Business24 Newspaper 9 September 2022 by Business24 Online

Dubai-based estate mogul explores opportunities in Ghana

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FRIDAY, SEPTEMBER 9, 2022 NEWS FOR BUSINESS LEADERS .COM.GH Story

UMB invests GH ¢215m in industrialisationgov’t’s drive

By Eugene Davis on 2

VAT could raise GH¢2bn annually for state - Prof. Bokpin

Binance hosts crypto trader’s meetup in Accra UMB Bank says it has in the last four years supported the government flagship industri lisation policy, one district one factory (1D1F) with over GH ¢215million to 10 companies in theWecountry.haveworked closely with the Minister for Trade and Industry as well as the Ministry of Finance to become the bank of choice for 1D1F, the bank’s Chief Executive Officer Nana Benneh said. He said this is not strange as our Bank is not ed for supporting Ghana government indus trialization policies, since 1972., stressing that on 1D1F, they provided over GHc215 million to 10 companies and “we are proud that today we are launching one of our stars in this re gard, RikPat Ltd.” He added that UMB will continue to show case RikPat as an example to all indigenous SME businesses in Ghana, as proof that one can grow under government boost-schemes like 1D1F, especially if they have a friend and a partner like UMB. “We will continue to serve as Ghana’s indig enous Merchant Bank, building businesses in Ghana since 1972,” Nana Benneh said. He congratulated RikPat Ltd for the success ful commissioning of their ultra-modern lube plant by the President of Ghana, Nana Addo

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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.

“When you do your tax capacity analysis or tax potential analysis and relate that your current tax performance you are asking yourself that does the gap exist at the policy level or exist at the administrative and compliance level? if they exist at the policy level, the tools to be deployed are different, and gaps that exists at the administrative level, the tools to be deployed are also different.

If they exist at the administrative level, you don’t close that gap by introducing additional tax handles like we have done in the case of e-levy but you want to ensure greater compliance and efficiency within the existing tax handles.Heoutlined measures from expenditure rationalization and revenue side as well as inefficiencies in our public investment side as some of the ways government can look to generate revenue. Apart from VAT, he indicated that Corporate Income Tax can also be exploited “when we scale it up by 35percent without burdening the faithfulGhanafew.”hasjust been downgraded by Fitch Ratings from B- to CCC. The country’s inflation rate also hit 31.7 percent in the month of JulyFitch2022.expects a deal with the IMF to be in place within six months.

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.

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.

Speaking at a Review and Compliance of the Public Financial Management Laws in Ghana workshop last week under the auspices of the Natural Resource Governance Institute in Accra, he said “If you pick VAT alone and look at its potential, we are doing just around 55percent of that so close to 45percent is attributable to inefficiency. So, it means that VAT since it was introduced, has raised a lot of revenue. There exist a lot of potential to rake in more revenue, more than GH¢2bn annually by enforcing the rules to the latter and ensuring that exemptions and some VAT exemptions done with politically connected transactions or politically exposed are actually dealtProf.with.”Bokpin bemoaned the low tax level in the country compared to its neighbours, citing that the country’s tax effort is around 12 to 13 percent as opposed to peers who are doing close to 18 to 20percent.Forhim, it means that there is space as well as unutilized tax capacity that can be closed to inure to the country’s advantage without burdening the faithful.

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VAT could raise GH¢2bn annually for state - Prof. Bokpin

It also estimates that Ghana could benefit from as much as $3 billion and unlock budget support from other multilateral lenders.

An economist and senior lecturer at the University of Ghana Business School, Prof. Godfred Bokpin, has urged government to explore the potential of tax handles like Value Added Tax (VAT) which he reckons could fetch the GHc2bn annually for the state.According to him, government should be looking out for “low hanging fruits” to tap into to create fiscal space without burdening the faithful few.

Horticulture fast becoming the new job-making machine

The IMF concluded a fact-finding mission to Ghana in July in which it met with key stakeholders like the Vice President, Finance Minister and the Bank of Ghana. Prof. Bokpin feels Ghana is currently in a tight situation and “we need to take a critical look to salvage the situation.”

By Eugene Davis Finance Minister Ken Ofori-Atta

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Binance Binance is the world’s leading provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, the DAMAC Group of Companies, Hussain Sajwani, was in the country last week, during which he held business discussions with the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, on prospects and areas of interest.

Dubai-based estate mogul explores opportunities in Ghana

Binance hosts crypto trader’s meetup in Accra

A statement from the GIPC said the two leaders held series of meetings with key sector players to discuss DAMAC’s interest in investing in the country’s technology, hospitality, construction and mining sectors. It said the meetings involved the Minister of Communications, Ursula Owusu, and the Minister of Works and Housing, Francis Giving further details, the statement said the visit of Mr Sajwani was the outcome of President Nana Addo Dankwa Akufo-Addo’s visit to the UAE earlier this year, during which the business mogul’s aspirations and plans to invest in Ghana were first expressed.“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 optimise Ghana’s abundant resources and opportunities for mutual benefit,” the statement said. Ministerial meetings

Overall, the Ghana Crypto Traders meetup was a great step in driving adoption and fostering a sense of community & understanding of crypto in the region.Asthe home to the world’s largest cryptocurrency exchange by trading volume, Binance is trusted by millions worldwide for its security, speed, and robust selection of innovative features. With a consistently rising adoption rate in Ghana, the country remains a promising market for cryptocurrency.

TUESDAY, SEPTEMBER 7, 2022 | FEATURE 3

As such, Binance is ensuring that Africans are provided with the right resources and information to actualise the opportunities which would ultimately drive adoption in the region.

The lifeline blockchain technology can offer is without borders or limits for people in Ghana and Africa as a whole - whether providing greater financial access, supplementing incomes or helping build lifelines, the technology is enabling financial inclusion for millions.

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, hosted a networking event for crypto traders in Accra, Ghana. Community is a vital component of the blockchain industry and through events like this, the blockchain giant continues to show its commitment to providing avenues for offline connections, learnings and sharing of experiences in the crypto space. The agenda for the day included conversations on the latest happenings in the industry, Q&A sessions with crypto traders, trading quizzes and so much more. With direct access to experienced crypto traders, the meetup was a great opportunity for crypto newbies and enthusiasts to learn some trading best practices and actionable steps to mitigate risks.

