Business24 Newspaper 5 September 2022 by Business24 Online

By Eugene Davis

MONDAY, SEPTEMBER 5, 2022 Story on page 2 Fitch affirms UBA Ghana as strong, stable bank Republic Bank appoints Ray Klien as OperatingChiefOfficer Zipline, Jumia join forces to pioneer drone delivery Africahomesproductsoftoacross Story on page 3 Story on page 3 Story on page 4

Economy can still transition to lower-middle income status, says Terkper

Former Finance Minister, Seth Terkper, says poor fiscal performance is main drain and threat to the economy but the opportunity is still there to transition well into a credible Lower-Middle Income (L-MIC) status based on streamlined petroleum production and revenue management. Mr. Terkper also disclosed that remedies to the country’s economic challenges does not lie with a short-term or a fast-track programme rather sound fiscal measures, proper accounting systems.Totalpublic debt and its rate of accumulation continue to worsen -no external market access; downgrades, domestic auction failures and high costs, depletion of sinking funds remains the headwinds the country is grapplingSpeakingwith.virtually at a Review and Compliance of the Public Financial Management Laws in Ghana workshop under the auspices of the Natural Resource Governance Institute in Accra, he said “Ghana cannot contain debt without reducing expenditure, accounting properly for arrears and improving revenues.”

Stratcomm Africa is leading the charge to green Ghana for the varied purposes of beautification, wealth and job creation as well as a sustainable fight against climate change.

The former finance minister also bemoaned a stagnant revenue supporting expansionary expenditure and arrears spending programmes, as well as compromised, non-disclosure and non-transparent fiscal accounting (offsets, arrears and bailout, energy debt and amortization as some of the drawbacks.

Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellWeinformed.value your support and loyalty.

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“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. Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, specifically the horticultural value chain. 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. 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.

He also noted that the MidYear Review showed that the central bank’s intervention to the economy is worsening as it has to limit further support to stay within its legal lending threshold, stressing that a lot of levies should have been scrapped by now but rather been increased to ten years and this causes inflation because we do not get credit for them.

“These and others have implications on our stagnated tax revenue and so we need to strengthen domestic tax administration.”ForMr.Terkper, despite the expansion in the economy over the last six years, the country has not expanded revenue commensurably. The highest is 16.6percent in 2016, the target 20percent over the medium term to 2024 is not realistic.”

Horticulture fast becoming the new job-making machine

By Eugene Davis

“All countries are managing the ongoing crisis; past lesson on “crystal balls” was to create buffers from oil revenues. What the state are doing The Finance Ministry has vowed to return state finances to a sustainable path, cutting spending and reducing the projected budget deficit for 2022.

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.

Economy can still transition to lowermiddle income status, says Terkper

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.

The Bank of Ghana raised its key lending rate by 850 basis points between November 2021 and August 2022 to support the currency and help tame inflation.

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UBA Ghana has a strong balance sheet with a strong liquidity ratio of 73.87%, higher Capital Adequacy Ratio (CAR) of 24.75%, High earning asset of 73.2%.

MONDAY, SEPTEMBER 5, 2022 | FEATURE 3

The Bank has led in many innovations in the industry and at the peak of the COVID pandemic, introduced LEO, Ghana’s first virtual banker on WhatsApp, Facebook and iMessage and soon to be deployed on two other channels pending approval of the central Bank. UBA Ghana is a subsidiary of United Bank for Africa Plc which is a leading pan-African financial institution, offering banking services to more than thirty-seven million customers across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and now the UAE, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

Commenting on the appointment of Mr. Klien, the Managing Director of Republic Bank, Mr. Benjamin Dzoboku, expressed his warm welcome on behalf of the Board of Directors, Management and Staff whilst pledging to support Mr. Klien in the discharge of his duties.

Mr. Klien expressed his enthusiasm about his appointment and commitment to working with the Republic Bank Ghana team to achieve excellence.

Profile of Ray Klien Mr. Ray Klien has over 15 years of experience in Investment Banking, Private Banking & Wealth Management and Corporate Banking. He joined Republic Bank Limited, Trinidad & Tobago, in 2016 as Head of the Investment Banking Division. He was responsible for leading strategic mergers & acquisition transactions in the Caribbean for the RFHL Group. He later went on secondment to Republic Bank Cayman Limited (George Town, Grand Cayman) as Senior Investment Manager, Securities Investment Business Unit.His technical skills span various business areas, including Corporate Strategy, Credit Analysis, Loan Syndications, Equity & Credit Derivatives, Project Finance, Organizational Leadership etc. He has been key in leading the RFHL Group’s sustainability initiatives and commitments, including Principles of Responsible Banking and Climate Finance.Priorto joining Republic Bank, Trinidad & Tobago, he was Vice President - Citi Global Private Bank, New York (Citigroup). He has also worked as an Associate Private Wealth Advisor for Ultra High Net Worth Clients Bank, New York; Morgan Stanley as Manager of Product Development and Strategy; and Research Analyst for Amalgamated Capital Partners, NewMr.York.Klien holds a BA in Economics (Brooklyn College of the University of New York) and an MBA in Finance from the Columbia University.

It is worthy to mention that Fitch, being an International Rating Agency, provides forwardlooking Credit opinions on Organizations that engage their services or they may also initiate unsolicited rating coverage where sufficient public information is available.Weare aware that UBA Ghana in its part is one of the few Ghanaian Banks that volunteered to be rated by Fitch based on its consistent performance as well as its global network across Africa, Europe, and America. In 2021, UBA Ghana’s deposit grew by 46%, the highest growth in the industry to cross the GHS4billion mark while the industry growth average at the time stood at 16.7%. The bank’s investment security to asset ratio stands at 52.5% which is only third in the industry and higher than the industry average of 40.5%. Additionally, as at the end of the second quarter of 2022, UBA Ghana’s Liquidity ratio was 73.87%. These indices demonstrate the bank’s strong and resilient performance.

creditGhana’sourIDRsGhana’stheRatingofgroupcontributionandAfricantheimportancesubsidiary’stoParent’sPan-Strategyitssubstantialtothenetincome”.ThedowngradetheViability(VR)followsdowngradeofLong-TermandreflectsviewthatUBAstandaloneprofileisclosely linked to that of the Sovereign given the concentration of its operations within Ghana, reliance on sovereign-derived income and high exposure to the Sovereign relative to capital. The VR is one notch below the ‘ccc+’ implied VR, reflecting the Ghana’sratingwithIssuerratedConstraint.Environment/SovereignOperatingRatingFitchhadearlierintheyearUBAGhanaLongTermDefaultRating(IDR)at“B-”stableoutlook.ThisrecentthereforeaffirmsUBAB-rating.

