Business24 Newspaper 23rd August, 2021 by Business24 Online

MONDAY AUGUST 23, 2021

Govt denies spending GH¢ 600m on agenda 111 before sod cutting

AfCFTA: UBA Connect to facilitate cross border payments

See page 7

See page 9

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MONDAY MONDAYAUGUST MAY 3, 23, 2021 2021

Ghana’s budding tertiary education sector By Benson Afful

By Eugene Davis ugendavis@gmail.com

affulbenson@gmail.com

elecom giant, MTN Ghana, is seeking to close a deal with the National Communications Authority (NCA) seeking an extension of its spectrum by the third quarter of this year. The telecoms sector regulator last year extended

hana’s tertiary education sector has seen sustained growth in numbers with the country currently boasting some 239 institutions, according the latest list of accredited institutions released by the Ghana Tertiary Education Commission. Out of this number, 102 are private-owned while 137 are public-owned including polytechnics, nursing/teacher Cont’d on page 2

MTN to close deal on spectrum extension by Q3

Cont’d on page 3

The country has witnessed many foreign students pursuing various programmes in a number of universities.

BoG pledges support for gov’t's transformation agenda By Benson Afful affulbenson@gmail.com

overnor of the central bank Dr Ernest Addison has pledged the bank’s commitment to pursue prudent monetary policies that would consolidate the gains made in the last four years in support of government’s ongoing transformation agenda.

Marine-focused NGO ready to partner gov’t to fight ocean pollution By Patrick Paintsil p_paintsil@hotmail.com

or Ghana to create a secure, appealing and stable coastal surroundings to boost tourism, there is the need for stakeholders to join forces Cont’d on page 5

Governor of the Bank of Ghana, Dr Ernest Addison

Cont’d on page 3

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Editorial / News

MONDAY AUGUST 23, 2021

Editorial

Workable partnerships will be vital in tackling marine pollution

hana has secured a highend technology that could be the gamechanger in the fight against marine/ ocean pollution thanks to the hardwork of the nongovernmental body, Coastal Conservancy Organisation and the benevolence of DESMI, that donated the equipment to improve the works of the NGO. The litter trap equipment and trash boom floats on the water and acts as a trap that prevents all floating litter from entering the sea. It collected debris is stored in an open compartment to be collected for recycling. It is the ideal technology for the nation’s quest to build a sustainable fisheries and aquaculture sector with huge opportunities for job and wealth

creation. Studies have suggested that a clean beach will drive investors to the country’s coastline and increase coastal tourism revenue. It has also been established that the lack of proper national and regional policies to address marine pollution could derail efforts that have been undertaken so far to achieve the global goal on environmental protection. A clean and safe waters do not only improve aquatic life as it will promote safe trade for the maritime shipping business. It will also promote sustainable coastal tourism, especially with the proposed Marine Drive Project currently in the pipeline. Marine and coastal pollution have been major sanitation concerns that has outlived

respective governments and this technology should serve as the solid tool for tackling this menace. The maritime shipping business, fisheries and aquaculture development and coastal tourism development stand to benefit immensely from the deployment of the technology. The CCO is seeking lasting partnerships and financial support from industry stakeholders to push the agenda for a plastic circular economy and an end to the marine litter menace in the country. This is because clean marine waters and shorelines will be huge boost for maritrade, fisheries livelihoods and sustainable coastal tourism.

Ghana’s budding tertiary education sector Continued from cover

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training colleges, and universities. This is a tremendous increase from the last 5 years figure which had about 180 institutions in 2015/16. Though 36 of these institutions are undergoing reaccreditation, this is a signal that private individuals have found the country’s education sector worthy to invest, a phenomenon that could propel the nation’s ambition of becoming a hub for education on the West African sub-region. Already, the country has witnessed many foreign students pursuing various programmes in a number of universities. It is estimated that about 10percent of the total population of the country’s tertiary enrolment are foreign students. Meanwhile, President AkufoAddo has said the prospect of making tertiary education free has been mooted at the top level and discussions are ongoing to achieve same. With the introduction of free Senior High School policy in the last 4 years, it is expected that the demand for tertiary education

goes up. This is also expected to stir investment and infrastructural development at the tertiary level of education to meet the growing demand. The country is expecting the second batch of free SHS

graduates at the end of this year and over a million SHS graduates are expected by 2024. Education watchers have argued that the free SHS policy will be meaningless if students do not get access to tertiary level and this calls for vigorous infrastructural development at that level of education.

News

MONDAY AUGUST 23, 2021

BoG pledges support for gov’t's transformation agenda can build on the solid foundation laid by our predecessors and take this institution to even greater heights.”

Continued from cover President Akufo-Addo last week launched a major health intervention project dubbed ‘AGENDA 111, which the finance ministry said it has released GH¢600 million to the Health Infrastructure Account at Bank of Ghana (BoG) in 2020 to support the implementation of the district and regional hospital projects. Speaking at the inauguration of its newly-constituted board at the Jubilee House by President the governor admitted that Ghana’s economy is on a gradual recovery path from the adverse effects of the Covid-19 pandemic. Dr Addison said there were still some uncertainties in the domestic economic environment, especially with the third wave of the pandemic which, he said, called for prudent policies to firm up the recovery process and protect livelihoods without stoking inflationary pressures. Notwithstanding, he said the board of the Bank of Ghana is up to the task of implementing sound

Banking sector cleanup

policies to ensure macroeconomic stability, supported by a safe, sound, efficient and stable market-based financial system. These will underpin the growth and development agenda of government as we seek to build a strong, prosperous and inclusive nation, he said. “This positions the Bank of Ghana right at the centre of the

government’s agenda to boost growth and create jobs while maintaining macroeconomic stability in the post COVID-19 era. We are therefore committed to deliver on this mandate,” he assured. He added that given the rich and diverse background of the team on the board, there is no doubt in his mind that, together, “we

Dr. Addison applauded the work of the outgoing board, recalling their role in the banking sector cleanup that has helped to build a robust and resilient financial system to drive the nation’s growth aspirations. “That board had no ‘honeymoon’ and I believe this reconstituted board is also coming in at a time when the covid-19 pandemic has challenged the conduct of monetary policy and the quest for safeguarding financial stability. I look forward to good cooperation and interesting deliberations on some of the critical issues concerning the Ghanaian economy during our board meetings as we seek to deliver our core mandate,” he said.

MTN to close deal on spectrum extension by Q3 Continued from cover the licensing of additional temporary spectrum to MTN on the back of a predicted surge in mobile traffic. The regulator in a statement cited the anticipation of another “spike in consumer demand” during the country’s election period and festive season, on top of increased demands brought on by the Covid-19 pandemic as the basis of the extension. Spectrum, which is simply a range of electromagnetic radio frequencies used for transmission of voice, data and images, enables mobile telecom operators to send and receive frequencies to enable communication between two phones. Chief Executive Officer of MTN, Selorm Adadevoh, speaking at the 2021 MTN Media Forum in Accra, said: “We continue to seek additional spectrum opportunities hoping we can close a deal by end of Q3 2021 whilst exploring spectrum leasing opportunities where possible.” He also announced that the company is supporting the payment ecosystem with the development of the GhQR which will be rolled out on its mobile money platform.

On the central bank’s plans to introduce digital currency into the market and what it means for the future of mobile money, he stated that digital currency has a different role to mobile money, arguing that mobile money has is largely consumer/business whiles the digital currency will be a little different. Mr. Adadevoh also revealed that telecommunication companies have unanimously decided to take drastic measures to curb mobile money fraud in the country. Mobile money fraudsters

will now have their numbers and device blocked across all networks, he said. For him, the decision which was rolled out two months ago will help combat the practice. “So we have come together as a Chamber to say ‘how do we intensify or increase the barriers to fraud?’ And blocking the device across all networks is for us one step to achieve that. “This is one of the activities we are currently focused on, and we have implemented it through the chamber,” he indicated.

According to Mr. Adadevoh, their strategic priorities between now and 2025 will focus on building the largest and most valuable platforms, driving industry-leading connectivity operations and creating shared value. Furthermore, the CEO talked about the company’s five growth platforms which will be anchored on fintech solutions, digital services, enterprise service, network as a service and application programming interface.

MONDAY AUGUST 23, 2021

News

MONDAY AUGUST 23, 2021

Public urged to seek support on use of GhQR code to promote cashless agenda

embers of the public who are still not sure how to access the GhQR for payments, should speak to their banks for assistance, Mr Archie Hesse, the Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), has advised. GhIPSS, a subsidiary of the Bank of Ghana, introduced the GhQR as part of efforts to promote the cashless agenda but the various banks, FinTechs and telcos have different ways they offer the service to their customers. GhIPSS, together with partner institutions such as financial institutions, telcos and FinTechs have held series of events to create awareness and drive patronage for the payment service, and many shopping outlets and service providers have since deployed them to receive payments. However, the success of the payment channel will largely depend on its usage by the

shopping public. Speaking in an interview, the GhIPSS CEO said the public education would continue, using multi-approach to get to as many people as possible. Mr. Hesse explained that GhQR is one of the easiest ways to make payment electronically and urged the public to use it wherever the service is available. He, however, explained that the different institutions have different ways that the service is made available to their customers. But he noted that regardless of the institution, the process remains very basic and quick. “Anyone who has a phone and can use it should be able to pay with GhQR and if you are not sure, just walk to your bank and ask them to walk you through the process. Or you might even call your bank and they will help you.” Mr Hesse said one of the key benefits of the GhQR Experience

fair at the shopping malls, is the fact that the banks, telecos and FinTechs took their time to explain to people they encounter, how they can access their service. The Vice President Dr Mahamudu Bawumia has described the GhQR as a gamechanger in the cashless agenda as it is easier to set up, less expensive to manage and, payment via the platform has no charges to the customer. As a non-contact form of

payment, it also becomes handy, in the face of the third wave of Covid. GhQR is an electronic payment channel that enables customers to scan displayed QR codes with their smartphones and pay, or dial displayed USSD codes with their phones to make payment. Ghana’s QR code for payment is universal which means that any customer whose bank or payment service provider offers the service can use it wherever it is displayed.

