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Ten years of protecting oil cash, the PIAC story
Vodafone Cash launches international money transfers with WorldRemit See page 7
See page 11
BUSINESS24.COM.GH
NO. B24 / 211 | NEWS FOR BUSINESS LEADERS
Kotoka Airport traffic continues rebound By Business24 Reporters
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MONDAY MONDAYJUNE MAY 21, 3, 2021 2021
‘Western rail revamp will simplify transport of minerals’ By Eugene Davis ugendavis@gmail.com
assenger traffic through the Kotoka International Airport (KIA) continued to increase in the first quarter of 2021, in a further sign of the aviation sector’s gradual recovery from the pandemicinduced crisis that brought it to its knees in 2020. According to data from the Ghana Airports Company Limited (GACL), the stateowned airports infrastructure manager, 208,815 international Cont’d on page 2
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he President of the Ghana Chamber of Mines, Mr. Eric Asubonteng, has urged government to expedite work and make good the promise of developing the Western rail network to ease the burden on mining Cont’d on page 3
Passengers undergoing arrival formalities at the Kotoka Airport
Private universities suffer regulation bias
By Benson Afful affulbenson@gmail.com
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report published by the Ghana Tertiary Education Commission (GTEC), the national tertiary education regulator, has revealed that there is inequity in the regulation of public and private universities in the country. The report, titled “Accreditation of Private Universities in Ghana— Assessment of the Mandatory Requirement for Affiliation and Mentorship”, argued that there is no equity in the process for
Op-ed: Through the looking glass: an optimist’s view of W. Africa’s 10year prospects By Titilayo Adewumi, Regional Sales Director: West Africa at SAP
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hat will West Africa look like in ten years? Will we continue on the path of slow Cont’d on page 5
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Dr. Yaw Osei Adutwum, Education Minister
Cont’d on page 2
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Cont’d on page 2
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Editorial / News
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Editorial
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Private varsities need fair treatment
ecently, a report by the Ghana Tertiary Education Commission (GTEC), the national tertiary education regulator, revealed that there is a difference in treatment when it comes to regulation of public and private universities in the country. According to the report, titled: “Accreditation of Private Universities in Ghana— Assessment of the Mandatory Requirement for Affiliation and Mentorship”, that there is a lack of equity in the process for setting up and licensing a private university as compared to a public one. The report noted that the processes for setting up private tertiary education institutions involve registration of a company,
application for authorisation, setting up of infrastructure and other teaching and learning facilities, affiliation with a chartered tertiary institution, and application for institutional and programme accreditation. Other requirements listed by the report include threeyear renewal of institutional accreditation, three- to fiveyear renewal of programme accreditation, five-year cyclical review of the institution’s performance, and a ten-year minimum requirement to apply for charter. However, the report noted that all the above conditions do not apply to the public varsities except for programme accreditation and the five-year review.
The report further observed that there seems to be a different mode of establishment of some public universities. Thus, in the public sector, there seems to be no standardised procedure for establishment and accreditation of tertiary institutions. This paper agrees with the findings of the report regarding evenness in the application of the regulations of the Ghana Tertiary Education Commission to private and public institutions. Considering the crucial role they play in our education space, private universities must not be seen as been handed a raw deal while public institutions have their way. At best there must be some form of standards that apply to all institutions, regardless.
Kotoka Airport traffic continues rebound Continued from cover
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travellers arrived at or departed from KIA in January to March this year, an increase of 6 percent from the traffic recorded in October to December 2020. Travelling through the nation’s main airport virtually ceased from April to August last year, when the airport was closed to international traffic to help limit the importation of the Covid-19 virus into the country. The closure—and the broader global and local ramifications
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Kwaku Ofori Asiamah, Transport Minister
of the pandemic—caused international passenger traffic through the airport to collapse from 2.1m in 2019 to 702,651 in 2020, a two-thirds reduction equivalent to 1.4m fewer passengers. The situation also forced a virtual shutdown of the tourism and hospitality sector, contributing to a sharp fall in Ghana’s economic growth to 0.4 percent last year from an average of 7 percent in 2017–19. Since the airport’s re-opening in September 2020, passenger
traffic has picked up but is yet to return to pre-pandemic levels, as demand for travel and international tourism activities remain restricted. The GACL data show that despite the uptick, the number of international passengers that flew through KIA in the first quarter of the year was just 48 percent of the figure—433,332—in the same period last year, before the pandemic took hold in the country. Domestic air travel, on the other hand, has already hit prepandemic levels, with 156,176 passengers flying internally in January to March this year compared to 152,248 in the corresponding period of 2020. In all, passenger traffic for both domestic and foreign travels stood at 364,991 in the first quarter, 0.8 percent above the 361,988 recorded in the fourth quarter of 2020 but 38 percent less than the total traffic of 585,580 in the first quarter of 2020. The improvement in air traffic, which mirrors a global trend as vaccinations against Covid-19 allow countries to ease movement restrictions and more people to travel again, will be pleasant news for the tourism and hospitality sector, which is slowly resuming business after bearing the brunt of the economic disruption caused by the pandemic.
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Private universities suffer regulation bias Continued from cover setting up and licensing a private university as compared to a public one. “The processes for setting up private tertiary education institutions involve registration of a company, application for authorisation, setting up of infrastructure and other teaching and learning facilities, affiliation with a chartered tertiary institution, and application for institutional and programme accreditation,” said the report. “Other requirements include three-year renewal of institutional accreditation, three- to fiveyear renewal of programme accreditation, five-year cyclical review of the institution’s performance, and a ten-year minimum requirement to apply for charter,” it added. According to the report, for public institutions, all the foregoing processes do not apply except for programme accreditation and the five-year review. “In fact, there seems to be a different mode of establishment
Aerial view of Ashesi University, one of Ghana’s leading private universities
of some public universities. Thus, in the public sector, there seems to be no standardised procedure for establishment and accreditation of tertiary institutions,” the report said. It explained that in spite of the requirement for private institutions to be affiliated to chartered institutions for a minimum of 10 years, public universities—such as University for Development Studies (UDS), University for Health and Allied
Sciences (UHAS), University of Energy and Natural Resources (UNER), and the Technical Universities recently established— have been established as fullyfledged tertiary institutions from inception. The report said this brings to the fore questions regarding evenness in the application of the regulations of the Ghana Tertiary Education Commission to private and public institutions. Currently, there are about
80 private and nine public universities. Out of the 80 private universities, only six have received presidential charters and are able to award their own degrees. Meanwhile, the government has enacted the Education Regulatory Bodies Act 2020, which has scrapped the affiliation policy and requires all existing private university colleges currently under affiliation to expedite action towards chartering.
