Ghana, on the other hand, will progressively reduce its tariffs to zero for 78% of its imports from the EU by Speaking2029.with Business24 in an interview during GIPC’s Young En trepreneurs Forum (YEF) in Accra, Mr. Razaaly said “We are conduct ing regular discussions with Gha naian authorities when it comes to the lines related to the most trans formed goods. Our goal as the EU is to help the Ghanaian economy to industrialise more in order to sell transformed, better industralised products in the EU market. This is the purpose of the agreement.”
MTN reducesGroupdebt with early settlement of $300m eurobondsin EU diplomat says EPA agreement with Ghana is intact
The EU Ambassador to Ghana, Irchad Razaaly, has disclosed that his outfit is in constant touch with Ghanaian authorities regarding ex port to the European markets un der the EU-Ghana Economic Part nership Agreement (EPA).
TUESDAY, SEPTEMBER 7, 2022 NEWS FOR BUSINESS LEADERS .COM.GH Story on page 2 Story on page 3 Story on page 3 SSNIT is on
According to him, the EPA has been in place since last year and said “so far so good”, urging Gha naian businesses to take advantage of marketing and selling to close to 450million consumers in Europe.
The transformed products, he explained, includes cocoa being transformed to chocolate to in crease its value, shea butter, fruits, agriculture, industralised products like“Allfertilizer.rangeof products, but to ac cess the EU market, it has to be more transformed to bring in more revenue to the Ghanaian econo my.”Mr. Razaaly also indicated that the EU has been addressing the country’s eco-system through skills provision, access to funding as well as access to markets, adding that they invested 170million euros into the Development Bank Ghana in order for the bank to make avail able funding via commercial bank, which is expected to benefit young entrepreneurs as well. The tariff cutting process started in 2020, creating significant new export opportunities for EU ex porters.Available data indicate that under the EPA, Ghana is gradually remov ing its import duties for 78 percent of EU exports by 2029.
mission investmentssafeguardtofuture
By Eugene Davis a
Vodafone to train 1000 girls in free national programmecoding
The EPA is a development-orient ed free trade agreement. Under the agreement, the EU pro vides duty-free and quota- free ac cess for Ghana’s exports to the EU from the first day of application.
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On the Canada Investment Fund for Africa (CIFA), the Trust has recovered US$2,064,109 of the total investment. CIFA has been under liquidation since 2015. As per the Fund Manager’s 2019 report to shareholders, the liquidation process is yet to be concluded. The investment was made in June 2005. That, Subri Industrial Plantation Limited (SIPL), established in 1985 was owned by a consortium of financial institutions with the Government of Ghana (GoG) having a majority stake of 80.40%.
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Horticulture fast becoming the new job-making machine
The details are provided below: Firstly, the Trust invested US$6.08 million in Ningo Salt Limited (NSL) in July 2005, US$3,650,000 in Granite and Marbles Limited in July 1994 and US$5,038,153 in Canada Investment Fund for Africa (CIFA) in June 2005. In the case of Ningo Salt Limited (NSL), the US$6.08 million stated as loss has reduced to US$1.93 million. The loan of US$4.15 million was granted through Ecobank Ghana Limited. Ecobank has fully repaid SSNIT with interest. The investment was made in July 2005.
2 | THEBUSINESS24ONLINE.COM News/Editorial
SSNIT is on a mission to safeguard future investments
On Granite and Marbles Limited, SSNIT managed to retrieve its unpaid Social Security Contributions of GH¢428,337.07. All the loans were converted to equity prior to the liquidation. Liquidation is underway and yet to be completed. The final accounts is yet to be submitted to the parties by the liquidator. The investment was made in July 1994.
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.
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.
SSNIT had a 13.60% equity stake in the company which was divested to Plantations Socfinaf Ghana. All these notwithstanding, the release reveals that under the current management some significant strides have been made to rebalance investments. The trust for instance, has made savings of over GH¢ 231m on legacy investments related cost through renegotiation since 2017. That, efforts have been made to ensure that the Trust gets the best deal when liquidations are evoked on some of these non-performing legacy investments. As evidence of prudent management of funds, the Trust has increased the net assets from GH¢8,406 million in 2016 to GH¢ 11,350 million as of December 2020 (unaudited accounts) representing an increase of 35%, the statement added.
Management of the Social Security and National Insurance Trust (SSNIT) has stated that the trust is on a mission to ensure that unpaid funds and poor investments made in the past do notAccordingrecur. to SSNIT, they have been in contact with the Ministry of Finance to have the trust’s portion of US$626,522.47 transferred to SSNIT since 2015, stressing the trust will continue to engage the ministry to retrieve the unpaid funds. Reacting to comments in the media on sections of the report of the Auditor-General on the Public Accounts of Ghana: Public Boards, Corporations and other Statutory Institutions for the period December, 2020 that relates to the trust, it noted in a statement “that, as part of efforts to prevent such occurrences in the future a new investment policy that better controls the investment process has been developed and is being implemented.Also,professionals and experts have been appointed to Boards of subsidiary companies which has led to major improvements in the corporate governance of these entities resulting in better returns onTheinvestments.”statement further indicates that, as at the time the current Management was appointed in 2017, the Trust was saddled with a largely non-performing investment portfolio. That, though the audit ended 31st December, 2020, the major issues raised predates the present administration with some dating as far back as 1985. That, of the US$11,794,109 indicated as loss through the liquidation of three companies, US$4.15 million has been recovered and efforts are still ongoing to make further recoveries of locked up funds.
Dr. John Ofori-Tenkorang is the SSNIT boss
By Eugene Davis
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.
“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.
TUESDAY, SEPTEMBER 7, 2022 | FEATURE 3
The CEO was confident that Vodafone’s investment in these initiatives will offer increased employment opportunities for the youth, as they are equipped with skills in demand. Vodafone Ghana held the 2022 edition of its Skills Fair on Thursday, 1st September 2022. The Vodafone Skills Fair is a flagship corporate social responsibility programme championed by Vodafone. It creates a platform for young Ghanaians to connect with experienced professionals who have built enviable careers in their respective fields.