Marine-focused NGO ready to partner gov’t to fight ocean pollution Continued from cover in combating the free flow of debris from communities to the shorelines and ocean, according to Justice Eshun, Chairman of the Coastal Conservancy Organisation (CCO). “The situation pertaining to some of the nation’s beaches are daunting and challenging and we [CCO] invite the related ministries to partner, support and collaborate with us in the prevention of plastic pollution whilst promoting a healthy marine environment and clean beaches,” he told Business24 in an interview. The organization has already stepped up its commitment to promote clean beaches and ensure quality of marine life with its acquisition of a state-of-theart enhancer litter trap system for the deflection and recovery of floating trash. The Desmi Enhancer E-B2100 with Ro-fence 600, is a technology that is deployed along the coastlines to prevent plastics and other floating debris from flowing into the sea and will

serve as a proactive mechanism in the fight against ocean/marine pollution. The robust construction is ensured by making the actual floating structure in galvanized steel and the floats in heavy HDPE pipes with welded on flanges and it was donated to the coastal-based NGO by DESMI, its foreign partner. The technology would be mounted at the estuary of the Korle-Lagoon which is a major

hotspot or source of marine pollution in the country as the test case. “The need to curb the disastrous effect of pollution of beaches is paramount with a number of them turning into dumping grounds for plastics and liquid waste due to activities of coastal dwellers. At CCO, we take impactful decisions, hence our decision to use the KorleLagoon,” Mr. Eshun said. The organization says it is

seeking to deepen its works with key partners such as the ministries of Sanitation and Environment, Science and Technology, the Environmental Protection Agency, Accra Metropolitan Assembly, and other environmental-based agencies to access the financial and technical muscle to deploy similar technology along the nation’s coastlines. “Other hotspots have been identified along the nation’s coastline and we are appealing to corporate Ghana and other donor agencies to support us to acquire more of such gamechanging technology as a lasting solution marine and ocean pollution,” he said. He added: “One step at a time, we can all contribute to improve the quality of marine life, secure maritime shipping business, develop clean beaches to boost tourism and make Ghana better.” A coastal exploration survey of the country’s coastline from Aflao in the Volta Region to Jomoro in the Western Region conducted by the organization last year showed dire and mindboggling pollution of along the nation’s shorelines.

MONDAY AUGUST 23, 2021

News

MONDAY AUGUST 23, 2021

Govt denies spending GH¢ 600m on agenda 111 before sod cutting

he Ministry of Finance says allegations that the government has spent GH¢ 636 million on the Agenda 111 even before the sod cutting of the project are not true. The Ministry said in a statement that the GH¢ 600 million released to the Health Infrastructure Account at Bank of Ghana (BoG) in 2020 to support the implementation of the district and regional hospital projects was the equivalent of the US$ 100 million announced by the government. The amount, which is yet to be utilised, would be disbursed to contractors in accordance with the project work plan, it said. "The said amount had been released into the project account at the BoG but not utilised yet.

Project commencement has just begun. So far, only GH¢36million has been released as part of preconstruction mobilisation," the

statement explained. The statement said the ministry would draw down various amounts from the

account to be managed by the Ghana Infrastructure Investment Fund (GIIF), following the commencement of actual project execution as evident in the sod cutting ceremony of 17th August 2021. The government, the statement said, would ensure the use of local teams, comprising of Ghanaian consultants, project managers and construction firms to execute the project and also ensure due process during disbursement and procurement. "We wish to assure the general public that government is still committed to tackling Ghana’s health infrastructure deficit and restoring the country on the path of achieving economic and social transformation," it added.

Address high lending rates by commercial banksPresident to BoG

resident Nana Addo Dankwa Akufo-Addo has urged the Bank of Ghana (BoG) to bridge the gap between its monetary policy rate and the lending rates of commercial banks to enhance the rapid growth of the country. He said it is not right that the central bank’s monetary policy rate stood at 13.5 per cent whilst the commercial banks lent to the private sector at 21 per cent or more, adding that it stifled the competitiveness of the sector, which is the growth engine of the economy. “Interrogate the issue of highinterest rates in Ghana, and how the problem should be addressed to enhance the competitiveness of the private sector in the country…I believe the Bank of Ghana is best placed to lead this process of reflection and action. “This is a gap we have to bridge if we are to realise the vision of a Ghana whose economy is globally competitive,” he said when he swore into office the newly constituted 13-member board of the central bank at the Jubilee House. The board, chaired by the Governor of the BoG, Dr. Ernest Addison, includes Dr. Maxwell Opoku-Afari, First Deputy Governor, Miss Elsie Addo Awadzi, Second Deputy Governor, Charles

Kofi Adu Boahen, Minister of State, Finance Ministry, and Prof. Eric Osei Asibey. The others are Dr Kwame Owusu- Nyantekyi, Dr Samuel Nii-Noi Ashong, Mr Jude Kofi Bucknor, Mr Joseph Blignam Alhassan, Mr Andrew Adinorte Boye-Doe, Madam Angela Kyerematen-Jimoh, Mrs Comfort Ocran and Madam Regina OheneDarko Adutwum. The President told the board that the central bank had over the past four years distinguished itself and had discharged its duties impeccably, proven to be a sound banker to the government, and safe custodian of the nation’s money. He was encouraged by the many corporate governance measures that have been put in place by the BoG to mitigate against future bank failures and “ensure that we have a strong banking sector that can drive the transformation agenda of the government.” President Akufo-Addo also commended the recent policy measures introduced by the BoG, saying they were in line with the overall objective of moving Ghana to a situation beyond aid. He noted that the recently introduced domestic gold purchasing initiative of the BoG was a game-changer that would help transform the country’s

domestic gold production value chain, and “ will allow us to add value to our gold and establish transparency in the small-scale gold mining industry in Ghana.” The President praised the central bank’s leading role in the digitalisation of the economy and said the recent announcement of the pilot central bank-backed digital currency, the ECD, which would completely transform the architecture of Ghana's payment systems would deepen financial inclusion and enhance access to credit for small and medium scale enterprise. He also applauded the bank for its initiative and partnership with the monitory authorities of Singapore and Ghana’s finance ministry to develop a network of digital platforms to serve as global public infrastructure to boost the growth of SMEs in the two countries. “All of these have reestablished the Bank of Ghana as an institution of excellence, reflecting in the international recognition of the

bank,” he said. The President charged the governing board to leverage the vast experience of members to ensure the formulation of policies necessary for the achievement of the Bank’s objectives. “I am counting on the board with its diverse experience, talents and skills to support the agenda of the bank and help formulate policies necessary for the achievement of its objectives. This is a charge I am confident you would keep,” he said. In his remarks, Dr Addison pledged that the board would pursue prudent policies to consolidate the gains made in the last four years. “Given the rich and diverse background of the board, there is no doubt in my mind that together we can build on the solid foundation that has been laid by our predecessors and take this institution to even greater heights,” he said. GNA

News

MONDAY AUGUST 23, 2021

Glovo launches operations in Tema to meet growing demand in Ghana

n-demand delivery platform, Glovo, has extended its operations to Tema as part of the company’s strategy to better serve customers across all major cities. Tema, located 25 kilometres (16 miles) east of Accra, the capital of the Tema Metropolitan Assembly, is the second city to experience the easy-to-use multicategory app. Commenting on the expansion, General Manager (GM) for Glovo Ghana, Pearlyn Budu, said the expansion will enable Tema residents to experience Glovo’s world-class delivery service. “Since our operations in March, we have had one of the largest delivery operations covering Adenta, Weija, Osu, East Legon, Ashaley Botwe, Osu, Cantonments, Achimota, Dansoman, Spintex, Labone, Airport, Dzorwulu, and many more. We have received great feedback from customers and vendors. Also, we have on board top vendors like Papa's Pizza, Starbites, Cheezzy Pizza, Eddy's Pizza on the app for our customers in Tema to enjoy”. “Glovo users are exposed to different categories they can

choose from such as Restaurants, Supermarket, Drinks, Package Delivery, and Anything. The ‘Anything’ category is our most unique category as it allows users to run errands from the comfort of their location. Users can also leave notes or a list of the items that they need and our Glovers will deliver. In some locations, we also have the ‘Shops & Gifts’ category which allows users to shop directly from various stores. We are elated to be in Tema, as inhabitants of the big city will be able to enjoy our world-class

delivery services”, she added. Ms. Budu further noted that Glovo plans to invest in further expanding its footprint in Ghana. “We are very excited to announce our presence in Tema in addition to Accra within the short period of operations in Ghana. We are committed to connecting more Ghanaians to an ever-expanding portfolio of outlets on the multicategory app”. Glovo is one of the world’s leading multi-category delivery players who launched its

operations in Ghana in March 2021. The on-demand platform aims to make the lives of Ghanaians easier by providing access to convenient delivery services. On the app, orders can be made to be received on demand or scheduled to be received on a date and time that is more convenient for the user. There are several payment methods that users can choose. The platform accepts Mobile Money, Cash and Direct debit cards as means of making payments.

