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Producer Price Inflation for July falls to 8.4 percent
AfDB supports Ghana’s efforts to improve domestic resource mobilisation
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BUSINESS24.COM.GH
NO. B24 / 237 | NEWS FOR BUSINESS LEADERS
FRIDAY MONDAY AUGUST MAY 3, 20, 2021 2021
MTN boss urges sustained investments to drive tech growth
By Eugene Davis ugendavis@gmail.com
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By Eugene Davis
he Ghana Cocoa Board (COCOBOD) is set to deploy about 40,000 new electronic weighing scales for the measuring and for the 2021/2022 cocoa crop season. Last year, the cocoa sector regulator indicated
ugendavis@gmail.com
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hief Executive Officer of MTN Ghana, Selorm Adadevoh, reckons stakeholders and policy makers have not invested enough in technological infrastructure to withstand the demand ahead. According to him, there is a data capacity deficit which requires massive investments Cont’d on page 2
Cocobod adopts e-weighing scales for 2021/2022 crop season
Cont’d on page 3
MTN is working to introduce 5G possibly next year as demand for data has rapidly outstripped supply
EPA to assess quality of water in mining areas By Eugene Davis
ugendavis@gmail.com
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he Environment Protection Agency (EPA) says it plans to conduct a water quality assessment in selected mining and coastal areas following the lifting of the ban on small scale mining in the country. Acting Director of Environmental Quality at the EPA, Emmanuel Appoh, says the move would ensure
Ghana is best placed to have a petroleum hub for West Africa— NPA boss
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he Chief Executive Officer of the National Petroleum Authority (NPA), Dr. Mustapha AbdulHamid, has asserted that Ghana is best placed to attract investments into its Cont’d on page 5
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Pollution of water bodies and vegetation cover are the most noticeable feature of illegal mining.
Cont’d on page 3
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Editorial / News
FRIDAY AUGUST 20, 2021
Editorial
Digital payments system critical to the success of AfCFTA
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f cash is king as they say then digital is heir. The fallout of the virus pandemic has pushed the uptake of digitalization across every sphere of economic activities and with the march towards a cashless economy, we can say that it will be a forward-looking trend. The common intra-Africa trade platform has created the need for digital payment systems to facilitate crossborder trade under the AfCFTA. The goal of attaining socioeconomic development in the continent would require sustained focus on improving and deepening trade and ensuring stable resilient
financial systems to back both trade and industry. With cash-based transactions, chances are risky for trade and one of the things that government would have to look at is eliminating the transportation of bulk cash within the country. In digital payment systems can eradicate such risks, offer convenient means of payment to traders and stimulate transparent transactions. The conversation around payments is a big deal for industry, especially with several reports of local producers struggling to do transactions because of payments. It is quite unfortunate that despite the
strides of digitalization, local producers who move their goods across the continent still prefer to trade and make payments in cash and bear the risks due to the challenges with bank-based transactions. Government will have to fast track the non-cash mechanisms that will ensure easy, secure and cost-effective ways of payments under the AfCFTA. The Pan-Africa Payments System (PAPS) which has been lined up to drive digital payments in the single continental market must be given the need support by relevant financial bodies across the sub-region to succeed.
MTN boss urges sustained investments to drive tech growth Continued from cover
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across the technological space. Speaking at a virtual MTN Business Executive Breakfast Series in Accra, he said: “We have a very critical situation in Ghana today, where we are not investing enough in technology infrastructure to sustain the growth that is ahead of us”. Mr. Adadevoh was concerned that 10 to 15percent of Ghanaians still do not have access to internet as, to him, Ghana hosting the Africa Continental Free Trade Area (AfCFTA) means that it could become a technology hub of the sub-region. “If you think about all of this and the biggest question is how can we encourage the faster investments into infrastructure so that we can meet the demand. Slowing down will be a strategic economic mistake because it will affect our productivity as a country, how do we accelerate investments into the industry, how do we in the next three to five years ensure that we have right level of infrastructure, right level of fibre backbone and access in every point in Ghana to support that economy that we visualize,” he stated.
The breakfast meeting formed part of activities marking the 25th anniversary celebrations of the telecommunication giants. Mr. Adadevoh said MTN is working to introduce 5G possibly next year as demand for data has rapidly outstripped supply, with plans to expand coverage to remote parts of the nation. “By end of 2022, every site in Ghana will have 4G; and by the end of this year we, will have Greater Accra with 4G. We are coming with faster internet and we want to make sure that every site has 2G,3G, 4G by end of next year,” he said. The company, which started
this year with an investment of US$100m will be closing the year with a spend of US$200m due to the level of demand and the expected impact on the economy, says Mr. Adadevoh. He added: “We want to help the productivity of the economy, the technology space has been an important space not only in Ghana, there has to be a lot of investments to keep up with technology. I think the philosophy here is really about constantly evolving and learning from what happened around you to inform the next steps you take.”
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EPA to assess quality of water in mining areas Continued from cover sustainability of the nation’s aquatic ecosystem. “Since they [government] lifted the ban on small scale mining, we want to see how the water bodies are regenerating themselves, so we intend to monitor some of the water systems in the mining and coastal areas. We will look at the Tano, Pra, Ankobra rivers and other small water bodies that run into large water bodies,” he told Business24 in an interview during a capacity training workshop for members of the Parliamentary Press Corps in Accra. Government placed a ban on illegal and small-scale mining operations when the practice begun causing excessive damage to the nation’s land and water resources but that embargo was lifted in 2017 when it came out with a more refined and enviro-friendly programme on sustainable mining.
Executive Director of Environmental Protection Agency (EPA), Henry Kokofu
Although illegal mining or ‘galamsey’ directly employed around 1.1m people, it contributed to significant destruction of water resources and forested areas, with
about 4.4m galamseyers getting affected by the ban in 2014, according to a report published in The Extractive Industries and Society.
Pollution of water bodies and vegetation cover are the most noticeable feature of illegal mining. Some key rivers and streams, particularly Birim, Densu, Pra, Ankobra—which are critical sources of portable water for a host of communities along its stretch—have been polluted to the point of losing their self-cleansing ability. According to Mr. Appoh, the EPA was going to undertake an intensive awareness creation on environmental quality this year and beyond as well as conduct studies on pesticide contaminated soils, drinking water and food products. Despite the agency’s desire to undertake this monitoring exercise, Mr. Appoh bemoaned the lack of logistics to conduct regular surface water quality monitoring and air quality assessments across the country to inform policy decisions.
