Business24 Newspaper 28th January, 2022

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FRIDAY JANUARY 28, 2022

BUSINESS24.COM.GH

Friday January 28, 2022

Ghana Cares programme yielding anticipated dividends – Akufo-Addo

NO. B24 / 298 | News for Business Leaders

Government allocates GH¢44m to contain Bird Flu outbreak

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Minister blames fertilizer shortage on virus pandemic

By Eugene Davis ugendavis@gmail.com

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he Food and Agriculture Minister, Dr. Owusu AfriyieAkoto, has told parliament that the advent of the coronavirus pandemic as well as global supply chain crisis accountable for the shortage in supply of fertilisers to smallholder farmers.

The minister was responding to a questioned by Dr. Kingsley Nyarko, who is the Member of Parliament for Kwadaso, on what measures are being deployed by MoFA to address complaints of farmers regarding the unavailability and high prices of fertilisers, on the floor of the house on Thursday.

FBNBank opens 21st branch at Atomic Junction

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BNBank has officially commissioned its new Atomic Junction Branch at a short but colourful ceremony which brought to the fore the bank’s commitment to continuously contribute to Ghana’s economy, highlighting its agenda and focus for this year.

The FBNBank Atomic Junction Branch, sited on the main Haatso – Atomic Road, is located opposite the Palace Shopping Centre and

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Data Protection Commission to crack the whip on data abusers

By Patrick Paintsil p_paintsil@hotmail.com

Maiden edition of Africa Technovate Awards to come off April 2

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frica Integrated Development and Communications Consultancies (AIDEC) has re-launched the maiden edition of the Africa Technovate Awards and Fair to appreciate and reward

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he Data Protection Commission (DPC) says it is compiling a list of data handling firms that have failed to comply with laid down rules and legislations regarding the use of Cont’d on page 3

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Editorial / News

FRIDAY JANUARY 28, 2022

Editorial

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Rapid digitalization demands enhanced data protection

he Data Protection Commission, the state agency tasked with the duty of ensuring safe, private and protected use and management of bulk data for both public and private purposes, has announced a raft of measures to ensure efficient and responsible treatment of data.

Among them is the plan to prosecute companies that are not complying with the laid down regulations regarding the gathering, treatment and protection of bulk data in the discharge of their function or operations.

The Commission says it has already engaged with the Chief

Justice towards the establishment of this special court pending the provision of a sizable list of cases to be handled.

The move from the commission seeks to ensure that businesses that collect and handle bulk data routinely to do their business will have no other choice than to adhere strictly to the laid down rules and regulations regarding the storage, use and protection of peoples’ data.

This is a step in the right direction from the commission considering current wave of digitalization across every facet of the economy and the resulting mass collection of bio-data for that purpose.

“As we digitize the economy with most transactions moving online, increasing usage of open data and access to information become softer, the Commission is ready to protect the public interest by ensuring that bulk data is used properly, legitimately, more privately and in a safe manner,” the executive director of the state agency told journalists.

There is increasing demand for data protection as a due diligence requirement so most institutions—both local and international—are demanding data protection licenses as part of due diligence process for awarding contracts.

Minister blames fertilizer shortage on virus pandemic Continued from cover

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“Since the inception of Planting for Food and Jobs in 2017, farmers enrolled on the flagship programme have received consistent, affordable and adequate supply of fertilizer until the last year of 2021, when the issues of shortages arose.

Several reasons accounted for this and these are adverse impact of the covid-19 pandemic on supply chain worldwide including fertilizer, resultant destruction of economic activities caused by the pandemic triggered sharp increases in prices of goods and services in the international market, culminating in low import by companies participating in government subsidy programme last year,” Dr. Afriyie-Akoto, said.

He further cited the general increase in freight charges by shipping lines due to the slowdown in economic activity in the wake of the pandemic and delays in the payment for supplies made by participating fertilizer companies during the 2020 cropping season.

Ghana relies heavily on imported fertiliser and a hike in the global prices, therefore, has a direct effect on the country, he further indicated.

According to the minister, government took steps to ensure local fertilizer production

before the virus outbreak and that there are plans to invest in more equipment to boost local production.

Until the introduction of the flagship programme, fertiliser usage in Ghana was as low as eight kilogramme (kg) per hectare available statistics show, compared to the current 28 kg per hectare, which, though significant, is still not up to the recommended global usage of

130kg per hectare.

Countries such as China and other Asian countries currently stand at 300 kg per hectare.

Several farmers in parts of the country are struggling to access fertilisers to increase yield.

For instance, in Sissala in the Upper West Region, the shortage of fertilizer is adversely affecting farmers, leaving large fields of maize turning yellowish a few weeks after planting.

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Data Protection Commission to crack the whip on data abusers Continued from cover both public and private data to face prosecution.

“All these institutions that are defaulting on how they treat our data as they should compliantly and legitimately, we are compiling a list of them; the Attorney General has agreed to set up a Fast Track Court that will prosecute and enforce the law on them,” Executive Director of the commission, Mrs. Patricia AduseiPoku, said at a media briefing as part of activities marking this year’s Global Data Protection Week.

“We’ve already engaged with the Chief Justice who is in support of this arrangement so long as we can provide a sizable list of cases to justify the establishment of that court,” she added.

Also, to get data handling businesses in check, the Commission says it is currently working with the Ghana Revenue Authority (GRA) to secure a list of registered businesses in the data control and management space to get them registered with the commission in line with its

mandate.

The DPC boss stressed that these efforts are to ensure that businesses that collect and handle bulk data routinely to do their business will have no other choice than to adhere strictly to the laid down rules and regulations regarding the storage, use and protection of peoples’ data.

According to the DPC boss, there is the need for practical actions on improving data protection

especially with the current wave of digitalization across every facet of the economy.

“As we digitize the economy with most transactions moving online, increasing usage of open data and access to information become softer, the Commission is ready to protect the public interest by ensuring that bulk data is used properly, legitimately, more privately and in a safe manner,” The Commission has further

asked state regulatory bodies to demand data protection license from private sector businesses, especially users of bulk data, before they could be able to take on contracts for goods and services Mrs. Adusei-Poku said about 50 sister agencies have agreed to demand the data license before renewing the permits of businesses whose operations involve the use of bulk data, and even for sourcing contracts for public goods and services.

The DPC boss indicated that there is increasing demand for data protection as a due diligence requirement so most institutions— both local and international— are demanding data protection licenses as part of due diligence process for awarding contracts.

“The Public Procurement Authority is working with us on this to inspect the data protection license of private businesses that will be seeking for contracts. In all public sector agencies now, internal auditors are demanding this license from key decisionmaker,” she said.

FBNBank opens 21st branch at Atomic Junction Continued from cover is a specially designed touchpoint which will offer retail, commercial and premium banking services to its customers and clients in the near-by suburbs of University of Ghana, Madina, North Legon, Atomic, Haatso and Agbogba.

The new branch, which is the 21st in FBNBank’s branch network, is expected to attend to the needs of small and medium enterprises (SMEs), retail customers and also the growing youth population within the catchment area.

The ceremony attracted clients, customers, staff and several key personalities.

It included a tour of the branch which offered the invitees a firsthand opportunity to appreciate the ergonomic design of the interior and the enhanced customer interaction and experience features.

The branch has a premium lounge available for customers who have signed up for the service.

SME clients will also receive special attention owing to the presence of a team on stand-by to attend to their needs.

Delivering the keynote address, Rosie Ebe-Arthur, Non-

Executive Director of FBNBank Ghana, said “FBNBank, being conscious of the role of banks in the economic development of this country has chosen to make a difference through its offerings and propositions on the platform of keeping its customers and all stakeholders at the heart of what it does.

The bank has subsequently positioned itself strategically as the go-to partner for SMEs and also for trade generally. This year, FBNBank has added the Youth to its agenda. All these are possible because the Bank leverages the support of its parent, First Bank of Nigeria which has garnered over 127 years of extensive and successful engagement over several generations with the people of Nigeria and sub-Saharan Africa.”