Republic Bank appoints Ray Klien as Chief Operating Officer

Fitch affirms UBA Ghana as strong, stable bank

Fitch in its recent review has affirmed its strong rating of LongTerm Issuer Default Rating (IDR) at “B-” with stable outlook on United Bank for Africa Ghana (UBATheGhana).ratingon UBA Ghana shows a strong and growing business supported by a dominant Parent (United Bank for Africa Plc) with a strong Shareholder Support Rating (SSR), which “reflects a limited probability of extraordinary shareholder support, if required. Fitch stated that UBA Plc has a high propensity to provide support given the

Republic Bank Ghana, a subsidiary of Republic Financial Holdings Limited (RFHL), Trinidad and Tobago, has appointed Mr. Ray Klien as the Chief Operating Officer (COO) of theMr.bank.Klien assumed the role on the 15th July of 2022 after the Bank of Ghana’s approval. As the Chief Operating Officer, Mr Klien will be providing oversight responsibilities on Corporate Banking, Treasury, International Trade, Custody Services and the Republic Trust Limited Company.

Overall, we will deploy our very trusted, safe, and efficient instant logistics system to improve access and make shopping more convenient, sustainable, and accessible than ever before for Jumia customers”, said Daniel Marfo, SVP – Zipline Africa Jumia’s logistics network technology, and expertise for last-mile deliveries across its 11 countries in Zipline’sAfrica.instant logistics system is made up of a worldclass autonomy platform, fleet of light, electric aircraft, and flight management systems that reduce greenhouse gas emissions by 98% compared to delivery by car. This system is designed to enable all consumers, from the most urban to the most remote, to access the products they need in 45-minutes or less while reducing the carbon emissions of last-mile delivery up to 98% compared to traditional cars.In 2021 and 2022, Jumia partnered with modern ecofriendly mobility companies, Solar Taxi in Ghana, eBee in Kenya, and Errand360 in Nigeria to provide affordable and ecofriendly delivery of online orders for consumers as part of the company’s commitment to achieving a fully green footprint using clean and sustainable renewable energy. Zipline’s instant logistics delivery system also aligns with Jumia’s sustainable goals as it makes use of zero-emission powered by renewable energy.

MONDAY, SEPTEMBER 5, 20224 | NEWS

Jumia, the leading e-commerce platform in Africa, and Zipline, the world’s largest instant delivery service, announced today a possible future collaboration to deploy automated, on-demand delivery for e-commerce in Africa. Testing and a pilot program were launched in Ghana in July. Eventual plans call for expansion to Cote d’Ivoire and Nigeria, and ultimately to other countries in theThefuture.possible collaboration aims to integrate Zipline’s automated, on-demand delivery system with Jumia’s existing distribution network to enable customers to receive instant, on-demand delivery of exactly the products they want, exactly when they categories, Zipline’s instant logistics system will provide fast and convenient access. This will support Jumia’s commitment to sustainability and innovation and provide much-needed access to rural and remote areas where conventional delivery services have challenges”. said Apoorva Kumar, EVP Jumia, Group COO. The collaboration initially will focus on integration and product testing on how best to integrate Zipline’s automated, on-demand delivery system seamlessly with Jumia’s logistics operations to enhance customer experience. Testing will also identify which subsets of Jumia customers and which specific products from Jumia are in the highest demand for automated, on-demand delivery.“Zipline is pleased to partner with Jumia to use instant logistics to improve the lives of customers across Africa. This collaboration will help customers while supporting Jumia’s large number of small and mediumsized partner businesses across markets in Africa, that play an essential role in the economy.

Zipline, Jumia join forces to pioneer drone delivery of products to homes across Africa Business Loans For all your business loans, visit any of our 114 branches ationwide or talk to us on 0302-216000 TERMS AND CONDITIONS APPLY l: +233 (0)302 21 6000www.cbg.com.ghcbgbankltd

‘Time to increase marketing potential of cultural heritage’…as GIPC launches 3rd edition of Taste of Ghana

MONDAY, SEPTEMBER 5, 2022 | NEWS 5 Ghana needs to create the opportunity and tap more into its culture in a bid to increase its marketing potential and rake in more foreign exchange, the CEO of Ghana Investment Promotion Centre (GIPC), Yofi Grant, has suggested.Speaking at the third edition launch of the Taste of Ghana event which is slated for 23 and 24 December, Mr. Grant said “We actually support the Ministry of Tourism to carry out because it all adds to the attractiveness of your country, when your country has no culture, people come in but they don’t see, but when there is culture, when they come they want to see, a lot of sales that you make of a country is a culture that is visual -when you check most people know America because of Micheal Jackson, and so we also need to create the opportunity where we will showcase our culture . With the Taste of Ghana, we are going to have a bit of all these things like the previous ones where you saw all the cultural dances being performed and these are visual images that sell theFurthercountry.”he explained that given the investible opportunities that are bestowed in the various regions, there was the need to market it more, “when you look at it, Ghana itself is resource rich and not every part of the country has developed as the urban areas/cities, but when you travel around the country you see real opportunities, talents and we also see how we can work with them and draw them in and also formalize a lot of these such that they are salable aspects of our country, that’s what the regional sensitization tour is all about. Also to sensitise the regional authorities that they do have potential that can be exploited for economic growth, so we are goingDeputyaround.”Minister of Tourism,Arts and Culture Mark Okraku Mantey indicated that the Taste of Ghana will showcase everything Ghanaian and indigenous geared to cement the cultural heritage of the“Itcountry.isabout time we got a platform to bring everything Ghanaian at one place so people can experience within and without what we have, so this concept came up three years ago from GIPC that because they are into selling Ghana they want to do this at one place so that MoTAC and other partners can come together and make this happen, we want to make this the best out of the three.” The CEO of Ghana Tourism Authority, Akwasi Agyeman stated that GTA was fully behind the event and urged all rank and file in the country to patronize it.

By Eugene Davis

Taste of Ghana 3.0 is a festival to celebrate Ghana’s unique culture. It is expected to feature various indigenous cultural elements (music, poetry, theatrical performances, food, clothing, etc.), with an emphasis on the use of Ghanaian languages to create a memorable experience for patrons.

