Business24 Newspaper 24th September, 202

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BUSINESS24.COM.GH

Friday September 24, 2021

NO. B24 / 252 | News for Business Leaders

Make lives better in the communities – FBN Bank MD tells Rotary Club

Vodafone, ITU and gov’t collaborate to address global mobile Internet access gap

See page 7

See page 8

Cocobod eyes productivity increase after record crop

By Eugene Davis ugendavis@gmail.com

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he Ghana Cocoa Board (Cocobod) has set the goal of increasing cocoa productivity from 1,000kg per hectare (kg/h) to 1,500kg/h by 2025 in a bid to sustain the justended crop season’s record harvest.

Productivity enhancement measures, such as mass pruning, fertiliser application, irrigation, and mass spraying, have thus far significantly improved productivity from 450kg/h to 1,000kg/h, said Joseph Boahen Aidoo, Chief Executive, as the Cont’d on page 2

GEPA, MoTI court youthful investors to cocoa sector

By Patrick Paintsil p_paintsil@hotmail.com

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rade and Industry Minister, Alan Kyeremanten, has tasked young Ghanaian investors to take advantage of existing opportunities in the cocoa sector to create the needed jobs to drive national growth.

“Raising the new

The syndicated loan agreement comes on the back of some positive developments in the sector

Cont’d on page 3

Prez decries ‘vaccines as tool for immigration control’

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resident Nana Addo Dankwa Akufo-Addo has decried some European countries’ decision not to recognise Covishield, the Indian version of the AstraZeneca vaccine being used by many African countries.

The President made the statement on Wednesday, when he took his turn to speak at the 76th United Nations General

Ghana has so far received five million doses, which have been administered to frontline health workers and those classified as being most at risk.

Cont’d on page 3

Cont’d on page 2 Cont’d on page 2

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Editorial / News

FRIDAY SEPTEMBER 17, 2021

Editorial

Youthful human capital, investments needed in cocoa sector

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ocoa remains the bedrock of the nation’s exports from which it generates forex earnings to balance its trade. As the mainstay of the Ghana economy, the commodity offers livelihood opportunities to several thousands of people across its value chain from farmers to purchasing clerks and processors.

But despite its relevance to the economy, we continue to export the commodity in its raw form after several years of trading in a state’s leading cash crop, a sad phenomenon that must not be allowed to continue.

Government has an ambitious plan to achieve US$25.3 billion worth of exports over the next decade, a target that has been

well spelt out in its National Export Development Strategy.

It must be noted, however, that the aging cocoa population and the absence of youthful expertise will be a hindrance to this noble dream unless there is a structured mechanism to lead the full integration of the youth, especially those with money to invest in cocoa-related production to take charge of the cocoa sector.

It is therefore very welcoming that the Ghana Exports Promotion Authority (GEPA) is spearheading the agenda to attract youthful expertise and more investments to the sector.

The production side of the cocoa sector is in dire need of investments and that is

an avenue for young cocoa investors to take charge.

GEPA has already pledged to offer the right directions and procedures to young cocoaprenuers, including creating the right linkages to get them local and international partners to pursue and realize their dreams.

It’s about time government and cocoa sector actors took charge is exposing the benefits and profitability of cocoa to attract the right investments to the sector.

We must leave no stone unturned in seeking to growth the cocoa with the right investments and youthful expertise.

Cocobod eyes productivity increase after record crop Continued from cover

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board signed a US$1.5bn preexport syndicated loan agreement with lenders in Accra to finance cocoa purchases for the next (2021/2022) season.

“These [productivity] targets were calculated, and we did a lot with the farmers to make sure we increased production, ultimately to benefit the lives of farmers who have been the backbone of our economy for decades.”

The syndicated loan agreement comes on the back of some positive developments in the sector, as Cocobod purchased 1,045,500 metric tonnes (mt) of cocoa beans in the 2020/2021 season, exceeding its target and beating the previous record of 1,024,526mt in the 2010/2011

season. Also, global demand for cocoa is projected to grow by 2.2 percent in the next crop season.

Cocobod’s purchase target for next season is between 950,000 to 980,000mt, said Ray Ankrah, Deputy Chief Executive.

“I can assure you that latest by the 3rd or 4th of October, the first tranche, which is going to be more than 50 percent of what we are borrowing, should hit our accounts—and we will be in a very good position to take care of our early commitment to our licensed buying companies and our farmers,” he added.

The Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto, said the goodwill enjoyed by Cocobod from paying back loans promptly must be protected, adding that Ghana's

cocoa industry has served as an icon of good corporate governance in the sub-region and has remained vibrant because of its continued partnership with relevant stakeholders across the globe.

Mansa Nettey, CEO of Standard Chartered Bank Ghana, who represented the lenders, said her bank has partnered Cocobod for nearly 20 years and its pre-export facility is the “most sought-after with an impeccable record of repayment”.

A total of 28 institutions, made up of four local and 24 international financial institutions, participated in this year’s syndication facility, which is expected to be repaid in seven equal instalments, from February to August 2022.

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Prez decries ‘vaccines as tool for immigration control’ Continued from cover Assembly, currently ongoing in New York, in the United States of America.

“One unfortunate development appears to be the recent measures on entry into some countries in Europe, which suggest that Covishield, the Oxford-AstraZeneca vaccine manufactured in India, is not recognised by some countries in Europe,” he said.

“What is intriguing is the fact that this vaccine was donated to African countries through the COVAX facility. The use of vaccines as a tool for immigration control will be a truly retrogressive step,” he added.

His comments come on the heels of the “simplified travel measures” announced recently by the UK Government and some countries in Europe, which come into effect from 4th October.

The measures specify that persons who have received double-dose vaccines such as Oxford-AstraZeneca, PfizerBioNTech or Moderna, or the single-shot Janssen vaccine, “under an approved vaccination programme in the UK, Europe, US or UK vaccine programme overseas” will be considered fully vaccinated.

The rules also consider persons who have received jabs under public health bodies in Australia, Antigua and Barbuda, Barbados, Bahrain, Brunei, Canada, Dominica, Israel, Japan, Kuwait, Malaysia, New Zealand, Qatar, Saudi Arabia, Singapore, South Korea, and Taiwan as fully vaccinated.

Ghana, President Akufo-Addo said, has so far received five million doses, which have been administered to frontline health workers and those classified as being most at risk.

“Five million is not a figure to be sneered at, particularly when we consider the situation in many other African countries. We are grateful that our efforts at the management of the pandemic and vaccine distribution have been recognised, and we have received these amounts so far.

We are still hoping to vaccinate twenty million of our people by

the end of the year.”

He continued, “Ghana agrees with the call of the Rome Declaration of Global Health for voluntary licensing and technology transfers to boost vaccine production. The African Union is working with WHO, WTO and other global partners to expand its vaccine manufacturing and deployment.”

He told the Assembly that vaccinating 70 percent of Africa’s population in the shortest possible time, as is being done elsewhere in the world, means some 900 million Africans have to be vaccinated.

COVID-19 has been damaging Recounting his statement at the 2017 UN General Assembly, where he indicated that he wanted to build an economy that was not dependent on charity and handouts, the President said

the significant progress that had been made by Ghana between 2017 and 2020, when an average GDP growth rate of 7 percent was recorded, had been eroded.

“In 2020, when the global economy and sub-Saharan Africa’s contracted by 3.5 percent and 2.1 percent, respectively, Ghana was one of the few countries that produced a positive growth rate. This is a testament to our determination to build a Ghana Beyond Aid,” he said.

On the contrary, he added, many African economies are in recession, as the virus's impact on economies and livelihoods has been devastating.

“The latest numbers from the African Development Bank indicate that African economies, which contracted by 2.1 percent in 2020, are yet to return to prepandemic levels. More than thirty million Africans fell into extreme poverty in 2020, and nearly forty million could do so in 2021,” he said.

The social impact of the pandemic, President Akufo-Addo reiterated, “has been devastating; over 103 million African jobs have been lost. Women, who account for 40 percent of total employment, have been most hard hit.”

