Business24 Newspaper (May 8, 2020) by Business24 Online

EDITION B24 | 41

FRIDAY MAY 8, 2020

THEBUSINESS24ONLINE.NET

Plans for home-based carrier alive despite virus setback Whistleblowing should be extended to private sector— KPMG MORE ON PAGE 3

BY DOMINICK ANDOH

Despite the impact of the COVID-19 pandemic on the aviation sector, the Aviation Ministry has indicated that it will continue engaging investors to reach an agreement soon for the establishment of a national carrier. “On the home-based carrier, it is my intention to push on with the initiative and to

engage investors, hopefully, to conclude a deal getting to yearend to ensure that we can take off, if not by then, perhaps going into the coming year,” Aviation Minister Joseph Kofi Adda told Business24 in an exclusive interview. “I think the challenges posed by the pandemic give us an opportunity to lead the way in the sub-region and sustain the vision set by the president—

and, more importantly, to get the country to benefit from the numerous benefits that aviation has for the nation.” Coronavirus-induced border closures and movement restrictions have pushed the global aviation industry almost to the wall, with major international airlines cutting thousands of jobs and asking governments for bailouts. MORE ON PAGE 2

200,000 businesses to get gov’t bailout MORE ON PAGE 3

Prof. Yankah elected to American Academy of Arts and Sciences MORE ON PAGE 7

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

USD$1 =GH¢5.6896*

EXCHANGE RATE (BANK RATE)

USD$1 =GH¢5900.*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

6.6 % OF GDP

PROJECTED GDP GROWTH RATE PRIMARY BALANCE.

1.5% -1.1% OF GDP

AVERAGE PETROL & DIESEL PRICE:

GHc 5.13*

INTERNATIONAL MARKET BRENT CRUDE $/BARREL

29.15

NATURAL GAS $/MILLION BTUS

1.90

GOLD $/TROY OUNCE

1,717.86

CORN $/BUSHEL

329.50

COCOA $/METRIC TON

1,381

COFFEE $/POUND:

+5.70 ($108.30)

COPPER USD/T OZ.

220.15

SILVER $/TROY OUNCE:

16.39

NEWS/EDITORIAL

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FRIDAY MAY 8, 2020

EDITORIAL

Support for small businesses laudable 1

Wash your hands 2

Cover your cough 3

Government’s stimulus package for small and medium enterprises comes at a time where these businesses, which constitute about 80 Percent of all businesses operating in the country, are struggling to get back on their feet after their near collapse due to COVID-19. About 200,000 companies, the National Board for Small Scale Industries (NBSSI) has said, are expected to benefit from this package. Finance Minister Ken Ofori-Atta in March announced that as part of the Coronavirus Alleviation Programme (CAP), an amount of GH¢600m is to be given

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LIMITED Copyright @ 2019 Business24 Limited. All Rights Reserved. Editorial Team Dominic Andoh: Editor Eugene Kwabena Davis (Head of Parliamentary Business & Commodities) Benson Afful (Head of Energy & Education) Patrick Paintsil (Head of Maritime & Banking) Nii Annerquaye Abbey (Online Editor) Marketing Alexander Lartey Agyemang (Business Development Manager) Ruth Fosua Tetteh (Dept. Business Development Manager) Gifty Mensah (Marketing Manager) Irene Mottey (Sales Manager) Edna Eyram Swatson (Special Projects Manager ) Events Evelyn Kanyoke (Snr. Events Consultant) Finance/Administration Joseph Ackon Bissue (Accountant)

are minimised and tested. We will also create the opportunity for those who are not technology-savvy or have limited access in remote districts to have access to partake in the business support scheme. We believe that we are in the position to operational[ise] the service soon. We also will be communicating to the general public as of today to get them ready,” Ms. Yankey stated. The CAP Business Support Scheme is expected to reach over 200,000 MSMEs in total, most of them in the dominant micro enterprise category. Ms. Yankey said over the past few weeks, the NBSSI has had extensive engagements with multiple stakeholders, such as financial institutions, business

associations, trade groups, service providers, and consultants, to ensure that there is agreement on the products that the business scheme will roll out to achieve a common goal. “We have been supported by our board and the Ministry of Finance and their team to ensure that we work assiduously to implement the project to [benefit] all qualifying entities.” Business24 would like to urge all small businesses to put to good use government’s stimulus package so that they can re-tool their processes and get back on their feet as quickly as possible.

Plans for home-based carrier alive despite virus setback (…CONTINUED FROM COVER )

Wear a mask

to businesses to provide relief in these difficult times. The modalities in place for small businesses to apply for part of the stimulus package, Business24 believes, will ensure transparency and ensure a thorough screening process Ms. Kosi Yankey, Executive Director at NBSSI, said modalities for the disbursement of the funds are being worked on to ensure fair and equitable distribution. “To ensure the success, efficiency and transparency of the programme, an online portal has been developed to be approved by the board of directors and will be stress-tested by independent consultants to ensure that all implementation challenges

The International Air Transport Association (IATA) estimates that the pandemic could cost the industry about US$250bn this year. According to IATA, worldwide flights were 70 percent lower at the start of the second quarter of this year. The association predicted a further decline as restrictions rise in a number of regions. It projected that though airlines have little or no revenue coming in, they have to spend about US$60bn in the second quarter, as “some costs cannot be avoided and ticket refunds [are] also burning cash.” In Ghana, international air travel remains suspended, with the country’s borders closed since March 22. Meanwhile, domestic airlines lost an estimated US$4.5m in revenue for the four weeks they were not able to operate

because of the restrictions on movement imposed in March to help contain the raging pandemic. An assessment by Airports Council International (ACI) backs the data presented by IATA. ACI’s World DirectorGeneral, Angela Gittens, believes that the impact of the pandemic may persist well into 2021. “The coming year will pose major challenges for the industry, as travel restrictions and lockdown measures continue to impact the industry. Since we can expect that a global recession will take hold, it is now likely that the impacts of COVID-19 may be felt well into 2021,” she said. Likely partners feel the heat Air Mauritius was among the first five companies who expressed interest in partnering the government of Ghana for the establishment of a new flag-carrier. The island nation’s carrier has now gone under after its board announced a decision to put the airline under voluntary administration.

