Business24 Newspaper 30th September 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.

Minority alarmed over missing US$100m oil cash

The Minority in Parliament has noted with serious concern the inability or refusal of the current administration to account for over $100million accruing from Ghana’s petroleum lifting in the first quarter of 2022.

The decision by the AkufoAddo led government to transfer revenues accruing from about 944,164bbls of crude lifting in the Jubilee and TEN fields to a company established in a safe haven (outside Ghana) without Parliamentary approval, amounts to a gross violation of the Petroleum Revenue Management Act, 2011 (Act 815) and Public Financial Management Act (Act 921), the opposition MPs said.

“We have become aware that following the acquisition of the 7percent interest in the Occidental

(Oxy) transaction in respect of the Jubilee and TEN Fields by the government ostensibly for GNPC in 2021, the Minister of Finance has clandestinely ceded the shares to an offshore company known as JOHL (a company setup in the Cayman Islands) in a very surreptitious and opaque manner,” the minority added.

They said they very much alarmed that contrary to requirements of the PRMA, revenues accruing from the nation’s oil fields are not being paid into the Petroleum Holding Fund (PHF), which has been confirmed in the 2022 semiannual report on petroleum receipts by the Public Interest and Accountability Committee (PIAC).

As if this is not enough, the report further reveals that Capital

Gains Tax was not assessed and collected by the Ghana Revenue Authority (GRA) in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021, they added.

According to the minority, government is proving by the day that the nation’s oil resources cannot be entrusted in their care saying that not long ago PIAC under the chairmanship of Dr. Steve Manteaw accused them over their inability to account for about GHS2 billion of Ghana’s oil cash for the 2017, 2018 and 2019 fiscal years.

“This is surely another “Agyapa” deal in the making and we as a minority will not sit aloof for this government to raid the national purse, especially at a time when the nation is struggling to raise much needed revenues for critical expenditure.

We demand that the minister of finance and for that matter government must with immediate effect repatriate all such illegal transfer payments back into the Petroleum Holding Fund (PHF).

Failure to comply with our ultimatum will compel the minority to use the necessary parliamentary processes to haul the minister of finance to parliament for possible censure,” they added.

Experts deliberate on greening MSMEs to harness AfCFTA benefits

At a session organized by the Economic Commission for Africa (ECA) and the International Trade Centre (ITC) as part of the 2022 World Trade Organization (WTO) Public Forum, experts urged the private sector to seize opportunities brought about by the green transition in Africa.

The panel discussion entitled “MSMEs: The Key to Realising Sustainable Gains Under the AfCFTA”, moderated by Mr. Melaku Desta, Coordinator of ECA’s African Trade Policy Centre (ATPC), explored sustainable initiatives to integrate green solutions in Africa’s small businesses.

Panelists also underscored the sustainable gains to be harnessed from green trade alongside the African Continental Free Trade Area (AfCFTA) and called on Micro, Small & Medium Enterprises (MSMEs) to anticipate challenges as businesses seek to integrate green solutions.

In her keynote address, Ms. Dorothy Tembo, ITC Deputy Executive Director highlighted ITC’s Green2Compete initiative a new and ambitious strategy,

which supports small businesses to enhance their competitiveness by integrating green production techniques for sustainable trade.

“Our interventions promote resource efficiency and circularity in production and support increased MSME access to markets for green and biodiversity-based products. We have created a host of dedicated hubs to support small businesses, through providing knowledge on green opportunities and innovations, expertise on how to put these into practice and an extensive network to support “going green”, Tembo underlined.

ITC is also working closely with the African Organisation for Standardisation (ARSO) to increase transparency on private sustainability standards and plans to scale its work with market partners to achieve harmonization of these environmental standards, making them more attainable for small businesses.

In his remarks, Mr. Hermogène Nsengimana, Secretary General of ARSO, emphasized the need to prioritize harmonization

of standards to achieve sustainability.

“Sustainability is a core area for businesses as it includes, social, economic and environmental standards,” said Mr. Nsengimana.

Of late, the sustainability and resilience of value chains has assumed greater importance due to the disruptions induced by Covid19 and demand for more sustainable production and trade increased. This was pointed out by Mr. Robert Hamwey, Economic Affairs Officer at the United Nations Conference on Trade and Development (UNCTAD).

“I urge the AfCFTA to coordinate Africa and strengthen its capacity to produce its own solar and wind energy to cater to its own needs,” Mr. Hamwey opined.

On the issue of strengthening MSMEs capacities to improve their competitiveness in domestic, regional and global markets, Ms. Annalisa Primi, Head of Economic Transformation and Development at the OECD Development Centre, underlined the need to reform the policies that divide the informal and formal sectors, so as to enable

the poor to participate in markets and to engage in higher value added business activities.

“Businesses are not homogenous. A start-up is not facing the same challenge as an MSME does … each have its own challenges, opportunities and priorities,” Ms. Primi stated.

Describing the need for increased investment in Africa’s green energy transition, Mr. Maximiliano Mendez-Parra, Principal Research Fellow at ODI affirmed the important role the AfCFTA can play in securing investment for green energy and technology.

“We need to ensure investment coming into the continent considers the energy transition as this requires investment and this must be considered when promoting investment and using investment promotion agencies,” said Mr. Mendez-Parra.

The session, organized as part of the 2022 World Trade Organization (WTO) Public Forum, attracted more than 100 online and face-to-face participants.

Multi-award-winning biometrics player iiDENTIFii raises record US$15m

iiDENTIFii, the innovative biometrics tech firm, has raised US$15 million growth capital.

The round was led by African investment company Arise whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO. This is, to date, the largest African Series A in the identity verification space.

iiDENTIFii is a world leader in biometric authentication. Its advanced face authentication technology securely authenticates users via their cellphones or PCs within seconds. iiDENTIFii operates across several industry verticals and is used by the largest pan-African banks, insurers and mining houses for both customer and employee authentication. Its customers include Standard Bank, ABSA Bank, and Investec Bank. Investors in the round alongside Arise are growth-stage private equity firm Sanari Capital and veteran US tech entrepreneur Bill Spruill.

iiDENTIFii will use this investment to fund its expansion across Africa. Cybercrime within the financial sector is a growing threat to the continent.

