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FRIDAY NOVEMBER 4, 2022
Friday November 4, 2022
BUSINESS24.COM.GH
News for Business Leaders
Valco Workers demand over 50% salary increment
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orkers at the Volta Aluminium Company (VALCO) have rejected a 22% increment in salary from Management of the Company, describing it as insufficient. In what should have come as a welcoming news to the over 300 workers, at a time where the country is experiencing an economic downturn, is rather being met with stiff opposition from the workers who staged a demonstration in the early hours of Monday, October 31, 2022, refusing some Management Members entry into the facility. Sources close to the Business24 revealed that, the workers after a series of negotiations led by
GOIL, ESLA yet to file Q3 unaudited financial reports
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he Ghana Stock Exchange (GSE) has extended the dates for the filing of unaudited financial statements of two listed companies. They are ESLA PLc and GOIL Company Limited. The statement from the GSE said E.S.L.A PLC has Cont’d on page 3
Cont’d on page 2
TAAG Angola airlines readies to expand operations to Ghana
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ngola’s flag carrier and state-owned airline, TAAG Angola Airlines, is ready to fly a new regional route to Ghana from November 30 this year in line with the Airline’s expansion master plan. The Luanda-Accra-Luanda connection will have three weekly frequencies, with flights leaving
tanbic Bank Ghana has partnered the Pears Program for Global Innovation, the Israeli Embassy in Ghana and The Israeli Trade Mission to Ghana to host this year’s Pears Challenge Pitching and Networking Cont’d on page 4
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CBG MD Adjudged CIMG Marketing Man of The Year 2021
Stanbic partners Pears & Israeli Embassy to enhance Ghana’s agric value chain
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he Managing Director of Consolidated Bank Ghana Ltd. (CBG), Mr. Daniel Wilson Addo, has been adjudged the Marketing Man of the Year 2021 at the 33rd
Annual National Marketing Performance Awards organized by the Chartered Institute of Marketing Ghana (CIMG). See page 2
Cont’d on page 2 Cont’d on page 2
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Editorial / News
FRIDAY NOVEMBER 4, 2022
CBG MD Adjudged CIMG Marketing Man of The Year 2021 Continued from cover Themed: ‘Creative Marketing and Innovation in a Volatile Global Economy’, this year’s Annual National Marketing Performance Awards seek to recognize marketing practitioners and organizations that rely on innovative strategies and modern marketing practices in the realization of their business success. In a citation presented to him, Mr. Daniel Wilson Addo was commended for his outstanding excellence in strategic marketing in the areas of marketing insights, people management, corporate reputation management, CSR, and sound marketing management, thereby setting him and his company apart as a corporate achiever for the year 2021. Speaking at the event, Mr. Addo dedicated the award to the Board, Management, Staff and Customers of CBG for their contribution and support to the growth of the Bank. “This award has been possible with the immense contribution of my CBG Team, who, like me, did
not see the COVID-19 challenges as disadvantages but worked assiduously to positively change the fortunes of CBG. I also want to thank our customers who continue to stand with us; they encourage us to work hard to actualize the CBG vision to be the most trusted Bank in the country”. “For the MSME sector, we have established a center at Kokomlemle to intensify efforts to support their business growth, design innovative products and provide differentiated services to our customers,” he added. Mr. Daniel Wilson Addo is a Chartered Accountant with over two decades of post-qualification experience. With his extensive knowledge of the banking industry and his vast work experience in Ghana and other African countries, he was able to successfully play the lead role in integrating seven (7) insolvent banks into the Consolidated Bank Ghana (CBG) in 2018. This was the first of its kind in the history of Ghana. Mr. Addo has directed the Bank on a path of success from
restructuring and alignment of staff to new systems and processes to create a common culture for the CBG brand. His leadership skills have helped in building a strong, reputable and profitable brand, and CBG has grown to become one of the largest and leading SME oriented banks in Ghana. With a strong financial standing, robust technology platforms and innovative banking solutions, CBG prides itself in being a pacesetter in the changing phase of banking in Ghana and Africa. CBG currently operates in 114 branches nationwide, delivering on its mandate to make a difference in the lives of its stakeholders. Prior to being named marketing man of the year 2021, Mr. Daniel Addo was awarded the Most Respected Chief Executive Officer (CEO) of a state-owned bank at the 2020 Ghana Industry CEOs Awards held in Accra. The 33rd edition of the CIMG Awards covered six (6) major competitive areas: Hall of Fame, Personality, Media and Marketing Communications organizations, Business organizations, Products, and Not-for-Profit organizations.
Valco Workers demand over 50% salary increment Continued from cover
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their union executives, made a demand of 55% salary increment to the Management of VALCO. In response, the Management of VALCO, offered to grant a 22% increment in salaries for the workers with the assurance of further increment in the future as steps are being taken to retrofit the plant. Management of VALCO appealed to the workers to consider the current state of the Aluminium Smelter which, for years, has been recording loses until the year 2021 where, through prudent management and better supervision, chalked some modest gains recording Earnings Before Interest, Tax, Depreciation & Amortization (EBITDA) profits.
According to Management, they are hoping to build on this and retrofit and modernize the plant to improve efficiency and increase its capacity. This will see VALCO partnering with an investor to increase its production from the current 50,000 tonnes out of its 200,000 tonnes installed capacity to 300,000 tonnes of refined aluminium per year. Management of VALCO further indicated to the workers union executives that they will have to invite an independent arbiter in labour/industrial disputes settlement i.e the National Labour Commission (NLC), to take-up the matter after negotiations between Management and the workers ended up in a stalemate. However, the workers will have none of this and staged
a demonstration against the Management of VALCO, calling for better conditions of service and the immediate dismissal of some Management members who they describe as ‘retirees’. Following the announcement of a 15% Cost of Living Allowance (COLA) for workers in the Public Service by Government in July 2022 in the face of what government describes as a ‘global crisis’, the declaring of losses for more than a decade by VALCO and a nosedive in the prices of Aluminium prices, a 22% increment in salaries, amidst all the difficulties, should be a good step towards addressing the conditions of service of any worker. The Business24 shall look at this developing story and keep our readers updated.
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News
FRIDAY NOVEMBER 4, 2022
TAAG Angola airlines readies to expand operations to Ghana Continued from cover Accra on Tuesday, Thursday, and Sunday, and will be operated by a Boeing 737-700NG aircraft with 120 passengers as total capacity, 12 in business class and 108 in economy class. This new route suits the
corporate segment needs, allowing TAAG to offer a key connection between Ghana and Southern Africa, Europe, and Brazil, via Angola. Speaking, Chief Executive Officer for TAAG Angola Airlines, Eduardo Fairen, said “We will continue our growth
path by adding new routes, increasing frequencies in existing destinations, and upgrading the fleet. At the same time, we are fostering our enablers to have more and more passengers choosing TAAG as their airline of choice for domestic and
international travels” TAAG Angola Airlines promises to be a game changer in the Ghanaian aviation industry by virtue of its exciting packages uniquely designed with the customer in mind.
