Business24 Newspaper - 23rd September 2020 by Business24 Online

THEBUSINESS24ONLINE.COM

WEDNESDAY SEPTEMBER 23, 2020

NO. B24 / 104 | NEWS FOR BUSINESS LEADERS

WEDNESDAY SEPTEMBER 23, 2020

Toni Aubynn backs new lease scheme for local miners

More global carmakers to assemble locally By Patrick Paintsil p_paintsil@hotmail.com

overnment’s automotive development policy to revitalise the domestic automotive industry is yielding positive results as more global carmakers have announced plans to set up assembly plants locally. Cont’d on page 3

PaySwitch receives ISO 27001 certification

Former CEO, Ghana Chamber of Mines and the Minerals Commission, Dr. Toni Aubynn

By Eugene Davis

former CEO of the Ghana Chamber of Mines and the Minerals Commission, Dr. Toni Aubynn, has applauded an initiative by German engineering and steel company Thyssenkrupp Industrial Solutions to allow African miners to lease rather

than purchase equipment to help them overcome cash flow problems. The firm is in talks with a bank in Ghana to pilot the financing scheme for the leasing of equipment to African mining companies. The plan is mainly targeted at non-gold miners, some of whom are “running into cash flow problems”, the

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

company said. The move, according to Dr. Aubynn, is an excellent idea, “given that mining is capital-intensive and to have any facility that supports the provision of capital to Africans or Ghanaians who want to go into mining is great.” Cont’d on page 2

BRENT CRUDE $/BARREL

14.5%*

NATURAL GAS $/MILLION BTUS

GHANA REFERENCE RATE

15.12%

GOLD $/TROY OUNCE

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

Cont’d on page 3

INTERNATIONAL MARKET USD$1 =GHC 5.6734*

*POLICY RATE

PROJECTED GDP GROWTH RATE

aySwitch Company Limited, a Ghanaian owned thirdparty payment processor (TPP), has been certified as ISO 27001 compliant. This award is a validation of the company’s strides to provide Ghana with an authentic locally established TPP to banks and other businesses that are driving a digital payment agenda.

0.9% GHC 5.13*

CORN $/BUSHEL

329.50

COCOA $/METRIC TON

$2,620

COFFEE $/POUND:

$109.65

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NEWS/EDITORIAL Editorial / News

MONDAY SEPTEMBER 142020 2020 WEDNESDAY SEPTEMBER 23,

EDITORIAL Editorial

Govt’s auspicious automotive policy yielding good results Pay before boarding order needs a rethink

The new directive for all passengers to pay for their COVID-19 test online before their arrival at Kotoka International Airport has been meet with resentment by airlines and passengers. he response to

condition for boarding of flights country� s COVID-19 testing to KIA.” regime.

T h e n e w d i re c t ive , h a s however, been described by airlines as detrimental to the renewed efforts to stimulate Undoubtedly, these demand for air travel, given that audacious cash payments pose remainshuge the At agovernment’s time when passengers are developments predominantformode payment still coming termsrevitalise with the potential move to to the ofdomestic for most Ghanaian travelers. as US$150 � GHC 900� automobile mandatory automobile country’s industry payment for COVID-19 test upon airline with operatorseveral who industry with an automotive it An comes arrival at KIA, the new directive wishes to remain anonymous, development policy has been opportunities along the value has generated more debate. told Business24 that “The cost is

The CPA� s Chief Executive Officer, Kofi Kapito, said in as much as the government want to curb imported cases of the to global disease, car manufacturers respiratory it must not to produce new butvehicles burden the passenger charge what is enoughprices to cover at cheaper for their the cost and not to profit from the population. passenger. It must however be noted

“Most of them don� t carry any automotive market, having electronic payment cards to car producers assembling be in able to pay online. They should Ghana will reduce the high have the flexibility to pay cash amount forex used in the when theyofarrive.” importation of suchProtection vehicles. The Consumer For years, the Agency � CPA� has alsoaverage raised critical questions Ghanaian had to about resort the to relatively high cost of cars the slightly used or salvaged which come with their own challenges and the automotive policy has given opportunity

made to handle theof testing for a cooperation both reasonable fee but rather a carmakers, dealers, banks contract given to a foreign and the to government to take company do what Noguchi such adequately a game-changing could handle. step for

T Wash your hands 2

Cover your cough 3

hugely significant as more Passengers travelling to Ghana global carmakers get ready will from Tuesday, September 15 to their assembly be establish required to make online payments for the mandatory plants in Ghana. CO V I D 1 9 t Ko to k a German t e s t aautomaker International Airport to Volkswagen (VW) has prior already boarding of their flight, a begun d i r e cassembling t i v e b y some F r o nof t i its er brands H e a l t hlocally C a r e � tand h e its c oobvious mpany contracted carry out are the that other to competitors antigen test at KIA--to all airlines ready to follow in their steps. onThe Friday has revealed. latest to disclose their B y t h earen eMitsubishi w d i r e c t and ive, intention “Passengers are required to show Suzuki according its local proof of payment to airlines as a dealership and distributor, CFAO Motors as they look set to kick-start the process by next year.

“Look and you that the around successAfrica of the policy see that what is paid in Ghana for chain. lies not only in assembling the already too high and now this the test is the highest. Why Aside creating the muchcars locally new policy is also going to be should that be�but ” also the ability needed working class to buy and i m p l e mjobs e n t efor d . the T hGhanaian e r e a r e ofHe also raised questions about hundreds Ghanaian youth andofthe requiredtraders skills why own some of these new cars at the Noguchi Memorial who travel to buy goods to retail development to drive the Institute affordable for prices. Medical Research of in the country. University requires of Ghana, was not sustenance of the domestic theThis the

the automotive sector. Business24 would like to urge For instance, in a flexible approach having that allows passengers to to either pay online place short medium-term or cash on arrival. financing options will enable a lot of people to purchase these brand-new vehicles that are being “made locally”.