The statement added that Mr Sajwani and Mr Grant, together with the two ministers, had talks on DAMAC’s interest in investing in a number of projects in their respective sectors. It said Mr Sajwani stated that his business saw Ghana as an ideal location in Africa to spread itsHefootprints.saidhis company was interested in pursuing a variety of real estate and hospitality projects, as well as building capacity to cater for hyperexpansion and upscaling to enhance the nation’s ICT infrastructure.“Thisengagement is another wonderful step toward deepening our economic partnerships with Ghana,” he stated. Great news The statement said the minister of Communications described DAMAC’s intention to engage in Ghana’s ICT industry as great news, considering the UAE’s progress in technology adoption. She said Ghana had been pursuing an ambitious digitalisation strategy in recent years, and that collaboration with experienced corporations such as DAMAC would help speed up the digital transformation. The GIPC CEO also described DAMAC’s visit as rewarding, stating that “this is the result of several talks and engagements”. Mr Grant said to have the company begin investments in Ghana would be one of our great triumphs.Enabling environment Mr Grant also stated that the centre would continue to pursue investments and create an enabling environment for investors seeking to establish themselves in Ghana.

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A recession is a period with a massive decline in economic activities, caused by a weak Gross Domestic Product GDP, and can last longer than a few months. If a country enters a recession, it would be tougher for the citizens, because recession is associated with high rate of unemployment, and decline in real incomes. With the current economic challenges in Ghana, experts are already saying that the economy is at a brink of going into a recession if decisive and concrete actions are not taken. Due to the high cost of living during recession, you should resort to strict budgets and severe cuts in your spending. You could also be laid off in your place of work as a result of decline in sales of companies.

• When you frequently patronize stores that often trigger your unplanned purchases.

Why you should avoid bad spending habits in an emerging economy

• Read your Credit Card Statement regularly so as to help you budget.

Save Money, & Money Will Save You

2. Inflation Is On the Rise Inflation can be defined as the rate at which prices of goods and services increase within a particular period. The Inflation rate of Ghana is now 31.7% as of July Explaining2022. the causes of the inflation, the President of Ghana, H.E. Nana Akufo-Addo said “The ravages of the pandemic, worsened by the effects of Russia’s invasion of Ukraine, have led to spiraling freight charges, rising fuel costs, high food prices, steep inflationary spikes and widespread business failures” The Governor of the Bank of Ghana (BOG), Dr. Ernest Addison, also described the rising inflation rate as a surprise to the team of the apex bank, but said they would take the right decision on it.

• Don’t apply for credit cards you don’t need as it causes more debts and affect your credit card score Why Bad Spending Habits Are Risky

• Instead of resorting to emotional spending, try other means to deal with your emotions like meditating, taking a walk or talking to therapists.

Excessive Leveraged Betting Betting in itself is not illegal, and today in Ghana it is regulated by the government as they generate revenue from it. The Ghana Gaming Commission headed by Peter Mireku, licenses and inspects all gaming participants such as casinos, sport betting, etc. to ensure standardization. But many people bet excessively & lose it all in gambling.Thisbeing said, betting can also be carried out online in the financial markets where the regulators are from foreign jurisdictions, using a product called Contract for Difference (CFD). CFDs allow you bet on price movements of the underlying asset without actually owning the asset. Research carried out on licensed providers shows there are some CFD platforms that offer variety of asset classes like stocks, Forex, indices, commodities, etc. & accept clients from West African countries. Many of these brokerages are quite popular in Ghana as well, despite beingHowever,unregulated.thedanger in CFDs is that since underlying asset prices change in small decimals, you need to stake a lot of money to increase your profits, so your CFD broker borrows you money (leverage).

• Don’t go out with your credit card always, so as to keep the temptation of emotional spending at bay. Spontaneous Purchasing Spontaneous or impulse buying is when you purchase something you have not planned for. Such spending happens unexpectedly, most especially when you come across some products that are appealing to your eyes. Signs of Spontaneous Purchasing include:

FRIDAY, SEPTEMBER 9, 2022 | NEWS 5

• When you keep on spending more than you plan • Feelings of regret after a purchase.

• Identify what triggers you to spend irrationally, as doing so would help you put your spending in check.

Emotional spending is when you buy something under the influence of emotions such as happiness, anxiety, sadness, stress, etc. You can spend all your money on things you don’t actually need, because you are acting irrationally.

• Frequently returning the products you buy.

It is safer to use lesser leverage like 1:10 where your loss will be only 10 times your initial budget so as to manage risk. But all this still is very risky for the general public & should be avoided.

These tips help curtail emotional spending:•Before buying something out of excitement, take some time to ask yourself if it is a want or a need.

Not Diversifying Your Investments Diversification is an investment strategy where you spread your capital in a mix of different investing instruments, so as to limit your exposure to risk. If you invest in the stock market, you should consider buying Exchange Traded Funds (ETFs) because they contain a basket of stocks, so with little money, you own bits of various stocks. You should also consider adding government bonds to your investment portfolio. Buying bonds from government means lending your money to them in exchange for a regular interest payment, and a refund of principal upon bond maturity.Asan investor, putting all your resources into only one asset class, is a bad spending habit. If you had invested 100% in one company’s stock, and the company goes down, you could lose everything.

Using Credit Cards Using credit cards to make purchases on daily basis is not bad if you are not being controlled by your impulse. You need to use your credit card in a responsible and disciplined way. Tips to use a credit card responsibly: • Settle the entire balance to avoid charges of minimum payments.

• Avoid buying things you cannot afford so as to save yourself from the discomforts of debts.