‘Western rail revamp will simplify transport of minerals’ Continued from cover companies and the economy. The Western railway line, which was the primary mode of hauling bulk minerals to the Takoradi port, has deteriorated over the years due to obsolescence and limited investments, the 2020 Chamber of Mines annual report revealed. According to Mr. Asubonteng, mining companies, like other producers of bulk export commodities, have had to make
use of the more expensive road haulage option, which is estimated to be 50 percent more expensive than rail. Successive governments have consistently pointed out their intention to rehabilitate the western rail network. “As an industry association, we believe that the benefits of a wellfunctioning railway system will not be [reserved to] our industry but the entire economy. It will also serve as an alternative means of transporting people, foodstuffs,
Eric Asubonteng, President, Ghana Chamber of Mines
and other commodities across the country,” he stated in the report. “We urge government to expedite action in that regard since it has the inherent potential to generate revenue to pay back the initial investment cost.” The report also highlighted minerals exploration investment in Ghana, which has declined significantly in recent years. It said this is alarming for a country to which mining is critical for foreign exchange and fiscal revenue generation. The report called for an incentive scheme that will reduce the cost associated with exploration and attract the required critical investments into the sector. “As a first step, we urge government to exempt exploration companies from payment of VAT on big-ticket cost items such as drilling and laboratory services. Effectively, the extent of actual exploration activity is diminished by upfront costs such as VAT on inputs and landholding costs. Thus, relieving the usually illiquid exploration companies from the payment of VAT as well as reducing the cost of landholding would not only
improve their cash flow and reduce their operational costs but also enhance Ghana’s image as a competitive destination for exploration investment,” said the report. “In the long run, this will guarantee continuous mineral production and flow of fiscal and forex receipts as well as other benefits from the minerals sector,” it added. In 2021, the chamber anticipates an increase in production from existing mines as the easing of COVID-19 restrictions signals good prospects for the industry. Similarly, the expected relatively high price of gold is likely to support growth in recycled gold and producer dehedging. Overall, the gold output of producing member companies for 2021 is forecasted to be between 3m to 3.3m ounces. The industry also expects production of manganese by Ghana Manganese Company to increase with a sustained full year production in 2021. The chamber also projects that global supply of gold in 2021 will exceed corresponding output in 2020.
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News
MONDAY JUNE 21, 2021
Op-ed: Through the looking glass: an optimist’s view of W. Africa’s 10-year prospects Continued from cover advancement, or will technology be a catalyst that could see us create a technologically advanced society such as the one embodied by Wakanda in the Black Panther movie? Africa is arguably undergoing the most rapid and far-reaching changes of any region in the world, as a swelling population, consistent economic growth and greater digitisation of goods and services herald a new era of opportunity for progress and prosperity. The continent’s urban population is expected to swell by an estimated 24 million people every year between 2015 and 2045, with implied increases in consumption. By 2030, Africa’s under-18 population will grow by nearly 170 million, according to data by Unicef, and young Africans are expected to make up 42% of the world’s youth population by 2030. By the middle of the century, two in every five children under the age of 18 will live in Africa. This demographic dividend, if given the correct mix of skills development and economic opportunity, could transform Africa’s fortunes and usher in a rapid economic development similar to that of Vietnam and China over the past twenty years. How we collectively approach the next ten years could determine whether West Africa – and the continent as a whole – realises its potential and achieves greater prosperity for its growing population. Africa on the move Today, Africa accounts for 17% of the world’s population but only 3% of global GDP. This is due to change. By 2025, household consumption in Africa could reach an estimated $2.1-trillion, and business consumption $3.5-trillion. The launch of the African Continental Free Trade Agreement has effectively started the process of creating a growing market of $1.3-trillion with a consumer base of 1.3 billion. While the pandemic has had a devastating effect on governments, citizens and businesses across Africa, there is much cause for hope and optimism. In West Africa and elsewhere on the continent, the growing adoption of digital technologies combined
with African ingenuity and innovation are contributing to a transformation of the continent’s cities, schools, businesses and governments. Transforming learning and education The pandemic has had a severe impact on schools and education, with many countries instituting lockdowns that kept kids out of school. The forced switch to remote work has created greater urgency within education departments across the region to fast track the process of building better e-learning capabiltiies. The share of West African youth with post-secondary education is also rapidly increasing, from 13% in 2000 to 23% in 2020. If countries in the region can implement an accelerated education policy, we could see this share jump to 71% by 2040. By 2030, we may well see urban and rural schools using hybrid teaching models that combine inschool and distance learning. The continued role of initiatives such as SAP Africa Code Week, which has introduced millions of kids to basic coding and digital skills since its launch in 2015, will be vital as public and private sector partners work with governments across the region to equip youth with the essential skills needed to succeed in the global digital economy. Connectivity, digitisation creating new opportunities Connectivity remains a challenge to improving not only the region’s e-learning capabilities, but its wider adoption of digital services. In 2015, only 15% of the population across West Africa had access to 4G technology, but this rate leapt to 63% by 2020. The arrival of 5G in the region
will accelerate connectivity and help establish entirely new ways to learn, do business, purchase products and engage with government services. This faster connectivity may also see an acceleration of telco operator efforts at diversifying. Expect to see greater innovation in payments and digital services as telcos introduce tailored new offerings to subscribers. The switch to remote work has initiated an accelerated process of digital transformation in West African workplaces. Expect to see more mature systems and processes guiding remote and hybrid work models, with potentially new innovations from the region’s healthy startup ecosystem. The rise of regional technology hubs that can house and incubate a new breed of African innovation-led business also point to a bright future. West Africa is already home to 142 technopoles, regional technology hubs where a new breed of innovative African businesses can start-up and grow. These include the IT & Biotechnology Village in Côte d’Ivoire, as well as incubators such as Jokkolabs which is present in several countries in the region. The shifting consumer landscape Greater connectivity may also unlock the region’s immense e-commerce potential. While e-commerce market growth held steady at 9% annual growth from 2010 to 2017, the region’s dominant e-commerce companies have recently made huge strides forward, including Jumia, whose growth will be accelerated following the massive $570-million funding it raised in the past six months. However, some challenges remain before the promise of e-commerce can be fully realised
across the region. Data by the Boston Consulting Group found that between 30% and 40% of products ordered over the internet are returned because the recipient cannot be found. The region’s underdeveloped retail sector could be a blessing in disguise, as there are fewer legacy aspects to change or overcome. In 2018, there were 136 physical retail stores per million people in Latin America, 568 per million in Europe, and 930 per million in the US. In Africa, there was only 15 formal retail stores per million people. By the end of the decade, we may also see a transformation of the in-store shopping experience, as customer experience (CX) efforts mature and greater automation and choice become available. Self-service checkout counters, contactless mobile or biometric payments, and robotic workers assisting in-store staff with certain repetitive tasks may become common sights in the region’s retail environments. Smart homes could become commonplace, connecting households to products and services through connected appliances and home automation systems. The falling price of sensors and prospect of 5G connectivity could see entirely new categories of smart devices emerge, including clothing, consumer goods and much more. The next ten years will be some of the most exciting and most important times in our history. As organisations in West Africa continue to invest in digital technologies and build towards becoming intelligent enterprises, new opportunities will emerge that could transform how we live, work, learn and play. I for one am excited to see how the place I call home steps into our technologyenabled future.
