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FRIDAY JULY 23, 2021
African leaders advocate for an ambitious US$100 billion IDA support
Government releases over Gh¢316m for SHS feeding
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BUSINESS24.COM.GH
NO. B24 / 225 | NEWS FOR BUSINESS LEADERS
FRIDAY MONDAY JULY MAY 23,3,2021 2021
New fisheries law needed as Ghana risks EU seafood ban T
1D1F: 104 factories up and running
By Eugene Davis ugendavis@gmail.com
he Minister of Trade and Industry, Alan Kyerematen, has said 104 companies are in operation under the One District, One Factory (1D1F) programme, out of 278 total projects. Cont’d on page 3
GSE boss asks pension funds to boost equity holdings By Henry Martinson
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he Ghana Stock Exchange (GSE), which is experiencing a bull market this year, provides enormous opportunities for pension funds to invest
By Eugene Davis ugendavis@gmail.com
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he Minister of Fisheries and Aquaculture Development, Mavis Hawa Koomson, has said her ministry has sought Cabinet approval
for a new fisheries law to be enacted to help the country meet all its international fisheries obligations. This development follows a formal yellow warning (yellow card) from the European Union (EU) to Ghana that could lead to
the eventual banning of seafood exports from the country. The EU issued the warning on June 2 after identifying Ghana as a non-compliant country in the fight against illegal, unreported Cont’d on page 2
Cont’d on page 3 Follow us online: facebook.com/business24gh twitter.com/business24gh linkedin.com/pg/business24gh instagram.com/business24gh
Cont’d on page 2
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Editorial / News
FRIDAY JULY 23, 2021
Editorial
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Let’s work swiftly on new Fisheries Act
overnment has initiated the process to enact a new law that will regulate activities in the fisheries sector. The new regulation will take into consideration the various protocols of and commitments that are expected of port states in the sub-region. Key among those commitment will be the will to combat illegal, unregulated and unreported fishing, which has become a concern of the nation’s trading partners in Europe. The European Union has already issued a yellow card to Ghana. This means that seafood from the country risk being banned from entering the EU market. It is therefore welcoming that
the Fisheries Ministry is waiting on Cabinet approval to go ahead with the enactment of the new law to ensure that fishing is conducted in the most accepted way. The issue of IUU and other fisheries-related crimes remain a major challenge to the nation considering it’s diverse negative impact on both the sector and industry actors whose livelihoods depend on fishing. It is estimated that the practice cost the economy several millions of dollars, monies that could be pumped into other productive sectors. Formulating a new legislation to control this malfeasance and other bad practices in the fisheries space is therefore a step
in the right direction. Another plus in this fight is the Ministry’s collaboration with the Ghana Navy and the Marine Police, the security agencies involved in the Fisheries Enforcement Unit (FEU) to monitor and arrest fisheries offenders for prosecution. The fight against the ills of the fisheries sector needs a collaborative approach. The rising piracy in the Gulf of Guinea region requires all hands of deck in surmounting the canker Hopefully, these interventions could facilitate proper supervision of the nation’s blue economy.
New fisheries law needed as Ghana risks EU seafood ban Continued from cover
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and unregulated (IUU) fishing. Appearing before Parliament on Thursday to answer a question concerning the warning from the EU, the Fisheries Minister said Ghana expects to address the EU’s concerns over a period of 24 months, as the needed actions range from short- to medium- and long-term measures. “We have set up a dialogue mission with the EU to address the issues. The first meeting between the two parties is scheduled for 23rd July, 2021. We are seeking Cabinet approval for a new fisheries act to be enacted to meet all international obligations,” she said. She added that a Draft Marine Fisheries Management Plan is expected to be validated at a workshop on July 27, after which the plan will be submitted to Cabinet for approval and then gazetted for implementation. A new National Plan of Action (NPOA) on IUU Fishing (2021-2025), which is being implemented by the Fisheries Commission, was deposited with the Food and Agriculture Organisation (FAO) of the United
Yellow card: The EU has threatened to ban seafood exports from Ghana over illegal fishing concerns
Nations on May 5, she further stated. She also explained that the Vessel Monitoring System (VMS) and the Automatic Identification System (AIS) have been rectified and are now operational, and vessel activities are being monitored for compliance. On other measures, she said the Fisheries Commission’s Catch Certification Unit receives
constant training from the EU in a bid to comply with the EU catch certification processes. The Ministry, she added, is now collaborating with Ghana Navy and the Marine Police— the security agencies involved in the Fisheries Enforcement Unit (FEU)—to monitor and arrest fisheries offenders for prosecution.
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FRIDAY JULY 23, 2021
1D1F: 104 factories up and running Continued from cover Presenting a statement to lawmakers at Parliament House in Accra on Wednesday, he said 150 factories are under construction and 24 are at the mobilisation stage. Out of the 278 total projects, 165 are new factories, while 113 are existing factories that have received support under the programme. In terms of the sectoral breakdown, 40.6 percent are agro-processing companies, 43.9 percent are other manufacturing companies, and 7.9 percent are meat processing facilities. The factories in operation have created 150,975 direct and indirect jobs, up from 139,331 in December 2020, Mr. Kyerematen said. He added that when the additional 150 factories under construction are completed, the cumulative number of direct and indirect jobs created will reach 282,792. The 1D1F initiative is the government’s flagship industrialisation programme, part of a Ten Point Agenda to transform the industrial landscape and increase the availability of productive, sustainable jobs. Since the inception of the
Alan Kyerematen, Trade and Industry Minister
initiative in 2017, the government has granted tax exemptions to 37 projects, made up of 14 existing projects being expanded or upgraded, and 23 new projects. The Minister also disclosed that an amount of GH₵2.69bn has successfully been mobilised as loans for 1D1F companies from the programme’s participating financial institutions. The amount has been leveraged through the disbursement by government of GH₵260.9m to de-risk loans and support interest payment. As at July 16, 148 companies
have benefitted from governmentfacilitated 1D1F loans, Mr. Kyerematen said. He added that the youth have not been left out of the programme, since 58 factories are fully owned by youth groups who have been mobilised by government and supported with seed funding to establish their own state-of-the-art agro-processing factories in 58 districts, under what is referred to as the Enable Youth 1D1F Initiative, supported by the African Development Bank (AfDB) and International Fund for
Agricultural Development (IFAD). In addition, five medium-scale agro-processing Common User Facilities have been established with funding from AfDB and are owned by groups of farmers in five districts. Greater Accra has the highest number (76) of 1D1F projects, Ashanti Region has 54, Eastern Region has 37, Central 19, Volta 13, Northern 6, Upper East 7, Western 11, Bono 19, Bono East 10, Upper West 6, Western North 5, Oti 3, Savanna 4, Ahafo 5, and North East 3.
GSE boss asks pension funds to boost equity holdings Continued from cover and realise good returns, Ekow Afedzie, Managing Director of the exchange, has said. Addressing industry players during a workshop under the theme “Maximising Investment Returns Using the Ghana Stock Exchange”, Mr. Afedzi said “though pension fund investments in fixed-income securities continue to increase, the same cannot be said of equities. Since pension funds are long-term in nature, opportunities exist for players in this space to invest in equities as well.” He added that “growth in equity investments is critical in making patient capital available for businesses to expand and grow to support the national economy.” Also addressing the workshop, Hayford Attah Krufi, the Chief Executive Officer of the National
Pensions Regulatory Authority, said “we need to have a vibrant equities market with rewarding returns for pension schemes to channel more investments in making real impact on the economy.”
He added: “This collaboration between all capital markets players is critical to ensure retirement income security and social protection for all Ghanaians.” Rev. Daniel Ogbarmey Tetteh, the Director-General of the Securities and Exchange Commission (SEC), also
underscored the need for pension funds to invest in long-term securities, including equities. “The stock market offers interesting investment opportunities for asset owners who have time on their side, such as pension funds,” he said. He added that the implementation of some initiatives in the recently launched Capital Market Master Plan will aid in improving liquidity and listings on the GSE. Meanwhile, Mr. Afedzie said some of the key initiatives in the GSE’s three-year strategic plan, including the introduction of new products such as green bonds and derivatives, the listing of more companies, and the undertaking of investment literacy programmes for key players and the general public, are aimed at moving the exchange from a frontier to an emerging market, thus making it the preferred platform for investment and longterm capital mobilisation.
