Business24 Newspaper 30th April, 2021 by Business24 Online

FRIDAY APRIL 30, 2021

BUSINESS24.COM.GH

NO. B24 / 189 | NEWS FOR BUSINESS LEADERS

FRIDAY APRIL 30, 2021

Virus’ impact to suppress trade balance -- BoG

IPPs must procure own fuel for power production -- Minority suggests By Eugene Davis ugendavis@gmail.com

he Ranking Member on Mines and Energy Committee in Parliament, John Jinapor says government must consider allowing the Independent Power Producers (IPPs) to procure their own fuel supply as part of measures to lessen the financial burden placed on government by the private power producers. Cont’d on page 3

Energy, Information ministers visit Kasoa, Pokuase BSPs

Cocoa being loaded for export

By Joshua Worlasi Amlanu macjosh1922@gmail.com

he central bank is projecting that the lingering effects of the pandemic are likely to have a mixed impact on three of the

major commodities – gold, oil and cocoa – that determines the direction of the country’s trade balance. According to the Bank of Ghana’s data, the first two months of the year saw a decline in the volumes and prices of the major commodities, adversely

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

POLICY RATE

14.5% 14.77%

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

4.2% GHC 5.13

Cont’d on page 2 INTERNATIONAL MARKET

US$1 = GHC 5.7606

GHANA REFERENCE RATE PROJECTED GDP GROWTH RATE

affecting the country’s trade position. Ghana’s total exports contracted by 9.2 percent year-on-year to US$2.5bn in the first two months of 2021,

nergy Minister, Dr. Matthew Opoku Prempeh and Kojo Oppong Nkrumah, Minister for Information, have visited the Kasoa Bulk Supply Point (BSP) Project to familiarise themselves with ongoing works and activities at the site.

BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE

CORN $/BUSHEL

$543.75

COCOA $/METRIC TON

$123.55

COFFEE $/POUND:

Cont’d on page 3

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Editorial / News

FRIDAY APRIL 30, 2021

Editorial

Govt’s ambitious rail agenda a step in the right direction

he rail sector holds huge prospect for the nation’s social and economic aspirations given the fact that it is a fast and less costive means of transport. Government being fully aware of the relevance of a working rail infrastructure has set out on an ambitious drive to revamp that aspect of transport to fast track its developmental agenda. A working rail network could have empirical results on every facet of our social and career lives. For instance, if people could have access to the easy and real-time means of rail transport, they overcrowding of our cities

could be minimised and the cost of rent would also go down as more workers may want to live far from the city or their workplaces. In the area of trade, rail has been touted as the panacea to most of the challenges facing the business community, and even more so for a port nation that does business with its landlocked counterparts. Among the ongoing rail projects in the country currently include the Tema to Mpakadan line, which is 80 percent complete, and the Manso to Huni Valley line, for which the government signed a €500-million contract

with construction company Amandi Holdings in June last year. It is without any doubt that these investments in rail will complement other infrastructural initiatives that will help improve Ghana’s competitiveness, increase economic growth, and promote sustainable development. We urge stakeholders in the transport sector, especially those in the rail sub-sector, and others that stand to benefit directly from a viable rail infrastructure, to work with the government on this noble cause to its expected end.

Virus’ impact to suppress trade balance -- BoG Continued from cover

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driven mainly by year-on-year declines of 25.8 percent and 5.6 percent in crude oil and gold exports respectively, due to lower volumes, and a 12.2 percent decline in cocoa bean exports, due to lower volumes and prices. In its projection for 2021, the Bank said, “Oil prices are expected to benefit from the gradual easing of coronavirus restrictions globally. This together with OPEC+ decision to stick to output cuts is projected to keep the global oil market in deficit throughout the year and keep prices bullish.” “Gold prices in the near term will be shaped by the expected U.S. stimulus and ongoing vaccine progress which is likely to shift appetite for riskier assets as well as the response to the performance of U.S. treasury yields.” It added: “The outlook for cocoa in the coming months is bearish, buoyed by excess supply from top grower Cote d’Ivoire and Ghana as estimated by the ICCO. This, coupled with sluggish demand on the heels of the pandemic, is expected to keep prices low in the near term.” The central bank’s data also shows that total imports in the first two months went up

Dr. Ernest Addison, BoG Governor

by 9.6 percent to US$2.2bn, underpinned by a 12.9 percent year-on-year increase in nonoil imports due to a pick-up in economic activities. Accordingly, the trade balance recorded a lower surplus of US$339.7m, equivalent to 0.5 percent of GDP, in the first two months of 2021 compared with US$791m, equivalent to 1.2 percent of GDP, in the same period of 2020. Last year, the current account

ended in a deficit of US$2.1bn, however, the capital and financial account recorded US$2.9bn leading to a positive overall balance of payments. At the end of February 2021, the gross international reserves remained strong at US$8.72bn, providing cover for 4.2 months of imports of goods and services, compared with the end-December 2020 position of US$8.62bn, equivalent to 4.1 months of import cover.

