Business24 Newspaper 4th February, 2022 by Business24 Online

FRIDAY FEBRUARY 4, 2022

BUSINESS24.COM.GH

Friday February 4, 2022

Former UK Prime Minister Tony Blair calls on VP Bawumia

NO. B24 / 301 | News for Business Leaders

Net zero must mean business

See page 5

See page 8

GRA ready to implement E-levy ahead of parliament approval By Benson Afful affulbenson@gmail.com

he revenue arm of government, the Ghana Revenue Authority, has urged the general public to ready itself for the passage of the controversial E-levy which is before Parliament for approval. The authority said it is developing a platform for the full implementation of the E-levy. The authority has directed its partners such as the ARB Apex Bank to trigger processes awaiting the passage of the E-Levy Bill. “The GRA is developing a platform for the full implementation of the E-levy and Cont’d on page 2

Commissioner General of the GRA, Ammishaddai Owusu-Amoah

Global food prices rise in January

he gauge for world food prices went up in January, largely catalysed by supplyside constraints for vegetable oils, according to the latest report by the Food and Agriculture Organization of the United Nations (FAO). The FAO Food Price Index averaged 135.7 points in January, 1.1 percent higher than in December. The Index tracks monthly changes in the international

Afforestation: Trees-on-Farms project reclaims over 477,000 hectares of land By Eugene Davis ugendavis@gmail.com

he Minister of Lands and Natural Resources, Samuel Abu Jinapor, has told parliament that since 2017, an estimated total area of 477,485.5 hectares

Cont’d on page 3

Cont’d on page 2 Cont’d on page 2

Editorial / News

FRIDAY FEBRUARY 4, 2022

Editorial

GRA says all set to implement e-levy

overnment appears bent on implementing the controversial electronic levy—a special tax on momo and other forms of electronic transaction—despite the stiff opposition from some quarters, whose concerns are being championed by the Minority NDC. Finance Minister Ken OforiAtta says the non-passage of this levy could have dire consequences on the economy. Much of government’s youth-centric interventions is directly linked to the successful implementation of the levy, which is seen as an essential tool that will increase revenue to curb unemployment by

investing in entrepreneurship, cyber security, digital and road infrastructure in the country. The levy will also be the source of funding for state agencies that are pushing the nation’s digitalization and youth empowerment agenda such as the Data Protection Commission and the National Youth Authority. “The E-levy will increase our tax to GDP from around 13percent to 16percent and above, which would ensure that we have the revenues to sustainably invest in entrepreneurship, youth employment, cyber security, digital and road infrastructure,” adding that the e-Levy also provides a means for all Ghanaians to help support their

country and grow this economy as compliant citizens, according to the minister. Stakeholders in the financial sector, as well as telcos—initiators of mobile money—have come out emphatically to say that the disruptive levy will claw back the gains of digitalization and financial inclusion. Efforts by the Finance Ministry to win over the Minority in the tussle over the levy, has hit another snag. Government had hoped to get the buy-in of the NDC MPs for the Bill to be passed, after telecommunication companies agreed to reduce their 1percent charge on transactions by 0.25percent.

GRA ready to implement E-levy ahead of parliament approval Continued from cover will be inviting the general public to collaborate with its technical team,” the authority said. The Commissioner General of the GRA, Ammishaddai OwusuAmoah, said: “While we await the passage of the bill, I wish to inform you to hold yourself in readiness for the implementation of the levy in three (3) phases as soon as the Bill is passed into Your subscription -- along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana well-informed. We value your support and loyalty. Contact Email: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

Law.” The announcement of the E-levy has courted widespread condemnation and backlash from lawmakers and the public. The minority caucus of parliament believes the levy will be detrimental to jobs, businesses, and erode gains made towards financial/digital inclusion. But government insists the E-levy Bill is necessary to fill revenue gaps of government’s

2022 budget, create jobs and increase infrastructure. The E-levy was announced by the Finance Minister, Ken OforiAtta, in November last year while he delivered the 2022 budget statement before Parliament. The levy, when approved, seeks to impose a 1.75 percent charge on all electronic transactions covering mobile money payments, bank transfers, inward remittances among others.

News

FRIDAY FEBRUARY 4, 2022

Global food prices rise in January Continued from cover prices of commonly-traded food commodities. The FAO Vegetable Oils Price Index led the rebound in January, increasing by 4.2 percent monthon-month and reversing its December decline to reach an all-time high. Quotations for all major oils rose, also supported by rising crude oil prices. Palm oil prices were largely underpinned by concerns over a possible reduction in export availabilities from Indonesia, the world’s leading exporter, while soy oil prices were supported by robust import purchases, particularly from India, rapeseed oil prices were pushed up by lingering supply tightness, and sunflower seed oil quotations were impacted by supply tightness and surging global import demand. Referring to the latest vegetable oils price increase, Boubaker Ben-Belhassen, Director of FAO’s Markets and Trade Division said: “Reduced export availabilities on top of other supply-side constraints, especially labour shortages and unfavourable weather, largely pushed vegetable oil prices up to an all-time high. There is a concern the impacts of these constraints will not ease quickly.” The FAO Dairy Price Index increased by 2.4 percent, its fifth consecutive monthly rise, with

the steepest increases registered for skim milk powder and butter. Reduced export availabilities from Western Europe and belowaverage expectations for milk production in Oceania in the months ahead contributed to the tightening in global dairy markets, as did processing and transportation delays linked to COVID-19-related labour shortages. The FAO Cereal Price Index in January increased marginally, by 0.1 percent, from December. Maize export prices rose by 3.8 percent during the month, spurred by worries about persistent drought conditions in South America, while world wheat prices declined by 3.1 percent on the back of large harvests in Australia and Argentina. Lower harvests and steady purchases by Asian buyers led to a 3.1 percent

monthly increase in international rice prices. The FAO Meat Price Index increased slightly in January, with world bovine meat prices reaching a new peak as global import demand exceeded export supplies, while ovine and poultry meat prices softened as exportable supplies outstripped import demand. Pig meat quotations rose slightly, in part due to rising input costs dampening global supply. The FAO Sugar Price Index was the only subindex to post a decrease in January, down 3.1 percent from the previous month due to favourable production prospects in major exporters India and Thailand, as well as improved rains and lower ethanol prices in Brazil. New cereal forecasts FAO also updated its forecast for world cereal production

in 2021, now standing at 2 793 million tonnes, a 0.8 percent increase from the previous year. Global wheat output in 2021 is expected to be on par with 2020, while the production of coarse grains is projected to be 1.3 percent larger and that of rice to grow by 0.7 percent, according to FAO’s latest Cereal Supply and Demand Brief, also released today. For 2022, global wheat plantings are expected to expand, buoyed by mostly conducive weather conditions in the northern hemisphere, although high input costs could deter a larger expansion. The outlook for maize is robust, with high prices pointing to record plantings in Argentina and Brazil. Worldwide cereal utilization in 2021/22 is forecast to increase by 1.6 percent year-on-year, pointing to a likely decline in the world cereal stocks-to-use ratio to 28.7 percent, slightly lower than the previous year’s but still a historically comfortable level. FAO’s latest forecast for world trade in cereals in 2021/22 stands at 481 million tonnes, up 0.4 percent from the previous marketing year and a record level. This reflects expectations of a 2.0 percent increase in global wheat trade and an almost 4.0 percent increase in the volume of globally traded rice, more than offsetting a 1.5 percent contraction anticipated for coarse grains.