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

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Toni Aubynn backs new lease scheme for local miners that the desired outcomes are outbreak had transformed their achieved and the economy operations, the bank chiefs brought back on track.” responded that the immediate Mr. Awuah� s remarks were response was to enforce remote reinforced by majority of the top working while realigning workers� bank executives who responded roles. While the majority, 69 percent, to the survey. The respondents of respondents indicated that advised the Bank of Ghana to Continued from cover consultation remote working will become a increase stakeholder in order to propose more permanent option going forward, Philipp policies. Nellessen, there was general consensus that beneficial Thyssenkrupp’s CEO for the new norm will ultimately lead This, they said, will help to the shedding of workers whose sub-Saharan Africa, and said extent the estimate the timelines agreement with policies the bank is jobs have become automated. to which the of the “Most banks intend to expected be formalised soon, regulator towill remain available. permanently incorporate remote and S o mthe e scheme r e s p o n will d e n be t s running s i m p l y working as an option available to within the next three months. thought that there was the need staff based on their roles. 12.5� of operators sand forQuarry detailed guidelinesand from the banks confirmed that they have government and Bank Ghana winners are among the of firms to already begun and will continue on the implement ation of to realign the job roles and work benefit from the scheme. measures in placeequipment to curb the Buying put mining impact of the pandemic. usually means a down-payment their 50 view, guidance of In between andclear 100 percent. was missing, and though this The new plan will allow miners c omake u l d an b einitial s h apayment r e d d uofr i20 ng to stakeholder consultation, they percent and then repay the bank couldwith not cash fully generated embed thefrom new loan policies in operational strategy operations. Thyssenkrupp has without a detailed documented reached agreement in principle directive. with a credit insurer to underwrite the loans. Post-pandemic banking If the scheme works, the plan is to extend it to South Africa When asked by the audit firm and otherhow African said s about thecountries, pandemic� Nellessen, stressing that other

team structures to the new way of working in order to maximise efficiencies of digital banking, and ensure less-paper operations and requirements for social distancing. In the long run, these measures may result in possible layoffs for some whose jobs become automated,” the report said. Commenting on the findings of the survey, which was on the theme “The new normal� banks� response to COVID-19”, PwC� s Country Senior Partner, Vish Ashiagbor, cautioned that for workers that survive the digital p ro g re s s i o n , t hey h ave to upgrade their skills to remain relevant.

banks might need to be brought the mining, chemicals and ADVERTISE WITH US on board. cement industries. TEL: +233 024 212 2742 In addition to Ghana and South Capital projects have collapsed Africa, Thyssenkrupp has offices as a result of COVID-19, with the www.thebusiness24online.net in Mozambique, Tanzania and new order book at 25 percent of Morocco. The company supplies a typical full year, Nellessen said.

WEDNESDAY SEPTEMBER 23, 2020

More global carmakers to assemble locally Continued from cover “Our group is working on that; obviously by by end of 2021 we will be present as an assembly plant [in the local market] also,” Managing Director Paulo Fernandes told Business24 in response to a question on whether the makers of the cars that CFAO distributes in Ghana had plans of assembling locally. He added: “To have an

assembly plant in Ghana is a huge opportunity for global car manufacturers to produce new vehicles at cheaper prices for the population—and I think it’s a really good idea.” To him, the move affirms the confidence of the two carmakers and CFAO in the domestic automobile industry. A number of carmakers have announced their intentions to set up assembly plants in the

Ghanaian market, following the government’s launch of an automotive development policy to encourage investment in the sector. German automaker Volkswagen (VW) has already begun assembling some of its brands locally. For such investments to succeed, however, the CFAO Motors boss reiterated the need for a ban on used and salvaged vehicles, which, he argued, was

Paulo Fernandes believes innovative financing options will help grow the car market.

“a good thing for the environment and for the future of the country”. “If the government will support us—like placing a ban on usedcar imports—the new car market will grow and it will be good for everyone. It is dangerous for the growing nation to continue to purchase vehicles that are not fit to be driven in Ghana.” Automotive sector concerted efforts

needs

Apart from government support, Mr. Fernandes said the local automobile industry will need support from the banks, in terms of providing secure and sustainable means of funding for potential car buyers. He said: “The automobile industry will need very interesting financing solutions to grow, and it will be very difficult without the support of the banks. It must be a teamwork between carmakers, dealers, banks and the government. This will be a game changer for the automotive sector.”

PaySwitch receives ISO 27001 certification Continued from cover ISO 27001 is an international standard for information security with respect to how risk is managed through an organization’s information processes and controls. The certificate is globally recognized and when awarded to an organization, it confirms its compliance to a high standard of Information Security Management System (ISMS). A certified company is equipped to protect the information of both its clients and staff. PaySwitch provides integrated payment solutions that facilitate the circulation of money as well as the exchange of value between individuals (C2C); individuals and organizations (C2B); organizations and individuals (B2C); and between organizations (B2B) on a timely and consistent basis. Among the profile of products and solution within issuing and acquiring are: (1) Payment Card [Visa, MasterCard, UnionPay and GhLink] (2) Wallet Services [TELA Wallet and Proprietary Wallet] (3)

Loyalty Card / Scheme [Mileage reward programs] (4) AntiFraud Solutions (5) Monitoring & Prevention (6) ATM & Smart POS (7) MomoPOS [Mobile Money Point of Sale via Android App and OS] (8) E-commerce (9) QR code. At the presentation ceremony held at the premises of the company, Mr. C.K. Bruce (C.E.O – Innovare) remarked in his speech that, “we are honored to be associated with PaySwitch because it is a company that is going to be a stamp in the industry”. He continued: “this certification means that PaySwitch’s environment of operation is mature and raised to a global standard.” Kojo Choi who is the Managing Director of PaySwitch said: “I’m glad the company is continuously making progress in the Ghanaian market. This certification is part of our growing effort to give Ghana its own authentic third-party payment processing company which then empowers local processing of transactions. “We have done a lot of pioneering work in this space and

CK Bruce (CEO- Innovare) left; Kojo Choi (MD Payswitch); Eric Odae (external auditor from PECB MS)

we believe our clients will have more confidence to grow with us”. PaySwitch currently is switching and providing various aggregated services to five major banks in Ghana and has over 3,000

merchants. The company is set to launch the biggest marketplace platform in Ghana in the coming weeks which is estimated to have over two million subscribers from its day of launch.

WEDNESDAY SEPTEMBER 23, 2020

News

WEDNESDAY SEPTEMBER 23, 2020

Winners of Bright Minds Challenge honoured

reamOval Foundation, an NGO focused on driving 21st century innovation in the education sector, has honoured nine children who emerged winners of its maiden Bright Minds Challenge. Launched in July, 2020, the competition sought to engage children to be innovative through essay competition, song and poem creation, painting, drawing and the use of scratch to address how the coronavirus has impacted their lives. The initiative was introduced for young people who have been home in the last six months to explore their talents in innovation. Nine winners drawn from various parts of the country were honoured and rewarded at an impressive ceremony at the EPP Bookstore, Legon Mall. For their prize, they received varied items such as laptops, smartphones, shopping vouchers from EPP Books, and others. Speaking at the awards ceremony, CEO of DreamOval Limited, Claud Hutchful, admonished the children to stay relevant in such uncertain times as a brighter future awaited them. He said the world needed them to shine and that they should be role models to impact the future positively.

