Business24 Newspaper 3 October 2022

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Horticulture fast becoming the new job-making machine

“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.

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.

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.

The global 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.

CFAO takes over Mercedes-Benz dealership...as Silver Star heads to court

German automaker MercedesBenz has signed a dealership agreement with CFAO Ghana after terminating its 25-year-old contract with Silver Star.

Announcing the new dealership in Mercedes Benz, CFAO Ghana said the “agreement makes CFAO Ghana PLC the sole authorised dealer for Mercedes-Benz in Ghana.”

“CFAO Ghana PLC is your trusted partner of worldrenowned vehicle brands, and for 113 years has imported, marketed and serviced new and used vehicles through Africa’s largest automotive distribution network. We announce with pleasure our exclusive dealership agreement with Mercedes-Benz.”

This agreement makes CFAO Ghana PLC the SOLE authorised dealer for Mercedes-Benz in Ghana, it said.

With other CFAO subsidiaries in Kenya and Mauritius already authorised as dealers, CFAO Ghana PLC takes pride in following suit with its unparalleled aftersales service, excellent customer

service whilst offering value to customers, it added.

“This landmark achievement was completed on the back of our formidable Africa-wide network advantage with presence in 47 markets on the continent, a robust supply chain and a commitment to ethical business practice. After operating in Ghana since 1909 to date, CFAO is very well placed to consolidate its leadership and seize new growth opportunities.”

“We wish furthermore, to assure existing customers of a seamless integration into our aftersales service supported by highly trained engineers, genuine spare parts and state-of-the-art work tools to keep your vehicles continuously maintained in top condition.

It said work is currently ongoing to complete a modern showroom and workshop which meet Mercedes-Benz standards and offer a befitting experience for all Mercedes-Benz owners.

Subsequent announcements will be made on completion of the showroom and workshop to

welcome our customers to a new dispensation of Mercedes-Benz with CFAO Ghana PLC.

CFAO Ghana PLC looks forward to a fulfilling relationship with Mercedes-Benz and our cherished customers.

Silver Star has already indicated that it was not happy that Mercedes Benz has decided to terminate the contract it had after becoming a household name for being the local dealer for Mercedes-Benz for 25 years.

It accused Mercedes-Benz, Germany of making that move “without direct or indirect engagement, [and] decided to select a new dealer for Ghana opting instead to appoint a multinational company in Ghana that also will be their dealer in several other West African countries.”

“We have tried our level best to make a case with MercedesBenz in Germany without luck, all appeals failed to have produce any response from them leaving us no choice but to seek redress from the courts,” it added.

Reputation is very important – Alhassan Andani tells FBNBank talent cohort

A selection of high performing FBNBank employees, who have been learning useful lessons from a special session with Dr. Alhassan Andani, former Managing Director of Stanbic Bank Ghana have been advised to focus on building a good reputation to progress their careers.

The engagement session which forms part of several platforms for interacting with and guiding the current group of high performers of the Bank had Dr. Andani, who is also the Paramount Chief of Pishigu in the Dagbon Traditional Area as the special guest and the Managing Director/Chief Executive Officer of FBNBank, Mr. Victor Yaw Asante as host.

Speaking to the group, Dr. Andani said, “carving and maintaining a very good reputation is essential to your growth and development in the bank. Reputation is very important, because your reputation precedes you as a person and transcends what you do for your organisation, and at certain places, it goes beyond what you do for your country. Using an executive as an example, he said that executive had been able to carve out a positive reputation for himself outside of the bank by reason of all he had done prior to joining the bank. Moreover, that Executive had been able to make use of his role as a social leader by virtue of his position to build for himself a positive

image which earns him the respect and acknowledgement wherever he finds himself.

For you in this high performers programme, that should be your trajectory; building a reputable image.”

Dr. Andani explained that what would keep anyone in the talent programme would be that person’s own dedication and work output rather than favouritism or nepotism. This is because their performance will offer a reputational impact on the leadership of the Bank particularly the Managing Director, Head of Human Resources and the specific departmental heads who put those individuals on the programme. He pointed out that for reasons such as these, leaders will be guided by good governance to only put the best performers on the programme.

He therefore charged the cohort to strive to sustain the trust that their leaders have reposed in them and to live up to the responsibilities assigned them. Dr. Andani added that “at the mid-level management, your talent must be recognized across your peer group in the industry. Your reputation at this stage sometimes becomes your

parachute to move to other companies or the launch pad to higher positions within your organisation.”

Dr. Andani advised the Bank’s high performers talent to examine their career choices critically to ensure that they use paths which provide them the relevant guardrails for improved performance and growth. He mentioned the benefits of working for good brands and in organisations with a wealth of experience and a good reputation. He indicated that in most of such corporate entities employees benefit from good governance structures to grow and these include the maturity of the company’s leadership. According to him, “brand, depth of governance, and maturity of leadership in the organisation should be key lookouts when considering a career move. Failure to regard these will leave you stranded and frustrated in

an organisation that lacks these pillars.”

At the end of the engagement session, Mr. Victor Yaw Asante, thanked Dr. Andani for his support and urged the group to take advantage of the great opportunities being offered them. “Take every advantage of opportunities that come your way and I am hoping that in the next five to 10 years, one of you would take up this role as Managing Director of FBNBank”, he added.

The FBNBank high performers programme is aimed at developing a pipeline of leaders for the Bank, ensuring consistent solid performance for the Bank’s teams and business. The programme provides a competitive platform for the high performers within each year group across all levels in the Bank offering them technical and soft skills including mentoring sessions to guide their development and performance.

Government puts $75m petroleum revenue into Agenda 111 project – PIAC

The Ghana government has since 2021 invested $75 million of petroleum revenue into the Agenda 111 health project, the Public Interest Accountability Committee (PIAC) has revealed.

The disbursement was done through allocations of the Ghana Infrastructure Investment Fund (GIIF), with $49.4 million in 2021 and $25.6 million in the first half of 2022.

“PIAC is yet to receive specific details of all disbursements, ” the Committee stated in its semiannual report for the first half of 2022 on the management and use of petroleum revenue.

PIAC observed that the project was decided during the first half of 2022 when there was no expenditure under the health component of the Physical

Infrastructure and Service Delivery in Education and Health Priority Area during the period.

“GIIF has indicated that it has been engaged by the Ministry of Finance (MoF) to help ensure administrative and project management efficiencies as well as payment integrity throughout the process, especially for the 101 standard 60/100-bed district hospitals,” the report noted.

It was also highlighted that the GIIF had established a new ring-fenced subsidiary vehicle known as H-GIIF to execute the transaction and all payments to the contractors.

PIAC has, therefore, recommended that Government directed subsequent disbursements to GIIF intended for Agenda 111 to the Ministry of

Health to support the Agenda 111 Project as an expenditure under Priority Areas.