The airline in a statement said due to travel restrictions and the grounding of its fleet, there has been a “complete erosion of its revenue base” which left it unable “to meet its financial obligations in the foreseeable future”. South African Airways, which also expressed the desire to partner government at the early stages of the project, has also gone under

after years of state-funded bailouts failed to turn around its fortunes. South Africa’s public enterprises minister, Pravin Gordhan, said the airline’s stakeholders “have agreed on a long-term vision and strategy [for] the creation of a new dynamic airline.” Writer’s email: Editor@ thebusiness24online.net

FRIDAY MAY 8, 2020

N E WS

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Whistleblowing should be extended to private sector—KPMG BY NII ANNERQUAYE ABBEY

Business advisory and audit firm KPMG is urging Parliament to consider amending the 14-year-old Whistleblower Act to cater for acts of financial impropriety and crime that occur within the private sector. A survey conducted by the firm on whistleblowing found that the act is heavily skewed towards whistleblowing in the public sector but is not very clear in its application to the private sector and non-publicinterest situations. “Specifically, publicly-traded institutions and others of public interest should be mandated to institutionalise whistleblowing to help secure and engender trust and confidence in stakeholders,” the survey report said. Citing some of the key limitations of the act, KPMG noted that it does not make it mandatory for public-interest entities such as financial

institutions to provide a whistleblowing hotline for stakeholders. “Nonetheless, it does provide some protection for people who blow the whistle. Despite the protection it offers, most people do not blow the whistle,” it said. The survey Commenting on the rationale behind the survey, Andy Akoto, Partner and Head, Advisory, at KPMG, stated that the study was undertaken to understand how organisations use whistleblowing facilities, and how management and staff perceive this valuable tool for improvement in governance, transparency and accountability. The survey, which was conducted in the latter part of 2019, found that most respondents do not blow the whistle primarily due to the lack of trust in authorities and the perception that no action would be taken.

But the report urged organisations to put in place an independent or confidential whistleblowing hotline to demonstrate an open and honest culture, where employees can report wrongdoing without fear of victimisation. “Additionally, whistleblower reports received must

be evaluated in a timely manner and investigated by a professional and independent team as needed. This will restore trust and engender confidence in employees regarding whistleblowing and transparent governance and culture,” the report said. Speaking at the virtual launch of the survey results,

the head of the Commission on Human Rights and Administrative Justice (CHRAJ), Joseph Whittal, stated that the commission on average investigates 3040 whistleblower disclosures annually and submits its reports to the Attorney General. However, he said, the commission has not received feedback on whether the reports and recommendations have been accepted or rejected. “It appears Ghana is more interested in the form and not the substance of the fight against corruption through an effective whistleblower regime. Nevertheless, the passage of the Office of the Special Prosecutor Act gives hope that there is the possibility of moving the ‘institutional home’ of Act 720 [the Whistleblower Act] out of the overburdened AG’s Office to give real meaning to the whistleblower regime in Ghana,” Mr. Whittal added

200,000 businesses to get gov’t bailout BY NII ANNERQUAYE ABBEY

Government’s quest to ease the pain of small businesses from the devastating consequences of the novel coronavirus is expected to reach at least 200,000 companies, the National Board for Small Scale Industries (NBSSI) has said. Finance Minister Ken OforiAtta in March announced that as part of the Coronavirus Alleviation Programme (CAP), an amount of GH¢600m is to be given to businesses to provide relief in these difficult times. Speaking at a Ministry of Information press conference to provide an update on Ghana’s battle against the COVID-19 pandemic, Ms. Kosi Yankey, Executive Director at NBSSI, said modalities for the disbursement of the funds are being worked on to ensure fair and equitable distribution. “To ensure the success, efficiency and transparency of the programme, an online

portal has been developed to be approved by the board of directors and will be stress-tested by independent consultants to ensure that all implementation challenges are minimised and tested. We will also create the opportunity for those who are not technology-savvy or have limited access in remote districts to have access to partake in the business support scheme. We believe that we are in the position to operational[ise] the service soon. We also will be communicating to the general public as of today to get them ready,” Ms. Yankey stated. According to figures from the Ghana Statistical Service, micro enterprises constitute about 80 percent of the micro, small and medium enterprises (MSME) sector, while small businesses constitute 15 percent and medium enterprises one percent. The CAP Business Support Scheme is expected to reach

over 200,000 MSMEs in total, most of them in the dominant micro enterprise category. Ms. Yankey said over the past few weeks, the NBSSI has had extensive engagements with multiple stakeholders, such as financial institutions, business associations, trade groups, service providers,

and consultants, to ensure that there is agreement on the products that the business scheme will roll out to achieve a common goal. “We have been supported by our board and the Ministry of Finance and their team to ensure that we work assiduously to implement the project to [benefit] all

qualifying entities.” Coronavirus Alleviation Programme Parliament last month granted approval for the Finance Minister to fund the Coronavirus Alleviation Programme with an amount of GH¢1.2bn. The main objective of the CAP is to protect households and livelihoods; support micro, small and mediumsized businesses; minimise job losses; and provide additional funding for promotion of industries. The funds for the CAP were drawn from the Ghana Stabilisation Fund, the portion of Ghana’s oil revenue set aside to cushion the economy from lowerthan-expected crude prices. The amount comprised GH¢600m to support businesses, GH¢280m for the provision of food, water and sanitation services to households, and the remainder to fund benefits for frontline health workers.

FRIDAY MAY 8, 2020

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NEWS

Distribute free face masks to the poor – Minority to gov’t BY EUGENE DAVIS The Minority in Parliament have urged government to distribute free face masks to vulnerable individuals and groups as a measure to help contain the COVID-19 pandemic. Since the outbreak of the respiratory disease in Ghana, the country has recorded over 3,000 cases with 303 recoveries and 18 deaths. Government maintains that the increase in numbers is as a result of massive testing and contact tracing. However, following the easing of the restriction on movement, there has been calls for strict adherence to social protocols and mandatory wearing of face masks at public places. It is the wearing of face masks that has triggered a response from the Minority who are insisting that it should be given out for free to the poor. Speaking at a press

conference at Parliament House in Accra on Thursday, Minority Leader, Haruna Iddrisu said: “Government should make provision for the vulnerable in our society by providing them with free face masks. We disagree with the Health Minister when we assumes every Ghanaian can afford and that every Ghanaian knows where to find the appropriate face mask to purchase. “Some MPs have been able to support the vulnerable with free face masks and we believe Government has no excuse to abdicate”. The Minority also advised government to ensure a high level of accountability with the funds and donations they have thus far received in the fight against COVID-19. Parliament has already approved GH¢1.2bn as Coronavirus Alleviation Programme from government to mitigate the impact as well as a US$1.2bn IMF facility. All these funds, the

Minority in Parliament wants face masks to be given out freely to the vulnerable in society

minority maintains, will have to be subjected to full transparency and a thorough audit. According to them, government failed to prioritize planning and preparations for COVID-19 during the many weeks after the declaration of a global health emergency by the

World Health Organisation on January 30, 2020. Institutional testing The Minority Chief Whip, Mohammed Mubarak Muntaka, indicated that government should consider undertaking institutional testing arguing that: “If government is really serious they should have by now

tested all Parliamentarians, judges and the police service” They also contend that government’s response to the crisis revealed a lack of foresight and a fundamental denial of the nature of the foe the country face in COVID-19.