Afforestation: Trees-on-Farms project reclaims over 477,000 hectares of land Continued from cover have been covered under the government’sTrees-on-Farms (ToF) intervention through various programmes undertaken by the government, private sector and civil society. Trees-on-Farms intervention is one of the three broad landscape restoration approaches

government has adopted; the other two interventions being Forest Plantation Development and Enrichment Planting. Addressing lawmakers at parliament house in Accra on Thursday, Mr. Jinapor explained the Trees-on-Farms component involves planting 18 to 21 forest trees per hectares within farms or about 132 forest trees per hectare

along the boundaries of farms. The intervention is one of the key planting activities under the National Afforestation/ Reforestation Programme introduced by the government in 2017 in line with the objectives of the Ghana Forest Plantation Strategy (2016 – 2040). The Minister further adds that the 2021 figure is only an estimate, based on verified seedlings distributed for planting in farms by the Forestry Commission as at the end of third quarter 2021. “The area of land cultivated between 2017 and 2021, is far more than the total area of forest land cultivated since independence to 2017. Between 1963 and 1987, an estimated area of 19,300 hectares was cultivated under the Government Plantation Programme. And between 2002 to 2016, an estimated area of

138,000 hectares was cultivated under the National Forest Plantation Development, making a total of 157,300 hectares.” The Trees-on-Farms intervention, the minister indicated is crucial to restoring the country’s lost forest cover and provides several benefits within agricultural landscapes including: providing a conducive micro-climate to promote growth of agricultural crops by enhancing soil fertility and also moderating the impacts of harsh weather conditions, serving as habitats for plant pollinators like bees and thereby promoting natural plant pollination within these farming systems, ensuring reduction in siltation of water bodies and soil erosion problems in agricultural landscapes. Others are supporting carbon sequestration, increasing resilience of farms in times of drought and promoting biodiversity.

FRIDAY FEBRUARY 4, 2022

News

FRIDAY FEBRUARY 4, 2022

Former UK Prime Minister Tony Blair calls on VP Bawumia

ormer UK Prime Minister, Tony Blair, early on today, Thursday, February 3, called

on Vice President Dr. Mahamudu Bawumia at the Jubilee House in Accra.

The meeting discussed challenging global issues, including the devastating Covid-19

pandemic, as well as digitization. On Covid-19, the pair spoke about the difficult global economic situation caused by Covid-19 and how countries around the world are putting in place measures to ameliorate the impact. And on digitization, former Prime Minister Blair and Vice President Bawumia discussed the role digitalization can play in Ghana and Africa as a whole to accelerate economic recovery and transformation. Blair, who is a good friend of the Vice President, served as UK Prime Minister from 2007 to 2017. Currently, he is the Executive Chairman of the Tony Blair Institute for Global Change, a non profit organisation he set up which helps countries to address some of the most difficult challenges in the world.

US donates 560,000 vaccines to Ghana

he United States has shipped more than 560,000 doses of the Pfizer-BioNTech vaccine to the West African nation of Ghana, the White House told VOA on Wednesday. “As the president has said, America will be the arsenal of vaccines in our fight against COVID-19,” a White House official told VOA. “We are proud to be able to deliver these safe and effective vaccines to the people of Ghana.” The White House told VOA the 565,110 doses of the vaccine shipped on Tuesday. They will be distributed through COVAX, a global initiative founded to ensure equitable access to COVID-19 vaccines. These new doses come from the half-billion doses secured by President Joe Biden’s administration over the summer, the White House said. Ghana, a coastal nation of 31 million people, has reported nearly 157,000 cases of the virus, according to the World Health Organization. That has resulted in 1,395 deaths. It has administered more than 9.7 million vaccine doses. The nation appears to have recently emerged from a fourth wave of infections. The last wave, which peaked in January, prompted the U.S. Centers for Disease Control and Prevention to issue a Level 3 travel health notice

over the high level of infection in the country. Health advocates welcomed the donations but have long questioned whether the world’s richest nation is doing enough. “In our view, there’s much more work to do,” said Ava Alkon, a U.S.-based policy adviser for aid group Doctors Without Borders. “We certainly appreciate the efforts that the U.S. government has made thus far. But at this point, in low-income countries, less than 12% of people have gotten even one dose at this point. And as we’re rolling out booster doses in the U.S., we feel that there should be a steady flow of redistributed doses headed towards low- and middle-income countries at this point.”

And she said with the U.S. now distributing free tests and planning to distribute free masks, they should step up their auxiliary efforts, as well. “We think the U.S. should step in to help fill these gaps wherever they can, wherever they exist, in collaboration with the WHO’s Access to COVID Tools Accelerator, and should also be working to empower countries to procure and produce the tools they need themselves,” Alkon said. “So, for example, we’d like to see PCR test manufacturers working together with the accelerator to make sure lowand middle- income countries can get the volumes of diagnostic tests they need, and place and

price the products within those countries’ reach. And we’d like to see the U.S. government facilitate that process.” Last month, Ghana’s president announced that the nation will soon launch construction on a manufacturing facility for COVID-19 vaccines, as well as for tuberculosis and malaria vaccines. President Nana Akufo-Addo said the facility is a collaborative project between Senegal, Rwanda and a German biotechnology company. Although the nation does not mandate vaccination, it is available to all people 15 years and older, including pregnant women, Ghanaian health authorities have said.

FRIDAY FEBRUARY 4, 2022

News

FRIDAY FEBRUARY 4, 2022

AZA Finance global executives discuss partnerships for growth with Ghana visit

ZA Finance continues to work on ways to develop partnerships to grow and enhance cross-border international Payments, FX and Treasury in Ghana with key stakeholder engagement sessions taking place this week. Two key global executives: Meryem Habibi, Chief Revenue Officer and Hafi Barry, Regional Head of Sales, Africa are in Ghana to engage stakeholders in fintech, payments and finance ecosystem. The team is supported by Nana Yaw Owusu Banahene, Country Manager for Ghana. AZA Finance is the largest nonbank in Africa specialising in crossborder international Payments, FX and Treasury. Through our web and API platforms, we make it easier for enterprises doing business in Africa. By leveraging cutting edge technology with our proprietary technology in our flagship products, AZA Finance is able to significantly lower the cost and increase the speed of business

From left: Hafi Barry, Regional Head of Sales, Africa; Meryem Habibi, Chief Revenue Officer; and Nana Yaw Owusu Banahene, Ghana Country Manager for AZA Finance

payments to, from and across African markets. Our partners utilise our hybrid financial infrastructure and deep local knowledge to manage liquidity and send payments to dozens of bank networks, mobile money operators and payments aggregators across Africa.

Meryem Habibi, Chief Revenue Officer for AZA Finance commented “Ghana is a key market for AZA Finance as it is a significant hub for intra-African trade, a mature market with a population of over 31 million and the fifth largest stock exchange in Africa. As an active member

of the Africa Continental Free Trade Agreement (AfCFTA), Ghana has set ambitious growth targets for 2029. We believe that cross-border international trade is set to increase and we want to be part of this success story. I am excited to be in Ghana and have been meeting with key stakeholders in the sector to find ways to collaborate and grow the payments ecosystem in Ghana." Nana Yaw Owusu Banahene, Country Manager of AZA Finance added: “AZA Finance is ready to support the Ghanaian financial and fintech ecosystem grow and achieve their full potential. As a global player in FX, Treasury and Cross-border Payments, we are strategically positioned to support the ecosystem and take full advantage of the Africa Continental Free Trade Agreement (AfCFTA).” He noted that AZA Finance is working with licensed local players to deepen their working relationships with their partners in Africa and the rest of the world.