Evolving risks and new investments in compliance – KPMG survey

wo thirds of Chief Compliance Officers (CCOs) indicate that automation and technology will be integral in their compliance efforts in the next three years, while 70 percent of them say that regulators’ focus on compliance will increase over the same time period, according to the new KPMG 2021 CCO survey: Sharing Client Perspectives on Compliance Imperatives. “There is clear progress in CCOs’ understanding of the benefits derived from a focus on automation and technology,” said Amy Matsuo, National Leader, Regulatory Insights and Regulatory & Compliance Transformation, KPMG LLP. “The compliance environment is shifting because of COVID-19, the increasingly mobile workforce and the government’s commitment to enhancing the regulatory environment. Compliance officers need to manage the emerging risks

associated with these changes and develop dynamic, effective and sustainable compliance programs

Amy S. Matsuo, ESG and Regulatory Insights Lead

through the use of automation and technology.” The survey shows that compliance departments are beginning to receive increasing

financial support for their technology efforts, with 49 percent of CCOs expecting their overall ethics and compliance department budget to increase over last year but 75 percent expecting their technology budgets in particular to increase over the next three years. With investments in governance, risk and compliance tools, numerous organizations are looking toward additional investments in machine learning and artificial intelligence. With the increase in their budget, CCOs identified data analytics as both the greatest opportunity for automation and the greatest priority; data analytics is a critical element in decision-making and enhancing the messaging and readability of internal and external reporting. “Data analytics can help Compliance to analyze and address issues before becoming consumer complaints or audit findings,” added Matsuo.

News

MONDAY AUGUST 23, 2021

AfCFTA: UBA Connect to facilitate cross border payments

n a bid to ease cross border payments and settlements for members of the Africa Continental Free Trade Area (AfCFTA), UBA Ghana has officially introduced the UBA Connect service onto the Ghanaian market. The product is an inter-entity service that allows customers to have instant access to their funds over-the counter at any branch within the UBA network, enabling customers to seamlessly transact from any country other than the country of account domiciliation. With 42 currencies on the continent, this system will provide a platform for movement of funds with ease. United Bank of Africa Ghana, Africa’s Global Bank, has expanded its financial products with the introduction of UBA Connect Service, an extended feature of UBA accounts. The service is targeted at account holders of the bank and

walk-in customers. With the UBA Connect Service, customers can withdraw cash from their account and also undertake funding. Deposits can be done by third party customers. However, the UBA Connect Service does not allow third party withdrawal. Commenting on the innovative product, Head of Retail Bank, Peter Dery said the product has been introduced to ease ways of doing business as customers can seamlessly transact from any country other than the country of account domiciliation. “UBA Ghana is driving innovation in retail banking to ensure seamless transaction across Africa countries. The UBA Connect Service allows for instant transmission of data and significantly fast processing with transactions being consummated and source account impacted within minutes”, he said. Mr. Dery added that the UBA Connect Service is non-restrictive,

hence accounts can be operated from any UBA office in Africa outside customer’s home country of account domiciliation, urging all business men, entrepreneurs’ and travellers to take advantage of the product. He added that transaction currency shall be in Ghana Cedis while transaction limit shall not exceed a 10,000USD (cedi equivalent) per day for

withdrawals and 10,000USD annually for deposits. In relation to the Sustainable Development Goals (Goal 17), the UBA Connect Service will significantly provide the financial platform to increase exports among developing countries to strengthen the means of implementation and revitalize the global partnership for sustainable development.

President to meet Pfizer over vaccines

resident Nana Addo Dankwa Akufo-Addo is to hold discussions with global vaccine manufacturer PfizerBioNTech for the establishment of a Vaccine Institute in Ghana. The meeting, to be held in

Germany, on the sidelines of the President's official working visit to the European nation this week, will also consider modalities for the procurement of more of that manufacturer's vaccine for Ghana's COVID-19 vaccination

programme. The President left Ghana Sunday to Germany on the invitation of the German Chancellor Angela Merkel. Mr Eugene Arhin, Director of Communications at the

Presidency, who disclosed this to the Presidential Press Corp at the maiden edition of the Jubilee House Weekly Press Briefing, said the discussion with the vaccine manufacturer would form a major component of the President's visit to Germany. Whilst there, the President is expected to hold further engagements with his German counterpart aimed at deepening Ghana’s economic and diplomatic relations with Germany. He will participate in the G20 Compact Initiative Programme established by the German Chancellor to promote investments in African countries, including Ghana. President Akufo-Addo is also expected to deliver a speech at the 75th-anniversary celebration of the formation of the North Rhine–Westphalia state. He is scheduled to address a ceremony at the NorthRhine Westphalia Academy of International Politics in Bonn as the guest of honour. He will meet with the German investment community to promote Ghana's investment opportunities. GNA

News

MONDAY AUGUST 23, 2021

UG unveils bust of former vice-chancellor

he University of Ghana has held a colourful ceremony to mark Prof. Ebenezer Oduro Owusu’s successful completion of tenure as ViceChancellor of the University. Prof. Oduro Owusu, Professor of Entomology, was ViceChancellor of the University for the period, 2016 – 2021. As is the custom, the university unveiled the bust of Prof. Oduro Owusu as the 12th Executive Head of the University of Ghana at the Vice-Chancellors' Court, Convocation Group of Buildings, Legon. In her introductory remarks before the unveiling, the Registrar, Mrs. Emelia AgyeiMensah, recounted the academic and administrative positions held by Prof. Ebenezer Oduro Owusu and his valuable contribution to the university’s strategic plan of becoming a world-class researchintensive university. Mrs. AgyeiMensah wished the former vicechancellor well in his future endeavours. The Chair of the University Council, Justice Sophia Abena Akuffo (Rtd), in an address, commended Prof. Oduro Owusu for his diligent service to the University. She expressed the hope that the management of the university would carry on and equip the focal teams instituted by the former vice-chancellor to excel. The Acting Vice-Chancellor, Prof. Nana Aba Appiah Amfo, commended Prof. Oduro Owusu for his exceptional leadership,

especially in strengthening the financial management of the university in accordance with the Public Financial Management Act, 2016 and the Public Procurement Act 2003. She also lauded the numerous initiatives and projects undertaken by the former vice-chancellor to improve both the academic and infrastructural projects of the university during his five-year tenure as vice-chancellor, adding that, the university community was appreciative of the services he rendered. Prof. Appiah Amfo accentuated the significant initiatives led by Prof. Owusu to protect both staff and students from the Covid-19 pandemic while academic work continued. She congratulated Prof. Ebenezer Oduro Owusu on the successful completion of tenure and wished him well in his future pursuits. In brief remarks, the former Vice-Chancellor, Prof. Ebenezer Oduro Owusu, shared memories of how his journey to becoming Vice-Chancellor began. He expressed immense

appreciation to all those who helped him to accomplish a fruitful tenure and urged the new and future leaders of the university to be institutional thinkers by placing the university first and ahead of all priorities. Leaders of the various Unions on campus shared fond memories of the former vice-chancellor. Dr. Samuel N. Nkumbaan, President, University of Ghana branch of the University Teachers Association of Ghana (UTAG), praised the former vice-chancellor for operating an open-door policy, which enabled the association to seek his advice on matters of interest to the faculty of the university. Mr. Francis Sosoo, President of the Senior Staff Association of Universities of Ghana (SSAUoGUG), expressed the appreciation of staff to Prof. Ebenezer Oduro Owusu for ensuring salaries were promptly paid throughout his tenure. Mr. Jonathan Kabu, President, Federation of University Senior Staff Association of Ghana (FUSSAG-UG), described the

former Vice-Chancellor as ‘a man who loves the ordinary man, not only in words but in action’. Mr. Kwame Ntow Fianko, Ag. President of the Students’ Representative Council (SRC), expressed the appreciation of the student body to Prof. Oduro Owusu for effectively engaging with the students whenever the need arose. The chair of council and acting vice-chancellor made a presentation on behalf of the university to Prof. Owusu in appreciation of his immeasurable service to the university. Present at the ceremony were the former Chairman of the University Council, Prof. Yaw Twumasi, Pro-Vice-Chancellor, Research, Innovation and Development, Prof. Felix Asante, former Vice-Chancellors, current and former Provosts, Deans, Directors and Chairman of the University of Ghana Chaplaincy Board, Rev. Dr. Charles AntwiBoasiako. Others were the Moderator of the General Assembly of Presbyterian Church of Ghana, Rt. Rev. Prof. Joseph Obiri Yeboah Mante, Rev. Dr. Martin Obeng of the Trinity United Church, Members of University Council, University officials, alumni, family members of Prof. Ebenezer Oduro Owusu, and other invited guests. The University of Ghana Jubilee Choir put up heartwarming performances throughout the ceremony.