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FRIDAY JULY 23, 2021
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News
FRIDAY JULY 23, 2021
GCB Bank presents GH¢14.15 million dividend to government
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CB Bank has presented a cheque for GH¢14.152 million to the government as final dividend, following a sterling performance for the 2020 financial year. The amount represents an increase of 25 percent compared
to the GH¢11.321 million the bank paid to the government in 2019. Presenting the cheque to the Deputy Minister of Finance, Dr John Kumah, the Managing Director of GCB Bank, Mr. John Kofi Adomakoh, said the bank performed creditably despite the
Covid-19 pandemic and its impact on businesses. The bank in 2020 posted a profit before tax of GH¢611 million up from GH¢574 million in 2019. He said the bank would continue to focus on the agribusiness, manufacturing and
services sectors in its efforts to support the government in the economic recovery process. Mr. Adomakoh said GCB was pursuing a prudent dividend policy that ensures a reasonable return to shareholders whilst maintaining the growth and appreciation of the share value. Receiving the cheque, Dr Kumah commended the bank for its sterling performance in 2020 and the consistency in declaring and paying dividend to the government and other shareholders of the bank despite the challenges. “Let me commend the board, management and staff of GCB Bank Limited for all these impressive gains despite slow economic growth being experienced in the global environment as a result of Covid-19,” he said. He urged all state own enterprises, joint venture companies and mining companies to make due their dividend responsibility to the government and its shareholders.
Ecobank Group, Microsoft upskill Africa’s SMEs to succeed in a digital economy
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cobank Group, in partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy, is set to provide training to equip Small and Medium-sized Enterprises (SMEs) across sub-Saharan Africa. This training will provide SMEs digital skills and knowledge to succeed in today’s digital world. SMEs have been significantly impacted by the COVID19 pandemic with its attendant lockdowns and disruptions to supply chains, plummeting sales, lost revenue and operational challenges. In response to feedback from bank’s customers, Ecobank through its Commercial Banking Segment is helping business owners close the digital skills gap within their chosen fields and improve the digital capabilities of their employees. Josephine Anan-Ankomah, Group Executive, Commercial Banking for the Ecobank Group, said: “The COVID-19 pandemic has turbocharged the shift towards digital. It is essential that businesses adapt so that they are able to compete effectively
in today’s rapidly changing landscape. Ecobank’s Commercial Banking is committed to supporting SMEs across our pan-African footprint. Through this partnership with Microsoft, LinkedIn, GitHub and Ecobank Academy we are offering training to equip business owners and their employees with the digital skills that they need to stay connected to their customers. We are intent on ensuring that our SME customers remain relevant, grow and succeed in the post COVID-19 era.” SMEs have been invited to register for the upcoming webinar taking place on July 26. The Global Skilling initiative program is available on an online portal where SMEs can register, and start their learning journey for any of the 10 in-demand skill sets (Customer Services; Digital Marketing; Financial Analysis; Graphic Design; IT Support/Help Desk; Project Management; Sales; Data Analysis; IT Administration; And Software Development). They can complete the virtual programme at their own pace and at times that work best for
them. The programme runs until 31st of December 2021. Ibrahim Youssry, Regional General Manager, Middle East and Africa – Multi market region at Microsoft said they are committed to building digital talent pipelines to support the workforce of the future, and the company’s Global Skilling Initiative is an important part of this process. “But beyond the future workforce, digital talent will also
support more local innovation, as developers and entrepreneurs are empowered to create locally relevant solutions that best address the challenges and needs of African countries. Startups and SMEs play a critical role in innovation, economic growth and job creation, and expanded access to digital skills is one of the key steps needed to foster a successful economic recovery,” he said.
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FRIDAY JULY 23, 2021
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News
FRIDAY JULY 23, 2021
African leaders advocate for an ambitious US$100 billion IDA support
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resident Nana Addo Dankwa Akufo-Addo together with 22 other African leaders are calling on the donors of the International Development Association (IDA) of the World Bank Group to raise an ambitious US$100 billion to support a resilient African post Covid-19 recovery and to help African countries transform their economies. They also pledged to work on improving their capacity to absorb resources for the diligent execution of projects and programmes and to continue efforts to mobilise tax revenue, and to use transparently and efficiently the mobilised resources, while strengthening governance. The leaders further resolved to accelerate economic recovery from the shocks of the COVID-19 pandemic, scale-up investments in human capital, and increase their job creation efforts and called for expanded access to vaccines which is critical for rapid recovery of the world economy. The African leaders made the call at the end of one-day IDA20 Replenishment Advocacy summit of Heads of States and governments of some 23 African
countries and the World Bank Group held in Abidjan. The conference, organised by the World Bank was opened by H. E. Alassane Ouattara, President of Cote D’Ivoire. The IDA20 Replenishment Advocacy meeting aimed at mobilising African leaders to solicit for higher funding from donors for the IDA20 cycle to support green and resilient recovery from challenges accentuated by covid-19. President Akufo-Addo, while supporting the call, noted that ‘If OECD governments can borrow more than USD 18 trillion to respond to the pandemic, donors should be able to find USD 100
billion to replenish IDA20 to fund vital health care, education, social services and welfare protection for the world’s most vulnerable societies” He said this in a speech read on his behalf by Charles Adu Boahen, Minister of State at the Finance Ministry who led a four-member team to represent Ghana. The President noted that the Covid-19 pandemic was an unprecedented crisis in which all must strive to protect the people and the planet adding that “for the first time in this century we realize how closely and irrevocably bound our fortunes are”. He therefore called on the developed world to take critical
action to vaccinate the world and find the necessary funds to save lives to allow reopening of the global economy. President Akufo-Addo noted that unlike most part of the world, Africa responded to the Covid-19 crises with swift, prudent innovative policies to safeguard lives and livelihoods. However, the economic fallout has taken a disproportionate toll on developing countries. According to the IMF Africa needs USD425 billion in medium term funding to return to prepandemic economic growth status. African economies contracted by -2.1%, debt to GDP ratio has risen to 73.19 % and is also likely to achieve only 53% SDG goals by 2030. President Akuffo-Addo while calling on the world to support Africa also noted that Covid-19 has given African countries a historic opportunity to recreate the continent, a chance to build Africa that is prosperous and not dependent on charity of others, adding, “a continent that engages with other countries competently through trade, investment and political cooperation for enhanced global peace and security.
Emirates helps last-minute planners take advantage of summer travel
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ravellers who have procrastinated making plans for the summer or who are still pondering where to take their long-awaited holiday now have the opportunity to book travel to quarantine-free destinations with Emirates. Customers can book their summer holiday with fares to close to 40 destinations from today, 22 July 2021 until 31 July 2021, for travel until 15 June 2022. Economy Class and Business Class passengers can enjoy visiting popular holiday hotspots like Istanbul from AED 1,695 in Economy Class and AED 10,985 in Business Class; Vienna from AED 2,185 in Economy Class and AED 10,895 in Business Class; Phuket from AED 1,995 in Economy Class and AED 6,995 in Business Class; Casablanca from AED 1,955 in Economy Class and AED 10,005 in Business Class and Los Angeles from AED 3,335 in Economy Class and AED 19,555 in Business Class; along with more than 40 popular quarantine-free destinations in the Emirates network. Travellers who also want to experience the eclectic vibe
of Miami, Emirates’ newest destination, can take advantage of fares from AED 3,695 in Economy Class, AED 18,555 in Business Class and AED 42,575 in First Class. Emirates customers can also simplify their travel plans and book quarantine–free summer packages with Emirates holidays. Emirates remains focused on taking the stress out of travel, and has led the industry in protecting the health of its customers to ensure a feeling of safety and confidence when deciding to fly. Emirates customers travel with the assurance that the latest health and safety measures are in place at every step of the journey. The airline has also recently introduced contactless technology to ease customers through Dubai airport. Knowing their safety and wellbeing is looked after, customers across all classes can enjoy more than 4,500 channels of entertainment on ice, the airline’s award-winning inflight entertainment system, along with regionally inspired gourmet meals.