GOIL, ESLA yet to file Q3 unaudited financial reports Continued from cover November 7, to file while GOIL Company Limited PLC has up to November 15, to do same. A release from the stock market to the investing public said the two listed companies “have been granted extension for the submission of their unaudited financial statements for the period ended September 30, 2022,”. More about companies E.S.L.A. PLC This is a Special Purpose Vehicle (SPV) incorporated as a public limited liability company to issue longterm bonds to resolve energy sector debts due to banks and trade creditors. The securities issued are backed by a component of the Energy Sector Levy Act (ESLA) receivables which has been assigned to the company for the settlement of coupons and principal repayments arising under the securities that are issued. GOIL Company Limited (GOIL) – The company succeeded the marketing outfit of AGIP PETROLI, a subsidiary of which was established in Ghana in 1960.
In 1974, the Government of Ghana acquired 100 percent shares and changed the name to Ghana Oil Company Limited.
In 2019, the Company changed its name to GOIL Company Limited, to reflect its growth and expanded activities/ventures in
the petroleum sector and other industries.
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FRIDAY NOVEMBER 4, 2022
Soronko Academy hosts a discussion on ‘the Gig Economy and Exporting Talents through Remote Work’
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oronko Academy hosted a panel discussion on “the Gig Economy and Exporting Talents through Remote Work” at the Ghana Digital Innovation Week 2022. The discussion, moderated by the Academy’s CEO, Mrs. Regina Honu, was on the 27th of October, 2022, day 2 of the 3-day event. The hour session had Dominic Llewellyn, an entrepreneur focusing on integrating economic sustainability with social transformation, Naa Kwaley Quartey, a remote worker with Isahit a French company, Patrick Morton, Regional COO for South Asia, Middle East & Africa at Generation, and David Manly, an entrepreneur based in the US, building a technology firm that focuses on software development capacity as panellists. With staff and students from Soronko Academy and other guests registered and seated, the session began with an introduction of the panel. Mrs Honu asked Naa Kwaley Quartey to share her experience working with Isahit. She started with how
she heard about the company and the experience of remote work, including exchange rate benefits. She also talked about the challenges with receiving payment as international payment channels such as Paypal not operating in Ghana. Responding to Mrs Honu on the issue of underpayment, Patrick Morton urged local talents to do their research and ensure transparency between platforms and opportunities to ensure they are not taken advantage of. He noted that unfortunately legal requirements and taxation remains a challenge within
the remote workspace. David also spoke on the concerns international organizations have about African talents. He talked about the work culture and infrastructures in Africa and how they differ from systems in the West. He also elaborated on the challenges remote workers face such as the pay per-hour schedule, how the number of hours worked is calculated and how poor internet connectivity affects the productivity of workers. Despite these challenges, Naa asserted that she would not take a
full-time on-site position because she earns more from working remotely and can support her sibling with her earnings from working remotely. To Mrs Honu’s question on how persons living with disabilities can also work remotely, Patrick stated that persons living with disabilities have the skills that these organizations are looking for and should take advantage of such opportunities. Adding to the discussion on human resources, David explained he chose Ghana to start his organization because the country has the talents and resources. To wrap up, Mrs Honu mentioned some skills and expertise needed to land a remote job such as strong communication and research skills. She emphasized the need to approach the job with commitment and diligence and to have constant power and good internet connectivity to ensure productivity. Participants also engaged the panel with some questions and shared related experiences.
Stanbic partners Pears & Israeli Embassy to enhance Ghana’s agric value chain Continued from cover Event. The event, which brought together stakeholders and startups in agriculture, aimed at unearthing solutions to some of the challenges facing Ghana’s agriculture sector. Speaking at the event, Ben Mensah, Head of Consumer High Net Worth Stanbic Bank, emphasized the bank’s commitment to supporting the growth of Ghana through agriculture. He said, “In Ghana, agriculture is the most pivotal sector that has supported our food security and provided jobs for millions. At Stanbic Bank we always say Ghana is our home and we drive her growth and what better way to support national growth than investing in the agricultural industry. As a bank we have a fully-fledged business unit that is dedicated to agric businesses and for a number of years, we have been financing a number of opportunities and needs within that space.” He continued, “The Pears Program is quite timely as the Ministry of Agriculture is looking at adopting smarter ways of farming to increase our
food production and promote sustainable farming practices. And we are glad to be a part of this initiative.” A member of the Trade and Economic Mission of Israel in Ghana, Kirk Amoah, who represented the Israeli Ambassador, was optimistic that the event will create relevant business partnerships between Israeli businesses and players in the Ghanaian agriculture sector. He said, “I am grateful to Stanbic Bank for partnering with us for this event. We are here with the Pears team to help them create partnerships with relevant stakeholders for their business here in Ghana. We hope to engage more Ghanaian partners on their interest in Israel and other activities with regard to agriculture. Next year AgriTech, which is the biggest agricultural and technology convention is happening in Israel and we will love to have many Ghanaians there with us.” On her part, the Head of Agribusiness at Stanbic Bank, Lilian Bazaar, took the opportunity to share the bank’s commitment to supporting agriculture in Ghana with various products designed to support the
needs of farmers in the country. She said “I am excited by the pitches presented this evening. They were very innovative ideas and I hope that when it is getting to the commercializing stage, Stanbic Bank will be a partner in expanding and implementing these technologies. Our 40 branches are always open to you and ready to assist with our many products designed for farmers and people in agriculture including postharvest technology finance and
agricultural production loans. We look forward to working with all of you.” The Pears Challenge is a Venture Builder that grows new Israeli technology startups to respond to challenges in emerging markets. The 2022 Pears Challenge cohort focused on the Ghanaian agriculture and food sectors and has grown five new innovative startups that address critical challenges in the market.
