Business24 Newspaper 7 October 2022

Ghana to start production of solar batteries

By Eugene Davis

Government still on negotiation path with IMF - Ofori-Atta

Finance Minister Ken Ofori-Atta has disclosed that government is finalizing its post Covid-19 economic recovery programme as the domestic blueprint to engage the International Monetary Fund (IMF).

“Our economic programme contains a set of time-bound structural reforms and fiscal consolidation measures to place debt levels and fiscal accounts on a sustainable path over the medium term,” he said.

Briefing the media on the state of Ghana’s economy and the ongoing IMF negotiations, Mr. Ofori-Atta disclosed that the blueprint covered debt sustainability, fiscal consolidation, monetary and exchange rate policies, building strong financial institutions, macro-critical structural reforms,

maintaining peace and security and economic growth transformation.

Though the programme has already benefitted from inputs from key stakeholders including CSOs, social partners, academia, Parliament etc., more stakeholder engagements would be held to solicit for further inputs, the minister added.

On the IMF negotiations, he disclosed that no agreement had been reached with the Fund on the proposed programme as well as the parameters of any debt operations.

He stressed that these are all depended on the debt sustainability analysis results adding that the team was in the process of completing the debt sustainability analysis.

of Ghana

AgroConnect taking a first step for positive change

Ghana to start production of solar batteries

A Deputy Minister of Energy, Andrew Egyapa Mercer has announced that government is considering the possibility of manufacturing solar batteries locally.

Speaking on behalf of the energy minister at the maiden Africa Energy Conference in Accra, he said “Ghana’s recent discovery of high-grade lithium is an achievement the government intends to leverage on in exploring the real possibility of manufacturing solar batteries locally.

The naturally occurring sunshine has also become a commodity which African countries must position themselves to fully harness.”

He also disclosed that by end of the month [October], a National Energy Transition Plan will be launched by government aimed at accelerating and focusing on the promotion of sustainable energy through low carbon power generation with a target of 10 percent of renewable penetration by 2030.

According to him, the world must sympathise and come to terms with the African continent’s dire need for basic development with the resources available whiles honouring collective energy commitments, arguing that the continent’s total contribution to global carbon emissions stands at less than 4percent.

He added that new and innovative methods must be employed to attract energy

finance and investment, local technical capacity must be speedily enhanced to reduce reliance on western support and energy-related cross border collaborations amongst African nations must be encouraged.

“As we embrace the present opportunity of exploiting energy sources readily available to us, I urge African states to also plan around energy sources that would be available and accessible 20-30 years from now and to start investing in the development of same.”the minister noted.

The CEO of the Volta River Authority(VRA), Emmanuel Antwi-Darkwa indicated that improving access to energy in a sustainable manner would not only lead to the development of the African continent but also ensure improved quality of educational outcomes, improved health, lower mortality rate, reduced unemployment and a

potential decrease in rural-urban migration.

He stated “We need to pay particular attention to the emerging mix of technologies that would be needed to address energy scarcity in the sub-continent. As a matter of urgency, therefore, we must start harnessing both renewable and non-renewable sources of energy and other technologies including natural gas which is indigenous to ensure sustainability.”

Andrew Egyapa Mercer

The Africa Energy Conference is a strategic platform powered by the Business & Financial Times Limited (B&FT), which is aimed at bringing together energy experts, policy formulators & implementers, government officials, actors and stakeholders in the energy sector, local and international business leaders, investors, civil society organizations, academicians, development partners and industry players across the continent to exchange ideas, share experiences and expertise that would culminate into comprehensive energy sector policies and strategies to effectively govern and ensure coordinated investments and sustained growth of the sector.

an

in journalism that is essential to keep the business community in Ghana

informed.

Bank of Ghana raises policy rate to 24.5%

The Bank of Ghana (BoG) has raised the policy rate by 250 basis points to 24.5 per cent.

The Governor of the Bank of Ghana, Dr Ernest Addison announced the rate hike yesterday, when he addressed the media in Accra.

The rate hike is the second highest in the bank’s history and is meant to fight price pressures, with inflation almost at 40 per cent.

The BoG Governor said the increment was also meant to contain capital outflows which

could worsen the cedi’s depreciation.

The press conference was to announce the decision of the bank’s Monetary Policy Committee (MPC) after it concluded its regular meetings in September 2022.

The press conference was initially due to take place in the last week of September but shifted forward to allow for broader consultation with the visiting team from the International Monetary Fund, BoG said in an earlier statement.

Continued

Government still on negotiation path with IMF - Ofori-Atta

The minister said the government team was working with the IMF team to update the medium-term macrofiscal framework to inform the fund’s programme design. “Government is committed to ensuring that a comprehensive package is negotiated with the aim of restoring and sustaining macroeconomic stability, ensuring durable and inclusive growth and promoting social protection,” Mr. Ofori-Atta said.

He gave the assurance that government shall continue to actively engage all stakeholders in a clear and transparent manner to fast-track the IMF negotiation process.

On the economy, Mr. Ofori-Atta noted that the Ghanaian economy had seen considerable economic uncertainty - a manifestation of global development, which is now being described as the worst global cost of living crisis in 50 years.

He said inflation remained high at 33.9% (August 2022), with the cedi depreciating by 37.1% against the US Dollar as of September 27, 2022. Provisional fiscal developments for Jan-July 2022, showed that the overall fiscal deficit amounted to GH¢31.1 billion (5.3% of GDP), against a target of GH¢31.2 billion (5.3% of GDP).

Also, the corresponding

Mr. Ofori-Atta said the priority for Government since the COVID-19 episode and the RussiaUkraine war has been to address macro stability and welfare challenges that confronted the economy.

To this end, the Government, since the first quarter of has cut discretionary expenditures in the budget by 30%, in addition to other expenditure measures including restraints on the purchase of new vehicles and a moratorium on non-statutory travel.

The US$750 million Afreximbank loan facility which was received in August 2022 and the traditional Cocoa Syndication Loan, expected in the last quarter

the cedi in the last quarter of the year.

With growth outturn of 3.4% and 4.8% in Q1 and Q2 of 2022 respectively, coupled with modest improvements in the fiscal position, the Minister noted that the economy is gradually on the upswing despite the numerous shocks faced over the past two years.

Other issues the Minister spoke on included the capitalization of the Development Bank Ghana (DBG), with US$750million to engender job creation and economic growth, YouStart entrepreneurship programme, and the constitution of 5-Member Committee to engage with financial sector players.

“I am extremely confident about where we will land on this journey. We as a country have survived a 142 percent inflation, yellow-corn hysteria, mass exodus from our country and more recently a successful exit from the 2015 Extended Credit Facility,” he further stated.

The Minister called for a concerted national effort to overcome the current hurdles facing the country, adding that those challenges would soon be over.

“I remind each and every one that Ghana is the only place we have. Its progress and prosperity are our collective duty. We have overcome many challenges and risen to the occasion many times. This is another challenge which we must overcome. This too shall pass if we remain united and purposeful,” he stated.

AgroConnect taking a first step for positive change

AgroConnect Ghana had a soft launch amongst invited guests from selected business and Agriculture stakeholders from Singapore and Ghana.

‘AgroConnect is a Singapore corporate and private grant funded initiative that is now rolling out in Ghana. AgroConnect Ghana at its core is a smallholder farmer capacity building platform that will impart training and skills to our Youth, target ‘local foods’, regional markets and higher incomes for farmers’, said Amma Gyampo, Project Director at AgroConnect.

AgroConnect is responsible for tying up capacity building, development and training opportunities in Africa’s Agric ecosystem. The initiative is financially supported by the Singapore private sector and has non-financial support from the public sector, Govt agencies and ministries in Singapore.

AgroConnect is an initiative launched to attract Singapore private

investment in a farmer training platform in Ghana in order to target the much-needed food security and improve farmer incomes. Agriculture is at the core of everything we do in Ghana and we believe the youth are key in the progress we can make and we are looking at working with them closely on the farm school’ said Gyampo.

