Business24 Newspaper 14th October, 2020 by Business24 Online

THEBUSINESS24ONLINE.NET

WEDNESDAY OCTOBER 14, 2020

NO. B24 / 113 | NEWS FOR BUSINESS LEADERS

Gov’t targets GH¢22.19bn in new debt issuance • GH¢19.67bn to roll over maturities • GH¢2.52bn as fresh issuance

Large fiscal benefits projected from proposed petroleum hub By Eugene Davis ugendavis@gmail.com

hana is expected to rake in US$1.56bn in export tax revenue by 2030 from the development of a petroleum hub to add value to the country’s petroleum resources. Cont’d on page 3

MTN withdraws Supreme Court suit against NCA

Selorm Adadevoh, MTN Ghana CEO

S The securities will cover government’s borrowing requirements for the period, the Ministry said.

cancom Plc, operator of MTN Ghana, has withdrawn the suit it filed at the Supreme Court to challenge the processes leading to the telecoms regulator, National Communications Authority (NCA), declaring it a Significant Market Power.

Cont’d on page 2

Cont’d on page 3

Ken Ofori-Atta, Finance Minister

By Joshua Worlasi Amlanu macjosh1922@gmail.com

overnment projecting to domestic

is issue debt

securities of a gross amount of GH¢22.19bn in the last quarter of the year, according to the latest debt issuance calendar from the Finance Ministry.

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

INTERNATIONAL MARKET USD$1 =GHC 5.7027*

*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*

BRENT CRUDE $/BARREL

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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NEWS/EDITORIAL Editorial / News

MONDAY SEPTEMBER 142020 2020 WEDNESDAY OCTOBER 14,

EDITORIAL Editorial

Pay before boarding order needs a rethink

Don’t bite more than you can chew; a good call to SDIs

Wash your hands 2

Cover your cough 3

The new directive for all pecialised depositpassengers to pay for their COVID-19 test onlineinstitutions before their taking arrivalcomprising at Kotoka savings International and Airport has been meet with loans companies, finance resentment by airlines and passengers. house, microfinance firms At arural time when are and and passengers community still coming to terms with the banks play mandatory a noble US$150 (RCBs) � GHC 900� payment forcountry’s COVID-19 financial test upon role in the arrival at KIA, the new directive setup. has generated more debate. But for them most people Passengers travelling to Ghana and businesses too will from Tuesday,deemed September 15 be required to make online risky by the universal banks payments for the mandatory would C O V I D have - 1 9 t ebeen s t a tcutK ofrom toka International Airport prior to accessing funds to grow and boarding of their flight, a expand d i r e c ttheir i v e investments. by Frontier H They ealthC a r e � the com ny are “friends” top athe contracted to carry out the petty trader, hairdresser, antigen test at KIA--to all airlines farmer and informal sector on Friday hasall revealed. services B y t hproviders e n e w dand i r e c tthey ive, “Passengers are required to show accept small deposits and to proof of payment to airlines as a provide small loans to micro, small and medium businesses et al. The fact that a chunk of CONTINUED FROM COVER

condition for boarding of flights country� s COVID-19 testing requisite know-how, some of regime.

Ghanaian businesses remain to KIA.” informal SMEs T h e n ewith w d i re c t ivetaking , has however, been described by up close 80percent of private airlines as detrimental to the sector jobs tell the enormity renewed efforts to stimulate of SDIs contribution to demand for air travel, given that cash payments remains the national development. predominant mode of payment therefore forItmostisGhanaian travelers.very disturbing to operator see somewho of An airline wishes to remain anonymous, them either fold up or closed told Business24 that “The cost is down by the sector regulator already too high and now this due to what cangoing bestto be new policy is also be idescribed m p l e m e n tas e d . overambition There are hundreds of Ghanaian traders among several who travel to buyinfraction. goods to retail in SDIs the country. are regulated under “Most of them t carry any the Banks anddon�Specialised electronic payment cards to be Deposit-Taking able to pay online. Institutions They should have of the 2016 flexibility pay cash Act (Act to930) and when they arrive.” licensed by the central bank Consumer Protection to The provide access to finance to Agency � CPA� has also raised segments of our society critical questions about that the relatively high cost of the would typically not be able to access financial services from commercial banks. Unfortunately, without the

them core The stray CPA� s from Chief their Executive Officer, Kofi in as mandate of Kapito, steeringsaid financial much as the government want to inclusion to compete in the curb imported cases of the universal banking respiratory disease, itspace must and not burden the passenger but charge end up losing their grounds what is enough to cover their in the process. cost and not to profit from the passenger. Poor capitalisation, “Look around Africa and you poor business models, see that what is paid in Ghana for poor governance and risk the test is the highest. Why management, should that be� ” and in some cases fraud and dishonesty, He also raised questions about why the Noguchi Memorial which was some sort of Institute for Medical Research of conventional practice to the University of Ghana, was not made handle thesustain testing these for a them,tocould not reasonable fee but rather a ambitiousgiven SDIstowhen they contract a foreign company to domark. what Noguchi went off their could adequately handle. We side with the BoG’s Business24 would like to urge charge to these institutions a flexible approach that allows to stay within limit passengers to eithertheir pay online or cash on arrival. as channels for financial inclusion delivery which is their preserve and stronghold.

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

Gov’t targets GH¢22.19bn in new debt issuance that the desired outcomes are achieved and the economy brought back on track.” Continued from scover Mr. Awuah� remarks were

