Business24 Newspaper 9th July, 2021 by Business24 Online

FRIDAY JULY 9, 2021

GRA waives Covidaccrued penalties and interest

Media Capture Under Cover of COVID

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Warning that more efforts needed to combat cocoa swollen shoot disease By Eugene Davis ugendavis@gmail.com

he Member of Parliament for Offinso South, Dr. Isaac Yaw Opoku, wants government to increase funding to address the cocoa swollen shoot virus disease (CSSVD), warning the virus is a threat to the cocoa industry. In 2019, government, through Cocobod, the

MP asks Finance Ministry to expedite valuefor-money audits By Eugene Davis ugendavis@gmail.com

he vice chairman of Parliament’s Finance Committee and Member of Parliament for Okaikwei Central, Patrick Yaw Boamah, has asked the Finance Ministry to consider Cont’d on page 3

Ghana, EU to collaborate for sustainable cocoa production

Cont’d on page 2

Nonresidents’ share of Ghana’s cedi debt among highest in Africa—Moody’s By Benson Afful affulbenson@gmail.com

nternational credit rating agency Moody’s has rated Ghana among African countries with the highest shares of nonresident participation in their local currency debt markets. Nonresident investors held 18.5 percent of Ghana’s local currency public debt in 2020,

By Henry Martinson

hana is committed to collaborating with the European Union (EU) and other stakeholders to attain a sustainable cocoa production that promotes good forest cover, Shirley Ayorkor Botchwey, Minister for Foreign Affairs and Regional Integration, has Cont’d on page 5

Cont’d on page 3

instagram.com/business24gh

Cont’d on page 2

Editorial / News

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Editorial

Fruits of flood control investment must be visible

hanaians have persistently suffered perennial flooding which has led to the loss of lives as well as devastation to properties. Over the years, many areas continue to suffer from these deadly floods and their attendant effects. According to the government, since 2017 it has invested GH¢450m in the National Flood Control and Priority Drainage Programme. Minister for Works and Housing Francis AsensoBoakye has told Parliament the investment in flood control since 2017 compares with GH₵88m invested between 2011 and 2016. “Clearly, this level of commitment to tackling the

problem, which has resulted in a reduction of flooding incidents in the past few years, is unprecedented and commendable,” he added. Ghana ranks highly among African countries most exposed to risks from multiple weatherrelated hazards. In the past three decades, the country has experienced seven major floods, leading to significant loss of lives and property. The Minister explained that the causes of flooding in the country are multi-faceted and include inefficient drains, undersized culverts, and uncontrolled development in flood plains, wetlands and waterways. Additionally, indiscriminate

dumping of solid waste into drains contributes significantly to urban flooding, while across the country, new developments and buildings in waterways and flood plains (buffer zones) block the flow of stormwater and worsen the risk of flooding. There is no denying that given all that this government has done to solve the perennial the issue still remains. This paper would want the government to double up its efforts to arrest the situation as the wet season is upon us once more. Absolutely no one deserves to lose their lives in these perennial floods as we have seen over the years.

Warning that more efforts needed to combat cocoa swollen shoot disease Continued from cover

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industry regulator, secured a seven-year loan of US$600m from a consortium of financial institutions led by the African Development Bank (AfDB) and Credit Suisse to tackle CSSVD and other challenges in the cocoa sector. However, speaking with the press at Parliament House on Wednesday, Dr. Opoku indicated that despite the AfDB programme, more has to be done to combat the virus. CSSVD in cocoa trees is identified by characteristic stem swellings which occur in the shoot, stem branches and roots. Symptoms on young leaves show red vein-banding, while mature

ones display mosaic patterns and chlorosis along the mid-rib and veins. Severely affected cocoa trees develop leaf defoliation and dieback. According to the Cocoa Research Institute of Ghana (CRIG), 12 strains of the virus have been identified, with the strains in the Western Region and adjoining areas of the Bono and Ahafo Regions more virulent than the other strains in the country. The disease can reduce yields by up to 70 percent and cause the eventual death of cocoa trees within 18-24 months. A country-wide survey between 2014 and 2017, which covered about 70 percent of the estimated cocoa area, reported that 16.5 percent of the area surveyed

and over 300m cocoa trees were affected by the disease. Out of the US$600m AfDB loan secured by Cocobod, US$223m is being committed to an intensive cocoa rehabilitation programme in the affected areas. This is expected to cover 156,400 hectares of CSSVD-affected cocoa farms countrywide within a period of four years, from 2019 to 2024. However, Dr. Opoku said this would leave over 200,000 hectares of farms untreated at the end of the period “assuming the disease is static and there is no further spread. This calls for a relook of our efforts as a nation.” He proposed a number of strategies towards this end, including a massive media campaign, mass education on the benefits of the CSSVD control programme, and adequate compensation of farmers to win their cooperation and minimise their opposition to treatment of affected farms. He also called for a special fund to scale up CSSVD research and said special National Service and NABCO personnel should be trained to assist in the control of the disease. Additionally, he said Parliament should enact a law to make the treatment of affected farms compulsory.

