Business24 Newspaper 6th December, 2021

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MONDAY DECEMBER 6, 2021

BUSINESS24.COM.GH

Monday December 6, 2021

2021 AEC: Experts call for African crypto currency, integrated capital market to ease business costs

NO. B24 / 283 | News for Business Leaders

Tips to having a financially sound christmas and a happy new year

See page 5

See page 7

President Akufo-Addo impressed with record in agriculture

By Benson Afful affulbenson@gmail.com

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resident Nana Addo Dankwa Akufo-Addo has described the record of his government in the growth and development of the agricultural sector as impressive.

Speaking at the 35th edition of Farmers’ Day on Friday in Cape Coast, President Akufo-Addo stated that his government, since 2017, has set out to transform Ghanaian agriculture through investment in integrated and mutually reinforcing measures that are yielding positive results.

With the central pillar of government’s transformative policy being the programme Cont’d on page 2

Akufo-Addo backs proposed business council to strengthen Ghana-South Africa economic ties

By Eugene Davis ugendavis@gmail.com

for Planting for Food and Jobs, the President stated that “we have, through the programme, achieved a yearly average growth of agriculture of 5.8 percent from 2017 to 2020, compared to the 2.7 percent growth we inherited in 2016.”

According to him, “a total of 1.4 million metric tonnes of fertilizers and some ninety-one thousand metric tonnes (91,000MT) of

certified seeds have been made available to farmers since 2017, with the number of beneficiary farmers now hitting the 1.7 million mark, taking off from the initial number of two hundred and seven thousand (207,000) farmers in 2017.”

Through Planting for Export and Rural Development, which was launched in 2019 to promote the rapid development of six

Chamber of Commerce courts diasporan investors to local economy

By Patrick Paintsil p_paintsil@hotmail.com

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resident Nana AkufoAddo has backed a proposal by his South African counterpart, Cyril Ramaphosa, to establish a business council aimed at consolidating the trade and investment ties between the two countries.

According to him, the two countries are obvious candidates to lead Africa’s economic integration and Cont’d on page 3

VRA completes maintenance works on leaked gas network

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he Volta River Authority (VRA) has successfully completed maintenance works on its leaked gas network in the Aboaze enclave in the Western Region, which had hitherto

he Ghana National Chamber of Commerce and Industry (GNCCI) has partnered with the African Diaspora Development Institute (ADDI) to pool resources that will be channeled to key sectors of the

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Cont’d on page 2 Cont’d on page 2

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Editorial / News

MONDAY DECEMBER 6, 2021

Editorial

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Diaspora Africa leading the charge to transform the continent

hana made a bold call to its diaspora to come home to help its economic liberalization and that noble request was one that warmed hearts.

It was charge that rekindled a strong sense of hospitality from the nation to its diaspora and those from other sister African countries and drove up their desire to contribute their quota towards the development of Ghana.

Since the call, the country has witnessed increased participation from the diaspora in every sphere of economic activities, especially in tourism, arts and culture where the infamous Year of Return project

was a marked success.

The latest to join their capital, expertise and time to the renewed desire to aggressively transform the African economy is the African Diaspora Development Institute, which hopes to serve as the repository of information on Africa.

Under the able leadership of the astute diplomat, Ambassador Arikana Chihombori-Quao, the institute is marshalling a pool of investors with key knowledge and expertise across diverse fields of finance, agribusiness, healthcare and tourism et al to explore investment openings across the continent.

Broadly, the seek to offer practical solutions to ages-long

problems of underdevelopment, unemployment and hugely untapped potentials of Africa’s economies through structured investments into portentous economic areas.

In Ghana, the ADDI has teamed up with the Ghana Chamber of Commerce and Industry on a project that will see its pool of investors pump in over US$100m to establish what will be called the Wakanda One City of Return.

The expertise, wealth and winning mindset of Africa’s diaspora cannot be doubted and it is trite knowledge that the continent will need its sons and daughters abroad to drive its economic revolution.

President Akufo-Addo impressed with record in agriculture increased the warehouse thousand, one hundred (1,100) Continued from cover

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strategic tree crops, i.e., rubber, oil palm, cashew, mango, coconut and shea, and thereby diversify and augment Ghana’s export earnings, some 29 million seedlings have been distributed to some 220,000 beneficiary farmers, the President revealed.

He added that Rearing for Food and Jobs, aimed at expanding domestic meat production and reducing the huge annual import bill for meat and meat products of US$300 million, has seen thousands of different livestock species being distributed to seven national livestock breeding stations in 166 MMDAs across the country.

“Vegetable production under the greenhouse village concept has also been promoted intensively, with three centres established at Dawhenya, Akumadan and Bawjiase for commercial production, and training of youth interested in establishing agribusinesses in the vegetable value chain,” he said.

President Akufo-Addo added, “To improve the efficiency of farmer operations, a total of 8,980 units of various machinery and equipment have been imported to enhance access to mechanisation services by farmers. Sixty-three out of the proposed 80 one thousand metric capacity (1,000MT) warehouses have been completed.”

This, he indicated, has

capacity owned by government to ninety-seven thousand metric tons (97,000 MT), with additional warehouses set to be constructed to handle the expected increased production of grains to enlarge storage and reduce post-harvest losses.

On irrigation, the President stated that “the result of significant investment by my government in the Ghana Commercial Agriculture Progamme has resulted in the availability of a total of thirteen thousand, one hundred and ninety (13,190) hectares of additional irrigable land, through the rehabilitation of Tono, Kpong Left Bank and Kpong Irrigation Schemes, for rice and vegetable cultivation.”

To address the perennial challenges of access to credit for farmers and fisherfolk, the President stated that the Ghana Incentive Based Risk Sharing Agricultural Lending Scheme (GIRSAL), which was established in 2019, has approved and issued credit guarantees for agricultural loans to the tune of GH¢273 million.

On reviving agricultural extension services, President Akufo-Addo noted that government has increased the staff strength of the services from 1,580 in 2016 to 4,280, following the recruitment of 2,700 more extension officers in 2019.

“I am happy to inform you that approval has been given

by Cabinet for the recruitment of an additional number of one

veterinary officers into the Ministry of Food and Agriculture.

Fifty percent (50%) of this number will be recruited in 2022, and the remaining fifty percent (50%) progressively taken on board over a two-year period,” he added Fisheries, cocoa and pension Construction works on fishing landing sites and harbour projects, located in the Greater Accra, Central and Western Regions, President Akufo-Addo said, are progressing steadily, with the projects expected to facilitate the transformation of the fisheries sector by providing modernised berthing, handling, processing and mechanisation facilities to fisher folk.

Cabinet, according to the President, has granted approval for the procurement of a research vessel and four patrol boats for the fisheries sector, with the boats set to strengthen enforcement capacity to help address the issue of overexploitation and overfishing, as well as help curb the pervasive incidence of Illegal, Unreported, and Unregulated (IUU) fishing.

On cocoa, President AkufoAddo stressed that the sector has seen significant transformation since 2017.

“From an average production of 880,000 tonnes, the country hit an all-time record production of 1,047,385 tonnes in 2021, being the highest ever yearly production of cocoa since it was introduced into Ghana in 1879,” he said.

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MONDAY DECEMBER 6, 2021

Chamber of Commerce courts diasporan investors to local economy Continued from cover Ghanaian economy.

To this end, the two institutions will convene a 12-day trade and business expo to highlight viable and ready-to-go solutions and investment opportunities that will create jobs and wealth in the country.

The Wakanda One City of Return Expo, which is currently underway in Cape Coast, is an initiative of the ADDI, under the leadership of Ambassador Arikana Chihombori-Quao, and will convene over 160 delegates from the United States, the local business community, trade associations, government, traditional leaders as well as the media to discuss trade, investments and Ghana-Diaspora relations.

The First Vice President of GNCCI, Mrs. Victoria Hajar, addressing a joint press briefing in Accra, said the expo seeks to expose Africa’s diaspora to the Ghanaian business community to build the right linkages and partnerships and to proffer

Mr. Clement Osei Amoako, President of GNCCI

workable support structures for women entrepreneurs and youthled start-ups, especially within the context of the African Continental Free Trade Area (AfCFTA).