UGBS holds laptop award ceremony & launch of one-student-one-laptop initiative

he University of Ghana Business School (UGBS) has awarded forty-two (42) students with a laptop each during a Laptop Award Ceremony held on the theme, “Supporting the needy student in the new virtual learning environment”. This awards ceremony was organised to honour deserving students who participated in an essay competition initiated by the School to document student experiences with respect to teaching and learning during the height of the Covid-19 pandemic in 2020. UGBS also seized the opportunity to launch a OneStudent-One-Laptop Initiative for students of the School. The Vice-Chancellor, Professor Nana Aba Appiah Amfo, who chaired the awards ceremony was full of praise for the exemplary leadership of Prof. Justice Bawole, Dean of UGBS and his team. She expressed delight to be starting off the year on a benevolent note of giving back to less-privileged members of the University community through the University of Ghana Business School with support from its generous sponsors. While commending UGBS for the timeliness of the initiative, the Vice-Chancellor also lauded the

efforts of the School in supporting her vision of increasing access to online teaching and learning resources. Prof. Amfo reminded the audience of the constitution of a Committee to spearhead the agenda of providing more laptops to students to facilitate their academic work. “This launch will serve as a major springboard to the realization of the vision of the One-Student-One-Laptop initiative and motivate corporate institutions and individuals to support this worthy course”, the Vice-Chancellor noted. Performing the official launch of the One-Student-One-Laptop Initiative, His Excellency Dr. Mahamudu Bawumia, Vice President of the Republic, delivered the keynote address for the occasion. He paid UGBS an enormous compliment for pursuing the digital revolution which will help bridge the digital divide among students. “I am very proud and very glad to see that the University of Ghana is making efforts to modernize its teaching and learning environment. Indeed, this is essential for keeping pace with global trends and remaining relevant and competitive in the academic arena”, the Vice President said.

He further promised to support the School’s One-Student-OneLaptop initiative with 100 laptops. Earlier, Prof. Justice Bawole in his welcome address, presented a background to the Laptop Award Ceremony & Launch of the OneStudent-One-Laptop Initiative. He reiterated how the pandemic has highlighted the need to make significant transformations in the training of the youth with relevant knowledge for the various sectors of the economy. Prof. Bawole expressed appreciation to the UGBS team including faculty, staff, past Deans and all the corporate organisations who donated the laptops or had pledged to assist the School in one way or the other. He also announced the Ghana National Petroleum Corporation’s decision to build a new lecture complex for the School’s undergraduate students. Again, he mentioned that Dr. Emmanuel Adu-Sarkodee, Group Chairman of Phoenix Insurance Ltd. and member of UGBS School Management Committee had donated a cheque of GHC160,000 to be used to provide offices for 14 newly appointed faculty. In brief remarks, the Guest Speaker, Dr. Emmanuel Adu-Sarkodee, lauded UGBS Management for their

maintenance culture. He encouraged other individuals and companies to adopt the attitude of charity and assured UGBS and the University community of Phoenix Insurance Ltd.’s continuous support. Prof. Ernest TweneboahKoduah, member of the University of Ghana OneStudent-One-Laptop (UG 1S1L) Committee, speaking on behalf of the Committee’s Chairman, Prof. Peter Quartey, congratulated UGBS on taking a bold step to address the technology challenges of needy students. He reiterated that this was in line with the broader UG 1S1L programme and also aligned with government's digitalisation agenda. Prof. Tweneboah-Koduah appealed to individuals and institutions to support the UG 1S1L initiative. Two students, Ms. Racheal Ntow and Ms. Nadia Bilson, were invited to read their awardwinning essays on the challenges they experienced while studying online during the peak of the Covid-19 period.

Comment/Analysis

FRIDAY FEBRUARY 4, 2022

Net zero must mean business

By Mads Nipper, CEO of Ørsted

he world is awash in netzero emissions targets. A growing number of countries, regions, cities, and companies have announced that they will adjust their growth strategies to align with the Paris climate agreement’s goal of keeping global temperatures within 1.5° Celsius of pre-industrial levels. By the end of 2021, roughly 90% of global GDP was covered by some type of net-zero pledge, including those made by more than 680 of the world’s largest corporations. Yet despite this boom in new commitments, real action from businesses is lagging, because we have long lacked a common, science-based understanding of what a corporate net-zero strategy entails. Far too many corporate net-zero pledges fail to account properly for all the relevant greenhouse gases (GHGs). Many also lack a clear mid-century target date, do not encompass their products’ full value chain, and do not reflect the urgency of cutting emissions significantly by 2030. Worse, many rely far too heavily on offsetting their emissions by purchasing credits generated from carbonabatement and -removal projects elsewhere. No wonder UN SecretaryGeneral António Guterres thinks there is “a deficit of credibility and a surplus of confusion over emissions reductions and netzero targets.” Fortunately, with the recent launch of the Science Based Targets initiative’s (SBTi) Corporate Net-Zero Standard, we now have a framework to show companies how to align their climate plans with the science. The new standard shows that there are no shortcuts. Credible net-zero targets must include

all relevant GHGs and cover a company’s full value chain. They also must aim to cut emissions in half by 2030 in order to reach net zero by 2050 or earlier. Most importantly, a company’s plan must reduce emissions by 90-95% before using offsets to “net” itself the rest of the way to zero. Closing the corporate credibility gap means moving past the era when many companies could simply counterbalance their emissions with offsets to prolong their ability to pollute. The private sector now has an opportunity and an obligation to align itself with science. Recognizing this, we at Ørsted piloted a long-term decarbonization plan under the SBTi’s new standard last year and became the world’s first energy company with a validated, science-based net-zero target. We have already learned valuable lessons from this process, including the need to map the full set of emissions across energy generation and operations, purchased electricity, and the upstream supply chain and downstream use of products sold. Only with proper mapping could we identify and address emissions hotspots across our value chain. Listening to our strategic suppliers has also proven critical. Now that we know about their own decarbonization pain points, we can work together to alleviate them. Another important lesson is that companies must develop and draw on the right skills from within their own ranks. Given the wide-ranging impact of the net-zero transition on different business areas, managing it properly requires a diverse range of knowledge and skills. And while we know the direction and destination of our decarbonization trajectory, we have learned to accept that

we don’t yet know every step required to complete it. In piloting a decarbonization pathway, we have found the SBTi’s guidance and criteria to be crucial. These lessons may not be applicable to all companies, but the foundation of credible corporate climate action remains largely the same: green energy solutions. With over 70% of all GHG emissions stemming from the energy sector, a rapid transition to renewable energy is the key to decarbonization globally. As major energy consumers, corporations can make a significant contribution by deploying or purchasing green energy, including through renewable-power purchase agreements. They can also take direct action to reduce emissions within all their own operations and across their supply chains. This is a big opportunity for companies, which is why Ørsted will have completely phased out coal generation by the end of 2023. By continuing to expand our renewable-energy portfolio and reducing our direct carbon emissions, we are on pace to achieve at least a 98% reduction in carbon intensity by 2025 (from 2006 levels), and to reach carbon neutrality in our own energy generation and operations the same year. To address upstream and downstream emissions in our value chain, we will gradually phase out natural-gas sales and cut emissions from the steel in our wind-turbine foundations and the shipping fuels used in offshore logistics. These comprehensive decarbonization efforts, together with offsetting less than 10% of residual emissions, will enable us to reach net-zero emissions across our full value chain by 2040. Nonetheless, government signals are needed to help reinforce credible corporate

climate action more broadly. Current national policies leave us on track for 2.7°C of warming by the end of this century. That is unacceptable. Country climate pledges (“nationally determined contributions”) must be strengthened ahead of the United Nations Climate Change Conference (COP27) in Sharm el-Sheikh later this year. At a minimum, stronger national commitments would create a positive feedback loop with the private sector by eliminating some of the policy uncertainties. But governments also can do many other things to bolster corporate climate efforts. A crucial first step is to set higher renewable-energy targets and establish more transparent market frameworks to accelerate renewables deployment. Governments can mandate more robust emissions disclosures as well, so that investors can properly assess business climate risks and pursue full value-chain decarbonization. Genuine progress in combating climate change requires genuine transparency. Moreover, public procurement, which represents 13-20% of global GDP, can be a powerful tool for accelerating emissions reductions. This is especially true in the energy sector. By integrating climate criteria in public tenders, governments can create strong incentives for companies to put themselves on a meaningful decarbonization pathway. COP26 in Glasgow last year gave us a clear mission: to make net-zero targets fit for purpose. As 2022 gets underway, corporations have a fresh opportunity to establish their climate credibility. That is what the science demands – and, ultimately, so does the bottom line.