AgroConnect Ghana is led by SCE (Singapore Cooperation Enterprise) for project management with technical lead, Holland Greentech, as the on-ground execution partner in Ghana with various opportunities for private sector partners to sponsor and support the scaling of Agroconnect ‘Farm School’ sites across Ghana to engage and equip the Youth in the business of Agriculture. The AgroConnect has an integrated business model designed to keep the project self-sustaining and viable for all stakeholders involved.

‘What AgroConnect is looking at is collaboration between the

Singapore Corporate entities and the agricultural community and ecosystem. As the stooled Queen Mother of HoeHoe as Mama Dzomi Dor 1, I made a commitment to start with my people and make a difference within the community as the first phase and I am happy it is now a reality’ stated Fatima Alimohamed who also doubles up as the Chair of AgroConnect Ghana and as the Chair of the Agribusiness sector at the Association of Ghana Industries.

‘Food insecurity is real and it seems we all are burying our heads in the sand and running away from this reality that is facing us. The pandemic clearly showed us how dependent we were on imports and our only chance for survival is to move to localization for our own food basket. How can we have got to a situation where at one point one kilo of onions was more expensive than a liter of fuel’ Fatima said.

AgroConnect is committed to

partner Ghanaian agricultural ventures for a sustainable, liveable and more inclusive future.

The Event was attended by the Paramount Chief and Elders of the Tafi community where the first farm school will be launched, the District Chief Executive of Afadjato South, the CEO of GEPA Dr Afua Asabea and Deputy CEO Sam Dentu, National Youth Authority Deputy CEO’s Nelson Owusu and Akosua Manu, Office of the President Diaspora Affairs office Einstein Ntim, Board Members of AgroConnect, bank representatives from Fidelity Bank and Omni Bank and representatives of key ministries and agencies amongst others.

‘We are very happy to support the AgroConnect initative in Ghana and we believe this is the start to a great partnership for Youth Entrepreneurship and Agriculture for both Ghana and Singapore’, said Marc Liew of SCE.

The State is taking back energy

By Nick Butler

Although uncertainty prevails in today’s global energy market, one thing has become clear: Governments are reasserting their central role. The motive is pragmatic rather than ideological, and the details vary from one country to another, but the trend is unmistakable. Governments of all political hues are taking back control of a market that had largely been left to private firms with only limited regulation. In many Western economies, this arguably represents the largest shift in the balance of public and private economic power since World War II.

The state’s newfound assertiveness stems partly from huge price increases that threaten large-scale energy poverty and the collapse of some energyintensive businesses. After years of underinvestment in the sector, the surge in energy demand in the wake of the COVID-19 pandemic, especially in Asia, inevitably caused prices to jump. The cost of natural gas to consumers in the European Union rose by 12% in the second half of 2021.

But this was merely a prelude to the current price spikes resulting from Russia’s invasion of Ukraine. The EU’s plan to cut its imports of Russian natural gas by two-thirds by 2023, together with Russia’s reduction of supplies to countries including Germany and Finland, caused the European benchmark price to increase fivefold over the 12 months to June of this year. On one estimate, average consumer energy bills in Britain – which imports little Russian gas but relies on the global market for 50% of its daily needs – were predicted to be four times their 2021 level by early next year.

A second powerful factor compelling government intervention is climate change.

source of power in Asia, causing greenhouse-gas emissions to return to their pre-pandemic level. Despite strong growth in renewables such as wind and solar, the world’s continued reliance on hydrocarbons means that, absent further government intervention, emissions will continue increasing for several years to come.

None of these challenges can be addressed by market forces alone. Without a carbon price or other regulatory measures that only governments can put in place, people will continue to use gasoline-fueled cars. Market forces can do little to help families facing a sudden rise in the cost of an essential commodity. Nor can markets redistribute the windfall gains made by companies such as Saudi Aramco, which reported a record profit of $48.4 billion in the second quarter of this year, to the many smaller businesses for which energy is a crucial input.

State intervention in the energy market is taking many and varied forms. The German government has announced plans for 2% of the country’s land area to be used for the production of wind power, and is devising emergency rationing schemes to manage anticipated winter energy shortages following Russia’s cutoff of gas supplies. All British households initially received a £400 ($450) handout, to help them cope with rising energy bills, partly funded by a windfall tax on oil and gas producers. But that proved insufficient and, upon becoming Britain’s new prime minister, Liz Truss capped household energy bills for two years and offered shortterm support for business users. To increase domestic energy supplies, she granted new North Sea oil and gas licenses and lifted

with no new gasoline- or dieselpowered cars to be licensed from 2030, but, for the moment, government intervention is focused on price controls and increased hydrocarbon production.

Across the Atlantic, US President Joe Biden’s recently enacted Inflation Reduction Act provides $27 billion to help lowand middle-income American households convert to cleaner energy, as well as funding to maintain the country’s lossmaking nuclear-power sector.

In France, President Emmanuel Macron is in the process of fully nationalizing the power utility EDF, a former flagship of French industrial strength that has suffered two decades of managerial and technical failure. And energy-price controls have been tightened there and across much of continental Europe.

Unfortunately, these and many other recent government initiatives are piecemeal responses to the fundamental challenges of energy insecurity and climate change. Too many measures are insufficiently thought through, provide poor value for money, and fail to address underlying obstacles to change.

For example, a major shift to electric vehicles makes sense only if both charging networks and secure supplies of the advanced materials on which EVs depend are available. Small universal cash handouts are costly and do not address concentrated long-term energy poverty. Policies to increase wind-power generation are irrelevant unless the infrastructure to cope with distributed electricity supplies is in place.

Governments reach for shortterm solutions that demonstrate

and many turn out to be no more than temporary fixes. In none of the countries mentioned above is there a settled consensus on the shape of long-term energy policy.

Nonetheless, the trend toward greater government intervention in the energy sector is well established. As the limitations of particular policies are revealed, policymakers will respond with more intervention, not less. The role of the state will have to expand further, not least to address the investment gap that has emerged. Additional funds are needed to meet future demand for all forms of energy and associated infrastructure.

Financing the transition to a lowcarbon economy will require vast sums.

Governments are likely to be the main source of the necessary capital, as well as supplying guarantees and subsidies to the private sector. But whether governments, many with finances already overstretched by COVID-19, will respond adequately is far from certain. In the UK, the opposition Labour Party, now well ahead in the polls, has promised to create a new publicly owned Great British Energy company to deliver a carbon-free electricity sector by 2030.

None of this is a recipe for an ideal outcome. The task of ensuring a continuous and affordable energy supply is too important to be left to the market and too complex to be taken over by ministers and bureaucrats. The involvement of both is necessary, but neither, alone, is sufficient.

Logic points to cooperative arrangements whereby governments set energy objectives and standards, and private-sector firms compete to play a part in meeting the overall goals. But achieving such collaboration and balance currently seems no more

Government raises cocoa price for 2022/23 season

Government has increased the farmgate price of cocoa beans by 21 per cent from GH¢660 to GH¢800 a bag.

This comes to GH¢12,800 per tonne for the main crop 2022/2023 season, which starts October 7.

“The 21% rise in the producer price of cocoa is a testament to government’s resolve to ensure farmers earn a decent income and make cocoa farming lucrative,” the Agriculture Minister, Owusu Afriyie Akoto announced.

Speaking to the media, the Minister said: “We are all aware of the depreciation of the cedi this year. This means government will have to take some cut.

“We are pleased to announce that government has increased the producer price of cocoa by 21 per cent from ¢10,560 per tonne to ¢12,800.00 per tonne. The producer price represents 89.99 per cent of the net FOB value. This figure translates into GH¢800 per bag of 64 kg. gross weight and takes effect from Friday, October 7, 2022.”

Cocoa production in Ghana has declined this year, from a forecast of 800,000 tonnes, the country was only able to produce 689,000 tonnes as at September 1.

