Business24 Newspaper 18th November, 2020 by Business24 Online

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WEDNESDAY NOVEMBER 18, 2020

NO. B24 / 128 | NEWS FOR BUSINESS LEADERS

Cutting tax freebies could reduce education-funding shortfalls—ActionAid

Sam Koranteng

MTN Ghana seeks approval to buy back over 1m shares By Patrick Paintsil p_paintsil@hotmail.com

elecoms giant MTN Ghana has set an extraordinary general meeting for December 3, to seek permission from its shareholders to go ahead with their intention to buy back 1,089,630 shares from applicants whose transactions were not completed during its Initial Price Offering (IPO). Cont’d on page 3

‘AfCFTA will assist in swift recovery from Covid-19’ By Eugene Davis ugendavis@gmail.com

By Benson AFFUL affulbenson@gmail.com

hana gave away US$901.1m through parliamentary tax waivers to corporations

between 2018 and 2020, ActionAid, a civil society organisation, has said in a report. The report, titled “What Tax Incentives Can Do for Basic Education in

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

POLICY RATE

Ghana”, examined how the government could have channeled the tax incentives given to the companies into the development of basic education in the country. Cont’d on page 2

NATURAL GAS $/MILLION BTUS

GHANA REFERENCE RATE

15.12%

GOLD $/TROY OUNCE

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

0.9% GHC 5.13

BRENT CRUDE $/BARREL

14.5%

PROJECTED GDP GROWTH RATE

Cont’d on page 3

INTERNATIONAL MARKET USD$1 =GHC 5.7027

s u c c e s s f u l implementation of the African Continental Free Trade Area (AfCFTA) next year will help stimulate businesses and usher in a strong economic recovery post-Covid, Patrick Yaw Nimo, Chief Director of the Ministry of Trade and Industry, has said.

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

$41.26 2.622 1,922.57 329.50 $2,339.27 $109.65

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Editorial / News

WEDNESDAY NOVEMBER 18, 2020

Editorial

What a successful AfCFTA means

rade experts have tipped the African Continental Free Trade Area to be a major opportunity whose successful implementation could help African countries to diversify their exports, accelerate growth, and attract foreign direct investment. This will obviously serve as the catalyst for the continent’s economy recovery from the dire consequences it has suffered in the hands of the ravaging coronavirus pandemic. Chief Director of the Ministry of Trade and Industry, Patrick Yaw Nimo, is a firm believer of this assertion and this paper strongly agrees with him. As the global economy is in turmoil due to the Covid-19 pandemic, creation of the vast AfCFTA regional market will

be key to intra-continent trade for the growth of economies that will be participating in the deal. United Nations’ Economic Commission for Africa (UNECA) assessment of the AfCFTA on the continent shows significant gains in all main sectors with strong potential to promote industrialisation with Ghana alone to see its GDP increasing between 0.29percent and 0.31percent translating to US$450 million and US$510 million respectively. The country’s exports have also been tipped to increase between 1.7percent and 2 percent which represents US$867million and US$1billion respectively. Exports growth for the continent has been projected to be around 1.5percent—

US$40billion and 2.2percent— US$56 billion, depending on the ambition of the liberalisation reform. The welfare of the continent would increase slightly due largely to the significant expansion in intra-African trade with that for Ghana expected to hover between 0.3percent and 0.4percent, according to the analysis. This analysis paints a progressive picture of the continental market which when given the political push by the region’s private and public stakeholders would reposition our respective economies back to the path of growth. We commend the Trade Ministry on its sustained engagements with the relevant actors on this noble journey.

Cutting tax freebies could reduce education-funding shortfalls—ActionAid Continued from cover It said 20 percent of the US$901.1m could reduce the funding needs of education by about 25 percent in a year. This could provide extra 950,527 places for pupils in schools or more school infrastructure, with the potential to build 10,378 classrooms for pupils in the country, it added. “Government expenditure allocation to the education sector is increasingly looking bleak, shifting away from the Global Partnership for Education (GPE) target of 20 percent,” the report said.

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In 2016, government’s allocation to the education sector as a percentage of all allocations to ministries, departments and agencies was 14 percent. In 2017, it dwindled to 13 percent and

picked up to 16 percent in 2019. The GPE tasks governments to spend 6 percent of Gross Domestic Product (GDP) or about 20 percent of national budget allocations on education. The GPE supports government financing of education with additional funds, but requires clear commitments from

governments to attain the target. “The continuous underperformance of revenues exacerbates this problem of inadequate allocations. Tax incentives also exacerbate this problem by reducing the potential revenue pot if maximum taxes were to be collected,” it said.

WEDNESDAY NOVEMBER 18, 2020

MTN Ghana seeks approval to buy back over 1m shares Continued from cover According to the company, owners of the affected shares did not provide sufficient personal information to complete their Know Your Customer (KYC) requirements as required under the company’s IPO, and in accordance with a directive from

the Securities and Exchange Commission. The extraordinary meeting will also seek authorisation from shareholders for the implementation of an employee share scheme by way of an Employee Share Ownership Plan (ESOP) for lower level staff, and an employee share scheme by

way of Performance Share Plan for senior staff. According to a statement issued by the company, the total amount of shares subject to the employee share scheme are to be allocated on an estimated share price of GH¢0.60 representing about 4.41percent of the issued share capital of Scancom Plc.