COVID-19: Ghana must meet 20million vaccination target by December — Chamber of Pharmacy the world.

he Ghana National Chamber of Pharmacy (GNCoP), has urged government to focus on creating speedy access to certified COVID-19 vaccines to enable the country, reach the 20 million target by the end of 2021. It said, Ghana needed to engage government to government, go into local packaging and production of vaccines as well as involve credible third parties to ensure there were enough vaccines from credible sources to enable the country to attain herd immunity. The chamber noted that Ghana is behind Europe and USA by four to six months in the fight against COVID-19, "Thus, it is possible to predict where we will be should we not do much about the

prevention and following the laid down protocols." The chamber said the rest of the world is not panicking because those countries focused on getting access to vaccines and increasing their vaccination rates to herd immunity levels. It said increased vaccination is relevant as it is leading to less hospitalisation and deaths even as the rest of the world opened their schools and economies, which had started picking up. It said South Africa, Morocco, and Senegal are setting up local vaccine packaging and production capacities and that Ghana needed to fast track the process to follow suit locally to sustain the demand now and in the near future. "We have credible members of

the GNCoP with the right network and experience to help source World Health Organisation's approved COVID-19 vaccines and they are willing to support the process". "At this time, what we need as a nation is a concerted effort leveraging on our strengths together to get enough vaccines for the general population," it stated. It asked the country to move on with the lessons learnt out of the abortive attempt to procure the Sputnik V vaccines and support the health minister to lead the process in procuring enough vaccines from all credible sources in collaboration with Ghana's ambassadors and high commissioners in various parts of

"The network and experience of our Minister of Health, Hon Kwaku Agyeman-Manu, in managing the pandemic has been good so far, let's stand with him to continue his good work and this is not the time to change leadership." "We need to put together our expertise as Ghanaians and partner the relevant external bodies to procure and produce enough vaccines thus preventing increased morbidity and mortality due to COVID-19 pandemic and its variants in Ghana," it said.

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MONDAY AUGUST 23, 2021

Earl Heights Suites offers 17% returns on investment to owners

arlBeam Realty, a subsidiary of EarlBeam Group and a member of Radisson Individuals has created an investment opportunity that will offer owners a guaranteed 17% returns per annum on investment. The 60-bed facility, Earl Heights Suites, is an existing hotel apartment development that is undergoing a renovation. It is located within the oil and mining business enclave, neighbouring Fiesta Royale Hotel, Tullow Oil, BOST, Petroleum Commission and MaxMart. The facility will be managed by the Radisson Individuals, a leading name in the hotel and hospitality industry worldwide, making Earl Heights Suites the first hotel in Ghana managed and run by the Radisson Individuals. The selection of Dzorwulu according to a representative of Earl Heights Suites Limited, Louisa Afrane Okese, is due to the business portfolios within the area citing Tullow Oil, BOST, Petroleum Commission, MaxMart among others. However, it has assured that

returns percentage will not be affected by occupancy. This model allows an individual to buy a unit, then lease it back to EarlBeam Company Ltd. The unit is then operated as a serviced apartment. It assures owners of hassle-free lease income, professional quality upkeep and maintenance by Radisson Individuals. There are no gaps in income as rental revenue is assured at 14% per year for 5 years, with up to 3% annual asset value appreciation rate. The owner is assured of an exit or buy back option at the end of the 5th

year in which buyers would earn 15% in addition. Earl Height Suites is targeting 50% of occupancy which is a benchmark for the Radisson Individuals and this will culminate into investors gaining an appreciable return on their investments. However, it has assured that returns percentage will not be affected by occupancy. A studio price sells at US$ 103,500. There are two types of one-bedroom unit; type A is US$ 174,800 while type B is US$ 139,150 on the market. Fractional Ownership

EarlBeam Realty has designed a means to allow individuals or groups with a minimum deposit of US$ 25,000 to own a fraction of an apartment unit at a guaranteed 14% returns for five years with an option to buy back or exit at the end of year 5. The buyback will be on the share amount initially invested. This means that, “they would earn US $25,000 plus in 15% addition.” The Earl Height Suite model is a service department developer that allows individuals to buy units. It is leased back to Earl Heights Limited and managed by Radisson Individuals. It assures owners of a hassle-free lease income. Owners are assured of professional policy upkeep and maintenance by Radisson Individuals. Owners are also assured of a 14% return per year for five years plus up to 3% annual asset value appreciation. The managing firm – Radisson Individuals – takes charge of all marketing and related activities of your unit as well as property maintenance. The owner is offered a 14-night stay at the apartment at no cost within a year all through the five years.

Kingdom Exim Group CEO, MD awarded honorary doctorates

he Chief Executive Officer (CEO) of Kingdom Exim Group of Companies, James Gnanaraj Rajamani and the Managing Director of the Kingdom Exim Group of Companies, Immanuel Rajamani have been awarded honorary doctorate degrees. Both of them were awarded honorary doctorates by the University of New England, Connecticut, United States of America. Immanuel Rajamani received a doctorate of philosophy in executive leadership and business while James Gnanaraj Rajamani was awarded a doctorate of philosophy in Christian Leadership and Business from the University. They were awarded the honorary doctorate degrees for their immense contributions towards the growth of the business sector in Ghana and beyond. The doctorates were also presented to them in recognition of their tremendous efforts in growing Kingdom Group of Companies from an organization

that started with just two employees to now an entity employing hundreds of people. They were also honoured for moving Kingdom Exim beyond just a single company to one that now has ten subsidiaries. The doctorate degrees were presented to them recently at a short but colourful ceremony. About Kingdom Exim Group The Kingdom Exim Group has been in existence since 2008, operating mainly in the Bono, Bono East, Ahafo, Greater Accra,

Northern, Upper East, and Savannah Region. As a leading agro-based company, the Group liaises with farmers of tree crops such as Raw cashew Nuts shea-nut, soya bean, maize, among others. CSR Over the years, the Group has undertaken a number of corporate social responsibility initiatives – drilling boreholes, providing materials for farmers,

and providing food during the Covid 19 in the Tema Metropolis, supporting the Tema Regional police with PPE’s, barricades, hand sanitizers, liquid soap, support to Tema East Constituency during the covid 19 pandemic, donation made at the Techiman North District Assembly during the covid 19 pandemic, donation made to the Queen Mother's in areas of the Eastern Region during the Covid 19 pandemic.

MONDAY AUGUST 23, 2021

African Business

MONDAY AUGUST 23, 2021

DRC: a new narrative emerges

here is a breath of fresh air in the Democratic Republic of the Congo. After not receiving any significant foreign economic support for over nine years, the country has just finalised a new economic programme with the International Monetary Fund (IMF). This total package of 1.52 billion dollars offers a change of course welcomed by Prime Minister JeanMichel Sama Lukonde Kyenge, the head of the new government in place since 26 April 2021. New faces, new political landscape At 44, the former Director General of Gécamines, the state mining company, says he is ready to take up a number of challenges with his government, which has just passed the symbolic 100-day mark. “Something is happening in the Democratic Republic; change is in the air”, said Sama Lukonde. “Every time we reach a turning point, there is change. This enables the whole population to set new goals, to allow themselves to dream again”. This surge of hope that seems to be driving the new Prime

At a crossroads

Minister is largely due to the commitment made with the IMF on 15 July. “I am very proud that the government has managed to finalise this programme”, he added. This great change can also be seen in the composition of the new 56-member government, and the first Digital Minister, DésiréCashmir Kolongele Eberande, to strengthen a strategy focused on digital development. “For the first time, we have a Minister of Digital Affairs, and

this will go hand in hand with the population census and ultimately mastering our figures and statistics to improve our economy in general”. The major projects envisaged by the Prime Minister’s office include an emphasis on strengthening the country’s security, but also its education and health, and above all encouraging local and foreign entrepreneurs and investors to contribute to this “new chapter in Congolese history”.

“The Democratic Republic of the Congo is a big country in the centre of Africa, with not only a large internal market (...) but also nine neighbouring countries. So it is really a link between Southern, North Africa and West Africa”. For the country of more than 89 million people, the stakes are high. “Today, it’s true that our economy depends largely on the mining sector”, said Sama Lukonde. “But we would like to see other sectors of the economy open up”. Among them, agriculture is a sector with great potential: the DRC has more than 80 million hectares of arable land, but only 10% is currently used. Although coffee, cocoa, palm oil and rubber have already been highly industrialised, the cultivation of manioc, maize, rice or soya represents a sector with a high potential for industrial development, according to the National Agency for the Promotion of Investments (ANAPI). African news