The Ghana COCOBOD, the government agency that buys cocoa from farmers to sell on the international market had come

under some financial difficulties and has been unable to pay its debt. The COCOBOD had been struggling to repay a $1.13 billion syndicated loan it had taken from international banks to finance cocoa purchases for the upcoming season.

Ghana is the second largest producer of cocoa in the world after its western neighbour Cote d’Ivoire, but the two countries get a significantly less of the over $100 billion revenue generated in the global chocolate industry, less than two per cent.

Trust Hospital launches ‘Pink October 22’ with focus on early detection, chemotherapy service

The Trust Hospital has launched its 2022 Pink October Breast Cancer Awareness Month with a strong emphasis on early detection, whilst introducing its chemotherapy service to provide clinical care to persons at an advanced stage of the illness.

The move forms part of the hospital’s effort to effectively support women’s general healthcare; a trigger to the establishment of the Trust Hospital’s Well Woman Clinic 15 years ago.

Chief Executive Officer (CEO) of Trust Hospital, Dr. Juliana Oye Ameh, said the chemotherapy facility, which was established in partnership with Roche Pharmaceuticals and situated at the hospital’s Premium Centre, will provide quality treatment at an affordable price.

She said this during the launch, which had as its theme: ‘Driving Towards Holistic Breast Cancer Care’.

“Last year, we announced that we were at the initial stages of starting our chemotherapy service. I am excited to announce that with the help of Roche Pharmaceuticals, this dream has come to fruition. The chemotherapy service will help many women who struggle to access treatment conveniently at very affordable rates,” she said.

“We have put together a multidisciplined team of various specialists including an oncologist as the first step in our cancer treatment strategy,” she added.

Dr. Ameh disclosed that the hospital is offering a 50% discount at all its service centers to help provide financial assistance to patients.

“During the height of the pandemic, we took the bold decision to slash the cost of breast scans and mammograms by half. This was in direct fulfilment of our core mandate

and purpose of encouraging preventive health, especially among women. We are continuing with our promise of a 50% discount on all breast scans and mammograms. A request from all our nine facilities and community activations will be honoured by our radiology department,” she explained.

According to A Professor of Surgery at the University of Ghana Medical School (UGMS) and Lead Breast Cancer Advocate, Professor Clegg Lamptey, the level of breast cancer screening among Ghanaian women is unsatisfactory, compared to their peers across the globe.

He said, as a result, many cases are diagnosed at advanced stages leading to poor outcomes including mortality.

“One out of every five cancers is breast cancer, which is the most common cancer in our nation. The death rate from breast cancer is high in our current society because most cases are discovered very late and affect one in three women, making

it even more crucial,” Prof. Lamptey remarked.

He stated that there are approximately 4,500 new cases of breast cancer diagnosed annually in the country, with up to 2,000 instances of death.

“In Ghana, there are only about 40 new cases of breast cancer per 100,000 people, compared to about 100 in North America or Austria, but our death rates are still three times higher than theirs. The primary cause of death is that diagnoses arrive too late,” he said.

“It is important to regularly conduct self-checks because early detection lowers the overall mortality rate, which is what we aim to do,” he added.

Delivering the Chairperson’s remark, Board Chair of the Social Security and National Insurance Trust (SSNIT), Elizabeth Ohene urged women not to be afraid to have their breasts examined because it can save lives. According to her, myths associated with breast cancer have

been dispelled by advances made in technology, as such, persons who have been diagnosed must be willing to seek assistance when necessary.

“Breast cancer need not be a secret anymore, nor do we need to be afraid to tell our friends about it. As long as there is a quick detection, it is not a death sentence. Breast cancer is no longer something to be ashamed of because something can and is being done to help find a cure,” she said

She encouraged all stakeholders to be actively involved in sensitizing people on the need to get their breasts checked regularly. “We should all be ready to tell people to treat it the same way we treat other sicknesses like malaria and the other sickness,” Mrs. Ohene added.

Commercial Head for Roche Ghana, Wilson Nyansah said the partnership with Trust Hospital is a strategic measure aimed at increasing access to diagnostics and treatment in order to help reduce the morbidity and mortality rate of women facing breast cancer.

“At Roche, our focus has been establishing a strong partnership with the private sector to deliver quality cancer care to Ghanaian patients and we chose Trust as a trustworthy partner to work with on the journey of advancing and providing cancer care to patients,” he said.

Free breast cancer screening will be organized at different locations and for different organisations including SSNIT Head office, Prudential Bank Ghana, SIC, Hollard Insurance, GHIPSS, GIS, Sakumono District Cluster of Schools, the Presbyterian Church of Ghana and Glory land Assemblies. Organisations can also contact management of Trust Hospital to request for the free screening services.

Ghana’s Startup Ecosystem: Connecting the dots

and support systems in order to succeed, and that is the critical role played by these entrepreneurship hubs, which are growing across various regions of the country.

While most of these hubs are technologically driven, there are equally some of these hubs that are specific to certain niches, such as women’s entrepreneurship, students’ entrepreneurship, as well as covering multiple sectors to sector agnostic hubs.

Annan Capital Partners is currently building a pipeline of critical support systems through their venture building platforms, including crowdfunding setups.

Starting up

a glance.

Ghana is becoming one of the most vibrant and developing startup havens on the continent. The country is finally catching up fast with countries such as Egypt, Kenya, Nigeria, and South Africa as some of the continent’s giants when it comes to startups.

Startups are often seen as businesses that are just starting out and have the potential to expand quickly. Due to variations in setup and vision, we can say that all startups are SMEs, but not all SMEs are startups.

These entrepreneurial endeavours are often founded by one to three entrepreneurs, who concentrate on creating a marketable product, service, or platform in response to a perceived market need.

Gleaning from continent-wide prospects, Africa is going digital as a result of a decade of economic expansion, rapid urbanization, internet penetration, and the bankability of its population.

Technological innovation is advancing quickly. Ghana is no exception, as internet penetration has increased over the past five years.

Ghana is leading the area in technical innovation, and the number and size of digital enterprises are increasing, heralding the arrival of the Fourth Industrial Revolution in the nation (particularly since the onset of the COVID-19 pandemic).

As a result, the number of startups has dramatically increased.

Given that the majority of Ghanaian businesses are informal SMEs that still don’t use

the startup ecosystem’s potential for innovation and growth in Ghana is still mostly untapped.

Talent & Government Plans

Talent is one of the key components of any startup ecosystem, and Ghana is developing a sizable talent pool of future digital leaders.

Ghana’s development is a result of a number of positive factors, including substantial consumer and business markets, highly developed entrepreneurial skills, and a robust corporate sector.

To succeed, most startups require the ideal combination of networks, financial markets, rules, and culture. Over the past ten years, Ghana has created an environment with a lovely interplay of these elements.

The Ghana Government in recent years has launched various initiatives aimed at developing a robust entrepreneurial and startup ecosystem. For example, to tackle the Ghana government introduced the “National Entrepreneurship and Innovation Plan” (NEIP) in June 2017 as a $10 million program to address the funding gap and lower youth unemployment.

The government’s main method for aiding start-ups and small businesses is now NEIP.

NEIP has given over 7000 entrepreneurs across ten areas of the country specialized training in entrepreneurship and business development through tech hubs.

Again, it has provided 500 of those 7000 entrepreneurs with some initial money to support their most viable business concepts.

Additionally, the government promises to give

tax benefits to NEIP participants based on how many workers they employ.

Africa Startup Acts

We are starting to witness momentum in the legislation space across Africa as more countries begin to find the middle ground to launch Acts to regulate their startup ecosystem.

Startup Acts are extensive legislative and regulatory frameworks designed to promote entrepreneurship and make it possible for new businesses to develop with strong growth potential, typically by providing specific incentives (tax, subsidies, procurement, etc.).

Tunisia, in 2018, paved the way as the first country on the continent to pass the Startup Acts and this has been followed by Senegal in 2020. Other countries such as Rwanda, Mali, Nigeria, Ghana etc. have all activated conversation to be next in line.

Startups can function with the security provided by a defined framework for expansion thanks to legislation. With the help of this legislative mechanism, innovative businesses with high growth potential are formed more quickly.

