Business24 Newspaper 28 October 2022

Governments need to take firm decisions to face new world economic order, Veep declares

By Philip Gebu

Governments need to take firm decisions to face new world economic order, Veep declares

The world economic order has

in recent years

Ghana,

Africa,

to

bold,

in order to face the economic headwinds buffeting the world, Vice President Dr Mahamudu Bawumia has stated.

Speaking at the two-day Standard Chartered Bank Digital Banking, Innovation and Fintech Festival in Accra on Wednesday, Dr Bawumia said the combined effects of Covid, the RussiaUkraine conflict and major disruptions in global supply chains had brought untold economic damage across the world, and requires new thinking and positioning, especially as the world eases into the Fourth Industrial revolution.

“In Ghana, for example, if you look at between and 2019 and today, we’ve seen about a fivefold increase in the rate of inflation. Go to next door Togo, we’ve seen about a 16-fold increase in the rate of inflation, Cote d’Ivoire has seen about a sevenfold increase in the rate of inflation, and the UK has seen an eightfold increase in the rate of inflation. And this has also been accompanied by a very strong dollar which has

seen currencies really fall in value. Yesterday I was told that the Chinese Yuan is at its lowest level since 2007. The new British Prime Minister, Rishi Sunak, was basically described the UK’s economic situation as a profound economic crisis.

“So, what we are seeing globally, of course, with the disruption of global supply chains, post COVID, is a major change in what was the status quo before COVID. The global economy as we know it, as it existed, pre-COVID today does not really exist anymore. Emerging market access to the capital markets has been very restricted and may continue to be restricted for the foreseeable future. And more and more we are seeing economies rethinking economic strategies. But there is a clear move towards more selfreliance in economic policy.

“And at the same time this global economic environment is transitioning into the Fourth Industrial Revolution where the digital economy is taking center stage. So, as we try to deal with the economic crisis globally, economies also have to reposition themselves to partake in the Fourth Industrial Revolution,” he noted.

Commenting on the recent turmoil in the Ghanaian economy, Vice President Bawumia said Government was considering a number of measures to tackle the challenges and ensure fiscal discipline. President Akufo-Addo would be addressing the nation in the coming days on such measures, he indicated.

“In Ghana specifically, we are dealing with an economic crisis that we have to address in different dimensions. The first and most important, which affects the confidence that we have in the economic system, is to make sure that we have fiscal and debt sustainability. This has been one of the areas where we are having discussions and negotiations with the International Monetary Fund about restoring fiscal and debt sustainability.

“No doubt it is not going to be easy. It will require very bold, difficult, but firm decisions. And I think these are part of the discussions that we’re having with the IMF. And I’m sure once those are concluded, it will be clear that it will not be and it should not be business-as-usual because we have to adjust to the new global and domestic realities,” he added.

Dr Bawumia speaking at a two-day

Standard Chartered Bank Digital Banking, Innovation and Fintech Festival in Accra.

Current economic situation provides opportunity to restructure economy

The Executive Director of Wholesale and Investment Banking of GCB Bank PLC, Mr Sam Aidoo, says the current economic crisis provides the opportunity to restructure the country’s economy from a service driven one.

He called for the building of a robust and resilient economy through technology, finance, investment, trade, and entrepreneurship.

Delivering the address on behalf of the Managing Director of the Bank, Mr Kofi Adomakoh at a forum in Accra, Mr Aidoo stressed the need for a deliberate focus to collectively invest in priority sectors of the economy to develop Ghana into an agro processing and light manufacturing led economy.

The two-day forum under the theme, ‘Building a robust and resilient economy through technology, finance, investment, trade and entrepreneurship’ is a GCB Bank sponsored event designed to stimulate ideas in support of national development.

Mr. Aidoo noted that the devasting effects of COVID-19 and the Russia-Ukraine war coupled with further domestic and external shocks have rekindled preexisting structural and macrofiscal vulnerabilities that have yet tested Ghana’s economic resilience.

“As we speak, inflation is at a multi-year high; the Cedi has lost over 50 per cent of its value to the dollar and the other major trading currencies, imposing hardships

on individuals and businesses alike. The elevated risks of debt distress have triggered a widespread reversal of capital, leaving the external balances in a vulnerable state and foreign reserves under serious pressure,” he said.

Mr Aidoo advised that, “we should never allow such a serious crisis to go to waste” and that Ghana must take advantage to restructure the economy and de-emphasize a reliance

on imports as the first stage of industrialization in our quest to build a resilient economy.”

He called for a concerted use of technology to drive revenue collection, bring down costs of doing business as well as breaking down silos across all facets of the

Mr. Aidoo further called for the institution of immediate measures to resolve the continuous depreciation of the

The Chief Digital and Marketing Officer of the Bank, Mr Eric Coffie, who was a panelist on fintech, noted that the fintech space in Ghana is evolving.

He said there is so much to be done in the fintech area and stressed the need for collaboration with financial institutions.

Mr Coffie noted that almost all the fintech companies operating in Ghana are concentrating on payment and there was the need to explore the myriad of innovative solutions that the fintech space offers.

Promotion of health tourism could help stabilise the cedis

By Philip Gebu

A relative of mine recently traveled back to Ghana from abroad and informed me that upon arrival at Kotoka International Airport, money was still been collected by some officials from returning citizens and foreigners even though government has suspended the compulsory $50 and $150 fee for the PCR test for those arriving without their vaccination cards.

Well, this remains an allegation and she told me they were not allowed to record this unfortunate happening at the airport. An investigation must be instigated to unravel the truth. If the investigation however proves to be true, this will be bad news for our tourism and these people will have to be dealt with. First impression count and we must not create a bad image about our country.

COVID-19 impact on world tourism has been massive and the rebound seems to be slow compounded by the global economic crises. We are told that more dollars need to be injected

into our economy and one easy way to receive more dollars is through tourism i.e. arriving tourists who will eventually spend their dollars into our country and if activities of self-seeking corrupt individuals will hinder government efforts at attracting more tourists into the country, then this situation must not be tolerated.

Health tourism must be another way to increase the number of tourists coming to Ghana especially our targeting our friends from West Africa. I recently attended a function at a hospital in the Volta Region and the medical director mentioned that some of the people who patronize the hospital come from Togo. As we consider developing our medical tourism, we must be conscious of the fact that, Ghana’s economy will be strengthened if and when money spent by Ghanaians elsewhere in search of health is spent locally. Many have argued that the country remains a very expensive destination thus the inability to promote tours

within. Others have also argued that the facilities within Ghana are not up to international standards thus the decision to travel elsewhere for health reasons.