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Nonresidents’ share of Ghana’s cedi debt among highest in Africa— Moody’s Continued from cover according to central bank data. “One important aspect of financial market development is the participation of nonresidents in the local currency (LC) government bond market. In Africa, South Africa, Egypt, Nigeria and Ghana have the highest shares of nonresident participation in their LC markets,” the rating agency said. It said the presence of nonresident investors in the Ghanaian market is supported by policies that reduce capital account restrictions on foreign participation as well as investors' search for yield. According to Moody’s, its experience form other emerging markets showed that the inclusion of benchmark local currency government bonds in global indices provides a boost to capital market deepening. However, it added, the benefits from a broader funding base and the outsourcing of currency risk to foreign investors are balanced against the procyclical nature of portfolio flows, with potential spillovers to exchange rate volatility and higher local

currency borrowing costs in times of risk aversion, in addition to the potential drawdown of forex reserves. “Foreign participation in Ghana has been more volatile over the past few years in light of their less diversified economies and higher idiosyncratic risks, including commodity price dependence,” said Moody’s.

It said driven by fiscal reforms and new hydrocarbon developments, as Ghana emerged from its 2016 fiscal crisis foreign investors increased their exposure to the local currency debt market, aided by the government's loosening of investment restrictions. But thin forex reserve coverage of external debt, Ghana's

weak debt affordability and its vulnerability to depreciation risks put it among the most exposed sovereigns to funding shocks, the report added It stated that continued foreign participation will depend on yields being high enough to compensate for mounting fiscal risks, keeping funding costs elevated.

MP asks Finance Ministry to expedite value-for-money audits Continued from cover appointing external consultants to help expedite government’s value-for-money (VFM) audit

processes. He said a number of VFM audits required for public projects approved by Parliament have been pending for about

Patrick Yaw Boamah is the vice chairman of Parliament’s Finance Committee.

a year, causing delays in the implementation of the projects. “I have realised that quite a number of projects in the areas of roads, schools, etc., are all

undergoing value-for-money audit processes. I think we ought to up our game in that area because [the delay] is raising a lot of concerns among the public. It is an issue that is stalling government’s quest to develop this country, and we must look at that process very well. “If Ministry of Finance has to shorten the process or appoint a lot more people with expertise to do the value-for-money audit, I think it is going to go a long way to help us complete some of these projects that Parliament approved last year,” he told Business24 in an interview at Parliament House in Accra. The vice chairman said the prolonged VFM processes could delay projects, increase their costs, and create misconceptions about government’s performance.

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Ghana, EU to collaborate for sustainable cocoa production Continued from cover said. Currently, Ghana exports 80 percent of its cocoa to the EU, and early this year, the union said it will contribute £25m pounds to improve the economic, social, and environmental sustainability of cocoa production in Côte d’Ivoire, Ghana, and Cameroon— who are the first-, second-, and fifth-biggest cocoa producers in the world, respectively. Speaking to Diana Acconcia, the EU Ambassador to Ghana, during a farewell call on the Minister this week, Ms. Ayorkor Botchwey said bilateral relations between Ghana and the EU witnessed active engagements and growth during the tenure of the ambassador. She applauded the launch of the Multi-stakeholder Dialogue on Sustainable Cocoa by the European Commission, which seeks to deliver concrete recommendations to promote

sustainability across the cocoa supply chain through collective actions and partnerships. She expressed optimism that the collaboration between Ghana and the EU would eliminate child labour as well as secure the socioeconomic well-being of cocoa farmers and many others

engaged in trade, transportation, and processing of cocoa. The Minister also thanked the ambassador for the signing of an €87m special emergency budget support financing agreement between Ghana and the EU in 2020 to assist the country in its response to the COVID-19 crisis.

She commended the EU for its funding of the COVAX facility, which made it possible for low and middle-income countries such as Ghana to benefit from COVID-19 vaccines, in line with the EU’s commitment to ensure equitable access to the vaccines.

Trade Ministry asked to intervene in hike of freight duties

he Importers and Exporters Association of Ghana has appealed to the Ministry of Trade and Industry to intervene in measures taken by the Customs Division of the Ghana Revenue Authority (GRA), which has cause a hike in freight duty. The association appealed to customs to collaborate and not antagonise the ordinary businessman, importers, and exporters, as they pursue measure and aggressive drive towards tax mobilisation to meet the annual revenue target.

Mr. Samson Asaki Awingobit, Executive Secretary of the association, in a statement expressed concern over the surge in freight charges for duty purposes. The statement alleged that customs in the face of agitations against the abnormal increment in freight charges, had adopted a new strategy to increase value or duty paid on freights, even though they are not mandated to determine the freight value for the purposes of duty. It noted that freight in the

carriage of cargo was subject to negotiation and also to commercial level, hence customs cannot set a benchmark value for freight for duty purposes. The association explained that the current surge in freight is not normal and this may go away as soon as the imbalance of freight containers are realigned, hence the need for customs to exercise some caution in their new found revenue making avenue. "The freight surge is already hurting trade traffic and if customs intends to use this for

revenue purposes, it can best be described as unfortunate," the association said. The statement revealed that other countries that are under similar circumstances are rather assisting businesses to stay afloat and not introducing or riding on the unfortunate freight hike for generation of revenue. It questioned whether customs will reduce same when freight begin to fall, stating that there had been similar instances in the past where customs refused to reduce duty value when freight saw a nose dive. According to the association, "benchmark was an outlawed practice but we have it for all the good reasons". It said, "between 2016 and 2018 freight rates fell drastically yet customs did not apply the price paid or payable argument, they used the averages before the fall. "And with businesses crumpling in the face of a global pandemic, we are convinced beyond measure that customs with their track record will continue to stay with the current freight value, even when the current freight drops, just to balance their revenue," the statement said.