Capture more of what you love with new features on Galaxy S10 and Galaxy Note10

Prof Yankah elected to American Academy of Arts and Sciences

BY BENSON AFFUL

Samsung brings new, innovative features found on its flagship Galaxy S20 series to the Galaxy S10 and Galaxy Note10 series through a software update starting from March. Users will be able to capture content with the latest Galaxy camera software technology, including Single Take mode. Additionally, users will have access to a variety of software enhancements that make the entire Galaxy experience even more enjoyable. Let’s dive into how Galaxy S20 features will work on the Galaxy S10 and Galaxy Note10. Advanced Photo and Video Experiences This software update brings select Galaxy S20 photo and video experiences to the Galaxy S10 and Note10 series. With Single Take, stay in the moment while you capture the moment using integrated AI technology. Single Take uses the camera system and AI to capture a number of photos and videos at once and recommends the best

shot for you(2). With an improved Night Mode on the Galaxy S10 series, and the addition of Night Hyperlapse on both Galaxy S10 and Note10 series(3), you’ll be able to capture even more amazing photos and videos even in low light. When you’ve captured that perfect image, Custom Filter lets you create your own filter with colours and styles you like from a favourite photo serving as inspiration. This creates a reusable filter that can be applied to future photos when captured. For the aspiring filmmaker, Pro Video gives you even more control, allowing you to adjust settings like ISO, shutter speed and exposure level. You can also switch between the front and rear cameras while recording video. Intelligent Gallery This update also brings a variety of gallery features to help you organise your content. Thanks to AI technology, with Clean View enabled, the Gallery app automatically groups together similar shots of the same subject for a more

organised gallery(4). Users can easily review similar shots and select their favourite to serve as the photo group’s thumbnail. When viewing a photo in the gallery, you can zoom in on an image and press Quick Crop, located at the top lefthand corner, to crop photos to your desired size. Easy Sharing Capabilities You can now share more content quickly. With Quick Share, you can see which of your contacts are nearby and share photos, videos, or even large files with multiple people. With Music Share, you can extend your paired Bluetooth connection and you don’t need to disconnect for a friend to play their music on a speaker or car stereo.

Ghana’s Minister of State in charge of Tertiary Education, Professor Kwesi Yankah, has been elected to the membership of the American Academy of Arts and Sciences (AMACAD). A letter, jointly signed by the Chair of the Board, Nancy C. Andrews and the President, David W. Oxtoby, and addressed to the Minister of State, announced his election to the Academy and welcomed him as a member. “This honor signifies the high reward in which you are held by leaders in your field and members throughout the nation”. With his election, Prof. Yankah joins the company of notable members, from the founders, George Washington, Benjamin Franklin, Thomas Jefferson, John Adams, James Bowdoin to Ralph Waldo Emerson, Maria Mitchell and Alexander Graham Bell. Other distinguished members include John F. Kennedy, Martin Luther

King, Margaret Mead, whilst international members include Charles Darwin, Albert Einstein, Winston Churchill and Nelson Mandela. The American Academy of Arts and Sciences is one of the oldest learned societies in the United States. Founded in 1780, the Academy is dedicated to honoring excellence and leadership, working across disciplines and divides, and advancing the common good. AMACAD’s current members represents today’s innovative thinkers in every field and profession, including more than two hundred and fifty Nobel and Pulitzer Prize winners. The Induction weekend is currently scheduled for October 9-11, 2020, pending guidance from US public health officials

FRIDAY MAY 8, 2020

ICT

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The digital transformation journey with Edge Computing, 5G and SD-WA BY: KWADWO AKOMEA-AGYIN

o support 5G (fifth generation of wireless communications technologies), experts and analysts suggest that the structure of the data center needs to change; including the existing functions of routers and switches, whiles technologies like NFV (Network function virtualization) and SDN (Software-defined networking) must be introduced on a larger scale - pointing strongly to the adoption of edge computing. Gartner predicts that edge computing will account for 75% of enterprise-generated data by 2025 from 10% in 2018. Ericsson predicts that 25% of all 5G use cases will be enabled by Edge computing. What is at the Edge of Edge computing The number of applications expected to run on 5G is astonishing, as more and more 5G business cases are being explored and tested. As with most 5G use cases, huge volumes of data are expected to be processed at the edge for efficiency and cost savings. For instance, a Telco, based on analytics, may provide customized content based on the location of university campuses, shopping malls, offices and homes. Home locations may desire capacity intensive content like Netflix, whereas office locations may require less-intensive services like email, news and social media content. Uber or Tesla may have their own distributed edge data centers to track their fleet of cars or to support autonomous driving. As we move towards this highly geographically distributed mini data center ecosystem, where computing is done closer to the user/data source (aka Edge Computing), a few requirements come to mind. 1. Collocation at the Edge: The concept of collocation in Edge computing is still relatively greenfield just as is Edge computing. It means resource sharing down to the virtual machine level or hardware level-server/ storage or cabinet/pole/ container sharing. Backing this with regulation will ensure a well-controlled, nuisance-free ecosystem. 2. Connectivity for the Edge: 5G connectivity promises to

offer Edge data centers with the needed low latency, high throughput and high-speed connections to the central location (core backbone) and to the clients (last mile). For instance, a vehicle tracking application that could only collect data from 100 sensors (100 cars) every 30 seconds, can now collect real-time data from 1000 even 10,000 sensors every second. 3. Power for the Edge: Edge data centers are projected to account for 102GW of power by 2028-a huge figure that poses a lot of concern for the success of Edge computing and 5G. A number of solutions come to mind: a. With cooling contributing about 38% to the total power consumption of a data center, energy efficient mini data centers that use technologies like Free Cooling may be deployed to save energy. b. Explore more efficient server/compute allocation strategies that ensures that not all servers are running at the same time-compute optimization. c. Collocation of resources/ applications must be encouraged to lower power consumption. 4. Management for the Edge: Think about the effort and cost in maintaining a single data center today.