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reinforced by majority of the top Of the gross amount to be bank executives who responded raised, is to to the about survey.GH¢19.67bn The respondents roll overthe maturities, whereasto advised Bank of Ghana the remaining GH¢2.52bn increase stakeholder consultation in order to propose will be fresh issuancemore to beneficial policies. meet government’s financing This, they said, will help requirements. estimate and extent So far the this timelines year, government to which the policies the has issued a total debt of of about regulator will remain available. GH¢45.68bn on the domestic Some respondents simply market, according the thought that there was to the need issuance results published for detailed guidelines from by the the central bank. This of amount government and Bank Ghana onmade the up implement ation of is of both securities measures placematurities to curb the meant to put rollinover impact of the pandemic. and fresh issuances. In their clear issuance guidance Based onview, the new was missing, and though this calendar, domestic portfolio could be shared during investors will consultation, be able to invest stakeholder they up to GH¢13.35bn in short-term could not fully embed the new government debt securities, policies in operational strategy without a detailed documented comprising tenors of 91 days, directive. 182 days and 364 days, to be issued during the period. This Post-pandemic banking category is reserved strictly for domestic investors. When asked by the audit firm The remaining portion of the about how the pandemic� s securities of about GH¢8.84bn,

outbreak had transformed their operations, the bank chiefs responded that the immediate response was to securities enforce remote comprising debt with working while realigning workers� tenors from two years up to 20 roles. will be made accessible years, While the majority, 69 percent, to non-resident investors. This of respondents indicated that category of investors mostlya remote working will become dominates subscriptions of permanent option going forward, such mediumlong-term there was general to consensus that the new norm will ultimately lead issuances. toAmounts the sheddingof of workers whose GH¢9.7bn, jobs have become automated. GH¢1.75bn and GH¢1.9bn have “Most banks intend to been planned to be issued for permanently incorporate remote the 91-day, 182-day, and 364-to working as an option available day respectively, whileof staff bills, based on their roles. 12.5� banks confirmed that theyhave have GH¢3.7bn and GH¢2.9bn already begun and will continue to realign the job roles and work

team structures to the new way of working in order to maximise efficiencies of digital banking, and less-paper operations been ensure planned to be issued for and 2-year requirements for 3-year social the notes and distancing. In the long run, these bonds. measures may result in possible Amounts of GH¢1bn and layoffs for some whose jobs GH¢950m have been the planned become automated,” report for the 5-year and 7-year bonds, said. respectively. Commenting on the findings of the was on the An survey, amountwhich of GH¢287.87m theme “The new of a 20-year bondnormal� will bebanks� reresponse to COVID-19”, PwC� s opened based on investors’ Country Senior Partner, Vish request and dependent on Ashiagbor, cautioned that for market thethe Ministry workersconditions, that survive digital said. p ro g re s s i o n , t hey h ave to upgrade their skills to remain relevant.

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WEDNESDAY OCTOBER 14, 2020

Large fiscal benefits projected from proposed petroleum hub Continued from cover The projection was contained in the report of the Parliamentary Select Committee on Mines and Energy on the Petroleum Hub Development Corporation Bill 2020. The purpose of the bill is to establish the Petroleum Hub Development Corporation to promote and develop a petroleum and petrochemicals hub in the country. Speaking during the second reading of the bill on Tuesday, a Deputy Minister for Energy, Joseph Cudjoe, said the hub will propel a 130 percent increase in GDP through injection of US$60bn worth of investments into Ghana’s economy by the year 2030. The development of the hub will include construction of key infrastructure such as

Deputy Minister for Energy Joseph Cudjoe highlighted the benefits of the proposed petroleum hub during the second reading of the bill on Tuesday.

jetties, storage tanks, refineries, an LNG facility, power plants, and infrastructure for offshore

activities. The project is expected to contribute enormously to

economic growth through value addition to petroleum resources and job creation. The hub, the report said, will drive the growth of various industries including petrochemicals and create 780,000 direct and indirect jobs. Other anticipated benefits are tax receipts from downstream value chain operations and the provision of basic social amenities, such as schools, health facilities and leisure parks. The establishment of a public corporation to oversee the development of the hub will provide the needed confidence to potential investors who are desirous of investing in it, the report said. Government is expected to contribute US$6bn of the total investment target of US$60bn, with private capital providing the remainder. Government will also provide the initial basic infrastructure, including land, road and railway networks, water and electricity.

MTN withdraws Supreme Court suit against NCA Continued from cover In a press statement issued on Tuesday, the country’s largest mobile network operator said the decision to withdraw the case follows ongoing discussions to have the matter settled out of court. “Given the progress made so far, in good faith, on settlement discussions with the NCA and Ministry of Communications,

the company has withdrawn its application filed at the Supreme Court on September 4, 2020. It is our expectation that this action will pave the way for further discussions and an amicable resolution, in the spirit of the renewed channels of engagement,” the statement said. MTN Ghana had initially sought refuge at the High Court over the NCA’s decision, which it feared would have adverse consequences

on its operations. The High Court ruled that the NCA had acted lawfully—prompting MTN to head to the apex court to seek redress. The statement said the company recognises that collective goodwill and commitment is necessary to help the entire industry thrive and support the government’s agenda to enhance connectivity and the availability of communication services in the country. “We are convinced that this decision is in the best interest of our cherished customers, shareholders and other stakeholders. “MTN Ghana would like to reassure its cherished customers and shareholders that our commitment to the delivery of a bold new digital world in Ghana continues to be resolute. “MTN Ghana remains focused on providing the enabling technology to support Ghana’s

digital economy through partnerships with the Government of Ghana and other Ghanaian telecommunication players,” the statement concluded. SMP declaration The Electronic Communications Act 2008 (Act 775) states that the NCA may classify a network operator or service provider as dominant if, individually or jointly with others, that network operator or service enjoys a position of economic strength that enables it to behave to an appreciable extent independently of competitors and users. In other words, an operator that can take certain actions, especially related to pricing, which cannot be replicated by other players in the market, has significant market power.

WEDNESDAY OCTOBER 14, 2020

News

WEDNESDAY OCTOBER 14, 2020

Virus pain: Emerging markets’ woes not over — Moody’s By Benson AFFUL affulbenson@gmail.com

redit rating agency Moody’s has predicted that oil exporters from emerging markets (EM) will experience severe revenue shortfall as a result of the coronavirus pandemic. “Emerging market sovereigns will suffer long-lasting revenue losses due to the coronavirus crisis, with governments’ ability to implement and enforce effective revenue-raising measures set to be a key credit driver over the coming years,” Moody’s Investors Service said in its recent report. “Almost all EMs will record budget deficits this year and face constraints in cutting spending amid the pandemic, amplifying the importance of revenue generation. EM fiscal revenue will

stay below pre-crisis levels amid a slow and halting global recovery,” Moody’s said. The international rating agency said EM governments’ ability to implement and enforce effective revenue-raising measures will be an important credit driver over the next few years. According to Moody’s, on the average, EM governments will lose revenue about 2.1 percentage points of GDP in 2020, above the 1.0 pp loss in advanced economies (AEs). “The coronavirus crisis has underlined the importance of revenue generation for emerging market governments. Lucie Villa, a Moody’s Vice President Senior Credit Officer further explained that for EMs, any fall in revenue is particularly important for

creditworthiness because their government spending needs – social, infrastructure and debt financing – are often more urgent than for advanced economies and they have a generally narrower revenue base. With the support of

development finance institutions, the rating firm said, EM governments will look to implement or resume tax-raising measures. However, only a few governments have successfully raised revenue much faster than GDP growth over the last 10 years.