The fact is that foreigners will not build Ghana for us? If the Chinese, Americans and Europeans where to think this way, I don’t think any tourist will be visiting their country. This situation can be compared to a Ghanaian preferring foreigh rice over local rice yet he or she expects a foreigner to patronize his or her local rice whiles he or she keeps eating foreign rice.

No matter how tasteless Chinese rice may be, a Chinese will still prefer his rice over foreign ones. Can we say the same with us Ghanaians? We need to change that mindset most especially among our youth and children. No matter how supposedly bad our tourist attractions may be, we must still patronize them.

That is the only way of promoting our own and help stabilize our currency. There are many resorts in Ghana that

can offer the uninterrupted rest Ghanaians need when in need. Travelling to the UK and other countries for health tourism will not help our course.

That uninterrupted rest will be best undertaken in Ghana, and the resort that will host them will also earn some money. Ghana can attract health remedies in a particular area but may be weaker than other countries in a different extent. Based on these facts, it remains that not one country can offer all the best kind of health tourism thus the need to travel elsewhere.

This brings to light the fact that Ghana must consider promoting its health tourism to other nations in Africa and the world over thereby attracting more tourists in search of health remedies.

The Centre for Scientific Research into Plant Medicine is a big opportunity we have in promoting health tourism. CSRPM was established by the Government of Ghana in 1975 as a result of the dream and vision

Mr Sam Aidoo, Executive Director of Wholesale and Investment Banking of GCB Bank

of Dr. Oku Ampofo, a renowned allopathic Medical Practitioner, who having had personal experience of the therapeutic values of herbal medicines on himself and his father became an apostle of herbalism at a tender age. Their mission statement is to gain the highest recognition for research and development of herbal products that meet the exacting needs of both patients and industry, through innovative scientific research and productive partnerships. Their vision is to make herbal medicine a natural choice for all. The average daily attendance is 90-100 patience which is highly inadequate. If the Centre can consider providing accommodation to its patients, and embark of an advertising campaign, I believe many tourists from the whole of West Africa and beyond will be attracted. It is reported that Africans spent over USD$6 billion on health tourism. The sad aspect it that the developed world is the recipient

of all this money.

What is Health Tourism?

Many articles have been written on the subject of medical tourism. We however need to understand the right definition of medical tourism. According to a report entitled Medical and Wellness, Lesson from Asia, Health tourism encompasses both medical tourism (based on western medicines) and wellness tourism (based on traditional therapies such as Ayurveda).

She refers to medical tourism as the act of travelling to foreign countries to seek ‘westernstyle’ medicine treatments and procedures (elective surgeries such as cosmetic, dental and plastic surgery as well as specialized surgeries such as knee/hip replacement, cardiac surgery, cancer treatments, fertility, orthopaedic therapy etc.).

Wellness tourism, on the other hand refers to authentic or location-based experiences/

therapies such as Yoga, Ayurveda, use of local medicines etc. A country that offers medical tourism services to foreign patients, the ‘destination country’ is, therefore, the ‘exporter’ while the patient’s ‘home country’ becomes the ‘importer’ of the service.

Medical Tourism

There is no general consensus on the definition of medical tourism. Some definitions are broad. For example, Deloitte (2008) defines medical tourism as the ‘act of travelling to another country to seek specialized or economical medical care, wellbeing and recuperation’. Such a definition may be interpreted as including travel that seeks to enhance personal health and well-being, including through authentic and location-based therapies. The latter, known as wellness tourism, is sometimes included in a broad definition of the medical tourism industry, thus some studies use the term

medical and wellness tourism instead of medical tourism alone. Other definitions are much narrower, considering only travel for the purpose of receiving treatment for a disease, ailment or medical procedure.

Below is the 2017 Monitoring Medical Tourism Trends.

Philip Gebu is a Tourism Lecturer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail. com / info@forealdestinations. com. Visit our website at www.forealdestinations. com or call or WhatsApp

+233(0)244295901/0264295901. Visist our social media sites Facebook, Twitter and Instagram: FoReal Destinations.

Ghana ranked first in access to financial inclusion in Africa

Ghana has been recognized as the only country in Africa to achieve 100% access to financial inclusion on the continent.

The honour was contained in this year’s State of Inclusive Instant Payment in Africa Report put together by AfricaNenda and launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda.

This feat was achieved through the successful implementation of the Mobile Money Interoperability (MMI) system, which integrates all payments platforms across banks, fintechs and telcos, allowing every Ghanaian to make and receive instant payments.

Commenting on the monumental achievement at the ongoing Standard Chartered Bank Digital Banking, Innovation and Fintech Festival in Accra on Wednesday, October 26, 2022, Vice President Bawumia expressed delight that Government’s Digitization agenda, began in 2017 and touching almost every aspect of national life, is beginning to yield the desired results.

“In fact, because of mobile money interoperability, where fintechs, banks and telcos have essentially payment platforms that enable every Ghanaian to access and receive payments, Ghana was the only country to score 100% on financial inclusion in Africa at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda. And it just makes you

proud in this context that yes, we are doing what is actually quite right.

“You’ve seen mobile money interoperability; you’ve seen the national ID card; you’ve seen digital addresses, you’ve seen the paperless ports, universal QR code, GhanaPay, and so on. All of this is laying a particular foundation in this country that will allow us to fully participate in the Fourth Industrial Revolution.

“It is also comforting to note that even the credit reference agencies are leveraging on this infrastructure, the digital infrastructure that we have put in place, digital addresses, national ID and so on. We are expecting that individual credit scoring by the credit reference agencies will start taking place by the first quarter of next year, which will allow and underpin the development of a real credit system in Ghana which is very, very critical in terms of the development of this country.”

Digital technology has changed the way Africa’s financial service industry offers products and services to consumers, Dr Bawumia pointed out, noting that new financial service business models based on digital technologies are enabling inclusive access to financial services across diverse product types for consumers.

“As a government, we realized it was imperative to adopt digital innovation to transform the economy. It is not a venture without opposition, and

there are huge costs associated to get to our destination. However, we are unwavering as we are convinced the benefits will outweigh the costs, and these benefits are already beginning to show.

“Thus far, we have introduced some interventions such as mobile money interoperability, digital renewal of National Health Insurance, implementation of the digital address system, the national ID card, paperless port system, QR-Code, among others.