Telecommunications giant, Vodafone Ghana, will train 1000 girls in its free virtual nationwide coding programme, Code-LikeA-Girl, within the next twelve months.TheChief Executive Officer (CEO) of Vodafone Ghana, Patricia Obo-Nai, announced this during the 2022 Vodafone Skills Fair held on September 1, 2022. “I am so happy to announce that our coding programme is going to happen again this year. This virtual programme will train 1000 girls from 7 years to 18 years. It is a free three-day programme. All you need is a device… just follow our pages. You will get the links to register and we will train you,” she Patriciasaid.explained that the project was in line with the company’s commitment to using its resources, expertise, and technology to help the youth gain new skills that will prepare them for the future of work. She further stated that apart from the Vodafone Skills Fair and the nationwide coding training, Vodafone Ghana has introduced other initiatives such as the Discover Graduate Programme, the Female Engineering Scholarship Programme (FESSP), and internship opportunities all designed to prepare young people for the job market.
Following on from strong first half 2022 results, MTN Group has announced the further deleveraging of the balance sheet with the early settlement of US$300 million in eurobonds with a 2024 maturity date. This brings MTN’s dollardenominated debt down to 35% of total holding company (Holdco) debt on a H1 2022 proforma basis. In late August, MTN invited eligible holders of the US$750 million eurobond – due to mature in November 2024 – to tender their notes for purchase by the company for cash. The offer attracted tenders of more than US$482 million. This was significantly more than the US$250 million originally intended for early settlement. As a result, MTN raised the final acceptance amount to US$300 million, which will be settled on Tuesday 6 September 2022. “In line with our Ambition 2025 strategy, we are committed to deleveraging the balance sheet faster in line with our capital allocation framework,” said MTN Group President and Chief Executive Officer Ralph Mupita. “This week’s early settlement supports delivery of this commitment as well as of the execution and delivery of our medium-term guidance to maintain the Holdco leverage belowMTN1.5x.”Group Chief Financial Officer Tsholofelo Molefe said that as the settlement would be funded from available cash balances, it did not affect the proforma Holdco leverage of 0.8x at 30 June 2022. “However, on a pro-forma basis, the settlement improves the end-June 2022 ratio of non-rand to rand debt to 35:65 from the 42:58 ratio reported in the Group’s interim results.” At end-December 2021, the Holdco leverage was 1.0x. The improvement in the first half of 2022 to 0.8x was boosted by the repatriation of R9.4 billion in cash from our operating companies (including R4.5 billion from MTN Nigeria)
MTN Group reduces debt with early settlement of $300m in eurobonds
Vodafone to train 1000 girls in free national coding programme
TUESDAY, SEPTEMBER 7, 20224 | NEWS
In an interview with Timothy Ataaya, one of Mr Ibrahim Mahama’s PA’s at Dzata Cement mentioned that the company was not surprised by the recent awards as it focused on providing high-quality but affordable cement products to customers.
“We are not surprised about the award because he, (Mr Ibrahim Mahama) had the vision that gave birth to this cement factory. For over fifty-five years, this industry has been controlled by foreign investors, Dangote only came in to tell us that, we as Ghanaians can do it. The problem the company identified which is the quality and the affordability of cement coupled with the fact that no Ghanaian is taking an active role in this industry, we focused on making sure that we’ll bring to the market high-quality cement capable of distinguishing itself” He noted that the best aspect is the product quality itself. “unlike other players in the market, it is only Dzata Cement that produces a cement quality grade called CEM I 42.5R, which is the highest cement grade in Ghana. Touted as the first and only fully Ghanaian-owned cement processing factory, Dzata Cement – is valued at over US$100 million investment which is located on a 10-acre land near the Tema port enclave.“Themarket entry strategy was to get the products accessible to all, so where ordinarily you might not see other products, Dzata Cement was willing to push and that is what led to the company’s investment into trucks, just to get into production other areas,”
The first phase of the company was a cement bagging plant with a capacity of 1.2Mt/yr. The second phase is expected to increase the processing capacity to 2.4Mt. Its current bagging capacity is approximately 120 bags of cement perDzataminute.cement has received several accolades for its impact on the local cement industry, as this particular investment should pave the way for investments in industries which otherwise have been dominated only by foreign companiesToboost its product accessibility, the Company is conducting regular feasibility studies like nationwide depot operations to create more awareness of its unique quality cement product.
The Awards recognize standard makers, excellence achievers and responsible organizations and individuals who adhere to the local business requirements while consistently improving their organization’s performance. 43 top companies and individuals in Ghana were recognized. The Ghana Business Standard Awards (GBSA) provides a platform to encourage the introduction of standard processes, services, or products and the improvement of existing methods or practices to affect positive change in businesses in Ghana.
DZATA Cement wins big at 2022 Ghana Business Standard Awards Tel: +233 (0)302 21 6000 www cbg com gh cbgbankltd DreamLife CONSUMER ASSET FINANCE Buy now and pay over 12 months @ 0% interest rate. TERMS AND CONDITIONS APPLY
Dzata Cement, an only and wholly-owned Ghanaian cement manufacturing business, wins big at the 2022 Ghana-West Africa Business Excellence Awards as the Cement Brand of The Year. The 2022 Ghana Business Standard Awards seeks to celebrate organizations committed to remarkable business standards in their sectors and industry leaders breaking barriers of excellence across the Ghanaian business region and the world at large.
The second-hand clothes seller with four (4) children could not hide her emotions about the impact of ASA on the lives of her family, saying, “I couldn’t have benefited from this screening if not my relationship with ASA.”