“This will enable GIIF focus on its core mandate of investing funds, including its Annual Budget Funding Amount (ABFA) disbursements, in commercial infrastructural projects that would yield returns,” the report said.

It has also advised the GIIF to focus the utilisation of its share of ABFA on viable investments in accordance with the GIIF Act, 2014 (Act 877) and policy guidelines of the Fund.

The Agenda 111 project involves deliverables such as the designing, procuring, constructing, equipping and commissioning of 101 District Hospitals and six Regional Hospitals in the newly

created regions.

It also includes the establishment of one Regional Hospital in the Western Region, two Psychiatric Hospitals in Kumasi and Tamale and redevelopment of the Accra Psychiatric Hospital as well as rehabilitation of the Effia Nkwanta Regional Hospital.

All the hospitals are expected to have staff accommodation for doctors, nurses and other health workers.

Source: GNA

Dr. Alhassan Adani (fourth from left) and Victor Yaw Asante (third from right) in a group picture with a cross section of FBNBank Ghana Staff and the Talent Cohort

British Airways Flight A380 touched down at the Kotoka International Airport on Thursday September 29, 2022 for a technical stopover.

The British Airways ferry flight (A380) from Johannesburg enroute to London Heathrow made a technical stop at the Kotoka International Airport (KIA), making this the second time an A380 aircraft has operated or landed in Accra.

The A380 is a large wide-body airliner developed and produced by Airbus.

It is the world’s largest passenger airliner and only full-length doubledeck jet airliner.

The A380 has a standard seating layout for 555 passengers on two decks in a three-class configuration and needs about 3,000 m (9,800 ft) of runway to take off fully loaded.

The Ghana Airports Company Limited (GACL) announcing the technical stopover in a statement said “British Airways could not have made a better decision of

choosing KIA as the preferred Airport within the sub-region for this vital technical stop.”

“KIA is centrally located in the world, on the Greenwich Meridian and close to the Equator, making it easily accessible from any part of the world.

“The Airport’s runway length

of 3,400m, taxiways, and other infrastructure meets and, in some cases, exceed the standards and recommended practices of the aviation industry and is suited for the maneuverability, accessibility to the passenger boarding bridge and remote parking for the A-380.

“Indeed, the Airport has a high

World’s biggest passenger plane makes technical stopover in Kotoka Vodafone Ghana Foundation partners

reputation for regulatory, safety and operational compliance in the industry,” it added.

Commercial airports are classified into 10 categories based on the largest type of aircraft they regulate.

KIA has a firefighting category of 10 and welltrained staff capable of handling the A380 aircraft.

KIA remains one of the most attractive airports in the West African region with the capacity to accommodate the largest commercial aircraft in the world.

Our long-standing experience in facilitation and cooperation between all airport stakeholders; the Ghana Civil Aviation Authority (GCAA), Service Providers and airlines, ensures KIA’s readiness to accommodate A380 commercial operations

GES to launch STEM Teacher Awards

The charity arm of Vodafone Ghana, in collaboration with the Ghana Education Service (GES), has launched the first-ever STEM Teacher Awards in Ghana.

The launch event, marked by a brief ceremony at the premises of the Ghana Education Service on Wednesday, 28th September 2022, also served as a stage to highlight the Vodafone Foundation’s Free Instant Schools platform.

The Awards will come off on 7th October 2022 at the Academic City University. It will recognize and reward teachers who have been practising and excelling in Science, Technology, Engineering, and Mathematics (STEM) fields across all the sixteen (16) regions of Ghana.

Speaking at the launch, the Head of Vodafone Ghana Foundation, Rev. Amaris Perbi, said the institution of the award scheme forms part of Vodafone Ghana’s commitment to executing a highly impactful range of educational initiatives in the country every year.

He explained the awards programme will offer teachers an opportunity to showcase the various methods through which they incorporate the teaching and learning of STEM into their main curriculum.

Highlighting the rewards

associated with the awards, Rev. Amaris revealed: “We will shortlist the top 16 most engaging entries as finalists for the awards programme. They will automatically receive a backpack award with STEM sets. Amongst the top three of the sixteen, the winner will receive a one-year data subscription with a laptop and modem. The first runner-up will receive a six-month data subscription with a tablet and modem, while the second runner-up will receive a three-month data subscription with a tablet and modem. Additionally, the winner becomes an Instant Schools

Ambassador who will join the winner from the Literacy Challenge to drive the Instant Schools Virtual Learning Platform across the communities we visit in Ghana.”

He added that the scheme will feature special awards for the Disabled Category.

Rev. Amaris encouraged all teachers in the STEM field to put in their nominations/applications for the award programme.

On his part, the Deputy DirectorGeneral of the Ghana Education Service (GES) in charge of Quality and Access, Dr Kwabena Tandoh

commended Vodafone Ghana for its commitment and support to Ghana’s educational system through diverse initiatives such as the Free Instant Schools learning platform, STEM projects, among others.

Commenting on the STEM Teachers Award, Dr Tandoh said: “It is heart-warming to see all of you come to witness the partnership between GES and Vodafone to introduce this wonderful initiative. While we launch the awards initiative, it is pleasing to note that a lot of our teachers, through their own initiative and our coordinators, have used the Instant Schools platform and other platforms given by Vodafone to improve STEM education. We are thus excited that it is culminating in an opportunity to reward the selflessness and efforts of our teachers.”

Dr Tandoh also used the opportunity to appreciate all the partners involved in the awards project.

Other partners for the STEM Teachers Award project include Labadi Beach Hotel, Academic University, Ghana STEM Network, DEXT Technologies, Youngstars Development Initiative & IoT Network Hub.

Startups’ best bet to finance is a good business plan -Netherlands ambassador

By Eugene Davis

The Netherlands Ambassador to Ghana, Jeroen Verheul, has urged budding entrepreneurs to develop an extensive business plan to access finance to formalize and scale up their businesses.

According to him, putting together a perfect business plan will propel the business to either become profitable or less rewarding.

Speaking to the press on the sidelines of the Orange Corners Ghana graduation programme of 45 young entrepreneurs in Accra, he said “When you want to grow your business, access to finance is often a difficult issue, it is not only the term of loan because often entrepreneurs have to access loans and if you have to pay an interest percentage of about 30percent and is quite difficult, you have to make a lot of money to pay back the loan and to pay the interest, so access to affordable finance is the main issue.

The other issue is you need a good business plan to formalize the business in other to access finance because informal businesses have difficulty in accessing finance, so those two

Netherlands Ambassador to Ghana, Jeroen Verheul

by the Netherlands and implemented by Fidelity Bank and they provide opportunities for entrepreneurs who have gone through the training to access loans so that they can expand their business.”

