Business24 Newspaper 6th August, 2021 by Business24 Online

FRIDAY AUGUST 6, 2021

Vodafone CEO wins Ghana Women of the Year Honours

A dying poultry sector: who is to be blamed?

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Uber eyes Africa expansion amid AfCFTA buzz By Patrick Paintsil p_paintsil@hotmail.com

Ghana, Côte d’Ivoire vow to ensure compliance with LID By Eugene Davis

ide-hailing service Uber hopes to leverage the single continental market to advance its position as the leader in the provision of smart transport solutions in Africa by expanding to new markets amid projections of significant growth in intraAfrica trade. The company says it is closely monitoring the progress of the African Continental Free

ugendavis@gmail.com

hana and Côte d’Ivoire plan to maintain a coordinated effort to ensure compliance with the dictates of the Living Income Differential (LID), the CEO of Cont’d on page 3

Cont’d on page 2

Revenue shortfall could hamper recovery, think-tanks warn By Mohammed Thaani

wo influential thinktanks have said Ghana’s ambitious postCovid economic recovery programme could be held back as the government struggles to substantially improve its revenue. The government missed its half-year revenue target by GH¢4.1bn, as it collected

Joint Committee recommends approval of US$1.45bn loan for GNPC By Eugene Davis ugendavis@gmail.com

arliament’s Joint Committee of Finance and Mines and Energy has recommended to the House to approve a request Cont’d on page 5

Cont’d on page 3

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Cont’d on page 2

Editorial / News

FRIDAY AUGUST 6, 2021

Editorial

Resolve fertilizer brouhaha to safeguard food security

ood and Agriculture Minister Dr. Owusu Afriyie Akoto’s push to settle arrears owed to some fertilizer producers in the country is a very good intent that affirms his commitment to the success of the government’s flagship projects in the agricultural sector. The minister has told Parliament that government has allocated GH₵260m to settle part of a huge debt that is owed to some 71 fertilizer producing companies. This comes after his earlier warning that the failure of the finance ministry to release funds to clear that debt could threaten the sustainability of the Planting for Food and Jobs (PFJ) initiative. The situation was already

causing a shortage of subsidized fertilizers for smallholder farmers in the country and it is therefore very welcoming that the sector minister is leading the charge to solve it. “The distribution of fertilizers especially to the northern part of the country has significantly improved following an emergency meeting between the suppliers and the ministry,” he has assured. Generally, the impact of COVID-19 on global industries affected the working capital of the fertiliser companies, rendering them incapable of importing adequate fertilizers for distribution. This was further heightened by delays in payment, smuggling

of fertilisers and illegal crossborder trade of fertiliser between traders in Ghana and Burkina Faso as well as other neighbouring countries. Agro-inputs producers are key stakeholders in the nation’s quest to safeguard food security and they must be given the requisite boost and motivation to serve their purpose within the agricultural landscape. Food security is a necessity especially in the time that we find ourselves and government, for that matter, will have to give optimum priority to some of the concerns that could derail our collective efforts at food sufficiency. And that makes the minister’s efforts even more appreciable.

Uber eyes Africa expansion amid AfCFTA buzz Continued from cover

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Trade Area (AfCFTA) to identify opportunities to expand its presence on the continent. “We definitely have our eyes focused on Africa, and we've always been very passionate about igniting opportunities in Africa,” Lorraine Onduru, Uber’s Head of Communications for East and West Africa, told Business24 in an exclusive interview. “We are really passionate about mobility, helping people to leverage the power of technology to reduce congestion in cities. So it's something we're watching quite closely,” she added. According to Ms. Onduru, Uber is keen to provide mobility options to as many cities and markets in Africa as possible, as it sees so much potential in the continent. She added: “We also see a lot of uptake of technology. So, that already helps in taking up platforms like ours, whilst a lot of these cities are also very well poised to become smart cities. So we see a role that we can play in providing a safe means for people to move around.” Uber currently operates in seven markets in subSaharan Africa, which has a growing youthful population and where governments are intent on digitising all aspects

of their economy, including transportation. The company launched in Ghana in 2016 to introduce urban residents to its affordable, safe and reliable transport solutions at the tap of a button, a period that has seen it offer about 6,000 flexible economic opportunities to Ghanaians. Assessing Uber’s five years on the domestic scene, Ms. Onduru said the company’s presence has been impactful, helping to create earning opportunities for thousands of drivers and blazing

the trail in smart transport. She said Accra’s rapidly urbanising population makes it one of Uber’s strategic markets in West Africa. “Since we launched, a lot more people are able to access mobility options that are secure and affordable, because we take into consideration different factors that allow us to set the price accordingly. So, we’ve created the opportunity for drivers to earn and for riders to have a convenient way to move around.”

News

FRIDAY AUGUST 6, 2021

Revenue shortfall could hamper recovery, think-tanks warn Continued from cover GH¢28.3bn against a target of GH¢32.4bn, Finance Minister Ken Ofori-Atta disclosed during his mid-year budget review last week. The government is targeting GH¢72.5bn in revenue from all sources in 2021. While the economy is recovering from its steepest decline in 37 years in 2020, a full rebound would require strong revenue growth to fund government’s recovery programme, the Institute of Statistical, Social and Economic Research (ISSER) and the Institute of Economic Affairs (IEA) said during separate press briefings in Accra. The head of ISSER, Prof. Peter Quartey, said the weak revenue performance threatens the successful implementation of the Ghana CARES Obaatampa programme, a GH¢100bn initiative to revitalise the Covidhit economy.

The economist raised questions about the availability of funds to drive the ambitious programme, which seeks to raise 70 percent of its financing from the private sector. “It’s certainly going to be a struggle because government is not meeting the revenue target. The private sector is also struggling,” he said.

At its press briefing, the IEA said Ghana’s recovery may be prolonged if government fails to mobilise more revenue to invest in critical sectors of the economy. According to the IEA, the economy still faces the daunting task of responding to the health crisis and economic impact of the pandemic. While urging the government

to widen the tax net to improve revenue performance, the thinktank wants loopholes in the tax system plugged to help improve revenue performance. “We should be increasing our efforts to raise more revenue to restore the economy,” IEA’s Director of Research Dr. John K. Kwakye said. “We lose billions of dollars through tax evasion, exemptions, illicit financial flows, inefficiencies in tax administration, and the large informal sector outside the tax net,” he added. He said plugging the loopholes could add over 10 percent of GDP to Ghana’s tax revenue collection. The government, meanwhile, is confident of significantly increasing its revenue over the medium term as it says it is digitising the country’s tax administration and implementing an array of other measures to enhance revenue collection.

Ghana, Côte d’Ivoire vow to ensure compliance with LID Continued from cover the Ghana Cocoa Board, Joseph Boahen Aidoo, has said. The two countries in 2018 set up the Ghana-Côte d’Ivoire Cocoa Initiative to promote the cause of farmers in the cocoa sector and remain competitive globally. Among the key achievements of the initiative is the LID, which is a surcharge of US$400 per tonne added to the price paid by buyers to improve the earnings of cocoa farmers in the two countries. Speaking at the signing of the Headquarters Agreement in Accra for the Ghana-Côte d’Ivoire Cocoa Initiative, Mr. Aidoo said in accordance with the fundamental elements of the charter of the initiative, Ghana must provide a permanent office for the smooth running of the organisation. This secretariat in Accra will serve not only Ghana and Côte d’Ivoire but all cocoa producing countries in the West African sub-region and beyond.

“The decision to bring the secretariat here in Accra has gained more weight and leverage with the physical presence of the Secretariat of the African Continental Free Trade Area (AfCFTA) already in Accra,” the CEO said. Ghana’s Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, has been elected chairman of the Steering Committee of the Initiative, while Alex PierreArnaud Assanvo has taken up the

leadership of the secretariat as the first Executive Secretary. Dr. Akoto’s chairmanship will span the remainder of the current cocoa season which ends in September 2021 and continue until the end of the next cocoa season in 2022. The Steering Committee is the highest decision-making body of the initiative. At the same progamme, Côte d’Ivoire’s Minister of Agriculture and Rural Development, Kobenan

Kouassi Adjoumani, said the Initiative was the idea of both presidents Nana Akufo-Addo and Alhassane Quattara, who have influenced the roadmap and strategy for its realisation. The Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey, said the move will enable the two counties harmonise efforts as leaders in global cocoa supply. The initiative will improve coordination and research, child labour and price setting, and marked a step towards effective cooperation, she added.