The author
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MONDAY JUNE 21, 2021
Cocoa sector ambitious plans must benefit children in growing areas By Benson Afful affulbenson@gmail.com
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lobal Civil Society, a group of civil society organisation working on human right in the cocoa sector across the world, has said the cocoa sector must come with ambitious plans to develop transparent and accountable solutions for current and future generations of children in cocoa communities. “We urgently call on chocolate and cocoa companies and governments to start living up to decades-old promises. This year marks the 20th anniversary of the chocolate industry’s promise to end child labour in the cocoa sector of Ghana and Cote d’Ivoire, a commitment they made under the 2001 HarkinEngel Protocol and renewed again with the 2010 Framework of Action. Furthermore, it is the International Year for the Elimination of Child Labour,” the organisation said. According to the civil society organsisation, this year should have been a landmark in the fight
against child labour in cocoa, saying, the cocoa sector as a whole has been conspicuously quiet on this topic instead. They said child labour is still a reality on West African cocoa farms, and there is strong evidence that forced labour continues in the sector as well. The organization said recent reports – such as Ghana’s GLSS 7 survey and the study of the University of Chicago commissioned by the United States government – show that close to 1.5 million children are engaged in hazardous or ageinappropriate work on cocoa farms in Ghana and Cote d’Ivoire. The vast majority of these child labourers, they said, are exposed to the worst forms of child labour, such as carrying heavy loads, working with dangerous tools, and increasing exposure to harmful agrochemicals. “After two decades of rhetoric, voluntary initiatives, and pilot projects, it is clearer than ever that ambitious, sector-wide action is needed, coupled with binding regulations, to address both child
labour and the poverty that lies at its root. These solutions must include regulations for mandatory human rights due diligence for companies operating in all major cocoa consuming countries, including avenues for legal remedy in those companies’ home countries. We note with interest the developments around regulations in the European Union, although the announced delays are concerning. We also observe that the United
States - the world’s number one cocoa consuming country - is particularly lagging in regulatory developments on this issue,” the global organisation said. The industry, the civil society organization said, cannot use a lack of regulation as an excuse not to shoulder their own responsibility. As such, it urged every chocolate and cocoa company to have a system in place that monitors and remediates child labour in all of their value chains with a child labour risk.
Vodafone Cash launches international money transfers with WorldRemit
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odafone Ghana’s mobile financial services, Vodafone Cash, has partnered with global crossborder payments company WorldRemit to enable its customers to receive international money transfers straight to their mobile money accounts without any charges. The service allows Vodafone Cash customers to seamlessly receive international money transfers from their family and friends in the UK, Canada, Australia, the USA, and others. This partnership between two global brands eliminates the stress, risks, long queues and other challenges associated with visiting agents to access remittances from overseas. WorldRemit users can send money from over 50 countries, including the UK and the USA, to more than 130 destinations. Depending on their location, customers can choose from multiple payout methods including bank deposits, mobile
wallets, cash pick up and mobile airtime top-up. Speaking at the launch, Martison Obeng-Agyei, Head of Vodafone Cash at Vodafone Ghana, said the partnership with WorldRemit is part of measures to
curtail financial barriers by using technology and innovation. He said the stress joining long queues to receive money from family and friends abroad can now be avoided by using Vodafone Cash.
“We have over the years provided a robust mobile money platform that allows our subscribers to simply and securely make transactions through Vodafone Cash. We are very proud to be at the forefront of innovative technologies and partnerships which make our customers’ lives easier,” he said. Country Director for Ghana at WorldRemit, Gbenga Okejimi, expressed his enthusiasm in collaborating with Vodafone Cash, saying “we’re delighted to broaden our partnership with such a reputable brand and payout network as Vodafone to offer a reliable payout service. Ensuring our customers are able to transfer money to family and friends back home conveniently, safely and as quickly as possible is why we exist. We’re confident that this partnership in Ghana will give our customers more flexibility and options to receive support from their loved ones abroad.”