BoG tasks SDIs to stick to financial inclusion mandate By Patrick Paintsil p_paintsil@hotmail.com

he Second Deputy Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi has challenged Special Deposit-taking Institutions (SDIs) to realign their operations with their core mandate of providing financial access to “the missing middle” -- which is, small and medium enterprises that are not serviced by the banks. “We expect the SDI sector to be the key delivery channel for financial inclusion -- a key requirement for Ghana’s socioeconomic advancement. There are still many Ghanaians and businesses that do not have access to savings products and

Elsie Addo Awadzi

credit facilities and this presents opportunities for the SDI sector to grow,” Mrs. Awadzi said at a joint BoG/SDIs workshop for journalists in Accra. According to her, the SDIs fill a big vacuum in the nation’s financial system with that sector contributing significantly to the nation’s socio-economic development considering the size of the market they serve. In spite of the pivotal function they play in the informal economy, Mrs. Awadzi said there have been instances where SDIs deviated from their licensed mandate and operated as banks without the requisite capitalisation and risks expertise leading to their collapse. “For a developing country

like Ghana, this segment of our society forms the bedrock of our economy and can be harnessed and nurtured to become strong economic actors,” the second deputy governor said. In 2019, an exercise to sanitise the SDI space saw the central bank revoking the licences of some institutions within that bracket, including the axing of about 347 insolvent microfinance companies and 39 microcredit companies. Mrs. Awadzi stated that the cleansing was necessary to protect depositors, restore public confidence in that subsector and ultimately ensure the safety of the country’s financial system. To avert the reoccurrence of such mass failures in the sector, she said the BoG has revamped its supervision of the SDIs with works on new governance and risk control rules underway. The one-day media workshop was to bring journalists up to speed with the current status of the SDIs sector following the reforms embarked by the industry regulator as well as court the media’s support to grow the sector. Tweneboa-Kodua Boakye, Executive Secretary of Ghana Association of Savings and Loans Companies (GHALSAC), in his remarks underscored the

relevance of SDIs to national development adding that with the needed support, the sector will be able to drive the financial inclusion agenda. Financial inclusion Specialised Deposit-Taking Institutions (SDIs) sector are regulated under the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930) and licensed by the central bank to provide access to finance to segments of our society that would typically not be able to access financial services from commercial banks. They are expected to accept small deposits and to provide small loans to micro, small and medium businesses and informal sector business operators. As at July 2020, SDIs had dished out about GH¢ 5.7 billion in loans with their assets constituting 8.5 percent of total assets of the banking sector whilst their deposit base and loans made up 7.7 percent and 14.3 percent of the entire sector respectively. SDIs currently operate through a total of 1,070 branches nationwide serving about 1.5 million individuals and businesses, offer thousands of jobs, and provide loans for businesses across various sectors of the economy.

WEDNESDAY OCTOBER 14, 2020

Feature

WEDNESDAY OCTOBER 14, 2020

Information security governance: the cornerstone of effective information protection By Sherrif Issah

nformation Security Governance (ISG) refers to the system through which an organisation directs and controls its Information Security (InfoSec) activities. Just like corporate governance, ISG seeks to protect the interest of all stakeholders (shareholders, customers, service providers, government, employees, etc.) of an organisation. It ensures the alignment of InfoSec strategies with organisational strategies. The accountability of ISG usually resides with the Board of Directors or Executive Management of the organisation. According to Mears and Von Solms (2004), in order for organisations to ensure adequate protection of their information asset, the Board of Directors and Senior Managers must be serious about InfoSec. According to the IT Governance Institute (2006), ISG is an aspect of enterprise governance, which is responsible for setting strategic direction, attainment of InfoSec objectives, risk management, and monitoring of the enterprise security framework. ISG is the means of dealing with the security of enterprise information assets in a holistic approach, to include all organisational stakeholders, including those at the governance and management levels. (Rebollo et al, 2014). InfoSec is essential to all organisations, regardless of size, location, and industry; hence, ISG cannot be relegated to the background. According to Von Solms et. al (2011), ISG has become one of the main areas of strategic management because of its importance in the overall protection of organisationsâ&#x20AC;&#x2122; information assets. Organisations undertake several activities to ensure the security of their information assets. However, majority of them lose sight of ISG in their operations. The best security control without governance will

ultimately fail. In the study of Bihari (2008), the respondents ranked risk management and regulatory requirement as the two most important activities out of nine activities undertaken by corporate governance professionals. InfoSec was however ranked as the least important by the respondents. Contrary to the aforementioned response, majority of the participants after being probed; said InfoSec was important for the fulfillment of the obligations of the Board of Directors. The findings of this study clearly demonstrate how the importance of ISG is downplayed in some organisations. Allen (2007) has enumerated eleven characteristics of effective ISG as follows: 1 It should be an enterprisewide issue 2 Leaders of the organisation should be accountable 3 It should be considered as an organisational requirement 4 It should be risk-based 5 There should be defined roles and responsibilities, and segregation of duties 6 It should be addressed by policies 7 Adequate resources should be made available 8 Awareness and training should be conducted for employees 9 It should require a development life cycle 10 It should be planned, managed, and measured

11 It should be reviewed and audited There are a number of frameworks, standards, and best practices that help ensure proper governance of InfoSec within organisations. Organisations need not reinvent the wheel; they just need to adopt frameworks, standards, and best practices from reputable sources like the National Institute of Standards and Technology (NIST), International Organisation for Standardisation (ISO), IT Governance Institute, Business Software Alliance (BSA), and Information Systems Audit and Control Association (ISACA). NIST enumerates the following ISG best practices that organisations can adopt: 1 ISG should be based on relevant laws, regulations, and organisational policies. 2 Senior Managers should be involved in the formulation and implementation of ISG frameworks. 3 Responsibilities for InfoSec should be assigned and undertaken by adequately trained personnel. 4 Personnel responsible for InfoSec must be held accountable for their actions and inactions. 5 Priorities for InfoSec must be communicated to all organisational stakeholders to ensure effective execution. 6 InfoSec activities should be integrated into all management activities and business processes of the organisation.