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Stanbic Investment Management Services outperforms its fund benchmarks for 2020

ulti-specialist asset manager, Stanbic Investment Management Services (SIMS), has outperformed its benchmarks for the two funds the company manages, the Stanbic Cash Trust (SCT) and Stanbic Income Trust Fund (SIFT). This was announced at the company’s 2020 Annual General Meeting (AGM) held at the Stanbic Heights in Accra. The Fund Manager for the SIFT, George David Allotey, attributed the strong performance of the fund to the company’s tactical allocations in the year under review. “SIFT’s assets grew by 56percent to GHc 366million in 2020. Investments in medium term government treasuries cash and near cash securities were increased. Bonds made up 67percent of the fund’s assets, with 27percent invested in money market instruments and 6percent in cash and near cash securities as at the end of 2020,” he said. He said the full year return for 2020 was 18.1percent, ahead of its benchmark of 17.4percent by 70-basis points. SIFT’s full year distributable

earnings grew by 74percent to GHc 50.5 million. “The fund’s performance is attributed to comparatively higher rates in corporate bonds and the tactical allocations into medium term tenors,” Mr. Allotey added. The Fund Manager for the SCT, Brenda Kissi, reporting on the Assets under Management (AUM) for the company said AUM as at the end of 2020 were GHc463m, up from GHc265m in 2019. This represented a year-on-year growth in assets of 74percent, with earnings contributing 25percent to the growth. SCT, she said, had about 86percent in government and quasi- government securities and

8percent of assets in other money market instruments as at the end of 2020. She added that the fullyear return for 2020 was 16.85percent, 265 basis points above the benchmark return of 14.20percent. “The tactical positions taken in high yielding government 6-month and 1-year papers accounted for the outperformance of the benchmark. Net investment income for the year increased by 25% to GHS51m from GHS38m in 2019,” she said. SIMS Ghana Limited is a multispecialist asset manager that connects retail and institutional clients with multiple investment opportunities across asset classes and markets. The company

manages two funds, the SCT and the SIFT. The SCT is an open-ended unit trust fund. The primary objective of the Fund is to maximize shortterm income while preserving capital through investing in a portfolio of money market securities including treasury bills, fixed deposits and certificate of deposits and debt securities with maturity not exceeding 13 months. The SIFT is an authorised unit trust as defined in the Unit Trusts and Mutual Funds Regulations, 2001 (L.I. 1695). The Fund offers and redeems units to subscribers and from unit holders respectively on an ongoing basis. Units are sold and redeemed at a price computed in accordance with the terms of the scheme particulars. The primary objective of the fund is to maximize short-term income as well as long-term sustainable income and capital appreciation of its assets, through investing in a portfolio of fixed income securities including government treasury bills and notes, fixed deposits and other corporate debt securities.

Ofori-Atta urges teamwork and unity at Finance Ministry

inance Minister, Ken OforiAtta has urged staff of the Ministry to continue to work with unity of purpose to achieve the ultimate mandate of successfully managing the Ghanaian economy. Speaking at the Ministry’s semi virtual second quarter staff durbar, Mr. Ofori-Atta said that it was only when people work as a team that they could achieve greater things. “As we focus our efforts on building a wiser Ghana, let us be reminded of the power of unity in language and purpose - for really the one language is the Republic and the purpose is shared prosperity for all Ghanaians,” he stated. He took the opportunity to formally present Mr. Charles Adu Boahen, Minister of State, and Abena Osei-Asare Dr. John Apontuah Kumah, Deputy Ministers of Finance and a former Minister of Planning, Prof. George Gyan Baffuor, who has now joined the ministry as a Senior Policy Advisor to the minister as the

solid team who would be aiding him in many ways to restructure the economy to pre-covid-19 times. “I am truly excited and honored to be working with all of them to build a stronger and better economy,” Mr. Ofori-Atta noted. He reserved special praise for Mr. Kwaku Kwateng, a former Deputy Minister for Finance for the implementation of revenue policy reforms, which had resulted in improved revenue generation and administration in the last couple of years and congratulated him on his appointment as the Chair of the Finance Committee in Parliament. He also commended him for leading the efforts to get Ghana out of the FATF ‘grey’ list. According to him, the second quarter had been eventful for the Ministry as he participated in a number of activities including the Springboard Youth Dialogue, the commemoration of the Green Ghana Project, launch of the Sustainable Development Goal Budget Report, and meeting

with International Finance Corporation of the World Bank. He commended staff for the commitment and supports in the first half of 2021 and called for same going into the second half of the year. He stated that the 2021 Mid-Year Budget Review to Parliament, Ghana CARES Programme and launch of the Development

Bank of Ghana were some of the important activities the Ministry would be undertaking. Charles Adu Boahen, Dr. John Ampontuah Kumah, and Prof. George Gyan Baffuor addressed the staff and pledged to ensure that the ministry's programmes and policies were adequately implemented to achieve a Ghana beyond Aid.

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GRA waives Covid-accrued penalties and interest

he Ghana Revenue Authority has initiated a waiver of penalties and interests accrued over the COVID-19 period in 2020 for businesses who could not file their tax returns and make payments. Speaking on the Eye on Port programme, Principal Revenue Officer and Head of the Project Transformation Unit of Ghana Revenue Authority, Mr. Isaac Kobina Amoako, revealed that the gesture is open to persons couldn’t file their returns and effect payment as at December 31, 2020. He emphasized, however, that the waiver is on the penalties and interests and not the tax, which is still payable. The GRA official said it is a deliberate effort by government to lessen the burden and hardships suffered as a result of the COVID-19 pandemic. Contributing to the subject