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MONDAY JUNE 21, 2021
Ghana receives delegation from Rwanda on a familiarisation tour
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overnment has received a delegation from Rwanda on a reciprocal familiarisation tour which is aimed at building strong relations of cooperation in the areas of tourism, education and trade and investment. The delegation which comprises leaders from both the public and private sectors of the East African country was led by the Chief Tourism Officer (CTO) Belise Akaliza. Delivering a speech at a cocktail reception held last week at the Rwanda High Commission in Accra, the High Commissioner of the Republic of Rwanda to Ghana, Dr. Aisa Kirabo Kacyira stressed the essence of the visit indicating that, “it is so inspiring and encouraging to witness that despite the covid pandemic and its associated constraints, this familiarisation tour is happening.” “The spirit of unity of purpose and clarity of vision on integrating Africa and opening up our minds to intra-African cooperation in tourism, business and trade and learning from one another, emanates from the visionary leadership of our two countries,” the High Commissioner said. Dr. Aisa Kacyira used the
occasion to congratulate Ghana for securing a seat at the United Nations security council, a feat she described as well-deserving. The High Commissioner further emphasised the key areas of focus for cooperation between the two countries following the initial visit by a delegation from Ghana to the fast-rising East African nation. “During our earlier consultations with you and with our leadership, three key areas of focus for stronger cooperation were recommended; tourism, trade and business investment, and education. “I am very delighted today, that this Rwandan delegation is completing the loop of exploring and getting a common understanding of the available opportunities that can be exploited more strategically to create significant, large-scale benefits for both our countries,” Dr. Aisa Kacyira added. The Special Advisor to the minister responsible for Tourism, Arts and Culture, Mr. Nana Osarfo-Adjei, who read a speech on behalf of the Minister, also expressed satisfaction based on the timing of the visit by the Rwandan counterparts.
Dr. Aisa Kirabo Kacyira
“Your visit to Ghana comes at an opportune time when we are working to revive our tourism and hospitality sector which, like everywhere else, has been heavily hit by the COVID-19 pandemic,” he said. “To give you a picture of the pandemic’s impact; last year, domestic arrivals fell from 600,000 in 2019 to 240,000. International arrivals also reduced by 70% to 355,108 in 2020, from 1.13 million in 2019,” he explained. Mr. Osarfo-Adjei lauded the leadership of both countries for the gradual relaxation of some of
the stringent measures employed to restrict the spread of the virus. Adding that, “already we are seeing indicators of modest recovery in international tourism. But if we are indeed going to recover, intra-Africa travel in particular is key to sustaining tourism and we are keen on building strong linkages with the private sector to facilitate growth in this regard.” The Minister, however, commended the leadership and teams of the various public and private sector institutions which have collaborated to make these tours possible.
Absa Bank plants 5,000 trees to support Green Ghana initiative
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s part of Absa Bank’s commitment to sustainable development, the bank joined the Green Ghana national campaign championed by the Government of Ghana to plant five million trees to help improve Ghana’s green cover and save the depleting forest reserves. Collaborating with the Forestry Commission, employees of the bank in a nationwide exercise, supported the initiative by planting 5,000 trees seedlings from commission, to commemorate the Green Ghana Day. Some employees also joined Senior Government officials, the Forestry Commission and Diplomatic Community to commemorate the Day at a brief event held in Accra. Commenting on the Green Ghana project, Mr. Cyril Nai, Head of Marketing and Communication at Absa Bank Ghana said the bank will continue to be a force for good in society by championing and supporting initiatives that will ensure a sustainable and brighter future for Ghana.
“At Absa, bringing green possibilities to life also means partnering our stakeholders and communities to restore our lost forests and repair the damage to our ecosystem to help mitigate the effects of climate change,” said Mr. Nai. “As a group, we continue to demonstrate our commitment to playing an active role in shaping a sustainable future through several initiatives; including being one
of the funding signatories of the UN’s Principles for Responsible Banking. We understand that our role as agents of economic growth and development involves being responsible stewards in all aspects of our operations”. According to Mrs. Priscilla Yeboah, Head of Citizenship at Absa Bank Ghana, the bank sees the Green Ghana initiative as an important opportunity to leverage Sustainable Development Goal
number 17 which calls for partnerships to strengthen the implementation of the goals. “As a forward-looking bank that believes in sustainable development, we are inspired by the Green Ghana project which will help create sustainable cities and communities. Absa Bank is committed to supporting initiatives that will help improve and preserve our environment as well as strengthen the country’s climate change resilience,” Mrs. Yeboah said. The Green Ghana project is a Government of Ghana initiative implemented by Ministry of Lands and Natural Resources and the Forestry Commission of Ghana, to plant five million trees to restore depleted forest cover. As part of the project, the Government distributed millions of seedlings, including economic trees like Wawa, Mango, Rosewood and Shea to the districts and regional offices of the Forestry Commission and Metropolitan, Municipal and District Assemblies for planting.
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Energy
MONDAY JUNE 21, 2021
Vivo Energy, transporters embark on National Road Safety Campaign
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ivo Energy Ghana, the exclusive marketers and distributors of Shell branded products and services in partnership with its transporters, S.O Frimpong, J. K. Horgle and J. K. Ahiadome Transport Company Limited and the National Road Safety Authority (NRSA) have launched a National Road Safety Campaign under the theme, “Driving Ghana Safe a collective responsibility.” The ‘Stop, Think & Drive’ National Road Safety Campaign has the objective of improving road safety consciousness among high risk commercial drivers and motorcycle riders to provide enhanced and safer transport services to commuters. Under the campaign, over 30 defensive driving training sessions will be held for commercial drivers and motorcycle riders across the golden triangle of Ghana i.e. Greater Accra, Ashanti Region and the Western Regions. Participants will be taken through a comprehensive defensive driving training module. Speaking at the launch, the
Managing Director of Vivo Energy Ghana, Mr. Ben Hassan Ouattara said the training is expected to increase risk awareness of drivers, promote attitudinal change and increase the competence of beneficiary drivers and reduce carnage on our roads. Mr. Ouattara reiterated Vivo Energy Ghana’s commitment to support the government and its agencies in reducing road accidents. “As an energy company and fuel distributor, we recognise that the government cannot succeed in reducing carnages on our roads if they act alone. It is for this reason that Vivo Energy Ghana in partnership with its transporters continue to demonstrate its long-term commitment to the protection of lives through the implementation of road safety initiatives with support from the National Road Safety Authority”. The Director-General of the National Road Safety Commission, Ing. May ObiriYeboah, noted the importance and purpose of the campaign, saying, “while the skill to drive is
important, the consciousness to realize that safety matters despite the conditions of the road and the actions of others is even more critical.” Ing. May Obiri-Yeboah encouraged the drivers to put safety first by taking the training seriously to help build their capacity and protect themselves and commuters against possible crashes. “We cannot deny that we still have bad road networks that affect safe driving, or that there are irresponsible drivers on our roads. These problems exist but as commercial vehicle drivers, your attitude towards these problems should not be one of indiscipline;
your attitudes and actions should seek to always protect and keep yourself and others safe on the road”, she said. Ing. May Obiri-Yeboah further commended Vivo Energy Ghana and its transporters for consistently championing road safety in Ghana through various interventions. “With a vision of becoming Africa’s most respected energy business, Vivo Energy goes beyond the sale of high quality Shell fuels and lubricants to playing its role as a socially responsible company through the critical areas such as road safety, education and the environment.”