The consequences of attackers exploiting security vulnerabilities are particularly severe for financial services and banking apps that process sensitive financial information.

The use of iiDENTIFii’s biometric authentication to protect access to this sensitive financial information makes iiDENTIFii’s solution an integral part of financial inclusion, digital inclusion, and identity inclusion on the continent.

“I’m incredibly proud of our engineering team and our growth as a company over the past three years,” says iiDENTIFii Founder and CEO, Gur Geva. “This investment validates our central business thesis that we are the preferred partner for enterprisegrade identity in Africa. We’re excited to put the investment to work as we close in on our goal of authenticating every face in Africa. With this new funding and the networks of Arise, Sanari, and Bill – we confidently continue our mission of stopping identity theft in Africa.’’

“In addition to complementing Arise’s portfolio of bank

investments across Sub-Saharan Africa, this investment heralds our foray into the African fintech market,” says Arise CEO Gavin Tipper. “We are excited about our partnership with iiDENTIFii, which will allow us to offer their unique technology to banks in Sub-Saharan Africa, strengthening digital antimoney laundering practices and advancing financial inclusion.”

“At Sanari, we place a strong emphasis on digital and human enablement to unlock business potential,” says Sihle Gumede of Sanari Capital. “iiDENTIFii is, therefore, a great addition to our investment portfolio and we look forward to being part of its ongoing growth journey. We are excited about co-creating a scalable and sustainable panAfrican biometrics business.”

“As an entrepreneur and investor, I’ve had a significant amount of experience with transformative technology,” says Bill Spruill “The work being done by iiDENTIFii is particularly exciting and I am excited to see the impact it has on the African continent.”

iiDENTIFii recently won KPMG’s Tech Innovator in Africa award and will compete for the global title, taking place in Lisbon, Portugal in November 2022. It has previously, amongst other awards, won MTN App of the Year and Microsoft Independent Software Vendor (ISV) Partner of the Year.

FBNBank sponsors youth football scouting tournament

FBNBank has announced that the Bank will be co-sponsoring the Football Scouting Tournament for the youth which will take place in Accra between 30th September and 2nd October 2022 at the University of Ghana campus.

The Football Scouting Tournament is a three-day football event which will host prominent coaches, scouts, agents, ex-footballers and football stakeholders who will share their experiences in the field while identifying talent. The activities over the period will also include a football tournament for children in under-15 and under-17 categories.

According to the organisers, Africa 1 Media, they intend to use this tournament as a platform to provide talented youth with the appropriate avenue to showcase their talent and thereby transform their lives positively. This tournament is also expected to stimulate the engagement of key stakeholders in “youth sports development” and to ensure youth talent is at the forefront of the targeted audience.

For FBNBank, it is equally an opportunity to contribute to the effort of securing a better future for the youth. This particular challenge has received the full attention of the Bank since the beginning of this year from which time FBNBank has undertaken significant steps to help address the issues militating against a better future for Ghana’s youth. These include the roll-

out of the FBNBank Youth Fair at the University of Ghana which provided the students with career counselling and entrepreneurship opportunities. Recently, the Bank also signed up for the Government of Ghana’s youth targeted programme dubbed the YouStart Initiative which seeks to address in a very significant way, the issue of youth unemployment through entrepreneurship.

Under the tagline of “Securing

your child’s future,” FBNBank will be targeting the youth at this football event to offer them choices in order to help them improve their financial literacy and inclusiveness. This will be on the platform of their sponsoring brand for the event, the FBNBank MeFirst Account. This product helps teenagers embrace the culture of financial responsibility from a young age while also keeping them positively engaged and entertained. Teenagers between ages 13 and 17 can learn all about money in fun ways as they enjoy the benefits for opening this account.

According to Mr. Victor Yaw Asante, Managing Director and Chief Executive Officer of FBNBank, “way back in January, FBNBank declared 2022 as “The Year of the Youth.” The Bank appreciates the contribution a focused and well-prepared youth can make towards a country’s development. Our partnership, therefore, with the Football Scouting Tournament is one of the ways FBNBank is supporting the youth in their preparation for

the future and this gives credence to our commitment. FBNBank is convinced that the youth of Ghana have the capabilities to compete with their peers across the globe and it must be a national imperative for all to make this possible. We believe that in addition to other live skills, the youth of this country must be equipped with the ability to make good financial choices which is why we are looking forward to introduce them to the MeFirst Account which is also the sponsoring product for the Football Scouting Tournament. It is a right match for their needs and it would prove to be a solid pillar for their future. This is why we are saying to parents and all adults that ‘secure your child’s future’ with MeFirst.”

FBNBank Ghana has in its 26 years of operating in Ghana remained focused on putting its customers and other stakeholders first. This, it has sought to do through the value and excellence of what the Bank contributes to the relationship with its stakeholders, including the youth. The Bank is a member of the First Bank of Nigeria Limited Group which is renowned for its great customer service and general stakeholder engagement garnered over its 128 years of operation. FBNBank Ghana has 24 branches and three agencies across the country with over 500 staff. FBNBank offers universal banking services to individuals and businesses in Ghana.

MTN urges customers to register sim cards before September 30 deadline

With tomorrow September 30, 2022 as deadline for SIM registration, MTN is urging its customers to have their SIM cards fully registered to avoid being disconnected.

All customers with voice and data SIM in phones and devices are mandated to register with the Ghana card before the deadline. All SIM cards that are not fully registered at the end of 30th September 2022 will be disconnected from using all services on the network.

Customers who are yet to register should start the process by dialing *404# or use the registration web portal https://simregistrationportal. mtn.com.gh to link their SIM to the Ghana card. Customers who have linked their SIM cards to the Ghana card can complete their registration by either visiting the nearest service centre/agent for the biometric capture or download the SIM Registration Self Service app on google play to complete the

registration.