Selorm Adadevoh, MTN Ghana CEO

“This follows an agreement between the Government of Ghana, MTN Group and MTN Ghana agreed in Q1 2020 to increase local ownership in MTN Ghana by a further sale of up to 12.5percent shares in MTN Ghana to Ghanaians,” it added. Corporate Services Executive of Scancom Plc., Sam Koranteng, speaking ahead of the EGM, urged shareholders to participate in the meeting and cast their vote. He said arrangements have been made to enable all shareholders to take part in the meeting including those without smartphones. MTN Ghana held its second post IPO AGM virtually on August 13, 2020 during which the financial statement for 2019 was presented to shareholders and at which all special resolutions relating to the amendment of the company’s constitution were duly passed by shareholders. A final dividend of GH¢4 pesewas for 2019 financial year was declared and paid on August 28, 2020 to shareholders.

‘AfCFTA will assist in swift recovery from Covid-19’ Continued from cover As the global economy is in turmoil due to the Covid-19 pandemic, creation of the vast AfCFTA regional market is a major opportunity to help African countries diversify their exports, accelerate growth, and attract foreign direct investment, he added. Speaking at the opening of the first Meeting of the Committee on Trade in Goods and the Subcommittee on Trade Facilitation, Customs Cooperation and Transit, being organised by the AfCFTA Secretariat, Mr. Nimo said Ghana is now ready to start trading under the AfCFTA on 1 January, 2021. “A high-level inter-ministerial committee has been established, supported by a steering committee, technical working groups in line with the Seven Clusters under the Action Plan for Boosting Intra-Africa Trade, and a National AfCFTA Coordination Office, to oversee the national

action plans that have been developed,” he said. He added that economic operators are ready to explore trade and investment opportunities under the AfCFTA, and various government interventions, such as the OneDistrict-One-Factory (1D1F) programme and credit facilities for SMEs, are aimed at boosting the capacity of Ghanaian businesses and entrepreneurs to produce and benefit from the AfCFTA. AfCFTA provides the

opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people in a $2.5tn economic bloc and usher in a new era of development. The main objectives of the agreement are to create a continental market for goods and services, with free movement of people and capital, and pave the way for creating a customs union. It will also grow intraAfrican trade through better harmonisation and coordination of trade liberalisation across the

continent. On his part, Mr. Fechin Akoto, the head of AfCFTA Affairs at the Ghana Revenue Authority (GRA), said the meeting was intended to explore the readiness of member countries as well as fashion out strategies for the AfCFTA’s operationalisation. The series of meetings to prepare for commencement of trade is in line with the objectives of ensuring that all member countries put in place the necessary mechanisms to be able to trade from January 2021. AfCFTA is said to present a major opportunity for African countries to bring 30 million people out of extreme poverty and to raise the incomes of 68 million others who live on less than US$5.5 per day. It is estimated that trade facilitation measures that cut red tape and simplify customs procedures would drive US$292bn of the US$450bn in potential income gains from the agreement.

WEDNESDAY NOVEMBER 18, 2020

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News

WEDNESDAY NOVEMBER 18, 2020

Gov’t, AfDB Group sign MoU to host 2021 AGM By Joshua Worlasi Amlanu macjosh1922@gmail.com

overnment, through the Ministry of Finance, has signed a memorandum of understanding with the African Development Bank (AfDB) in order to host the upcoming annual general meeting of the AfDB Group’s next Annual Meetings to be held from 24 to 28 May, 2021. The MoU defines responsibilities between Ghana and the Bank, as well as defining the requirements for hosting the AfDB Group’s Annual Meetings. “As is customary, the AfDB Group is primarily responsible for the organisation of the Annual Meetings including preparing all the required documentation, sending out invitations, and facilitating the registration and accreditation of all participants,” said Professor Vincent O. Nmehielle, Secretary General of the AfDB Group, at the signing of the MoU. “The Host, on the other hand, is expected to make available goods and services needed for the effective organisation and success of the Annual Meetings,”

Ken Ofori-Atta, Finance Minister with Professor Vincent O. Nmehielle, Secretary General of the AfDB

he added. In this regard, the government is expected to facilitate the smooth entry of participants into the country and accord them the necessary privileges and immunities, make available suitable accommodation, provide for the safety and security of all participants, provide venues for all meetings including office space for Bank officials, provide ground transportation, provide a wellequipped medical system, assure internet connectivity and supply appropriate equipment in line with the Bank’s requirements. However, due to the unpredictable evolution of the COVID-19 pandemic, the MoU provides for three scenarios for holding the 2021 Annual

Meetings. The first, Scenario A allows for Full-fledged Annual Meetings as per the AfDB Group’s normal practice. The second, Scenario B provides for Limited Annual Meetings, focusing only on Statutory Matters. The third, Scenario C would involve Virtual Annual Meetings. The COVlD-19 triggers specified terms of the MoU will inform the Scenario to adopt as we get closer to the event as it is impossible at this stage to do so. “It is however heart-warming to learn that Ghana is working on preparations for Scenario A, namely, the full-fledged Annual Meetings,” the Sec. General noted. The Finance Minister, Ken Ofori-Atta at the signing said

that the signing is yet another indication of the country’s strong commitment to delivering on all the requirements for hosting of the 2021 AGM. “It is gratifying to note that the mission was satisfied with general infrastructure such as conference facilities, accommodation, health, transportation, ICT and general security of the country. However, we have taken cognizance of the renovations and refurbishment works needed at AICC as the main venue for 2021 AGM,” the Minister said. “Today’s signing of the MOU will also facilitate the initiation of actions in diverse fronts. Government is in the process of inaugurating the committees and sub-committees to facilitate the successful organization of the 2021 AGM,” he added. The committees include; the Inter-Ministerial Committee made up of ministers of state; Local Organising Committee or Coordinating committee comprised of representatives from the various sub-committees, as well as the Nine sub-committees on the thematic areas of the Annual Meetings requirements.