FRIDAY AUGUST 6, 2021

News

FRIDAY AUGUST 6, 2021

Joint Committee recommends approval of US$1.45bn loan for GNPC Continued from cover submitted by government for the Ghana National Petroleum Corporation to borrow US$1.45bn to acquire significant stakes in two oil blocks and finance capital expenditure on another field. The committee’s report on the request said after diligently analysing the risks and benefits of the transaction, members agreed by consensus that GNPC, through its subsidiary GNPC Explorco, should acquire a 37 percent equity stake in the Deep Water Tano/Cape Three Points (DWT/ CTP) block operated by Aker Energy Ghana Limited and a 70 percent equity stake in the South Deep Water Tano (SDWT) block operated by AGM Petroleum Ghana Limited. The acquisitions will cost not more than US$1.1bn, while GNPC Explorco will borrow US$350m to finance its share of the capital expenditure towards achieving first oil from the Pecan field. The committee recommended,

however, that the terms and conditions of the loan for the acquisition of the shares should be brought to Parliament for consideration, pursuant to Article 181 of the Constitution. Similarly, the petroleum

agreement between GNPC Explorco and Aker Energy/ AGM shall be laid in Parliament for consideration, pursuant to Article 268 of the Constitution and the Petroleum (Exploration and Production) Act, 2016 (Act

919). Among the benefits to be derived from the transaction, the committed noted, include an opportunity for GNPC to build its operator capacity to ensure that Ghana’s hydrocarbon resources are fully explored and developed. The transaction will also support the actualisation of the Ghana Beyond Aid development agenda by boosting oil production, creating employment, and generating fiscal revenue of about US$6.5bn in nominal value over 15 years. Currently, Ghana has 18 petroleum agreements, out of which three are producing fields and five are discoveries. The committee’s report said the national oil company has to be supported to develop its operatorship capabilities if Ghana is to benefit from its untapped natural hydrocarbon resources. Partnership with AKER Energy and AGM, with proven deep water capabilities, therefore provides such opportunity for GNPC to develop its operatorship capabilities, the report added.

Public universities risk closure due to labour unrests - GAUA

he Ghana Association of University Administrators (GAUA) is calling on all stakeholders, especially government and its agents to immediately resolve all labour disputes to avoid total closure of public universities. “We understand certain gestures have been offered at the negotiations to resolve the impasse, and wish to serve notice that GAUA is equally affected by the worsening conditions of service and hope government will equally respond by addressing our needs placed on the table of negotiation as well, before concluding negotiations with our sister Unions”, the association said. Mr. Kwabena Antwi-Konadu, the National President, GAUA, said association has observed with concern the recent spate of labour unrests in some public universities. “In resolving these issues, government should be mindful of fairness to all categories of staff in the Universities. Failure to resolve these issues fairly will escalate the already turbulent labour front in

the universities”. The association said the Fair Wages and Salaries Commission would be guided by the 2012 National Labour Commission arbitration ruling on relativity and parity in the conditions of service for senior members and also, the conditions of service for the other categories of staff at the public universities. It further appealed to government to proactively deal with all outstanding issues of the four unions to avoid a situation where each union would embark on an industrial action separately. On the recent migration of Public Universities to the Controller and AccountantGeneral's Department's Payroll Platform, GAUA said these issues of migration of public universities to the Controller and AccountantGeneral's Department's Payroll Platform could have been resolved amicably without disturbing the otherwise smooth running of the universities. “GAUA is therefore appealing to all Sector Ministers and their assigns in the negotiations to as a matter of urgency and

Dr. Yaw Adutwum, Minister for Education

importance, resolve these issues which are the cause of the disruption of the already

challenged academic calendar as a result of Covid-19 and its related impact on the universities”.

FRIDAY AUGUST 6, 2021

News

FRIDAY AUGUST 6, 2021

Vodafone CEO wins Ghana Women of the Year Honours

hief Executive Officer (CEO) of Vodafone Ghana, Patricia Obo-Nai, has been honoured for her enormous involvement and support for women in the technological field at the Ghana Women of the Year Honours event, which was held at the Movenpick Hotel in Accra. Patricia was named the technology category winner at the sixth edition of the award which is organized by Glitz Africa. The awards celebrated thirteen Ghanaian indigenous and diaspora women who are making great impact in the society. Her citation reads “Your commitment towards female empowerment, diversity and inclusion in the field of technology is admirable. We duly acknowledge your dedicated efforts to support women in your field by setting up of the Women in Technology’ platform as well as Female Engineering Students Sponsorship Programme (FESSP) by Vodafone Ghana

to encourage young women in Science, Technology, Engineering and Mathematics (STEM). We celebrate your diligence to empower and nurture women in the technology space to be able to make a significant contribution to our country”. Receiving the award, Patricia

said: “I really thank Glitz Africa for this honour, I thank God for this opportunity, I thank my family who have been super supportive. I thank my team at Vodafone Ghana some of whom are here to support me. I believe this award is an inspiration for every young girl who wants to pursue Math and

Science. If this help the mothers who are gathered here today to allow your girls to pursue the subjects, then I am encouraged.’’ On the night of the awards, Ghana’s Former Chief Justice, Her Ladyship Georgina Theodora Wood received a Lifetime Achievement Award, the Chairperson of the Electoral Commission (EC), Mrs. Jean Adukwei Mensa emerged the winner of the Excellence in the Public Service category, the Minister of Foreign Affairs and Regional Integration, Hon. Shirley Ayorkor Botchway received an Excellence in Governance honour. Other industrious women were also acknowledged for their immense contributions in their chosen field of work. The multiple awards-winning CEO was recently adjudged Africa’s Most Respected CEO in the Telecommunications category at the Africa Most Respected CEO Awards, held in Dubai, United Arab Emirates (UAE).

Ronidany set to create biggest residential hub in Ghana

wholly-owned Ghanaian real estate company, Ronidany, is set to build one of the biggest residential hubs in the country. The company currently owns a 2,000-acre land at the Ningo Bundasi enclave, opposite the Central University in the Greater Accra Region, where plans are far advanced to develop it into one of the most affordable and luxurious homes in the country. Among the many projects, Ronidany is aiming to put up at its Tema lands include; a central park which will be located within the 2,000-acre land at Prampram, a police post where the security of land and property owners will receive 24-hour protection. There will also be a modernised road network where every major area within the 2000-acre land will be linked and connected to every part of Tema and its surrounding communities. In addition to the facilities will be a modern hospital for the residents to access quality healthcare, a shopping mall where residents can have access to their daily groceries. The Executive Chairman of Ronidany Company Limited (RCL), Dan Akwetey Tetteh, said the company has specialty in both private and commercial development. “Ronidany offers the sale

of lands free from any form of litigation as well as the development of affordable and luxurious homes. “The company also provides consultancy in property management with land acquisition assistance as one of our priority services rendered to our cherished clients,” he said. He said Ronidany would create equal opportunities for all when it comes to property acquisition and also a well-defined real estate company that is set to provide excellent services. ” Our main objective is to give Ghanaians and foreigners looking for an amazing place to build their dream homes. The lands we offer are comparable to none, considering its location and demand,” he said. Mr Tetteh, who is also the

Chairman of Appolonia City, said RCL also “specialises in development, construction and management of residential properties in Accra. “Potential clients can be assured of the best in the sale of lands, its construction, and finishing,” he said. According to him, Ronidany has a team of experts and trained personnel ready to provide any form of assistance towards the acquisition of lands and its development. Real estate is fast becoming the number one area where many people are seeking to invest their money. Mr. Tetteh said the company’s main vision is to create the safest and most conducive environments for individuals and companies seeking to acquire

properties for their families and workers. “The goal is to turn the 2000acre land at Bundasi into a community where our dwellers will experience the peaceful and pleasurable life experience they deserve,” he said. Mr. Tetteh said, at Ronidany property, the company prioritizes the safety, peace and protection of its clients. Plots of land sold by RCL are free of any form of ligation or attacks. All lands purchased at Ronidany have legal documentation without any stress attached. We have our own team ready to provide and assist buyers in their day-to-day work towards the development of their lands acquired from us, he said.