1. The US Dollar is Getting AsStrongerageneral rule, when interest rates are hiked, a currency strengthens. When the USD sneezes, other currencies catch a Incold.July 2022, the US Federal Reserve Bank in a press release stated that interest rates had been hiked to 2.25%-2.5% Here at home, the Ghanaian Cedi has depreciated by 36.3% so far this year, a development that now makes it the second worstperforming currency globally, after Sri Lanka’s currency, the AsRupee.the Cedi losses value, this has led to an increase in the cost of imported materials used for local production. This means goods become more expensive as the extra cost is passed from manufacturers down to you. In this fragile economy, if you still have the habit of bad spending without of planning, saving and diversifying, you may be caught in the web of financial frustration and abject poverty.

If you have been a bad spender, now you have known the effects of such bad habit and some tips on how to tackle. Focus on saving money and investing wisely so as to build generational wealth.

Emotional Purchases

If the leverage is 1:100, you can bet 100 times your initial budget. The danger is, you can also lose 100 times your budgeted amount.

Do not save what is left after spending, instead spend what is left after saving. Bad spending refers to spending your money in a way that could lead to heavy losses. It is also spending money in a way that amounts to wastage, and this could have a disastrous effect if you are living in an emerging economy like Ghana. An emerging economy is one that is in-between being developed and undeveloped. They are characterized by policy instability, a GDP growth higher than 3%, low household income & purchasing power, and unstable domestic currencies.Apress release by MasterCard says that about 79% of Ghanaian consumers turned to online shopping due to the Covid-19 pandemic. Online shopping is one of the elements that increase the temptation of spending your money unwisely.Todaythere is talk of a recession globally due to high inflation, Ukraine-Russia war etc., and Ghana is no exception. You always need to avoid these bad spending habits so you can have emergency funds and a savings buffer at all times. Not Budgeting A budget is a way to monitor the money that flows into your pocket, what you are spending the money on, and the amount of your expenses. It lets you track how much money came in, and where the money left to. Without a budget, you won’t be detect holes in your finances, and identify what takes the chunk of your money. These days’ mobile banking apps have inbuilt budgeting capability, so you can place a limit on how much you want to spend, and the app will remind you when you exceed it.

“It’s an issue which in a sense is baffling to all of us,” Addison said. During Inflation, the purchasing power of people is decreased, as money declines in value. Therefore, if you are a bad spender at this period, you would not have what it takes to guard yourself against the devastating effects of 3.inflationInterest Rates Are Increasing Interests rate are the percentage of the principal amount charged by a lender to a borrower when issuing a loan. Central banks mainly increase interest rates to make borrowing more costly and discourage spending so as to reduce inflation in an Commercialeconomy.banks borrow money from Central Banks like the Bank of Ghana (BOG) at a repo interest rate and then lend this money to the public. If the Central bank charges the commercial banks a higher interest rate, it is passed down to you, the lender. Due to the rising rates of inflation, BOG issued a Monetary Policy Committee statement where it jerked up its interest rate to 22% so as to tackle inflation. This means commercial banks may charge you higher than 22% interest on Badloans.spending would be indeed very risky for you at the moment because the higher interest rates would limit your access to loans. Furthermore, there would be higher interest payments on your credit cards, which would affect your disposable income. 4. There Are Fears of a Global Recession

Why card and mobile money interoperability are critical to empowering African consumers and entrepreneurs

When I founded MFS Africa more than a decade ago, I set a simple measure of success for the business. To facilitate access for my mom’s honey business in Porto-Novo, Benin, to collect payments from her customers from across the continent - and to make the process as easy as a phoneWhencall.it comes to Africa and financial empowerment, we must acknowledge that consumers have the same wants and needs as consumers everywhere else in the world. Africans on the continent want to order the latest clothes, and electronics and have them delivered timeously. We can agree that mobile money has done a lot to expand financial inclusion, but more is needed if they’re to seamlessly make purchases outside their countries and the continent. We must enable interoperability between mobile money and cards. That is, ensuring that merchants are able to accept payments from any consumer, whether they’re using mobile money or a card and whether they’re online or offline. To understand the scale of the opportunity that interoperability represents, it’s worth taking a look at the African retail sector. In a sector worth hundreds of billions of dollars, online retail accounts for just one percent of sales, against a global average of 15%. Interoperability between cards and mobile money has the potential to not just bring that ratio more in line with global standards but to grow the sector as a whole. The appetite, after all, is clearly there. The COVID 19 pandemic saw African eCommerce sales grow 42% between 2019 and 2020. Imagine what the growth will be like as people are able to buy and sell seamlessly, no matter where they are and what channel they use.

FRIDAY, SEPTEMBER 9, 2022| AFRICAN BUSINESS6

By Dare Okoudjou, Founder and CEO, MFS Africa

Beyond the mobile money narrative This focus on interoperability represents a slight shift from the mobile money narrative that’s dominated discourse to date (some might argue that even this narrative has been overly focused on the success of MPesa in Kenya, with people elsewhere on the continent simply seen as unbanked).Inmany ways, it’s understandable that so much focus has been put on the mobile money narrative in Africa. Its growth has been nothing short of explosive. According to GSMA’s 2022 State of the Industry Report on Mobile Money, African mobile money transactions grew 39% in 2021 to reach US$701.4 billion, accounting for 70% of the global total. As a result, many of the world’s largest digital merchants – including the likes of Spotify in partnership with dLocal – have started accepting mobile money payments.By2025, it’s estimated that some one million young people across Sub-Saharan Africa will have some kind of informal employment in the mobile sector, with many of them working as mobile money agents. Much of mobile money’s growth has been down to the fact that many Africans - around 57% of people on the continent, approximately 95 million people, do not have a traditional bank account. But for all the acceptance of mobile money, there are still instances where cards are the preferred payment method for consumers and merchants alike. It’s imperative, therefore, that we change the narrative from one where Africans will never have to adopt cards because of mobile money. Instead, we need to look towards facilitating interoperability between mobile money and cards and promoting adoption at scale. Making payments truly borderless For the African fintech revolution to reach its true potential, interoperability cannot be confined to the continent. It needs to be completely borderless.Thatmeans that African consumers and businesses alike should be able to make payments to any destination, whether it’s online or offline. For us at MFS Africa, that means connecting mobile money to the rest of the world. Card networks very much appear to be the best way of doing so. It’s something that we’ve been working on for some time too. In 2019, for example, we concluded an agreement with Visa to connect our MFS Africa HUB to the Visa Network to enable card issuing at scale. It was a slow burn, but with the recent acquisition of US company GTP we’re in a prime position to accelerate interoperability.We’renottheonly ones thinking this way either. The recent launch of the Mpesa Global card with Visa underscores how quickly international players are waking up to the need for interoperability. We are now at the point where the dream of every mobile money user having a card attached to their mobile money accounts is a feasible reality. In order for our continent to achieve the potential of the fintech revolution, mobile money needs to keep evolving and interoperability is key to that.