Startup hubs

We cannot certainly talk about the startup ecosystem without touching base on the availability of strategic organizations such as entrepreneurship hubs, which have become the key and major driver of growth.

Startups and incubator hubs have become inevitable when it comes to startup ideation, execution, and growth.

Entrepreneurs and startups need a lot of capacity-building

There are 1000 and 1 factors deemed critical to be considered before launching any business idea. These are mostly universally and globally acceptable factors and are not necessarily applicable to a single country.

It’s fair to say that in venturing into Ghana’s startup space, these would be some of the few key factors to be met.

A great idea

It is obvious that no company can grow if it doesn’t have a brilliant idea. The growth of your company will be solely dependent on a brilliant and workable idea.

Additionally, you need to have a distinctive idea that stands out in the market because there are many competing businesses.

Passion

It can come off as naive. But if you’re going to focus on making your business idea a reality for the next 12 months, enthusiasm is extremely essential.

If your business venture aligns with your passion, you’ll succeed as an entrepreneur. Even if you start anything, if you don’t believe in it, you might not be able to stick with it over the long term, regardless of how successful it may be.

It is one of the most crucial things that will enable you to overcome all obstacles and challenges.

You will encounter many dangers and difficulties during this process, and your optimistic outlook will be the only thing that will keep you alive. To build your own business, you will have to put in a lot of effort.

Funding The funding of your business is the next crucial component that needs to be taken into account. You must accurately pinpoint the resources from which you will be able to obtain finance for your company.

New report outlines how digital finance can drive women’s economic empowerment in Africa

A new report reveals persistent barriers in the digital finance sector that limit women’s economic empowerment in Africa, while recommending policy responses to overcome them.

Commissioned by the United Nations Economic Commission for Africa (ECA), the latest edition of the biennial African Women’s Report was published today. The report analyses the digital finance ecosystem in Africa to examine all its components and how they impact women’s economic prospects.

Barriers

The report pinpoints five key issues affecting the use of digital finance as a catalyst for women’s economic empowerment in Africa. First, despite having more mobile money services than anywhere else in the world, women’s access to digital services, mobile and internet in Africa is limited due to illiteracy, cost, skills gap and social norms.

Second, while impressive gains are made in improving women’s digital finance skills, Africa lags behind compared to other regions. For instance, the share of women with digital finance skills in North Africa has doubled from 12.5 per

cent in 2014 to 25.7 per cent in 2018 – surpassing the global average of about 20 per cent. However, the same figure stands at only 12 per cent for the entire continent.

Third, only 33 per cent of women in Africa have a formal bank account compared to 43 per cent of men. This gap, together with limited access to economic assets, escalates women’s vulnerability and exclusion from profitable sectors and formal jobs. Fourth, social norms as well as inherent biases in financial practices, products and services adversely impact women.

Finally, the lack of women’s participation in decision-making processes, as well as in financial and technology fields, means digital finance policies and products are unlikely to include women’s perspectives and meet their needs. In addition, in some African countries, women are nine times less likely to have formal identification than men, which impedes their ability to access, own and use digital finance services freely and safely.

Speaking about the report, Ms. Edlam Yemeru, acting Director of ECA’s Gender, Poverty and Social Policy Division, said: “Africa is a

global leader in several transactional technologies such as mobile money but there remains considerable scope to scale up digital finance and ensure that women can take full advantage of the resulting opportunities. This requires addressing a number of barriers related to connectivity, digital literacy, cost, laws and culture.”

She continued: “Our report takes a holistic approach in looking at the digital finance ecosystem and defines policy options for governments to develop the sector further and accelerate financial inclusion while paving the way for women’s economic empowerment – leaving no one behind.”

Responses

The report outlines 10 policy responses for governments to consider in ensuring their national digital ecosystem supports, not challenges, women’s economic empowerment.

Specific responses include prioritising female representation in the sector, up-skilling people – especially women – in digital finance, reforming laws for greater mobile money uptake and designing gender-sensitive policies

that combine technology with social development.

The report proposes that sexdisaggregated data on internet usage, mobile ownership and financial literacy should be part of national household surveys to inform the design of relevant policies.

It further recommends embedding digital finance frameworks in national development plans and working with credit bureaus to address the potential for inherent gender biases within credit reporting systems.

Finally, the report urges African countries to establish regional digital finance regulatory and justice frameworks using the African Continental Free Trade Area as a platform to enable digital identities and improve cross-border cooperation.

The African Women’s Report is a biennial flagship publication of the ECA. The latest edition focuses on ‘Digital Finance EcosystemsPathways to Women’s Economic Empowerment in Africa’.

Additionally, it is preferable to have a plan in place in order to properly manage a company’s budget.

In our previous insights, we shared tips on Funding opportunities for startups in Ghana. That article will proof useful as well, as we will soon find out that we cannot discuss the startup ecosystem without bridging the funding gap.

Scalability

It’s important to develop strategies around the scalability of your idea and adequately defend it.

Scalability can be viewed as a company’s capacity to expand when faced with a rise in demand for its goods or services and the ease with which its organizational structure and available resources can do so.

Scalability, then, is the ease with which your firm can grow without being restricted by your organizational structure.

The business plan

Without a business strategy (plan), no company can grow to its full potential. You can get guidance and find out if your idea is workable by creating a business plan. You will be able to determine every necessary next

step with the aid of a company strategy.

For instance, a crucial component of creating a business plan that many entrepreneurs skip over is competitive study, allowing you to be on guard against new entrants and how to overcome such competitors effectively.

Company Registration

The completion of legal paperwork is a crucial component that must be taken into account. The first stage will be to register your business, and the documentation of this is referred to as business formation documents.

It’s a mandatory requirement to get your business registered in Ghana, (Registrar Generals’ Department/Registrar of Companies).

Entry barriers

This defines how simple it will be for you to set up, but it also indicates how fierce the competition will be. A low entry barrier industry is frequently overrun with shoddy start-ups. It can be quite challenging to distinguish out in a niche like this.

This will easily become known to you during the preparation of the business plan.

Opportunities for startup ideas in Ghana abound across all sectors. It’s almost certain that every sector of the Ghanaian economy has room for more business ideas and opportunities.

Technology is changing how entrepreneurs can create these opportunities in traditional and new sectors of the Ghanaian economy.

Annan Capital Partners is leading in building a venture support systems for Ghanaian startups, after initiating the yet to be launched Agoo Africa crowdfunding platform.

“Agoo Africa is a crowdfunding platform for African early-stage start-ups’ and small traditional businesses.”

“When launched, it will allow owners of such businesses to make their project and their pitch accessible to a large number of investors, from young nonprofessional business angels to established international funds.”

About Author

Paul Frimpong, CGIA, ICCE

Paul Frimpong is a development economist, top voice on SinoAfrica relations, and an awardwinning entrepreneur.

He’s currently the Global Head

of Strategy & Membership at the Institute of Certified Chartered Economists (ICCE).

This article is originally curated for and published by: Annan Capital Partners.

Annan Capital Partners (ACP) is a boutique investment advisory and business development agency offering holistic wealth management and venture building services to a wide range of clients, from entrepreneurs to governments and from local SMEs to global corporations.

https://annancapitalpartners. com/ py.frimpong90@gmail.com

Slamm Technologies, UMaT sign MoU to enhance students’ knowledge on cybersecurity

Slamm Technologies Limited has signed a Memorandum of Understanding with the University of Mines and Technology (UMaT) to provide practical hands-on training in the area of cybersecurity operations, penetration testing, digital forensics, malware analysis, and reverse engineering among others for students.

The MoU was executed on behalf of the two organisations by the Pro Vice Chancellor of the University of Mines and Technology (UMaT), Professor Anthony Simons, and Chief Executive Officer of Slamm Technologies, Mr. Samuel Boateng.

With UMaT set to become the first institution of higher learning in Ghana to introduce a degree in cybersecurity from the next semester, this MoU is timely and comes to supplement the university’s effort in training and

equipping talents for the present and future.