“DreamOval Foundation believes learning must continue at home and within this period it can be fun and interesting and that’s exactly what we seek to achieve with the Bright Minds Challenge. There seems to be lots of misinformation concerning Covid-19 and no active engagement of children to enhance their knowledge on the topic, hence the need for a platform to ensure mass learning,” Mr. Hutchful said of the initiative. On his part, Chief Executive Officer of EPP, Gibrine Adam, advised the youth to take their studies seriously as they were the future business owners and

leader of this great nation, and personally gave every winner a smartphone as part of their prizes. Bright Minds Challenge was launched to spearhead the narrative on distance learning and raising awareness to encourage learning at home. The challenge was targeted children between the ages of 8 and 19 years. It was categorised into three categories, based on age and the type of submissions required. According to DreamOval, the Bright Minds Challenge has come to stay and would be an annual challenge to support the youth of Ghana.

The foundation has also announced the launch of AfriCAN Code Challenge, a coding challenge using Scratch for children between the ages of 8-16years to represent Ghana for the African Challenge taking place in October 2020 from which three winners will emerge to represent Ghana. DreamOval Foundation is an NGO dedicated to the development of STEM education Ghana. We do not take lightly this honourable call and we focus all our resources to enable us fulfil our core mandate of knowledge creation, knowledge sharing and utilisation.

StanChart named world’s best consumer digital bank 2020

tandard Chartered Bank Ghana Limited has been named World’s Best Consumer Digital Bank in Ghana by the Global Finance Magazine for the 8th consecutive year. This was announced as Global Finance unveiled the World’s Best Consumer Digital Banks in Africa during the Global Finance Awards 2020, an undisputed authority on the world’s leading digital banking service providers. Commenting on the award, Yvonne Fosua Gyebi, Head, Retail Banking at Standard Chartered Bank Ghana Limited said: “We are proud to have been recognized for our tremendous efforts in providing cutting edge digital banking services to our clients. Our utmost priority as a bank is to simplify banking for our clients, so we continue to make

significant investments in our digital banking platforms and today, our innovative and awardwinning digital solutions allow clients to transact seamlessly at their convenience.” In February 2019, Standard Chartered launched a full digital bank on mobile – the Standard Chartered (SC) Mobile App, to provide the best digital lifestyle for clients to meet their banking needs. The App with enhanced features including full onboarding of new clients in 15 minutes and up to 70 in-branch service requests giving back total control to clients while making their banking more convenient. The integration of additional solutions including wealth management products as fixed income, bonds and treasury bills, mobile money and additional

billers has given clients an even more superior banking experience. The bank recently added the new refer a friend feature where clients can invite friends and family through a unique link to open a digital account and enjoy the benefits. “With COVID-19 accelerating the pace of digital adoption, we will continue to live up to our brand promise “Here for good” by making strategic investments in technology to augment the bank’s innovative drive and improve on our already existing digital banking platforms,” she added. Joseph D. Giarraputo, publisher and editorial director of Global Finance Magazine said, “This year, a global pandemic accelerated the transition to digital banking, but forward-thinking banks were already on that road. The Digital Bank Awards hone in on the institutions that are leading the shift toward a new world of

banking.” Winning banks were selected based on the strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality. Standard Chartered at the Regional level also took top honours in the following categories; Most Innovative Digital Bank, Best Integrated Consumer Bank site, Best Online Product offering and Best Information Security and Fraud Management. This win comes on the backdrop of the recent Euromoney Awards for Excellence 2020 that recognized Standard Chartered Bank Ghana Limited as Africa’s Best Bank for Transformation.

WEDNESDAY SEPTEMBER 23, 2020

News

WEDNESDAY SEPTEMBER 23, 2020

The SME Climate Hub launched to support SMEs curb carbon emission

coalition of major organisations on Tuesday September 21, 2020 announced the launch of a ground breaking one-stop-shop climate action platform for small and medium-sized enterprises (SMEs) to curb carbon emissions, build business resilience and gain competitive advantage. The SME Climate Hub -- cohosted by the International Chamber of Commerce (ICC), the Exponential Roadmap Initiative, the We Mean Business coalition and the United Nations Race to Zero campaign -- will launch at the 2020-edition of New York Climate Week. The SME Climate Hub is made possible by the We Mean Business coalition’s partnership with Amazon. Announced in June, a key part of the partnership is focused on mobilising supply chains, including SMEs, to take and scale-up measurable and direct action on climate change. The SME Climate Hub will encourage small and mediumsized companies to commit to halving greenhouse gas emissions before 2030 and reaching netzero emissions before 2050. SMEs making this commitment -- which will be globally recognized by the United Nations Race to Zero campaign -- will be able to take advantage of accessible tools and resources to help them reduce emissions and build business resilience. The platform will couple these tailored resources with opportunities for businesses to unlock direct commercial incentives. Despite making up approximately 90 percent of business worldwide and employing over two billion people, SMEs have been largely underserved by climate action initiatives to date. In establishing the SME Climate Hub, the cohosts of the platform see an opportunity to enable emissions

reductions at large scale -- and, in doing so, build bottom-up resilience to climate risks in essential global supply chains. Recognizing that the effects of the COVID-19 pandemic have disrupted small businesses throughout the world, the initiative will place a strategic emphasis on enabling SMEs to leverage climate action as a means of winning and retaining business, reducing costs, enhancing access to capital and increasing business preparedness to external shocks. Several major multinational corporations, including Ericsson, IKEA, Telia, BT Group and Unilever, that have set targets to reach net-zero emissions in their value chains have committed to support the SME Climate Hub through a new “1.5°C Supply Chain Leaders” group. These companies have made a firm commitment to include climaterelated targets and performance in their supplier purchasing criteria -- and to work hand in hand with the SMEs in their supply chain to deliver net-zero greenhouse emissions before 2050. They will also provide concrete tools, share knowledge and exchange best practices for implementing robust climate strategies through the SME Climate Hub. “Addressing climate change has never been so business critical. We are delighted to partner with like-minded organisations to bring to life the SME Climate Hub and help support the companies that make up the backbone of our global economy, in the face of the increasing risks of climate change. We want to make it as easy as possible for small and medium-sized businesses to protect and grow their business,” said John W.H. Denton AO, Secretary General, International Chamber of Commerce (ICC). “The SME Climate Hub will support companies to expand

their climate commitments across their entire value chain, enabling SMEs – which represent over 90% of the world’s businesses – to Race to Zero. This will be an exciting turning point, and we look forward to seeing exponential growth in corporate net zero commitments as we work towards COP26,” said Nigel Topping, UK High Level Climate Action Champion for COP26. “IKEA is committed to working closely together with our supply chain partners to reduce absolute greenhouse gas emissions from production by 80% by 2030. We are proud to be a 1.5°C Supply Chain Leader and to contribute to facilitating the climate journey for small and medium enterprises (SMEs). We will not be able to limit climate change by working alone. Only by working together will we show that it is possible,” said Henrik Elm, Global Supply Manager, IKEA. “Our vision is to mobilize millions of small and mediumsized enterprises to accelerate climate action. This is the start of a journey and we first make it possible for SMEs to commit to halve emissions before 2030. A first strategic resource is the 1.5°C Business Playbook , a guide that helps SMEs to develop a climate strategy anchored in the latest science and start taking action. Along the way, the goal is to provide tools and resources which both simplify and make it beneficial for SMEs to cut emissions and provide the next generation green solutions”, said Johan Falk, Co-Founder and Head of Exponential Roadmap Initiative. “ Mobilizing SMEs to take action is critical. It is fantastic to see the SME Climate Hub making it easy for small and mediumsized companies to take action. At the We Mean Business coalition we have seen large companies gain competitive advantage