Now multiply that by 100, maybe 1000, even perhaps 10,000 geographically dispersed mini data centers. Regular maintenance means frequent trips to 1000 mini data centers. This brings to light the need to automate maintenance at the Edge which promises to drastically reduce human intervention that would ultimately trickle down to actual cost savings. Adding self-diagnostic and self-healing capabilities into the fabric of edge data centers will drastically reduce the associated costs with maintenance and management. Ensuring security for the Edge I am almost certain that 99.9% of service providers will consider physical security (high level surveillance, anti-tampering, alarming, etc.) of their mini data centers as top priority. How about cybersecurity? The promise of 10 times faster data connectivity with 10 times lower latencies over the internet, makes cybersecurity a critical factor in the success of 5G and edge computing. The worldwide adoption of 5G technology, which will be predominantly wireless broadband will mean that

corporate networks that will rely on this technology need to adopt a security technology that is not MPLS (Multiprotocol Label Switching) as we know it. This is where SD-WAN (SoftwareDefined Wide-Area Network) comes in. Think of SD-WAN as connecting your very important â&#x20AC;&#x153;goldâ&#x20AC;? resources - this time not through a private connection like MPLS, but through the public internet, and still providing high level security for those connections. Deploying SD-WAN over 5G connections for enterprises is an inevitable reality. Orange and Nokia have already demonstrated this capability. Concluding remarks When you think of the 5G/ data center evolution, think Edge computing and how it can enable your business propositions. And whiles discussing those business propositions, think about security. Why have costly private WAN connections for thousands and millions of Edge data centers whiles 5G offers better throughput speeds and latency. The only problem is that it will be over the internet. This is however solved with SDWAN technology which is

already here. Think of Edge computing as the enabler for highly secured, highly resilient, and low latency business cases and explore the possibilities that these technologies (Edge, 5G and SD-WAN, together with Artificial Intelligence and other concepts) bring in unison to create the perfect business model for todayâ&#x20AC;&#x2122;s marketplace. The possibilities are enormous; however commercial viability of the business cases must be quickly validated to understand the ecosystem better. With Telcos and hyperscale cloud providers leading the charge, we can harness the full potential of the various propositions in this promising era of 5G, Edge computing and SDWAN.

Kwadwo Akomea-Agyin; | Digital Solutions Expert & Business Analyst | Member, Institute of ICT Professionals, Ghana. For comments, contact kojo.e@live.com LinkedIn: https:// www.linkedin.com/in/kwadwo-akomea-agyin-pmp-mres-1a866227

FRIDAY MAY 8, 2020

INVESTMENT

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Money Mules operations in times of COVID 19! … Don’t be a Victim BY RICHIESON GYENI-BOATENG, CAMS

an I use your bank account details to receive my salary or money from a friend? Can I use your accounts details to transfer money abroad? Can we use your private (personal) account details for a business transaction? I believe we are familiar with these questions and have even been victims in the past before? If yes, then you might have been a money mule and could have been jailed for helping to launder money for a criminal. Global mule networks form the primary way to siphon proceeds of crime money through the banking ecosystem in an attempt to avoid detection and capture. In this time of COVID 19, where a lot of people might lose their jobs, others will have a pay cut, economies will suffer and businesses will change their business models, the criminal will also take advantage of the situation by using the above scenarios on vulnerable people to advance his or her criminal activities because people will be cash trapped. A money mule, sometimes called a “smurfer,” is a person who transfers money acquired illegally (e.g., stolen) in person, through a courier service, or electronically, on behalf of others. Typically, the mule is paid for services with a small part of the money transferred. Money mules are often dupes recruited online for what they think is legitimate employment, not aware that the money they are transferring is the product of crime. The money is transferred from the mule’s account to the scam operator, typically in another country. Fraudsters often target people who don’t have a history of criminal activity to make these transactions seem less suspicious to banks. You won’t know where the money is coming from, or where it’s going, but it could be used to fund drugs, child trafficking or even terrorism. Criminals who run money mules scams will pose as employers offering genuine employment, via job adverts and personal approach. These criminals will recruit their mule from schools (Universities,

Technical Universities, and Colleges) and will offer job opportunities to the students. The criminal will use the bank account details of these students to collect monies for the supposed goods and/ or service rendered. The funds are then transferred to other accounts, mostly abroad. A recent publication on the website of The London Economic (www. thelondoneconomic.com) suggests that a bank staff helped the UK authorities to bust a criminal gang that laundered £1.5 million using foreign students’ bank accounts. This phenomenon (money mule) is taking roots in our youth, especially students in this difficult time of COVID 19. Another way criminals use money mules to launder their dirty money is when they (criminals) buy the account details of international students who have graduated and are leaving the country. These students are tricked into believing that their actions are harmless and can earn some extra cash. The funds are laundered into these accounts and transferred to other accounts controlled by the criminal using internet banking and/ or other means. This activity is encouraged because of the “quick to get rich” syndrome among our young graduates. As for money mules, they’re persuaded, sometimes with the incentive of keeping a cut of the funds, into allowing money transfers to their own bank accounts at the direction of a criminal they may mistake for an employer, online friend or romantic partner. They’re then instructed to transfer those funds elsewhere, into accounts controlled by criminals. Criminals are increasingly targeting young people (especially cash-strapped students) for this purpose through social media (Facebook, Instagram, LinkedIn, Snapchat, Twitter, etc). They message them with promises of making quick and easy money by lending them their bank account details including their debit card and PIN. The following characteristics do not necessarily indicate a money

mule solicitation, but they are common red flags to indicate solicitations: The position involves transferring money or goods. The specific job duties are not described The company is located in another country The position does not list education or experience requirements All interactions and transactions will be done online The offer promises significant earning potential for little effort The writing is awkward and includes poor sentence structure The email address associated with the offer uses a web-based service (Gmail, Yahoo, Windows Live Hotmail, etc.) instead of an organization-based domain. In order to fight against this menace of money laundering and terrorist financing, the citizenry, especially the youth, should take the following steps to protect themselves from being used as money mules. If an opportunity sounds too good to be true, it probably is. Look for common warning signs, and do some research before agreeing to participate. If you believe that you are participating in a money mule scheme, stop transferring money and merchandise immediately and notify the appropriate authorities such as your bank, the financial Intelligence Centre (FIC) and the law enforcement authorities.