Professor Anthony Simons noted that the MoU will complement the university’s effort to provide a pre-engineering programme to students who did not have the opportunity to read science in high school and wish to enroll in various science and technology programmes. He added that it is good that the agreement is in place as it will help the institution achieve its desired goals.

“It is good that this agreement is in place because it will not only provide students with practical hands-on training in cybersecurity but also enhance learning through having a research and laboratory center in other areas of advanced technologies to ensure a safer cyber community and promote scientific and technological development,” he said.

Managing Director of Slamm Technologies, Samuel Boateng, indicated that establishing a relationship with UMaT forms part of efforts to help bridge the skills gap in cybersecurity and technology.

He expressed confidence that the MoU will help students develop job-ready skills in cybersecurity while picking up degrees as well. “Students will gain real-world practical skills in-focus areas of computer networking, intrusion detection, incident response, systems engineering, penetration testing, security operations, digital forensics, IT audits and among others.

The MoU, as part of its objectives, agree to establish, implement and create an enabling environment for students to engage in research and practical consulting assignments as a collaboration between industry and other academic institutions

for practical, hands-on training, research, and fieldwork for their mutual good and undertake projects and provide technological solutions to problems of national and international interests,” he said.

For her part, Francisca Boateng, Director Operations at Slamm Technologies, said training more people in the area of cybersecurity in this current dispensation is crucial as demand for individuals with such skills is high both on the local and international levels.

“It is our intention and dream to build a cybersecurity lab and research center where the university will be the first in Sub-Sahara Africa to have this center for cybersecurity operations, incident response, digital forensics, real-time log monitoring, investigations, and analysis,” he added.

The Giving Capsules: Take the SDG Pledge. Part 4

Let’s take the Sustainable Development Goals pledge together. Pledge with me to make sustainability a priority personally. Pledge with me, “I understand that my actions, behaviors, and choices make an impact on the society, environment, and our economy. I pledge to make intentional choices that will benefit the quality of life for myself and advocate for choices that benefit the lives of others”. Furthermore, am requesting you don’t only be amazing in life, but learn to #beHumane.

World leaders declared the period 2020 to 2030 as the Decade of Action for the Sustainable Development Goals (SDGs) in September 2019. Unfortunately, few months after this historic declaration, our world was hit by the devastating COVID-19 pandemic, pushing us into “unchartered territory”, while fear and sheer terror gripped many. The pandemic since have had a devastating effect on lives, livelihoods, global supply chains, businesses, and significantly eroded the development gains made over the last decade and the prospects of achieving the SDGs have become more daunting, but giving up is not an option for all. As the world re-opens up and begins to recover from the deleterious effects of the pandemic, the SDGs have, become even more relevant as they present us with a credible pathway for a prosperous, inclusive, resilient and peaceful world. Continuing from previous publication…

Let’s review the status of the indicators as reported in the Ghana 2022 Voluntary National Report (VNR) on the SDG’s?

SDG Goal 9 – Is to build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation. The indicators measure passenger and freight volumes by mode of transport considering air transport – domestic and international, rail transport, inland water and marine transport, as well as road transport. Manufacturing value added as a proportion of GDP and per capital, manufacturing employment, Carbon dioxide (Co2) emission per unit value added by sector, research and development expenditure, population covered by a mobile network by technology, promotion of inclusive and sustainable industrialization and fostering innovation.

Global manufacturing has rebounded from the pandemic but least developed countries are left behind. Higher-technology industries are far more resilient in crises than their lower-tech counterparts. Passenger airline industry is still struggling to recoup catastrophic losses. I in 3 manufacturing jobs are negatively impacted by the Covid crises.

Small-scale industries lack access to financial support for recovery as only 1in 3 small manufacturing are benefiting from a loan or line of credit according to the 2022 UN SDG reports on goal 9.

In Ghana, air freight volumes grew from 630,370 tonnes (2017) to 708,280 (2018) but was not sustained in 2019 (566,180) and 2020 (470, 090) respectively. The same issues of increase, decline and lack of sustainability was recorded for freight volumes by inland water transport, by sea and road infrastructure. Goal 9 also seeks universal and affordable access to internet in the least developed countries. For Ghana the proportion of the population covered by 2G (96.6%), 3G (95.8%) and 4G/ LTE (67.7%) mobile networks in 2021. Most communities without network coverage were in the rural settlements due to high cost of deployment and maintenance of cell site compared to urban areas.

What then are the emerging issues for consideration? Underutilization of inland water and rail transport systems, limited intermodal transport system, increasing emission intensity of valued added by the services sector and low government expenditure on research and development.

Goal 10 is to reduce inequality within and among countries. The indicators look out for the number of countries with migration policies facilitating orderly, safe, regular and responsible migration and mobility of the people. Traveling across West Africa, the question that lingers most on citizen’s mind – at border sites, do officials check documentation or its money they really always want? The portion of the population who are refugees by country of origin is considered. There is a 2016 and 2020 national migration policy documents developed which is expected to promote the benefits and minimize the cost of internal and international migration through legal means with the rights and security of migrants well –respected to ensure socioeconomic development in Ghana as well as ensure the improved labour migration governance that harnesses the benefits of labour migration for socio-economic development.

The importance of freedom of movement of persons is very important for Ghana as a member of the ECOWAS and the AfCFTA. Ghana’s refugee population per 100,000 decreased by 7.2% from 2017 to 2018, then by 2.5 % from 2018-2019, 3.4% from 2019-2020 and has remained the same between 2020 and 2021. Majority of Ghana’s refugee population originate mainly from neighbouring Cote D’lvoire, Togo and Liberia than other ECOWAS countries. Majority

of these refugees are in search of better economic opportunities as in greener pasture here in Ghana or either displaced by war. With the institution of the national refuge board by government responsible for the wellbeing of all refugees that arrive in countries. Ghana seeks to improve the living conditions of refugees.

The rise in monetary poverty is likely to widen the inequality gap among scoio-economic groups. This is because, the pandemic has highlighted the disparities in health, consumption patterns and income levels among others. 77.4% of households reported reduced incomes which will have an effect on household’s consumption habits as 21.4% of households with children less than 15 years are eating fewer meals than usual. 6.1% of households needing healthcare could not assess as indicative of the June 1, 2020 wave one data available from the households and job tracker survey.

Ghana is playing host to the African Continental Free Trade Secretariat, the one market agenda is only possible when reduced inequalities within and among countries are managed with free movement of people and goods. Diplomacy and national policies must make efforts to addressing these. The production of the ECOWAS Card in my estimation should foster free movement of persons with issues of corruption at boarder site looked at. Illegal route promoting illegal movement must be equally watched and not left as cash cow scenarios. Same way, our various embassies and consulates must not be seen to be over exploiting the citizens. Government must be concern about these issues and manage it with the appropriate stakeholder engagement and dialogue the diplomatic way. Disparities exist in accessing basic services such as health, sanitation, nutrition and social protection and marginal decline in refugee population all contributing to the emerging issues for consideration.

Social protection has been significantly extended globally, yet persons with disabilities are up to five times more likely than average to incur catastrophic health expenditures. Despite overall declines in maternal mortality in most developing countries, women in rural areas are still up to three times more likely to die while giving birth than women living in urban centers. Up to 30% of income inequality is due to inequality within households, including between women and men. Women are also more likely than men to live below 50% of the median income. And out of the one billion population of persons with disabilities globally, 80% live in developing countries and one in ten

children is a child with a disability. COVID-19 has deepened existing inequalities, hitting the poorest and most vulnerable communities the hardest. It has put a spotlight on economic inequalities and fragile social safety nets that leave vulnerable communities to bear the brunt of the crisis. At the same time, social, political and economic inequalities have amplified the impacts of the pandemic as put forward by the UN SDG report for 2022.

Take the SDG pledge now.

