Business24 Newspaper 9th November, 2020 by Business24 Online

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MONDAY NOVEMBER 9, 2020

NO. B24 / 124 | NEWS FOR BUSINESS LEADERS

MONDAY NOVEMBER 9, 2020

Bui Power Authority gets mandate to develop renewable energy T

Transport Minister asks Boankra contractors to live up to expectations

he Minister for Transport, Kwaku Ofori Asiamah, has asked the consortium of contractors working on the Boankra Inland Port Project, especially the Ghanaian partner, to maintain focus and deliver quality work to justify the confidence reposed in indigenous contractors by the President of the Republic. Cont’d on page 3

EC spends GH₵151m on biometric device …saves nation GH₵10m By Eugene Davis ugendavis@gmail.com

T Authority Act 2007 (Act 740), with the mandate to develop a hydroelectric power project on the Black Volta at Bui and any potential hydroelectric power site on the Black Volta river.

he Electoral Commission (EC) spent GH₵151m on the procurement of a brand new biometric verification device which had an initial budget of GH₵161m, chairperson, Jean Mensa has told Parliament. According to the Chairperson, Jean Mensa the Commission managed to recoup a balance of GH₵10m from a projected GH₵161m biometric device.

Cont’d on page 2

Cont’d on page 3

Solar remains one of the most preferred source of renewable energy

By Eugene Davis ugendavis@gmail.com

arliament has enacted the Bui Power Authority (Amendment) Bill 2020 to empower the Bui Power Authority to develop renewable energy and other

clean energy alternatives in the country. Explaining the bill’s rationale to the House, Energy Minister John Peter Amewu said the government in 2007 established the Bui Power Authority through the enactment of the Bui Power

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

INTERNATIONAL MARKET USD$1 =GHC 5.7027

BRENT CRUDE $/BARREL

POLICY RATE

14.5%

NATURAL GAS $/MILLION BTUS

GHANA REFERENCE RATE

15.12%

GOLD $/TROY OUNCE

OVERALL FISCAL DEFICIT

11.4% OF GDP

PROJECTED GDP GROWTH RATE AVERAGE PETROL & DIESEL PRICE:

0.9% GHC 5.13

CORN $/BUSHEL COCOA $/METRIC TON COFFEE $/POUND:

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NEWS/EDITORIAL Editorial / News

MONDAY SEPTEMBER 2020 MONDAY NOVEMBER 14 9, 2020

EDITORIAL Editorial

Pay before boarding order needs a rethink

Wash your hands 2

Cover your cough 3

Wear a mask Brought to you by

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Better safe than sorry

The new directive for all condition for boarding of flights country� s COVID-19 testing passengers to pay for their to KIA.” regime. he test firstonline cases of their the has been perfectly executed COVID-19 before T h e n e w d i re c t ive , h a s these The protocols. CPA� s Chief Executive arrivalnovel at Kotoka International coronavirus were but ratherbeen the described decisiveness In theKofi name of health however, by Officer, Kapito, said walks in as Airport has been meet with airlines as detrimental to the much as the government want to documented about from political leadership in and other pseudo political resentment by airlines and renewed efforts to stimulate curb imported cases of the seven months ago causing so trying to bring the situation campaign events, parties are passengers. demand for air travel, given that respiratory disease, it must not much our way are of under control. pullingthe crowds whichbut care little cash payments remains the burden passenger charge At adisruption time when to passengers life. Ghana’s case count the what aboutisthe pandemic. mode of over payment enough to cover their still coming to terms with the predominant for most Ghanaian travelers. and not to profit from the US$150 � GHCso900� mandatory It caused much pain -- last month or so, although cost While the President is passenger. payment for COVID-19 test upon the aftermath of which is still inching upwardsoperator saw the rate of justified to be disappointed in An airline who arrival at KIA, the new directive wishes to remain anonymous, “Look around Africathe andsocial you being measured. infections slowing down. those not observing has generated more While debate. little new told Business24 that “The cost is see that what is paid in Ghana for is still known about the virus, At the onset, at least mask distancing protocols, among Passengers travelling to Ghana already too high and now this the test is the highest. Why one that is certain is that, was popular others,that turning new policy is also goingasto the be should be� ” a blind eye to will thing from Tuesday, September 15 wearing we to brace for theonline new fear the political rallies pulling i m p of lem e nunknown t e d . T hvirus e r e kept a r e these be have required to make He also raised questions about hundreds of Ghanaian traders payments for the mandatory normal which basically involves people on their toes. crowds the Memorial protocols why the where Noguchi who travel to buy goods to retail C O V I D 1 9 t e s t a t K o t o k a for Medical Research of observing the protocols made But lately, it seems less and Institute are usually non-existent is also International Airport prior to in the country. the University of Ghana, was not necessary by the virus. less people cared about the worrying. boarding of their flight, a “Most of them don� t carry any made to handle the testing for a It is not uncommon For the umpteenth time d While i r e c t iwe v e have b y become F r o n t i so e r protocols. electronic payment cards to be reasonable fee but rather a H e a l t h C a r e � t h e c o m p a n y much used to these protocols, to seetoVeronica baskets out contract mask up,given observe social able pay online. Theyrun should to atheforeign contracted to carry out the have the flexibility to of paytissue cash company do what and Noguchi for many people these of water or the lack distancingtoprotocols wash antigen test at KIA--to all airlines when they arrive.” could adequately handle. protocols have gone from being and other essential items to your hand with soap under on Friday has revealed. The hand Consumer Protection running Business24 wouldaslikeoften to urge a necessity to rather optional – ensure hygiene. water as B y t h e n e w d i r e c t i v e , Agency � CPA� has also raised a flexible approach that allows with those observing it to rather While the President possible. “Passengers are required show critical questions about the passengers to either pay online proof ofacross payment to airlines as a expressed coming as odd. worrycost about the or cash Sad on that 320 people have relatively high of the arrival. Ghana’s management rising case count in his latest fallen to the pandemic since of the virus has drawn address, the President and March. The virus is real, either commendations from experts. its political competitors must you mask up and observe The commendations do not need also accept their role in the protocols or risk being a CONTINUED FROM COVER mean that Ghana’s management people’s continuous abuse for statistic. that the desired outcomes are outbreak had transformed their team structures to the new way of achieved and the economy operations, the bank chiefs working in order to maximise brought back on track.” responded that the immediate efficiencies of digital banking, Mr. Awuah� s remarks were response was to enforce remote and ensure less-paper operations reinforced by majority of the top working while realigning workers� and requirements for social distancing. In the long run, these bank executives who responded roles. measures may result in possible While the majority, 69 percent, to the survey. The respondents layoffs for some whose jobs of respondents indicated that advised the Bank of Ghana to with otherthe utility The working Ministry will of become Energya directly Continued from cover consultation remote become automated,” report increase stakeholder said. permanent option going forward, companies or customers. consequently presented the in order to propose more Commenting findings of theretowas general this consensus that He said the authority bill This willon the introduce address anomaly beneficial policies. the survey, which was on the the new norm will ultimately lead has demonstrated enough and to give legal backing to the competition and help increase This, they said, will help to the shedding of workers whose theme “The new normal� banks� institutional capacity and in extent the authority to execute and manage Bui Power’s revenues, he added. estimate the timelines to COVID-19”, PwC� s jobs have become area of the renewable He said Bui Power has been energyautomated. projects and response to which policies energy of the renewable Country Senior Partner, Vish “ M o s t b a n k s i n t e n d t o and successfully clean energy alternatives. tasked to establish the operating regulator will remain extended available. other permanently incorporate remote Ashiagbor, cautioned that for hydropower Emmanuel Akwasi Gyamfi, company for the country’s S o m e r e s p o n d e n tinitiatives. s s i m p l y working as an option available to workers that survive the digital However, its continuous of the Mines and Nuclear Energy Programme thought that there was the need chairman staff based on their roles. 12.5� of p ro g re s s i o n , t hey h ave to for detailed and guidelines from the Energy investment development andtheir to be major a Committee, the (NEP) upgrade skillsa to remain banks confirmed that said they have government Bankhas of Ghana of renewableand energy been amended law will enable Bui stakeholder relevant. of the Nuclear Power already begun and will continue on theby implement of Power, flagged auditors onation several Ghana Limited (NPG) together whose only off-taker to realign the job roles and work measures put place to curb the currently is the Electricity with the Volta River Authority occasions as inunlawful, since of the pandemic. itimpact falls outside the scope of its Company of Ghana, to execute (VRA) and the Ghana Atomic In their view, clear guidance power purchase agreements Energy Commission (GAEC). mandate. was missing, and though this could be shared during stakeholder consultation, they could not fully embed the new policies in operational strategy without a detailed documented directive.