Another way people could protect themselves from being used as money mule is not allowing people to use your account details for their banking transactions. Encourage them to get their own bank account. Never answer messages or give positive follow-up to telephone calls promising you large amounts of money in exchange for submitting your bank account number or requesting that you carry out international transactions for someone. We should note that money mules don’t just attack one bank but they attack all banks. But the problem with information sharing between banks makes it hard for the financial industry to stem the flow. Also linking the bank account details from different banks of a customer to a national database will go a long way in the fight against money mules used to launder money. This is so, because once the customer is identified as a money mule and blacklisted from having a bank account, he or she will not be able to operate a bank account in another bank for a number of years. This is similar to what the Central Bank of Nigeria has implemented in Nigeria called the Bank Verification Number (BVN). By have a robust KYC and due diligence procedures at the account opening stage, Financial Institutions will be able to effectively detect that something is amiss with the kind of transactions being performed. For this to be effective and efficient, the KYC procedure should not be an event but a process.

Continuous account monitoring is critical to ensure that bank accounts are reviewed for unusual and suspicious activity. Financial Institutions should pay close attention to high risk transactions in these accounts, such as activities that have no business or apparently lawful purpose, funds transfers to and from higher-risk jurisdictions, currency-intensive transactions and frequent changes in the ownership or control of a privately own business entity. Not realizing that you are a Money Mule and that money laundering is a crime is never accepted as an excuse (ignorance of the law is not an excuse) – you could still face prosecution by the police. Never be fooled by offers of quick cash. Once you become a Money Mule, it can be difficult to stop. You could be attacked or threatened with violence if you don’t continue to allow your account to be used by criminals. Would you mind doing me a favor? Share this article with someone so that the awareness of money laundering and terrorist financing could be spread to avoid being use as a conduit by criminals.

If you require further information on this article, please contact Richieson @richieson.gyeniboateng@gmail. com

F E AT U R E

FRIDAY MAY 8, 2020

F E AT U R E

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There are no winners in the politics of Covid-19 BY DR. KOBBY MENSAH, UGBS

hen two elephants fight, it’s the ground that suffers, goes the old saying. This oft-invoked saying is getting trotted out again as the always present but previously subtle political angles to the country’s management of the novel corona virus breaks out in the open. And if you thought that politics was absent from the very first day we recorded a confirmed case then I am sorry but you had not been paying attention. To place matters in proper context, politics itself is not the problem. In an electoral democracy, the fight to take politics out of national issues is often a futile errand. The very purpose of the political arrangement in a democracy is to allow space for dissenting views which very much include how nations respond to national emergencies. So even in the face of an existential threat such as a virus that has infected millions, killed more than a hundred thousand around the world and does not have a cure, we will have some politics. Of course, it might help if we had some consensus, but that would presuppose that there was only one approach to facing the threat. And consensus itself is not guarantee of correctitude; it used to be the consensus that we had only nine planets, for example. What matters more than politicians taking political positions, as they would, is whether they are sacrificing the national interest or compromising the national effort merely for the advancement of a parochial political position. Which is why we all hanker after that illusive quality – constructive criticism. We all want solutions – or at least we think we do – and if that will come out of debate over the issues, then so be it, or? Not so simple, however. One man’s constructive criticism is another’s unhelpful carping from the side-lines. Motives – and how they are perceived – are everything. No matter how much we might wish it otherwise, a threat of this nature and the national response would still be fraught with political calculations. If voters make their choices based on the perceived competence of

political candidates, then their conduct in the face of national crises is very much an issue for both voters and politicians. For politicians both in and out of power, their actions and contributions are likely to be remembered by voters when the next elections come. In Ghana’s case, as it in the United States of America, that choice for voters will come this very year. This raises the stakes, which would have been high in any other year, to stratospheric levels. Make no mistake, these calculations have been very much top of mind for the President and his handlers. As Prime Minster Harold Macmillan is repute to have said, politics is decided by “events, dear boy, events.” No matter how else the effect of the various measures will be felt, there is also a very political angle to them. The nature of the President’s addresses; the presentation; and the content have all been a master-class in politically advantageous handling of a national crisis. We have seen him hit all the necessary buttons – the appearance of consensus building through set piece meetings with various stakeholders; the portrayal of transparency and accountability through the recorded addresses; and the impression of care and empathy through generous rebates in utility bills and adhoc salary increases. Never mind that these consultation

sessions had little bearing on government’s decision making; that the recorded addresses have allowed the President to escape any direct questioning from the press or the public and the impromptu ramping up of the welfare state will likely prove financially ruinous of the fragile economy. To assess the political impact of the government’s handling of the crisis, you only need to observe social and traditional media, where each of the announced measures have been received as de-facto political manoeuvres that will help the incumbent electorally. Commentary from partisans of the ruling government pointed to this. Communication and even mocked up graphics circulated (surely not on the blind side of the government communication machinery) sought to compare the NPP government’s handling favourably to the former regime’s handling of Ebola, which mind you, never made a stop on these shores. And that’s even before they latched on to “dumsor” as a (dubiously) comparable crisis. None of this would have been lost on members of the opposition, keen as they are to return to power and naturally focussed on their political fortunes. Not only do they see the government, at least from their point of view, blatantly utilising the crisis for political advantage,

but the mechanics of the crisis means that open campaigning seems morally insensitive and physically problematic. As one keen observer on social media gleefully put it, the President had effectively locked Mahama in a room while he campaigned through his speeches. No one probably feels this more keenly than Mr Mahama himself, a former president and thus well aware how this game is played. The NDC’s political response should perhaps be viewed in the prism of this reality. As some observers have noted, this election would likely be defined, even decided by Covid-19. Given, it would have been political malpractice if the NDC had not fashioned a response to the crisis. In the event, you could with some justification credit them with some restraint and maturity. It was a good idea, for example, to have a Covid-19 task force to inform and frame their responses and policy prescriptions. This one might argue, has held back some of the wilder elements who may have gone to town with wild-eyed conspiracies and outlandish claims. Not that it has been absent but we have been spared some of the volume and intensity we might have been treated to. Small mercies. All of this might have gone without much more than that resigned tut-tuts of the general population,

accustomed as we are to constant manoeuvring from our political class, had open warfare not broken out between former President Mahama and current Vice President Bawumia and their respective backers. It is in this particular battle that we have seen the ugly partisanship that could distract from our search for solutions. In this fight, we have not seen so much a battle between competing ideas about how to deal with the virus but chest thumping over achievements and belittling of the record of others. In the back and forth, we have strayed from what President Obama memorably called a common baseline of facts, with each side choosing which statistics to cite, based on how helpful they are to the current point being canvassed. None of this will help us defeat the virus and rebuild our country when that is over. Of course, asking politicians to stop scoring political points is only slightly less futile than standing at the beach, urging the coming tide to “desist!” We have a virus to defeat and we know we can’t do it without some politics but for the love of Ghana, let that fight be about the best ideas to best serve us and not over pointless record comparisons. December is coming and we the voters will remember who put our health – and lives – above their own political fortunes and those for whom this was only about gaining or preserving power or worse, winning a momentary argument.

