Business24 Newspaper 19th February, 2021 by Business24 Online

FRIDAY FEBRUARY 19, 2021

BUSINESS24.COM.GH

NO. B24 / 161 | NEWS FOR BUSINESS LEADERS

FRIDAY FEBRUARY 19, 2021

BoG wants banks’ action on pandemicrelated risks

Vice President Dr. Mahamud Bawumia has led government’s digitalisation drive

Ghana scores big in UNCTAD’s e-commerce index By Nii Annerquaye Abbey abbeykwei@gmail.com

he United Nations Conference on Trade and Development (UNCTAD) has ranked Ghana’s economy as the fifth most prepared for e-commerce in Africa. Cont’d on page 3

Resolve ECOWAS export impasse with Benin—MP to gov’t By Eugene Davis By Joshua Worlasi Amlanu macjosh1922@gmail.com

he Bank of Ghana (BoG) has asked banks to guard against possible risks to their business from the COVID-19 pandemic. Speaking at a webinar this

week on managing banking risks in uncertain times, organised by the Ghana Association of Bankers (GAB), Governor of the central bank Dr. Ernest Addison highlighted three major risks that the pandemic has unearthed or intensified,

which must be efficiently managed by banks to avoid any unintended consequences on the industry. These are risks related to cybersecurity, credit and operations, he said. Cont’d on page 2

Stock market continues rally By Joshua Worlasi Amlanu macjosh1922@gmail.com

he stock market continues to rally strongly this year, with

ugendavis@gmail.com

he Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has urged government to take steps to resolve challenges with the export of goods to Benin. “I am urging the Ministry of Trade, policymakers and implementers to ensure that whatever it takes for them to Cont’d on page 3

the all-share index gaining further points on Thursday to boost the year-to-date return to 12.15 percent.

See page 9

Ekow Afedzi, MD Ghana Stock Exchange

instagram.com/business24gh

Editorial / News

FRIDAY FEBRUARY 19, 2021

Editorial

Vaccine plan must work

he impact of the pandemic on the country’s economy has been devastating. Although the economy is tipped to bounce back despite the second wave, it must be said that some businesses that went under would likely not recover. Talks about an economic rebound are largely premised on the successful rollout of the vaccination plan. According to President Nana Akufo-Addo, vaccination should start next month. In all, nearly 20m Ghanaians are expected to receive the vaccine by the close of the year. Given that the rebound of the economy depends largely on the vaccination, it is imperative that mass public education

commences in earnest. There is no denying that there is a significant number of Ghanaians who are skeptical of the vaccine and its so-called side effects, if any. Whereas the basis for this skepticism may be unfounded, it could still have a telling impact on how the vaccination plan turns out. One would expect that the ruthless nature of the second wave would make every Ghanaian want to be inoculated. But that is far from the situation on the ground. Before the first batch of the vaccines touch down on the country’s shores, government must, as a matter of urgency, commence a very detailed mass education, which among other

things must assure citizens of the vaccines’ safety. We cannot afford to leave it late. The country’s economy depends on this. The more people get vaccinated, the less room for the virus to move and mutate. Beyond the comprehensive awareness creation, citizens equally have to take it upon themselves to convince their relatives and friends to get vaccinated. This paper would like to thank the World Bank for coming to the aid of Ghana by providing funds for this exercise. It is now left to government to ensure that, just like they handled the initial outbreak of the pandemic, the vaccination plan would be handled well.

BoG wants banks’ action on pandemicrelated risks Continued from cover

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The pandemic, according to him, has boosted the move towards digital transactions and financial inclusion; however, it has also brought in its wake a heightened sense of cyber-attacks within the financial sector. He therefore called for effective cyber risk management policies and procedures by banks. “The Bank of Ghana expects all banks to build robust systems to forestall such cybersecurity incidences. All the successes chalked in the digitisation of banking systems would be eroded if adequate investments are not made for effective protection of the information technology and security infrastructure,” he said. “The central bank has issued directives and guidelines such as the cybersecurity directive that banks must meet on an on-going basis to effectively manage cyber risk and fraud,” he added. Dr. Addison noted that following the emergence of the pandemic in the country, the BoG introduced regulatory reliefs which have proven to be