FRIDAY APRIL 30, 2021

IPPs must procure own fuel for power production -- Minority suggests Continued from cover

about 34 percent.

Addressing a press conference in parliament in Accra on Wednesday, Mr. Jinapor suggested that the measure is one of the options available in dealing with the challenges government currently faces in having access to a cheaper power supply from power producers. That arrangement, he said, takes off some of the burden placed on government which is said to be struggling with other debt relating to power produced by the IPPs. “What is even more disturbing is that despite confirmation from Ghana Grid Company (GRIDCo) a couple of weeks ago that the country will continue to experience these power outages into the foreseeable future for which reason they promised to publish a load management schedule, the anticipated schedule has since been put on hold due to political pressure from the executive,” he said. The NDC minority caucus proposed that the energy sector players must be proactive and inform electricity consumers who will be affected by these outages

Energy Ministry reacts

in advance so that the affected customers can take remedial steps to mitigate the effect of such outages. They further suggested that government must cut down on wasteful expenditure and inject the much-needed capital into the power sector especially GRIDCo to make up for their reduced cash flow. Government, they noted, must desist from political interference in the management of the Energy sector. Consequently, Government must refrain

from engaging in political appointments especially within middle management levels when vacancies are declared. “Power sector managers must ensure that they pursue longterm planning to ensure fuel security for generating assets at the least cost possible,” Mr. Jinapor advised. They also suggested that immediate steps must be taken to aggressively address ECG’s growing technical and commercial losses currently estimated by its worker unions at

The Energy Ministry on its part has dispelled the claims of the minority in parliament. The Ministry in a statement said: “There has been no nationwide load shedding in the country, neither has there been an attempt to embark on one because there is no need to. Some of the projects ongoing in Accra and Kasoa, for example, will require outages for some days. The Pokuase timetable is out, starting from May 10 to May 17th, 2021. That of Kasoa is yet to be published and shall be released at the appropriate time when the necessary arrangements and consultations with the relevant stakeholders have taken place.” “The only reason these outages are being carried is to allow for the contractors to tie in their works into the existing transmission lines. It is therefore false to claim, as the Minority in Parliament has, that political pressure has been brought to bear on the publishing of a load shedding timetable,” the statement added.

Energy, Information ministers visit Kasoa, Pokuase BSPs Continued from cover The 435 MVA Gas Insulated Switchgear (GIS) Substation will be the second-largest BSP in Ghana when it is completed at a cost of US$50 million. Construction work on the BSP is progressing well with the contractor, Messrs Siemens Energy, currently preparing to connect the existing transmission lines to the BSP and further tie into the national grid. This aspect of the project is expected to commence in the latter half of May and is expected to be completed in July 2021. Prior to the visit to Kasoa, the two ministers had already visited the 580 MVA Pokuase BSP Project, currently at 98 percent completion and on schedule to be functional by May 31, 2021. The US$60million Pokuase BSP, which will be the largest BSP in Ghana when completed and the US$50million Kasoa BSP, are being funded by a US$308 million grant from the United States Government

through the Millennium Challenge Corporation (MCC), a United States Government Agency, under Ghana’s second Millennium Challenge Compact Program. The two vital power projects are expected to significantly boost the Ghana Grid Company’s (GRIDCo) capacity to transport bulk power to Accra and improve the Electricity Company of Ghana’s distribution systems. Specifically, the Pokuase BSP will enhance the reliability of power transmission services to the northern parts of Accra and to the over 300,000 ECG consumers in Pokuase, Legon, Kwabenya, Nsawam and outlying areas. Similarly, the Kasoa BSP will ensure an efficient power supply to over 240,000 consumers in Kasoa, Nyanyano, Senya Bereku, Bawjiase, Tuba, Tokuse and the adjoining communities. The injection of these two massive power infrastructural assets into Ghana’s power system will also assist GRIDCo and ECG to

significantly reduce transmission and distribution system losses, and improve their operational and financial performance. The Kasoa and Pokuase BSP Projects fall under the Ghana Power Compact Program’s ECG Financial and Operational Turnaround (EFOT) Activity. The key objective, government

said, is to make targeted investments into ECG’s distribution networks and reduce technical, commercial and collection losses; thereby improving the quality-ofservice delivery to a large variety of consumers and many communities in the southern part of Ghana.