Dr. Kobby Mensah is a Senior Lecturer at the University of Ghana Business School, a political strategist and the Managing Partner at Campaigns and More, Ghana’s premier political consulting firm.”

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The misguided war on global value chains BY KENNETH ROGOFF Most international trade and investment occurs in networks which divide production into discrete steps that can be carried out in different countries. Firms exchange inputs and outputs in cross-border value chains, some of great complexity. These value chains – whether intra-firm or interfirm, regional or global – accounted for more than two-thirds of world trade in 2017 and an astonishing 80% in some manufacturing industries. But, as a result of COVID-19, global merchandise trade is set to plummet by an estimated 13-32% in 2020. Worse yet, the pandemic has paralyzed manufacturing networks and supply chains – especially in China, which accounts for 28% of global manufacturing output. That has delayed the delivery of essential services and food, pharmaceuticals, basic medical products (including surgical gowns and masks), electronics and automotive components, metals, and other manufactured goods. In the aftermath of the damage and economic disruption wrought by COVID-19, business leaders are reassessing the extent of their firms’ dependency on single foreign suppliers and examining how to mitigate strategic vulnerabilities. And there are growing calls from rich-country political leaders for radical shifts in production structures and trade policy. Some Western governments have announced plans to encourage more domestic production of basic necessities. But these countries’ high average wage and productivity levels will make labor-intensive goods, basic manufacturing, and some services expensive to produce, while protective measures such as tariffs will hurt domestic consumers. Some advanced economies are also increasing their scrutiny of foreign investments related to the supply of critical goods and services. Such policies, which are intentionally left vague, apply to almost all products and are largely intended to discourage takeovers of domestic firms by Chinese investors during the pandemic. And some developing countries, such as India, have started to impose similar curbs. But dismantling global

value chains (GVCs) and erecting barriers to foreign direct investment (FDI) are bad ideas. Implementing them would augur the return of the worst forms of protectionism and economic micro-nationalism, with potentially devastating consequences for global prosperity, stability, and peace. Such policies could amount to a death sentence for many low-income economies and would worsen inequalities between countries, thus exacerbating the current weakness of global aggregate demand. After all, global growth has benefited enormously from the emergence of large new markets in once-poor countries such as Japan, China, or South Korea, all of which have become reliable sources of consumer demand and investment financing. By and large, rich countries benefit from GVCs. Lower transport costs and innovations in packaging mean that many goods can now be produced far away from their eventual markets. As a result, high-value goods are often manufactured in low-cost regions of the world. And by adopting a global sourcing model based on cross-border supply chains, many firms in advanced economies can take advantage of these reduced costs. Companies that participate in GVCs thus become more efficient and productive. As they move into higher-value (often capital-intensive) industries, that are able to pay their employees higher wages and upgrade

their activities toward the technological frontier. GVCs also create opportunities to subcontract the production of goods with increasingly sophisticated components, manage manufacturing processes requiring several layers of expertise, and tailor production to demand. Developing countries, whose share in global valueadded trade has increased from 20% in 1990 to 30% in 2000 to over 40% today, also benefit from GVCs, with even the poorest increasingly participating in them. This has resulted in positive spillovers for the domestic economy, especially in countries that upgrade their industries in a manner consistent with their comparative advantages. Participation in GVCs also tends to be correlated with optimal sources of external financing – primarily FDI. Unlike portfolio investment, FDI reflects foreigners’ commitment to long-term business relationships in industries that capitalize on comparative advantage. Besides providing developing countries with much-needed stable non-debt finance, FDI inflows are associated with higher employment, transfers of technology and managerial know-how, and learning opportunities for workers within and across firms. In the unfavorable business environments typical of many developing countries, GVCs can stimulate the emergence of wellfunctioning clusters of private firms in competitive industries. They also provide small and medium-size domestic firms opportunities

to join strong international networks of partners, suppliers, and clients, which can bring access to finance, higher standards, and expanded markets. Crippling GVCs in response to the pandemic will therefore be self-defeating. To be sure, rich economies may have legitimate concerns about relying too heavily or solely on China or any other single country for key parts and materials. But the answer is not to dismantle GVCs or roll back global trade, but rather to revamp supply, identify the vulnerabilities, and mitigate the risks. For starters, multi-sourcing, or having suppliers in different regions of the world, would build in redundancy in case of disruptions. Second, we must ensure that governments’ COVID-19 rescue packages account for long-term effects on climate change, promote economic sustainability, and strengthen supplier codes of conduct regarding labor and environmental practices. New technologies and organizational systems such as 4D printing could render supply chains more efficient and sustainable, by making it possible to create objects that not only anticipate but also respond to changes in environmental conditions, thereby enabling self-assembly and creating opportunities for on-demand, customized production. Third, large firms receiving state bailouts should commit to rebalancing the distribution of activities and benefits within GVCs to ensure that poor countries

are not stuck in lower-valueadded production. Finally, providing working-capital loans to small businesses – the main source of employment in many economies – would help to improve their position in GVCs and break the current core-periphery pattern of “good” jobs in the Global North and “bad” jobs in the Global South. The COVID-19 pandemic has brought the global economy to an abrupt halt and highlighted the fragility of existing GVCs. Demolishing these key drivers of international trade and investment would only make a bad situation worse and hurt developing economies disproportionately. The answer to the problem of GVCs is not to break them up, but to make them more diverse and inclusive.