‘I’ll ensure rules and regulations are adhered to by petroleum downstream players’
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he Chief Executive of National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, says his primary objective is to ensure rules and regulations are adhered to by players in the petroleum downstream industry. According to him, that is the only way the industry will achieve its vision, whilst players enjoy the full benefits of the industry. Addressing management of Puma Energy Ghana Ltd and Blue Ocean Investment Limited led by its Group Managing Director, Henry Osei, he said his aim is to ensure all players are satisfied with the regulations governing the industry. The visit was to among others, welcome the new Chief Executive of NPA and also congratulate him
on his assumption into office. The meeting deliberated on Puma Group’s investment in the petroleum downstream industry such as being the first company to establish a cylinder bottling plant which is at 95percent completion stage and the enhanced Kotoka International Airport aviation fuel depot which added storage capacity of 10,000 metric tonnes to the existing 750 metric tonnes. The MD of Puma Energy and Blue Ocean Investment Limited said the group was looking forward to strengthening its relationship with the NPA and indicated that “as a key stakeholder of the industry, we will lend our support to you as you take over as the new chief executive”
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FRIDAY JULY 23, 2021
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News
FRIDAY JULY 23, 2021
Government releases over Gh¢316m for SHS feeding
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he Ministry of Education said it has since January 2021 released a total of Gh¢316million to the National Food Buffer Stock Company (NAFCO) and heads of Senior High Schools for the payment of food items for the School Feeding Programme. The ministry said on July 9, 2021 it also released an amount of Gh¢88million to the NAFCO and the headmasters of schools across the country for the purchasing of perishable food items and other needs in the schools. Mr. Felix Baidoo, the Press Secretary, Ministry of Education, in a statement said the ministry on May 14, 2021, released an amount of Gh¢125,998,145.00 out of which Gh¢83,184,673.00 went to the NAFCO and Gh¢42,813,472.00 to
the school heads for the payment of perishable components of the feeding programme. Again, he said on April 28, 2021, a total of Gh¢102,350,871.20 was
paid to the Buffer Stock Company and heads for the first semester. “The ministry is once again assuring all parents and other stakeholders that the Free Senior
High School (FSHS) initiative is not under stress and government will continue to provide the needed resources to keep it running for the benefit of all,” it said.
GCB Bank adjudged Financial Business of the Decade
G PANAFEST/Emancipation Day celebration slated for July 26 - August 1
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he Ghana Tourism Authority (GTA) in collaboration with Pan African Historical Theater Festival (PANAFEST) Foundation has launched the 15th PANAFEST/ Emancipation Day celebration slated for July 26 to August 1, 2021. The event that celebrates Ghana, the Black Star of Africa and the gateway to the homeland of people of African descent in the diaspora as well as commemorating the final abolishment of chattel slavery in the British colonies, is on the theme, "Securing the African Family: our health, our wealth, our soul", Emancipation theme, "Reclaiming our Right to weave our own narrative". Addressing the media in Accra, Professor Esi SutherlandAddy, Chairperson, PANAFEST Foundation, said Ghana is the home to Africans around the world and a place of hope hence PANAFEST to promote and project that idea. She said PANAFEST was established because Africans are still going through a period where they had been oppressed,
silenced and set against each other, hence the need to be selfconfident to fight their battles. "In order for us to develop and progress, we had to know who we are, what we have contributed to the rest of the world and not to keep ourselves down and also dialogue on issues that are of importance to us," she added. Professor Sutherland-Addy said the reason for choosing the theme was because Covid-19 pandemic had made the previous year difficult and that people of African descent had contributed a lot in the fight so the need for the story to be told. "We are in a time of great insecurity, we have to live differently and Africans need to orient their works and own their contributions because we are the future," she stated. Mr Akwasi Agyemang, Chief Executive Officer of GTA said the 2021 edition of the PANAFEST is to honour heroes like Dr. Kwame Nkrumah, Dr. Edward Burghart Du Bois, Dr. George Padmore and other great ancestors who had built on the Pan-African ideals.
CB Bank Ltd. has been voted the Financial Business of the Decade at the Millennium Excellence Awards programme held at the courtyard of the Manhyia Palace in Kumasi. The much coveted and distinguished prize was presented to the Managing Director of the Bank, Mr. Kofi Adomakoh, in the presence of the President, Nana Addo Dankwah Akuffo-Addo and the Asantehene, Otumfuo OseiTutu II. The ceremony, held over the weekend, hosted nominees of diverse backgrounds in academia, business, agriculture, tourism & culture, government, the media, music & entertainment, education and sports. The Millennium Excellence Foundation through its most prestigious award in Ghana has for 20 years been a long-standing and credible campaign for rewarding the most distinguished personalities and institutions alike. These prestigious awards are reserved for individuals and organizations with the highest positive impact on humanity, enhancing the wellbeing of their community or nation whilst undertaking their respective pursuits. Saturday evening, in a rather pristine and colorful style, was occasioned by the display of royalty and statesmanship as well as world class entertainment. Receiving the award for the Bank, M.D Kofi Adomakoh, D.M.D Emmanuel Odartey Lamptey and Head, Corporate Affairs,
Emmanuel Kojo Kwarteng dashingly took to stage and "brought home the win". GCB with the tagline “Your bank for life”, has for the most parts of the decade been a financial, socio-economic and socially responsible development partner across the country. And this is to sustain the fact that GCB Bank has made profitable in roads and given shared value to all of our stakeholders on a year on year basis since the inception of this millennium. The M.D said: "through the sustainable business model of providing cutting edge financial services and credible business practices, GCB Bank Ltd. has been duly recognized as the financial business of the decade. This feat couldn't have been without you, you as our priced asset, as the Bank's customer and largest stakeholder". "Thank you for sharing in this wonderful achievement and for being a best part of our success story," Mr. Adomakoh said. Other patrons of the award ceremony included the National Chief Imam, Sheikh Nuhu Shaributu, celebrated business men and women and senior members of the clergy.
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Feature
FRIDAY JULY 23, 2021
Giving life to plastics
A Ghanaian innovator who builds houses with plastic waste
By Praise Nutakor, Ernestina Ocansey and Catherine Adodoadji-Dogbe
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elson Boateng is a 36-year-old Ghanaian, building houses and producing pavement blocks with plastic waste in Ghana. After graduating from school with a diploma in computer networking engineering, Nelson was determined to provide solutions to the country’s plastic menace and ventured into recycling. “There is an opportunity in every bad situation. We are seeing plastic as a problem, but we can turn this into a good resource to solve other problems”, Nelson stated. With his recycling company, “Nelplast Ghana”, Nelson recycles plastic waste into other products. His innovation won him a grant from the first edition of the Waste Recovery Innovation Challenge, organized by the United Nations Development Programme (UNDP) in partnership with the Embassy of the Netherlands in Ghana, under the Ghana Waste Recovery Platform. A Proud Journey Globally, about 8 million tons of plastic waste pollute the oceans every year, and millions of animals are killed by plastics, from birds to fish to other marine organisms. Ghana alone generates about 1 million tons of plastic waste annually but only about two per cent of the country’s single-use plastic bottles are recycled. The rest are sometimes improperly disposed of, choking gutters and drainage
systems. For Nelson, his passion and love for the environment began in his early days at age 13, when he started working with a recycling company to earn some income to support his parents to take care of him and his 5 other siblings. He started Nelplast in 2013 and at that time, he was only recycling pure water sachets into pellets and selling these to polythene bags producers. Realizing that the polythene bags still go back into the environment, Nelson decided to conduct extensive research, where he discovered how to add more value to plastic waste. The research revealed how bricks could be made with plastics mixed with sand, so, he started prototyping. During the process of prototyping, Nelson was constrained as far as technology was concerned and needed support to be able to use the right technology. “We were actually burning the blocks in metallic drums, then we add sand to it but that was still polluting the environment and we didn’t see ourselves helping”, noted Nelson. Partners at the Rescue Nelson received support from various competitions including the Africa Innovates for the SDGs Awards in 2018, launched by the President of Ghana, Nana Addo Dankwa Akufo-Addo, who is also a Co-Chair of the Group of Eminent Advocates for the Sustainable Development Goals (SDGs). This, he said, he invested into research which enabled him to identify the right technology.
