increase.TheIES
Absa Bank’s unique relationship with SMEs is winning in the marketplace
Marketscan picked Total, GOIL, Shell/Vivo, and Sel as OMCs with the highest-priced fuel on the downstream petroleum market, while Zen Petroleum, Benab Oil, Allied Oil, Petrosol, and Goodness Oil were picked as the OMCs with the least-priced fuel on the market.
By Benson Afful
tourismNationaldev’tplanshouldguidepoliticalpartymanifesto–Prof.Gatsi
Energy analyst Institute for Energy Security (IES) has projected a marginal reduction in the current price of Gasoline at the local pump, due to the significant decline in the value of the local currency against the US Dollar.Inits recent analysis on the energy industry, the institute said with the fall in the international price of Gasoline and Gasoil by 10.96% and 0.54% respectively, it “projects a marginal reduction in the current price of Gasoline at the local pump, due to the significant decline in the value of the local currency against the US Dollar.”Even though the prices of Gasoil and LPG also dipped on the international market, the energy experts said the 3.58% depreciation of the cedi may thwart any expected fall in the price of the two products at the localConsumers,pumps. it said may rather be forced to buy Gasoil and LPG at a higher value over the current
prices for the rest of September 2022, on account of the cedi fall against the greenback.
Cedi woes may analystinexpectedthwartfallfuelprices,says
Local fuel market performance
The prospective national carrier must lead the rebound of
In the just-ended pricing window, fuel sold at all Oil Marketing Companies (OMCs) monitored by the IES increased by roughly 3% for Gasoline and 7% for Gasoil on average terms.
FRIDAY, SEPTEMBER 16, 2022 NEWS FOR BUSINESS LEADERS .COM.GH Story on page 3 Story on page 4
The national average price per litre of Gasoline stands at Gh¢11.30 up from Gh¢10.95 in the last window, representing a 3.19% increase. Gasoil’s national average price per litre stands at Gh¢14.45 from a previous average of Gh¢13.42, representing a 7.68%
Recent statistics put proportions of the youth (15 to 35) that are unemployed and seeking work at 34.2percent. Unemployment is therefore considered by many to be the most critical issue affecting the country.
Copyright @ 2019 Business24 Limited. All Rights Reserved.
metric tonne. Gasoil price also saw a decrease although marginal (0.54%), from its earlier price of $1098.89 per metric tonne to a present price of $1092.92 per metric tonne. LPG’s price on the international market also
Horticulture fast becoming the new job-making machine
to a decline in crude oil prices— as well as the price of gasoline, much to the delight of consumers. Oil prices have varied in recent months due to fears of a recession and the loss of Russian oil as a result of sanctions imposed on Russia for its invasion of Ukraine.
continues to drop, shedding off 1.51% from $600.02 per metric tonne in the last pricing window to an end date price of $590.97 per metric tonne.
Limited
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Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, specifically the horticultural value chain.
This year’s theme “Growth Unleashed” preps the mind of young Ghanaians to burst forth and to grow beyond the norms to achieve a blooming environment.Theglobal horticulture market is estimated to be valued at USD 20.77 Billion as of 2021 and is projected to reach US$40.24bn by 2026 at a compound annual growth of 10.2percent whilst global flower and ornamental plants market was valued at US$475.6m in 2020 and is expected to reach US$725.4m by the end of 2027, growing annually at 6.3percent during 2021-2027.
World fuel market
Data monitored by the IES Economic Desk from the foreign exchange (Forex) market points to a marginal depreciation of the Cedi against the US Dollar. The Ghana Cedi depreciated by a significant 3.58% from the previous rate of Gh¢9.75 to the current rate of Gh¢10.10 to the US Dollar.
Oilprice.comfromdatawithConstruct,IES
The International Brent Benchmark saw a 2.77% price reduction over the previous pricing window’s average price of $96.72 per barrel, to the current average price of $94.04 per barrel.
“When the last tree dies, the last man dies” they say and truly so because flora and fauna preserve the environment and hence human life, and at a time that economies are grossly feeling the harsh outcomes of climate change, the need to preserve our environment and green resources have become even more critical.
In the last pricing window, Brent Crude prices decreased due to economic data from the United States and China. Brent crude oil prices plummeted below $90 per barrel, falling below the prices that prevailed prior to Russia’s invasion of Ukraine, as poor economic data from China fueled fears of weak commodity demand. Chinese economic data revealed that retail sales climbed 2.7% year-over-year in July, while industrial production increased 3.7%. The economists forecasted gains of 5% and 4.6%, respectively.
The world fuel market saw price changes as monitored on Standard & Poor’s (S&P’s) Platts platform within the just-ended pricing window. Gasoline price fell by 10.96%, from its initial price of $951.39 per metric tonne to the end date price of $847.11 per
Cedi woes may thwart expected fall in fuel prices, analysts say
Now in is tenth year, the annual Garden and Flower Show challenges and motivates the youth and businesses in the sector to aspire to grow and reach their full potential, in order to improve their livelihoods and impact society.
World oil market
2022, OPEC and allied oilproducing countries, including Russia, reduced their supplies to the global economy by a small amount, signaling their displeasure with the fact that recession fears have contributed
Local Forex
On Monday 5th September
By Benson Afful
Ghana for the varied purposes of beautification, wealth and job creation as well as a sustainable fight against climate change.
It is trite to say that with the right national and individual orientation, policies, and drive, Ghana’s rich flora and fauna resources could provide millions of jobs to the country’s teeming youth.
Stratcomm Africa is leading the charge to green
FRIDAY, SEPTEMBER 16, 2022 | FEATURE 3
SMEs, undoubtedly, are the backbone of economic transformation in Ghana. They contribute more than 80% to socio-economic growth and Absa’s strong footing in that space is a key part of the bank’s success, after only two years of existence in the country. A lot of thinking has gone into the bank’s positioning in the eyes of SME businesses. For example, a recent partnership with the Mastercard Foundation, has transformed access to finance for most of these SMEs, especially the ones owned by women in the country.
Accra, 15 September 2022 - The image of Absa Bank’s Managing Director, Abena Osei-Poku, gliding along the busy and complex streets of Ghana’s capital city, in search of her customers, is not unfamiliar to many. At the start of this year, it was Abena who took to the streets of Kantamanto, sliding her way through thick crowds, and into the shops of her clients. Next, she sat and interacted with them; finding out their challenges and key needs. These visits usually end with a message of acknowledgment and appreciation for their business and a pledge to resolve outstanding issues.
The 1992 Constitution, article 87 stipulates that the National Development Planning Commission (NDPC) is supposed to advise and guide the President on development issues. However, the elected president comes into office with a plan -the party’s manifesto, it is in view of this that Prof. Gatsi reckons the national development agenda, agreed by all should fit into the plans of the ruling government.
climbed to the highest level in 21 years in August as the price of imported goods continued to surge, fueled by a slide in the cedi.
regionsAccording to him, the economy is distressed due to; high unsustainable public debt, high interest payment burden which dwarfs financial commitment to other sectors, undulating macroeconomic environment, fiscal dominance situation, low revenue performance, neglect of the potential of modernized agriculture and inefficient spending.Thetiming of policy decisions and the degree to which leaders take responsibility are crucial in managing crises, he noted.
Further, Prof.Gatsi also touched on the transformation of the Ghanaian economy, by calling for a well-developed long-term inclusive investment in human capital in an environment of upgraded use of technologies and real rule of law.
Absa Bank’s unique relationship with SMEs is winning in the marketplace
National dev’t plan should guide political party manifesto – Prof. Gatsi
For him, prioritising inclusive nation, with political leaders “should see themselves as stewards and their positions as a privilege and not an unquestionable right.”
free loans from the bank. What is significant about this offering is that it fits into the perfect circumstance of these businesses, many of whom are trying to find their feet amidst the pandemic and general macroeconomic challenges. If the pandemic taught us nothing, it highlighted a return to prudence by banks in terms of lending. This makes Absa Bank a desired destination for SMEs due to readily available funds.The clients were encouraged by Abena’s presence and expressed gratitude for the relationship, most of whom have been with the bank for decades, during the erstwhile Barclays era.
depart from it, that would ensure continuity of projects.”
with the Ghana Union of Traders Association (GUTA), which now makes it possible for SMEs to
Sharing her thoughts after the visits, Abena said: “Our clients
Ghana like most global economies is experiencing challenges in its macroeconomic situation, with inflation rate
Annual imported inflation quickened to 35.2% from 33.9% a month prior, outpacing domestic price growth for a fifth month, the Ghana Statistical Serviced announced on Wednesday.