GEPA, MoTI court youthful investors to cocoa sector Continued from cover generation of Ghanaian entrepreneurs in the cocoa sector will help in no small measure to fill the yawning youth unemployment gap and improve livelihoods, with the overall effect of increasing our export revenue,” he said at the 2nd edition of the African Cocoa & Chocolate Expo (ACCE21).

The Minister also indicated the need for aggressive investments in production and value addition across the cocoa value chain to enable the country take advantage of existing market opportunities whilst building human capacity to support the nation’s exports growth agenda.

“We need to move away from exportation of raw materials to processed and finished products, more so in the cocoa sector where the big money is made in tertiary cocoa processing.”

The state exports promoter, Ghana Export Promotion Authority (GEPA), buttressing the Minister’s assertion, said it

will provide support to youthful investors seeking to venture into the cocoa sector, with the necessary market facilitation assistance to see them break into the competitive markets in Africa and beyond.

“GEPA is open to collaborate with interested partners to further open up the cocoa sector to more investments and would provide all the necessary facilitation to Ghanaian exporters and persons interested in venturing into the export business,” Dr. Afua Asabea Asare, Chief Executive Officer of the authority, said.

This year’s conference, on the theme “Africa Beyond Beans: Raising a New Generation of Cocoapreneurs for Wealth Creation", drew stakeholders’ attention to the need to promote and increase consumption of cocoa products as a way of boosting government’s industrial agenda.

“Government has been very vocal about the need to add value to our cocoa to boost exports revenue, and our goal is

to draw the younger generation to the sector. There has been an increase in the number of young entrepreneurs venturing into artisanal chocolate and other cocoa-based production such as cosmetics and confectionaries.

GEPA is determined to provide more support to these young

persons to do more,” Dr. Asare remarked.

She also pointed out that despite the fact that cocoa is the leading export product of Ghana and has sustained the economy for more than one hundred years, the state has not done enough to add value to the crop.

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ACET starts new transformation program for SMEs

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he African Center for Economic Transformation (ACET) has admitted the first cohort of Small and Medium Enterprises (SMEs) into its new private sector initiative, ACET Business Transform (ABT).

The first 10 SMEs, based in Ghana, were competitively selected from more than 70 applicants by an independent panel of consultants.

Addressing participants at an orientation workshop on September 17, Dr. Edward K. Brown, ACET Senior Director of Research and Policy, underscored the “central importance of small and medium enterprises in the continent’s transformation agenda.”

“Generally, interventions targeted at SME development have been uncoordinated,” Dr. Brown said. “ACET’s PSD approach will help fill the gap between public policy and the private sector, to engage more constructively, and to better understand the local dynamics that drive SME businesses.”

The ABT program is a flagship project of ACET’s burgeoning Private Sector Development (PSD) unit, targeting early- to growth-stage SMEs that have

a manufacturing or assembly component in their business model.

Mr. Charles Odoom, ACET Head of Private Sector Development, said the ABT program is ACET’s response to the challenges in the local content SME ecosystem. “Through technical and managerial interventions, mentorship, coaching, and direct funding, the program will move SMEs into investment readiness and support their integration into competitive global value chains.”

The daylong workshop took participants through a complete overview of ABT as a unique business accelerator program, providing practical insight into the program’s ambitions, timelines, and, most importantly, opportunities.

“Currently, our company is at the growth stage, and we need some restructuring,” said Kwesi Etu Bonde, CEO of Sky3 Ltd., one of the participating SMEs. “I expect that ABT will help us transform into a well-focused and

well-planned business, ready to get external financial support.”

ACET organized the workshop in collaboration with technical partners from PwC and EVC Africa, business advisory firms that reiterated their readiness to work with the ABT cohort, not only to reach program goals but also to grow local businesses.

“We are eager to bring all the knowledge, skills, and experience we have to assist these local SMEs, integrate them into the global value chains, and, ultimately, help transform Ghana’s economy,” said EVC Managing Partner Ed Villars. “We are excited about our partnership with ACET.” According to Mr. Odoom, ACET and its technical partners will perform a diagnosis on the participating SMEs to understand their individual needs as a business, and then work with each member of the cohort to develop an implementation plan. “ABT will deliver a fruitful and exciting transformation journey for them. At the end of the day, we want to see African companies going regional and taking advantage of the African Continental Free Trade Area and other new opportunities.”

The ABT program, which will be officially launched in October, is expected to run for nine months for the initial cohort.

Absa Group to implement second significant B-BBEE transaction

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bsa Group Limited, one of the largest diversified financial services providers in Africa, plans to implement a second significant broad-based black economic empowerment (B-BBEE) transaction as part of its broader efforts to achieve transformation in a meaningful and sustainable way.

“The planned transaction is a demonstration of our commitment to transformation and cements our longstanding view and approach of creating inclusive growth in Africa. While it is aligned with the South African government’s B-BBEE objectives and with the commitments contained in the Financial Sector Code, we will also extend the offer to include employees across our operating markets,” said Jason Quinn, Absa Interim Group Chief Executive.

While the transaction is in development, it is currently envisaged that the scheme will hold up to 8% of the Group’s issued share capital, which equates to

approximately R9.4 billion, based on the Group’s share price on 20 September 2021, and that it will be broad-based, including third-party investors and staff.

The staff component will enable all Absa employees across the Group’s operations to become shareholders and to participate in the Group’s growth.

In 2004, Absa became the first of the large banks in South Africa to conclude a significant B-BBEE transaction, issuing a 10% stake to Batho Bonke Capital.

The Batho Bonke empowerment consortium consequently became the second-largest shareholder in Absa. As the Batho Bonke transaction unwound, allowing beneficiaries to sell their shares, South Africans, from community trusts to women’s groups, BEE companies, stokvels and employees, benefited.

Subsequently, as part of its separation from Barclays PLC, Absa announced that it would undertake a new B-BBEE transaction in line with its

transformation efforts. Barclays transferred a 1.5% stake in Absa to the Absa Empowerment Trust in 2017. Dividends subsequently received by the Absa Empowerment Trust in relation to those shares have been used to purchase additional shares, resulting in the initial stake increasing to approximately 1.9%.

These shares will form part of the new B-BBEE transaction.

The development of the proposed B-BBEE scheme was hindered last year, when the COVID-19 pandemic prompted a sharp economic downturn and unfavourable market conditions.

Full details of the proposed scheme, which will be subject to shareholder and other approvals, will be published once the design has been finalised. The scheme is expected to be implemented in 2022.

“The intention to undertake a new B-BBEE transaction demonstrates Absa’s significant commitment to transformation,” said Quinn.

“Meaningful Black participation, including ownership, at all levels of the South African economy, is a national priority to ensure sustainable sociopolitical, financial and economic stability.”

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Make lives better in the communities – FBN Bank MD tells Rotary Club

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he Managing Director of FBNBank Ghana, Mr. Victor Yaw Asante, has urged the Rotary Club of Ho to continue to make a difference in the Volta Region and beyond by making lives better in the communities in line with the ideals of Rotary International.

Speaking at the 37th Presidential Ball and Fundraising Dinner of the Rotary Club of Ho on the topic “Rotary; My Charity of Choice,” Mr. Asante, the DGE of district 9102, Rotary (Ghana, Togo, Benin and Niger), recounted some key projects undertaken over the past 36 years in the Volta Region by the Rotary Club of Ho especially recent ones such as a water project in partnership with Goil at the Taviefe Senior High School, a donation to transport unions in the fight against the COVID-19 pandemic and the donation of a Continuous Positive Airway Pressure (CPAP) Machine to the Premature Unit of the Ho Teaching Hospital.

He urged the members to do more than they have done previously and challenged them to make an impact in the current Rotary year, saying “the communities of Abutia Norsivi, Awata, Badzikofe and towns such as Ho, Hohoe and Aflao must feel the impact of Rotary Club of Ho via the projects you have lined up for the year,” he said.

According to Mr. Asante, Rotary affords people who have the skills and resources an opportunity to tackle some of the world’s most difficult problems and deliver sustainable, long-lasting results.

“For decades, Rotary has been a leader in the battle against polio and with the help of our partners

in the Global Polio Eradication Initiative, we have reduced cases by 99.9% since 1988. The infrastructure developed to facilitate both immunizations and eradication is being used to fight and protect against other diseases as well. For example, the method known as “contact tracing” was previously used by Rotary to assist in containing an Ebola outbreak in Nigeria in 2014 and has become more relevant today in the fight against the COVID–19 pandemic.