COVID-19: Banks deferred GH¢3bn in loan repayments

Bui Power Authority gets mandate to develop renewable energy

Post-pandemic banking When asked by the audit firm about how the pandemic� s

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MONDAY NOVEMBER 9, 2020

Transport Minister asks Boankra contractors to live up to expectations Continued from cover According to him, delivery of quality work within the scheduled three-year completion time will pave the way for more local contractors to be awarded such big projects. “The President gave a specific directive that this project should be led by an indigenous Ghanaian contractor with the requisite knowledge to partner a foreign investor to execute the project. After going through a long, diligent process, Ashanti Port Services Limited (APSL), which is a consortium of Affum Quality Limited Ghana and DSS Associates of Korea, emerged as the preferred partner to develop the Boankra Integrated Logistics Terminal Project. I am therefore cautioning the consortium not to disgrace themselves,” he said. He added: “If you fail to deliver quality work and within the scheduled time frame, the impression is that the President will no longer have confidence in indigenous Ghanaian contractors

Kwaku Ofori Asiamah urges local contractors on the Boankra inland port project to live up to expectations.

for them to be awarded such a big project in future.” The Transport Minister made these statements when he assisted President Nana Addo Dankwa Akufo-Addo and Otumfuo Osei Tutu II to cut sod for work to begin on the inland port project, located near Kumasi, on Thursday. Commenting further, he told the consortium that the realisation of the project constitutes an integral part of the country’s strategic

transport network aimed at bringing import and export services close to the doorsteps of shippers in the middle and northern parts of Ghana, as well as the neighbouring landlocked countries of Burkina Faso, Mali and Niger. The Chief Executive Officer of Affum Quality Limited, Mr. Isaac Affum, responding to the call made by the Transport Minister, assured that his outfit and its partner, DSS Associates of Korea,

EC spends GH₵151m on biometric device Continued from cover Speaking on the floor of parliament on preparation ahead of the December polls on Saturday, the Chairperson noted that the Commission has met all the processes required to ensure a free and fair elections.

She stated that the Commission has procured brand new Biometric Verification Devices for the Election to enhance the integrity and credibility of the polls. “As I speak, seventy-four thousand, eight hundred (74,800) brand new biometric verification

Jean Mensa says the EC is ready for the elections on December 7th

devices are in country and are being prepared for the election”. It is expected that the enhanced features of the devices will speed up the verification process and go a long way to ensure that only persons whose biometric details are captured in our system vote on the Election Day. She also added the device has a record of both fingerprints as well as the facial features of each unique individual. As a result, in the event where an individual has lost the use of his/her fingers, the facial recognition feature will be employed to identify the voter. “We are confident that the use of both features will go a long way to enhance the integrity of the Polls. For the records, she maintained that the Commission procured eight thousand (8,000) brand new Biometric Voters Registration kits ahead of the registration in July. The kits worked efficiently and resulted in the speedy and accurate

have the requisite skills to deliver a world-class project that will make President Akufo-Addo and Ghanaians proud. He said to ensure work on the project goes as planned, the US$330m meant to finance the project is ready, noting that “now that the President has cut sod for commencement of work on site, nothing is going to stop or delay us from delivering”. He said the consortium will position the Boankra Integrated Logistics Terminal to attract new market participants, such as Lotte Logistics and Daewoo Logistics from Korea, ALSCO from China, and NDW from The Netherlands. The project, he revealed, will provide specialised warehouses for the storage of cocoa beans and grains, in addition to warehouses for the storage of petroleum and petrochemical products, cement and other bulk cargo. The project is expected to promote technology and skills transfer to strengthen the local resource stock needed for the country’s development, and will create 3,000 direct and over 60,000 indirect jobs for Ghanaians. capturing of the biometric details of seventeen million and twentynine thousand, nine hundred and seventy-one (17,029,971). “All in all, the performance of the kits exceeded our expectation. We are confident that the Biometric Verification Devices will function excellently on the Election Day.”she stated. Furthermore, she disclosed that Special Officials named the COVID-19 Ambassadors will be deployed to all thirtyeight thousand, six hundred and twenty-two (38,622) Polling Stations throughout the country. Their duty will be to enforce the Covid-19 protocols and ensure that the sufficient supply of COVID items to the Centers are put to effective use. She noted that the Commission has completed the printing of presidential ballots for all regions with exception of the Eastern Region. For parliamentary ballots papers, she said only three regions are ready, and they are Oti, Volta and Upper East Regions.

MONDAY NOVEMBER 9, 2020

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MONDAY NOVEMBER 9, 2020

Kofi Adomakoh takes over as GCB Bank MD

he Board of GCB Bank has announced the appointment of John Kofi Adomakoh as the new Managing Director (MD) of the Bank effective 9 November 2020. Mr. Adomakoh, an astute banker, replaces Anselm Ray Sowah, who ended his tenure of office as the MD of GCB Bank in September this year after more than three years in that position. Prior to his appointment, Kofi was the Director & Global Head, Project and Asset-Based Finance of the African Export-Import Bank headquartered in Cairo. He brings to this role, over 25 years of banking experience within Africa;15 of which have been at executive management levels. Kofi has held many leadership roles including Executive Director, Corporate & Institutional Banking at Barclays Bank Ghana Limited (now ABSA Bank Ghana Limited) and Head of Institutional Banking Group at Ecobank Ghana Limited. Kofi holds an Executive Master’s Degree in Business Administration and a Bachelor of

Science in Agriculture, majoring in Economics from the University of Ghana, Legon. He had his Ordinary and Advanced Levels education at the St. Augustine’s College, Cape Coast. The Board views this appointment as a major milestone in the Bank’s transformation agenda to become a world-class bank with proactiveness in solving client needs. The Board firmly believes also that, Kofi’s extensive international leadership experience, expertise in global

financial markets, combined with his deep understanding of the Ghanaian market will be invaluable to the success of the Bank’s transformation journey and further strengthen it’s position in growing market share, revenue and profits. Reflecting on his appointment, Kofi said: “I am greatly honoured and excited to be joining GCB Bank at this time to contribute to the transformation agenda and lead the bank to dominate the market. GCB Bank has a large clientele and strong balance sheet

which uniquely positions it as a strong and formidable Ghanaian bank providing support to businesses and individuals. As industry evolves through technological innovation and advancement, I believe GCB Bank is in a pole position to provide cost effective and world class digital banking solutions. I am passionately committed to placing our clients at the centre of everything we do and look forward to working closely with the Board, senior leadership team, and all employees of the Bank.” “Kofi is an inspiring and energetic leader, and he is widely known for his collaborative leadership style and for building high performance teams. I have no doubt that Kofi’s extensive financial services experience and international exposure will help GCB Bank deliver improvement in shareholder value as well as strengthen and develop key partnerships and strategic alliances,” said Jude Arthur; Chairman of the Board of Directors, GCB Bank.

Parliament ratifies three Mining Lease agreements on Ada Songor Salt Project

arliament has ratified three Mining Leases in respect to the Ada Songor Salt Project, following the adoption of a report of the Select Committee on Mines and Energy. The said agreements are in accordance with Article 268(1) of the Constitution and Section 5(4) of Minerals and Mining Act, 2006 (Act 703). Minister of Parliamentary Affairs, Mr Osei Kyei-Mensah Bonsu, laid the agreements on behalf of Mr Kwaku AsomahCheremeh, the Minister of Lands and Natural Resources. The first agreement is the Mining Lease Agreement between the Government, represented by the Ministry of Lands and Natural Resources, and Electrochem Ghana Limited, in respect of the Ada Songor Salt Project (Ada West Lease Area, Ada Songor). The second Mining Lease Agreement is between the Government, represented by the Ministry of Lands and Natural Resources, and Electrochem Ghana Limited in respect of the Ada Songor Salt Project (Ada East Lease Area, Ada Songor B). The third; Mining Lease Agreement between the Government, represented by the Ministry of Lands and Natural

Resources, and Electrochem Ghana Limited in respect of the Ada Songor Salt Project (Ada East Lease Area, Ada Songor C). The Leases were subsequently referred to the Committee on Mines and Energy for consideration and report to the House pursuant to Order 188 of the Standing Orders of Parliament. Per the Lease Agreements, Electrochem Ghana Limited is granted the mineral rights to dig for mine and produce salt in the areas specified in the agreements for a term period of 15 years and it may be renewed after the expiration of the term, subject to the minerals and mining laws of Ghana. The Committee noted that the national potential production capacity for salt was estimated at 2,330,000 metric tonnes out of which the area under consideration accounts for about 1.4 million metric tonnes. The actual production currently is about 330,000 metric tonnes, leaving a variance of 2,000,000 metric tonnes, it noted. “Meanwhile, the demand by the ECOWAS Sub-region alone is about three million metric tonnes and that of Nigeria is about 500,000 metric tonnes for its refinery industry. There is,

therefore, the need for Ghana to provide the requisite incentive to attract private sector into the salt production industry,” the Committee Report said. In the early 1970s some investors acquired lands at the Ada Songor area from various clans to produce salt. They subsequently acquired leases from Government in line with PNDCL 153 for their production operations. However, due to conflict, which erupted between the people of Ada and the investors, the Government had to intervene, and in 1992 cancelled the 30year mining leases granted to two companies, namely; Vacuum Salt Products Ltd and Star Chemical Industries Ltd. After the cancellation of the leases, government established

an entity to utilise the facilities of the Vacuum Salt Products Ltd to continue to produce salt in the interim while a permanent solution was being sought for the establishment of a more sustainable salt industry in the area. Almost 30 years on, three of such entities, known variously as Task Force, Interim Management Committee and Caretaker Committee, have existed and a permanent solution has not yet been found. Salt production has fallen due to both technical and managerial factors and about 10 per cent the original project area designated for salt production has been taken over by the community for artisanal purposes. GNA