He also indicated that government should address technological and skills inequality among young people with high density of the inequality manifesting in the apparent unbalance development of the
and customers matter to us because they are the reason for our existence. We are a bank that is excited by the role SMEs play in economic growth and how we are positioned to support and empower them. It is a strong commitment for us, and we shall continue to look for new and dynamic ways to help them grow. Staying in touch with our customers has become a part of our culture and I am happy to be leading by example.”
The Dean of University of Cape Coast School of Business, Prof. John Gatsi, has recommended that an inclusive national development plan should guide development of political party manifestos during an election year.According to him, a national plan agreed by all and sundry will ensure continuity of projects and also promote transparency and accountability.Speakingat Center for Social Justice 11TH Leadership Dialogue Series in Accra, he stated “we cannot stop political parties from developing manifestos, but we should have a national development plan agreed by all; for instance, if we decide to link the Eastern and Western corridors of rail lines, the national plan should tally with the manifesto and should not
Absa Bank’s unique focus on SMEs and a digital-first approach to banking is winning many businesses to its stable. Despite the myriad of challenges faced by most businesses last year, Absa emerged as the most profitable bank in Ghana with a 55% rise in profit before tax and a 17% increase in total revenues. It also became the first bank in the history of the country to cross GHS1 billion in general profitability.Absais a bank that has constantly trotted to the rhythm of it own beat and has over the years, delivered the goods to show for it. A strong focus on SMEs is a stroke of inspiration; especially as the current landscape has shown, and Abena is not resting on her laurels to reinforce this.
The Mastercard Foundation agreement has opened doors for Absa, leading to a relationship
businesses across different sectors of Ghana’s economy.
The leadership dialogue series provides a timely opportunity to discuss the root causes of the current economic, fiscal and monetary crises to determine how we proceed in the overall interest of citizens, businesses and remain attractive.
Earlier this week, Abena was a familiar sight once again. This time it was to the busy Makola shopping district where she got the chance to engage three SME clients involved in the sale of different goods.
It was vintage Abena; always interested in knowing what the key economic challenges are, how her clients are handling the pressure and what she can do to ease their pain points. The conversations drifted towards familiar territory of access to funds at convenient rates and the flexibility of the bank’s services and product offerings. Abena was pretty much upbeat about the
By Eugene Davis
“The start of the new airline will be a key milestone in the country’s quest to deepen its participation in the aviation industry following the collapse of the erstwhile Ghana International Airlines about a decade ago”. Mr. Fiifi Kwetey in an interview with the B&FT on the sidelines of a special stakeholders’ dinner in Accra to celebrate the first anniversary of South Africa Airways’ Accra-Washington said: “We are working to a time-table. We are working to see that by October 2016 we can have our first flight. So it is between now and October. We are working extremely hard to ensure we are able to achieve it.
I remember Ghana Airways always been available to transport our various national teams, the supporters, our pilgrims and stranded Ghanaians abroad back home.The cheap air fares made travelling abroad affordable and that forced many other competing airlines to bring down their fares. Many foreign tourists travelling to Ghana were proud to
Air transport improves quality of life by broadening people’s leisure and cultural experiences. It provides a wide choice of holiday destinations around the world and an affordable means to visit distant friends and relatives.
Good air transport links influence where companies choose to invest. According to a survey14, 56% of companies
He expressed his opinion that they were pressing very hard and pushing towards that calendar. They have a lot of technical expertise on-going with South Africa Airways. They are not looking at being a majority shareholder but have significant minority.”
The reports says that Ashanti Airlines is nearing the completion of its Air Operators Certificate (AOC) to enable it to operate as an airline in Ghana.
“The proposed new national airline is expected to take to the skies in October this year. After months of preparatory works and tying up of loose ends in respect of the defunct Ghana International Airlines”, Transport Minister, Fiifi Kwetey has said.
FRIDAY, SEPTEMBER 16, 20224 | NEWS
It is reported that the government of Ghana has selected Ashanti Airlines as the official partner for Ghana’s home-based carrier (to be an international airline carrier representing Ghana).
Aviation provides the only worldwide transportation network, which makes it essential for global business and tourism. It plays a vital role in facilitating economic growth, particularly in developing countries.
When I first read this news, I decided to do this article because I’m very convinced a national carrier will enhance tourism flow to Ghana. Data show that the highest number of visitors to Ghana hail from North America and a direct flight with a Ghana based airline will keep the fare lower and enable tourist fly at a cheaper fare. Since 2010 Ghana has been without a national airline since the collapse of Ghana International Airlines in 2010, following the demise of Ghana Airways in 2004. Attempts to establish a new home-based carrier have led to the signing of MoUs with Ethiopian Airlines and EgyptAir, respectively, with no clearTheoutcome.ownership structure of this new airline we are told are astute Ghanaian business men who have succeeded in their various business and understand the need to be profitable.
The role of a national carrier cannot be underestimated in tourism development in any nation. Sadly in Ghana, the story of our national carriers have been one associated with failure due to huge debt accumulated by our two previous national carriers and many other contributing factors. Some few years back, Ghana Airways was the pride of the continent.
Since the first jet airliner flew in 1949, use of commercial aviation has grown more than seventyfold. This growth is unmatched by any other major form of transport and is essential to economicDemandprogress.forair services increases the influence of air transport on the global economy, making possible the rapid movement of millions of people and billions of dollars’ worth of goods to markets around the world.The industry plays a decisive role in the work and leisure of millions of people. It promotes
Air transport improves the efficiency of the supply chain, for example, many industries use air transport to shorten delivery times as part of their just-in-time delivery systems, enabling them to deliver products to clients quickly and reliably and to reduce costs.Air transport provides consumer welfare benefits to individuals in terms of the increased availability of travel connections, and for local airport communities. These must be taken into account when considering environmental impacts on, for example, air quality, noise and congestion in the vicinity of airports.
Air transport’s influence on investment
Air transport boosts productivity across the global economy: improved transport links expand the market in which companies operate. As a result, companies are better able to exploit economies of scale thereby reducing costs, and to specialise in areas of comparative advantage. By opening up markets, air services expose companies to stiffer competition, encouraging them to become more efficient.
Continued from page 1
There was another hope when the Mahama administration informed us a new airline was about to begin operations.
The role of a National Carrier
With the introduction of Ghana International Airline (GIA) by the President Kuffour administration, there was hope and we were all excited. Unfortunately, GIA could also not stand the test of time. It also collapsed after some few years in operation.
fly Ghana Airways to experience the Ghanaian hospitality onboard.Theywere welcomed onboard with some Ghanaian dishes, a taste of what they were to expect whiles in the motherland. Ghana Airways Training Centre also trained many young men and women who are today doing well within the travel and tourism industry.When news of the sale and liquidation of the airline was made public to the staff, with unemployment staring them in the face, they resulted to divine intervention through prayer and fasting, regular all-night sessions hoping a miracle will happen. Unfortunately, that miracle never happened and the airline was eventually liquidated.
Speaking some few months earlier at the sod-cutting ceremony to commence construction of a new terminal to be known as Terminal 3 (T3) at the KIA, President John Dramani Mahama said; that “government is working assiduously to get a new national airline established on a Public-PrivatePartnership basis soon, after a successful prefeasibility study” “Government’s plan to set up a new national airline under a PPP arrangement to support the policy-objective of establishing Kotoka International Airport (KIA) as an aviation hub is also on-going.TheNDC eventually lost power and come in the current administration. After two six years and counting the good news is finally here. Could this be the eventual jackpot we have all been waiting for? Well so far so good.
Air transport helps to improve living standards and alleviate poverty, for instance, through tourism.Airtransport contributes to sustainable development. By facilitating tourism and trade, it generates economic growth, provides jobs, increases revenues from taxes, and fosters the conservation of protected areas.