FRIDAY APRIL 30, 2021

News

FRIDAY APRIL 30, 2021

MTN Ghana commits US$149milion in total capex

mid accelerated digitalisation, MTN has committed to spend US$149 million in total capex in the year to meet the demand of digital services and help maintain the quality and availability of service for its data and Mobile Money customers. As part of MTN’s network expansion plan, the company rolled out a number of new cell sites. This investment helped support 64 percent growth in data traffic. Performance in the first quarter of 2021 was influenced by the protracted impact of the pandemic. As a result of this, MTN Ghana carried on with its work to support lives through its Y’ello Hope initiatives. Key amongst these initiatives is that as at April 5, 2021, MTN had delivered 356,000 doses of the AstraZeneca vaccine to support the Ghana Government’s efforts in fighting the COVID-19 pandemic.

This is part of the commitment made by MTN Group to provide US$25 million to support the African Union’s COVID-19 vaccination programme and help secure up to seven million doses of the vaccine for health workers across the continent. Operational review MTN’s subscriber base grew by 600,000 to 25 million, as the company improved its network and customer experience. Continued demand for data and increased adoption of more digital payment services supported the company’s active data subscribers’ growth of 400,000 to reach 11.2 million and MoMo users growth of 100,000 to reach 10.7 million. The number of MoMo merchants expanded by 11,000 to 183,000 and our agent network by 15,000 to 221,000. MTN also improved on its ayoba offerings with enhancements including payment integration and new business-to-customer

channels. Additionally, MTN enhanced self-service offerings on myMTN app, introducing MoMo and mobile broadband channels to the app to improve the feature set and customer experience. Commenting on the quarterly results, the CEO of MTN Ghana, Selorm Adadevoh said, “MTN

remains committed to providing support to combat COVID-19. As we progress through 2021, we will remain focused on supporting our people, our customers and Government, while ensuring network resilience as this is critical to the continued recovery of the economy.”

Fidelity Bank sustains profitability, growth amid COVID-19

espite the challenges posed by the COVID-19 pandemic, Fidelity Bank Ghana recorded a remarkable profit before tax of GH¢382 million in 2020. The remarkable profit represents a 19 percent increase from the GH¢322 million recorded in 2019. The Bank also grew its operating income by 8 percent over the prior year to GH¢978 million. A statement issued in Accra by the Bank said operating expenses were well managed, growing at a relatively lower rate of 6 percent to GH¢498 million in line with the Bank’s efficiency drive. It said the performance was anchored on digitization, expenditure reprioritization and the adoption during the year of cost-containment measures aimed at mitigating the impact of COVID-19 on the Bank’s business. The overall growth in revenues outpaced the increase in operating expenses, resulting in the Bank’s cost-to-income ratio declining to 51 percent. The statement said the cost to income ratio measures a bank’s operating expenses as a percentage of its operating income. “The low cost of operations as compared to the impressive

increase in revenue shows the Bank’s efficiency and profitability despite the negative effects of COVID-19,” it said. It said several key balance sheet items posted strong performance with deposits increasing by 25 percent to GH¢6.51 billion and investment securities growing by 15 percent to GH¢4.93 billion, exceeding the industry average in both cases. The Bank’s gross loans and advances declined by two percent year-on-year to GH¢2.4 billion, reflecting the impact of settlements during the year. The statement said the Bank remained well-capitalized closing the year with total equity of

GH¢1.0 billion and a capital adequacy ratio of 21.43 percent which it said was well above the regulatory minimum of 13 percent (reduced to 11.5 percent during the year by the Bank of Ghana as a policy response to the COVID-19 pandemic). “Fidelity Bank’s capital remains adequate for its current risk profile and planned growth of its business,” it said. It said the Bank’s marketleading platforms and channels continue to attract customers, resulting in significant growth in digital and electronic transaction volumes during the year. Julian Opuni, Managing Director of Fidelity Bank Ghana,

speaking on the Bank’s 2020 financial performance said 2020 was a challenging year for everyone. “We are fortunate that our financial performance in 2020 revealed that we continue to make strong progress across all areas of our business. Moreover, we understand that our success is a function of the unwavering support that we receive from our loyal customers and we are grateful to them for their continued business,” he added. He said concerning the first quarter of 2021 financial performance, the Bank recently published its unaudited financial results for the quarter ended March 31, 2021. It, therefore, declared a profit before tax of GH¢104.5 million, 16 percent above the equivalent figure for the same period last year. Profit after tax recorded a growth of 30 percent over Q1 2020 to GH¢89.5 million, driven by this strong profitability, the Bank’s capital adequacy ratio rose to 21.73 percent in Q1 2021 compared to 20.07 percent in Q1 2020. GNA