Rosie Ebe-Arthur added that, “to deliver on its agenda and also remain relevant in the realisation of the economic agenda of Ghana, FBNBank has over the past years grown its network, which currently features an exciting variety of customer touchpoints.

These include the usual brick and mortar branches, ATMs, digital channels and third-party options like agent banking.”

Also present at the commissioning were Municipal Chief Executive of Ayawaso West Municipal Assembly, Sandra Owusu-Ahenkorah, Mrs. Hannah Brenda Amoateng, Lead Pastor, Cedar Mountain Chapel, Assemblies of God International, Reverend Dr. Stephen Wengam, Imam, Madina Central Mosque, Sheikh Salman Mohamed Alhassan and the host, Mr. Victor Yaw Asante, Managing Director and Chief Executive of FBNBank Ghana.

Earlier, Mr. Asante, in delivering the welcome address said, “the presence of this branch here therefore strategically places FBNBank in one of the most ideal locations to be able to attend to the banking needs of two of our key customer segments: SMEs and retail. Over the last few years, we have seen a number of businesses established here to meet the growing needs of the fast-growing population. Quite a number of these businesses happen to be SMEs. In addition to this, this enclave accommodates several tertiary institutions with their huge young population not to mention the numerous residents in the suburbs around here. This

creates a hotspot for the offering of our gold standard of excellence and value. This is an exciting mix for us as a Bank for which reason we have set up here to be able to attend to their needs.”

In the past five years, FBNBank has improved on its offering by introducing several unique products aimed at SMEs and retail customers in particular. These include the FBN First Trader Solution, the FBNBank Temporary Overdraft, FBNBank Auto Loan and the FBNBank Personal Loan.

The Bank has within the same period opened new branches at Osu, Tip Toe Lane, a second branch on the Spintex Road and Ring Road Central. Branches like Tema and Kaneshie have be refurbished and recommissioned, offering an improved interaction and experience for customers and clients. All these have been augmented with a variety of digital channels which together deliver more convenience to customers and clients.

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FRIDAY JANUARY 28, 2022

Ghana Cares programme yielding anticipated dividends – Akufo-Addo

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resident Akufo-Addo says the ¢100 billion Ghana Covid-19 Alleviation and Revitalisation of Enterprises Support (Ghana CARES) ‘Obaatampa’ Programme, to create jobs and prosperity for Ghanaians over a three-year period, has begun yielding results.

According to President Akufo-Addo, “this initiative is inspiring the desired dividends that we anticipated. As a result of Government’s policies, the economy grew at a provisional 5.2% in the first three quarters of 2021. This growth is expected to be sustained in the medium term.

“The overall real GDP for the medium term is projected to grow at an average rate of 5.6%, and we remain committed to returning to the fiscal deficit target threshold, as enshrined in the Fiscal Responsibility Act, Act 982, from this year.”

Speaking at the 73rd Annual New Year School on Tuesday, the President indicated that the first phase of the Ghana CARES programme, the phase of stabilisation, came to end in 2020.

The second phase, which started in 2021, he stressed “aims at revitalising and transforming the economy between 2021

and 2023, and is focused on supporting commercial farming and attracting educated youth into agriculture, building Ghana’s light manufacturing sector, developing the engineering/ machine tools and ICT/digital economy, developing Ghana’s housing and construction industry, reviewing and optimizing the implementation of Government flagships and key Programmes, and creating jobs for young people, and expanding opportunities for the vulnerable in society, including physically challenged persons.”

Towards addressing the unemployment situation in the country, the President revealed the 2022 budget is focusing on

building an entrepreneurial workforce, and, together with stakeholders, Government has agreed on the YouStart Initiative as part of the ways of operationalising the Ghana CARES Programme to address the unemployment menace.

“The YouStart initiative is a key vehicle Government intends to use to create one million jobs in the next three years. It is a comprehensive initiative and will provide an effective solution to the youth unemployment challenge this country has been confronted with over the years.

“It will support young entrepreneurs to gain access to capital, training, technical skills and mentoring, to enable them

to launch and operate their own businesses, as well as employ others,” he stated.

Young entrepreneurs, under the initiative, can apply for the following support through a dedicated YouStart online portal: skills training and development; entrepreneurial support and business advisory services; competitive credit and starter packs; mentoring and access to markets, including portals, to facilitate “digital linkages” between youth-led enterprises and other businesses and relevant government agencies.

Successful applicants will be eligible for soft loans of up to ¢50,000 to help start-ups (for young graduates and school leavers) and small businesses to expand; starter packs for equipment acquisition up to ¢50,000 for individuals and ¢100,000 for associations and groups; and a standardised loan package between ¢100,000 to ¢400,000 at concessional rates for SMEs from financial institutions.

“Government is committed to harnessing and harvesting the creativity of the youth into economic dividends. I appeal to them to take advantage of the many opportunities available to them, and make the best for themselves and mother Ghana,” he added.

Zakat Foundation builds community centre for Bamboi

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GH¢1.3 million multipurpose community centre has been inaugurated for the chiefs and people of Bamboi in the Bole District of the Savannah Region.

The centre holds a 300-person capacity auditorium, a 50-person capacity conference room, a library, a mini-clinic and a gym to complement the social, education and health needs of particularly the youth.

It was funded by the Zakat Foundation of America, an international charitable organisation based in the United States of America (USA) and implemented by its Ghana office.

The inauguration of the facility formed part of activities to commemorate the 20th anniversary of the organisation founded in Chicago, USA, in 2001.

It, however, started operations in Ghana in 2002.

At last Saturday’s ceremony, the Country Director of the foundation, Mr Salia Alhassan,

said the facility was to enhance the health, social and educational wellbeing of the community.

It is the latest social gesture by the foundation, which had undertaken water projects for the Bole, Mandari, Jama, Teselima and Bamboi health facilities and some communities in the Bole District, as well as donated medical items to some health facilities, including the Korle Bu and Komfo Anokye teaching hospitals and the Bole Government Hospital.

It also donated ambulance tricycles to the health facility at Buswema and computers to some schools and institutions at Bole.

Mr Alhassan said the foundation was also supporting about 300 orphans in its operational areas and had also constructed mosques in some Muslim communities, including Larabanga, Teselima Jugboi, Bamboi and other operational areas across the country.

It also supported the renovation of a church building at Telesima.

Mr Alhassan said the organisation was also supporting some women in the gari processing business, the training of some young women and men in dressmaking, auto mechanics and mobile phone repairs in its catchment areas at Bamboi, Bole and Kumasi to empower them economically.

He said the foundation had also expanded and extended its charity works to Cote d’Ivoire, Burkina Faso and Togo.

Mr Hassan thanked the foundation’s donors and all who had supported the organisation in diverse ways within its 20 years of existence to serve humanity, and urged the beneficiary

communities of the projects to maintain them to enhance their lifespan for the benefit of generations to come.

The Paramount Chief of the Bamboi Traditional Area, Nana Kweku Dapaah, in an address read for him, thanked the Zakat Foundation for the community centre.

He said all efforts by the chiefs, opinion leaders and the youth to get a new facility did not materialise until the intervention by the Zakat Foundation.

He said the traditional council would put in place a committee to manage the facility and to ensure its maintenance.

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FRIDAY JANUARY 28, 2022

President swears in new ambassador to Japan

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resident Nana Addo Dankwa Akufo-Addo yesterday swore in Mrs. Genevieve Edna Apaloo as the new Ambassador of Ghana to Japan at a ceremony at the Jubilee House in Accra.

The President led Mrs Apaloo to swear the oath of allegiance, official oath and the oath of secrecy.

Until her new appointment, Mrs Apaloo served with Ghana's mission in Washington DC in the US and is the first woman to be appointed Ambassador of Ghana to Japan.

President Akufo-Addo, in a remark after the ceremony, reminded the new ambassador of the strong relations between Ghana and Japan which he said, dated back to the era of independence.

"Japan is a very good friend of our country. She has been a very faithful and dependable ally of Ghana ever since our independence. You are there to promote the relations between us and them and I am very confident that you will be able to do so,” he said.