MONDAY, SEPTEMBER 5, 2022| NEWS6

Fincap Securities launches CediManager in partnership with Ghana Stock Exchange

Fincap Securities in partnership with the Ghana Stock Exchange have launched CediManager, an investment platform for trading government convenientandinvestors,andaccessedandCediManagersecurities.isauser-friendlysecureplatformthatcanbeondesktopcomputersmobiledevices.Itprovidesbothresidentsnonresidents,quickandaccesstoinvestments in Government of Ghana Securities.Headofthe Ghana Fixed Income Market of the Ghana Stock Exchange, Mr. Augustine Simons, speaking at the launch event, said: “The launch of this innovative platform brings the world’s attention to the need of bringing people and capital together to create value for all stakeholders”. As a first in the Ghanaian market, CediManager will bring government bonds, cocoa bills, government notes and treasury bills to the fingertips of Ghanaian investors.Mr.Francis Boadu, Head of Broker Dealers of the Securities and Exchange Commission (SEC) said: “The Securities and Exchange Commission reiterates the call to all stakeholders to partner the Commission in the successful implementation of the various market initiatives in the Capital Market Master Plan.” “The SEC remains committed to protect investors, integrity of the market and promote the growth and the development of a vibrant capital market that will support the economic growth agenda of Ghana,” he added. Fincap Securities is investment banking and securities trading company focused on innovation that provides a variety of financial services to a clientele that includes governments, financial institutions, businesses, and privateFincapindividuals.uses cutting-edge technology, years of expertise, and in-depth financial understanding to offer its clients a multifaceted, custom strategy to satisfy their capitalAccordingneeds. to Mr. Geoffrey Fathers Maison, CEO of Fincap, “the initiative remains a major step towards strengthening our growth and commitment by driving a distinctive proposition “Making Money Work” and assisting our clients in recognizing and associating with our CediManager brand in the marketplace”. Launching the CediManager platform, Ms. Abena Amoah, the Deputy Managing Director of the Ghana Stock Exchange expressed her excitement about the wave of advanced technology being utilized to bring the capital market to the doorstep and fingertips of investors.Sheurged the brokerage community and industry players to follow suit and provide other innovative technologies to assist the growth of the capital market.

UNIDO, EU build capacity for 1D1F listed companies in good manufacturing practices

MSMEs build a robust quality infrastructure particularly for new entrants to improve quality and food safety at processing plants.”Mr.Kofi Addo, the Chief Commercial Officer and Head of Government’s flagship ‘One District One Factory (1D1F) Initiative under the Ministry of Trade and Industry said: “The 1D1F initiative seeks to transform Ghana’s Industrial landscape and so this quality initiative between UNIDO and the secretariat is of key importance to Ghana.”

The United Nations Industrial Development Organization (UNIDO), the European Union-funded West African Competitiveness Program (WACOMP) and the Ministry of Trade and Industries (MoTI) have organized a two days training on Food Safety, Quality standards and Good Manufacturing Practices (GMPs) for 30 “One District One Factory “ Selectedcompanies.Production Heads and Quality Assurance Officers from 1D1F factories across the country operating in the cassava derivative and fruit value chains took part in the training. Mr. Frederick Gyamera Owusu, WACOMP National Quality Infrastructure Expert, who was the trainer said issues of conformity to standards, product regulations and product safety, in general, have become key considerations influencing the choices of today’s consumers and many markets require products reaching their regions to have acquired certain certification, quality or at minimum, be registered by national conformity bodies.Mr.Owusu said: “The training to improve quality, hygiene and efficiency of 1D1F enterprises will impact the quality and safety of final andbuildassuranceexpertsSecretariatMoTIcollaborationUNIDOTechnicalKwamequality.”improveproductionriskstoGMPsthemanufacturedproductsbyfactoriesasaredesignedminimisetheseassociatedwithandtoproductMr.CharlesSackey,ChiefAdvisorofnotedthat:“WACOMPwithandthe1D1Ftotraininqualityaimstocompetencesupport

US chip makers hit by new China export rule

MONDAY, SEPTEMBER 5, 2022 | NEWS 7

The UG-SRC Skill-UP for Jobs Bootcamp training which was initiated by the leadership of the 2021/22 SRC, has started with an initial 300 participants selected for the Tech and Digital skills cluster over the weekend on August 27, 2022. The innovative experiential training and exposure programme has been designed to train, inspire, and equip students with job creation skills. The training programme is being implemented by Global Entrepreneurship Network-Ghana (GEN-Ghana) with support from a project advisory board and institutional partners from University of Ghana and Industry. The training comprises in-person practical skills which focuses on sequential employability skills in four clusters: namely: Creative Arts, Food business | Agri Business, Tech | Digital skills and Micro-manufacturing, will be interspersed with virtual sessions on steps to start-ups and business sustainability strategies. In all 1000 students have been screened and selected to be trained in 20 sectors under the four clusters. Prior to this weekend’ practical training, the 1000 students were given orientation by members of the programme’s advisory board led by Dr. Henry O. Sintim (Senior Research Fellow at University of Ghana) and Mr Stephen Gyasi-Kwaw (Country Founder/MD of GEN-Ghana) on the contents of the 20 sectors including the job market outlook. Other members of the Advisory board on standby support include;

The US Commerce Department told the BBC it was “not in a position to outline specific policy changes at this“Wetime”.are taking a comprehensive approach to implement additional actions necessary related to technologies, end-uses, and end-users to protect US national security and foreign policy interests,” a Commerce Department spokesperson said. “This includes preventing China’s acquisition and use of US technology in the context of its military-civil fusion program to fuel its military modernisation efforts, conduct human rights abuses, and enable other malign activities,” the spokesperson added. In a US regulatory filing on Wednesday, Nvidia said the “new license requirement” would affect exports of its A100 and H100 chips, which are designed to speed up machine learning tasks, and the systems which include them. Around $400m (£345.2m) in sales to China could be hit, Nvidia added, “if customers do not want to purchase the company’s alternative product offerings or if the (US government) does not grant licenses in a timely manner or denies licenses to significant customers”. A Nvidia spokesperson told BBC it was liaising with customers in China “to satisfy their planned or future purchases with alternative products.” Meanwhile, an AMD spokesperson said the rules, which would prevent the shipment of its MI250 chips to China, were not expected to have “a inAnalystsFebruary.said the US requirements could make it more difficult for China to acquire chips for advanced computing.Itcouldalso affect the earnings of US manufacturers like Nvidia and AMD, said Mario Morales, a California-based analyst at market intelligence firm IDC. “Both companies have a large exposure to China and could see more impact going forward, especially if China chooses to retaliate,” Mr Morales said. Rising tensions Last week, Nvidia reported a revenue of $6.7bn in the second quarter, which was significantly lower than what it had forecasted. However, it said revenue from its data centre business - which produces computer chips - surged by 61% from a year earlier. “This is really a shot across the bow at China and it’s really going to fan those flames in terms of geopolitical (tensions). Nvidia’s caught in the crossfire,” Mr Ives said. US and China and have been locked in a long-running dispute over trade andTensionstechnology.between the world’s two biggest economies rose earlier this month, after US politician Nancy Pelosi made a controversial visit to Taiwan.China sees the self-ruled island as a part of its territory and insists it should be unified with the mainland, by force if necessary.

The President of the SRC, Prince Asumadu who is passionate about the project said during the weekend that the UG SRC 2021-22 will change the graduate unemployment narrative with this legacy project which seeks to ‘Skill-Up’ UG students with income earning skills to become entrepreneurs and or employable after graduating from school. This ongoing project which offers 1000 scholarships to the trainees requires financial support from individuals, corporate organisations, development agencies, public sector institutions and the UG Alumni community to lend a hand to make a change together. You may support the project by donating at the project website.