Earlier publications reviewed progress made for SDG goals 1 to 10. Subsequent editions will review goal 11 – make cities and human settlements inclusive, safe, resilient and sustainable. Goal 12ensures sustainable consumption and production patterns. Goal 13 - take urgent action to combat climate change and its impacts. Goals 14- conserve and sustainably use the oceans, seas and marine resources for sustainable development. Goal 15- protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss. Goal 16 –promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels. Goals 17-strengthen the Means of Implementation and Revitalize the Global Partnership for Sustainable Development.

Baptista is a Hybrid Professional and the Executive Director of ProHumane Afrique International. ProHumane is a charitable, development & think thank organization working with communities & individuals to create sustainable solutions to transform communities through diverse propoor initiatives. Pro-poor initiatives are initiatives that help to alleviate poverty. Baptista is a realist, affable, simple and humane. You can reach us via e-mail on prohumaneafrique@ gmail.com and follow this conversation on all our social media sites: Linked-In/ Twitter/ Facebook/ Instagram: ProHumane Afrique International. Call or WhatsApp: +233(0)262213313. Hashtag: #behumane #thegivingcapsules #prohumaneafriqueint #fowc

Successful galamsey fight requires colloborative, national effort– Prez Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has reiterated his commitment to working handin-hand with Chiefs, traditional rulers and all stakeholders in the fight against galamsey.

According to President AkufoAddo, “it is obvious that, if we are to win the fight, you and I have to take the lead to collaborate closely to do so. That is why I am here today.”

Addressing the National House of Chiefs on Wednesday, 5th October 2022, the President noted that eighty percent (80%) of the lands Ghana continue to be under the custody of Chiefs, whereas the remainder of twenty percent (20%) is held in trust by the President.

What this means, he said is that, ultimately, the welfare of the state of the lands is the joint responsibility of Chiefs and the President, although, by statute, the minerals in the soil belong to the President in trust for the people.

“Historically, we discharged that responsibility well. Even though,

for centuries, we have been a mining nation, mining did not pose a threat to the health of our environment and water bodies. The rules that you put in place for mining ensured that the sanctity of our lands remained intact, and our water bodies remained unpolluted.

Tragically, in the modern era, that is no longer the case. And that is why I have come to you today to talk about how, together, we can repair this dramatic situation,” he said.

President Akufo-Addo indicated that, since he took office, on 7th January 2017, he has made it a central feature of his presidency to lead in the efforts to rid the country of the menace of Galamsey, with a firm commitment made in his inaugural speech on the matter.

“It has not been easy, it has not been popular, and we have not got the immediate results that I was looking for. Indeed, in the last elections of 2020, my stance on the issue cost my party and I significant losses in the mining communities. It turned out that my statement that I was putting

my presidency on the line in the fight against galamsey was neither bombast nor recklessness. It was the simple truth,” he said.

The President continued, “We have tried many initiatives, including that of the Community Mining Scheme, and the establishment of a new legal regime for dealing with the perpetrators of this phenomenon, which has imposed severe sanctions on those, Ghanaians and foreigners, convicted of illegal mining. Still, we have not won the fight.”

In seeking further assistance from the National House of Chiefs in addressing the galamsey phenomenon, he noted that taking partisan political interests out of the fight against galamsey is one way forward.

“It can only succeed if it is a truly national battle, which no one seeks to exploit for political gain, as we saw in the last election. The progress of our country depends on all of us, all citizens of Ghana, all Fellow Ghanaians, pulling together to defeat this existential

threat to our future,” he added.

Reiterating the stance of Government, President AkufoAddo noted that “we are not against mining, but we cannot accept mining in a manner that risks destroying our country. Our nation has always been a mining nation. Indeed, in the 15th century, when the first Europeans, the Portuguese, came to our shores, they called the first Europeaninfluenced town, Elmina, meaning ‘the mine’ in Portuguese, because, from their ships as they approached our shores, that is the activity they saw our people engaged in. it is not surprising that, in colonial times, we were called the Gold Coast.”

He, thus, asked all Ghanaians to join hands with him in the fight against illegal mining, in order to bring an end to the devastation of the Ghanaian landscape, and the pollution of our water bodies.

“We have to win that fight to keep our environment clean, and protect our heritage for our descendants, as you did in the past,” he added.

‘We can’t memorise our way out of poverty’ - Dr Yaw Adutwum at the United Nations

By Anis Haffar

All the way up from the elementary to the university levels, many methods employed in today’s teachings stifle both understanding and skills building.

The point is simply this, how can there be any appreciable commitment by the learner without the practical and useful connections to the subjects being taught? And how can education itself be beneficial in the absence of skills to apply what is learned to create useful outcomes?

At the crux of the matter - in terms of resolution – is the key question of applications of science and technology.

Dr Adutwum on STEM

Questions like these keep ticking away and defuse the purpose of education, especially for a developing nation like Ghana endowed with tremendous material and human potential. Such issues must have informed Ghana’s minister for education, Dr Yaw Adutwum, when he noted at a United Nations meeting: “We know that STEAM holds the key to our transformation but when you have limited resources you use technology to do what is impossible.”

He said, “we are full STEAM ahead in terms of ensuring that we can increase the numbers of our students participating in STEM, and that is how we put to rest the issue of rote memorisation. You can’t do memorisation in STEM. You have to participate in the learning process and make sure that we can get a critical mass with the critical minds that we need for our transformation.”

[STEM means Science, Technology, Engineering, and Mathematics. The A in STEAM is the addition of creative Arts in the abbreviation].

Dr Adutwum noted, “I always say that from my experience in the U.S. going back to Ghana, we have good children in Ghana, so respectful; but I go to schools upon schools and I speak with the students and when I finish speaking with them I’ll ask: Do you have a question for me? No

hand goes up, in all my encounters in Ghanaian classrooms.”

It is clear that in Ghana “We have tamed the children; we just want them to write down what we tell them at the day of exams.

They should put down what we have told them, and we say

and not say anything when the adult is speaking, and to merely tell the adult back whatever he was told.

He noted “I don’t care if we get to the point where every African child is in school, but if you put all of them in school and do

most respectful. And we have to begin to take a serious look at the curriculum, the pedagogy, the strategy we are using so that Africa will be transformed through education.” In a nutshell, we need to “have the critical mass, with critical mind to really challenge the status quo so that we can innovate ourselves out

He advised that we need to come together and begin to take bold steps to confront the huge challenges that our world

And the fourth Industrial revolution that we found ourselves in is the most important aspect of our education systems that need to be revamped so that it can service the rightful purpose of transforming the socioeconomic fortunes of our

you are the best student the country has ever known. That kind of education system will not transform Ghana or give us critical thinking individuals.”

Critical Thinking

The minister continued, “in the 21st century - and education 4.0 - the 4th Industrial Revolution, you can’t memorize your way out of poverty, but you can critically think and innovate out of poverty so Ghanaian schools and African schools will have to begin to take a serious look at what we call an assertive curriculum, a curriculum that empowers the African child to ask questions and challenge the status quo respectfully, within the African cultural context.”

The idea was to desist from the kind of education or a curriculum that tells African child to be quiet

not change the way you teach them by empowering them to be assertive individuals you still will not transform Africa through education.”

He noted that as we embark on access, we must also look at the quality and relevance of an education system “that will truly put us in a space where education can become the most socioeconomic transformation agent. Our current education system is not what is going to transform our continent. And we need to take a serious route.”

In relating to the African representatives, Dr Adutwum said, “If your country in Africa is an exception then you are good. But I know that invariably we want to tame the children. The quietest child in the class is deemed the

He concluded, “if education fails, we are in trouble! The kind of education system we have today has to be retooled and revamped and we can only do that when we begin to take a look at a crosssectoral approach to education development; and that means we can no longer operate in silos thinking that the education system itself can just go ahead and change the fortunes of our countries.”

Additionally, “We have to begin to look at health, safety issues, counselling issues, and mental health challenges that our children are facing out of the pandemic. All these things have to be revamped and done in unison so that we can create an education system that can then put away poverty forever so that all of us can begin to realize that our world has to prosper together, so we have to all come together and rewire education for our people and for our planet.”