Available data reveal that SMEs represent about 92percent of businesses, largely within the private sector, and contribute about 70percent of Ghana’s gross domestic product.

It is on the backdrop that the Orange Corner programme is also contributing its quota by supporting young entrepreneurs who have started business to grow their business. It helps

entrepreneurs to grow and formalize their business, the ambassador noted.

Further, he added that since 2019, they have supported about 100 entrepreneurs to build their business, arguing that “On the scale of need in Ghana, we see on average 300 ,000 new youth entering the labour market.”

He also disclosed that in terms of numbers and with support from their partners they have started operations in Ho, Tamale, Takoradi and Kumasi, and it intends to expand the programme to be delivered in those places.

Ambassador Verheul also indicated that the Orange Corner Innovation Fund has

so far invested 360,000 euros equivalent of GHc3.5m but “it is just the start, we are going to expand, we will see if we can find other sources of funding because if you look at all the initiatives to create and support entrepreneurship in Ghana, availability of funds is not the biggest problem but to find the entrepreneurs with the right business plan, with right approach to get a loan or support is the most difficult part.”

Richard Yeboah of MDF West Africa, implementors of the programme explained that the programme lasted for six months where entrepreneurs where taken through training, coaching, mentorship and masterclass.

He also added “the benefit of this programme is to make sure that businesses are structured,formalized and organised before they are ready for export.”

Orange Corners Ghana is an initiative of the Netherlands executed by MDF West Africa and in partnership with Fidelity Bank, People’s Pension Trust, Friesland Campina, Vivo Energy and Meridian Port Services (MPS).

We’re building a thriving tourism economy in Ghana – Akufo-Addo

President Nana Akufo-Addo says his government, since coming into office in 2017, has put in place measures and initiatives which have resulted in the construction of a thriving tourism economy in the country.

According to President AkufoAddo, “we want to use tourism as an effective tool for economic transformation, which will help to create jobs and prosperity for the people. That is why Government, with the support of international partners, is investing heavily in key tourism attractions, which will, in turn, boost tourist arrivals this year and beyond.”

Speaking at the formal opening of the Tema Branch of Alisa Hotel, on Friday, 30th September 2022, the President said that the hospitality sector is the third largest contributor to the country’s GDP, after cocoa and oil and gas, accounting for two (2) out of every 10 jobs in the country.

Following the rebounding of the hospitality and tourism sectors, “after Government

undertook some bold and decisive measures, which saved lives, livelihoods and businesses, as well as through the global easing of (COVID-19) restrictions”, President Akufo-Addo told the gathering that Government has put in place plans to build a stateof-the-art tourism and hospitality training school in Accra.

“The ten-million-US-dollar (US$10 million) facility will serve West Africa, and provide customer care training to operators in the tourism and hospitality value chain. When customers are happy and delighted, they do not only stay longer in hotels, but also spend more, and likely to return in the future with family and friends. Building the capacity of tourism players is, therefore, important in our quest to be the tourism destination of West Africa,” he said.

The President noted that Government’s focus, over the next eighteen (18) months, is to exploit Ghana’s culture, heritage, history, hospitality, and beautiful natural

scenery to attract tourists, funlovers and leisure seekers hoping to find a unique experience in Africa.

In addition to the abundance of natural resources, he stated that Government has embarked on a product improvement plan, where several tourist sites in the country are currently undergoing site renovations. These include the Aburi Botanical Gardens, the Yaa Asantewaa Memorial Museum and the Kente Museum, both in Kumasi.

“This year alone, it is expected that some twenty-five million United States dollars ($25 million) will be expended to upgrade some of our iconic sites, including the famous Elmina and Cape Coast Castles, the Kwame Nkrumah Memorial Park, the Mole and Kakum Parks, and

cultural Museums in Yendi in the Northern Region, Ejisu in the Ashanti Region, Akropong in the Eastern Region, and Ho in the Volta Region, under the Ghana Tourism Development Project, supported by the World Bank,” he said.

The President continued, “this Project, in all a value of forty-million-US-dollars ($40 million), is expected to position the tourism and hospitality sectors as key drivers of social and economic development. Some of the benefits that the project is expected to bring are an enriched access to Ghana’s tourism market, better provision of tourism products and services, and the upgrading of skills in the labour force in the tourism, arts, and culture sectors.”

The ECB has been driving EU inflation

By Hans-Werner Sinn

Inflation is galloping in the eurozone, as the euro tumbles.

In August 2022 annual eurozone inflation reached 9.1%, and rates exceeding 20% are now being registered in the Baltic countries.

In May 2021, a euro would have cost you more than $1.20; on September 27, you could buy one for $0.96. Is the European Central Bank to blame?

Loss of confidence in the euro jeopardizes the monetary union’s stability, because it can fuel an inflationary spiral and lead to capital flight. The United Kingdom is currently grappling with these dynamics, and the eurozone could well be next.

Recent inflation news from the eurozone’s largest member, Germany, is particularly alarming.

In August, producer prices –which measure what is happening at the preliminary stages of industrial production – were a whopping 46% higher than in the same month last year. Given the long-term correlation between the growth rate of producer and consumer prices, this suggests that the latter could soar to 14% in November. Price stability –which is supposed to be the ECB’s uncompromising goal, per the Maastricht Treaty – is no longer perceptible. The ECB denies that it bears any responsibility for the eurozone’s current inflation struggles; after all, it could not control the pandemic or Russian

President Vladimir Putin’s decision to invade Ukraine. But pointing to these exogenous events is nothing more than a diversionary tactic. In fact, there is good reason to believe that the ECB contributed significantly to current inflation, probably even more than other central banks have done in their respective economies.

Since the 2008 global economic crisis, the ECB has allowed the central-bank money supply to increase twice as fast, relative to economic output, as the US Federal Reserve has. Of that growth, 83% was the result of the ECB’s purchases of government bonds from eurozone countries.

With those purchases – which totaled an estimated €4.4 trillion – the ECB pushed interest rates on government bonds to around zero. This spurred countries to disregard European debt rules and accumulate debt at a breakneck pace. In 2020, the European Commission joined the ECB in its expansionary endeavor.

The European Union’s €750 billion in additional borrowing was presented as an effort to help all EU countries cope with the effects of the COVID-19 pandemic; in reality, it was intended primarily to support the weaker economies of the Mediterranean region. As a result of these measures, the EU’s overall government debt (including debt held at the EU

level) will be pushed well beyond 100% of GDP.

Since government debt increases aggregate demand, this has had a clear impact on inflation. While pandemic-related supply-chain bottlenecks and the energy crisis induced by the Ukraine war were the sparks, sovereign debt was the tinder. Without it, the inflation fire would not have spread at such a rapid pace. The ECB has further contributed to inflationary pressures by weakening the euro.