“We are already seeing the impact of these digitisation initiatives including efficient public service delivery by all Ministries, Departments, and Agencies on the Ghana.gov portal, combating corruption by removing the middle man, and also ghost names in many transactions, bringing more Ghanaians into the formal sector and driving domestic revenue mobilization, amongst others.”

To achieve greater success and faster growth, Vice President Bawumia called for more collaboration between all players in the fintech ecosystem – banks, fintechs, telecom companies, governments, regulators and consumers – in order to position Africa as a fintech innovation hub.

“A strong regulatory framework is also necessary across the sub region to drive innovation. Central banks need to be ahead of the market and put in place regulations that are innovation friendly bearing in mind

all associated risks.”

Award

The State of Inclusive Instant Payment in Africa Report examines all instant pay rollouts across the continent to identify the areas of commonality with the view to driving adoption to boost financial inclusion on the continent.

This year, the report focused on inclusive instant payment systems in 12 African countries and Ghana was the only country that scored 100% on access to financial inclusion.

The Chief Executive Officer of the Ghana Interbank Payments and Settlements Systems (GhIPSS), Archie Hesse, who was present at the launch of the report in Kigali, said from a humble beginning of integrating three instant payment platforms into what he called the ‘financial inclusion triangle’, GhIPSS has since improved the services by adding other services like Proxy Pay, Internet Gateway Payment, Request to Pay and the Universal QR Code dubbed GHQR, which can be linked to both bank accounts and digital wallets, with affordability as the key driving force.

GhIPSS, in collaboration with the banks, have also come up with a bank-wide wallet called GhanaPay to ensure that the banks also play a role in the mobile money space with the view to bridging the financial inclusion gap, he added.

GIPC wins Best Investment Promotion Agency in Africa, for fourth year in a row

The Capital Finance International magazine has named the Ghana Investment Promotion Centre (GIPC) Africa’s top investment promotion organization for the fourth consecutiveyear.

The GIPC actively defended the nation’s favorable FDI status with a focused digitalization effort that improved service delivery, promotional visibility, and investor interaction, according to CFI.co’s award citation. It also praised the Centre’s accomplishments in fulfilling its duty to encourage, promote, and facilitate investment in the nation per the GIPC Act 865.

To keep up with evolving business trends and better serve investors, the GIPC has ramped up its operations. The Center implemented a dynamic structure that aggressively uses digital media, high-level stakeholder

engagements, and business-tobusiness (B2B) connections.

It has promoted investment opportunities across numerous social media channels, assisted investors in registering projects and requesting exemptions online, and built an investor aftercare division to guarantee the smooth integration of support and business continuity.

Additionally, the GIPC prioritizes the SDGs as a pathway to convert country-level sustainability gaps into private-sector investment opportunities, in line with the global push for sustainable investments.

The Centre’s extensive efforts during the COVID-19 crisis and the Russian-Ukrainian war enabled it to bring in an impressive quantity of foreign direct investment (FDI). As a result, it is not unexpected that CFI.co has named the GIPC

the best IPA in Africa for the fourth consecutive year.

The prestigious award comes in the same year that Yofi Grant, the CEO of the Centre, was ecognized for Outstanding Public Leadership

in the Public Sector.

Aside from the GIPC, other big winners of this year’s CFI.co awards include theInternational Business Machines Corporation (IBM), Deloitte Cyprus, JPMorgan Chase & Co., Fitch Ratings, South Africa’s Old Mutual Investment Group, and UK’s Access Bank.

The new CFI.co award adds to other respected honours the Centre has garnered over the past few years. It was similarly awarded the Best Audit Committee (MDA Category) by the Internal Audit Agency and recognized by the Annual Investment Meeting (AIM) awards as the 2nd Best Investment Promotion Agency in Africa. AIM is the world’s leading investment-focused event, initiated by the UAE Ministry of Economy to acknowledge and enrich institutional, corporate, and individual investors.

GEPA sponsors the best of Ghana chocolatiers to WineX 2022 in South Africa

The biggest Wine show in the Southern Hemisphere returns in 2022 with a delicious touch of Artisanal Chocolates from Ghana from 26 - 29 October 2022 in Johannesburg South Africa. A ground-breaking partnership between the organizers of WineX Show and Ghana Export Promotion Authority (GEPA) in working with DUAM Communications and JON WILLIAMS Consult has successfully facilitated and sponsored a select group of Indigenous Ghanaian Artisanal Chocolatiers to Johannesburg to showcase made in Ghana Chocolates in the upcoming Three Day WineX show at the Sandton Convention Centre.

The Ghanaian Chocolatiers were selected to present selected Premium Ghanaian Chocolates in pairing with South African Wines with the objective of strengthening the competitive position of Ghana cocoa and cocoa based products in Africa and in furtherance to the objective to create market access for Ghanaian chocolate brands in South Africa.

The selected Ghanaian Chocolate brands to feature at WineX 2022 are: Allsave Chocolates, Sekoe Chocolates, Niche Chocolates, Bioko Treats,Adansi Sweets,Kabi Chocolates, Honico Chocolates and Rhocece Chocolates.

Speaking in Johannesburg, the CEO of Ghana Export Promotion Agency (GEPA), Dr. Afua Asabea Asare, expressed her optimism on the limitless opportunities for Ghanaian cocoa products to become globally competitive thus the investments being made by the Ghana Export Promotion Authority to support the Chocolatiers in the exploration of international markets such as South Africa.

Dr. Afua Asabea Asare thanked Ghana’s High Commissioner to South Africa H.E. Charles Asuako Owiredu for his instrumental role in facilitating and ensuring the success of this innovative project and the invaluable support the Ghana Mission in Pretoria under his leadership played in ensuring the success of this trade mission.

She further challenged the

Ghanaian chocolatiers to use this opportunity to explore the value-added demand offerings for Cocoa based products in South Africa and Africa in general.

Dr. Asare was optimistic about Ghana’s participation in the future editions of WineX as another

export market for Ghana’s cocoa industry to become an innovative industry leader when the African Continental Free Trade Area (AfCFTA) Agreement is fully implemented to promote intraAfrican trade.

Yoofi Grant

MultiChoice Talent Factory announces series of masterclasses in partnership with the New York Film Academy

Off the back of a successful Canon x MTF masterclass series, the MultiChoice Talent Factory is excited to announce the next masterclass series in partnership with the New York Film Academy over the next 6 months.