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FRIDAY NOVEMBER 4, 2022
MTN Ayoba App records 2 million subscriber milestone in Ghana
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TN Ayoba, the all-in-one instant messaging super app which was developed to bridge the digital divide and harness growth in the African economy by breaking barriers to the internet, digital services, and affordability, has now reached two million customers right here in Ghana. Ayoba is more than a platform and more than an app. It connects people on a value basis and leverages an African Identity. It was launched in 2019, became available to users in Ghana in 2020 and now has over 10 million subscribers across the African continent. The world-class messaging app which is free for all MTN users reflects local needs and aspirations and has in the last couple of years become the ‘Super App”. Ayoba currently supports 22 languages across Africa and the Middle East. In addition to chatting for free via instant messaging, Ayoba offers access to an in-app music player which brings weekly updates on the latest African and international music. Users can play a wide variety of free and exciting games ranging from action, adventure and children's games as well
Dario Bianchi, Chief Digital Officer of MTN Ghana
as have access to one of the top global games-Subway Surfers. It also has channels covering eight categories: news, sports, entertainment, health and fitness, fashion and beauty, education, and music. The Black Star Channel, which is exclusive to Ghanaian content
gives access to local trends, news and exciting stories on music, fashion, food, politics and lifestyle. Customers additionally have access to micro-apps in Ayoba offering various services and content including the ability to perform Mobile Money transactions on the MoMo micro
app. All MTN users are allowed to enjoy all these services and more on Ayoba for free- no data is required. Commenting on the milestone, Dario Bianchi, the Chief Digital Officer of MTN Ghana expressed his excitement about the fact that Africans and for that matter Ghanaians are gradually accepting Ayoba as a messaging app. “Considering its unique features, we encourage Africans to use it and share the benefits it brings”, he said. Mr. Bianchi further explained saying, “It is exciting to see the use of Ayoba continuing to grow in Ghana. The app is a fantastic collection of experiences that keeps customers delighted and engaged. We will keep enhancing the app to meet customers’ needs and to make the app a-one-stopshop for all digital services”. Since its launch, Ayoba has reached millions of users across the African continent and now two million customers in Ghana. It is currently available on Google Playstore to all MTN and nonMTN customers in the digital ecosystem who wish to enjoy all service and rich media content Ayoba provides.
CCDA10: The curtains close in Windhoek on a note of hope
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he activities of the Tenth Annual Conference on Climate Change and Development in Africa (CCDA10), ended on October 28, 2022, in Windhoek, the Namibian capital. A meeting that resulted in a series of resolutions. Aware of the growing seriousness of the impacts of climate change on our economies and since Africa, which represents 17% of the world's population, totals less than 4% of global emissions, African countries noted at the end of the meeting, the need to ensure a truly just transition for the continent. According to the participants, Africa must be at the forefront of defining, leading, and owning a just transitions agenda centred on people and aligned with the common fundamental principle of differentiated responsibilities. The urgency of building resilient economies to close development gaps on the continent, creation of decent job
opportunities, industrialization and empowerment of women, youth, and indigenous groups, must imperatively be considered. For ClimDev-Africa partners, developed countries must do more and faster to reduce their emissions. Furthermore, the use of natural gas as a transition fuel constitutes a convincing and credible argument in favour of the energy transition in Africa, in accordance with the Kigali communiqué on a fair and equitable energy transition in Africa and the common position of the African Union on energy transition. Africa must also deepen its regional integration and leverage the AfCFTA to utilize its abundant clean energy resources to drive the global energy transition agenda. On financing for climate action and just transition, participants agreed that African countries and development partners should work together to, among other
things, find innovative ways to leverage limited public resources, to mobilize the huge investments required for private sector climate action. Specifically, developed countries should urgently provide the oft promised $100 billion to restore confidence in our common climate change agenda. Africa's private sector and captains of industry should also come together to lead investment in climate action in Africa, including through initiatives such as ECA's "Team-Energy Africa" in partnership with the African Energy Chamber and Sustainable Energy for All (SEforALL). In this regard, African governments urgently need
to strengthen an enabling environment to attract foreign investment. In view of the rich natural resources that Africa has rich natural resources for carbon sequestration, our continent must be supported in the use of the resulting carbon credits, in order to mobilize resources from the voluntary carbon market to finance just transitions. African countries have finally been urged to adjust their legal and regulatory frameworks to ensure that Article 6 of the Paris Agreement works in their favour. These resolutions will be discussed at COP 27 scheduled in Sharm el-Sheikh, Egypt, this November 2022.
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FRIDAY NOVEMBER 4, 2022
Kasapreko to pay staff double salary amidst economic hardship
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asapreko Company Limited has sent a memo to all staff announcing a double salary for the month of November to cushion its employees in the midst of economic hardship in the country. The company said among other measures being put in place to protect its staff and their families, management will double their salaries which is expected to bring relief to all staff. “In view of the recent economic volatilities in the country which are affecting the wellbeing of
staff, Management is gravely concerned,” the company said in
a statement. It added that it’s management
expectation this payment would bring relief to all staff and their families. President Akufo-Addo has admitted to Ghana’s economic crisis, describing it as a ‘historic’ development. Addressing the nation on Sunday evening, the President conceded to the country’s ballooning debt stock, rising inflation, free fall of the local currency, and the depletion of macroeconomic variables. According to him, the situation is due to many ‘malevolent forces’ which are currently working together.
Adom City Estate wins Best National Customers’ Choice Real Estate Company
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There is only one boss, the customer, and he can fire everybody in the company from the chairman down, simply by spending his money somewhere else.” – these were the words of Sam Walton an American businessman and Chief Executive Officer of Wal-Mart Stores Inc. This underscores the centrality of the customer in the sustainability of every business. The consciousness of this is what motivated our customer-centric sense of responsibility that has brought us this far. Still being the trail blazer in the real estate industry in Ghana particularly in the area of affordable housing with a combine clientele of over 3,000 and still counting, we could not have come this far if we were doing the ordinary. Get a glass of fruit juice and stay tuned as I take you on a virtual tour of facts that made Adom City Estate a formidable brand; first is the fact that we are the only Real Estate Company in Ghana that price our properties (lands and houses) in Ghana Cedis, this made Adom City Estate the most competitive in pricing particularly under this precarious economic crisis where the Cedi took a nose dive in value against the US Dollar and other major currencies. A practical demonstration here is a competitor price of $450,000 (name withheld for ethical reasons) for a 2-bedroom house which when converted into Ghana Cedis can buy 2 (two) of same properties in Adom City Estate. Second is the quality of houses
we deliver to our customers over the years. We have the most robust building and construction team in place. This team comprises, topnotch architectural designers giving us designs taking into cognizance customer taste, preference and affordability. Our seasoned quantity surveyors giving us accurate estimates. This helps us avoid wastage that may have occurred as a result of inexperience or the lack of requisite technical knowhow or both. The other is our award winning structural, civil, landscaping, planning and artisan subcontractors that ensures that the final product of the house in ADOM CITY ESTATE is a solid structure in a perfectly planned gated community with properly built drainage systems, ecofriendly ambience and above all at a very competitive price. Sight must not also be lost of the great job of our quality control team that engages our customers from the starting of the building to completion. This allows our customers to visit the site on regular basis if they so wish to inspect their projects as the building progresses. By so doing, customers have the opportunity to see the kind of building materials that goes into their building and have the right to raise concerns if any for changes to be made. This also accords them the opportunity to make internal structural changes to the building as construction progresses to suit their preferences. So, the final product is definitely a house that is standard by all technical and quality permutations.