timely, and banks also responded appropriately with some form of forbearance for customers, in terms of loan reclassification. “But the challenge going forward is how well banks account for the impact of the reliefs in terms of loan classification, expected credit losses, provisioning, credit risk weightings and the overall impact on their capital ratios or key performance indicators.” Data from the central bank indicate that loan loss provisions grew by 28.0 percent in 2020, higher than the 23.6 percent a year earlier, reflecting higher credit risks. “In response to these developments, banks may need to strengthen credit risk management policies and engage in risk-sharing arrangements through syndications,” Dr.

Addison said. The Governor indicated that the central bank is continuously monitoring the financial and economic environment to ensure the banking system operates effectively in delivering financial intermediation to support the recovery from the pandemic. However, to further build their defenses against the pandemic, the Governor called on industry players to collectively strengthen their operational resilience in these times. “From [the] supervisory perspective, I would entreat the various risk managers to continuously stress-test your banks under different extreme but plausible scenarios to enable you to contain possible risks that may emanate from the COVIDinduced uncertainties,” he said.

FRIDAY FEBRUARY 19, 2021

Ghana scores big in UNCTAD’s e-commerce index Continued from cover UNCTAD in its 2020 Businessto-Consumer (B2C) E-commerce Index identified Ghana together with three other countries, Algeria, Brazil and Lao PDR, as having made the most improvement among the 152 countries surveyed. Globally, Ghana ranked 81st, having improved on the 101st position it occupied in the 2019 index. The country’s performance meant that it emerged as the West African nation with the highest readiness to engage in and benefit from e-commerce. African countries that ranked higher than Ghana were Mauritius (69th globally), South Africa (73rd), Tunisia (77th) and Algeria (80th). The index scores 152 nations on their readiness for online shopping, worth an estimated US$4.4 trillion globally in 2018,

Delivery services are crucial to the online shopping experience

up 7 percent from the previous year. Countries are scored on access to secure internet servers, reliability of postal services and infrastructure, and the portion of their population that uses the

internet and has an account with a financial institution or a provider of mobile money services. Ghana’s performance comes on the back of a series of government-led efforts to drive digitalisation. These measures

include the launch of mobile money interoperability, the digital address system, and a universal QR code to facilitate digital payments. Shamika N. Sirimanne, director of UNCTAD’s division that prepares the annual index, said the global e-commerce divide remains huge. “Even among G20 countries, the extent to which people shop online ranges from 3 percent in India to 87 percent in the United Kingdom. The COVID-19 pandemic has made it more urgent to ensure the countries trailing behind are able to catch up and strengthen their e-trade readiness.” The index, she said, underscores the need for governments to do more to ensure more people can avail themselves of e-commerce opportunities. “Otherwise, their businesses and people will miss out on the opportunities offered by the digital economy, and they will be less prepared to deal with various challenges,” she added.

Resolve ECOWAS export impasse with Benin—MP to gov’t Continued from cover have negotiations with colleagues or trade partners in Benin is done immediately to protect Ghanaian jobs and safeguard Ghanaian industries,” he said in an interview. According to him, due to the decision of Benin to withdraw from the ECOWAS Trade Liberalisation Scheme (ETLS), some companies such as Interplast are facing difficulties in the export of goods to that country. As Benin has stopped implementing the ETLS for the past six months, the ECOWAS member state has in effect been charging customs duties on products exported from Ghana, a move which has adverse effects on the promotion of regional economic integration. One of the main objectives of ECOWAS is to promote the economic integration of the region by establishing, among other things, a free trade area.