“The GNCCI and ADDI share the belief that for the single continental market to find its feet, there is the need to bridge the gap between Africa and its diaspora in terms of investments, infrastructure and the creation of the enabling environment to push the industrial agenda of the continent,” she said.

She added: “Ghana is in a strategic position to take advantage of this agenda as we receive these investors [diasporans] to leverage the opportunities that they are bringing to change the narrative.”

Mrs. Hajar stressed that GNCCI remains poised to work with diasporans and other foreign investors to transform the Ghanaian economy.

The expo will comprise conferences, trade tours, panel discussions, and exhibitions focusing strongly on keys sectors

of the economy, including finance and banking, mining, trade and investment, tourism, healthcare, and agriculture.

The highlight of the event will be the sod-cutting for an upscale city project christened “Wakanda One City of Return”, which will be a cosmopolitan city to be developed on a 5,040-acre land at Asebu in the Central Region.

“With these investments, we want to provide practical solutions to Africa’s problem in the most African way,” said Ambassador Chihombori-Quao.

“We have what it takes, the people, expertise and strategy to transform the African continent, and we are bringing funding opportunities,” he added.

Phase one of the over US$100m investment will include the construction of luxury apartments, restaurants, hospitality facilities, a healthcare centre, and a one-stop-shop for business or commercial activities.

When completed, the Wakanda One City of Return project will create about 5,000 direct and indirect jobs, and open opportunities in Africa and beyond to boost tourism development.

Akufo-Addo backs proposed business council to strengthen GhanaSouth Africa economic ties Continued from cover advancement, stressing that they have a sensitive role to play in the development of the African Continental Free Trade Area (AfCFTA).

“Sixteen percent of Africa’s combined GDP derives from intra-African trade; 72 percent of Europe’s combined GDP derives from intra-European trade. These two statistics tell us everything about the reality of economic development of Africa and Europe. So the need for us to focus on what we can do to mark up dramatically intra-African trade is laid bare by these statistics. The success of AfCFTA is absolutely critical to our capacity to do that,” said the President.

Speaking at the GhanaSouth African Business Forum in Accra to climax the visit of Mr. Ramaphosa to the country, the President added: “We have agreed [to] certain institutions that we want to see coming into being—a business council between South Africa and Ghana [and] a joint committee for trade

and investment between our two countries—to become part of the architecture of the bi-national commission, which will then be in a position to maintain constantly the dialogue and interactions between our two business communities. I support the idea a hundred percent.”

He also called on the two countries to work together, particularly in the area of vaccine production, stating: “We have agreed to set up a national vaccine institute which is going to lead the process in Ghana. To that extent, we are in full support of the position we have taken, and we hope we can work together in these areas for the future.”

Mr. Ramaphosa indicated that both countries were in a “better position to trade with each other”, adding that the large presence of South African companies in Ghana is indicative of the enabling and friendly environment for businesses.

The South African leader said equitable access to vaccines was a clear way to mitigate the economic and social ruins of the

Covid-19 pandemic.

Further, he touted Ghana’s remarkable progress in its automotive industry as well as its manufacturing capacity, maintaining that “bolstering our manufacturing capacity is the only way to achieve H.E. AkufoAddo’s dream of Africa not being a recipient of aid, but a continent that relies on its own capabilities.”

The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, stated that AfCFTA was for the private sector, adding that the private sector is a critical pillar for the implementation and success of the continental trade arrangement.

He also revealed that the African Export-Import Bank has mobilised US$100m to support the development of the African

automotive sector.

Ghana’s Trade and Industry Minister, Alan Kyerematen, acknowledged South Africa’s role in Ghana’s trade relations, describing it as “one of Ghana’s most important bilateral trade partners.”

“With the coming into force of the AfCFTA, trade and investment between Ghana and South Africa will continue to improve significantly,” he said.

Mr. Ramaphosa’s visit to Ghana forms part of a tour of four West African nations, including Nigeria, Côte d’Ivoire and Senegal, meant to promote intra-continental trade and investment as part of efforts to drive a sustainable economic recovery from the Covid-19 pandemic.

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MONDAY DECEMBER 6, 2021

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MONDAY DECEMBER 6, 2021

2021 AEC: Experts call for African crypto currency, integrated capital market to ease business costs

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common crypto currency and an integrated capital market could boost trade in Africa and sustain growth after the Covid-19 crisis, experts said at the 2021 African Economic Conference on Friday.

But the continent first needs to harmonise national rules and protocols governing the financial systems of individual countries to make the reforms workable, panellists said during a discussion on reforming Africa’s financial system.

Anouar Hassoune, Professor of Finance and CEO of the West Africa Rating Agency, believes that a common crypto currency will ease the cost of doing business and give the continent an identity.

“We need to come up with a crypto currency that is acceptable to each member state. It’s better to do it at the continental level, and we have the expertise to do it. It’s a matter of governance, not an issue of technology,” Hassoune stressed.

He added that the proposed crypto currency could serve as an alternative to monetise some of the continent’s endowments, such as gold and other commodities.

Augustine Ujunwa, an economist at the West African Monetary Institute, said a well-

functioning integrated capital market is crucial in raising debt to finance Africa’s development needs.

“Currently, our markets are small, our countries are small and we need to adopt a regional approach towards integrating markets. But, before we get there, we must harmonise our laws, regulations and protocols governing our fintech and digital systems,” he said.

Ujunwa said central bank financing had become critical, especially in the wake of the Covid-19 crisis. “Central banks should go beyond their price stability role and pursue a growth-focused monetary policy.

They should begin to think of innovative ways of providing finance for the critical sectors of

the economy.”

The panel, moderated by MarieLaure Akin-Olugbade, African Development Bank Director General for West Africa, also explored the role of central banks in financing Africa’s development, and Islamic financing.

Emmanuelle Riedel Drouin, head of the Economic and Financial Transition Department at Agence Française de Développement, supported the idea of a pan-African crypto currency, but said there were some prerequisites.

“We should not forget that there is a lot of work to be done on the digital infrastructure, the development of payment systems, payment system interoperability really needs to be worked on, so there is a lot of work to be done

in collaboration with the financial institutions on digitalisation of delivery and payment channels,” she said.

She added that while central banks have a crucial role, it is essential for economies to diversify funding sources to lessen dependence on them. Panellists noted that the existence of various regional groupings and their different protocols, including cross-border payments, need to be addressed to facilitate the implementation of an integrated capital market. Experience has shown that some countries are reluctant to allow other protocols to interface with their systems, they said.

The 2021 African Economic Conference is being held in a hybrid format, with key delegates gathering on the Cabo Verde island of Sal, as well as virtually.

It brings together a wide range of stakeholders, including policymakers, development institutions, the private sector, and researchers, to discuss ways to sustainably grow the continent’s development funding sources.

The conference is organised by the African Development Bank, the United Nations Development Programme, and the Economic Commission for Africa.

VRA completes maintenance works on leaked gas network Continued from cover been a hindrance in connecting some communities in the country with electricity.

The state power generator has since resumed its operations and is receiving gas from the Ghana National Gas Company.

This means VRA now receives comingled gas from the Ghana Gas pipeline and Eni to power its plants.

From October 30 to November 20, 2021, VRA commenced maintenance works on its leaked gas pipelines in the Aboaze enclave, an action which caused erratic power outages in some communities, especially Kumasi and its environs.

An engineer from VRA who did not want his name to be disclosed said gas leaks were normal in the production history of the state utility company, adding it was very important that they addressed the problem to prevent the situation from

getting worse.

The CEO of Ghana National Gas Company, commenting on the development, said it was welcome news that VRA had resumed its operations, especially going into the festive season, since all those communities that were affected by erratic power outages will

now enjoy stable power.

“This is what Ghana National Gas Company has been waiting for. We thank the engineers from VRA for doing a great job. They are now receiving gas from us.