Cocobod adopts e-weighing scales for 2021/2022 crop season Continued from cover prompted that licensed buying companies (LBCs) would have to use of electronic weighing scales in the purchase of cocoa beans from cocoa farmers, starting October 2020. The digital intervention seeks to curtail the potential for purchasing clerks to cheat cocoa farmers at the point of weighing the dried cocoa beans. The usage of electronic scale in the purchasing of cocoa is expected from October 1, 2021 across the cocoa regions of the country as a measure to end the alleged short-changing of farmers by the cocoa buying companies. The solar powered scale takes a maximum of 150 kilograms and has lower and upper limits to alert users on under and above the 64 kilograms weight of a cocoa sack and will be calibrated to the accepted levels by the Ghana Standards Authority (GSA). Speaking at an exhibition exercise in Accra on Thursday, CEO of COCOBOD, Joseph Boahen Aidoo, said the new scales would inure to all parties in the cocoa value chain. "Effective October 1, 2021 which marks the beginning of the 2021/2022 cocoa season, Ghana
Joseph Boahene Aidoo explains the benefits of the new electronic machine to cocoa sector actors.
is going to use the electronic weighing scales throughout the country. If any licensed buyer weighs cocoa without COCOBOD’s electronic scale, it means that scales is unauthorised," he declared. The need for the deployment of a standard weighing machine stemmed from a study undertaken by the GSA on behalf of the Board which revealed that the weighing machines have been tampered with to the disadvantage of farmers, Mr. Aidoo said. “We have worked on this
together with the licensed buying companies to change the weighing scales from the manual to the electronic to be used universally and at remote places with or without access to electricity," he said. The farmer, the COCOBOD boss said, remains a cardinal point of the company's operation and steps would be taken to protect their interests. Speaking at the same event, he lauded the farmers for the role they played in Ghana attaining a historic 1,033,132 tonnes of
cocoa, with six weeks to the end of the season, breaking the 2011 record of 1,024, 256 tonnes in a pandemic year. Chief Cocoa Farmer, Alhaji Alhassan Bukari, speaking on behalf of farmers said the new weighing scale regime will eliminate allegations of cheating and associated conflict between cocoa farmers and buyers, pledging that they [farmers] will work harder to produce two million tonnes in the upcoming season.
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Access Bank posts strong performance for first half of 2021
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ccess Bank has recorded a strong growth in its financial performance for the first half of the year, with a 16percent and 12percent growth in its net interest income and profit before tax respectively. This was revealed at its annual “Facts behind the Figures” session, held virtually. “Facts behind the Figures”, an event organised by the Ghana Stock Exchange for its listed companies, offers a platform for the companies to present their performance to key stakeholders, investors and the public through the media. Presenting on the first half performance of the bank, Managing Director of Access Bank, Mr. Olumide Olatunji, was elated at the growth trajectory of the bank and commended the impactful efforts made by staff to achieving this feat. He noted that the bank’s net interest income grew from GHc188 million to GHc218 million while profit before tax grew from GHc 193 million to GHc 216 million year- on-year. Mr. Olatunji also indicated that the bank is well positioned to maximise and return value to shareholders, while contributing its quota to Ghana’s development. On the organisation’s outlook for the medium term, Mr. Olatunji hinted that the bank will continue
to grow its retail banking, consolidate wholesale banking and further deepen its position on digitalization. “The bank will continue to explore digitally led solutions to customers across multiple segments as it strives to deepen digitalisation towards a cash lite society,” he added. This, he intimated, is being rolled out on the back of robust state-of-the-art security enhancing architecture. Incorporating advanced analytics to tailor products to customers’
needs and manage risks across multiple business and markets are key strategic focus of the Bank in the medium term and significant investments are being made to ensure this. The COO of the bank, Mr. Ade Ologun, used the opportunity to assure customers and investors of the security measures put in place by the bank to ensure safety of customers’ assets and investments. The CFO of the bank, Mr. Michael Gyabaah, also noted that, Access Bank has demonstrated
a strong and disciplined growth over time which have well positioned it to return value to shareholders. The highlights of this performance have contributed to the bank being recognised in various awards including the 2020 “Global Financial Inclusion Award” by the Banker Magazine, “Most Innovative Retail Banking Brand”, and best ‘CSR Bank” in Ghana for the year 2020 by Global Brands as well as Best Company in Customer Service by Ghana Customer Service Index (GCSI).
Ghana is best placed to have a petroleum hub for West Africa—NPA boss Continued from cover petroleum hub ambition because of political stability, geographical location, robust downstream sector, and its high-quality crude oil. Dr. Abdul-Hamid made this statement during the official ribbon cutting ceremony at the Ghana delegation pavilion at this year's Offshore Technology Conference, (OTC) in Houston, Texas. The OTC is an annual event which provides energy professionals from various countries with the opportunity to meet to exchange ideas and opinions to advance scientific and
technical knowledge for offshore resources and environmental
matters. Dr. Abdul-Hamid
said
the NPA will assist in the establishment of the petroleum hub by undertaking vigorous engagements with investor communities to be able to attract investments into the country, adding that the authority will ensure it plays its regulatory role by providing licences and permits for the establishment of the refineries, distribution and transportation infrastructure, and storage facilities, among others. It will also monitor the quality of petroleum products to ensure they meet specified standards. The proposed petroleum hub, which is estimated to be $60billion has four key infrastructure: refineries, petrol chemical plants, storage facilities and jettys.
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Producer Price Inflation for July falls to 8.4 percent
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he year-on-year Producer Price Inflation (PPI) rate for July 2021 fell to 8.4 percent compared to 10. 1 percent recorded in June. The rate represents a 1.7 percentage point decrease in producer inflation relative to the rate recorded in June 2021. Professor Samuel Annim, the Government Statistician, who announced this on Wednesday in
Accra, said the month-on-month change in producer price index between June 2021 and July 2021 was 0.1 percent. He said the producer price inflation in the mining and muarrying sub-sector decreased by 7.3 percentage points over the June 2021 rate of 9.5 percent to record 2.2 percent in July 2021. The producer inflation for the manufacturing sub-sector, which
constituted more than two-thirds of the total industry, decreased by 0.8 percentage points at 12.0 percent. The utility sub-sector recorded a 0.1 percent inflation rate for July 2021. Prof Annim said in July 2021, four out of the 16 major groups in the manufacturing sub-sector recorded inflation rates higher than the sector average of 12.0
percent. The manufacture of coke, refined petroleum products and nuclear fuel recorded the highest inflation rate of 25.2 percent, while the manufacture of electrical machinery and apparatus recorded the least inflation rate of 0.0 percent. On the petroleum price index, he said, the producer inflation rate in the petroleum sub-sector was -4.5 percent in July 2020. Touching on the trends, he said in July 2020, the producer price inflation rate for all industries was 9.3 per cent, the rate decreased to 9.0 percent in August 2020 and increased to 9.7 percent in September 2020 but declined consistently to record 7.0 percent in December 2020. In March 2021, the rate increased to 13.0 percent, however, in April 2021, it declined to 10.9 percent, rose to 11.8 percent in May, but decreased to 8.4 percent in July 2021. PPI measures the average change over time in the prices received by domestic producers for the production of goods and services.