While the Fed began sending clear signals in June 2021 that it would begin raising interest rates in the foreseeable future, the ECB aggressively defended its ultraloose monetary policy until July 2022, when it implemented its first rate hike in 11 years, which was followed by a somewhat more substantial hike in September.

As a result, the interest-rate differential between the US and the eurozone continued to grow, spurring investors to flee Europe for America in droves. In the three weeks after the rate increase in September, the dollar rose 4% above parity with the euro. Since the Fed’s first announcement in June 2021 that it might raise rates, the dollar has appreciated by roughly 20% against the euro. As the euro weakened, prices for imported goods and services rose, and European exporters were able to raise prices without losing market share. Although the

prices of goods and services that are not traded internationally were not immediately affected, it is only a matter of time before they will follow suit.

Meanwhile, energy prices, in particular, are soaring. The revaluation of the dollar alone increased oil prices expressed in euros by 25%, in addition to the increase in the dollar price resulting from supply shortages. Even the prices of natural gas were affected by the revaluation, which represents a notable shift from the past, when European gas prices were set largely independently of global markets. The difference now is that, as Putin has turned off Europe’s tap, liquefied natural gas traded on world markets has become the marginal source of supply, capping the price hike in terms of euros at a level that is higher the more the euro depreciates.

The ECB has tried to exculpate itself by pointing out that the increase in energy prices accounts for a good third of European inflation. But it has yet to own up to the fact that it bears significant responsibility for even this component, owing to its role in driving the euro’s depreciation. When it comes to eurozone inflation – including energy prices – the ECB shares the blame with Putin and OPEC.

Adom City Estate signs MoU with Republic Bank to provide affordable housing for Ghanaians

“Why pay now if you can pay later”, that is the letter and spirit of a mortgage facility. It affords one the opportunity to own a property now while he/she pays back later monthly instalment over an extended period.

The Adom City Estate-Republic Bank’s business relationship dates back the past five (5) years.

This partnership has always been a tripartite mutually beneficial relationship between Adom City Estate as a developer, The Republic Bank as the mortgage facility provider and persons who are interested in acquiring properties using mortgage. For such a tripartite business relationship to thrive, three parties are fundamental. One, credible developer with an unquestionable capacity to deliver. Two, a bank with expertise and competitive mortgage rates and most importantly, eligible clients. It is in this direction that we deemed it fit to renew and reaffirm our partnership with the Republic Bank (PLC) as a mortgage facility provider to our clients hence, the signing of this memorandum of understanding (MoU) today the 26th of September, 2022.

We are not new to the Republic

Bank (PLC), neither are we new to the public as everyone knows our exploits and capacity to deliver. But for the purpose of publicity, we would like to reiterate a few things that made the Adom brand not only the industry leader in affordable housing in Ghana but a formidable brand to do business with.

First and foremost is our ability to build over 2,000 housing units and still counting in a space of ten (10) years since inception. What this means on the average is that, we are able to build over 200 housing units annually making it an unbreakable record in the history of the Real Estate Industry in Ghana.

The second worth mentioning, is our recognition as a global brand, the brand that won the Best Developer, Mass Social Housing at the enviable Africa Property Awards, the year 2021 – 2022, coupled with our most recent global award won this month of September 2022 as the Industry Leader in Affordable Housing in Ghana at the just ended Africa Real Estate Conference and Expo awards organized in partnership with the Ghana Real Estate Professionals Association (GREPA).

Also, sight must not be lost of the many local recognitions over the years as the 5 times consecutive winner, Ghana Property Awards as Best developer of the year – Mass Housing category between 2015 and 2019. Residential Developer of the year - Low Income Housing Category – Ghana Business Standards Awards 2021. Residential Developer of the year, Mass Housing Category – Ghana Business Standards Awards 2019. Real Estate Company of the year, CENBA AFRICA Business Excellence Awards, 2019. 1st Runner-up, Mass Social Housing - Africa Property Investment Summit and Awards, 2017. This is just to mention a few.

As a pacesetter driven by a customer centric principle, we launched the Adom Group contact centre in furtherance of this, early this month. The centre is not only a call centre but a CONTACT CENTRE. This is because the system does not just answer or rely phone calls only but we are able to communicate with our clients using Live Chat, WhatsApp messages, SMS and Skype conferencing etc. All this from a single client portal, so there is no switching between apps. You have

the options to choose from web, desktop and mobile channels etc. The platform is seamless to use as it provides a 360-degree professional customer service experience with no stress. What this also mean is that our clients and prospective clients can reach us 24/7 GMT across the globe.

We want to reassure our partner

The Republic Bank, our customers and the general public that Adom City Estate will always deliver services, products that meets international standards and best practices and on time.

In conclusion, we are glad to announce the hope and opportunity we have for all persons who may not be eligible for a mortgage facility or may not be interested in a gated community or both and all other persons who have one or two ongoing building projects they are struggling to complete. The Adom City Estate Home Completion Policy is here for all such persons. The Policy gives one the opportunity to hand over his/ her uncompleted building projects to Adom City Estate to complete for them while they pay back later on monthly instalment basis. Our doors are always open.

The Populist Climate Threat

Reactionary populism is now the biggest obstacle to tackling climate change. With outright climate denial no longer an option, populist politicians have increasingly positioned themselves as climate doubters and delayers, and this new approach is proving to be quite insidious. The Intergovernmental Panel on Climate Change warns that global greenhouse-gas emissions must peak within three years to keep the Paris agreement’s 1.5° Celsius target in reach; by slowing effective action, the tactics of today’s populists are becoming an existential threat.

This trend is reversible, but it is tenacious. Following former US President Donald Trump’s dismantling of America’s climate commitments, the Biden administration has managed to pass landmark climate legislation despite notable headwinds. But opportunities for populist climate spoilers remain. A recent study in Nature shows that, even though supporters of climate policies vastly outnumber their opponents nationwide, most Americans believe the opposite to be true. Given this “false social reality,” the climate legislation promises to be a wedge issue in November’s midterm elections.

Perhaps even more significant is Brazil, where reactionary populism threatens to become normalized under President Jair Bolsonaro. It is no coincidence that Steve Bannon, Trump’s former chief strategist, sees Brazil’s election as an inflection point for the international system: in his words, the “second most important election in the world.” Bannon-style tactics have prevailed in many countries in recent years, poisoning the

public discourse on issues such as immigration, reproductive rights, and vaccines.

There are multiple reasons why climate action is an especially appealing target for aspiring and incumbent authoritarians, but none has anything to do with the climate itself. The first reason is the perceived cost. Even though decarbonizing and building more resilience into the economy will ultimately be much cheaper than covering the costs of a runaway climate crisis, such outlays will forever be exposed to political opportunists’ bad-faith attacks. Moreover, populists will smear policies geared toward international accords like the 2015 Paris climate agreement as an abdication of sovereignty. It is no surprise to see Brexit architect Nigel Farage now agitating for a referendum on the United Kingdom’s stated commitment to achieve net-zero emissions.