The prospective national carrier must lead the rebound of tourism
Continued on page 5
Economic benefits of National carriers
Air transport facilitates world trade: air transport helps countries participate in the global market by increasing access to main markets and allowing globalisation of production. Air transport also encourages countries to specialise in activities in which they have a comparative advantage, and to trade with countries producing other goods andAirservices.transport is indispensable for tourism, particularly for remote and island destinations. Tourism directly supports jobs in airlines and airports, and spending of visitors arriving by air creates a substantial number of jobs in the tourism industry.
an improved quality of life and helps to improve living standards. By facilitating tourism, air transport also helps generate economic growth and alleviate poverty – providing employment opportunities, increasing revenues from taxes and fostering the conservation of protected areas.
At least since the introduction of African World Airline, we have seen that Ghanaians can own and run a successful airline. The first experiences were not positive ones and this time around we are convinced we shall be on the right course.
Tel: +233 (0)302 21 6000 www cbg com gh cbgbankltd CBG Controller Loan • Eric Oppong-Johnson - 0596912267 • Samuel Asewe - 0556493505 • Get up to GH¢250,000 • Tenor - 72 Months • Fix rate throughout the loan tenor • No penalty for early pay off • Buy off other loans FEATURES • Mandate Pin • Competitive interest rate • Mandate Number • Settlement quotation (applicable to pay off) REQUIREMENTS (CONTROLLER) Continued from page 4
Air transport contributes to sustainable development
FRIDAY, SEPTEMBER 16, 2022 | NEWS 5
of protected areas and the environment. In effect, protecting the environment attracts tourism and the development of the tourism industry, which in turn makes it possible to finance the protection of nature and cultural heritage, thereby increasing the benefits of protected areas to the country. Moreover, the promotion of nature-based tourism is an effective lobbying tool that favours nature conservation over nonsustainable agricultural activities. It can also increase the sense of ownership and responsibility for natural resources, among local communities.
consider international transport links to be an essential factor for locating businesses in Europe. Another survey15 found that 18% of businesses’ past investment decisions were directly affected by the absence of good air transport links, especially in hightech sectors. Around 28% of companies believe that innovation and investment in research and development would be very badly or fairly badly affected if air transport services wereReductionsconstrained.in barriers to international trade: most notably, the creation of free trade blocs such as the European Single Market, North American Free Trade Agreement (NAFTA) and Mercosur, and the widening influence of the World Trade Organization (WTO). In addition, many bilateral trade barriers have also been removed.
Air transport makes a major contribution to sustainable development by supporting and promoting international tourism. Tourism helps reduce poverty by generating economic growth, providing employment opportunities, increasing tax collection, and by fostering the development and conservation
Philip Gebu is a Tourism Lecturer. He is the C.E.O of FoReal Destinations Ltd, a Destinations Management and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your comments and suggestions. Write Instagram:sitesVisist233(0)244295901/0264295901.comwww.forealdestinations.com.comforealdestinations@gmail.to/info@forealdestinations.VisitourwebsiteatorcallorWhatsAppoursocialmediaFacebook,TwitterandFoRealDestinations.
Movement to work towards growth in sustainable living through the achievement of a Greener, Cleaner, Healthier, and Wealthier more Beautiful Ghana.
He further noted that Stanbic Bank’s commitment to supporting young entrepreneurs goes beyond financial support to training and mentorship through its Incubator programme. According to Yaw Njorgnab, “At Stanbic Bank we provide far more than financial support. We have institutionalised
Show is an annual flagship event of the Ghana Garden and Flower Movement, an initiative of Stratcomm Africa. The 2022 edition began on 31st August and will run till the 6th of September 2022, at the Efua Sutherland Children’s Park. The theme for this year’s Show, “Growth Unleashed”, speaks to the determination of the Ghana Garden and Flower
Package your business to attract funding
Speaking on what Stanbic Bank is doing to help young entrepreneurs, particularly within the agriculture sector to scale their businesses, Yaw Njorgnab said what attracts funding from financial institutions are ideas that are financially viable. He said “Every business starts with an idea and as a bank, our job is to make financial sense out of the ideas and put financial relevance to those ideas. Before you approach any financial institution with your business ideas you should package it in ways that make it very easy for the financial institution to make financial sense out of it”.
Mr. Njorgnab said this at the 10th edition of the Ghana Garden and Flower Show held at the Efua Sutherland Children’s Park.
FRIDAY, SEPTEMBER 16, 2022| NEWS6
Agribusiness Relationship Manager at Stanbic Bank, Yaw Njorgnab, has advised young entrepreneurs to package their business ideas in ways that make financial institutions confident in financing them.
a business incubator programme, the SB Incubator, that provides business advisory, coaching and mentorship, and market access facilitation and networking opportunities to aspiring entrepreneurs and start-ups in Ghana. The SB Incubator also offers world class co-working spaces.”TheGhana Garden and Flower
Stanbic Bank’s participation is in keeping with the institution’s Social Economic and Environmental agenda of impacting the community within which it operates.
The move by the Rotary Club, Accra-Airport Branch, was revealed when the President of
More Rotary impactful projects
The move to renovate the 37 Military Hospital Children’s Ward started in 2018 when the District Governor nominee, Mr. Amankwah expressed concern over the state of the ward after visiting a patient. He then proposed to the Rotary Club, Accra-Airport Branch to change the ceilings of the ward, especially, the insulations, since it was the one generating heat in the ward, thereby affecting the patients and theThisnurses.prompted a visit and a thorough assessment of the facility by a team from the Rotary Club, Accra Airport Branch, leading to the complete renovation of the facility.
With the adoption of the ward, it means the internationally recognized humanitarian service organization’s Accra-Airport branch would, henceforth, take full responsibility for keeping the Children’s Ward in good condition and also ensure the beautification of the edifice at all times.
the Rotary International (RI), Jennifer Jones, was joined by the District Governor of District 9102 of Rotary International and the Past President of Rotary Club, Accra-Airport, Afua Ababio, to commission the refurbished Children’s Ward in Accra on Tuesday, September 13, 2022.
The refurbishment included: Receiling of the two wards, provision of air-conditioners and television sets, bedding, a library, repainting and decoration, provision of a play area for children; and provision of a mother’s waiting area.
Prior to unveiling a plaque to signify the official commissioning of the refurbished wards, Jennifer Jones told the gathering that she was proud of what the Rotary Club, Accra Airport Branch, has done.Shedescribed the project as very impactful and called for more of such developments through partnerships or collaborations in the“Whatfuture.you have created is dignity. What you have created is hope. That is what a child and mother need when they come into this facility. How many of us have been to the hospital before? We know that when we go there, it is not for good reasons. You need to have a place that provides comfort. You do not have to live under a tree and get closer to a child. This [refurbished Children’s Ward] is a true meaning for impactful work”, she remarked.
She added “When we talk about sustainable impactful work, this is the best practice. Maternal and Child Health is one of our primary areas of focus. We’re doing incredible work across the world. The most important part of what we are seeing here today is the collaboration between the 37 Military Hospital and the Rotary Club, Accra-Airport Branch. You can’t do these things alone. You need to do them together; you need to work together so that we can create lasting change in our communities”.
The Rotary Club, Accra Airport Branch, has adopted and commissioned the refurbished Children’s Ward of the 37 Military Hospital at a cost US$100,000.00.
The Rotarians would be working hand-in-hand with the management of the 37 Military Hospital to achieve their set goals in this regard.
FRIDAY, SEPTEMBER 16, 2022 | FEATURE 7
Rotary Club Accra-Airport Branch adopts refurbished 37 Military Hospital Children’s Ward
The Commanding Officer of the 37 Military Hospital, BrigadierGeneral Azumah Bugri, in his welcoming address said the project did not only benefit children, but mothers, especially, who bore the brunt of their sick children.According to him, what is so remarkable about the refurbished ward is the provision of a library and the provision of a conducive atmosphere for mothers who come with their children when they are admitted to the health facility.“Childhood is a mandatory transition to adulthood which we all have to pass through. And it is hard time humanity demonstrated what you have done by ensuring that they go through this transition in safety and in good health irrespective of their socioeconomic background. Rotary Club, Accra-Airport Branch did it in 2018 and came back in subsequent years and fixed other aspects of the facility. This relation has been taken a step further from a simple assistance to what we are witnessing today – adoption. We are most grateful”, he noted.
A Memorandum of Understanding (MoU) has been signed between the two parties, recognizing that children are very vulnerable in society and must, therefore, be properly taken good care of, especially, when sick in a conducive environment.