News

FRIDAY FEBRUARY 4, 2022

YEA to collaborate with Oti Regional Coordinating Council to reduce unemployment

he Youth Employment Agency under the leadership of Lawyer Justin Kodua Frimpong has committed to collaborating with the Oti Regional Coordinating Council to reduce unemployment in the Region to the barest minimum in the shortest possible time and eventually end it entirely. This, according to the Chief Executive Officer of the Youth Employment Agency Lawyer Justin Kodua Frimpong, will be done through extensive development of agriculture via

the agency's regional flagship programmes. Another focus area will be the empowerment of individuals and cooperatives who want learn a trade or skill and set up on their own. The Chief Executive Officer was speaking at a brief ceremony to commission the Youth Employment Agency's new ultramodern office complex to serve as the Headquarters for the newly created Oti Region. Lawyer Kodua Frimpong stated that this new office will aid in bringing job opportunities closer

to the teaming Youth in the Oti Region, and his outfit will forge a closer relationship with the Regional Coordinating Council to implement the numerous modules and projects including the YEA Jobcentre, the Artisan Directory, Flagship Projects, Work Abroad Program and the numerous Entrepreneurship support programs. The Regional Minister, Dr Joshua Makobu, who prides himself as a former employee of the Agency praised the Akufo-Addo government as a government that

believes in the empowerment and development of people through all reasonable means, a reason for which he is a Regional Minister today. He welcomed the innovative efforts of Lawyer Kodua and his team and called for a deepened collaboration between to two outfits to create more opportunities for his people. 'As a Regional Minister, I wish to state my unflinching support for the job creation agenda of YEA which is perfectly in line with Government's Industrialisation drive', the minister said. Mr. Joshua Makobu took the opportunity to urge participants to buy into the E-Levy proposal to allow government create more jobs as emulated by YEA. The Dean of Municipal and District Chief Executives in the Oti Region and MCE for Krachi East Francis Kofi Okeso praised government for the numerous infrastructural developments that are taking place accross the region since its creation. He was of the belief that the completion of the YEA office will motivate other state agencies to expedite work on their regional offices. Chief of Dambai Nana Bameasem Asafohene expressed gratitude to government for how Dambai particularly and the entire Region is rapidly seeing a face-lift since the region was created. He called on the youth to advatange and make good use of the YEA office.

Vodafone Foundation empowers orphans in digital skills

he Vodafone Ghana Foundation has equipped orphans at the New Life Nungua Children’s Home with digital skills to boost their knowledge in Information and Communication Technology (ICT). The training was part of the foundation’s contribution to mark the 2022 International Day of Education in the country. The training was organised by the Vodafone Ghana Foundation with the aim of providing skills and knowledge necessary for the deprived children to help them contribute to the success and development of their communities. At the event in Accra last Wednesday, the Head of the Vodafone Ghana Foundation, Rev. Amaris Nana Adjei Perbi, said the programme formed part of his outfit’s “BirthdayStars” initiative which engaged its staff

members in initiatives each month to celebrate internationally recognised commemorations of the UN by embarking on a Corporate Social Responsibility (CRS) project. He explained that it was also in line with the organisation’s Science, Technology, Engineering

and Mathematics (STEM) initiative to empower more people. “Aside this training, the Vodafone Ghana Foundation is ensuring that this facility will be equipped with an ICT lab to ensure that the children here are not left out in this digital age,” he noted.

The participants received training in Coding, Robotics and Web Development. The Founder of the Home, Nii Afotey Botwe II, commended the Vodafone Ghana Foundation for its kind gesture and called on other organisations to come to their aid.

Feature

FRIDAY FEBRUARY 4, 2022

Legitimate investors are financing environmental crime

By Simon Zadek

ne of the most profitable global criminal enterprises is one you might not expect. It is crimes like illegal fishing and logging, waste trafficking, and trade in wildlife. And the financial sector is reaping huge rewards from these assaults against the natural environment on which we depend. It is difficult to overstate the damage environmental crimes cause. By destroying ecosystems and depleting natural assets, such crimes destroy livelihoods, undermine governing institutions, and impede our ability to address climate change. As a new report by Finance for Biodiversity (F4B) points out, such crimes generate up to $280 billion each year, decreasing tax revenues by some $30 billion per year, with poorer, environmentally rich countries losing the most. Financial institutions sustain the incentive – often unwittingly – by investing in enterprises that benefit from such crimes. Through the profits made from these investments, these institutions effectively launder the proceeds of environmental crime. Anti-money-laundering (AML) rules are supposed to prevent the conversion of proceeds from illegal activities into clean money. For example, tightened rules and strengthened enforcement in recent years have made it more difficult to finance terrorism. But inadequate information and technology shortfalls hamper such efforts, with regulators struggling to keep up with increasingly sophisticated approaches to obfuscating the sources of funds.

When it comes to environmental crimes, the application of AML rules is particularly weak. To its credit, the Financial Action Task Force – the inter-governmental agency charged with combating money laundering and financing of terrorism – has raised its profile in this area. But significant action has remained largely confined to the illegal wildlife trade – a criminal enterprise that, despite affecting thousands of wildlife species and millions of people, is only a small part of the problem. But even if existing AML rules were applied to more environmental crimes, it would not be enough. As the F4B report shows, the returns on investment derived from environmental crimes would also have to be subject to AML rules. Financial institutions, including pension funds, not only provide channels through which perpetrators of environmental crimes launder the profits; they also invest in nature-dependent sectors such as food, wood products, and infrastructure, the profitability of which can be increased through environmental crime. For example, illegal logging can make more land available for agricultural production, thereby lowering costs, increasing output, and improving quality. The result is higher profits for businesses – and bigger returns for their investors. While the investments may technically be legal, the returns are partly derived from criminal activity, thus amounting to illicit proceeds that must be regulated accordingly. In theory, financial institutions already have an incentive not to support businesses that are benefiting from environmental crimes: Such firms face the

threat of fines or even the forced suspension of some activities, making them a riskier bet for investors. But the risks are too small to be an effective deterrent to investors; in most cases, environmental laws are poorly enforced and, where fines are imposed, they are usually small. But if credit risks do not deter investors, growing reputational risks might. As increasingly sophisticated data-driven public campaigning connects the dots between investments and specific environmental crimes, financial institutions will become increasingly vulnerable to public backlash against their destructive investments. It helps that new mandatory environmental due-diligence requirements – most immediately on deforestation – will soon come into force in key jurisdictions, including the European Union and the United Kingdom. In Brazil – where widespread environmental crimes have grave global implications – the central bank is already incorporating social, environmental, and climate factors into financial regulation. As disclosure increases, so will public-interest litigation of environmental crimes. Already, climate litigation is beginning to have some success, building on a long history of legal action against companies for complicity in illegal activities within their value chains. But none of this negates the need for stronger action from governments, beginning with the broader application and tougher enforcement of AML rules. Unfortunately, major barriers to progress remain, not least the challenge of