"You know what our main pre-occupations are; which is to bring as much investment into our country as possible to accelerate the development of

our economy, the things we need to do to consolidate and grow our democracy. The system of government we have chosen to live by and generally to promote goodwill in our relations with Japan and people across the world," he said.

President Akufo-Addo said he admired Japan for its module of development which had brought it where they are and hoped that many of the things the government was doing in the country would have the same

impact and result in Japan.

He told the new ambassador to establish a bond with the new Japanese Prime Minister.

The President expressed confidence in her and wished her the best of luck in her new role.

The ambassador, on her part, expressed gratitude to the President for the confidence reposed in her by appointing her to serve as an ambassador.

Mrs Apaloo said aside from being a very important friend of the country, Japan was also

a very powerful country in the world and, therefore, assured the President of her support.

The ambassador was grateful to the Minister of Foreign Affairs and Regional Integration, Ms Shirley Ayorkor Botchwey and the Council of State, as well as her family and parish priest for their continued support.

Mrs Apaloo has served in Ghana’s missions in France, Togo, Nigeria, and Equatorial Guinea before her postings to the USA.

MTN Group CEO reiterates commitment to help grow telcos sector

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TN Group CEO and President Ralph Mupita has paid a day’s working visit to Ghana to engage some key stakeholders of the business and reiterate MTN’s commitment to help grow the telecommunications industry in Ghana.

The Group CEO and his team of executives paid courtesy calls on the Bank of Ghana,

Ghana Revenue Authority, Ministry of Finance and the Ministry of Communications and Digitalization to interact and discuss issues of mutual interest.

During the visit to the Bank of Ghana Mr. Mupita expressed his appreciation to the Central Bank for the support given to the business over the years. In his remarks the Governor of The Bank Dr. Ernest Addison

congratulated MTN for the work done in the mobile financial services sector and indicated the BOG will count on the business to champion innovation and Financial Inclusion. Dr Addison was joined by the 2nd Deputy Governor Mrs Elsie Addo Awadzi.

Ralph Mupita and his delegation then called on the Commissioner General of the Ghana Revenue Authority Rev. Amishaddai Owusu-Amoah and his deputies where he commended Ghana

for encouraging headline growth last year.

In his engagement with the Ministry for Finance, Mr.Mupita reiterated MTN Group’s commitment to the Ghana market and the company’s continuous support to the Government of Ghana in achieving its digital agenda.

This is the third visit of the Group CEO to Ghana since he assumed office.

The Group CEO is being accompanied by the Vice President for WECA Ebenezer Asante, CEO of MTN Ghana Selorm Adadevoh, CEO of Mobile Money Ltd Eli Hini, Chief Corporate Services Officer Sam Koranteng and Chief Finance Officer Antoinette Kwofie.

The visit to Ghana is part of Ralph’s commitment to growing MTN’s business in the various markets by consistently engaging local authorities to understand their expectations and to foster cordial working relationship.

Ralph’s next stop is Nigeria where he will also engage key stakeholders.

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Indonesian Consulate kick starts initiative to engage Ghanaian business moguls towards promoting bilateral trade

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n Monday, 10th January 2022, the Honorary Consul of the Republic of Indonesia, H.E. Paskal A.B. Rois had a very positive discussion with the CEO of EIB Network, Nat Kwabena Adisi, popularly known as Bola Ray, on how to increase bilateral trade between Ghana and Indonesia.

They discussed among other things how Ghana can leverage the industrial proficiencies of Indonesia and partner with it to build a strong industrial sector here in Ghana.

Indonesia currently manufactures almost every single product being used and exports a substantial quantity to Europe, America, and Africa. Indonesian products are also of European standard.

H.E Rois was full of hope that Bola Ray being an ambassador for the African Continental Free Trade Area (AfCFTA), is wellpositioned to make this dream a reality, by engaging investors and industry players and sharing with them opportunities in Ghana and Africa.

He also proposed a partnership between GhOne TV which is one of the media outlets under EIB Network and the Indonesian

H.E. Paskal A.B. Rois (right) with Nat Kwabena Adisi

National Television station to promote growth in Ghana’s media landscape. He also appealed to Bola Ray to provide a platform to promote Indonesia’s tourism, e-commerce, industry, among others on the EIB network.

H.E Rois was very optimistic this partnership would lead to

enhance human resources in the media landscape, where personnel would benefit from training and exchange programs.

It would see to the provision of state-of-the-art equipment.

He took the opportunity to congratulate Bola Ray on his journey in the media landscape

and his immerse contribution to the growth of Ghana’s media landscape and showbiz industry.

Bola Ray promised his commitment to establishing a stronger tie between Ghana and Indonesia towards the common good of both nations.

Ghana is a key partner in deepening regional economic, security matters - U.S Secretary of State

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he United States of America's Secretary of State, Antony J. Blinken has touted Ghana's key position in global and regional security and deepening economic ties for post-COVID-19 recovery and

growth.

The Secretary of State made this assertion when he and the Assistant Secretary of State for Africa, Ms Molly Phee met with Vice President Dr. Mahamudu Bawumia in the US.

Their meeting discussed the cooperation between the Ghana and the US, the prevailing security situation in the Sahel and West Africa, the impact of the COVID-19 pandemic and deepening economic ties for

post-COVID-19 recovery.

The Vice-President, Dr Bawumia is in the US to represent Ghana and President Nana Addo Dankwa Akufo-Addo, at the United Nations Security Council (UNSC) meeting.

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Energy

FRIDAY JANUARY 28, 2022

Kwabena Yeboah joins Ghana Airports Company Limited board

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he President of the Sports Writers Association of Ghana (SWAG), Mr Kwabena Yeboah has been sworn in as a member of the Ghana Airports Company Limited (GACL) board.

Mr Yeboah as well as Mr Kojo Edyir Danso were sworn in as additional board members of the Ghana Airports Company Limited by the Deputy Minister of Transport, Mr Alhassan Tampuli (MP), bringing the total number of board members to nine (9).

The pair were nominated by President Nana Addo Dankwa Akufo-Addo to serve on the GACL board which is chaired by Mr Paul Adom Otchere.

Other members of the board are Mr Teye Adjirackor; Mr Kwabena Mantey Jectey Nyarko; Madam Philomena Sam; Mr. Yaw Kwakwa, Managing Director of the company; a Ministry of Transport representative, Mr Francis Kofi Nunoo; and Grp. Cpt. Gervase Wienaa, a representative from the Ghana Air Force.

Akinwumi Adesina condoles with Mrs Margaret Shonekan T he President of the African Development Bank Group, Dr Akinwumi Adesina and his wife Yemisi, have paid a condolence visit to Mrs Margaret Shonekan, the widow of the

former Head of the Nigerian Interim National Government, Chief Ernest Shonekan.

Dr. Adesina described the late Chief Shonekan as an illustrious Nigerian and son of Ogun

State, who selflessly and with exceptional courage took on the mantle of leadership at a time of great national turbulence and uncertainty.

According to Adesina, "Chief

Shonekan straddled the world's of business, governance, community development, and philanthropy with excellence.

His immense contributions to and sacrifices for Nigeria will ensure that his memory remains evergreen in the history of Nigeria."

Recounting his memories of Chief Shonekan, Adesina said he was a great man with a big heart who believed in and remained committed to the unity of Nigeria.

He was always thoughtful, gracious, full of wisdom, with every word sculpted to shape a better pathway for the country.

Wishing Mrs Shonekan well, he prayed that God would grant her grace, strength, and fortitude to bear the immense loss.

Dr Adesina was accompanied by his Special Advisor on Industrialisation, Prof Banji Oyelaran-Oyeyinka, Lamin Barrow, Director General of the Nigeria Office of the African Development Bank, NJ and Mr. Olajide Oyewusi, Manager, Cabinet Office of the AfDB President.

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e-Commerce

FRIDAY JANUARY 28, 2022

45 days in January and a thousand bills to pay

‘’You want to bamba? You wanna chill with the big boys?’’