Then came the support from the Waste Innovation Challenge in 2019, which he described as very timely because he was able to use this fund to address his production challenges. “The fund that I got from UNDP was about 40,000 US dollars, and I used it to purchase an extruder and a hydraulic presser that is helping in producing more bricks. This has increased our production capacity from recycling 1000-1500 tons of plastics per day to 2500-3000 tons. The good thing is that, this has controlled the amount of smoke we emit into the environment”, Nelson narrated. Today, Nelson keeps improving on the technology and now produces pavement tiles, and lego bricks. He also trains people on how to fix the pavement tiles and lego bricks and builds beautiful houses with these lego bricks made from plastics. His company has also created employment for about 364 individuals out of which 300 are waste pickers and 64 are factory workers. Augustina is among the 64 factory workers in the factory and shapes the bricks after it has been molded from the hydraulic presser. “The job has been very good since I started 8 years ago and so far, so good. I earn a good income which is taking care of myself, my 2 children and 2 other siblings.” Augustina Yeboah, an employee at Nelplast recounted. Nelplast currently has 25 clients and the monthly return on investment, according to Nelson is ploughed back into the business. Though he said this is good, he also noted this can be
better if the company gets more clients, investors, and partners to expand. The remaining investment opportunities The 300 waste pickers that work with Nelplast collect about 20,000 tons of plastic daily. Out of this, Nelson and his team are only able to recycle about 3000 tons per day, and the remaining 17,000 tons are mostly not recycled, making it difficult to take more plastics the next day. “We need 2 million dollars to be able to recycle the 20,000 tons of waste collected daily but high interest rate from the banks will collapse the business. We also need Government to patronize the plastic houses by involving us in its affordable housing projects. Just last week, the Minister of Housing visited us, so we are hoping for a good outcome”, Nelson added. The costs of inaction on the global plastic pollution is high and more partnerships with organizations like Nelplast, who are taking action to recycle, and reuse plastic waste will contribute to efforts to ‘beat’ plastic pollution. For Nelson, getting more investors and partners to expand means more plastics will be taken from the environment, schools under trees and housing deficits will be eliminated. This he described as “taking one problem to solve three problems” and addressing these challenges will definitely contribute to the achievement of the Sustainable Development Goals (SDGs).
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Mining
FRIDAY JULY 23, 2021
Gold sales from Perseus: 106,899 oz – 23% increase on Q2
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erseus’s three operating gold mines, Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire, performed strongly in the June 2021 quarter, producing a combined total of 102,788 ounces of gold, 16% more than in the prior quarter and 50% more than in the December 2020 quarter. For the Half Year to 30 June 2021, Group gold production totalled 191,246 ounces compared to production guidance for the same period of 175,000 to 190,0000 ounces while gold production during the Financial Year to 30 June 2021 totalled 328,6321 ounces compared to production guidance of 312,386 to 327,386 ounces. In both periods, gold production exceeded the top end of the guidance range. Gold sales from all three
operations totaled 106,899 ounces, 23% more than last quarter. The weighted average gold price realised from sales of gold was US$1,652 per ounce, 1.5% more than the price received in the March 2021 quarter. The weighted average production costs at Yaouré, Sissingué and Edikan were US$921 per ounce, while AISCs of
US$1,047 per ounce of gold were recorded during the quarter. These costs were 8% and 5% higher respectively than comparative costs incurred in the previous quarter. Record quarterly gold production of 102,788 ounces, up 16% on the March 2021 quarter and up 50% on the December 2020 quarter.
Half year gold production of 191,246 ounces1 and FY2021 gold production of 328,632 ounces, both exceeding the top end of their respective production guidance ranges. Quarterly gold sales increased 23% to 106,899 ounces at an average realised gold price of US$1,652 per ounce, 1.5% more than the prior quarter. Weighted average all-in site cost (AISC) was US$1,047 per ounce, US$48 more than in the last quarter Notional cashflows from operations for the quarter totalled US$62.1 million, US$20.9 million or 51% more than in the March 2021 quarter. Half year and financial year AISCs of US$1,030 and US$1,016 per ounce respectively, both positioned in the lower half of their respective cost guidance ranges. Source: miningreview
Mining and metals companies accelerate focus on sustainability
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chneider Electric and AVEVA have announced that their combined technology offerings are supporting the sustainability initiatives of mining companies in four key pillars: energy efficiency, yield improvement, low greenhouse emission technology adoption, and new green processes. Global decarbonization is heavily reliant on the sustainable production of minerals and commodities. A thriving and healthy mining and metals sector is crucial for the global economy and to support the innovation of new technologies and materials needed for climate change reduction, environment protection, and the circular economy. Schneider Electric and AVEVA are providing the tools required by organizations to make informed decisions that will empower people across the mining, minerals, and metals value chains to be more strategic in their choices based on sound advice with sustainability in mind. They are assisting operators and managers in these choices leaving these organizations well positioned to tackle some of the challenges associated with adopting sustainable practices, potentially resulting
in reduced operating costs and thus providing the rare ability of appeasing all stakeholders. According to an IDC Technology Spotlight, sponsored by AVEVA and Schneider Electric, Transitioning to Sustainable Mining, Minerals and Metals Practices, the top three market pressures driving the sustainability agendas of mining and metals organizations are: need to improve brand equity, reduce the risk of an adverse event, ensure compliance with current and future regulations “Technology has a critical role to play in supporting mining companies,” said Ben Kirkwood, Senior Research Manager, IDC Energy Insights – WW Mining. “Efforts to hit sustainability targets and gain greater visibility and control over operations will enable corporate insight and action relating to energy, water usage, and management of the operational environment. IDC’s global analysis of the revenue growth and profitability of industrial companies shows that those with a committed and ongoing sustainabilitybased strategy combined with a long-term, funded, digital transformation agenda considerably outperform their competitors.” Source: miningreview
Newmont reports solid second-quarter results
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ullion major Newmont has posted adjusted net income of $670-million in the second quarter of the year – an increase on the preceding quarter and prior-year period. The June quarter results compare with adjusted net income of $594-million in the first quarter of 2021 and $261-million in the second quarter of 2020. Revenue increased 30% from the prior year quarter to $3.07-billion, helped by higher average realised metal prices and higher sales volumes. Production at 1.45-million ounces was slightly below the 1.46-million ounces of the first quarter, but up 15% on the prioryear quarter, owing to higher production from sites that were placed into care and maintenance in response to Covid-19 in 2020. Gold all-in sustaining costs improved 6% to $1 035/oz from the prior-year quarter primarily owing to care-and-maintenance costs in the prior year, partially offset by higher sustaining capital spend. Newmont delivered free cash
flow of $578-million and the company declared a secondquarter dividend of $0.55 a share. “Our performance and disciplined approach to capital allocation allowed Newmont to declare a second quarter dividend of $0.55 per share, whilst we continue to reinvest in our business through our most profitable projects,” said CEO Tom Palmer. The company last week announced that it had approved the Ahafo North project, in Ghana, with capital spend estimated at between $750-million and $850-million. Newmont is also spending between $850-million and $950-million on the Tanami Expansion 2, in Australia. “As we move into our next 100 years of mining, we remain focused on delivering value to all of our stakeholders from our world-class portfolio of longlife, responsibly managed assets located in top-tier jurisdictions,” said Palmer. Source: miningweekly
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FRIDAY JULY 23, 2021
GRA identifies over 14 million tax payers after integration of Ghana Card/TIN
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he Ghana Revenue Authority (GRA) has identified over 14 million people, who are qualified to pay tax after the successful integration of the Ghana Card and Taxpayer Identification Numbers (TIN). The GRA and the RegistrarGeneral’s Department in collaboration with the National Identification Authority started the exercise effective April 1, 2021, where the Ghana card Personal Identification Number (Ghana card PIN) will replace the TIN of individuals issued by the GRA for tax identification purposes. This change is in line with the Government's policy on the use of a unique identifier for all transactions where the identification of an individual is required. Mr. Ammishaddai OwusuAmoah, Commissioner–General of the GRA, said 6.6 million people currently file their tax returns with the recent data available to them. Speaking at “the time with the Commissioner-General of GRA” event organised by the Ghana National Chamber of Commerce and Industry (GNCCI), Mr. Owusu-Amoah said initially only 4 million people were filing
their tax returns but with the integration, they had another 2.6 million people. He said analysis from the date indicated that almost 8 million people were not filing their tax returns annually and the aim of the data was to help people to become compliant, because the data showed the age profile of the people, the professional profile and their residential addresses. The Commissioner-General said there was no evidence from the data available to them that a number of the people, who are in the legal profession, Accountants and the medical fields had been filing their tax returns. He said it did not mean that those people were not paying their taxes, “maybe they only pay their PAYE and do not pay any other taxes they were supposed to pay.” Mr. Owusu-Amoah hinted of engaging the persons involved to find out why previously there was no evidence that they had filed their tax returns. He encouraged all Ghanaians whether employee or selfemployed to file their tax returns, saying it was important that everybody became compliant in filing and paying of taxes.