Liz Truss’s backward vision of the future

By Diane Coyle

What is the government’s proper role in an advanced market economy? That is the fundamental question at the heart of the economic debacle in the United Kingdom. So far, the focus has been on Prime Minister Liz Truss’s disastrous macroeconomic judgment and the (entirely understandable) reaction of financial markets to her fiscal plan. But Truss and her Chancellor of the Exchequer, Kwasi Kwarteng, got one thing right: the UK’s core problem is that long-term growth has ground to a halt.

Few would disagree with Truss and Kwarteng’s diagnosis of the UK’s economic challenges. The current confluence of global crises has exposed the country’s chronically low growth rate and flat-lining productivity. But their proposed remedy – cutting taxes for the rich and undoing economic regulations, thereby unleashing innovation and investment –turned out to be a harder sell. Even financial-market traders (hardly statist left-wingers) do not believe in Truss’s vision of a twenty-firstcentury Hayekian utopia.

When courting rank-and-file Conservative Party members in the contest to replace Boris Johnson, Truss presented herself as Margaret Thatcher redux, copying not only the Iron Lady’s radical right-wing policies but many of her outfits and photo ops. But unlike Thatcher, who was elected in 1979 with a popular mandate and ample political capital, Truss became prime minister by winning over 81,326 Conservative Party members – just 21,000 votes more than her rival, Rishi Sunak. The

wider British public remained on the sidelines.

Thatcher also commanded a vastly different economy than the one Truss was handed. Unlike the highly inefficient and relatively high-tax economy that Thatcher inherited, today’s UK economy is already relatively lightly taxed and regulated, limiting policymakers’ scope to cut taxes or deregulate. Moreover, there is no clear correlation across countries between the government’s share in the economy and GDP growth.

Considering that the UK economy is still less productive than its peers after decades of tax cuts and deregulation, the idea that lowering tax for the wealthy would act as a supply-side stimulus struck most people as wishful thinking at best.

To reinvigorate the UK economy, Truss and her government must look to the future instead of mining the past. The character of advanced economies has changed significantly since the Thatcher era, following a steady worldwide shift toward services and knowledge work, the emergence of sophisticated supply chains that enable greater connectivity within and among economies, and the growing importance of intangible assets. Today’s weightless, globalized, high-skill economy requires a different kind of supply-side strategy, whereby governments would have to play a different role.

Some of the classic elements of the “minimal state” are essential to this transition, including the rule of law, contract enforcement, basic infrastructure, and, of course,

education. Other widely accepted government functions, like publicly funded basic research and tax support for corporate research and development, are similarly crucial.

But the transition toward digital and green technologies requires governments to take a more active role in shaping markets. Digital markets, for example, must be competitive to encourage new entrants. Several reports in the UK, the European Union, and the United States have outlined steps regulators and competition authorities could take to make today’s winner-take-all markets more contestable.

Likewise, the use of data plays an important role in companies’ success. Research shows that data-equipped companies are more productive and profitable than other companies in their sectors and pay higher wages on average. This makes national data strategies – defining what should be open, setting the terms on which competitors should be able to access certain data, and establishing adequate safeguards and control for consumers – vitally important.

Lastly, governments today have a critical role to play in setting technical and regulatory standards for emerging technologies. And they must do so in a timely fashion to ensure that markets grow big enough to attract investors. Public procurement and advancepurchase commitments can be powerful tools to incentivize innovation and investment. This was the case with the development and production of COVID-19 vaccines, and it may be the case with clean-energy technologies or biomedical discoveries.

In short, an economy undergoing major structural shifts requires a forward-looking economic strategy. Just as the 1960s-era approach of subsidizing selected “winners” survived well past its expiration date, so has the taxcutting and deregulatory approach of the past 40 years.

Today’s knowledge economy requires an innovative state to provide a long-term framework for investment and set the rules of the game. Unless Truss and Kwarteng stop living in the past, the prospects for the UK economy on their watch look bleak.

Project syndicate

GCB is the best bank in turbulent times - GCB MD

The Managing Director of GCB Bank PLC, Mr Kofi Adomakoh, says GCB is the strongest and safest Bank in these turbulent times.

Interacting with a section of customers and media personnel at the first day of a weeklong customer service celebration in Accra, Mr Adomakoh said GCB is the only bank with extensive nationwide presence.

He said this gives the Bank the leverage to offer banking services to a wide range of customers in diverse ways through over 165 branches and through the Bank’s digital channels which include mobile banking services, internet banking applications and over 300 ATMS.

Mr Adomakoh mentioned how GCB Bank deployed digital services during the COVID-19 pandemic to deliver financial services to millions of customers.

Mr Adomakoh said, “we are on customer service journey” and that

over the years GCB has improved its services by investing in the latest technological infrastructure to ensure process efficiency and fluidity in the service delivery process.

He expressed appreciation to customers and other stakeholders for contributing to the sustenance and growth of the Bank and assured customers of the Bank’s unrelenting resolve for service excellence.

A customer of the Bank, Ms Mabel Sampson, described the interaction with the MD and his team as encouraging.

The MD was accompanied by the Deputy Managing Directors in charge of Finance and Operations, Mr Socrates Afram and Mr Emmanuel Odartey Lamptey, Head of Customer Service, Mr Muniru Muktar, Head of Corporate Affairs, Mr Kojo Kwarteng, Accra Regional Manager, Mr Fred Andoh-Bissue, among others.

Customer Service Week launched at Kotoka International Airport

The Board Chairman of Ghana Airports Company Limited (GACL), Mr Paul AdomOtchere has called on staff and stakeholders to appreciate each other’s roles and collectively embrace Service Excellence as an Airport Community to place Kotoka International Airport (KIA) on the global map. He said this at the launch of the 2022 Global Customer Service Week celebration from October 3 - 7, 2022 under the theme “Celebrate Service”. This year’s celebration also witnessed the launch of the Airport Behavioural Standards Booklet.

Mr. Adom-Otchere indicated that Kotoka International Airport had come a long way in Airport Service Delivery and had been the proud recipient of the Airport Service Quality Customer Experience Awards on three consecutive occasions (Best Airport by Region and Size; 2-5million passengers for 2019, 2020 and 2021. This, he said was testament to the many years of consistent effort to enhance service delivery at the airport.

He expressed appreciation to staff and stakeholders for their dedication and contribution to the successes chalked and indicated that the giant strides made in the Customer Satisfaction journey

over the years could not have been possible without the support and commitment of staff, stakeholders and Customers.

Launch of Airport Behavioural Standards Booklet

Launching the Airport Behavioural Standards Booklet, the Board Chairman reiterated that the overall objective of developing a general standard behavioural guideline was to improve Customer Experience at the airports, regardless of who provides the service.

He further added that the first edition of the handbook highlights excellent service standards that have been developed in partnership with cherished stakeholders. “This handbook is part of GACL’s performance enhancement strategies towards

improving performance in the ACI Airport Service Quality Program and delivering enhanced customer experience at our airports”, Mr Adom-Otchere said.

He urged staff and stakeholders to put their shoulders to the wheel in delivering outstanding Customer Experience in line with the defined Service Standards at the airports.

Mr Eric Prempeh, Customer Service Manager on his part, affirmed that the celebration of the Customer Service Week was to highlight the essence of Customer Service whilst recognizing the people who serve and support customers daily.

He urged stakeholders to come together to offer a bouquet of world-class service experiences in a manner that will leave passengers

with no choice but to select Kotoka International Airport over and over again.

Another significant highlight of the launch was the signing of the Service Pledge by Management, Staff and Stakeholders present at the event. The Service Pledge is basically a commitment by all to work together as a team to deliver outstanding customer experience to passengers and stakeholders.

The Customer Service Week, expected to be observed at all GACL operated airports in Ghana will feature activities such as Airport Service Quiz, GACL goes Sporty, Photo Booth Session with passengers, Departmental Customer Service Awareness forum and Management’s visit to Agencies operating at the airport among others.