MONDAY NOVEMBER 9, 2020

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MONDAY NOVEMBER 9, 2020

Full Text: Akufo-Addoâ&#x20AC;&#x2122;s 19th address on measures taken against spread of Covid-19

ellow Ghanaians, good evening, and thank you, once again, for letting me into your homes. Three weeks ago, I delivered Update No.18 on the measures being taken by Government to stem the tide of COVID-19 on our shores. I indicated that the number of recorded active cases, that is persons with the virus, was in decline, with the statistics pointing to the fact that we were on the path towards defeating the virus.Our nation, in the weeks prior to that address, had become accustomed to this downward slide of active cases. In recent weeks,however, we have observed a gradual change in the trajectory of the virus, with an increase in active cases from the three hundred and ninetyeight (398) cases recordedthree weeks ago, to one thousand, one hundred and thirty-nine (1,139)active cases, as at Friday, 6thNovember 2020. The total number of deaths now stands at three hundred and twenty (320), a great majority of them, still, with underlying illnesses, such as hypertension, diabetes, chronic liver disease, and asthma. The number of daily infectionsison the rise, from an average of twenty-five (25) new cases per day then, to an average of over one hundred and thirty (130) new cases per day in the course of the last two weeks. In Greater Accra, with the exception of two (2) districts, all districts have reported cases. In contrast, we have only seen a cluster of cases in the other regions from only a handful of districts. These figures, obviously,give cause for concern, in view of what is happening in Europe and America, following the outbreak of a second wave of infections that is engulfing so many other countries. An analysis of the active case data suggests that the Greater Accra Region accounts for some seventy-five percent (75%), with Ashanti, Bono, Eastern, and Western being responsible for sixteen percent (16%) of active cases. The remaining eleven (11) Regions make up four percent (4%) of the cases, with arrivals at Kotoka International Airport responsible for the other five percent (5%). Scientists at the West African Centre for Cell Biology of Infectious Pathogens,at the University of Ghana, Legon, collaborating with the Noguchi Memorial Institute for Medical Research,who are studying the genetic make-up of the virusin Ghana, have established that the virus has not changed. Our observation, however, is that a reduction in compliance with the

preventive protocols account for the increase in infections. Fellow Ghanaians, it appears that we are letting our guard down. Now more than ever, we have to adhere to mask wearing, handwashing, the use of sanitizers, andsocial distancing protocols that have become a part of our daily routines, and which has ensured that we do not impose, all over again, the restrictions we are seeing in other parts of the world. In order to help arrest this new threat of rising infections, Government is going to reaffirm the steps that have served us well so far. We are enhancing the measures of tracing, testing and treatment, i.e. the 3Ts. In addition to this, we will continue to limit the importation of the virus, embark on the strategic,controlled easing of public gatherings, enhance public education and information, and continue to provide relief and support to individuals, families and businesses. To this end, I have instructed the release of additional logistics, including vehicles, to the Ghana Health Service in order to help beef up contact tracing, and the supervision and monitoring of asymptomatic cases being managed from home. We are also employing the use of technology to augment our contact tracing efforts, as well as the supervision and monitoring of home care cases. With the imposition of stringent testing measures at the airport, we have, so far, been able to detect one hundred and seventy-two (172)positive cases amongst some fifty-four thousand (54,000) arriving international passengers. The airport authorities will continue to demand that passengers arriving in the country should be in possession of a seventy-two (72)-hour old negative PCR test, and we will continue to sanction airlines that flout this directive. The health authorities will intensify the follow-up process of arriving passengers, even when they have tested negative to help ensure we have ruled out any possible infection that may have occurred during the period of embarkation and disembarkation.

In the area of testing, I have tasked the Ministry of Health, through the Ghana Health Service, to liaise with all laboratories and testing facilities across the country to ensure that reporting procedures are ironed out and adhered to. In as much as our hospitalisation rates are very low, care for the sick and the provision of treatment remain an important aspect of our strategy. To this end, the one hundred-bed Ghana Infectious Diseases Centre, located at the Ga East Hospital, will be opened in the next few days, under the management of the Ghana Health Service. The provision of adequate medicines, equipment, and personal protective equipment to enable health workers attend to home-based patients has also been guaranteed. As you know, Government, in trying to mitigate against the effects of the pandemic, put in place a number of measures to cushion ordinary Ghanaians and businesses. Government has extended the policy of free access to water for all households across the country until December, as well as fully absorbing electricity bills for one million active lifeline customers for the same period. The Communication Service Tax has also been reduced from nine percent to five percent, effective September 2020. I am happy to announce that the incentive package for health workers has been extended to the end of the year. This means that all health workers will pay no income taxes for the months of October, November and December. Again, all frontline health workers, as defined by the Ministry of Health, will continue to receive the additional allowance of fifty percent (50%) of their basic salary per month, for the months of October, November and December. Fellow Ghanaians, with a month to the conduct of the 7th December presidential and parliamentary elections, there would, obviously, be an intensification of political party activities in all parts of the country, with itsaccompanying human contact.Nevertheless, I encourage political party leaders and supporters, at the very at

least, to wear the mask at all times at these gatherings. This task is not only for the leaders of our political parties. All of us, inthe Executive, Legislature, Judiciary, public sector, security agencies, private sector, civil society, professional and trade associations, religious bodies, traditional authorities and ordinary citizens, must do what we can, in this period, to help minimise disease transmission. Furthermore, I urge management of organisations operating in confined, indoor spaces, such as workplaces and supermarkets, to ensure the continued adherence to all COVID-19 protocols at all times. We have to maintain, in a state of constant readiness, the enhanced infrastructure and expertise we have built during the period of the virus to cope with it. I have seen at first-hand how, in some regions of our country, some residents are abandoning, altogether, the protocols, such as the wearing of masks, put in place to defeat the virus. Indeed, the high compliance rate with mask wearing of persons surveyed by the Ghana Health Service in some selected areas of Accra, for example, to which I referred optimistically in Update No.15, has, according to a new survey by the same Service, fallen alarmingly, from 44.3% to 5%. This is not acceptable, as the enhanced hygiene and mask wearing protocols must now be central features of our lives, and they must continue to remain so for some time to come, until we see to the elimination of the virus from our country. Let me reiterate my admonition from a few weeks ago. Severe sanctions exist in our laws for persons who want to continue to disregard these protocols, and for those who want to endanger the rest of the population through their actions and negligence. The law enforcement agencies will, where necessary, apply these measures without fear or favour. Fellow Ghanaians, I am appealing to all of you to be even more disciplined in your adherence to the personal hygiene, mask wearing and social distancing measures. We cannot afford, at this critical moment, to throw caution to the wind, and destroy the incredible amount of work undertaken by Government, health officials, heroic frontline health workers, and members of the security agencies, in bringing us this far. It is very clear that the more we adhere to the protocols, the quicker we defeat the virus. Fellow Ghanaians, this too shall pass! For the Battle is Still the Lordâ&#x20AC;&#x2122;s!! May God bless us all, and our homeland Ghana, and make her great and strong.

MONDAY NOVEMBER 9, 2020

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MONDAY NOVEMBER 9, 2020

Making the case for attendance at online networking meetings

estination and continual i m p r o v e m e n t s in programming notwithstanding, some Networking Groups and prospective participants, especially for SME’s, may need to take extra steps to garner buy-in for attendance at online meetings — and, possibly, convince that they should register for these events. To address this need, we list below few bullet points for key topics in making case on the importance of attendance. The list is only few and a basic guide on building good attendance habits at online meetings includes top reasons to attend the ‘Referral Marketing’ meetings and provides space to present decisionmakers with information on the associated costs of attending it. A BforB meeting is “one of the most cost-effective and valuable sales meetings” in which they can participate, and to share testimonials from members and other guests who have already done so. Top 3 Key Reasons: 1. Staying connected. The lockdown and uncertainty of the market place following Covid-19 could alienate your business. Some of your customers, clients and prospects are looking out for your contact. 2. Staying Safe and Doing

Business. The market place has never been more competitive than before the lockdown has taken place. Your competitors now more than ever look’s for more business and anticipate a successful bounce back from this crisis. Be there first. 3. Expert support. There are many changes taking place in the market place. Navigating your way to new guidelines and positioning your business on top requires speed and precise decision – making. Become a well informed and well updated decision – maker. Other components of the meetings encompass a customizable” instructions to direct potential guests to present their business should they attend.