Commenting on the SIM registration deadline, the General Manager Regional Sales and Distribution, South, MTN Ghana, Abubakar Mohammed said, “we are encouraging our customers to register immediately to avoid long queues at registration centers and subsequent blocking of SIM cards after the deadline.”

“Customers who are not sure of their status can check their registration status by dialing *400#.

customers who have not yet registered their SIM cards. The Ministry of Communications

Observed on September 29 each year, World Heart Day increases public awareness of cardiovascular diseases, their prevention, and their global impact. Over the years, Vodafone Ghana has used many platforms to advocate for cardiac wellness through healthy lifestyles.

Through its innovative

healthcare show, Vodafone Healthline, Vodafone Ghana has inspired insightful dialogues about cardiovascular disease, its prevention, and management.

During a notable episode of the Vodafone Healthline show, cardiologist and Senior Physician Specialist Dr Aba Folson explained that not all heart attacks come

with classic signs such as severe chest pain. She educated the public on how to detect a silent heart attack and steps to take in case one experiences typical or atypical heart attack symptoms.

Doctor Innocent Adzamli, who also spoke during one of the show’s episodes, educated the public on rheumatic heart disease. He explained how the disease, usually caused by rheumatic fever, can consequently damage valves in the heart. During the episode, the doctor also educated viewers about the symptoms of the diseases: rheumatic fever, sore throats at the initial stages, pain in the chest or joints, fatigue, shortness of breath, and others.

The show’s impact has been widespread, even resulting in an instance where a Vodafone Healthline enthusiast in a bus saved a fellow passenger suffering from what appeared to be a cardiac arrest.

Beyond the educational campaign on heart health, Vodafone Ghana has also sponsored a series of surgeries and medical interventions over the years for financially challenged patients battling various heart conditions.

Eunice Quansah, a 30-yearold seamstress, benefitted from a lifesaving surgery to correct a heart defect that caused excruciating pain, leaving her unable to fend for herself.

Recounting her experience, Eunice said, “A friend directed me to seek help from Vodafone. After they heard my story, they paid the full cost of my surgery. With Vodafone’s help, I can function fully today. It is a great joy to my family.”

Glovo partners Kosmos Innovation & Open Value Foundation for Impact Entrepreneurship Competition

Kosmos Innovation Center Ghana, Glovo and Open Value Foundation are organizing an Impact Entrepreneurship Competition for innovative and successful Ghanaian-owned businesses making a positive impact on society, with a view to strengthening the impact ecosystem in the country and contributing to bridge the gap between impact and profit.

The Impact Entrepreneurship Competition is designed for entrepreneurs and early-stage companies generating positive impact in Ghana’s economic, social and/or environmental sectors, contributing to sustainable development in the country.

Over 20,000USD in cash prizes and more than 5,000USD of inkind prizes will be awarded to the selected entrepreneurs during the competition. The winner will receive a grant of 15,000USD powered by Open Value

Foundation. 10,000USD will be awarded to a company working to improve the health and wellbeing of others, including businesses tackling environmental issues impacting people’s health by Anesvad Foundation.

Additionally, based on the jury’s criteria, any of the livepitch participants will have the

opportunity to receive a package of support including mentoring, investor-readiness advice, networks, and introductions to other sources of funding and opportunities to access products and/or services donated by partners and collaborators.

To participate in the competition, the Ghana registered

company must have raised less than USD250,000 in funding, have been in operations for 2 or more years, have a clear for-profit or sustainable business model with potential for scale and the ability to demonstrate positive social impact in Ghana (on rural, low-income, or disadvantaged communities).

The Competition will be made up of 2 stages. The first stage will be through an online submission while the second stage will be a physical event where the top eight shortlisted businesses will pitch in person to a panel of judges and investors. The live pitch will be held on 4th November 2022 in Accra.

All applications should be submitted to bit.ly/ ImpactGhanaAwards or to kicghana.org on or before October 10th, 2022. All questions and enquiries should be directed to info@kicghana.org or +233 0342295432.

Pernod Ricard Ghana partners ‘Let’s Do It Ghana’ to mark World Cleanup Day

Pernod Ricard Ghana, a subsidiary of World No.2 producer of spirits and wines, has thrown its weight behind ‘Let’s Do It Ghana’, the franchise holder of World Cleanup Day in Ghana, to organize cleanup exercises at the Laboma Beach Resort near the La Pleasure Beach in Accra.

The cleanup exercise that took place on Saturday, 17th September 2022 was to mark World Cleanup Day which was simultaneously observed in about 164 countries. The exercise brought together thousands of Ghanaians youth and other volunteers from the La Dadekotopon township to collect tons of waste from the environment.

The Day is an annual global social action programme that unites millions of volunteers, governments, and organizations worldwide to tackle the global waste problem with the aim of building a sustainable world.

Commenting on the exercise, Sustainability and Responsibility Manager for Pernod Ricard Nigeria and Western Africa, Eunice Osei-Tutu said her outfit was

very excited to join in the World Cleanup Day exercise which corresponds with the Circular Making Pillar of Pernod Ricard’s Sustainability and Responsibility roadmap which supports the United Nations Sustainable Development Goals (UN-SDG) 12, Responsible Consumption and Production and 14, Life Below

that preserve the environment. Every step of operation at Pernod Ricard has been laced with processes that optimize and help preserve natural resources. For example, we have banned all promotional items made from single-use plastic since 2021 and are working to ensure that 100% of our packaging will be recyclable,

Cleanup Day should not only highlight the need for cleanups but also “raise awareness both locally and globally of the waste crisis, and the urgency of tackling it.”

She added, “World Cleanup Day catalyzes on the discussion on how to keep our environment clean, how to implement circular economy models, and lead countries, companies, and organizations to change the way we produce and consume as part of a wider effort to combat climate change.”

She thus called on all Ghanaians to dispose of waste properly, segregate our waste and adopt reuse to help keep our environment clean and protect marine life.

Water.