Remember that indeed, Rotarians have been actively engaged in disease control and prevention over the years from which this knowledge was acquired.”

The event was attended by the Volta Regional Minister, Dr. Archibald Yao Letsa, who was also the Guest of Honour and Rotary Club members including Assistant Governors, Past Assistant Governors, District Officers, current and Past Presidents, President Elects and many other Rotarians and Rotaractors.

Delivering his speech, Dr. Archibald Yao Letsa, said, “It is no secret that the challenges that confront this country are enormous and cannot be tackled by the government alone.

There is a need for corporate bodies, individuals, and service organizations like Rotary to get involved and play important roles in supporting the government in its developmental agenda.

In the Inaugural speech of His Excellency, Nana Addo Dankwa Akufo-Addo, he challenged all of us “to be citizens: citizens, not spectators; citizens, not subjects; responsible citizens building our communities and our nation.” This is why I very

much appreciate the work you do as Rotarians. Your commitment and passion for identifying needs in our community and finding sustainable solutions to these needs is something that must be applauded. The history of the Rotary Club of Ho, in terms of projects, is very impressive. The boreholes you have provided, the water systems you have built, the classroom buildings you have constructed, your donations of items to hospitals and other places, just to mention a few, have been a big support for this nation and has ensured that Government can focus on other equally important projects.”

The President of the Rotary Club of Ho, Eric Botey, who welcomed all invitees asked members to continue to align with the ideals of Rotary. He indicated that, “Yes, Rotary lives in us as individuals but the service we seek to provide in changing lives is in the club; it is in numbers. While, we want to be effective and efficient with our membership, let us continuously ask ourselves, what is the purpose of our membership? It is worth noting that, Rotary's strength lies in that purpose and we need to be sincere with that. We need to, as individual Rotarians recognize ourselves and know the reason for which we have joined Rotary;

to serve and let us do this with full commitment so that we can increase our impact, expand our reach, enhance participant engagement, and increase our ability to adapt. He extended an invitation to non-Rotarians to become Rotarians, saying “I wish to extend a warm invitation to you to consider becoming Rotarians, and to join any Rotary Club close to you or to partner us and support our projects so we can together serve to change lives.”

Rotary brings together a global network of volunteer leaders dedicated to tackling the world’s most pressing humanitarian challenges. Rotary connects 1.2 million members of more than 34,000 Rotary Clubs in over 200 countries and geographical areas.

Their work improves lives at both the local and international levels, from helping families in need in their own communities to working toward a better world.

Today, Rotarians lend their time, expertise and resources to do good in communities focusing on; peace and conflict prevention and resolution, disease prevention and treatment, water and sanitation, maternal and child health, basic education and literacy, economic and community development and the environment.

Ghana’s population estimated at 30.8m after census

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he Ghana Statistical Service (GSS) has estimated the country’s current population at 30.8m in initial results for the 2021 Population and Housing Census released today.

The figure is within the range of the GSS’s official population forecast of 31m prior to the census and implies an increase of 6.1m since the last census was conducted in 2010.

The number of females was estimated at 15.6m, equivalent to 50.7 percent, with 15.2m males, equivalent to 49.3 percent.

Ghana’s first post-

independence census, which was conducted in 1960, counted 6.5m

people. The current estimate therefore means the population

has almost quintupled within the last six decades.

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Vodafone, ITU and gov’t collaborate to address global mobile Internet access gap

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major new initiative has been launched by Vodafone Group Plc and ITU, the United Nations’ specialised agency for information and communication technologies, to address the global digital divide, with the aim that an additional 3.4 billion people could have the ability to access and use the internet through a smartphone by 2030.

With mobile broadband (4G) networks now covering 82% of the population of Low- and MiddleIncome Countries (LMICs), the mobile usage gap is 6x larger than the mobile coverage gap.2 In line with the Broadband Commission Global Targets 2025 on affordability and connectivity, the new Working Group will identify policy, commercial and circular-economy interventions to increase smartphone access.

Co-chaired by Vodafone Group CEO, Nick Read, and ITU Secretary-General Houlin Zhao, the Group’s launch partners also include: the Alliance for Affordable Internet; GSMA; the government of Ghana; Safaricom; Smart Africa; Vodacom Group; and the World Wide Web Foundation.

Mobile accounts for 86% of connections to the internet in LMICs3, emphasising the importance of mobile in

addressing this issue. Yet billions of people continue to use ‘dumb’ feature phones, without an internet connection, and the 2G market continues to grow.

That means the digital divide is widening as the global pandemic has accelerated the emergence of digital societies and smartphones are increasingly an essential gateway to access public services - including education and medical support - financial services, jobs and to run businesses.4 Nick Read, CEO of Vodafone Group, said: “Vodafone is honoured to be part of this monumental global initiative with the UN, to improve the lives of billions of people through smartphone access. As our societies become more digital, everyone should have the ability

to find jobs, be able to get public services, financial services and critical information that are increasingly only available through the internet. This is such a complex challenge that no network operator, device manufacturer, financial services provider or national government can solve on their own – but working together we can break through the barriers.”

Houlin Zhao, Secretary General of the ITU, said: “Achieving the Broadband Commission Global Targets requires a multistakeholder approach. I am pleased to co-chair this newly established Working Group, which will also help address the challenges posed by the COVID-19 pandemic and ensure that we put smart devices in the hands of

those who are left behind.”

Maria-Francesca Spatolisano, Officer-in-Charge of the Office of the United Nations Secretary-General’s Envoy on Technology, said: “The UN Secretary General’s Roadmap for Digital Cooperation aims to achieve universal connectivity by 2030. Smartphone access is a key element of this in low- and middle-income countries where mobile is the principal route to the internet. As such, this working group can have an important role in ensuring that the shift to digital technology is beneficial and makes our societies more equal and not less.”

Ursula Owusu-Ekuful, Minister for Communications and Digitalisation, said: “While Ghana and other countries have made great strides in the development of mobile infrastructure and the usage of digital services such as mobile money, it is noticeable that 45% of people in West Africa are covered by mobile broadband networks but do not use the internet. Addressing the mobile internet usage gap is vital for the long-term economic development of my country and many others across the world and will require new partnerships and focused action from a range of organisations.”

Tullow partners with Invest in Africa to train suppliers

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ullow Ghana has partnered with Invest in Africa (IIA) to deliver training to a number of its small and medium enterprises (SME) suppliers as part of the Access to Finance programme.

The Access to Finance programme is an eight-month long programme, to be delivered in two parts, designed to equip selected suppliers with the requisite knowledge, skills and support to effectively engage with financial institutions in the areas of refinancing, restructuring of existing funding arrangement to improve liquidity.

The programme is designed to support SME’s whose businesses were impacted by the Covid-19 pandemic, to secure finance and enable them to restructure their existing credit facilities.

The first workshop was held on 15th September 2021 under the theme “Access to Finance for Tullow

Suppliers”.

The first part of the programme focused on building the capacity of 150 participants of the Tullow Ghana supplier community to understand the details of credit refinancing and restructuring, alternative funding sources or mechanisms and an understanding of the general terms and conditions for selecting each option. The session covered topics including background to business financing, business risk assessment, financial products and services and requirements to access finance – finance readiness.

The second part which is designed to be a customised oneto-one business and financial advisory support, will enable selected companies successfully to improve their liquidity, deliver on their contract obligations and enhance their financial sustainability.

Speaking at the opening of the

opening of the session, Supply Chain M a n a g e r for Tullow, Paul Watson emphasised T u l l o w ’s commitment to the development of local capacity for participation in the oil and gas industry in Ghana. He further reiterated the importance of this initiative following Tullow’s decision to invest over $4 billion in its Ghana operations over the next ten (10) years, that will deliver maximum value from its Jubilee and TEN assets.

Country Director for IIA, Ms. Carol Annang thanked Tullow for selecting IIA to provide this crucial support to the SMEs. She said the ramifications of

the covid-19 pandemic on the financing for Ghanaian SMEs may be far reaching, but the contribution of this intervention, albeit short-term, will be much longer lasting.