7 The InfoSec organisation structure needs to be appropriate for the organisation and should be easily amenable to suit changes within the organisation. 8 Managers responsible for InfoSec should continuously monitor the performance of the security program. 9 The results of monitoring should serve as input into management decision making to improve the security posture of the organisation. There are so many benefits associated with effective ISG. Organisations can realize the following benefits as stated by the IT Governance Institute: 1. It ensures effective management of organisational risk. 2. It helps in the optimal allocation of resources for information security. 3. It protects the organisation against contractual, legal, and regulatory breaches. 4. It reduces the uncertainty of business operations 5. It provides the assurance that organisational policies are being adhered to. The importance of ISG cannot be overemphasized. A lot of InfoSec breaches have occurred globally due to poor ISG practices. ISG ought to be integrated into the overall governance of organisations to help safeguard the interest of key stakeholders. Organisations should always set InfoSec objectives and ensure these objectives align with the overall business objectives, and further integrated into the tactical and operational levels of the organisation. With the right ISG framework in place, the organisationâ&#x20AC;&#x2122;s security posture will be strengthened to withstand any shocks. Author: Sherrif Issah â&#x20AC;&#x201C; (IT GRC Consultant | PCI-QSA | Trainer @ Digital Jewels Ltd. | Editorial Board Member, Institute of ICT Professionals Ghana) For comments, contact author mysherrif@gmail.com | Mobile: +233243835912

WEDNESDAY OCTOBER 14, 2020

www.surflinegh.com

WEAR YOUR FACEMASK ALWAYS surfline ...itâ&#x20AC;&#x2122;s about time

Feature

WEDNESDAY OCTOBER 14, 2020

Africa deserves more Covid help By Ken Ofori-Atta

hana confirmed its first two Covid-19 cases on March 12, imports from Norway and Turkey. Africa has since recorded more than 1.5m cases and counting, though in terms of infections and deaths, we have fared better than most regions. Perhaps this is because of our youthful population, the natural social distancing of outdoor living and experience with infectious disease management — helped by good leadership. Our economies, however, have not been spared. Across the continent, governments are facing falling revenues, rising expenditures, increasing debt distress, and significant reversals in development indicators. In an omen of what is to come, Zambia now appears headed for the continent’s first pandemic-related private debt default. The human costs are tremendous. Up to 39m people are expected to slip below the poverty line. The past six months have brought laudable interventions from multilateral institutions and the G20 countries. The G20 moved quickly to establish a debt service suspension initiative, which has secured deferrals of some $5.3bn in debt service payments. The IMF has approved more than $25bn in emergency funding to Africa, and the World Bank fast track Covid-19 programme is providing $160bn. As we approach the World Bank and IMF fall meetings this week, much more needs to be done. The IMF’s lending capacity should be doubled to $2.5tn. European countries have some $260bn in special drawing rights for which they have little use and could easily lend on to African countries. The US is opposing the issuance of new SDRs altogether. Meanwhile, China is negotiating with Africa on a country-bycountry rather than continental basis, which is blocking progress. That makes western creditors reluctant to offer concessions for

Ken Ofori-Atta, Finance Minister

fear that released resources will simply be transferred to Beijing. Some of China’s state-owned financial institutions are not officially included in the G20 debt suspension. Still, China is an important partner in Africa’s infrastructure development, with more than $148bn of loans to the continent. Private creditors and the Institute of International Finance, which represents banks and insurers, have remained conspicuously silent, even as the predicted defaults start. African finance ministers have asked for an extended debt standstill of two years; $300bn in highly concessional new financing over three years to accelerate economic recovery; the structuring of a credit enhanced special liquidity and sustainability facility to make it cheaper and easier to access the capital markets; and a debt relief

and cancellation programme for vulnerable countries. That may sound like a lot, but on a global scale, African demands are a drop in the bucket. The G20 countries have already spent more than $10tn on recovery and economic stimulus packages for their own economies. Africa’s request is less than 3 percent of what OECD countries have spent so far to safeguard their own economies from the pandemic. Where is the fierce urgency for change in a global event of this scale? We must all ask, as does the parable of the good Samaritan in the Bible: “If I do not stop to help this man, what will happen to him?” We must use this opportunity to engineer a tectonic shift of the global financial architecture. That requires ambitious reforms to address fundamental inequities in the global financial

system. Africa continues to pay an unsustainable risk premium of some 600-800 basis points for its debt and insurance, costing Africa more to borrow than it should. This is not justified by Africa’s modest record of default. In addition, each year $50bn in illicit financial flows leaves the continent, an indictment as much of western investors and financial centres as of African corruption. African nations cannot wait for others to act. We must take the lead by establishing a secretariat to co-ordinate the varied interest groups and centres of power to propose a restructuring of the global financial architecture. That body must then seek to work with the G20, World Bank, IMF and UN, to make it fit for purpose for Africa and other developing countries as we navigate the post-Covid-19 recovery. Africa is not asking for charity. It is asking for equity.

WEDNESDAY OCTOBER 14, 2020

World

WEDNESDAY OCTOBER 14, 2020

IMF envisions a sharp 4.4% drop in global growth for 2020

MF envisions a sharp 4.4% drop in global growth for 2020The International Monetary Fund foresees a steep fall in international growth this year as the global economy struggles to recover from the pandemic-induced recession, its worst collapse in nearly a century. The IMF estimated Tuesday that the global economy will shrink 4.4% for 2020. That would be the worst annual plunge since the Great Depression of the 1930s. By comparison, the international economy contracted by a far smaller 0.1% after the devastating 2008 financial crisis. The monetary fund’s forecast for 2020 in its latest World Economic Outlook does represent an upgrade of 0.8 percentage point from its previous forecast in June. The IMF attributed the slightly less dire forecast to fasterthan-expected rebounds in some countries, notably China, and to government rescue aid that was enacted by the United States and other major industrial countries. But the 189-nation lending agency cautioned that many developing countries, notably India, are faring worse than expected, in large part because of a resurgent virus. Many nations face the threat of economic reversals if government support