She said: “It is a very fulfilling moment for us at Pernod Ricard as we join the world to preserve our natural environment and minimize waste. At Pernod Ricard, we always look for opportunities to advance sustainable actions

reusable, compostable, or biobased by 2025. We also adopt eco-design principles to reduce impact for all New Product Development.”

On her part, Country Leader for ‘Let’s Do It Ghana’ Ms. Kate Opoku, emphasized that the World

Ms. Kate Opoku further expressed her gratitude to volunteers and organizations that participated in and supported World Cleanup Day in Ghana.

Other partners included CMACGM Ghana, Ghana Wildlife Society, Allianz, Dansworld International Services, Zoomlion Ghana Limited, and Street Sense Organization.

The Giving Capsules:

on Average Receive

Is your decision to hire influenced by gender as an employer? Be agile as the gender pay gap is trending. Labour market participation is very important. We can observe and determine the wages of Ghanaians when employed. The observation usually can start only when the individual Ghanaian makes a choice to get employment and then decides to join the labour market or secondly get an employer be it the bigger employer – government or private sector and or other entrepreneurs decide to hire that Ghanaian. Whiles employed, we can determine the wages.

Men and women in the same employment performing equal work must receive equal pay unless any difference in pay can be justified. Why would you pay a woman less for the same work done as a man? Our non-adherence to “equal work for equal pay” is what has created the “gender pay gap”. Women make up half of the global population but only contribute to 37 percent of the global GDP and a gender equal economy would add as much as $12 trillion to annual global GDP by 2025. Reason we need to empower women and pay them the right wages.

Women need more support and encouragement as their labour market participation differs from men. A woman cannot decide to for instance, go to school, work, get pregnant, take care of children and so forth without doing anything else year by year in turns. If she is not fortunate enough to get these things done earlier, she has to learn to combine these roles systematically all way through as she grows and progress the corporate ladder. Reason women need more help and support. It appears some employer’s decision to hire is influenced by gender. The gender pay gap is trending, join me take the SDG pledge. Ghana has seen an increase in gender pay gap in favour of male workers.

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…

What then is the status of the indicators as reported in the 2022 Voluntary National Report (VNR) on the SDG’s?

SDG goal 8 - promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. What do we mean when we talk of “decent work”? “Decent work means opportunities for every- one to get work that is productive and delivers a fair income, security in the workplace and social protection for families, better prospects for personal development and social integration.” Decent work is important because, quality employment and decent work conditions help reduce inequalities and poverty, and empower people, especially women, young people and the most vulnerable such as people with disabilities. The four pillars of decent work as put forward by the International Labour Organization (ILO) looks at full and productive employment; rights at work; social protection; and promotion of social dialogue.

According to the 2022 VNR on the SDG’s, Ghana has seen an increase in gender pay gap in favour of male workers from about 29% in 2015 to 39% in 2017. Relevant date available from the 2000, 2010

Baptista

Baptista

and 2021 population and housing censes has it that the average hourly earnings of paid employees by sex and age postulated 83.9% for males in 2000, 86.2% in 2010 and 77.1% in 2021 respectively. The same data postulates a 79.1%, 81.2% and 73.7% respectively for females from years 2000, 2010 and 2021. The gender pay gap is trending, and Ghana’s stance isn’t different. How can women support as engine of growth for the country when the gender pay gap is still trending? Be agile.

Ghana recorded a 5.7 % annual growth rate of real GDP per capital in 2017 but experienced a downturn in 2018 to 3.9% and a 4.1 %( 2019) per the report. The figure for 2020 was a negative 1.3% (-1.3%) due to covid-19 and 5.3% for 2021. Then the proportion of informal (elementary occupations) employment in total employment saw a decline from 86.2(2010) to 77.1% (2021). More females were engaged in informal employment (81.1%) than males (73.7%) and rural (87.7%) than urban (69.7%) in 2021 and higher for the 15-24 years.

The labour market is characterized by disparity in earnings across gender and occupations. With average hourly earnings of male workers (GHC6 in 2015; GHC7 in 2017) whiles females remained unchanged at same periods (GHC4.47 in 2015; GHC4.24 in 2017 again with a decrease). This results in increase in gender pay gap in favour of male workers. Its worth knowing that professionals, technician’s managers and legislators earn higher on average than sales, crafts, agriculture and elementary work almost others. Unemployment rate among the population 15 years and older is (13.4%) and higher for females (females – 15.5%: males –11.6%). Among the population 1535 years, unemployment is (19.7%) and even higher for young adults 15-24years (32.8%). Again for all age brackets, unemployment rate is higher in urban than rural areas and in 2021, 13.5% of the labour force with disability were unemployed (male11.1%, females 15.4%). But I dare say that, the disability of this labour force must not be seen as their inability to work either. Take the SDG pledge.

What then are the emerging issues for consideration?

The gender pay gap can be addressed with purposive policies such as increase in minimum wage,

enforce pay equity to root us the discrepancies with pay audits undertaken periodically, make quota’s with percentages for women, use skills based assessment and improve workplace diversity.

The problem of youth unemployment and under employment coupled with high rate of unemployment amongst people with disability (PWDs) as a major development challenge as employment creation remains a major priority in Ghana’s development agenda. Providing the youth and PWDs with opportunities for employment and labour market information will be a step in the right direction. Untapped job creation potentials in manufacturing, agriculture and TVET sectors is equally daunting. I have been advocating that Technical Vocational Education and Training is life skills, and a life skill is life in itself promoting self-reliance. TVET believes in the philosophy of self-help to become self - reliant. This industry cannot be meant for school drop outs. It’s a myth, let’s burst it.

Earlier publications reviewed progress made for SDG goals 1 to 8. Subsequent editions will review the other SDG goals to include; Goal 9 - build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation. Goal 10reduce inequality within and among countries. Goal 11 – make cities and human settlements inclusive, safe, resilient and sustainable. Goal 12ensures sustainable consumption and production patterns. Goal 13take urgent action to combat climate change and its impacts. Goals 14conserve 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.

realist, affable, simple and humane.