Key players in our stride to minimise the defects of illiteracy in society include the media, the marketplace, NGOs, educational institutions, advocacy groups and government agencies. These together must provide basic health information in an appealing, strategic and effective manner.Although the potential causal relationships between health literacy and health outcomes are not yet firmly established, the available cumulative and consistent findings suggest that such a relationship may exist.Further research is needed to discover it, in the sincere hope for our total liberation. The writer is a Harvard-trained freelance writer on science and public health matters. Email: wbowusu2021@gmai.com

FRIDAY, SEPTEMBER 9, 2022 | FEATURE 7

By Dr W. B. Owusu

Literacy connotes a concise set of reading, writing, basic mathematics, speech, and comprehension skills. It is (i) an essential commodity for societal advancement, (ii) an embodiment of the capacity of individuals and the public to obtain, process, and understand basic information and services needed to make appropriate decisions, (iii) significantly positively correlated with indicators of economic viability and quality of life at both individual and aggregate levels. Since 1967, the United Nations Educational, Scientific and Cultural Organisation (UNESCO) has led the global commemoration of International Literacy Day (ILD) to remind the public of the importance of literacy and its huge favourable modifying effect on human dignity, responsibility and rights. This year’s event is on the theme: “Transforming Literacy Learning Spaces”.Bydefault, I associate the attainment of literacy with teachers and their educational institutions (at the primary and secondary levels), and centres for Adult Education and Distance Learning (at the University of Ghana, Legon and institutions). Statistics Adult literacy rate is the percentage of people aged 15 and above who can read and write with an understanding, of a simple statement about their everyday lives.

Ghana’s rate for 2018 was about 79 per cent (We have the Education Act (Act 778), 2008, which seeks to champion quality education through literacy in the country). Despite some progress made, there are still approximately 771 million illiterates worldwide. Il(L)iteracy pervades many aspects of our lives. Educational (generic) literacy Literacy is generically associated with education, be it formal or informal. Educators do not associate literacy with reading alone, but also consider it to represent a constellation of skills, including reading, writing, basic mathematical calculations, speech and comprehension skills. Speech and comprehension are collectively termed oral literacy, while reading and writing are referred to as print literacy. It has further been differentiated into basic print literacy, literacy for different types of text, and functional literacy. In other words, basic print literacy reflects the ability to read, write, and understand written language. Health literacy Health literacy consists of reading or text literacy. It is the bridge between the literacy (and other) skills and abilities of an individual and the healthcare system. This entails the ability to read and understand what a healthcare officer may write on your card.Health literacy is of concern, particularly for those involved in health promotion, disease prevention, screening, health care and maintenance, and policy formulation.

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Functional literacy for liberation?

The skills involved are vital for dialogue and discussion between clients and healthcare providers, through being able to read health information, interpret charts (e.g. paediatric growth monitoring and immunisation cards from child welfare clinics, BP values, etc.), make decisions about participating in research studies, compliance with medical prescriptions using simple medical tools for personal or familial healthHealthcare.literacy is a shared function of cultural, social, and individual factors. We need to appreciate this fact in our collective quest to remedy any untoward situation. Literacy provides the skills that enable individuals to understand and communicate health information and concerns. Examples of these are pictures and notes on posters at the OPD, words and/or figures found on labels in market stalls, in health education brochures, on medicine bottles or in informed consent documents. Plus Literacy is also a plus in situations where farmers and farmhands are literate. This will facilitate the interaction(s) they would have with agric. extension officers, among others. Their bookkeeping practices would also be far better. With drivers, especially commercial ones, literacy would enhance their interpretation of road signs (on both long and short routes), and help avoid some of the accidents attributable to ignorance.

A nine-member delegation from Liberia’s Electricity Regulatory Commission (LERC), hosted by the Energy Commission of Ghana has undertaken a study tour of GRIDCo.Theobjective of the tour is to understudy the technical operations of the National Interconnected Transmission System (NITS) managed by GRIDCo.Anoverview of operations of the Dispatch Centre (also known as the Systems Control Centre). The Liberian team will also visit other utility companies (CENPOWER, ECG Winneba substation, VRA mini grid site and VRA Akosombo Hydro generation station) in Ghana to study relevant areas of their operations. The initiative forms part of the steps taken to rebuild and reform the energy sector of Liberia.

Liberia electricity regulator undertake study tour of GRIDCo

Stanbic appoints Esi Tawia AddoAshong as board chair

FRIDAY, SEPTEMBER 9, 20228 | NEWS Stanbic Bank Ghana has appointed Mrs. Esi Tawia AddoAshong as its Board Chair. Mrs. Addo-Ashong, who joined the Stanbic Bank Board in 2020, takes over from Prof. Ernest Aryeetey who served as Chairman of the Board for 10 years. Mrs. Addo-Ashong is a Barrister at Law with over three decades of experience in the provision of legal advice and services in Ghana. She is currently the Managing Partner for Ashong Benjamin and Associates, a law firm in Accra. She has participated in some significant mining projects and transactions; advising inter alia on licensing and regulatory issues and drafting and negotiating agreements for the sector. She has done a substantial amount of work in developing anti-corruption programs for corporations, which comply with the UK Bribery Act, the FCPA and the Ghanaian laws onShecorruption.beganher career in 1989 at Sey and Co. Law Office and moved to Integrity Financial Services in 1994. She became the Manager for Legal Services at Deloitte and Touche and later assumed the role of Managing Director at Dehands Services, the Company Secretarial wing of Deloitte and Touche. In 2002, Esi became the Head, Legal and Company Secretary at SIC Company Limited. She moved to Newmont Ghana Gold Limited in 2007 as the Director of Legal and Government Relations. She is also a director on the board of New Horizon Special School. Mrs. Esi Tawia Addo-Ashong was part of a Leadership Cohort Program at University of Denver and Mining Agreements at University of Dundee, Scotland. Prior to that, she participated in a short course on Mining Agreements at the Rocky Mountain Mineral Law Foundation. She holds a B. A (Hons.) degree in Law and Political Science from University of Ghana and was called to the Bar in Ghana in 1989.