Ten years of protecting oil cash, the PIAC story
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he Public Interest and Accountability Committee (PIAC), the oil revenue watchdog, in its pursuit of its mandate has embarked on various programs and activities since it inception, 10 years ago. The committee, which consists of 13 members, and a supporting secretariat, is headed by a Coordinator and has published 19 reports – 10 annual and nine semi-annual reports - covering the period 2011 to 2020. The committee, in August 2020, published an Issue Paper cataloguing a number of issues that needed urgent attention in the petroleum revenue management space. Being the first of its kind by PIAC, the paper highlighted such issues as the extension of expenditure by government to cover more than the four selected priority areas, the thinspread of the revenue over many projects, non-utilisation and failure to account for the full ABFA allocation. In fulfillment of Section 56(c) of the Petroleum Revenue Management Act (PRMA), which
requires the committee to hold public meetings at least twice each year, the committee held two regional fora in Sunyani and Cape Coast. As part of the public engagements in two regions; Eastern, and Ahafo, the committee undertook physical monitoring and verification of ABFA-funded projects in these Regions. The project inspection exercise, which has become a regular feature in PIAC’s district engagements, seeks to verify the existence of reported ABFA-
funded projects, obtain firsthand information on the quality and impact of the projects and, make an informed assessment of how well the oil revenues are being applied. Most of the district engagements were preceded by in-studio radio discussions, which informed the public about the work of PIAC. Infrastructure and Service Delivery in Health Priority Area. PIAC, as part of its drive to influence policy on the
management and use of petroleum revenues convened a technical roundtable to assess petroleum revenue investments in the health sector over the years. The forum made a strong case for increased investments into health sector financing to ensure equity and access. The forum also highlighted the need for strategic and technical prioritisation of the sector and projects to receive adequate funding. Engagement with the Institute of Financial and Economic Journalists (IFEJ) Besides its advocacy for the establishment of PIAC, the Institute of Financial and Economic Journalists (IFEJ) as a partner of the Committee, continues to play an active role in the activities of PIAC. These contributions include analysing PIAC’s statutory reports, and dissemination of the findings and recommendations. The engagement was centred on the 2019 Semi-annual and Free SHS Monitoring reports of PIAC.
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International
MONDAY JUNE 21, 2021
Fed chair Powell predicts inflation rise following initial post-pandemic dip
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igh US inflation rates related to the Covid-19 bounceback are set to be transitory, but interest rates rises might be needed by 2023 to deal with longer-term inflationary pressures, according to the Fed. This week, the central bank’s Federal Open Market Committee kept interest rates near zero and maintained its programme of asset purchases to assist the economy. However, Fed chairman Jerome Powell told reporters its thinking is now that a rise might be necessary in 2023. Powell said: “Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades. “Much of this rapid growth reflects the continued bounce back in activity from depressed levels.” While he said that current inflation levels are “principally associated with the reopening of
the economy, and not with a tight labour market, or tight resource constraints”. Citing the lumber and car industries, he said that “prices like that have moved up really quickly because of the shortages and bottlenecks and the like. “They should stop going up and at some point, in some cases should actually go down.” However, pressures could return by 2023 due to high employment levels. “That is about the broad inflationary pressure that results from, you know, a really strong expansion, tightening up resource utilization across the whole economy and lifting up inflation,” he said. Powell said that the bank believes it will be appropriate to maintain the current 0% to 0.25% target range for the federal fund’s interest rate “until labour market conditions have reached levels consistent with the committee’s assessment of maximum employment, and inflation has
risen to 2% and is on track to moderately exceed 2% for some time”. He said that the forecast that this would happen in 2023 “do not represent a Committee decision or plan, and no one knows with any certainty where the economy
will be a couple of years from now. He added: “More important than any forecast is the fact that, whenever lift off comes, policy will remain highly accommodative.” Credit: Publicfinancefocus.org
Morrisons rejects £5.5bn offer from US private equity firm
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orrisons has rejected a £5.5bn takeover proposal from US private equity firm Clayton, Dubilier & Rice. The UK’s fourth-largest supermarket, with 118,000 staff, said the offer “significantly undervalues” the firm. CD&R, where former Tesco boss Sir Terry Leahy is an advisor, confirmed it was considering a formal bid after weekend media speculation about its plans. The US firm has previously made investments in the discount shop chain B&M, from which it made more than £1bn. Morrisons said in a statement it had “evaluated the conditional proposal together with its financial adviser, Rothschild & Co, and unanimously concluded that the conditional proposal significantly undervalued Morrisons and its future prospects”. CD&R’s proposal, worth 230 pence a share, does not constitute a formal offer, and under UK takeover rules it has until 17 July to announce a firm intention to bid or walk away. The move by CD&R, one of the biggest takeover firms in the world, would have been one of the most high profile of many
bids for UK companies in the past year. BBC business correspondent Katie Prescott said the flurry of takeover activity was being fuelled by relatively low share prices of businesses in the UK compared to abroad and cheap money because of low interest rates. CD&R has this year agreed a £2.8bn takeover of UK healthcare group UDG, and a £308m bid for
the plumbing group Wolseley. In February, Zuber and Mohsin Issa and private equity firm TDR Capital purchased a majority stake in Asda from Walmart in a deal valuing the UK supermarket group at £6.8bn. That deal followed Sainsbury’s failure to take over Asda, which was blocked by the competition regulator. Morrisons - with its 500-store property portfolio, most of
which it owns outright - and its 10% of the grocery market - is an attractive proposition. There has been speculation about bids for Morrisons in the past from Amazon, which sells the supermarket’s products on its site. According to the Financial Times, which along with Sky News, first revealed details of CD&R’s intentions, the US buy-out firm approached Morrisons on 14 June. In addition to the cash offer, CD&R would take on Morrisons’ £3.2bn of debt, taking the total value of any deal to almost £9bn. A formal bid from CD&R could involve Mr Leahy, who when at Tesco was the boss of Andrew Higginson and David Potts, now Morrisons’ chairman and chief executive respectively. Last month, Morrisons said sales had increased by 2.7% in the 14 weeks to 9 May. But in the previous three months alone it had faced a £27m bill for Covidrelated costs. Earlier this month, Morrisons was rebuked by investors over executive pay, with more than 70% of votes cast at its annual shareholders’ meeting rejecting its pay report.