News

FRIDAY AUGUST 6, 2021

YEA, GHS partner to train youth in community health delivery By Eugene Davis ugendavis@gmail.com

he Youth Employment Agency (YEA) and the Ghana Health Service (GHS) have announced a collaboration to recruit and train close to 3,000 young people to support community health delivery nationwide. This follows the revival of the Community Health Worker programme established by the YEA in 2006, but which went into decline after three years. The community health recruits will carry out education on Covid-19 protocols and outbreaks of diseases, as well as distribute essential commodities that communities need for improved health. At the signing of a Memorandum of Understanding (MoU) between the two bodies on Thursday in Accra, the Director-General of the GHS, Dr. Patrick Kuma-Aboagye, said the move could not have come at a better time when the country is on the cusp of a third wave of Covid-19 infections,

adding that the recruitment will augment the work being carried out by the service. “The community health worker group creates a very good link between the service and the community, which is an important strategy that allows us to be able to address community needs, respond on time to their needs, [and] gives us additional capacity that allows our subdistricts and CHPS levels to be able to render effective services.” He added: “This [team] is going to be deployed to our most sensitive and deprived areas where we can reach people. It also comes at a time when we need to improve our risk communication to get people to change their behaviour in their response and adherence to the protocols that have been designed to mitigate the effects of Covid.” The CEO of YEA, Justin Kodua Frimpong, said the agency is committed to facilitating job opportunities for the youth, and this partnership will ensure that beneficiaries will be mainstreamed into the service

Dr. Patrick Kuma-Aboagye (L), Director-General of the GHS, with Justin Kodua Frimpong, CEO of YEA

based on their performance and skills. “YEA is also excited that we are going to sign an MoU that will lead to the creation of about 3,000 jobs. The purpose is to create jobs and help in the fight against

Covid, and also to help our health facilities that are under pressure now.” Applications for selection of the recruits will be opened in the coming month, he said.

Gov’t releases GH₵260m to pay fertiliser suppliers By Eugene Davis ugendavis@gmail.com

he Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, has disclosed that government has allocated GH₵260m to settle part of the ministry’s debt to 71 fertiliser supply companies. The release of the funds forms part of the ministry’s efforts to address the shortage of subsidised fertiliser facing smallholder farmers in the country. Dr. Akoto had earlier lamented the failure of the finance ministry to release some GH¢700m to settle government obligations to fertiliser suppliers, a situation he said threatened the sustainability of the Planting for Food and Jobs (PFJ) initiative. Appearing before Parliament to answer questions on the steps being taken to improve fertiliser supplies to farmers, he said the ministry has held meetings with stakeholders to address the issue. “The distribution of fertilisers, especially to the northern part of the country, has significantly improved following an emergency meeting between the suppliers

and the ministry,” he told the parliamentarians. Explaining the causes of the fertiliser shortage, he said the ministry in September 2020 signed supply contracts with various fertiliser companies, but international prices of fertilisers shot up six months after the

contracts were signed, affecting the budget of the ministry. He added that the impact of Covid-19 on global industries affected the working capital of the fertiliser companies, rendering them incapable of importing adequate fertilisers for distribution.

Other factors that affected fertiliser availability were delays in payment of suppliers and smuggling of fertiliser between traders in Ghana and neighbouring countries. Responding to a question by the NDC MP for Wa East, Godfred Seidu Jasaw, on arrangements to supply agro-inputs like seeds, fertilisers, pesticides and weedicides to farmers in in his constituency under the PFJ, Dr. Afriyie said his ministry signed contracts with seed companies to supply various types of fertiliser and seeds in November 2020 across the country. “Following the implementation of the programme, the ministry has been monitoring the distribution of inputs at the district, regional and national levels to meet demand in relevant areas including the Wa East District,” he said. “To promptly address emergency issues, information gathered through monitoring visits is shared with the various stakeholders, including the fertiliser and seed companies, for necessary action,” he added.

News

FRIDAY AUGUST 6, 2021

Integrated Customs Management System does not engage in malpractices-Ghana Link

he Integrated Customs Management System (ICUMS) has emphasised that its operations system is robust, and does not give room for clearing malpractices and urged importers and clearing agents to desist from dishonest practices. Mr. Raymond Amaglo, Director of Operations at Ghana Link Services Limited, managers of the ICUMS, speaking on behalf of the company during a media discussion said “we have a robust system which doesn’t give room for malpractices in the clearing processes”. He therefore urged importers and clearing agents to desist from dishonest practices during the import clearing process in a bid to avoid consequential frustrations. He said declarants must ensure that they were putting in the right information, stressing that, “If you are not compliant, the system is able to frustrate you”. Mr. Amaglo said the same way ICUMS could frustrate noncompliant agents, it also rewarded compliant users, by ensuring a seamless, convenient, and quick turnaround time during the clearance process.

Touching on vehicle clearance with the system, he revealed that “vehicle declarations are now being churned out in a matter of hours from Customs, so if they are able to truthfully and accurately declare, they will have a good journey through ICUMS”. Mr. Amaglo said ICUMS ensured that importers saved time and money with its pre-manifest declaration feature that allowed declarants to submit documents and pay relevant duties and taxes electronically prior to the arrival of the shipment in Ghana. “One advantage of the premanifest declaration is that, once

you have paid at this stage, you won’t be affected by exchange rate increases when Customs update it weekly until arrival of vessel,” he disclosed. According to him, ICUMS had integrated with all commercial banks, for easy payment in addition to allowing importers to pay with the various payment options, such as visa, Mastercard and mobile money, which was not allowed before its introduction. He added that “with the way ICUMS worked, you do not even need to handover money to the agent to pay duty if you don’t want to. You can pay directly”.

He said another advantage of ICUMS was its integration with the various stakeholders in the clearance chain, which had created a centralised platform for submission of relevant information, making it easy for importers to remotely and conveniently do business. The Director of Operations at Ghana Link also outlined other benefits of the system as the retention of the duty calculator which helped importers of used cars to get a close estimate of duties payable. Mr. Amaglo said ICUMS was currently in its first phase, the development of the second phase was in advanced stages and that would include an e-auction process, which would be due by September. He said the second phase would have the feature of Advanced Passenger Information System to be used at the Airport for risk profiling of cargo and people with an additional e-wallet system to serve as a safe net to keep outstanding balance for future transactions with the GRA. GNA

GHS launches world breastfeeding promotion week

r. Patrick Kuma-Aboagye, the Director-General, Ghana Health Service has said there has been a decline in exclusive breastfeeding in the last decade. Having dropped from 63 per cent in 2008, to the current prevalence of 43 percent he noted that the raging COVID-19 pandemic had aggravated the situation. Speaking at the launch of the World Breastfeeding Week, he said globally, the pandemic had caused significant disruptions in breastfeeding support services while increasing the risk of food insecurity and malnutrition. Also, there is a growing concern that producers of baby foods had compounded these risks by invoking unfounded fears that breastfeeding could transmit COVID-19 from the mother to the child and marketing their products as a safer alternative to breastfeeding. The launch on the theme: ‘Protect Breastfeeding: A Shared Responsibility’ is to revisit actions

and country commitments by prioritising breastfeeding-friendly environments for mothers and their babies. These actions include ensuring the full implementation of the international code of marketing of breastmilk substitutes by governments, health workers, and industry, to protect mothers from aggressive marketing practices by the baby food industry. It is also aimed at sustaining ongoing capacity building to provide healthcare workers the needed resources and information, to effectively support mothers to breastfeed. Employers are also encouraged to allow women the time and space needed to breastfeed, including paid parental leave with longer maternity leave, providing safe places for breastfeeding in the workplace, access to affordable and good-quality childcare, universal child benefits, and adequate wages. He said “close contact and early, exclusive breastfeeding helps a baby to thrive, therefore

a woman with COVID-19 should be supported to breastfeed safely, hold her newborn skin-to-skin, and share a room with her baby,” saying it was vital to ensure that breastfeeding mothers do not get targeted by industry or marketing professionals who wanted to jeopardise their natural ability for breastfeeding by promoting formula-feeding. The Director-General said breastfeeding acts as babies’ first vaccine, protecting them against many common childhood illnesses, therefore breastfeeding remained central to the survival, health, and wellbeing of women, children, and nations. Additionally, optimal

breastfeeding, which entailed initiation of breastfeeding within the first hour of birth, followed by exclusive breastfeeding for six months and continuing for up to two years and beyond, offered a powerful line of defense against all forms of child malnutrition, including wasting and obesity, he explained. Dr Kuma-Aboagye said the Week, which is celebrated annually in the first week of August, is a global campaign coordinated by the World Alliance for Breastfeeding Action, to raise awareness and galvanise action to support the effective practice of breastfeeding.

