Business24 Newspaper 22nd February, 2021 by Business24 Online

MONDAY FEBRUARY 22, 2021

BUSINESS24.COM.GH

NO. B24 / 162 | NEWS FOR BUSINESS LEADERS

MONDAY FEBRUARY 22, 2021

Cocobod earmarks US$190m to pay LBCs Mr. Archie Hesse, CEO of GhIPSS

Ghana, Nigeria payment systems integration makes steady progress By Joshua Worlasi Amlanu macjosh1922@gmail.com

hana and Nigeria have made steady progress with the integration of payment systems, as part of the implementation of an integrated payment system for West African Cont’d on page 3

IFAD targets US$3.8bn to tackle hunger and poverty By Reuben Quainoo

Dr. Afriyie Akoto

By Eugene Davis ugendavis@gmail.com

he Food and Agriculture Minister-designate, Dr. Owusu Afriyie Akoto, has disclosed that Cocobod will start paying debts owed to Licensed Buying Companies

(LBCs) on Monday, February 22. According to him, about US$190m is expected to be paid to the LBCs. Appearing before the Appointments Committee of Parliament on Friday, he explained that Covid-19 has

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

POLICY RATE

14.5% 14.77%

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

4.2% GHC 5.13

Cont’d on page 2 INTERNATIONAL MARKET

US$1 = GHC 5.7606

GHANA REFERENCE RATE PROJECTED GDP GROWTH RATE

hit the centres of chocolate consumption—America and Europe—which has caused the demand for chocolate and cocoa beans to fall. He said this has affected the financing of the cocoa harvest,

he United Nations’ International Fund for Agricultural Development (IFAD) says it is seeking to raise close to US$4bn in donor funding towards investments in the world’s rural poor in pandemic recovery efforts.

BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE

CORN $/BUSHEL

$543.75

COCOA $/METRIC TON

$123.55

COFFEE $/POUND:

Cont’d on page 3

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Editorial / News

MONDAY FEBRUARY 22, 2021

Editorial

Protect banking sector’s robustness

he banking sector reforms undertaken over the past few years remain arguably among the toughest decisions ever undertaken by the central bank. There is no denying the sector needed these reforms in order to regain the much potential that had seen an influx of banks from neighbouring countries in the 2000s. Indeed, as the Governor had repeatedly said, these reforms could not have come at a better time. The challenges posed by the covid-19 pandemic would have exacerbated the numerous problem inherent in the sector. That notwithstanding, the pandemic brought its own challenges that need to be dealt with. Banking is fundamentally a risky venture with the pandemic only exacerbating these risks to

unprecedented levels in a way that severely impact business, financial, and operational resilience of the industry if not carefully managed. In a recent webinar, the second deputy governor sums these up in a very poignant way that should catch the attention of stakeholders in the sector. As it stands now, banks are dealing with more pronounced balance sheet risks from asset impairment, higher provisioning, and lower profitability, and heightened operational risks from disruptions to service delivery and cyber risks. Furthermore, measuring Covid-related risks to the banking sector is challenging, especially as there are many unknowns associated with the evolving pandemic and the absence of modern-day precedents (not

even the global financial crisis) to guide bankers. · This paper shares the position that identifying, measuring, and mitigating these risks remains critical to maintaining the financial and operational resilience of the industry, the stability of the financial system, and the stability and recovery of our economy. Just like the central bank, we also demand the banking industry to be proactive in assessing and managing these risks in line with relevant provisions of the Banks and Specialised Deposit-Taking Institutions Act of 2016 and the Corporate Governance Directive of 2018. We cannot afford a single bank to go under in these times. The socio-economic impact would be deadly!