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The gaps in Bidenomics
By Robert Skidelsky
U
S President Joe Biden has set out to emulate Franklin D. Roosevelt by spending huge amounts of money, something that FDR avoided doing until World War II. This threatens to trigger the sort of inflation that wrecked Keynesian economic policies in the 1970s. Since January 2021, the Biden administration has spent or committed to spend $1.9 trillion for immediate COVID-19 relief, $2.7 trillion for investment and business support, and $1.8 trillion for welfare and education. This amounts to $6.4 trillion, or nearly 30% of US GDP. The $1.9 trillion already delivered through coronavirus spending will tail off, leaving $4.5 trillion, or about 20% of GDP, to be spent over the next ten years. The spending will be financed largely by US Federal Reserve bond purchases, with tax hikes coming later. But will it represent the biggest mobilization of US public investment since WWII, or rather an inflationary splurge? We don’t know yet, because we have no accurate way of measuring the output gap – the difference between actual and potential output, or, roughly, the amount of slack in the economy that can be absorbed before prices start to rise. The International Monetary Fund predicts that the US economy will be growing above potential by the end of this year, and that European economies will be close to their potential. This signals inflation ahead and the need to reverse deficit finance. Against this static view is the
belief – or hope – that government investment programs will increase the US economy’s potential output, and thus enable faster non-inflationary growth. Much of Bidenomics is about improving the workforce’s productivity through education and training. But this is a long-term program. In the short run, so-called supplyside “bottlenecks” could drive inflation. There is thus a palpable danger that an overambitious agenda gives way to abrupt policy reversals, renewed recession, and disillusion. There is a steadier course available, but the Biden administration has ignored two radical suggestions that might make its life a lot easier. The first is a federal job guarantee. Put simply, the government should guarantee a job to anyone who cannot find work in the private sector, at a fixed hourly rate not lower than the national minimum wage. Such a scheme has many advantages, but two are key. First, a federal job guarantee would eliminate the need to calculate output gaps, because it would target not future demand for output but present demand for labor. This in turn underwrites an unambiguous definition of full employment: it exists where all who are ready, willing, and able to work are gainfully employed at a given base wage. On this basis, there is substantial underemployment in the United States today, including among people who have withdrawn from the labor market or are working less than they want. Second, the job guarantee acts as a labor-market buffer that expands and contracts
automatically with the business cycle. The 1978 HumphreyHawkins Act in the US – which was never implemented – “authorized” the federal government to create “reservoirs of public employment” to balance fluctuations in private spending. These reservoirs would automatically deplete and fill up as the private economy waxed and waned, creating a much more powerful automatic stabilizer than unemployment insurance. As Pavlina R. Tcherneva of Bard College says, a job guarantee “continues to stabilize economic growth and prices, using a pool of employed individuals for the purpose rather than a reserve army of the unemployed.” No “management” of the business cycle, with its well-known political risks, is involved. The second radical idea is the economist Vladimir Masch’s compensated free-trade plan. America has lost millions of manufacturing jobs so far this millennium, largely owing to offshoring of production to cheaper labor markets in Asia. The counterpart of this has been a structural US current-account deficit averaging about 5% of GDP. One of the Biden administration’s main objectives is to rebuild US manufacturing capacity. While COVID-19 has fostered a conventional wisdom among all deindustrializing countries that they should reserve “essential” procurement for domestic manufacturers, Biden’s “Made in America” efforts echo former US President Donald Trump’s “America First” approach. But Biden’s plan to rebalance US trade by means of tax subsidies for domestic
producers, trade deals, and international agreements, rather than tariffs and insults, is vague and unconvincing. In a world of second-best options, the Masch plan offers the quickest and most elegant way for Biden to secure the balanced trade that he wants. The basic principle is simple: any government in a position to do so should unilaterally set a ceiling on its overall trade deficit, and cap the value of permitted imports from each trading partner accordingly. For example, China, which accounts for about $300 billion of the current US trade deficit – half of the total – might be limited to $200 billion worth of annual exports to the US. If China exported more, it could either pay a fine equal to the excess over its quota or face a ban on excess exports. Compensated free trade, Masch argues, “would stimulate a return to the US of the off-shored enterprises and jobs.” It would also automatically prevent trade wars, because “any attempt by the surplus country to decrease the value of its imports from the US would automatically decrease the value of its allowed export.” Policymakers seeking to stimulate the economy must pay more attention than past Keynesians did to avoiding inflation and ensuring that job creation at home is not offset by a drain of production capacity abroad. The Biden administration will have no choice but to learn these lessons. If it’s wise, it will shun both austerity and unfettered trade in favor of full employment and the manufacturing capacity needed to achieve it.