Credit: The BBC

UG-SRC Skill-Up for Jobs Bootcamp 2022 starts

GlobalGEN-Ghana Entrepreneurship Network – Ghana (GEN-Ghana) is an entrepreneurship and innovation advancement organisation that provides and promotes a platform of local, / international programmes and activities aimed at making it easier for anyone to start and scale a sustainable business. We work by fostering deeper cross border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organisations. We work with government, corporations, NGO’s, development agencies to fuel healthier start and scale ecosystems that create more jobs, wealth, educate individuals, accelerate innovations for sustainable social and economic impact.GEN-Ghana is a company limited by guarantee under the laws of Ghana, registered in March 2010. We are a member of Global Entrepreneurship Network which operates in over 160 countries independently, working to build one entrepreneurial ecosystem around the world.

The programme will be climaxed with a Skills for Job Summit on 30th September 2022. “The UG SRC Skill Up For Jobs is a perfect example of what academia and the private sector can do together to deal with the menace of graduate unemployment in Ghana. We encourage individuals, philanthropists and corporate Ghana to support the students to acquire this experiential income earning skills,” says Stepehen Gyasi-Kwaw (Country Founder GEN Ghana and project lead implementing partner).

Prof. Elsie Effah Kaufmann (Dean, School of Engineering Sciences, University of Ghana, Ms Bernice Bonney (Manager Financial Serivices PwC Ghana), Ms Rodarling Neequaye (Assistant Registrar at University of Ghana) Mr.Richard Anim (Managing Partner Coral Reef Innovation Hub ) and Mr John Appiah, (Founder| CEO AleagueDuringConsult).thisinitial training, top notch trainers from the tech and digital skills industry introduced 50 students each to one of the selected training sectors, namely: Digital marketing | e-commerce, Web design | development, Coding, Data analytics, Drone piloting and Microsoft Office suite.The bootcamp training programme in all 20 sectors will continue in a hybrid mode with both practical training sessions and virtual expositions during the month of September. The participants will be coached to apply and showcase the acquired skill in independent microprojects at the end of the training as a prototype on proof of concepts.

Shares of major chipmakers Nvidia and AMD have fallen amid concerns of new US restrictions on the sale of artificial intelligence chips to China. Nvidia says the US government requires a new license, effective immediately, to address the risk of chips being “used in, or diverted to a ‘military end use’... in China and Russia.”There are fears the rule could lead to millions of dollars in lost revenue. Shares of both chip makers slipped in after-hours trading in New York. Nvidia’s shares were down by 6.6% while that of AMD slipped by 3.7%. The new restrictions are a “gut punch for Nvidia,” Dan Ives of Wedbush Securities told the BBC.

academic,boards.onrepresentsofSRCfostersfortheSRCtheofCouncilPresidentGhana,”*887*17#com/donate/https://ugsrcskillupforjobs.orviashortcodeonalllocalnetworksinsaysPrinceAsumadu,UG-SRC2021-2022.UG-SRCTheStudents’Representative(SRC)istheumbrellabodyallundergraduatestudentsatUniversityofGhana,Legon.Theastheofficialmouthpieceofentirestudentbodyadvocatestheinterestsofstudentsandtheirwelfareaswell.ThecommunicatestheinterestsstudentstoauthoritiesandthestudentpopulacetheuniversitycouncilandotherAlso,itcoordinatestheactivitiesofcultural,religious,political and recreational clubs and societies. The SRC also fosters good relations between students of the University and the outside world by coordinating with other student organisations in Ghana and elsewhere in matters of mutual interest. In recent times, the SRC has assumed more prominently the added role of being development partners of the university and the Ghanaian society at large.

CalBank PLC has announced the appointment of Mr. Carl Selasi Asem as Deputy Managing Director of the Bank effective 1st September 2022. His appointment was approved by the Bank of Ghana. CalBank Board Chairman, Joe Mensah, commented “I am delighted to welcome Carl Asem to the CalBank family. Carl will be responsible for leading and driving the Bank’s corporate business with a view to growing profitability through superior product and relationship management.Withhis solid history of excellent performance in leadership positions in the banking industry in Ghana and across the West Africa sub-region, Carl’s appointment as Deputy Managing Director will serve to buttress CalBank’s strong standing in the industry.” Prior to joining the Bank, Carl worked with the Ecobank Group as the Managing Director of Ecobank Gambia. Carl brings to this position over eighteen (18) years of proven expertise in marketing, sales, relationship management, Contact Toll Free on 0800 500 500 customer service, and business development. He was instrumental in leading and driving strategies and initiatives for growth, planning and the development of sustainable and continued improvement programmes in the Anglophone West Africa (AWA) region for Ecobank.Carlstarted his career with Ghana Textile Printing Company as an Assistant Manager in 1998 before joining Ecobank Ghana as a Senior Relationship Manager in 2003. He subsequently worked in various high-profile roles such as Head Public Sector –Domestic Bank, Ag. Group HeadPublic Sector, Regional Business Manager – AWA Region. He was appointed the Managing Director of Ecobank Gambia in 2018 where he led the Bank to a dominant number one position in the country. Under his leadership, the bank attained the number one status consecutively over a 4-year period in Revenue, PBT, Assets, Deposits and CIR in the Gambia Banking Industry. He successfully introduced modern management practices focusing on digitalisation, employee engagement, customers, IT, partnerships & supplier relations. He also led the Bank to win “The Banker’s Bank of the Year” awards consecutively over a 3-year period.

Carl graduated from the Kwame Nkrumah University of Science and Technology with a Bachelor of Science (Hons) degree in Chemical Engineering in 1997. He also holds an Executive Master of Business Administration (Finance Option) degree from the University of Ghana and a Postgraduate Diploma in Financial Management (ACCA). He has pursued various Executive Development programmes from Columbia Business School and the Harvard Kennedy School, both in the USA

CalBank appoints Carl Selasi Asem as Deputy Managing Director

MONDAY, SEPTEMBER 5, 20228 | NEWS

The Municipal Chief Executive for Obuasi Honorable Elijah Adansi-Bonah has heaped praises on Persons with Disability who have benefitted from the Assembly’s share of the Disability fund for the Productive use of the items given to them.

Obuasi MCE lauds PWDs for judicious use of Disability Fund

By Sampson Manu

Speaking at a short ceremony to handover items to the beneficiaries in Obuasi, Honorable AdansiBonah indicated that reports from the Monitoring team who were assigned by the Assembly to assess how items were used by beneficiaries, pointed to the fact that, most of the items were put into productive use by PWDs.