Ghana Gas Company and VRA will continue to work together to give Ghanaians the best,” he said.

A statement from the VRA said Ghana National Gas Company and other industry players have been very supportive in this troubleshooting exercise and are cooperating to ensure stability in the country’s power generation and distribution sector.

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MONDAY DECEMBER 6, 2021

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Banking &Finance

MONDAY DECEMBER 6, 2021

Tips to having a financially sound christmas and a happy new year

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hy does January feel like 60 days? The joy and euphoria of the yuletide coupled with the need to impress family and friends more often than not lead many people on the path of overspending during the period. They end up broke in January. Overspending during the holidays is a common habit that is difficult to drop.

However, with careful planning and financial discipline, you can achieve a balance between an enjoyable Christmas and a sufficient budget to get through the month of January. Here are some tips: • Avoid Last- Minute Spending One of the biggest mistakes people make during Christmas is buying things at the last minute.

It is common to see heavy traffic at shopping centres, malls and even the streets due to the lastminute Christmas shopping.

Unfortunately, this approach doesn’t give enough time to compare and get the best deals or prices. It pushes us to buy on impulse, especially when we don’t have enough time. Waiting until the last minute for holiday shopping can be costly.

In our rush to try to find a decent present for family and friends in nearly empty aisles of a store, we may end up spending way too much on an item. It can end up feeling poorly thought through because our buying options are limited. Shopping ahead helps us avoid these errors.

November maybe a good time to shop perhaps with a good number

of outlets offering discounts.

• Make a Spending List/Plan To avoid impulse buying during the holidays, get a spending plan and a shopping list. Make a list of the items you want or need to buy and how much you can specifically afford for gifts. Determine your spending budget beyond gifts.

When you put together a budget and a plan for your Christmas spending, you realize what you can get and what you cannot get.

A great quote on budgeting goes, “A budget is telling your money where to go instead of wondering where it went”.

Ensure that your spending plan and budget are comprehensive, by considering other expenses beyond gifts and household purchases. This means planning for outings, events, concerts, hosting of guests, donations and any other activities you may engage in. A budget tells us what we can’t get but it doesn't keep us from buying it anyway, so by all means have a budget however be disciplined as well.

• Do Not Spend to Impress Christmas is a time to show love and appreciation to friends, family and people who have been helpful to us throughout the year.

It is important to keep in mind that the expression of love and appreciation is not measured by the cost of the gifts we give, but the thoughtfulness behind them.

It may be a wonderful idea to purchase a gift for everyone in your life, however it is impractical

and expensive. Before making your holiday list, consider other methods of expressing your appreciation such as acts of service, thoughtful messages, calls and home visits for the people in your life. Remember the simpler the better.

• Be Careful of Credit Purchases It is tempting to overspend when you do not feel the immediate impact on your finances. Spending with your credit card or making purchases with credit payment plans often lead people to unknowingly dig a deeper hole in their finances than they realize. You might think you can simply pay it off later, and while that is an option, it’s never easy to dig yourself out of a financial hole once you’ve created one.

You end up paying off debt long after the holiday season and negatively affecting the following year’s finances. If you plan to use a credit card during the holiday season, ensure that the limit on the card is in line with your budget to avoid the temptation to overspend. Alternatively, stick to outright payments and ensure that the funds at your disposal do not exceed your budget. Creating a budget is the easy part, sticking to it takes discipline and thinking about the future.

• Plan Beyond the Holiday Season Some employers pay salaries earlier than usual in the month of December, including other

benefits such as the thirteenth month salary. This practice often creates the illusion of having excess money to spend during the holidays, hence the temptation to overspend without realizing that the next paycheck is farther than usual. Now we know why most people perceive the 31-day month of January to be a never-ending month.

To make sure that January feels the same as any other month, plan to pay yourself a salary for January as part of your budget for December. This salary should cover your usual monthly expenses. For major expenses such as kids’ school fees and rent payments, save specifically towards them throughout the year as it will be difficult to cover them fully within your December budget.

You can prudently start saving in a steady and consistent manner by making regular contributions over the course of the year. The ideal way to effectively plan for your expenses is to invest a portion of your monthly or periodic income in a money market fund which is structured to protect your capital whilst generating decent returns and providing access to your funds when needed. This way, you would have adequately prepared to afford gifts for your loved ones, enjoy the holiday season and cover your major expenses whilst living comfortably all year round.

And after you’ve done all the above make sure you stay safe during the yuletide. Observe all COVID protocols and stay healthy!

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MONDAY DECEMBER 6, 2021

GNPC supports 2500 artisans to earn NVTI proficiency certificate

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he Ghana National Petroleum Corporation, (GNPC) has organized an NVTI proficiency certificate examination for over 2500 artisans who have acquired various trades.

The programme, under its economic empowerment pillars, trained artisans in masonry, dressmaking, tiling, upholstery, interior decorations within the 28 trade areas.

The organization of the NVTI proficiency certificate examination, according to Mr Isaac Abaidoo Jarvie, an official of the GNPC was to allow the artisans to advance to the polytechnic level.

He noted that the oil finds, largely situated in the Western Region, must indeed empower the teeming unemployed youth with livelihood skills to avert any social upheavals.

The GNPC introduced the programme in 2017 with only 400 people but had now expanded to six Regions.

Madam Ivy Yeboah, the

Western Regional NVTI Director expressed joy at the opportunity given to the youth to turn their fortunes around.

She encouraged many especially workers in the

government sector to add one or two trades to their formal jobs to increase their earnings.

Ms Diana Adjei, Executive Director for Aseda Foundation and coordinator for the master

craftsmen and women project prayed that the gesture continued to empower more youth in the Beneficiary Regions.

GNA

Agric Minister tours northern Ghana

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he Minister of Food and Agriculture, Dr. Owusu Afriyie Akoto resumes has

resumed the regional working tour this week with visits to the five regions in the north.

The 13-day tour, comes shortly after a successful Farmers Day celebrations held in the Central

Regional capital of Cape Coast last Friday.

The visits will take the Minister and his entourage to the Northern, North East, Upper East, Upper West and the Savannah regions.

A statement signed and issued by the Press Secretariat of the Minister, said the "Minister and his entourage, including national directors, will visit farm fields, interact with farmers and staff of the Ministry, and also inspect ongoing projects under the Ministry.

"The Minister will additionally, receive reports from the various regional directors of Agriculture on the status of the government's agricultural flagship initiatives and also pay courtesy calls on traditional authorities" the statement noted.

Dr. Akoto will use the opportunity to meet with agro input dealers and suppliers to discuss issues and challenges pertaining to the implementation of the government's input subsidy programmes ahead of the 2022 crop season.

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MONDAY DECEMBER 6, 2021

ADB promises more support for agribusinesses in 2022 and beyond

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he Managing Director of Agricultural Development Bank (ADB), Dr John Kofi Mensah, has reiterated the Bank's commitment to supporting agribusiness entrepreneurs to create wealth and grow the economy in 2022 and beyond.

He said the ADB remained a leading lender to the agricultural sector in the country and was determined to focus more on the private sector businesses within the agricultural value chain.

“We want to invest in a new generation of agric-entrepreneurs whose interest will be in agribusiness to create wealth and accelerate economic growth.

"This is part of the five-year strategic plan of the Bank's, Agribusiness Division to grow the total loan portfolio by 50 percent by the year 2022,” he noted.

Dr Mensah gave the assurance at the National Farmers' Day Forum held in Cape Coast as part of activities of the 37th Farmers' Day celebration and Trade Exhibitions on the theme: "Planting for Food and Jobs - Consolidating food systems in Ghana".

The forum assembled all current and former award winners, partners, and key stakeholders in the agricultural value chain to discuss issues affecting the progress of the sector and solicited views on the way forward.

Dr Mensah said until the end of 2017, the bank’s focus on

agriculture was minimal, but since then “the ADB has repositioned itself to be more responsive to supporting agriculture in the country.

The bank had therefore expanded its Agriculture Department and attached an Agricultural Business Division which is decentralised and headed by a general manager with dedicated agricultural desk officers at selected branches nationwide.