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Afrique International. Call or WhatsApp: +233(0)262213313. Hashtag: #behumane #thegiv

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The US inflation bonanza for sovereign debtors

As developing countries confront a new era of elevated inflation, rising interest rates, a stronger dollar, and capital outflows, some governments stand to benefit from a littlenoticed bonanza. During the “Great Moderation” that preceded the COVID-19 pandemic, years of low inflation led to the growth of sovereign debt issued at fixed interest rates and long maturities. Now, two years of unexpected inflation in the United States have effectively diluted this debt.

According to our calculations, the US government’s own inflation windfall is substantial. In October 2019, the International Monetary Fund’s World Economic Outlook forecast that US inflation would be 2.4% in 2021 and 2.3% in 2022. But US inflation clocked in at 4.7% in 2021, and the IMF now expects a rate of 7.7% this year. The size of what we call the “unexpected inflation shock” over 2021-22 is thus 7.7% (the sum of the actual inflation rates minus the projected rates). Under such conditions, the biggest winner will be the largest issuer of dollar debt: Uncle Sam.

At the end of 2020, the US government’s long-term fixedrate debt was nearly $21 trillion, and the US monetary base (which includes the amount of currency in circulation) was about $5.2 trillion. While the full brunt of 2021-22 inflation (12.4%) falls on the monetary base, its unexpected component (7.7%) reduces the value of the US government’s debt, because debt holders are compensated with interest for expected inflation.

The US Treasury thus nets an enormous $2 trillion reduction – nearly 11% of GDP – in the real value of its $26 trillion in inflationexposed liabilities. Netting out the US Federal Reserve’s holdings of long-term Treasuries brings the figure down to 9% of GDP.

According to the conventional wisdom, it is primarily developing countries that resort to inflating away their debts. But the current period of high US inflation serves as a reminder that developed countries have also often relied on unconventional strategies like the “inflation tax” to deal with their liabilities.

Long-term US Treasury securities totaling about $6.6 trillion are held by foreign entities such as central banks and pension funds, and the Fed estimates that nearly $1 trillion of dollar cash is also held by non-residents.

By diminishing the real value of these holdings, high US inflation has essentially transferred $568 billion to the US government from non-residents, meaning that about one-quarter of the US inflation tax over the last two years has been paid abroad.

Two of the biggest holders of long-term US Treasuries are Japan ($1.2 trillion) and China ($862 billion), which together have paid for nearly one-third of the gains to the US. Aside from China and large cash holders like Argentina (which is losing an amount equal to 3% of GDP, owing to the reduced value of dollar cash held by residents) most of the biggest inflation-tax payers abroad are developed economies.

But America is not the only winner. Many emerging markets are also benefiting, because a significant chunk of their debt is issued in dollars. Since foreign investors have been unwilling to bear the risk that governments will try to dilute the real value of their obligations by printing money and sparking inflation, many governments have tied their own hands by issuing dollardenominated debt.

Bondholders were thus able to assure themselves that inflation in the domestic currency would not adversely affect the value of their holdings – or so they thought. The theory of relative purchasing power parity tells us that all countries’ nominal GDP, when measured in US dollars, will eventually grow at the rate of US inflation. High inflation in the US thus means that the real burden of dollar-denominated debt will decline, netting a substantial gain to other sovereigns.

Excluding the US, total outstanding dollar-denominated long-term fixed-rate debt in 2021 was $1.3 trillion, according to the Bank for International Settlements. Thus, to obtain a conservative estimate of the size of the gain to non-US governments (conservative because US inflation might exceed forecasts or persist beyond this year), we can apply 7.7% of unexpected inflation to the $1.3 trillion, implying savings of roughly $100 billion. Owing to the dilution of their debt, Turkey, Indonesia, Mexico, Saudi Arabia, and Brazil each effectively get a one-time transfer

that exceeds $4 billion, at the expense of their creditors. Other big winners (in relative terms) include developing countries like Lebanon, Venezuela, Jamaica, and Mongolia, whose governments similarly benefit to the tune of 2% of GDP or more.

To be sure, these astronomical sums will cause creditors to demand higher rates of interest on new debt issues. But higher interest rates do not affect the plummeting real value of the existing stock of long-term debt. For some countries, the effect of this transfer may also take time to be felt, because the dollar has recently strengthened relative to other currencies. But the recent inflation shock in the US is a monetary shock, implying that nominal exchange rates will eventually move with the inflation differential across countries (in line with the theory of relative purchasing power parity). Once they do, the GDP of other countries, when measured in dollars, will also grow at the US inflation rate, ensuring that the real burden of sovereign debt falls.

Commentaries on the perils facing developing countries tend to focus on the risks posed by higher interest rates and depreciating currencies. For governments, however, US inflation also comes with a silver lining: bondholders pay the price while inflation whittles away a towering stock of sovereign debt.

Project Syndicate

Greetings from abroad: Repatriation of foreign currency by a company in Ghana

There was a time when, as a child, I used to get letters from my sister with US$10 or US$20 in the mail. Even though my mother would always “hold” the money for me (you already know what this means), it was always exciting to know that I was getting foreign currency and I would brag to my classmates about it all the time. Though the money was coming from the USA, it was a form of repatriation of foreign currency from my sister to me.

In the same vein, companies that do business in Ghana may, as part of their business operations, repatriate foreign currency out of Ghana for various reasons. This article therefore seeks to discuss briefly, repatriation of foreign currency by a company from Ghana.

REPATRIATION OF FOREIGN CURRENCY BY A COMPANY

1. Generally, a company in Ghana that wishes to repatriate foreign currency- its equity capital or otherwise, is required to do so through a recognised commercial bank. The payment should be supported by underlying documents of the transaction in order to be effected by the bank. It is the responsibility of the bank to request for supporting documents relevant to the transaction before undertaking such a transaction. However, individuals (but not companies) can make personal remittances of up to US$10,000 a year, without supporting documentation.

2. Transactions of a company which require repatriation of foreign currency, for which

supporting documents will be required, include:

a. payment of dividends/ profits; b. repayment of loans; c. payment for goods and services; d. proceeds of shareholders upon liquidation of the company; and e. any other external financial obligations of the company.