The Sunyani Area Manager of ASA Savings and Loans, Isaac Agyapong, who supervised the one-day exercise said it is the commitment of the company to help promote quality healthcare for its clients and the society at large.He said, “The Company has made it part of its annual operational objectives to organise free medical screening in addition to several other CSR activities. We donate several items to children’s homes, hospital, schools and others.”Aclient of ASA and Savings and Loans, Josephine Aseiduaa, 49, said the company has been very consistent with advancing soft loans to women groups. The financial support alone is a gamechanger for micro businesses, she added.
200 Berekum market women benefit from free health screening
TUESDAY, SEPTEMBER 7, 2022 | NEWS 5
ASA Savings and Loans has taken its free health screening trail to Berekum in the Bono Region where close to 200 market women benefited from theAsexercise.partof its corporate social responsibility (CSR), the company has been organising free health screenings across its operational areas in the country. The Berekum Business Centre screening covered conditions such as blood pressure, malaria, blood sugar level, typhoid and blood group. Beneficiaries with mild conditions were counselled and given medications while those who required further medical attention were also advised to do so.
A 40-year-old beautician, Gladys Takyiwaa, on her part said the screening revealed her current health status and it will guide her in future. “I thank ASA for the unflinching support to women for us to make a better living, especially single mothers.”
VAT Act provides that a supply has been made if the goods have been transported and delivered from seller A’s business premises to buyer B (even though seller A, is yet to receive cash payment from buyer Therefore,B).at the end of the subsequent month, seller A would have to report and pay the VAT amount, all things being equal. While for accounting and cash flow purposes, the payment terms might mean seller A would be paid in 90 days. Decision and pricing will have a tax impact.
If tax is considered at the planning stages of the upgrade, the answer should be easily provided to aid in business decision making. In another survey carried out by Deloitte, tax leaders said not having the right data at their fingertips (52%) and outdated ERP systems (35%) were the biggest barriers to delivering strategic value to a business beyond the tax compliance obligation.Tax has moved from being a mere compliance issue to supporting strategic decision making. There should be readily available data to assist a business in making the right decision. A future proof requirement of any such upgrades will be to make it easier for tax rate changes to be easily effected in the system within a short time frame of a law being passed. If Parliament effects a change in the VAT rate for example, is it going to take more than a month before the ERP system is amended? If the law becomes effective before the system is amended, you run the risk of incurring penalties and interest for charging the wrong rates and paying the wrong amounts of taxes until the ERP is updated with the rate change. Hence it is advisable if this is factored in planning stages to include the ability to make such changes with the right internal controls.Transfer pricing requirements
Digitisation, being one of the mega trends changing all aspects of life, now provides a platform to align data and technology for better regulatory compliance and aligns data and technology for better regulatory compliance and
TUESDAY, SEPTEMBER 7, 2022| FEATURE6
While there are many reasons for carrying out an ERP change or upgrade, tax or regulatory issues rarely feature at the top most reasons for the decision to make a change. Such changes or upgrades are usually necessitated by the need to stay competitive via better decision making and improve the user experience. The decision of an ERP upgrade ends up being the Information Technology (IT) manager and the finance functional head’s responsibility.
The new TP Regulations,2020 (LI 2412) has added to the information disclosures to be provided by a taxpayer with related party transactions. The new information requirement includes Country-by-Country reporting which requires multinational entities to disclose financial information of specific related party entities within the group. The information disclosures include revenue from related and non-related parties, income tax paid on cash basis as against that paid on an accrual basis and tangible assets other than cash and cash equivalents. Sometimes this information may not be readily available unless through some sort of consolidation, and may need to be done manually. A strong ERP will not require this new information to be generated outside the system, but rather should be readily available with the click of a Identificationmouse. of tax risk, ERP should consider making use of these advanced technologies to improve internal processes such as tax accounting and planning and to overall improve the competitive advantage of a business. Data retention Finally, what happens to the old system and documents you are leavingEnsurebehind?thatdata on the old system is secure and available for any future tax audits. The Revenue Administration Act, 2016, (Act 915) requires documents to be retained for a period of at least six years from the end of the year of assessment or end of accounting period for which the document is relevant. In some instances, such as where a tax audit is ongoing, the document may be required to be kept for a longer period. This has been further confirmed by the High Court in the case of Taylor and Taylor Limited vs The CommissionerGeneral. If it is not possible to maintain the documents due to the ERP upgrade or change, you will need a notice in writing from the Commissioner-General of the Ghana Revenue Authority to relieve you of this six-year document retention period. In conclusion, as the tax and general compliance landscape keeps evolving, being compliant with tax laws and complex financial reporting rules may seem challenging. With the right structures from planning to implementation, it should lead to an efficient system to meet the compliance burden and at the same time for the tax reporting system to assist in business decision making.
Digital transformation and tax
ERP however covers all areas of a business operations, from finance, accounting, procurement, customer sales management, logistics, asset management and supply chain. With the ever-evolving current environment, tax should be part of the foundation of any such discussion surrounding ERP changes or digital transformation in general. Precisely because all the areas covered under ERP have tax implications. From supply chain (which has withholding tax and customs implications) asset management (withholding taxes, capital allowance computations), human resources (PAYE) to sales (VAT and related levies). It is essential that both the internal tax function and/or the external tax consultants should all play a role from the planning stages of any ERP upgrade to the final testing stages before any new ERP is deployed. This inclusion in the planning stages will avoid penalties and save a business entity from potential compounding interest from noncompliance with the tax laws.
An important feature to bear in mind when carrying out a system change, or upgrade is the ability of this new system to support decision making and modelling impacts of future changes in the tax law on the current business model. What will be the impact on the business of new tax proposals announced in the government budget? This is a question the board of directors and chief financial officers will usually ask.