The Agribusiness Division has been departmentalised into Agricultural Value Chain and Agricultural Services Departments, which captures all the sectors in agriculture.

The department is available to facilitate loans and offer advisory services to customers in the crops, livestock, poultry, marine, cereals, legumes, vegetables, fruits, and other export commodities.

He explained that from an initial loan portfolio of 20 percent for the agricultural sector, the bank could now boast a 50 percent loan portfolio for the sector.

“So the direction the bank is going means that we are refocusing on agriculture, as our core mandate, tells us” he explained.

The ADB Managing Director, announced that the bank was working to reduce interest rates, increase value chain financing and entrepreneurship development

schemes in Agribusiness for the Youth.

It will expanded out grower and In-grower Schemes, green climate practices, seek concessional funding for on-lending to agribusiness and support government in the supply of fishing gears, especially outboard motors to our dear fishers.

To reduce the cost of finance, he said: "as partners in the agricultural sector, the Bank will continue to explore cheaper sources of funds to make it possible to give loans to our Farmers and Fishers at reduced interests rates," he assured.

The Bank through the government’s One District One Factory (1D1F) initiative had disbursed more than GH¢100 million to different companies to develop their factories and industries through the Outgrower Support Scheme.

The out-grower support Scheme has helped create jobs in catchment areas of companies such as the Ekumfi Juice and

Akrofuom District honors gallant farmers

By Jacqueline Akosua Brago

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ineteen farmers were awarded in the Akrofuom District during the 37th National Farmers' Day celebrations at Grumesa.

Majority of the awardees were youth in the district who were into large scale commercial farming.

The District Chief Executive, Jonas Maurice Woode, in his keynote address mentioned that the assembly has set its sight on getting more of the youth involved in agriculture.

To achieve this, he said the assembly will nurse 10, 000 coconut seedlings of which each farmer will get 69 seedlings which is equivalent to one acre farm land.

“This will help the district derive raw materials incase the government is to establish 1D1F in our district as the husk of coconut can be used to produce charcoal which is good for mining activities

“

He added that the participation of the youth in agribusiness, will boost agriculture reminiscent of 'operation feed yourself' introduced by the erstwhile Acheampong government in the 1970s which saw increased in yield.

Touching on the theme for this year’s National Farmers' Day celebrations, Planting for Food and Jobs – consolidating food systems in Ghana, the DCE said it is a call on well meaning Ghanaians to come together to consolidate

the gains the country has made in agriculture so that events of 1983 when severe drought and famine hit the country, will not be revisited.

Member of Parliament for Akrofuom Alex Blankson urged the youth interested in farming to mobilize themselves in order for him to resource them to make the agribusiness lucrative.

Again as a way of empowering the youth in order to reduce ruralurban migration, he will organize skills training and also enroll 100 youth into apprenticeship and set

Fruits Factory and the Weddi Africa Tomatoes Factory.

Dr Mensah recognized the onerous role of Farmers in positioning the agricultural sector as the backbone of the Ghanaian economy and urged them to take advantage of loan facilities to expand their operations.

"Our Farmers and Fishers have provided the nutritional needs of the country at a time that we needed it most, provided raw materials for our fledging industries most of which rely on agricultural raw materials.

"They have provided employment to Ghanaians and also the necessary foreign exchange to improve the Ghanaian economy", he added.

He commended the Ministry and allied institutions for the hard work in ensuring the success of the several interventions and programmes especially the Planting for Food and Jobs initiatives.

them up after their training.

Talking about security, he said the district is working tirelessly to get a district command to help strengthen security in the district.

Mr Alex Blankson donated 400piecss of roofing sheet to help complete the community center of the host town Grumesa.

44-year-old Richardson Kodie adjudged Best Farmer 44 years Richard Kodie was crowned overall best farmer of the Akrofuom District.

He took home a motorized tricycle commonly known as ‘Aboboyaa’, 32inches LED TV, GTP wax print(full), Wellington and other mouthwatering prizes.

He expressed his gratitude to the MOFA officers for their guidance and directions.

Mr. Kodie urged the youth to develop interest in farming to help make life easier for them.

Jacqueline Akosua Brago (SMS Media)

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MONDAY DECEMBER 6, 2021

We oppose singling out African countries for Covid-19 travel bans – President Akufo-Addo

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We repeated our firm opposition to all attempts to single out African countries for the imposition of travel bans, as instruments of immigration control, when we are told, for example, that the omicron variant of COVID-19, which was recently sequenced and reported

by South African scientists, was discovered much earlier in the Netherlands”.

These were the words of President Nana Addo Dankwa Akufo-Addo when he addressed a joint press conference at Jubilee House, with the President of the Republic of South Africa, His Excellency Cyril Ramaphosa, on Saturday, 4th December 2021, as part of a 2-day visit to Ghana by the South African leader.

The President’s comments follow the decision by the US, UK and EU to bar entry to travellers from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Egypt, Mozambique, Malawi and Nigeria, following the discovery of the Omicron variant of COVID-19.

Addressing the media, President Akufo-Addo indicated that he exchanged views and information with President Ramaphosa about the common fight against COVID-19, adding that “I reiterated Ghana’s unflinching support to South Africa and, indeed, to all

other African countries, in the common search for an end to the pandemic”.

He told the media that the purpose of the visit by the South African President is to re-affirm the ties of co-operation and the bonds of friendship between the two countries, with the two leaders discussing at length how to boost further political and economic relations, cultural and people-to-people exchanges, as well as cooperation at the continental and multilateral levels.

Their deliberations also centered on driving investment opportunities, domestic and foreign, into both countries, the realization of the 17 SDGs, and the need for enhanced cooperation and partnership in the areas of education, trade and industry, agriculture, defence co-operation, immigration, environment, science and technology, petroleum and hydrocarbon activities, and tourism.

Whilst thanking President Ramaphosa and South Africa for the supporting Ghana’s bid for the Secretariat of the African Continental Free Trade Area (AfCFTA), and for a nonpermanent seat at the United Nations Security Council, President Akufo-Addo reiterated that “Ghana will make sure that

Africa’s voice is heard loud and clear in the deliberations of the Security Council, both on matters affecting the continent and on global issues, and we will consult broadly to define Africa’s interests”.

He continued, “With the continent confronted by multiple threats to the territorial integrity of some of its states, and many of its civilian populations being put under serious threat, President Ramaphosa and I both agreed that now is not the time for the Security Council to reduce its peacekeeping mandates on the continent”.

President Akufo-Addo applauded President Ramaphosa for the efforts he is making to consolidate the peace in the Southern African Development Community (SADC), with the ongoing SADC mission to crush the violent insurgency in Mozambique’s northern province of Cabo Delgado, in which South African troops are playing a leading role.

“We, in ECOWAS, have much to learn from this, in our own fight against the terrorist threat in the Sahel. President Ramaphosa expressed great interest in this fight, and pledged the support of SADC to ECOWAS within the context of the AU,” he said.

Such co-operation, he added, between regional

bodies is important for ridding the continent of all the antidemocratic elements who have surfaced, and are seeking to destabilise and threaten the peace and security of Africa, and compromise the efforts at realising “The Africa we Want”, as enshrined in AU Agenda 2063.

The President added that “Ghana is determined to deepen her democratic governance, strengthen her institutions of accountability, and put her economy on a strong platform for rapid development. The vision remains that of a Ghana Beyond Aid, a self-reliant Ghana that has freed herself from a mindset of dependence, aid, charity and handouts, and is determined to make intelligent, disciplined use of her considerable resources the basis for her growth and prosperity.”

He reassured President Ramaphosa that Ghana will continue to collaborate with South Africa to find solutions to challenges such as the eradication of widespread poverty, elimination of irregular migration, insecurity and human rights violations, terrorism and violent extremism, human and drug trafficking, piracy, as well as climate change and its attendant, negative impact on the environment and livelihoods.