Takeaways from these sessions will” be immediate network and business opportunities,” as well as to indicate which type of businesses they intend to meet next meeting. Be proactive! Authored by: Business for Breakfast (BforB)

Business for Breakfast (BforB) Business for Breakfast (BforB) is internationally recognised for creating successful networking meetings, events and training for

referral marketing. Our global offices are in Australia, Germany, Czech Republic, Spain, Slovakia, Ghana and headquartered in UK. We create an environment where you can build quality relationships within your group, backed up by an ongoing member support programme. BforB is committed to helping small to medium scale businesses expand. In our professional network, members meet regularly in business networks to develop relationships, support each other and to share and record referral business. We are here to help you get new business from quality business introductions and referrals made through our meetings. Kindly join our next meeting using this link: https://rb.gy/qrf4pl

Progressive Cashew Association of Ghana inaugurates its national executives By: Baptista S. Gebu

ten-member national executive of the Progressive Cashew Association of Ghana has been inaugurated at a colourful event

held in Techiman within the Bono East region. Over 700 persons including farmers, traders, agents, exporters, opinion leaders, Chiefs witnessed this eventful ceremony. Nana Baffour A. Kyeremeh,

the Kontihene of Bono East in his acceptance speech called for support for the association to help foster unity and development. The Chairman of the newly formed Association, Emmanuel Goodhead speaking on behalf of

the executive committee thanked all present for the support and confidence reposed in them. He thanked the President Nana Akufo Addo for the development of the Tree Crop Development Authority to support improve the cashew business in Ghana and added that “stakeholders are happy to know that a body exists to listen and champion the concerns of all interested parties associated with the cashew nuts value chain system in Ghana.” The First Vice Chairman – Nana Ameyaw Manu also speaking passionately about the mandate of the association, solicited support from all to join make this association the voice of the people. This was followed by an open forum where participants were allowed to ask questions and express their opinion and suggest ways to helping make this association stand out tall.

MONDAY NOVEMBER 9, 2020

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MONDAY NOVEMBER 9, 2020

The Legacy of Entrepreneurs

y great grandfather, Maroun, came to South Africa to seek fame and fortune as a diamond miner. Like so many of his generation, he had heard stories of diamonds lying in the veld, waiting to be picked up. With his head filled with big ideas, he and his brother boarded a ship bound for Cape Town to stake a claim in Kimberley. I can only imagine his disappointment, when he got there, having walked from Cape Town, and finding that De Beers had already taken over the mines. Unperturbed, he headed to Johannesburg to be a gold miner. Upon arrival in Johannesburg, having walked from Kimberley, he discovered the Randlords had taken control of the gold mines. A peasant immigrant and his brother from a tiny village in Lebanon would never be able to overcome the barriers to entry required for the sophisticated mining operations the Witwatersrand required. The year was 1902. The Second Boer War had just ended, and South Africa was not yet a thing. He was stranded in a foreign country with no money. His grand plans for success were in tatters. He then did what poor immigrants across the world do. He started his own business. Sourcing fruit and vegetables from the surrounding farms, Maroun and his brother sold the produce from a wagon to the hungry miners and their families. They did this until his brother died from the Spanish Flu around 1919. Faced with this personal loss and a raging pandemic, my great grandfather pivoted his business model. He secured premises in Pritchard Street across from what is today the South Gauteng High Court. Khoury Trading was formally founded around 1920 and he sold dry goods, fresh produce, and fresh-cut flowers until his death more than 40 years later. The business passed to his sons, my great uncle and grandfather. The family traded from Pritchard Street until the building was demolished to make way for a new building sometime in the ’60s. The business relocated to Multiflora in Jeppe Street where they changed business models becoming one of the largest fresh- cut flower wholesalers in the city. In 1975 they relocated to the new Multiflora complex in City Deep. My great uncle and grandfather have both passed and the business transferred to my great uncle’s son who continues to trade today and still sells fresh-cut flowers. The business has changed names, locations, and business models over the years but has traded as a family business for over a hundred years. The South Africa of today

would probably have felt very familiar to my great grandfather. He arrived in a country struggling to find a new identity. The South Africa of the turn of the century faced rampant corruption and political uncertainty brought on by the social upheaval of the Second Boer War and then the First World War. As he grew his business, he had to deal with the 1918 Flu pandemic and the economic collapse that followed. He was not a well-educated man and could barely speak English. Some of the racist legislation and policy that would form the backbone of apartheid was being formulated at that time. As an immigrant from the Middle East, he would have had to deal with the hurdles this created in his day to day life. He never became a miner and he never made a fortune. However, he was a successful entrepreneur and created a legacy. Maroun’s legacy was not just his business. He was a leading member of the local community and church. He supported and raised a family who in turn raised their own families. His extensive family now extends to a fifth generation, all of whom have contributed to the building of his adopted country. His decedents are doctors, engineers, bankers, scientists, and the list goes on. They are all ordinary people. Some of them are even entrepreneurs themselves. Entrepreneurs do not only create businesses; they create wealth and capital that lasts generations. Not all the capital they create is money. They uplift their communities and create employment. They drive progress and create opportunities for others. I doubt Maroun ever envisioned that his ox wagon stall would create a business that would last a century or that his family would extend to great-great-grandchildren who continue to contribute to his adopted homeland. Which is why now, more than ever, South African needs entrepreneurs. Like Shadrack. He is a former work colleague, friend, and now a business partner. He worked for the company for 17 years before being

retrenched last year. He worked in the company warehouse, and before that as the company security guard. He is a long-distance runner with more Comrades silver medals to his name than I can count. Shadrack is an honest and humble man. He has a broad smile and makes friends easily and loves running. His plan, when he received his retrenchment notification, was to head back to his family home in Limpopo. During a catchup call earlier this year, he started telling me about his poultry farm. He took the money he received from his pay-out, bought a small secondhand truck and brick making equipment. He made bricks and built his own chicken hock. He started a micro-scale poultry farm supplying live chickens to the surrounding community. Chicken is a popular source of protein and if done correctly can be very profitable. He has big plans to scale his business to keep up with demand. His plans include more hocks and a small slaughterhouse. He is as passionate about his chickens as he is about the Comrades. The pandemic has been devastating for small businesses and small business funding. Access to capital for a microscale farm in rural Limpopo is impossible. But that has not stopped Shadrack. A small loan was all that was needed to get him enough materials to restart his building cycle. He is currently making bricks to build his second hock. His role in the community is more important than just as a supplier of chicken. Families in the area, especially the elderly, are heavily dependent on employed relatives sending money home. Since that source of income has dried up, many are solely dependent on SASSA grants and pensions. Shadrack supplies chickens on credit. He delivers near full-grown, live chickens to his customers so that they can slaughter when they need the meat. They pay him once their SASSA grants are received. It is an innovative idea. By sending out the chickens once they are of a certain size, he can save money

on feed and shorten his cycle time to getting more chicks into the hock. His customers can get the chickens to the full size and have fresh meat when they are ready. He is supporting his community while building loyalty with his customers. At the same time, he is planning the expansion of his business and looking to employ someone to help on the farm. With so much in common, I am sure Maroun and Shadrack would have a lot to talk about if they had ever met. When we think of entrepreneurs, and entrepreneurial success, our minds often turn to Jobs, Musk, Gates, Bezos, and the like. These are exceptions. Entrepreneurs are often nobodies. Poor people with big dreams and empty pockets. They face the day to day hazards of life and struggle to make their businesses succeed. Their well-laid plans derail. They fail and face wars and pandemics, political and social upheaval, and turmoil. Often, they are immigrants or refugees in strange countries. They are unemployed or unemployable. Entrepreneurs all have something else in common though. They all have the drive to succeed. They face challenges head-on. They pick themselves up when they fall and carry on. They innovate and change their business models. They lead themselves and those around them with their vision, honesty, and the belief that what they are doing can only succeed. And they always find opportunity no matter how bad the circumstances are. They never stop dreaming. They create jobs and wealth and support their communities. They become the backbone of our economies. Perhaps the most important lesson they can teach us is about courage and staying the course. Getting on a ship to head to a wartorn country takes enormous courage. You are in it for the long haul. The same is true for running an ultra-marathon. You do not simply put on your running shoes to jog 80 plus kilometres. I do not believe there is a magic recipe for entrepreneurial success. But maybe if we can capture some of that entrepreneurial spirit, we can weather the current storm and forge a better, brighter future. Nelson Mandela said, ‘Do not judge me by my successes, judge me by how many times I fell and got back up again’. The current crisis will pass and, in its wake, a new generation of Marouns’ will build the future. CONTACT DETAILS Dr Marietjie van der Merwe USB Representative Marie@ globalnatives.com +230 606 2341 / +230 5 701 1362

MONDAY NOVEMBER 9, 2020

Aviation

MONDAY NOVEMBER 9, 2020

Coronavirus: Rolls-Royce to cut 1,400 jobs as cull continues

early 1,400 jobs are being cut by engine maker RollsRoyce as it continues to slash its workforce by 9,000. The Derby-based company has been hit hard by the pandemic with a fall in demand for its aircraft engines. The job losses are part of those the firm revealed in May, with more than 3,000 of those in the

UK. The group declined to comment on which British sites would feel the brunt of the latest cuts. Of the latest jobs to go in the firm’s civil aerospace division about 950 are in mainly management roles from an organisational restructure and 420 across its global manufacturing facilities.