In a recent survey conducted by Deloitte, where a quarter of those surveyed were an ERP system and is up and running, nearly 78 per cent of tax functions/executives played a lead role in shaping the ERP’s design. This shows that understanding of the tax impact of any digital transformation is catching on and going forward, tax issues should continue to factor in the mix of reasons to embark on digital transformation. Any of such upgrades should also aim at addressing current specific tax challenges which will include accounting for the cost of sales and its associated withholding tax and indirect tax implications. It should assist by providing supporting documentation during tax audits conducted by the Ghana Revenue Authority (GRA) in future. This is achieved through digital record keeping which should make it easy to access records such as receipts and legal contracts to support tax positions during tax controversies and dispute resolution processes. Not only should the information be readily available, but the data quality should be such that it gives a business the confidence to support tax positions and necessary justification. Tax accounting and financial accounting differences ERP changes or upgrades should not only satisfy financial accounting reporting purposes but assist with tax accounting and its compliance while at the same time assist in assessing the tax burden. Frequently there are tax areas in which local tax accounting knowledge can be of benefit in setting up ERP. One of these is that of cash inflows and payment of tax liabilities. This is because the timing of cash receipts and payments under the tax law sometimes differs from the accounting rules. A typical example can be found under the Value Added Tax Act,2013 (Act 870), which defines the timing and payment of a supply of goods, which will not always coincide with the financial accounting treatment and disclosure.
what is your background?
executive with expertise in connecting African markets and other regions of the world. Having grown up a Canadian citizen, my passion led me to spend most of my working life in several African countries, like Ghana and South Africa. This has given me a unique understanding in establishing business and achieving growth in challenging economic environments. I am also a Managing Director at private equity firm Raygan Mills, which invests in growth companies across Africa. I also take every opportunity to provide mentorship to youth and young founders. Afrifursa Fintech Summit 2022? experience the dynamic people, Ans: I would say, it’s about time! Recognizing the long term value offered in African markets versus the unfounded risk premiums often associated with investing in Africa is a critical step in the right direction. However, Africa is a highly nuanced market with over 2000 languages, 54 countries, differing regulatory schemes, sophisticated consumer habits, etc. This means you start with a massive information disadvantage which is usually best solved by engaging African Diasporans who know how to navigate their home markets and the Canadian market; these Diasporans act as a bridge to local partners which is critical to your success when investing in a new
TUESDAY, SEPTEMBER 7, 2022 | INTERVIEW 7
Exclusive interview with Africa investment executive, Tapfuma Musewe
Vodafone Business launches SME Month 2022, outlines activities to boost business
TUESDAY, SEPTEMBER 7, 20228 | NEWS
Tawa expressed satisfaction with the impact that Vodafone Ghana’s SME Month initiative has made in previous years and was optimistic that the actions introduced this year will address the key challenges faced by businesses.“Iam particularly excited about the many initiatives we have put in place this month to develop, transform and digitize the businesses of our customers. I am inviting all SMEs to take part in this year’s Vodafone Business SME Month. Let’s Grow Further Together,” she stated.
Vodafone Business, the enterprise arm of Vodafone Ghana, has launched SME Month 2022 and announced activities to mark the month. This year’s theme, “Further Together,” aims to empower SMEs with the right solutions to grow, remain competitive, profitable, and relevant now and beyond. Speaking at the launch of the Vodafone SME Month, Director of Vodafone Business, Tawa Bolarin noted that one of the unique ways of surviving and thriving in 2022 and beyond is to establish the appropriate framework for business growth. “SME is the engine of growth for most economies, Ghana included. Vodafone business is strategically positioned to be the propeller for the growth of SMEs. One way to thrive is to establish the framework for scalability, reachability, continuity, agility, and efficiency. Our purpose as an organisation is to connect people and businesses for a better future. Therefore, we continue to empower businesses with innovative solutions.” Stressing on the products and services in store for businesses, Tawa Bolarin stated, “This year, we are highlighting two unique digital products that SMEs can use to boost their businesses: Your Business Online and Vodafone Cash for business. Used together, these two products will help you reach more customers, make more sales, and stay in control — from extending your reach and managing your supply chain to convenient payment solutions for your customers. We are also offering some free products and services that SMEs can take advantage of, to be scalable, reachable, agile, resilient, and efficient.”Notable among the free products and services to be rolled out under Vodafone SME Month are free websites for selected businesses, a 50% discount on the Vodafone bills of selected businesses, Vodafone Business sponsored training interventions for selected SMEs, free business registration for smaller businesses, free branding of shops for some Vodafone merchants, free advertising for businesses and webinars that will build the capacities of business owners.
As part of this initiative, Avanti will provide critical connectivity services and VSAT equipment.
The Brian Reuben’s Awards of Strategic Excellence represents a benchmark of excellence for individuals and organisations demonstrating strategic excellence across industries. Recognising and honouring the individuals and companies who, over the years, have been at the forefront of first-class value creation, innovation, or exceptional financial and operating performance.
TUESDAY, SEPTEMBER 7, 2022 | NEWS 9
Avanti Communications (“Avanti”), the leading provider of high throughput satellite capacity across EMEA, and Clear Blue Technologies International Inc. the Smart Off-Grid Company™, has announced an agreement, signed on August 19, 2022, under which Clear Blue will provide Smart Off-Grid Power for Avanti’s e-learning services in Africa. Avanti and its eLearning partners plan to deliver satellite connectivity to enable eLearning for an initial 3,000-5,000 schools across Sub-Saharan Africa. Clear Blue will be the exclusive off-grid power provider for Avanti’s eEducation services. This program aims to deliver improved educational outcomes in maths, literacy, and life skills for marginalized children in the region.TobyRobinson, Chief of Strategy & Business Development at Avanti, commented: “At Avanti, we believe that every child deserves the socioeconomic benefits of a more connected life, starting at school.This partnership with Clear Blue will bring life-enhancing educational services to underserved communities across the region. Clear Blue’s Smart Off-Grid solves one of the biggest problems in hard-to-reach areas –a lack of easy, low cost and reliable power.”Sub-Saharan Africa has more than 600 million school-aged children and the lowest global mathematics and reading proficiency rates. Led by Avanti Communications and its partners, iMlango was a first-of-its-kind e-learning partnership created to deliver improved educational outcomes in maths, literacy and lifeTheskills.project has been running for seven years and has delivered improved educational outcomes for over 180,000 marginalised schoolchildren in 245 schools in Northern Kenya. Avanti and its partners are now working with Ministries of Education and NGO funders across multiple countries in subSaharan Africa to roll out the tried and tested iMlango approach to thousands of schools, with the objective of improving the lives and educational outcomes for millions of African children.