Kenya's tourism sees trickle of post-pandemic recovery

hisel and hammer in hand, this artist carves out a design. From tribal figures to African wildlife, the finished results are popular keepsakes for tourists visiting Kenya. But amid a pandemic, the demand for these objects has plummeted. At the Birds Paradise Souvenir Shop in Nairobi, Karen Mumbe is organising the stock. There used to be 20 people who worked here. But after the global travel industry went into shutdown, that has been reduced to seven and wages have been slashed. "Since the COVID-19 pandemic struck, tourists reduced completely, we closed the shop and we were laid off. Then in January we were recalled but our boss had to pay us half the salary," says Mumbe. "So this COVID-19 has affected many things, even our lives have been worse off. We pray to God that this pandemic ends, or everyone gets vaccinated so that business can get back to normal." Vaccines gave a glimmer of hope that the pandemic could be snuffed out and the tourism industry could get back to

business. But the more infectious Delta variant has put that in doubt, bringing with it a new wave of infections to Kenya and the rest of the world. Still, at the Great Rift Valley View Point, Kiambu county, a small trickle of tourists has returned to admire the scenic views. Kurt Schults hopes to visit the Masai Mara National Park to see the wildebeest migration. "We are actually going through a third wave and it's the delta variant. A lot more people seems to be getting infected by it, I've lost family members, I've lost friends, all due to this," he says. "But the only positive thing is now we are vaccinating the population. So the older people have been vaccinated, now the middle aged men have been vaccinated and slowly but surely the young people are getting vaccinated. So hopefully once everyone gets vaccinated, things will get a bit better." Simon Kabu, manager of Bonfire Adventure tours and travel company, says tourist numbers have dropped 80 percent since

the pandemic but he's now seeing business pick up. He's doing everything he can to mitigate the risks. "We have made sure most of our crew are vaccinated, secondly, at least we regularly and periodically test the crew and our staff, thirdly we make sure that we have reduced the capacity of the vehicle carrying capacity from 8 to maximum of 7 so that we maintain the social distance, we provide sanitizers on board, and we are able to keep track of our

cars so that we are able to know where they are from, all that, and we are able to liaise with the Ministry of Tourism to make sure that all MOH (Ministry of Health) protocols are observed," he says. It's a similar story at the Kenya Wildlife Service gates. All guests are now ushered through a series of steps designed to reduce the possibility of virus transmission. Hand washing, sanitizing and temperature checking are just part of the routine now.

MONDAY AUGUST 23, 2021

Aviation

MONDAY AUGUST 23, 2021

Emirates and Airlink expand partnership and seal codeshare agreement

mirates and Airlink have announced the expansion of their existing partnership into a unilateral codeshare agreement, giving travellers to and from South Africa convenient access to more than 40 domestic and regional destinations across 12 African countries. The extended codeshare provides connectivity to Emirates customers not offered by any other carrier in Africa, and augments the long-standing partnership that Emirates has with South African Airways. The move comes as Emirates resumes its flights to South Africa and ramps up its operations to provide customers with enhanced connectivity via its gateways Johannesburg, Cape Town and Durban. The connectivity provided by the new codeshare between Emirates and Airlink will offer competitive fares, combined ticketing, and seamless baggage transfers when connecting between both airlines. Customers travelling to South Africa can now transfer from Johannesburg, Cape Town and Durban to domestic points like Bloemfontein, George, Upington, Nelspruit, Hoedspruit, Kimberley, Skukuza, Pietermaritzburg, Richards Bay, Sishen, Mthatha

and Port Elizabeth, as well as points across Southern Africa like Gaborone, Kasane, Vilanculos, Lubumbashi, Dar es Salaam, Entebbe, Maseru, Antananarivo, Pemba, Tete, Maun, Victoria Falls, Walvis Bay, Maputo, Windhoek, Harare, Lusaka, Ndola, Bulawayo and Livingstone amongst many other cities. Adnan Kazim, Chief Commercial Officer, Emirates Airline said: “The expansion of the Emirates – Airlink partnership marks an important step forward in our relationship. Our new codeshare agreement enhances our service offering and flexibility for customers traveling beyond our gateways in South and Southern Africa and provides them unparalleled options for leisure destinations.

We are committed to growing our operations in South Africa, and with the strong connection opportunities being provided collectively with Airlink we hope to help jumpstart the recovery of the local travel and tourism industry.” He added: “Our codeshare partnership with Airlink complements the valuable relationship Emirates has with South African Airways, which we eagerly anticipate to restart once the airline is back in operation.” Rodger Foster, Chief Executive Officer and Managing Director, Airlink said: “This exciting development is an overwhelming endorsement to Airlink. We are delighted, honoured, and privileged that Emirates Airline has chosen Airlink as its Southern

Africa partner. Emirates serves all of our source markets and together we are able to provide vital air access throughout Airlink’s comprehensive network of destinations within Southern Africa, and provide much needed connectivity, linking Africa with the world and the world with Africa. The tourism and air transportation sectors have been hardest hit by the pandemic and the associated lockdowns and travel bans, and as the world gets vaccinated, we expect the pentup travel demand will be realised, and more customers will want to visit the special destinations that Airlink offers services to.” Customers can book their travel with both airlines on emirates.com, through online travel agencies as well as with local travel agents. Emirates has boosted its operations into South Africa. The airline continues to safely rebuild its global network and restore market demand through connecting customers to and through Dubai to over 120 global destinations. It also continues to expand its presence in South and Southern Africa through building strong relationships with airline partners like Airlink, and driving more connectivity options that drive value through a better experience for its customers.

Asian carriers dominated 2020 with China Southern bumping American Airlines from top slot By Theodore Koumelis

atalex, a market leader in digital commerce for retail travel, and IdeaWorksCompany, the foremost consultant on ancillary revenue, have released the second edition of The Datalex Big Book of Airline Data by IdeaWorksCompany. The 2021 edition provides a world of airline industry data collated by alphabetical order, size, airline type, region, and alliance. The 78page “Big Book” is available free of charge via download at Datalex. com and IdeaworksCompany. com. The table below summarizes results for the largest airlines ranked by passenger traffic for 2020: “Datalex is delighted to sponsor the second edition of the Datalex Big Book of Airline Data by IdeaWorksCompany,” said Alison Bell, SVP Global Sales & Marketing

at Datalex. “This edition offers particularly interesting data comparison points between 2019 and 2020, a year like no other, in which airlines had to take unprecedented actions to survive. We applaud their resilience and hope that this Big Book will be a useful resource for all those interested in our industry.” The data collection process for the report began in January of this year and was completed in August. It’s a significant undertaking with a review of more than 270 airlines to find traffic, revenue, and membership numbers for inclusion in the report. The information is presented in multiple formats to create user-friendly access to the data. The following is a sampling of key statistics from the Big Book: • Asia & South Pacific airlines had the largest share of world traffic at 40.9%, which

represents a distinct increase above 34.6% for 2019. • The big 4 airlines of China (Air China Group, China Eastern Group, China Southern Group, and Hainan Airlines Group), posted a 41.4% traffic drop, which was significantly below the global weighted average of 54.9%. • US & Canada airlines had

the largest year-over-year revenue drop of 63%, which was higher than the global weighted average of 55.8%. • The world’s top 10 airlines by revenue generated $120.3 billion for 2020, which represents a 61.5% decrease from last year’s top 10 airlines ($312.6 billion).

MONDAY AUGUST 23, 2021

Energy

MONDAY AUGUST 23, 2021

Oil rises but on track for 5% weekly drop amid Delta woes

il prices rose on Friday, pulling up from threemonth lows, but they were still on track for a weekly loss of over 5% as new lockdowns in countries facing surging cases of the Delta variant dampened the outlook for fuel demand. Broader investor risk aversion also weighed on oil with the U.S. dollar jumping to a nine-month high on signs the U.S. Federal Reserve is considering reducing stimulus this year. U.S. West Texas Intermediate (WTI) crude futures for September, due to expire on Friday, rose 40 cents or 0.6% to $64.09 a barrel at 04:58 GMT, after sliding 2.7% on Thursday. The more active October contract rose 39 cents or 0.6% to $63.89 per barrel. Brent crude futures rose 32 cents or 0.5% to $66.77 a barrel,

after dropping 2.6% on Thursday to its lowest close since May. “The spread of Delta variant in Asia is likely to dampen demand for crude oil, and may cloud the outlook for oil prices,” DailyFX strategist Margaret Yang said, adding that mounting concerns over global growth were weighing on the oil market. “Japan has extended its emergency lockdown and

confirmed cases are on the rise in countries such as South Korea, Malaysia, Philippines, Vietnam and Thailand, whose industries need oil, which will also be affected by the Delta variant,” Yang said. China has imposed new restrictions with its “zero tolerance” coronavirus policy, affecting shipping and global supply chains, and the United

States and China have imposed titfor-tat flight capacity restrictions. Meanwhile Delta variant outbreaks in Australia and New Zealand have sparked strict lockdowns. The approaching end of the U.S. peak gasoline demand season and end of summer holidays in Europe and the United States are also set to sap oil demand. “Aviation remains the weakest component of global demand at the moment, and the risk of further restrictions on domestic and international travel due to the Delta variant will be a key variable for oil over the remainder of H2, particularly as the U.S. driving season ends,” said Stephen Innes, managing partner of SPI Asset Management. Source: https://www.fxempire. com/

Experts are terrible at predicting the falling cost of clean energy By Tim McDonnell

limate scientists are now basing their forecasts for the future on a carefully crafted set of possible socioeconomic scenarios, each with a different outlook for greenhouse gas emissions. We saw this for the first time in the Intergovernmental Panel on Climate Change (IPCC) report, issued on Aug. 9. One key factor in these scenarios is the cost of clean energy technology; the higher the cost, the longer the economy-wide shift away from fossil fuels will likely take. But a growing body of research is finding that the cost of clean energy is falling much faster than forecasts by experts, and the extrapolation of past cost curves, suggest. “We often find it hard to imagine futures that are very different from the past, but if we can make more accurate cost curves for low-carbon development, we get a better handle on the price of tackling climate change, and can compare that to the massive benefits of doing it,” says Ajay Gambhir, a senior researcher at the Imperial College London Grantham Institute for Climate Change and the Environment.