on the same programme, Head of the IT Service Center at the GRA, Mercy Amerley Brocke said a person who qualifies for this waiver has to write to the Commissioner General of the GRA through a specified form. She said this form can be obtained from any of the GRA’s taxpayer centres or from the Authority’s website which is www.gra.gov.gh. The GRA officials disclosed that the Authority’s whistle-blower policy is still being implemented and people who would help the Revenue Authority nab tax evaders will be rewarded. Head of the Project Transformation Unit indicated that one can report to the Debt Management and Compliance Enforcement Unit of the GRA to apply for the informant award and the person’s identity is kept confidential. “If one is able to help GRA

recover the money, you are entitled to 25% of the penalties and interests accrued over the period,” Mr. Amoako stated. He added that, “however there is a cap, and it should not exceed beyond 25,000. If it exceeds 25,000 it goes to the board for approval.” The officials from the Ghana Revenue Authority also touched

on cashless policies embarked on by the GRA. They revealed that since July, neither cash nor cheques are accepted at any of the Authority’s domestic tax offices, hence, urged all taxpayers to acquaint themselves with digital systems in order to satisfy tax requirements to the state.

More money needed to attain clean water, sanitation for developing countries -- report economically critical public

eveloping countries’ economies would be boosted by billions of dollars over the next two decades if clean water, toilets and hygiene were brought to everyone, a new report from international aid agency WaterAid has revealed. It comes after the UK Government faced criticism for their plans to cut aid spending on lifesaving clean water, hygiene and sanitation programmes in developing countries by 80% earlier this year, even facing a rebellion from their own MPs. Ensuring everyone everywhere has access to even basic water, hygiene and toilets – which could mean a well within a 15-minute walk, a household toilet and soap and water to wash hands with – would bring returns of up to 21 times their cost, found Vivid Economics, who conducted the research and analysis that fed into the report. According to the report, what remains critical is investment in water, sanitation and hygiene for a healthy and green economic recovery – shows that reaching the levels of access defined by the UN’s Sustainable Development Goals could unlock huge gains. Further the report also highlighted the need to ensure

everyone has a toilet where waste is safely managed can yield US$86 billion per year in greater productivity and reduced health costs amongst other benefits. It also ensures everyone has somewhere to wash their hands with soap and water can yield US$45 billion per year as well as ensuring everyone has a tap at home can yield US$37billion per year. The report has been published just days before G20 Finance Ministers and Central Bank Governors meet in Venice to discuss ensuring global economic prosperity in the wake of the pandemic and in the face of climate change. To this end, WaterAid called on G20 Finance Ministers to ensure WASH is central to plans for

developing countries to recover economically from the pandemic and protect themselves against the impacts of climate change. Investment in WASH within healthcare centres, for example, was highlighted by the G20 as an essential measure for protecting the world’s poorest health systems in a declaration in May. This requires an investment of $6.5 billion – which finance ministers could discuss providing this week. They are also set to discuss debt relief and the issue of IMF funding in the form of Special Drawing Rights (back-up funds) for the world’s poorest countries – whose economies have been impacted disastrously by the pandemic – which could enable spending on essential and

services like WASH. WaterAid’s report also shows that investing in WASH is crucial for building climate resilience; a key priority for the G20 and COP26 set to take place in Glasgow in November. The Chief Executive of WaterAid, Tim Wainwright, said: “Our report demonstrates just how important it is that the UK Government reverse the cuts to aid spending on water and sanitation. It confirms, unquestionably, that investment in water, sanitation and hygiene is an extremely cost-effective defence against the twin threats of Covid-19 and the impacts of climate change. “Water and sanitation have been sidelined for far too long, their value overlooked, trapping millions in poverty. Our research shows that it’s an extremely costeffective investment. Ensuring everyone everywhere has access to even basic water, hygiene and toilets would bring returns of up to 21 times the cost. If the Government and its G20 counterparts are intent on building a strong, sustained recovery, then investing in water and sanitation is, without a doubt, one of the best buys they could make.”

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REDAVIA launches its largest solar project at local pharmaceuticals manufacturing facility

EDAVIA, a global market leader of cost-effective, reliable and clean solar power for businesses, has launched its largest solar project with the installation of a 1.140 MWp solar plant at Amponsah Efah Pharmaceuticals, a Ghanaian-owned pharmaceutical company in the Ashanti Region. "I am thankful to the REDAVIA team for the tenacity and professionalism they showed leading a safe, successful installation and implementation. I am looking forward to a good business relationship for years to come." He added at the handing over of the plant,” Mr. K. Amponsah Efah, Managing Director of Amponsah Efah Pharmaceuticals. Amponsah Efah Pharmaceuticals recently installed a new Heating, Ventilation, and Air-conditioning (HVAC) system to control the climate inside its factory in Fumesua, Kumasi, more than

tripling the company’s energy requirements and operation costs. Additionally, the company was concerned with maintaining its environmental management plan, under the approval of the Environmental Protection Authority. REDAVIA designed a multiproduct solution, including the Fast Track Solar 80 Ground Mount (FTS-80GM) and the Fast Track Solar 40 Carport (FTS-40CP). At 1087.2 kWp, the Ground Mount provides the bulk of the solar generation, while the 52.8 kWp Carport provides affordable energy along with a premium aluminum carport to provide shading and protection of vehicles. REDAVIA’s hybrid product solution solved Amponsah Efah Pharmaceuticals’ energy challenges as well as enabling the company to reduce its operational costs while implementing clean energy.