6. Where the repatriation of foreign currency is payment with respect to services: g. the payment being made is in accordance with transfer pricing regulations under Ghanaian law (that is, transaction being paid for should have been done at arm’s length); and

h. if the transaction involves the payment of services such as (i) the assignment, sale and licensing of all forms of industrial property, (ii) transfer of know-how, (iii) management services, and (iv) the provision of technical services, it could constitute a technology transfer agreement which requires registration by the Ghana Investment Promotion Centre before money can be accrued and repatriated under the relevant agreement. The table below shows the amounts payable as fees under a technology transfer agreement:

SOURCE Foreign Exchange Act, 2006 (Act 723)

ABOUT THE AUTHOR

Prince A. Acquaye is the Managing Partner at Corporate and Allied Attorneys, a dynamic law firm in Ghana. He specializes in corporate governance, intellectual property, immigration, general corporate commercial, data protection and M&A.

AIDEC & Academic City sign MoU to deepen practical AI knowledge

Africa Integrated Development and Communications Consultancies (AIDEC) has signed a Memorandum of Understanding (MoU) with Academic City University College (ACity) to provide practical knowledge in areas of Science, Technology, Engineering, Arts and Mathematics (STEAM).

The MoU was executed on behalf of the two organizations represented by Mr. Ambrose Yennah, Executive Chairman of AIDEC and Professor Fred McBagonluri, President, and Provost of ACity.

Executive Chairman for AIDEC Consultancies, Ambrose Yennah, said: “the agreement seeks to

provide students with practical hands-on-training in Data Science, Machine Learning, Robotics and other advanced technological training in Artificial Intelligence (AI) in areas of STEAM needed to efficiently work in the job market.”

He said the MoU is a private sector initiative between the two organizations to compliment government’s effort at digitalization and will enable them to collaborate with other Consortium Partners for the roll out of several Digital Solutions and Services.

“The agreement will include but not limited to the study and application of Artificial Intelligence (AI) tools, Robotics,

Data Science, Machine Learning, Business Process Outsourcing Services (BPO) with specific focus on the health, and Educational Sectors including Executive Training for the Country Ghana and scaling up to the continent of Africa in the near-term,” he added.

President and Provost of ACity, Professor Fred McBagonluri, said the MoU will help in developing ready job skills by providing access to AI programmes that would help student use technology to pursue research initiatives that is focused on solving the needs of the society.

“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, handson training, research, and fieldwork for their mutual good,” he said. The Consortium Partners, he added, will provide top notch business, educational and technology solutions and services including Massive Open Online

Courses (MOOC) platform as a virtual and open educational resource facility to our target customers in the public, private and third sectors.

AIDEC and ACity in collaboration with other Consortium Partners will identify projects ideas and invest in them to generate employment in IT/ Digital Solutions and Services and generate income for the Consortium Partners whilst providing an avenue for upgrading the skills and competencies of students with creative and innovative technologies that will expose and prepare them for the job market including Students exchange programs for practical hands-on training, research and fieldwork.

The Consortium Partners agree to work to improve and expand their Institutional capacities in Artificial Intelligence, Robotics, Data Science, Machine learning including online learning platforms and programs to whip up the interest of students enrolling for higher education for STEAM, SparX leaning Xperience and other competency-based professional training programs for an all-inclusive digital transformation.

NokNok launched in Ghana for a fast, really fast grocery shopping experience

Fast and convenient grocery delivery app NokNok has launched in Ghana to allow customers to order fresh and hygienic stock of grocery items and have them delivered to their doorsteps within minutes.

The platform operates an inventory that highlights products’ availability in real-time for customers to order from the nearest store for processing and delivery. It also allows customers to track their order and delivery status from the word go. The category of items include ready to eat, fruits and vegetables, beverages, personal care, alcohol, snacks, household items and more.

Commenting on the launch, Timmy Wassouf, Managing Director of NoKNoK Ghana Ltd. said: ‘Our goal is to offer convenience with large and fresh variety of products not only to customers who have busy

schedules yet need to stock up on their grocery but those who desire swiftness and fresh stocks. We know and understand how deliveries can be a hassle with delays and with our technology we aim to bridge the gap between our large and fresh variety of

products and the final consumer who desires ease and convenience in purchasing and receiving them in minutes.’

On the app, which is available on Google Playstore and Appstore, customers can see available grocery items and make purchases that will be delivered within minutes. In addition, NokNok operates in Accra and delivers groceries to areas such as Cantonments, North Ridge, Osu, Labone, Roman Ridge, Dzorwulu, Adabraka, Airport Residential Area, Airport City, West Ridge, Asylum Down, and Abelemkpe. He also mentioned plans to expand its footprint to East Legon, and Spintex among other areas soon. The

platform operates seven days a week from 8am- 11pm

“As a welcome gesture, we are giving our customers rewards for the usage of the NokNok app. On the first trial, customers who use the promo code AKWAABA and spend at least GHS100 will get GHS30 off on the total amount. Also, by referring NokNok Groceries to a friend, they’ll receive GHS20 as a gift & you’ll receive GHS20 on each referral as a thank-you gift from NokNok. The goal is to let our customers enjoy the convenience that comes with NokNok groceries”

NokNok, a novel smart delivery service is a multinational company with a global presence, has a big vision to combine technology and intelligence to provide realtime convenience to customers. Download NokNok and get all your grocery essentials delivered in minutes.

Mr. Ambrose Yennah, Executive Chairman of AIDEC, left, in a handshake with Professor Fred McBagonluri, President, and Provost of ACity after the signing

Orange Corners Ghana Celebrates The Graduation Of 45 Entrepreneurs

The Kingdom of the Netherlands teams up with Ghanaian Corporate Partners to provide business development support and access to finance to over 120 Ghanaian youth-led ventures through the Orange Corners Ghana Initiative.