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Feature

MONDAY DECEMBER 6, 2021

Buckling up for omicron

By William A. Haseltine

A

s yet another new SARSCoV-2 variant emerges and begins to spread – one with a worryingly large set of mutations that may make the virus more capable of evading our immune defenses – we are all being forced to reassess the strategies we have come to rely on for protection.

In many countries, like the United States, vaccines have been viewed as the primary ring of protection, allowing Americans to live in relative security from the virus. But the more we learn about the virus’s ability to dodge and elude the early lines of immune-system defense, the more obvious the need for additional measures becomes.

Instead of relying on a single layer of protection, we should adopt a “belt-and-suspenders” approach. Vaccines remain the primary ring of support – the belt keeping our protective pants on straight. But we would do well to add a set of suspenders for additional support, just in case the belt breaks under mounting pressure from the virus. Based on what we know, our best bet lies with the wider use of monoclonal antibodies for early treatment of COVID-19 and for long-term prevention and protection from the disease.

To see the importance of this approach, imagine a long-term care home in which one resident tests positive for COVID-19, or a ship or submarine at sea, where there would be no possibility of relief from continual and

intense exposure in the event of an outbreak. If the people in these congregate settings were immediately administered a single dose of monoclonal antibody treatment, the odds of an infection in that group leading to severe disease would be reduced by up to 70%. And beyond protection from disease, the single dose would also have a powerful preventive effect for future infection, providing ongoing protection for up to eight months (depending on the therapy used).

As is the case for most antiviral drugs, monoclonal antibodies will need to be tailored to counter the particular strains circulating at any given moment. But the benefit remains: a single dose could protect people for up to eight months with no additional pills and no additional doses required. Consider what this intervention could mean for all the people in congregate living settings or at higher risk of severe disease. If you are older, morbidly obese, immunocompromised, or unable to mount an immune response after vaccination, new data show that you are much more likely than your healthier, vaccinated counterparts to have not only a breakthrough infection but also a more severe illness.

This single injection could still save you.

Moreover, we already have a very good understanding of the potential adverse effects of monoclonal antibody treatments.

All are manageable, which is more than can be said of the antiviral pill molnupiravir, which is currently

before the FDA for emergencyuse approval. Its potential side effects, heatedly discussed among the FDA experts who issued a very narrow approval, include potential birth defects and the possible mutagenesis of the virus itself, essentially supercharging the virus’s ability to create highly mutated variants. The side effects of other pills awaiting further study are still unknown.

The challenge with applying the belt-and-suspenders approach in the past has been the cost of production and the burden of delivery of first-generation monoclonal antibodies.

Initially, the therapies could be administered only intravenously, in a clinical setting, over a period of hours. To be effective, the dose needed to be delivered shortly after symptoms appeared and before severe illness set in.

Between the high costs and the extra administrative demand placed on overburdened healthcare systems, this treatment option simply could not have been applied broadly as a preventive tool. Instead, it was limited to the select few who could both afford and access the required facilities.

But now there is a new generation of antibody treatments that can be administered by injection in a nonclinical setting, at a cost of roughly $400 per gram (according to my conversations with Indian manufacturers of monoclonal antibodies).

At that price, a single dose should cost no more than $500 (while still allowing room for profit).

Admittedly, $500 is a relatively steep price if the treatment is used

broadly as a means of prevention.

Nonetheless, it is far lower than the thousands of dollars a single IV infusion costs, and it pales in comparison to the cost of caring for a person hospitalized with COVID-19. Either way, these treatments offer a compelling return on investment.

What we need now is the same kind of rapid mobilization that delivered safe and highly effective COVID-19 vaccines in record time. That feat was made possible by a coordinated effort between government, global pharmaceutical manufacturers, and health-care payers to streamline the supply chain, improve the speed of delivery, and ensure affordability and accessibility for all those potentially in need.

COVID-19 testing also should be made more accessible, especially in congregate living settings, but also for individuals in general. Antibody testing for those at high risk should become commonplace.

Omicron’s emergence demonstrates that SARS-CoV-2 still has many tricks up its sleeve, the likes of which we may not even be able to imagine. Early tests suggest that monoclonal antibodies are holding up against the new variant. This is promising news, as is the news that the White House will create monoclonal antibody strike teams to administer the lifesaving treatment.

While sartorial observers counsel against wearing a belt and suspenders together, public health calls for precisely such an approach.

12

News

MONDAY DECEMBER 6, 2021

Towards reopening all land borders - ECOWAS takes steps

T

he ECOWAS Commission in collaboration with the West African health Organisation (WAHO) is organising a Sectoral Ministers virtual meeting on the reopening of land borders in the region to facilitate the free movement of persons.

In a statement issued by the regional body on December 3, 2021, it said Sectorial Ministers in charge of Regional Integration, Interior, Trade, Health, Transport and Finance from Member States of the Economic Community of West African States (ECOWAS) are therefore scheduled to hold a virtual meeting on 6th December 2021 in order to deliberate on measures to ensure the coordinated, safe, secure and orderly reopening of borders in the region.

The Ministers are expected to validate the report and recommendations made by technical experts which outlined the essential practical modalities to be put in place for the implementation of the ECOWAS COVID-19 directives on hygiene measures for the gradual and coordinated reopening of borders.

ECOWAS and the West African Economic Monetary Union (WAEMU), through their Member States, are committed to the reopening of borders to facilitate the movement of people and goods, and to define measures to revive regional trade and supply chains between Member States.

The gradual reopening of the borders already begun by the

States, requires good coordination between the States and the land-based actors in charge of border control in order to apply the community texts on the free movement of people and goods in the context of the existing health and security crisis.

It may be recalled that the 59th Ordinary Session of the ECOWAS Authority of Heads of

State and Government charged the ECOWAS Commission to work with Member States and West African Health Organization (WAHO) on the modalities to accelerate the reopening of land borders in a safe manner during the pandemic in line with the agreed ECOWAS Harmonized Guidelines for the Free Movement of People and Goods.

FAO requires $1.5 billion to save livelihoods of 50m people in 2022

T

he Food and Agriculture Organization of the United Nations (FAO) is seeking $1.5 billion in 2022 to save the lives and livelihoods of some of the world's most foodinsecure people, as acute hunger accelerates its march across the globe. The announcement was made as part of the United Nations’ large-scale humanitarian appeal has revealed.

With less than 4 percent of the $41 billion required across all appeals for 2022, FAO aims to provide livelihood assistance to about 50 million people.

Intensifying and spreading conflicts and other humanitarian emergencies, climate extremes and the continued effects of the COVID-19 pandemic – compounded by the multiple impacts of the climate crisis -- have pushed more and more people to the extremes of hunger.

By September, 161 million people were experiencing high acute food insecurity of whom 45 million were facing an imminent risk of starvation – a sharp rise

compared with 155 million for the whole of 2020.

Rural people are right on the frontlines. Two-thirds of those experiencing acute hunger are in rural areas, relying on agriculture for their daily food and income, and their livelihoods are being threatened.

Speaking at a high-level panel discussion at the launch of the 2022 Global Humanitarian Overview, the FAO Director-General QU Dongyu stressed that the only way to halt and reverse acute hunger is to repurpose financial support to the agriculture sector, which currently receives only 8 percent of allocated humanitarian

resources.

“The arc of acute food insecurity continues to shoot upwards, despite a parallel upward trend in humanitarian funding to the food sector,” he said underscoring that agriculture is crucial for providing a path out of protracted and deepening food crises and must be a fundamental element of the immediate emergency humanitarian response.

Agricultural aid strategic, but underfunded In 2021, humanitarian appeals related to the agricultural sector were massively underfunded despite being among the most cost-effective humanitarian

frontline interventions.

For example, in Afghanistan, where four out of five people experiencing high acute hunger are in rural areas, a $157 wheat cultivation assistance package can supply a family of seven with enough staple food for a full year.

Likewise, keeping livestock alive and protected against diseases costs little but provides enormous benefits. For a family on the edge, just one cup of milk a day can make the difference between life and death. In Yemen, for example, with just $8, FAO can vaccinate and deworm an average herd of five sheep or goats, protecting assets worth $500 on the local market.