A simplistic notion of national sovereignty has also underpinned Bolsonaro’s refusal to discuss the Amazon in international fora, even though its role as a carbon sink is vital for the rest of the world. Bolsonaro’s failure to fight criminal activity in the Amazon has allowed for the wanton destruction of Brazil’s forests, rivers, and people (including indigenous groups, environmental activists, and journalists). As is true of other right-wing populists, “sovereignty” for him amounts to claiming rights but denying the responsibilities that come with them.

Out of either cynicism or naivety, populists refuse to acknowledge that stronger national borders cannot solve our biggest problems. That is as true for climate change and

biodiversity loss as it is for this year’s energy and food crises, COVID-19, and mounting debt distress. As a result, climate action and reactionary populism could remain tangled for decades to come, amid climate disruptions, sharpening inequalities, and a social contract fraying everywhere. According to a recent study of 25 countries over more than a decade, right-wing populist parties have had a consistently negative impact on climate ambition, making international targets even harder to reach. As the host of the foundational 1992 Earth Summit, Brazil previously had a reputation as a leading consensus-builder in multilateral negotiations; yet in the space of just a few years, it has come to be associated with diplomatic volatility and environmental destruction. If we are going to manage the increasingly disruptive effects of climate change, collective intelligence must prevail over populist division and disinformation. Some countries are already showing the way. In Australia, for example, voters ousted a conservative government that had become one of the most obstinate climate laggards in the G20. And in Slovenia, a populist prime minister was denied a second consecutive term when his party was defeated by the environmentalist Freedom Movement party. Could the same message gain traction in Brazil?

Recent polling shows that 81% of Brazilians want presidential candidates to protect the Amazon, and 65% consider such protections to be important for economic development. Over 90% know that climate change is happening, and over 75%

attribute it to human activity. As in many countries around the world, social movements in Brazil have been organizing on an unprecedented scale. Groups from the Amazon – especially those representing traditional communities, women, and young people – are leading the charge, and others, including financial and private-sector players, have joined with them.

Bolsonaro, meanwhile, has remained hostile toward climate ambition, painting all environmental concerns as the sinister creation of shadowy international interests. The irony, of course, is that today’s “antiglobalist” populists rely on their own well-funded transnational network of propagandists, donors, and fellow-travelers.

As a recent New York Times investigation shows, Hungarian energy companies that have profited from the sale of Russian oil have channeled massive funds to politically aligned charities, where the funds then make their way to conservative broadcasters and opinion leaders in the United States. An international system subverted by populist priorities would be catastrophic for open societies and effective climate policies. Those of us who believe in science, the wisdom of local communities, and the power of diplomacy must get wise to the threat. If populism is normalized, it will derail effective climate action just when it is needed most. The window for preventing catastrophic consequences is closing. Climate policies have become populists’ most inviting target; the rest of us must become populists’ most formidable adversaries.

Project syndicate

JLL named Top Property Services Group at API Awards

JLL, a leading professional services firm that specialises in real estate and investment management, has been named the Top Property Services Group at the 6th Annual Africa Property Investment (API) Awards 2022. The firm was awarded for its achievements including technology innovation, sustainability, and successful diversification and execution of deals and services across the real estate sector over the past 12 months.

During that period, the company has worked across all major real estate services and sectors on the African continent, including Capital Markets, comprising investment sales, debt and financing arrangements; Leasing – full-service brokerage between tenant and landlords; Property and Facility Management – Management and outsourcing of properties and real estate portfolios. JLL has also been involved in Advisory and Consulting – workplace strategy, technology services, valuations, consulting, and advisory.

“Having the range and depth of expertise within JLL Africa as the only independently and fully owned global player on the continent is a tremendous asset,” said Peter Harris, JLL’s Co-CEO for sub-Saharan Africa and Maghreb. “We are

deeply honoured to have received this award. It has reaffirmed our conviction that with this level of regional expertise and global insight, we can positively contribute to the future of Real Estate in Africa.”

The company has also undertaken Project & Development Services – Design and management of real estate projects including fit out services, as well as research across sectors and regions in Africa. JLL delivered these services across 30 countries on the African continent in the last 12 months.

The API peer-to-peer awards were established to recognize and promote excellence in Africa’s rising real estate sector and have become a critical benchmark for measuring success for the industry.

JLL prides itself on being able to deliver at scale to both multinational clients with large footprints, as well as local clients. In the past 12 months, the company completed 75 assets and executed $490 million capital markets transactions by deal value. This included advising on the largest integrated logistics facility ever in Africa (DSV logistics facility in Pomona, Johannesburg) at the start of 2022. Another standout was taking to market a 62-asset portfolio comprising retail, office, and industrial assets

to market on behalf of South Africa’s largest pension funds; 311’000 square metres leased on the continent. JLL’s Hotels & Hospitality Group has been ranked as the leading hotel investment sales advisor since 2015. This was again achieved in 2021.

Sustainability is a core pillar of “Beyond”, JLL’s strategic vision to position and equip it to always provide consistent, best-in-class service to its clients, and to drive strong and profitable long-term growth to the benefit of all its stakeholders. In support of this, the company has invested significantly into its sustainability products and services and the upskilling of its staff. The company’s determination to be at the forefront of our industry is best illustrated through its ambitious NetZero

Carbon target. In 2021, the Science Based Targets Initiative (SBTi) certified the company’s existing target to its new Net-Zero Standard, placing JLL among a select group of companies to align its net-zero commitments with climate science.

The company also implemented a South African led Design and Build Sustainability Code and rolled it out on all client projects – the first of its kind.The easy-to-use app allows input of project data and tracking of sustainability markers throughout the build lifespan. JLL also hosted Africa’s first ESG and hospitality investment forum and moved its Johannesburg headquarters to a fully sustainable green rated building.

Bridging the gender inequality gap from the grassroots

“When you want to serve your people and society to contribute to development, you are given negative names”, Gladys Ramatu Bawa, a retired Teacher in the Sagnarigu Municipal Assembly in the Northern Region of Ghana bemoaned.

In Ghana, though women constitute about 51% of the total population, the country has witnessed low participation of women in leadership since independence. For example, out of Ghana’s 275 members of parliament (MPs), there are only 40 women representing about 16%. Similarly, only 18 women are appointed as Ministers out of the 86 current ministerial positions, representing about 21%.

The situation is not different at the local government level, where out of the current 261 Metropolitan, Municipal and District Chief Executives (MMDCEs), only 38 are women, with the remaining 223 being men. Though these statistics suggest some progress made from previous years, there is still more work to be done to bridge the gender inequality gap.