Vodafone Ghana launches Smart Surf Wireless Router
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odafone Ghana has officially launched a new wireless router, the “Vodafone Smart Surf” to connect all customers without access to fibre broadband to fast internet connectivity. The router selling at GH¢399.00 connects up to 32 users at a time. Mr. George Abban, the Head of Fixed Business, Vodafone Ghana, who joined other officials from the telecom company to launch the device on Wednesday at Ashaiman, said the telecom company would continue to enforce commitment by making life simple for the citizenry. In the wake of the COVID-19 pandemic, he said, people were now spending their lives together online, with social distancing measures becoming the new standard around the world. “The web is how we connect with our loved ones in this time of physical isolation. Many people who are online, do it through their place of employment, school, or public access locations like libraries and cafes. This means that closing these public areas will drive even more people offline,” he added.
Mr. Abban, however, noted that the world was realising the critical importance of the internet, not everyone had access to enjoy its benefits. “This inequality certainly has real-life consequences. Our pledge, at Vodafone, is to remove the obstacles and ensure that everyone has access. “This is what we want to help address with today’s launch event,” he said. The Smart Surf connectivity is at present only available in Accra, Tema and Takoradi. Mr. Abban, therefore, encouraged customers to first visit the company’s fixed broadband portal fbb.vodafone. com.gh. to confirm if the service was available within their area before purchasing. “Once we establish that the service is available, proceed to add the device to your shopping cart and follow the process to make payment via Vodafone Cash, VISA or MasterCard. You can also request for the product to be delivered at your doorstep or arrange to pick it from a nearby retail shop. “Customers can also walk
into any of our shops in Accra, Tema and Takoradi to check if the service is available in their area and then make the purchase directly from the shop,” he explained. The Fixed Business Head said users automatically receive five gigabytes of free data after purchasing a bundle onto the router to enhance their userexperience. Vodafone, he said, was proud to be at the fore front of innovation and had connected over 140,000 homes with fibre broadband, hence called on all to join the new service to have their households and offices powered with internet
service. Mr. Abban said customers could purchase any of their data packages from GH¢20.00 (5GB), GH¢40.00 (10GB), GH¢90.00 (25GB), GH¢140.00 (50GB) to GH¢200.00 (100GB) over a period of 30 days. “Buying a bundle has become even easier as it has been integrated with our secure mobile financial service, Vodafone Cash. By simply dialling *900# from your phone, you can choose and subscribe to any of our affordable bundles. Customers can also pay with VISA and MasterCard,” he explained.
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FBNBank wins “Outstanding SME Bank of The Year” award
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BNBank has been recognised as the “Outstanding SME Bank of the Year” at this year’s Ghana Business Standard Awards held at the Movenpick Ambassador Hotel in Accra last Friday. The Ghana Business Standard Awards which were instituted three years ago by KN Unique Communications aims to promote and celebrate the outstanding achievements of organizations, acknowledge industry leaders turning strategy into action as well as businesses chalking undisputable success across the Ghanaian business region. The theme for the awards was, “Celebrating Companies and Individuals Committed to Remarkable Business Standards.” The award which was presented by Patrick Nana Asiedu, Awarding Board Member, was received on behalf of FBNBank by Semiu Lamidi, Executive Director & Chief Financial Officer and Mohammed Ozamah, Executive Director & Chief Risk Officer supported by William Amon Neequaye, Head of Commercial Banking and Enoch Vanderpuye, Country Team Lead, Marketing & Corporate Communications. Speaking at the awards ceremony, Semiu Lamidi of FBNBank, said, “We are delighted by the recognition.
This is yet another testament of our contribution so far in the financial sector, particularly the SME space. This will serve as a great boost to our efforts even as we strengthen our position in our 25th anniversary year to be able to deliver greater value. The current opportunities offered by AfCFTA, trade with the European Union, the US and other bilateral partners require that we position our SMEs to effectively maximise the benefits available. We have over the years supported our SMEs and we remain passionately committed in working with them to achieve success and also to inject growth into Ghana’s economy. Our responsibility here is underpinned by our Brand Promise which enjoins us to offer the “ultimate gold standard for value and excellence” to our clients and customers.” The award comes in a milestone year for FBNBank which has witnessed a renewed commitment in its very first month by the Bank to remain SME-focused. To deliver on this commitment, FBNBank draws from being a part of a trade hub that has grown economies for 127 years in Africa, Europe and China and for 25 years in Ghana. Commenting on the award, Victor Yaw Asante, Managing Director and Chief Executive
Officer, FBNBank said, “Since 1996, when we commenced operations in Ghana, our focus has not shifted from SMEs. At the beginning of 2021, which also happens to be our 25th anniversary year, we reaffirmed our commitment to this sector when we announced our anniversary celebrations. Over these years, FBNBank has provided an exciting range of support including a sectorspecific-array of financial products and services, capacitybuilding and thought-leadership, to the SME segment of Ghana’s economy and our support did not wane during the height of the COVID-19 pandemic. For us it is an unwavering commitment to SMEs and it is exciting to see that it is not just paying off by way of the contribution to Ghana’s economy but also that we are being recognised for it.
This should serve as a motivator for our team who relentlessly and passionately drive the SME agenda. I personally dedicate this award to them. They have shown that they have, as always, lived the FBNBank brand by putting the SME clients first.” FBNBank Ghana has since 1996, in line with the agenda of its 127-year-old parent company, First Bank of Nigeria Limited, supported SMEs in several sectors including manufacturing, export and import. This, it has sought to do through the rich value and excellence of what the Bank contributes to the relationship with its clients. FBNBank Ghana has 20 branches and two agencies across the country with almost 500 staff. FBNBank offers universal banking services to individuals and businesses in Ghana.