Travel & Tourism

FRIDAY AUGUST 6, 2021

1st National Tourism Customer Service Week launched

By Patrick Paintsil p_paintsil@hotmail.com

he Service Excellence Foundation (SEF), under the auspices of the Ghana Tourism Federation and in partnership with Ghana Tourism Authority and Ministry of Tourism Arts and Culture, has launched its maiden National Tourism Customer Service Week to promote service excellence in the nation’s hospitality and

tourism industry. The event will be in line with the Global Customer Service Week Celebration which is scheduled from October 4 – 8, 2021, to recognize, appreciate and celebrate gallant employees in the tourism and hospitality sector. It also seeks to reward distinguished employees who champion excellent customer service for their organization, highlight the role and impact

of customer service delivery on business organizations and to raise customer experience levels. Deputy Minister for Tourism, Arts and Culture, Mark Okraku Mantey, who launched the initiative in Accra, asked stakeholders to embrace service excellence and change their mindset about how they treat people, especially for those in the tourism and hospitality sector. He said government, on its part, will target and upgrade various

skillsets in the industry including facility managers, frontline staff of hospitality firms, chefs and allied services under the tourism component of GhanaCares Obantanpa Project. “There will also be foreign language development skills for frontline staff in key tourism establishments, starting with French, to enhance communication with Francophone visitors,” he added. Planned activities to mark the week include the branding of business premises, in-house programs to boost morale and teamwork of employees of tourism services providers and special discount packages on products and services. The flagship activity of that week will be the 1st National Tourism Customer Experience Leadership Summit which is slated for October 6. Executive Director of SEF, Caleb Kofie, said the initiative would develop, support and promote service excellence within the tourism and hospitality sector. “Over the years, the sector has emerged as a strategic tool for sustainable job creation, stimulating investor confidence and accelerated economic growth. There is the need to recognize the efforts of staff and consumers of hospitality services to drive the success of businesses and the industry in general,” he said.

Emirates offers more baggage allowance to African passengers

mirates customers flying to and from any of the airline’s destinations in Africa can now pack in more into their trips. Effective 9 August 2021, customers travelling in First and Business class on any Africa route can check in up to 64kgs of free baggage (two pieces of 32kgs each), regardless of where in the Emirates global network they are headed to or travelling from. Customers flying in Economy class on Saver, Flex and Flex Plus fares, can enjoy up to 46kgs of free check-in baggage allowance (two pieces of 23kgs each), while those on Special fares will have one free check-in bag of up to 23kgs. Whether it is essential business items, travel souvenirs or gifts for loved ones, Emirates’ new generous allowances and simplified free baggage policy for travel to and from Africa, provides

customers with additional peace of mind to plan and enjoy their travels. Emirates continues to lead the industry with innovative products and services that address traveller needs. It’s recent customer care initiatives include generous and flexible booking policies,

an extension of its multi-risk insurance cover, and helping loyal customers retain their miles and tier status. Keeping the health and wellbeing of its passengers as top priority, Emirates has introduced a comprehensive set of safety measures at

every step of the customer journey. The airline has also recently introduced contactless technology and scaled up its digital verification capabilities to provide its customers even more opportunities to utilise the IATA Travel Pass this summer. Emirates currently operates flights to over a dozen cities in Africa. For current destinations and the latest travel requirements, visit https://www.emirates.com/ english/help/covid-19/. As international borders reopen and travel restrictions ease, Emirates continues to expand its network safely and sustainably. The airline has resumed passenger services to over 120 destinations, recovering close to 90% of its pre-pandemic network. Customers can enjoy convenient and seamless connections to the Americas, Europe, Africa, Middle East, and Asia Pacific via Dubai.

Feature

FRIDAY AUGUST 6, 2021

The importance of quality in software – 1

Introduction The world becomes more and more dependent on ICT systems and most of us welcome the many blessings that have come with innovation in the last 10 years. After the start of the mobile revolution, our lives have become unthinkable without mobile and web applications that serve us daily. After the start of the pandemic, the voices of those who had their reservations about digital transformation became quiet too. Our children were home from school, and we were asked to work from home to avoid the spread of the Coronavirus. All of those were only possible due to the use of ICT (Information and Communications Technology) and the internet. Cloud-based software providers are thriving as never before. But while we become increasingly dependent on Information Technology (IT) systems, risks are also higher. In this IIPGH column, we have been addressing cybersecurity threats regularly, and in this first short series of 3 articles we will focus on another domain: software quality. Quality in software: how to acquire a quality product. In this first article, we will address various quality aspects that are relevant in the software domain. For software companies, these are vital aspects to address while building their products. For any organization that acquires software to support its business processes, the topic is of equal

importance. You may have to choose between various vendors to provide you with accounting, payroll or, ERP system or build a tailor-made web application or mobile app for your organization. Do not only look at its purchasing costs but also have a closer look at the quality of the software. Here are 7 quality topics to look out for when choosing your software vendor. Simplicity: A lot of software is being advertised with multiple shiny features, but the reality is that most customers only use 10 – 20% of the application. So, the prior question is: what do I really need to support my business processes? Often, an automated process that is provided to you by a software solution, is inevitably slightly different from the current practice in your organization. It can be tempting to request your vendor for a tailor-made feature or an advanced version of the software. But it is recommended to consider adaptation of your business process to follow the flow of the software to have the maximum “value for money” and to resist a tailor-made solution. Integration: When procuring software, your organization probably already has various other systems in place. Does this new application fit in easily? Is it possible to link systems easily? Is the existing IT environment (operating system, hardware, network, databases, other application) the right landing place for this application? Performance: Not only should your new software be giving

you reliable information, but it also must run fast and light. The average operation on the system should not require big data traffic, and depending on where your business units are located, the system should be able to cope with situations where the internet is not available. Flexibility: As the introduction of a new software solution comes with costs and considerable change management, your choice should be able to last for the coming 3 -5 years. This implies that it should be relatively easy and affordable to incorporate business changes into it. New business units, products, user roles, should be very easy to implement. Flexibility also means scalability - is the software capable of processing large increases in numbers of users or data? For adaptability, is it capable of running on additional platforms (laptop, tablet, Android as well as IOS)? If you anticipate such future changes, they can be included in the requirements for your new software acquisition from the beginning. Security: Obviously the latest requirements regarding cybersecurity should be guaranteed by your vendor. Questions to ask include: Have there been any major security breaches with this software? Were there cases of data leaks or ransomware attacks? Is there a sound security monitoring system in place and what is its response time in case of an incident? Has the software been designed in such a way that security controls are always part, for instance, because the software

uses complex passwords, limited roles for users, or dual-factor authentication? Data ownership: When you are about to acquire a new software application, you are certainly not thinking of the moment that you are going to dispose of it, but it is very important to know, how easy it is to change once you have migrated your data into the system. You should insist to remain the owner of your own data and have that legally secured in the contract. Equally, the software company guarantees to provide a user-friendly and correct exit migration. And a “data dump” of your database should be available easily. Maturity: Some applications may be advertised to bring you the latest of the latest technological innovations. It is wise to always assure yourself that new features have been thoroughly tested and already used successfully by other customers. In a way, procuring a new software resembles the purchase of a car. Do not get blinded by its shiny appearance and the latest gadgets. Without rational and careful consideration, you may find yourself in a taxi while the new car is in the mechanic shop with a huge bill. Authors: Diana van der Stelt (Member, Institute of ICT Professionals Ghana) and Anthony Yeboah Asare, Trinity Software Center in Kumasi, sales director and quality engineer www.trinitysoftwarecenter.com info@trinitysoftwarecenter.com