over their peers through taking climate action. SMEs with climate action plans will position themselves to become the most attractive suppliers to the hundreds of multinationals with decarbonization plans as well as to the growing number of investors now addressing climate related risk, ” said María Mendiluce, CEO, the We Mean Business coalition. “As a small business owner, I have seen first hand the benefits of putting a sustainable future at the heart of my business strategy, but I also know that even when we desperately want to do well, as a small business, it is not always easy to know where to start. That is why I am so excited about the SME Climate Hub - it allows small business owners like myself to make a climate commitment with the confidence that they will be supported with practical resources and incentives,” said Gonzalo Munoz, CEO TriCiclos, Chilean High Level Climate Action Champion for COP25 . The SME Climate Hub is an initiative founded by the International Chamber of Commerce, the Exponential Roadmap Initiative, the We Mean Business coalition and the UNFCCC Race to Zero campaign, with the aim of supporting small and medium-sized businesses to build business resilience. The SME Climate Hub provides a onestop-shop for SMEs to commit to climate action and access tools, incentives and other resources designed to make it easier than ever for small and mediumsized businesses to cut carbon emissions, bring innovative green solutions to market and build business resilience. Normative.io, have been selected as technology partner for the SME Climate Hub based on their leading expertise with automated sustainability management software.

WEDNESDAY SEPTEMBER 23, 2020

Feature

WEDNESDAY SEPTEMBER 23, 2020

Getting Schools and Skills Right Economic transformation depends on a workforce equipped with the right knowledge and skills to meet current— and future—labor market demands. How can African countries get their education systems on the right track? By The African Center for Economic Transformation (ACET)

or economic transformation to take root in a developing country, a workforce equipped with the knowledge and skills to be highly productive on farms, in firms, and in government offices—and to generate innovations in technologies, processes, products, and

services—is a fundamental need. At a minimum, that means ensuring young people have solid foundational skills: good basic cognitive skills, including STEM— science, technology, engineering and mathematics—and digital skills, and non-cognitive skills, including interpersonal and socioemotional skills like resilience and curiosity. Extensive research indicates that these foundational skills— cognitive and non-cognitive— affect future labor market outcomes, complement each other, and are essential building blocks from which young people can develop the type of cognitive and technical skills that are especially critical for accelerating transformation. For example, higher order cognitive skills— which include unstructured problem solving, learning, and reasoning—are increasingly in demand as workplaces become more complex in the Fourth Industrial Revolution, or 4IR, era. The Overseas Development Institute found that in Kenya, companies with higher internet penetration (a proxy for 4IR integration or digitization) have a higher share of skilled workers and higher productivity. The evidence

is also clear that increasing cognitive skills leads to higher earnings and growth, while a skilled workforce will increase the impact of technological progress on productivity. By contrast, lack of skills resulting from an inadequate education can lower the capacity of firms to transform knowledge into innovation—and of workers to transition from the informal to formal economy, where wages are higher and upward mobility is more likely. Multiple factors drive informality, which varies by country context, but lack of education is among the most prevalent. Data show that informal employment falls as education attainment rises. In Sub-Saharan Africa, the highest rate informal employment is found among those with no education—about 95 percent, according to International Labour Organization findings from 2017. With secondary education attainment, this figure drops notably to 70 percent, a figure that remains quite high but nonetheless represents a dramatic improvement in the context of the region’s population—about a quarter-billion people.

Advanced cognitive, noncognitive, and technical skills in key sectors will be needed to drive transformation, while technical and business skills in labor intensive areas in the informal sector will also be needed to support inclusive growth. A skilled work force, particularly armed with technical and STEM-related knowledge, is key to leveraging 4IR innovations so that Africa’s growing workingage population becomes globally competitive. The previous article in this series explored policies to support employment and boost productivity within the business environment in sectors that have high potential for job creation under 4IR. This article focuses on the supply side—the skills needed to support transformation and boost earnings potential of workers in the formal and informal sectors—and considers why young people in Africa are failing to develop the skills needed through education systems and technical and vocational education training (TVET) institutes.

CONTINUED ON PAGE 11

WEDNESDAY SEPTEMBER 23, 2020

Feature

WEDNESDAY SEPTEMBER 23, 2020

CONTINUED FROM PAGE 9 Skills needs and secondary education

general

A large share of students who enroll in secondary education fail to gain good foundational skills, so they struggle to progress through the education system and gain productive employment. Quality learning at school is dependent on several variables, including learner preparation; effective teaching; the availability of critical inputs such as textbooks and supplies, which have failed to keep up with growing enrolments and so are often in short supply; and good school management and governance, which is often marginalized— if not missing entirely—in education systems that fail to value strong accountability measures and performance standards, for instance. While all of these and other variables, such as finance, are critical to quality learning outcomes, the first two—learner preparation and effective teaching—are worth a closer look in the context of skills development. Preparing young learners The optimal period for acquiring foundational skills is through early childhood (and into adolescence for noncognitive skills, although they can also be acquired throughout early adulthood). Strong early childhood development helps children learn at school and sets children onto higher learning trajectories. However, many children, especially from disadvantaged households, arrive at school with learning deficits. As skills beget skills, these children often struggle to learn, and initial gaps widen over time. Early years investments are more cost effective as skills accumulation is a cumulative process. Additionally, the opportunity for people to develop good foundational skills reduces over time. For example, adult education programs have limited success. Thus, early childhood investment so that young people arrive at schools ready and able to learn is a critical, preparatory step for ensuring future success at the secondary level. The next step is ensuring broad secondary access and participation. A major Mastercard Foundation study on secondary education, published in August 2020, advocates strongly for “universalization” of secondary education as a platform for the workforce of tomorrow, because completion of secondary education offers the youth optimal depth and knowledge needed for eventual productive employment.