FRIDAY APRIL 30, 2021

News

FRIDAY APRIL 30, 2021

Ghanaian-German Centre builds capacity of young artisans in Bono

he Ghanaian-German Centre for Jobs, Migration and Reintegration (GGC) has organised a two-day capacity building workshop on entrepreneurship and financial training for young artisans in the Bono region. This is part of the GGC’s measures to build the resilience and business strength of artisans under its “Community Works Initiative”. The intervention’s objective is to train returning migrants and unemployed youth in the Bono Region, in readily available demand-driven services areas like Tiling, Masonry, plumbing, 3D Epoxy, tailoring, dressmaking, hairdressing, and cosmetology, and provide them with a startup support so they can engage in entrepreneurial ventures or seek employment. The Community Works rejuvenation training will help returning migrants reestablish themselves in their communities with a focus on sustainable employment and opportunities for unemployed

youth, to significantly curb irregular migration. To achieve this objective, the project targets communities with a high propensity for irregular migration in Ghana. Head of the Ghanaian-German Centre, Benjamin Woesten, remarked that “the lack of access to employment opportunities among Ghanaian youth is widely cited as a major contributing factor to irregular migration. The need to provide alternative livelihoods for returning

migrants, prospective migrants and unemployed youth has become more urgent. Alternative economic activities for these people will provide a means of survival for them to dissuade them from resorting to irregular migration. The need for community services-oriented training with the aim of rejuvenating the local economies through employment promotion to curbing irregular migration and youth unemployment among

Ghana’s horticulture industry sees major boost

o further develop Ghana’s horticulture and floriculture industry, the Ghana Garden and Flower Movement (GGFM) and PUM Netherlands have signed a five-year Memorandum of Understanding (MoU). The MoU provides for knowledge sharing and capacitybuilding by PUM floriculture and enterprise development experts with Ghana’s flower growers on the GGFM platform. Promotion of trade in floriculture materials is also an aspect of the MoU. Activities to be undertaken under the knowledge sharing component include collaboration with Ghana’s universities about enhancing the skills of flower

growers. PUM has for several years been participating in workshops and conferences for Ghanaian flower growers. This MoU is designed to provide a more structured and sustainable approach to the existing partnership. The Embassy of the Royal Netherlands in Ghana has played a significant role in facilitating this partnership. The implementation of the MoU is overseen by a Steering Committee and a Project Implementation Team made up as follows: Edwin Witlox, Coordinator of PUM Ghana, Esther A.N. Cobbah, Prof. Daniel Bruce-Sarpong and Mona Asem on the Steering Committee

Ms. Esther Cobbah signing the MoU in Ghana. With her is Mr. Bernard Nana Yaw Tufuor.

Mr. Dick Ernste signing the MoU in the Netherlands. With him is Mr. Edwin Witlox.

and Bernard Nana Yaw Tufour, Patrick Masoperh, Abui Selormey and Adelaide Pinto of GGFM and Jan Berg van den of PUM on the Project Implementation Team. Mr. Dick Ernste, CEO of PUM, says, ‘PUM has since 1978 been providing support to a variety of individuals and organizations in Ghana and contributing to the development of their enterprises. We are delighted that we can also bring to the country’s floriculture industry the knowledge and experience of PUM’s industry experts to further boost the great work already being done in Ghana’s floriculture industry. For us at PUM this is an opportunity to live out our commitment to build vibrant SMEs in developing countries and emerging markets and create a positive impact on the economy, environment and society.’ Esther A.N. Cobbah of GGFM, says, The Movement is most delighted that we can create a platform of

communities in the Bono Region stems from the prospect of the identified works areas being economically viable services and thus a means of livelihood for these communities.” The training brought together 40 young artisans drawn from Nsuatre, Fiapre, Chiraa, Kwasibourkrom and Odumasi). Topics covered included Marketing vocational/ technical businesses; Setting Financial Goals; Managing Money Wisely and Avoiding Debt; Understanding Savings; Managing Risks in vocational/technical skills businesses; Telephone Etiquette; Workplace Etiquette; and Customer Care. The Ghanaian-German Centre for Jobs, Migration and Reintegration is commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in Ghana in collaboration with the Ministry of Employment and Labour Relations (MELR).