Gambhir was the lead author on a preprint paper, published Aug. 18, on how to improve clean energy cost forecasts. Gambhir compared a variety of forecasts about the cost of offshore wind from 2014 to the observed global average change since then, and found that the cost fell much faster than any of them predicted. Gambhir’s report mirrors the conclusions of a separate paper, published July 6 by researchers at University College London and the University of Oxford, that found a similar pattern for solar and onshore wind. The cost of renewables is falling rapidly, but may bottom out soon A decade ago, solar and wind were among the most expensive forms of energy production. Today, thanks to technology improvements and economies of scale, they are among the cheapest in most markets. Experts have routinely underestimated those gains, Gambhir says, in spite of evidence that clean energy technologies follow the principle of Wright’s Law and decrease exponentially in cost as the number of units produced

increases. “There’s a trend extrapolation bias,” Gambhir said. “Experts risk getting laughed out of the room if they say the cost of something will drop 80% in the next 10 years, even though we’ve seen it with solar.” Still, that trend may not be permanent, as solar and wind producers begin to run up against constraints in the supply of key materials. After years of falling, solar prices inched up in the beginning of 2021 thanks to the skyrocketing cost of polysilicon. “There could be floors these prices smash into on their way down,” Gambhir said. In any case, price is only one factor in the pace of the energy

transition. So far, the sticky politics of climate change and opposition to change from entrenched legacy energy companies have meant that while cost curves may exceed expert forecasts, rates of renewable energy adoption have lagged behind. Still, Gambhir says, the evidence suggests that price shouldn’t be an excuse to hold back on policies and regulations that encourage electric utilities and major power consumers to shift to renewables. “We are going to get better at innovation,” he says. “That takes away the final argument of those who don’t want to decarbonize because they think it’s too expensive.”

MONDAY AUGUST 23, 2021

International

MONDAY AUGUST 23, 2021

Kamala Harris visits Singapore to deepen ties, counter China's influence By Nandita Bose and Aradhana Aravindan

.S. Vice President Kamala Harris will meet Singapore's leaders on Monday on the first working day of a trip to Southeast Asia aimed at bolstering ties as part of Washington's efforts to counter China's growing influence. Harris will meet Singapore's President Halimah Yacob and Prime Minister Lee Hsien Loong and later visit the Changi Naval Base and tour the USS Tulsa - a combat ship of the U.S. Navy. Singapore is not a U.S. treaty ally, but remains one of its strongest security partners in the region with deep trade ties. However, it also seeks to balance its relationships with the United States and China by not taking sides. The country is home to the biggest port in Southeast Asia, and supports continued free navigation in the area, where China is growing increasingly assertive. Harris arrived in Singapore on

Sunday at the start of a seven-day visit to the region, which will also include a trip to Vietnam. During the visits U.S. officials will aim to address Washington's concerns about China's claims to disputed parts of the South China Sea. "Singapore has encouraged greater U.S. engagement in Asia, but warned that efforts to 'contain' China's rise are counterproductive," according to a report released in April by the Congressional Research Service,

which conducts research and analysis for the U.S. Congress. "Singapore has maintained generally good relations with China, at least partly as a hedge against possible U.S. retrenchment," the report said. In a recent interview with Reuters, Singapore's foreign minister Vivian Balakrishnan, welcomed the role the United States and China play in the region - reflecting the delicate diplomacy it has succeeded at and one Harris

has to navigate. He said the United States and Singapore will discuss topics such as the pandemic, the digital economy and cybersecurity. "Leadership in the two countries are likely to be careful to avoid creating impressions that Beijing may find reason to be antagonistic about," said Chong Ja Ian, a political scientist at the National University of Singapore, referring to Singapore and Vietnam, where Harris heads on Tuesday evening. Part of Harris's task will also be convincing leaders in Singapore and Vietnam that Washington's commitment to Southeast Asia is firm and not a parallel to Afghanistan. Curtis Chin, Asian fellow at the Milken Institute and former U.S. Ambassador to the Asian Development Bank, said the United States needs an "all-in pivot to Asia including a business pivot, and Singapore and Vietnam can be key partners in that effort." "Restoring trust and confidence in U.S. steadfastness and staying power though must come first," Chin said.

Britain to push for sanctions on Taliban at G7 meeting -sources By Andrew Macaskill and Andrea Shalal

ritain plans to push world leaders to consider new sanctions on the Taliban when the G7 group of advanced economies meet on Tuesday to discuss the crisis in Afghanistan, sources told Reuters. British Prime Minister Boris Johnson, who currently leads the group that includes the United States, Italy, France, Germany, Japan and Canada, called on Sunday for the virtual meeting, in the wake of the Taliban's swift takeover of Afghanistan. Britain believes the G7 should consider economic sanctions and withhold aid if the Taliban commits human rights abuses and allows its territory to be used as a haven for militants, according to a British government official, who spoke on condition of anonymity, and a second Western diplomat. U.S. President Joe Biden told reporters on Sunday that the Taliban had not taken any action

against U.S. forces controlling Kabul airport, and had largely followed through on their pledge to let Americans reach the airport safely. Asked whether he would support Britain's push for sanctions if the Taliban committed abuses, Biden said, "The answer is yes. It depends on the conduct." Taliban militants seized control of Kabul last weekend in an upheaval that sent civilians and Afghan military allies fleeing for safety. Many fear a return to the austere interpretation of Islamic law imposed during the previous Taliban rule that ended 20 years ago. "It is vital that the international community works together to ensure safe evacuations, prevent a humanitarian crisis and support the Afghan people to secure the gains of the last 20 years," Johnson said on Twitter on Sunday. Sanctions against the Taliban are unlikely to be adopted immediately, one Western diplomat said. British Foreign

Secretary Dominic Raab first raised the possibility of sanctions to pressure the Taliban last week. Biden, under fire at home and abroad for his handling of the withdrawal of U.S. forces from Afghanistan, last week said G7 leaders would work out a joint approach to the Taliban, and has already held bilateral talks with Johnson, German Chancellor Angela Merkel, French President Emmanuel Macron and Italian Prime Minister Mario Draghi. Johnson plans to push Biden to extend his Aug. 31 deadline for withdrawing U.S. forces from

Afghanistan so that more people can be evacuated, British media reported. On Sunday, Biden said the U.S. military was discussing potentially extending the deadline, but hoped that would not be necessary. He said Washington would consider an extension if asked to do so by G7 allies, but was working closely with those countries and others to help evacuate their citizens. Reuters

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MONDAY AUGUST 23, 2021

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GFI services include: Forex training & mentorship Pro Chart Analysis Copy Trading WEEKLY MARKET FORECAST (20TH -27TH AUGUST,2021) FUNDAMENTAL ANALYSIS- WILL THE RISING DOLLAR END NOW The dollar index has been rising steadily now for several weeks. With the Fed’s latest minutes indicating a tapering of asset purchases is near, the greenback may only continue to rally. The index is now in the process of breaking above a critical level of resistance, and once that break out is complete should have plenty of room to rise. This is likely to be costly to commodities and markets aboard, pressuring them lower. Additionally, the USD has benefited from interest rate spreads widening between US and foreign bond yields. Also, with rates higher in the US than in other parts of the world, the demand for dollars will remain strong as foreign buyers of US bonds will sell their local currency to buy US debt in dollars. All of this is helping to fuel the dollar’s rally and creating a bullish technical formation known as a double bottom. This pattern was created when the dollar index bottomed in January 2021 and again in May 2021. The dollar index needs to rise above resistance around 93.50 to confirm the double bottom and break out from that pattern. It is likely to fuel a rally to around 94.60 on the index, but a breakout could run to as high as 98 over time. The momentum indicator, as noted by the relative strength index, is very bullish. It is in a clear uptrend and showing that positive momentum is moving into the index. The relative strength index is also in a long-term uptrend, which indicates the dollar’s rally is not likely to be a shortterm event. It is also likely to hurt emerging markets and export economies as a stronger dollar will bring inflationary forces, making goods and services more expensive and slowing economic growth in these markets. Perhaps one reason why there has been a sharp divergence in recent weeks in international and US markets. There is also one other thing to consider. That is how a strong dollar could be the Fed’s best friend right now, especially as so many investors worry about out-of-control inflation. Clearly, should the Fed continue to communicate to the market that tapering is coming, it would be, in a way, jawboning the dollar higher. As a result, it is helping to do what is needed to keep inflation in check. A strong dollar will lower commodity prices and import deflationary forces to the US economy, as goods imported to the US from abroad will become cheaper. The ramification of the dollar index breaking out here and pushing higher can be broader reaching and is likely to inflict a lot of pain in different sectors of the financial markets. Given the S&P 500’s significant advance and all of the damage the dollar is likely to cause, even the S&P 500 may not be immune to its effects over the longer-run.