Making effective

teaching

Improving access to education while also expanding the number of effective teachers is  a key opportunity for SubSaharan African countries to leapfrog education progress— this is one of the key findings of the Mastercard Foundation study. Too often, countries have expanded access to education without also boosting teacher quality and capacity—key drivers of quality learning. However, there is encouraging evidence of change. In 2014, Ghana began T-TEL (Transforming Teacher Education and Learning), an ambitious multi-year program supported by the United Kingdom to improve the learning experience of preservice teachers who are ready to teach. In conjunction with the T-TEL program, the Ghana government began developing a new teacher training framework and school curriculum designed in consultation with stakeholders in various economic sectors. Other countries, such as Senegal and Rwanda, have taken similar steps to boost teacher quality and capacity. In general, institutions struggle to recruit and retain enough high-quality teachers and trainers to meet demand, absenteeism is a problem, and teacher-student contact hours remain comparatively low. But there are significant obstacles on

the administrative side as well. In Africa, education cycles are generally dominated by an excessive number of examinations and testing, which forces instructors to teach facts and exam preparation rather than ensuring students have a solid understanding of the subject. Teachers also often lack access to continuing and structured professional development, so they are unable to use the latest evidence-based pedagogical techniques. Stronger achievement in cognitive outcomes will require more rational examinations policies, better pre-and in-service teacher training, and changes in teacher behavior. At the same time, curricula at lower and upper secondary schools need to better prepare students for work in key economic sectors, such as agriculture and services, to reflect the fact that many young students will either move directly into the labor force after lower secondary, or possibly into some vocational training. Indeed, an increasing number of countries in Sub-Saharan Africa are integrating more general vocational and technical skills in the secondary education curriculum (lower and upper) to help maximize the potential for young people to become employed. Skills needs and the TVET system

As defined by the International Labour Organization, TVET refers to aspects of the educational process, in addition to general education, involving the study of technologies and related sciences as well as the “acquisition of practical skills, attitudes, understanding, and knowledge” to train future workers for the labor market. Both public and private educational establishments supply TVET instruction. Unfortunately, TVET systems in Africa need urgent reform, having suffered from years of under-investment and a historic inability to provide the skills required by businesses. They are often supply driven and lack a clear strategy with strong accountability and financing systems—key inputs for high performance. Research shows that trainers either don’t have the industry and practical experience needed or lack an understanding of effective pedagogical techniques; industry training is not yet a structured part of TVET teacher training in most countries, for example. As a result, TVET is often seen as a low-quality option aimed at students who have dropped out of the academic route, which in turn makes it difficult to recruit high-quality trainers or erase societal stigmas often associated with technical education.

CONTINUED ON PAGE 11

WEDNESDAY SEPTEMBER 23, 2020

Feature

CONTINUED FROM PAGE 11 Reform approaches A key lesson from more advanced TVET systems is that private sector engagement, in designing and delivering TVET, is crucial for quality and relevance. TVET systems need to be demand driven and dynamic so they can respond to the changing needs of the labor market, which in turn depends on private sector input in the design of TVET curricula and standards. TVET is relatively expensive to deliver but given the benefit of a quality TVET system for businesses, governments across the world are increasingly looking to the private sector to help cover costs. Aside from finance, the private sector has a key role to play in providing essential work experience or practical training opportunities for students. For example, in Singapore, TVET students often work on projects commissioned by private industry in their final year, which also helps promote their employment chances. On the strategy side, students need to be encouraged to train for work in key sectors, rather than aiming for subjects with weak labor demand. Take agriculture, which is not seen as an attractive career choice due to the sector’s current low productivity and older age dominance, but, as described in Part 2 of this series,

there are plenty of productive opportunities for young people— with the right policy support. The formal TVET system also needs to better cater for the needs of the informal, non-wage sector. Formal TVET institutions try to prepare students for work in the very small formal sector, but most  of the opportunities are in the informal sector and self-employment. TVET curricula should include entrepreneurship training, developing skills for self-employment, and ensuring students have good transferable skills that can be applied across jobs within a chosen sector. Many Sub-Saharan Africa countries have undertaken TVET reforms in recent years, but progress is slow due to capacity and resource constraints as well as overly ambitious agendas. Furthermore, the evidence of what works best isn’t very clear, because most reform packages have yet to be thoroughly evaluated. Rather than setting overambitious reform agendas that may be hard to deliver countries could develop a TVET reform strategy as part of a wider economic strategy and identify a set of priority areas or sectors to focus on, with welldefined implementation plans that include monitoring and evaluation. Given the relatively poor quality of formal public TVET systems to date—high delivery costs while providing little foundation for jobs—a

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priority should be improving quality and efficiency before trying to significantly expand access. Acquiring the right skill sets for future work The trend is towards greater flexibility between TVET and the general education route. Comparative studies conclude that secondary education and TVET should be complementary and flexible. A lot of high-income countries now have close and flexible links between the two and into the tertiary levels. This also means allowing the opportunity for higher level and specialized TVET study in priority sectors, with clear pathways into work or further study. For example, Singapore’s “bridges and ladders” system gives flexibility for students— not just between and within TVET and secondary education but also between employment and the education system—and opportunities for students to progress as far as their interests and ability allows them. This flexibility makes TVET more appealing and is particularly important as rapid technological change and constantly changing labor market demands will affect the skills needed by students and entail life-long learning. The distinction between the TVET and upper secondary education is also becoming

less clear. Lower- and uppersecondary education is moving towards more vocational content and TVET systems are tending towards teaching more general as well as technical and vocational skills. In theory, this approach will help TVET and general secondary education align more holistically with local labor market needs, though the degree of specialization will depend on country specific circumstances. Alongside improved technical skills, countries must also increase STEM participation to make the most of the opportunities presented by 4IR. Poor STEM performance in upper secondary education is driven, in part, by low attainment in STEMrelated subjects at earlier levels. So increasing STEM uptake and performance will require large improvements in the quality of STEM education across the entire educational landscape. The key is to ensure students acquire broad enough skill sets—in both general secondary and TVET education systems— to help them gain productive employment now and in the long run. The final part of this series will take a look at policy recommendations to support this goal. About the Series This article is part of the ACET InDepth Series Schools, Skills & Jobs. Also see: Overview | Part 1 | Part 2 | Part 3 | Part 4

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Mining

WEDNESDAY SEPTEMBER 23, 2020

AngloGold Ashanti reinstates 2020 guidance

ngloGold Ashanti have reinstated annual guidance given improved operating certainty amid the COVID-19 pandemic and in anticipation of the conclusion of the sale of its South African assets at the end of this month. On 14 September 2020, it was announced that all conditions precedent have been met with respect to the sale of its remaining mines in South Africa (“the transaction”) to Harmony Gold Mining Company Limited (“Harmony”). Consequently, the transaction is scheduled to close in accordance with the transaction agreement on 30 September 2020, upon which Harmony will assume full ownership and operation of all assets and liabilities that form part of the transaction. “We’re pleased to reintroduce guidance, which reflects our greater certainty in relation to full year operating performance,” said Christine Ramon, AngloGold Ashanti’s interim Chief Executive Officer. “Our operators have done an outstanding job managing

through this period – limiting the impact of COVID-19 on production and costs, while prioritising the health of our employees and host communities.” Annual guidance on financial and operating metrics was withdrawn on 27 March 2020 as the pandemic accelerated and many governments responded by restricting travel, closing borders and ordering some businesses to cease or limit operations. The Cerro Vanguardia mine in Argentina, Serra Grande in Brazil and all South African operations were ordered to close for varying periods, while border closures slowed down the Obuasi Redevelopment Project. All subsequently returned to full production, whilst the completion date for the Obuasi project was moved out by three months to the end of the first quarter next year and it remains on track to meet that schedule. The Company benefited from its diversified global portfolio and careful management during the intervening period, with the impact in the first half of the year limited to