The instrument created for this purpose is the ETLS, which ensures the free movement of products within the region without the payment of customs duties and taxes. One of the affected Ghanaian industries, Mass Industries, on July 27, 2020, wrote to the Minister of Trade and Industry, drawing his attention to the new developments in the export procedures to Benin. “We have been informed that Benin is no longer operating under the ETLS, which means that henceforth, duty levies will apply. We wish to kindly crave your assistance in this matter,” the letter from the company read in part. Six months down the line, the same matter has been raised by Interplast, with the producer of pipes and profiles also complaining that the action by Benin is impacting its activities. “A client importing any goods which were recognised by ETLS

Patrick Yaw Boamah

from Ghana has now to pay the duty on the said goods. The implication is that we Ghanaian exporters are no more competitive with regard to our peers from other countries. Furthermore, customers have started cancelling their orders and purchasing elsewhere. We have already lost some significant projects due to this situation,” a letter by Interplast dated February 16, 2021, addressed to the Minister of Trade and Industry read in part. “Overall, there will be no

Ghanaian products on the Benin market in the nearest future if nothing is done. In the light of the above, we humbly appeal to government to contact its counterpart in Benin to solve the ongoing matter which is heavily impacting export activities,” the letter further stated. Describing the situation as urgent, Mr. Boamah said: “This is serious since it has implications in Ghana, and I am very concerned about it because job losses should not be entertained anywhere.”

FRIDAY FEBRUARY 19, 2021

News

FRIDAY FEBRUARY 19, 2021

President congratulates new WTO head

resident Nana Addo Dankwa Akufo-Addo has congratulated Dr. Ngozi Okonjo-Iweala on her landmark appointment as the DirectorGeneral of the World Trade Organisation (WTO). The President in a congratulatory letter to the Nigerian-American economist, said her election as the first woman and first African to occupy that position “is a tribute to black women the world over, particularly to African women.” The President said Dr OkonjoIweala’s appointment had come at a time when Africa had taken steps to liberalise intracontinental trade through the Africa Continental Free Trade Area, and the challenges brought about by COVID-19. “I am of the firm conviction that you are eminently qualified to lead the Organisation in these

momentous times, and I assure you of the full support of the Government of Ghana in your new role,” President Akufo-Addo added.

Akufo-Addo appoints Adu Boahen as rep. at Ministry of Finance

resident Nana Addo Dankwa Akufo-Addo has appointed, Hon. Charles Adu Boahen, a former deputy Minister for Finance to act as his representative at the Ministry of Finance as the ministerdesignate, Ken Ofori-Atta, is away in the United States for medical treatment. This was contained in a letter from the Chief of Staff, Akosua Frema Osei-Opare to Charles Adu Boahen which read: “Pending the absence of the president’s representative at the Ministry of Finance, Hon. Ken Ofori-Atta, I am directed by H. E the President to request that you act as his representative in the Ministry.

“This directive is in accordance with section 14 (5) of the Presidential (Transition) Act, Act 845, (2021).” “You are to take note of the provision of section 14 (5) which states that you; shall not take a decision involving a policy issue. Also, you are to act in accordance with letter no. SCR/DA555/01 dated 21 December 2020 which gives directives on financial commitments, recruitments among others”. Mr. Ofori-Atta has started his two weeks medical review in the United States of America and is expected to be back in the country after the review.

President Akufo-Addo has also sent a congratulatory message to his Nigerian counterpart, Muhammadu Buhari, on the appointment of Dr. Okonjo-Iweala

to her new position. He assured the people of Nigeria and her Government of the “support of the Government of Ghana in her new role.”

MTN transitions into a digital operator

n line with the company’s vision to lead the delivery of a bold new digital world to its customers and to enable the company become a digital operator by the year 2023, MTN continues to undertake programs and activities aimed at enhancing customer experience. Operating under the theme: “The Year of The Customer: The Digital Experience,” for the second year running, MTN is committed to using digitalization as a tool to enhance Customer Experience as well as create value for its shareholders. Sharing details on the theme, the Ag. Chief Executive Officer of MTN, Sam Addo explained, “Going Digital means the removal of everything manual and allowing customers to manage their accounts from one simple interface on their mobile, broadband and MoMo accounts. Customers can for example buy bundles for their TurboNet, send money with MoMo or pay for things with MoMo Pay: all from one simple app. We are leveraging new technologies such as big data, artificial intelligence, machine learning to provide total automated personalized user experience and self-service options for our customers.” The ag. CEO, highlighted the