Kristalina Georgieva, Managing Director – International Monetary Fund

is withdrawn too quickly, the IMF warned. “While the global economy is coming back, the ascent will be long, uneven and uncertain,” Gita Gopinath, the IMF’s chief economist, wrote in the new outlook. “Recovery is not assured while the pandemic continues to spread.” While forecasting a global contraction this year after 2.8% growth last year, the IMF predicts a rebound to global growth of 5.2% next year, 0.2 percentage point lower than in its June forecast. For the United States, the IMF forecasts an economic contraction of 4.3% this year, 3.7

percentage points better than in its June forecast. The lesspessimistic outlook reflects a stronger-than-expected bounce from the $3 trillion in relief aid that Congress enacted earlier this year. For next year, the IMF envisions 3.1% growth in the United States, 1.4 percentage points less than in its June outlook and in line with the view of private forecasters. Last year, the U.S. economy grew 2.2%. China, the world’s secondlargest economy, is expected to grow 1.9% this year, a sharp slowdown from the 6.1% gain in 2019, and then expand 8.2% in 2021.

USB offers relief on certain programmes to contribute to economic recovery of SA and beyond

n the wake of the current COVID-19 pandemic, business education is now, more than ever, vital for individuals and organisations to cope with financial and economic challenges posed by the coronavirus and contribute towards entrepreneurial opportunities created by the post- COVID world. For this reason, the University of Stellenbosch Business School (USB) has decided to offer relief on selected postgraduate programmes’ fees for students enrolling for 2021 and onwards to contribute to the economic recovery of the South African and African economy. The programmes implicated are the postgraduate diplomas in Business Management and Administration (PGDip BMA),

Futures Studies, and Leadership Development. These programmes were specifically selected due to their accessibility to a broader market and where

the biggest impact can be made. “As a school steeped in responsible leadership, we carry a duty to respond to the impact of the pandemic of 2020. We do

The IMF said that while a swift recovery in China had surprised forecasters, the global rebound remains vulnerable to setbacks. It noted that “prospects have worsened significantly in some developing countries where where infections are rising rapidly” and that in India and in poorer nations in Africa and Asia, the pandemic has continued to spread and in some areas even accelerate. “Preventing further policy setbacks,” the IMF said, “will require that policy support is not prematurely withdrawn.” In the United States, a variety of economic aid programs, including small business loans to prevent layoffs and a $600-a-week unemployment benefit, have expired. Congress has so far failed to reach a compromise agreement to provide further financial assistance to individuals and businesses. The scale of disruptions in hardhit economic sectors of the U.S. economy, notably restaurants, retail stores and airlines, suggests that without an available vaccine and effective drugs to combat the virus, many areas of the economy “face a particularly difficult path back to any semblance of normalcy,” the IMF said. AP believe that many South Africans hope to upskill and reskill themselves in 2021, and we would like to respond to the need in a responsible way,” says Dr Jako Volschenk, head of USB’s MBA programmes. All programmes offered by the USB will be presented via its immersive Blended Learning delivery from next year. “We anticipate slightly lower costs due to a shift towards the Blended Learning delivery, and we feel we are able to pass on the saving to our students. In addition, this format also provides lower opportunity cost to students with less travel and accommodation expenses. We remain committed to providing access to a world-class business school,” he says. CONTACT DETAILS Dr Marietjie van der Merwe USB Representative Marie@ globalnatives.com +230 606 2341 / +230 5 701 1362

WEDNESDAY OCTOBER 14, 2020

Companies

WEDNESDAY OCTOBER 14, 2020

expressPay launches myQR Code platform for cashless payments expressPay Ghana Limited, a wholly owned Ghanaian financial technology company has added a Quick Response (QR) Code called “myQR” to its array of cashless payment services. With the introduction of “myQR”, merchants now have an innovative way to ensure cashless transactions in times of heightened COVID-19 hygiene procedures. myQR is an interoperable selfservice platform and available to merchants and individuals via www.myqr.express. The new myQR service compliments the existing expressPay platform and is a testament to what expressPay stands for – innovation. It is open to anyone with a bank and mobile money wallet seeking to receive or make payments without physical interactions. It is ideal for business owners, churches, school groups, individuals’ free lancers and more, as it provides an easy way for them to accept payments instantly to their bank account or mobile money wallet of choice. And the setup can be done in 60 seconds! Speaking on what necessitated

the creation of the new service, CEO of expressPay, Curtis Vanderpuije, said: “We’re constantly seeking ways to make financial services simpler for Ghanaians. The silver-

lining with COVID-19 is that it has illustrated the use of digital services for payments and myQR serves a great need at this time.” “myQR is securely processed by

Visa, banks, and mobile money services so Ghanaians can be assured of the safety of their data. It is a very personal service, hence the tagline, “myQR, my money,” Mr Vanderpuije added. The process is simple. Merchants or individuals go to www.myqr.express to generate a free customised QR which they display physically at their premises or across social media. To make a purchase instantly, customers scan the QR code with their preferred payment app or USSD interface. Merchants can receive payments from over 3,000,000 users across any of the Visa on Mobile enabled payments apps – expressPay, Ecobank, GT Bank, Standard Chartered Bank and Zenith Bank apps. As other banks and Telcos come on stream, the network of users increases automatically. Once a QR is scanned, the purchase is instant, and the merchant receives a notification for successful payment with no contact required Thus, effectively reducing the number of steps involved to make digital payments.

MTN, Telecom Infra Project announce partnership

TN Group and Telecom Infra Project (TIP) have joined forces to support the evolution of MTN’s communication transport infrastructure, which will become a platform for future revenue growth and profitability. “Our partnership with TIP will drive the specific requirements of our network to meet our subscriber demands, setting us apart on our network scalability and adaptability,” says Charles Molapisi, MTN Group Chief Technology and Information Officer. Through the partnership, communication transport capacity will be deployed to support traffic growth over the next three years. In addition, it will provide support for new services as part of the evolution of 5G and new enterprise services. It will also reduce the time to market through more focused agile service provisioning. “Through the use of open protocols and interfaces, and the ability to incorporate specific innovations focused

