended the week with no leader and 1 laggard as indicated on the table below.

THE CURRENCY MARKET The Cedi was flat against the USD for the week. It traded at GH¢7.1124/$, compared with GH¢7.1124/$ at week open, reflecting w/w and YTD depreciations of 0.00% and 15.55% respectively. This compares with YTD appreciation of 0.51% a year ago. The Cedi appreciated against the GBP for the week. It traded at GH¢9.1284/£, compared with GH¢9.2877/£ at week open, reflecting w/w appreciation and YTD depreciation of 1.75% and 10.97% respectively. This compares with YTD depreciation of 0.78% a year ago. The Cedi also strengthened against the Euro for the week. It traded at GH¢7.6674/€, compared with GH¢7.6790/€ at week open, reflecting w/w appreciation and YTD depreciation of 0.15% and 10.95% respectively. This compares with YTD appreciation of 2.14% a year ago. The Cedi again appreciated against the Canadian Dollar for the week. It opened at GH¢5.6380/C$ but closed at GH¢5.5915/C$, reflecting w/w appreciation and YTD depreciation of 0.83% and 15.20% respectively. This compares with YTD depreciation of 1.17% a year ago.

WEDNESDAY, MAY 4, 2022

GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢981.87 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢777.59 million raised in the previous week. The 91-Day Bill settled at 16.78% p.a., from 16.33% p.a. last week whilst the 182-Day Bill settled at 17.42% p.a., from 16.32% p.a. last week. The 364-Day Treasury Bill on the other hand settled at 19.67% p.a., from 18.85% p.a. recorded previously. The table and graph below highlight primary market yields at close of the week.

| MARKET REVIEW

COMMODITY MARKET

BUSINESS TERM OF THE WEEK

Crude Oil prices slipped for the week, posting a weekly loss of nearly 3.12%, on the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand, even as the European Union considers a ban on Russian oil that would tighten supply. Brent futures traded at US$108.21 a barrel on Friday, compared to US$111.70 at week open. This reflects w/w loss and YTD gain of 3.12% and 39.12% respectively. Gold prices fell 2% for the week and was set for its biggest weekly decline since mid-March as signs of faster policy tightening by the U.S. Federal Reserve lifted Treasury yields and the dollar. Gold settled at US$1,934.30 from US$1,974.90 last week, reflecting w/w loss and YTD appreciation of 2.06% and 5.78% respectively. Prices of Cocoa declined for the week. The commodity traded at US$2,506.00 per tonne on Friday, from US$2,583.00 last week, reflecting w/w and YTD losses of 2.98% and 0.56% respectively.

Limit-on-Open (LOO) Order: A limit-on-open (LOO) order is a type of limit order to buy or sell shares at the market open if the market price meets the limit’s condition. This type of order is good only for the market opening and does not last for the whole trading day.

INTERNTIONAL COMMODITIES PRICES

Source: https://www.investopedia.com/terms/l/ limitonopenorder.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 4, 2022

Elon Musk sold around $4 billion worth of Tesla shares as he moved to buy Twitter Elon Musk sold roughly $4 billion worth of Tesla shares in the days following his bid to take Twitter private, according to filings with the Securities and Exchange Commission. In a flurry of trades executed Tuesday and Wednesday, the Tesla and SpaceX CEO offloaded about 4.4 million shares of his electric vehicle company. The bulk of the CEO’s sales were made on Tuesday, the filings showed. Tesla shares fell 12% that day, but edged higher on Wednesday by less than one percentage point. As the filings became public, Musk wrote on Twitter, “No further TSLA sales planned after

today.” He made the remark in response to an account that heavily promotes Tesla stock, products and Musk on the social network. CNBC reached out to Tesla and Musk to ask exactly how he plans to use the proceeds, and whether he sold more Tesla shares after April 27, the latest date on the filings out Thursday. They did not immediately respond to a request for comment. Musk is bidding to buy Twitter and take the social media company private for $54.20 per share, around $44 billion total. In order to do so, Musk secured $25.5 billion of fully committed debt, including $12.5 billion in

loans against his Tesla stock. Twitter accepted his offer earlier this week, but the deal still requires shareholder and regulatory approval. Musk would have to pay Twitter a termination fee of $1 billion if he fails to secure enough funding to complete his deal to buy the social media business, according to a regulatory filing out Tuesday. On the other hand, Twitter would owe Musk a $1 billion breakup fee if it accepts a competing offer, or if shareholders reject the deal, according to the same filing. CNBC

ASA Savings & Loans organises free health screening for Goaso clients

ASA Savings and Loans has organised a free health screening for its customers within the Goaso enclave in the Ahafo. About 150 people who were mostly market women benefited from the screening which covered diseases like malaria, blood pressure, blood sugar, typhoid and eye test. The participants also received free medications and treated mosquito nets. The exercise which was held at the premises of the Goaso Business Centre formed part of the corporate social responsibility

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of the financial institution. This was the first time the Goaso Centre of ASA Savings and Loans hosted such exercise since it was opened in 2020. The health screening was jointly administered by personnel from Kwatire Government Hospital near Odumase in the Sunyani West Municipality and Rafchik Hospital at Abesim, all in the Bono Region. Goaso Area Manager-ASA Savings and Loans, Emmanuel Opare Yeboah, said the exercise was necessary to help develop a healthy customer base to promote

sustainable business relationship. He indicated that the company was also looking at drilling at least two boreholes for deprived communities within the Goaso jurisdiction in the nearest future. Touching on the core operation of the financial institution, he noted that plans were advanced for the introduction of more innovative products like education and SMEs loans for the people Goaso and its environs to cushion economic growth and development there.

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

A participant of the free health screening, Linda Owusu, 35, who sells second-hand clothings at Goaso praised ASA Savings and Loans for prioritising the health condition of its customers who are mostly naive. “Most of us do not voluntarily attend medical check-ups of this nature to understand our health status; we only visit health facilities when diseases strike us down or in case of emergencies,” she said.