Ghana signs concessional loan with Korea

hana on Tuesday signed an agreement with the government of the Republic of Korea, concerning the concessional loans from the Economic Development Cooperation Fund (EDCF) for the years 2020 to 2022. Ken Ofori-Atta, the Minister of Finance signed on behalf of Ghana, while Kim Sungsoo, the Korean Ambassador to Ghana, signed for his country. Mr. Ofori-Atta explained that the concessional loans being provided to Ghana from the EDCF under a three-year funding cycle referred to as the FA, was delivered through Korea Eximbank. He said under the agreement the Korean Government was committing the sum of 400 million dollars towards the implementation of a number of development projects. The Finance Minister said the amount was a 100 per cent increase over the previous two Framework Agreements which spanned between 2014 to 2016, and 2017 to 2019, and received 200 million dollar each. According to him, the doubling of the amount was in response to a

one-billion-dollar support request made by Ghana’s President Nana Addo Dankwa Akufo-Addo. Mr. Ofori-Atta expressed the Government’s appreciation for this marked increase, while it continued to look forward to future envelope that matched the one-billion-dollar request made by the President. Mr. Ofori-Atta said five urgent and important projects: the Techiman Water Supply Project ($100 million), COVID-19 Emergency Response Programme ($60 million), Modernization of Regional Maritime University Project ($140 million) and Improvement of Volta Lake Transport System Project ($100 million), were expected to be funded by EDCF in Ghana. He said following a request by the Finance Ministry, the Embassy of Korea had also agreed to expand the four priority sectors in the current CPS (2016 to 2020). It will include information and communication technology and transport sectors for the upcoming Country Priority Sectors (CPS) spanning between 2020 and 2025, and thanked the Korean Government for aligning their resources to Ghana’s

priorities. Mr. Ofori-Atta said over the last three years, prudent steps were taken to create an enabling environment for the private sector to flourish, citing the introduction of tax reforms as a key factor. Inflation was at 10.4 percent in September, 2020, while interest rates of 13.55 per cent per the Monitory Policy Rate were on the decline, and the exchange rate had also been stable while debt was being managed under sustainable levels, he said. He however, said just as other countries, COVID-19 had had its negative impact on Ghana’s

economy. “But some proactive initiatives taken by the Government such as the COVID-19 Alleviation, and the Emergency Preparedness Response Programmes respectively, were effectively implemented to alleviate the impact of the pandemic on Ghanaians,” he said. Mr. Sungsoo said Ghana and Korea had enjoyed a bilateral relationship that dated over 40 years and it was hoped that this friendship would flourish and yield good results for generations to come. GNA

WEDNESDAY NOVEMBER 18, 2020

News

WEDNESDAY NOVEMBER 18, 2020

Gov’t working on diaspora engagement policy By Eugene Davis ugendavis@gmail.com

diaspora engagement policy document being worked on by the Ministry of Foreign Affairs and Regional Integration is expected to be submitted to cabinet soon. Speaking at the Diaspora Business Breakfast Meeting in Accra organised by the Ghana Investment Promotion Centre, the Foreign Affair Minister revealed that her Ministry is working with stakeholders such as the GIPC on the policy document. The policy, according to the minister, contains four strategic objectives which seek to promote capacity building and enhance diaspora homeland relationship for the mutual benefits of both parties, provide legal instrument and programmes that extend some rights and privileges that Ghanaians enjoy together with their counterparts in the diaspora. Others are strengthening systems for involving Ghanaians in the diaspora in mobilising resources for sustainable national development, to facilitate the production and dissemination of accurate and relevant data of a Ghanaian diaspora in a timely manner to strengthen the

homeland’s engagement with the diaspora. The policy when adopted will provide for the leveraging investment benefits and privileges through strategies that promote foreign direct investments to Ghana from the diaspora. It will further enable the country to mainstream diaspora investments, skills and knowledge transfers into development planning in addition to the promotion of made in Ghana products abroad through expos and fairs. The policy will also call for the design of financial packages to enhance diaspora investments for development.

Finance Minister, Ken OforiAtta who spoke at the event said government is exploring the possibility of raising bonds from the Diaspora community. Already the ministry has created the Diaspora Savings and Investments Account to kickstart the initiative. According to him, government has looked at various ways to deal with this bond, “there have been experiences from Nigeria and in Kenya and it has been sort of underwhelming looking at the resources they have been able to mobilise, though India and Israel have done very well, so it sounds to us that we need to be able to be a bit more innovative as we have been before.

When you look at the AfricanAmericans and you look at retirement pensions –this is a period for them in which the largest number of AfricanAmericans are getting federal pensions. So, if we assume some two million of them retiring, an average of about US$30m, ($30,000) per person, you will begin to see almost US$60bn of resources that could come to the continent. The question is whether Ghana will set the type of platform that will encourage them to come – which means good ICT systems, housing among others and not only resources but you also get talent”.

Benky Enterprise wins Customers’ Choice Tyre Dealer of the Year

enky Enterprise has been named the Customers’ Choice Tyre Dealer of the Year at the National Customers’ Choice Awards held in Accra on November 6. Speaking at the event, Juliet

Kusi, Deputy Manager of Benky Enterprise expressed appreciation to all customers and reiterated the commitment of Benky Enterprise to providing quality tyres and services. “The award was made possible

due to your recommendations and support. Thank you all so much and we are grateful all our efforts never went unnoticed. We hope to serve you all better and attain greater heights. Thank you, Ghana!”