Third, is the fact that the security of our clients living in the Estate is our topmost priority. That is why all our communities are gated giving you first level security. This notwithstanding, we have our manpower security team at vantage points round the estate and all the entrance and exits of the estate. Out of the security team is a well-resourced patrol unit that patrols the whole estate 24/7 providing security. However, we are taking this to another dimension by the commissioning of our Police and Fire Service Post come December, 2022. This Police and Fire Service Post in the Estate will ensure 360-degree security and fire safety to residents. Last but not least is the fact that Adom City Estate once again is the only Real Estate company in Ghana that gives warranty on our houses to clients. What this means is that Adom City Estate takes full responsibility for fixing or replacing et cetera, all major problems that may have occurred within this period after the handing of the property to the client. In conclusion, is our extraordinary after sales services we provide to our clients. Our
Estate Management Company ACE Property Management ensures all your sanitation, repair works, utilities such as water and electricity, street lights et cetera are taken care of at fantastically lower estate management fees. It is therefore not by surprise that the endorsement of these clients led to the winning of this prestigious award the “BEST NATIONAL CUSTMERS’ CHOICE REAL ESTATE COMPANY OF THE YEAR 2022 by Zelittemedia. Zelittemedia is one of the renowned media and consulting firms in Ghana and beyond. They are the organizers of GhanaWest Africa Business Excellence Awards, Ghana Accountancy and Finance Awards, Ghana Business Standards Awards, National Customers’ Choice Awards etc. Adom City Estate still remains the leading real estate company in Ghana. Stay tuned for the launch of the Aseda Kese promo! come this November 2022, dubbed, “buy a house, pay outright and get a plot of land free”. Adom City Estate: Still the Pride of Housing. BY: DANIEL KONTIE DESIGNATION: BUSINESS DEVELOPMENT MANAGER ADOM CITY ESTATE CONTACT: 0501669117
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FRIDAY NOVEMBER 4, 2022
Television in the era of digitization By Rasheeda Yasmine Abdulai
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ong before the internet knocked on our doors to revolutionize entertainment and how we interacted with ourselves and the environment, television was the most popular and ultimate source of entertainment across the globe. One would recall the early days of its introduction in Ghana when families, friends and even communities will gather around one television set to watch content on the only TV content provider at the time, GBC. Even when the airwaves were liberalized and GBC’s monopoly was subsequently broken to usher in an era of media pluralization, television still remained popular. With more and more homes and families owning television sets, the medium became a binding element for families who sat together to watch their favourite shows and movies. And then the internet revolution hit us with many predicting the extinction of traditional TV content as we knew it. Technology and innovation have opened up new and robust ways of disseminating information across multiple channels. As technologies improved, so did the quality of the channels through which information were disseminated. Digitization has, in no doubt, been revolutionary across different facets of the world’s experience. Unlike my parents’ generation, today’s average person has freedom of choice and decision never seen before. What to watch, where to watch, when to watch and even how many times they want to watch whatever content is in the absolute control of the viewer or audience. This level of freedom has shaken the entertainment industry to the core, driving some producers to the brink. In all of this, the television industry has been considered as the major victim because every television content can now be seen on the internet at any point in time regardless of geographic location. In a dispensation where technology improves by the hour making sources of entertainment easily accessible, therefore, the rather enormous challenge for the traditional television industry is developing content and picture quality that make them top of the list of audiences’ entertainment options. As challenging as this is, there is opportunity for the television industry to still thrive.
As content consumers themselves change, television content producers must themselves change as well lest they lose out to the internet that is already running at supersonic speed. Creating relevant content that resonates with the pulse of viewers is what will keep them glued to their sets. The demand is for television channels to produce and air content that has a disinfecting touch with the thorough understanding of the viewers in mind. This may be easier said than done but there are a myriad of examples from across the globe where television content producers have created content that makes audiences want to carry their television sets to work because they cannot wait to get home to watch their favourite shows, movies, series or documentaries. In creating any television content, a thorough analysis and understanding of the audience is critical. In Ghana, for example, figures from the 2020 National Population Census puts the median age of Ghanaians at 21.5 years. What this means is that a vast majority of the Ghanaian
population are below the age of 22. A truly young television audience that demands content that responds to their peculiar situations and lifestyle. Aside being a young population, today’s generation have very short attention spans due to the plethora of entertainment sources and channels they are bombarded with by the hour. If they realise your products do not correlate with their expectations, they jump on to the next source with record rapidity. They are complex as they are agile and this adds on to the challenge faced by television content producers. Television content production has always been a challenge in Ghana. There is always a clamor for quality content whether local or foreign. With internet penetration around 52 percent and growing by the day, Ghana’s television industry has a daunting challenge in matching up or at least producing content that is close to what the average Ghanaian can now access via online streaming services. And within the current discussion, the intervention by 3Media Networks to tap into popular Ghanaian culture and
produce content across media channels – TV, Radio and Online – that touches the sensitivities of the Ghanaian audience at the core is par excellence. It is no wonder that barely a month after its launch, 3Media’s ‘This is Culture’ cross-media production has gained critical acclaim. It is more of such innovations that the television industry requires if it will survive and thrive in this era of the internet of things. Whether we like it or not, the internet has changed the will and everything in it. It has created a new consumer whose appetite for quality pictures and content is insatiable. But technology does not have to be the death of television. Technology has to be an enabler of television. It is up to the managers and producers of the television industry to tap into the vast opportunities offered by technology and the internet to meet the demands of their audiences. It is not impossible. Although herculean, it is doable when shoulders are put to the wheel or better still the reel.