FRIDAY AUGUST 6, 2021

News

FRIDAY AUGUST 6, 2021

MTN launches 2021 MoMo Month, calls for utilisation of payment platforms

r. Eli Hini, Chief Executive Officer (CEO) of Mobile Money Limited (MML) at MTN, has encouraged Ghanaians to effectively utilise the country’s digital payment platforms for full socio-economic benefits. He said with the emergence of the African Continental Free Trade Area (AfCFTA), the country’s digital markets had widened, with increasing acceptance of e-commerce, digital payments expected to grow. Speaking at the launch of the 2021 MTN MoMo Month in Accra on Thursday, Mr. Hini said Ghanaians must, therefore, take advantage of the enormous potential of the sector to facilitate economic transformation. “Today, with the emergence of AfCFTA our markets have been widened and with the increasing acceptance of e-commerce, digital payments are expected to grow. We believe that if our payment platforms are fully utilised the socio economic benefits will be enormous,” he said. The MoMo Month which is held annually in August is expected to reward thousands of its loyal customers as well as mobile money agents, retailers and merchants. Mr. Hini said for the past nine years, the company had dedicated the month of August

to create awareness and educate customers about the benefits of MoMo, adding that since its inception nearly a decade ago, the MoMo month had contributed immensely to the significant achievements chalked by the company. This, he said, included 17 million registered subscribers, 19 partner banks, more than 200,000 agents and over 7.5 billion transactions. He noted that the company had also taken a number of measures including collaborating with other Mobile Network Operatives and the Telecom Chamber, to protect customers against mobile money fraud. That, he added, had significantly reduced fraud incidences by closing the gaps to accessing the sim card and also blocking the IMEI of phones used in undertaking fraudulent activities.

He encouraged Ghanaians, particularly MTN subscribers to be vigilant and report any fraudulent activities to the company to enable it take punitive measures against perpetuators and make the practice unattractive. Mr. Hini also expressed MTN’s commitment to support government’s GHQR to facilitate easy payments for goods and services. “For us at MML, we are working towards a period where MoMo can and will be accepted for all forms of payments including paying for trotro and taxi fare, payment of tolls, and many more. We continue to work with partners who connect to our platforms to receive payments for their goods and services using the Merchant ID option. To this end we fully support the governments GHQR,” he added. The theme for this year’s

MoMo Month is: “Consolidating Digital Payment for Economic Transformation.” Madam Ruth Baddoo, Senior Manager, Operations and Service Delivery at MTN, said the COVID-19 pandemic had accelerated the upgrade and use of e-payment across all channels and sectors over the past years. She noted that more than 80 percent of MTN customers today, use mobile money and assured that MML would continue to create awareness on the need to adopt digital payment, to expand the digital financial service industry. Mr. Abdul-Majeed Rufai, Senior Manager, Commercial at MTN, said the company had lined up events including engaging communities, market women as well as associations on the need to adopt MoMo as payment platforms to consolidate the gains. Other events include stakeholder forum to collaborate to promote digitize payments in Ghana, customers, agents, merchants, akwaaba and mobile agents promo. The MTN Mobile Money Month was introduced in 2012 to deepen awareness among Ghanaians on the MTN Mobile Money service. GNA

AfDB highlights the need for innovative financing mechanisms to promote quality education and skills development

he African Development Bank (AfDB) joined the Global Partnership for Education and other multilateral development banks during the Global Education Summit: Financing GPE 2021-2025, to call for stronger strategic partnerships to build innovative financing mechanisms in support of quality education and skills development. The summit was co-hosted by the President of Kenya, Uhuru Kenyatta, and U.K. Prime Minister, Boris Johnson. The bank’s Vice President of Agriculture, Human and Social Development, Dr. Beth Dunford, participated in a session on the leadership of multilateral development banks in financing education. Participants in this session discussed the rising priority

of investing in education, the challenges of growing education portfolios and the economic impacts of Covid-19, as well as the efforts of multilateral banks to help countries transform their education systems. “The overall financing gap is enormous. Prior to Covid-19, estimates show that in Africa we need $40 billion a year to bridge the education financing gap by 2030, and this figure is going to increase post pandemic,” Dunford said. “That is why, at the international level, and in a time of mounting debt and fiscal constraints, we join the Global Partnership for Education in emphasizing domestic financing and complementarity within the global financing architecture,” she added. Dunford stressed the role

of the Bank in leading from the front to create innovative financing mechanisms for education. She underscored the Bank and the African Union Commission partnership to develop a $300 million African Education, Science, Technology and Innovation Fund, to boost investments in Africa’s human capital development, including technical and vocational education, and science, technology, engineering and mathematics. The goal of the summit was

to provide an opportunity for leaders to make five-year pledges to support the Global Partnership for Education’s work and help transform education systems in up to 90 countries and territories, where 80% of the world’s out-ofschool children live. Participants discussed member countries’ appetite for education sector projects, particularly given the impact of indebtedness and Covid-19 and made the case for education by underlining the clear links between learning and economic growth.

FRIDAY AUGUST 6, 2021

Banking

FRIDAY AUGUST 6, 2021

Ghanaian business journalists ignore business analysts references in banking news coverage: IBNA research

10% Business Analysts Referal Banking News Stories

90% Non-Business Analysts Referal Banking News Stories:

Business and financial analysts, do they matter? Undoubtedly yes. The watchdog function of financial and business journalists in protecting stock market and business environment was brought under scrutiny during the Global Financial Crisis 2007-2008 (GFC) for failing to interconnect effectively with financial actors such as business or financial analysts in the development, construction, production and dissemination of financial news narratives to investors. Similarly, the Ghanaian financial journalists were subtly blamed for failing to connect with market analyst in its reportage to alert the market before Ghana’s financial sector clean-up by Bank of Ghana, the Central Bank in 2018. Nine (9) banks: Heritage, Capital, Sovereign, Premium, Construction, Beige, Royal, UT, and Unibank had their firstclass banking licenses revoked. It is therefore imperative for financial journalists to connect with market and business analysts in news coverage. Business and financial analysts’ sources remain important and relevant to business sectors across the globe. In addition, business analysts’ remarks are the lenses through which investors formulate business informed decisions. Hence,

ignoring business analysts’ remarks or references in banking news reporting is likely to stifle investors of critical business and financial information. For, business journalists acting as corporate watchdogs, are enjoined by business reporting ethics to critically interrogate corporate practices, financial states and behavior as a way of providing strategic financial investment guidelines to the public and upholding the values of media accountability. This study aims to find out how economic pressures and the emergence of new technologies have affected financial journalism in a high-frequency news and information era. Financial news narrative and its business impact In no light terms, financial and business journalists impact on financial, stock market, political and economic spaces within society. For instance, negative and positive emotions and tones in analysts’ quotes and paraphrases financial journalists attach to banking news narratives could affect and influence panic levels among investors, trading markets and the public. Furthermore, financial and business analysts’ references in business news narratives impact on business sector by educating

and informing the public about financial world, and investment opportunities and subsequently provide insight to the banking sector. Challenges facing financial journalism in Ghana From an observational point, a sharp change in the Ghanaian traditional media ecosystems due to the new media – online news - has in a way contributed to high drop in advertisement revenues which has affected employment of financial journalists and editors. The very few assigned and dedicated to their journalistic calls too are somehow overstretched. Also, the financial journalists lack the needed financial resources and news gathering logistics from their media establishments to embark on financial and business research. In addition, resource for consistent training in financial and business news reporting remains inadequate. Furthermore, it appears the challenges facing Ghanaian financial journalists has contributed to financial news texture that may easily be described as what I term as financial and banking public relations. Certainly, these financial journalists can not entirely be blamed, but to be resourced with the necessary

IBNA DATA BASIS: Measurement of Business Analysts references in Banking news stories. Total Banking Stories:88 Medium Review: B&FT, Business Finder, Economic Times Total Medium: 59 Period of Study: Q1, 2021 Study Units: Only Banking News stories Coder Reliablity: 85%

tools. The role of business and financial analysts references in the financial sector of a society, informed IBNA, to ascertain the level of financial analysts references in Ghanaian banking news reportage from January to March (Q1), 2021. The scope is on Business newspapers (B&FT, Business Finder, and Economy Times). Study units under review were banking news articles: Examples (BoG issues new guidelines to regulate inward remittances, Standard Bank forecasts 3.5% growth rate for Ghana in 2021, Ghana cedi to be stable for the rest of 2021, Govt borrowing appetite squeezes lending to private sector). excluding editorials and features. Methodological application was quantitative news content coding and appraisals. The study revealed the following: In an analysis of 88 banking and financial news stories from 59 business newspapers for financial and business analysts references in news reportage, only 10% of financial analysts references and quotes were made. The analysts’ references were skewed around the following analysts’ sources: These financial analysts were Dr. Richmond Atuahene, a banking consultant, John Gatsi, an economist, Courage Martey an analyst with the Databank.