Cocobod earmarks US$190m to pay LBCs Continued from cover

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since the availability of loans contracted by Cocobod from foreign banks to purchase cocoa is dependent on the volume of the crop that the board is able to sell. “For the first time in many years, it has not been possible to sell enough contracts to enable the last tranche of about US$190m to be released. In fact, if you compare the amount of contracts sold out compared to the same period last year, we are down by nearly one-third,” Dr. Akoto said. He added that the central bank is considering a bridge loan for Cocobod to help it meet its obligations to LBCs. State control of cocoa Dr. Akoto also justified the state’s control of cocoa production, maintaining that it has served the country well. He said this in answer to a question from a member of the committee on whether private sector or state control would work better for the country in terms of boosting cocoa production. “The system that we have today was actually started in 1947, and it has served us well. We are just going through a transition period; we were the dominant force in world cocoa production for more than a century and a half. It is only in the last 20 years or so that

Ivory Coast has taken over from us, so we should not despair.” He explained to committee members that in the 1990s, Ghana and other African countries came under heavy criticism from the World Bank to liberalise their cocoa industries, adding that the country’s approach was to liberalise the local internal marketing of cocoa while leaving the core of the industry in the state’s hands.

Last year Cocobod and the African Development Bank (AfDB) signed a US$600m facility to finance large-scale pollination of cocoa farms, expand tree pruning, construct warehouses, rehabilitate declining plantations and increase local processing. Cocobod is targeting to raise Ghana’s cocoa output from an average of 850,000 tonnes to more than 1m tonnes with the new investment from AfDB.

MONDAY FEBRUARY 22, 2021

Ghana, Nigeria payment systems integration makes steady progress Continued from cover states. In an interview following a training session for financial journalists, Mr. Archie Hesse, Chief Executive Officer of Ghana Interbank Payment and Settlement Systems (GhIPSS), revealed that the technical level of integration has been completed, and currently what remains is to synchronise the settlement of currency exchanges during transactions. “We are transacting in cedis, Nigeria transacts in naira. What do we do? Are we going to have a daily exchange rate between the two countries’ currencies? This is a key factor [currency settlement] to be looked at,” he said. According to Ghana’s National Payment Systems Strategic Plan (2019-2024), the final integration of West African states’ payment systems will be implemented by

the end of 2022. GhIPSS is expected to introduce a scheme to link the National Switching and Processing System—gh-LinkTM—with other West African countries. Mr. Hesse noted that Afreximbank, the pan-African

trade finance lender, has initiated a project to address the forex implications of cross-border payment transactions in Africa. Late last year, the bank in collaboration with the African Union and some African central banks launched a Pan-African

Payment and Settlement System (PAPSS), which is a central financial market infrastructure to support payment arrangements between African states to facilitate the economic and financial integration of Africa. “Once it is done, with the switches all linked to each other, it should be easy to integrate,” Mr. Hesse said. PAPSS expects to connect the entire continent, handle instant payments in multiple African currencies, and provide a settlement mechanism that creates trust within the ecosystem. According to its sponsors, PAPSS brings two critical changes to Africa’s trade finance: minimising the use of hard currencies in trade payments, and domesticating payments and settlements within Africa. This, in turn, will help organisations and their financiers manage currency risks better.

IFAD targets US$3.8bn to tackle hunger and poverty Continued from cover The unprecedented recordhigh financing target set by governments from 177 countries at IFAD’s annual governing council meeting will facilitate long-term investments in global rural communities, which are critical to achieving the Sustainable Development Goals (SDGs). An estimated 140m people in the world’s fragile and remote areas will be reached by the funding amount through IFAD’s capacity building and support initiatives. “Member states have made it clear that the fate of the poor and hungry matters; all of us are united in our battle against the impacts of COVID-19 and a rapidly changing climate—but none feel the impacts more profoundly than rural people in the world’s poorest countries,” said Gilbert F. Houngbo, President of IFAD. Combined with an expansion of IFAD’s pioneering climate change adaptation programme (ASAP+), a new private sector financing programme, and co-financing by national and international partners, IFAD aims to deliver a total programme of work of at least US$11bn from 2022-2024.