Avanti’s rural network coverage solution supports 2G, 3G, 4G and Wi-Fi connectivity across Africa.
Clear Blue’s Smart Off-Grid technology will also power the educational equipment and systems. With initial pilots beginning in Q4 2022, the rollout will continue from late 2023 through 2025. “We are thrilled to expand our partnership with Avanti into the eEducation space,” said Miriam Tuerk, CEO and Co-founder of Clear Blue Technologies. “This partnership helps Clear Blue’s target to contribute to the UN’s 17 Sustainable Development Goals, one of which is to ensure inclusive and equitable quality education and promote lifelong learning opportunities for all. As we have built ever stronger technical capabilities, our products will grow from telecom systems into other verticals and applications. Africa is a young continent with a large and growing population. As such, with the UN Sustainability Goals at work, funding and deployment of eEducation services is a large growth opportunity for Clear Blue.”
The Keynote Speaker for the 2022 event is the acclaimed Emmanuel Michael, SPHRi, a leading authority in human resource management. The highly-acclaimed event scheduled for September 9, 2022, will be held at the Radisson Blu Hotel in Victoria Island Lagos Nigeria.Recipients of the award in 2022 includes, Dr. Dominic OduroAntwi, President, Global Africa Trade Advisory Chamber Ghana; Engr. Steve Ayuba, TA, Gas to the CEO, Midstream and Downstream Regulatory Authority; Ms. Rosario Osobase, Managing Director, Tenaris Nigeria and Ms. Adeline Quarshie CEO, Credence Micro Credit Limited, Ghana. Others include Prof. Ndubuisi Ekekwe, Founder, Tekedia Institute, USA; Mazi Dr. Sam Ohuabunwa, Former President, Nigeria Pharmaceuticals Society; Prof. Punit Gaur, Founder, International Institute for Eurasian Studies; Ms. Deepti Chaudhary Saini (Mrs. India international), Director & Founder Deepra, India; Mr. Jude Ndu, Founder, The Economic Series, Nigeria and Ms. Tolulope Opayinka, CEO, Letshego MFB, Lagos, Nigeria. Also to receive this award is CJ Benjamin, South African leading media personality and Nirbhay Wadhwa, Indian film and television actor. Those expected to grace the invite-only would include business founders, Chief Executive Officers of industries, c-suite executives and other notable personalities in the world of business, finance, government, and investment.
The event will also feature the award of Honorary Doctorates to deserving individuals by the Metropolitan University of California.TheConvener of the event, Dr Brian Reuben is a leading authority on Strategy and one of the most sought-after thought leaders on the subject. Through his senior executive workshops, he has helped position several businesses to produce remarkable results even in the most challenging and turbulent business environments.
The Awards of Strategic Excellence also celebrates the executives who continue to change the face of their industry demonstrating outstanding leadership and performance.
Dr Reuben who also hosts such premium events as the Leadership Agenda Summit is a featured speaker at business events globally and has trained, advised and mentored senior executives in several organizations around theTheworld.Brian Reuben’s Awards of Strategic Excellence is a core social gathering once a year with a bang, it’s not to be missed! To request an invite please email admin@brianreuben.com
At the same time, Clear Blue shall provide its Smart Off-Grid solar-powered solutions with remote management and control to ensure maximum uptime of connectivity services necessary for Avanti’s deployment of its integrated eLearning system(s).
Avanti Communications and Clear Blue powering eLearning across Sub-Saharan Africa
Sam Ohuabunwa, others to receive the Brian Reuben Awards of Strategic Excellence
According to a recent population and housing census, Ghana’s population stands at a little over 31 million people. This ranks Ghana as the 2nd largest country in West Africa by population. Only Nigeria has a larger population than Ghana.
TUESDAY, SEPTEMBER 7, 202210 | FEATURE
To appreciate this point, did you know that by 2025, annual consumption in emerging markets will reach $30 trillion, accounting for nearly 50% of the world’s total? Also, the number of consumers in emerging markets will reach 4.2 billion by 2025, out of a global population of 7.9 billion.It’s again estimated that in developing countries, the emerging class—nearly two billion strong—spends a total of $6.9 trillion annually.
There’s a fundamental yet very essential question, asked across all boardrooms of companies and institutions of all sizes, which borders around “where to select as the next investment destination.”Itcould be about finding new partners, joint ventures, launching new products, hiring talents, opening overseas offices, investing in opportunities etc. To be frank, this question begs various scenarios, and the final choice on where to invest and do business next could depend, and in most cases, does, on multiple factors. This will come at the back of a series of marketing research and due diligence to make such a final decision. In this piece, Annan Capital Partners, based on our decades of experience in driving both public and private capital across multiple countries in Africa, looks at why Ghana should be your entry point into the African market, irrespective of your investment and business goals.
As Africa’s largest gold miner and the world’s second-largest cocoa producer, Ghana has witnessed steady growth in recent years.Let’s look at some key considerations which border on the economy, political environment, public policy, and investment regulations; thereby making Ghana Africa’s most attractive investment destination.
Investing in Africa:
Increases in population size, urbanisation trends and technology usage is tipped to drive economic growth in Africa.
And actually, why not Ghana? If you are a foreign entity and are seeking to setup your organization in Ghana, perhaps you should check out our previous insights…it could prove very useful. Africa and Emerging Markets Africa, and for that matter, emerging market economies, have become the most attractive regions and markets driving global investment. A deeper look at the magnitude of opportunities presented by Africa and emerging markets will easily come to you as no surprise.