FRIDAY, SEPTEMBER 9, 2022 | NEWS 9

FRIDAY, SEPTEMBER 9, 202210 | FEATURE

The Giving Capsules Covid -19, Marburg Virus and Now the MonkeyPox Virus. Vaccines alone won’t end outbreaks – at-risk individuals will have to take action too. Be agile

Monkeypox is, in general, a self-limiting, non-life-threatening disease in otherwise healthy people. The disease is better known in African countries, where it has been observed and reported over decades, including among children and older people as well as people with underlying conditions.Beyond social and sexual networks of men who have sex with men, it’s clear that cases in other population groups, including women and children –some of whom may be vulnerable to more severe disease – are increasing, although these remain minimal. Close-contact sexual transmission is the key mode of spread, but cases are being detected through household transmission episodes, and sometimes with no clear exposure history at all. WHO acknowledges the uncertainties about how this outbreak will play out, they however request that we respond to the epidemiology before us, focusing on the most dominant mode of transmission – skinto-skin contact during sexual encounters – and the groups at highest risk of infection? As such, the responsibility for stopping this outbreak is necessarily a joint responsibility, shared among health institutions and authorities, governments, and affected communities and individuals

Human-to-humanthemselves.transmission occurs among people in close physical contact, with the increase in recent cases linked to sexual contact, suggesting that the virus linked to the disease can be sexually transmitted. The current outbreak highlights the importance of vigilant safe sexual practices and suggests monkey pox can be transmitted while the infected person displays few or no symptoms; however, the risk is currently assessed as low for individuals not routinely engaging with multiple or anonymous sexual partners. Majority of cases were concentrated among men who have sex with men, especially those with multiple sexual partners. Would it be too early to designate the virus? It spreads with contact with an affected person or through bodily fluid like blood and saliva. The reported incubation period is from 6-16days. However, symptoms may last from 2 to 4 weeks. Symptoms include; fever, headache, muscle ache, back pain, swollen lymph nose /nodes, chills and fatigue. There are currently no remedy or cure for the virus yet. But most people are reported to be well on their own in few weeks. But children could die per reports. In 2019 a vaccine was approved. The European Union (EU) approves smallpox vaccine for use against monkey pox. The Center for Disease control (CDC) is also reported to saying smallpox vaccines are 85% effective in preventing monkey pox.

Epidemiology of the disease

pox virus outbreak. The virus is spreading faster right now in Europe and America, making it the epic centers of the world now It shows that as of 28 July 2022, there are 2,469 confirmed and 77 highly probable monkeypox cases in the UK: 2,546 in total. Of these, 2,436 are in England alone. The monkeypox virus is said to be hitting gay men the hardest the daily mail confirmed which an estimated 95% of United States infections also occurring among them. New York City is said to be home to one of the US largest LGBT communities. As at date the global cases stand at: US (5,189), Spain (4, 298), Germany (2,595), UK (2, 546), France (1, 955), Brazil (1, 266), Netherlands (878), Portugal (633) and Italy (480).

By Baptista S. Gebu (mrs.)

There have been a dozen major Marburg outbreaks since it was discovered in Marburg, Germany, in 1967. Cases have mostly been in southern and eastern Africa, including Angola, Congo, Kenya, South Africa and Uganda, WHO said. Only one other time was a case found in West Africa, after Guinea confirmed a single case. Now the Monkey Pox Virus and matters arising The Monkey pox virus is spreading at an alarming pace. 75 countries have reported 16,000 cases with 5 confirmed to be dead as at July 31, 2022. Vaccines are said to be running out of stocks.

FRIDAY, SEPTEMBER 9, 2022 11| FEATURE

The monkey pox outbreak was Saturday July 23, 2022 declared a global Public Health Emergency of International Concern (PHEIC) by the World Health Organization (WHO).According to the Ghana Health Services (GHS) - the total confirmed cases of the monkey pox outbreak in Ghana are now 34 with the cases recorded in six regions. The GHS has said Greater Accra, Ashanti, Bono, Bono East, Eastern, and Upper West are the regions where the cases have been identified. The last confirmed case in Ghana was on July 15, 2022 and the ages of cases range from 9 months to 45 years. No fatality has been recorded among cases with majority of cases being male, according to the GHS. To compare past periodic cases linked to travel to widespread countries, health officials have not confirmed Europe and America the primarily centered source of infection for the current monkey

Monkeypox is a viral zoonosis (a virus transmitted to humans from animals) with symptoms very similar to those seen in the past in smallpox patients, although it is clinically less severe. It is caused by the monkeypox virus which belongs to the orthopoxvirus genus of the Poxviridae family. There are two clades of monkeypox virus: the West African clade and the Congo Basin (Central African) clade. The name monkeypox originates from the initial discovery of the virus in monkeys in a Danish laboratory in 1958. The first human case was identified in a child in the...