Célestin Monga, former Vice President and Chief Economist of the African Development Group and former Managing Director at the United Nations Industrial Development Organization, is Senior Economic Adviser at the World Bank. He is the author, most recently, of The Oxford Handbook of Structural Transformation and the co-author (with Justin Yifu Lin) of Beating the Odds: Jump-Starting Developing Countries. Copyright: Project Syndicate, 2020. www.project-syndicate.org

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The threat of enfeebled great powers BY ARVIND SUBRAMANIAN

he COVID-19 crisis augurs three watersheds: the end of Europe’s integration project, the end of a united, functional America, and the end of the implicit social compact between the Chinese state and its citizens. As a result, all three powers will emerge from the pandemic internally weakened, undermining their ability to provide global leadership. Start with Europe. As with the 2010-12 eurozone crisis, the bloc’s fault line today runs through Italy. Drained over decades of dynamism and fiscally fragile, it is too big for Europe to save and too big to let fail. During the pandemic, Italians have felt abandoned by their European partners at a moment of existential crisis, creating fertile ground for populist politicians to exploit. The images of Bergamo’s COVID-19 victims being carried in body bags by military convoy to their anonymous, unaccompanied burials, will long remain etched in the Italian collective psyche. Meanwhile, when addressing how to help pandemic-stricken member states, the European Union’s technocratic, ostrichlike elites lapse into the institutional alphabet soup – ECB, ESM, OMT, MFF, and PEPP – that has become their default language. The continent’s leaders have faltered and dithered, from European Central Bank President Christine Lagarde’s apparent gaffe in March – when she said that the ECB was “not here to close spreads” between member states’ borrowing costs – to the bickering over debt mutualization and COVID-19 rescue funds and the reluctant, grudging incrementalism of the latest agreement. Suppose, as seems likely, that the successful economies of the EU core recover from the crisis while those on the bloc’s periphery falter. No political integration project can survive a narrative featuring a permanent underclass of countries that do not share their neighbors’ prosperity in good times and are left to their own devices when calamity strikes. The United States’ decline, meanwhile, is over-predicted and under-believed. Even before the COVID-19 crisis,

key US institutions signaled decay: the incontinent presidency of Donald Trump, a gerrymandered Congress, a politicized Supreme Court, fractured federalism, and captured regulatory institutions (with the US Federal Reserve being an outstanding exception). Deep down, however, many of those Americans who see the decay reject the thesis of decline. They remain convinced that the country’s thick web of non-state institutions and underlying strengths – including its universities, media, entrepreneurial spirit, and technological prowess, as well as the global supremacy of the dollar – provide the resilience America needs to maintain its pre-eminence. But so far, the world’s richest country has been by far the worst at coping with the pandemic. Although the US has less than 5% of the world’s population, it currently accounts for about 24% of total confirmed COVID-19 deaths and 32% of all cases. In rapid succession, therefore, America’s credibility and global leadership have been buffeted by imperial overreach (the Iraq war), a rigged economic system (the global financial crisis), political dysfunction (the Trump presidency), and now staggering incompetence in tackling COVID-19. The cumulative blow is devastating, even if it is not yet fatal.

Many of these pathologies in turn stem from the deep and poisonous polarization in US society. Indeed, Trump is now goading his supporters into insurrection. Come November, even the basic democratic criterion of holding free and fair elections could end up being flouted. Of course, it would be alarmist and premature to see America’s farreaching failures in the face of the COVID-19 crisis as threatening US democracy or nationhood. But clinging adamantly to American exceptionalism at such a time seems like dangerous denialism. Finally, there is China. Since the time of Deng Xiaoping, the country has thrived on a simple, implicit agreement: citizens remain politically quiescent, accepting curbs on freedom and liberties, and the state – firmly under the control of the Communist Party of China – guarantees order and rising prosperity. But the COVID-19 crisis threatens that grand bargain in two ways. First, the Chinese authorities’ terrible initial handling of the pandemic, and in particular their catastrophic suppression of the truth about the COVID-19 outbreak in Wuhan, has called the regime’s legitimacy and competence into question. After all, the social contract looks less attractive if the state cannot guarantee citizens’ basic wellbeing, including life itself. China’s true COVID-19

death toll, which is almost certainly higher than the authorities are admitting, will eventually come to light. So, too, will the stark contrast with the exemplary response to the pandemic by the freer societies of Taiwan and Hong Kong. Second, the pandemic could lead to an external squeeze on trade, investment, and finance. If the world deglobalizes as a result of COVID-19, other countries will almost certainly look to reduce their reliance on China, thus shrinking the country’s trading opportunities. Similarly, more Chinese companies will be blocked from investing abroad, and not just on security grounds – as India has recently signaled, for example. And China’s Belt and Road Initiative – its laudable effort to boost its soft power by building trade and communications infrastructure from Asia to Europe – is at risk of unraveling as its pandemicravaged poorer participants start defaulting on onerous loans. The COVID-19 crisis will therefore probably hurt China’s long-term economic prospects. Widespread internal rumblings have begun, even if they are less evident externally. Domestic disorder is unlikely, because President Xi Jinping could ratchet up repression even more ruthlessly and effectively than he already has. But the current social contract will seem increasingly Faustian to the

average Chinese citizen. Command of resources is a prerequisite for power. But, as internationalrelations theory reminds us, projecting power beyond one’s borders requires a modicum of cohesion and solidarity within them. Weak, fractured societies, no matter how rich, cannot wield strategic influence or provide international leadership – nor can societies that cease to remain models worthy of emulation. We have been living for some time in a G-minus-2 world of poor leadership by the US and China. Both have been providing global public “bads” such as trade wars and erosion of international institutions, instead of public goods such as stability, open markets, and finance. By further weakening the internal cohesion of the world’s leading powers, the COVID-19 crisis threatens to leave the world even more rudderless, unstable, and conflict-prone. The sense of three endings in Europe, America, and China is pregnant with such grim geopolitical possibilities.

Arvind Subramanian, a former chief economic adviser to the government of India, is a non-resident senior fellow at the Peterson Institute for International Economics and a visiting lecturer at Harvard’s John F. Kennedy School of Government. Copyright: Project Syndicate, 2020. www.project-syndicate.org

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Why the Corporate Restructuring and Insolvency Act, 2020 (ACT 1015) makes Ghana the preferred destination for investment BY ROSEMARY ANAKWA BOADU

he absence of an effective legal mechanism at par with the current and dynamic trends of business, particularly in the area of corporate insolvency, fueled a lot of hostility towards the growth of private enterprises, their development and the economic wellbeing of the country as a whole. However, the promulgation of the Corporate Restructuring and Insolvency Act, 2020, (Act 1015) ( the “Act”), is a step in the right direction towards improving the quality of the legal regime for corporate bodies and their administration in the event that they become insolvent. The Act replaces the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180), which was in dire need of reform considering how old it surpassed most Ghanaians in age. The Act also introduces novel provisions that facilitate access to timely, efficient and impartial administration and insolvency proceedings. Few of these novel provisions are discussed below: 1.Restructuring/ Administration of Companies Unlike the previous legislations that mainly centered on only liquidation and receivership, Sections 2–78 of the Act presents distressed companies with the prospect of engaging in a corporate restructuring/ administration process. This means companies have the opportunity to temporarily continue in existence as a going concern, where they can put their affairs and assets in order to enable them rise back to profitability with the help of an appointed administrator and/or restructuring officer. The restructuring officer shall work with a restructuring agreement. This is an agreement executed by the company and the creditors to provide for payments towards the creditors’ debts. The effect of corporate restructuring is that it imposes a temporary freeze on the rights of creditors and other claimants against the company, and allows