Designed as a series of educational virtual masterclasses, the series aims to empower emerging and existing talent from across the African continent, by bringing the best-in-class both locally and internationally of each of the selected topics.

The series officially kicked off on 08 September 2022, with a Directing Actors Masterclass. The session was facilitated by Jonathan Whittaker a New York-based Producer and Director with over

20 years of experience in lensed features, short films, music videos, live concerts, commercials, TV shows, virtual reality experiences and 3D specials.

The Directing Actors masterclass focused on the tools and techniques used by directors to communicate the essence of a scene to their actors. Attendees of the masterclass explored and practised the principles of acting techniques, learned the vocabulary of filmmaking for actors and understanding the art of collaborating with talent when creating content.

Aspiring and established African storytellers are encouraged to attend the upcoming masterclasses:

GIZ empowers persons with disabilities with digital skills

The Digital Transformation Center provided training on digital skills and digital literacy to persons with disabilities.

The training, which was implemented by GIZ and carried out by Tech Era, resulted in an increase in the use of digital tools among PWD in the Kyebi and Asewase districts.

Theme: Production Design Date and time: Monday, 14 November at 16:00 – 17:30 GMT

The Production Design Masterclass will focus on The Art of Visual Storytelling and will be hosted by Uzair Merchant. Uzair is a multiple awardwinning filmmaker, designer, and the founder of bkreativ productions in Vancouver. Having studied Production Design from Nottingham Trent University in the UK, Uzair then pursued his dreams within cinema at the New York Film Academy earning a certificate in filmmaking. He has 14 years of experience in the film business in various countries and projects ranging from features and TV shows. Uzair has also designed

the World’s Largest Cultural Theme Park: Global Village in Dubai for 6 years, winning Best Pavilion Award. His last short series ‘Chasing lines’ (Shot on iPhone) has won him 11 awards from Los Angeles Film Awards, New York Film Awards and many more international festivals.

For this masterclass, attendees can expect to learn more about production design elements such as mood, tone, character, creating sets, and the designer’s role in the overall aesthetic and artistic look of the project. As well as everything and anything visual, that not only helps tell the story better but creates the environment for the actor to live in and the audience to want to live in it.

Binance Charity partners with Utiva to educate 50,000 youths and provide tech training/scholarships to over 1,000 youth across Africa

Binance Charity, the philanthropic arm of Binance, the world’s leading cryptocurrency and blockchain infrastructure provider has partnered with Utiva, a technology education company in Africa that helps young people learn tech skills. The new partnership is set to educate 50,000 young people in technology and provide scholarships for 1,000 Africans in a 1-year intensive skill training program.

The education program is aimed at young people (18 - 35) from over 19 countries across Africa. It consists of virtual workshops, which will run every weekend over the next 12 months, where students will learn tech skills and access virtual mentoring as a part of the project design.

Additionally, students who partake in the training will have access to fully funded yearlong scholarships, which will provide access to Utiva’s top technology skill training for free. The collaboration aims to build a path for economic prosperity for the continent through skill training and access to vast job

opportunities in the technology and Web3 sectors.

“We believe the benefits and vast opportunities of Web3 must be accessible to all. Advancing tech education and professional training are critical to making this happen. We’re proud to be partnering with Utiva, to engage the youth across Africa as we support the continent’s next generation of industry shapers,” said Helen Hai, Head of Binance Charity.

Launched at the Utiva office in Lagos Nigeria on Thursday, October 20, 2022, the workshop hosted about 50 young people who will be a part of the first cohort of people that will access the fully-funded training and sponsorship.

“Africans are talented and hardworking but most times, the constraints of resources can be a major limiting factor when pursuing a laudable aspiration like moving into technology. We are super excited that Binance Charity understands the African pain point and has partnered with us at Utiva to help thousands of Africans and break the barrier

to entry for many,” said Eyitayo Ogunmola, CEO of Utiva.

At the launch workshop, students took part in a 4-hour training on Blockchain Technology and Software Development. This is the beginning of a 12-month commitment to the educational program.

Maxwell Maxwell, one of the students said, “It was my aspiration to learn Data Science but I have always been limited by financial constraints. Now, my dreams are close to being fulfilled.”

This initiative is part of the wider Binance Scholar Program launched earlier this year and now has active projects in Ukraine, South Africa, France, and Brazil. The initiative is enabling the next generation of digital leaders to develop their skills, knowledge, and experience without financial barriers.

About Binance Charity

Binance Charity is a nonprofit organization dedicated to unlocking Web3 as a powerful tool for social change. Its mission is to enable blockchain as a driver of social transformation

by improving financial inclusion with direct crypto giving and making education and training accessible to all. Binance Charity uses its 100% transparent donation platform to build a future where technology is used as a force for good. To date, Binance Charity has supported over 2 million end beneficiaries through various projects. For more information, visit https:// www.binance.charity/.

About Utiva

Utiva is a technology workforce development company that helps people learn premium technology skills and partners with companies to hire the best talents and invest in workforce development. With over 40,000 Alumni from 30+ cities, 200 faculties, and over 500 hiring partners, Utiva is helping global organizations hire the best tech talents in various fields like Data Science, Blockchain Technology, Product Management, and Software Development, amongst others by leveraging the network of our tech ecosystem. For more information, visit https://utiva.io/

Which investment is best for you?

BY Yovalla Ama Awuah

Investments are generally motivated by the desire for profit; each investor aims to use his/her money profitably to generate significant returns.

As a result, investors may decide to put their money into one or more of the available investment classes which include bonds, stocks, cash equivalents, real estate, various commodities, among other things.

Bonds, stocks and cash equivalents are the three traditional investment classes. All other investment classes fall under the category of alternative investment. Each class comes with its own risks, benefits or advantages.

The main advantage of investing in the three traditional classes is the lower initial investments amounts, that is, how much money you may want to begin with.

For instance, investing in real estate frequently necessitates that the investor making a sizable one-time payment (as real estate properties may be quite expensive). It is however easy for investors to purchase a modest number of inexpensive shares or bonds that have a good potential for growth in a single transaction, meaning, investors can buy these assets with a smaller sum of money.

Secondly, compared to some other investment classes, the three main investment classes frequently provide liquidity (ready market) for trades to be executed, whether buying or selling. There is a sure availability of bonds and stocks available to invest in on a regular basis.

Typically, the well-organised and controlled markets have a very high volume of daily transactions due to the high popularity of these investment classes and safety among investors. Investors in these asset classes can swiftly recoup their investment costs by liquidating their holdings. In contrast, the owner of a piece of real estate would have to wait several months before finding a buyer if they wish to sell the property and receive their money back.