The Obuasi Municipal Assembly has been proactive in disbursing the fund immediately it hits its accounts. This the MCE said is strategically done to cushion PWDs in the Municipality to have an improved standard of living. He again mentioned that the Assembly will continue to create a congenial environment for businesses including those owned by PWDs to thrive in the Municipality.“TheAssembly is even considering the possibility of giving tax relief to PWDs who are into businesses to enable them thrive in this competitive business space”Secretary of the Ghana Federation of Disables, Obuasi chapter, Karim Iddrisu also appealed to the Assembly to as a matter of urgency consider giving a tax waiver to their members who are into business. He said when PWDs are exempted from paying rates and taxes, it will help them to compete favorably in the market environment. “ I appeal to the Assembly to consider giving a tax waiver to PWDs in their next fee-fixing resolution. Our members are not able to compete in this highly competitive business space because Disability comes with a cost hence overburdening us with high cost of doing business is not helping us. We want the Assembly to step in and help our members”, heHeurged.praised the Assembly for the timely release of the fund and again, implored beneficiaries to put the items into productive use. In all 44 Persons with Disability were supported on the day. Thirtythree (33) of them were given items to boost their businesses whiles six (6) people were given educational support with 4 people getting medical support, all amounting to GH115, 047.

The PWD Act, 2006 (Act 715) set up the Disability Fund which requires that two per cent of the District Assemblies Common Fund (DACF) be set aside for PWDs to minimise poverty among them and enhance their social image through dignified livelihoods.

MONDAY, SEPTEMBER 5, 2022 | NEWS 9

“ I want to seize this opportunity to praise you for making good use of the items given you. Our Assessors have given us positive feedback regarding how items given to you by the Assembly have been put into productive use. I am not surprised because it is rare to see PWDs begging on the streets of Obuasi these days”.

MONDAY, SEPTEMBER 5, 202210 | FEATURE

Chinese President Xi Jinping on Wednesday called for an open and shared services economy to inject momentum into the recovery and development of the world economy. Xi made his remarks in a congratulatory letter to the 2022 China International Fair for Trade in Services (CIFTIS), which opened on Wednesday in Beijing. Noting the CIFTIS is an important platform for China to expand opening-up, deepen cooperation and lead innovation, Xi said the CIFTIS has made positive contributions to the development of global services sectors and trade in services. China insists on promoting high-quality development with high-level opening up, he pointed out, adding the country has eased market access in the service sector, made cross-border trade in services more open, expanded the function of the platform for opening-up, and strived to establish a high-standard system for opening up the service sector. Xi also emphasized that China is willing to work with other countries to adhere to true multilateralism and stay committed to benefits for all and win-win cooperation. The CIFTIS, the biggest comprehensive fair in global trade in services, is being held in Beijing from August 31 to September 5 at the China National Convention Center and Shougang Park. Titled “Cooperate for better development, innovate for a greener future”, this year’s event features an exhibition area of 152,000 square meters and a new environmental services exhibition at the China National Convention Center. There are 1,407 offline exhibitors, an increase of 13.8 percent over last year, of which 446 are Fortune 500 companies and industry leaders. A total of 71 countries and international organizations are attending this year’s event, including the UK, Germany, Switzerland, Italy, Australia and the United Arab Emirates.

Xi Jinping calls for an open, shared services economy

Access to basic quality health care is one of the most important challenges facing quality healthcare delivery in Ghana. Key to this is the disheartening issue of ‘no beds syndrome’ rate in some health care institutions which has led to the death of some patients. As a way of contributing to end the issue of ‘No bed syndrome’ in hospitals in the Ashanti Region, an Obuasi based non-profit association, Fifty 50 Club made up of employees of AngloGold Ashanti and its subsidiaries, as well as employees of other corporate organizations across the country and abroad, has donated medical equipment and supplies totaling GH36,000 to Health Directorates in three (3) districts in the Region. The beneficiary medical facilities were Adumanu, Kunka, and Tweapease health centers which are under the Adansi North, Obuasi Municipal and the Amansie Central Health Directorates respectively. The medical items donated included, 6 Crank Beds with Drip Stands, 2 Nebulizing Machines, 2 Oxygen Cylinders with Flowmeters, 6 BP Apparatus, 2 Fetal Dopplers, 1 Autoclave/ Sterilizer, 1 Delivery Bed, among others.Detailing the rationale behind the donation, the President and Founder of the Club, Jacob Edmund-Acquah said the donation forms part of activities to mark the Club’s second anniversary.Hesaid“Since July 2020 when the club was formed, we have made a lot of donations including contributing to the cost of heart surgeries for six (6) kids with various heart/medical conditions, supporting community clinics with medical equipment and supplies, providing scholarships to brilliant but needy students, and setting up twenty-three people with trading businesses”. These donations, he said were made possible through the voluntary monthly contributions of its members (which now stands at 215, and counting) in support of the Club’s objectives. Mr. Edmund-Acquah believed that for the club to have the reach and impact it craves for, it was imperative for it to also concentrate on assisting health facilities in the remote areas. He appealed to corporate entities to consider making donations to the club to enable it hold regular donation events to meet its health and other objectives.Hesaid the Club collaborated with the Obuasi Municipal Health Directorate with support from the Adansi North and Amansie Health Directorates to undertake a needs assessment exercise from which the three beneficiaries were selected. The report from the assessment showed that most health facilities needed basic equipment to enable them function optimally. “We arrived at these items based on the needs assessment carried out by the Club and the Health Directorates”. Margaret Yaa Manu, the Obuasi Municipal Health Director lauded the Fifty 50 club for coming to the aid of the health centers. Describing the donation as timely, the Health Director said the items are very important to the work and schedule of the health centers. “The medical items will put a stop to the situation where health centers refer minor cases to bigger facilities due to absence of basic equipment,” She added. bed syndrome: Fifty 50 club commits to supporting health facilities in the Ashanti Region

MONDAY, SEPTEMBER 5, 2022 11| FEATURE

By Sampson Manu

MONDAY, SEPTEMBER 5, 202212 | AFRICAN BUSINESS

2. Easier access to vast regional market

Heightened opportunities Opportunities across several industries are expected to significantly increase as a result of the AfCFTA. Among them are the manufacturing sector (industrial and machinery). It is projected that the AfCFTA will help diversify Africa’s trade and encourage a move away from extractive commodities, such as oil and minerals.

6. Increased chance of securing investments

As opined by the CEO of GIPC, Yofi Grant; “come to Ghana, and talk to us. We are the best place to invest in. Ghana is still the land of Opportunities, Openness and Optimism!”

Moreover, businesses in Ghana will have access to cheaper raw materials from across Africa, to feed their factories, as well as access to regional and continental value chains. 5. Opportunity to expand to other continental markets Through the AfCFTA, businesses in Ghana will be well-positioned to tap into other regional export destinations and can use regional markets as stepping stones to expand into overseas markets.

3. Security for informal sector With reduced tariffs, AfCFTA will make it more affordable for informal traders in the country to operate through formal channels, which offer greater security from harassment, robbery and confiscation of goods. It is also anticipated to provide simplified clearing procedure alongside reduced import duties for women traders.