Tullow continues to support local capacity development through various targeted knowledge sharing interventions to equip local companies and increase their participation in the industry while making them globally competitive.

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Make CPC profitable – Agric Minister charges CPC board

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r. Owusu Afriyie Akoto, Minister of Food and Agriculture, has inaugurated a nine-member Governing Board for the Cocoa Processing Company (CPC), with the task to help transform the company into a viable and profitable enterprise.

They should also work to support government’s Ghana Beyond Aid agenda.

The minister said there were already signals that the company had begun the process of turning its fortunes from a heavily lossmaking entity to a vibrant one.

Dr Afriyie Akoto, who was speaking after administering the official oath and oath of secrecy, stated that, it was the policy of government to encourage and facilitate enhanced local processing of cocoa to generate income and create jobs.

“The essence of CPC is to be part of government’s transformation agenda in the shortest possible time for the benefit of the people especially value chain actors, by helping improve livelihoods” he emphasised.

The minister expressed optimism that the management of the company, with the support

of the highly qualified and capable board, would help the organisation to realise its goals.

He commended Mr Joe Forson, the Managing Director of CPC, for leading and instituting rigorous measures aimed at turning around the fortunes of the company, saying “I have great faith that with the support of the board he will succeed.”

Mr Kwaku Owusu Baah, Chairman of the Governing Board on behalf of members pledged to work diligently to ensure the sustenance of the cocoa sector and its critical contribution to the livelihood of people.

He assured that they would support the growth of the company with their experience and professionalism to achieve the mandate of the state enterprise.

Mr. Baah recalled that CPC was in dire distress when the former board took over, however the pursuit of strategic policy interventions was yielding desired results.

“At the close of the 2019 financial year, we had reduced company annual losses by a whopping 70 per cent, from US$10 million to about US$3 million and but for the COVID pandemic that disrupted our markets in 2020, we would have made profit for

the first time in two decades. But we haven't given up, especially as the markets begin to pick up again,” he said.

Mr. Baah said with old dilapidated machinery and equipment, the company had expanded production at the confectionery section from four per cent to 15 per cent of company's total annual production.

He said the company would soon begin the construction of a biomass; which when completed, would reduce its energy and fuel bill from US$6 million to about a US$1.5 million or 75 per cent per annum.

Mr. Baah said the overall improved performance of CPC had attracted attention of two renowned international financial institutions who were

working to fund and re-tool the machinery and equipment and provide working capital to ensure uninterrupted beans supplies for operations.

He stated that the company was developing new markets, both locally and internationally and that preliminary discussions with representatives of important organizations from Rwanda, Angola, Kenya, the United States of America, among others, had been positive.

The members of the Board are Nana Agyenim Boateng I, Mr Francis Manu-Adabor, Mrs Philomena Okyere, Mr Emanuel Ray Ankrah, Mr Vincent Okyere Akomeah, Madam Alexander Gloria Totoe, Mr Theodore Matey Tackey and Professor Douglas Boateng.

New governing board for CBG urged to promote SMEs

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he newly sworn-in governing board for the Consolidated Bank Ghana (CBG) has been urged to propose strategies to promote Small and Medium Enterprises (SME) lending and digital banking services for the benefit of the unserved and underserved in the financial sector.

The Deputy Minister of Finance, Abena Osei Asare, who gave this charge at the inaugural ceremony of a ten-member board for the CBG on behalf of the Minister for Finance, Ken OforiAtta, added that SME financing was critical to government as the private sector was a priority area for government.

“It is therefore my believe that this newly inaugurated Board would work together as a united force to lead CBG to achieve its mandate of being the preferred SME Bank offering innovative digital financial solutions, with the objective of fostering financial inclusion amongst the unbanked and informal sector, while partnering and supporting Government initiatives and

agenda”.

Mrs Abena Osei Asare further advised the board to strategically position the bank to leverage on the soon to establish Development Bank Ghana (DBG).

This she said, would enable them raise “patient and cheaper funds, to finance critical areas in the economy to stimulate growth and job creation”.

The deputy minister believed that CBG in partnership with DBG could support the creation of sustainable businesses and the expansion of Small and Mediumsize Enterprises to enable them take advantage of the Africa Continental Free Trade Area (AfCFTA) and build regionally and

globally competitive Ghanaian companies.

She commended CBG for surmounting many challenges inherited due to assets and liabilities it assumed from the seven defunct banks which were consolidated into the CBG, adding that government was pleased with the transformation process to improve its governance, risk management practices, brand image and customer integration.

“Government therefore admonishes the new Governing Board to improve further the operations of the bank in order to consolidate and solidify the progress made”, she added.

Mr. Welbeck Abra-Appiah is the

Chairperson of the CBG board.

The directors are, Mr. Daniel Wilson Kodwo Addo, Bright Bakye Yelviel Baligi, Mr, Kwamina Bensti Enchil Duker and Mrs. Maureen Abla Amematekpor. The others are Madam Gloria Owusu, Mr. Phillip Osafo-Kwaako, Mr. Edward Prince Amoatia Younge, Madam Afua Djimi and Mr. Yaw Asamoah.

The Chairperson, Mr. AbraAppiah pledged his utmost commitment to uphold the reputation of the bank. He assured on behalf of the board to influence positively towards promoting Small and Medium Enterprises (SME) lending and digital banking services.

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FRIDAY SEPTEMBER 17, 2021

StanChart research reveals legacy planning takes on modern concept for the wealthy

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egacy planning is now a journey that can last a lifetime involving a transfer of not only wealth but values and behaviours too, according to new research by Standard Chartered Private Bank.

The report named Redefining legacy: a lifetime of shaping inheritance aspirations explores how affluent people across Europe, the Middle East and Africa interpret legacy and key challenges they encounter in achieving their inheritance goals.

By definition, legacy means something left behind to someone by another person in the final part of their life, usually in the form of money or property. The findings reveal that legacy has taken on a modern concept for the wealthy.

Those surveyed seek to balance the financial value of their assets with how their wealth can benefit both their successors and families, and communities and society.

Eighty-two per cent of research respondents believe that the most important legacy they can leave is to support future generations of their family, while three quarters (74%) want to use their wealth to drive wider positive change.

This figure is higher amongst women, at 80 per cent. African and Middle Eastern wealthy people are typically more motivated to use wealth to drive positive change than those in Europe.

Additionally, the results uncover the differences of opinion between age groups. It is more important for those aged under forty (84 per cent) to invest in assets that have a positive environment impact, compared to people over sixty (65 per cent).

Grant Parkinson, Head of Consumer, Private and Business Banking for Europe, Standard Chartered Bank, said: “Today, we can see that legacy means much more to many people. With increased global communication, digital advances and shifting mind-sets between generations, it is bringing a greater awareness of the responsibilities for the affluent.

He added: “With the right advice, resources and financial structures in place early on, the wealthy can feel more reassured that their legacy goals are achieved, whenever and whatever they may be.”

The way participants define their legacy and priorities alter as they go through life. Financial issues become more important as people age, while social and reputational issues are higher priorities amongst younger age groups. Under 40s are more likely to prioritise their values and achievements (58 per cent) whereas those over 60 are more inclined to protect their assets for future generations (55 per cent). Interestingly, women tend

to want to invest more in the environment than men, at 83 per cent, compared with 68 per cent.

The gender divide is visible in charitable giving as well, although to a lesser degree.

Eighty-one per cent of women believe that charitable giving is key to achieving their legacy goals, compared with 72 per cent of men.

There are also regional variations, for instance, charitable giving is more important to those questioned in the Middle East (89 per cent) and Africa (82 per cent), compared with Europe (62 per cent).

When it comes to the challenges of legacy planning, structuring wealth is a consideration.

Seventy-four per cent of research

participants want to keep their net wealth intact, but the complex structure of their wealth can make this an obstacle for 70 per cent.

Two thirds (69 per cent) say that they find it difficult to invest in the most appropriate solutions or opportunities, an issue that is particularly pronounced in the Middle East and Africa.