Feature

FRIDAY AUGUST 6, 2021

LG introduces next-gen of laundry with AI-powered washer

G’s has introduced 6 Motion DD technology washing machine with all round cleaning and efficient wash performance. One of the key technology is direct drive technology, which generated 6 unique motions that takes cleaning and washing of clothes to a whole new level. Direct Drive washing machines are high-efficiency machines that cut energy costs and water consumption, compared to conventional washing machines. The ThinQ™ washing machine is powered with 6 Motion DD (Direct Drive) for an optimal wash of fabrics. Different fabric needs different motions to remove the tough stains and at the same be gentle on the clothes. The 6 Motion Motherly Wash IncludesScrubbing, Rolling, Stepping, Swing, Tumbling and Filtration that removes the tough stains and reduces fabric damage. The 6 Motion Direct Drive technology moves the wash drum in multiple directions, giving fabrics the proper care while getting clothes ultra clean. Depending on the cycle the consumer chooses, these motions range from extremely gentle, for delicate, to a more powerful cleaning for soiled items, making it simple to take better care of clothing. This breakthrough technology is made possible by the precision mechanics created by LG’s Inverter Direct Drive™ motor, which operates without belts or pulleys, delivering power directly from the motor to the drum. LG TrueSteam™ Technology also deeply penetrates fabrics to remove dirt and reduce wrinkles. In addition, 6Motion™ Technology works in conjunction with ColdWash™, which penetrates deep into fabrics using only cold water, to provide consumers with the same washing performance as washing in warm water while providing substantial energy savings. With LG 6 motion DD washing machine you will able to be aware and wash your laundry with care! Each Motion has its own character which deals with a group of fabrics. In scrubbing, it delivers an Even Wash (Intensive). Just when the water is supplied to the LG 6 Motion washer, the combination of the scrub motion and the waved lifters create a figure-8 shape and a ‘trough’ of water. This helps to dissolve powder detergent better

and faster. It features for rolling gives powerful wash (Silent Wash). It is the Silent Wash motion in which the laundry is rolled below the water level. This creates more friction with the inner drum and is less damaging to clothes. So, it’s more effective, yet kinder, too. Set your cloth tangle-free (Wrinkle Care/ Waveforce). It gently removes stains and dirt from clothes using strong water currents. The action of rotating and stopping repeatedly minimize creasing. It is suitable to wash cotton course, delicate Course, baby care course and sanitary course. Swing: This washing motion is mainly used for delicate. The soft swing of the LG 6 Motion washing machine has a heart-shaped motion that washes laundry below the waterline. The tumble offers Extreme Clean (Standard Turn). It gives a normal wash to clothes at standard turn washing machine motion without getting tangles

during the washing process. As the spin speed is low, they consume less power and save water. It works for all types of clothes. Provides Delicate Wash (Delicate Care). It helps in washing your delicate fabrics like your lingerie, stocking, blouse, knitwear, baby clothes, cotton, and normally soiled clothes. This heart-shaped motion gives your laundry a smooth wash below the water line from side to side. LG ’S 6 Motion DD filtration makes the fabric detergent free (Perfect spray). A combination of spinning and spray from the water shower forms the filtration motion. This motion soaks the laundry faster and more evenly. The action of rotating and stopping repeatedly in the LG Six Motion washing machine prevents wrinkles. With LG Fully Automatic Washing Machine, you no longer need to juggle between what important things to do and not to do. LG fully automatic washing machine does

not demand your full attention when you’re in the middle of something or some work. An LG fully automatic washing machine makes the best choice for your home: By eliminating belts and pulleys, LG’s Direct Drive motor cuts back on moving parts to make its washing machines extremely durable and quieter with lower vibration, an effect further aided by the machines’ TrueBalance™ anti-vibration system. As a measure of confidence in their reliability, LG offers a 10-year warranty for its direct drive motors. In addition, LG top-load washing machines provide WaveForce™ Technology, which offers a powerful yet gentle wash to make laundry exceptionally clean. And LG’s SmartRinse™ Jet Spray System saves water without compromising rinsing performance.

Agribusiness

FRIDAY AUGUST 6, 2021

A dying poultry sector: who is to be blamed? By Reuben Quainoo

hana currently imports over US$ 300 million (about 180,000 mt) worth of chicken annually or the equivalent of 5 million chickens each week. The country’s own production equates to about 58,000 mt whereas national demand is about 400,000 mt, reports the Business Insider. “There was a decline in both eggs and chicken meat production in 2009 and 2010 and thereafter, increased steadily from 50,895 tonnes in 2011 to 59,653 tonnes in 2017, an increase of 17percent within seven years,” it explained. Commercial poultry production in Ghana can be categorized into large-scale (over 50,000 birds), medium-scale (10,000 to 50,000 birds) and small-scale (less than 10,000 birds) and normally farms are owned by individuals or a family. According to a report by the Ghana Poultry Project, there are 29 large scale commercial poultry farms currently in Ghana and mostly found in the Ashanti region (13), Bono region (12) and Greater Accra region (4). These form about 20 per cent of the total poultry sector, producing mainly eggs. Must of the commercial poultry farmers produce broiler birds for sale only during the festive seasons (Christmas, Easter, Eid ul Fitr, Eid ul Adha), when Ghanaians buy live chickens. Currently, there is limited regulation on local hatcheries and the Government of Ghana is yet to pass into law a hatchery bill, which will ensure that quality day-old chicks are produced from domestic hatcheries. Who is responsible? Feed production Ghana’s poultry feed industry has shifted to producing layer feed due to the drop off in domestic broiler production. About 80 per cent of feed produced by commercial feed millers is layer feed. Broiler feed is primarily purchased by small-scale backyard poultry producers. However, there is a seasonal feed demand from the larger producers who raise birds for the festive seasons. Poultry feed accounts for about 70 per cent of total animal feed produced in Ghana. Feed manufacturers in Ghana can be categorized into commercial feed millers and onfarm self-millers. “Ghana has about 17 commercial

feed mills with a total installed operating capacity of 1,000 metric tons (MT) per day. However, most feed millers are only producing at about 40 to 50 per cent of their capacity due to low demand from the local poultry industry. The average amount of compound feed produced in Ghana is about 10,000MT annually in the past few years” according to the Ghana Poultry Project Commercial feed millers supply poultry feed mostly to medium- and small-scale poultry producers because large-scale poultry producers mostly make their own feed. Trade Poultry imports to Ghana keep increasing due to increasing demand and the decline in domestic commercial poultry meat production. Ghana poultry imports are supplied mainly from the United States, Brazil and the EU. Institutional Setting The Animal Production Directorate (APD) and the Veterinary Services Directorate (VSD) of the Ministry of Food and Agriculture (MOFA) has the oversight responsibility of the Poultry sector and other animals/ livestock. Whiles APD oversees production issues, VSD takes care of health. Their roles are to ensure effective and efficient implementation of government policies on livestock and poultry. The APD also controls feed quality both from local and imported sources and collect feed samples from commercial feed millers across the country for analysis. The control and eradication of diseases is done by the Veterinary Services Directorate of the Ministry of Food and Agriculture through vaccination and quarantine. Importation of dayold chicks and poultry vaccines to Ghana are also controlled by the Veterinary Services Directorate. Government Policy or Programs To support the local poultry industry, in 2013 the Government of Ghana removed customs duties on poultry inputs such as feed, additives, drugs and vaccines and has facilitated improved access to veterinary services. Moreover, on the 15th of July 2014, the Broiler Revitalization Project was launched aiming to stimulate local broiler production. As part of the project, a new poultry and livestock import policy was designed to cut down the country’s importation