Besides women, youth representation in political institutions, policy-making and decision-making processes has remained limited in Ghana; despite the country being touted as a youthful nation, with the youth constituting about 37% of the population.

meeting with me to step down as

an Assemblywoman aspirant to allow a man in the community to contest unopposed. Their reason was simply because I am a woman and must not challenge a maleaspirant who was contesting with me in the community because this is disrespectful. I had to step down because I had no support. But I will stand again”, said Agnes Akanwake in the Kassena Nankana West District Assembly in the Upper East Region of Ghana.

Agnes was among a group of women and youth engaged at leadership and advocacy capacity development sessions organized by the United Nations Development Programme (UNDP) for selected district and municipal assemblies to promote inclusive recovery from COVID-19.

During the sessions, the women and youth noted challenges confronting them in their bids to take up leadership positions.

Lack of confidence, social norms such as cultural and religious beliefs, absence of support from men and society, intimidation, harassment, name tagging, and lack of funds are some of the challenges cited by the women participants as factors preventing them from exercising their civil responsibility to take up political leadership positions. For the youth, age is mainly an inhibiting factor.

Despite the legal and constitutional provisions which

any ground such as gender, race, colour, ethnic origin, religion, creed or social or economic status, the story of Gladys and Agnes, and other women who aspire for leadership and political positions in Ghana seems to be improving at a rather slow pace.

For women and youth to effectively engage in development and recovery efforts for pandemics such as COVID-19; society must respect their rights and they need to have the right capacities to articulate their issues and concerns. In this regard, about 250 women and youth participants in five selected districts where UNDP has been providing COVID-19 recovery support to the local assemblies, are benefiting from the leadership and advocacy training. The selected districts are Sagnarigu, Ketu South, Kasena Nankana West, Sefwi Wiawso and Jomoro. The participants including assembly women and aspirants, representatives of queen mothers, youth groups, and other relevant community leaders/ members involving persons with disability are being engaged in useful lessons and discussions to identify structural barriers and co-create solutions to address the gender equality barriers.

“We still have men who get intimidated with the success of their wives or women in general. So, sensitization efforts must also

in supporting women is that they get the opportunity to support development efforts which benefit everyone including men and children”, noted Desmond Abire, Assembly Member, Kassena Nankana West District.

The women want to see more sensitizations targeting men, traditional rulers, and opinion leaders to contribute to efforts to break down the cultural and religious barriers inhibiting gender equality at the grassroots. Funding support for women aspiring for political leadership positions, and honoring men and communities that support the political leadership of women, they stated, will also help in closing the gender inequality gap.

For Sherifa Bawah, who leads a women group in Paga at the Kassena Nankana West District, it would also be helpful if women build their confidence level, as this would help overcome the odds.

“My advice to my fellow women is that they should ignore the criticism and discouragements and remain focused on what they want to do to help society”.

Empowering women and girls advances social inclusion, economic growth, and development. It is therefore important to end all forms of discrimination against women, girls, and youth to ensure a sustainable future for all.

UNDP launch $1m OneTreePlanted programme to restore the Black Volta Landscape

The United Nations Development Programme (UNDP) launched a one-million-dollar ‘OneTreePlanted’ programme to plant five million trees by 2024 to restore degraded areas in the Black Volta landscape. The programme was launched under the UNDP Global Environment Facility Small Grant Programme (GEF/SGP) at Maluwe in the Bole Bamboi District of the Savannah region of Ghana.

The ‘OneTreePlanted’ programme will enhance capacity and supply various seedlings including Cassia, Mahogany, Cashew, and Mango to selected communities in the Black Volta landscape for planting. The aim is to fight environmental degradation and promote sustainable livelihood enterprises in the landscape.

“This programme is about not leaving anyone behind. We are all expected to be involved in tree planting on farms, in open spaces, around towns, school compounds and in forest areas. Plant at least one tree and maintain it for people and for the planet”, Angela Lusigi, the UNDP Resident Representative in Ghana urged the communities at the launch.

Dr. Lusigi also noted that the programme is to contribute to

the Government of Ghana’s Green Ghana agenda by supporting the communities to invest in sustainable land management and the conservation of the Black Volta Basin ecosystem. She added that it will also focus on providing alternative livelihood support systems to enhance the wellbeing of the people, whiles sustaining the environment.

The Chief of Maluwe (Maluwewura), Sulemana Bramani, expressed appreciation to UNDP and pledged the commitment of the communities in the area to the success of the programme.

“We are very happy that UNDP has selected our area for this laudable agenda OneTreePlanted programme. This initiative is not only investing in our fuelwood but in our livelihood improvement.

My advice to the woodblock farmers is that, visit your farms regularly and cater for your tree farms,” the Maluwewura noted.

The Black Volta landscape is an international water ecosystem that generates clean energy from the Bui hydropower for national development. The landscape also provides haven to globally threatened species including hippopotamus, elephants, and Buffalos. It is also known that crop

production from this landscape contributes 37.5% of yam, 11.3% of cassava, 17.2% of maize and 28.7% of local rice to the national totals. The area thus supports livelihood services for over one million indigenous people.

The prosperity and sustainable management of the Black Volta landscape is therefore a great priority for national development. Unfortunately, the landscape has been subjected to environmental abuses over the years. The area experiences uncontrolled wildfire, illegal mining, uncontrolled harvesting of wood for timber and charcoal, and unsustainable farming practices. A trend analysis shows that if nothing is done, Ghana is likely to lose the potential of the Black Volta landscape as a natural resource for national development. It is very important to enhance the resilience of the communities to climate change impacts and thus reduce poverty, and this requires partnerships.

“The UNDP GEF Small Grants Programme will devote US$1milion direct funding support to the OneTreePlanted programme whiles mobilizing additional support from other development partners. I am glad to say that the TerraFund for financing Africa’s Top 100 Tree Restoration Projects

and Enterprises has committed US$150,000 over the next threeyears to support the programme. We would want to appeal to other donors to join the implementation of the programme”, stated Dr George Ortsin, the National Coordinator of the UNDP GEF Small Grant Programme in Ghana.

The UNDP GEF Small Grant Programme is already supporting five communities in the Bole Bamboi District with agroforestry and the OneTreePlanted Programme is to complement the existing agroforestry initiative.

“Currently, we have almost 2000 farmers in 5 communities in the landscape, who are restoring the degraded landscape under the UNDP GEF Small Grant Programme. The farmers have integrated food crops into their woodblocks, and this is our contribution to climate change mitigation and adaptation because we are reducing poverty whiles protecting the environment”, said Hannah Boaduaa, the Programme Lead in Maluwe.

The goal of the ‘OneTreePlanted’ programme is to restore about 170 hectares of degraded areas in the Black Volta landscape to contribute to Ghana’s climate action agenda.