Background
To survive, each regime touted its role as a defender of the people against foreign invaders. The Soviet Union and China suffered more losses than any other country in World War II –with their death tolls reaching 20-27 million and 15-20 million, respectively. And in the decades thereafter, the Cold War kept alive the fear of foreign invasion and the legitimacy of authoritarian regimes.Following the collapse of the Soviet Union in 1991, Russia became a model of what not to do. Its per capita income plummeted by 50% between 1989 and 1996, and did not recover to 1989 levels for another decade. Corruption and crime were rampant.
Unemployment skyrocketed from 5% in 1991 to 13% in 1998, and social problems like alcoholism rose in tandem. In 1993, per capita alcohol consumption had reached 14.4 liters (of 100% alcohol), up from 11.7 liters in 1989. In 1994, 47 people per 100,000 died from alcohol-related causes – three times higher than the US rate.
The strongman’s playbook strategy for boosting popularity dictates distracting attention away from China’s economic woes and attempting to take Taiwan by force. But history indicates that China will move cautiously and base its actions on Russia’s experience. The more successful Ukrainian resistance is, and the more costly the war is for Russia, the more likely peace across the Taiwan Strait will be.
Liberalization transformed China and Russia from relatively equal economies to ones where the top 1% own one-third of the wealth. In 2015, the bottom 25% of Chinese households owned only 1% of the country’s wealth, while the bottom half of Russian households owned just 15%.
The Communist Party of China learned from the Russian experience and pursued its
It is no coincidence that the Russian invasions of Crimea in 2014 and Ukraine in 2022 followed Putin’s controversial return for an unprecedented third term in 2012 and coincided with declining incomes (and oil prices) since 2014 and rising corruption. No explicit political resistance is expected at the start of Xi’s third term this October. But he still faces popular demands for economic improvement. Since 2012, when Xi came to power, corruption has increased while inequality is unabated. The prolonged zeroCOVID lockdowns have reduced economic growth forecasts for 2022 to 3.3%, the lowest since 1976 (excluding 2020).
While times have changed, the playbook for popularity has not. Strongmen still appeal to the people by presenting themselves as defenders of equality against poverty, corruption, and foreign invaders. The more controversial their hold on power is, the more they need success in these fights. The less success they have in the economic battles, the greater their need for an external enemy.
Like the Russian oligarchs, the new Chinese elites are usually perceived as egotistical, corrupt threats to state authority. In Russia, President Vladimir Putin gained popularity for “defeating” the oligarchs and bringing back law and order. In China, Xi’s aggressive campaigns to reduce corruption and curb the power of new billionaires – such as Alibaba founder Jack Ma – have been similarly popular.
in the Soviet Union (with the highest mortality rates in Ukraine) in 1932-33, and to 16.5-45 million famine deaths in China in 1959-61.
invasion of Ukraine.
China’s Future Will Reflect Russia’s
By Nancy Qian
liberalization with more care. Recognizing that rapid political liberalization in Russia had ended up sweeping the Communist Party from power, and that auctioning off state assets had given rise to billionaire “oligarchs,” the CPC took pains to avoid the same fate. By carefully controlling privatization and political reforms such as local elections, it restructured the economy gradually, making progress through trial and error, and avoided sudden and destabilizing shifts in the distribution of wealth.
FRIDAY, SEPTEMBER 16, 20228 | FEATURE
As China prepares for its 20th National Congress in October, when President Xi Jinping is expected to accept an unprecedented third term, many observers worry about uncertain days ahead, especially regarding Taiwan. But one doesn’t need a crystal ball to glimpse its future. China’s leaders, for their part, are looking at Russia.
Not surprisingly, these enormous economic calamities posed a serious political threat to the regimes. After all, the Soviets and the Chinese Communists were supposed to be modernizers who would empower the people and deliver economic prosperity after centuries of oppression, corruption, and abject poverty.
China has mirrored Russia’s historical trajectory for most of the past 100 years. At the beginning of the twentieth century, both were large empires with outdated institutions that could not protect their people from foreign wars, corruption, inequality, and poverty. While Russia’s per capita income in 1900 was around onethird that of the United States, Chinese incomes were half those ofInRussia.1949, the new People’s Republic was modeled, politically and economically, on the Soviet system. In both China and the Soviet Union, a command economy replaced markets, and the central government influenced every aspect of people’s lives – what they produced and ate, where they worked and lived, and what they could say, read, and write.But Beijing and Moscow struggled to maintain production, because workers enjoyed very little reward for their labor. Among other strategies to compel people to work harder, the Soviet and Chinese governments established systems that threatened farmers with starvation if their production did not meet quotas set by the state. This approach led to more than seven million famine deaths
The renewed rivalry with the West has also boosted both leaders’ popularity. Many Russians and Chinese have been convinced that the West – through NATO’s post1991 enlargement and US support of Taiwan – is a threat to their sovereignty. Polls suggest that up to three-quarters of Russians and most Chinese support Russia’s
This implies that the West African country with a population of 32.8 million is one of the countries with widespread poverty, low life expectancies, coupled with high birth rates, and poor education while access to healthcare is still a challenge.Commenting on the report, Angela Lusigi, UNDP Resident Representative in Ghana, said it was important for the country to adopt innovative ways to tackle the interconnected and complex challenges that affected human development.Shecalledfor collaborative efforts
The country saw no improvement in a year, keeping its Human Development Index (HDI) value of 0.62 for 2020 in 2021, positioning it at 133 out of 191 countries and territories.Thisisstated in the United Nations Development Programme (UNDP) human development report, which puts Ghana in the medium human development category.
The three Shenzhou-14 Chinese astronauts, or taikonauts, currently in China’s space station for a six-month mission, had a dialogue with students from eight African countries via video link on Tuesday.
per cent) in the second quarter of 2022.Henoted that: “Among persons in the labour force (15 years and older) about 380,000 are simultaneously food insecure, multidimensionally poor, and unemployed.”
to address the unequal human progress that had left many behind and said: “Let’s work together to unlock the potential of every Ghanaian to create a sustainable future in the face of uncertainty.”
This year marks the 20th anniversary of the establishment of diplomatic relations between China and the AU, and the event is one of the activities celebrating the occasion.
Dr Agyei-Holmes called for enhanced collaborations between the Government, businesses and research institutions to develop innovative warehouses that would keep foodstuff produced in the country.Healso called for road infrastructure development to ease the carting of farm produce from the rural communities to cities, increase manufacturing activities and encourage the consumption of local alternatives for foreign products.
Other indicators include Gross Domestic Product (GDP) per capita, exports and imports, homicide rate, multidimensional poverty index, inequality, and internet availability.
China Space Station: Shenzhou-14 taikonauts talk with African youths
Dr Lusigi also urged all stakeholders, including the private sector, to support efforts to remove existing structural, cultural and socioeconomic barriers that had blocked progress for young people, women, and people living with disabilities.TheUNDP Rep encouraged the country to put in place measures to spur investment, insurance and innovation, noting that, “it will go a long way in helping people navigate and thrive amid complex uncertainties.”MrPatrickAdzovor, Senior Staff Statistician, Ghana Statistical Service (GSS), who spoke on poverty, noted that many Ghanaians suffered deprivations in education and health and had poor standard ofHeliving.said the population of multidimensionally poor had increased from about 13.6 million (44.1 per cent) people in the first quarter of 2022 to 14.4 million (46.7
The event, co-hosted by the Mission of China to the African Union (AU), China Manned Space Agency (CMS) and the African Union Commission (AUC), was livestreamed on CGTN digital platforms. It’s the first time that the taikonauts had a direct dialogue with African teenagers.
Lin Xiqiang, deputy director of CMS, introduced China’s space station to the audience in a video message at the“Theevent.Tiangong space station
The taikonauts are Chen Dong, Liu Yang and Cai Xuzhe. They were sent into orbit in June to help assemble the country’s space station, and have spent over three months in space.
Dr Andrew Agyei-Holmes of the Institute of Statistical, Social and Economic Research (ISSER), noted that youth unemployment in the country had increased rapidly, amid reduction in resources and high Government expenditure.
Ghana asked to double efforts to improve citizens’ wellbeing
Human Development Index value is determined by combining a country’s scores with several indicators, mainly life expectancy, literacy rate, and income.