Gilbert F. Houngbo, President of IFAD

“It costs less to invest in sustainability and building longterm resilience to shocks than it does to respond to repeated humanitarian emergencies. That is why the Sustainable Development Goals exist, and this increased commitment to IFAD is an important step to delivering on them. The contributions pledged so far show our member states are determined to eradicate poverty

and hunger, and are confident in the impact of IFAD’s work,” added Houngbo. Already, 67 countries have announced new pledges totalling more than $1.1bn in support of IFAD’s Twelfth Replenishment (IFAD12), a process whereby member states define strategic priorities and commit funds to the organisation for its work in 2022–2024. In a strong show of support,

the governments of Germany and France issued a joint statement that said: “As IFAD12 is both ambitious and necessary to address rural poverty at this critical time, the German government and the French government have both decided to significantly increase their financial support to IFAD to an alltime-high. We urge all member states to join us in making an ambitious contribution.”

MONDAY FEBRUARY 22, 2021

News

MONDAY FEBRUARY 22, 2021

ADB MD named Most Visible banking sector CEO -2020 IBNA report

he Managing Director of Agricultural Development Bank (ADB), Dr. John Kofi Mensah, has been named the most visible Chief Executive Officer (CEO) in the Ghanaian banking industry by the Institute of Brands Narrative Analysis (IBNA) Media Analysis 2020 survey report. The survey, which covered media reports in the print, electronic and online spaces from January to December 2020, put Dr. Mensah ahead of the other 22 CEOs in the industry. The report said the ADB Managing Director came first, followed by the CEOs of CBG, FBN, GCB and Stanbic Bank respectively. Dr. Mensah’s visibility in the year 2020, the survey indicated, was largely in relation to the various donations by the bank towards the fight against the coronavirus pandemic and other stories published about the activities of the bank.

Dr John Kofi Mensah of ADB

Agricultural Development Bank emerged as the fourth most visible online bank in the country, ahead of Ecobank, CBG,

Stanbic Bank, Fidelity, FBN and NIB in the top ten visible banks in the country. The survey also revealed that

there was no negative publication about the ADB brand throughout the year.

So Energy boosts customer experience in Ghana’s downstream sector

o Energy, leading oil marketing firm and Sahara Group Downstream Company has again enhanced customer access to unique service experience with the commissioning of the So Kojokrom Station, located on the Takoradi highway in the Western Region of Ghana. This is in line with the company’s plan to transform the sector through seamless access to top-quality product and services. The new station which is beautifully encapsulated in the modern and vibrant colours of the So Energy brand, will serve both private and commercial vehicles in Kojokrom as well as

other suburbs in the Takoradi Metropolis. At the commissioning event attended by several dignitaries and employees of So Energy, Managing Director, Yvette Selormey, launched the “one litre is one litre campaign” to promote the gold standard for transparency, quality, accessibility and sustainability in Ghana’s downstream sector. “We have continued to raise the bar in the sector over the past 18 years and we remain unflinching in our resolve to keep improving the quality that has made the So Energy brand associated with reliability, efficiency, convenience

and safety in Ghana,” said Selormey. Selormey said further retail expansion would see So Energy grow its network of customers and stakeholders in the sector markedly to replicate the exceptional performance of its parent company, Sahara Group. “Our parent company, Sahara Group, has over the past 25 years grown to become a leading energy conglomerate in Africa, Asia, Europe and the Middle East. Sahara’s impressive growth trajectory continues to serve as a model for us at So Energy, motivating us to keep transforming the downstream

Adeoti Onabolu, Fire Office Owusu, Nanayaa Mensah, Eyram Dorcoo, Assistant Chief Fire Officer, James Ankrah, Damilola Anifowoshe, Dimeji Williams, and Edward Ashilley at the commissioning of the So Kojokrom Station, located on the Takoradi highway in the Western Region of Ghana.