REDAVIA provided the installation and monitoring as a fully financed, full-service offer, creating a smooth user experience that allows Amponsah Efah Pharmaceuticals to focus on its core business of manufacturing. The company already has plans to reinvest the savings it has made, scaling up production to grow its business. Erwin Spolders, CEO & founder of REDAVIA, said: “We are proud to have deployed our largest solar

project to date at Amponsah Efah Pharmaceuticals, and we are looking forward to growing in partnership with them as they expand their business.” REDAVIA is an industry leader in solar power offering energy solutions to accommodate the needs of its diverse clients. With a proven track record in cost-effective, reliable and clean energy, REDAVIA is committed to using solar energy as a key driver for sustainable development.

Ghanaian professionals share success stories with IELTS Exams

ELTS, an international English Language test, which has over three million people globally taking part of the test each year, continues to present opportunities to many Ghanaians who seek to pursue a career or education outside the country. The International English Language Testing System (IELTS) is designed to help candidates work, study, or migrate to the USA, UK, Canada, Australia, New Zealand and other countries where English is the native language. Currently, more than 10,000 employers, universities, schools, and immigration bodies around the world accept IELTS, with about 3,000 of these being in the United States of America (USA). As the test continue to gain popularity in the country, some Ghanaian professionals have shared their experiences and expectations after taking the test. Joyce, a Ghanaian nurse, says the IELTS exam was a great experience for her, saying “I took the exams as a requirement in order to pursue a post-graduate program in nursing at a school in the USA.” Joyce who has been working as a nurse in Ghana for over three years says her aspiration in the next two or three years is for her

to be a well-trained professional, knowledgeable and highly skilled in caring for patients. “I deem a career in nursing a noble one and once I find myself serving in this capacity, I should be able to give off my best.” Also sharing his experience is an insurance professional, Kwame, who said his reason for writing the IELTS was to enable him to enter any of the top universities in USA or Canada to pursue a master’s degree in management or an MBA. “I've been in full time

employment for over four years and I realized that having an advanced degree in addition gives a person considerable advantage in securing promotion or better paying jobs with fulfilling experiences”. “Preparing for the exams would have been challenging had it not been the support of the British Council and their readiness to share valuable information and resources in a timely manner”. Kwame was able to secure a pass based on the requirements of the institutions he applied to.

According to Kwame, his aspiration is to be a business professional and earn his first managerial role when he returns to work after his study. He believes that writing the IELTS exams has given him the opportunity to pursue his career aspirations with post graduate studies in a world class institution which will place his career on a more favourable growth trajectory. Globally, the success rate of IELTS is above average and there is no pass mark. Success depends on the band score needed. A candidate’s ability to listen, read, write and speak in English will be assessed during the test. IELTS is graded on a scale of one to nine with nine being the highest score . In preparing for the test, a candidate may opt to study on their own or join an accredited study centre for tutorials, which usually runs for four weeks. IELTS is jointly owned by the British Council, IDP-Australia and Cambridge Assessment English. In Ghana, IELTS is managed by the British Council and can be written at any of the three test centres in Accra, Kumasi and Tamale. For further information, contact the British Council via 0302610090 or email –infoghana@gh.britishcouncil. org

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COVID-19 in Ghana: Raising awareness, promoting safety and protecting essential services

or Ghana, COVID-19 is exacerbating poverty and disproportionately impacting the poor and vulnerable. Economic growth has slowed, and the labor market has been hard hit—77 percent of the population reported a decline in household income during the first three months of the pandemic.   The crisis is also threatening to disrupt the provision of essential health services due to barriers in the supply of, and demand for, services.   In order to contain the virus, guard against risks such as increased maternal and child mortality, and safely reopen socioeconomic activities and schools, the IDAsupported Ghana COVID-19 Emergency Preparedness and Response Project was approved.   The project uses a crosssectoral approach, convening line ministries, technical agencies, and other World Bank projects in education, social protection and jobs, water and sanitation, and digital development.     To establish trust and rapidly disperse information about the

pandemic, the project supported extensive, nationwide awareness campaigns delivered in sign language, local languages, and even Braille. Call Centers and COVID-19 Information Centers were established in all 16 regions of the country. And communication caravans were deployed to disseminate information about preventive measures and where to seek care.    To contain the virus  and expand  the capacity of the laboratory system, streamlined digital solutions for timely case detection, diagnosis, and reporting were introduced.   As a result, the number of national laboratories increased from two to 16 in less than a year and a total of 925,611 tests have been performed.    In Accra, the epicenter of the country’s COVID-19 outbreak, contact tracing capacity was strengthened by training 1,340 surveillance officers during the first three months of the project.   In addition,  21 treatment centers and 129 Intensive Care Unit beds were established to

handle cases.  The project also provided psychosocial support, wheelchairs, and protective gear to over 20,000 persons with disabilities.   These interventions allowed for the continuity of essential health and nutrition service delivery, despite the ongoing public health crises. With the introduction of infection prevention and control measures, socioeconomic activities, health facilities, and

schools were able to reopen safely.    Now, with the continued support of IDA, the government can focus on the deployment of COVID-19 vaccines nationwide, the establishment of a national Center for Disease Control, and promote equal access to routine primary health care services to improve the health of all citizens. Source: World Bank

Port stakeholders undergo 5-day training on single window

5-day training workshop on the improvement of the implementation of single window systems for trade facilitation has been in held in Ghana for key port community stakeholders.