investments MTN has made in technology and network infrastructure expansion over the years to provide reliable connections. He said since 2019, about USD 300 million have been put in network investments to facilitate the rollout of more LTE (4G) sites and also upgrade 3G & 2G sites across the country. “These investments have enabled individuals and businesses in both rural and urban areas enjoy the benefits of a modern connected life”, he added. MTN continues to drive its digital services through several platforms including MyMTN app, ayoba and Mobile Money. MTN is optimistic about the digital future as it works towards increasing smartphone penetration in Ghana to allow many more people enjoy the opportunities identified in Data and Mobile Financial Services. With its Fiber Broadband products and Enterprise Solutions, MTN is poised to increase home connectivity services which will help support customers who are ‘Working from Home”. With its strong brand presence and positive reputation, MTN will continue to drive the business of providing an enhanced digital experience for its customers.

FRIDAY FEBRUARY 19, 2021

Feature

FRIDAY FEBRUARY 19, 2021

The difference between saving and investing

By Sam Bediako-Asante

eople do not always understand the difference between saving and investing and the two are sometimes confused. However, understanding and putting both concepts into practice will go a long way to ensuring your financial future. In a nutshell, saving is the shortterm practice of putting money away for a goal or unexpected expenses and investing is the long-term strategy of putting money away and letting it grow. It is important to understand the difference between saving and investing, as they are two ways of making your money work for you so that you can achieve different goals. Savings is regularly putting away part of your income into a low or no-risk account. When saving, your money is guaranteed to earn a specific amount of interest and the original deposit is safe. Regular deposits gradually build up, and this money can be used at a later stage. Savings is vital as building up reserves is an effective way to ensure that

you are financially secure when unexpected expenses such as a medical emergency or a car breakdown have to be paid. It is also a way of paying large expenses such as holidays or school fees without taking on debt. Every single person with an income should be saving. Those who haven’t started usually use the excuse that they don’t have the money. However, in most of these cases, if they scrutinize their budget they will find that they are spending money on unnecessary items and expenses, such as drinks or entertainment – this money can be saved instead. Another myth is that you need lots of money to save when in fact, putting away just GHC100 a month will jump-start this critical step in your financial journey. Investing on the other hand is when you commit money for the long-term and let it grow. It is different to savings in that there is no set or guaranteed interest rate, and there are varying levels of risk meaning that your money isn’t always fully guaranteed. However the potential for profit or more aggressive growth is much higher. Investing may seem

intimidating, with concepts like stocks, unit trusts or bonds but it is important to understand that investing is not gambling. One can rather describe it as the next step after saving that will make your money work for you and provide additional income in the future. If you are just starting out, opt for something that is not too daunting. There are multiple options available to save or invest with most financial institutes. The grid below provides a snapshot of the difference between Saving and Investing.

Type of Account: Mutual Funds, Unit Trusts, Stocks, Property, Bonds Deposits: Regular deposits or once off Returns: Returns not guaranteed Timeline: Long terms (10 years and more).

SAVING Type of Account: Formal: Savings Account Informal: Susu (Daily, Weekly)

Timeline: Short term goals: 3 months to 5 years

Sam Bediako-Asante, CGIA, is the CEO of Sambed Consult, a Business, Investment, and Management Consulting firm. He is also a former Banker, a Professional Administrator, a GlobalWonk, a Chartered Global Investment Analyst, and also presently, a certified and an accredited SA Specialist of the South African Tourism in Ghana.