Secondly, tax, legal and financial complexities can equally make it problematic for people to determine how best to structure a financial legacy to meet their long-term goals, particularly amongst those aged 40-60.

Thirdly, in an era still defined by COVID-19, it is not surprising that global issues generate uncertainty for 82 per cent of respondents.

MiDA inaugurates US$15.9m ECG meter management system

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modern meter management system (MMS), which will integrate the Electricity Company of Ghana’s (ECG) smart pre-paid metering platforms and enhance customer experience, has been formally inaugurated in Accra.

The total cost of the System is US$15.9m, with MiDA, the accountable entity for the Ghana Power Compact, contributing an amount of US$11.2m.

The US$316m Millennium Challenge Corporation (MCC) funded MiDA’s portion of the Ghana Power Compact. The MCC is an agency of the United States Government.

The MMS will enable ECG customers connected to the system buy pre-paid credits anywhere in Ghana and be credited in real time. It will also make significant contributions towards improving ECG’s revenue mobilization

efforts, while offering customers greater flexibility in paying for the electricity they consume, even when they travel outside their Regions.

“The Meter Management System was specifically requested

by ECG as a solution to current challenges with multiple meter types, procured from a variety of meter vendors, none of which could communicate with the other,” said Prof. Yaa NtiamoahBaidu (MiDA Board), in a speech read on her behalf by Martin Eson-Benjamin, MiDA CEO. She also stated that “the mix of activities under the EFOT Project are intended to reduce revenue losses and under-billing and ensure that ECG recovers its operational costs and invests in maintenance and expansion, without additional financial support from the Government.”

The System has capacity to cover

some five million ECG customers.

The Meter Management System comprises 17 Servers in 6 racks, 40 Point-of-Sale devices, UPSs, laptops, printers, which have been delivered to two Sites; the ECG Project Office and the ECG Legon District Office.

At the moment, 12 prepaid meter types have been enrolled onto the MMS System, with others programmed to join in phases.

The state-of-the-art System, supplied and installed by Messrs.

Siemens SA, is equipped with full redundancy, a backup that will enable the System to run at all times.

It has a Primary Site and a Disaster Recovery Site with an online real time backup capability. “The MMS System would make a big impact on ECG’s revenue collection efforts,” said Keli Gadzekpo, Board Chairman of ECG.

According to Steven Marma, Resident Country Director of MCC, “the US$316 million MCC Ghana Power Compact is the U.S. Government’s down payment on a brighter future for Ghana, and the completion of the Multimeter Management System is an important milestone for the Compact Program.

“The MMS is an IT investment that lays the foundation for improved customer service and revenue mobilization, modernize ECG operations and improve service delivery to everyday Ghanaian citizens. MCC looks forward to ECG’s continued roll out of the system across all regions under ECG operations” he added.

He agreed that the Meter Management System “is, undoubtedly, one of the key solutions to the myriad of challenges” ECG currently faces.

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News

FRIDAY SEPTEMBER 17, 2021

Emirates becomes first airline to implement IATA travel pass across six continents

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mirates is the first airline to implement the International Air Transport Association's (IATA) travel pass solution on six continents as it rolls out this digital health pass to customers at all its destinations.

Following successful trials in April on select routes from its Dubai hub, Emirates gradually expanded the IATA travel pass pilot to customers on 12 routes in June and the airline has now signed a contract with IATA to implement the solution across its global network.

Currently available to Emirates customers travelling from 50 cities, the roll-out across all 120+ Emirates destinations is expected to be completed by October.

Adel Al Redha, Emirates’ Chief Operating Officer said: “Emirates continues to invest in technology and solutions, like IATA travel pass, so that we can deliver smooth journeys and contactless experiences for our customers while enabling our airport teams to handle document checks efficiently and in compliance with regulatory requirements.

He added: “We are pleased to

partner with IATA on the IATA travel pass solution from early pilot trials to full implementation and we will continue to work closely with IATA on enhancements to facilitate even more secure and smoother journeys for travellers.”

Nick Careen, IATA Senior Vice President Operations, Safety and Security said: “Emirates’ implementation of IATA travel pass across its global network cements its role as a key tool in managing the complex

SAA finally takes off

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ollowing months of preparation after exiting business rescue, SAA resumes both domestic and continental service.

The carrier’s first scheduled flight was an early morning takeoff from OR Tambo International in Johannesburg to Cape Town International on Thursday the 23rd of September and is one of three return flights per day between the two cities.

Flights are also set to start to five African capitals - Accra, Kinshasa, Harare, Lusaka, and Maputo.

SAA’s Interim CEO Thomas Kgokolo says, “This week is a proud and significant one for SAA and its staff as well as all South African citizens. Our journey back to the skies has not been easy and I pay tribute to our dedicated workforce in all areas of the business all of whom have and are putting in long hours ahead of this day. People in every facet of the business want nothing more than for SAA to succeed and for us to build a new airline based on safety and exemplary customer service.”

Kgokolo says while SAA has big

ambitions it’s overriding ethos will be one of responsible and prudent fiscal management and a commitment to transparency.

“We restart this business with a new vision of pride in the brand and one that has been inculcated into every staff member. Our first order of business is to service our start-up routes efficiently and profitably and then look to expanding the network and growing our fleet, all depending on demand and market conditions. ” SAA’s Board Chair John Lamola says, “SAA’s return will provide more market equilibrium in terms of ticket pricing. Since the carrier went into and then out of business rescue there has been less local capacity and that means tickets have become more expensive. Our return to the skies will mean more competitive pricing and will enable more South Africans to fly. ” Lamola says SAA’s return to the skies is also a major economic enabler, particularly with its strong focus on cargo flights.

“Economics aside, there is also the pride factor. Seeing SAA’s

myriad of health credentials required for travel. By providing passengers with a one-stopshop to demystify, manage and process these credentials through a secure automated process, they can arrive at the airport ready-tofly using automated processes.

This will avoid queuing and congestion for document checks to the benefit of travelers, airlines, airports and governments.”

Key features of the IATA Travel Pass

tail colours on international tarmacs is not only positive for South Africa but the rest of the continent.”

SAA’s Interim Executive: Commercial Simon Newton Smith says, “We are in many ways, a metaphor for the country; it has not always had the easiest history, but it is resilient, its people are rightfully proud and it’s a country never to be underestimated. Our job is to show the world that

• Repository of the latest travel requirements: it enables passengers to find accurate information on travel, testing, and vaccine requirements for their journey • Registry of testing centres: it enables passengers to access certified COVID-19 testing centres at their departure location which meet the requirements of their destination.

• Digital documentation: the app allows passengers to manage their travel documentation digitally. From receiving test results and vaccination certificates directly from authorised labs and test centres, to conveniently and securely sharing these documents with authorities and airlines to facilitate travel.

Travellers can access over 1,500 COVID-19 test labs via the IATA travel pass app, and this number continues to grow. EU and UK citizens can register their vaccine certificate on the app, and work is underway to enable a broader range of verified digital travel documents to linked to, or uploaded to the app.

South Africa is rebounding and starting the journey to a full and better recovery. We’re re-starting humbly but with big ambitions.”

SAA’s Chief Pilot Mpho Mamashela says “All of us who are going to be at the front of the plane in coming weeks and months fully understand the new vision of SAA and we are proud to be part of this new era. We are determined to be absolutely perfect and to make South Africans proud.”

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News

FRIDAY SEPTEMBER 17, 2021

SEF, Goldstar Airline donate PPEs to Ridge Hospital ahead of 1st National Tourism Customer Service Week

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ervice Excellence Foundation in collaboration with Goldstar Airlines has donated some personal protective equipment (PPEs) to the Greater Accra Regional Ridge Hospital to support the management of patient care against Covid-19.

The gesture, according to the donors, affirms their commitment towards the enhancement of medical tourism and the need to extend a helping hand to fight against the coronavirus pandemic, ahead of the upcoming 1st National Tourism Customer Service Week, which is scheduled from the 4th to 8th October 2021 with the theme ‘’ Redefining Excellence Through Service Experience’’.

“We are tourism people responding to the government’s call to stakeholders to join the fight against the coronavirus pandemic.