on the performance of each network component, TIP’s open disaggregated, standard-based transport networks can help MTN move closer to its ideal transport infrastructure,” says David Hutton, TIP’s Chief Engineer. The TIP community, which aggregates members across the whole transport network value chain, is a key tool for MTN to build its future transport infrastructure. To achieve the objective of increasing network efficiency, MTN has identified a set of requirements named CASSI that will support its work by: Convergent and congestion free: Delivering on the capacity requirements from all network access technologies, including the most demanding, like accesses to fibre, next-generation radio systems, enterprise and consumer requirements. Always on: Implementing a fully automated resilient transport network, to support high availability as demanded by advanced digital services. Scalable: Allowing for an easy / efficient capacity expansion,

able to accommodate fast growing traffic demands at a lower cost. Simplified: Making use of standardised network configurations and open protocols, to drive lower unit costs and increase capital expenditure efficiencies. Intelligent: Automation of the network operations by using software to optimise network resource planning and management, achieving higher operational efficiencies by enabling use cases such as smart

planning, auto provisioning, network visualisation and forecasting and network slicing among others. MTN will work together with the TIP community in the months ahead to build transport products and network configurations addressing the company’s requirements, that could be tested and validated in TIP’s community labs and in the field, to create easy-to-use commercial solutions for the CASSI use cases.

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News

WEDNESDAY OCTOBER 14, 2020

PIAC calls for sanctions against contractors who execute shoddy works

The construction of this CHPS compound was fully funded from the ABFA.

he Public Interest and Accountability Committee (PIAC) has called on government to initiate punitive measures against contractors who execute shoddy works on oilfunded projects. PIAC, which has oversight responsibility over the management of the country’s petroleum revenues, has noted with concern the practice of some contractors doing sub-standard works defeating the purpose of value for money for the use of petroleum revenues. It is important to note that petroleum revenues come from a depleting resource base, a reason the law provided for using Petroleum revenue in ways that support intergenerational benefit.

The Committee also called on government to recognize other contractors who have demonstrated value for the use of petroleum revenues through the delivery of good projects. The Chairman of PIAC, Mr Noble Wadzah made the call after he led a PIAC team to visit selected oil-funded projects in the Eastern Region. The exercise forms part of the Committees regular activity to identify with effective use of the country’s petroleum revenues. The projects the community visited included the Construction of Community Health-Based Planning Service (CHPS) compound at Ahankrasu, construction of Irrigation Infrastructure at Aditrase and Kornokle in the Yilo Krobo District

and the Payment for a 3-Unit classroom block at Amanase Aboabo JHS and Owusu Wawase D/A Primary. The rest are Bitumen Surfacing of New Tafo – Nobi – Samlesi – Anwiabeng Feeder roads, Construction of Irrigation Infrastructure at Aditrase and Kornole in the Yilo Krobo District and upgrading of Kade Wenchi Akim Oda Roads.

CHPS compound Information made available to the PIAC Team indicated that the contract was awarded in November 2018. As at the time of PIAC’s visit, main construction works on the CHPS have been

completed, finishing works were ongoing, while external works were underway. Supply and installation of medical equipment was yet to begin. The overall progress stands at 95 per cent. The construction of the CHPS compound, which will serve the community health cases received total funding from the ABFA to the tune of GHC1,206,419.14. Mr Wadzah described that particular project as one that offered value for money and commended the contractor for his good works. He explained that it was inspiring to note that there were contractors who shared in the value of putting petroleum revenues allocated to projects to good use and such people should be commended for their efforts. An indigene of the community, Mr Peter Terkpeh told the PIAC Team that the community was involved in the construction works through employment and other related service provision, an experience that was not realized in other similar project areas. Mr Wadzah also made a call for community involvement to be mandatory in project contracts as it stands ensure some level effectiveness and resilience in project works and delivery. The PIAC team also held public forums at the district level in Abetifi and Kwabeng to inform and engage citizens on the management and use of petroleum revenues in the country as provided for in law.

SEC hikes capital requirements for operators By Sani Abdul Rahman

he Securities and Exchange Commission (SEC) has raised the minimum capital requirement for capital market operators in a swath of reforms to upscale their operations, protect investors as well as the integrity of the market. According to the capital market regulator, existing players in the market are to meet the new minimum capital requirements latest by December 31, 2021. However, the adjusted capital requirements take immediate effect for new entrants. “The new directive in accordance with Section 209 of the Securities Industry Act 2016, (Act 929) is in line with

the Commission’s mandate of regulating and promoting the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected,” the regulator said. In October 2017, the SEC hinted at raising the minimum capital requirement as part of a broader plan to streamline market players to enable them to take big-ticket businesses to support economic growth. But commenting on the move which was preceded by a regulator punitive action against non-performing fund management companies, equity research Analyst Gideon AmoaniKyei told Business24 by phone: “we should expect some mergers

and acquisitions before the deadline. Certainly, some players may not meet the new capital requirement and would have to seek partnership to survive.” While some analysts believe the adjustment will heap pressure on companies already scrambling to recover from covid-19 ravages, the Databank analyst sees the 15 months period as enough for market operators to shore up their capital. “Considering the capital increase, I think the 15 months is enough for any player that can actually raise funds to meet the new requirement,” Gideon added. The SEC’s Director-General, Rev. Daniel Ogbarmy Tetteh said the new licensing requirements including the adjusted capital

threshold had been discussed with market players, hence “should not come as a surprise to the market.” He was speaking at the Annual General Meeting (AGM) of the Ghana Securities Industry Association (GSIA) in Accra. In addition, the SEC has also rolled out reforms in the Conduct of Business Guidelines, Regulatory Sandbox Licensing Guidelines and Corporate Governance Code for listed companies. These will help to steer the operations and activities of market operators. The capital adjustment comes after the SEC had revoked the licences of 53 defunct Fund Management Companies in November 2019, with verified claims payment for their customers underway.

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News

WEDNESDAY OCTOBER 14, 2020

Government will absorb shortfall in pension lump sum

overnment will absorb the shortfall in the lump sum payment by the Social Security and National Insurance Trust (SSNIT) to public sector workers who retire this year, President Nana Addo Dankwa Akufo-Addo has announced. He said government had decided, after extensive deliberations, to resolve the issue of past credits between the beneficiaries of the PNDC Law 247 and and the new three-tier pension scheme to correct the unfairness in the implementation of the new Pension reforms. The President who made the announcement when he commissioned the refurbished Hall of Trades Unions in Accra on Tuesday, said a committee would

Nana Akufo-Addo

soon be put in place to supervise the implementation of that decision by government. Public sector workers who retired this year under the new

National Pensions Act, 2008 (Act 766) received far lesser lump sum payouts from SSNIT than those who retired under the PNDC Law 247.