INVESTING

email: sambed33@gmail.com Tel. No. : +233277518634

Deposits: Regular deposits Returns: Quoted returns guaranteed

FRIDAY FEBRUARY 19, 2021

Companies

FRIDAY FEBRUARY 19, 2021

Fido marks 7th anniversary with covid-19 safety campaign

ido Micro Credit marked its 7th anniversary celebration with the distribution of surgical nose masks to drivers and passengers at seven bus stations in Accra. The week-long celebration centered on protecting and educating Fido customers, thus supporting the public to observe the COVID-19 protocols while offering digital and financial literacy training. The bus stations that benefited from the nose mask distribution exercise included Madina station, Tema station, Ashaiman station, Lapaz station, Circle station, Kaneshi station and 37 station. Speaking in an interview, Alice Mensah, Marketing Manager at Fido Micro Credit explained that the company saw it as a corporate responsibility to join the nationwide campaign since the safety of existing and potential customers of Fido is critical to the success and continuity of its business.

Since its inception, Fido has helped to scale-up and drive financial inclusion among SMEs and micro entrepreneurs using its innovative digital lending platform. The company has successfully disbursed over

GHS250 million in loans to qualifying customers across the country “With over 1 million Google play store downloads of the Fido App, I can confidently say the company has lived to its vision;

which is to lead the way financial services are provided in Africa by leveraging technology to provide reliable, fast and easy services to the underbanked,” Alice Mensah, asserted.

Stock market continues rally Continued from cover The financial stocks index also improved by 5.44 points to 1,873.31, raising the year-to-date return to 5.08 percent. The surge in the market appears to be driven by an

increase in trading activity, with data for the month of January indicating that trades were almost double the volume recorded in the same period of 2020. In January this year, 98.73m trades valued at GH¢69.72m

were transacted on the bourse as against 56.29m trades valued at GH¢45.44m in January 2020. MTN Ghana dominated trades in the period with 96.27m shares valued at GH¢62.81m, representing more than 90 percent of trades in volume and

value. The recovery of the market, after a dismal performance in 2020, points to a significant improvement in investor sentiments, as most are keen on taking advantage of the current undervaluation of equities. “The market is positive this year. This is the time for more investors to get onto the market,” said David Tetteh, a technical consultant at the Ghana Stock Exchange, in an interview with Business24. Weekly successive trades continued to appreciate as the benchmark index advanced by 111.27 points on the back of four stocks to close last week at 2,166.29, with a year-to-date return of 11.57 percent. The market capitalisation increased by 2.57 percent to settle at GH¢56.79bn. Analysts have said factors that will play to the advantage of the stock market include the low interest rate environment in advanced markets and the high market valuation on the back of the consistent higher performance of foreign markets for the past two years.

FRIDAY FEBRUARY 19, 2021

News

FRIDAY FEBRUARY 19, 2021

Makhtar Diop appointed IFC Managing Director and Executive Vice President

orld Bank Group President David Malpass has announced the appointment of Makhtar Diop as Managing Director and Executive Vice President to head the International Finance Corporation (IFC), an arm of the World Bank Group that advances economic development and improves the lives of people by encouraging growth of the private sector in developing countries. “Makhtar Diop has deep development and finance experience and a career of energetic leadership and service to developing countries in both public and private sectors,” said Malpass. “Makhtar’s skills at IFC will help the World Bank Group continue our rapid response to the global crisis and help build a green, resilient, inclusive recovery. We need business climates and thriving businesses that attract investment, create jobs and foster the scaling up of low carbon electricity and transportation, clean water, infrastructure, digital services, and the wide range of development success that are key to our mission of poverty

Makhtar Diop appointed IFC Managing Director and Executive Vice President

reduction and shared prosperity.” Mr. Diop’s key responsibilities will be to deepen and energize IFC’s 3.0 strategy of proactively creating markets and mobilizing private capital at significant scale; deliver on the IFC capital package policy commitments including increased climate and gender investments and support for FCV countries facing fragility, conflict and violence. He will also strengthen the linkages between IFC, the World Bank, and MIGA, as the World Bank Group accelerates efforts aimed at boosting good

development outcomes in client countries. The IFC 3.0 strategy seeks to help countries create markets and mobilize private capital, including through broadening upstream engagement by getting involved earlier in the project development cycle to create the conditions needed for private sector solutions and investment opportunities. It also aims to expand IFC’s impact in the poorest and most fragile countries, with a goal to more than triple IFC’s annual own-account investments.