Let’s assume you are an entity seeking your next investment destination and you have Africa as a key focus market. You are open to the choice of entry into any of the 55 countries on the continent. The question is, “Why Ghana?
Top investment destinations in Africa. The rise of the middle-class population and the abundance of natural resources are key drivers for investment in the region. Côte d’Ivoire, Ghana, and Nigeria have been identified as the three most attractive African investment destinations in a 2022 DeloitteAccordingSurvey.to Deloitte’s 2022 Africa Investment Attractiveness Index, which is based on the responses of almost 200 CEOs – from both French and Englishspeaking African countries – to the following question: “Based on the key location factors for your industry, which African countries do you find to be the most attractive for investment at the present time?” Here are the top 10 most attractive investment destinations in Africa according to the Deloitte’s 2022 Africa Investment Attractiveness Index. • Côte d’Ivoire • Ghana • Nigeria • Senegal • Kenya • Rwanda • Morocco • Tanzania • Togo • South Africa / Benin Why Ghana? Why not Ghana?
Economy & People The size of a market matters as far as investment and doing business is concerned. Choosing a market with an appreciable population, as well as easy access to other markets in the sub-region, is a key component to consider.
Accessing unparalleled opportunities through Ghana.
The ROI of Africa and, for that matter, emerging markets is higher than anywhere else in the world. Fundamentally, that’s a key factor to consider.
Continued
ACP has been a key player providing timely assistance to businesses to navigate the regulatory requirements of setting up and investing in Ghana. Stable Financial Services Industry An equally important factor to consider is the stability of the financial services sector of a country.Ghana has a sizeable banking and financial services industry. Overall, regulation and supervision of this industry are carried out by the Bank of Ghana (BoG), the country’s central bank. The banking and finance industry in Ghana has continued to perform creditably. The government, as a matter of urgency, undertook what has become known as a financial services sector clean-up, aimed at creating a stronger financial services industry to drive the investment agenda. You can now be confident that your investment will be facilitated by a robust, innovative, and stronger financial institution, which over the years has also seen a tremendous introduction of digital innovations as well. A continent-wide market access -AfCFTA Ghana continues to be a key player in the African Union and other sub-regional and continental organizations, as well as in the regional integration agenda for the continent as a whole.Thelargest free trade zone in the world is the African Continental Free Trade Area (AfCFTA). Ghana is the host of the secretariat of the AfCFTA.AfCFTA connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. The implementation of the AfCFTA is tipped to usher in the kinds of deep reforms necessary to enhance long-term growth in African countries, and Ghana is at the centre of it, playing a pivotal role. Looking ahead Ghana has a lot more to offer, making it the most attractive investment destination on the continent.Leveraging on local insights and expertise could proof critical in the outcome of investing in Ghana.Annan Capital Partners, has been playing a key role in allowing easy market access. We are combining decades of consultancy, advisory, and market entrance knowledge that may be used for your company’s establishment and expansion in Ghana and other important African markets. from page 10
Annan Capital Partners (ACP) is a boutique investment advisory and business development agency offering holistic wealth management and venture building services to a wide range of clients, from entre preneurs to governments and from local SMEs to global corporations. py.frimpong90@gmail.comwww.charteredeconomist.org
TUESDAY, SEPTEMBER 7, 2022 11| FEATURE Ghana is an important player and a key market in the West African sub-region. This also gives you the opportunity to tap into the ECOWAS region’s over 421 million market size. Ghana has a youthful population, with some 60% of the population falling between the ages of 15 and 64 years. According to a recent IMF report, Ghana’s economy is projected to remain relatively strong over the medium term, supported by higher prices for key exports and strong domestic demand.Growth is projected to reach 5.5% in 2022 and average 5.3% over 2022. Growth is expected to be broad-based, led by agriculture and services, and a relatively stronger industry sector. Political Environment Ghana maintains its standing as one of the few politically stable democracies in Africa and offers foreign investors the most secure entry into West Africa.
About the author Paul Frimpong, CGIA, FCCE Paul Frimpong is a development economist, top voice on Sino-Afri ca relations, and an award-winning entrepreneur. He’s currently the Global Head of Strategy & Membership at the Institute of Certified Chartered Economists (ICCE). This article is originally curated for and published by: Annan Capi tal Partners.
There’s no doubt that the political environment is a key factor to analyze before making an investment decision. Ghana is ranked as one of the most stable and democratic countries on the continent. The country entered into a democratic dispensation in 1992 and, over the period, has witnessed political power exchanged between different political parties. Political stability is a key factor because, as it has been evident, billions of dollars’ worth of investment has been lost due to political risks and exposures. As an investor, securing your investment in a politically stable environment is key. This is what Ghana offers: political stability. Public Policy and Investment Regulations. Due to public policy constraints and a lack of a decisive and appealing investment regulation, a market can provide the highest ROI while still being unappealing to Ghanainvestors.is consistently ranked amongst the top countries on the continent in terms of ease of doing business. As an investor, certainly, being able to easily invest in a market is a game changer. Most importantly, understanding clearly the government’s policies and investment regulations is a keyGhanafactor. has some of the most transparent public policies and regulations when it comes to setting up a business, with tax regulations including tax exemptions across multiple sectors as well as specialized agencies focusing on specific key sectors.Ghana is on the go and has recently intensified its commitment to provide a safe, secure and investor-friendly environment. The country is doing most of these activities through the Ghana Investment Promotion Centre—GIPC, the foremost investment attraction and promotion agency. The centre is mandated to make Ghana the first destination of choice for investing in Africa by providing seamless one-stopshop high value-added services. Regardless of your location, submitting a simple contact form to the GIPC may be all you need to get started investing in Ghana.
TUESDAY, SEPTEMBER 7, 202212 | AFRICAN BUSINESS
John Nkaw, Country Director, ActionAid Ghana, said the objective of ActionAid is to work with academic institutions like the UESD to enhance its work on public policy influence which is achieved through research evidence and credible data.