sector in Ghana. We plan to commission 3 additional stations to give more Ghanaians access to our services, especially under the cover of our “one litre is one litre campaign” Selormey asserted. Representative of Sekondi Takoradi Municipal Chief Executive, Madam Afua Hayford, said the region was delighted to have a new retail station in the municipality. “We are hopeful that with this new So Energy station will create employment for our youth and increase revenue for the region in general to help fund developmental projects.” Selormey said So Energy is also driving its safe and clean energy campaign across the value chain of its business through strict applications of its “accountability matrix” that holds the company and all its stakeholders accountable to the highest standards possible in the process of Sourcing, handling, storing, transportation, distribution, and sale of its products. “At So Energy, every member of the team is wired to play the role of business leaders for each function, thereby making sure that we achieve our collective resolve of leading the quest for professionalism and service excellence in the sector,” she added.

MONDAY FEBRUARY 22, 2021

Companies

MONDAY FEBRUARY 22, 2021

Unilever Ghana introduces Pepsodent Herbal to meet growing consumer preference

nilever’s Oral care brand, Pepsodent has introduced a new natural variant Pepsodent Herbal Triple Protection 140g to meet the growing consumer preference for natural products. The new Pepsodent Herbal is infused with Green Tea herbal extract to provide consumers strong teeth, gums and all-round cavity protection. Pepsodent still remains the same trusted brand in Ghana’s oral care sector and the new Pepsodent Herbal with the natural herbal formula ushers in an exciting period for the brand as it continues its mission to help improve people’s oral health and habits. Commenting on the new Pepsodent Herbal, Mame Serwah Saifah, Oralcare Brand Manager, Unilever Ghana said, “A leading oral care brand like Pepsodent has combined a unique blend of herbs to create a whole new brushing experience for consumers.

Mame Serwah Saifah, Oralcare Brand Manager, Unilever Ghana

“The carefully selected natural extracts and herbs are uniquely formulated to release inner heat, repair and protect gum tissue and give an all-round cooling sensation when used”, he added. Mame Serwah Saifah added

“Massive demand for plantbased toothpastes or toothpastes which include ingredients from natural sources inspired us to manufacture Pepsodent Herbal. Consumers will love the great brushing experience they get with

Pepsodent Herbal. With a unique green tea flavor and distinctive mouth feel”. Ms. Saifah noted that the surge in health-consciousness is a major trend which can impact the herbal toothpaste market positively, adding that the high benefits of using herbal toothpaste can drive the adoption of the product. Pepsodent Herbal is endorsed by the Ghana Dental Association as a quality toothpaste that contains fluoride for great cavity protection and Sodium Monofluorophosphate as the active ingredient for strong teeth and gums. Dr. Paapa Puplampu, President, Ghana Dental Association, explains: “Ultimately, we have endorsed the new Pepsodent Herbal and we will partner with Unilever to ensure oral hygiene is properly practiced among Ghanaians. This new product is here to serve us all, but most importantly let us cultivate the habit of brushing twice daily.”

Emirates SkyCargo to work with UNICEF for COVID-19 vaccine distribution

nder UNICEF’s Humanitarian Airfreight Initiative, Emirates will prioritise transport and delivery of COVID-19 vaccines and related supplies Initiative in support of COVAX facility for equitable distribution of COVID-19 vaccines Dubai, UAE, 16 February 2021Emirates SkyCargo has signed an agreement with UNICEF to prioritise the transport of COVID-19 vaccines, essential medicines, medical devices and other critical supplies to help fight the COVID-19 pandemic. The announcement is the latest in a series of measures undertaken by the freight division of Emirates to support global communities in recovering from the devastating

impact of COVID-19. The Humanitarian Airfreight Initiative spearheaded by UNICEF brings together a number of partners collectively capable of distributing essential supplies to more than 100 markets in support of the COVAX Facility, the global effort aimed at equitable access to COVID-19 vaccines. UNICEF’s Humanitarian Airfreight Initiative will also act as a blueprint for collective global partnership in the face of future health and humanitarian crises. “Every single day counts in the fight against COVID-19 and the sooner that communities can have access to COVID-19 vaccines, the sooner they can curb the spread of the virus and get back on their feet. As a global player flying