collaboration between PUM and GGFM as well as Ghanaian floriculture experts to generate even more value from the growing industry for personal, community and national benefit. Together we work to achieve a greener, cleaner, healthier, wealthier, and more beautiful Ghana. Stratcomm Africa initiated the movement and its signature annual Ghana Garden and Flower Show (GGFS) as a CSR programme employing environmental communication approaches. The signing of this MoU comes after nine years of successfully mobilizing stakeholders in the floriculture industry as part of the effort to grow the industry for environmental, commercial, health and aesthetic purposes. The Movement is now an independent non-profit organization with its own Board. In the signing ceremony, which took place virtually, the Chief Executive Officer of PUM Mr. Dick Ernste, signed in the Netherlands for PUM and Esther A. N. Cobbah, Chairperson of the Advisory Board of the GGFM and CEO of Strategic Communications Africa Ltd (Stratcomm Africa), signed in Ghana for GGFM.

FRIDAY APRIL 30, 2021

Companies

FRIDAY APRIL 30, 2021

Eye Express holds free eye screening today

ye Express will today hold a free eye screening to assess the vision and ability of people to focus on and discern objects, across its branches in Greater Accra. Chief Executive Officer of Eye Express, Dr. Naa Kowah Agyemfra said, “The rationale behind this is that, there are a lot of eye conditions that are asymptomatic that do not have symptoms. A frequent eye check will let you know the state of your eyes.” During an examination, each eye is examined for signs of eye conditions such as refractive errors, glaucoma, cataracts, and detached retinas, among others. Receiving regular eye exams regardless of vision acuity can help detect serious eye problems at the earliest stage ─ when they are most treatable. She added: “In view of that we are offering this free eye screening. Whatever the outcome may be will determine if there is a need for further examination and managements.”

Eye Express is a family eye care center specialized in treating all diseases relating to the eyes. “We have all the modern

medical equipment with professional optometrists ever ready to serve your need. We also have an excellent referral

network for secondary treatment and management,” Dr. Agyemfra said.

Media General Group CEO urges workers to get creative and innovative

he Group Chief Executive Officer (CEO) of the Media General Group, Ghana’s leading media conglomerate, Beatrice Agyemang, has urged workers around the world to get creative and innovative in what has now become a fast changing business world. One of the most respected business and corporate leaders in Ghana, Ms. Agyemang made the call on the occasion of this year’s May Day celebration, a day

set aside to commemorate the historic struggles of workers as well as celebrate the gains made by workers over the years. She highlighted the need for workers to get dynamic and find new ways of doing things now, especially after the key lessons learnt from the new normal we are witnessing and devastative impact of the global coronavirus. “Without a doubt, the global coronavirus has brought various dynamics to doing things now. The

question is what does one need to do to survive the pandemic and keep their businesses going. In every emergency, there are always people who will not stop at only being compassionate to help others but will use their creativity to assist those around them to survive and also get their businesses to thrive. And we experienced this with the outbreak of the coronavirus around the world. Some businesses had to reorganizes

to start producing sanitizers, personal protective equipment, medical equipment and that is very commendable,” she added. In addition, Ms. Agyemang highlighted the need for workers to focus on their work and not unnecessarily get fixated with titles. She considers a strong work ethic as very important for anyone hoping to achieve success in their careers and also embrace principles that guide their work behavior to produce high-quality work consistently. “I have observed over the years that most people sometimes do not focus on delivering on their job and getting the needed results. Rather, they spend all their time to concentrate on themselves and working on their personalities, making no time to get the work done. In reality, when you do a great job, it does reflect on your personality and the impact is there to speak volumes”, she stated. Beatrice Agyemang started out as a Broadcast Journalist and News Anchor before becoming the Managing News Editor, then the General Manager of Media General TV. She was promoted to the Chief Operating Officer position then in September 2018, she was appointed the Group CEO.