This song was on the lips of nearly everyone in Ghana last December. It was a time when it seemed like the fun will never end and normal life would never resume.

Along came the new year 2022. January, often touted as the longest month of the year for many reasons brings with it a feeling of new beginnings and a fresh start. Some joke about January having 72 days, others say it’s two months in one.

However long it actually is can be associated with the many bills people need to pay in the new year. Rent, school fees, electricity bills, water bills, insurance, roadworthy certificate renewals are among the thousand other bills that the new year comes with.

After a season of massive spending during Christmas and the new year, one may ask how do we deal with January and the many bills. This is how : 1.

Pay online - In a world

where technology has evolved so much, we cannot stress ourselves more by sitting hours in traffic and joining long queues just to pay for the bills we have labored to get money for. One safe, convenient and cheaper way is to pay online. Today, online platforms like JumiaPay gives us the opportunity to settle all our bills with a few clicks. On our smartphones and tablets through apps or on desktops and laptops through the website, we can enjoy the ease of paying our electricity bills, water bills, dstv subscriptions, school fees, data and airtime as well as insurance premiums. With a lot of bills to pay, you need to be in control of all the expenses and manage them effectively. Utilizing digital payment platforms makes it easier. Some even give cashbacks for paying online. With a recent surge in covid-19 cases too, your safety is assured as there is no physical human interaction when you pay online.

2. Shop online - 2021 saw probably the highest number

of Ghanaian online shoppers. A lot of people joined the online shopping bandwagon.

With many big online sales campaigns such as ‘’Jumia Black Friday’’, many Ghanaians shopped online for their essential needs at the best prices. Having these items delivered to their doorsteps or picked up from the many pickup stations spread across the country. In the new year, the best way to save a lot especially due to the high amount of bills to pay is to shop online for all your essentials, groceries, food, electronics and other needs. You get the best quality products at the most affordable prices.

3. Buy in bulk - This is an old trick that always works magic.

Why buy in bits when you still need to buy more always. Buying in bulk is also less expensive than impulse buying.

It helps to plan ahead and have enough for the days when you can’t afford to buy anything.

If you have kids and need to prepare them for school, buying their foodstuff and provisions in

large quantities means that you are free from buying more almost every week. At a time when bills are many and expensive, the last thing to be worried about is food and essential items like toiletries.

4. Structure/prioritize your bill payments - When you have a thousand bills to pay and the money you have is not as much, which bill do you pay first? This is a trick question because priorities may differ from person to person, family to family. However, one thing is for sure. You will need to structure the payments and prioritize some of them. For example, why would you pay for entertainment bills when you haven't settled the rent? Many of the basic needs have to be sorted out first before some other needs.

The new year comes with big hopes and aspirations, Therefore the last thing anyone should be doing is to start it with debts, bad decisions and lots of uncertainties. 2022 promises to be amazing so we need to start well. Best of luck!

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Government allocates GH¢44m to contain Bird Flu outbreak

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overnment has released GH¢44 million to contain the spread of bird flu across the country.

This was disclosed by the Minister for Food and Agriculture, Dr. Owusu Akoto Afriyie.

This comes on the back of reported cases of bird flu across the country.

According to the Agric Ministry, the outbreak, which occurred in seven out of the sixteen regions affected over 700,000 birds.

The Minister for Food and Agriculture, at a press briefing in Accra, announced some major interventions, including the allocation of money to curb the spread of bird flu.

“It will be recalled that government granted approval for the immediate recruitment and deployment of an initial 550 veterinary professionals out of a total 1,100 professionals throughout the country. The intervention also includes approval for the release of an emergency budget support of approximately GH¢44 million to the ministry. This is for the implementation of an action plan involving some key activities for combating the bird flu. These are the creation of public awareness on the bird flu, engagement with key stakeholders, stamping out decontamination, procurement

of disposal materials and other logistics as well as payment of compensation to affected farmers. The intervention of government is imperative given the VSD strategic mandate of contributing to public health and the development of livestock and poultry industry,” he said.

The outbreak occurred in seven regions including the Bono, Ashanti, Greater Accra and the Central regions.

Dr. Akoto said the interventions were necessary because the disease had reached emergency proportions and needed to be contained with all the urgency and seriousness it deserved to save lives and cost.

The acting Director of

Veterinary Services, Dr. Patrick Abakah, also gave a breakdown of the latest outbreak.

“We have about a total number of 159 farms that have been affected and for the total number of birds that have died as a result of the bird flu, we have 443,400 sick birds. The number of birds that have been destroyed by the VSD is 555,227. The total number of birds destroyed and the number that died through the bird flu we have 730,966,” he said.

Ghana experienced the highly pathogenic avian influenza (HPAI) popularly known as bird flu outbreaks in 2007, 2015, 2018 and 2021, leading to high mortality of birds running into thousands, loss of livelihoods and investments.

Records from the Ministry indicate that in the 2015 outbreak, a total of 148,000 birds were destroyed nationwide.

The 2021 outbreak was recorded in July, out of which seven out of the 16 regions were affected.

HPAI is a virulent zoonotic disease easily transferable from birds to humans.

It occurs through direct contact with infected birds, contaminated feed, fomites, and interaction between farmhands.

There is currently a ban on the importation of poultry and poultry products from neighbouring countries where the prevalence of the disease has been confirmed.

Household incomes reducing at record levels post-COVID – report

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hanaians across the country continue to record reductions in household incomes, while the cost of items such as food continues to be on the rise.

This is according to a report by the Ghana Statistical Service dubbed COVID-19 households and job tracker survey 2021.

The survey sampled views from a total of 7,999 households across the country.

If any situation has given more meaning to the statement, desperate times require desperate measures, it is the life of Ghanaians within this COVID-19 period.

More families have had to adjust to increasing expenditures with limited resources.

The Ghana Statistical Service in its Wave 3 COVID-19 households and jobs tracker revealed that more Ghanaians were forced to cope in varying ways as they saw a reduction in their income levels.

For most families, their income levels have not recovered to the pre-COVID-19 period–thus, the

period before Ghana’s first case on March 12, 2020.

According to the report, most of the households that depended on non-farm family businesses saw the biggest income reduction.

70% of the respondents say their incomes have been reduced by more than half, while 30% of them say theirs have remained at the same level.

Though their incomes had reduced drastically, most of them

had shockingly experienced hikes in food prices. About 73.4% indicated that they experienced an increase in the price of major food items.

While this is estimated to be the experience of the average Ghanaian, the survey indicates that regions categorised within the Savannah Zone, namely, Northern, North East, Upper West, Upper East and Savannah regions, were the worst affected

by food insecurity.

51% of the respondents in that side of the country were worried about not having enough food, 54.1% were unable to eat healthy and preferred foods, while 49% of them had to skip a meal.

In addition to this, the average family expended about GH¢12 of their income on COVID-19 personal productive equipment.

To cushion themselves, most of them were forced to adopt several strategies to survive. Amongst them is the strategy of borrowing to support their households.

Within the period of January to October 2021, 43% of families relied on savings, 42.9% reduced food consumption, 35% received assistance from families, 18% borrowed from families and 15% sold assets.

Meanwhile, COVID-19 was not the main reason for most of the persons who were without jobs at the time of the survey.

The findings also revealed that more persons were not tested for COVID-19 and that it was difficult to get tested for the virus.

12

News

FRIDAY JANUARY 28, 2022

FAO’s Champion and Partnership Awards call for nominations

T

he Food and Agricultural Organisation is calling for the submission of nomination for the Champion and Partnership Awards for this year.

The new annual awards acknowledge progress in the achievement of the Sustainable Development Goals (SDGs).

The awards are open to individuals, organizations, governments, foundations, academia or private sector leaders across the world.

“We want to hear your story about how you are transforming agrifood systems, advocating for change, or bringing about a chain reaction towards better production, better nutrition, a better environment and a better life.

Celebrate the efforts of individuals or institutions that are taking concrete steps towards building a sustainable food secure future for all and submit an application to the Awards Secretariat.”