85,000oz – or approximately 3% of production – and $53/ oz, or approximately 5% of the all-in sustaining cost during the period. Most of this impact was related to the South African assets, where the Mponeng mine was ordered to close from 26 March 2020 and only resumed production on 4 May 2020, after which it was initially allowed to ramp up to just 50% of capacity. The mine was closed again on 24 May 2020 until 1 June 2020. AngloGold Ashanti has taken a number of proactive steps to protect our employees, our host communities and business, in line with the Company’s values, guidelines and advice provided by the World Health Organization (WHO) and with the requirements of the countries in which we operate. The health and wellbeing of our employees and our host communities remains our key priority. A crossfunctional team, including operations,technical, finance, health, community, government relations and other support disciplines, is

helping to guide the response to the crisis. The Company has for some time employed increased screening and surveillance of employees, stopped nonessential travel, instituted mandatory quarantine for arriving travellers and increased hygiene awareness across its operations, in addition to a range of other measures to mitigate the risks presented by the virus. It has also worked with local communities to help bolster their responses to the outbreak. These initiatives have complemented government responses in each of its operating jurisdictions. While we expect that these measures together with our business continuity plans will enable our operations to deliver in line with our production targets, we remain mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are largely unpredictable. Source: anglogoldashanti.com

Gold miners insist they won’t splurge despite price surge conference.

he world’s top gold miners sought to reassure investors on Monday that they’re not going on a spending spree despite surging gold prices boosting their shares and free cash flow. Miners are opting to give more cash back to shareholders rather than plotting takeovers which the market may disapprove of with the covid-19 pandemic far from over. “We don’t need to, and will not be, chasing volume,” Newmont Chief Executive Tom Palmer told the Gold Forum Americas conference. “In this current gold price environment we are actively assessing an increase to our sustainable dividend.” Newmont’s annual dividend of $1 per share was based on a gold price of $1,200 per ounce. Gold was last trading at $1,887 per ounce. Kinross reinstated its dividend last week, at 12 cents per share annualized, for the first time since 2013. “We think it’s a good starting point,” CEO Paul Rollinson said at the

Newcrest Mining targets a dividend payout of at least 10% to 30% of free cash flow. “Having a lot of gold won’t create value unless you can achieve strong margins from its extraction,” said Newcrest CEO Sandeep Biswas. Barrick Gold CEO Mark Bristow said the industry needs further consolidation but sought to reassure investors he saw no imminent deals. “Wherever we see opportunities to add to our Tier 1 portfolio, we’ll be right there in front of the queue,” he said, but added: “The most important thing is exploration and organic growth.” Barrick will publish a formal dividend policy early next year. Sibanye-Stillwater would like to increase exposure to gold but it’s a “difficult time to do anything,” Chief Executive Neal Froneman said. “We don’t anticipate major M&A announcements,” Credit Suisse analyst Fahad Tariq said on Friday. Site visits remain difficult and companies are wary of repeating past mistakes, he said.

Newmont sells royalty portfolio for $90m

ewmont Gold have entered into a definitive agreement with Maverix Metals Inc. to sell a portfolio of eleven royalties (the Transaction). Newmont will receive total consideration of approximately $90 million from Maverix, consisting of $15 million in cash, 12 million Maverix common shares, and up to $15 million in contingent cash payments payable upon completion of certain milestones. The royalties provide exposure to five flagship gold assets owned and operated by growth-oriented mining companies. The portfolio includes royalties on Camino Rojo and Ana Paula in Mexico, Cerro Blanco in Guatemala, and Mother Lode and Imperial in the United States. The Transaction builds on Newmont’s existing ownership interest in Maverix and provides the Company additional participation in the

future upside of a growing royalty and streaming business. Maverix’s diversified portfolio includes over 100 royalties and streams across 18 countries, with assets predominately located in Australia the Americas and Mexico. Closing of the Transaction is expected to occur in the fourth quarter of 2020 upon completion of customary closing conditions, and once completed, Newmont’s ownership interest in Maverix will increase from 26 percent to approximately 32 percent. “This transaction further strengthens our strategic partnership with Maverix and generates additional value for our respective shareholders,” said Tom Palmer, President and Chief Executive Officer. “We remain focused on continuing to optimize our portfolio and look forward to realizing further value through our position in Maverix.” Source: Newmont.com

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Aviation

WEDNESDAY SEPTEMBER 23, 2020

Trump’s spectacular trade failure By Anne O. Krueger

ince World War II, the global economy has performed beyond the wildest dreams of its postwar architects, yielding unprecedented gains in health, education, living standards, poverty reduction, and wealth. Central to this success was the growth and liberalization of international trade, which was made possible with US leadership in the creation and stewardship of an open multilateral trading system. That system – enshrined first through the General Agreement on Tariffs and Trade and then in the World Trade Organization – established international rule of law over global commerce, non-discrimination among trading partners, and a forum for negotiating tariff reductions and the removal of other trade barriers. The WTO succeeded the GATT in January 1995, and by 2000, average tariffs on manufacturers in advanced economies were about 2%, far below the levels of 1948. International trade had grown from around 20% of global GDP in the early post-war years to 39% in 1990 and 58% in 2018. But the open multilateral trading system has been severely eroded over the past few years. The dollar value of world trade fell by 3% in 2019, even as world GDP was still rising. This reversal was largely the result of America’s shift toward bilateralism and protectionism since the beginning of US President Donald Trump’s term in January 2017. Trump seems to believe that the United States is powerful enough to secure better “deals” by negotiating (read: bullying) with trading partners one on one. But while the US is indeed a large trading country, it actually accounts for only 4% of the world’s population and less than one-fifth of global GDP. Those numbers alone justify skepticism about the effectiveness of Trumpian bilateral browbeating. Moreover, enough time has elapsed that we can now subject Trump’s approach to the microscope. His stated aims when he came to office were to reduce US bilateral trade imbalances and remove