On Wednesday 28 September, Orange Corners Ghana celebrated the graduation of the 45 youthled businesses that participated in the six-months acceleration programme. Orange Corners welcomed the entrepreneurs to the stage at a physical ceremony at the premises of the Embassy of the Kingdom of the Netherlands in Accra. The graduation marks the end of the first phase, where Orange Corners supported over 150 talented innovators with expert training, coaching and masterclasses as well as access to facilities, networks and finance to grow their companies.

Hosting the 2022 graduating class and opening the ceremony, The Ambassador of The Kingdom of the Netherlands to Ghana, H.E. Jeroen Verheul, expressed his appreciation saying, “The Kingdom of the Netherlands promotes an ambitious aid, trade and investment policy aimed at finding win-win solutions globally. Innovation, entrepreneurship and youth employment are important pillars in the Netherland’s portfolio of Private Sector Development that aims in assisting in becoming a resilient economy in Ghana. “Orange Corners” is a Dutch flagship programme that focuses on those pillars. The Netherlands stand ready to assist young Ghanaian people in their entrepreneurial journey through the Orange Corners programme”.

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). The importance of supporting an enabling environment for young entrepreneurs is also shared by the private partners of Orange Corners.

Mrs Shirley Tony Kum of Vivo Energy Ghana said, “Vivo Energy has made community development an integral part of its business. As an organisation, we believe in empowering the youth, giving them the needed skills and requisite capacity so that they can also contribute to the communities where they operate in and also advance the development of the country”.

Speaking to the 2022 Graduating class , Mr Saqib Nazir of People’s Pension Trust (PPT) shared that across emerging markets, the big trend seen with the teeming youth population is that the future for the economy is through self employment and entrepreneurship. “It is therefore very important for us to support these entrepreneurs to create viable micro, small and medium enterprises that will employ not just them but others also. The world is in quite a difficult situation and so it is very important for us as PPT and organisations to add value to our young entrepreneurs across the country, and also for entrepreneurs to consider themselves as tools of impact; to use themselves, their businesses, capital and profits as forces for good to add value to the economy”.

Managing Director of MDF West Africa the lead implementing agency, Richard Yeboah said: “With the Orange Corners acceleration programme we take existing businesses a step further. During the 6 months we focus on governance, growth strategies, financial management and compliance and we have seen great improvements in the companies in terms of management and decent job creation. We also want to thank the private sector partners for their involvement and opening up their networks and even buying products and services from the companies.

During the graduation ceremony, the entrepreneurs expressed their appreciation for the programme. Speaking to the CEO of GIDDINS Innove, Mr Gideon Dendzo said, “I joined Orange Corners to build capacity for my business and to access business coaching and funding. Given the impact of covid on businesses, Orange corners taught me how to effectively utilise the training, business coaching to grow and be better at the loan acquisition process to scale even further.” He also urged entrepreneurs to take advantage of the AfCFTA to form partnerships and collaborate on key areas within the trade markets.

Ms. Jessica Mensah, CEO of Fafa’s Breakfast who had invested a lot in her business and needed to scale said, “I had issues with my workers, my suppliers were all over the place and I had a bad structure even though sales were increasing. Orange Corners helped us plan our business

structure from customer retention to compliance, gain employee retention, funding to scale up, all the way down to product development, having a good impact on society through our healthy products on the markets.

As part of the program, the 45 entrepreneurs supported between 2021 and August 2022 can apply for a low-interest growth loan up to EUR 50,000.00 from the Orange Corners Innovation Fund (OCIF), managed by Fidelity Bank, the official financial partner helping the entrepreneurs overcome the difficult barriers of finance.

Since the start of the programme in 2019, Orange Corners Ghana has supported 93 entrepreneurs of which 43% are Women-owned companies. The programme has successfully issued affordable loans in the tune of 550,000 Euro so far. All companies have grown in number of staff and revenue, even during the Covid-19 pandemic.

After the successful implementation of both programmes, the partners have agreed to expand the Orange Corners Ghana Initiative to reach over 600 entrepreneurs in the coming year. The Orange Corners Ghana Acceleration Programme will now expand to Ho, Kumasi, Takoradi and Tamale to give other young talented Ghanaians outside Accra access to the Orange Corners support.

The application for the next cohort will be open in October 2022. For more information, please visit www.orangecorners. com/ghana or stop by at the Ghana Innovation Hub.

Minister of Transport leads aviation experts to the 41st ICAO Triennial Assembly in Montreal

The Minister for Transport, Kwaku Ofori Asiamah, has led a team of aviation experts from the Ministry of Transport, the Ghana Civil Aviation Authority (GCAA), the Ghana Airports Company Limited (GACL), Accident Investigation Bureau (AIB) and the Parliamentary Select Committee on Transport to attend the 41st International Civil Aviation Organization (ICAO) Triennial Assembly currently ongoing in Montreal, Canada.

The eleven-day programme which begun on Tuesday, 27th September and scheduled to end on 7th October 2022 is expected to bring together ICAO’s 193 Member States, of which Ghana is a proud member.

During the Assembly Session, ICAO’s complete work programme in the technical, economic, legal

and technical cooperation fields are reviewed in detail and outcomes provided to other bodies of ICAO and its member States in order to guide their continuing and future work, as prescribed in Article 49 of the Convention on International Civil Aviation.

The Minister of Transport, Hon. Kwaku Ofori Asiamah would be expected on Saturday, 1st October 2022 to address the assembly to tout Ghana’s numerous achievements in the aviation industry as well as Ghana’s recovery in air transportation following the effect of the COVID-19 pandemic.

Mr. Asiamah would rely on Ghana’s enormous achievement in the aviation sector in the subregion to solicit support for Ghana’s

Western Region of Africa.

In total eight African States, including Ghana will be contesting for seats and reelection to the governing body of the International Civil Aviation Organization (ICAO). Ghana at the 40th Triennial Assembly in 2019 received two prestigious awards, the ICAO Council President’s Certificate in Aviation Security and the ICAO Council President’s Certificate in Aviation Safety after significantly improving on its safety performance after the last safety assessment in April 2019.