to more than 130 destinations, Emirates SkyCargo has been committed to the fight against the pandemic from the very early stages and we have rolled out a number of initiatives to expedite the distribution of COVID-19 vaccines through Dubai, starting with our GDP certified dedicated airside hub. Through our partnership with UNICEF, we will be taking yet another step to prioritise and facilitate the rapid and secure movement of COVID-19 vaccines particularly to communities hard hit by the disease,” said Nabil Sultan, Emirates Divisional Senior Vice President, Cargo. Emirates SkyCargo is an industry leader in the air cargo sector for the transport of temperature

sensitive pharmaceuticals including vaccines. The cargo carrier features a global network spanning six continents, a modern fleet of widebody only aircraft as well as state of the art EU GDP certified infrastructure at its hub in Dubai for the secure transport of pharmaceuticals and vaccines. In October 2020, Emirates SkyCargo announced that it was setting up the world’s largest EU GDP certified airside distribution hub dedicated for the storage and distribution of COVID-19 vaccines. With over 15,000 sq metres of storage space available for vaccines, Emirates SkyCargo is able to store large quantities of the COVID-19 vaccine in Dubai, and fly in smaller quantities regularly to markets with limited cold chain infrastructure, reducing the need for large scale storage solutions. In January 2021, under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, Emirates SkyCargo joined hands with three other Dubai-based entities- DP World, International Humanitarian City and Dubai Airports to form a COVID-19 vaccine alliance for rapid transport of COVID-19 vaccines to the developing world through Dubai.

MONDAY FEBRUARY 22, 2021

Feature

MONDAY FEBRUARY 22, 2021

Boost your prospects and those of fellow networkers by encouraging guests to your meetings

uests are, without doubt, the lifeblood of growing your network. Like any organisation, people come, and people go; and it is guests who maintain the momentum, and keep moving the group forward. The more guests you invite, the more chance of some of them converting into regular members of the group, and with that increases the potential for referrals and connections. The bottom line: the more chance of gaining business! Fresh faces to a group mean fresh interest in what members do. Many people are pleasantly surprised when they visit BforB for the first time, and go away having enjoyed the lively, friendly, busy, feel to the room, and seeing business being done and connections made and developed in a relaxed environment. It also impresses many that there’s no ‘hard sell’ after the meeting, no expectation, just a simple invitation to them to become involved if they like what they have seen, and feel they and/ or their businesses can benefit by signing up. All good selling points to entice a guest along, as is the fortnightly, rather than weekly, meets which for many means making a commitment being far more

agreeable. It certainly accounts for much of our feedback. So, who to invite? People whose business could well be of interest to other regular members, be it in potentially using their services, but who might want to do business with others around the room. Those in professions who you, yourself, might well gain referrals or connections from. Professions who you would most likely expect to be in a networking group, but have not yet signed up in your group: a lawyer, and accountant, a mortgage adviser, for example. A representative from a charity, again, if you don’t already have one in your group. Charities can not only gain much from being involved in regular networking, but can give, too. Someone you know, or meet, socially, who you think could/ would benefit from a networking experience. A connection on social media, such as Facebook or LinkedIn. Alternatively, invite someone along who represents a cause, or association, you support – with the opportunity to enlighten the room during a 60 seconds pitch about what they do, and the

chance to further network after the meeting because of it. If you are doing the Spotlight presentation, perhaps invite someone along as your guest who you do business with, or would like to do business with, and feel they would benefit from hearing more about what you do and offer. There are plenty of potential guests to invite to your network group meetings, and for a multitude of reasons, and remember, by taking a guest to your meeting could also be doing a huge favour for a fellow member, by making an important introduction. That’s happened on plenty of occasions. You might have other ideas, thoughts, experiences that you may wish to share with us. But the bottom line is this: the more guests you encourage to come along to networking meetings, the more your group will flourish, and the members prosper with it.

is internationally recognised for creating successful networking meetings, events and training for referral marketing. Our global offices are in Australia, Germany, Czech Republic, Spain, Slovakia, Ghana and headquartered in UK.