DPO Group partners with Mastercard to help businesses role in advancing Mastercard’s significant growth in Ghana in accept digital payments worldwide commitment to recent years, with the value of

D

PO Group has partnered with Mastercard to enable thousands of businesses in Ghana to offer their customers greater choice and convenience by pivoting online and accepting digital payments.

Through the collaboration, DPO will leverage Mastercard’s digital payments technology to enable merchants to safely, seamlessly and securely accept a wide range of digital payment methods including mobile money and via e-wallets – both locally and from abroad – in the currency of their choice.

The collaboration will help small and medium enterprises (SMEs), which are critical to the growth of the economy, and international companies to process payments via a simple integration to a single platform, equipped with strong protection against online fraud and support for refunds, chargebacks and more. They will also have access to the DPO store, an e-commerce plug and play solution available in more than 20 countries in which DPO operates.

As part of the partnership,

DPO and Mastercard will also provide training for Ghanaian firms and entrepreneurs on how to maximise business growth and manage risk with smart use of digital payments.

Eran Feinstein, CEO of DPO Group, said, “Ghana is an exciting market for digital payments and innovation, and we’re delighted to launch our advanced payment solutions to offer entrepreneurs smooth and secure payment services. We are grateful to our strategic partner Mastercard for their support. Together we look forward to supporting businesses as they grow and reach new customers.”

DPO’s Head of Business Development and Country Manager for Ghana, Manasseh Narh added: “We are thrilled to launch our partnership in Ghana.

We know our products can support the ambition and growth goals of Ghanaian businesses of all sizes, and we look forward to partnering with them to offer secure payment technology in a rapidly growing digital payments marketplace.”

This collaboration plays a

financial inclusion to bring a total of 1 billion people, and 50 million micro and small businesses into the digital economy by 2025.

“We recognise the overwhelming pressure that business owners are currently facing and are committed to supporting them as they adapt to meet ever evolving customer needs. This collaboration has the potential to empower every business with the tools they need to take their operations online and be more competitive in the ever expanding digital economy,” commented Bossman Kwapong, Country Director, Ghana, Mastercard.

E-Commerce has seen

digital transactions increasing by 120% between February 2020 and February 2021[1]. The adoption and use of Mobile Money has been central to this growth, and DPO’s payments platform supports this payment method alongside traditional currencies and payment methods.

DPO Group was acquired by Network International in 2021 in a landmark deal for the African payments space. It continues to operate under the same brand in existing territories, and will be launching a new comprehensive payment solution, ‘DPO Pay’ for businesses across Africa and other territories.

Manasseh Annor Narh –Regional Manager West Africa & Country Manager, Ghana

13

Opinion/Analysis

FRIDAY JANUARY 28, 2022

European inflation is not American inflation

By Jean Pisani-Ferry

E

urozone consumer prices increased by 5% year on year in December, while the number of Google searches for “inflation” has recently risen threefold in Germany and tenfold in France. So, at first glance, it is difficult to avoid the impression that Europe – like the United States, where annual price growth has hit 7% – will have a tough time taming the inflation dragon.

Having dismissed concerns about rising prices for too long on the grounds that the main risk was deflation, the European Central Bank, like the US Federal Reserve, is now on the defensive.

Critics accuse the ECB of being dangerously behind the inflation curve, and of having neglected its overriding mandate: to ensure price stability. Some claim that, after years of adventurous quantitative easing, the day of reckoning has arrived.

Both the Fed and the ECB can certainly be blamed for not having spotted the current price surge early enough. But that is no reason to lump together the US and the eurozone. Contrary to the widespread belief that inflation is back for good on both sides of the Atlantic, the outlook for the US is fundamentally worse, for three reasons.

First, under former President Donald Trump and his successor, Joe Biden, the US tackled the fallout from the COVID-19 shock with a massive fiscal stimulus.

From March 2020 to September 2021, money transferred to households and businesses in the US through exceptional tax cuts, top-ups to unemployment benefits, debt forgiveness, and other schemes amounted to a

whopping $2.5 trillion, or more than 11% of pre-crisis GDP. True, part of this money substituted for the lack of strong, built-in shock absorbers of the sort that have long been common in Europe. Extra unemployment benefits, for example, were made necessary by the limited generosity and short duration of the standard payments. But the US fiscal response amounted to overkill – and, as Larry Summers and Olivier Blanchard pointed out a year ago, too much fiscal support was bound to generate a massive imbalance. Given the historically low level of unemployment before the COVID-19 crisis, there was no hope that potential output could match the extra demand generated by policy.

Europe, meanwhile, was paradoxically more generous and thriftier at the same time. When French President Emmanuel Macron announced in March 2020 the launch of a massive furlough scheme whereby the government would pick up the wage bill of employees idled by the pandemic, he said loud and clear that the state would fulfil its responsibility to protect, “whatever the cost.” Not everyone in Europe said the same, but virtually all governments adopted the same position. For a while, there was no budget constraint anymore, and the ECB stood by to help governments do their job.

Citizens were understandably stunned. But the French furlough scheme, despite having at one point covered 40% of the workforce, eventually cost a mere 1.4% of GDP. As public health improved and people returned to work, furloughs quickly dwindled. All in all, the total fiscal cost of supporting households and firms remained around 3-4%

of GDP. Europe, unlike the US, did not throw money at pandemicinduced economic problems indiscriminately.

Household income was maintained, not increased. As a result, there was no massive excess demand.

The second factor is that furloughed workers in Europe retained their labor contracts and the associated employment security.

True, temporary workers and those on fixed-term contracts paid a high price as a result of the COVID-19 crisis, and new entrants into the labor force also struggled. But, on the whole, European states acted like insurers and protected workers and employers from a devastating shock.

So, it should be no surprise that Europe’s pre-pandemic labor force remained largely intact once the worst was over.

US policymakers, in contrast, are still wondering what caused 2.7 million workers to disappear during the crisis, and how to avert multiple bottlenecks in an economy where a demand overhang coexists with supply constraints.

In both Europe and the US, many are considering whether to change their job, employer, or sector, and many firms are struggling to hire. But this is not the same as withdrawal from the labor force. With hindsight, the European social model has proved more effective than its US counterpart in ensuring workers’ continued participation.

The final reason why inflation threats are more worrying in the US is that the Fed had explicitly committed itself to keeping its powder dry. Back in August 2020, Fed Chair Jerome Powell unveiled a new strategy whereby policymakers would aim to

achieve prolonged above-target inflation after a period of belowtarget inflation, and would also seek to promote “maximum employment.” The quid pro quo for such a bold rethink should have been a responsible fiscal policy. But now that Congress and the president have made the opposite choice, the Fed finds itself forced to change course precipitously.

To be sure, the ECB also faces constraints. Everybody wonders whether Italy, with public debt that has jumped to 155% of GDP, will be able to place bonds with investors once the ECB starts unwinding its bond-purchase program. But at least the ECB hasn’t added a constraint of its own.

A decade ago, Europe’s response to the financial crisis was a disaster. But now, with a more effective social model and more targeted fiscal support, Europe has managed this crisis better than the US has. And while it certainly must address its own problems, neither the policy challenges nor the solutions are identical to those being discussed in Washington.

As Laurence Boone, the OECD’s chief economist, recently told eurozone finance ministers, there is no reason to tighten fiscal policy in the eurozone, and at this stage no reason to attack surging, but still mainly energyprice-driven, inflation by raising interest rates aggressively.

Although inflation in many Western economies is at its highest level in decades, the story is not the same everywhere.

As US inflation jitters increasingly permeate markets, European policymakers will need to remain composed and stay focused on the tasks at hand.

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FRIDAY JANUARY 28, 2022

15

Feature

FRIDAY JANUARY 28, 2022

How much has the pandemic cost?

By Andrew Sheng, Xiao Geng

A

s the COVID-19 pandemic entered its third year, the United States was enjoying a protracted stock-market boom, and China’s global trade surplus had reached record highs. There is reason to believe these trends will not last: notably, with the US Federal Reserve set to tighten monetary policy in the face of rising inflation, the US stock market has tumbled.