Ghana is among 7 countries identified for the initial phase of the programme. The others are La Cote D’Ivoire, Guinea, Senegal, Gambia, Sierra Leone, and Cape Verde. This capacity building program

is under the Improvement of Port Customs and Operation Efficiency in Africa (IPCOEA) project under the auspices of the Port Management Association of West and Central Africa (PMAWCA) with support from the European

Union. Project Manager of the Ports Management Association of West and Central Africa, Tantoh Roland, said such programs are to position African ports for resilience, efficiency and competitiveness while leveraging digital technology. “When we start digitalizing, we reduce redundancy, we are more effective in our operations. When we are trained, on-boarding becomes easy, and passing on good practices also becomes easier. This step Africa is delving into is crucial,” he elaborated. The Director General of the Ghana Ports and Harbors Authority, Michael Luguje, said while Ghana is relatively advanced than some of its counterparts in the implementation of a Single Window System, such a workshop helps ports learn from each other towards the desired level of operationalization. He said: “Single window is the way to go. It is an obligation for every port and trading organization to embrace it. The western countries are way advanced, and we are also catching up.”

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IVI, KNUST establish centre to conduct vaccine research and development for global health

he International Vaccine Institute (IVI) and the Kwame Nkrumah University of Science and Technology (KNUST) have opened the KNUSTIVI Collaborating Center with a ceremony at KNUST/ Agogo Presbyterian Hospital. The KNUST-IVI Collaborating Center will be a research and training site to implement ongoing and new collaborative projects, including disease surveillance, vaccine clinical development, vaccination campaigns, and vaccine effectiveness and health economics studies for infectious diseases prevalent to the region such as typhoid and invasive nontyphoidal Salmonella. The KNUST-IVI Collaborating Center is the first of its kind, initiated by IVI to enable joint research, development, and capacity-building activities to achieve regional health objectives as well as the UN’s global goals. Dr. Florian Marks, Principal Research Associate at the University of Cambridge and Deputy Director General at IVI, said after over a decade of working in close partnership with Professor Ellis OwusuDabo and his team at KNUST,

they are extremely pleased that IVI and KNUST have officially established a collaborating center to recognise their history of successful scientific cooperation and to set the stage for future global health impact. “We look forward to continuing our work toward a shared vision of eliminating typhoid and other vaccine-preventable diseases in Ghana and beyond,” Dr Marks said. Professor Ellis Owusu-Dabo, Principal Investigator and Pro Vice-Chancellor of KNUST, said: “Our true legacy is in how we aspire to inspire the next generation before we expire.” Mr. Lim Jeong Taek, Korean Ambassador to Ghana, said he is very pleased to see the

close research collaboration between IVI, KNUST, and Agogo Presbyterian Hospital, brought to fruition now with the opening of the collaborating center. He said the global pandemic brings awareness to the need for the development of vaccines for COVID-19 and many other infectious diseases. “COVID-19 also lets us know of the importance of strengthening vaccination and health systems in local communities, as well as enhanced international cooperation and solidarity for equitable access to vaccines,” he added. Dr. Anthony Nsiah-Asare, Presidential Advisor on Health to the President of Ghana, said

the need to continuously build evidence and generate data, particularly from Africa, is very key, hence, the need to build such centers that allow for continuous monitoring and evidence generation. “On behalf of the government, I applaud and congratulate the partnership among KNUST, Agogo Presbyterian Hospital, IVI, and the government of Ghana for this achievement. Our hope is that the commission of this center will herald yet another groundbreaking scientific research to solve the many diseases that confront us as a country,” he said. Following the opening of the KNUST-IVI Collaborating Center, both parties will begin a mass vaccination campaign as consortium members of the Typhoid Conjugate Vaccine Introduction in Africa (THECA) program, which aims to assess the effectiveness of a typhoid conjugate vaccine (TCV) through two clinical studies, including a cluster-randomized trial in Ghana, to support the introduction of TCV into routine immunization programs in typhoid-endemic countries in Africa.

FBN Bank refurbishes Tema branch to focus on SMEs

BN Bank has refurbished its Tema branch with an assurance to focus on Small and Medium Enterprises (SMEs) with working capital and trade support. The bank has overtaken a complete remodeling of the Tema branch leading to a more exciting design, which offers greater customer interaction and improved customer experience with convenience, security and speed as the key benefits for customers and clients. FBN Bank’s Ghana Group Head for Business Development, Azubike Obi, said the branch will offer exciting customer interfaces and an improved design with the bank’s rich array of products which will result in a great customer experience. “This is possible because we have invested in an improved infrastructure and technology. In addition, our people are passionate about our brand and are keen to differentiate it by offering our gold standard of value and excellence to our customers and clients through our services

and products,” he added. He said the fact that the bank is doing all this, as part of its 25th anniversary is a proof of their commitment to the brand promise, which enjoins the bank to put its customers first as well as strategic focus on SMESs. Mr. Victor Yaw Asante, Managing Director of the bank, said aside the re-commissioned branch, the bank has made available to its clients a variety of touch points, which include a good blend of digital, brick and mortar and third-party options. “Our channels, made up of branches, contact centre, a network of agents and web-based as well as mobile options, therefore provide for convenience, speed and security as a bedrock of our service to our customers. In very recent times, we have received Payment Card Industry Data Security Standard and ISO27001-2013 certifications for our technological infrastructure all aimed at providing the relevant assurance and confidence to users,” he added.

Mr. Asante explained that the bank has done all these to help improve the attraction of banking to the unbanked in furtherance of the objective of reducing the number of Ghanaians who still stay away from financial institutions. He added that FBN Bank has a network of 22 branches in the country, a contact centre and several alternative channels which are open for business on

an alternating 24/7 basis ensuring that its clients continue to have access to their services in every conceivable situation. This is a top priority for FBN Bank as we celebrate our 25th year in Ghana and we will continue to stay focused on delivering improved financial services to an increasing number of Ghanaians as we look forward to new milestones ahead, he said.