Ghana obtained an Effective Implementation (EI) rate of 89.89%, one of the highest by an African State, after ICAO concluded its Coordinated Validation Mission

Ministers’ delegation included, the Chairman of the Parliamentary Select Committee of transport, Hon. Kennedy Nyarko Osei & MP for Akim Sweduru Constituency, Kwame Governs Agbodza, Ranking Member, Parliamentary Select Committee of Transport & MP for Adaklu , Mrs. Mabel Sagoe, Chief Director Ministry of Transport, Mr. Charles Kraikue - Director General, Ghana Civil Aviation Authority (GCAA), and Mrs. Pamela DjamsonTettey, Managing Director, Ghana Airports Company Limited(GACL). Ghana’s High Commissioner to Canada, H.E. Anselm Ransford Sowah also joined the Ministers’ delegation to attend the opening session.

So Fraiche media hosts maiden ‘Art in The City’ Exhibition for talented Ghanaian artists

So Fraiche Media, Africa’s leading media agency, has teamed up with Indelibl Arts and Bambou Events, to host a series of art exhibitions showcasing the work of exciting Ghanaian contemporary artists. The first in the series of exhibitions dubbed “Art in The City” was held at Level Up Lounge in Labone, Accra on Tuesday.

The collaboration, spearheaded by the Managing Director of So Fraîche Media, Cyril Ofori Nelson, aims to synchronise ideas and resources to help contemporary artists become more entrepreneurial and learn how to build stainable businesses and brands.

Speaking at the event, Mr Ofori Nelson, Managing Director, So Fraiche Media, said that “the arts industry was a closeknit group with a few people understanding its essence and

value”. He attributed it to the high patronization by diasporans and expatriates.

Mr Ofori Nelson further intimated: “Art in The City has been created to make contemporary art more inclusive and fun. There is also an educational element to the art industry we want to expose to guest who often see the art industry as something they can’t relate to”.

The art exhibition seeks to help bridge the gap between art enthusiasts and collectors, art investors, and academia while providing opportunities for artists to lay the groundwork for branding, self-awareness, and networking.

Indelibl Arts decided to collaborate with So Fraiche Media in order to help the artist get the needed exposure and access to a new market of art collectors and investors.

The founder of Indelibl Art and Accra Art Week, Edwin Otto, stated that “he is highly encouraged by this partnership as it leverages the expertise of Indelibl Arts, Bambou Events and So Fraîche Media encourage more engagement within the Ghanaian and African art scene”.

He believes that the combination of Indelible Arts, Bambou Events, and So Fraîche Media will stimulate increased engagement in the Ghanaian and African art scenes because of their strong competence on the ground.

Founder for Bambou Events, Tyrone Adu-Mfum indicated that the idea initially stemmed from the desire to provide a platform for live band musicians to showcase their craft in a bid to support African creatives.

“The zeal to support African Art birthed the ‘Art in The City’

Exhibition to create a networking platform for unknown yet talented artists as a pivot for their tremendous work, starting off with Ghanaian artists. What we hope to do is to give them awareness, the eyeballs, give people a chance to meet potential agents”, Mr Adu-Mfum explained.

The event witnessed the attendance of art enthusiasts in prominent figures such as The Spanish Ambassador to Ghana, His Excellency Javier Gutiérrez, together with his wife, Mrs Rebekah Kosinski. It also brought together West African artist Edward Ofosu and Ghanaian fine artist Mustapha Asomani with a display of some arts from talented artists. Edwin Otto, founder of Indelibl Arts, was present with Kwaku Osei-Sarpong, West Africa Director, RIFE International and international artist, Isshaq Ismail.

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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A Time with the Masoperh’s: A love conversation for couples under 40

The maiden edition of The Love Conversation, which is designed to help couples find their way back to a marriage that feels like the safest place on earth helping them grow together through every age and stage of life, comes off on Sunday at the Masuperh’s Residence, Dawenya.

Marriage is a journey, but like any journey, it’s easy to lose your way.

Marriage isn’t always easy, whether you are newly navigating life as a pair or have decades of experience together as a duo, a time will come when you may need a little help to revive your relationship.

Your marriage is OK, but it can be better. Something is missing, the romance is gone? You and your spouse have become roommates? How do we bring back the butterflies? How do we bring back the spark?

According to the organisers of the event, if one is seeking therapy or simply looking to reconnect by getting unplugged then The Love Conversation may have the answers they are looking for.

“No matter what struggles you and your spouse are faced with or how deep your pain goes God heals broken hearts and can restore what seems lost. Are you open to God working a miracle in your marriage?”

The Love Conversation is a platform to share and learn.

There will be a balance of fun and laughter and deep conversations. This getaway provides a nice variety of group activities and time to be alone with your spouse with featured facilitator-led discussions with outlined topics, dedicated to reconnecting the two of you on a deeper level, encouraging each other to build strong and happy

Christian marriages. It is a time to be intentional about Love.

Topics to be discussed at the event include: Loving each other through change and growth (Growing closer through each season) as well as Learning to accept and celebrate differences

Resource Persons:

Mr & Mrs Masoperh have come to thoroughly understand the importance of God’s blueprints for marriage and are living it out in their daily lives.

They are a dynamic, fun-filled family who are committed to encourage and equip you and your spouse to build a godly home.

Their presentations are biblically centered and professionally sound.

The Masoperh’s deeply love interacting with couples and share a passion for cultivating healthy marriages and families.

Patrick and Abla live in Tema, Dowhenya and they have been friends for 30years and married for 25years with 4 children:

Patrick is the CEO of HortServe Landscapes Consult and the founder of the song writer’s pen. He is a landscape architect, Florist, music director, Worship leader, recording Artist, song writer and a lover of God

Abla is a lawyer and counsellor who finds joy in teaching, leading and mentoring women. She’s passionate about marriage, parenting, and family.

It is couples under 40’s hope that you will enjoy and gain great insight from their unique perspectives on how putting God’s plan into action will change your marriage for the better.

To participate kindly call +233241914262/+233209558239.