But even if market ebullience or strong exports in the world’s biggest economies were to persist, most people are experiencing hardship and angst. We must not lose sight of that, let alone of the imperative of systemic change.

In responding to the pandemic, policymakers have faced an awful dilemma: keep the economy open and risk more COVID-19 deaths, or impose lockdowns and destroy livelihoods. As the Vanderbilt University economist W. Kip Viscusi points out, one way to simplify the trade-off between the benefits of reducing health risks and the costs of economic dislocations is to “monetize” COVID-19 deaths.

Using the value of a statistical life (VSL) as the metric, Viscusi found that the cost of COVID-19 deaths in the first half of 2020 amounted to $1.4 trillion in the US and $3.5 trillion globally. Although the US accounted for 25% of deaths, its share of the global mortality cost was 41%, because richer countries have a higher VSL. An American is valued at $11 million, and an Afghan at just $370,700.

If one applies the same measure to officially reported deaths through the end of 2021

– which total about 5.6 million – the mortality cost would be $38 trillion, or 40% of global GDP. If one takes the Economist’s estimate of actual deaths – close to 17 million – that figure soars to $114 trillion, or 120% of GDP. China approached the tradeoff very differently from the US, choosing to protect lives with strict lockdowns, even at the expense of greater economic dislocations. If China had the same infection rate as the US, and the same mortality rate (slightly more than 2.9%), its total COVID-19 deaths would have reached 4.1 million, rather than the 4,849 it has officially recorded. China’s VSL of $2.75 million implies that this would have meant additional losses of $11.3 trillion, or 67% of 2021 GDP. Given that China’s economy has performed relatively well during the pandemic despite lockdowns, it seems fair to conclude that China’s approach led to lower overall costs.

In any case, the actual costs of the COVID-19 pandemic are higher than VSL scores indicate.

Aggregating mortality, morbidity, mental-health conditions, and direct economic losses, former US Treasury Secretary Larry Summers and Harvard economist David M. Cutler estimate that the US bore losses of $16 trillion – the equivalent of 90% of GDP – in 2020.

Despite these high costs, the dilemma faced by a country like the US or China is less stark than that faced by poorer developing economies. With large debts and limited ability to borrow, these countries’ governments have had few options for propping up their economies. Vaccine shortages

and weak health systems have left them even more vulnerable.

The International Monetary Fund recently warned that, because of the pandemic, incomes in 40 fragile and conflict-affected states are falling even further behind the rest of the world. It is not difficult to discern why: such countries lack the institutional capacity or resources to manage or mitigate social, economic, political, security, or environmental risks effectively. Already, violence is at a 30-year high globally. Fragile states – home to nearly one billion people – may account for 60% of the world’s poor by 2030.

All of this is taking its toll on the global economy. The latest edition of the World Bank’s Global Economic Prospects report cautiously predicts that global growth will slow from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023. Behind this forecast are the threats posed by new COVID-19 variants, rising inflation, mounting debt, widening inequality, and worrying security challenges.

Economists like Viscusi, Summers, and IMF and World Bank staff measure policy options and their consequences in terms of monetary costs or GDP. But the dilemma policymakers face is fundamentally a moral one, rooted not least in the question of when individual preferences should prevail over collective interests. Moreover, despite the apparent straightforwardness of cost-benefit calculations, the pandemic is ultimately a systemic challenge that is entangled with others, from inequality to climate change.

There are no simple solutions.

As Minouche Shafik, the director of the London School of Economics and Political Science, recently argued, the pandemic has made plain the need for a new social contract fit for contemporary challenges.

The old social contract had its roots in the Domination Code, embodied in Genesis 1:26, when God said: “Let Us make man in Our image, after Our likeness, to rule over the fish of the sea and the birds of the air, over the livestock, and over all the Earth itself and every creature that crawls upon it.” And yet, not all people were granted the same authority. In 1493, the Catholic Church’s Doctrine of Discovery granted Christians the right to enslave non-Christians and seize their property.

That doctrine was echoed in the US in 1823, when the Supreme Court ruled that the state had more rights than indigenous people. As the late anthropologist David Graeber and his co-author David Wengrow show, the ideas of freedom and equality that guided the European Enlightenment were shaped by Europeans’ first contact with American Indians in North America.

The social contract we need must reflect the forces and values shaping the world we live in today, including the deep interconnections among our economies and societies, the inherent value of all humans, and the shared existential challenge of climate change. Today, the choice is not to dominate or be dominated; it is to work together or perish together

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FRIDAY JANUARY 28, 2022

17

Global Economy

FRIDAY JANUARY 28, 2022

The mismanagement of inflation expectations

By Howard Davies

C

entral bankers are not required to be great wordsmiths. The ability to craft elegant paragraphs is not normally in their job description.

Until recently, many leading monetary policymakers operated on the “least said, soonest mended” principle. Montagu Norman, the governor of the Bank of England from 1920 to 1944, lived by the motto “never explain, never apologize.”

Similarly, former US Federal Reserve Chair Alan Greenspan once proudly observed that he had “learned to mumble with great incoherence.”

But those views are now passé.

Senior BOE officials made, on average, a total of just 13 speeches a year in the 1990s. In the last decade, the average was over 80, and the trend line points upward.

A similar pattern can be observed at other central banks.

That is not because central bankers now yearn to be public figures; privately, many would prefer the Norman approach.

But an inflation-targeting regime is thought to work through clear and credible management of expectations. Persuade economic actors that you will hit your target most of the time, and they will do part of your job for you by moderating their wage demands and maintaining stable prices.

So, central-bank communication matters; for monetary policymakers, it is not an optional feature. And their experience in past months has been unfortunate. As recently

as September, Fed Chair Jerome Powell was telling the world that the rise in inflation, which began to be felt last summer, was “transitory.” The word was picked up by European Central Bank President Christine Lagarde, and in November was still widely used across the Western world.

But by December, with US inflation running at 7%, the messaging had changed, and “transitory” was out of fashion.

Powell was now telling us that it was “probably a good time to retire that word,” while US Treasury Secretary Janet Yellen, his predecessor at the Fed, acknowledged that it “hasn’t been an apt description.”

Rarely has a financial term had such a short life. “Transitory” now lies buried in central banks’ lexicographical graveyard, along with “forward guidance.” Sic transit, as the Romans would say.

Does this embarrassingly abrupt linguistic U-turn matter? I fear it does.

Speeches are only one part of the communications mix central banks use to influence inflation expectations.

Monetary authorities have also enthusiastically taken to social media, and especially to Twitter, where the Fed currently has over 800,000 followers, and the ECB over 650,000, for feeds that regularly extol the virtues of low inflation.

But there is worrying new evidence that this message is not getting through, and that central banks are not trusted as much as they would like to think. In fact,

fewer than 20% of US households are aware that the Fed is targeting a 2% inflation rate. Remarkably, almost 40% think that it is aiming for inflation of 10% or more.

Many also believe that inflation has recently been higher than official statistics indicate. Here, some of them might be right, as different social strata face different inflation rates. For example, rising food and energy prices disproportionately affect poorer households.

Central banks like to focus on so-called core inflation, which excludes short-term factors – specifically, increases in food and energy prices – that monetary authorities cannot control. That can lead policymakers to see a rise in inflation as “transitory.” But consumers’ price expectations, by contrast, are formed by the inflation rate they have actually experienced, and food and energy costs are a significant component of many households’ budgets.

That is probably why American consumers and households think inflation in the coming year will be higher than American economists do. Economists on average predict an inflation rate over the next year of 3.7%.

Business managers expect it to be a little higher, at 4.1%, while households expect prices to rise by 4.7%. Households’ mediumterm expectations are higher, too. That pessimism will certainly influence wage demands, as is already evident.

Who will turn out to be right?

We will soon know. Central banks can point to some persuasive

arguments suggesting that inflation will fall through next year. For example, despite higher cooling demand, energy costs typically fall in the Northernhemisphere summer.