continued on page 12

Vaccines alone won’t end outbreaks – at-risk individuals will have to take action too. Do I say it was Covid-19 pandemic? We are still recording fresh cases as China locks down some residents in Wuhan. It is Covid-19, and then we heard of the Marburg Virus. Now Monkey Pox Virus is also declared a Global Health Emergency as 16,000 cases are reported in 75 Countries, with 5 Confirmed to be dead as at date. Covid-19 & Marburg virus Research updates and recent news on Covid-19 has it that, Wuhan - the original epicenter of the pandemic is reported to lock down one (1) million residents as they deal with a fresh outbreak. This comes after fresh studies linked the virus to its market in Wuhan. Recent studies points to the fact that China first ignored the outbreak, silenced the whistle blowers, and when cases began to increase, they attempted a cover up by which time the whole world was experiencing the insurgence of a new virus - Covid-19. New study reveals truth about the CovidAndorigins.despite China’s denial about that fate the world perhaps sees Wuhan as the purported origin as the independent reports provided by scientist have more evidence to substantiate the theory that the Huanan market in Wuhan, China was the early epicenter of the covid-19 pandemic finding other alternatives scenarios as “unlikely”.TheWuhan Huanan seafood wholesale market simply known as the Huanan seafood market was a live animal and seafood market in Jianghan District, in Wuhan City, the capital of Hubei province in Central China. Did the virus come from the lab and spread in the market or from the market to the lab? How about the denial the virus originated from Wuhan? We live to see what further researches; scientists could prove against all these claims.From covid-19, we heard briefly of the Marburg Virus. The threat of Marburg virus disease spread exists but is low and that adherence to protocols and infection prevention and control strategies remain crucial in addition to strengthened continuous surveillance activities for early detection and adequate containment. Marburg virus Outbreak of Marburg virus’ that causes 90% of patients to bleed to death from their nose, mouth and eyes is reported by W.H.O. Some reported cases suggest patients were not known to each other which suggests virus is spreading more widely. Infected patients become ‘ghost-like’, often developing deep-set eyes and expressionless faces. This is usually accompanied by bleeding from multiple orifices — including the nose, gums, eyes and vagina.

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FRIDAY, SEPTEMBER 9, 202212 | AFRICAN BUSINESS child in the Democratic Republic of the Congo in 1970. Monkeypox virus is transmitted from one person to another by close contact with lesions, body fluids, respiratory droplets and contaminated materials such as bedding. The incubation period of monkeypox is usually from 6 to 13 days but can range from 5 to 21 days.Monkeypox is usually selflimiting but may be severe in some individuals, such as children, pregnant women or persons with immune suppression due to other health conditions. Human infections with the West African clade appear to cause less severe disease compared to the Congo Basin clade, with a case fatality rate of 3.6% compared to 10.6% for the Congo Basin clade. You may be wondering what monkeypox spread is all about? Monkeypox spreads through close contact with an animal or human that carries the monkeypox virus. Animal-to-human transmission can occur in people who interact with animals from West or Central Africa or those involved in the exotic pet trade. A person can contract the monkeypox virus via: an animal scratch or bite. Can you get monkey pox twice? “Most adults who’ve had chickenpox don’t get it again. “They can get shingles, but that’s typically in a patch of skin on one side of the body. Monkeypox lesions can be seen anywhere on the body, including the palms or soles.”How long does monkeypox last? Monkeypox can spread from the time symptoms start until the rash has fully healed and a fresh layer of skin has formed. The illness typically lasts 2-4 weeks. Wondering if smallpox and monkeypox are related? Because Monkeypox virus is closely related to the virus that causes smallpox, the smallpox vaccine can protect people from getting monkeypox. Past data from Africa suggests that the smallpox vaccine is at least 85% effective in preventing monkeypox.Tothose currently at highest risk – men who have sex with men and especially those with multiple sexual partners – WHO say: Get the facts as the disease is spreading, and also know what one can do to protect oneself. Consider limiting your sexual partners and interactions at this time. This may be a tough message for some, but exercising caution can safeguard you and your wider community. While vaccination may be available to some people with higher exposure risks, it is not a silver bullet, and WHO still ask you to take steps to lower that risk for the time being. If you have or think you have monkeypox, you are infectious – so do everything you can to prevent spreading the disease. Isolate if you can, do not have sex while you are recovering, and do not attend parties or large gatherings where close contact willPublichappen.health officials have advised the practice of basic health precautions, including frequent hand washing with soap and water, covering the nose and mouth when coughing, avoiding obviously ill individuals and addition to avoiding overcrowded areas, such as nightclubs, and consider using safe sexual practices, in countries reporting monkeypox transmission. Seek medical attention if symptoms develop within two weeks of being in affected areas. And remember, Vaccines alone won’t end the monkeypox outbreak – atrisk individuals will have to take action too continued from page 11

By Baptista S. Gebu (Mrs.)

Ghana, a key founding member of the Bank in 1963/64 had the opportunity to host the AfDB AGM for the first time in 2021. The 2021 AGM was hosted virtually due to the COVID-19 pandemic. Ghana was given the opportunity to host the in-person conference with the easing of the COVID-19 protocols in 2022. The conference was opened by President Nana Addo Dankwa Akufo Addo. He was supported by Presidents of Mozambique, Tanzania, Union of Comoros, (virtual) the Vice President of Cote d’Ivoire, the Prime Minister of Rwanda as well as the President of the Bank Group, Akinwumi Adesina.Thetheme for the conference was, “Achieving Climate Resilience and a Just Energy Transition for Africa”, participants included Finance Ministers and Central Bank Governors from Africa and officials from these countries. The governors, represent the institution’s 54 African and 27 non-regional member countries.

FRIDAY, SEPTEMBER 9, 2022 13| NEWS Ken Ofori-Atta, Minister for Finance, has commended the chairperson and members of the AfDB 2022 Annual Meetings Local Organising Committee for a job well“Today’sdone. meeting is the formal session to express the profound appreciation of this Ministry and indeed the Government of Ghana to the planning committee for going every length to ensure that the Black Star shined brightly,” he said.The finance minister said this in a speech read on his behalf by Abena Osei-Asare, a Deputy Minister for Finance at an appreciation meeting with the Inter-Ministerial Committee set up to organise the event. She presented plaques to members as a token from the ministry and Government of Ghana. The memento is to serve as a reminder of the value of excellence in serving the nation. The historic 2022 Annual Meetings were held from 23rd to 27th May this year at the Accra International Conference Centre (AICC) with over 1000 delegates in Theattendance.minister commended the dedication and commitment of members to the cause saying, “the security arrangements, accommodation, health (COVID-19 protocols), setting up the AICC, the social events, including the spousal programme, transportation, and airport protocol services as well as accreditation were delivered to the satisfaction of all participants”. Ken Ofori-Atta noted with appreciation the diligence that went into preparing the notes and speeches, the uninterrupted internet data etc to the extent that even with some heavy rains, the conference went on as scheduled. “Virtually everything was done to ensure that more than 1,000 delegates from elsewhere had a memorable Ghanaian experience. The feedback from participants have been glowing and rewarding,” he added.