To this end, the FAO Director-General called on the humanitarian sector to be more strategic in allocating resources, helping vulnerable people grow food right where it is needed most. This requires providing farmers with seeds and fertilizers in time for the planting season, as well as better access to water and other resources, Qu noted.

13

Energy

MONDAY DECEMBER 6, 2021

Global coal hypocrisy

By Shashi Tharoor

I

ndia has somehow emerged as the villain of last month’s United Nations Climate Change Conference (COP26), blamed for resisting cuts to coal consumption even as toxic air envelops its capital, New Delhi.

The country’s supposed crime in Glasgow was to join China in insisting on a last-minute change to the conference’s final declaration, in which countries pledged to “phase down” rather than “phase out” coal. For that, India, whose per capita carbondioxide emissions are a fraction of those of the world’s leading emitters, was widely criticized for obstructing the global fight against climate change.

The irony is that India has done far less to intensify the planet’s greenhouse effect than either China or the developed West.

True, the country is a major coal consumer, and derives about 70% of its energy from it. But, as recently as 2015, at least a quarter of India’s population couldn’t take for granted what almost everyone in the developed world can: to flick a switch on a wall and be bathed with light.

Worse, Indians are among the biggest victims of climate change, periodically enduring devastating floods and unseasonal droughts, in addition to choking on polluted air. Delhi is a poster child for poor air quality, which hovers between “severe” and “hazardous” for much of the year. The causes include PM2.5 particles emitted from coal-fired power plants, fumes from dense traffic, industrial pollution, and the burning of crop stubble by farmers in neighboring states – all combined with winter fog.

But given India’s traditional role as a leading voice of the developing world, it became the

face of the last-minute change of language at COP26. The “phase down” wording regarding coal consumption had already appeared in a US-China bilateral climate agreement signed earlier in the conference. Nevertheless, India became the focus of global opprobrium.

India does not deserve to be the fall guy. For starters, the country has 17% of the world’s population but generates only 7% of global CO2 emissions. (China, with 18.5% of the world’s people, generates 27% of emissions, and the US, with less than 5% of the world’s population, accounts for 15%.) Whereas wasteful consumption and unsustainable energy-guzzling are rife in the West, most Indians live close to the subsistence level, and many have no access to energy. To expect India to meet the targets that rich countries currently tout is unfair and impractical.

Economic development – indispensable to pulling millions of Indians out of poverty – requires energy. Coal may be polluting, but it is not feasible for any developing country to switch rapidly to cleaner alternatives that need scaling up.

Moreover, despite having vast financial resources and access to cleaner fossil fuels such as natural gas (which India must import), Western countries have done little to help. They have failed to keep climate-finance promises to poor countries (notably the $100 billion per year they committed to provide at COP15 in Copenhagen in 2009), and refused to transfer advanced green technologies.

And COP26 singled out the coal used by developing countries, not the oil and gas used extensively in the West.

India’s energy requirements are expected to increase faster than those of any other country

in the next two decades. Since COP21 in Paris in 2015, India has announced ambitious plans to scale up its production and use of renewable energy, which currently accounts for only 18% of its electricity generation. And at COP26, India complemented its explicit commitment to phase down coal with a pledge to achieve net-zero emissions by 2070.

India has also updated its nationally determined contributions, which it must fulfill by 2030. The country is now pledging to increase its installed renewable-energy capacity to 500 gigawatts, and meet 50% of its energy requirements from nonfossil-fuel sources. Furthermore, India aims to reduce its CO2 emissions by one billion tons and lower its emissions intensity (which measures emissions per unit of economic growth) by 45% from 2005 levels.

For now, there is no viable alternative to coal. Blessed with abundant sunshine, India has become a solar-power enthusiast and plans to generate 40 GW of green energy from rooftop solar installations by 2022. But it has achieved barely 20% of that target so far. Vast amounts of solar energy cannot be generated overnight, and battery storage remains expensive, while green hydrogen technology and facilities are still unavailable in India. Wind energy is minuscule, and the country lacks significant oil and gas reserves. Nuclear power accounts for less than 2% of India’s electricity, and nuclear plants constantly face opposition from residents of surrounding areas.

As a result, India’s performance on greenhouse-gas emissions will get worse before it gets better.

According to a study by BP, India’s share of global emissions will increase to 14% by 2040. Coal

will by then account for 48% of the country’s primary energy consumption, and renewable energy only 16%. And because of India’s high dependence on agriculture, which engages nearly two-thirds of its population, and its vast number of cattle, the country did not sign the global deal announced at COP26 to reduce methane emissions.

Of course, reducing emissions is not the only way to combat climate change. India plans to bring one-third of its land area under forest cover, and to plant enough trees by 2030 to absorb an additional 2.5-3 billion tons of atmospheric CO2. It has made a start, with forest cover increasing by 5.2% between 2001 and 2019, though progress has been uneven, with the northeast losing forest cover while the south visibly improves.

Still, the Intergovernmental Panel on Climate Change says that achieving global netzero emissions by 2050 is the minimum needed to limit global warming to 1.5º Celsius above preindustrial levels. Climate Action Tracker calculates that – based on countries’ current 2030 climate targets – the world is heading for a temperature rise of 2.4ºC by 2100. Some scientists warn that global warming could eventually exceed 4ºC. If this happens, the resulting heat waves, droughts, floods, and rising sea levels would cause devastating loss of human life, mass extinction of animal and plant species, and irreversible damage to our ecosystem. India would be a major victim of such a calamity. The country will therefore make a good-faith effort to help avert climate disaster – but only within the limits of what it can feasibly do.

Project syndicate

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MONDAY DECEMBER 6, 2021

15

News

MONDAY DECEMBER 6, 2021

Ecobank has no application pending before the Supreme Court— lawyer

M

r Thaddeus Sory, a lawyer for Mr. Daniel Ofori, an Investor, says Ecobank Ghana has no application pending before the Supreme Court to reopen their matter, as suggested by the Bank in a media release.

Mr Sory said the only application filed by Ecobank recently was one for review of the Supreme Court’s decision refusing Ecobank’s earlier application to reopen the decision of the Court on appeal in 2018 with the introduction of “new evidence”.

In a statement issued in Accra by the Counsel for Mr Ofori, reacting to a media release by the Bank, he said "we filed an application then to the Court on behalf of Mr. Ofori to strike out what Ecobank filed."

He said this was because Ecobank failed to comply with the Rules of the Supreme Court and the previous order of the Court in filing the processes.

He said with their claims they wrote to the Registrar of the Supreme Court on November 21, 2021 and obtained confirmation that there was no pending application for a stay of execution in that Court before Mr Ofori proceeded to have the Fieri Facias (Fi-Fa) notice was pasted on the Head Office Building of Ecobank.

According to the lawyer, the earlier garnishee proceedings referred to in the media release of Ecobank were a different kind of enforcement process from the Fi-Fa that was currently being pursued by them on behalf of Mr. Ofori.

The lawyer said following a writ of Fi-Fa, which Mr Ofori caused to be issued against the Bank for its failure to pay the sum

of GHS96, 304,972.41 ordered by the Supreme Court, was based on the bank’s own admission at a hearing on June 1, 2021.

He said after the pasting by a court bailiff of the Fi-Fa on the Head Office building of Ecobank on Friday, November 26, 2021, Ecobank issued a media release the same day in which they made false and libellous allegations against Mr. Ofori.

Mr Sory said it was simply not true that Mr. Ofori tendered in evidence of the investment agreement between Ecobank and himself at any stage in the case.

He said the truth, as the Court records and the judgment of the Supreme Court dated July 25, 2018, confirmed, was that Ecobank itself admitted that the agreed interest rate on the investment made by Mr. Ofori with Ecobank was 30 per cent.

"The judgment of the Supreme Court was therefore based on this admission," he added.

He said having regard to the fact that the Supreme Court judgment was based on Ecobank’s own admission, it clearly did not make sense to suggest that Mr. Ofori had forged an investment agreement to prove his case against Ecobank.