Each year, Ghana records a high occurrence of road accidents. As of September 2020, the National Road Safety Authority (NRSA) recorded 10,535 road accidents with 10,933 injuries and 1,828 deaths. Juliet Kusi admonished drivers to continually service and check their tyres to avoid road accidents caused by faulty tyres. “All drivers must be circumspect in selecting quality tyres for their vehicles. Also, drivers have to periodically check the health of their tyres and ensure safety on our roads”. She also added that “there should be a lot of caution in driving during the Christmas festive season. The National Customers’ Choice Awards is an annual ceremony that rewards big brands rewarded for their customer service when it comes to brand reputation, customer satisfaction, business excellence, professionalism, and integrity. The ceremony also offers the opportunity to nurture business excellence reviews and raise business profiling.

WEDNESDAY NOVEMBER 18, 2020

News

WEDNESDAY NOVEMBER 18, 2020

FanMilk’s Commercial Director Edwin Amoako named CIMG Marketing Practitioner of the Year

he Commercial Director at FanMilk Ghana, Edwin Amoako, has been named the CIMG Marketing Practitioner of the Year at the 2020 edition of the Chartered Institute of Marketing, Ghana (CIMG) awards in Accra. “Your role as the Chief Marketing Officer of FanMilk Ghana is so significant that you are recognised as one of the brains behind the success story of your company. “Under your tenure, you oversaw an era where your customers become more conscious of what they ate, thus increasing of staying fit and healthy,” according to the citation conferred on Edwin, who was leading the marketing unit at FanMilk in the year under of review (2019) of the awards. The citation further said: “During your tenure, Super Yogo over delivered on all it financial key performance indicators, as it reached 250,000 sampling

contacts, 90 percent distribution priority channels as against a target of 60 percent and chalked a customer service level of 94 percent as against a target of 90 percent.” Edwin, whose track record at FanMilk wowed the judging

panel has close to two decades of business leadership and marketing experience both locally and internationally. Over the years of his career, Edwin has worked with brands including Nestle, Surfline and Starkist. In his acceptance speech,

Edwin said: “It’s one thing knowing you put in the work but it’s another feeling to get recognised by the marketing community for the impact of your work.” Edwin holds an MBA in International Marketing from Staffordshire University and a BSc. Management with Computing (Marketing) from Regent University. He is also a member of CIM-UK, ICM-UK and C.I.P.R-UK. This year’s CIMG awards, under the theme “Marketing in a Disruptive Era”, awarded businesses and individuals who have adapted their approach and maintained their standards of excellence regardless of the Covid-19 pandemic. The CIMG Awards, which has been in existence since 1989 celebrates the captains of industries and experts across various sectors of the Ghanaian economy.

Invest in Africa Ghana named Best Non-Profit Organisation for second year running

nvest In Africa (IIA), an enterprise that accelerates the growth of small and mediumsized enterprises (SMEs) in Africa, has been awarded Best Non-Profit Organisation by the Chartered Institute of Marketing Ghana (CIMG), for the second year running. Now in its 31st installment, the CIMG Annual Marketing Performance Awards set the benchmark for high marketing standards in corporate Ghana. The award recognises IIA’s efforts – which focus on improving access to skills, finance and markets to improve business sustainability, competitiveness and efficiency – over the course of 2019. Most notably, this involved growing the access to finance pillar, of which Absa Ghana and the GCB Bank were major contributors; with IIA facilitating a total of USD2.1 million in debt financing to SMEs since 2017. Another defining feature of IIA’s 2019 efforts involved help provided to build resilience of hundreds of SMEs, including 100 SMEs within AngloGold Ashanti’s Obuasi Mine’s business enclave. By leveraging its extensive network, IIA develops business

linkages between SMEs and larger companies, like local and multinational corporations, enhancing opportunities, improving access to finance and creating greater revenue certainty by providing security of fixed contracts. In supporting these businesses, IIA ensures a level of compatibility between suppliers and operational standards expected by multinational companies. These Ghanaian SMEs continue to leverage these insights and knowledge to expand their client base, reducing reliance on a single corporation, and its cyclical nature. IIA’s work in fostering business resilience has been crucial to SMEs damaged by the effects of the Covid19 pandemic. As part of a two-year partnership with the Mastercard Foundation launched in July 2020, IIA is currently delivering online coaching, masterclasses and peer-topeer sessions, while offering a repository of practical guides, which has so far helped 1,250 businesses navigate this difficult period by building immediate and long-term resilience. The programme with Mastercard Foundation will also

provide Ghanaian SMEs with one-on-one consultancy support and better business linkages for 100 Ghanaian SMEs operating in the manufacturing, agriculture, extractives and ICT sectors, to bridge supply shortfalls. These SMEs will also be supported in establishing relationships with lenders and investors. IIA won the same award in 2018, for widening commercial opportunities for multiple SMEs – enhanced by the African Development Bank (AfDB) funded training and incompany mentoring Business Linkage Programme (BLP).

Clarence Nartey, Invest In Africa’s Country Director for Ghana, commented on the award win, “To have our efforts acknowledged for a second consecutive year is testament to the commitment of our team to transform SMEs into sustainable ventures. SMEs are often reliant on a single industry and as business disruptions have displayed this year, that can be disastrous. This is why we continue to develop their business independence and it is humbling to be recognised for this work.”