discerning illicit financial flows linked to environmental crimes, particularly when they are blended with untainted financial flows. Furthermore, enforcement depends on national regulators, which have widely varying resources and capabilities. Often, regulators face pressure to avoid imposing a burden that could make their jurisdictions less attractive to financial institutions or have short-term development consequences for livelihoods and communities. Collective action could help to overcome these barriers, but it invariably proceeds slowly and produces conservative outcomes. That is why F4B recommends the development of targeted mechanisms, drawing lessons from those that have been put in place to rid supply chains of evils like slavery and corruption. For example, the Kimberley Process – an international, multi-stakeholder initiative that increased transparency in the diamond industry – has helped to reduce trade in so-called conflict diamonds. The financial community would do well to embrace such an approach. By championing a multi-stakeholder process that makes good on their commitments to rid their investment portfolios of links to environmental crime, financial actors could mitigate litigation and reputational risks and help to ensure that regulations are well designed. Supporting, profiting from, and ultimately perpetuating environmental crimes may be largely unintentional. But when it comes to protecting people and the planet, it is action that counts.

E-commerce

FRIDAY FEBRUARY 4, 2022

Jumia Ghana brings deliveries closer to consumers by partnering with Locqar …Customers to benefit greatly from electronic locker pick up stations in Accra

umia, Ghana’s leading e-commerce platform, has partnered with LocQar, a smart locker company, to bring online deliveries closer to its consumers in Ghana. This strategic partnership is aimed at ensuring that customers who order items on Jumia get to pick up their packages quicker, safer and conveniently. The new partnership emphasizes Jumia’s commitment to making the everyday life of Ghanaians easier and better through e-commerce by leveraging its technology alongside that of other stakeholders in the industry. LocQar will support Jumia by providing smart lockers at vantage points in Accra where Jumia customers can pick up their orders. The zero human contact also provides extra assurance to consumers on the low risk of contracting Covid-19. Figure 1 : CEO of LocQar and and Country Manager of Jumia Services Ghana at one of the LocQar-Jumia pick up stations in Accra ‘’The experience of our

customers is very important to us and that is why we have established this partnership with LocQar. It takes only 7 seconds from when customers arrive at the smart locker to when they actually pick up their orders. Also, it is highly convenient because these lockers are available 24 hours a day, 7 days a week. This makes it possible for customers to pick up at any time of the day to retrieve their parcels. ,“ said Samuel Esiri, Country Manager of Jumia Services Ghana. This tech inspired partnership benefits consumers as it ensures faster delivery of orders to customers and improves the level of service, thus increasing consumer confidence and boosting participation in the e-commerce market. CEO of LocQar, Mr Godwin Adjapong said, “We believe in enabling e-commerce in Africa through the use of smart lockers. We have partnered with Jumia to ensure that customers can pick up their orders from any of our Locqar stations across Ghana. These lockers are also safe and secure. They are located in CCTV controlled environments

attached to facilities with high security. They are also fitted with alarms. I encourage all Ghanaians to use the Locqar service to pick up online orders on Jumia. It’s safe and convenient.” The partnership will offer faster deliveries for Jumia’s cross border shipments. Currently, there are 5 smart lockers in Accra located at the Kotoka International Airport, Accra Mall, Westhills Mall, Junction Mall and Achimota Mall. With this new innovation and technology, the online delivery experience in Ghana is expected to improve greatly through convenience, security and time saving. About Jumia Jumia is the leading e-commerce platform in Africa that is built around a marketplace, Jumia Logistics and JumiaPay. The marketplace helps millions of consumers and thousands of sellers to connect and transact. Jumia Logistics enables the delivery of millions of packages through our network of local partners. JumiaPay facilitates the payments of online transactions

within Jumia’s ecosystem. With over 1 billion people and 500 million internet users in Africa, Jumia believes that e-commerce is making people’s lives easier by helping them shop and pay for millions of products at the best prices wherever they live. E-commerce is also creating new opportunities for SMEs to grow, and job opportunities for a new generation to thrive. About Locqar LocQar stands for “Locker”, which is precisely what we offer. We provide a parcel pick-up solution via smart lockers. Our smart lockers are accessible to anyone who uses our services. Whether you are a small business owner, eCommerce supplier, or individual, our smart lockers simplify buying and selling online. The current address system in Africa makes it difficult to impossible to receive or ship your items at your preferred location. For business owners, this makes it incredibly difficult to expand, as brick and mortar stores are becoming increasingly rare.

News

FRIDAY FEBRUARY 4, 2022

Newmont Ghana supports victims of Appiatse explosion

ining company, Newmont Ghana, has supported relief efforts for the victims of the explosion at Appiatse in the Western North Region with construction materials and consumables. The items, which included roofing sheets, iron rods, cement and food, were presented in response to the government’s call for support from the public towards the rehabilitation and rebuilding of the Appiatse community. “We offer our deepest condolences to the families of the deceased and wish the injured speedy recovery. We recognise that this is a difficult period for all and extend our support to everyone affected,” the Regional Senior Vice-President, Newmont Africa, Mr. Francois Hardy, said after the donation. Newmont Ghana also commended the public security services, regulatory agencies and other government organisations for their prompt emergency response and relief efforts in the

wake of the tragedy. The mining company further appealed to members of the mining industry to review their high-risk material transportation practices, and said it looked forward to incorporating lessons

from the investigation of the Appiatse disaster to ensure further improvements and the continued protection of lives and property. Newmont Ghana, a subsidiary of Newmont Corporation, the

world’s leading gold business, and the country’s leading gold producer, has two gold mining operations in Ghana — the Ahafo Mine in the Ahafo Region and the Akyem Mine in the Eastern Region.

Nigerian oil production and storage vessel explodes; 10 crew and security," SEPCOL Chief barrels of crude had flowed into members feared dead

n oil production and storage vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board though it was not yet clear if there were any casualties or how much crude might have spilled into the sea. Nigeria's Shebah Exploration & Production Company Ltd (SEPCOL) said on Thursday that

flames had engulfed the Trinity Spirit floating production, storage and offloading (FPSO) vessel following the blast a day earlier. "At this time there are no reported fatalities but we can confirm that there were 10 crewmen on board the vessel prior to the incident and we are prioritising investigations with respect to their safety

Executive Ikemefuna Okafor said in a statement. The Trinity Spirit can process up to 22,000 barrels of oil a day and store up to 2 million barrels, SEPCOL's website said. One industry source active in Nigeria's oil sector said the vessel had about 50,000 barrels in storage but was not pumping crude from the Ukpokiti oilfield in the OML 108 block when it exploded. The Nigerian regulator now known as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revoked its production licence for OML 108 in 2019. SEPCOL is the technical operator of the block though the production licence was held by consortium member Express Petroleum. SEPCOL, which is currently in receivership, did not respond to requests for comment about how much crude Trinity Spirit was storing at the time of the blast. BP's Deepwater Horizon oil rig was pumping tens of thousands of barrels a day when it exploded in 2010. By the time the well was plugged 87 days later, 4 million

the Gulf of Mexico causing an environmental disaster. "We got information of the fire incident yesterday and we immediately ordered our field officers to commence investigation. Investigations are still ongoing," Gbenga Komolafe, NUPRC's chief executive, told Reuters. "It is only after when we have received the report of this investigation from our team that we will issue a comprehensive statement devoid of speculation," he said. SEPCOL's Okafor said investigations were underway to establish the cause of the explosion while attempts to contain the situation were being made with help from local communities and U.S. oil firm Chevron (CVX.N), which has a facility nearby. The Trinity Spirit is the primary production facility for OML 108 which covers 750 square km (290 square miles) of water off the Niger Delta, ranging from a depth of 30 metres to 213 metres, SEPCOL's website said.