or reduce trade barriers and tariffs against American goods, thereby increasing US exports. None of these goals has been achieved. Bilateral and overall trade deficits cannot be remedied through protectionism, and both indicators have actually worsened under Trump. The overall US trade deficit rose from $750 billion in 2016 to $864 billion in 2019, and has now reached its highest level since July 2008. And US exports to China, the main target of Trump’s “America First” trade policy, have risen by only 1.8% in the year to August 2020, while Chinese exports to the US have risen by a whopping 20%, thereby increasing the bilateral trade deficit. As is always the case in trade wars, both countries have lost from the tit-for-tat tariff increases. American consumers now must pay more for many goods from China, and the US has had to pay out some $28 billion in compensation to American farmers. Numerous US businesses have been forced to pay more for inputs, and have consequently lost market share to foreign competitors who now have a cost advantage. And, predictably, China has raised its own import tariffs on American goods, undermining US exports. Similarly, the Trump a d m i n i s t r a t i o n ’s “renegotiation” of the North American Free Trade Agreement (NAFTA) and the USKorea Free Trade Agreement (KORUS) were supposedly meant to address “new issues”

like the rise of the digital economy. And yet, these issues had already been included in the Trans-Pacific Partnership (TPP) negotiated by Barack Obama’s administration, which Trump immediately abandoned upon taking office. Having concluded a similar free-trade agreement without the US – the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – the remaining members of the original agreement now enjoy dutyfree access to one another’s markets, while the US is subject to higher tariffs vis-à-vis these countries. So, far from reducing the barriers faced by US exports, Trump has managed to increase them almost across the board. Under the TPP, American wheat producers would have been spared Japan’s 38% tariff on all wheat imports. But now that the TPP has been replaced by the CPTPP, Canadian and Australian wheat exporters to Japan are subject to lower tariffs than their US counterparts. Making matters worse for US producers, Japan and the European Union have since concluded a free-trade agreement that eliminates duties on autos and other goods. The list of Trump’s “own goals” goes on. Sweeping tariffs on US steel and aluminum imports (which initially included those from its NAFTA trading partners) have merely disadvantaged American steelusing industries. But iron and steel employment has fallen over the past two years.

Even though almost every US ally has been on the receiving end of US demands for changes in trade relations, very little has been achieved. The primary changes to NAFTA were in automobiles and parts, and the effect was merely to increase protection against imports from Mexico. Finally, and perhaps most importantly, the Trump administration has severely undermined the WTO by blocking the appointment of new judges to its appeals panel, thus rendering the dispute settlement mechanism non-operational. The WTO is a global institution whose 164 members account for 96.4% of world trade and 96.7% of world GDP. The world desperately needs it to function properly. The Trump administration would have had a much greater chance of success if it had addressed outstanding trade issues through the WTO. Forming alliances with likeminded trading countries and amending the WTO’s rules multilaterally has long been more effective than pursuing narrow, piecemeal objectives unilaterally. Trump’s bilateralism and rejection of the WTO has undermined the entire international trading system and inflicted great harm on US firms and households.

Anne O. Krueger, a former World Bank chief economist and former first deputy managing director of the International Monetary Fund, is Senior Research Professor of International Economics at the Johns Hopkins University School of Advanced International Studies and Senior Fellow at the Center for International Development at Stanford University. Copyright: Project Syndicate, 2020. www.project-syndicate. org.

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Aviation

WEDNESDAY SEPTEMBER 23, 2020

The post-pandemic recovery’s missing link By: Bertrand Badré & Aurélie Jean

ot only is the COVID-19 pandemic and recession unprecedented in many ways, but so, too, have been the responses by scientific organizations and financial institutions. But, in a climate of deepening public distrust, it is unclear how long these interventions can be sustained. Trust will be key to the recovery from the COVID-19 pandemic and recession. Yet over the past ten years, people’s trust in governments, public and private institutions, and one another has declined across many of the advanced economies. As is typical in periods of deep uncertainty, the price of gold has skyrocketed in recent months. Today’s rock-bottom confidence should come as no surprise. The current crisis is not only globe-spanning and unprecedented in many ways, but also highly ambiguous. While the public-health emergency has escalated and triggered a collapse in the real economy, financial markets have boomed. As with the 2008 global financial crisis, the COVID-19 pandemic has decisively weakened public confidence in expertise. Conspiracy theories and political rhetoric rejecting science have proliferated. But if the public does not trust the recommendations of scientists and financial experts, the crisis will be prolonged. Trust can prevail, but only if we start working toward a new economic and institutional paradigm. And that means addressing head-on the public’s growing skepticism toward most major institutions – from central banks and international financial organizations to the World Health Organization and academia – not to mention Big Tech. These doubts are no longer concentrated just among populists and people on the margins of society. In the United States, 30% believe that the SARS-CoV-2 virus was created in a laboratory, and 35% say they would refuse a COVID-19 vaccine. At the same time, policymakers now question how far fiscal and monetary policy can and should go in underwriting the economy. Since being relaunched in March, the US Federal Reserve’s

quantitative-easing program has purchased assets at a rate of $2 billion per hour. What are the downstream effects of such a policy? And how much longer can Wall Street defy gravity while Main Street is in free fall? Never before has so much money been made available to so many so quickly. In the space of just a few months, we have already gone far beyond the post-2008 playbook. Mobilizing financial resources (both quantitatively and qualitatively) on an unprecedented scale has demonstrated the sheer power of finance to protect or reorient entire economies. Yet by highlighting the growing disconnect between Wall Street and Main Street, it has also invited political challenges. This can last only as long as there is still sufficient trust in the system. If the public’s confidence in central banks were suddenly to evaporate, the financial system would collapse. And if enough people suddenly refused to continue tolerating the continuing enrichment of the few while the many are being impoverished, liberal democracy, too, would be in peril. Similar warnings can be issued with respect to the sciences. Never before the pandemic have research and data-sharing occurred at such a rapid pace. Never before have so many people from so many countries come together to pursue the same goal: the development of a safe and effective vaccine. This mass mobilization is exciting to behold, but also is worrying in

the current climate. In the immediate term, the growing distrust of medical experts threatens to reduce the efficacy of vaccination against COVID-19. The recent reversal on whether hydroxychloroquine should be used to treat COVID patients (it should not) left many members of the public with even less trust in their leaders. And reports that US President Donald Trump’s administration has been interfering with the work of public-health agencies has made such doubts justified in some cases. At the global level, there are also questions as to whether vaccines will be distributed equitably and according to genuine need. And, against the broader backdrop of declining trust in expertise, one wonders if the current levels of research funding in science and medicine will be sustained. Scientific and technological research will be essential to address problems from climate change to inequality, and there is a growing need for smart medical devices, remotelearning systems, and new drugs and antibiotics to avert future public-health crises. Given the risks, we simply cannot afford further erosion of public trust. For leaders in finance and the sciences, the task now is to develop transparent and robust rules of the road, so that decisionmaking processes are clear and assessable to policymakers, the media, and the general public. The overall goal should be to empower people and restore their trust. That means explaining