of chicken meat. The policy limits imports to 60 percent, meaning that importers must buy 40 percent of their produce from local sources. The overall objective of achieving 40% local broiler sourcing and 60% imported broiler meat has not been achieved. In 2017, the Government of Ghana also launched a flagship program, “Planting for Food and Jobs (PFJ)”, aimed at creating food security and produce raw material to feed the agroprocessing industries while creating jobs in the process. According to the Ashanti regional director of the Ministry of Food and Agriculture, the introduction of this program helped the poultry sector to cut down cost and decreased the number of imported feeds in the country report by Daily Graphic. On 25th of June, 2019, the President of Ghana launched the “Rearing for Food and Jobs” campaign aimed at developing a competitive and more efficient livestock industry that will increase domestic production, reduce importation of livestock products, contribute to employment creation, and improve livelihoods of livestock value chain actors. The government has set an ambitious target to invest in the poultry component of the program as a major step to stop the importation of chicken into the country. According to the Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, the poultry component of “Rearing for Food and Jobs” is key to the government of Ghana because Ghana cannot continue to import USD 380 million of poultry meat every year when 20 years ago the country exported chicken to her neighbor report by Daily Graphic. Donor interventions in the Poultry Sector Currently, the only donor supporting the Poultry sector in Ghana is the United States Department of Agriculture through the Ghana Poultry Program. It is a five-year (20152020) project being implemented by ACDI/VOCA and Technoserve to expand local production and processing of poultry meat and eggs in Ghana. The project aims at increasing the competitiveness of the poultry value chain using inclusive system approach. The target beneficiaries of the project include processors, input suppliers,

financial institutions, business service advisors and buyers. The project’s interventions are in four areas; capacity building, financial services, training and market access. Bottlenecks Firstly, it’s no longer profitable producing poultry products in the country because it ends up being highly expensive, whilst imports cost far less. This is because feed costs which constitute about 70% of overall production costs are unreasonably high in Ghana. Secondly, the cost of other inputs including medication for the birds is unreasonably high. Thirdly, the high cost of energy is another big problem for local poultry producers. Lastly, poultry producers struggle to get market for their produce because imported chicken are cheaper. Way forward in dealing with the Bottlenecks in the Poultry Sector I believe that, increased government investments in the sector to produce better-quality day-old chicks and other inputs would really help, Government must subsidies feed, and strength processing and marketing facilities and Government must ensure there is stable electricity supply to production centres at lower costs. Conclusion Ghana’s Agricultural Development Bank has announced a GHC500 million (US$ 87 million) loan facility in support of the government’s Broiler Revitalisation Programme aimed at increasing the domestic production of chicken. Dr. John Kofi Mensah, managing director of ADB, says that GHC25 million (US$ 4.3 million) has been approved for the initial phase of the project, which is for 6 broiler value chain players to produce and process over 100,000 birds weekly. Good news? Has the various interventions and that of the GH¢500 million (US$ 87 million) loan achieved its intended purpose? How were the disbursements done? Did ADB consider market for the birds? Are Poultry farmers enjoying stable electricity supply? Did ADB consider the high cost of quality blended feeds? and Did ADB consider the cost of transporting birds? Who is responsible?

Feature

FRIDAY AUGUST 6, 2021

The top 21 money mistakes everyone must avoid in life By Nelson Semanu & Elizabeth Boandoh-Korkor with Enoch Dzah

he average human being is prone to making money mistakes. According to a recent study by Finder.com, 126.5 million Americans admit to making a significant money mistake in their lifetime, with 52% of men owning up to money malfeasance compared to 48% of women. Another survey from DepositAccounts.com states the problem is worse, with “a whopping 85% of Americans admitting to making financial mistakes over the last decade”. Annual incomes are also a big factor when assessing personal financial mistakes. This is from the Finder.com study: “People in lower-income brackets are far more likely to admit to making a money mistake than those in the top two income ranges,” the study noted. “For example, a whopping 37.5% of people earning up to $25,000 a year admit to making a mistake with their finances, while just 1.8% of Americans earning $300,000 or more who make these mistakes admit the same. Similarly, 44.7% of Americans earning $25,000 to $50,000 a year admit to making a money mistake, compared with 8.2% of Americans earning $150,000 to $300,000.” Millennials are most likely to admit to making a money mistake (33.9%), followed by boomers (30.3%) and Gen X (25.7%), the Finder.com report said. From the above statistics, most people commit several money mistakes all throughout their lives. Though the statistics above refer to Americans, the case is no different from other parts of the world. In Africa, it is even worse as majority of her people have low levels of financial education. Money can be a powerful tool! Why publish this book at such a time? Well, money is everyone’s business. We all handle money and we all like it. Money is a powerful tool that can be used to transform a person’s life in every way. Money can make your family better. Money can make you enjoy your health. Money can even change the way you serve God. Money can make you eat better and live better. Why do we spend time and energy on this book? The reason is simple: Money mistakes can be costly. We have all made some serious money mistakes in the

past. Some of those mistakes have cost us a lot. Having been through the fire, we thought it necessary to put these lessons into a book like this so other can read and learn from these mistakes. Money mistakes are more! We acknowledge the fact that there are many more of such money mistakes but in this book, we have decided to examine only twentyone of such. By our perspective, we believe these are the most common money mistakes that everyone who seeks to achieve financial independence must avoid. Because most people are even ignorant of these mistakes, The Top 21 Money Mistakes Everyone Must Avoid in Life seeks to sensitize readers on these mistakes and how to avoid them. The Effects of Money Mistakes can be Disastrous.

Elizabeth Boandoh-Korkor

MONEY MISTAKE #2 NOT RECOGNISING GOD AS THE SOURCE OF YOUR MONEY Who fed you in the wilderness with manna, which your fathers did not know, that He might humble you and that He might test you, to do you good in the end— then you say in your heart, ‘My power and the might of my hand have gained me this wealth.’ “And you shall remember the Lord your God, for it is He who gives you power to get wealth, that He may establish His covenant which He swore to your fathers, as it is this day. ~Deuteronomy 8:16-18 NKJ Your source in life determines the financial resources you can access and control. People who acknowledge God as the source of all their income are more positioned to succeed [in the long term] financially than those who do not. Ultimately, God remains the source of everything we own. It is important to acknowledge that God gives us the ability to make money and we must admit and acknowledge it in every way we can. The energy to work comes from Him; including the creativity and the innovation to make money. It is important for us to understand that God is deeply involved in every aspect of our lives and that we can hardly do anything without Him. One of the ways we acknowledge God for the role He plays in our financial success is to give Him a portion of what He gives us.

Nelson Semanu Korkor

Enoch Dzah

In Kingdoms, there are taxation systems which allow its citizens to participate in the process of maintaining the kingdom infrastructure. This system allows the citizens to share in the king’s commonwealth by returning a set of portions of the king’s resources back to the king. This is what is referred to as Tithes and Offerings in Christian circles. Do not forget God when you prosper! It is incredibly sad how many people in the church forget God and His Kingdom when they prosper financially. For most people, it is easier to spend money on any other thing except to give it to God. Most people would easily buy new

shoes and dresses at high prices but would complain if they must give God ten percent of their income. God gives us the strength and the ideas to get money, so it is vital to thank Him when we get it. Pay your tithe. Pay it on time and give good offerings. Most people do not recognize God as the source of their financial success and that is why they end up as failures in financial matters. Remember that your end is more important than your beginning! Honor the Lord with your possessions, and with the first fruits of all your increase; So your barns will be filled with plenty, And your vats will overflow with new wine. ~Proverbs 3:9-10

Feature

FRIDAY AUGUST 6, 2021

Are central banks to blame for rising inequality?