Authored by: BforB Ghana | Networking Clubs

Business for Breakfast (BforB)

We create an environment where you can build quality relationships within your group, backed up by an ongoing member support programme. BforB is committed to helping small to medium scale businesses expand. In our professional network, members meet regularly in business networks to develop relationships, support each other and to share and record referral business. We are here to help you get new business from quality business introductions and referrals made through our meetings. Kindly join our next meeting using this link: https://rb.gy/qrf4pl

MONDAY FEBRUARY 22, 2021

Energy

MONDAY FEBRUARY 22, 2021

Renewable Energy - A planned major component in South Africa’s future Power Sector

ver the years, countries are making efforts to gradually fuse renewable energy sources into their electricity power generation. Private investors in Ghana in the past, have signed contracts or obtained permits to further push this goal. Should this push be a thing at the private sector or a thing at the national level? The President of South Africa, Cyril Ramaphosa announced a Request for Proposal (RFP) for a 2.6GW solar and wind capacity as a plan to replace their aging coal fired power plants. This was announced at the annual state of the nation address. This RFP will be held under Bid Window 5 of the Renewable Energy Independent Power Producer Procurement (REIPPP) programme. This statement by the president was welcomed by the South African Photovoltaic Industry Association (SAPVIA), and they are calling on the energy minister to hurriedly push to the execution

of the objectives carefully laid out by the president. According to the President, additional plans are being made for the procurement of an additional 11,800MW from renewable energy, battery storage and other sources. This plan aligns with the countries Integrated Resources Plan (IRP 2019). The IRP is an electricity infrastructure development plan, based on least-cost electricity supply and demand balance; taking into account security of supply and the environment (minimize negative emissions and water usage). In this plan, around 6.8GW will be set aside for green energy and an estimated 500MW capacity designated for energy storage. 5GW additional capacity could be unlocked since the government has plans to ease the requirement in licensing for distributed generation. In the next three months. The South Africa Photo Voltaic

Industry Association (SAPVIA) said, “Increased deployment of distributed generation will release the pressure on Eskom’s already constrained supply and provide the much-needed additional capacity to the grid. No one could disagree with the need for increased capacity as our economy is hamstrung by the ongoing blight of load shedding.” Offcourse, alternative sources of energy production in the national grid is a brilliant sustainable solution since lapses in one energy source will be complimented by the other. The longterm goal is, over the next 12months, South Africa plans to launch three procurement rounds of 6.8GW of renewable energy capacity. Will this solve or fill the gaping shortfall in production supply, facing the South African Power sector? It is estimated there is going to be a supply shortfall of between 4GW and 6GW due to the ageing

coal-fired plants within the next five years. However, between 2030 and 2050, close to 24.1GW of coal power plants will be decommissioned under the IRP 2019 in South Africa. The South African government is increasingly looking up to renewables to fill in power supply shortfall. This move will be welcome massively within South Africa and the world at large since it will create jobs, provide electricity and above all, help fight climate change. This is a bold step, taken in the right direction and other African Countries should follow suite especially those with power shortfalls and those hugely indebted to IPPs. Writer: Donald Marshall Company: Mframadan Energy Management & Research Institute (M.E.M.R.I). Contact: 00233-24-4550854 Email: donaldamus@yahoo.com