News

FRIDAY FEBRUARY 4, 2022

Oil prices jump as OPEC+ sticks with 400,000 Bpd output hike

n the shortest meeting so far in its history, the Organisation of Oil Producing Countries (OPEC+) decided on yesterday to increase the collective production by 400,000 barrels per day (bpd) in March, keeping unchanged the plan to boost output and pushing Brent crude above $90 per barrel again with the per-usual modest production hike. According to a report monitored on Oilprice.com, one of the most upto date information sources on the sector, the ministers of the OPEC+ alliance, who met via video conference, rubberstamped in just 16 minutes the monthly production hike of 400,000 bpd for March. The news comes at a time when petroleum prices in Ghana have reached levels that have sparked calls for the government to step in to cushion consumers. Much as the high prices will be good for government revenue from the sector, it will worsen the already high cost of living and inpact inflation which is also now in the double digits. Some analysts, and possibly traders, had expected a higher production increase, considering

the recent rally in oil prices to $90 that has surely frustrated major oil-consuming nations. Earlier this week, Goldman Sachs had expressed the view that OPEC+ might decide to announce a larger production increase for March than the usual 400,000

bpd, considering the oil price rally to $90 and the potential for renewed discontent from major oil importers at these high price levels. OPEC+, however, confirmed the 400,000-bpd increase in record time and didn’t even plan a press

conference after the meeting, the news source said. Brent Crude prices returned to $90 per barrel just after news of the modest production increase and the record-short meeting broke.

MTN adjudged PR Organisation of the Year at the National PR and Communications Excellence Awards

TN Ghana has won two prestigious awards at the National PR and Communications Excellence Awards organized as part of the National PR and Communications Summit and AGM by the Institute of Public Relations (IPR), Ghana at Akosombo. MTN was adjudged PR Organization of the Year for the fifth consecutive time and won Best Community Relations Programme of the Year for the third consecutive time. MTN Ghana was recognized for putting in place effective PR strategies to engage its stakeholders digitally, especially during the COVID-19 period. Through effective means of communication and engagement, stakeholders of the business were well-informed, educated, and empowered with information on how they could use technology to work, transact business and also stay connected with friends and family during the period of the

pandemic. MTN Ghana also won Best Community Relations Program of the Year. The company in the year under review provided essential support to the National COVID-19 Trust Fund, presented PPEs to various hospitals across the country, and undertook community upliftment projects aimed at alleviating the challenges that COVID-19 restrictions placed on people’s livelihoods. Receiving the awards, the Senior Manager for Corporate

Communications at MTN Ghana, Georgina Asare Fiagbenu thanked the IPR Awards Committee and the PR fraternity for the recognition. She said, “the team and I are grateful for the awards. This will inspire us to work harder and continue to employ best practices in communicating with our stakeholders.” Commenting on the awards, the Chief Executive Officer of MTN Ghana, Mr. Selorm Adadevoh congratulated Georgina and the Corporate Communications team

for effective use of technology and PR strategies to ensure various stakeholders of the business were reached during the COVID-19 pandemic. “Commendation to the team for excellently championing PR campaigns, which positively impacted and enhanced the image of the organization,” he applauded. MTN Ghana has won many awards from the Institute of Public Relations in the past including PR Organization of the Year, Best Community Relations Programme of the Year, Best in Crisis and Issues Management, Best in NonFor-Profit Organization among others. The IPR Excellence Awards aims at honoring and recognizing the achievements and positive contributions of individuals and companies in their service delivery. The awards program was also instituted to promote professionalism in the practice of PR in Ghana.

FRIDAY FEBRUARY 4, 2022

Feature

FRIDAY FEBRUARY 4, 2022

Rules for renaming

By Saul Levmore, Carolyn Baker

hen Shakespeare wrote, “What’s in a name? That which we call a rose by any other name would smell as sweet,” he meant that the essence of something is not determined by its label. Calling a plum a pear does not make it taste any different. Names do have some meaning, of course. Every child is warned against “name calling,” even by those who like to think that words, unlike sticks and stones, do no harm. The names of Civil War generals, ex-presidents, the Sacklers (of opioid fame), and the Washington, DC, football team have been removed, refused, challenged, or changed. No reasonable person today would take on the name Hitler, or even Adolf for that matter. Names are intensely personal. When a transgender person takes a new name, their old name is called a “dead name.” The implication is that the new name signifies a new person; the old person, and their affiliated gender, has passed away, and a new person, with a new gender and name, has come to life. Renaming controversies are everywhere nowadays. Battles over the names of teams and schools are especially intense. There have been many renamings of college and professional sports teams in the United States, in addition to disputes over the names attached to public buildings, streets, and other spaces. In many cases, people were attached to (or simply accustomed to) an old name

– usually a Native American reference – that younger generations found upsetting. In 2017, Yale University renamed Calhoun College because Senator John C. Calhoun’s support of states’ rights, slavery, and the nullification of federal law in the 1800s was found to be too offensive to be attached to such an important place. The college now carries the name of a pathbreaking computer scientist: Grace Murray Hopper. Similarly, in 2020, Princeton University’s Woodrow Wilson School became the Princeton School of Public and International Affairs. That leaves room for the name of some illustrious graduate or future donor (though the Sacklers probably need not apply). By contrast, the name of the US capital seems secure, even though George Washington was a slave owner. Indeed, many street and city names continue to memorialize people who can be associated with slavery. In some cases, those who resist renaming have some moral arguments on their side. For example, although Wilson removed many Black Americans from high government positions and was undoubtedly racist, his domestic agenda was progressive. But others might counter that wrongdoing cannot be offset by good intentions or righteous acts. The long-term question is whether any name is truly safe in the face of evolving norms and later objections. Virtually every name could eventually be associated with behavior or beliefs that have become

objectionable or deeply offensive, even if they were apparently admired or rewarded in an earlier era. None of us can be certain that every position held now will stand the test of time. Surely our forebears did both good and bad things when judged by today’s standards. Three solutions to renaming conundrums are worth considering. The first idea is associated with statutes of limitation in law. Names could be subject by convention to objection for a limited period, such as 50 years. This imagined social and political convention has an arbitrary number attached to it, but that is what can help avoid the problem of there being no end in sight. We must recognize that what seems normal today might seem horrific to our descendants. Under this approach, the State of Washington’s name is safe, even though Washington the man owned slaves. The country’s name is also safe, even though it is possible that a future generation will recognize that America is a derivative of Amerigo (Vespucci), a fifteenth-century explorer who refused to hire women as sailors. For better or worse, it often takes a long time for social values to change. The renamed Washington Commanders football team had its previous name, the Redskins, for more than 80 years. But for this proposed solution to be effective, the social convention needs to be so strong that, after the agreed interval has passed, it will seem wrong to object to a name, however offensive it becomes. A second idea is to borrow

from the concept of term limits. Names would have a shelf life, with an understanding that the controlling organization could choose to extend the name for another period. Consider a name that had been assigned because of a donation, as in the case of the Sackler Institute at New York University. Here, the understanding, perhaps embodied in new laws, would be that the university is free to sell the name to a bidder. Again, nothing stops a for-profit company, like a football team, from hanging on to its name. It is market pressure that brings about changes. Finally, there is the idea of buyouts. If the original name was not “purchased,” a renaming in honor of a donor or public figure is easily accomplished. Nothing stopped Princeton from accepting a gift – from an individual or group – that was conditioned on removing Wilson’s name. This idea is not entirely novel. Theater venues and sports stadiums are often renamed for advertising purposes, and the corporate names attached to them usually come with term limits of a kind, by dint of the name being for sale. As for sports teams, they presumably gain something from the long histories attached to their names. But if an old name is found to be offensive, a team and its critics can benefit by auctioning off a name change. The virtue of these three approaches (which could be combined) is that each requires us to recognize that times change, that names can also change, and that some prescribed limits to renaming are possible.