The Minister likened the individual and collective efforts of the Committee as demonstrative of the inspirations provided by the Akoben Adinkra symbol, a symbol of a call to action, readiness to action and readiness to be called to action. “As Management of this Ministry, we do not take for granted that this success was a matter of course. We believe it was the outcome of diligence, professionalism, and true patriotism. The pre-event preparations (three missions with AfDB) and the effective coordination of assignments were critical to this success,” he stressed.Hehighly commended the Chairperson of the Committee, Ms Yvonne Quansah, and the subcommittee chairs for the excellent work in ensuring this success. Ms Yvonne Quansah who is also the Director, Resource Mobilisation & Economic Relations at the Ministry of Finance, also expressed the Committees appreciation to the government, the Minister and Management for the recognition and the support provided to the Committee which ensured a successfulMembersevent.of the committee were from the Ministry of Finance, Foreign Affairs and Regional integration, Transport, Information, Bank of Ghana, Gender, Children and Social Protection, National Security, BOG Hospital, Greater Accra Regional Hospital and 37 Military Hospital, Ghana Ambulance Service, Ghana Tourism Authority, National Information Technology Agency, Ghana Police MTTD, Ghana Revenue Authority (Customs), Ghana Immigration Service, Ghana Airports Company Limited, Airport Health, and States Protocol Department.

Finance Minister congratulates 2022 Annual Meetings Local Organizing Committee.

AfDB

The Vice Chairman of the Committee on Trade, Industry and Tourism, Alexander Akwasi Acquah and MP for Akyem Oda, said proper legislation has been put in place to help the state.

at a colourful durbar to mark the 10th year anniversary of the Queenmother of Edubiase NanaAkuaDwumII, the revered

Mrs Steller Appenteng, a Tourist Site owner, said keeping tourism sites clean and maintaining high standards will in itself bring more tourists to Ghana and will be ambassadors themselves. A German tourist, Mally Merchart, shared a great experience she has had in Ghana barely a week, essentially attaching a great awakening in nature.

Chief of Edubiase said as the country struggles to deal with the menace of galamsey, the people of Adansi especially Obuasi has suffered the brunt of it which has had water bodies destroyed in the process.ThePresident of the Republic of Ghana, Nana Addo Danquah Akufo-Addo since 2017 has declared war against illegal mining in the country. The fight has not been entirely successful since water bodies and forest reserves continue to be destroyed by illegal mining activities. Last April, President AkufoAddo called for a political consensus to help in the fight against illegal mining and he did so at the launch of the maiden national consultative dialogue on small-scale mining in Accra. The persistence of the illegal miners in their recalcitrance forced the government to procure five new speed boats for use by the security services to patrol and protect the country’s rivers as part of measures to stem their devastating activities. Nana Guahyia Oduropanin Birikorang believes that the people of Edubiase has so far not benefited from mining activities on their land over the years. Again, he said he cannot superintend over the destruction of their water bodies as a result of illegal mining activities. “ Last time, some people came here to prospect for Gold. We want to assure that, we will do everything possible to protect and preserve our rich lands from any illegal mining activities.

The Edubiasehene further appealed to the Government to extend development to Edubiase.

He also asked Ghanaians operating private sites to register with the tourism authority which will help them to benefit from governmental support.

“ Judging from what has been taken away from us, our gold and everything, we demand a fair share of the National cake in terms of development “, he added.

Guahyia Oduro Panin Birikorang, Edubiasehene has emphatically stated that the Chiefs and people of Edubiase will not entertain illegal mining in theSpeakingarea.

Nananom do not give permit for mining activities so I can’t fathom why people blame Nananom for the surge in galamsey activities “.

By Sampson Manu

Ghana targets 2m tourists by end of 2022 “ We won’t allow galamsey in new edubiase “- Edubiasehene fumes

FRIDAY, SEPTEMBER 9, 202214 | NEWS Ghana expects two million tourists to help boost the economy, hence the move to bring tourism sites to a better standard.TheDeputy Minister of Tourism, Arts and Culture, Mark Okraku Mantey, has said Ghana is determined to increase its numbers to attract more tourists and to generate resources to boost the economy since it was a sector that can give more to the nation.Speaking at the national orientation, sensitisation and training program for the implementation of the tourism sites regulation LI 2393 held at the Accra International Tourism Centre, he called on managers to standardise those sites they manage.

By Shang-Jin Wei

The world is facing the risk that major central banks will undertake competitive interestrate hikes that may look desirable for their countries individually but could drag the world economy into an unnecessary recession. This scenario can still be avoided, but the window of opportunity is closing.Aggressive interest-rate increases designed to combat high inflation at home make sense in isolation. For example, in view of the US Federal Reserve’s prolonged underestimation of the persistence of US inflation, Chair Jerome Powell’s recent vow to continue hiking rates, despite the risk of recession, seems reasonable. To ensure that inflation expectations remain anchored at a low level, the Fed would prefer to err on the side of being too aggressive, rather than risk doing too little. Across the Atlantic, the European Central Bank and the Bank of England have also vowed to raise interest rates to deal with the highest inflation seen in decades.