MONDAY FEBRUARY 22, 2021

Markets

MONDAY FEBRUARY 22, 2021

Why Fan Milk posted its worst ever earnings in 2020

lthough there was improved demand for Fan Milk’s products in the final quarter of the year as consumer confidence recover, overall revenue for 2020 dropped by 12.0 percent year on year to GHc373.58 million. This was attributable to unfavorable performance in the earlier part of the year as a result of the coronavirus pandemic, which significantly limited the movement of people including the company’s sales boys who use bicycles to penetrate communities and local markets. Fortunately, management kept a tight lid on expenses in the midst of the covid-19 pandemic. Firstly, the cost of sales dropped marginally by 0.2 percent year on year, partly due to the relative stability of the Ghanaian cedi (-3.9 percent) against the United States dollar that helped to limit the cost of imported raw materials. In addition, operating expenses dropped by 15.3 percent year on year to GHc121.79 million in 2020 on the back of a significant cut in administrative expenses (-33.7%year on year). Consequently, the operating expense ratio moved down by 130 basis points to 32.6 percent in 2020 from 33.9 percent in 2019. However, the company’s earnings were ultimately affected the decline in the topline. Profit before tax slumped by 97.9 percent year on year to GHc0.80

million while profit after tax went down by 97.6 percent year on year to GHc0.60 million in 2020. This is the worst full year earnings ever declared by the company since we started tracking its performance in 2005

as shown below. The gradual improvement in business and consumer confidence bodes well for consumer goods companies such Fan Milk, but the second wave of covid-19 infections in Ghana

DIGICUT unveils its turnaround strategy

IGICUT has taken a number of positive steps to turnaround its operations including the appointment of new team leader, take steps to access locked up IPO proceeds by end of Q1-2021 and reorganisation of its Board of Directors. Leadership A new management team, led by Manish Padhiar (profile below), was brought in January 2021 to replace William Kofi Iden. The team is working on a plan to revamp and restart the company’s operations, including resolving all regulatory and listing issues. Manish Padhiar brings 8+ years of corporate strategy and operations experience in both Ghana and the United States. He most recently served as a strategy consultant with an African business conglomerate, where his projects spanned mobile money, plastics manufacturing, and banking operations. Previous

experience also includes consulting for pharmaceutical and biotechnology companies in California and teaching integrated science at an SHS in rural Ghana. Manish holds an MBA and a MS in Foreign Service from Georgetown University (in Washington, DC) and BS in Microbiology, Immunology

and Human Genetics from the University of California, Los Angeles (UCLA). Cash-flow In January 2021, Digicut secured some external funding to restart basic operations and reconcile its asset base. The company also

presents some risks, especially if the Ghana government is forced to lockdown the economy again this year. Source: Doobia.com

completed a rebranding project, funds of which should help the company complete the 2019 and 2020 audits and revamp strategic operations to begin the new phase of Digicut. Over the last few months, significant progress has also been made with the Receiver of GNSL and Consolidated Bank of Ghana (CBG) to regain access to Digicut’s GHc 1.4 million (of the IPO proceeds) placed with GNSL. Management is hopeful of receiving these funds by the end of Q1 2021. Board of Directors Digicut’s Board of Directors is currently being reorganized to support the company’s new strategic direction and ensure adequate corporate governance to protect investor funds. The Board consists of Joseph Kusi-Tieku, John Sterlin, and Victoria Aligboh. The profiles of the Board are detailed below. The company intends to add other directors, including advertising industry veterans in the near future.

MONDAY FEBRUARY 22, 2021

Feature

MONDAY FEBRUARY 22, 2021

Biden’s good start on China

By Christ Patten

S President Joe Biden’s new administration has begun to show its hand regarding its policy toward China. So far, three encouraging developments stand out, suggesting that the United States will regard the huge, Leninist surveillance state not just as a competitor, but as a determined threat to all free societies. For starters, Secretary of State Antony Blinken has said that the Chinese communist regime is committing genocide against Muslim Uighurs in the northwestern province of Xinjiang. Moreover, Biden’s national security adviser, Jake Sullivan, has highlighted China’s failure to cooperate fully with the World Health Organization mission investigating the origins of the coronavirus in Wuhan and perhaps elsewhere in the country. If the Communist Party of China (CPC) has nothing to hide, why has it once again refused to be open about the source of the pandemic? Lastly, and most important, Biden himself has made clear his determination to work with partners to confront global problems. The CPC certainly falls into that category. Despite former US President Donald Trump’s chest-thumping mercantilism, Chinese President Xi Jinping would rather be facing a re-elected Trump than a Bidenled US. The reason is simple: the last thing China wants is for liberal democracies to come together to constrain its appalling behavior. Instead, China wants to pick off its critics one at a time. That is what it tried to do with Australia when Prime Minister Scott Morrison’s government called for an independent inquiry into