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FRIDAY NOVEMBER 4, 2022
Digital skills will propel you in the 21ST Century – Dep. Comms. Min tells youth By Eugene Davis
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he Deputy Minister of Communications and Digitalisation, Ama Pomaa Boateng has underscored the need for digitalization in the 21ST Century and its effect on the Ghanaian economy, which she reckons the youth has to embrace to succeed in this current dispensation. Speaking at the launch of the 2022 Huawei Seeds for the Future Programme in Accra, Ghana, she said “as the 4th Industrial Revolution (4IR) beacons, all hands are needed on deck to fully realize the potential of digitalization and its resultant effect on the Ghanaian economy. This calls for motivating and inspiring our youth to embrace ICT education, equipping them with the digital skills they need to thrive in the 21st century and creating more employment through direct jobs and entrepreneurship.” According to her the Ministry of Communication under its GirlsIn-ICT initiative partnered with Huawei to train and empower more girls in digital technologies, with over 12,000 Senior High School girls trained in Privacy Protection and Cyber Security this year. The training was to equip these young girls with the requisite ICT skills and knowledge whiles motivating them to take up careers in STEM. Further, she said the Ministry of Communications and Digitalization under the Government of H.E. Nana Addo Dankwa Akufo-Addo is very keen on Digitalization and believes one of the surest ways to accelerate the Digitalization process and propel Ghana into a digital economy is through ICT skill training and capacity building. “It is therefore important that we nurture young ICT Talents to give our great nation a more formidable future while remaining competitive in the global market. To our 2022 Seeds for the Future Beneficiaries, as you begin your 8-day Seeds for the Future journey aimed at exposing you to cutting-edge technologies, the Chinese culture and other industry trends. I urge you to enjoy the program, develop your leadership skills, become independent thinkers and build good networks.” As part of this year’s program,
50 top female tertiary students will embark on an intensive 8-days virtual training from October 31 to November 7 after which the whole event will be climaxed with a mentorship and awards ceremony scheduled for 9th November, 2022. This year’s program will introduce students to advanced ICT courses in the areas of Artificial Intelligence, 5G, Cloud Computing, Digital Power, Digital Trade, Smart City and IoT whiles building their leadership capabilities in courses like Strategic Leadership and CrossCultural Management. Beneficiaries will also get the opportunity to experience technology and the rich Chinese culture including but not limited to Chinese Martial Arts, Kunqu Opera, Secrets of the Forbidden City and other insights about Traditional and Modern China. Participants will also be grouped
to embark on a “Tech4Good” project to develop solutions for societal and environmental problems after which the best group will be awarded. The Huawei Ghana Deputy Managing Director, Essuman Quansah indicated that technologoy remains the key driver of economic growth and encouraged all participants to harness the opportunities. “At Huawei we believe the future is female and as such, I will urge all beneficiaries to take the training seriously, learn from best in the industry, and ensure that the resource invested in them does not go waste. Technology is the key driver of economic growth for countries, regions and societies, we will therefore entreat all participants to harness the opportunities which lay bare before them through the Seeds for the future training, to advance their
skillset and knowledge, boost their creativity, and become independent thinkers whose creative ideas can impact society positively. As you will be you be pairing with other countries like Iceland, Norway, Sweden, Finland and Baltics we expect you to represent Ghana positively, take your classes seriously as you network and leap into a brighter future with the tools provided.” The 2022 Huawei Seeds for the Future Program is an All-Girls edition aimed at equipping more young females to take up careers in STEM (Science Technology Mathematics and Engineering). Huawei as a responsible corporate entity has at its forefront the development of more local skilled ICT talent, as a means of giving back to the society in which it operates and contributing its quota towards the development of Ghana.
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FRIDAY NOVEMBER 4, 2022
What a Republican US congress would mean
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nflation now tops the list of concerns for many voters in the United States. But if they use this month’s midterm election to protest inflation, they could tip control of Congress to the Republican Party, with disastrous consequences for their own living standards and American democracy. Whatever happens with inflation over the next year, it will have very little to do with Congress. What matters is the US Federal Reserve’s monetary policy and global developments – such as the war in Ukraine – that affect commodity prices and supply chains. Gasoline prices may be a major source of inflationary pain for US voters, but neither the president nor Congress can do much to reduce them in the short term. Moreover, we know what a Republican Congress would do. It would slash the government benefits that most Americans value. It would eviscerate the recent Inflation Reduction Act’s (IRA) provisions to control health-care costs and combat climate change. It would limit and raise the costs of family planning (birth control) and reproductive health services for women, and pursue a federal ban on abortion, with dire economic and societal consequences. Following the Supreme Court’s elimination of the constitutional right to abortion, many American women now must travel to other states to receive care. Under a national ban, Americans would
have to seek reproductive health services in other countries. In short, the Republicans would pursue an agenda that will make life worse for most Americans. Kevin McCarthy, who would likely become the Speaker of a Republican-controlled House of Representatives, has vowed to blackmail President Joe Biden and the Democrats to accept the Republican agenda or risk a default on US government debt. As in the past, the Republican threat to block an increase to the federal debt ceiling is deeply irresponsible, but also credible. A default would have dire implications for the US economy, both immediately and in the decades to come. Tens of millions of families, including military personnel, would immediately lose access to federal programs that they depend on for their livelihoods. There would be massive losses in global capital markets, striking a major blow to millions of Americans’ retirement accounts. Moreover, interest rates would spike, and the value of the dollar would plummet as global investors dumped their holdings of US government debt (the world’s benchmark safe asset for the last 100 years). The prices of imported goods and services, which account for about 13% of GDP, would jump. The havoc in global capital markets would likely trigger a recession both at home and globally, and the loss of trust in US debt would spell the end
the dollar’s role as the world’s dominant reserve currency. Americans would face higher borrowing costs and higher import prices for decades to come. But the alternative of simply accepting the Republican agenda also would have dire consequences. That, too, would increase the prices of products and services that Americans want. Republicans are eager to do away with IRA measures to control Medicare and drug prices, and to reduce the prices of electric vehicles and other clean-energy products. They would also target the government programs that tens of millions of Americans rely on, including Medicare, Social Security, Obamacare, housing assistance, school-lunch programs, and food assistance. And they would block implementation of a studentdebt relief program that will reduce 40 million Americans’ debt-servicing costs. A Republican-controlled Congress would then pursue a discredited “supply-side” strategy to boost growth with handouts for the rich – the approach that just caused a financial and political meltdown in the United Kingdom, forcing Liz Truss to resign from the premiership after just 44 days. Republicans have openly pledged to reduce income tax rates for America’s wealthiest, defying the majority of Americans who believe that these rates should be increased. They would block
implementation of the IRA’s 15% minimum tax rate for US corporations – again defying the majority’s will. And they would block the IRA’s funding to strengthen the Internal Revenue Service’s enforcement capacity, which is expected to yield an additional $204 billion over the next decade. Cutting taxes for the wealthy and corporations isn’t cost-free. It would reduce tax revenues, and those losses will have to be offset by extra fees and taxes on middle-class and workingclass families, or by cuts in the government programs and benefits they value. Worse, as they starved these programs, congressional Republicans, cooperating with their allies in many state governments, would also move to restrict voting rights, so that dissatisfied voters will encounter new barriers when they try to hold the party accountable for its deeply unpopular agenda. America will have been dragged even further down the road toward permanent minority rule. If Americans cast their ballots for Republicans out of anger over inflation, they will not get lower inflation. Instead, they will see benefits, programs, and rights valued by the majority of Americans systematically gutted. More to the point, a vote for Republicans is a vote against American democracy itself. It is a vote for the seditious, racist MAGA movement that now controls the party.