FRIDAY JULY 9, 2021

Trading energy in West Africa to benefit the entire region

est Africa has significant energy resources. The region accounts for about one-third of African gas and oil reserves and over 23,000 Megawatt (MW) of technically exploitable hydropower capacity. However, a key challenge has been distribution: the major sources of electricity supply are located far away from the main centers of consumption.   The West Africa Power Pool (WAPP) program was conceived to help address this problem. Doing so is a critical part of improving access to energy in a region where much of the population has relied on firewood and charcoal to meet their energy needs.    At the start of the WAPP program, Burkina Faso had one existing interconnection with Côte d’Ivoire. But there was potential to significantly boost supply from another neighbor— Ghana. In Ghana, electricity was

produced from hydro and thermal plants. This relatively low-cost gas/hydro energy mix had the potential to feed into crossborder electricity exchanges across WAPP zones, bringing financial benefits to Ghana and much needed power to neighbors like Burkina Faso.    The first phase of the IDAsupported International Transmission Hub Project aimed to increase Ghana’s electricity export capacity, on the one hand, and reduce the cost of electricity supply to Burkina Faso, on the other. This was achieved through the development of a transmission line between Bolgatanga in Ghana and Ouagadougou in Burkina Faso.    “The interconnection will diversify the imports sources of energy to Burkina and have a major impact on the quality of service provided by Société Nationale d'électricité du Burkina Faso,” explains François

De Salles  Ouédraogo, General Director of  Burkina Faso’s national electricity company.    The project also supported the reinforcement of the transmission grid in Ghana and the electrification of rural areas in Burkina Faso.   The result has been a significant increase in Ghana’s ability to export electricity. And in Burkina Faso, the cost of electricity was reduced from  $0.26 per kWh to  $0.20 per kWh and power outages have been reduced.     Access to electricity in rural

areas has also been enhanced. The construction of the distribution network and connection of households has provided 25 poor areas in the outskirts of Ouagadougou and along the 188 km transmission line with access to electricity. This has, in turn, helped power local economic activities for women along the corridor.   Notably, other WAPP member countries, particularly Mali and Niger, are to benefit from Burkina Faso’s increased ability to import power from Ghana.

Meridian delivers premium audio performance in LG soundbars feature (PL7 and PL5) employing & XBOOM GO a three-step process to detect

G Electronics has impressive lineup of soundbars featuring premium quality audio, easy connectivity, smart functionality and sleek designs that integrate perfectly with LG’s stunning TVs, true-to-life sound that captivate with their accuracy and depth. These Soundbars range leverages the company’s longstanding partnership with Meridian audio with more models featuring the finelytuned technologies such as Bass and Space, which boosts lowfrequency reproduction and widens the soundstage and Image Elevation, which ensures a more lifelike listening experience by elevating the perceived height of lead instruments and vocals. Furthermore, the majority of these lineup supports Dolby Atmos (5.1.2 Channels) and DTS:X for dynamic and thoroughly immersive audio. New for LG premium soundbars, AI Room Calibration guarantees more optimised sound by automatically tailoring output to the specific characteristics of the room. These advanced models are self-calibrating, able to recognize and analyze tones to accurately assess the dimensions of a given space and adjusting accordingly. When playing content mastered with Dolby Atmos(5.1.2 Channels)

or DTS:X, this technology allows users to enjoy breathtakingly realistic surround sound with audio that appears to originate from multiple directions. What’s more, LG SN9Y premium soundbar feature an advanced processing algorithm that can upscale conventional file formats to near-studio quality. XBOOM Go portable Bluetooth speaker lineup with the debut of the LG XBOOM Go PL Series with Meridian technology (models PL7 & PL5), now available at LG.com and through LG-authorized dealers nationwide. The LG Audio teams up with Meridian - the world’s leading high-resolution audio brand - to deliver enhanced bass, clearer vocals and an exceptional listening experience in their XBOOM GO line-up. With enhanced usability, a stylish new design, compact size and long battery life (up to 24 hours – PL 7 & PL5 up to 18 hours) LG XBOOM Go PL is the perfect solution for premium audio onthe-go enjoyment. Meridian’s advanced audio

technology delivers premium quality sound with deep bass, rich treble and clear vocals. The exceptional bass is driven by the inclusion of Dual Action Bass (PL7 and PL5) which uses passive radiators to pump out dynamic bass and bold beats that users can both feel and hear. For a wide sound stage with excellent detail across the higher frequencies, the PL7 speaker also employs dual tweeters. The XBOOM Go lineup also pairs impressive audio quality with party-optimized features including Dual Play (PL7 & PL5) to allow two LG speakers to be connected together and create an even more immersive sound experience. The splash resistant (IPX5 rated) PL series also provides peace of mind in various settings from casual dinner parties to outdoor adventures. To complement the XBOOM Go PL’s excellent audio quality and add an element of visual excitement to the experience, the LG XBOOM Go PL speakers include a Multi-Color Lighting

tempo based on soundwaves, and producing pulses of LED lighting in sync with the speed and beat of the song. The lineup also supports hands-free functionality, voice commands and multi-phone pairing. Users can also control the speaker from a mobile device. When you download the LG XBOOM app (available on Android and iOS), you can manage the audio connection, lighting effects, playlists, equalizer and more with just a few clicks. “Our goal has always been to bring better sound to more people and by offering more great products that leverage our successful partnership with Meridian, our latest Soundbars and XBOOM GO help achieve this,” “High-performance, convenient, and very versatile, LG’s Soundbars and XBOOM GO models will make the premium audio experience accessible to more customers nationwide and even in Pan Africa.” With sleek, future-proof designs, these stylish soundbars create seamless visual harmony that look aesthetically pleasing within any room,” said Mr. Kyung Shin Cho, General Manager, Home Entertainment, Audio Visual Division, LG Electronics West Africa Operations.