This donation is our widow’s mite contribution to the hospital which, we believe, will go a long way to support them as they lead the fight against Covid-19,” Caleb Kofie, Executive Director of SEF, told Business24 in an interview.

Director of Cargo Services for

Goldstar Airlines, John Ashong Mettle, on his part, indicated that the kind act was the company’s way of assisting the hospital to ensure strict adherence to laid down safety rules and practices.

“As a company, we are seeking to help those at the frontline workers who are the first point of contact in the fight against the virus.

This is an expression of our commitment and resolve towards all efforts to fight this virus with

the provision of these PPEs that will get frontliners out of harms ways in their dealings with patients,” he said.

Mrs. Stella Appenteng, a past president of the Ghana Tourism Federation (GHATOF) added: “Medical tourism is dear to the tourism industry and so if there is a collaboration with a hospital like Ridge, and to present items that are critically needed in this period of time as a way of giving to support the fight against

Covid-19.”

Dr. Emmanuel Srofenyoh, the Medical Director and consultant obstetrician at Ridge Hospital, who received the items on behalf of the hospital, expressed gratitude to SEF and Goldstar Air for their support adding that this would help in taking care of patients at the facility.

“Face shields are particularly very necessary because they protect the eye and other parts of the face from getting contaminated even when you’re wearing a nose mask.

We are happy that we have received so much quantities of the face shields today, together with the other items that we hope to receive from them later as promised,” he said.

Dr. Srofenyoh asked for more of such generous acts from corporate Ghana to assist the hospital in the fight against the virus.

“Government is doing its part but this fight is for everybody, we need all hands on deck. Other corporate bodies that are willing to support can do same so that collectively we can win the fight,” he added.

US to give Ghana 1.3 million Pfizer vaccines

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he United States Government is to donate 1.3 million Pfizer vaccines to Ghana to aid the national plan to inoculate 20 million Ghanaians by the end of the year.

The gesture would add to the 1.2 million Moderna shots received

by Ghana from the United States on September 4, 2021.

US Vice President Kamala Harris made this known when she held bilateral talks with President Nana Addo Dankwa Akufo-Addo at the White House, Washington DC, on Thursday to firm the ties of cooperation between the two countries.

Addressing a press conference prior to the close-door meeting, Vice President Kamala Harris said Ghana and the United States shared a commitment to global health and minimising the effects of COVID-19.

“None of us have been immune from the ravages of the pandemic.

We recognise our shared responsibility to collaborate, to share resources, not only to continue to address the effects of COVID-19, but also to prepare for

the next pandemics,” she said.

“The United States is proud to be a member of COVAX and the African Union, and has donated more than 1.2 million doses of the Moderna vaccine to Ghana. I am proud to announce that, shortly, we will send 1.3 million doses of the Pfizer vaccine.”

Welcoming President AkufoAddo to the White House, Mrs Harris said the meeting with the Ghanaian President “is a reaffirmation of the strength of the relationship between the United States and Ghana, and of course the deep historical ties or official bilateral relationship, which began in 1957.”

Vice President Harris commended President AkufoAddo for his sterling management of Ghana’s economy, saying: “American companies continue to ramp up in Ghana, understanding the significance of the work that they do there to America’s economy…..”

“And they do this also because we are confident in the Government of Ghana and the environment, Mr. President,

that you have created, which allows for some confidence in the respect and upholding of the rule of law and human rights. And so, with all of that, we look forward to continue to work together.”

President Akufo-Addo, on his part, thanked Vice President Harris for the invitation and said Ghana and the United States shared the same commitments.

“We want to develop our nation as a democracy, as a country where freedom and respect for human rights and the rule of law

are paramount to our system of governance,” he said.

The President expressed gratitude for the support of the United States towards helping to defeat the pandemic in Ghana.

He said Ghana needed the support of the United States to tackle and defeat the Jihadist insurgency in the Sahel.

“We are looking for support for our armed forces and for the intelligence agencies of our area that they can be in stronger positions,” he said.

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The developing world's hidden inflation risks

By Rabah Arezki, Jean-Pierre Landau

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s the global economy begins to emerge from the COVID-19 crisis, managing inflation risks will be much more challenging in developing countries than in advanced economies. That reflects the nature of the shocks driving inflation and the fact that lowerincome countries are ill-equipped to respond to them decisively.

A combination of specific shocks and vulnerabilities could thus seriously threaten these countries’ economic stability and prosperity.

For starters, developing countries have much greater exposure to environmental shocks, which will become more frequent and severe as a result of climate change. Extreme weather events in effect act as negative supply shocks, causing production to decline and prices to rise – the most difficult conditions for monetary policymakers. Several countries, including Nigeria and Sri Lanka, are currently facing skyrocketing food prices, while Madagascar’s drought and ensuing famine is another stark reminder of African developing countries’ vulnerability.

Developing economies are also more exposed to financial shocks. Sooner or later, monetary policy in advanced economies will normalize and, if past experience is any guide, many emerging markets and poor countries will experience massive capital outflows. The specter of capital flight may be particularly salient for poorer economies, particularly if accompanied by a reduction in development aid.

Such sudden stops bring their own policy dilemmas, not least downward pressure on exchange

rates. Policymakers can either let their currencies depreciate, which would fuel inflation, or hike interest rates, which would adversely affect growth and debt sustainability.

Both types of inflationary shock will be a severe test for monetary policymakers in poorer countries.

Many lack the experience and track record needed to ensure their credibility and stabilize inflation expectations. Several negative feedback loops could thus develop. For countries with high levels of foreign-currencydenominated debt, exchange-rate depreciation could lead to a fatal currency mismatch, triggering a debt crisis and a surge in inflation.

And the de-anchoring of inflation expectations could have further ramifications for developing economies’ already frail financial systems.

Moreover, inflation tends to persist long after exchangerate devaluations. Expenditureswitching policies aimed at replacing increasingly costly imports with cheaper domestically produced goods have often resulted only in mediocre growth and stubbornly high inflation. This has eroded households’ purchasing power, fueling poverty and social instability.

Part of the policy response to these inflation risks is in the hands of developing countries themselves. A credible fiscal policy framework would go a long way toward stabilizing expectations and eliminating the risk of fiscal dominance.

While fiscal consolidation in the midst of a pandemic is clearly not appropriate, stricter control of corruption and a reduction of leakages would help to ensure that public spending reaches its intended beneficiaries and

maximize its impact.

Corruption costs developing economies an estimated $1.3 trillion per year, or three-quarters of Sub-Saharan Africa’s GDP. The COVID-19 crisis should spur developing-country governments to crack down on misuse of public funds. This will create fiscal space to soften the impact of inflation on the poorest households while setting the stage for recovery and sustained economic growth.

But the international community also can help lowerincome countries navigate inflationary pitfalls. In such cases, macroeconomic stability in the poorest countries depends heavily on external finance.

The international community thus urgently needs to prop up developing economies’ international reserves in order to support their currencies and tame inflation risks. While inflationary pressures generally remain under control for now, the risk of inflation in these economies may materialize in non-linear ways. For example, the continued depletion of international reserves could cause a country’s currency to depreciate suddenly.

This may precipitate spiraling inflation, especially if the authorities lack the credibility to anchor expectations.

Accelerating inflation, along with worsening growth and employment prospects, will expose developing economies to the kind of sociopolitical instability recently seen in Tunisia, South Africa, Nigeria, and Senegal. The spillover effects from such turmoil are just what the world economy does not need as it recovers from the pandemic.

Fortunately, the International Monetary Fund’s recent new $650 billion allocation of special drawing rights represents an ideal

opportunity to assist developing economies. Although SDRs have increasingly (and rightly) been viewed as a development tool, they are essentially a reserve asset that can have important antiinflationary benefits. Ensuring that more of the new SDRs go from advanced economies to developing countries will bolster poorer countries’ international reserves and thus help to shield billions of people against the risk of inflation. That, in turn, will provide room for national authorities and the private sector to act decisively to reignite growth and reduce poverty.

Much of the developing world is still in the throes of the pandemic.

But even before the coronavirus is defeated, monetary policymakers may have to address potentially serious inflation threats. They should start preparing now.

Rabah Arezki, a former chief economist of the World Bank’s Middle East and North Africa Region, is Chief Economist and Vice President of Economic Governance and Knowledge Management at the African Development Bank.