There is transparency in the dealing in the traditional asset classes of investments. Information on trading activities is always available online and on demand. Investors are also at the liberty to quote their “fair” prices for trades to be executed.

Investors can therefore quickly (and accurately) ascertain the market price of any asset traded in these exchanges.

This makes it possible for investors to decide on investments with maximum information. In contrast, it might not always be possible to determine the precise price at which the previous transaction in a specific location was completed if we look at the real estate market.

As a result, determining the precise market worth of one’s real estate holdings may be challenging. Consequently, such an investor can occasionally wind up selling his piece of property for less than its market value (thereby losing potential profits).

Due to the benefits mentioned above, many investors favour the three primary investment classes over the alternative investment classes when choosing where to put their money.

In finding out which investment is more suitable for you follow the process: Speak to a professional: Visit an investment firm where a professional will attend to you. The Securities and Exchange

Commission (SEC) website provides a list of investment firms that can attend to your needs. NIMED Capital Limited provides a good option.

Risk assessment profiling: The professional, in this case the professional at NIMED Capital Ltd, is expected to take you through a risk assessment profiling. This will inform which investment asset to select for you. As stated earlier in this writeup, the various assets come with their own risks.

Explanation of the investment classes: The professional will take time to explain the available investment classes to you. Normally, investors are supposed to look out for information about how the assets have performed in the immediate past, the current value and information of what the future holds (trend analysis, the intrinsic value and future projections).

These steps are expected to give the investor a fair idea which investment asset to investment in. The professional is expected to make a recommendation and the investor has the right to accept or reject.

Trends

The trends show that the fixed

income market has recorded higher trades than the stock market.

Generally, investors are risk averse, and the fixed income market provides a good avenue for fixed returns for investors. Indeed, the fixed income provides steady returns over a long period of time.

However, the stock market also provides an option for higher returns because of the high risks. In the last report where Young Investors Research/ NIMED Capital Research Team produced a detailed information about the performance of the Financial Stock Index, we pointed out some of the areas that can be looked at.

“Never invest in a business you cannot understand”, Warren Buffet once said. Whatever investment is introduced to you as an investor, ensure you understand the asset thoroughly before funds are committed to it. The Stock Pitch Competition is being organised by the Young Investors Network for tertiary education students to train them to select the right assets for investment purposes.

The writer is a researcher at Young Investors Research.

AngloGold Ashanti matriculates Community Youth Apprenticeship

The 3rd batch of AngloGold Ashanti Obuasi Mine’s Community Youth Apprenticeship Trainees (2022-2023) numbering 101 have been matriculated into the Community Youth Apprenticeship programme.

The apprenticeship training which features prominently in the Obuasi Mine’s 10-year SocioEconomic Development Plan (SEDP) is expected to equip the youth with practical training in welding and fabrication, mechanical technician, and electrical technician.

The cost of the training is absorbed by AngloGold Ashanti and would be held at the Mac Partners Training Institute, formerly known as AGA Engineering Training Centre in Obuasi.

Making the most of Africa’s pandemic dividend

Vaccinating African populations against COVID-19 has proved a difficult feat. Whereas the continent once grappled with vaccine shortages, it is now facing a shortage of attention. The COVID-19 pandemic is widely perceived to be over, and some commentators now argue that African countries should lower their COVID-19 vaccination targets and direct their resources toward more urgent priorities, including other disease outbreaks (such as Marburg virus disease and Ebola) and routine immunization. This would be a mistake.

While current COVID-19 vaccines have done less to reduce transmission than one would have hoped, they significantly reduce the severity of the illness, resulting in lower hospitalization rates. This is particularly important in Africa, where those who are hospitalized with COVID-19 are significantly more likely to die than those hospitalized with the disease elsewhere. Yet only three African countries have reached the World Health Organization’s vaccination target of 70% of the population, with the average across the continent standing at just 24%.

But mass vaccination is bigger than COVID-19. The pandemic brought a significant increase in government and multilateral investment in public health. The World Bank provided $39 billion in new financing, the Mastercard Foundation another $1.5 billion, and the European

Union about $113 million. These sums have been accompanied by global contributions through the Financial Intermediary Fund for Pandemic Prevention, Preparedness, and Response, which has allocated $1.3 billion. African governments have also made large contributions.

If leveraged appropriately, these investments could substantially boost Africa’s capacity not only to end the COVID-19 crisis, but also to respond to future health emergencies, endemic diseases, and pandemics. But this “pandemic dividend” can be realized only if the continent remains committed to vaccination.

If governments begin to roll back or redirect funding, the returns on pandemic investments could prove temporary.

One such return has been the rapid establishment and strengthening of systems for procuring, storing, and delivering vaccines. Africa has developed regional pooled procurement mechanisms for vaccines and other medical products, expanded and strengthened its cold-chain systems, and streamlined logistics.

A continued commitment to reaching vaccination targets for COVID-19 will help to accelerate and entrench this progress, translating into greater support for vaccination against influenza, human papillomavirus (HPV), and hepatitis B, for which there are currently limited programs.

It will also enable the delivery of emerging vaccines against deadly

endemic and emerging infectious diseases – such as malaria, tuberculosis, and Lassa fever – at scale. And it will help to safeguard the WHO’s Essential Program on Immunization initiatives for children, by enhancing routine vaccination systems and facilitating the adoption of integrated approaches.

But the COVID-19 pandemic may support future vaccination in an even more fundamental way. The crisis highlighted the need to foster vaccine demand in a way that is evidence-based, peoplecentered, guided by a tailored strategy, and integrated into a country’s long-term immunization plans. The Africa Centers for Disease Control and Prevention’s Saving Lives and Livelihoods initiative, together with many African governments, have been investing in the development of such systems.

Continued efforts on mass COVID-19 vaccination will spur progress in refining these systems. It will also help to foster public trust in vaccines, thereby boosting demand for other vaccines in the future.

Pandemic investments have also catalyzed progress in the adoption of health technologies, which have facilitated major improvements in data collection. Until recently, most African countries did not gather data on priority health groups or have systems in place to record data digitally. But many, such as the Gambia and Uganda, have now

implemented vaccine-recording and health-registration systems. The accurate and real-time data these systems provide can inform vaccination strategies, improving countries’ ability to reach priority groups.