The Commissioner-General also indicated that the data showed that people above the ages of 35 years and below the 65 years lived and resided in the top 10 affluent places in the capital like the Cantonments, East Legon and Labone but yet their names were not in the database. On the issues of tax waivers, he said the requirement was that any taxpayer, who currently outstanding taxes to pay and had penalty and interest computed had up to the end of the 2020, could apply before the end of September 2021 and make arrangements to pay before the end of 2021. He said by end September, applications needed to be received by the Authority and discussions held with amicable arrangements made to pay and once it was paid before December
2021, “we will waive all the penalties and interest.” “l want to encourage you all to take advantage of the arrangement that had been made by the government as part of the COVID-19 alleviation initiatives,” he added. Mrs Victoria M.E Hajar, the First Vice President of GNCCI, expressed appreciation to the GRA for the partnership to address key tax issues affecting businesses as well as sensitize and dialogue with the business community on tax administration and its implications. She said the timely response in paying overdue duty drawback and significant effort in addressing the technical challenges had ensured improved confidence in the process. GNA
First Lady commissions waiting lounge at Korle-Bu Hospital
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rs. Rebecca Naa Okaikor Akufo-Addo, First Lady of the Republic, has commissioned a new waiting lounge at the Korle-Bu Teaching Hospital in Accra. The 150-seater capacity lounge, constructed by First Atlantic Bank, upon a request by Mrs. Rebecca Akufo-Addo will serve visitors and relatives of patients detained at the emergency wards of the hospital, namely the Accident Emergency Department, Trauma Unit and the Paediatric Intensive Care Units. In a brief speech to commission the facility, Mrs. Akufo-Addo, who is also Executive Director of The Rebecca Foundation, recalled that in May 2019 when she commissioned the Rebecca Akufo- Addo Paediatric Intensive Care Unit constructed by the Rebecca Foundation, she observed with worry that though Korle Bu is the largest hospital in the country with about 2000 beds and close to 1,500 visits a day, it lacked a decent waiting area for visitors and relatives of
patients who were detained at the hospital’s emergency wards. She said the sad state of already traumatised visitors having to wait under trees and other uncomfortable places for news of their hospitalised loved ones motivated her to work through the Rebecca Foundation to request the First Atlantic Bank to provide a decent waiting area to offer comfort, safety, peace of mind and protection against the vagaries of the weather to visitors and relatives of the hospital’s patients. “I expressed my desire to find a solution to Dr. Okoe Boye, who was the Board Chair of Korle Bu at the time. We approached
some corporate institutions, including the First Atlantic Bank, to build a waiting area for Korle Bu. Fortunately, our proposal for a waiting area was in line with the corporate social objectives of the bank. The Managing Director of the First Atlantic Bank, acknowledged the enormous relief that such a project would bring to citizens, who have to wait as their relatives and friends undergo medical care,” she added. The waiting lounge is fitted with washrooms and other auxiliary facilities that may be needed by visitors including banking solutions to those who might require financial services.
The First Lady charged the management of Korle-Bu Hospital to ensure that the place is well maintained while entreating visitors to the facility to keep it clean and adhere to all hygienic protocols. Managing Director of First Atlantic Bank, Mr. Odun Odunfa, said his institution in meeting their corporate social responsibilities is very proud to associate with the First Lady and The Rebecca Foundation to execute humanitarian projects to enhance the welfare of society and assured Mrs. Akufo-Addo of his bank’s continuous support to the Rebecca Foundation. The Chief Executive Officer of the Korle-Bu, Dr. Opoku Ware Amposah, on behalf of management and staff of the hospital expressed their profound gratitude to the First Lady and management of First Atlantic Bank for a beautiful facility which he said will go a long way to provide some comfort to relatives and friends of patients in their emergency wards.
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FRIDAY JULY 23, 2021
What if America delists Chinese firms? By Shang-Jin Wei
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recent flurry of official measures in both China and the United States suggests that the two governments are not keen on Chinese firms retaining their US stock-market listings. Moreover, the effects of delisting these often fastgrowing companies may be easily manageable for both countries. Chinese firms are more enthusiastic than most about listing on US stock exchanges. Currently, 250 of them, including companies that are registered in Hong Kong or offshore centers but derive most of their revenue and profits from mainland China, trade on US equity markets. But a recent flurry of official measures in both China and the United States suggests that the two governments are not keen on Chinese firms retaining their US listings. If push comes to shove, how would delisting hurt either country? The latest controversy concerns the dominant Chinese ride-hailing platform Didi Global (partly owned by Uber), which on June 30 raised $4.4 billion in a successful IPO on the New York Stock Exchange. Within 48 hours, the Cyberspace Administration of China (CAC), citing a suspected data-security breach, announced that it would restrict the company’s ability to sign up new users. The CAC then ordered the removal of Didi from all domestic Chinese app stores, and the State Administration of Market Regulation, the country’s antitrust authority, fined the firm for not obtaining prior approval for earlier mergers and acquisitions. The penalties imposed on Didi – widely interpreted as a warning to other Chinese companies against listing in the US without government approval – partly reflect three concerns among Chinese policymakers. The authorities are worried that sensitive digital data, including the location of (and traffic flows around) important addresses in China, may fall into the hands of the US intelligence or defense communities. They also do not want Chinese technology firms to become too large and powerful, and fear that Big Tech companies’ forays into financial markets may undermine financial stability. I suspect that the Chinese authorities have a fourth reason: to reduce US leverage. In the last days of his administration, President Donald Trump signed
America’s Holding Foreign Companies Accountable Act. The new law authorizes the delisting of Chinese companies from US stock exchanges if China fails to allow the US Public Company Accounting Oversight Board (PCAOB) to obtain the underlying worksheets of these firms’ auditors after three consecutive years. And on June 22, the US Senate passed another bill that could bring delisting forward by one year. If the US has the option of delisting Chinese firms en masse and in a disorderly manner at a time of its choosing, it could potentially use it to generate financial and economic instability in China. The Chinese authorities may therefore find it prudent to reduce or eliminate this vulnerability. US lawmakers’ ostensible reason for threatening to delist Chinese companies is to protect American investors from potential accounting frauds such as the one committed by Luckin Coffee last year. But US investors have lost much more money as a result of accounting scandals at US companies such as Enron, WorldCom, HealthSouth, Freddie Mac, American International Group, and Lehman Brothers, some of which took place after the PCAOB was established. Moreover, Chinese firms’ most egregious accounting frauds tend to be discovered by professional short-sellers using techniques – such as undercover company visits – that auditing firms do not employ. Chinese authorities once tacitly encouraged US listings, viewing them as a symbol of China’s embrace of the global capital market. Many Chinese technology firms also had little alternative to
listing in the US before 2018. But the situation today is different. Previously, many Chinese firms chose to list in New York instead of Shanghai or Shenzhen because their foreign private-equity or venture-capital investors wanted to avoid China’s foreignexchange controls. Moreover, China has much tougher listing requirements and a long and uncertain waiting period for regulatory approval. For example, Amazon and Facebook would not have been allowed to list in China at the time of their US IPOs because they did not have the requisite profits. Similarly, although Hong Kong imposes no capital controls, it also had stricter listing requirements than the US until 2018. In particular, while the US allows different classes of shares to have different voting rights – as is the case with Alibaba and Didi, for example – Hong Kong required voting rights and financial stakes to be exactly aligned. Most countries regard a divergence between voting rights and cash-flow rights as facilitating bad corporate governance, because it potentially allows controlling shareholders to enrich themselves through self-dealing at the expense of other investors. But after seeing so many Chinese companies choosing New York, the Hong Kong Stock Exchange decided to allow USstyle multiple share classes for technology and life-sciences firms. More Chinese firms have since listed in Hong Kong, or have a dual listing there and in New York. Tencent, China’s biggest social-media company, was first traded in Hong Kong before adding a secondary listing in New York, and currently commands a higher price-to-earnings multiple
than Facebook, its closest US counterpart. This suggests that the effects of delisting US-traded Chinese firms may be manageable for both China and America. China, as a high-savings country and a net exporter of capital, does not need US listings of its companies to import more capital. And while some firms’ founders and initial investors may experience a valuation haircut in their IPOs, this does not pose a major challenge to the Chinese government. Similarly, most US hedge funds, mutual funds, and rich individuals will still be able to invest in Chinese firms listed in Hong Kong, and even – albeit less conveniently and straightforwardly – those listed in mainland China. True, delisting profitable and fast-growing Chinese companies may reduce returns for many middle-class US households whose pension funds are restricted to investing only in US-listed securities, and US stock exchanges will lose business. As ordinary Americans would not connect lower returns on their pension funds to delisting of Chinese firms, US politicians are unlikely to face a backlash. And that fact could make delistings more likely. Shang-Jin Wei, a former chief economist at the Asian Development Bank, is Professor of Finance and Economics at Columbia Business School and Columbia University’s School of International and Public Affairs.