FRIDAY JULY 9, 2021

Feature

FRIDAY JULY 9, 2021

Media Capture Under Cover of COVID

By Nicole Pope, Anya Schiffrin

hile media capture occurs in the best of times, a crisis creates opportunities to act even more brazenly to assert control over the information to which people are exposed. During the coronavirus pandemic, both repressive governments and Big Tech behemoths have seized these opportunities. Since the pandemic began 18 months ago, autocratic governments around the world have tightened their grip on the flow of information. These power grabs are all advanced attempts at “media capture,” a term that covers the multiple ways governments, corporations, and other powerful entities seek to influence media output to protect vested interests. Media capture is hardly limited to times of crisis. In much of the world, including in parts of Central Europe and Latin America, media outlets are controlled by government cronies. But a crisis creates opportunities to act even more brazenly, under the guise of combating potentially deadly misinformation and disinformation. In Turkey, a prolonged, systematic assault on the press – the country has one of the world’s worst records for jailing journalists – has all but eliminated independent media. Predictably, President Recep Tayyip Erdoğan’s government has used the pandemic as an excuse to squeeze the few remaining outlets. Several local journalists have been arrested after publishing stories about COVID-19 infections and deaths, charged with “sowing panic and fear” and reporting “unofficial” information. According to Erdoğan, Turkey needs to be cleansed not only of the coronavirus, but also of

“media and political viruses.” In Hungary, the media are controlled largely by Prime Minister Viktor Orbán’s government and its allies, thanks partly to a 2018 governmentorganized merger of more than 400 media outlets. Most of the few remaining independent news organizations published an open letter in March accusing the government of blocking them from covering the COVID-19 outbreak accurately. Meanwhile, many of these outlets are struggling even to survive. In Hungary, one of the last remaining liberal news radio stations, Klubradio, went silent in February after losing the right to its frequency, as Orbán tightened his grip on the media, now mostly controlled through cronies and society in general. In Poland, the government, led by the nationalist Law and Justice (PiS) party, unveiled plans in February for a new tax on media outlets’ advertising revenues. It claimed that the new tax was needed to help defray the costs of the COVID-19 crisis. But critics argue that it was merely the latest move in the government’s campaign to stifle press freedom and weaken media pluralism. Fortunately, in this case, media were able to push back. Independent outlets staged a 24-hour news strike, which – together with criticism from the opposition and PiS’s junior coalition partner – forced the government to announce a plan to rewrite the proposal. But that hardly means Polish independent media are safe. In India, Prime Minister Narendra Modi’s government has invoked the Epidemic Diseases Act, the Disaster Management Act, and various sections of the Indian Penal Code to enhance its authority to “combat misinformation” during the coronavirus crisis. In

reality, it has been pushing digital platforms like Twitter to remove posts critical of the authorities’ handling of the pandemic. This highlights another, lessnoticed dimension of the growing media-capture problem – one that is not confined to countries with autocratic or repressive regimes. Today’s technology behemoths wield inordinate power and influence over the information people receive. This is undermining the media’s ability to fulfill its function as a democratic watchdog. Much has been made of socialmedia platforms’ algorithmic filtering of information, which creates “echo chambers” that fuel polarization. But the problem extends further: tech companies have also taken over the advertising market. According to a recent report, 86% of online advertising space is bought and sold in an “advertising exchange” controlled by Google and Facebook. As a new book, edited by one of the authors (Schiffrin), argues, Big Tech has thus become the gatekeeper that decides which content gets the most attention. To wield further control over the public narrative, tech companies use the kinds of “access journalism” tactics Wall Street has historically used to elicit favorable coverage. Moreover, they have provided huge amounts of funding directly to the media sector, including through events and partnerships with particular news outlets. Such efforts went into overdrive during the COVID-19 crisis, when Facebook and Google provided badly-needed emergency funding to news organizations. For example, Google introduced a licensing program to “pay publishers for high-quality content,” in order to help them “monetize their content through an enhanced storytelling

experience.” It is hard to imagine that there are no strings – explicit or not – attached. Laws like Australia’s News Media and Digital Platforms Mandatory Bargaining Code, which requires Google and Facebook to pay for news, are supposed to help address this problem, by providing revenue to news organizations outside of such deals. But Google has purportedly responded to the rule by adding gag clauses to its contracts with media outlets, potentially giving Google influence over what is reported about the company. But there are ways to protect quality journalism – particularly local journalism – from repressive governments and large tech companies, many of which are outlined in recent journalism “rescue plans.” And, with the pandemic having provided a wake-up call, many governments are finally acting. For starters, reining in Big Tech has become a top priority for many policymakers, with some – such as in the European Union – taking concrete steps in this direction. Moreover, efforts are being made to ensure financial support for news media. Beyond Australia’s recent law, a bill introduced in the United States would provide direct subsidies to news subscribers, local journalists, and small business advertisers. Some models have already proved effective. In Germany, the United Kingdom, France, and Japan, government funding raised through license fees already helps to sustain public broadcasters. Even in Hungary, some media outlets still benefit from a law permitting taxpayers to allocate 1% of their income tax to a non-profit organization. These approaches should be expanded and replicated.

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Markets

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