The AfCFTA, upon full implementation, will boost the chances of Ghanaian enterprises in securing international investments, as local firms will have more negotiating power thanks to access to the sizable African market.

4. Access to cheaper raw materials

Businesses in Ghana will get easier access to the vast continental market with over 1.3 billion people. Considering that AfCFTA will remove barriers against Ghanaian products, investors can produce in the country and export uninhibitedly across Africa.

The AfCFTA is expected to progressively eliminate tariffs, as well as other non-tariff constraints on intra-African trade, making it easier for businesses in Ghana to trade within the continent, and explore endless opportunities.

The trade pact will also boost investment opportunities in the agricultural sector, particularly in the agro-processing sub-sector. Additionally, it will enhance the potential of the services industry across; business services, communication, financial, transport and tourism. Explore these opportunities in Ghana, and with Ghana “Ghana is the commercial and trade center of Africa” as concisely put by the GeneralSecretary of the AfCFTA Secretariat, Wamkele Mene. The country is poised to remain at the pinnacle of the regional business climate, with the advent of the AfCFTA. Therefore, foreign investors seeking to explore the boundaryless opportunities, and reap the optimal benefits of the AfCFTA, should consider investing in Ghana. To this regard, Ghana’s government and its investment wing – Ghana Investment Promotion Centre (GIPC) –have intensified efforts to assist all businesses, both local and foreign, to set up, and operate seamlessly in the country.

Why AfCFTA matters to businesses

MONDAY, SEPTEMBER 5, 2022 13| FEATURE

In July 2019, Ghana was selected ahead of six other countries to host the Secretariat of the African Continental Free Trade Area (AfCFTA). The decision, according to regional leaders, was ‘fitting’, considering Ghana’s significance to commerce in Africa. With this move, Ghana becomes the headquarters of the game-changing project which will boost intra-African trade by establishing a mutually beneficial trade agreement among member states.The AfCFTA is projected to eliminate tariffs on 90 per cent of goods produced on the continent, as well as other non-tariff constraints, with the ultimate aim of aggregating African countries to create a single market. It will connect 1.3 billion people across the 55 African countries with a market size of US$3 trillion to create the largest trade bloc in the world. The AfCFTA will increase intra-Africa trade by 52 per cent, boost Africa’s exports by US$560 billion, and lift an estimated 30 million people out of extreme Therefore,poverty.being headquarters of such a trade treaty is not merely symbolic; it benefits the country’s economy and its business people in several ways.

1. Elimination of intraregional trade barriers

6 Potential benefits to businesses in Ghana

2022 GROWTH UNLEASHED 31ST AUGUST - 4TH SEPTEMBER 2022EFUA SUTHERLAND CHILDREN’S PARK, ACCRAActivitiesDATE: WEDNESDAY, 31ST AUGUST 2022 TIME: 4:00PM - 6:30PM MS. BARBARA CLEMENS Country Director,World Food Programme (WFP) SPECIAL GUEST OF HONOUR PROF. AGYEMANG BADU AKOSAH Professor of Pathology and an Environmental Advocate GUEST OF HON. / KEYNOTE SPEAKER GUEST OF HONOUR DR. AFUA ASABEA ASARE CEO, Ghana Export Promotion Authority (GEPA) Sun. 4th September 3:00pm - 6:00pm Israeli (closing ceremony Awards) Green Competition Innovation Sat. 3rd September 6:30pm - 8:30pm Fri. 2nd - 4th September 9:00am - 8:00pm Education Center Fri. 2nd September 3:00pm - 5:00pm Fri. 2nd September 6:30pm - 8:30pm Daily 9:00am - 8:00pm Daily 9:00am - 8:00pm Thu. 1st September 6:30pm - 8:30pm KARAOKE Thu. 1st - 4th September 10:00am - 2:00pm MASTERCLASS for Adults & Children MediaSponsors:Sponsors:

The US dollar has been on a tear this summer. The Japanese yen and the euro have fallen to their lowest levels against the greenback in two decades; the euro, long worth more than one dollar, is now hovering close to parity. The US Federal Reserve’s broad trade-weighted dollar index has almost re-attained the peak it reached in March 2020 amid the panic triggered by the start of the COVID-19 pandemic. In fact, if one adjusts for inflation in the United States and its trading partners, it is already higher. This is happening despite the US recording its highest annual inflation rate in four decades and its worst trade balance since the global financial crisis. What is going on, and is the dollar set to plummet?While acknowledging that exchange rates are extremely difficult to explain, much less predict, four major factors seem to be influencing the movements of the world’s major currencies. Most importantly, the Fed has begun hiking interest rates, and with the US economy seemingly nowhere near a true recession, there is still room for it to tighten policyDespitefurther.equally high inflation in Europe, the European Central Bank is being more cautious. This is partly because the economic outlook for the eurozone is more fragile. The ECB is worried about Italy’s high debt levels, but also believes that current rates of energy-price inflation will not continue. Japan, like China, has so far not experienced significant inflation. The Bank of Japan is unlikely to tighten policy anytime soon, and the People’s Bank of China cut rates in August. Geopolitics is also a factor behind the dollar’s strength. The war in Ukraine presents a much more immediate risk to Europe than to the US, while China’s ominous saber-rattling toward Taiwan is a huge risk for everyone, but most of all to neighboring Japan. Recession or not, both Europe and Japan will have to restructure their defense capabilities significantly, with a concomitant rise in long-term military expenditures. Then there is the ongoing economic slowdown in China, which affects Europe and Japan far more than America. The root causes of China’s decelerating growth – including zeroCOVID lockdowns, the legacy of overbuilding, a crackdown on the tech sector, and overcentralization of economic power – are issues I have been commenting on for some time, and I do not see a sharp, sustained turnaround.Finally,with energy prices still very high, the fact that the US is self-sufficient in energy while Europe and Japan are huge importers also benefits the dollar. Some would add that the US is a safer haven than Europe and Japan. That may be true, despite America being mired in a cold civil war that can have no end as long as former President Donald Trump is in the mix. Eurozone integration, which promises to advance whenever there is a crisis, will be sorely tested if global real interest rates ever start rising. Inflation in Germany is on track to hit a 70-year high, but more aggressive ECB interestrate hikes could cause spreads on Italian government debt to explode.Thedollar’s current strength has profound implications for the global economy. A large share of world trade, perhaps half, is denominated in dollars – and for many countries, that applies to both imports and exports. As such, a rise in the dollar causes much of the world to cut back on imports, so much so that researchers have found a statistically significant negative impact on global trade. A strong greenback risks having a particularly brutal effect on emerging markets and developing economies, because private firms and banks in these countries that borrow from foreign investors can do so pretty much only in dollars. And higher US interest rates tend to push up weaker borrowers’ interest rates disproportionately. In fact, the broad dollar index would have risen even more had many emerging-market central banks not proactively raised interest rates to stem downward pressure on national currencies. But such tightening of course weighs on their domestic economies. The fact that bigger emerging markets have so far largely withstood higher US interest rates and the stronger dollar has been something of a pleasant surprise. But how long they will continue to do so if the Fed pursues an aggressive tightening path remains to be seen, particularly if commodity prices simultaneously fall further (as my Harvard colleague Jeffrey Frankel has warned) and the US and Europe slide into recession, on top of the slowdown in China. In the near term, a buoyant dollar will affect America less severely than its trading partners, mainly because US trade is almost entirely invoiced in dollars. But a persistently stronger dollar will have a longer-term domestic impact, as the US will become a relatively more expensive place to produce. It won’t help foreign tourism, still sharply down from 2019.Might the dollar’s recent surge against other major currencies go into reverse? To be sure, some previous big run-ups in the dollar’s value, including in the mid-1980s and the early 2000s, were eventually followed by sharp declines. But, again, exchange rates are notoriously difficult to predict, even on a oneyear horizon. A further 15% fall in the euro and the yen against the US currency is entirely possible, particularly if geopolitical frictions take another turn for the worse. The only thing that can be said with certainty is that the period of extraordinarily quiescent major-currency exchange rates, beginning back in 2014, is now history.