Jean-Pierre Landau is Associate Professor of Economics at Sciences Po.

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Driving business performance Sales & marketing imperative

Attention grabbing! The new currency at cracking the customer code

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he subject of the customer is central to every business and a very critical commodity for business profitability, survival, and continuity. Attention is the new currency for trading in today’s ever-changing world of business.

Footfalls, eyeballs, and handgrips are the new buzzwords and center of attraction for Sales and marketing. The following critical questions are very important in our journey to crack the customer code. By asking the right questions, we can be certain of some answers i.e. right answers or wrong answers. Let’s think through the following: • Do you have the “attention” currency?

• What is the customer watching and who has the ears of your potential customers? Who is feeding them and with what are they being fed?

• How much are you willing to pay or do to grab the attention of your target customer?

• How much have you invested in your brand and business to get your target customer to give you their attention.

• “Lend me your ears” you may shout but are customers listening to you?

• “The food is tasty, affordable, and hygienic!” “The service is great!” Do your customers know this and do they believe this?

• Why should they believe your pitch and why should they give you any attention?  Walking the Talk – Charting the Customer’s Path Many businesses are not ready to walk the talk when it comes to serving customers.

From experience, myriads of sales professionals have come at us with products and services they think we need or products they have to sell without first taking the time and the interest to find out about us. On one fine day, a bloke called and asserted on the other side of the line, “You don’t have a website so we want to design one for you”.

Too bad, they will always be turned down or ignored with this kind of ignorant insistence.

Many are muddying the waters at Sales and Marketing due to lack of performance training.

Our analysis of insights we have gathered over time reveals the absence of performance training for Sales teams who are

sent into the field. There will surely be big trouble for anyone walking through this kind of booby-trap. Sales is an art and worked in a serious zone that requires the full attention and devotion of the Salesperson.

To put it bluntly, it is not about what you are selling, it is about getting the target customers to be listening to you through the value you are offering that will eliminate their pain or solve their problem, and ultimately provide their needed satisfaction.

Admittedly, competition is stiff and very fierce with everyone after their share of wallet (purchasing power) but do you have customers’ attention with regards to “share of mind” and “share of trust?”

Without a deliberate

interest in the customer and without a thoughtful in-depth understanding of the customer, we will not be able to walk the path of our customers. Failing to recognize that there are different types of buyers and one size will not fit all, many will not harness the full potential of the targeted customer and the valuable market. Many today have become insensitive to the customers' pain and without this sensitivity, we will be unable to build any meaningful relationship with them with respect to Sales and Marketing. We may have all sophisticated tools, large edifices and have our brands being managed by the best agencies in the universe, but without cracking the customer code, we shall but fail in our attempt to do

business with them.

The business landscape is brisk, the sales front is brutal with fierce and stiff competition.

Without an attention-grabbing matrix at your pitch, it will be very difficult to attract and retain customers. With innumerable emails, constant phone calls from varied sources, SMS blasts from lead generation systems, agencies, and varied call centers, you have a full plate with no room for add-ons. This is the signal that beckons one that it is time for you to raise your game.

You must start trading in the currency of attention in dealing with targeted customers in order to get a share of their pockets and wallets.

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17 5. What is there to know about the customer? Insight generation Keys for cracking the code 6. What is the customer’s pain?

Past experiences To achieve this, it is very 7. What is the customer’s imperative to understand the experience?

Past executions and identity and persona of the customer. This is one of the encounters 8. What is the customer’s surest ways of setting your sales and marketing process vision? Expectations and desire 9. What is the customer’s path on a sound footing that will yield phenomenal results over to purchase? Patterns and habits time. Hit and run as many have 10. How does the customer like done will not serve the business to be served? Approach and relationship. It’s a huge trap that attitude These are the blind spots in avoids the truth in the maxim dealing with customers and “Rome was not built in a day”.

We must be ready and prepared without taking the time to unravel to nurture the relationship with them, we shall be shooting blanks prospective customers by getting and constantly missing the mark. to understand them before Why would you assume anything attempting to sell to them. about a prospective customer Let’s use the following keys to when you don’t have answers to crack the customers’ code and these very urgent and pertinent unlock the potential value in the questions listed above? Why would you be quick to speak relationship: 1. Who is the customer? when you are ignorant about the answers to these questions?

General class grouping 2. Who is this customer? These questions should force any business (SMB, Small or Large Specificity with Persona 3. What do I know about the Corporate, etc.) serious about customer? Available information revenue generation to re-think 4. What can I know about and re-tool their approach about the customer? Personal insights serving and selling to customers.

Understanding the customer shared

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unlocks your sales process and increases your chances of harnessing the inherent value through a well-oiled and aligned Sales & Marketing matrix.

Understanding the customer through insights then becomes the key that guides you at preparing your proposals, and tools at Sales Pitches and Marketing content development.

All these wired carefully will help drive your sales closing process.

Insight and Value-based selling are the way to go. Let’s show you how through our performance training and coaching.

For more insights and techniques into this new selling framework, we specially invite to you reserve your seat (through the mandatory registration of GHc 499) at the 6th execution of our annual Premium Tuition-Free Sales & Marketing Performance training event dubbed “Driving Business Performance – Sales & Marketing Imperative”. This year’s summit is slated for 23rd September 2021.

Contributors: Rev. John Thompson has spent his career over the years building high-performance culture in

organizations he has consulted for. He has worked in Branding, Sales, Marketing, Strategy, Business Planning and strategic execution capacities at ‘Exposure’.

As a certified Train the Trainer and Sales performance coach, he has added value to many teams and corporate professionals. His consulting clients include Local and Multinational companies in FMCG, Retail, Renewal energy, Pharmaceutical, Insurance, Real estate & Construction, consumer products, financial services, and Hospitality industries, amongst others.

Lauretta Thompson (Mrs.) She is an associate consultant and in charge of Sales and Administration at ‘Exposure’. With a versatile skill-set, well vexed in customer service and service quality; she has worked her career building valuable business relationships, perfecting the art of cold calling, closing deals, and ensuring that clients’ expectations are met through service quality and professionalism. She has effectively managed different teams to pitch and win accounts of both local and multinational corporations.

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FRIDAY SEPTEMBER 17, 2021

The promise of green hydrogen

By Thomas Koch Blank

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hile we already have mature technologies that can replace fossil fuels in many parts of our economy, there are areas where eliminating carbon pollution will be much more difficult.

Steel, shipping, aviation, and trucking, for example, account for a combined 40% of our global carbon footprint and are on track to consume two times the remaining carbon budget for staying below 1.5° Celsius of warming.

Fortunately, “green” hydrogen – H2 produced through electrolysis using renewable energy – holds enormous promise for these sectors. Through various applications, this tiny molecule can provide the heat, reduction properties, fuel, and other services needed to replace fossil fuels. In fact, given the technical challenge of getting these “hardto-abate” sectors to a state of carbon neutrality, hitting 2050 net-zero targets without it would be virtually impossible.

H2 uptake can serve other objectives beyond decarbonization. For example, hydrogen’s ability to substitute for natural gas in many applications allows for a degree of energy independence and reduced reliance on liquefied natural gas or pipeline imports from Russia. And while renewables like solar and wind are limited by the extent of electrical grids, hydrogen can be transported by pipeline or potentially by ship.

That means it could become an exportable renewable-energy source, eventually replacing petroleum as the main global energy commodity.

H2 uptake is starting from vastly differing points, depending on the market. In Europe and Southeast Asia, political and market incentives are already fully aligned for the deployment of H2 infrastructure. But in large oil- and gas-exporting economies, the incentives are often conflicting. Notably, there is significant misalignment in the United States, where natural gas fulfills all the political priorities that hydrogen can provide for other markets.

As a crucial element in achieving 2050 net-zero targets, hydrogen production, storage, and transport represents a multitrillion-dollar opportunity, not only for energy incumbents but also for investors. While hydrogen

is currently more expensive (per unit of energy delivered) than competing options such as fossil fuels, the scaling up of electrolyzer production is driving down costs.