Let’s build an army of resilient and responsible investors, SEC boss urges capital market actors

By Patrick Paintsil

Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbamey-Tetteh, has called on capital market stakeholders to collectively step up their efforts on financial literacy to help build a pool of empowered investors to develop the domestic capital market.

Speaking at this year’s “Ringing the bell for financial literacy” event organized by the Ghana Stock Exchange in Accra, he said there is the need to deepen investor knowledge and awareness of the risks and modalities of investment in order to strengthen the domestic market landscape.

“If we desire to build greatness in our financial market, in terms of building a deep, efficient, diversified and well-regulated market with the full range of products that will be attractive to both local and foreign investors, then we must assume the shared responsibility of providing the right financial education that will help to build an army of resilient and responsible investors,” he said.

stakeholders must act towards producing investors that are empowered to analyse the risks of their investments and own the decision-making process.

He added: “Investors that are empowered to think long-term but act short-term and well informed on how to avoid the common money mistakes that undermines the ability of the capital market to be resilient.”

Exchange, Ms. Abena Amoah, said the event formed part of several initiatives to improve financial literacy in the country and to deepen the knowledge of the investing public about the capital market.

She said the GSE regularly holds several trainings for key market actors, including workshops for financial journalists and digital campaigns all of which seek to

strengthen financial literacy.

The event also witnessed the launch of digital market watch platform to provide real-time information about trading activities on the local bourse.

The GSE Market Watch portal, a roundthe-clock online portal that enables market watchers and investors to track trade data, access index performance such as losers and gainers, and general market information at their own convenience.

“The launch of this app is testament to our commitment to deepen financial literacy using both digital and traditional channels. The GSE will continue to invest in investor education with the support of all our partners to embed financial literacy in this country,” Mrs. Amoah said of the new digital tool.

WEEKLY MARKET REVIEW FOR WEEK ENDING - SEPTEMBER 30, 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 fourth consecutive week on the back of price declines by 4 counters. The GSE Composite Index (GSE CI) lost 28.09 points (-1.13%) to close at 2,460.12 points, reflecting year-to-date (YTD) loss of 11.80%. The GSE Financial Stocks Index (GSE FI), on the other hand, gained 14.46 points (+0.70%) to close at 2,070.10 points, reflecting YTD loss of 3.80%.

Market capitalization declined by 0.46% to close the week at GH¢63,985.81 million, from GH¢64,279.00 million at the close of the previous week. This reflects a YTD decrease of 0.79%.

Trading activity recorded a total of 32,024,328 shares valued at GH¢30,794,565.98 changing hands, compared with 953,819 shares, valued at GH¢1,460,375.70 in the preceding week.

MTN dominated both volume and value of trades for the week, accounting for 95.63% and 87.53% of shares traded respectively.

The market ended the week with 4 decliners as indicated on the table below.

THE CURRENCY MARKET

The Cedi depreciated against the USD for the week. It traded at GH¢9.6048/$, compared with GH¢9.5414/$ at week open, reflecting w/w and YTD depreciations of 0.66% and 37.47% respectively. This compares with YTD depreciation of 1.81% a year ago.

The Cedi also weakened against the GBP for the week. It traded at GH¢10.7017/£, compared with GH¢10.4150/£ at week open, reflecting w/w and YTD depreciations of 2.68% and 24.06% respectively. This compares with YTD depreciation of 0.91% a year ago.

The Cedi again weakened against the Euro for the week. It traded at GH¢9.4147/€, compared with GH¢9.2721/€ at week open, reflecting w/w and YTD depreciations of 1.51% and 27.47% respectively. This compares with YTD appreciation of 3.85% a year ago.

The Cedi meanwhile strengthened against the Canadian Dollar for the week. It opened at GH¢7.0265/ C$ but closed at GH¢6.9969/C$, reflecting w/w gain and YTD depreciation of 0.42% and 32.23% respectively. This compares with YTD depreciation of 2.16% a year ago.

GOVERNMENT SECURITIES MARKET

Government raised a sum of GH¢999.86 million for the week across the 91-Day ,182-Day and 364-Day Treasury Bills. This compared with GH¢1,192.42 million raised in the previous week.

The 91-Day Bill settled at 30.45% p.a from 30.18% p.a. last week whilst the 182-Day Bill settled at 31.57% p.a from 31.34% p.a. last week. The 364-Day Bill settled at 31.55% p.a. from 30.47% previously. The table and graph below highlight primary market yields at close of the week.

COMMODITY MARKET

Oil prices closed marginally higher for the week as OPEC+ considers reducing output by more than 1 million barrels per day (bpd). Brent futures traded at US$85.14 a barrel on Friday, compared to US$85.03 at week open. This reflects w/w and YTD appreciations of 0.13% and 9.46% respectively.

Gold prices strengthened for the week as growing risks of an economic recession spurred some safe haven demand for the yellow metal. Gold settled at US$1,684.90, from US$1,655.60 last week, reflecting w/w gain and YTD loss of 1.77% and 7.86% respectively.

INTERNTIONAL COMMODITIES PRICES

ABOUT CIDAN

CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM

Name: Ernest Tannor

Email:etannor@cidaninvestments.com

Tel:+233 (0) 20 881 8957

Name: Audrey Asiedua Wiafe

Email:aaudrey@cidaninvestments.com

Tel:+233 (0) 57 840 2700

Name: Moses Nana Osei-Yeboah

Email:moyeboah@cidaninvestments.com

Tel:+233 (0) 24 499 0069

CORPORATE INFORMATION

CIDAN Investments Limited CIDAN House

Plot No. 169 Block 6 Haatso, North Legon – Accra

Tel: +233 (0) 26171 7001/ 26 300 3917

Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com

Disclaimer

The contents of this report have been prepared to provide you with general information only. Information provided on and available from this report does not constitute any investment recommendation. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

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BUSINESS TERM OF THE WEEK

Debt Reprofiling: It is a form of debt restructuring in which the time for repayment of the debt is extended while the interest rate and principal amount borrowed are not cut.

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MultiChoice teams up with BetKing to launch SuperPicks for the new football season

Africa’s leading entertainment company, MultiChoice, in collaboration with BetKing, a leading sports betting and digital entertainment company has officially launched SuperPicks in Ghana. Launched in 2021 in Nigeria, SuperPicks is a revolutionary platform where fans can use their sports

knowledge to compete in freeto-play games for bragging rights and cash prizes.

SuperPicks comes with two exciting free-to-play games including the Predictor game which gives players the chance to win a weekly jackpot of GHC 100,000 by correctly predicting the scores of six football fixtures

and the Fantasy game which gives users the chance to pick players and form a dream team for a specific match to win big. Available to play for free at superpicks.com as well as the app which is currently available on Android, SuperPicks gives anyone above the age of 18 access to more games to play for free each week

this season and the chance to win big for real.

Alex Okyere, the Managing Director of MultiChoice Ghana stated that the partnership with BetKing provides the opportunity to explore the pursuit of digital and entertainment offerings beyond betting and broadcasting. He said, “SuperPicks is one of the many fruits of our collaboration with BetKing and we are excited to provide customers with curated sports entertainment and free-to-play games with an opportunity to win huge sums of money– which is in line with our vision of delivering top notch entertainment services.”

On his part, the Managing Director for BetKing Ghana, Ryan Moore reinforced BetKing’s commitment to delivering innovative offerings to serve customers’ needs and offer more value.

He said, “SuperPicks offers all individuals above 18, sports enthusiasts or not, the opportunity to turn the thrill of a play into a real win by providing them with completely free chances to win huge sums of money. We are beyond excited to introduce SuperPicks to the Ghanaian sports ecosystem and we look forward to future initiatives like this that deliver additional value to our customers.”.

There will be rounds in most weeks throughout the soccer season providing plenty of opportunities for players to aim for the jackpot. Players can also refer their friends by logging into SuperPicks and visiting the Refera-Friend page to win a referral bonus of up to GHC 5,000.

Fans can register for SuperPicks by visiting the website or through the app on Android.