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Four capabilities businesses require for future success
A
chieving sustained value creation in a world of deep, volatile and disruptive change means organisations and leaders will need dynamic new capabilities to maintain success and stay relevant into the future. Understanding the future better than competitors, making more intelligent decisions, moving faster and bouncing back smarter will be essential in a world where “ideas are the new currency in a hyper-competitive business environment and innovation driving new forms of customer value is relentless,” says Deidre Samson, Senior Research Associate at the Institute for Futures Research at the University of Stellenbosch Business School (USB). Deidre is also a partner in Future-Fit, a Futures Consultancy. “Future success, from a personal and business perspective, has never been less of a sure thing. Climate change, pandemics, hyper-competition and the relentless disruption of technology all combine with other driving forces to ensure that no business is safe and no career is secure,” she said. Whilst many businesses previously relied on historical data and past performance to inform strategic decisions about the future, Samson said making sense of the past provided only a part of the picture and was no longer enough to predict future success. “To ensure sustained relevance and Customer value, there are four distinctive capabilities that need to be developed, operationalised and renewed over time: we need to make better sense of the future than our competitors (Foresight), and we need to make prescient, systemic and intelligent decisions (Acuity). We need to move faster to deliver new forms of future value to customers and society (Agility), and we need to learn from adversity and bounce back, smarter and more competitive than before (Resilience).” Samson said these four essential capabilities could be summed up
as Foresight, Acuity, Agility, and Resilience. “Capabilities are often confused with competencies, but the reality is that they are not the same thing. Competencies are a current state of peoples’ skills or abilities to do a job. Capabilities take us into the future, they include key resources required, peoples’ competencies, systems and processes, integrating mechanisms and sound governance. They should also be adaptable and flexible to meet changed circumstances. “Capabilities enable us to actually do something on a sustained basis. To compete successfully, some of these capabilities need to be what Teece calls dynamic capabilities. Dynamic capabilities are the ‘distinctive things that we need to do’ better than our competitors to ensure strategic success,” Samson said. The four key capabilities work together in an integrated, dynamic way to support longterm, sustained value creation. Foresight is “the ability to create and maintain a high quality, coherent and functional forward view,” Samson said. “Everything starts with strategic Foresight – making sense of the future in order to make informed decisions about what we are going to do to address challenges and take advantage of opportunities. Foresight requires that we constantly scan the environment, consider the likelihood and assess the potential impact of a myriad of interconnected forces driving change. It requires that we join the dots, gain insights based upon expertise and intelligent use of data, and model plausible scenarios towards which we navigate.” Acuity is defined as “sharpness of vision, hearing, quickness of thought”. Samson said that Acuity translates foresight into “intelligent decisions to inform our actions”. Acuity means being in touch with what’s
happening around us, being honest about our own strengths and weaknesses, having deep expertise in our own future arenas of opportunity whilst ‘seeing’ the systemic connections that set up both intended and unintended consequences. Acuity represents both rational and emotional intelligence, doing what’s right in a world full of ethical dilemmas and strategic trade-offs. It’s all making key choices - about when to do things alone and when to partner with others. It’s about building social relationship capital based on trust with other people and organisations in a broader ecosystem. Agility is the ability to move quickly and easily. “In an asset-rich but time-poor world, Agility ensures timeous results. If we can’t move fast enough to implement new ways of doing things, if we are too slow in delivering new forms of value, if we let excessive bureaucracy hamstring our ability to respond, we are dead in the water. We run the risk of having great ideas but not being able to execute fast enough and then we are simply not able to take advantage of the opportunities our foresight has created.” Resilience, the capacity to overcome and bounce back from adversity, also comprises the ability to learn from experience. “Foresight doesn’t mean that we get it right every time. There are going to be times when we are blindsided or when events – like the Covid-19 pandemic – come out of nowhere to impact our best-laid plans. COVID-19 has introduced the word ‘pivot’ to many executives vocabulary, the ability to change direction to deal with a urgent challenge. Resilience means that we ‘pivot’, bounce back quickly from adversity AND use the experience to learn, embrace new opportunities and reposition ourselves for even greater success,” she said. Samson said both individuals and organisations needed to take time out to reflect, learn new
skills and develop new ways of strategising and working centred around these four capabilities. “Competition for survival has evolutionary roots, manifest in today’s hyper-competitive business environment. Remaining relevant by matching and beating competitors as they jostle and position for advantage, ratchets up the speed and pace of change. These capabilities are the new ‘muscles’ that organisations need to build to be fit for the future. They need to permeate all levels or parts of an organisation.” “Will we ever get off the rollercoaster? Probably not. From a biological perspective, we cannot rely on evolution to save the day. We have to intervene in this relentless race by being able to do things that enable us to survive AND thrive. This is as true for an individual as it is for those acting as stewards of enterprises. As organisations, we need to be resilient to bounce back from adversity and survive, and as people we also need to be courageous, prescient and insightful to thrive in championing the future challenges and opportunities to be found within our own careers,” she said. Contact us for more information on the programmes offered by the University of Stellenbosch Business School (USB): Dr Marietjie van der Merwe USB Representative marie@globalnatives.com +230 606 2341 / +230 5 701 1362 Click on the link for more details on the programmes: https://www.usb. ac.za/academic-programmes/ Contact us for more information on the programmes offered by the University of Stellenbosch Business School (USB): Dr Marietjie van der Merwe USB Representative marie@globalnatives.com +230 606 2341 / +230 5 701 1362 Click on the link for more details on the programmes: https://www.usb.ac.za/academicprogrammes/
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The gaps in Bidenomics
The secrets to good health & longevity
H
ealth is defined as the absence of physical illness, diseases and mental distress. Good health refers to the ability to possess fit bodily strength, mental stability and emotional steadiness. Good health usually goes hand-inhand with well-being. It can be described as the achievement and maintenance of physical fitness, emotional and mental stability. A lot of factors play a role in staying healthy. Some of these include; eating healthy, regular exercises, drinking a lot of alkaline based water regularly, avoiding excess toxins, protecting your body from harmful damage, etc. In addition to the factors listed above, make sure you visit your health care physician for regular health checkups. Good health in this way can decrease your risk of developing certain conditions such as heart disease, stroke, some cancers, infections and injuries. There are certain distinct secrets to achieving this good health and well-being, which are minimally known. In this article some of these secrets will be revealed, stretched out and dissected for the benefit of the reader. One major hidden secret to good health, well-being and longevity is organic health. Organic, is a term in lay man’s tongue to mean “healthful” or