WEDNESDAY NOVEMBER 18, 2020

Banking

WEDNESDAY NOVEMBER 18, 2020

UBA deepens retail products, services through digital channels across Africa

an African financial services institution, United Bank for Africa (UBA) Plc has deepened its retail products and services with an aim to delivering services aimed at meeting the needs of its customers across Africa. These services and product offerings, targeting at all classes of customers have been specifically tailored to meet the unique needs of individual customers of the bank, in line with the Customer First policy of the bank. UBA’s Head of Retail Liabilities, Ogechi Altraide, who spoke in a virtual international media parley with a diverse group of journalists and publishers from all over Africa, pointed out that UBA was well prepared ahead of the Covid-19 pandemic and had rolled-out a number of products that enabled customers to carry out their daily transactions with ease from the comfort of their homes. She said: “At UBA, we have developed very deep and customer-centric solutions that have given us number one ranking over time. Our retail footprint cuts across 20 African

UBA’s Head of Retail Liabilities Ogechi Altraide

countries, where we serve over 20 million customers through well researched platforms including over 20,000 POS as well as 3,000 ATMs deployed across the continent. We have well over 10 million active cards, while our very active and highly applauded Mobile App and USSD platforms serve several millions of subscribers every second.” According to her, UBA’s banking platforms cater to all ages and classes including the Kiddies and Teens Account where parents can earn rewards and bonuses for saving for their

kids, while also enjoying support in terms of scholarships and health insurance There is also the Next Gen Account - which caters for young adults; mass marketing segment - made up of low to mid income earners; affluent banking for the premium banking experience as well as SME banking, which caters to meeting the needs of a niche industry essential for the growth of any economy. Throwing more light on the bank’s increasing support for the MSMEs, she explained that the bank offers both financial and non-financial services to this

all-important sector as well as access to loans, adding that: “At UBA, we recognise that SMEs are important to economic growth, therefore our various offerings for MSMEs is positioned to support them in this regard.” Altraide noted that other retail propositions the bank has developed to promote financial inclusion are Diaspora Banking where customers can enjoy the same quality of services in all locations around the world through UBA Connect and Africash; and Agency Banking, which makes use of digital channels that allow customers to access UBA banking services right in their neighborhoods from our dedicated Agents. Apart from UBA mobile banking, USSD, internet banking and LEO - UBA’s virtual assistant other innovative platforms that drive the bank’s retail business include UBA’s Click Credit - a much loved and accepted facility that makes instant cash available to customers with salary accounts within minutes. Altraide added that already, over 50,000 people have benefited from the facility, adding that customers can access up to N5m in a matter of seconds.

ADB urges 2020 Best Farmer to share experience with smallholder farmers

he Agricultural Development Bank has charged the 2020 National Best Farmer, Solomon Kwadwo Kusi to impart his knowledge and experience to smallholder farmers. Mr. Kusi, was adjudged the National Best Farmer for 2020 at a ceremony held in Techiman in the Bono East Region early this month. According to a Board Member of the Bank, George Kwabena Abankwa Yeboah, imparting the knowledge Mr. Kusi has acquired in the agriculture sector to young farmers will help propel Ghana to achieve its agricultural targets. He made these comments when Mr. Kusi paid a courtesy call on management of the bank at its head office in Accra. “In Ghana, most people are not prepared to share knowledge; how you made it, how you’re doing it and how you want to move forward and what you want to achieve. You should be able to share with small scale farmers so that they will learn from you and develop their farms and grow so that together, we will be able to

achieve the feeding targets that the country wants to achieve”, he noted. The Managing Director of the Bank, Dr. John Kofi Mensah also indicated that the bank has put measures in place to help farmers in line with government’s agenda to propel Ghana in agribusiness. He reiterated the commitment of the Bank to increase the share of agricultural loans in the Bank’s total loan portfolio to a minimum of 50% within the next three years. According to Dr. Kofi Mensah, the bank’s current loan portfolio to agriculture is around 28% and though it remains the highest in the industry, the Bank as part of a new strategic direction is determined to increase it to about 50% by the year 2022 so as to make the sector more attractive. “We believe the agricultural sector is a critical part of our economy and the recent pandemic further exposed the need for us to be food sufficient as a country,” he said. Dr. Kofi Mensah revealed that the bank was in collaboration

with the Outgrower and Value Chain Fund (OVCF) , Ghana Incentive Based Risk Sharing for Agricultural Lending (GIRSAL), the Ministry of Finance, Ministry of Food and Agriculture to make the sector more attractive to especially the middle and upper class of the Ghanaian society. “We are moving into a new system of agricultural financing which is termed as value chain financing and this system seeks to de-risk agricultural to ensure that funds invested into any project will not become a bad debt,” he said. “We are coming out with

modules to ensure that agribusiness moves in line with the government’s aim to propel Ghana in agribusiness, not only in Ghana but in the West Africa sub region and the world, stressing, “we want to ensure that the Ghanaian economy is well cushioned”. The 2020 National Best Farmer Solomon Kwadwo Kusi has been a customer of the Agricultural Development Bank for the past 10 years with the Agona Nkwanta branch. He used the opportunity to also appreciate the bank for helping him in diverse ways.