MONDAY, SEPTEMBER 5, 2022 15| FEATURE

By Kenneth Rogoff

Will the dollar’s surge end in whiplash?

MONDAY, SEPTEMBER 5, 202216 | NEWS

the African

The greater availability of financial services has an incredible impact on many aspects of life in Africa and plays a role in alleviating poverty for communities.

It has been shown that mobile money and other non-traditional forms of financial services are key enablers for financial inclusion in Africa - they have disrupted traditional financial services by providing better ways to transfer funds than using cash. With mobile and other digital payment systems, customers in SubSaharan Africa are gaining access to business loans, savings, and other services that a traditional bank would otherwise provide.

One player in the omnichannel payment field helping to make the sort of impact that the continent needs is MFS Africa. It is the largest hub for omnichannel payments in Africa, which connects over 400 million mobile money users on the continent. Impacting largely the unbanked and the underbanked demographic on the continent, MFS Africa connects mobile network operators, money transfer organisations, crossborder payments remittance firms, financial service providers, and worldwide merchants to millions of mobile wallets on the continent.“Ourservices focus on creating more possibilities for Africans needing to make payments, to carry out money transfers, and to remit funds to others,” explains Dare Okoudjou, Founder and CEO of MFS Africa. “Merchants, banks, mobile operators, and mobile to rely on our compliant and cost-effective service, and this is why the MFS Africa network has grown so extensively across the continent of Africa.” MFS Africa has achieved a significant presence in SubSaharan Africa, being connected today to over 60% of all mobile money wallets in the region. Understanding the need for connecting mobile money to the rest of the world, MFS Africa recently broadened its bank and fintech base offering through the acquisition of US fintech GTP. This will enable the company to tokenize mobile money space and connect to traditional card scheme ecosystems such VISA and Mastercard. Okoudjou explains that, “Our guiding principle is that African consumers and businesses should be able to pay for anything, both offline and online. We’ve always known borders, we needed to connect mobile money to the rest of the world; card networks seem to be the most effective means to do so.” The firm works in over 35 countries in Africa but believes that there are still more areas that it can provide its services to. It is against this background that MFS Africa negotiated a deal for additional funding from Norsad Capital, an impact investor offering tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa. Kenny Nwosu, CEO at Norsad Capital, says: “The Norsad Capital term facility will assist MFS Africa to break into Nigeria, a market that is key to MFS Africa’s growth strategy. With its extensive population and capacity to do business, Nigeria accounts for the largest movement of money around the continent, and our funding is important as it comes at a point in the company’s development where it is poised for significant growth.” According to Nwosu, “This is a very attractive investment for Norsad as MFS Africa has a strong market position, and this market share puts MFS Africa in a position to be at the forefront of financial inclusion and digital payments in Africa.”There is also great synergy between the two service providers since MFS Africa is aligned with Norsad’s Purpose of Building a Better Africa. As Okoudjou of MFS Africa explains: “MFS aims to decrease the cost of money remittances to Africa. We currently connect mobile money systems to one another and to money transfer organisations, banks, and other financial institutions, enabling money remittances to and from mobile money accounts. Our move into the Nigerian market will allow us to extend our footprint extensively on the African continent, bringing much-needed financial services to thousands more people.” In line with Norsad impact objectives, MFS Africa is aligned to Norsad’s Purpose of Building a better Africa. Mobile money has disrupted traditional financial services by providing a better way to transfer funds instead of cash. With mobile payments, customers in Sub-Saharan Africa are gaining access to business loans, savings, and other services as they would get in a bank. Mobile money has an incredible impact on many aspects of life in Africa and plays a role in alleviating poverty for communities.

MONDAY, SEPTEMBER 5, 2022 17| FEATURE

Despite progress in recent years, formal financial services remain beyond the reach of many people in Africa. And, even when these services become available, the rate of usage is low because of a range of factors, including the costs and the security of transacting.

Omnichannel payment systems to expand on continent

STOCK MARKET REVIEW

The Cedi also depreciated against the GBP for the week. It traded at GH¢9.6897/£, compared with GH¢9.6253/£ at week open, reflecting w/w and YTD depreciations of 0.66% and 16.13% respectively. This compares with YTD depreciation of 2.12% a year ago.

2022

MONDAY, SEPTEMBER 5, 202218 | MARKET REVIEW

The market ended the week with no advancers and 3 decliners as indicated on the table below.

THE CURRENCY MARKET

The Cedi continued to depreciate against the USD for the week. It traded at GH¢8.2255/$, compared with GH¢8.1491$ at week open, reflecting w/w and YTD depreciations of 0.93% and 26.98% respectively. This compares with YTD depreciation of 1.26% a year ago.

The Ghana Stock Exchange weakened for the second consecutive week on the back of price declines by 3 counters. The GSE Composite Index (GSE CI) lost 56.56 points (-2.23%) to close at 2,476.48 points, reflecting year-to-date (YTD) loss of 11.22%. The GSE Financial Stocks Index (GSE FI) also lost 17.13 points (-0.84%) to close at 2,018.25 points, reflecting YTD loss of 6.21%. Market capitalization dipped by 0.90% to close the week at GH¢63,775.28 million, from GH¢64,351.56 million at the close of the previous week. This reflects YTD decrease of 1.12%. Trading activity recorded a total of 1,944,061 shares valued at GH¢1,679,680.70 changing hands, compared with 843,097 shares, valued at GH¢42,192,323.65 in the preceding week. MTN dominated both volume and value of trades for the week, accounting for 49.53% and 52.20% of total value and volume of shares traded respectively.

The Cedi further weakened against the Canadian Dollar for the week. It opened at GH¢6.2734/C$ but closed at GH¢6.3259/C$, reflecting w/w and YTD depreciations of 0.83% and 25.04% respectively. This compares with YTD depreciation of 2.18% a year ago.