A Rolls-Royce spokesman said: “The global pandemic has hit our business hard. “Although we have taken swift action and put many, often painful, mitigation plans in place, we must continue to further reduce our cost base so that we can safeguard the future of RollsRoyce.” It is hopeful this action will allow the firm to break even and work towards reaching positive

cash flow by the end of next year. The job cuts are part of a package of measures by the firm. In August, it revealed plans to shut its aerospace factory in Nottinghamshire and merge sites in Lancashire as part of the overhaul. It is planning to close its site in Annesley by the end of 2022. The move will impact around 120 staff, although most of them will transfer to its base in Derby.

Covid: Ryanair will not offer refunds for November flights

yanair customers will not be refunded for flights in November, according to its boss, despite the UK government banning all but essential travel. Michael O’Leary said if a flight was operating, passengers would not get their money back but they could change to a later flight without paying a fee. From Thursday, all but essential travel will be banned under a second lockdown. Ryanair said the first lockdown and subsequent restrictions had resulted in an 80% drop in passenger numbers. It said 17.1 million people travelled on the airline in the six months to September, compared with 85.7 million last year. The carrier reported a €196.5m (£174m) loss for the period compared with a €1.15bn profit last year. But it warned the situation was likely to worsen, saying it “will continue to be a hugely challenging year for Ryanair”. The new lockdown measures for England to stop the spread of the coronavirus were announced on Saturday and are expected to come into force on 5 November following a vote in the House of Commons on Wednesday.

They will remain in place until at least 2 December though Cabinet Office minister Michael Gove said restrictions could extend beyond that date. Commenting on what it means for people who have booked flights, Mr O’Leary told the BBC’s Today programme: “If a flight is operating then no, we will not be offering refunds. “But what customers can avail of is our change facility and we’ve waived the change fee so if they have booking in November they can change it and move it to December or January if needs be. But there won’t be refunds on flights that are operating and travelling.” However, the no fee on changing flights only applies to bookings made after 10 June for journeys between July and November, according to Ryanair’s website. ‘No outstanding refunds’ Mr O’Leary also said that Ryanair had paid out all refunds to customers who had requested one following disruption to flights earlier this year. “We have refunded every single customer who has requested a

refund… from March, April, May, June and July. “Every customer who has requested a cash refund from Ryanair has now received it.” He said the airline had “no backlog” in its refunds department, adding: “Even if you apply for a refund today you’ll receive now in the next three to four days.” But Rory Boland, travel editor at consumer rights group Which?, said: “While Ryanair has recently made some improvements, we still get more complaints about its handling of refunds than any other airline, including from a steady stream of passengers still struggling to get their money back.” He added: “Trust in travel has taken a battering during the pandemic and questionable claims about an airline’s performance on refunds are hardly going to help matters. Ryanair now risks

adding insult to injury by refusing to refund passengers who cannot fly this month because of the latest lockdown. “The airline is only offering feefree transfers to a later flight.” Mr O’Leary said the airline had paid out €1.5bn in refunds amid the pandemic. Ryanair’s revenues in the six months to September plunged to €1.1bn from €5.3bn last year, as air travel ground to a virtual halt after measures to stop the spread of the coronavirus were introduced. However, when flights did resume Ryanair said passenger confidence and forward bookings “were negatively impacted by the return of uncoordinated EU government flight restrictions in September and October which heavily curtailed travel to and from much of Central Europe, the UK, Ireland, Austria, Belgium and Portugal”.

MONDAY NOVEMBER 9, 2020

Banking

MONDAY NOVEMBER 9, 2020

You’ve Got Money: SC Mobile can help you send via mobile money to a wallet

he days of “I don’t have money on me” are long gone. With the advent of mobile money, all you need to do is get your mobile device and transfer money from one wallet to another. Whether banked or unbanked, there is no excuse. Today, there are more than a billion people in the world who own mobile phones but lack bank accounts. It might sound strange in the 21st century, but give a careful thought to the situation and you will find that, because of digital technology, which promises a quicker, safer and smarter way of transacting, people are less likely to be interested in joining long queues and completing a booklet of forms to open bank accounts for transactions. They are more likely to opt for an alternative that allows them to carry out banking and financial transactions without necessarily visiting a bank. Mobile Money has done just that. In Ghana, Mobile Money has made life easier and this method of transferring money has seemingly become the most

inclusive and accepted mode of cashless payment - right from the fancy restaurant at Silver Star Towers to the corner store on your way home. Anyone and everyone can sign up for a mobile money wallet and with the advent of mobile money payment interoperability – a system that allows transfer of funds from mobile money accounts to bank accounts and

vice versa, the agenda to push financial inclusion is finally being realised as many Ghanaians now have a reason to set up bank accounts to be linked to their mobile money wallets. At the fore of Mobile Money Payment Interoperability coupled with innovative digital technology, is Standard Chartered’s SC Mobile app, which is making life for the already banked and new to bank

population efficient, safer and smarter. With the SC Mobile App, one can set up a bank account in minutes, without visiting the bank or branch, and immediately enjoy services that hitherto could only be done in the branch. Most notable of these services is the payment service that allows one to transfer money from their bank account to a money wallet. The mobile money payment functionality permits a transfer to a registered MTN, Vodafone or AirtelTigo Wallet; all while in your comfort zone or on the go. Especially in these times of COVID-19, it is advisable to find alternative means to remain cashless and carry out banking and financial transactions without visiting the bank. Staying true to its brand promise ‘Here for Good,’ Standard Chartered Bank has made cashless transactions possible through its SC Mobile app and continues to innovate and provide relevant solutions that meet the demands of its customers, while ensuring that they remain safe.

FBNBank turns virus challenges into building more robust systems

BNBank Ghana is turning the challenges posed by the novel coronavirus pandemic into building systems that are more robust and ready to do things differently, assuming the world suddenly fully opens for business or another unexpected shock strikes to disrupt the way banks operate in the country. The bank is deploying some of its fresh capital raised in 2018 to investing in new digital platforms and computer systems that are making it possible and safe for all staff to work remotely if required and to meet a sudden surge in demand for their service, without damage to quality and effectiveness of delivery, Managing Director, Mr. Victor Yaw Asante, said in an interview. “We’re making sure that when the world fully opens for business we are in the position to handle the increase in trade. “Fraud issues are becoming significant so we invested a lot in business continuity plans that focus on cyber-related issues which will ensure that the bank can evacuate all staff working in one location to working from different locations,” Mr Asante

said. The health pandemic has been a major test to the survival and continuity of all businesses. To Ghanaian banks it was more of the latter, whether customers could continue to transact with their banks amid the lockdown, observing physical distancing protocols and the disruptions to normal working hours. While admitting that the virus or its effect was a rare type of unknown that confronted banks because of its ability to take human life, he said the banking sector cleanup and the accompanying recapitalization exercise between 2017 and 2019 prepared the industry well for the unexpected. “When you have capital you can deploy it in lending or improve your capacity to bank better,” Mr. Asante said. “On this occasion we’re building in terms of all our unseen things than just focusing on lending it out.” FBNBank Ghana’s loans and advances have been quite strong during the pandemic as it identified and disbursed to those in need and supported new entrants in areas directly

Victor Yaw Asante, FBNBank Ghana MD/CEO

involved in dealing with the pandemic. That saw the loans book growing 280% in the first half even though it was partly driven by a small base. The high growth in advances does not pose serious threats to non- performing loans because the bank is reducing that risk amid the pandemic by

increasing its direct control in the affairs of the companies it gives credit to. “The pandemic situation doesn’t stop anyone from doing a great work. “Our results will continue to go in the right direction but we’ll play it safely, fairly, competitively and very ambitiously,” he added.