Finally, mass COVID-19 vaccination campaigns have required the training of huge numbers of vaccinators, data analysts, and logistics and storage experts. This expanded capacity will go a long way toward strengthening responses to future health emergencies and closing gaps in routine health services.

It already is. In Botswana, the United States Agency for International Development strengthened the pandemic response by taking advantage of community-health platforms that were created to help deal with HIV/AIDS. Similarly, in Nigeria, a contact-tracing workforce established for polio was used to help manage the Ebola outbreak.

COVID-19 poses a serious enough threat to merit a continued commitment to vaccination. But the short-term benefits are just the beginning. Mass COVID-19 vaccination campaigns can also catalyze progress in a wide range of crucial areas, from vaccine procurement to health-care delivery, thereby boosting the continent’s ability to prevent and respond to future health emergencies. This is the pandemic dividend, and Africa must not squander it.

Project syndicate

GCB rallies behind breast cancer awareness - holds talk

GCB Bank PLC in collaboration with the Bank’s clinic and Sinel Specialist Hospital has organized a virtual breast cancer awareness talk to commemorate this year’s Global Breast Cancer Awareness month.

The talk, which was held on 27th October at the Ground floor of the Head Office under the theme, “Together we Rise” was to highlight the need for regular breast screening for early detection.

In his welcome speech, Mr. Emmanuel Odartey-Lamptey, DMD Operations, praised staff for taking time out of their hectic schedules to attend the event and urged them to take keen interest in the presentation, practice the key tips that will be shared and also pass on the knowledge to their friends and family.

Additionally, he noted that GCB Bank is concerned about its

employees, and that attending to their medical requirements fits into the Bank’s social corporate responsibility (CSR).

Dr. Michael McCarthy, CEO of Sinel Specialist Hospital who led the presentation took the audience through data breast cancer, developmental stages, causes, symptoms (what to lookout for), diagnosis and treatment options available for people who are suspected of having the disease and those who have been diagnosed.

He also touched on contributory factors in the development of the disease, including bad lifestyle choices such as excessive alcohol consumption, smoking, inactivity and family history.

He then stressed on the need for regular screening and dismissed the notion that the breast is exposed to radiation during a mammogram test as the emission is negligible.

Dr. Humphrey Narh, Head GCB clinic encouraged staff to make time for regular breast screenings irrespective of gender. He dispelled the myth that only women were susceptible to breast cancer.

To provide further insight on the subject, staff members had the chance to ask questions and receive answers to those queries.

Mr. Kofi Adomakoh, MD in his closing remarks encouraged staff to take care of their beautiful breasts and live healthy lifestyles. He emphasized that screening was critical to detect early signs and prevent the disease.

Nana Kwabena Yeboah, Head of HR, stated that his office will do everything within its ability to guarantee that workers have access to the greatest health insurance to avoid situations like these.

Physical breast screening for abnormalities was carried out till

mid-day by the team from Sinel Specialist Hospital for interested staff.

This Talk is the first of a threeday event as part of the Bank’s breast cancer awareness month celebration to be followed by Pink Friday, and a health walk scheduled for Saturday 29th October 2022.

The GCB Clinic, Corporate Affairs, Human Resources, and S&IT Departments worked together to organize the event in order to raise awareness on this crucial issue and help save lives.

In attendance was the MD, Mr. Kofi Adomakoh, Emmanuel OdarteyLamptey (DMD Operations), Samuel Aid0o (Head- Wholesale & Investment Banking), Frank Otinkorang (Financial Controller), Nana Kwabena Yeboah (HeadHuman Resources Department), various heads of Departments and employees of the Bank.

The Liz Truss tragedy

Liz Truss’s stint as British prime minister is over, but she was right that the United Kingdom needs growth. Her downfall is tragic, because growth is the only path out of the country’s economic dilemma.

The UK is surprisingly poor. Its GDP per capita is just $43,000, compared to $60,000 in the United States. The average British home is one-third the size of the average US home. Worse, the country’s economy is not growing. Its GDP per capita is lower than it was in 2007. Productivity – the underlying source of economic growth – has been flat for over a decade.

The UK desperately needs supplyside reforms. Surging inflation tells us that demand-side stimulus is a spent force.

If anything, Truss’s proposed reforms were too mild. A 40% top marginal income tax rate (down from 45%) would not make the UK a low-tax free-market Shangri-La, especially considering that it would also still have a 20% value-added tax (VAT), national insurance taxes, property taxes, corporate taxes, and more. Recall that US President Ronald Reagan and Speaker of the House Tip O’Neill (a Democrat) cut the top federal marginal rate from 70% to 28%.

Truss also proposed free-market “investment zones.” But if one accepts that pro-investment tax and planning conditions are good in blighted areas, why not the whole country?

The UK is at a post-Brexit crossroads. Will it become a freetrade, entrepreneurial, financial hub – a “Singapore on the Thames”? Or does Brexit mean protecting and subsidizing inefficient businesses and places even more than the

European Union allows?

Unfortunately, we now know the answer. Truss’s critics have no counterproposal that has any chance of reigniting growth. The stage is set for further hightax, high-subsidy, over-regulated decline.

As sound as Truss’s plans were in economic-policy terms, her government’s handling of the messaging and the politics was spectacularly inept. That is an important lesson for those of us who want to see more growthoriented policies in the US, Canada, and Europe.

One obvious mistake was Truss’s announcement of a £60 billion ($68 billion) blowout to hold down gas prices. That is not a good way to launch a pro-growth revolution.

She then moved on to “tax cuts,” predictably raising the ire of the high-tax intelligentsia. In announcing the policy, neither Truss nor her chancellor of the Exchequer, Kwasi Kwarteng, explained the point of lowering tax rates. For example, Kwarteng sold tax cuts as “putting money back into people’s pockets.” But such Keynesian stimulus is the last thing the country needs amid historic inflation. Kwarteng should have explained that lower tax rates improve the incentives to work, save, invest, start a business, or, in the case of corporate taxes, move a business to the UK or keep it there. (Ideally, one cuts tax rates but broadens the base, maintaining revenues until spending falls.)

If you can’t explain that clearly and consistently, you either don’t understand or believe your own message, or you think voters are too dumb to comprehend it.

Either way, your revolution will fail. In the face of predictable, implacable hostility from the entrenched left-wing media and economic commentariat, a freemarket revolution needs great communicators.

By starting with taxes and subsidies, Truss and Kwarteng guaranteed that nobody would pay attention to the most important parts of the plan: the essential pro-growth regulatory reforms that they had described in the 2012 book Britannia Unchained. Britain’s housing restrictions, as in the US, lead to absurdly high prices, which stymies many businesses and the workers they might hire.