Within the next decade, we can expect H2 to reach break-even points with fossil fuels across different applications, after which hydrogen uptake will bring cost savings.

Green hydrogen is particularly attractive for developing economies. There is a strong geographical overlap between countries and regions with the lowest production cost for renewable energy and those with lower per capita GDP. These countries thus could secure a global competitive advantage by becoming hydrogen producers and exporters. Doing so would also help them attract zerocarbon heavy industry, such as fertilizer manufacturing or hydrogen-based direct reduction steelmaking. And, of course, the development of these sectors would lead to significant job creation.

H2 is also attractive for wealthy industrialized countries, which currently lead the world in the manufacture of hydrogen electrolyzers. However, if the recent history of the photovoltaic (solar panel) industry is any guide, wealthy countries may need stronger industrial policies to ensure that production does not migrate to China and other regions.

There is more work to do before hydrogen can realize its full decarbonization potential. As matters stand, green hydrogen represents a very small portion of existing hydrogen production.

Instead, most hydrogen is “gray,” because it is made using fossil fuels through a steam methane reforming (SMR) process. Though there is potential to capture and store some of the associated

carbon dioxide emissions to make a slightly cleaner fossilbased “blue” hydrogen, this option would not be emissionsfree. H2 therefore has a complex CO2 footprint, for now.

Furthermore, for hydrogen to deliver on its promise, the decarbonization of electric grids must happen in parallel. But as with electric vehicles (EVs), we cannot wait for a 100% clean grid to begin deploying electrolyzers; we must start now.

This is not as financially risky as it sounds. There will undeniably be a threshold where green hydrogen becomes the lowestcost source of hydrogen generally.

Notably, the US Department of Energy’s recently announced goal of reducing the cost of “clean hydrogen” to $1 per kilogram is nearly impossible to achieve with hydrogen produced through the SMR process at sustainable price levels for natural gas. That means US policy is already aligned behind green hydrogen.

Nonetheless, using green hydrogen to decarbonize heavy industry will demand a truly awesome amount of electricity.

Producing the necessary volume of hydrogen would almost double total current global electricity generation. The only way to meet this demand is to build renewable energy even faster.

That, in turn, will lead to critical infrastructure-design questions, such as whether to prioritize H2 pipelines or power lines. And the growth of this sector will have many regulatory implications.

To ensure a rapid build-out of hydrogen infrastructure, it will be important to enable monetization, create rate structures to encourage capitalexpenditure deferral, and provide system-wide planning across infrastructure types.

Equally, a move to H2 will accelerate the obsolescence of

many fossil fuel-based assets. For these large volumes of stranded assets not to produce negative side effects, they will need to be repurposed or helped into early retirement with various financial incentives.

Hydrogen brings enormous opportunities but also a daunting scaling challenge.

Globally, the industry currently has the capacity to produce only around one gigawatt of hydrogen electrolyzers each year, whereas, according to the International Energy Agency’s analysis on what a 1.5°C pathway requires, green hydrogen production will need to grow 1,000-fold from today to 2030.

There are actions that can and must be taken to meet this challenge. First, we need policies to ensure stable demand at scale, so that electrolysis makers can leap-frog into industrialized manufacturing.

Second, governments must provide subsidies to cover the initial “green premium” until learning-curve effects take over.

And, finally, we must address the tension between current asset locations and the places with the lowest-cost clean-sheet footprint for decarbonized industries.

Backed by direct and indirect political priorities, hydrogen markets have already gained momentum and crossed the point of no return. As such, they are quickly bringing cleaner industry and a decarbonized economy within striking distance.

Thomas Koch Blank is Senior Principal of Breakthrough Technologies at RMI.

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BUSINESS24.COM.GH FRIDAY SEPTEMBER 17, 2021

NO. B24 / 252 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

FRIDAY SEPTEMBER 24, 2021

Vodafone offers indigenous businesses free premium-grade websites in September

D

irector of Vodafone Business, Tawa Bolarin, has disclosed that Vodafone is supporting over 50 Small and Medium-sized Enterprises (SMEs) with free premium-grade websites in the month of September.

According to her, the move by Vodafone is to provide holistic support to SMEs nationwide and to empower businesses leverage on technology to deliver modern and up to date offerings to boost their businesses during the SME month celebration.

"This month, fifty (50) indigenous businesses will receive free premium grade websites. This is expected to extend the reach of their businesses. In addition to this, enterprises will be provided with digital channels to make their services more accessible to a wider audience, ultimately accelerating customers and revenue, "she said.

"Every year, we dedicate a month to recognise, appreciate, reward and engage

with our esteemed business customers who are uniquely positioned to be the backbone of the Ghanaian economy.

In the spirit of partnering together, we have designed propositions, which will enable growth for the businesses of our customers through a series of initiatives. " Tawa Bolarin further stressed that her outfit will assist some local companies with free

registration to enable smaller businesses improve their professional image and qualify for even bigger opportunities.

Furthermore, some businesses will enjoy 50% savings on their Vodafone bill, making them more profitable this month.

"Vodafone Business will offer sponsored training programmes for some selected business owners.

Simply tell us the skills you want to

NLA governing board inaugurated

T

he newly inaugurated Board of the National Lottery Authority has been charged to ensure revenue leakages in the system are blocked and revenue generation improved, deal decisively with the activities of illegal operators, and improve human capital development to be operationally efficient.

“Reposition to expand brands, operate with best business modules under secured and safe environment with state-of-theart technologies and equipment to help government’s revenue mobilization and job creation agenda”.

These were comments by the Deputy Minister for Finance, Abena Osei-Asare (MP) when she inaugurated the governing Board of National Lottery Authority (NLA) on behalf of the Minister for Finance, Ken Ofori-Atta.

The board, which has Togbe Francis Albert Seth Nyonyo as Chairman, comprises, Deputy Minister for Finance, John

Kumah, Director General for the National Lottery Authority, Mr. Samuel Awuku, Chief Director for the Interior Ministry, Mrs. Adelaide Anno-Kumi, Mrs. Helen Akpene Awo Ziwu, Madam Joana Frances Adda, and Mr. Philip Kofi Aning.

Addressing board members after administering the Oath of Office and Secrecy, the deputy minister recalled that four years ago, the Board was tasked to deliver an efficient and strong NLA capable of generating revenue for development and support for good causes as enshrined in NLA’s Act, 2006 (Act 722).

Osei-Asare indicated that the authority made, “marginal progress as signified by NLA’s dwindling contribution into the Consolidated Fund in the past four years”. She however, lauded the Authority’s support to the needy in society and support to sports, youth, and health development over the past four years.

The minister, who is also the

MP for Atiwa East stressed the importance of digitization in a post covid-19 era saying, “Digitalize not only operations for efficiency but ensure all games are digitalized as new normal occasioned by incidence of Covid-19”.

She charged the authority to map up creative and timely business modules to maximize revenue and ensure business continuity and stakeholder satisfaction.

She encouraged Members of the reconstituted board to work together to ensure that the dreams and aspirations of players are met, as well as ensure that they support government raise

develop, which will accelerate your growth and profitability, and we will arrange this for you. Also, we plan to embark on a paid advertising plan for selected businesses to promote their products and services, which will further expand their reach and customer base, " she said.

Throughout the month of September, Vodafone Business will reward customers who use any of its services, including mobile, voice, data, fixed and dedicated broadband, as well as Your Business on Line, a website solution; Red Trader, an inventory manager; and Red Cloud, Vodafone's cloud services.

Innovation remains the Telco’s hallmark and its 2 Moorch Business is currently the number one mobile package for businesses in Ghana today.

Businesses on this offer also enjoy the opportunity to build their own plan. Customers can simply text START to 0507779000 to sign up. the required revenue for recovery and acceleration of the Ghana Beyond Aid agenda.

The board chair, Francis Albert Seth Nyonyo, on behalf of fellow board members thanked the President for the honour done them and assured that the board will work to among other things foster the Ghana Beyond Aid Agenda and the Ghana CARES Obaatan-Pa programme.

He indicated that the Board would enhance the use of digital solutions to make the lotto business efficient and work together to address the menace of fake and, “unlicensed lottory operators being advertised on national television” as these activities have denied the nation of the needed revenue.