MONDAY NOVEMBER 9, 2020

Real Estate

MONDAY NOVEMBER 9, 2020

First National Bank organizes first virtual housing fair in Ghana

irst National Bank Ghana, the leading home financing institution in Ghana, is set to host its maiden virtual housing fair in Ghana. The event will bring together developers and property owners in an open marketplace online to connect and interact with prospective home buyers. The event is scheduled for the 18th and 19th November 2020, on First National Bank Ghana’s YouTube page as well as the bank’s other social media platforms from 11am each day. The two-day virtual event will feature offers from industry players such as real estate developers, land retailers, contractors and home builders. Kojo Addo-Kufuor, Executive director of Home Loans at First National Bank Ghana, stated that the virtual housing fair has been carefully planned for both developers and individuals who are looking to sell or buy homes in Ghana. “We appreciate the many applications for home loans coming through to us. Even though a lot more people are

looking to buy new properties, most often, there is the challenge of finding the house that suits their, preferences and finances,” Mr. Addo-Kufuor says. “That is why we are opening up the housing fair once again, albeit in a virtual format because of the COVID-19 pandemic, to create an avenue for property owners

to meet prospective buyers. And then with our help, buyers can finance the transaction with First National Bank’s various home loan solutions.” During the virtual housing fair, patrons will be able take a virtual tour of properties on sale, chat live with property sellers and meet with staff from

First National Bank Ghana who will guide prospective home buyers through the home loan application process. There will also be various sessions on the First National Bank home loan offers and other relevant banking services for patrons. “The housing fair will be a great place to virtually hang out and learn about the many developers in Ghana, property locations, building sites and every documentation required to secure that house you have been dreaming about for so long,” says First National Bank Ghana’s Head of Marketing and Corporate Affairs, Delali Dzidzienyo. “Financing your dream home should not be that overwhelming. First National Bank is here to help you with home loans for an outright purchase, home construction or even to release equity on an existing property for a new one - whether you are a resident or non-resident Ghanaian.” This event is free and open to the general public.

Average UK home costs more than £250,000, says Halifax

he cost of the typical UK home has risen to more than £250,000 for the first time, according to the UK’s biggest mortgage lender. The Halifax, part of Lloyds Banking Group, said house prices in October were 7.5% higher than a year ago. Demand for bigger homes had risen, with changing priorities and working from home leading people to seek more space.

But the lender said the economic fallout from the Covid-19 crisis would put “downward pressure” on prices. It said this would come in early 2021, and the month-on-month increase in property values had already started to slow. Downturn delay Russell Galley, managing director of the Halifax, said that the extension to furlough and other government support such

as the stamp duty holiday had delayed the downturn, but the future remained uncertain. “The country’s struggle with Covid-19 is far from over,” he said, and this created “clear headwinds” for the UK housing market. In October, prices continued to rise, continuing a 5.3% gain over the past four months, the strongest since 2006, the Halifax said. The annual rise in prices was at its highest rate since mid-2016 and mirrored the trend reported by rival, the Nationwide. Both base their figures on their own mortgage data. The Halifax said that the typical property in October now cost £250,547. However, the Nationwide calculated the average price at £227,826. The Halifax said it was larger homes that had seen the biggest price rises since lockdown. Since March, prices of flats were up by 2% compared with a 6% increase for a typical detached property. In cash terms that equated to a £2,883 increase for flats compared with a £27,371 rise for detached houses.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “People require more outdoor space and not all flats have roof terraces and balconies. But while Covid is having a massive impact it is likely to be temporary in the scheme of things, with people not able to work from home four days a week forever. “Once we have more normality, [employers] will want to see people in the office more. Those flats that are 20 minutes from the workplace will be more appealing than a house on the Dorset coast if you have to be in the office four times a week.” Other commentators have pointed out that the picture of the housing market can vary widely depending on the location. “If you’re thinking about buying a property in this fastchanging environment, one of the best things you can do is to detach from the emotional dimension, so that you are able to analyse whether you are getting a good price and value for money,” said Anna Clare Harper, author of Strategic Property Investing.

MONDAY NOVEMBER 9, 2020

Allianz World Run rallies staff for a good cause

Allianz Ghana staff after a walk organized to encourage staff and family to walk for the Allianz World Run

ive years ago, the first Allianz World Run event – an initiative by the global insurance firm, was held. The guiding principles on which the Allianz World Run were designed are, for yourself, for your team and for the global goals. This remains as true today as they were five years ago. On July 8, 2020, staff of Allianz Ghana dusted off their trainers and dug out their gym clothes to partake once more in the Allianz World Run along with over 12,000 other participants worldwide. The Allianz World Run is a 3-month long charitable walk/jog/ run which is all about challenging one’s self, meeting new colleagues and supporting amazing causes. This year as a result of COVID-19 and its attendant restrictions on movement imposed in many countries, over 90 other sporting disciplines including swimming, cycling, aerobics, dancing, skipping, yoga, boxing, Zumba and running on a treadmill were included and tracked digitally. Allianz staff, Sales Executives, family, friends and basically anyone interested in supporting a charitable cause while working out, joined the annual Allianz

World Run and took up the challenge to move for a good cause. For the past 5 years, the SOS Children’s Villages has been the charity of choice to benefit from the Allianz World Run. Since the Allianz World Run began in 2016, Allianz has supported 32 projects in 28 different countries with their partner SOS Children’s Villages. Globally, the target this year was to meet 5 milestones between two million and eight million active minutes cumulatively. For each milestone unlocked, sustainability projects were to be rolled out by Allianz to provide support to children in communities of 5 SOS Children’s Villages in Rwanda, Zambia, Ethiopia, Uganda and Nigeria suffering from the prevalent issues of climate change and COVID-19. A new record was set globally when Allianz met and exceeded the five set milestones set for the 90 days after just a month of starting the Allianz World Run. At the end of the 90 days, a total of 25,011,809 active minutes were logged which enabled Allianz to not only roll out the projects in these 5 countries, but also to

further expand the project in Rwanda. The charity project focuses on infrastructural developments to grant proper nutrition, medical and hygiene measures for communities whose livelihoods have already been strained on top of pre-existing challenging living circumstances. For the first time this year, Allianz’s contributions will also be funding sustainability projects in these villages to help them recover from the heavy impact they are suffering from climate change, thus enabling longterm solutions for communities through renewable energy and sustainable resources. Individual participants from around the world who performed very well won prizes such as Adidas running shoes and workout outfits, Garmin smartwatches, Adidas Runtastic Training premium memberships for a year, yoga mats etc. Team competition prizes for teams with the record for total distance run, the average distance run per employee and the total number of participants also won 10,000 euros each to be donated to a charity of their choice.

The team from Allianz Ghana, known as the Trailblazers, also beat its target of 10,000 km and its attempt to be amongst the top 3 teams in Africa. After several individual and group walks which took place across the country, where healthy competition and encouragement pushed many out of their comfort zone, Allianz Ghana came second in Africa. Speaking at a short ceremony to award the top 10 staff and top 3 family and friends who contributed to Team Ghana’s success in the Allianz World Run, the CEO of Allianz Insurance Ghana, Darlington Munhuwani, said, “With COVID-19 we were not sure we could hit the target of 10,000km that we set for ourselves. However, through healthy competition and encouragement, together with our families and friends, we pushed ourselves to complete 25,238kms and came 2nd in Africa.” Gideon Ataraire, CEO of Allianz Life Insurance Ghana, added, “For many of us, once we knew that just by being active, we could impact lives of those who most need it, it was easy to find the motivation to be up and running.”

MONDAY NOVEMBER 9, 2020

Feature

MONDAY NOVEMBER 9, 2020

Why was Ireland the first European country to go back into lockdown – and will it work?

t midnight on October 21, Ireland introduced its highest level of national restrictions as part of a lockdown that will last six weeks. In the days that followed, many other European countries did the same, from France to Germany, Wales and Belgium. England will shortly follow suit. As is the case for many of these countries, the Irish restrictions are not quite as severe as during the first lockdown in March, as schools have remained open and larger numbers are permitted at funerals and weddings. So why did Ireland have to do this, and will the first European country to go into a new lockdown be able to conquer the second wave of coronavirus? Spring vs autumn Although serious, the situation in Ireland is different to how it was in spring. Far more testing is being done, including testing suspected cases with a wider range of symptoms, testing asymptomatic contacts, and mass testing high-risk workplaces and care facilities. As in many countries, more cases are now occurring in younger people. This change in testing means it’s not possible to accurately compare the rates now with the rates in March-April when Ireland was only testing those with several symptoms. Allowing for this, however, it is clear that as soon as community numbers began to rise after the first lockdown ended, the low hospitalisations and ICU admissions the country had achieved began to rise again quickly as older people became more exposed to infection. In the days after level 5 restrictions were imposed, ICU admission rates were the highest since May. There are outbreaks in nursing homes again. And we must not forget that, although rare, there can be serious complications from COVID-19, even in young people. The first in Europe International comparisons of rates of COVID-19 are difficult for many reasons. Differences in testing policy, which shifts quickly, hospital capacity, ICU beds and prevalence of underlying health conditions all make for challenges in comparison. Nonetheless, when the restrictions were announced, Irish politicians were criticised