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FRIDAY JULY 23, 2021
Consumers and businesses urged to beware of latest fraud modus operandi– remote access scams
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hile people and businesses continue to scale the use of digital services in the new normal, cyber criminals also introduce new opportunistic scams. Mark Achiampong, Head Commercial Banking at First National Bank, explained that remote access scams is a new fraud modus operandi, which entails scammers posing as IT department representatives from telecoms providers and/or banks to trick victims into relinquishing control of their devices to steal money and/or sensitive information. Mark Achiampong says, “Remote access software is becoming a very popular way for fraudsters to attempt to defraud consumers and businesses. With remote access scams, fraudsters will call to offer you help to ‘block a fraudulent transaction’ by downloading and installing ‘protective’ software on your devices. Once you download the remote access software, they’ll ask you to log into your personal online banking profile. Once you’ve logged in, your
device will go blank and shortly afterwards you will start receiving OTPs to confirm transactions that you did not perform. The fraudster then reassures you that these are fraudulent transactions and request you to either approve or send them the OTPs for them to block the transactions. Meanwhile they are the perpetrator using the OTP to process the fraudulent transaction,” he said. Mark shares some key safety tips that business administrators should practice to protect themselves:
• Beware of strange calls : If someone calls you, claiming to be from your bank, and offers to help you install software on your PCs and systems to protect you, or asks you to call the bank to release a payment, please end the phone call immediately and contact your bank yourself or through your business banking relationship manager. • Never share your OTP: First National Bank will never ask you to share your One-Time PIN (OTP) under any circumstances. An OTP cannot be used to reverse
a transaction. • Never approve Smart inContact requests for transactions you did not initiate: If you receive a Smart inContact for a transaction you did not initiate yourself do not select Approve – this will allow the money to be moved out of your account. • Keep your information private: Never disclose sensitive information, such as your username, password, card, and PIN details to anyone - not even a bank official. “Through our trusted digital platform, we continue to educate our customers against the latest fraud modus operandi and prevention methods. While we strive to have the very best security in place to protect our customers, it’s equally vital for people to work with financial institutions to keep themselves safe from fraud. We encourage our customers to use any of our banking interfaces (Online Banking Enterprise platform) to immediately report any suspicious transactions on their bank accounts,” Mark added.
Top media persons campaign to boost tourism, agribusiness in V/R
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he Volta Regional Coordinating Council, in collaboration with the Ghana Tourism Authority (GTA), the Eastern/Volta/Oti branch of the Association of Ghana Industries (AGI) and Advert Tower has sponsored a media expedition to the Volta Region. The tour, which took place over the weekend and consisted of a number of media personalities who hail from the Volta region, aims to boost and encourage tourism and Agribusiness in the Volta Region and promote the campaign, “Visit Volta (#VisitVolta),” as part of the activities leading to the 2021 Volta Trade and Investment Fair, slated for November. The group arrived on Friday and was formally welcomed by officials of GTA and AGI at the Sogakope Beach Resort, where they were taken on a boat ride on the River Volta. They also visited places like the Atorkor Slave Market, and Fort Prinzenstein, Emancipation beach, Mount Gemi, Wli water falls, Afadjato, the highest
mountain, Senyo Hosi’s farm and Maphlix Trust Ghana Limited, an Agro tourism and West Africa’s largest exporter of potatoes and other vegetables. The team also visited the Togbe of Keta and the Volta Regional Minister, Dr. Archibald Yao Letsa to inform them about their intentions to use their influence to boost tourism and Agribusiness in the Volta region. Addressing the group, Dr. Archibald described the initiative as laudable, and urged the ambassadors to continue telling the positive stories of the Volta region and its people, “let people know of the good things happening in the Volta region,” he emphasised. He further used the opportunity to encourage the media men and women to come back and participate in the Volta Trade and Investment Fair, scheduled to take place 15th to 28th November 2021. He said his outfit is working to get the Vice-President Dr. Mahamadu Bawumia to be at the
opening event for the launch. At Maphlix Trust Ghana Limited, which is the largest Agro tourism and West Africa’s largest exporter of potatoes and other vegetables, the Chief Executive Director, Mr. Felix Kamassah, told the team that, he left the banking sector in 2010 for vegetable farming in the Ketu North District of the Volta Region and has since turned some teachers in the locality into farmers. His farm sprawls on 1,900 acres of land producing vegetables such as sweet potatoes, tomatoes, cucumber, okra, and marrow vegetable (tender summer
squash). The vegetables are cultivated on both open field and in 38 greenhouses. Media personalities who were on the trip included; Bernard Avle of Citi FM/Citi TV, Dzifa Bampoh3FM/TV3, Kafui Dey, Emefa Apawu, Regina Antwiwaa of Agriwatchgh/Agrihouse, Mawuli Fui Kwadzovia – Public Relations Practitioner among others. The aim was to draw attention and also leverage the influence of these media personalities from the region to highlight the opportunities therein. The next tour is in September. The media practitioners are seeking to push, tourism, agribusiness and ICT as potentials.