IES Energy Analysis

FRIDAY FEBRUARY 4, 2022

Suspension of price Stabilisation and Recovery Levy (PSRL) proven to be an unrealistic strategy in tackling rising fuel prices: IES study

An elevated geopolitical risk, shrinking spare capacity and a relatively mild effect of Covid-19 infections on petroleum demand, would be counted as key factors in oil and fuel prices increases on the global market, more likely to impact negatively on domestic fuel prices. Should there be a downward correction in international oil prices as the world heads towards the lower demand period of spring and summer, it is unlikely local fuel prices would come down given the persistent fall in the value of the Cedi against the US Dollar.

INTERNATIONAL PETROL PRICE (PLATTS): NOV 2020 - JAN 2022 900.0 US$ PER METRIC TONNE

800.0 700.0 600.0 500.0

433.6

398.6

400.0

553.1

485.0

728.5 724.5 728.0

683.1

615.2 622.6 643.4

800.9 807.1

799.1 693.7

300.0 200.0 100.0 22

21 c-

1 t- 2

1 l -2

r -2

1 r-2

20 c-

0.0

SOURCE: IES CONSTRUCT 2022

PETROL AND DOLLAR RATES IN GHANA: NO V 2 0 2 0 - J AN 2 0 2 2 Petrol Price/Litre

Dollar Rate

6.82

6.76

6.54

6.52 6.5 RATES IN GH¢

5.79

5.76

5.79

5.77

5.5 5

4.86

4.82

4.61

6.09

6.28

6.23

6.14

5.33

5.16

5.06

5.78 5.76

5.75

5.73

6.04 5.91

5.97 5.86

5.89 5.77

6.19 6.03

2 N

-2

1 -2

V-

T-

21 P-

-2

21 L-

-2 N

Y-

1 M

-2

PR A

-2

1 -2

1 FE

-2

0 -2

V-

4.5

lthough not the first time of seeing a suspension of the price stabilization and recovery levy (PSRL), the 11th October 2021 announcement by government of same was touted by its functionaries that it is the biggest relieve government is bringing to consumers, in relation to the persistent rise in fuel prices in the country. However, the Institute for Energy Security (IES) analysis of happenings on the local market shows that the suspension of the PSRL over the past three months have proven to be an unrealistic strategy for bringing down domestic fuel prices, thus questioning the credibility of the levy. The strategy deployed in November 2021 and when average prices of Petrol and Diesel hit Gh¢6.52 per litre, was in direct response to mounting pressure on government by Ghanaians, to halt the frequent upward fuel price adjustments. Three (3) months after the suspension of the levy, domestic fuel prices have risen by more than 9 percent to reflect rising international oil and fuel prices, and fall in value of the local currency. Should these two variables maintain their traction on the foreign and local markets, Petrol and Diesel prices are likely to stay above Gh¢8 per litre before mid-2022. But for some political interventions in mid-December 2021, the price of Petrol and Diesel would have crossed the Gh¢7 per litre mark before the end of year 2021. That desperate move resulted in Ghana Oil Company (GOIL) threatening to pull out of the Association of Oil Marketing (AOMC), after the latter allegedly accused the former of bowing to government’s pressure to reduce its prices, in contravention with of the petroleum downstream deregulated regime’s practices.

SOURCE: IES CONSTRUCT 2022

Meanwhile, rising global crude oil prices remain a constant challenge to the Ghana Cedi’s value sustenance against the greenback due to the attending growth to the country’s oil and fuel import bill. As it has become increasingly apparent that Petrol and Diesel

prices will likely finish the firsthalf of the year at record highs, there must be a more sustainable and pragmatic response to the exposures from international oil prices and the foreign exchange (Forex) market; one that goes beyond the PSRL.

Whereas the PSRL has proven unsustainable in its present form and substance as validated by IES’ study, the National Petroleum Authority’s incompetent application of same to the realities of the Ghanaian fuel market is a worse cause for worry.

Feature

FRIDAY FEBRUARY 4, 2022

The other threat to democracy

By Federico Fubini

he emergence of illiberal politicians across the West has led to prophecies about the end of democracy. In the United States, Donald Trump is maneuvering to return to the White House in 2025, after attempting to overturn an election that he lost in 2020. In France, not one but two farright populists are running for president. And in Italy, Matteo Salvini of the League and Giorgia Meloni of the post-fascist Brothers of Italy will be plausible contenders for the premiership when Italians go to the polls in 2023. Like right-wing political and media operatives in the US, Salvini, Meloni, and Marine Le Pen of the French far-right National Rally have all paid homage to Hungarian Prime Minister Viktor Orbán. They have made no secret of their temptation to pursue his brand of illiberalism if given the chance. Concerns about the future tend to be molded by our most vivid memories of the past. We learned from our parents and grandparents about the threat of fascism. And in recent years, we have watched authoritarian leaders come to power democratically, only to erode constitutional norms and institutions once in office. This “electoral” model for establishing autocracy thus has come to seem like a potent threat. But are we worrying about the right kind of democratic decline? In fact, a more immediate risk lies in the descent from democracy to ochlocracy, a term coined by the Greek historian Polybius during the second century BC to describe mob rule. Ochlocracy results

from politicians using cheap gifts and seductive talk to attract voters who don’t appreciate their freedom, because they have never experienced the abuses or repression of non-democratic governance. As Polybius explains in The Histories: “As long as some of those survive who experienced the evils of oligarchical dominion, they are well pleased with the present form of government, and set a high value on equality and freedom of speech. But when a new generation arises and the democracy falls into the hands of the grandchildren (…), they have become so accustomed to freedom and equality that they no longer value them. (…) So when they begin to lust for power and cannot attain it through themselves or their own good qualities, they ruin their estates, tempting and corrupting the people in every possible way. And (…) democracy in its turn is abolished and changes into a rule of force and violence.” Before Polybius, both Plato and Aristotle also agreed that democracy is potentially vulnerable to ever-changing and easily manipulated public moods. In our time, we call this populism, a label that allows us to shift all the blame for democratic backsliding onto individual populist figures like Trump, Le Pen, and Salvini. But while these politicians have fomented fear of immigrants and polarized public opinion, they are not operating in a vacuum. They owe their political successes to voters (and, in Trump’s case, to many American conservative elites). Twenty-first-century ochlocracy tends to go beyond classic populism to implicate broader swaths of public life.