what is at stake, developing true accountability, and recognizing what is not working. In a media environment that is increasingly prone to misinformation and 280-character thinking, leaders in finance and science must proactively engage the public. But we should not fool ourselves into thinking that the system merely needs to be patched up. A full redesign is in order to ensure that our institutions are serving the common good. No longer should the relationship between experts and the public be predicated on a “take it or leave it” black-box model of self-governance for science and finance. rust, having become scarce, is now in high demand; but it is a volatile good. It’s chilling even to think about what a further loss of it would mean for today’s crisis-ridden world. A flight from currencies? A widespread refusal to be vaccinated? Denial of global warming in a world that is literally on fire? Restoring trust will not be easy. But, to overcome today’s crises and prevent those we can foresee, it must be done. Bertrand Badré, a former managing director of the World Bank, is CEO of Blue like an Orange Sustainable Capital and the author of Can Finance Save the World? Aurélie Jean, a computational scientist, is founder of In Silico Veritas, an adviser for the Boston Consulting Group, and an external collaborator with France’s Ministry of Education. (Copyright: www.project-syndicate.org)

WEDNESDAY SEPTEMBER 23, 2020

News

WEDNESDAY SEPTEMBER 23, 2020

Selection of schools into SHSs begins

he selection of schools into Senior High Schools (SHS) by the Junior High School candidates who just completed their Basic Education Certificate Exams begins today, Monday

September 21, 2020 and ends on Saturday October 31, 2020. A statement from the Ghana Education Service copied to the Ghana News Agency in Accra said the 2020 SHS register was

available in all schools and education offices. The statement urged parents and guardians to take active interest in guiding their wards to choose schools based on their

performance. It advised parents to seek for explanations and clarifications from the school management ‘if you do not know what to do’.

Aviation Minister inspects expansion of airport facility in Takoradi

GPHA’s unity terminal is 97 per cent complete

he Ghana Ports and Harbours Authority’s (GPHA) new Unity Terminal under construction at Kpone in the Greater Accra Region, is 97 per cent complete. The Kpone Unity Terminal is a 40-acre facility being built by the GPHA as a new devanning terminal to take over activities of the Golden Jubilee Terminal. Mr Able Ayamga Akurigo, a Senior Project Officer at GPHA, revealed this when members of the Junior and Senior Staff Unions of Takoradi and Tema Port visited the site to ascertain the progress of work. Mr Akurigo noted that they were expecting a crew from South Africa to fully complete

the terminal which is seven kilometres from the Tema Port, and expected to boost decongestion of the Tema Port from large volumes of imported cargo. Mr Henry Kuivi, Senior Staff Union Chairman of Tema Port, appreciated the efforts by the engineers to keep the union members informed about developments at the Unity Terminal and expressed hope that the intended purposes for the terminal would be fully realised. He also hoped that when work commenced at the terminal, the youth of Kpone would be employed to enhance their livelihood. GNA

he Minister of Aviation, Mr Kofi Adda has stated that the Western Region can not be overlooked when it comes to aviation since it houses the oil and gas industry and a training center for pilots. He disclosed that his Ministry also has “its eyes on a land it has acquired at Kajebil near Takoradi for the construction of an international airport which is now at the feasibility study stage pending approval from the Ministry of Finance”. He said the aviation sector has been recognised by the President as a very important element of economic development hence, the move to expand the sector by developing infrastructure and improving services to make sure that business development and tourism are supported to enhance the economic lives of the people. The Minister who was on a working visit to the Central and Western Regions to ascertain the potentials the two regions have in the aviation space indicated that the Takoradi Airport was so important because it serves the oil and gas industry as well as the mining industry. He further stated that his Ministry was in consultation with the Ministry of Finance to see how best local air travel fares could be reduced to make it affordable to enable more Ghanaians to do quick business. He hinted that many more airlines have shown interest and would soon take off to bring competition and to have airfares reduced so that more Ghanaians can afford. According to him, though the renovation work at the Takoradi airport was being done solely by the Ghana Airforce, the Ministry of Aviation has been able to

identify the items that are needed to bring efficient gadgets to do civil works among others. He said the Aviation Ministry was liaising with the Ministry of Finance to raise some money to support them since the rehabilitation and reconfiguration for the arrival and departure halls would be expanded to bring comfort to passengers. Air Vice-Marshal Frank Hanson, Chief of Air Staff said the Takoradi Airport has been in existence for over sixty years and has since been the bedrock of aviation in Ghana. He noted that expanding its operations would enable it to take more domestic airlines to open the market for competition which would help beat down airfares for more patrons. The Western Regional Minister, Mr. Kwabena Okyere DarkoMensah noted with concern that the absence of a civilian airport hampers air transport business in the region, hence the expansion was necessary to position the Airforce Base to be able to give more room to civilian passengers till the Region gets an alternative airport. He explained that the Ghana Airforce was already on the Board of the Civil Aviation Authority and could therefore do a proper collaboration to augment the operations of the airport by giving the needed support to improve on its operations. The renovation, which is being done by the TonyDollyken Construction Limited, started in June this year and is expected to be completed in December this year. Renovation works include the renovation of the Airport Terminal building, expansion of Arrival/Departure Hall, and the oil and gas facility. GNA

WEDNESDAY SEPTEMBER 23, 2020

GHANA NATIONAL CHAMBER OF COMMERCE AND INDUSTRY

NOTICE OF THE 44TH ANNUAL GENERAL MEETING OF THE GHANA NATIONAL CHAMBER OF COMMERCE AND INDUSTRY

In accordance with Clause 26 (1)(a) of the Chamber's Rules (1988), NOTICE is hereby given that the 44th Annual General Meeting (AGM) of the Ghana National Chamber of Commerce and Industry (GNCCI) shall be st held on Wednesday 21 October, 2020 at 10:00am at the Ghana Shippers' House Conference Room, Near Fidelity Bank, Ridge - Accra. PART 1

A. PLENARY SESSION: I. Address by the President of the Ghana National Chamber of Commerce and Industry ii. Solidarity messages iii. Address by the Special Guest of Honour iv. Vote of Thanks PART 2

B. BUSINESS SESSION: TO RECIEVE AND DISCUSS THE FOLLOWING: i. The Report of the Council for the year 2019 ii. The National Treasurer’s Report for 2019 iii. The Account for the year duly audited and the Auditor's Report thereon for 2019 iv. Appointment of Auditors C. ELECTIONS: a. To elect the following National Oﬃcers for 2020-2022 I. The President ii. The 1st Vice President iii. The 2nd Vice President iv. The National Treasurer b. To consider and discuss motions of which due notice have been given You are cordially invited to attend the above meeting. By Order of the Council SIGNED Mark Badu-Aboagye Chief Executive Oﬃcer