The situation is especially harmful to less-advantaged people who cannot afford to live near highproductivity jobs. Truss had also planned to bring back North Sea oil production and lift the UK’s ban on fracking. These are sensible responses to a global energy crisis.

The lesson is that growth-minded policymakers should start with microeconomic reforms. Everyone can see that over-regulation and restrictions on housing and energy production are hobbling supply. Even climate-change activists are noticing that it is too difficult to get permits for windmills and transmission lines. Everyone can see that schools are awful and getting worse. Workers as well as business owners and managers can see that labor regulations are straitjacketing their workplaces. People can see in everyday experience how social-program disincentives lead some people not to work at all.

Patiently explaining these problems to voters can also make for

good politics. We all long for simple mind-the-store competence in our governments. Fixing dysfunction is a visible achievement that works right away, with no short-run cost.

Truss’s handling of the politics was even worse than her marketing. Margaret Thatcher and Reagan faced the same withering scorn from the chattering classes, and they had to endure years of hardship before their reforms took root. But they held firm.

Truss’s critics seized on UK bondmarket hiccups, though these were tiny compared to those of the 1980s. They also were largely attributable to the Bank of England raising rates, and to a pension risk regulation fiasco. Nonetheless, Truss quickly gave in. By starting with an energy blowout to placate the left, she already encouraged her opponents to go in for the kill. When a shark is on your trail, you don’t offer it a foot and then assume that you’ll both get along. When an iron lady was needed, Truss proved to be made of straw.

The US, too, is a high-tax, overregulated, over-subsidized, highdebt, slow-growth economy. For us, too, supply-side reforms are the only way out. Yet many of our conservative voices now pander to voters by advocating biggovernment big-tax nationalism, protectionism, subsidies, and crony capitalism, albeit directed in different directions than the left.

For those of us who still understand that the only real solution lies in economic freedom and small, competent government, Truss’s downfall offers important lessons. We must heed them so that we don’t blow our chance if we get one.

Oxford Business Group announces new appointments for Africa

…forthcoming report on Ghana to map out latest investment opportunities

Oxford Business Group (OBG) has expanded its presence in Africa by making new appointments for key roles across the region and introducing the team that will be leading the next phase of its operations in Ghana.

Harry van Schaick takes on the role of Regional Editor for Africa, expanding his responsibilities across the continent, where he has already managed research and editorial output for OBG in Egypt and other North African markets.

He brings a wealth of experience to his role, having also overseen projects in The Americas and the Middle East. Since joining the company in 2015, van Schaick has interviewed and met with heads of state, ministers and private sector stakeholders across more than 10 markets, providing valuable business intelligence for OBG’s wide-ranging suite of products. He has also produced blogs and other written pieces for OBG and key media outlets, ranging from the BBC to Bloomberg.

Van Schaick holds a degree in human geography from the University of Sheffield and an MSc

in international development from the University of Amsterdam. Prior to joining OBG, he worked with the United Nations in Colombia and Vienna, focusing on inclusive development issues in the Global South.

With work set to begin on OBG’s country report on Ghana, OBG has made two strategic appointments for this key regional market.

Ramona Tarta takes on the role of Country Director, while Israel Venunye is the global research and advisory firm’s new Editorial Manager. Together, they will work to produce The Report: Ghana 2023, OBG’s forthcoming report on the country’s economic development and investment opportunities, as well as other key content.

A new member of the OBG team, Tarta has a background in international business relations, having worked in strategy-focused roles on investment projects and reports with a worldwide reach on over 20 countries. A Romanian national, she holds a degree in IT and economics.

An award-winning Ghanaian journalist and broadcaster

specialising in current affairs, Venunye brings with him several years of media experience in radio and television broadcasting, content development, production and programming; during which time he has met and interviewed high-ranking personalities from the private and public sectors. Venunye has also worked in the field of communications strategy and holds a degree in business administration from the University of Professional Studies, Accra, with several years of progressively relevant experience in research, writing, communication, and public relations.

Welcoming the new team on board, van Schaick, said Tarta and Venunye were taking up their roles at a time when Ghana’s efforts to unlock the potential of its resource wealth and boost the private sector’s contribution to economic growth were gaining pace.

“Ghana is an attractive market, offering investors a politically and economically stable environment for their operations and opportunities in key industries, ranging from hydrocarbons and

value-added manufacturing to agri-tech,” he said. “With their combination of local knowledge and international expertise, I’m sure Ramona and Israel will do an excellent job of identifying the many openings that this developing economy offers and highlighting them to business leaders worldwide.”

The Report: Ghana 2023 will mark the culmination of more than 12 months of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments, and contain contributions from leading representatives across the public and private sectors. The report will be available online and in print.

The Report: Ghana 2023 forms part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including ESG and Future Readiness reports, country-specific outlook articles and interviews.

WEEKLY MARKET REVIEW FOR WEEK ENDING - OCTOBER 21,

MACROECONOMIC INDICATORS

Q3, 2021 GDP Growth 4.8%

Average GDP Growth for 2021 4.1%

2022 Projected GDP Growth 3.7%

BoG Policy Rate 24.50%

Weekly Interbank Interest Rate 24.96%

Inflation for February, 2022 37.20%

End Period Inflation Target – 2022 28.5%

Budget Deficit (% GDP) – Dec, 2021 6.4%

2022 Budget Deficit Target (%GDP) 6.6%

Public Debt (billion GH¢) – Dec, 2021 402.4%

Debt to GDP Ratio – Dec, 2021 68.0%

STOCK MARKET REVIEW

The Ghana Stock Exchange closed lower for the week on the back of price declines by 2 counters. The GSE Composite Index (GSE CI) lost 94.55 points (-3.84%) to close at 2,365.89 points, reflecting a year-to-date (YTD) loss of 15.18%. The GSE Financial Stocks Index (GSE FI) was flat for the week closing at 2,068.16 points (0.00%), reflecting YTD loss of 3.89%.

Market capitalization declined by 1.29% to close the week at GH¢63,646.60 million, from GH¢64,478.26 million at the close of the previous week. This reflects a YTD decrease of 1.32%.

Trading activity recorded a total of 550,652 shares valued at GH¢20,555,072.32 changing hands, compared with 3,546,068 shares, valued at GH¢59,618,839.97 in the preceding week.