for the implementation of a restructuring plan, which results in a better return for the creditors and shareholders of the company than would have resulted from the immediate winding up of the company. However, these restructuring provisions do not apply to businesses that are subject to special regulations such as banks and insurance companies. 2. Active Participation of Creditors in the Insolvency Process The Act seeks to balance the interests of all concerned parties during the insolvency process and thereby allows for the active participation of creditors in the insolvency process. Sections 20 – 29 centers on the role of creditors when the company undergoes an administrative process. The administrator is obligated to convene a first meeting with the company’s creditors within 10 days after the administration process commences,

wherein the creditors have a right to establish a committee of creditors or replace the Administrator. The Committee of Creditors acts as an advisory unit to the Administrator and deliberate on reports relating to the administration of the company. Additionally, creditors must approve of the restructuring agreement. Under official liquidation, creditors may nominate and appoint a liquidator (section 95 (1)) and must be consulted on matters that substantially affect their interests during the liquidation process. 3. Cross-Border Insolvency Processes The Act has provisions in sections 150 - 152 and a schedule that specifically regulates cross-border insolvency proceedings. The main aim is to promote cooperation between courts and competent authorities in Ghana and foreign countries, thereby enabling effective cross-border insolvency proceedings of

companies that have assets and creditors in and outside Ghana. The provisions in the Act are reflective of the United Nations Commission on International Trade Law (“UNCITRAL’’) model law on cross-border insolvency. It allows for the recognition of foreign insolvency proceedings and reliefs. The Act permits a foreign representative to apply for the commencement of an insolvency proceeding in Ghana and participate in proceedings regarding a debtor or creditor. A Ghanaian insolvency practitioner is also authorized to act in a foreign state on behalf of a Ghana insolvency proceeding, as permitted by the applicable foreign law. 4. Establishment of An Insolvency Services Division Sections 153 – 162 of the Act provides for the establishment of an Insolvency Services Division (“ISD”) under the

Office of the Registrar of Companies. The ISD shall review the law and practice that relates to insolvency in Ghana, supervise insolvency practitioners, oversee administration of companies and other body corporates in Ghana and shall liaise with international agencies in the areas of international insolvency as may be necessary. A person can only be an insolvency practitioner in Ghana if that person is a chartered accountant, lawyer or banker, with good standing in a recognized professional association and also a member of the Ghana Association of Restructuring and Insolvency Advisors. With the passage of this Act and its progressive measures towards the improved standard of business ethics and corporate governance in insolvency proceedings, Ghana is expected to improve on its ranking in the World Bank’s Ease of Doing Business Report. The country currently occupies the 114th position out of the 190 economies compared. In conclusion, the Act provides that balance between the rights of creditors to enforce their security and the public interest in ensuring survival of viable businesses, creditors and the economy as a whole. One of the main areas of our business at Veritas International is to assist struggling companies and businesses with restructuring of their companies and businesses. Thus, the passage of Act 1015 is good news and we look forward to assisting such companies and businesses with restructuring. You can always contact us for further clarification and assistance on any corporate restructuring and insolvency issues. By Rosemary Anakwa Boadu Rosemary is an Assistant Company Secretary at Veritas International Nominees and Trustees Limited and may be contacted at rosemary@ vintlimited.com or 0302964498. Veritas International Nominees & Trustees Limited t: +233 (0) 302964498 w: www.vintlimited.com e: info@vintlimited.com l: Rooms 8 - 10, 4th Floor, GNAT Hall, Teachers Hall Complex, Adabraka, Accra

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‘SAR-COV-2’ the cunning and elusive coronavirus and the Covid-19 disease that gave the world a wake up call. BY PROF. DOUGLAS BOATENG

WORLD WIDE PERSPECTIVE: As at May 2, globally, (a) the three million (3 481 382) total recorded coronavirus (SAR-COV-2) infection cases equate to 0,045% of the 7.9 BILLION global population; (b) the fifty thousand (50 861) recorded serious and critical cases as a percentage of the known infection cases is 1,46% and reducing (c) the two hundred and forty thousand (244 663) recorded unfortunate deaths as a percentage of the global population is 0,00314% and not significantly rising. (d) the two hundred and forty thousand (244 663) recorded deaths as a percentage of recorded infection cases is 7,03% and showing a downward trend (e) the fifty thousand (50

861) recorded serious and critical cases as a percentage of the global population is 0,00065% and not showing a significant upward trajectory (f ) the million (1 108 297) recovered cases as a percentage of recorded infections now stands at 31,83% and rapidly rising. it is also expected to relatively surge within the next 30 days . Perspectives on Ghana: For the record, between February 1, 2020 and May 2, 2020, (i)2169 coronavirus infections have been recorded in Ghana. This represents 0.0045% of the latest total population (31.07m. FEB 2020) of Ghana . Out of these infection cases eighteen(18) Ghanaians have sadly died from the COVID-19 disease. These deaths are

relatively significant because of the impact each death will have on the 18 affected families. We must however note that it represents 0.83% of the recorded infection cases. (ii) We should also respectfully note that the eighteen (18) deaths as a percentage of the total population of Ghana as at May 2 nd is 0,0001% (iii) The four (4) recorded serious and critical cases as a percentage of the Ghanaian population and as a percentage of recorded infection cases is currently 0,00001% and 0.184% respectively (iv) Total recovered has risen to 229 within the same period representing 10.56% of recorded infections. All indications point to a significant increase in the recovery numbers within the next 21 days.

Conclusion: Coronavirus(SAR-C0V-2) is unquestionably a highly infectious novel virus with the associated COVID-19 disease certainly lethal especially among the aged and vulnerable. The cunning and elusive beast has managed to bring the entire globe, several industries and associated supply chains to its knees; funeral, church services, hotels, underfunded public health, tourism, small business, aviation, restaurants, cinemas, sports, other hospitality etc, Our success in containing the virus and the associated disease to help restore some new form of normalcy, as rightly and repeatedly opined by President Nana Akufo Addo and other global leaders and experts, is the constant need

for a vigilant and determined “citizens army” prepared to strictly adhere to the clearly defined rules for wining this very complicated war. The ultimate victory will thus depend on each one of us remaining disciplined, and fully focused on the goal.

Professor Douglas Boateng is an international chartered director and Africa’ first ever appointed Professor extraordinaire for industrialisation and supply chain governance. www.panavest.com

FRIDAY MAY 8, 2020

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