WEDNESDAY NOVEMBER 18, 2020

Feature

WEDNESDAY NOVEMBER 18, 2020

Data Initiatives Worth Exploring in Ghana Part 1

By Kuuku Sam

n the 12 November 2020, I had the rare privilege of being part of a panel discussion on the “opportunities and challenges for Responsible AI in Africa” as part of the Responsible AI Forum Preview organized by the Institute for Ethics in Artificial Intelligence (IEAI) in cooperation with the Global AI Ethics Consortium (GAEC) and the Responsible AI Network-Africa (RAIN Africa). As panelists, we unanimously agreed that there is a lack of access to quality, unbiased data for implementing AI solutions across Africa. However, from my interactions with startups in the agriculture sector, I am convinced some amount of data exists scattered with different organisations. The challenge is that no framework allows consolidation and sharing in a way that benefits the data service provider, contributor, and user. In part one of this article, I will attempt to discuss several data initiatives that will assist in dealing with this challenge in Ghana. Data Commons Data commons are initiatives in which data is shared as a common resource among individuals and organisations who jointly agree on a data governance framework for accessing it. To create a data commons, three main stakeholders are required. A data

commons service provider, data contributor, and data user. It is also necessary to have data contributors and data access agreements that provide guidelines for managing and accessing the data respectively. Data commons makes data available to stakeholder which helps in advancing a field quickly. In areas such as medicine, data commons are essential because a critical mass of data is required for evidence. An interesting data commons is Dataverse. Dataverse allows the sharing, preservation, citation, exploration, and analysis of research data. Data commons also benefit from network effects through “data peering” where data commons service providers agree to allows each other’s data user access at no cost. Data Exchanges and Markets With the emergence of Big Data, data is has become is a valuable commodity. Data exchanges and markets are, therefore, platforms that treat data as an economic good. Data marketplaces sell different types of data from several sources. They offer incentives including cash to promote data sharing. Pockets of data sitting on devices of different data providers do not a lot of value. Aggregated data provides the incentive for providers to share data. Usually, the data shared by data providers with the data marketplace is aggregated and anonymized and

presented to data consumers as data-based services. The data consumers pay for these services which enable the data marketplace to provide incentives for the data providers to share data. This model provides a win-win situation for organisations to monetise their data and others to use the data saving them time and the cost of collecting the data from scratch. A good example of data exchange is the CopenhagenHitachi City Data Exchange which is a public/private partnership between the Copenhagen Municipality and Hitachi. This collaboration involves purchasing, selling, and sharing data types between citizens, public institutions, and private companies in the city. Open Data Platforms Open data platforms are curated sets of open datasets. Ghana Open Data Initiative (GODI) is led by the National Information Technology Agency (NITA) under the Ministry of Communications of Ghana. The project was started in 2012 with support from the Web Foundation. While this initiative is good, granting access to public sector data should not be the end. Strategies must be put in place to encourage usage and improvement of the data that is collected. The Ghana Open Data portal can be improved in several ways.

To attract users and bring the users closer to the public sector information, a data hackathon was organised in 2019. In addition to this, the portal must provide quality and updated data to retain old users and attract new ones. To make the portal user-friendly, the datasets must also be visualised. Finally, the datasets must also be made accessible in search engines. Conclusion Big data is driving innovation in science, technology, and business. Data is a critical resource for solving some of the challenges we face in agriculture, health, education, etc. Therefore, the ability to gather, analyze, and use data is rapidly becoming the focus of governments around the world. More important we must find innovative means to share the data that individuals, organisations, and the government has. While there is the need to collect data across all sectors of the economy, I believe that with the right data governance approach, we can benefit immensely from the little data we already have. Author: Kuuku Sam is Advisor, Artificial Intelligence for Sustainable Development at GIZ and Executive Member, Institute of ICT Professionals, Ghana. For comments, contact Kuuku on 0274 333 510 or at kuuku.sam@ iipgh.org

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WEDNESDAY NOVEMBER 18, 2020

The Digital Series: Championing a Digital Culture

n a typical digital transformation effort, C-Level executives often overlook the importance of driving a digital culture. Leaders of digital transformation efforts are often preoccupied with getting the technology and process changes right, that they overlook the people side of things. In the few cases where people are considered, it is most likely about training them to use the technology and adhering to the new processes. In this article, I will introduce you to the concept of Digital Culture and how it can make or break your digital transformation efforts. I will also share some tips on successfully driving a digital culture to see positive digital transformation results Digital culture It is a known fact that successful digital transformation efforts come about as a result of driving a strong digital culture. In their 2018 research of 40 digital transformation efforts, the BCG Group found that companies that focused on driving a strong digital culture posted a strong financial performance (90%) than those which did not (17%) (www. bcg.com). They also found that 80% of companies that focused on digital culture as part of their digital transformation efforts sustained their performance for at least 3 years (www.bcg.com). These are powerful observations, given that culture is difficult to change in any organizational context. Think of it as altering your very DNA, and in this case, the deep-rooted values, beliefs, and experience of hundreds, if not thousands of employees to adhere to new ways of working, digitally. Digital culture goes beyond just learning to use technology or learning to adhere to new digital processes. It embodies

the set of values, characteristics, and behaviors that define how things get done digitally in an organization to advance the goals and objectives of the organization. Driving a digital culture In driving a digital culture, it is important to know and understand the existing organizational culture and identify the behaviors that propel this traditional culture. On the other side of the continuum, having a clear picture of the desired culture and defining the behaviors that will characterize this target digital culture is the first step in driving a successful digital culture. 1. Define the necessary behaviors: Perhaps one of the most difficult aspects of driving a digital culture is defining the behaviors that exemplify the culture. Before the set of behaviors is defined, it is paramount to have a goal and a target digital culture. It could be a customerexperience focused culture or an agile-way-of-working. Once the goal has been determined, the cultural characteristics that lead to such outcomes must be defined and then translated into specific behaviors that spell out the rules of engagement (“culture code”). These target behaviors must then be well-integrated into existing communication channels to foster the needed cultural change. 2. Active engagement and the opportunity to lead: In a fast-paced, digitally-driven organization, teams need to act autonomously to make decisions that favor customers, on the go. This, therefore, requires that employees are empowered to become self-leaders who can challenge the status quo. For instance, by taking up leading roles at meetings, managers can provide real-time feedback on