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News
FRIDAY JULY 23, 2021
AfDB extractives sector project to stimulate domestic resource mobilisation in Africa
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he African Natural Resources Centre of the African Development Bank (AfDB) has launched a first of its kind Financial Modelling for the Extractives Sector (FIMES) project aimed at strengthening domestic resource mobilisation and institutional capacity and economic resilience in transitional countries. The multinational project funded by the bank’s Transitional Support Facility, seeks to build capacity for financial modeling and economic resilience in transitional countries. These include Guinea, Liberia, Mali, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe. At the meeting, Seydou Coulibaly, FIMES Project Manager, noted that the project is a first of its kind for the Bank and the African continent. Twenty policy officials in each regional member country will participate in the training, learning and knowledge
AfDB's President, Akinwumi Adesina
exchange activities as direct national beneficiaries – with at least 40percent of beneficiaries being women. The meeting, which follows a successful inception workshop held in November 2020, paved the way for the final selection of national beneficiaries, the development of a virtual knowledge hub, and the rollout of
the preliminary online courses. The Virtual Knowledge Hub will support learning and knowledge transfer among beneficiaries toward rapid scale-up of their financial modeling capabilities. The Bank has contracted a consortium to deliver FIMES training modules. Consortium representatives from Fondation pour les Etudes et Recherches sur
le Developpement International (FERDI) and Columbia University’s Center on Sustainable Investment, present at the meeting described the training, which will center on modeling of mineral and petroleum rents, tax policies and financial modeling for extractive projects. Other areas under the training will be rent sharing between governments and extractive companies, and emerging policy issues such as the low-carbon transition on returns from mining and petroleum projects. The training will allow participants to learn at their own pace and convenience. “The FIMES project is relevant and timely to stimulate domestic resource mobilization in the beneficiary countries, in light of pressures on public revenues as a result of the Covid-19 pandemic,” Vanessa Ushie, Manager, ANRC’s Policy Analysis Division said.
Huawei rewards 30 outstanding campus ambassadors and instructors
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uawei Technologies, Ghana has held the 2nd Edition of its National Ambassadors Awards Ceremony to reward over 30 campus ambassadors and instructors who have worked effortlessly in the training of more university students in Huawei Professional Certification courses in ICT for an easy career path. In the first half of 2021, Huawei with the help of student ambassadors and instructors from partner universities across the various regions in Ghana, has successfully trained over 1,500 students and certified 800 in HCIA (Huawei Certified ICT Associate) Routing and Switching and HCIA-Security. Speaking at the virtual awards ceremony, the Deputy Managing Director at Huawei Ghana, Mr. Kweku Essuman Quansah, congratulated all award winners for their hard work and dedication towards the training of students in ICT for the growth of Ghana’s ICT talent pool. According to him, the awards is to celebrate excellent instructors and ambassadors who have contributed their quota in ensuring that Huawei’s commitment to the President of Ghana, H.E. Nana Akufo Addo, to train 10,000 Ghanaians through the Huawei ICT Talent (HIT)
Program for Ghana over the next 3years is achieved. Mr. Quansah applauded the University of Ghana (UG) for being the first Huawei authorised academy to roll out HCIA-Security as a certification course in Ghana which is also the first of its kind in the country. He encouraged ambassadors and instructors to continue working with Huawei, on the path they have chosen, to develop more talents in ICT for a better Ghana. The Director General for the Commission of Technical and Vocational Training, Dr. Fred Kyei Asamoah, in his address during the ceremony commended Huawei for making ICT education its focus. He indicated that with the advent of the 4th Industrial Revolution (4IR), digitisation is very critical and ICT has to be embedded in every discipline from social sciences and arts to engineering and everything that has got to do with skills development to maximise outcome. The director congratulated all instructors and student ambassadors for the great work in acquiring more skills to train other students. He mentioned that, at the heart of every skills training is the role of the instructor which can’t be underestimated.
He encouraged the students and instructors to work hard and come up with new solutions and services for the development of the country. According to him, the council is looking forward to having a strong partnership with Huawei to extend the initiative beyond what is happening now to cover the entire nation and make it an embedded system in the country. He further revealed the commission is looking forward to making Huawei its major partner in the upcoming World skills competition. Senior Lecturer of University of Ghana Mr. Julius Ludu who emerged as the Overall Best Instructor for the first half Year of 2021, expressed his gratitude to Huawei for bringing the country’s ICT sector to the limelight. According to him, Huawei’s ICT Talent Training program has helped develop the ICT skills of the citizenry, especially at tertiary institutions. “With the influx of mobile phones and the resulting increase
in data services and usage, it is critical that the information generated is safeguarded. I believe that adding security as a course to the curriculum is helping students have a better understanding of the various aspects of security and prepare them for the fastevolving profession. I believe it would also prepare our graduates for positions such as Information & Cyber Security Consultant, Systems and Networks Security Engineers, IT Security and Governance Officers, and Information Security Analysts.” He said. He mentioned that, UG has over the years trained over 1,000 students in professional courses and is looking forward to increasing the number to 2,000 as faculty members of the Computer Science Department, led by Dr. Jamal-Deen Abdulai, believe in providing students with the required skills and capabilities to help them succeed as they navigate beyond the borders of the University.
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FRIDAY JULY 23, 2021
Sustainability or extinction: what African enterprises need to know about the next ten years By Cathy Smith, Managing Director at SAP Africa
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re African enterprises at risk of extinction, just as millions of natural species face extinction due to the impact of climate change? Businesses and countries across the continent are attempting to rebuild following the devastating economic impact of the pandemic. It is perhaps an opportune time to take stock of whether we are rebuilding in a way that will ensure our sustainability in the long term, both economically and environmentally. A missed opportunity to ‘build back better’ When economic activity tapered down in 2020 due to the lockdowns implemented around the world to curb the spread of the coronavirus, researchers noted a drop in global emissions. For a moment, it appeared that the pandemic would be a catalyst for a more sustainable and less environmentally harmful global economy. However, our modern lifestyles - and in many cases the very basis of global economic activity - is undermining progress we made during the quieter periods of 2020. Environmentalists decried a sharp increase in deforestation last year, despite the slowdown in overall economic activity. New research also found that the average meat-eating, coffeedrinking Westerner is responsible for the loss of four trees every year as forests are cleared for cattle and high-profit crops. Recent data indicates that the volume of greenhouse gas emissions will continue to grow unless there is a change in policy and, critically, a change in business practices. So far, we have not risen to the occasion with commendable urgency. A recent Oxford study found that only $368-billion of the $14.6-trillion in recovery spending during 2020 was green, with one study author saying the findings are "a wake-up call". Africa is expected to be one of the hardest-hit continents in terms of climate change. Our reliance on agriculture, outdated or lacking infrastructure and low levels of development leave us more vulnerable than many of the more developed regions. Our business sector is also at
risk. Outdated business models at risk of extinction In the mid-2000s, as digital technologies and social media started entering the mainstream, analysts and industry experts dedicated vast amounts of column-inches to predicting which products and business models would not survive the digital revolution. One article from 2007, for example, predicted the demise of several types of businesses, including record stores and newspapers. Many of the predictions were correct: record stores were first disrupted by iTunes and then, more recently, by streaming services. Most have shut doors. Newspapers, although still very much around, look vastly different, with the bulk of newsroom efforts going into digital platforms. Many other types of businesses have had to either reinvent themselves or close down. The point of the predictions was that, barring some miracle intervention, these business models would go extinct due to a combination of technology, innovation and changing
consumer habits. Bear in mind that these predictions were made during a period of relative calm, before the global financial crisis of 2008. Fast-forward to today, and I would argue you could list hundreds, even thousands of business models facing extinction. The accelerated pace of technological progress, the rise of the data-empowered consumer, the proliferation of smartphones, the changing climate and, recently, the unprecedented impact of the coronavirus pandemic have created the perfect storm of disruption and uncertainty. As we collectively try to build back following the devastation of the pandemic, do we risk losing sight of our longer-term priorities, and could we be sacrificing sustainability at the altar of shortterm profit? In short, yes. But there is time to course-correct, albeit very little time. Opposite of ‘extinction’ is ‘sustainability’ How can we as a business community respond to the dual challenge of economic and environmental sustainability?