Comms Minister to deliver keynote address at maiden Africa Digital Forum
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he Minister of Communication and Digitalisation, Ursula Owusu-Ekuful, will on Wednesday, 25 August 2021, deliver the address at the maiden edition of the Africa Digital Forum (ADF), oraganised by AIDEC Consultancies International Limited. The minister will be expected to outline the various inter-sector interventions and milestones that have been achieved under the current administration, highlight how they have positioned Ghana to be at the fore of digitalisation on the continent, and offer insights into imminent interventions aimed at consolidating the gains made. This is particularly relevant in light of the African Continental Free Trade Area (AfCFTA), which has created a continent-wide market in excess of 1.2 billion people, with a gross domestic product (GDP) of $2.5 trillion. According to a statement by the organisers, the event which will commence at 08:30 AM, at the prestigious Best
Western Premier Hotel, Airport Residential, in Accra, will see a convergence of key stakeholders in policy, regulation, industry, and academia converge to deliberate on the necessity, challenges, and opportunities of digitalization in fulfilling the potential presented by the continent-wide free trade area. Under the theme: ‘The Digital Challenge: Africa’s Opportunity Under AfCFTA’, the Accra Edition, will also see the Secretary-General of AfCFTA, Wamkele Mene; Minister for Communication and Digitalization, Hon. Ursula OwusuEkuful, the Director-General of the National Information Technology Agency (NITA) Richard OkyereFosu; renowned scientist and ‘Africa’s father of the internet’, Prof. Nii Narku Quaynor speak on subjects such as developing smart cities, cross border trade protocols, standardization and skill development, amongst others. Other speakers at the sessions include the Mayor of Accra, Mohammed Adjei Sowah; the
Director-General of the Ghana Standards Authority, Prof. Alex Dodoo; and the Dean of the University of Ghana Business School, Prof. Justice Bawole. Speaking ahead of the forum, the Chief Executive Officer (CEO) of AIDEC Consultancies International Limited, Mr. Ambrose Yennah, stated that Accra was chosen as the destination for the maiden edition as it currently serves as home to the AfCFTA Secretariat. “This gathering of regulators, academics and businesspeople; from Club 100 companies to budding Small and Medium Enterprises (SMEs), and even Non-Governmental Organizations (NGOs) will ensure that the most pertinent issues confronting all stakeholders would be discussed and solutions proffered,” he explained. Continuing, he said: “We are quite concerned about applying digitalization to ensure that goods and services meet the prerequisite standards, particularly for the anglophone and francophone
markets – which represent the biggest on the continent – as well as other markets.” On a similar tangent, the Chairman of the Board at AIDEC Consultancies International Limited, Prof. Robert Yennah stated that the Forum would serve as a platform for regulators to sensitize players in their respective spaces on the matters of policy. It will also provide indigenous institutions that focus on digital solutions for businesses, a ready platform to showcase their products and services. “We have been able to pool together some of the best indigenous human resources in the area of ICT, who are able to provide solutions to big multinational corporations, as well as small businesses who are struggling to be part of the digital world.” The maiden edition of the Africa Digital Forum (ADF), oraganised by AIDEC Consultancies International Limited, will be streamed across all major platforms.
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UTAG suspends strike, NLC and Employment Ministry to discontinue legal process
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he University Teachers Association of Ghana (UTAG) has agreed to suspend its strike, following an emergency meeting with the National Labour Commission (NLC) and the Ministry of Employment and Labour Relations. This is contained in a Memorandum of Understanding between the government and UTAG. Dr Yaw Osei Adutwum, the Minister of Education, signed for the government while Professor Charles Ofosu Marfo, National President of UTAG, signed on behalf of the Association. UTAG and the government in the MoU agreed to begin negotiations on the matter from
Monday, August 23, 2021. It also agreed that the Ministry of Employment and Labour
Relations, in conjunction with the National Labour Commission, would take steps to discontinue
all legal processes against UTAG while UTAG would also take steps to suspend the ongoing strike action. The statement said the government acknowledged the need to improve the working conditions of University teachers and would treat the agreement with all the seriousness it deserved. NLC secured the court injunction against UTAG' s strike on August 2, arguing that the law barred UTAG from proceeding on the industrial action when negotiations were underway. UTAG is demanding the implementation of a 2012 Single Spine package, which put entrylevel lecturers on a salary of $2,084.
Fidelity Bank launches Banking Academy
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idelity Bank Ghana has launched the Fidelity Banking Academy, a new capacity-building programme, to provide regular, holistic training and competency upskilling for staff of the bank. The initiative, being implemented in partnership with the Chartered Institute of Bankers Ghana, would elevate standards in the Ghanaian banking industry with respect to technical skills, and essential non-technical skills such as management and interpersonal skills. The Academy is expected to create an avenue for staff of Fidelity Bank to acquire topnotch skills. It also aims to provide the necessary creative environment for them to conceptualize locally relevant banking innovations that would meet the unique needs of the bank’s diverse customer base. Mr. Julian Opuni, the Managing Director of Fidelity Bank, said: “This Academy seeks to produce consummate world-class bankers whose expertise will help to keep our banking industry at par with the very best in the world. “Importantly, it will also serve the purpose of regularly upgrading skills of our staff and offering cost efficient and international standard training to meet the pertinent human resource needs of the local banking industry.” Mr. Owusu Boahen, the Director of Human Resources, Fidelity
Bank, said the current dynamic landscape of the banking industry required all banking professionals to sharpen their skills to meet evolving customer demands. “We at Fidelity Bank remain committed to equipping our employees with the necessary skills and tools to become the best in the industry and we believe that this Academy will help us to achieve that objective.” Mr Charles Ofori-Acquah, the Chief Executive Officer of the Chartered Institute of Bankers Ghana, noted that The Associate Charter Banker programme was the Institute's flagship qualification for banking education. However, in collaboration with leading financial institutions like Fidelity Bank, the Institute had also introduced certification programmes for practitioners in specialised areas of the banking industry such as Corporate Banking, Retail Banking, and Treasury Management, amongst others. “We are happy to partner with Fidelity Bank to pilot this new model to provide opportunities for reskilling and upskilling of practitioners to improve and sustain excellent service delivery.” The Fidelity Banking Academy, the statement said, would deliver customised programmes/ modules for different departments in the bank, including Banking Operations, Risk Management, Corporate Banking, and Retail
Banking. There would also be an entry level programme to boost the employability and skill level of young people desirous of building a career in the financial sector. Fidelity Bank‘s introduction of the Fidelity Banking Academy forms part of the Bank’s “Together We’re More” brand promise that sees success as a collaborative effort among key stakeholders working together towards a greater good. To this end, Fidelity Bank has demonstrated that by working
with the Chartered Institute of Bankers Ghana to train its employees, it is supporting the industry to further contribute to the economic development of the country, the statement said. In a little over a decade, Fidelity Bank Ghana has grown from a discount house to a Tier-1 Bank and is now the largest privatelyowned Ghanaian Bank in Ghana. The bank currently serves approximately two million customers in 75 branches across Ghana and is a leader in the digital banking revolution.
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Jumia and Solar Taxi partner to provide ecofriendly & affordable deliveries to online shoppers
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frica’s leading e-Commerce platform, Jumia has partnered with modern eco-friendly mobility facilities company Solar Taxi to provide affordable and eco-friendly delivery of online orders to consumers. This partnership further speaks to Jumia’s commitment of going green. With a shared vision of ensuring a clean and sustainable environment using renewable energy, coupled with the need to keep consumers safe especially during the many waves of the COVID-19. Consumers who order food, groceries and other essential items on Jumia can get their orders delivered conveniently and environmentally friendly to their homes or offices by SolarTaxi riders. CEO of Jumia Ghana, Tolulope George-Yanwah, said ‘’ Partnering with Solar Taxi Ghana Limited helps us to play our part in keeping our environment safe. The use of solar driven vehicles and motorbikes for online deliveries keeps all our stakeholders safe from fuel emissions. The health and safety of our consumers as well as delivery agents is a priority.