leadership behaviors. Through active engagements, leaders of digital transformation efforts constantly engage employees, encouraging them to take risks, fail fast, and learn fast. Finally, to drive a digital culture, leaders encourage collaboration and first-time-right thinking to deliver value without the need for rework. 3. Integrate and scale: Traditional ways of working encourage a chain of command, and teams competing for scarce resources. On the contrary, however, a digital culture encourages creativity and greater autonomy, in place of control and micromanagement. It is recommended to hire a digital culture champion, for instance, a Chief Digital Officer (CDO) who would lead a team of digital culture experts to ensure that the new digital culture is well integrated into the various organizational business units. Another approach is to craft new ‘Vision’, ‘Mission’ and ‘Values’ statements that are aligned towards the new digital culture and integrate them into the performance review of employees with a reward and/ or punishment structure for adherence and non-adherence. Conclusion Driving a digital transformation strategy is not only about securing the right technologies and designing the right processes. It also involves driving the right digital culture, which has proven to be the most difficult but also the most rewarding if done right. To be successful at it, it is important to note that there is nothing new under the sun. Learning from those who have successfully driven a digital culture is the sure best way to define and drive your own digital culture. In the current age of digital, technologydriven companies are still paving the way, making them the best

candidates to learn from. In driving a successful digital culture, it is important to adopt a design thinking approach and prioritize the following: • Impact: The level of innovation and change that is allowed, even if radical. • Speed: The need to move quickly in meeting customer needs (with iterations), instead of planning forever without action. • Openness: Effectively communicating the agenda, engaging a broad spectrum of digital innovators, and sharing information. • Autonomy: Allowing employees higher levels of decision-making discretion to use data to make decisions (datadriven) that favor customers (customer-centricity) instead of relying on a formal bureaucratic hierarchy of decision making. Finally, to close the leadership – employee divide, it is important to hire a digital culture champion, a CDO, to lead a team of digital experts who will engage both senior management and employees to drive the digital culture strategy. About the Author Kwadwo Akomea-Agyin is a seasoned business professional with 12+ years of progressive experience in consultative business development, product and digital transformation solutions. He has a unique ability to understand the market (i.e. buyer and user requirements), and collaborate with key internal stakeholders to translate such business needs into Unique Value Propositions (UVPs) that can be successfully delivered. He is a member of IIPGH and a regular contributor to this column. Contact Kwadwo on WhatsApp: +233544341374 | Email: kojo.e@ live.com | Skype: Kwadwo_2010

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Establishing a positive workplace culture

n organization’s mission and values should be at the forefront of its communication strategy. The qualities that make up a business and dictate how people within the business should think, act and work together is termed as Workplace Culture. It simply means the overall character of the business. Workplace culture can include elements such as the business’s values, beliefs, behaviors, goals, attitudes and work practices. Workplace culture is an incredibly important part of an individual’s success at work. It is also essential to the success of the business. When workplace culture is deliberately defined by an organization and is actively worked upon, the business thrives. What affects workplace culture On the surface, creating and sustaining a positive workplace culture may seem simple. However, as businesses grow and different personalities come into the organization, positivity can quickly turn to toxicity. The following factors can influence workplace culture in most business: 1. Leadership and management Business leaders play a major role in influencing and dictating workplace culture. Employees within an organization look up to their leaders and use their behavior as a guide for how they

themselves act. For instance, if an organization says that wearing formal workplace attire is important and a must yet the leaders and managers themselves never dress formally, it soon seen as ‘culturally acceptable’ to wear more casual clothes to work. It is therefore important for business leaders and managers to spearhead the kind of culture they want at the workplace.

backgrounds, skill sets, values and beliefs will undoubtedly influence the nature of the workplace. The different types of personalities you recruit may produce a culture that is either collaborative and supportive or, on the other end, combative and competitive. It is important to recruit people with personalities that fits the culture of the organization

2. Company policies and value statements

There are many different types of work environments that include a combination of physical components, company culture and working conditions. The Elements that make for the best type of work environments depend on an organization’s industry and age, the number of and types of employees, and the ideal environment the organization wants to cultivate. When considering a work environment, discover the characteristics and values of your personality type to find one that best suits you. The work environment that you establish can have an impact on culture.