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MONDAY AUGUST 23, 2021

News

MONDAY AUGUST 23, 2021

AfCFTA youth creative competition launched

creative youth competition on African Continental Free Trade Area (AfCFTA) for young people in Africa as well as those in the Diaspora with African citizenship has been launched. The competition dubbed the ‘Umoja Africa Campaign – Youth Contributing to the Implementation of the AfCFTA’ targets young people between the age of 18 and 35 years. This is a collaborative initiative between the United Nations Economic Commission for Africa (UNECA), Youth Alliance for Leadership and Development in Africa (YALDA), the African Continental Free Trade Area (AfCFTA) Secretariat, Afreximbank,the International Trade Centre (ITC) and the UN Development Programme (UNDP). Those interested can submit essays, infographics and/ or animation on the topic; ‘The African Continental Free Trade Area (AfCFTA)’ from July 31 to September 31. Winners announced November. The content for the competition should display ingenuity in communicating the AfCFTA to young people, by breaking down

elements of the AfCFTA into simple and easy to understand content for their peers. The aim is to encourage young people in Africa and those in the diaspora to contribute to the development of Africa’s young leaders and enhance youth participation in the implementation and achievement of the African Continental Free Trade Area (AfCFTA). The competition will encourage them to participate in the implementation of the AfCFTA The winning essay writer, infographics and animation

creators will each receive a cash prize of $1,000. The first runners up will receive $500, second runners up $300. The essay winner will also receive a paid internship with one of the partner institutions, while the others will receive design contracts with other partners among other prizes. The creative competition is expected to break information asymmetry among youth on the AfCFTA and promote a bottomup approach to the policy formulation and implementation by harnessing innovative

youth-driven solutions that will contribute to active youth engagement in the popularisation of the AfCFTA. This will then generate conversations and discourse on the youth involvement in trade in Africa and their role in the implementation of AfCFTA. Creating awareness among the youth in Africa on the AfCFTA will encourage them to be more innovative and creative, empowering them to become leaders not only at home, but across borders. An international trade center report shows that Africa is the youngest continent in the world with a median age of 19.8 years. 65% of the population in Africa is also under the age of 25. It is projected that a third of the youth will live in Africa by 2050. Yet majority of the young people are unemployed, lack access to financial resources, face barriers to start and scale up their small business. The AfCFTA creates an opportunity for more jobs for the youth through increase entrepreneurship, e – commerce which underscores the importance of digital economy.

‘Prioritise climate change issues to avert dire consequences’

orld Vision Ghana (WVG) has admonished the government to prioritise climate change issues by devoting significant budgetary allocation to address the dire consequence it poses to the lives and livelihoods, particularly in northern Ghana. According to WVG, Ghana is already suffering from the negative effects of climate change such as extreme weather conditions, food insecurity resulting from prolonged flooding and droughts, and climate change-related diseases. Speaking at Sitande in the Bawku West District, on World Humanitarian Day, World Vision Humanitarian and Emergency Manager, Samuel Gmalu, described, the devastating impact of climate change as a health emergency that the government must urgently inject sufficient finances to address the menace. “Climate change in Ghana is projected to affect vital water resources, energy supplies, crop production, and food security. With its five northern regions

the most vulnerable, Ghana is already experiencing increased extreme weather conditions with high incidence and prolong periods of flooding and droughts. The high temperature will further increase, and rainfall patterns will be less predictable.” “More intense rainfall is expected to increase soil erosion, while less total rainfall may decrease the water level. The country’s vulnerability is largely due to dependence on the production of crops that are sensitive to climate change, including cassava and cocoa, and by lack of agricultural diversification”. “We appeal to government and all stakeholders to consider the issues of climate change as a priority. Government should provide adequate financing to address issues of climate change, put in place appropriate legislation and policies at all levels, involve, and adopt a multistakeholder approach to deal with the threatening impacts of climate change on the people, especially the vulnerable groups”.

Mr. Gmalu, reiterated the strides made by WVG in addressing climate change issues affecting the most vulnerable through interventions such as disaster risk management and environmental practices and building family and community resilience towards climate change. “Through these interventions, WVG provided 200 disasterprone communities with 200 resilient boreholes in Northern, North-East, Savanna and Upper East Regions, over 8,000 children and women trained on disaster risk management and over 5000 women are also supported in savings and income-generating activities.”

“We have also provided four dams to serve over 2000 households in Bawku West District to support in dry season farming and distributed over 50,652 seedlings to 9200 farmers to grow in our efforts to tackle climate change”. Smallholder farmers used the occasion to plant trees to mitigate the effects of desertification and climate change. The smallholder farmers lauded the Farm Manager Natural Regeneration intervention as it provides firewood, shade for their animals and beautify their surroundings while protecting them against the impact of climate change.

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MONDAY AUGUST 23, 2021

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MONDAY AUGUST 23, 2021

Feature

MONDAY AUGUST 23, 2021

Why nation-building failed in Afghanistan

By Daron Acemoglu

lthough the United States clearly could have done a better job of managing its departure from Afghanistan, the tragedy playing out this month has been 20 years in the making. From the outset, America and its allies embraced – and never reconsidered – a top-down statebuilding strategy that was always destined to fail. The United States invaded Afghanistan 20 years ago with the hope of rebuilding a country that had become a scourge to the world and its own people. As General Stanley McChrystal explained in the run-up to the 2009 surge of US troops, the objective was that the “government of Afghanistan sufficiently control its territory to support regional stability and prevent its use for international terrorism.” Now, with more than 100,000 lives lost and some $2 trillion

spent, all America has to show for its effort are this month’s scenes of a desperate scramble out of the country – a humiliating collapse reminiscent of the fall of Saigon in 1975. What went wrong?3 Pretty much everything, but not in the way that most people think. While poor planning and a lack of accurate intelligence certainly contributed to the disaster, the problem has in fact been 20 years in the making. The US understood early on that the only way to create a stable country with some semblance of law and order was to establish robust state institutions. Encouraged by many experts and now-defunct theories, the US military framed this challenge as an engineering problem: Afghanistan lacked state institutions, a functioning security force, courts, and knowledgeable bureaucrats, so the solution was to pour in resources and transfer expertise

from foreigners. NGOs and the broader Western foreign-aid complex were there to help in their own way (whether the locals wanted them to or not). And because their work required some degree of stability, foreign soldiers – mainly NATO forces, but also private contractors – were deployed to maintain security.1 In viewing nation-building as a top-down, “state-first” process, US policymakers were following a venerable tradition in political science. The assumption is that if you can establish overwhelming military dominance over a territory and subdue all other sources of power, you can then impose your will. Yet in most places, this theory is only half right, at best; and in Afghanistan, it was dead wrong. Of course, Afghanistan needed a functioning state. But the presumption that one could be imposed from above by foreign forces was misplaced. As James

Robinson and I argue in our 2019 book, The Narrow Corridor, this approach makes no sense when your starting point is a deeply heterogeneous society organized around local customs and norms, where state institutions have long been absent or impaired. True, the top-down approach to state-building has worked in some cases (such as the Qin dynasty in China or the Ottoman Empire). But most states have been constructed not by force but by compromise and cooperation. The successful centralization of power under state institutions more commonly involves the assent and cooperation of the people subject to it. In this model, the state is not imposed on a society against its wishes; rather, state institutions build legitimacy by securing a modicum of popular support. This does not mean that the US should have worked with the

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28 CONTINUED FROM PAGE 27 Taliban. But it does mean that it should have worked more closely with different local groups, rather than pouring resources into the corrupt, non-representative regime of Afghanistan’s first postTaliban president, Hamid Karzai (and his brothers). Ashraf Ghani, the US-backed Afghan president who fled to the United Arab Emirates this week, co-authored a book in 2009 documenting how this strategy had fueled corruption and failed to achieve its stated purpose. Once in power, however, Ghani continued down the same road.1 The situation that the US confronted in Afghanistan was even worse than is typical for aspiring nation builders. From the very beginning, the Afghan population perceived the US presence as a foreign operation intended to weaken their society. That was not a bargain they wanted.

MONDAY AUGUST 23, 2021

What happens when topdown state-building efforts are proceeding against a society’s wishes? In many places, the only attractive option is to withdraw. Sometimes, this takes the form of a physical exodus, as James C. Scott shows in The Art of Not Being Governed, his study of the Zomia people in Southeast Asia. Or it could mean co-habitation without cooperation, as in the case of Scots in Britain or Catalans in Spain. But in a fiercely independent, well-armed society with a long tradition of blood feuds and a recent history of civil war, the more likely response is violent conflict.1 Perhaps things could have turned out differently if Pakistan’s Inter-Services Intelligence agency had not supported the Taliban when it was militarily defeated, if NATO drone attacks had not further alienated the population, and if US-backed Afghan elites had not been extravagantly corrupt. But

the cards were stacked against America’s state-first strategy. And the fact is, US leaders should have known better. As Melissa Dell and Pablo Querubín document, America adopted a similar top-down strategy in Vietnam, and it backfired spectacularly. Places that were bombed to subdue the Viet Cong became even more supportive of the anti-American insurgency. Even more telling is the US military’s own recent experience in Iraq. As research by Eli Berman, Jacob Shapiro, and Joseph Felter shows, the “surge” there worked much better when Americans tried to win hearts and minds by cultivating the support of local groups. Similarly, my own work with Ali Cheema, Asim Khwaja, and James Robinson finds that in rural Pakistan, people turn to non-state actors precisely when they think state institutions are ineffective and foreign to them. None of this means that the withdrawal could not have been

managed better. But after 20 years of misguided efforts, the US was destined to fail in its twin objectives of withdrawing from Afghanistan and leaving behind a stable, law-based society. The result is an immense human tragedy. Even if the Taliban do not revert to their worst practices, Afghan men and especially women will pay a high price for America’s failures in the years and decades ahead. Daron Acemoglu, Professor of Economics at MIT, is co-author (with James A. Robinson) of Why Nations Fail: The Origins of Power, Prosperity and Poverty and The Narrow Corridor: States, Societies, and the Fate of Liberty.