The trio answered questions ranging from their life in orbit to scientific experiments conducted aboard the space station, from students from Algeria, Egypt, Ethiopia, Namibia, Nigeria, Senegal, Somalia and South Africa.“Itis said that you can see the Great Wall from space. Can you see
Mr Adzovor asked the Government to utilise data and recommendations from the Statistical Service, develop and implement policies that would increase investment for social protection and build people’s ability for a prosperous Ghana.
the Sahara Desert and Mount Kilimanjaro from the Tiangong space station?” an Algerian student asked.
“Actually, we cannot see the Great Wall from space. However, when we are above the African continent on a clear day, we can see the Sahara and Kilimanjaro through the porthole. We can also see some big cities. Particularly at night, brightly-lit cities are easy to see,” Chen answered.Answering an Egyptian student who asked if she finds it difficult to be a female astronaut, Liu said: “A great deal of flight data tells us that men and women show no difference in their work performance in space. We can all fulfill training tasks and pass evaluations to a high standard.” Liu is the first Chinese female astronaut in space.
Ghana needs to double efforts to improve access to education, long and healthy life, and decent income, which are the indices for measuring its human development.
These indicators are compiled into a single number between 0 and 1.0, with 1.0 being the highest possible human development, with HDI below 0.55 marking a low human development.GNA
The AUC Commissioner for Education, Science, Technology and Innovation Mohammed Belhocine said the event is “another milestone in the gesture of China-Africa cooperation in motivating and engaging young Africans on space matters.”HuChangchun, ambassador of Mission of China to the AU, said collaboration in the space sector has become a highlight of ChinaAfrica cooperation, and the two sides have achieved fruitful results in cooperation in areas such as satellite launches, construction of aerospace infrastructure, sharing of satellite resources, and joint research and development of satellites.
The Research Fellow noted that there were opportunities in the agriculture sector to turn the fortunes of the country around by taking many out of poverty and creating decent employment particularly for the youth towards
He encouraged the African students to work hard, noting that if they can become astronauts in the future, they might join the taikonauts’ mission in China’s space station.
belongs to China, and it also belongs to the world. It will be an open platform for people worldwide to explore the universe and conduct scientific research,” Lin said.
improving human development.
FRIDAY, SEPTEMBER 16, 2022 | NEWS 9
He said the high unemployment had forced many youths into illegal mining (galamsey), and was contributing to the destruction of water bodies and arable lands.
FRIDAY, SEPTEMBER 16, 202210 | FEATURE
If low- and middle-income countries don’t feel like they are in the driver’s seat of their own national PPR strategies, the FIF will quickly become an unwanted and burdensome distraction.
For example, longstanding worldwide vaccination programs are now running deficits, increasing millions of children’s vulnerability to infectious disease. And COVID-19 has channeled money away from critical publichealth priorities like combating HIV/AIDS – an enormous challenge in its own right which also increases vulnerability to COVID-19 and other diseases.
Failing the pandemic preparedness test
An inclusively governed and well-funded FIF could make critical inroads toward preparing the world for the next pandemic, but only if it is accompanied by major reforms to the framework for financing global health initiatives. Without broader and immediate resourcing and relief efforts to stabilize low- and middleincome countries’ economies, the FIF risks becoming a band-aid on a gunshot wound.
in the event of a pandemic. This innovation mirrors the naturaldisaster clause that it introduced in its recent debt restructuring, following a series of devastating hurricanes.Giventoday’s unprecedented levels of debt – which have been compounded by inflation, food insecurity, and climate-related disasters – such clauses are a nobrainer. Low- and middle-income countries should start adopting them en masse.
For its part, the International Monetary Fund needs to take the lead on developing a more ambitious “debt-to-health swaps” mechanism, so that countries don’t have to choose between buying essential medicines and repaying US and European hedge funds. And it should go without saying that the IMF must move away from its arbitrary and devastating austerity programs, which consistently force countries to cut public spending and keep money in reserves even when they are facing utterly destabilizing climate, health, and socioeconomic crises.
FRIDAY, SEPTEMBER 16, 2022 11| FEATURE
This outcome is even more likely if there is little money on offer. Unfortunately, FIF pledges so far total just $1.4 billion, which is around one-tenth of the world’s annual PPR financing need, according to the World Bank.
as just another “development” project. Instead, everyone would recognize that when it comes to averting global health crises, the needs, gaps, benefits, and responsibilities are collective and universal, even if they are allocated unevenly around the world.After significant advocacy by poorer countries and civil society, the FIF is being designed to embody a more equitable and balanced governance model, with decision-making split evenly between rich donors and participating countries. But the question now is whether this formal balance of interests will become an operational reality.
By Mariana Mazzucato
Worse, there is no guarantee that such funding will be sustained over the long term, as demonstrated by the current struggles of the Global Fund, the Coalition for Epidemic Preparedness Innovations, and other institutions to replenish their funding. The Access to COVID-19 Tools (ACT) Accelerator – which hosts the global COVAX vaccine-access facility – still has a $15.2 billion funding gap for the 2022-23 fiscal year. The tepid
Manyfinancing.seethe FIF as a longoverdue opportunity to change how we collectively address global common goods like health (or climate). Under a more inclusively governed global PPR support system, all countries would participate in decisionmaking and burden-sharing, and all would reap the same collective benefits. This would mean moving away from the outdated and ineffective donor-beneficiary status quo, where PPR is viewed
global response to the FIF’s initial financing push – much of which appears to be cannibalizing from other important global health funds – does not bode well for the future.Moreover, even if fundraising from short-sighted rich countries was not a problem, the FIF is designed to target only a small part of global PPR financing needs. One major area that it misses is national health systems. These are crucial for implementing effective pandemic responses, but even the most advanced health systems are now struggling to keep up in the aftermath of COVID-19.
The success of the FIF’s PPR efforts requires a massive increase in financing for health systems in low- and middle-income countries, going well beyond the relatively meager and narrowly targeted $1.4 billion, and more comprehensive and creative approaches to expanding poorer countries’ fiscal space to invest in health. For example, under Prime Minister Mia Mottley’s dynamic leadership, Barbados is about to become the first country to include a “pandemic clause” in its sovereign bonds, allowing it to suspend debt repayments
The pandemic is not over. While the summer of 2022 is very different from the summer of 2020, because we now have vaccines, treatments, and a better understanding of the virus, it’s not enough. Every week, 15,000 people still die from COVID-19. Poorer countries still struggle to deploy vaccines, tests, diagnostics, and other tools. And countries at all income levels remain woefully unprepared for the next pandemic, even though experts warn that its arrival is a matter of “when,” not “if.”
Since the beginning of the COVID-19 pandemic, global leaders have acknowledged the need for greater coordination, collaboration, and collective financing to support improved pandemic preparedness and response (PPR). Following the recommendations of a HighLevel Independent Panel, the G20 agreed last June to establish a new Financial Intermediary Fund (FIF) – hosted by the World Bank, in partnership with the World Health Organization – to help fill the $10.5 billion annual gap in PPR
• Assets & Liabilities/Net Worth
Keep your financial organizer in a safe private location like a fireproof safe or box at home. In case of an emergency be sure a key adult household member knows its location and can access them.Make
This can save you and your heirs time and money. By gathering your primary financial documents in a centralized location, your key information will be available when you meet
Use only one “Things To Do” list as a reminder to prevent important tasks from slipping through the cracks. Keep a copy of your list in a handy location so that as you determine what needs to be done, you can record each task.
Thisit. is a big step toward getting your financial life in order. Having your documents available at your fingertips will save you time in completing loan and insurance applications, or getting an accurate picture of your current financial situation.
copies of your critical one-of-a-kind documents, such as evidence of automobile ownership, negotiable instruments (stock and bond certificates) or notes you received from others you have lent money to. Then inventory them on a checklist kept in your financial organizer and store the originals in a safe-deposit box.
following is a quick outline designed to help you smooth out your paperwork mountain. Investing a little time now to establish or update your paperwork system can save you time and money, simplify your record-keeping, and improve your personal financial management going forward.