The use of solar Taxi bikes and vehicles also ensures affordability to our consumers who now have reduced shipping fees. Because solar-powered vehicles have electric motors, they burn no fuel and produce no emissions. This helps to preserve Natural Resources, eliminates the high fuel costs and provides driving comfort for all riders. In today's world, health is a major concern to everybody, especially diseases related to the
respiratory system.In view of this, we have partnered with Jumia Ghana to provide eco friendly and affordable transportation to Ghanaians through its online delivery service.It is good to note that electric vehicles help reduce the amount of carbon dioxide emissions in the system. As a result of this, Ghanaians will stay safe in this covid-19 era. We are so happy to help Ghanaians stay safe and together with Jumia Ghana, WE GO GREEN!!! '' said Mr Jorge
Appiah, CEO of Solar Taxi Ghana Limited. The first phase of this partnership sees over 20 solar powered motorcycles being used for online deliveries on Jumia with plans already in place to scale to over 100 by the end of the year. Both companies have pledged to expand this service to other parts of the country in the coming months.
GCB Bank moves up on global social media ranking
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CB Bank Limited has now moved inches higher on the Power 100 Banks using social media in 2021. The 2019 ranking saw GCB occupying the 93rd spot and after the 2021 second quarter evaluation, the Bank occupies the 84th position with the aim of improving on the spot in the near future. GCB is the only Ghanaian bank to have been listed and ranked among the prestigious Power 100
financial institutions across the globe. The Power 100, which is a list of retail banks and credit unions using major social media channels to promote retail solutions, is collated by The Financial Brand; a US-based institution that monitors roughly 2,500 banks and credit unions on Facebook and Twitter as well as Instagram and YouTube. According to The Financial Brand, the series of lists is
based on a proprietary database encompassing hundreds of banks and credit unions in English speaking countries around the world. The ranking is based on banks and credit unions who provide retail consumer financial services and conduct the bulk of their marketing in English on social media with the most content posted. The bank currently has a total following of over 600,000 and
has shared over 500 products and non-product related content across our active channels including Facebook, Twitter, Instagram, LinkedIn and YouTube in the first and second quarter of 2021. The Managing Director of the Bank, Mr. Kofi Adomakoh, said bank would continue to harness the use of social media and other digital marketing tools to create and heighten the awareness level for our digital offerings, mitigate crises and enhance the bank's reputation through sustainability drives. He expressed his appreciation to the board, customers, shareholders and staff of the bank for supporting and working assiduously to improve on the performance of the bank. GCB, according to the Head of Corporate Affairs Department, Mr. Emmanuel Kojo Kwarteng, will continue to stir the passion of its online audience with content that educates, entertains, inspires and connects while dominating in the market.
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State parties under AfCFTA urged to formulate policies to regulate digital currency regime
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he Ghana International Trade and Finance Conference (GITFiC) has called on State parties under the Africa Continental Free Trade Area (AfCFTA) Agreement to formulate policies for the regulation of the digital currency regime. This, it said, would present a viable means to improve financial inclusion on the African continent, Ms Bridget Agbenya, a Research Intern from Ashesi University at GITFiC, presenting the August 2021 Research Report, said the Conference wished to re-echo the recommendation given by the Vice President, Dr Mahamadu Bawumia on the need for the PanAfrican Payment and Settlement Systems (PAPSS) architecture to allow national banks of State Parties to connect to ensure seamless operationalization and financial integration. The Report was on the Impact of Digital Payment Systems in Facilitating Cross Border Trade under AfCFTA. GITFiC’s August 2021 paper will consider an overview of digital payment and discuss the structure of digital payment systems with a focus on adopting a continental single digital currency, which is expected to facilitate the operationalization of the AfCFTA. The AfCFTA is about to experience a system of
digitalisation process of transactions through the institution of the PAPSS, which is being developed under the supervision of the African ExportImport Bank (Afreximbank). The African Union Heads of State formally adopted this system in July 2019 to support the implementation of the AfCFTA. PAPSS is expected to create new financial flows and successfully facilitate trade and other economic activities among African countries. The PAPSS is anticipated to minimise the financial cost of cross-border trade and improve financial integration as well as boost intra- African trade and investment competitiveness. The system will allow a small trader in Ghana to freely import goods from Sierra Leone, using the Ghana Cedi without thinking of his ability to buy a third currency, exchange and settlement costs and the length of time it takes for
payment to arrive. To facilitate the implementation of the PAPSS, Afreximbank has created a US$1bn AfCFTA adjustment facility to "enable countries to adjust in an orderly manner to sudden significant tariff revenue losses" which may be occasioned by the immediate implementation of the Agreement. This will undoubtedly help in cushioning State parties as they may lose some form of revenue under the tariff liberalisation under the Agreement. She said there was the need for governments to encourage and invest adequately in financial technology (fintech) particularly startup businesses to boost technology transfer. The Research Assistant said since cross border trade across the continent was largely informal, it was recommended that the programme should build institutional capacity among
stakeholders and businesses, particularly in the informal sector. Ms Agbenya said AfCFTA Secretariat should assure and guarantee that at least one per cent of all Transactional Revenues under the PAPSS were remitted to Central Banks of the contracting State Parties. “This, we at GITFIC, believes will spike the interest and commitment in ensuring the success of the PAPSS,” she added. She said the emergence of digital currencies such as Bitcoin and Litecoin have attracted significant attention with Ghana having started a pilot exercise on a digital currency known as 'e cedi'. Mr Alex Nortey, President of Ghana Chamber of Commerce, said the goal of attaining socioeconomic development on the continent could only be successful if “we set our focus on improving, deepening trade and ensuring a stable resilient financial system.” He said, “I believe that some of these digital payment systems could eliminate such risks posed by these transfers of large amounts.” “In electronic payments, you do not have to worry about withholding your payments details as you can provide details to your customers beforehand,” he said. GNA
Minister of Youth and Sports calls on Vice-Chancellor of UG
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he Minister of Youth and Sports, Mustapha Ussif, has paid a courtesy call on the acting Vice-Chancellor, University of Ghana, Prof. Nana Aba Appiah Amfo. Welcoming the Minister, Prof. Amfo expressed optimism that the university’s existing collaboration with the Ministry of Youth and Sports will be mutually beneficial. Among the issues discussed was the preparations to make the University the Games Village for the 2023 African Games. Mustapha Ussif indicated that the Games Village will accommodate over 6000 athletes, officials and journalists who are expected to participate in the African Games. He further disclosed that government intends to give the existing infrastructure to be used on the university’s campus
a facelift to meet international sports standards. This will include an upgrade of selected sports facilities and student residential facilities. Additionally, the university has offered a 100-acre land at its Borteyman site for the construction of a 1000-seater swimming pool, a 1000-seater multi-purpose sports hall for basketball, tennis, badminton, weightlifting and other sports genres. The acting Vice-Chancellor was delighted about the upgrade of the facilities to be used since it will enhance sporting activities in the country at large. Prof. Amfo also appealed to the minister and his team to consider putting up an indoor sporting facility on campus to be used for the 2023 African Games and also design the aesthetics aspects of the stadium
from the Academic Freedom Road to the South Legon entrance to compliment the environment. In brief remarks, the Registrar, Mrs. Emelia Agyei-Mensah, expressed the university’s anticipation in working with the Ministry of Youth and Sports, Local Organising Committee (LOC) and all other working groups to ensure a successful event. The Minister was appreciative of the positive response and assurance of the University’s
involvement in the organisation of the 2023 African games. The acting Vice-Chancellor and the minister, together with their respective teams, toured the rugby and warm up training fields as well as the university stadium to inspect ongoing works. The Deputy Managing Director, Consar Ltd, Mr. Gianluca Ramella Pezza conducted the delegation around the site. He assured the delegation of completion of work on the fields in twelve (12) months.