MTN dominated volume of trades whiles New Gold dominated value of trades for the week, accounting for 65.10% and 96.99% of shares traded respectively.

The market ended the week with 2 advancers and 2 decliners as indicated on the table below.

THE CURRENCY MARKET

The Cedi lost more grounds against the USD for the week. It traded at GH¢12.5307/$, compared with GH¢10.7169/$ at week open, reflecting w/w and YTD depreciations of 14.47% and 52.07% respectively. This compares with YTD depreciation of 2.29% a year ago.

The Cedi again weakened against the GBP for the week. It traded at GH¢14.0914/£, compared with GH¢11.9987/£ at week open, reflecting w/w and YTD depreciations of 14.85% and 42.33% respectively. This compares with YTD depreciation of 3.05% a year ago.

The Cedi continued its downward trend against the Euro for the week. It traded at GH¢12.3328/€, compared with GH¢10.4318/€ at week open, reflecting w/w and YTD depreciations of 15.41% and 44.63% respectively. This compares with YTD appreciation of 2.84% a year ago.

The Cedi also weakened against the Canadian Dollar for the week. It opened at GH¢7.7313/C$ but closed at GH¢9.1500/C$, reflecting w/w and YTD depreciations of 15.50% and 48.18% respectively. This compares with YTD depreciation of 5.07% a year ago.

GOVERNMENT SECURITIES MARKET

Government raised a sum of GH¢1,301.17 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢974.51 million raised in the previous week.

The 91-Day Bill settled at 32.16% p.a from 31.39% p.a. last week whilst the 182-Day Bill settled at 33.08% p.a from 32.24% p.a. last week. The table and graph below highlight primary market yields at close of the week.

COMMODITY MARKET

Oil prices settled up on Friday as hopes of stronger Chinese demand and a weakening U.S. dollar outweighed concern about a global economic downturn and the impact of interest rate rises on fuel use. Brent futures traded at US$93.50 a barrel on Friday, compared to US$91.63 at week open. This reflects w/w and YTD gains of 2.04% and 20.21% respectively.

Gold prices gained for the week as the dollar weakened amid reports of a potential debate amongst the U.S. Federal Reserve officials about the pace of rate hikes. Gold settled at US$1,656.30, from US$1,648.90 last week, reflecting w/w gain and YTD loss of 0.45% and 9.42% respectively.

The price of Cocoa saw a decline in growth for the week. The commodity traded at US$2,306.00 per tonne on Friday, from US$2,377.00 last week, reflecting w/w and YTD depreciations of 2.99% and 8.49% respectively.

INTERNTIONAL COMMODITIES PRICES

BUSINESS TERM OF THE WEEK

Unfunded

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Blessed Clementina R/C Basic School marks 30th anniversary

Blessed Clementina R/C Basic School, Ashiaman, has commemorated its 30th anniversary with a series of events which saw the active participation of past and present staff and students.

Speaking at a grand durbar to mark the milestone, the Headmistress of the school, Agnes Abigail Tweneboah Kodua, expressed joy at the successes the school has attained. “As an institution, we have worked extremely hard, since our founding, to educate the whole child, taking into account their cognitive, spiritual, and physical development,” she stated.

The Headmistress reserved special commendation for the Parent and Teachers Association (PTA, which she says has been crucial in providing needed infrastructure. The infrastructure includes a well-equipped Information, Communication, and Technology (ICT) lab, equipped wiith about 15 desktop

computers and other accessories.

“When I took over as headmistress, we lacked some of these facilities but thanks to the PTA team, we now have one that has been renovated and is well-equipped. Additionally, we now have whiteboards in the classroom. We have given thousands of kids a foundation for academic and social success as a school, and we still do so today,” the educationist said.

She added that the founder’s dedication and hard work as

well as that of its current and former teachers has ensured that the school has become one of the top elementary schools in the Ashaiman area, topping its peers in academics, sports, and discipline.

“The school was established with the aim of giving holistic training and development to the children of the parishioners and now to the whole Ashaiman community. Since the school’s inception, we have been the eye of basic schools in Ashaiman be it in

academics, sports, and all around. Every year as a public school we excel in BECE, we get at least more than four pupils come out with flying colours every year,” Mrs. Tweneboah Kodua noted.

As part of the festivities, former students made charitable donations to the school, in a bid to enhance teaching and learning. Other activities included repainting the entire school block to give it a facelift, as well as distributing sanitation supplies like veronica buckets, tissues, and sanitisers to the schools to improve general sanitation.

Located in Ashaiman, a suburb of Accra, Blessed Clementina was established as a private catholic school in September 1989 with the goal of educating children of the parishioners. To meet the educational needs of wards in the township and beyond, the school was later integrated into the general public mainstream in September 1992.

Stanbic employees donate uniforms to 100 underprivileged school children

Staff of Stanbic Bank’s Operations Unit have donated school uniforms to the Kotobabi TMA Basic School in Tema, as part of their annual employee community initiatives. The staff donated over hundred school uniforms and clothes to the pupils who are underprivileged.

Speaking at a short ceremony to hand over the items to the school, Card Operations Manager at Stanbic Bank Ghana, Prince Anderson, noted that the donation forms part of the Bank’s core culture to positively impact teaching and learning in Ghanaian communities.

He stated that, “Education is a very important pillar in building a nation. At Stanbic bank we are very concerned about national growth and that is why supporting this school is very important to us. We are glad for the opportunity to support these young children and give them access to quality education here at Kotobabi TMA. In the past we have renovated one of the classroom blocks, provided sanitary towels to the older female students and this time we are

focusing on the kids in kindergarten.”

“We have noticed that a number of the children do not have uniforms and sometimes show up to school wearing regular clothes. To fix this, we are donating over a 100 school uniforms to the students. This is only the beginning and we will surely return to give more” he added.

Mrs. Veronica Ghartey, Head Mistress of the Kotobabi TMA Basic School, who received the items on behalf of the school expressed her appreciation to the Stanbic team for their continuous acts of compassion.

She said, “We are very grateful for the support we have been receiving from Stanbic Bank all these years. Most of our pupils cannot afford school uniforms and show up to school in house clothes. We are

very happy to the Operations team from Stanbic for stepping in once again to help these little ones with this donation. I believe it will go a long way to help them out and encourage

over the years. Earlier this year the bank organized a STEM training camp for young girls in Senior High Schools. The bank has also supported tertiary students of the University of Ghana and Kwame Nkrumah University of Science and Technology with their one student one laptop initiative for