Every organizational vision, mission and value statements, and the policies that support them, influence culture as far as managers and employees embody and abide by these statements. If an organization aspires to be diverse and inclusive, it may implement strategies to attract and retain more diverse employees. These values and policies would positively influence recruitment and in turn, workplace culture. 3. Workplace practices HR practices such as recruitment, onboarding and performance processes can determine workplace culture. Reward and recognition programs and job flexibility policies also influence culture. These practices may result in an organization having a family-friendly culture. 4. People Recruiting people with different

5. Workplace environment

The characteristics of a positive workplace culture Positive workplace cultures do not happen by accident. They have certain characteristics that are deliberately planned and managed by the organization’s leadership and HR managers. Characteristics of a positive workplace culture include:

1. Purpose-driven company culture Fundamentally, businesses exist to turn a profit. However, this alone is not inspiring to employees. People within organization’s want to feel like they are part of something meaningful. For example, a Life Policy insurance company might aspire to be the biggest and best in the market. However, this aspiration may not be enough to create a positive culture at the workplace. To create a sense of purpose, the company must build a workplace culture around what employees can give back to society, such as saving families who lose the breadwinner to death. 2. Effective communication Having a purpose-driven mission in an organization is ineffective unless it is communicated properly. Effective communication is the cornerstone of all positive workplace cultures. With effective communication, all employees understand the goals of the organization and how they contribute to them. They understand how to work within the organization and what the business expects of them. For instance, effective communication involves regular team meetings where everyone is updated on the business’s goals and achievements. Regular communication may also involve an intranet site where up-to-date business information are posted.

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Novo Nordisk marks World Diabetes Day 2020, pledges access to quality care By Patrick Paintsil

eading global healthcare organisation for diabetes care and treatment Novo Nordisk says it will leverage innovation and solid partnerships with relevant actors to enhance access to quality and affordable care for people with diabetes. At a media roundtable to enhance advocacy and awareness creation on the disease on the occasion of this year’s World Diabetes Day, the company said it will continue to coordinate the training of healthcare professionals and create accessibility to quality insulin and diagnostic equipment. Novo Nordisk is committed to having strategic partnerships with relevant stakeholders in the health sector to implement programmes and initiatives that bring support and relief to both patients and healthcare professionals, it said. This year’s occasion on the theme “The Nurses and Diabetes” underscored the crucial role that nurses play in supporting people living with diabetes. “We are recognising the efforts and contributions of our

CONTINUED FROM PAGE 17 Without effective communication, employees may feel disconnected or cynical. They may be unsure of their responsibilities or may simply feel as if they are only working for money. This can result in employees avoiding any innovative work. These feelings and behaviors can detract from a positive workplace culture. 3. Diversity Many people think that recruiting people with the same values, beliefs and ideas is what makes a positive workplace culture when recruiting for ‘cultural fit’ within an organization. However, this simply isn’t true. Diversity across all categories, including gender, religion, age, ethnicity and culture are critical to establishing positive work environments. If organizations do not have these, they risk losing important innovations, ideas and perspectives. There are many positive ways one can take to promote diversity within their organization. These

healthcare personnel towards the treatment and care for patients with diabetes. Our nurses have played a pivotal role in bringing relief to patients through the services they provide. Novo Nordisk therefore commends all nurses and by extension all healthcare personnel for their efforts in the prevention, control and management of diabetes in Ghana, said Mr. Jude Abonu, Business Unit Head for English West Africa, Novo Nordisk. Novo Nordisk through various interventions, in collaboration with its partners on the Base of Pyramid project (BoP), has reached out and offered support

to many diabetes patients and the general public. The BoP project, according to Samuel Kofi Tovor, Novo Nordisk’s Access to Care Manager, English West Africa, strives to improve access to quality diabetes care and insulin for people in low-and middle-income countries. The company, in the past six years, has collaborated with the Ministry of Health, Ghana Health Service and the National Catholic Health Service to provide diabetes support services to thousands of patients through their one-stopshop Diabetes Support Centres. There are nine Diabetes Support Centres and one Diabetes

actions include requesting for ‘blind’ cvs when recruiting (requesting that gender and names are removed), as well as having shortlist quotas for certain minority groups.

new skills. Very few employees want to do the same job without change for long periods of time. The job becomes boring so they leave the organization for a more challenging and interesting one. Growth and development, both personally and professionally, are a big part of a positive workplace culture and should be fostered using formal and informal training, such as courses, job shadowing or mentoring. We will continue this topic in the next edition.

4. Engagement and loyalty Positive workplace cultures are environments where people like coming to work. When people are engaged in their roles, they feel as if they are contributing and making a difference. This feeling causes them to put extra energy into completing job assignments which result in boosted productivity. When people feel engaged and empowered at the work place, they are also more likely to stay with an organization for long. Employee engagement can be fueled by positive role model behaviors in leadership and through various HR recognition programs. 5. Growth and development As employees feel as if they have a higher purpose at work, they also want to feel they are learning, growing and developing

Authored by: Mrs. Margaret Titus-

Centre of Excellence in Ghana that have collectively screened about 29, 951 people for diabetes whilst over 27,784 patients have been registered various diabetes support centres. A total of 655 healthcare personnel trained in diabetes management and an average patient attendance of over 500 per month for each of the diabetes support centres. Diabetes is one of the noncommunicable diseases on the increase globally and the International Diabetes Federation (IDF) estimates that 463 million people are living with the disease. In Ghana 281,100 people live with diabetes and 147,200 remain undiagnosed.

Glover Margaret is a certified HR Professional with over 14 years of combined experience in Human Resource Management. A creative thinker, problem solver and decision maker whose experience is in helping start-up businesses develop strong HR policies, procedures and processes. She is experienced in HR Strategy, Benefits Management, Recruitment and Retention Strategy, Performance Management, Orientation/On boarding Programs, Recognition Programs, HR Compliance, Compensation, Employment Policies, Employee Engagement Initiatives and Professional Development. Are you a passionate small business owner and looking to expand or improve your HR capabilities and create a successful plan for growth and sustainability? Then MS Staffing is the right company for you. Contact: MS Staffing on: 0248036563 | info@msstaffinggh. com | www.msstaffinggh.com | Facebook: msstaffinggh | LinkedIn: MS Staffinggh

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