for imposing a lockdown classed as the “strictest in Europe”. However, last week Mike Ryan of the World Health Organization warned that the whole continent was lagging in its response to COVID-19. “There’s no question that the European region is an epicentre for disease right now,” he said. “Right now we are well behind this virus in Europe so getting ahead of it is going to take some serious acceleration in what we do and maybe much more comprehensive nature of measures that are going to be needed.” This is precisely what Ireland is doing, and others have since followed suit. France and Germany are now in similar lockdowns, as cases soar in those countries. UK Prime Minister Boris Johnson has announced that England will go into lockdown on November 5, while Wales started its own “firebreak” lockdown on October 19. Perhaps the most interesting comparison is with Northern Ireland, which began its “circuit breaker” lockdown on October 16, due to last four weeks. Given the nature of the open border between the Republic of Ireland and Northern Ireland, an allisland basis approach to public restrictions would have been ideal as those counties near the

border have suffered most from different practices, with huge surges of infections recently. Will it work? There have been challenges in the response to COVID-19 in Ireland. The recent exponential rise in testing and positive cases has meant that waiting times for tests were prolonged, and for a short time contact testing services were overwhelmed; almost 2,000 COVID-19 cases were asked to alert their own contacts. There also has been insufficient recruitment to support contact tracing. Testing turnaround had improved when cases were low, but that too was soon overwhelmed when the number of tests requested increased dramatically – for example, with a 6% positivity rate on October 10, for every positive test there were 16 that were negative but still had to be processed. The positivity rate has now been brought down to 4.8%. Laboratory testing staff meanwhile are not immune to coronavirus as was seen in the recent closure of the National Virus Reference Laboratory for two weekends with several staff absent due to COVID-19. Since the pandemic began, patients have been worried about

attending the hospital and GP, and there are fears that presentation with diseases such as cancer and cardiovascular disease have been seriously delayed. The effect of this will only truly be seen after the pandemic is over. Hospitals need to be able to do what they normally do – treat non-COVID disease. ICU beds are needed for other patients. I hope this period of high-level restrictions will be the short sharp shock Ireland needs to get back on track. The six-week duration is designed to ensure that Ireland can truly suppress the virus, and anything less would probably not be enough. Coronavirus incubation is five days on average but can be up to 14. A full two weeks will have to have elapsed before it is clear whether there has been a drop in cases. Time will tell how effective Ireland’s lockdown will be, and its success depends on everyone complying with the restrictions – something that is more difficult the second time around. Coronavirus fatigue is present. But there are positive early signs: Ireland is one of only four countries in Europe where the seven-day incidence rate of COVID-19 has decreased compared with last week. Over the coming weeks, it is essential that our politicians, Department of Health and Health Service Executive plan properly for reopening society following the lockdown. Besides suppressing infection rates, this lockdown must be used to recruit more contact tracers, provide faster turnaround times for test results, provide greater support for public health departments – as well as improving our ICU capacity – as we wait and hope for a vaccine. If Ireland does not get things right this time, it is likely to face another lockdown early in 2021. The Conversation

MONDAY NOVEMBER 9, 2020

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Feature

MONDAY NOVEMBER 9, 2020

Adapting to the ‘New Normal’ George Arhin George Arhin is a PwC Partner responsible for companies operating in the Energy, Utilities and Resources (Mining) Industry and heads the PwC Business School.

The ‘new normal’ has become a familiar term in the corporate environment as businesses deal with various ways to sustain operations in the face of the lingering COVID-19 pandemic. Adapting to this ‘new normal’ broadly revolves around people and technology. This article deals with how employees, management and leadership in organisations should be adapting to the ‘new normal’. For the purposes of this article, employees refer to staff who are below management level; management refers to unit and department heads who drive the accomplishment of a company’s objectives through the workers they oversee; and leadership refers to senior management and executives within organisations. They make the fundamental decisions of the organisation and inspire and motivate management and employees.

Employees A common feature of the new normal is working remotely. The two main concerns when it comes to working remotely is ensuring that there is minimal disruption to the flow of work and quality is not compromised. To ensure adherence to these, employees are required to stick to a routine irrespective of their location of work. This involves setting up a simple workspace and sticking to a predetermined work schedule as a way of maintaining consistency. In many instances, employees have the flexibility of creating their own work schedules and agreeing work schedules with superiors in order to maximise productivity. Consistency on the part of both subordinates and supervisors will largely contribute to the smooth progress of work. The need for frequent communication in this era cannot be overemphasised. Team members need to check in regularly on each other not only for work purposes, but also to verify their safety and wellbeing. Additionally, challenges employees face in carrying out work need to be communicated on a timely basis in order to manage expectations. As companies continue to develop new ways of carrying out work, staff also need to provide feedback on these new methods so that the necessary updates are made. Agility is a crucial trait required to stay relevant as work continues to evolve amidst the disruptions. Many companies have resorted to the increased use of technology to ensure continuity of work. Staff need to embrace this new way of working by using the tools made available by leadership. Adequate training may be required to get used to these new tools. However, it is up to employees to transform the skills acquired through training into capabilities by using these tools to carry out work and deliver desired results.

Management Management play an important role in navigating the ‘new normal’ as they interact more frequently with staff and bear the responsibility of supporting staff at the workplace. This role comes to play in managing the changes introduced to the workplace.

While it may be easy to identify which areas to provide support to staff, there is also the need to create avenues for staff to communicate the support they require in carrying out their work for timely resolution. Providing the necessary support to staff is key to ensuring continuity of work as companies navigate the ‘new normal’. Evaluating employees is tricky in these times of prolonged absence of face to face interactions since traits that are observed rather than measured such as interpersonal skills and commitment to work, may be eroded from the appraisal process. However, a fair appraisal is essential to drive performance and motivate people. It is necessary to redefine and communicate what is important to the organisation and enforce this through the appraisal process. Management needs to go beyond the traditional approach, see the big picture and acknowledge any additional effort from staff as they cope with the disruptions of working remotely. There is also the need to make a conscious effort to overcome any form of bias in order to strengthen trust in the appraisal process and in the organisation. Working capital management can be challenging in the face of prolonged uncertainty. The ability of management to critically analyse their organisation’s financial demands and proffer appropriate liquidity plans and strategies has come to be of the utmost importance in keeping solvent in these times. This calls for short-term cash flow forecasts modelled against the best-and-worst-case scenarios and review of current cash processes and controls. Management needs to embark on effective working capital management. This includes but not limited to maintaining a list of key suppliers and critical payments that must be made to ensure operational continuity; directing efforts in identifying opportunities to conserve cash by, for example, cutting down on expenses that are not central to the running of business operations if demand has fallen. Finally, management should identify pockets of excess working capital and establish initiatives to quickly convert it into cash.

Leadership The manner in which organisations adapt to the new normal largely depends on the top hierarchy who make all the important decisions. Sustaining revenue, profitability and cash flow is a key decision area in the era of the ‘new normal’. The outbreak of COVID-19 has triggered changes to consumer behaviour compelling businesses to rethink their product and service offerings. Hence, it has become increasingly critical that businesses continue to innovate bearing in mind both the short and long term innovation strategies. Businesses should also focus on changes in consumer preferences and needs to drive improvement and sustainable growth. According to the Global PwC Survey conducted in June this year, almost two-thirds (63 percent) of CFOs are looking to generate revenue by changing or refreshing their product and services mix.

Another key decision area that is receiving a lot of attention in this era is investment in technology. Technology has become fundamental to a company’s strategy to develop new ways of working, secure newly implemented remote working practices and ensure continuity of core IT and IT security functions. Decisions regarding investment in the right type of technology to support business operations need to be made in a timely manner. Investment in technology is usually costly and the services of consultants may be required to ensure the right investment is made. There is also the need to ensure that the appropriate infrastructure is in place to secure cloud and other IT systems in order to effectively manage IT-related risks. Cyber risk is heightened as more business functions are hosted on cloud and other web-based platforms. Cyber attacks can severely impact companies in the form of loss of funds and interruptions to operations. Consequently, there may be the need for leadership to assess and obtain cyber insurance in order to mitigate any cyber risk. Increased work flexibility has been identified as a factor that will make organisations stronger over the long term (PwC Global CFO Pulse Survey, June 2020). In this regard, it is important for leadership to continually rethink the way work is carried out. This is necessary in order to accommodate flexible working policies to ensure the continuity of business activities. Depending on the type and size of the organisation, Conclusion some significant changes could be made. Leadership should deliberately channel effort towards managing the change process to ensure that employees and management do not feel threatened by the change(s). It is also important to regularly share relevant information directly with employees and management so that they have a first-hand understanding of how the organisation is evolving in these uncertain times.

Conclusion While the looming uncertainty presents various challenges to businesses, there are long term benefits for businesses who pull through. These businesses would have discovered new ways of ensuring continuity of operations, developed new products and services to meet changing consumer needs. They will also be able to sustain or increase revenue, accelerate the use of technology in their operations, improve on efficiency, and so on. In order for a business to pull through however, a collaborative effort by leadership, management and employees is required. It is important for individuals at all levels in the organisation to have an awareness of the times and adapt quickly in order to survive.