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Ghana and Singapore to create Financial Trust Corridor to boost business support
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he Bank of Ghana and the Monetary Authority of Singapore are working to create a Financial Trust Corridor (FTC), a dedicated ecosystem for mutual recognition and closer relationships between businesses, including SMEs, and financial institutions on the platform. Dr Ernest Addison, the Governor of the Bank of Ghana, who announced this on Wednesday, said the Trust Corridor would comprise a governance framework and digital infrastructure for banks and FinTech companies in both countries. He said participants could refer to and utilise key information available on the platform for credit assessment, whilst adhering to domestic and international regulations, including data protection and Anti-Money Laundering requirements. “Participating SMEs will have the trust of financial institutions, leading to the much-needed financial sector support for SMEs growth,” he said in an address at the opening session of Business Sans Borders (BSB) stakeholder engagement. The BSB project is an initiative between the Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and the Ministry of Finance, which seeks to develop a network of digital platforms to serve as a global public infrastructure to facilitate crossborder trade.
The BSB project was initiated in 2019 under the direction of Dr Alhaji Mahamudu Bawumia and H.E. Tharman Shanmugaratnam of Singapore to collaborate and leverage the capabilities of digital technology to expand the frontiers of businesses, especially Small and Medium-sized Enterprises (SMEs) in Ghana and Singapore. In this direction, the Bank of Ghana signed a Memorandum of Understanding with the Monetary Authority of Singapore to collaborate on projects of mutual interest in the furtherance of the BSB project objectives. He said while the barriers to doing business across national boundaries may be high for SMEs, digital technology had proven a leveller. It is for this reason that the partner countries have committed to harnessing the potential of digital technology to overcome hurdles to international trade and improve global competitiveness of businesses. “With massive investment in
financial sector infrastructure, a reliable and widespread telecommunic ation infrastructure, a biometric national ID of high coverage, a robust and resilient banking sector, and a vibrant Fintech ecosystem, the stage is set to facilitate Ghanaian SMEs effective participation in the global economy, via these initiatives. Dr Addison said facilitating SMEs participation in the digital economy would enhance efficiency, extending market reach, and build their capacity to generate employment opportunities and boost economic growth. In addition, the broad-based acceptance of digital payments by SMEs will scale up products and services deployment, and provide digital footprints for improved credit services by financial service providers. These align with the BSB initiative which seeks to establish a digital-hub and connector of platforms of businesses in Asia
and beyond to Ghanaian SMEs and financial institutions. With the full implementation of the BSB initiative, Ghanaian SMEs will be able to access diversified trade opportunities as well as critical, quality ecosystem facilities such as finance, accounting, and business referrals with Singapore. The BSB project also includes a global innovation hub to help FinTech companies develop additional innovative services and products. In 2020, the Bank of Ghana took another bold step to address SMEs’ access to digital merchant wallets with the creation of threetier merchant account categories. This enabling piece of policy has flexible and proportionate onboarding requirements that recognize the peculiarities of businesses within the SME category. With this supportive policy regime, Banks, SDIs and Fintechs have been given a unique opportunity to on-board various types of SMEs for financial services. The BSB project provides another important platform for this regional aspiration as the lessons to be learnt can be valuable to AfCFTA’s project on the internationalization of SMEs. Dr Addison said the BSB project had the potential to contribute to the formalisation of the Ghanaian economy.
AfDB supports Ghana’s efforts to improve domestic resource mobilisation
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he African Development Bank Group and the Ministry of Finance in Ghana have launched a US$7.4 million Institutional Support Project to strengthen domestic revenue mobilisation. The launch follows the signing of grant and loan agreements and the first disbursement of project funds. This will facilitate prudent debt management, deepen financial sector reforms and support capital market development. Specifically, the funds will provide technical assistance and capacity building to improve efficiency in non-tax revenue collection and bolster debt and cash management reforms.
The project complements current efforts to strengthen domestic resource mobilisation in Ghana, following the challenges in revenue mobilisation due to supply disruptions caused by the Covid-19 pandemic. At the project launch, Mr. Emmanuel Fordjour, Manager at the Resource Mobilisation and Economic Relations Division of the Finance Ministry expressed the ministry ’s commitment to accelerating the project’s implementation. The African Development Bank Country Manager for Ghana, Eyerusalem Fasika, emphasised the importance of the project to Ghana’s mediumterm development objectives and
the Finance Ministry’s 2018-2021 strategic plan. Ms. Fasika noted that the project aligns with the bank’s Country Strategy Paper (2019-2023) as it provides the foundation for additional fiscal space to support investments in infrastructure to bolster industrialisation, job creation and spur private sector activity and regional integration. Ghana is classified as having a high risk of debt distress, according to the IMF’s recent Debt Sustainability Analysis. The project will help the country return to prudent debt levels through improved debt management capacity and a sustainable cash flow to smooth public spending. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission,
commended the bank for supporting Ghana’s transition to risk-based supervision for its capital markets and the automation of a regulatory compliance monitoring system for the Commission. The project will support the country to transition from aid dependency to prosperity and self-reliance. The bank also welcomes the country’s ambition to become a regional financial services hub, hence the project is expected to support the establishment of an international financial services center in Accra. The African Development Bank Group and the Ministry of Finance in Ghana have launched a $7.4 million Institutional Support Project to strengthen domestic revenue mobilization.