FRIDAY APRIL 30, 2021

Feature

FRIDAY APRIL 30, 2021

“Support learning processes creatively and successfully with TinkerToys”

ith some few more days to the grand opening of the digital design and creative coding hub in Accra, IIPGH together with its partners, Code it! and Tinker Toys from Leipzig, Germany is pleased to showcase what is in store for all stakeholders and interested participants at the hub. The official launch of the hub is scheduled to take place on Monday 3rd May 2021. The importance of media education and media competence for the learning process and the formation of students’ judgment and personality is now undisputed. The use of the computer as a tool and the associated, targeted use of digital aids such as the digital construction kit promotes creative and independent learning in specific subjects and across subjects. In this way, they learn how to use media to present learning content in a meaningful way. In our previous articles on digital design and creative coding, we highlighted the platforms on which the applications are built – Code it!, and TinkerToys. Code it! is a learning platform where beginners and children can learn programming easily and playfully. Code it! teaches basic programming concepts through online courses, live web seminars, and other child-friendly formats. Code it! is designed for independent learning at home, as well as for use at school. TinkerToys focuses on teaching children and young people how to construct in 3D. With the help of its 3D construction program, children as young as age eight (8) can learn how to construct in 3D. Digital design combines digital technology and creative design. It refers to what is created and produced for viewing on a screen in a digital format (on an app or website). It is interactive – equips you with the knowledge

and practical skills to create, design and develop interactive and engaging digital products, services and experiences, and 2D/3D graphical content. Creative coding is an emerging specialty that utilizes code and programming as a medium to create art. Using creative coding in various design disciplines is becoming more common; however, it can be used in different ways. Most often, artists integrate creative coding into the existing workflow, but in some cases, it is used as the main tool. Creative Coding teaches how to ideate, conceptualize, and design original creative works in the medium of software; cultural literacy of the computational arts by critically engaging with historic and contemporary practices; personal learning strategies, project planning and problemsolving skills; and fundamentals of computational thinking. As opposed to regular programming, creative coding is not focused on being functional, but expressive instead. The Partnership for 21st Century Learning (P21) has developed a unified, collective vision for learning known as the Framework for 21st Century Learning. This Framework describes the skills, knowledge, and expertise students must master to succeed in work and life; it is a blend of content knowledge, specific skills, expertise, and literacies (Partnership for 21st Century Learning: 2021). TinkerToys follow this vision and is convinced that the 3D construction program can support the creative and the mathematical/informatics learning process significantly. Practical example 1: Construct practical utility objects The construction program can be used to construct useful utility objects such as a pen holder. This

gives students the opportunity to develop their own design and train their mathematical and creative thinking. Practical example 2: Implement subject-specific projects

The construction program can also be used to construct models of various subjects by students themselves. For example, students can create a pinhole camera, a new innovative product, solar system, or a chloroplast model. Practical example 3: practice orientation in threedimensional space For younger children, the construction program is a good help to orient themselves in three-dimensional space. They can learn how to organize bodies in space and learn about the properties of geometric bodies. Practical example 4: Building own room model With the construction program, students can create their own models of their school or classroom. They use geometric shapes to design the room. This allows them to discover their environment in a new, creative way. The Hub is designed as an open space for all interested people, in which artistic and creative expression can be learned, tested, and taught using digital tools. As there are a great need and interest in digital tools and new technologies in Ghana, both for art production and for education, as well as for the development of new business models and the opening of new markets, the hub as a showroom, aims to encourage artists, educators, and multipliers to use innovative digital technologies for creative

processes and to demonstrate possibilities for their use in education. At the hub, participants will be introduced to creative technologies, motion design, development for the web, and digital graphic design. You will also study digital photography, 3D design and 3D animation. This progresses to skills in the design and development of more complex digital artefacts for current and future mobile, web and Internet of Things (IoT) applications involving 3D design and animation, media aesthetics, motion graphics and immersive mixed reality. With these modules and more in digital experiences and creative technology design, and other options in advanced animation and advanced digital graphics and motion design, ideas surely are made to happen with art and creativity. We hope that this hub shall develop and promote professional and transferable skills required for working in the creative digital industries. The target groups for this hub are artists and creative people, pedagogues, educational and cultural policymakers, local cultural industry enterprises from Ghana, and around the world, as well as German cultural workers and developers of digital creative tools. Interested persons, partners, and anyone who develops exciting approaches or tools in the field of digital education who would like to present their materials at the hub or contribute, can reach out to the contact below. Author: Richard Kafui Amanfu – (Director of Operations, Institute of ICT Professionals, Ghana) & Lena Baumgarten – Educational Assistant, TinkerToys (member, IIPGH) For comments, contact richard. amanfu@iipgh.org or Mobile: +233244357006