Want to know more? Let’s talk. You can contact me by sending an email to george.arhin@pwc.com and copy in Prince Adufutse prince.adufutse@pwc.com PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Business School Please see www.pwc.com/structure for further details. Enquiry and registration: Please contact Salome Aku Duse on 0302 761500 (ext 301) or via email to pwcgh.businessschool@pwc.com aa

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MONDAY NOVEMBER 9, 2020

Feature

MONDAY NOVEMBER 9, 2020

Biden’s Precarious Victory

oe Biden has survived a grueling election campaign and a cliff-hanger election. Next, he must fend off legal challenges from US President Donald Trump’s campaign. While he will most likely enter the White House on January 20, 2021, he will wonder when he gets there whether the prize he sought for so long is a poisoned chalice. A President Biden will enter office confronting widespread economic distress, the seasonal escalation of a deadly pandemic, and a brutal international environment. These challenges would test even the most skilled leader. But Biden will be further hampered by a divided government, a hostile judiciary, a weakened federal bureaucracy, and lingering Trumpian populism among the public. In the past, a newly elected president could expect some cooperation from the opposing party in passing legislation. Biden should expect nothing of the kind. Republican members of Congress largely beat expectations in the election and will see no reason for compromise. If Republicans retain their majority in the Senate, they can and will try to undermine the Biden administration, to create the conditions for an anti-Democratic backlash in the 2022 midterm elections. Progressive bills will be dead on arrival, and sorely needed constitutional reforms of the Electoral College, voting laws,

and the presidency will not occur. More likely, Americans will have to endure sporadic government shutdowns amid a cold civil war that maintains a status quo of paralysis – at best. Even if Democrats win a majority in the Senate, Biden will face formidable obstacles. With the confirmation of Amy Coney Barrett a week before the election, Republicans will enjoy a 6-3 majority on a Supreme Court that was already leaning more rightward than any court since the 1930s. Today’s Court will continue chipping away at the legal foundations of US regulatory agencies and advancing socially conservative values, as it has for the last two decades. Even if Biden can push progressive legislation through a divided Congress, he will still face the prospect of the Court striking it down. Indeed, the Court might finally deal a deathblow to the Affordable Care Act, the signature achievement of Biden’s former boss, Barack Obama. With a likely understaffed executive branch and a hostile judiciary, Biden will have trouble exercising executive power. Federal agencies have suffered a loss of morale – and qualified staff – during the Trump era, and will most likely take quite a while to regroup. Efforts to undo the damage that Trump did to environmental, health, and safety regulation will come slowly from

the depleted agencies, and all changes will be met with judicial skepticism from Republicanappointed – and especially Trumpappointed – federal judges. Similarly, ambitious uses of regulatory and executive power to reform immigration or address climate change (on the model pioneered by Obama) will receive a frigid reception at the Court. Biden will inherit substantial legal authority to take measures to contain the pandemic; but Trump-appointed judges will push back when that authority conflicts with religious liberty and property rights, as they have already done when governors issued similar orders. Finally, there is the elusive issue of public opinion. Though Biden won the popular vote, the American electorate remains deeply divided. Trump’s lawsuits claiming electoral fraud are unlikely to succeed, but his attempts to persuade Republican voters that Democrats stole the election will likely have a lasting effect. If Trump succeeds in delegitimizing the outcome in the eyes of enough voters, Biden will have even more trouble securing support for his policies from alienated Republicans and their elected representatives. Moreover, Biden also will be contending with a fractious Democratic coalition that could explode at any moment into a battle among leftists, moderates,

and anti-Trump independents. For all of these reasons, Biden will not benefit from the traditional honeymoon period that other newly elected presidents have enjoyed. He ran as a unifier, but, like Obama before him, he will quickly learn that you cannot win over those who despise you. That said, Trump’s defeat is a triumph for American democracy. Trump has been the most divisive and destructive president of modern times. His failure to win a second term, despite the numerous advantages of incumbency, will send a signal to ambitious politicians that populism and demagoguery are not the keys to victory. The moment should be savored for that reason – if for nothing else. About the author

Eric Posner, a professor at the University of Chicago Law School, is the author, most recently, of The Demagogue’s Playbook: The Battle for American Democracy from the Founders to Trump.

MONDAY NOVEMBER 9, 2020

World

MONDAY NOVEMBER 9, 2020

Five questions for Joe Biden on the economy

oe Biden will become America’s 46th president after defeating incumbent Donald Trump in a bitterly divisive election conducted with the country still reeling from the coronavirus pandemic. His plans for the next four years are likely to confront the challenge of a divided government, however, as Republicans claimed key victories in Congress. It’s a situation that many analysts say leaves the most ambitious parts of his agenda dead on arrival. Here are five questions facing him when it comes to the US economy. 1. How will he save the US economy? For months, economists have pleaded with Washington to fund more coronavirus relief. But talks have been at an impasse, as Republicans reject the size of the spending plans put forward by Democrats, despite some pressure from Mr Trump for his party to compromise. Republicans have indicated they will strike a deal before Mr Biden enters office, claiming a final win for Mr Trump. But if that deal falls short of Democratic hopes, as is likely, or the recovery starts to falter, how much more will Mr Biden, who is known for being relatively moderate, seek? On the campaign, Mr Biden backed plans to forgive student loans, increase Social Security cheques for pensioners, and provide money for small businesses. He also offered more ambitious proposals, like investing $2tn in areas such as clean energy, infrastructure and public transit. But Republicans are likely to be even more steadfast in their resistance to spending proposals from a Democratic White House, promising a tough fight.

2. How will he address inequality? As income inequality in the US increases to its highest in more than 50 years, liberals have pressed for higher taxes on the rich, a proposal that polls suggest is widely supported among the public. During the campaign, Mr Biden called for reversing parts of the 2017 tax cuts signed by Donald Trump, promising to raise the rate on corporations from 21% to 28%, among other changes. Outside groups estimated his plan could raise more than $3tn over the next decade - money that could be welcome as the pandemic swells America’s national debt. But while Mr Biden’s proposals were not as far-reaching as some of the other plans backed by members of his party, any effort to raise rates will face a fierce fight from Republicans and business groups, who say higher taxes will hurt the economy. With the economy in a precarious state, will Mr Biden even bother pushing the issue? 3. Can he convince America to take action on climate change? Climate change activists were disappointed when Mr Biden unveiled his first plan to fight climate change. But this spring he returned with a sweeping proposal, crafted with help from some of his former critics, that has been described as the most ambitious ever put forward by an American presidential candidate. It included investing $400bn in renewable energy research, tightening car pollution regulations, cracking down on corporate polluters, building 500,000 electric vehicle charging stations and eliminating carbon pollution from power plants by 2035.

Republicans warn the plan will “bury” the US economy. But enacting even a limited version, or focusing on regulation he can enact as president, would mark a stark turn from the Trump years, when the White House opened public lands to oil drilling, slashed regulations and walked away from global efforts, like the Paris Climate Accord. So which proposals will Mr Biden prioritise? 4. Will he end Donald Trump’s trade wars? Donald Trump’s aggressive trade posture attacking allies, criticising international organisations, and applying new border taxes on imports from countries around the world was perhaps his most distinctive economic policy. There’s little doubt Mr Biden will seek a reset, re-asserting America’s role as an ally and leader on the world stage, but how much will the substance differ? When it comes to China, he has pledged “aggressive” action and few expect him to remove the tariffs Trump imposed on Chinese goods during his trade war anytime soon. As my colleague Karishma Vaswani wrote before the election, China expects no favours, regardless of the winner. The former vice president has also endorsed the idea of tariffs in other circumstances, outlining plans to charge a fee to countries that do not meet climate and environmental obligations. And like Trump, he’s promised to revive American manufacturing, with stronger “Buy American” requirements for government spending that could bring the US in conflict with international trade rules. International organisations and long-time allies alienated by Trump, like Canada and Europe,

can probably expect fewer attacks. But some tensions are likely to linger. And in the case of the UK specifically, agreeing a trade deal may become more difficult - not less - as Mr Biden has made clear such a pact is not a high priority and may depend on what Brexit means for the Irish border. 5. Will he break up Big Tech? The practices of America’s tech giants are under major scrutiny around the world - and at home, where politicians on the left and right have called for tougher rules in areas such as competition and consumer privacy. Mr Biden has backed the breakup of companies as a “last resort” and criticised Facebook and others for not doing enough to police disinformation and other malign content on their platforms. He has said he supports revoking the US law that protects tech firms from liability for content posted on their platforms. But he and his vice president Kamala Harris, who have received widespread support in Silicon Valley, have been unusually quiet on this subject. They did not, for example, showcase such positions on the campaign website. Some of the changes under discussion require Congress to act. But the White House wields significant power on its own to conduct competition probes, enforce privacy and other regulations and can decide whether to fight international actions, like efforts in the UK and elsewhere to collect more tax from tech companies. So, with his powers in other areas limited by the Republican presence in Congress but pressure remaining to deliver to Democrats’ liberal base, will Mr Biden champion tech regulation or will the issue take a back seat? BBC

MONDAY NOVEMBER 9, 2020