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The US and China are not destined for war
By Charles C. Krulak, Alex Friedman
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s more commentators warn of a coming military conflict between the United States and China, it is easy to believe that war is inevitable. But while history suggests that rising powers will often clash with incumbent ones, there are important exceptions and unique present circumstances to consider. In the year 2034, the United States and China become embroiled in a series of military conflicts that escalate into a devastating tactical nuclear war. Other countries – including Russia, Iran, and India – get involved. Suddenly, the world is on the verge of World War III. This is the scenario described in 2034: A Novel of the Next World War, an engrossing work of speculative fiction by NATO’s former supreme commander, Admiral James Stavridis, and Elliot Ackerman. The book is part of a growing chorus now warning that a clash between the world’s current rising power and the incumbent one is almost unavoidable. Graham Allison of Harvard University has dubbed this phenomenon the Thucydides Trap, recalling the ancient Greek historian’s observation that, “It was the rise of Athens and the fear that this instilled in Sparta that made war inevitable.” True, throughout history, when a rising power has challenged a ruling one, war has often been the result. But there are notable exceptions. A war between the US and China today is no more inevitable than was war between the rising US and the declining United Kingdom a century ago. And in today’s context, there are four compelling reasons to believe that war between the
US and China can be avoided. First and foremost, any military conflict between the two would quickly turn nuclear. The US thus finds itself in the same situation that it was in vis-à-vis the Soviet Union. Taiwan could easily become this century’s tripwire, just as the “Fulda Gap” in Germany was during the Cold War. But the same dynamic of “mutual assured destruction” that limited US-Soviet conflict applies to the US and China. And the international community would do everything in its power to ensure that a potential nuclear conflict did not materialize, given that the consequences would be fundamentally transnational and – unlike climate change – immediate. A US-China conflict would almost certainly take the form of a proxy war, rather than a major-power confrontation. Each superpower might take a different side in a domestic conflict in a country such as Pakistan, Venezuela, Iran, or North Korea, and deploy some combination of economic, cyber, and diplomatic instruments. We have seen this type of conflict many times before: from Vietnam to Bosnia, the US faced surrogates rather than its principal foe. Second, it is important to remember that, historically, China plays a long game. Although Chinese military power has grown dramatically, it still lags behind the US on almost every measure that matters. And while China is investing heavily in asymmetric equalizers (longrange anti-ship and hypersonic missiles, military applications of cyber, and more), it will not match the US in conventional means such as aircraft and large ships for decades, if ever. A head-to-head conflict with the US would thus be too dangerous for China to countenance at its current stage of development.
If such a conflict did occur, China would have few options but to let the nuclear genie out of the bottle. In thinking about baseline scenarios, therefore, we should give less weight to any scenario in which the Chinese consciously precipitate a military confrontation with America. The US military, however, tends to plan for worst-case scenarios and is currently focused on a potential direct conflict with China – a fixation with overtones of the USSoviet dynamic. This raises the risk of being blindsided by other threats. Time and again since the Korean War, asymmetric threats have proven the most problematic to national security. Building a force that can handle the worstcase scenario does not guarantee success across the spectrum of warfare. The third reason to think that a Sino-American conflict can be avoided is that China is already chalking up victories in the global soft-power war. Notwithstanding accusations that COVID-19 escaped from a virology lab in Wuhan, China has emerged from the pandemic looking much better than the US. And with its Belt and Road Initiative to finance infrastructure development around the world, it has aggressively stepped into the void left by US retrenchment during Donald Trump’s fouryear presidency. China’s leaders may very well look at the current status quo and conclude that they are on the right strategic path. Finally, China and the US are deeply intertwined economically. Despite Trump’s trade war, Sino-American bilateral trade in 2020 was around $650 billion, and China was America’s largest trade partner. The two countries’ supply-chain linkages are vast, and China holds more than $1 trillion in US Treasuries, most of which it cannot easily unload,
lest it reduce their value and incur massive losses. To be sure, logic can be undermined by a single act and its unintended consequences. Something as simple as a miscommunication can escalate a proxy war into an interstate conflagration. And as the situations in Afghanistan and Iraq show, America’s track record in war-torn countries is not encouraging. China, meanwhile, has dramatically stepped up its foreign interventions. Between its expansionist mentality, its growing foreign-aid program, and rising nationalism at home, China could all too easily launch a foreign intervention that might threaten US interests. Cyber mischief, in particular, could undercut conventional military command-and-control systems, forcing leaders into bad decisions if more traditional options are no longer on the table. And Sino-American economic ties may come to matter less than they used to, especially as China moves from an export-led growth model to one based on domestic consumption, and as two-way investment flows decline amid escalating bilateral tensions. A “mistake” on the part of either country is always possible. That is why diplomacy is essential. Each country needs to determine its vital national interests visà-vis the other, and both need to consider the same question from the other’s perspective. For example, it may be hard to accept (and unpopular to say), but civil rights within China might not be a vital US national interest. By the same token, China should understand that the US does indeed have vital interests in Taiwan. The US and China are destined to clash in many ways. But a direct, interstate war need not be one of them.
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Why aviation should embrace carbon taxation
By Adair Turner
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he European Union’s recently proposed levy on conventional aviation jet fuel for intra-European flights has provoked opposition from the airline industry. But the sector should welcome carbon pricing as a powerful tool to achieve emissions reductions at least cost. Recent catastrophic floods in Germany and China have once again made clear the terrible global threat posed by climate change. In response, we must invest in strengthening our resilience to extreme weather events, and accelerate reductions in carbon dioxide emissions to limit how much worse that threat will become in the future. A day before the floods hit Germany last month, the European Union outlined policies to cut emissions by 55% from 1990 levels by 2030. Those measures include a significant role for carbon pricing, with a tighter cap on emissions within the EU’s trading scheme, as well as the elimination of free emissions allowances for heavy industry and a tax on conventional aviation jet fuel for intra-European flights. The latter proposal has provoked industry opposition, with the International Air Transport Association (IATA) arguing that “tax is not the answer to aviation sustainability.” In fact, the aviation industry, alongside other sectors, should embrace carbon pricing as a powerful tool to achieve emissions reductions at least cost. In some sectors, decarbonization will make consumers better off. Within ten years, for example, European drivers will spend significantly less to own and run their automobiles, because electric vehicles are much more efficient than gasoline- or diesel-powered cars.