FRIDAY APRIL 30, 2021

Feature

FRIDAY APRIL 30, 2021

Speech presented by Clement Osei Amoako -- President, Ghana National Chamber of Commerce and Industry on the inauguration of GNCCI Council

will like to express the Chamber’s appreciation to the Minister of Trade and Industry, Hon. Alan Kyerematen for making time to be part of this special ceremony of the Chamber On this note, let me extend our warmest congratulations to Hon. Alan Kyerematen for his second term appointment as the Minister of Trade and Industry in H.E. Nana Akufo-Addo’s administration. Indeed, your commitment to trade and industry has been exemplary and your hard work is an inspiration. In particular, I must say your commitment to the activities of the Chamber and the entire private sector has been remarkable and we are sincerely grateful for your continuous support. We will also like to extend our appreciation to Her Ladyship Sophia Bernasco Essah, Justice of the Court of Appeal, and the entire Judicial Service of Ghana for your continuous support to the Chamber during times like this. Our next appreciation goes to all invited guest here present this morning and the media; you have been our partners and allies over the years and we are most grateful for making it possible for the world to know about the activities of the Chamber and hope for a stronger working relationship in the years ahead. At the 44th Annual General Meeting (AGM) of the Chamber held on 21st October 2020, all the standing committees and council were dissolved and the new National Officers were elected

to champion the activities of the Chamber unto greater heights. In line with the constitution of the Chamber and the Legislative Instrument (L. I. 611), a new Council have been duly constituted to govern and support the activities of the Chamber. The Council comprise; i. A President ii. Two Vice-Presidents iii. The National Treasurer iv. One representative selected by each regional Chamber for every 40 fully paidup members or part thereof in such regional Chamber. The Ghana National Chamber of Commerce and Industry has played a critical role in the growth and development of the private sector in Ghana since the colonial era. Subsequent governments have worked with the Chamber in promoting and protecting commercial and industrial interests in Ghana while addressing private sector concerns. This has positioned the Chamber as the foremost private sector business association in Ghana with relevance across the globe. The unpleasant memory of the global pandemic on the business community has necessitated the need for businesses to rethink and reshape their way of doing things in order to remain relevant and competitive. As the representative organ of the private sector in Ghana, the Chamber will continue to empower the business community through its cuttingedge programs

and activities aimed at equipping the private sector to develop the needed shock absorbers and tenacity in the mist of this ravaging pandemic. As a Chamber, we are also excited that the journey to opening up new market access opportunities to drive the needed economic growth and transformation of the African continent has begun, and the overwhelming interest and support by the private sector. The GNCCI also takes exceptional notice of government’s clarion call for the private sector to take advantage of the AfCFTA agreement towards expanding production, both in industry and agriculture, while taking the lead in the socioeconomic transformation of the country. Recent survey by the Konfidents shows that Ghana has potential export market opportunities within a number of countries, specifically within West Africa. However, the country lacks the needed operating environment for its to achieve full competitiveness of AfCFTA. According to the survey, the country’s productivity capacity is weak, Cost of credit is high, Cost of power is high, customs efficiency is low. As a Chamber, whiles designing bespoke business solutions and recommendations through Business Development Support (BDS) services to address the real needs of SMEs to improve operational efficiency and resilience of the business

community, calls on the government to urgently address the high cost of credit and the power for effective participation in the AfCFTA. Today’s ceremony is a very brief one; to inaugurate the council that will provide the needed support and guidance, through their technical expertise and wealth of social capital, to the activities of the Chamber. In addition, it is our expectation that while providing support and guidance, the council will serve as ambassadors of the Chamber in your respective regions and also foster a stronger collaboration between the Regional. Chambers and the National Secretariat. This will enable the Chamber to achieve its vision of shared growth and prosperity. The work of the Chamber is largely a sacrificial duty. We offer public good. For that reason, I believe as you attend to your personal businesses as business operators, you will also make time for the activities of the Chamber at both the Regional and National level. Let me conclude by saying we have exciting moments ahead, as such the Chamber looks forward to tapping into the skills, competencies, and social capital of the Council, Members, Staff and the media to achieve a shared vision of growth and prosperity for the private sector. I wish each and every one a successful inaugural ceremony and a very pleasant interaction. Thank you and God bless us all.