MACROECONOMIC INDICATORS

Q3, 2021 GDP Growth 3.3% Average GDP Growth for 2021 3.3% 2022 Projected GDP Growth 3.7% BoG Policy Rate 22.0% Weekly Interbank Interest Rate 21.97% Inflation for February, 2022 31.7% End Period Inflation Target – 2022 28.5% Budget Deficit (% GDP) – Dec, 2021 5.0% 2022 Budget Deficit Target (%GDP) 6.6% Public Debt (billion GH¢) – Dec, 2021 393.4% Debt to GDP Ratio – Dec, 2021 78.3%

The Cedi again depreciated against the Euro for the week. It traded at GH¢8.2280/€, compared with GH¢8.1831/€ at week open, reflecting w/w and YTD depreciations of 0.55% and 17.01% respectively. This compares with YTD appreciation of 2.40% a year ago.

WEEKLY MARKET REVIEW FOR WEEK ENDING - AUGUST 26,

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Crude Oil prices inched higher on Monday as hopes of a supply cut by OPEC offset heightened concerns over an economic slowdown forecast by the U.S. Federal Reserve. Brent futures traded at US$99.01 a barrel on Friday, compared to US$96.72 at week open. This reflects w/w and YTD gains of 2.37% and 27.29% respectively. Gold prices fell as the dollar held on to gains following the U.S. Federal Reserve’s signal to raise interest rates further to tame sky-high inflation. Gold settled at US$1,749.80, from US$1,828.60 last week, reflecting w/w and YTD losses of 0.74% and 4.31% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,414.00 per tonne on Friday, from US$2,362.00 last week, reflecting w/w gain and YTD loss of 2.20% and 4.21% respectively.

MONDAY, SEPTEMBER 5, 2022 19| MARKET REVIEW

Government raised a sum of GH¢1,826.21 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,097.20 million raised in the previous week. The 91-Day Bill settled at 28.61% p.a from 27.72% p.a. last week whilst the 182-Day Bill settled at 29.94% p.a from 29.29% p.a. last week. The 364-Day Treasury Bill settled at 29.52%, from 28.83 at last issue. The table and graph below highlight primary market yields at close of the week.

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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The European Commission needs to take broader responsibility for European energy policy to ensure that the energy market works, and to protect Europeans from irresponsible and incompetent national-level politicians. The 2009 energy package was a step in the right direction, but the EU needs to go further. Within the next year or two, Europe must be able to declare itself completely independent of the capricious Russians.

EDITOR:

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The failure of European energy policy are a disaster for the European economy and its politicians. But given how feckless European energy policies have been, the economic pain they have caused should surprise no one. European politicians must rethink their approach. The mess in which Europe now finds itself was caused not so much by European Union policy as by the absence of one. The EU needs a stronger, more unified, and far more coherent common energy strategy.Foryears, EU energy policy has moved in fits and starts in response to unexpected problems, most of which were caused by Russia. For example, Russia cut off gas deliveries to Europe in the cold January of 2006; but because this disruption lasted for only four days, Europe did not wake up to the longer-term implications. Then, in the freezing January of 2009, Russia punitively cut off gas deliveries via Ukraine, disrupting supplies to 18 European countries for two weeks. This time, the EU did wake up – at least a little – and adopted its third joint energy package for gas and electricity. By advocating diversification, marketization, and energy-sector unbundling, the package had a real impact, because it meant that gas and electricity producers were no longer allowed also to own pipelines and grids. Gazprom was forced to sell its pipelines in the Baltics, and Lithuania and Poland were prompted to establish liquefied natural gas (LNG) terminals. But Germany was too big and self-important to be bothered with such changes. It went in the opposite direction, making fundamental mistakes along the way. Just before losing power he and other German notables continued to advocate for Nord Stream 2, which would have rendered Germany even more dependent on Russian gas. Not only would Germany buy all the gas it needed from Russia; it also would become a major transit country.Adding to the problem, in 2011, Chancellor Angela Merkel had decided on a whim to close Germany’s safe, well-functioning nuclear-power stations, following the tsunami that struck Japan’s Fukushima nuclear plant. That decision also left Germany far too dependent on Russian gas – so much so that until the Kremlin halted gas deliveries to Europe this year, Germany accounted for about one-third of Europe’s gas imports from Russia. Making matters worse, German companies sold most of the country’s gas storage facilities to Gazprom, which emptied them last year in a blatant act of price manipulation.Thus,while most other European countries have long worried about overreliance on Russian gas, Schröder and Merkel made Germany wholly dependent on it, completely ignoring their country’s energy security. And while other European countries built new LNG terminals (enabling gas imports from the United States and elsewhere), Germany simply doubled down on Russian supplies. Now, all of Europe is suffering from Germany’s irresponsible behavior. Today’s sky-high gas and electricity prices in Europe largely reflect Republic, and Slovakia have failed to adjust to changing geopolitical conditions; but they are much smaller and less consequential than Germany. And while Italy did allow itself to become the second-biggest gas importer from Russia, it has swiftly found alternative suppliers in Algeria and Azerbaijan. The buck therefore stops with Germany. What is to be done? No single company has caused the EU more pain through its market manipulation than Gazprom, which is clearly too unreliable to deal with. Ideally, the EU would block or sanction Gazprom from participating in any economic activities within the EU. The 2009 energy package had the right idea about unbundling; but it did not go far enough. Gas producers and exporters – notably Gazprom and Qatar – should not be allowed to own gas storage facilities in the EU. Furthermore, the EU needs to establish compulsory norms so that its storage capacity is reliably filled to a certain minimum level. During the 1970s oil crisis, Europe had no qualms about imposing norms to achieve energy savings. It should do so again, starting by pressing Germany to restrict the driving speed on its highways, as all other EU countries have already done. The EU should also require member states to maintain sufficient LNG terminals. The absence of a single LNG facility in Germany is just one of the many shortcomings of Merkel’s 16-year tenure. Moreover, since national energy companies naturally want to monopolize their markets, energy connections between many EU countries are insufficient or nonexistent. While Spain and Portugal have abundant LNG terminal capacity, there is very limited pipeline capacity to supply France, largely because the French have maintained a blinkered policy of keeping cheap Spanish gas out of the domestic market.Similarly, the electricity price in northern Sweden and Norway is many times lower than it is in the southern parts of these countries, simply because there are insufficient power lines connecting the supply of northern electricity (most of which comes from hydropower) to effective demand in the south. The EU should require that these countries expand their grids. Finally, Ukraine has vast energy supplies – natural gas, electricity, and petroleum – that are going unsold because of incomprehensible trade obstacles in Europe. To reduce its inflated energy prices, the EU urgently needs to open its market and demand that gas pipelines and the electricity grid be expanded to create a level marketplace.