This has generated angst among retirees and affected workers who will retire later in the year. They have bemoaned the fact that the pension reforms, which promised a better retirement income, was turning out to make them worse off, as there were significant disparities between them and those who retired under the previous arrangement. But President AkufoAddo assured public labour organisations that government, as a sign of good faith and in appreciation of their invaluable and untiring efforts to Ghana’s development, would ensure that the issue was resolved to so that those who retired between Janaury 1, 2020 and December 31, 2020 were not rendered worse off. GNA

Ghana on ‘track to achieve universal access to electricity’ by 2030 – IEA

hana is among a handful of countries that are “on track to achieve universal access to electricity” by 2030, according to the World Energy Outlook 2020 published, on Tuesday, by the International Energy Agency (IEA). The other African countries to also make the breakthrough are Ethiopia, Kenya, Senegal and Rwanda. The WEO has been published amid the disruption and uncertainty caused by the COVID-19 pandemic, that has led to a drop in global emissions. However, the Outlook says that the world still has to come up with “well-designed energy policies for a resilient energy system that can meet climate goals”. It says global emissions are set to bounce back more slowly than after the financial crisis of 20082009, but the world is still a long way from a sustainable recovery. “Despite a record drop in global emissions this year, the world is far from doing enough to put them into decisive decline,” said Dr Fatih Birol, the IEA’s Executive Director. “The economic downturn has temporarily suppressed emissions, but low economic growth is not a low-emissions strategy – it is a strategy that would only serve to further impoverish the world’s most vulnerable populations. “Only faster structural changes to the way we produce and consume energy can break the emissions trend for good. “Governments have the capacity and the responsibility to take decisive actions to accelerate clean energy transitions and put the world on a path to reaching our climate goals, including netzero emissions.”

The report points out that investment in clean energy offers a way to boost economic growth, create jobs and reduce emissions. Dr Birol said: “Africa holds the key for global energy transitions, as it is the continent with the most important ingredients for producing critical technologies.” The Tema LNG Terminal, for instance, positions Ghana as a regional hub for gas, allowing other nations to benefit from connectivity to the international market, while offering a costeffective and reliable source of energy to help develop the economies of Ghana and its neighbours, according to energy experts. “Africa’s infrastructure needs currently present a challenge to its development, but also offer a major opportunity for long-term growth,” one energy expert said in London. “Demand is increasing for raw minerals both in Africa and worldwide. “With the right investments and infrastructure plan, and the developments of projects like the Tema LNG Terminal, African countries can use modern technologies and expertise to deliver long-lasting, sustainable benefits to their societies. “This can then spur development in other areas through increased income, stability of energy supply and increased regional and international trade.” The WEO, however, says, all this would be dependent on the electricity sector playing “a key role in supporting economic recovery, and an increasingly important long-term role in providing the energy that the world needs.

TECNO Mobile launches of CAMON 16 series

ECNO Mobile, the leading brand of smartphones in Africa has officially launched the CAMON 16 series onto the Ghanaian market. In an interview at the official launch, the sales manager at Tecno Mobile Ghana, Mr. Cyril Amarteifio said the two top-of-theline phones have been added to the Camon 16 series – the Camon 16 Premier and the Camon 16 Pro – both embedded with 64MP back and 48MP front cameras for an exceptional photo experience. The Camon 16 Premier has a 6.9” FHD Dot-in display, and an all-new access to a side-mounted fingerprint sensor, while the Camon 16 Pro comes with a slightly smaller, but just as impressive 6.8” Dot-in display with its fingerprint sensor located at the back of the phone. Mr. Amarteifio indicated that to enable smooth multi-tasking and

flawless mobile experience, both phones are packed with massive 128GB of internal memory, differing only in RAM; the Camon Premier with 8GB and the 6GB for the Camon Pro. The smartphones are also powered by a non-removable LiPro 4500 mAh battery with fast charging 33W for the Camon 16 Premier and 500mAh with fast charging 18W for the Camon 16 Pro for a long battery running experience. Another major highlight of the phones is the revolutionary 960 and 120 frame slow-motion video support for the Camon 16 Premier and Camon 16 Pro respectively, he mentioned. “The next level camera phones are also equipped with a highspeed MTK G90T Octa core 2.0GHz processor and AI broken effects,” he said.

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Feature

WEDNESDAY OCTOBER 14, 2020

Post-COVID capitalism

By Klaus Schwab

o event since World War II’s end has had as profound a global impact as COVID-19. The pandemic has triggered a public health and economic crisis on a scale unseen in generations and has exacerbated systemic problems such as inequality and great-power posturing. The only acceptable response to such a crisis is to pursue a “Great Reset” of our economies, politics, and societies. Indeed, this is a moment to re-evaluate the sacred cows of the prepandemic system, but also to defend certain long-held values. The task we face is to preserve the accomplishments of the past 75 years in a more sustainable form. In the decades after WWII, the world made unprecedented strides toward eradicating poverty, reducing childhood mortality, increasing life expectancy, and expanding literacy. Today, international cooperation and trade, which drove the post-war improvement in these and many other measures of human progress, must be maintained and defended against renewed skepticism of their merits. At the same time, the world also must remain focused on the defining issue of the pre-pandemic era: the “Fourth Industrial Revolution” and the digitization of countless economic activities. Recent technological advances have given us the tools that we need to confront the current crisis – including through the rapid development of vaccines, new treatments, and personal protective equipment. We will need to continue

to invest in research and development, education, and innovation, while at the same time building protections against those who would misuse technology. But other shibboleths of our global economic system will need to be re-evaluated with an open mind. Chief among these is the neoliberal ideology. Free-market fundamentalism has eroded worker rights and economic security, triggered a deregulatory race to the bottom and ruinous tax competition, and enabled the emergence of massive new global monopolies. Trade, taxation, and competition rules that reflect decades of neoliberal influence will now have to be revised. Otherwise, the ideological pendulum – already in motion – could swing back toward fullscale protectionism and other lose-lose economic strategies. Specifically, we will need to reconsider our collective commitment to “capitalism” as we have known it. Obviously, we should not do away with the basic engines of growth. We owe most of the social progress of the past to entrepreneurship and to the capacity to create wealth by taking risks and pursuing innovative new business models. We need markets to allocate resources and the production of goods and services efficiently, particularly when it comes to confronting problems like climate change. But we must rethink what we mean by “capital” in its many iterations, whether financial, environmental, social, or human. Today’s consumers do not want more and better goods and services for a reasonable price.