Bringing life back to nature and people

The importance of forests cannot be underestimated because we depend on the forests for our survival. Yet, the world’s forests continue to decline at an alarming rate and Ghana is no exception. The Global Forest Watch estimated that, from 2001 to 2021, Ghana lost 1.41Mha of tree cover. Restoring lost forests requires actions at all levels.

Adwoa Adomaa is one of the oldest farmers in Anwianwia, a village located in Asunafo North District in the Ahafo Region of Ghana. She is a beneficiary of a forest restoration project supported by the United Nations Development Programme (UNDP) in partnership with COCOBOD, Forestry Commission, and Mondelēz International’s cocoa sustainability programme: Cocoa Life. The project is restoring degraded portions of the Ayum Forest Reserve. The aim is to help combat climate change and prevent biodiversity loss in Ghana.

Empowering farmers towards sustainable livelihoods

Adwoa recounts her excitement of being part of the forest restoration project.

“I have been farming for 35 years now and I used to depend on only

my cocoa farm and make money after harvesting. So, when cocoa is out of season, I struggle to make money to keep the house running. But thanks to this initiative, I now have an additional source of income to support my family”, she stated.

Adwoa is one of the over 200 farmers, growing food crops with economic trees to restore the degraded landscape in Ayum. For farmers like Adwoa, the initiative to restore the degraded forest reserve is very fulfilling.

The Forest Restoration initiative is being implemented using the Modified Tungya System (MTS)where farmers are given access to degraded forest reserve land for the planting of economic trees. They are allowed to integrate tree planting with selected food crops until tree canopy closure. The MTS has become a legally binding land lease arrangement in which farmers are considered co-owners of the plantations with the Forestry Commission and are entitled to the MTS plots till the tree reaches canopy height. Apart from its environmental benefits, the MTS also serves as an additional income generation activity for the

Almost a million seedlings have been planted in the landscape since the project began in 2020, and the tree survival rate is high. Previously, the communities thought indigenous trees are slow to grow. Today they see the value and are happy about it.

“I decided to quit my trading job which was not profitable and then join the farmers in the Akwaduro community to help restore the degraded Ayum Forest. I have no regrets taking this decision. I now have two vast lands for my farm and I also make money from my produce”, recounted Stephen Agyeman, one of the beneficiaries of the forest restoration project.

Regeneration and protection Communities are happy to set aside land for planting trees and have the knowledge and skills to do so. In addition, fast-growing exotic species like eucalyptus have been planted to provide fuel wood and timber for construction, taking pressure off the natural forest.

Supporting restoration and better landscape management have complemented efforts to protect remaining forests like Ayum. Years after working in the

regaining its fate to restore climate and biodiversity loss in Ghana. It is also interesting to see how the MTS project beneficiaries are receiving support under a UNDPsupported Community Resource Management Area (CREMA) initiative.

“The formation of the CREMA has been a great value addition in our efforts to help restore and manage natural resources. Now, our farmers are able to improve the land fertility in their farmlands and have stopped harmful activities like group hunting, and illegal mining. Thanks to our trainings, they now practice effective farming activities”, noted Mr Daniel Amponsah Gyinayeh, Chairman of the CREMA.

It is obvious that the participation of communities in restoring degraded landscape is a win-win situation for sustainable management of natural resources. This also provides livelihood opportunities. Empowering more communities to adopt environmentally sustainable practices will increase efforts to restore climate and biodiversity loss in Ghana. The role of all actors is critical.

Ghana Chamber of Shipping secures

ICS associate membership

The Ghana Chamber of Shipping (GCS) has secured an associate membership of the International Chamber of Shipping (ICS) to become more impactful in the country’s maritime space.

With this feat, GCS has joined a growing league of ICS members based in West Africa with the Liberian Shipowners’ Council and Nigerian Chamber of Shipping already admitted as members.

The move, which makes the chamber a third member in Africa, is expected to help strengthen relationships across the maritime sector as the industry continues to work together to find solutions to collective issues, including piracy, seafarer welfare and training, digitalisation, automation and decarbonisation.

In a release issued in Accra yesterday, the Secretary-General of the ICS, Guy Platten, said: “I am delighted to welcome the GCS to ICS membership.”

He said the shipping industry was facing challenges from how it could decarbonise the sector to

making sure seafarers had equal access to training and support as the industry went through the green transition.

“Now more than ever, we know the importance of collaboration to achieve our collective goals and tackle pressing issues facing our industry.

“This membership will enhance our ability to work together, and along with the rest of the ICS

secretariat, I look forward to working with the GCS, ” he said.

The maritime community

The President of GCS, Ben Owusu-Mensah, said the Ghanaian maritime community was pleased with the acceptance of the chamber into the fold of the ICS.

He said there was no doubt that Ghana, a formidable maritime nation with strong maritime

credentials, stood to benefit immensely from the repertoire of knowledge and information that the ICS shared with its members towards resolving the multifaceted maritime industry challenges.

“Ghanaian maritime operators working through the GCS stand to benefit immensely from ICS’s rich expertise and best practices in handling technical, legal and trade policy issues that impact their shipping operations,” he said.

Launched in 2018, the GCS champions and protects Ghana’s maritime industry, working with governments, parliaments and international organisations on behalf of its members.

The chamber serves as a veritable platform for dialogue and collaboration among the various maritime stakeholders and articulates the views of the maritime actors towards reshaping policy for national development.

WEEKLY MARKET REVIEW FOR WEEK ENDING - SEPTEMBER 23, 2022

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 22.10%

Inflation for February, 2022 33.9%

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

The Ghana Stock Exchange closed lower for the third consecutive week on the back of price declines by 4 counters. The GSE Composite Index (GSE CI) lost 11.69 points (-0.47%) to close at 2,488.21 points, reflecting year-to-date (YTD) loss of 10.80%. The GSE Financial Stocks Index (GSE FI) also lost 17.69 points (-0.85%) to close at 2,055.64 points, reflecting YTD loss of 4.47%.

Market capitalization declined by 0.19% to close the week at GH¢64,279.00 million, from GH¢64,401.07 million at the close of the previous week. This reflects YTD decrease of 0.34%.

Trading activity recorded a total of 953,819 shares valued at GH¢1,460,375.70 changing hands, compared with 11,666,517 shares, valued at GH¢12,084,263.04 in the preceding week.

MTN dominated both volume and value of trades for the week, accounting for 71.99% and 42.78% of shares traded respectively.

The market ended the week with no advancer and decliner as indicated on the table below.

THE CURRENCY MARKET

The Cedi weakened against the USD for the week. It traded at GH¢9.5414/$, compared with GH¢9.0100/$ at week open, reflecting w/w and YTD depreciations of 5.57% and 37.05% respectively. This compares with YTD depreciation of 1.78% a year ago.