Diop, a Senegalese national and former Minister of Economy and Finance, is currently serving as the World Bank’s Vice President for Infrastructure, where he leads the Bank’s global efforts to build effective infrastructure in developing and emerging markets that supports inclusive and sustainable growth. In this role Diop oversees the Bank’s critical work across energy and transport sectors, digital development, and our efforts to bring more quality infrastructure services to communities through publicprivate partnerships. Prior to his current appointment, Diop served for six years as the World Bank’s Vice President for the Africa Region, where he oversaw a major expansion of our work in Africa and the delivery of a record-breaking $70 billion in commitments. A passionate advocate for Africa and sustainable development globally, Diop led efforts aimed at increasing access to affordable and sustainable energy and promoting an enabling environment for innovation and technology adoption.

U.S. strengthens business advocacy efforts in Ghana through BUSAC Fund

n February 18, the U.S. government, through the U.S. Agency for International Development (USAID), joined the Danish International Development Agency (Danida) and the government of Ghana to commemorate the closing of the Business Sector Advocacy Challenge Fund (BUSAC). The event celebrated 16 years of strengthening the advocacy

capacity of private sector business groups and associations in Ghana. BUSAC was a grant mechanism to support the Ghanaian private sector to advocate at local, regional, and national levels for changes in the legal and regulatory framework. BUSAC grants enhanced the capacity of emerging and established business associations, trade unions, and business media to advocate effectively for

improvements in Ghana’s business enabling environment. U.S. Ambassador to Ghana Stephanie S. Sullivan, Chief Director for the Ministry of Trade and Industry Patrick Nimo, and the Danish Ambassador to Ghana H.E. Tom Nørring delivered remarks at the virtual event. Lauding the accomplishments of BUSAC, Ambassador Sullivan stated: “I would like to commend the Ministry of Trade and

Industry and the former Ministry of Business Development for their roles in working with the governments of the United States and Denmark, as well as the Ghanaian business community, to promote important legal and regulatory changes that have positively affected so many businesspeople and entrepreneurs.” Since 2004, BUSAC has provided over 1,100 business advocacy and business development services grants worth almost $50 million to private sector and farmerbased organizations in all regions of Ghana. As a result of BUSAC’s support, private sector organizations are now able to present evidencebased arguments and dialogue with the public sector to find mutual solutions to enhance the business environment in Ghana. From major changes to laws to streamline tax regulations advocated by the Association of Ghanaian Industries (AGI) to increased access to land advocated by women farmers in Upper West region, the fund has contributed to improving the private sector in Ghana.

FRIDAY FEBRUARY 19, 2021

Feature

FRIDAY FEBRUARY 19, 2021

The giving capsules: don’t neglect your health this 21st century

Source: Worldometers.info

By Baptista S. H. Gebu (Mrs.)

“

To keep the body in good health is a duty…otherwise we shall not be able to keep the mind strong and clear” unknown Whose duty is it to take care of you? You have a personal responsibility to take good care of yourself. To neglect is to fail to care for properly. Neglect is a form of abuse where the perpetrator, who is responsible for caring for someone who is unable to care for themselves, fails to do so. So, if you fail to care for yourself, you are neglecting yourself. To neglect is to not give enough care or attention to people or things that are your responsibility. It can be a result of carelessness, ignorance or unwillingness. Let’s not make work, festivity, and other things prevent us from taking good care of ourselves. Be careful, covid-19 will expose you if you have a weak immune system. How can we manage as a people – hitherto there was the locust swarm infestation in Africa, then covid-19 a global pandemic and now we hear of the outbreak of Ebola again of which Guinea has recorded 7 cases and three deaths as at today according to the Ghana Health Services update on Ebola. The new economy reports “while the start of the year saw COVID-19 send panic across the globe, another crisis was brewing in East Africa. From December 2019 to spring 2020, a plague of locusts – the largest the region had seen in generations – swept across the region, from the Horn of Africa to the deserts of Kenya, decimating the crops that feed