He said after the judgment of the Supreme Court, Ecobank surfaced with a document it described as the investment agreement in which was inserted in the figure 15 as the percentage for interest on the investment.

The Counsel said "this is completely at variance with the 30 per cent Ecobank had itself admitted to. It is Ecobank which has an interest in contradicting its earlier admission by seeking belatedly to introduce a document

in which an interest rate of 15 per cent is being put forward three years after the judgment of the Court and even after the failure of the application for review in March 2021."

He said in opposing the application for review, they drew the Court’s attention to the fact that the document Ecobank was now relying on lacked credibility, bearing on its face several hand written alterations, and having issues with dating.

Mr Sory claimed the Supreme Court, by a unanimous decision, refused to review its decision on the ground urged by Ecobank that it had now discovered the investment agreement.

The Court also refused to order the Police to conduct the forensic examination of the document Ecobank is now putting forward and which its media release is referring to.

"It is, indeed, worthy of note that Ecobank tried at least three times without success to have the Court take into account their document with 15 per cent. Ecobank, having failed to get a Court order for this, has apparently, by itself, taken a document for forensic examination and makes libellous accusations against Mr. Ofori by reference to this," he said.

He said Ecobank has, for years now, deprived Mr. Ofori of funds he had in an account with the bank and part of which he invested on the terms admitted by the Bank.

Mr Sory said such conduct was plainly wrong, being a breach of Ecobank obligations as a bank to Mr. Ofori as a customer, adding that this had had serious consequences for Mr. Ofori’s

business.

He said incredibly, the Ecobank media release, as part of its imputation of wrongdoing on the part of Mr. Ofori, referred to him receiving dividends on shares which, according to him, he had sold to a third party.

The Supreme Court considered this issue and recognized that the dividends were received by Mr. Ofori at the time when the High Court and the Court of Appeal had decided that the share sale transaction had not successfully taken place.

"In the words of the Supreme Court, 'by acting in reliance on those judgments and collecting the dividend he [Mr. Ofori] did nothing wrong,'" he said.

The Counsel said it was a matter of grave concern that, after the Court official pasted the fi-fa notice on the Ecobank Building following Ecobank failure to make the payment ordered by the Court, a member of Ecobank staff removed the notice, showing contempt for lawful Court process.

"Ecobank should not seek to take the law into its own hands," he added.

He said clearly, the best way for Ecobank to give assurance to its customers, shareholders and the general public about its standing as a bank is to obey court orders, specifically, at this time, the order of the Court to pay Mr. Ofori, GHS 96, 304,972.41, otherwise, they would have no option but to proceed with the fi-fa on the head office building.

GNA

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MONDAY DECEMBER 6, 2021

17

News

MONDAY DECEMBER 6, 2021

‘We're proud of Akufo-Addo's recognition as African of the Year’

S

outh African President Cyril Ramaphosa has paid glowing tribute to the President of the Republic, Nana Addo Dankwa Akufo- Addo, over his recognition

by Forbes Magazine as the “African of the Year”.

At a State Dinner held in honour of the visiting South African President, at Jubilee House, on Saturday, 4 th December, the South African President was full of praise for his Ghanaian counterpart for being adjudged the African of the Year by world’s renowned media entity, Forbes.

President Ramaphosa extolled the virtues of President AkufoAddo which led to Forbes awarding him the prestigious African of the Year crown.

“We are proud of this recognition, Your Excellency, because it speaks of your commitment, it speaks of your creativity, your innovation, and your clear strategic vision of what should happen in your own country, as well as on our beloved African continent” he said.

President Ramaphosa also stressed that the recognition of President Nana Addo Dankwa Akufo-Addo by Forbes is about his vision for Ghana, in particular, and the African continent as a whole.

“The recognition by the magazine is about your vision, not

only for Ghana but for the people of our continent as well” the South African President stated.

Not only was President Ramaphosa pleased with President Akufo-Addo’s recognition as the African of the Year, but he was also impressed by the cultural heritage of the Ghanaian people.

“This morning, Your Excellency, you took me to Kumasi to show me the wonders of Ghanaian culture and spectacular traditions during the 50th Celebration of Nana Otuo Sriboe II of Juaben. I was deeply moved and impressed to see how Ghana has continued to keep true to the traditions of old,

traditions that span generations and generations”, the South African President said.

Continuing, President indicated that “I will go back to South Africa with vivid memories of a people who are together in the very peaceful spirit celebrating, and I was truly honoured and humbled that you did take me to see the wonders of Ghanaian culture and tradition” he said.

On his part, President Akufo-Addo thanked President Ramaphosa and his delegation for their visit to Ghana, and reiterated his confidence that the visit will deepen the ties of friendship and co-operation between the two

countries and their peoples.

“For me, one of the essential pillars of our relations must be the mutual nurturing of our young people. They are the ones to inherit the legacy of our current co-operative endeavours, who should work towards preserving and further enriching it,” he said.

The President continued, “With your visit, I am confident that a solid foundation for this new and mutually-beneficial cooperation has been laid, just as we have renewed our determination to work towards strengthening our common commitment to our continental organisation, the African Union”.

YouStart to kick start entrepreneurial state, creat jobs – Ofori-Atta

F

inance Minister Ken OforiAtta has stated that the YouStart initiative is a game changer to kick start an entrepreneurial state and create jobs.

“Essentially, the YouStart will serve as a vehicle to support the youth with developing commercially viable businesses, gaining access to capital, training, technical skills, and mentoring to enable them launch and operate their businesses,” he stated.

He made this known when he addressed over 2000 youths from Senior High Schools, Tertiary Institutions, youth in entrepreneurship and identifiable groups in the Cape coast environs at the Springboard Youth Dialogue programme held at the University of Cape Coast.

YouStart is a vehicle by Government to support the youth with developing commercially viable businesses, gaining access

to capital, training, technical skills and mentoring to enable them launch and operate their businesses.

According to the Minister, the programme is expected to remove the primary impediment to the growth of enterprise in Ghana, i.e., access to credit and incorporate the broader vision of the Ghana Beyond Aid under the Ghana CARES “Obaatan Pa” Programme.

The Minister explained that the training component of the initiative would consider Skills Development, Entrepreneurial

Support and Business Advisory Services, while the funding component would consider access to competitive credit and Starter Packs.

Furthermore, he said, the enterprise promotion would look at Mentoring and Access to Markets including portals to facilitate “digital linkages” between youth-led enterprises and other businesses and relevant Government agencies.

“By working in tandem with our international development partners and financial institutions, an unprecedented GHS10 billion

will be committed over the next three years to supporting entrepreneurship,” he added.

He disclosed that over the next three years, Government would commit up to GHS1 billion annually to YouStart, while Development Partners and Financial Institutions would complement Government funding with close to GHS2 billion and GHS5 billion, respectively.

He added that, initiate will also nurture a self-confident and business savvy generation that would leverage on the AfCFTA for economic transformation.

“With the anticipated multiplier effect of YouStart, we will become an entrepreneurial nation with a great army of curious, competent, and compassionate actors empowered to conquer opportunities at home and beyond. That is our goal, and with God on our side, we will accomplish it,” he added.

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MONDAY DECEMBER 6, 2021

19

Feature

MONDAY DECEMBER 6, 2021

Time to overhaul the global financial system

By Jeffrey D. Sachs

A

t last month’s COP26 climate summit, hundreds of financial institutions declared that they would put trillions of dollars to work to finance solutions to climate change. Yet a major barrier stands in the way: The world’s financial system actually impedes the flow of finance to developing countries, creating a financial death trap for many.

Economic development depends on investments in three main kinds of capital: human capital (health and education), infrastructure (power, digital, transport, and urban), and businesses. Poorer countries have lower levels per person of each kind of capital, and therefore also have the potential to grow rapidly by investing in a balanced way across them. These days, that growth can and should be green and digital, avoiding the high-pollution growth of the past.