the origins of the pandemic. With Biden restoring American support for multilateralism and international partnerships, the world’s democracies should be better placed to halt the Chinese government’s loutish bullying. China will label any such coalition of liberal democracies an attempt to launch a new cold war. It is nothing of the sort. China has been the aggressor, and democracies should seek to restrict its damaging and dangerous behavior. We must underline the fact that the Chinese regime not only opposes the values that underpin free societies, but is also totally untrustworthy, breaking its word whenever doing so suits Xi. June’s G7 summit would be a good forum to start building the partnership a better international order requires. The United Kingdom will chair the meeting, and should seek to show that it can still play a valuable international role even after its damaging decision to leave the European Union. The G7 countries – the US, the UK, Canada, France, Germany, Italy, and Japan – have invited India, Australia, and South Korea to join this meeting, and I hope they will attend subsequent meetings as well. After all, democracies share an interest in protecting themselves and other countries from the CPC’s thuggish threats and breaches of international rules. This new G10 partnership should discuss digital cooperation and collaboration in high-tech industries with a view to avoiding excessive dependence on Chinese exports. And governments could share information on how best to confront Chinese espionage, intellectual-property theft,

and efforts to use research collaboration to steal knowledge useful to China’s military and its surveillance state. A new G10, with other countries as well, should work together more closely within United Nations agencies like the WHO, as well as in bodies dealing with human rights and development policy. We must point out collectively when China assaults freedom, as it has done so blatantly in Hong Kong, or human life itself, as in Xinjiang. Likewise, we should quietly make it plain to Xi that we will not stand aside if China steps up its bullying of Taiwan. While challenging the “one China” policy today would not be wise, we should welcome more contacts with Taiwan and press to allow the island to take its place as an observer in the WHO assembly. Taiwan is a vibrant democracy with an excellent public-health record. Given the large financial contributions that democracies make to the WHO, and Taiwan’s successful early detection of the pandemic in China, it deserves to be treated decently by the organization. Those G10 countries that are members of NATO would also be wise to encourage the alliance, led by its secretary general, to develop policy responses to China’s increasingly threatening behavior in the Indo-Pacific region. Finally, although liberal democracies will not always have the same trade and investment priorities, they do have a joint interest in the World Trade Organization working effectively to ensure adherence to its agreed and justiciable rules. The Biden administration could make a good start here by unblocking the appointment of new judges

to the WTO’s appellate body, which adjudicates trade disputes among member countries. One hopes that EU member states will respond to proposals like these by showing some recognition of the threat that China poses to us all. The recently signed EU-China Comprehensive Agreement on Investment will bring few benefits to European economies. Moreover, some EU members are deluded in thinking that the deal will improve labor standards in China and end forced labor there as well. Unfortunately, European leaders in general, and German Chancellor Angela Merkel in particular, are entrusting the development of a serious global role for Europe to the sales departments of Volkswagen and other large German carmakers. I fear that, as a result, the EU is making serious geostrategic blunders in relation to both China and Russia. Surely the Union retains some inkling of what its values are supposed to be. Biden wants serious and committed partners not only to constrain the CPC’s bad behavior but also to cooperate with China when it is prepared to be constructive on issues like climate change and antimicrobial resistance. Working together on such matters is of course in everyone’s interest. For the world’s democracies, so is knowing where cooperation must end. About the author Chris Patten, the last British governor of Hong Kong and a former EU commissioner for external affairs, is Chancellor of the University of Oxford.

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