• Pending Items
• To Be Filed
• Paid Bills, Current Year Current Year Tax Info
• Goal Setting
• Financial Independence/ Retirement Planning
• Coming Events
• Invoices/Credit Card Receipts
• Estate & Gift Planning
If you feel like you are buried in paperwork and overloaded you are not alone. Now is the perfect time to get your print and digital paperwork under control, and in its place. Most people don’t plan to be unorganized; they just haven’t figured out how to put their paperwork and digital files in
FRIDAY, SEPTEMBER 16, 202212 | FEATURE - FINANCIAL AWARENESS
FAMILY FACT SHEETS
your most frequently used files. They may include:
Use a calendar to manage important financial dates and take the weight of your schedule off your mind. This can be created with a regular calendar or with a single sheet of paper or spreadsheet.Intheleft-hand column, list your various financial obligations – auto registration date, insurance policy renewal dates, property tax due date. Then create 12 additional columns to the right and label them for each month. Place the date or an X in the particular month where obligations occur.
PERSONAL FILING SYSTEM
FINANCIAL CALENDAR
• Investment Planning
Theorder.
3. Set up a divider for “HISTORICAL FILES” to keep old, bulky paperwork, such as your last two years’ tax return support documents, previous years’ tax returns and old insurance policies.
2. Label your next divider “MAIN FILES”; this is for the paperwork you may need sometime in near the future. These files include:
with financial advisers, if you become ill and someone needs to assist you with your finances, or when you pass away.
A personal filing system contains information that supports your primary documents, e.g., correspondence, worksheets, insurance claims, etc., as well as other miscellaneous paperwork, historical information and family memorabilia/projects. The purpose of this system is to provide easy access to information that could be needed in the future.
THINGS TO DO LIST
Do you have a listing of your important family facts?
PRIMARY DOCUMENTS
4. “FAMILY MEMORABILIA/ PROJECTS” are those hard-to-file but important special projects, such as children’s school papers, or landscaping and remodeling plans. These documents can be kept in clearly labeled file boxes in the attic, basement or other safe, out-of-the-way
• Bills To Be Paid
If you do not have a personal filing system in place, or if your system needs improvement, address it now. Here are some ideas that might help you. Start with some dividers and file folders, which can be stored in a file box, desk drawer, regular or fireproof file cabinet, or storage boxes.1.Label
Gather and centralize your most important money-related documents by filing them in a financial organizer; this can be in a binder, pouch or portfolio. Then you’ll have quick and easy access to key documents such as birth certificates, stock confirmations, copies of last year end financial account statements, employee benefit statements, your last two tax returns, insurance policies, wills, trusts, advance health care directive, and powers of attorney, business agreements and your any other important documents. It is also a good idea to make digital copies of these primary documents.Itisalsoa good idea to regularly back up all your computers files and store them offsite or in a secured cloud. The first of the year is always an excellent time to do
This is the third feature article in our Improving Financial Awareness & Financial Literacy Series, and it is on paperwork.
the first divider
• Monthly Statements
• Personal Information
• Cash Flow Planning
• Employment Benefits
“ACTION FILES” these are
• Major Expenditures
• Tax Planning
location.
• Insurance / Risk Management Planning
You might also want to add a notes column to include dollar amounts or reminders. Using a financial calendar will allow you to quickly see what is in front of you and minimize surprises on scheduled or recurring financial obligations.Thebeginning of the year, or actually anytime is a perfect time to get your financial house in order and start planning for the upcoming year and your future. As financial planning is a lifelong process we have developed a 12 Month Financial Fitness Plan to simplify the process and help you to get your financial house in order.
If not create your Family Fact Sheets that summarize key data for you and your family as noted below. This information will then be readily available for use with financial applications, new
When your paperwork’s in order, life’s Great
You can request your credit
•AuthorsDr.Benjamin Amoah – UGBS Department of Finance , CEFIS Accra Ghana
A credit report is the raw financial data of individuals’ financial behavior before credit bureaus use it to create credit scores. This includes credit history, timely or untimely repayments, defaults in terms of agreement, etc. This information is used by credit bureaus through their confidential rating service to determine your credit score. This score is used by financial product providers such as banks to determine your credit / financial worthiness and can be a material factor in determining the cost of your loan or other financial services.There are three major credit bureaus operating in Ghana under a license from the Bank of Ghana.
• Do not carry or give out your Personal Identification Number unless it is absolutely necessary.
• Do not let others have access to your hardcopy or digital mail.
• Safely store your personal and financial information, and shred all discarded financial paperwork.
• Consider subscribing to a credit monitoring service.
• Dun & Bradstreet Credit Bureau Ltd.
accounts, healthcare and financial adviser interviews, healthcare issues, estate and gift planning issues, and much more. File your completed Family Fact Sheets in Your Financial Organizer.
• HudsonPrice Data Solutions Limited
• On your digital devices use complex passwords, firewalls and secured connections at all times.
CREDIT REPORTS
report at various times throughout the year. The Bank of Ghana has mandates that every individual has the right to their own credit report for free once a year. The option you choose will depend on the goal of your review. A report generated by any of the three major credit bureaus such as Dun & Bradstreet Credit Bureau Ltd. may contain all updated information pertaining to your credit history.
PROTECT YOU IDENTITY
• Annual check your credit report and score.
continued from page 12
FRIDAY, SEPTEMBER 16, 2022 13| FEATURE - FINANCIAL AWARENESS
like CRMs, WhatsApp, LinkedIn, Google Contacts, and other Social Media; learn to use them wisely and effectively as they can help make a world of difference in your life and the lives around you.
It is a good idea to annually obtain your credit report to make sure your data is accurately reported, and that you maintain the highest possible credit score to give you and best pricing for your financial products and services.
If your personal information has been exposed by thief’s you may want to consider placing a fraud alert or freeze on your credit reports, and keep an eye out for unauthorized spending within your bank accounts and credit cards.
• XDSData Ghana Limited
Social Capital means connections, networks and relationships amongst people your meet.
• Review your credit and debit card, bank, credit union and brokerage statements regularly and make sure you approve or made ALL transactions.
If you can find the time to complete these steps, you’ll not only be on your way to being organized, you will also have a flexible system you can use for a lifetime. The information base you need to make important financial decisions will always be at your fingertips, and when something happens to you your loved ones will have key information readily available.
• If you are a victim of an identity theft, immediately report it to your police.
• Valentino Sabuco - TFAF USA
Building social capital takes time, it is not built overnight. It starts with family, then close friends and quickly expands with one’s community involvements, schooling, sports, employment and further interactions with people. In recent time social media has greatly expanded possibilities to connect with people. Building a strong your Social Capital base does not require money to build, especially within our expanding digitally connected world.Social capital can be a very important element of our futures. If we assemble, grow, and manage it effectively it can make a powerful difference in our quality of life. It can save us time and money, finding better products and services, securing better employment and advancing within an organization, and just make life more enjoyable andInproductive.theolden days, we did this by meeting people and collecting and managing our relationships manually through business cards and Rolodex, mailing lists, and address books. Today we have tools
BUILDING & TRACKING YOUR SOCIAL CAPITAL
• Keep your personal and financial information private and secure.
Identity thief can happen to anyone when someone steals your personal information to commit fraud. The thief may use your personal information to apply for credit, get medical services, file fraudulent tax returns and other acts that can cost you time and money.Here are some ways to protect you and family members from identity thief:
• Peter Kwadow Asare NyarkoCFLE, Accra Ghana
Growing up, I watched the western media like CNN and BBC give their rendition on the Taiwan question. The rhetoric had always been “Taiwan is an independent Island and has never been part of or ruled by China. For years, I believed this to be the truth and wondered why China will want to claim an “independent country” as part of it, but is this so?
After these findings, my opinion on the matter, from an objective
Media. I believe yours has now.
As to the re-unification, if you will ask for my opinion, after living in China for 9 years, I will say it will be of great benefit to the people of Taiwan if it was to unite withOnChina.theeconomic front, China is the second largest economy of the world. China’s GDP was 24.2 trillion dollars by the end of 2020 and it’s the world’s highest revenue of any country. The country has the largest number of manufacturers and exporters.
that, “the United States of America recognized the Government of the People’s Republic of China as the sole legal Government of China, and it acknowledged the Chinese position that there is but one China and Taiwan is part of China.”, The US, in that communiqué also “reiterates that it does not intend to infringe on Chinese sovereignty and territorial integrity, or interfering in Chinese internal affairs, or pursuing a policy of ‘two Chinas’ or ‘one China, one Taiwan’. “Unless the US comes to declare this as false; which hasn’t been the case, we hold this as true.