Three symptoms of this process stand out today. First, mainstream political parties have been hollowed out, with vaguer policy programs and narrower pathways for new leaders to emerge. The Republican Party in the US is a case in point. But in the past two presidential elections, the Democrats also have continued to elevate longtime establishment stalwarts, even when the times seemed to call for new figures and fresh ideas. In Britain, Prime Minister Boris Johnson commandeered the storied Conservative Party, first by peddling lies about Brexit, and then by feeding the delusion that a divorce from the European Union would be easy and beneficial. It is no surprise that such a leader would feel invulnerable enough to host or attend parties while the rest of the country was in pandemic lockdown. The situation is no better in Italy, where no mainstream party has any credible internal democratic processes for selecting new leaders or devising a policy program. The parties are so hapless that they regularly need to call in technocrats to manage complex crises, as happened with Prime Minister Mario Monti in 2011-13 and now Mario Draghi. Recent convulsions among and within parties to select a new head of state are further evidence of how dysfunctional Rome’s political class has become. Only by re-electing President Sergio Mattarella, despite his reluctance, could parties break the stalemate. A second major symptom of democratic decay is the degradation of the media. Democracy suffers when media organizations become partisan, polarized, and shallow (using sensationalism and fear in

pursuit of market share). When a society is politically polarized, publishers and editors see a commercial opportunity in goading likeminded segments of the population. Fanning the flames becomes a business model. Especially in recent years, leading media outlets have found that it pays to take an unflinching position on controversial figures like Trump, Johnson, former Italian Prime Minister Silvio Berlusconi, or Beppe Grillo, the founder of Italy’s populist Five Star Movement. By becoming dependent on polarization, media outlets have fed it, doing little to help form public opinion beyond short-term political conflicts. As Leslie Moonves, then the CEO of CBS, said of Trump’s presidential candidacy in 2016, “It may not be good for America, but it’s damn good for CBS.” A third symptom is the rise of social-media chatter as a dominant influence on politicians’ views and decisions. As a journalist, I personally know prominent leaders who are addicted to Twitter and spend a considerable part of their days on it. Twitter becomes their reality, while their constituents continue to live in the real world. A political system with hollowed-out parties is more likely to succumb to such pressures. As the system increasingly fails to address long-term issues, trust in it erodes and public opinion becomes increasingly volatile, resulting in a now-familiar spiral of noise, ineffectiveness, negligent media, aggressive rhetoric, and shortsighted political programs. This is a formula for ochlocracy. Twenty-two centuries after his death, Polybius has our number.

Markets

FRIDAY FEBRUARY 4, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING JANUARY 28, 2022

CONTINUED ON PAGE 21

FRIDAY FEBRUARY 4, 2022

CONTINUED FROM PAGE 20

WEEKLY MARKET REVIEW FOR WEEK ENDING JANUARY 28, 2022

BUSINESS24.COM.GH FRIDAY FEBRUARY 4, 2022

NO. B24 / 300 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

FRIDAY FEBRUARY 4, 2022

Yemaachi launches Sheba HPV Test for screening of high-risk HPV variants that cause cervical cancer

emaachi Biotechnology, Africa’s Cancer Research Company has introduced the Sheba HPV Test, an effective home sampling kit to test for highrisk Human Papillomavirus (HPV) which is responsible for 99% of cervical cancer cases. The Sheba HPV Test is an innovative product that identifies women who are at high risk for cervical cancer, which is currently the second most prevalent cancer in Ghanaian women, killing approximately 2000 every year. However, when detected early, cervical cancer is highly successfully treatable. The World Health Organization (WHO) recommends that women 26 years and above should get screened for high- risk HPV at least once every 5 years. Current barriers to regular HPV screening include reluctance to undergo a pelvic exam, long wait times at health facilities, and lack of awareness. The first of its kind in Ghana, the

Sheba HPV Test enables women to collect their own samples conveniently at home, and drop them off at a conveniently located collection point for HPV

testing at Yemaachi’s advanced molecular diagnostic laboratory in Abelemkpe, Accra. Detailed results are returned via email within 72 hours of drop-off.

Speaking on the launch of Sheba HPV Test, CEO of Yemaachi Biotech, Dr. Yaw Bediako said: “Yemaachi Biotech seeks to lower the economic burden of cancer through innovative solutions specially developed for the African market. The Sheba HPV test is the beginning of this process.” Yemaachi Biotechnology is a cancer research company that uses cutting edge immunogenomics, bioinformatics and artificial intelligence to accelerate the development of cancer detection and cure strategies, ultimately with the goal of lowering the economic effects of cancer in Africa. In his concluding remarks, Dr. Yaw Bediako said: “Cervical cancer does not need to be a death sentence. If detected early cervical cancer is one of the most treatable cancers. Know your risk. Take the Sheba test and take control of your health”.

Nana Benyiwa VII eulogizes Ekumfi Abor working professionals …for providing support to Abor Clinic

he Queen Mother of Ekumfi Traditional Area, Nana Benyiwa VI, has expressed her admiration for the works Ekumfi Abor working professionals have undertaken to pursue to assist with the development of the township. Speaking as the Special Guest of Honour at a handingover ceremony organized by the Ekumfi Abor Professional Association (EAPA) in Ekumfi Abor over the weekend, Nana Benyiwa celebrated the over 100-member group for donating a 4-seater toilet facility, a Placenta pit, and a 50-seater shed to the chiefs and people of the town, to support the existing Community Health-based Planning Services (CHPS) compound, which was built by Government of Ghana some 6 years ago. She called on all Ekumfi indigenes to emulate the Ekumfi Published by Business24 Ltd. Nii Asoyii Street, Mempeasem East Legon-Accra, Ghana.

Abor Professionals example, and come home to help with the socio-economic development of the traditional area. She admonished the Abor working professionals group not to relent on its efforts to drive forward Ekumfi Abor. The CHPS Compound at the time of putting it to use, lacked some basic infrastructural facilities as well as some essential hospital equipment to enable it operate and meet the basic health needs of the people of Ekumfi Abor and its surrounding communities. Under the distinguished patronage of Nana Amoasi VII, the Chief of the town, Nana Ahenfuwa III the Queen Mother, and some other distinguished personalities from the town such as Mrs Janet Amoasi-Andoh, Mr. S.O Nana Sackey, Mr. Kwamena Amoasi-Andoh and Mr. Justice Tel: 030 296 5297 | 030 296 5315 Editor: Benson Afful editor@business24.com.gh +233 545 516 133

Amoah, the association that involved all working professionals from Ekumfi Abor was formed in September 2020 to help facilitate the development of Ekumfi Abor. The association was christened Ekumfi Abor Development Association (EAPA), with Nana Amoasi VII providing 4 key areas of focus for the group. The first intervention by EAPA was to try and provide the needed infrastructure and the essential equipment needed to meet the basic health needs of the people of Ekumfi Abor and the catchment area of the health facility (CHPS compound). For its first project, the group set out to provide a 1No. placenta pit, a 1No. 50-seating capacity shed, and a 1No. 3-seater toilet facility with 2 urinary pits, and some basic health equipment. On Saturday January 22, 2022 during the enstoolment of business24.com.gh

Gyasehemaa Nana Takyi-Enua III, the association handed over to the Chief and people of Abor the completed project, to support the operations of the CHPS compound. Addressing the Chiefs and people of Ekumfi Abor, the District Director of Health, Mr. Martin Sumani Daanko, who was present at the handing over ceremony, expressed the joy of his unit for this gesture from EAPA and promised to do everything in his capacity to support the efforts of EAPA in ensuring the compound is given the needed accreditation and support as soon as possible to enable the people to assess the National Health Insurance Schemes (NHIS) Card from the compound. He was thankful to the association and promised to do his best to ensure the compound is properly run and maintained.