ActionAid Ghana (AAG) has signed a partnership agreement with the Department of Water Resources and Sustainable Development of the University of Environment and Sustainable Development (UESD) to develop research projects and publications that align with the mission priorities of both institutions.Thejointresearch projects will focus majorly on the Sustainable Development Goals which serve as a globally accepted blueprint towards the attainment of a sustainable future for all. Critical focal areas will include poverty eradication, access to quality education, women’s empowerment and gender equality, climate action, clean water and sanitation among others.
The Women Rights and Campaigns Manager, AAG, Margaret Brew-Ward, on her part revealed that AAG is currently planning a national level conference on climate justice which is expected to be held in October and aimed at engaging stakeholders on climate policies.
TUESDAY, SEPTEMBER 7, 2022 13| NEWS
“ActionAid is well situated to work on climate and economic justice; we are firmly committed to the tenets of this partnership and will work innovatively to university has held workshops on climate change and its impact on farmer groups, students, and the public, therefore, the university has a wealth of knowledge on the subject, and is in a vantage position to advice and collaborate on AAG’s activities relating to climate change.
two institutions the opportunity to build the capacity of its staff and students, ensuring that they acquire the requisite skill-set to achieve the objectives of their respective institutions.
ActionAid Ghana Signs Partnership Agreement with UESD
“This partnership is timely, especially at a time when faculty members of the Department of Water Resources and Sustainable Development are embarking on research on climate change and we are working assiduously to respond to the demands of our mandate”, he added. Dr. Michael Tuffour, Acting engages credible organisations with expertise in areas of mutual interest for collaboration and shared“Throughlearning.this approach, we found AAG as one of the institutions that implement programmes that align with that of the faculty. We are therefore fully convicted that this relationship will go a long way to help the university to train its student to be the best in the country”, he added.
The CEO of Ghana Investment Promotion Centre (GIPC), Yofi Grant on Tuesday hosted hosted DAMAC Chairman and founder/owner, Hussain Sajwani, to a business meeting in Accra. Mr. Sajwani was in Ghana to engage in discussions on specific investment prospects, his company could take advantage of.Mr Sajwani, together with Mr Grant, held a series of meetings with key sector players to discuss DAMAC’s keen interest in investing in the country’s technology, hospitality, construction and mining sectors. The highlight of the business visit, was a courtesy call to the Presidency, where DAMAC’s Chairman disclosed to the President H.E Nana Akufo-Addo, his company’s aspirations and plans to invest in Ghana. There, the President expressed his appreciation for the visit and reiterated Ghana’s openness and readiness to work with the private sector in various sectors to transform and build a stronger modern country. He called for increased investments and smart collaboration between local and international partners to optimize Ghana’s abundant resources and opportunities for mutual benefit. Mr Sajwani and Mr Grant, also met with the Minister of Communications, Hon Ursula Owusu, and the Minister for Works and Housing, Hon Francis Asenso Boakye, to have talks on DAMAC’s interest in investing in a number of projects in their respective sectors. Opening the discussion on DAMAC’s future in Ghana, Hussain Sajwani, Chairman of DAMAC, stated that his business saw Ghana as an ideal location in Africa to spread its footprints. He stated that his company is keenly interested in pursuing a variety of real estate and hospitality projects as well as building capacity to cater for hyper-expansion and upscaling to enhance the nation’s ICT infrastructure.“Thisengagement is another wonderful step toward deepening our economic partnerships with Ghana,” he stated to the group as he emphasized on partnerships and job creation potential for the GhanaianAccordingyouth. to Hon. Ursula Owusu, Minister of Communication, DAMAC’s intention to engage in Ghana’s ICT industry is great news considering the UAE’s progress in technology adoption. She highlighted that Ghana has been pursuing an ambitious digitalization strategy in recent years, and that collaboration with experienced corporations like DAMAC helps speed the digital transformation. DAMAC in recent times, apart from a global presence in high-end buildings has become a major player in building upscale Datacenters in a number of countries “Ghana and the UAE share a common vision for the future of technology, and I’m delighted we decided to hold thisGIPC’smeeting.”CEOYofi Grant described DAMAC’s visit as rewarding, saying, “this is the result of several talks and engagements, including the HE The President’s visit and engagement in Dubai during the Expo 2020 in March this year, to develop the appropriate connection with DAMAC, and to have them begin investments in Ghana will be one of our great triumphs. It is now critical that we facilitate and make the process come to fruition.” He also stated that the Centre will continue to pursue investments and create an enabling environment for investors seeking to establish themselves in Ghana.
TUESDAY, SEPTEMBER 7, 202214 | NEWS
Concerning real estate developments, Hon Francis AsensoBoakye, Minister of Works and Housing, stated, “With a developer like DAMAC, we can undertake some very auspiciously meaningful work in Ghana’s housing area that will not only help bridge the housing deficit gap, but also create jobs so that everyone benefits.”
Real Estate giant DAMAC explores investment opportunities in Ghana
DAMAC Group is a leading Middle Eastern real estate developer that has shaped the region’s luxury real estate market since the 1980s, creating landmark residential, commercial, and leisure projects throughout the region and internationally.
TUESDAY, SEPTEMBER 7, 2022 15| FEATURE
TUESDAY, SEPTEMBER 7, 202216 | NEWS
TUESDAY, SEPTEMBER 7, 2022 17| FEATURE
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 weakened against the Euro for the week. It traded at GH¢8.2563/€, compared with GH¢8.2280/€ at week open, reflecting w/w and YTD depreciations of 0.34% and 17.30% respectively. This compares with YTD appreciation of 1.49% a year ago.