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News
FRIDAY NOVEMBER 4, 2022
Ghana Chamber of Mines launches mental health policy for mining industry
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he Ghana Chamber of Mines has launched a mental health policy guideline to promote the psychological wellbeing of employees of member companies of the Chamber. The policy guidelines seek to encourage members of the Chamber to adopt best practices in employee mental health promotion to ensure that workers within the mining space are of sound mind and able to achieve their full potential. Launching the policy at the 5th Human Resources Conference in Obuasi, CEO of the Chamber, Dr. Sulemanu Koney stressed the need for employers and member companies to consistently ensure the mental wellbeing of employees. Dr. Koney emphasized that the Chamber is keen on ensuring that employees are mentally stable, and urged all Human Resources managers to ensure the full implementation of the policy within their respective companies. He added that it was important for HR professionals to support the physical and mental wellbeing of employees while encouraging continuous professional development, and contribution to societal advancement. He further stated “Environment, Social and Governance (ESG)
principles are taking centre stage globally in corporate performance considerations, and as industry players, particularly, Human Resources professionals cannot underestimate the critical role of social and governance issues in our respective organisations”. Dr. Koney explained that “globally, the success of many organisations is being measured on ESG principles, hence Human Resources professionals need to play a critical role in achieving the social and ESG goals of their respective organisations”. Minister for Lands and Natural Resources, Hon. Samuel Jinapor, who was the Special Guest of Honour at the Conference stated that the “health and safety of your workforce, their benefits and human rights guarantees, as well as the impact you make on local communities are critical to the success of your organisations. Research has shown that when employees are compensated fairly, assured of job security, and given social welfare benefits, among others, they tend to give out their best to achieve the organisational objectives.” Hon. Jinapor further explained that the mining industry was associated with many risks, so motivation and fair treatment were important for the workforce, who form the backbone of
organisations’ success, adding that “this can only be achieved when Human Resource Departments work closely with workers’ unions to build consensus and strive towards organisational objectives together.” In addition to fair treatment and better remuneration, is the need for diversity and inclusion, especially for persons with disability, he said. The Minister stated that the sustainability of the mining industry in Ghana, and making Ghana the mining hub of Africa, did not lie in just training people but building local capacity, to respond to the mining needs of the entire continent. He therefore urged the HR professionals to take the localisation programme very seriously and ensure strict compliance to build adequate capacity across the value chain. Touching on the issue of illegal mining, the Minister called on the Chamber to play a more active role in the fight because it
was a key component of the ESG principles which the industry could not overlook. He assured that Government was taking all the necessary measures to come to stop the menace. “But the Chamber must play a more active role in this fight. Apart from its negative environmental impacts, illegal mining, also, affects your operations and indeed, your employees. The occasional clashes between illegal miners and your employees will be minimised if we join hands together to deal with illegal mining and develop our host mining communities.” The two-day biennial conference, under the theme “Transforming People Management for a Sustainable Mining Industry in Ghana” was cosponsored by AngloGold Ashanti. It attracted HR professionals from the mining industry, academia and regulators.
Involve Ghanaians in the Diaspora to aid in economic recovery – group to gov’t By Eugene Davis
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hanaians in the Diaspora have the wherewithal to help in the economic recovery of the country when given the chance, Alex Appiah, Global Chairman of Oman Ghana Baako Organisation (OGB) has suggested to government. According to him, it is time for government to interact and coalesce more with the diaspora family in order to tap into their vast of experience to help transform the country. Ghanaians in the Diaspora, serve in building bridges between their country of residence and Ghana by providing market access, sources of expertise, knowledge. Though government already has a Diaspora office to leverage support and harness resources from Ghanaians abroad, Mr. Appiah is of the view that it has to be strengthened and more needs to be done to take advantage of them.
The World Bank Migration and Development Report for 2021 reported an increase of 5 percent to $3.6bn in 2020. The report indicates that Ghana was ranked second behind Africa’s most populous nation, benefiting significantly from remittance flows in 2020. There are hundreds of thousands of Ghanaians residing in the United States, United Kingdom, Germany and France who remit funds regularly to their families, love ones and relations in the country. Speaking at the official launch of a new ride hailing app service, OGB Ride -wholly Ghanaian taxi service in Accra on Wednesday, Mr. Appiah stated people from the diaspora can assist the nation through individual contribution and resource pooling as well as investment, knowledge and technology. “We are at a point in our nation’s history which requires that we cannot rely on foreign aid, we need to generate the
aid domestically but essentially we can also seek the support of Ghanaians abroad because they have varied skillset and resources, when harnessed can go a long way to help transform the country to a higher level and make lives better for our citizens.” For him, OGB Ride was birthed out of the desire by members in the group particularly its Information Technology department to introduce the ride hailing app to the Ghanaian market as a way of helping to solve some of the problems facing the populace in the transport sector. “This ride service is proudly Ghanaian and is made up of a team from our group dotted around the world, so I would entreat all Ghanaians to patronize it, since we have unique services and we aim to stand out from the lot. We aim to create wealth for drivers and other service users. It will be a source of African pride, foster social development and economic empowerment.”
OGB Ride launch The Former Deputy Ambassador to China, Dr. Charles Dwamena lauded the introduction of the ride hailing app to the transport market in Ghana maintaining “it has come at the right time, we are capable as Ghanaians when given the chance.” OBG Ride, as part of its marketing strategies, has fixed a 20percent discount to customers/passengers, 15 percent commission to the company and 85percent goes to drivers who sign up to the app. It is a home-grown transport business developed by Oman Ghana Baako as a tool to promote a strong, diverse and self-supporting taxi service to empower Ghanaian drivers and placing car owners, families and communities in the driver’s seat of their economic future.
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Feature
FRIDAY NOVEMBER 4, 2022
The Giving Capsules: Take the SDG Pledge. Part 5
By Baptista S. H.Gebu (Mrs.)