The Cedi also weakened against the GBP for the week. It traded at GH¢10.4150/£, compared with GH¢10.2741/£ at week open, reflecting w/w and YTD depreciations of 1.35% and 21.97% respectively. This compares with YTD depreciation of 1.77% a year ago.

The Cedi again weakened against the Euro for the week. It traded at GH¢9.0151/€, compared with GH¢9.2721/€ at week open, reflecting w/w and YTD depreciations of 2.77% and 26.36% respectively. This compares with YTD appreciation of 2.86% a year ago.

The Cedi likewise weakened against the Canadian Dollar for the week. It opened at GH¢6.7825/C$ but closed at GH¢7.0265/C$, reflecting w/w gain and YTD depreciation of 3.47% and 32.52% respectively. This compares with YTD depreciation of 1.98% a year ago.

GOVERNMENT SECURITIES MARKET

Government raised a sum of GH¢1,192.30 million for the week across the 91-Day and 182-Day Treasury Bills. This compared with GH¢1,929.78 million raised in the previous week.

The 91-Day Bill settled at 30.18% p.a from 29.91% p.a. last week whilst the 182-Day Bill settled at 31.34% p.a from 31.14% p.a. last week. The table and graph below highlight primary market yields at close of the week.

COMMODITY MARKET

Oil prices slumped for the week as recession fears and a strong dollar spooked the market where participants were waiting for details on new sanctions on Russia..

Brent futures traded at US$86.15 a barrel on Friday, compared to US$91.10 at week open. This reflects w/w loss and YTD gain of 5.43% and 10.76% respectively.

Gold prices retreated further for the week as the dollar notched a new 20-year high amid growing fears of rising interest rates and a potential economic recession. Gold settled at US$1,655.60, from US$1,668.15 last week, reflecting w/w and YTD loss of 0.75% and 9.46% respectively.

Prices of Cocoa also declined for the week. The commodity traded at US$2,247.00 per tonne on Friday, from US$2,354.50 last week, reflecting w/w and YTD loss of 4.57% and 10.83% respectively.

INTERNTIONAL COMMODITIES PRICES

BUSINESS TERM OF THE WEEK

Deficit Financing: Deficit financing means generating funds to finance the deficit which results from excess of expenditure over revenue. The gap being covered by borrowing from the public by the sale of bonds or by printing new money.

Source: https://economictimes.indiatimes.com/budget-faqs/ what-is-deficit-financing/articleshow/73329358.cms

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Yinka Ayefele delivers a groundbreaking world digital tour in partnership with Ckrowd

Ckrowd, Africa’s most preferred and premium content streaming platform, hosted the Digital Music World Tour for Nigerian superstar, producer, singer, and music entrepreneur, Yinka Ayefele. The event took place over the weekend and saw thousands of fans and superfans from different parts of the world, UK, Canada, Australia, UAE, France, Germany, Spain, USA, Singapore, China, Nordic countries, and across the African continent, where the iconic superstar has a vast number of supporters.

Following a serious accident that left him paralysed, Yinka Ayefele has succeeded against all odds and carved himself a stellar and long-lasting career that has been recently celebrated by a plethora of young and veteran artists, including Davido. To mark the 25th anniversary from the

Woli Agba, whose jokes and sketches have made him staple name amongst many. Yinka Ayefele stated that this tour has expanded his fan base further and added different generations to his usually older-based audience. This immersive event has also helped Yinka Ayefele to connect with a new generation of fans, who is conversant with new technologies and opened to a portal where millions across the Diaspora and the Continent are bound together by the love of great music and are happy to share and proudly cherish their cultural heritage.

“ I observed that in recent times. Whenever I go to perform at weddings, the parents of the couple are the ones who are fans of Yinka Ayefele, the couple and other youths are more inclined to hip hop and Afrobeats. I have

by all means. I want them to know what Yinka Ayefele does and what he stands for, and why their parents prefer to invite me for their functions. Ckrowd has the digital platform to help me achieve that” said Yinka Ayefele.

Woli Agba continued: “It is quite an honour gracing the stage for an icon like Dr Yinka Ayefele. It is quite a task being saddled with the responsibility of engaging his global audience and entertaining them through www.ckrowd.com. His unique music style has set a standard. He has also curated a special taste in music among his fans, which would be difficult to match, but when Dr Ayefele calls, you answer. I believe his local and Diaspora audience will enjoy themselves immensely because he is excited about using new media like Ckrowd.com to reach them and continuously give them

interactions like this one with Dr Yinka Ayefele. Through events like this, sponsors products and services receive a broader reach, with great potentials for attracting geographically diverse customers’ from among attendees. Sponsors and Advertisers have their doors opened to relationships with new potential customers nationally and internationally. Ckrowd intends to innovate and add value to the economics of the entire content creation, entertainment, music and events ecosystem” leveraging our video monetization technology.

Ckrowd and Yinka Ayefele have also confirmed that the proceeds from the World Digital Tour will be handed to one of the superstar’s superfan. A visually impaired DJ, Mr Sodiq Ettu, who has confirmed that this event has inspired him to never give up, produce great and quality work to remind people that creativity is an incredible tool and that technology can further amplify it.

Ckrowd’s mission is to improve the live event and concertgoing experience for both fans and artists alike, which begins by delivering a superior streaming and live entertainment experience between talents and their loyal fan base. The fan experience is unique, as Ckrowd. com offers the opportunity to connect Superfans with their Favourite Talents (Artistes, Comedians, Influencers, Experts etc) and create their own “Digital Fan Community’’ or Communities on the Ckrowd platform. Additionally, ticket prices are completely transparent without any hidden fees. Artists also have access to audience analytics, via the Ckrowd platform, with ticketing information shared in real time.

accident, Mr. Ayefele planned to stage a live concert, but due to the large reach of its fandom, he did not want to exclude anyone. He then decided to partner with technological platform, Ckrowd. com, to enable all his fans to experience his concerts and be part of this celebration of his 25 years career.

The Digital Music World Tour featured renowned comedian

tried singing hip hop, but it did not appeal to them much. My aim now is to promote myself through the Tungba music that I am known for, the way Fela was Afrobeats and was well known for it. I want this generation to know Tungba, Alujo, heavy percussive music through Yinka Ayefele. I have been singing before many of the youths were born. I want to introduce them to my music,

the best.”

Kayode Adebayo said: “Collaborating with such a maverick has been a dream and a privilege. Furthermore, it demonstrates how technology can help to revolutionise the music and entertainment world. Major sponsors and other stakeholders have been able to capitalise on Ckrowd’s technology and unique talent

Ckrowd continues to drive the cultural conversation and support artists, digital creators by providing them with a communal, interactive moments, allowing the latter to have creative control, monetise their music and/or content through innovative technology that can reach millions.