FRIDAY APRIL 30, 2021

Feature

FRIDAY APRIL 30, 2021

High growth sectors in the post-recovery decade

By Michael Spence

multispeed economic recovery is underway, reflecting the significant cross-country variations in containing the coronavirus and acquiring and administering vaccines. But notwithstanding these differences in timing, there will soon be a cascading sequence of rapid recoveries around the world. Sectors that had to shut down because they could not function without unsafe human-tohuman proximity will now (or soon) reopen. Businesses that survived the pandemic closures (many with support from fiscal programs) will experience rapid expansion, powered by pent-up demand. Growth rates will surge for a limited period of time before subsiding toward normal levels. We will enter the post-recovery world sometime in 2022 (though it will come sooner for some than others). For investors, policymakers, businesses, and households alike, a major question is whether and to what extent we will return to pre-pandemic growth patterns. Will we witness a shift to some markedly different set of dynamics? While there are many areas of uncertainty in the post-recovery economy, some industries seem poised for a period of extraordinarily rapid growth. Specifically, in sectors with a combination of technological possibilities, available capital, and high demand for creative new solutions, conditions will be highly favorable for investment and new company formation. Among the broad sectors with the greatest growth potential, my three leading candidates are the application of digital technologies across the entire economy, biomedical science (and its applications in health care and

beyond), and technologies that address the various challenges to sustainability, especially those associated with climate change. Elevated growth in this context means not just sector growth, but high levels of entrepreneurial activity and innovation, a plethora of new fast-growing companies, and large inflows of capital carrying higher expected rates of return. These areas are distinct but overlapping, because they are defined more by science and technologies than by outputs. All three are viewed as key sources of resilience – for businesses and for society as a whole – and that perception has been reinforced by the pandemic and growing awareness of the effects of climate change. Between this changing outlook and the forced adoption of digital technologies during the pandemic, there is now a heightened awareness of both the opportunity and the necessity of digitalization, which is reflected in high and rising demand for technological solutions. In all three areas, many years of research and innovation have yielded powerful scientific tools and technologies that are becoming broadly available for entrepreneurs and investors who aim to tackle specific problems. At the same time, the technoentrepreneurial ecosystems that were once concentrated in just a few places have expanded globally, resulting in an interconnected web of investors and entrepreneurs sharing insights, transferring technology, and adapting to local conditions. The start-up “unicorns” once associated with Silicon Valley and a few other high-tech hubs can now be found in growing numbers across a wide range of developed and middle-income countries – and in surprising sectors like education. In short, the systems

that unleash entrepreneurial talent are increasingly taking root around the world. This is partly because governments have recognized the opportunities in these sectors and duly stepped up their game. The fiscal programs coming out of the pandemic have been far more aggressive than in the past. Commitments to invest in infrastructure (including digital), science, and technology are expanding, not just in the United States and China, but also in Europe, across the digital, biomedical, and greentech sectors. Moreover, policymakers seem to understand that deficient demand has negative effects not only on employment but also on the incentives for adopting new technologies. Most governments thus are eager to ensure that the economy is running at high intensity without demand-side headwinds holding back growth and employment. Given these factors, there is a reasonable chance that the 15year negative trend in aggregate productivity growth – and hence overall real growth – will be reversed. Powerful new generalpurpose technologies are coming online, and the pandemic has increased adoption and learning in previously lagging sectors. This is crucial, because productivity growth at the aggregate level requires not just widespread availability of the necessary technologies, but also their broad diffusion. Particularly important is digital adoption by small and mediumsize businesses and lagging sectors. In India, part of the digital transformation involves equipping millions of small retail businesses and the related supply chains with technological solutions, as opposed to having large entities sweep them away, causing potentially massive job

disruption. The distribution of income is another key factor in productivity growth. If incremental income continues to flow mainly to high-income individuals and the owners of capital, that may be good for asset prices, but it will be bad for demand, and hence business investment and productivity. At least in the US, President Joe Biden’s fiscal plans – which include infrastructure investment, changes in taxation, and a higher minimum wage – are designed to restore middleincome jobs and boost incomes for low- and middle-income households. As a recent study by the McKinsey Global Institute sets forth, the digital transformation may be broad enough that it will help to raise overall productivity growth substantially. For example, innovation in delivery of primary health care (previously a lagging sector) will likely show up not just in the productivity data for that sector, but also in other important measures of performance, including overall health outcomes and quality and timeliness of care. As for the decarbonization agenda, some might argue that this will have a small or even slightly negative immediate impact on growth and productivity. But on this issue, especially, one should be mindful of the relevant time horizons. Whatever the shortterm effects of an expanded green investment agenda, the goal is not to elevate short- or even medium-term productivity. The point, rather, is to avoid or reduce the risk of a massive negative shock to productivity (among other things) in the long run. The present value of green investments thus can be very high even if the impact on short-run flow measures of productivity is small.

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Markets

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