Rather, they increasingly expect companies to contribute to social welfare and the common good. There is both a fundamental need and an increasingly widespread demand for a new kind of “capitalism.” To reconsider capitalism, we must reconsider the role of corporations. An early exponent of neoliberalism, the Nobel laureate economist Milton Friedman believed (quoting former US President Calvin Coolidge) that “the business of business is business.” But when Friedman pioneered the doctrine of shareholder primacy, he did not consider that a publicly traded company might be not just a commercial entity but also a social organism. Moreover, the COVID crisis has demonstrated that companies that invested in strengthening their long-term vitality have been better equipped to weather the storm. In fact, the pandemic has hastened the shift toward a stakeholder model of corporate capitalism, following the US Business Roundtable’s embrace of this concept last year. But for more socially and environmentally conscious business practices to stick, companies need clearer guidelines. To meet that need, the World Economic Forum’s International Business Council has developed a set of “Stakeholder Capitalism Metrics,” so that businesses can get on the same page when it comes to assessing value and risks. If the COVID crisis has shown us anything, it is that governments, businesses, or civil-society groups acting alone cannot meet systemic global challenges.

We need to break down the siloes that keep these domains separate, and start to build institutional platforms for publicprivate cooperation. Equally important, younger generations must be involved in this process, because it is inherently about the long-term future. Finally, we must expand our effort to recognize the diversity of backgrounds, opinions, and values among citizens at all levels. We each have our individual identities, but we all belong to local, professional, national, and even global communities with shared interests and intertwined destinies. The Great Reset should seek to lend a voice to those who have been left behind, so that everyone who is willing to “co-shape” the future can do so. The reset that we need is not a revolution or a shift to some new ideology. Rather, it should be seen as a pragmatic step toward a more resilient, cohesive, and sustainable world. Some of the pillars of the global system will need to be replaced, and others repaired or strengthened. To achieve shared progress, prosperity, and health requires nothing more – or less. About the author

Klaus Schwab is Founder and Executive Chairman of the World Economic Forum.

WEDNESDAY OCTOBER 14, 2020

How to get promoted when working from home

ith a great many of us still working from home, how can you hope to get promoted if you aren’t in the office? What’s the best way to make your boss notice you, and to stand out from your colleagues? Salesman John says that you have to regard the emails you send to your manager as an art form that needs to be perfected. “If you are working from home, then when you email your boss you cannot be just to the point, instead you have to express your wider knowledge,” says the 45-year-old, who preferred not to share his surname. “But you don’t want him or her to know that you are showing off, you have to be subtle. “And then when you get an email from them, you have to really study the tone, and it is the same for Zoom calls. If you work from home, and want to get promoted, you have a fight on your hands. And much more so if some of your colleagues are still going into the office.” For anyone who remembers the advice columns in teenage magazines on how to get a boyfriend or girlfriend, then some of the tips on offer (in books, newspapers, and internet forums) on how to persuade your boss to promote you are strangely familiar - smile, be polite and flatter. And then ask for what you want, because if you don’t ask you won’t get. Be it a new love

interest, or a promotion. But if you want to rise through the ranks at work, being based at home as a result of the continuing coronavirus pandemic undoubtedly makes it more of a challenge. After all, if you are working from your kitchen table or study, you are not going to bump into your boss, see them in person every day in meetings, or have a chance to bend their ear in the corridor. And from your boss’s perspective, while he or she can easily tell how hard someone is working in the office, it is sometimes hard for them to resist the nagging fear that home workers are playing with their kids, walking the dog, or baking a sourdough loaf. Melanie Wilkes, a senior policy adviser at the Work Foundation think tank, says it is important that employees working hard from home keep in close contact with their boss. “We are seeing many workers taking on multiple responsibilities that they didn’t do before the crisis,” she says. “So make sure that is noticed and noted, even if it is just an email.” Ms Wilkes adds that home workers need to make sure that existing HR policy is still being followed, such as regular feedback sessions. “You should still be having regular meetings with your line manager to review progress, just like you would have before.

“It gives your manager a heads up in advance to what is working well and what you want to do. It is key for your journey towards that promotion.” Sharon Clarke, professor of organisational psychology at Alliance Manchester Business School, agrees that it is important for home workers to highlight their successes. “Adaptability and innovation are going to be very important to a company’s success [in the new coronavirus world], so being creative and coming up with ideas will be important,” she says. “So try to put your ideas forward so you can be recognised.” All this also works in the other direction - bosses must make sure they know which employees are working particularly hard and well from home. “As a manager, how am I going to tell if people are doing well at home?” says Anne Sammon, a partner at law firm Pinsent Masons. “Bosses have to be mindful of getting more data, so they know what is going on.” After all, if employees suddenly discover that everyone who went into the office is getting promoted and all those who worked from home are not, there could be very good grounds for a discrimination case. Anne Davies, professor of law and public policy at Oxford University, agrees that bosses need to closely study how well stay-at-home staff are performing. “If you have people working

from home, you should agree on how you are going to monitor their work, and have objective criteria for assessing how they are doing,” she says. “When you promote someone, it is always open to challenge on discrimination grounds, and you have to be able to show that you are being fair.” Prof Clarke says that bosses have to remember that it is in their interest to find the best employees to promote. “Managers are going to have to work harder to spot the workers who are making a real effort [at home],” she says. “If you [as a manager] are really hoping to make a difference in your business, you have to be able to spot the talented ones who are making a bigger contribution.” But back at his home study in the West Midlands, salesman John is still worried that his colleagues who have continued to go into the office are at an unfair advantage. “If my work is of the same quality as someone who can successfully befriend and banter with the boss in the same room, then he or she is going to be promoted over me,” he says. “And it is not just about being recognised for doing a good job, it is also about being able to blame someone else if something goes wrong. Often things, good or bad, at work are a team effort. And if you are actually in the office with the boss, then if something does go wrong, you can sneakily say, ‘It was John’s fault.’” BBC

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