China has also become a very powerful investor in the global market. She has invested her resources in countries like Chad and Niger, Angola, Argentina, Venezuela, UAE, Bangladesh, Pakistan, Australia, the UK, and the US. The country has become a tech giant, becoming a leader in Science and Technology such as 5G.Politically,
China has a stable political environment, a permanent seat at the table of the United Nations Security Council. She’s also a member of the world’s leading organizations like ASEAN Plus, WTO, BCIM, APEC, G2O, BRICS, and many others. It has developed very good relationships with other world’s leadingMoreover,countries.people on both sides are ethnic Chinese, they share a common culture and speak the sameReunificationlanguage. with China will bring Taiwan economic gains, recognition and great benefits to its people. Taiwan has only 23 million or so people and limited resources, why not merge with 1.4 million people and achieve
numbers..Mysuggestion to the people of Taiwan is “see what binds you with the mainland, and do not allow western infiltration for their own gain”, take a look at the broken promises of the west towards Ukraine, the people of Afghanistan, Iraq, Libya and so on”This is my objective take.
The first point in going back to history; it is widely agreed that China has over 5000 years of history. In order to make an objective assessment, everything that happened within this period should be taken into account.
The one China policy (the Taiwan question): an objective perspective
FRIDAY, SEPTEMBER 16, 202214 | FEATURE
Here are the facts: Taiwan was ruled by China’s Qing dynasty from 1683 to 1895. The Qing dynasty was forced to cede Taiwan to Japan, after Japan claimed its victory in the First Sino-Japanese War, Now let’s dive in…
Dr. Isaac Ibrahim BMS, M.Econ, Ph.D.
In 2012, I had the chance to travel to China to study. I had the chance to hear China’s side of the story from my Chinese friends, scholars and News. Was I to believe the Western or the Chinese Version? I decided to do a research, trace history and form an objective opinion, for history cannot be changed. The findings were an eye opener.
Kai-shek, fled to Taiwan in 1949, purporting to establish his ROC government in contradiction to the united China.
Following 30 to 40 years after 1949, the Taiwan authorities, although did not recognize the legitimate status of the government of the Peoples Republic of China as the representative of the whole of China, insisted that Taiwan is a part of China and that only one China exist, and opposed “two Chinas” or “Taiwan independence.” This suggests to me Chinese on both sides agree on the ONE-CHINA POLICY.
The United Nations General Assembly, in October 1971, adopted at its 26th session Resolution 2758, expelled the representatives of the Taiwan authorities, restored the seat and all the lawful rights of the government of the PRC in the United Nations.181 countries, based on principle of one-China including the US, have established diplomatic relations with the PRC.
Through a war of aggression against China, in April 1895, the Qing government was forced to sign the unequal Treaty of Shimonoseki, and occupied forcibly Taiwan. The Cairo Declaration was issued by the Chinese, US and British governments in December 1943, which stipulated that Japan should return all the territories it had taken, to China. These included the Penghu Archipelago, Northeast China, and Taiwan. China, the United States and Britain signed the Potsdam Proclamation in 1945 which stipulated that “The terms of the Cairo Declaration shall be carried out.”, Japan surrendered in August of that year and in its Instrument of Surrender promised in that it would fulfill the obligations laid down in the Potsdam Proclamation faithfully.
The Central People’s Government of the People’s Republic of China (PRC) was proclaimed On October 1, 1949, replacing the government of “the Republic of China” to become the only legal government of the whole of China as well as its sole legal representative in the international arena. The leader of the deposed Party, Chiang
The US sent troops to occupy Taiwan, after the start of the Korean War in June 1950 and declared the status of Taiwan has yet to be determined” and later, lobbied for “dual recognition” step by step, among the international community, contradicting the declaration earlier made.
Finally, let’s see what the International Community thinks…
Taiwan is an integral part of China. In the Joint Communiqué on the Establishment of Diplomatic Relations between the People’s Republic of China and the United States of America which was released in 1978, the United States “recognizes the Government of the People’s Republic of China as the only legitimate Government of China” and “acknowledges the Chinese position of one China and Taiwan is part of China”. The US side made it clear that in the 17 August Joint Communiqué of 1982
Besides history, bilateral agreements with China and the US, gives us clues on the matter. The US in 1972, made it very clear in the Shanghai Communiqué purporting that “the United States acknowledges that all Chinese on
Meeting Rotarians and Rotaractors with the Husband District Governor Nominee (DGN) Dr. Nick Krayacich at an intercity meeting trilled to some local Ghanaian songs by the Rotary Choir of Ghana in their local theme cloth; she was introduced by Past Rotary International Director (PRID) Brad Howard himself a development sub chief of Kokrobite in Ghana to
She was enstooled as a development queen of Krokrobite. Kokrobite is a town along the Atlantic coast, 30km to the west of Accra the capital city of Ghana. Though geographically close to
Jennifer Jones visited Ghana as Rotary International President and left as Naa Osa Manye Ansah I
district 9102 as someone with a combination of talents, warmth and strong personality.
In her address, she requested all to dream, imagine to taking action to making our dreams a reality. Jennifer said “We can lift up our world to make it a better place because we exist without borders or boundaries to lift up the people of our communities”.
championing the call and fight to eradicating a polio free world. When next your children and our generation get free and break from polio remember Jennifer Jones is calling on you to imagine this and many more of a world where no one is left behind.
Rotary International (RI) is a global network of 1.4 million neighbors, friends, leaders, and problem-solvers called Rotarians who see a world where people unite and take action to create lasting change – across the globe, in our communities, and in ourselves. Solving real problems takes real commitment and vision.For more than 110 years, Rotary’s people of action have used their passion, energy, and intelligence to take action on sustainable projects. From literacy and peace to water and health, and are always working to better our world, and stay committed to the end.
She requested we use our voice to help people have opportunities as everyone has that chance to dream to imagine the fullest of what we can offer to our world. “We are people of action, influence, purpose, excellence and that commends the attention of world leaders, as we are the best of whom we represent in our communities”.Takecareof the people in the clubs ensuring that everyone has something meaningful to do. We need people to have meaningful responsibilities as I was offered. We see a world where we create lasting change and in order to live in the kind of society we want, we have to help to build it.
The first ever female President of Rotary International, Jennifer Jones recently paid a working visit to Ghana to increase public awareness of Rotary and commission some service projects of Rotary International District (RID) 9102.
in Ga South Municipal district of the Greater Accra Region of Ghana, feels as if it is a world away from the hustle and bustle of a
possible. But we can only imagine the future but not the past. Our world of endless possibilities embraces a lot. Can you imagine a polio free world? Rotary since 1985 has been at the fore front of
She arrived in country September 11-13, 2022 where she had media engagement, met district leadership, joined the end polio billboard unveiling at Ridge roundabout, paid a courtesy call on the President of the Republic. Her itinerary included a meeting with USAID, Canadian High Commission and others. She later got the opportunity to attend the intercity meeting and interacted with her organization’s members, attended to service projects initiatives where the renovated children’s ward of the 37 military hospital was commissioned and adapted, the district tree planting green project at Weija dam where some 3,000 trees are to be planted, then the commissioning of the 3-in-1 project at Krokrobite where she ended her visit as the enstooled development queen
Naa Osa Manye I on September 13, 2022.
By Baptista S. Gebu
In a media engagement when asked why she joined Rotary; RI president Jennifer mentioned she joined her Rotary Club of Windsor – Roseland in Canada, because she wanted to do service, little did she know she will be leading as the first female president now. Her rotary club offered its members meaningful responsibilities creating space for all to show up as their authentic selves she added.
As Rotarians we build society, build capacity, hope and our future.Traveling from the Abidjan Rotary Zone Institute to Ghana where Rotarians assemble as a zone for fellowship and informational sessions; Jennifer called on all Rotarians in RID 9102 - Ghana, Togo, Benin and Niger to imagine. She earlier met 55 African countries in harmony in Abidjan where she alluded Africa is the future and the NOW, a situation that demands celebration in a great way.
soaking in the view of its tropical beaches. The Ga South Municipal is one of the Metropolitan, Municipal and District Assemblies (MMDAs) in Ghana, and forms part of the MMDAs in the Greater Accra Region. The Municipality shares boundaries with the Accra Metropolitan Area to the south-east, Ga Central Municipal to south-east, Akwapim South Districts to the north-east, Ga West Municipal to the east, West Akim Municipal to the north, Awutu Senya District to the West, Awutu Senya East Municipal to the south-east, Gomoa East Districts to the south-west and the Gulf of Guinea to the south.