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et’s take the Sustainable Development Goals pledge together. Pledge with me to make sustainability a priority personally. Pledge with me, “I understand that my actions, behaviors, and choices make an impact on the society, environment, and our economy. I pledge to make intentional choices that will benefit the quality of life for myself and advocate for choices that benefit the lives of others”. Furthermore, am requesting you don’t only be amazing in life, but learn to #beHumane. World leaders declared the period 2020 to 2030 as the Decade
of Action for the Sustainable Development Goals (SDGs) in September 2019. Unfortunately, few months after this historic declaration, our world was hit by the devastating COVID-19 pandemic, pushing us into “unchartered territory”, while fear and sheer terror gripped many. The pandemic since have had a devastating effect on lives, livelihoods, global supply chains, businesses, and significantly eroded the development gains made over the last decade and the prospects of achieving the SDGs have become more daunting, but giving up is not an option for all. As the world re-opens up and begins to recover from the deleterious effects of the pandemic, the SDGs
have, become even more relevant as they present us with a credible pathway for a prosperous, inclusive, resilient and peaceful world. Continuing from previous publication… Let’s review the status of the indicators as reported in the Ghana 2022 Voluntary National Report (VNR) on the SDG’s? The SDG Goal 11 – make cities and human settlements inclusive, safe, resilient and sustainable. The increasing number of people living in slums is an issue for consideration. The number of people living in slum areas has increased from 5.5 million in 2017 to 8.8 million in 2020
representing an increase of about 60 percent. However, slum dwellers proportion of total population has declined from 39.3% in 2017 to 28.2% in 2020. According to the UN-Habitat a slum household is defined as one in which the inhabitants suffer one or more of the following household deprivations; lack of access to improved water source and sanitation facilities, lack of sufficient living area and housing durability as well as lack of security of tenure. At present, there are about 23 slums in the country and urban housing shortage has led to some households using makeshift structures.
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12 CONTINUED FROM PAGE 11 The most common source of disaster was wind, rainstorm, then floods, domestic fires and bush fires. To reduce the impact of disasters, the National Disaster Management Organization (NADMO) carried out education and sensitization programs and performed field trips as well as support disaster victims however targeting remains a great concern. The increasing share of households not having their solid waste collected as well as the general higher air pollution in selected high-risk areas in Accra is of concern. As well as the limited digital transition of most creative and cultural businesses are emerging issues for consideration. Data from the 2010 and 2021 population and housing censes indicates improvement in proportion of households that have their solid waste collected as some more work needs to be done. Methods of solid waste disposal includes collected waste (51.4% urban, 5.8% rural), public dumping or open source waste (24.6% urban, 57.35 rural), and uncollected waste (24.0% urban, 36.8% rural) for 2021 as postulated by the population and housing census. Comprehensive data on particular matter in all cities is not available. On average the largest pollution was rather recorded on the graphic road whiles the lowest was recorded on the North Industrial area. The level of air pollution is compounded by toxic smoke from car exhaust mostly from old vehicles, burning from residential trash and dust from unpaved and unvegetated surfaces. We can make efforts to reduce and manage food waste, develop participatory platforms to enable us hear all voices. We can consider the use of public transport and bike ride to reduce carbon emission. However, public transport systems must be made to address efficient use of time and convenience as we dedicate walk-in space for pedestrians and respect for our friends with disability. Goal 12 is to ensure sustainable consumption and production patterns. The emerging issue to consider includes low levels of waste recycling and high level of food waste and post-harvest losses. Post-harvest losses are major challenges to agricultural value chain mainly attributed to limited access to ready markets and storage facilities for crops and seeds. Ghana’s household food waste index was estimated at 84kg/capita per year in 2015 which is lower than the average
FRIDAY NOVEMBER 4, 2022
for lower –income countries (91kg/capita per year) but higher than the average high-income countries (79kg/capita per year). Projected estimates by the Ministry of Food and Agriculture revealed a general decline in post-harvest losses with rice and sorghum seeing the major decline than yam. Over the period, 63 warehouses has been constructed across the country each with a 1000MT capacity at minimum to reduce post-harvest losses. Promotion of improved harvesting technologies as well as purchases and storage of farm produce for buffer has supported the narrative. Ghana’s plastic waste could be recovered by 82% and recycled with existing technologies into value –addition products with high demand locally and within the sub regions as put forward by the 2020 national plastic management policy. We can all take actions to cut back on single use plastics, incorporate plan-based meals for a more sustainable diet and future as simple daily actions to take to support the realization of this SDG goal. Goal 13 - take urgent action to combat climate change and its impacts. Ghana remains vulnerable to the effects of climate change including flooding, tidal surges and high temperatures. Increased exposures to environmental and man-made disasters as well as inadequate early warning system are part of the emerging issues. Climate change remains a priority area of focus for Ghana and mainstreamed into the preparation of national budget to ensure adequate funding for climate resilience and then in all national development policy frameworks spanning 20222025. This same climate change discourse has been integrated into school curriculum at all levels. And this is evident in the new kindergarten and primary school curricula particularly on Science, Our World our People, and Religious and moral Education. Ghana equally has developed a number of strategies and owns a master plan developed to deal with the sectorial implementation of climate actions. Over the past five decades, Ghana like many other countries has witnessed a significant number of climate hazards including droughts and flooding. As a party to the Paris Agreement; Ghana has voluntarily decided to implement article 6.2 cooperative approaches on carbon market. The cooperation is expected to increase private sector participation in carbon
market, create jobs, promote technology transfer and unlock business opportunities in the climate change space. We can consider the choice of using composting food scraps which can reduce climate impact while also recycling nutrients or chose reusable products. When next you want to go shopping, think of an eco-bag for shopping and a reusable water bottle or a cup to help reduce plastic waste and dispose them off properly. Goals 14conserve and sustainably use the oceans, seas and marine resources for sustainable development. With emerging issues pointing to low levels of plastic recycling and increasing plastic debris in the oceans as well as over-exploitation of Ghana’s marine fisheries resources resulting in continuous decline of fish stocks, a number of interventions have been considered to support manage and address this challenges. Ghana generates around 1.1 million tons of plastic waste per year by estimates. Out of which about 5% is collected for recycling. Most plastic waste generated are poorly managed resulting in littering and clogging of drains and watercourses with an estimated 250,000 tons dumped into the Atlantic Ocean annually. Since 2019, Ghana has been practicing the seasonal closures of artisanal fishers as a means of conserving and managing fisheries. The one month “closed season” also referred to as “biological rest period” refers to the stopping of fishing during the spawning period to reduce fishing pressure on stocks. The same season has introduced alternative livelihood activities for fisher folks. We can take little actions as much of the waste that we produce on land ends up in the oceans. Stop using plastic bags; at most let’s use the degradable ones: Usage and wrong disposal of plastic is a major cause of marine pollution. You may want to consider running a campaign on the effects of plastic use on the seas and oceans or organize a cleanup project for rivers and oceans. Goal 15- protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss. High illegal mining in forest and protected areas as well as poor protection of protected areas are some of the emerging issues for consideration. Forest area as