Automobile

MONDAY AUGUST 23, 2021

Automakers producing batteries: There's a good reason for them to do that

By Gustavo Henrique Ruffo

n Brazil, carmakers are more commonly known as assemblers (montadoras). That started because automobiles need multiple parts, and most of them come from suppliers. You name it: glasses, seats, tires, wheels, steering wheels, electronic modules, semiconductors, electric wiring, etc. Automakers produce primarily the body and the combustion engine. With the shift to electric mobility, they may make even fewer components. However, some are willing to change that and increase verticalization, especially when it comes to cells. Apart from being the heaviest components in electric vehicles, battery packs are also the most expensive. Any issue with them renders the EV useless. Used ones are now facing the challenge of replacing these components feasibly. In most cases, new battery packs are more expensive than the entire electric car. Recent recalls show carmakers may have more good reasons to produce them on their own. The first one came from Hyundai. It created a very successful EV – the Kona Electric – until fires started happening. One of the first ones took place in Canada on June 26, 2019. Investigations were still ongoing in 2020, and Hyundai decided to recall the vehicles in October of that year. According to Hyundai, the

issue was a folded anode tab in the cells made by LGES (LG Energy Solution) in its Nanjing plant in China. Rumors stated LGES would pay 70% of the recall costs, but none of the companies confirmed that was the case. Almost simultaneously, GM began having issues with the Chevrolet Bolt EV. Fires started to turn up while the car was charging or right after the process – which was also the case with the Hyundai. LGES was also the supplier for these batteries. GM initially denied it was something similar to what happened with the Kona Electric. Their batteries were made in a South Korean plant. When rumors emerged about the issue being with cell separators, the American company was quick to inform its LGES cells had different separators. It also tried to fix the situation with a bunch of software updates that made no difference in fire occurrences. It took a long time for GM to admit it would have to replace the defective battery modules. The last update was that it would switch the entire battery pack of all Bolt EV and Bolt EUV units ever made. The estimated cost for that would be $1.8 billion, which would allow the American automaker to open two new car factories if it wanted to. Before this last update, GM had only said that the association of two rare manufacturing problems caused the fires. After it, the Bolt EV manufacturer disclosed that the issues were a

torn anode tab and, ironically, a folded separator. It also said it would seek compensation from LGES, which will have implications that we’ll talk about later in this text. With so much at stake, does it make sense that automakers accept to buy such an expensive component that can have huge impacts on their reputation, or should they just learn how to produce them themselves? If you consider Hyundai’s and GM’s situation with these recalls involving LGES, they would probably be better off on their own. Blaming a supplier for an issue does not change much for the consumer: they’ll say that their Hyundai or Chevrolet were problematic, and that’s it. Not having to deal with a third party that may try to avoid liability would also speed up the investigation and discovery of the causes for something as dangerous as blazes. Another irony is that the first company to reveal it would produce its own batteries was GM. On March 5, 2020, it announced Ultium, which will be made by Ultium Cells LLC, a joint venture between GM and… LGES. At first, it seemed that GM was trying to protect its supplier and partner as much as possible, but it completely gave that up when so many different manufacturing issues in various plants started to appear. How shaken their relationship will be after the recall is yet to be seen. On September 22, 2020, the

Tesla Battery Day revealed the now famous 4680 cells. Until then, the EV maker would only buy them from Panasonic, with which it created its first Gigafactory in Nevada. The furthest Tesla had gone with batteries until announcing the 4680 cells was conceiving a new format, the 2170 cells. Volkswagen first talked about its unified cells during the Volkswagen Power Day on March 15, 2021. All the company’s suppliers confessed they were surprised to hear that the German automaker would make its own batteries. It is yet unclear if Volkswagen will do that all by itself or with the help of a supplier, like GM did with LGES. So far, Mercedes-Benz and Ford have also decided to follow suit. The German carmaker announced that on July 22, 2021. On September 2, 2020, Ford’s former CEO Jim Hackett declared the company would buy them instead of producing these components. On April 27, 2021, he changed its mind and said it would manufacture its own cells. The recalls may prove that Ford’s new approach is a wise decision. Whether it is to retain a competitive edge or just to have more control over a crucial component to electric cars, expect all manufacturers that are serious about going electric to make their own cells. Battery packs are just too important to let them in the hands of other companies.

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NO. B24 / 238 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

MONDAY AUGUST 23, 2021

Prof Gordon Awandare reappointed as Chairman of the Governing Council of CK-UTAS

resident Nana Addo Dankwa Akufo-Addo has reappointed Professor Gordon Awandare, the Founding Director of the West Africa Centre for Cell Biology of Infectious Pathogens (WACCBIP), to chair the Governing Council of the C. K. Tedam University of Technology and Applied Sciences (CKT-UTAS) in Navrongo, Upper East Region. The eleven-member council was inaugurated at the conference hall of the National Accreditation Board, Accra, by the Minister of Education, Dr. Yaw Osei Adutwum. Administering the oaths of office and secrecy to the members of the council, Dr. Adutwum charged them to help students develop critical thinking abilities to enhance the country’s socioeconomic development. “To get the critical manpower, management of the university must have critical thinkers to fit into industry needs and transform

the country’s development agenda,” he said. He also urged the university to bridge the gap between academia and industry by collaborating with companies to equip students with hands-on work experience. He highlighted the need for CKUTAS to focus on its core mandate as a technology and engineering institution to demonstrate excellence and give students opportunity to be innovative

to solve problems for national development. Dr. Adutwum further urged the Governing Council of CKT-UTAS to become globally competitive in the pursuit of higher education and assured the members of Government’s commitment to involving the leadership of the University in the development of the new senior high school curriculum to improve teaching and learning.

Professor Gordon Awandare expressed sincere gratitude to the President for the confidence reposed in him. He said the focus of the previous governing council, of which he was Chairman, was to build the structures and develop the statutes of the university. “Now, we are going to focus on restructuring the academic programmes to align with global trends and building capacity for research in order to position CKTUTAS as a globally competitive science and technology university”, he pledged. The other members of the Council include Professor Eric Magnus Wilmot, Vice- Chancellor of CK-UTAS; Prof. Mrs. Agnes Atiah Apusigah, Dr. Dahamani Alhassan (nominees of the President) and Dr. Cletus Agyeman-Boateng, a Senior Lecturer at the Department of Accounting, University of Ghana Business School.

WHO support to countries rolling out multiple COVID-19 vaccines

ith 620 million COVID-19 vaccine doses set to arrive in Africa through COVAX alone by the end of 2021, African countries are set to roll out a range of different vaccines, each with their own unique storage, transport and administration requirements. “It’s a huge and complex task, and it is crucial that we plan well, ensure resources are in place and keep documenting, learning and sharing lessons as we go. Countries must also share all relevant data with WHO, as we use it to allocate vaccines, track progress and tailor our support,” says Dr Phionah Atuhebwe, New Vaccines Introduction Officer with the World Health Organization (WHO) Regional Office for Africa. Many existing preparatory steps remain relevant for the next phase of Africa’s COVID-19 vaccine rollout, but a number of new tools, resources and guidelines are now available. Progress reviews Intra-action reviews help countries find and fix key challenges quickly and keep learning and improving over time.

The reviews can identify practical areas for immediate remedy, such as introducing vaccines to different priority groups, rollingout multiple vaccines, and in wider COVID-19 response reviews, putting the right public health and social measures in place. With WHO assistance, 11 African countries have conducted COVID-19 intra-action reviews. Seven are in the planning phase and nine more have expressed interest in conducting them. Financing The first phase of Africa’s COVID-19 rollout saw a number of African countries unable to unlock funds for key expenses, including hiring vaccinators, coldchain storage and logistics and transport and administration, by leaving them out of their costing plans. The WHO COVID-19 Vaccine Introduction and Deployment Costing Tool (CVIC) is key to helping countries determine their funding needs. Once completed, African countries can request more resources through the WHO COVID-19 Partners Platform. A range of financing

opportunities are available. Gavi, the vaccine alliance, recently approved a further US$ 775 million to deliver vaccines to lowincome countries and the World Bank will provide over US$4 billion to purchase and deploy vaccines to 25 African countries. Sharing lessons WHO documents and shares key lessons from Africa’s rollout of COVID-19 vaccines. This includes building a database of valuable information and creating case studies on positive experiences and how countries are overcoming key risks and challenges. So far, 10 African countries have shared experiences and valuable lessons through regional webinars. Driving demand WHO assists African countries

in reaching communities to drive up demand for vaccines through a network of risk communication and community engagement professionals. The WHO-hosted Africa Infodemic Response Alliance (AIRA) shares safe, proven facts on health and works to counter misinformation online. So far, AIRA has aided around 20 African countries in building up their infodemic management capacities. Viral Facts Africa, AIRA’s content production arm, has produced over 188 items of online content that have been viewed over 100 million times in 34 countries. To access all Viral Facts content please visit this link and click “Request Access”.