STOCK MARKET REVIEW
WEEKLY MARKET REVIEW FOR WEEK ENDING - SEPTEMBER 2, 2022
TUESDAY, SEPTEMBER 7, 202218 | MARKET REVIEW
The Ghana Stock Exchange closed higher for the week on the back of price gains by 5 counters. The GSE Composite Index (GSE CI) gained 32.51 points (+1.31%) to close at 2,508.99 points, reflecting year-to-date (YTD) loss of 10.05%. The GSE Financial Stocks Index (GSE FI) also gained 61.69 points (+3.06%) to close at 2,079.94 points, reflecting YTD loss of 3.34%. Market capitalization inched up by 1.12% to close the week at GH¢64,487.10 million, from GH¢63,775.28 million at the close of the previous week. This reflects YTD decrease of 0.01%. 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. MTN dominated both volume and value of trades for the week, accounting for 38.59% and 26.11% of total volume and value of shares traded respectively. The market ended the week with 5 advancers and 2 decliners as indicated on the table below.
The Cedi continued its downward trend against the USD for the week. It traded at GH¢8.2335/$, compared with GH¢8.2255$ at week open, reflecting w/w and YTD depreciations of 0.10% and 27.05% respectively. This compares with YTD depreciation of 1.64% a year ago.The Cedi appreciated against the GBP for the week. It traded at GH¢9.5365/£, compared with GH¢9.6897/£ at week open, reflecting w/w gain and YTD depreciation of 1.61% and 14.78% respectively. This compares with YTD depreciation of 3.04% a year ago.
THE CURRENCY MARKET
The Cedi gained marginally against the Canadian Dollar for the week. It opened at GH¢6.3259/C$ but closed at GH¢6.2903/C$, reflecting w/w gain and YTD depreciation of 0.57% and 24.62% respectively. This compares with YTD depreciation of 3.25% a year ago.
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TUESDAY, SEPTEMBER 7, 2022 19| MARKET REVIEW
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Government raised a sum of GH¢1,776.55 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢1,826.21 million raised in the previous week. The 91-Day Bill settled at 29.05% p.a from 28.61% p.a. last week whilst the 182-Day Bill settled at 30.23% p.a from 29.94% p.a. last week. The 364-Day Treasury Bill settled at 30.02%, from 29.52% last week. The table and graph below highlight primary market yields at close of the week.
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BUSINESS TERM OF THE WEEK
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Crude Oil prices tumbled by 6% for the week, as new COVID-19 lockdown measures in China added to worries that high inflation and interest rate hikes are denting fuel demand. Brent futures traded at US$93.02 a barrel on Friday, compared to US$99.01 at week open. This reflects w/w loss and YTD gain of 6.05% and 19.59% respectively.Goldprices fell slightly, extending sharp declines from last week as strength in the dollar and growing uncertainty over hawkish U.S. monetary policy weighed on appetite for the yellow metal. Gold settled at US$1,722.60, from US$1,749.80 last week, reflecting w/w and YTD losses of 1.55% and 5.80% respectively. Prices of Cocoa inched up for the week. The commodity traded at US$2,430.00 per tonne on Friday, from US$2,414.00 last week, reflecting w/w gain and YTD loss of 0.66% and 3.57% respectively.
PRICES
GOVERNMENT SECURITIES MARKET COMMODITY
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The Brazil pilot programme will take place in Morro dos Prazeres, Rio de Janeiro, for one of the first cohorts of 50 women; over the course of the following 5 months, another 300 women will be signed up to the program countrywide. The South Africa pilot will take place in Cape Town at the Philippi Village Tech Hub in the Philipp Township for an additional 50 women. Over the duration of the next six months, further programmes will be rolled out across Zambia, Nigeria, Senegal, Morocco, Burundi, Kenya, Ghana, and Ivory Coast. This project is part of the Binance Scholar Program, which will provide ongoing educational and professional support to students once they complete their courses. The global program was launched last month with the IT Generations project, offering 1000 Ukrainians full scholarships to study in tech-related courses. The Binance Scholar Program hopes to enable the next generation of digital leaders to develop their skills, knowledge, and experience without financial barriers.
Binance Charity, the philanthropic arm of Binance, the world’s leading cryptocurrency and blockchain infrastructure provider, and Women in Tech®, today announce a flagship global partnership to provide blockchain educational courses to 2,800 women from vulnerable communities across Brazil and Africa. Binance Charity is donating $250,000 BUSD for a sixmonth pilot project to empower women with the knowledge and skills to thrive in a Web3 future, with the first courses taking place in Rio De Janeiro, Brazil, and Cape Town, South Africa, in October, thisTheyear.size of the global blockchain market is expected to grow from $4.93 billion in 2021 to more than $200 billion by 2028. Yet, for the past four decades the gender gap in tech has widened, with only one woman in every five people working in the industry today. Providing professional training to the massive career opportunities set to open within the blockchain industry for women is a shared goal of Binance and Women in Tech® an international nonprofit organization with a mission to close the gender gap across the tech“Binancesector. believes the future of crypto should be built by all, not the few so we’re creating certified courses and removing financial barriers for women, especially those from vulnerable communities, to study and train. It is important to us at Binance and Women-in-Tech that quality blockchain education, innovation, and research opportunities are within everyone’s reach.” said Helen Hai, VP of Binance and Head of Binance Charity. Courses will be offered in classes of 25 to young women aged 15-25 by qualified trainers in person, online, or as a hybrid. The Web3 courses will be designed by Binance Academy and adapted to meet local context. Courses will include:•Blockchain fundamentals • Crypto fundamentals • Decentralization • Web3 and the Metaverse Through our hybrid model of distance and in-person learning, women can train to pursue a career in blockchain regardless of their existing developer skills. Classes will be designed for complete beginners and will include skills such as web development, frontend development, full-stack development, and the Blockchain modules.“Webelieve that education can truly transform lives. Not only does it contribute to social justice, but more importantly, education contributes to the achievement of one’s full potential. It teaches skills and knowledge, fostering opportunities for sustainable impact. We look forward to our partnership with Binance, making blockchain education accessible to all, especially those women and girls who have been previously disadvantaged.” said Ayumi Moore Aoki, Founder and CEO Women in Tech®
Binance Charity partners with Women in Tech to offer free blockchain courses for rural communities in Africa & Brazil