a proportion of total land area improved marginally. A total area of 17,118.3 ha of forest plantation was established against a target of 15,000ha. In addition 19million seedlings and mahogany species were planted as the forest areas are threatened by illegal logging and mining activities – galamsey. Other pressures on the forest includes farming and fuel wood collection and the uncontrolled conversion of forest areas to degradation continue to be the greatest threats to sustainable natural resources management. There have been various institutions implementing various policies on forest and wildlife development towards sustainable forest management. Galamsey is a major challenge to the country. You can commit to stop illegal mining and logging today. Take the SDG pledge now. Earlier publications reviewed progress made for SDG goals 1 to 15. Subsequent editions will review Goal 15 into depth- protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss. Goal 16 – which promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels and Goals 17-which focus on means to strengthen the Implementation and Revitalization of the Global Partnership for Sustainable Development. Baptista is a Hybrid Professional and the Executive Director of ProHumane Afrique International. ProHumane is a charitable, development & think thank organization working with communities & individuals to create sustainable solutions to transform communities through diverse pro-poor initiatives. Pro-poor initiatives are initiatives that help to alleviate poverty. Baptista is a realist, affable, simple and humane. You can reach us via e-mail on prohumaneafrique@gmail.com and follow this conversation on all our social media sites: Linked-In/ Twitter/ Facebook/ Instagram: ProHumane Afrique International. Call or WhatsApp: +233(0)262213313. Hashtag: #behumane #thegivingcapsules #prohumaneafriqueint #fowc
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Markets
FRIDAY NOVEMBER 4, 2022
WEEKLY MARKET REVIEW FOR WEEK ENDING October 28, 2022
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WEEKLY MARKET REVIEW FOR WEEK ENDING October 28, 2022
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BUSINESS24.COM.GH FRIDAY NOVEMBER 4, 2022
NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
FRIDAY NOVEMBER 4, 2022
KAAF University College gets new rector, seeks presidential charter by 2024
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he Governing Council and leadership of KAAF University College have appointed astute agriculturalist, Prof. Herbert Kwabla Dei, as rector to serve as the academic and administrative head of the institution. Prof. Dei will leverage his high caliber and impeccable academic credentials and social capital to facilitate the rapid development of skills training that meet the demand of industry, build linkages and strategic investments and to forge partnerships with reputable international universities. Top on the agenda will be to spearhead the chartering of the university by 2024 in accordance with regulatory requirements of the new Education Bodies Regulatory Act, 2020 (Act 1023). Speaking to journalists after his investiture last Friday, the new rector pledged to promote advancement in research-based learning and skills development that will position KAAF as a world-class tertiary institution for training students and
professionals to positively impact society. “My vision will be pursued vigorously in diverse ways and in line with the KAAF performance agreement which is aimed at not only sustaining what exists currently, but also enhancing it and taking KAAF to the next level,” he said. He said his administration will facilitate university-industry collaborations in relevant areas of study, pursue innovation and creativity with a significant economic impact as well as drive rapid expansion of infrastructure and programmes. He added: “There will be
regular review of curricula of existing programmes to ensure that they are demand-driven and meet the needs of society.” Professor Dei is an agricultural scientist and Professor of Animal Nutrition. He is a Fulbright Senior African Research Scholar, who has published extensively in reputable journals, and presented several papers at both local and international conferences. His academic career spans over 37 years, beginning as a teacher with the Ghana Education Service and rising to the rank of a Senior Superintendent before joining the University of Development Studies (UDS), Tamale.
Chairman of the Governing Council of the university, Prof. K.B Omane Antwi, reiterated in his remarks that KAAF as a science and engineering institution, will continue to produce in-demand and exportable skills for the domestic and foreign labour market. He further expressed optimism in the new rector: “I have no doubt in his ability to maintain the growth trajectory and the relevance of KAAF in the private university space in Ghana, however, the critical need for our support cannot be overemphasized.” He added: “KAAF is a sciencebias circular university that is not only committed to making high quality education accessible to deserving and motivated individuals but we also strive, through active collaboration with major stakeholders, to ensure that our academic offerings are in-demand and job-ready, and results in readily exportable skills.”
Beating the crypto-creepies during Halloween - Binance launched a series of myth-busting educational resources to prove crypto doesn’t have to be scary!
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he world of crypto and Web3 can be a scary place - full of myths, rumors and inaccuracies, so this Halloween, Binance launched an educational series that aims to demystify the world of Web3 - taking the creepy out of crypto and making it one less thing to be frightened by. In a recent social media poll* to find out what people feared most when it comes to crypto, it was revealed that nearly 30% of respondents felt that not having enough information was enough to scare them off and 42.8% said there were fears around market uncertainty and volatility. In order to help people feel less spooked and to show that blockchain and digital assets aren’t a load of hocus pocus, Binance launched a new campaign to help debunk, educate and demystify Published by Business24 Ltd. Nii Asoyii Street, Mempeasem East Legon-Accra, Ghana.
making the world of crypto - much less creepy. Avoid the “Crypto Creepies” This Halloween, Binance launched an educational series on social media that will see ‘Winny the Web3 Witch’ exploring the most common fears within the Web3 world. People will be able to watch Winny embark on a ‘trickor-treat journey’ via Twitter where common misconceptions, myths and rumors will be dispelled. The educational series examines five key areas that come up when people are asked what scares them about crypto, including volatility, scams, regulation and utility. You can see the trailer for the series here. Debunking crypto FUD (Fear, Tel: 030 296 5297 | 030 296 5315 Editor: Benson Afful editor@business24.com.gh +233 545 516 133
Uncertainty, Doubt) To follow the educational series on social media, Binance believes it is necessary to unpack some of the questions surrounding the industry, and dispel some of the FUDs (fears, uncertainties and doubts) in the crypto and Web3 world. Binance will be exploring a number of questions - bringing together independent research and information from a variety of sources to explain the real facts to counter a number of common myths. A common myth for example is that ‘crypto is used by mostly criminals’ however the facts are that crypto is now used by close to 300 million people worldwide. Another common myth is that ‘crypto is not being safe or secure’ whereas the facts business24.com.gh
set out that the transparency of blockchain technology as well as various tools and databases that are used in the crypto world maintain a very safe and secure infrastructure. For more research on a range of crypto and Web3 topics, visit Binance’s research blog. A wealth of education resources available to all: There is also a wide range of educational materials available to everyone on Binance Academy, a dedicated education portal with everything from the basics of crypto, through to building a crypto portfolio or more advanced learning like learning about margin trading and if that’s not tempting enough - you can even earn (crypto) while you learn.