But in some “harder-to-abate” industries, decarbonization will carry a cost. Maritime freight rates could increase 50% or more when container ships burn ammonia or methanol rather than heavy fuel oil. Likewise, wholesale steel prices could rise by around 30% if producers use hydrogen as the reduction agent rather than coking coal, or add carbon capture and storage to existing processes. Carbon pricing is therefore needed to allow zero-carbon producers to compete effectively against the old high-emissions technology, but the effect on end consumers will be very small. If a ton of steel costs 30% more, the price of an automobile will rise less than 1%. And even a 100% increase in maritime freight rates will have an impact of less than 1% on the price of a pair of jeans made in Bangladesh and bought in Berlin or New York. As for aviation – another harder-to-abate sector, electric engines may enable shorter flights that are carbon-free, guiltfree, and cheaper than today. But because batteries are far too heavy to power long-distance electric flight, decarbonization will require sustainable aviation fuels (SAFs) to replace today’s conventional jet fuel. And whether those SAFs are biofuels or synthetic fuels (made by using electricity to combine hydrogen and CO2), they will almost certainly carry a cost premium, which innovation and scale can reduce over time but never eliminate. Free markets, voluntary action, and innovation will therefore not be sufficient to decarbonize aviation; public policy is also needed. One option is to make biofuels or synthetic fuels less expensive, and there is a strong case for public financial support for technology development. But a permanent subsidy that allows the aviation industry to avoid the
costs of its carbon pollution would be unacceptable. Closing the cost gap will thus require either a carbon tax on conventional jet fuel, or fuel-use mandates requiring airlines to use a steadily rising percentage of SAFs. IATA argues that any such taxes would “siphon money from the industry that could support emissions-reducing investments in fleet renewal and clean technologies.” But this reflects the common fallacy that taxes which increase business costs reduce corporate profits. If the tax on conventional jet fuel is introduced gradually, as the EU proposes, the cost increase will be passed through to customers in the form of higher ticket prices. Businesses’ fears that higher carbon costs mean lower profits are as deluded as green lobby groups’ dreams that they can “make business pay.” For aviation, moreover, the consumer cost effect of a carbon tax will be non-trivial. Steel, cement, and shipping costs account for very small proportions of the price of endconsumer products. But fuel constitutes about 20% of total aviation prices. So, if its cost rises by 50%, ticket prices could increase by around 10%. But if that is the cost of decarbonizing aviation, we must tell consumers openly while placing higher prices in context. More expensive tickets will not significantly reduce consumer living standards, because air travel accounts for only about 3% of total consumer expenditure in the United Kingdom. Meanwhile, many people will gain more from cheaper road transport than they lose from more expensive aviation. Nor will increased flying costs have a regressive distributive effect. In one other key sector – residential heating – higher carbon costs do fall disproportionately on lower-income households,
whose outlays can reach about 10% of disposable income. So, any carbon taxes should be balanced by significant financial support for the most affected. In contrast, aviation spending as a portion of total expenditure falls as incomes decline. Richer consumers will thus pay the lion’s share of the higher cost. At the same time, in aviation (and elsewhere), carbon prices will provide strong incentives for cost reduction. Higher prices for conventional jet fuel, if signaled well in advance, and especially if combined with fuel-use mandates, will create solid business cases for biofuel or synthetic-fuel production, spurring innovation and enabling the industry to achieve scale economies and reduce costs. And expectations of higher future fuel costs will encourage improved engine and aircraft design. This could eventually boost fuel efficiency by 30-40%, significantly reducing the long-term impact of higher fuel costs on ticket prices. Some green advocacy groups hope to cut aviation emissions by restricting air travel. The airline industry rightly argues that low-carbon flights are feasible. To make that a reality as soon as possible, the sector should welcome carbon pricing, and argue for its application not just in Europe but around the world. Adair Turner, Chair of the Energy Transitions Commission, was Chair of the UK Financial Services Authority from 2008 to 2012. He is the author of many books, including Between Debt and the Devil.
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NO. B24 / 236 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY AUGUST 18, 2021
Bolt Food expands to 9 more areas in Accra for more convenience
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olt Food has expanded its food delivery services across more regions in Accra to ensure that more customers can discover, order and track orders of their favourite meals on the app. With the expansion, Bolt Food will now be available to customers in Lapaz, Sowutuom, Tantra Hill, Taifa, Awoshie, Adenta, Ashaley Botwe, Ashongman and Ogbodjo. Last year, Bolt Food was launched in Ghana to create an easy and accessible platform for restaurants and food vendors to connect with eaters without any hassle. The platform is growing due to its convenience, variety of food partners, and relatively low service cost to app users. With a presence in these additional areas, customers can now place orders for their food from various restaurants on the Bolt platform to be delivered right at their doorstep for convenience. Ali Zaryab, Bolt Food Country Manager, commenting on the
expansion said, “Our customers deserve convenience in all aspects of their lives. As such, we are delighted to extend Bolt Food to serve thousands of people in these new locations to enjoy their tasty and favourite meals with great ease.” Zaryab, added that Bolt Food is here to solve customers’ food delivery needs every day, whether the customer is a professional looking to grab lunch at the office
or a family craving a wholesome meal to share with loved ones. “People in the newly established areas will no longer have to deal with the challenge of staying in long traffic to get food since Bolt Food is now available in their community.” Restaurants and food vendors within these areas can register to provide services on the Bolt Food platform by visiting the website and following the restaurant
sign-up link. New users can also download the Bolt Food app, select their meal choice from the registered restaurants, and then confirm their orders. Bolt has 75 million customers in 45 countries across Europe and Africa. The company offers a range of mobility services, including ride-hailing, shared cars and scooters, and food and grocery delivery.
IATF 2021 targets more than US$40bn in trade deals
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ore than US$40billion worth of trade deals are expected to be sealed at the Intra-African Trade Fair (IATF) 2021 scheduled for Durban, KwaZulu-Natal South Africa in November this year. The IATF 2021 will provide a unique and valuable platform for businesses to access an integrated African market of over 1.2billion people with a Gross Domestic Product of over 2.5trillion dollars created under the African Continental Free Trade Area (AfCFTA). Mr. Denys Denya, Executive Vice President, Finance, Administration and Banking Services at Afreximbank, said the trade fair would make AfCFTA a possibility. Mr. Denya was speaking at the first Country Roadshow held in Accra as a prelude to IATF 2021. The roadshow is to raise the awareness of the private sector about the substantial benefits of attending the second edition of IATF 2021, which will take place
in Durban, KwaZulu-Natal, South Africa from 15th to 21st November 2021. IATF 2021 will be on the theme:" Building Bridges for a Successful AfCFTA." He said Afreximbank has initiated a number of products like the Pan-African Payments and Settlement Systems, AfCFTA adjustment facility, African collaborative scheme and the trade fair. He said over the years, the bank has disbursed 1.7billion dollars to support Ghanaian companies. The Executive Vice-President said Ghana has vital industries to promote Intra-regional trade and the participation and
contributions of the private sector is key in the implementation of AfCFTA. Mr. Denya said the trade fair would play a significant role in making Intra-African trade a reality by providing a sustainable platform for buyers and sellers, investors and governments to connect and exchange trade investment information. He called on the business community to participate in the event and take advantage of showcasing their product and investment opportunities. Mr. Hebert Krapa, the Deputy Minister of Trade and Industry, said government remained committed to the implementation
of the AfCFTA agreement. He said government would continue to collaborate with the private sector to promote Intraregional trade. He said the African free trade area agreement when fully implemented would close the trading gap on the continent. He said the fair would give government the opportunity to improve in the participation of Intra-African Trade. He assured the organisers of Ghana’s full participation in the fair. IATF2021 will provide a platform to promote trade under the AfCFTA and will bring together continental and global buyers and sellers, and will enable stakeholders to share trade, investment and market information as well as trade finance and trade facilitation solutions designed to support intra-African trade and the economic integration of the continent.