tens of millions of people. Kenya hadn’t faced a plague this severe in over 70 years, and Ethiopia and Somalia not in a quarter of a century”. Let’s discuss what neglect does to us. Neglect can severely alter the way we do things or work. This can lead to an increased risk of depression in later life as well as other disorders and memory impairments. Neglect can cause us to develop some lifestyle diseases which hitherto can be prevented if we were taking good care of ourselves. When we neglect our health, it means we do not take time to eat very well and appropriately. This situation can cause a lot of harm to our bodies. What foods do you usually consume? According to Dr. Sebi, we need to eat foods that are grown and natural avoiding unwholesome foods. Please try to avoid carbonated drinks if at all possible and result to the use of organic natural foods and drinks if you can as you are what you eat. There are several types and forms of neglect; physical neglect, educational, emotional and medical neglect among others are all form of neglect we need to be mindful of. We do not need to pay close attention to our physical bodies, educational needs and other forms of neglect only. What goes into our system is equally very important and contributes to our good health. If we do not have good health, we cannot live to do anything. Your passport to longevity is your good health. Demonstrating that clearly with available data from the New York City health via worldometers. info websites, many people dying out of the covid-19

pandemic can be attributed to underlying conditions such as diabetes, lung disease, cancer, immunodeficiency, heart disease, hypertension, asthma, kidney disease and gall liver diseases among others. Out of the sampled 15, 230 deaths cases recorded earlier in May 2020, 75% amounting 11, 370 deaths were attributed to deaths occurring due to underlying health conditions, 99 deaths representing 0.7% occurred without underlying conditions. 1, 551 representing 24.7 % occurred as a result of unknown factors. This statistics isn’t available currently for Ghana. We will appreciate you sharing if you chance of any such data The Global Burden of Disease Study is the most authoritative assessment of how people are dying in every country in the world. According to this report, “The food we are eat is putting 11 million of us into an early grave each year, this influential study shows. The analysis, in the Lancet, found that our daily diet is a bigger killer than smoking and is now involved in one in five deaths around the world prior to covid-19 outbreak. According to the burden of diseases reports, the latest analysis used estimates of countries’ eating habits to pin down how often diet was shortening lives. The dangerous diets were those containing: 1. Too much salt - three deaths 2. Too few whole grains million deaths 3. Too little fruit - two deaths 4. Low levels of nuts,

million - three million seeds,

vegetables, omega-3 from seafood and fiber were the other major killers. “We find that diet is one of the dominant drivers of health around the world, it’s really quite profound. How is this neglect killing us all? About 10 million out of the 11 million diet-related deaths were because of cardiovascular disease and that explains why salt is such a problem. Too much salt raises blood pressure and that in turn raises the risk of heart attacks and strokes. Salt can also have a direct effect on the heart and blood vessels, leading to heart failure when the organ does not work effectively. Whole grains, fruit and vegetables have the opposite effect - they are “cardio-protective” and lower the risk of heart problems. This chart demonstrates how far off we are an optimal diet as a people according to the Lancet. Baptista is a Hybrid Professional and the Executive Director of ProHumane Afrique International. ProHumane is a charitable, development & think thank organization working with communities & individuals to create sustainable solutions to transform communities through diverse pro-poor initiatives. Propoor initiatives are initiatives that help to alleviate poverty. Baptista is a realist, affable, simple and humane. You can reach her via e-mail on prohumaneafrique@ gmail.com and follow this conversation on all our social media sites: Linked-In/ Twitter/ Facebook/ Instagram: ProHumane Afrique International. Call or WhatsApp: +233(0)262213313. Hashtag: #behumane #thegivingcapsules #prohumaneafriqueint #fowc