In the service organizations 117 years of existence, Jennifer Jones has broken the glass ceiling and is celebrated first female RI president. Ghana this week of September 11-13, 2022 hosted the RI president. Under her leadership, over 1.4 million Rotarians globally will be imagining a world of endless possibilities, a world where empowered women can support to contribute to the global GDP. To create the world, we want is
FRIDAY, SEPTEMBER 16, 2022 15| NEWS
FRIDAY, SEPTEMBER 16, 202216 | NEWS
FRIDAY, SEPTEMBER 16, 2022 17| FEATURE
WEEKLY MARKET REVIEW FOR WEEK ENDING - SEPTEMBER 9, 2022
Inflation for February, 2022 31.7%
Average GDP Growth for 2021 3.3%
The Cedi continued its downward trend against the USD for the week. It traded at GH¢8.2565/$, compared with GH¢8.2335$ at week open, reflecting w/w and YTD depreciations of 0.28% and 27.26% respectively. This compares with YTD depreciation of 1.64% a year ago.The Cedi also depreciated against the GBP for the week. It traded at GH¢9.5759/£, compared with GH¢9.5365/£ at week open, reflecting w/w and YTD depreciations of 0.41% and 15.13% respectively. This compares with YTD depreciation of 2.90% a year ago.
The market ended the week with no advancer and 2 decliners as indicated on the table below.
Public Debt (billion GH¢) – Dec, 2021 393.4%
MACROECONOMIC INDICATORS
Budget Deficit (% GDP) – Dec, 2021 5.0%
Debt to GDP Ratio – Dec, 2021 78.3%
The Cedi again weakened against the Euro for the week. It traded at GH¢8.3020/€, compared with GH¢8.2563/€ at week open, reflecting w/w and YTD depreciations of 0.55% and 17.75% respectively. This compares with YTD appreciation of 1.98% a year ago.
End Period Inflation Target – 2022 28.5%
2022 Budget Deficit Target (%GDP) 6.6%
THE CURRENCY MARKET
STOCK MARKET REVIEW
Market capitalization declined by 0.01% to close the week at GH¢64,482.54 million, from GH¢64,487.10 million at the close of the previous week. This reflects YTD decrease of 0.02%.
Q3, 2021 GDP Growth 3.3%
MTN dominated volume of trades for the week, accounting for 47.85%, whiles GCB dominated value of trades for the week, accounting for 44.08% of value of shares traded.
The Cedi further weakened against the Canadian Dollar for the week. It opened at GH¢6.2903/C$ but closed at GH¢6.3360/C$, reflecting w/w and YTD depreciations of 0.72% and 25.16% respectively. This compares with YTD depreciation of 2.26% a year ago.
FRIDAY, SEPTEMBER 16, 202218 | 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 0.60 points (-0.02%) to close at 2,508.39 points, reflecting year-to-date (YTD) loss of 10.07%. The GSE Financial Stocks Index (GSE FI) also lost 1.09 points (-0.05%) to close at 2,078.85 points, reflecting YTD loss of 3.39%.
Trading activity recorded a total of 3,682,515 shares valued at GH¢4,953,397.14 changing hands, compared with 1,944,061 shares, valued at GH¢1,679,680.70 in the preceding week.
2022 Projected GDP Growth 3.7% BoG Policy Rate 22.0%
Weekly Interbank Interest Rate 21.99%
The 91-Day Bill settled at 29.48% p.a from 29.05% p.a. last week whilst the 182-Day Bill settled at 31.05% p.a from 30.23% p.a. last week. The table and graph below highlight primary market yields at close of the week.
Limited
GOVERNMENT SECURITIES MARKET
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
Revolving Credit: Revolving credit is an agreement that permits an account holder to borrow money repeatedly up to a set dollar limit while repaying a portion of the current balance due in regular payments. Each payment, minus the interest and fees charged, replenishes the amount available to the account holder.
Source: revolvingcredit.asphttps://www.investopedia.com/terms/r/
Name: Audrey Asiedua Wiafe Tel:+233Email:aaudrey@cidaninvestments.com(0)578402700
Government raised a sum of GH¢2,226.45 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢1,776.55 million raised in the previous week.
Gold prices inched higher, retaining mild gains from last week as the dollar fell further from 20-year highs ahead of the publishing of key U.S. inflation data. Gold settled at US$1,728.60, from US$1,722.60 last week, reflecting w/w gain and YTD loss of 0.35% and 5.47% respectively.PricesofCocoa declined for the week. The commodity traded at US$2,360.00 per tonne on Friday, from US$2,430.00 last week, reflecting w/w and YTD loss of 2.88% and 6.35% respectively.
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).
INTERNTIONALMARKETCOMMODITIES
PRICES
BUSINESS TERM OF THE WEEK
ABOUT CORPORATERESEARCHCIDANTEAMINFORMATION
FRIDAY, SEPTEMBER 16, 2022 19| MARKET REVIEW
COMMODITY
Crude Oil prices edged lower on the week as traders gauged concerns over slowing demand and U.S.-led price caps on Russian crude exports. Brent futures traded at US$92.84 a barrel on Friday, compared to US$93.02 at week open. This reflects w/w loss and YTD gain of 0.19% and 19.36% respectively.
Name: Moses Nana Osei-Yeboah Tel:+233Email:moyeboah@cidaninvestments.com(0)244990069
Name: Ernest Tel:+233Email:etannor@cidaninvestments.comTannor(0)208818957
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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Kenya Breweries appoint Rosemary Mwaniki as Operation Director
This year’s celebration is on the theme ‘60 Years of Anlo Hogbetsotso Za: Uniting for Development, Sustaining our Unique Cultural Commonwealth for Future Generations.’
The Hogbetsotso festival is a migratory festival that has been celebrated by the Anlos for many years now. It also serves as a rallying event for citizens of Anlo both at home and abroad. It is one big event that attract lots of tourists from far and near to see the beautiful display of culture andThetradition.festival will be celebrated in November with the grand durbar slated for November 5, 2022.
Official launch of 2022 Hogbetsotso festival slated for September 21
Kenya Breweries Limited has appointed Rosemary Mwaniki to the role of Operations Director with effect from 1st September, 2022.Inher new role, Rosemary will oversee operations across the Tusker, UDV, Kisumu & EAML site as well as Engineering & Governance functions.
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The Awormefia, Chiefs, elders, and the entire citizenry of the Anlo state will be launching the 60th edition of the Hogbetsotso festival in Naketi Village McBaron Chalets, Tema on September 21, 2022, at 9 am.
WWW.BUSINESS24.COM.GH | NO. B24/317 | NEWS FOR BUSINESS LEADERS FRIDAY, SEPTEMBER 16, 2022
through focused actions around people, planning, asset care and capability.Whilein the Move function, she was able to work with the logistics team to improve performance through Business Partner Lifecycle Management by clarifying contractual obligations with the warehouse and transport providers and driving accountability for all parties. She headed the KBL procurement team where yearon-year savings were delivered in an enhanced compliance environment.Rosemary has championed diversity by mentoring the Packaging STEM apprentices and improved the Packaging diversity ratio.She is a key contributor in the Elevate program which aims to provide a platform where East Africa Supply colleagues can engage on career growth conversations. As a certified coach, she spends her free time mentoring and coaching future leaders.
Rosemary will be transitioning into this role from Packaging Manager – KBL Nairobi Tusker Site, a role she has held since July 2020. Prior to this, Rosemary has held several roles within the KBL Supply Chain team in Plan, Source andDuringMove. her assignment with Kenya Breweries Limited, Rosemary has had various notable achievements. She was the Global Diageo Supply Chain Hero of the Year in 2019, Global Procurement Leader of the Year in 2018 and KBL Most Valuable Player in 2018. She has been instrumental in embarking on a robust transformation agenda in Packaging to improve overall culture and performance