The problem with this approach is that an interest-rate hike by any major central bank has the effect of exporting inflation to other countries, forcing other central banks to raise interest rates more than they otherwise would have done. For example, when the Fed raises its interest rate, if the BOE and the ECB do not respond, the pound and the euro would depreciate against the US dollar, leading to higher import prices and adding to the already high inflation. If the BOE and ECB respond by further raising their interest rates, they export a bit of extra inflation back to the United States and to other economies. The result is an interest-rate spiral that is more damaging to world output and employment than these countries may wish to see collectively.Forthe66 smaller economies that peg their currencies to the US dollar – especially those without significant capital controls, like Hong Kong, Panama, and Saudi Arabia – local interest rates tend to rise automatically whenever the US raises its interest rate, even when higher rates are harmful to their economic prospects. With global growth already slowing, owing to Russia’s war in Ukraine and the accompanying surge in energy and food prices, a wave of ever higher interest rates might push the world economy toward negative growth. With some coordination, the world’s major central banks might achieve the goal of controlling inflation with a less aggressive strategy than each would adopt in isolation. But heightened geopolitical tensions and deepening mistrust among some major economies are making policy coordination harder.

The risk of competitive interestrate hikes

FRIDAY, SEPTEMBER 9, 2022 15| FEATURE

Fortunately, a globalized competitive interest-rate hike has not happened yet. In China and Japan – the world’s secondand third-largest economies, respectively – inflation is currently under 3%, compared to 8% or more in the US, the United Kingdom, and the eurozone. This means they do not need to raise their interest rates in response to the Fed, the ECB, and the BOE. In fact, the Chinese authorities are contemplating lowering interest rates to spur growth, and Japanese policymakers – who for decades have been more worried about deflation than inflation – don’t seem overly concerned. For the moment, both countries appear willing to accept a depreciation of theirButcurrencies.thiscould change. With no end in sight for the war in Ukraine, energy prices are not expected to drop anytime soon. China and Japan are both big importers of oil and gas, so surging energy prices worry them more than they worry the US (a beneficiary of higher energy prices). While current Chinese and Japanese inflation rates are significantly lower than in other major economies, they are still rising fast: China’s has tripled since the beginning of the year, from an annualized rate of 0.9% to 2.7%, and Japan’s quintupled from 0.5% to 2.6% over the same period. If this trend continues, imported inflation will soon become a major policy concern for them, too. Policymakers should seize the opportunity for cooperation before it’s too late. The coordinated response to the global financial crisis a decade ago provides a useful model for such cooperation. Back then, concerns about free-riding by other countries, including China, initially created a disincentive for each individual economy to take sufficiently bold action on fiscal stimulus. But discussions with China at the G20 and other fora eased those concerns, and China’s large stimulus package raised demand for goods from Europe, the US, and elsewhere, making it more attractive for other countries to come up with their own sizeable stimulus packages. This multilateral effort helped mitigate the crisis. This time around, escalating geopolitical tensions and the legacy of former US President Donald Trump’s trade war have deepened the mistrust among some of the world’s economic superpowers. While the nature of the economic challenge is different (inflation this time versus deflation back then), the need for policy coordination is similarly important to minimize output and job losses. If successful, this will also improve the chance for the policy coordination needed to win the global fight against climate change.

FRIDAY, SEPTEMBER 9, 202216 | NEWS

FRIDAY, SEPTEMBER 9, 2022 17| FEATURE

WEEKLY MARKET REVIEW FOR WEEK ENDING - SEPTEMBER 2, 2022

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%

STOCK MARKET REVIEW

FRIDAY, SEPTEMBER 9, 202218 | MARKET REVIEW

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.

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.

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.

MACROECONOMIC INDICATORS

BUSINESS TERM OF THE WEEK

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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.

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.

By Prince Addoquaye Acquaye & Sandra Soto-Amoako

Trademark 101: Everything you need toknow

What does Coca-Cola, Afia Schwarzenegger and Beyonce have in common? All these are brands with their names as assets. This means that, no one can use the names of the brands without the authorization of the owners. Using these brand names without the authorization of the owners will be considered a breach of their trademark rights. What then is a trademark? it is basically a sign or a combination of signs that can be used to distinguish one brand from the other. It may include words such as “Everywhere You Go”, personal names such as “Afia Schwarzenegger or Beyonce”, designs such as logos, letters such as “MTN”, colours, numerals, shapes, holograms, sounds or a combination of any of these elements or slogans[i]. What is the essence of registering a trademark? When a trademark is registered by a person, that trademark is protected from use by others who have not obtained authorization from the owner of the trademark[ii]. Considering this, where the trademark of a person is used by another without permission, the owner of the trademark can institute a legal action against the perpetrator. The sanctions that may be imposed on the perpetrator include a fine or a term of imprisonment or both. What is a trademark for? A trademark serves two functions i.e.: (1) to identify a product; and (2) to distinguish the goods and/or services of a specific business from that of its competitors by enabling businesses differentiate themselves and their products and/or services.

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First Come, First Served It is important that businesses view their trademarks as assets and take steps to have them registered at the Trademarks Registry. This is because, trademark registrations generally operate on a first come first serve basis. Thus, where a person has registered his/her trademark or has submitted a trademark application, that person will have priority over another person who on a later date submits a trademark application in respect of the same mark or a similar mark. What this means is that, if Kwamina is the owner of XYZ mark and does not take steps to register it and Ayele registers or submits an application for registration of XYZ as her mark, Kwamina may be refused to register XYZ as it will be owned by Ayele or Ayele will have priority for submitting the trademark application first. There are however situations where the first come first serve basis may not apply because of nuances such as prior use and/or how popular the trademark is in the public domain.

First to Use Even though the First Come, First Served principle is an important factor in trademark registration, an owner of a trademark may argue ‘First to Use’, which is where an owner who has first used the mark can establish that the mark was used by him/her prior to an application by an applicant who has filed for registration. Where the ‘First to use’ argument is upheld, the owner of the trademark will prevail and be granted the right to the trademark. For instance, Nana Afua has not registered but uses ABC mark for her plantain chips business which is very popular and known by all in Ghana, Edem applies for trademark protection of his mark which is ABC mark, the principle of first to use may come to play. Nana Afua may be granted the rights to use and own ABC mark since she used that mark first. At the end of the day, registering your trademark gives you rights to use your trademark to the exclusion of others and also the right to regard it as an intangible asset for investment purposes.

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

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