But the outlook for energy costs is highly uncertain, and is influenced by unpredictable geopolitical risks, not solely by supply and demand, which can more easily be modeled. The most useful indicator in that regard might be the number of Russian troops massed on the Ukrainian border, which is not a statistic central banks normally collect.

For now, central banks’ position is not desperate; hyperinflation is not around the corner. The Fed can argue that the price level has merely returned to where it would have been had policymakers precisely met a 2% annual inflation target in each year since 2000. In the eurozone, prices are still 10% below that level.

But the costs of losing control of consumers’ inflation expectations, which the leading central banks appear to have done, could be high. The evolution of wage settlements over the next quarter will be crucial. If wage increases accelerate, central banks will be obliged to respond firmly or lose even more credibility, so interest rates will be rising as economies are still struggling to emerge from the pandemic. It is fortunate that Powell has recently been reappointed, as he may not win any popularity contests in 2022.

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FRIDAY JANUARY 28, 2022

Maiden edition of Africa Technovate Awards to come off April 2 Continued from cover players of the technological space.

The awards programme and a fair are scheduled to come off on Saturday, April 2, 2022, at the auditorium of the University of Professional Studies (UPSA), Accra under the theme ‘Information Technology and the Way Forward for Africa under the Fourth Industrial Revolution’ from 9:00am to 9:00pm.

As part of the new preparations to allow for more inclusivity, and to bring out the best in technology, innovation, and creativity in Africa, the closing date for nominations has been fixed for Tuesday, February 15, 2022.

The technology and innovations awards ceremony are to recognize and reward African technology companies who have blazed the trail for several years and budding young innovative and creative tech companies charting a path for Africa in a fast digitally transforming world.

The awards will challenge and motivate tech companies driving digital solutions to even do more to make Africa stay competitive, especially under the era of the Africa Continental Free Trade Agreement (AfCFTA).

Speaking at the launch, Managing Director of AIDEC, Ambrose Yennah said the ceremony will be graced with different key stakeholders and a number of distinguished guests who will share knowledge and ideas about their best experiences and practices and also share how they've stayed hopeful even in trying times of COVID-19 “Apart from the awardees, other key stakeholders made up of a number of distinguished invited guests will be attending from some technology training institutions, top technology companies in the services sector, academia and policy and regulatory authorities of the technology space, under the Ministry of Communications and Digitalization,” he said.

The event will be held both physically with about 150 persons in attendance and virtually for all persons throughout Africa and beyond. All countries in Africa are targets for inclusion in the Africa Technovate Awards particularly Ghana, Nigeria, Rwanda, South Africa, Kenya, Cameroun, DR Congo, Ethiopia,

Uganda, Zambia, Sudan, Zimbabwe, Ivory Coast, Senegal, Namibia, Tanzania, Botswana, Gambia, Niger.

Awards Category The award ceremony include three sections: Sector Awards (silver category), Regional Awards (Gold category), and the Africa Awards (platinum category).

The sector awards will comprise of Outstanding Edtech Institution of the Year, FinTech Company of the Year, Health/ Medtech Company of the Year, Digital Agri-Business of the Yea, and the Tech Insurance Company of the Year.

The regional awards comprise the Digital Innovation and Creativity Award, Digital Business Transformation Award, Tech Startup Company of the Year Award, Young Tech Startup Company of the Year Award, Blossoming Tech Company of the Year Award, Mature Tech Company of the Year Award, and the Ambitious Tech Company of the Year Award.

While the Africa awards (platinum) category comprises of Outstanding Digital Entrepreneur of the Decade, Lifetime Achievers Award, Quality Standards Award,

Digital Excellence Awards, and the Long-Standing Service Engagement Award.

Awards criteria On awards criteria, the nominated individual or organization must be registered as an ICT company or service provider in the ICT sector and must show a track record of performance in the technology space.

Mr. Yennah added that the awardees must have demonstrated creativity, originality, and initiative in technology design and programming adding that they must also contribute to the development of technology products or solutions in the sector, country, or region. They must have industry standards by establishing and demonstrating organizational best practices.

The company as well must demonstrate standards and show evidence of innovation and creativity using information technology to transform business operations.

Speakers, guest of honour The Special Guest of Honour is the Minister of Communications

and Digitalization, Ursula Owusu-Ekuful. The awards will be chaired by Ing. Dr. Kenneth Ashigbey, CEO of Ghana Telecoms Chamber with Carol Annang, Country Director of Invest in Africa as co-chair.

Speakers for the event include Chairman, Ghana Dot Com, Prof. Nii Narku Quaynor; Executive Director, E-Commerce Association of Ghana, Paul Asinor; and President, Accra Institute of Technology, Prof.

Clement Dzidonu. Goodwill messages shall be shared by the Secretary-General of AfCFTA, Wamkele Mene; and the Country Director of GIZ, Regina Bauerochse Barbosa.

The event will be graced with a lively performance by ‘the lioness of Africa’ Wiyaala with support from Patchbay band.

Other side attractions will be the exhibition of tech products and services at the foyer of the Auditorium (UPSA). There will be an event brochure both in soft and hard copies and advertisers and sponsors are encouraged to take advantage of the limited spaces available to sell their business and products across Africa and beyond. For further information about Africa Technovate Awards, kindly visit the link: Africatechnovateawards. tech

19

Feature

FRIDAY JANUARY 28, 2022

Using Artificial Intelligence for quick humanitarian response

O

nce upon a time, there was a pandemic outbreak; a deadly virus that threatened to kill many humans and had no cure was ravaging the world. You wonder why this article starts this way- well it is a story that is real but is being recounted as a folktale. This story also shows the power of collaboration and innovation in an information-driven age.

So, to continue with the story, the pandemic affected all nations, rich and poor. This prompted governments to institute strict lockdown measures to limit the spread of the virus, which was airborne. Some, therefore, had to roll out financial support schemes to support their poor and needy nationals.

One developing country decided to adopt data science technology developed by a university in a developed country to tackle the problem of distributing help in the form of cash to poor citizens affected by the lockdown imposed due to the pandemic. This was a major departure from how it was usually done in the past; previously field teams would have been dispatched to identify and register the poor citizens for the cash distribution to be carried out. In brief, the government based the classification of poverty-prone areas derived from poverty maps based on satellite imagery.

Satellite images were used to train a data science model to identify locations in the country as poor or wealthy areas. Features such as the materials used for roofing and road types (bitumen or dirt-road) were identifiable from the satellite images available. These features were used for classifying localities or communities as rich or poor. For instance, thatch roofs indicated poor communities and shiny or colored ones (characteristic of metal roofing materials) depicted wealthy ones. The model could then be used after training to predict poverty in locations that had not been visited before.

To complete the analysis, this information acquired through machine learning was then superposed on user phone records; how often did a user buy airtime or use mobile money to make transactions, and what were the volumes of such transactions?

Based on this combined analysis, financial help was sent to 30000 citizens within 2 weeks. Citizens who were in the informal economy and who needed to move each day to make daily wages to take care of their families but whose movements were then restricted

by the lockdown benefited from this. You wonder by now which country I am referring to. This does not matter; what matters is the fact that technology has been leveraged to produce a positive outcome within a short period.

The use of machine learning and artificial intelligence technology is becoming pervasive in this current era of a datadriven society. Some lessons can therefore be learned from this story for policy development on artificial intelligence research and application in Ghana and Africa at large.

1. Academia-industrygovernment partnership is required: In the story, there was a problem statement from the government; how could the poor citizens affected by the imposed lockdown be easily identified in the shortest possible time?

Through its search for a solution, it identified the work done by the University of Berkeley on poverty maps creation, using artificial intelligence. In this scenario, the problem was identified in one continent and the solution was found in another. This illustrates how solutions to societal problems can be solved with tight collaboration between academia, industry, and government. In the field of artificial intelligence, research is very much required and the best centres of excellence in the domain of research are the universities. For Ghana to make the most of artificial intelligence, its universities need to fill the research gap for the identification of local solutions to local problems. In Africa, some universities have taken the lead in this initiative; the Makerere University in Kampala, Uganda for instance through its

centre for artificial intelligence research has produced a lot of work in providing local solutions based on artificial intelligence in agriculture. The University of Cape Coast here in Ghana is also doing some great work in natural language processing (NLP). More is still needed to be done for global recognition as centres of excellence in the field of artificial intelligence research.