FRIDAY FEBRUARY 19, 2021

Feature

FRIDAY FEBRUARY 19, 2021

Vaccine Solidarity Now

he arrival of the first COVID-19 vaccines in late 2020 brought fresh hope that the end of the pandemic was within sight. When G7 leaders, from North America and Europe to Japan, gather for a virtual meeting on February 19, their top priority will be to discuss precisely how to achieve this goal. While this won’t be the first time that global leaders have addressed the pandemic, I welcome the fact that UK Prime Minister Boris Johnson, the G7’s current chair, has called this summit specifically in order to focus on vaccination. Having represented the European Union at these gatherings for ten years, I know how they can spur a broader movement to find solutions. With US President Joe Biden renewing America’s spirit of multilateralism, this G7 meeting offers genuine hope of becoming a true inflection point in overcoming the COVID-19 crisis. Moreover, a solution is already on the table, with vaccines ready to be rolled out to the world’s poorest countries. It is now clear that vaccines are having a more powerful impact during this pandemic than any fiscal or monetary stimulus, not only in terms of saving lives and protecting people, but also in laying a path to economic recovery. This is so because, as long as the coronavirus circulates, reinfection will continue and efforts to resume trade, travel, and commerce will

stall. But the vaccines’ potential impact is entirely contingent on ensuring rapid, fair, and equitable access to them to people in all countries. So, more than ever before, we need global solidarity in support of the COVID-19 Vaccine Global Access Facility (COVAX), the international initiative that aims to make the vaccines available everywhere in the world. COVAX represents the only viable way to achieve an international economic recovery and avoid a global vaccine divide. With 190 participating governments, the initiative has already secured an initial 2.3 billion COVID-19 vaccine doses for 2021. Next week, it will start to distribute the first 1.3 billion doses to people in 92 lowerincome countries that otherwise would be unable to afford them. Given current global supply constraints, COVAX expects to distribute around 120 million doses by the end of March, and 340 million by mid-2021. This means that even in a supplyconstrained world, COVAX remains on track to meet its original vaccine-delivery schedule. But while this is good news, speed of access is key – and the world could act even faster. In particular, higher-income countries can help accelerate the equitable distribution of vaccines by donating any surplus doses they have to COVAX. French President Emmanuel Macron and Canadian Prime Minister

Justin Trudeau have already committed to do just that. The generosity of G7 donors, from the United Kingdom and the United States to Japan, is also most welcome. And Germany, under Chancellor Angela Merkel, has shown true leadership in this struggle both within the EU and at a global level. By working together instead of seeking bilateral deals with pharmaceutical companies, governments can reduce the immediate pressure on global supplies of new doses. This will allow those most in need of a vaccine to be prioritized accordingly, and prevent a repeat of what happened in the 2009 H1N1 swine flu pandemic, when vaccines went to the highest bidder. Vaccine nationalism in any form must cease. By constraining already limited global supplies, such practices put doses further out of reach for those who need them most, and thus place everyone at risk by allowing the virus to continue to spread and mutate. Global vaccine solidarity is the only solution. The EU, represented at G7 summits by the presidents of the European Commission and the European Council, offers a prime example of why this is the case. Like all buyers in a supplyconstrained marketplace, the EU has experienced delays in procuring vaccines, and has been criticized for the speed at which it has made them available to member states. But the Union’s solidarity-

based model works, because without it countries would be competing to outbid each other for doses. This would have resulted in costly chaos, almost certainly prolonging the pandemic and creating dramatic disruption in Europe and beyond. The same is true globally, which is why we now need international solidarity in order to work through COVAX. This week, the G7 has an opportunity to demonstrate leadership by making this initiative’s success its top priority. And the G20, under Italy’s presidency, should continue this effort. I am sure that new Italian Prime Minister Mario Draghi, who has vast experience of dealing with crises, will show the global leadership that the COVID-19 challenge requires. With governments under immense pressure to secure COVID-19 vaccines for all their citizens, taking a global stance may not always be the easiest or most popular choice. Nevertheless, ensuring that people in all countries have rapid and equitable access to the vaccines is not only morally right, but also offers the quickest way to end this crisis and put our economies on the road to recovery. About the author José Manuel Barroso, a former president of the European Commission (2004-14) and prime minister of Portugal (2002-04), is Chair of Gavi, the Vaccine Alliance.

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WEEKLY MARKET REVIEW FOR WEEK ENDING FEBRUARY 12, 2021