Start by acknowledging that the opposite of extinction is sustainability, and build sustainability into the fabric of the business. Business leaders should define a clear purpose and ensure that the purpose transcends narrow, short-term interest in favour of longer-term success. Develop a compelling vision - or reason-tobelieve - around the purpose and bring it to life in all aspects of the business. Reframe your business objectives away from short term wins and toward more sustainable, long-term outcomes. Realise that this requires a fundamental culture change and strong, visionary leadership. For example, sales teams should look beyond quarterly sales targets and instead focus on developing closer relationships with customers with the aim of establishing constant exchanges of value over longer periods of time. Instead of slavishly working to generate shareholder value, take a more balanced view and strive for success across social, environmental and financial metrics, the so-called triple bottom line. This may mean sacrifices in the short term, but will led to greater success in future and help foster closer collaboration between organisations and their customers. Most importantly, this requires that managers and business leaders support their teams in achieving longer-term targets, which in most cases depend on a shift in organisational culture. Evaluate your supply chains and ensure that every partner, supplier and provider places the same premium on sustainability. Where possible, work with and support the growth of social enterprises, which are businesses built from the ground up with purpose and sustainability at their core. Consider the role of technology in aligning everyday decisions to sustainable outcomes. For example, a data-driven customer experience management platform can help organisations better understand which sustainability levers work best with their customers. Digital supply networks can provide greater clarity over the sustainability scores of suppliers and bring greater transparency to supply chains.
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Feature
FRIDAY JULY 23, 2021
Protection of Ghana’s critical information infrastructure in the cybersecurity act
By: Sherrif Issah Introduction Critical Information Infrastructure (CII), which is also referred to in some jurisdictions as critical national infrastructure or critical infrastructure, are institutions of a country that, when disrupted, will disturb the economy, livelihood, and security of the citizens of that country. These infrastructures are at the heart of every state, hence any disruptions to them will jeopardize the smooth running of the state. Due to their importance, they have become a major target for terrorists, hackers and other states as witnessed globally in recent times. According to Jackpotting & Muncaster (2018), out of over 200 responses received from CII organizations in the UK, 70% of them had experienced service outages in the past two years. 35% of these outages were due to cyberattacks. According to the World Economic Forum’s 2020 Global Risks Report, cyberattacks on CII (ranked 5th top risk in 2020) is now “the new normal” in the health, energy, and transportation industries. Ghana’s Cybersecurity Act, 2020 (Act 1038) spells out a number of controls (provisions) for protecting Ghana’s CII. Sections 35 to 40 of the Act are dedicated to protecting these infrastructures. In my view, the Act itself and the inclusion of these provisions is largely influenced by the Ghana National Cyber Security Policy & Strategy document dated March 2014. In the presentation of the National Cyber Security Advisor at the 17th Knowledge Forum of the Ghana Chamber of Telecommunications (7th July 2021), he mentioned the following 13 sectors as CII of Ghana:
education, finance, defence & security, ICT, transportation, health, government, mining, manufacturing, energy, water, emergency, and food & agriculture. The following sections of this article discuss provisions of the Act related to protecting Ghana’s CII. Designation and withdrawal of CII The Minister may upon the advice of the Cyber Security Authority (CSA), designate a computer system or network as a CII if it is deemed necessary for national security, or the economic and social well-being of Ghanaians. The determination of a CII should consider if the infrastructure is necessary for the security, defence, or international relations of Ghana if it is related to communications and telecommunications, financial services, public utilities, public transportation, public key infrastructure, public safety, public health, international business or communication affecting Ghanaians, the legislature, executive, judiciary, public services or security agencies. Designated CII shall be gazetted, and a procedure for regulating them shall be established by the Minister. The Minister may, also upon the advice of the CSA and by a gazette publication, withdraw the designation of a CII at any time if the infrastructure is considered as no longer meeting the defined criteria of a CII. Registration of CII The CSA is mandated to register all CII. It shall determine the registration requirements, procedure and any other matter relating to the registration.
Duties of owners of CII Owners of registered CII shall, within 7 days after a change of ownership, inform the CSA of such change. Contravention of this clause shall result in the payment of administrative penalty between GHS 6,000 and GHS 120,000. Owners of CII shall report cybersecurity incidents within 24 hours after detection to the relevant sectoral computer emergency response team or the national computer emergency response team. They shall also cause an audit to be performed on their infrastructure and submit a copy of the report to the CSA. Contravention of this clause shall result in the payment of administrative penalty between GHS 3,000 and GHS 120,000. Management and compliance audit of CII The Minister shall recommend minimum standards for prohibitions regarding the general management of CII, considered necessary for protecting national security. The CSA shall conduct periodic audits and inspections on CII to ensure their compliance with the provisions of the Act. Unauthorized access to CII A person shall not access or attempt to access a CII without authorisation. Anyone who contravenes this clause can be convicted to a fine between GHS 30,000 to GHS 180,000 or imprisoned between 2 years to 5 years, or to both. If unauthorized access to a CII results in a serious bodily injury, financial loss or damage to the infrastructure, the perpetrator can be convicted to a fine between GHS 60,000 to GHS 600,000 or imprisoned between
5 years to 15 years, or to both. However, if the unauthorized access is considered to be a terrorist act, the perpetrator can be imprisoned between 7 years to 25 years. If the unauthorized access is related to an organization, the organization can be convicted to a fine between GHS 300,000 to GHS 600,000. Also, every director, officer, or management of the organization shall be deemed to have committed this offence and can be convicted of a fine between GHS 60,000 to GHS 600,000. However, a person cannot be convicted under this clause if it is proven that he/ she exercised due diligence in preventing the commission of the offence, and the offence was committed without his/her knowledge or involvement. Conclusion The recent wanton cyberattacks on CIIs globally give cause to worry as a nation. It is extremely important for CII to cooperate with the Cyber Security Authority to safeguard the security, economy, and safety of Ghana. Compliance with the stipulations of Act 1038 ought to be taken seriously, irrespective of the sector (Private or public) and industry. The Cyber Security Authority ought to collaborate with key stakeholders to create more awareness on this Act for the general public, owners of CII, the security agencies, lawyers and the judiciary. Author Sherrif Issah (Information Security Governance, Risk & Compliance Professional, and Director of Communications; IIPGH) For comments, contact author mysherrif@gmail.com | Mobile: +233243835912
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BUSINESS24.COM.GH FRIDAY JULY 23, 2021
NO. B24 / 223 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
MONDAY JULY 19, 2021
Vice-Chancellor of UPSA among top 15 business & management researchers in Ghana
V
ice-Chancellor of the University of Professional Studies, Accra (UPSA), Professor Abednego F. O. Amartey has been ranked high among the top 15 researchers in the field
of Business and Management in Ghana by the Alper-Doger (AD) Scientific Index for 2021. Prof. Okoe Amartey also placed first in UPSA and 223rd in Africa in the highly cited
researchers’ category which assesses academicians based on the number of articles published and citations received. In all, a total of 450 researchers/ lecturers representing 139
universities from 17 countries were ranked from the Africa region. The AD Scientific Index is a ranking and analysis system based on the scientific performance and the added value of the scientific productivity of individual scientists and institutions. It is the first metric that provides both academic ranking and analysis results. Using a total of nine parameters, the “AD Scientific Index” shows the ranking of an individual scientist in 12 subjects including Agriculture & Forestry, Arts, Design and Architecture, Business & Management, Economics & Econometrics, Education and Engineering & Technology. The other subject areas include History, Philosophy, Theology, Law/Law and Legal Studies, Medical and Health Sciences, Natural Sciences, Social Sciences, among other. It covers 11,700 institutions of employment, 186 countries, 11 regions comprising Africa, Asia, Europe, North America, Latin America, Oceania, Arab League, EECA, BRICS, USAN and COMESA.
United Airline projects positive pre-tax income in second-half of 2021
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nited Airlines has announced secondquarter 2021 financial results. The company now expects positive adjusted pre-tax income in the third and fourth quarters of 2021 as travel demand rebounds. The company said its secondquarter performance largely exceeded original expectations as international long haul and business travel accelerated even faster than anticipated, together with continued yield improvement. Looking ahead, the company expects continued gains as more businesses return by end of summer and into 2022, with a full recovery in demand anticipated by 2023. "Thanks to the professionalism and perseverance of the United employees who have worked so hard to take care of our customers through the pandemic, our airline
has reached a meaningful turning point: we're expecting to be back to making a profit once again As we emerge from the most
disruptive crisis our company has faced, we're now focused squarely on our United Next strategy that will transform our
customers' onboard experience and help fulfill United's incredible potential," said United Airlines CEO Scott Kirby.