In this regard, more government support is needed. Government support does not necessarily have to come in the form of financial support; its involvement in the problem statement and adoption of the solutions provided by the local universities go a long way to further encourage innovation in these institutions.

2. Local collaboration is critical: In our story, the details of the financial ramifications of the solution development are not available but such a solution can likely come with a cost. With more local collaboration, a lot of solutions can be optimized in terms of cost to developing nations. We must bear in mind that every technology has a cost, as such importing innovative technologies, in the long run, is akin to the already existing trend of importation of finished products by developing economies.

It is no doubt that the Google AI research centre opened in Accra, Ghana was in the same spirit of deepening local collaboration.

3. Leverage on data to solve problems in novel ways: With the plethora of data now available, the sky only is the limit in terms of the solutions that can be provided for the

various societal problems facing humanity. However, this starts with clearly defining the problem to be solved and identifying how the existing data can be used to solve such a problem. In our story, the problem was one of quick response to a situation and the solution available was the use of satellite imagery without having to deploy field teams that could take a longer time and are also cost-intensive to collect the same data. To each problem there is a different solution. Sometimes, the wrong identification or statement of the problem contributes to getting stuck in finding the datadriven solution.

In conclusion, data science and artificial intelligence technologies can be applied to different sorts of problems once there is enough data to be exploited in the solution development. There are many use cases ranging from vaccination planning to humanitarian response, to disasters that can be implemented using satellite imagery data to speed up implementation.

The large amount of such data requires the use of machine learning or artificial intelligence techniques for an effective solution development. Local collaboration ensures that the solution development is done in the same context of the data collection and if done properly can reduce the risk of bias in model development.

Local collaboration is also beneficial in the cost management of solutions developed using artificial intelligence techniques.

Author: Yayra de Souza – Telecommunications Engineer, AI specialist (Member: Institute of ICT Professionals, Ghana) For comments, contact yayra. de.souza@gmail.com / Mobile : +233543758923

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Markets

FRIDAY JANUARY 28, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING JANUARY 21, 2022

CONTINUED ON PAGE 21

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FRIDAY JANUARY 28, 2022

CONTINUED FROM PAGE 20

WEEKLY MARKET REVIEW FOR WEEK ENDING JANUARY 21, 2022

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BUSINESS24.COM.GH FRIDAY JANUARY 28, 2022

NO. B24 / 298 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

FRIDAY JANUARY 28, 2022

2022, The year for electric vehicles- how battery makers and automakers are making EV's a reality

I

nvestorideas.com , a leading investor news resource covering EV and battery technology stocks releases a special report featuring NEO Battery Materials Ltd . (TSXV: NBM) (OTCQB: NBMFF), a Vancouver-based company focused on battery materials.

The ongoing chip and battery shortages are leading battery makers to innovate and look for new alternatives, while EV manufacturers continue to struggle to meet demand.

A recent CNBC article discussed expectations for the EV market saying, 'If 2021 was the year for electric vehicle stocks, 2022 is the year for actual deliveries. Investor money this year poured into Rivian and Lucid Motors, valuing the EV companies at a combined $150 billion. Neither company has generated meaningful revenue and they've just begun getting keys into the hands of consumers.'

'The question is going to be who starts production and is able to convert this interest and the investments in the brand into deliveries and happy customers,' said Vitaly Golomb, a tech investment banker who focuses on EVs at Drake Star Partners.

'That's really the next phase.'

NEO Battery Materials Ltd. (TSXV: NBM) (OTCQB: NBMFF), a company looking to address the battery shortage, recently announced that the Company has successfully received the final site approval by the Province of Gyeonggi to construct the commercial plant facility of NEO's patented silicon anode materials, NBMSiDE, for electric vehicle lithium-ion batteries.

Through NEO Battery Materials Korea Co., Ltd., a wholly-owned subsidiary of NEO, the Company secured land with approximately an area of 106,700 square feet, or 2.5 acres, for the initial phase of the NBMSiDE Commercial Plant Facility.

NEO initiated the site search in August of 2021 after the announcement of a strategic decision made to construct its silicon anode commercial plant

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in South Korea. After intensive research, communication, and negotiations with 2 provincial authorities, NEO had decided to apply to Gyeonggi-do. NBM Korea has qualified an extensive and strict due-diligence process by the Province's authorities and the Foreign Investment Review Board based on NEO's commercialization timeline, viability and economic impact of the business with regards to the current battery materials industry and its downstream products, and various background reviews and stress tests.

NEO's benefited land is situated in an industrial complex known as Oseong International (Foreign) Investment Zone in Pyeongtaek City, in which the land is designated solely for the use of foreign investment companies qualified by the Province of Gyeonggi. As a qualified company, NEO is entitled to several benefits and subsidies that will translate into both drastic cost savings in the short- and long-term for the anode material plant facility. The benefits include a 99% reduction of annual lease payments (or a payment of 1% of the officially assessed land value) with a long-term-based lease contract, and further to it, the annual lease payment can be immediately minimized to zero after the completion of the plant construction and fulfillment of requirements by the Province.

The maximum lease period for the land is 50 years.

The Company may also access various tax incentives and active collaboration activities with the Province to promote NEO's business in South Korea and overseas. Corporation tax,

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income tax, land transfer tax, and customs taxes may be fully exempted for 5 years and may be reduced by 50% for an additional two years. NEO could also access provincial financial support for equipment purchases, employment subsidies, and education/training subsidies.

Mr. Spencer Huh, President and CEO of NEO said, 'We are more than happy about the site approval. Our NEO and NBM Korea team have been eager and diligent to receive approval from the Province of Gyeonggi for the past 3 months as this site in the Foreign Investment Zone was the only remaining land apportioned for companies operating in the battery materials industry.

Despite our status as a micro-small capitalization foreign company compared to existing sizeable businesses in the Oseong Zone, NEO was approved by Gyeonggi Province and the Foreign Investment Review Board. For the past 2 months, during the review and due-diligence process from the Province, we had actively held dialogue with the Province's officials and representatives to respond and fulfill any requests for further investigation.'

'We strongly believe that the Province highly appreciated and held confidence in our clear roadmap of NEO's silicon anode, NBMSiDE, commercialization plan along with our proprietary technology and our high managerial capacity accustomed to the lithium-ion battery industry. We greatly thank Gyeonggi-do for returning a decision for approval much faster than our expectation, and we also thank our NEO team and our valued shareholders for the

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committed trust and patience,' added Mr. Huh. Gyeonggi Province's Oseong International Investment Zone is a complex-type industrial park that captures 3.9 million square feet of land and houses foreigninvested companies such as Korea Superfreeze Inc. - a logistics business that retains a facility for COVID vaccine, import, and hydrogen fuel cell distribution.

The Oseong Zone possesses exceptional infrastructure with geographic and supply chain advantages, being in proximity with large battery cell and automotive manufacturers.

The Province's officials have emphasized for the Oseong Zone to become a center for green growth, attracting companies with transformative and cuttingedge green technologies to be a part of the ecosystem.

This follows Rivian Automotive Inc. who announced back in December that Rvian will expand its manufacturing operations, locating its second US plant in the State of Georgia. A carbonconscious campus is planned east of Atlanta, in Morgan and Walton Counties. The project represents a $5-billion site development and manufacturing investment.

The plant, which will eventually employ more than 7,500 workers, represents a key next step as Rivian scales aggressively toward higher-capacity production for our future generation of products. Once ramped, the Georgia facility will be capable of producing up to 400,000 vehicles per year. Construction on the facility is expected to begin in summer 2022, and the start of production is slated for 2024. Site considerations included logistics, environmental impact, renewable energy production, availability and quality of talent and fit with Rivian company culture.

Rivian's almost 2,000-acre parcel will include abundant natural space. As with our facility in Normal, Rivian will develop community engagement and workforce training programs in the area.