By Kenneth Rogoff The view that central-bank interest-rate policy can and should be the main driving force behind greater income equality is stupefyingly naive, no matter how often it is stated. Central banks can do more to address the inequality problem, but they cannot do everything. Judging by the number of times phrases such as “equitable growth” and “the distributional footprint of monetary policy” appear in central bankers’ speeches nowadays, it is clear that monetary policymakers are feeling the heat as concerns about the rise of inequality continue to grow. But is monetary policy to blame for this problem, and is it really the right tool for redistributing income? Recently, a steady stream of commentaries has pointed to central-bank policy as a major driver of inequality. The logic, simply put, is that hyperlow interest rates have been relentlessly pushing up the prices of stocks, houses, fine art, yachts, and just about everything else. The well-off, and especially the ultra-rich, thus benefit disproportionately. This argument may seem compelling at first glance. But on deeper reflection, it does not hold up. Inflation in advanced economies has been extremely low over the past decade (although it accelerated to 5.4% in the United States in June). When monetary policy is the main force pushing down interest rates, inflation will eventually rise. But, in recent times, the main factors causing interest rates to trend downward include aging

populations, low productivity growth, rising inequality, and a lingering fear that we live in an era where crises are more frequent. The latter, in particular, puts a premium on “safe debt” that will pay even in a global recession. True, the US Federal Reserve (or any central bank) could impulsively start increasing policy rates. This would “help” address wealth inequality by wreaking havoc on the stock market. If the Fed persisted with this approach, however, there would almost certainly be a huge recession, causing high unemployment among low-income workers. And the middle class could see the value of their homes or pension funds fall sharply. Furthermore, the dollar’s global dominance makes emerging markets and developing countries extremely vulnerable to rising dollar interest rates, especially with the COVID-19 pandemic still raging. While the top 1% in advanced economies would lose money as one country after another was pushed to the brink of default, hundreds of millions of people in poor and lower-middle-income economies would suffer much more. Many rich-country progressives, it seems, have little time for worrying about the 66% of the world’s population that lives outside the advanced economies and China. In fact, the same criticism applies to the burgeoning academic literature on monetary policy and inequality. Much of it is based on US data and gives no thought to anyone outside America. Still, it is useful to try to understand how, under different assumptions and circumstances, monetary policy might affect the distribution of wealth and

income. It is possible that, as artificial intelligence advances and monetary policy becomes much more sophisticated, economists will find better metrics than employment to judge the stabilization properties of monetary policy. That would be a good thing. Even today, central banks’ regulatory role means that they can certainly help at the margins in addressing inequality. In many countries, including Japan, banks are essentially required to provide very low-cost or free basic accounts to most lowincome citizens. Oddly, this is not the case in the US, although the problem could be elegantly solved if and when the Fed issues a central bank digital currency. But interest-rate adjustments are far too blunt a tool for conventional monetary policy to play any kind of leading role in mitigating inequality. Fiscal policy – including taxes, transfers, and targeted government spending – is far more effective and robust. One popular solution to the problem of wealth inequality, notably advocated by economists Emmanuel Saez and Gabriel Zucman of the University of California, Berkeley, is a wealth tax. But although far from a crazy idea, it is difficult to implement fairly and does not have a great track record across advanced economies. Arguably, there are simpler approaches, such as reforming the estate tax and raising capital-gains taxes, that could achieve the same end. Another idea would be to shift to a system of progressive consumption taxes, a more sophisticated version of a valueadded or sales tax that would hit wealth holders when they go to spend their money. And a carbon

tax would raise huge revenues that could be redirected toward low- and lower-middle-income households. Some might argue that political paralysis means none of these redistributive proposals are advancing fast enough, and that central banks need to step into the gap if inequality is to be tamed. This view seems to forget that although central banks have a certain degree of operating independence, they are not empowered to take over fiscal policy decision-making from legislatures. As extreme poverty has declined in many countries in recent decades, inequality has become the leading societal challenge. But the view that a central bank’s interest-rate policy can and should be the main driving force behind greater income equality is stupefyingly naive, no matter how often it is stated. Central banks can do more to address the inequality problem, particularly through regulatory policy, but they cannot do everything. And please, let’s stop ignoring the other two-thirds of humanity in this crucial debate. Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in Financial Economics, was the chief economist of the International Monetary Fund from 2001 to 2003. He is co-author of This Time is Different: Eight Centuries of Financial Folly and author of The Curse of Cash.

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NO. B24 / 231 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

FRIDAY AUGUST 6, 2021

GHACEM Foundation supports infrastructural devt

hacem Cement Foundation has since its inception given a total of 600,000 bags of cement to deprived communities across the country valued at GH¢ 27 million. The foundation was established by Ghacem Limited in 2002 as part of its corporate social responsibility (CSR) to assist deprived communities to improve their health and educational infrastructure. The company said the cement donation by the foremost cement manufacturer was done annually to hand over the allocated bags to institutions across the country grouped into Southern (Central, Western, Western North, Volta, Oti, Eastern and Greater Accra Region) and Northern(Northern, North East, Savannah, Upper East, Upper West, Bono East, Bono, Ahafo and Ashanti Region) sectors as a support package for the institutions which were currently undertaking various infrastructural projects. Southern sector donation This year’s Southern Sector donation ceremony was held in Takoradi on July 29, 2021, where a total of 15,400 bags were donated to selected health and educational institutions captured under the

Southern Sector. The Northern Sector, which consists of the Northern, North East, Savannah, Upper East, Upper West, Brong East, Brong, Ahafo and Ashanti Region, will also receive its estimated allocation of free cement slated for September this year. The Chairman of the Foundation, Ehunabobrim Prah Agyensaim VI, who briefed the gathering on the activities of the foundation, emphasised that Ghacem decided to support education and health in a bid to make significant impact in Ghana’s infrastructural development. He implored beneficiaries, past and present, to use the Ghacem Superior Cement product always as they also contribute to the success of the Ghacem Cement Foundation. He also seized the opportunity to reiterate the correct mode

of application and appealed to beneficiaries to use the donation for the intended purpose. Mode of application Ehunabobrim Prah Agyensaim VI disclosed that two types of application existed which included to rehabilitate an existing structure that required rehabilitation, and for new structures in the community at lintel level that needed support. He however cautioned that double application would be cancelled, and the applicant banned for life whereas fraudulent application would also be banned, and applicants handed over to the police for investigation and prosecution. In her address, a council member of the Foundation, Prof. Audrey Gadzekpo, said the council was delighted to see the annual

ceremony bounce back after it was called off last year during the heat of the COVID-19 pandemic. “Ghacem cannot talk too much about the adverse effect of COVID-19 but we take solace in the knowledge that by giving the premium quality cement for infrastructural development, we are contributing in our own way to alleviate some of the hardship experienced in the health and educational sectors of the country,” she said. She appealed to beneficiaries to use the donated cement judiciously and also spread the good news to all other institutions who would want to benefit provided they qualified. The Head of the Ghacem Cement Foundation Secretariat who doubles as the Marketing & PR Manager of Ghacem, Mr Benny Fiifi Ashun, said the foundation was committed to providing more support especially to institutions mostly found in deprived/remote areas of the country. “This makes Ghacem a corporate entity that stands tall in the socioeconomic development of the country. We will continue to target education and health infrastructure in these deprived areas to support government’s developmental agenda” he intimated.

GNCCI commends Alban Bagbin on assurance to protect retail trade

he Ghana National Chamber of Commerce and Industry (GNCCI) has commended the Speaker of Parliament, Alban Kingsford Sumana, Bagbin for his assurance to protect the GIPC Act 2013, Act 865, which reserves the retail space for Ghanaians. The chamber appealed to Parliament to ensure that it enforces the law to protect the retail trade from being flooded by foreigners. “We cannot not allow foreigners to come in here and take control over what we have reserved for our people for the growth of the economy,” Mr. Clement Osei Amoako, President of GNCCI said. Mr. Clement Osei Amoako, President of GNCCI, made the observation when the new executives of the chamber called on Parliament Select Committee on Trade, Industry and Tourism at Parliament House in Accra. The visit would afford the

executives the opportunity to discuss pertinent issues affecting the business community in Ghana and strengthen the relations between the chamber and Parliament for the benefit of the public and private sectors. Mr. Amoako raised concerns about the high interest rate on the cost of credit and therefore appealed to the Government of Ghana to reduce its borrowing from the local financial market in order to free-up funds for the private sector to borrow at a lower interest rate. He also expressed worry about high cost of electricity saying ‘this is pushing the cost production up. He queried why in Ghana, the private sector especially the manufacturing sector rather subsidized electricity for households and maintained that the high cost of electricity is collapsing industries and something ought to be done

to help the manufacturers to produce at a lower cost in order to be competitive. “If these countries are being supported with stimulus packages which make their cost of production low and they come in here to compete with us then our industrialisation drive will be jeopardy,” he said. Mr. Amoako raised also a number of other concerns and issues affecting the business community such as multiplicity of taxes, lack of common and uniformed cross-border policy and system at the points of entry exit and the reversal of the 50 percent benchmark values at the ports. He stated that the Chamber acknowledged government targeted policies and bailouts programmes, specifically the Corona Virus Alleviation Programme-Business Support Scheme (CAP-BuSS) and the

Ghana CARES Obaatanpa Programme which provided relief to local businesses. Also, the private sector interest and support for the African Continental Free Trade Area (AfCFTA) was phenomenal. This is because the business community was a key beneficiary of the agreement. “As a chamber, we are 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,” he added.