Global bond markets and banking systems should provide sufficient funds for the highgrowth “catch-up” phase of sustainable development, yet this doesn’t happen. The flow of funds from global bond markets and banks to developing countries remains small, costly to the borrowers, and unstable.

Developing-country borrowers pay interest charges that are often 5-10% higher per year than the borrowing costs paid by rich countries.

Developing country borrowers as a group are regarded as high risk. The bond rating agencies assign lower ratings by mechanical formula to countries just because they are poor. Yet these perceived high risks are exaggerated, and often become a self-fulfilling prophecy.

When a government floats bonds to finance public investments, it generally counts

on the ability to refinance some or all of the bonds as they fall due, provided that the long-term trajectory of its debt relative to government revenues is acceptable. If the government suddenly finds itself unable to refinance the debts falling due, it likely will be pushed into default – not out of bad faith or because of long-term insolvency, but for lack of cash on hand.

This is what happens to far too many developing-country governments.

International lenders (or rating agencies) come to believe, often for an arbitrary reason, that Country X has become uncreditworthy.

This perception results in a “sudden stop” of new lending to the government. Without access to refinancing, the government is forced into a default, thus “justifying” the preceding fears.

The government then usually turns to the International Monetary Fund for emergency financing. The restoration of the government’s global financial reputation typically takes years or even decades.

Rich-country governments that borrow internationally in their own currencies do not face the same risk of a sudden stop, because their own central banks act as lenders of last resort.

Lending to the United States government is considered safe in no small part because the Federal Reserve can buy Treasury bonds in the open market, ensuring in effect that the government can roll over debts falling due.

The same is true for eurozone countries, assuming that the European Central Bank acts as the lender of last resort. When the ECB briefly failed to play that role in the immediate aftermath of the 2008 financial crisis, several eurozone countries (including Greece, Ireland, and Portugal) temporarily lost access to international capital markets. After that debacle – a

near-death experience for the eurozone – the ECB stepped up its lender-of-last-resort function, engaged in quantitative easing through massive purchases of eurozone bonds, and thereby eased borrowing conditions for the affected countries.

Rich countries thus generally borrow in their own currencies, at low cost, and with little risk of illiquidity, except at moments of exceptional policy mismanagement (such as by the US government in 2008, and by the ECB soon thereafter).

Lowand lower-middleincome countries, by contrast, borrow in foreign currencies (mainly dollars and euros), pay exceptionally high interest rates, and suffer sudden stops.

For example, Ghana’s debt-toGDP ratio (83.5%) is far lower than Greece’s (206.7%) or Portugal’s (130.8%), yet Moody’s rates the creditworthiness of Ghana’s government bonds at B3, several notches below those of Greece (Ba3) and Portugal (Baa2). Ghana pays around 9% on ten-year borrowing, whereas Greece and Portugal pay just 1.3% and 0.4%, respectively.

The major credit-rating agencies (Fitch, Moody’s, and S&P Global) assign investment-grade ratings to most rich countries and to many upper-middleincome countries, but assign sub-investment-grade ratings to nearly all lower-middle-income countries and to all low-income countries. Moody’s, for example, currently assigns an investment grade to just two lower-middleincome countries (Indonesia and the Philippines).

Trillions of dollars in pension, insurance, bank, and other investment funds are channeled by law, regulation, or internal practice away from subinvestment-grade securities.

Once lost, an investment-grade sovereign rating is extremely hard to recover unless the

government enjoys the backing of a major central bank. During the 2010s, 20 governments – including Barbados, Brazil, Greece, Tunisia, and Turkey – were downgraded to belowinvestment grade. Out of the five that have since recovered their investment-grade rating, four are in the EU (Hungary, Ireland, Portugal, and Slovenia), and none are in Latin America, Africa, or Asia (the fifth is Russia).

An overhaul of the global financial system is therefore urgent and long overdue.

Developing countries with good growth prospects and vital development needs should be able to borrow reliably on decent market terms. To this end, the G20 and the IMF should devise a new and improved credit-rating system that accounts for each country’s growth prospects and long-term debt sustainability.

Banking regulations, such as those of the Bank for International Settlements, should then be revised according to the improved credit-rating system to facilitate more bank lending to developing countries.

To help end the sudden stops, the G20 and the IMF should use their financial firepower to support a liquid secondary market in developing-country sovereign bonds. The Fed, ECB, and other key central banks should establish currency swap lines with central banks in low-income and lower-middleincome countries. The World Bank and other development finance institutions also should greatly increase their grants and concessional loans to developing countries, especially the poorest.

Last but not least, if rich countries and regions, including several US states, stopped sponsoring money laundering and tax havens, developing countries would have more revenues to fund investments in sustainable development.

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Fairwork Ghana launches digital platform report at UGBS

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he Dean of the University of Ghana Business School (UGBS), together with Professor Richard Boateng, graced the Fairwork Ghana Report Launch, which took place on Tuesday, 30th November 2021 at the University of Ghana Business School Graduate Building.

Professor Boateng, an Information Systems Professor at the University of Ghana Business School is the Lead of the Fairwork Ghana Project. In his welcome address, Professor Boateng acknowledged dignitaries present, partners, sponsors, and the global virtual audience.

He then briefed the house on Fairwork and its activities.

He indicated that Fairwork is an international research project that evaluates working conditions on digital labour platforms and is currently operating in 26 countries across 5 continents, including 6 African countries.

Fairwork Ghana is hosted by UGBS and is implemented in collaboration with Ghana Institute of Management and Public Administration (GIMPA).

The project is being funded by the Federal Ministry for Economic

Cooperation and Development, Germany. He mentioned that 10 digital platforms were assessed based on Fairwork principles: fair pay, fair conditions, fair contracts, fair management, and fair representation.

On his part, Professor Bawole, in his opening remarks, mentioned that in the African region, UGBS has become recognised for impactful research, specifically academic research. He added that when he was approached

by Professor Boateng and the team about the Fairwork project,

he was enthused because this project is a project that touches many lives. One thing he likes about the project is the fact that it allows the researchers to assess what happens within these digital platforms and how people get treated.

Moving forward, Professor Bawole remarked that the unemployment rate in the African region is so high to the extent that young people are either underemployed or unemployed.

Nonetheless, there are huge opportunities, and the areas

where the next jobs are going to be created include the gig economy, and a key aspect is the platform economy.

He congratulated Fairwork for the excellent job and thanked the sponsors and all other partners for their support and collaboration.

The report was presented and launched by Professor Thomas Anning-Dorson, Country Manager of Fairwork Ghana Project. It’s worthy to note that this first Fairwork report in Ghana stems from a year-long collaboration between the University of Ghana Business School, the University of Oxford, and the WZB Berlin Social Science Centre.

Asaase Broadcasting starts transmission on new channel in Central Region

A

saase Broadcasting Company Limited has begun test transmission for its latest channel that will serve audiences in the Central Region. The new radio channel will be broadcasting on 100.3 megahertz on the Frequency Modulation spectrum.

Asaase Radio 100.3 megahertz (FM) will bring a blend of content that will provoke positive change, entertain, educate and inspire audiences in the Central Region.

Programmes Manager, Nana Otu-Gyandoh said, “Our programming will bring refreshing and enchanting

experiences to our Central regional audience and all across the globe who love to connect with content from the Central Region of Ghana.”

“We aspire to lead a pan African drive that brings true meaning to the phrase “It’s Africa’s time” and we will do this from within

Ghana and affect the continent.

There are exciting times ahead for our audience and partners as we work toward a future of impactful broadcasting.” said Prince Moses Ofori-Atta, General Manager of Asaase Broadcasting Company Limited.

Asaase Radio 100.3 megahertz (FM) is expected to roll out full programming soon and will be broadcasting from the historical regional capital of the Central Region, CAPE COAST. Asaase Radio 100.3 megahertz (FM) is owned by Asaase Broadcasting Limited, a private commercial media organisation that also operates of Asaase Radio 99.5 megahertz (FM) in Accra, Asaase Radio 98.5 megahertz (FM) in Kumasi and 123 Radio 99.7 megahertz (FM) in Tamale.