“close to nature.” It can also describe foods grown without artificial fertilizers or even products manufactured with natural ingredients and less or no chemicals at all. In other uses, organic refers to materials that come from living things/nature. In a more medical sense, organic means “relating to the organs of the body”. Since organics is usually related to plants and animals (nature), organic living is often viewed as the culture to living through natural means. Organic health is attested to be a great means to eliminating excess toxins from our body and thus help reduce some health risks. Not only does organic lifestyle help to reduce public health risks, but more so, foods or products organically manufactured are rich in nutrients, such as Vitamins, iron, magnesium, phosphorus, etc. and they are with less exposure to nitrates, pesticide residues and other chemicals. Consequently, organic foods and products are increasingly gaining popularity because a greater portion of the population want to know of its benefits. The general public belief is that organic food or products are healthier as compared to the conventional ones, and it’s hence the primary reason for its increased demand over the past decade. The choice of consuming organic foods or products in general is thus a growing trend in the world of today following the
realization of the need for a good health. The next very necessary step is to consider the usage of organically manufactured products. Products manufactured with high chemical contents are in the long run, very detrimental to the health of all who take it regularly. Thus, to avoid future health problems, one must always seek the use of organic products. Take for example the Longrich range of products. These products have been vetted, testified and proven to be of good quality, organic and with very little chemical ingredients, and, they are also multi-purpose and health conscious. Because they are manufactured with highly organic ingredients and also under strict research and environmentally friendly conditions, their range of products can be said to meet the criteria for healthy living. In relation to this, there are some outstanding benefits one can gain from living an organic lifestyle and using products which are highly organic. Some of these benefits include: 1. Better Overall health 2. Stronger immune system 3. Improved body organ function 4. Absence of periodic diseases and chemical infections 5. Anti-biotic Resistance 6. Longevity In conclusion, organic health is realized by many researches
across the globe to be the best option for an overall good health and longevity for every individual. This is the reason why a survey through a selected range of Manufacturing Companies proved that Longrich, as mentioned above, had the wide range of quality organic health care and daily use products for all of its consumers. Due to the fact that products manufactured organically do not contain any form of artificial chemical contents, all forms of chemical toxins are eliminated and hence prevents one from suffering from diseases caused by such toxins. Every individual seeking for good health, natural strength and longevity must therefore consider living healthy by eating more organic foods, drinking good alkaline based water, exercise regularly and take in health products which have been processed organically (Longrich range of products). Author:
Patience A. Offei (Organic Health Consultant)
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MONDAY JUNE 21, 2021
Italy boosts agribusiness skills in Ghana
T
he economic relationship between Ghana and Italy has soared to new heights in recent years. From the major role that Italian energy giant Eni is playing in the development of Ghana’s hydrocarbon resources to the efforts of the Italian Trade Agency (ITA) to increase economic exchanges between the two countries, it is clear that ItalyGhana economic cooperation is at its strongest in history. Italy’s approach to partnership with Ghana is unique, with an emphasis on technology and skills development. Technology is important because it is what Italy exports most, to Ghana and the rest of the world. Indeed, Italian technology is much sought after, not only for its level of quality, reliability, and flexibility, but also because Italian suppliers’ approach is to make sure that endusers are fully prepared to make the most out of the technology they buy and are happy with it. Training, the second aspect of the approach, is in fact a pillar of the Italian way to build relationships; it is based on Italian expertise and know-how, deeply rooted in decades of experience at the highest levels as a manufacturing country and as a leading exporter that is used to being confronted with very different conditions worldwide. A priority area for Italy’s bilateral cooperation is the agribusiness sector. This is no surprise, as Italy is well known internationally for being a top performer in industrial technology, especially in the agro-food industry. In addition to introducing its world-
leading technologies to the local agribusiness sector, Italy is running several training activities in Ghana that aim at building skills and growing local technical capacity. For example, the Italian Trade Agency has carried out the LabInnova project, a technical and managerial training program to empower Ghanaian agrobusinesses to increase their export activity, particularly in the EU and Italian markets. ITA is currently also arranging the participation of a Ghanaian delegation in Macfrut, which is a major agribusiness trade and industry event in Italy. Other training activities are run by other Italian organizations. Each has its own special distinctive features, but all share the same drive to build a culture of quality and distinction. Among the training and skills development programs worth highlighting is Eni’s Okuafo Pa project. Eni is a major energy company that seeks to contribute to socio-economic development of the countries where it operates, following its dual-flag model, which means it can grow only if the country where it operates can benefit from its activity and grow. “In line with the UN 2030 Agenda and its Sustainable Development Goals, we want to contribute to the economic development of Ghana, starting with agri-business that is able to have a short-term and broad scale impact,” says Mauro Martufi, CEO of Okuafo Pa. “Accordingly, with the Government of Ghana, we have started the Okuafo Pa project in
Kyeramasu, Dormaa East, with the aim of improving knowhow, enhancing productivity, contributing to emissions reduction, and facilitating access to credit to increase mechanization and digitalization in agri-business.” The Okuafo Pa training center, established in 2019, is fully powered by renewable energy and trains 800 people per year. With the support of KNUST (Kwame Nkrumah University of Science and Technology), the center trains people in practical and managerial agri-business practices, including smart climate agriculture. The target beneficiaries are people between 18 and 40 years old who want to improve their economic conditions, attain better livelihoods, and contribute to the socio-economic development of the country through agribusiness. The beneficiaries, 50% of whom are women, are selected by an independent committee on the principles of fairness, equality and repeatability. The first 800 trainees graduated in November 2020. About 50 graduates have found new jobs, and the remaining 750 are incorporating more than 60 new cooperatives along the value chains of tomatoes, cocoa, cashew, maize and poultry. Ten percent of the new cooperatives are already in the harvesting phase of their production. Post-training assistance is a critical component of the project to ensure the training given beneficiaries bears fruits. According to Mr. Martufi,
Okuafo Pa offers its trainees a “job placement platform” and an “incubator” to support new business initiatives. The incubator will soon feature a dedicated micro-credit facility developed by the Italian Bank of Development (Cassa Depositi e Presiti) and local banks. The objectives of the project, Mr. Martufi says, are to provide the labour market with skilled workforce and also develop local, sustainable value chains for strategic products that support national food security (e.g. poultry, tomatoes, and maize) and the country’s industrial agenda (e.g. cocoa and cashew). “If conditions are satisfied, the project could be replicated in other areas of Ghana to reach a wider number of beneficiaries. We estimate that 5,000 people per year can benefit from the direct and indirect effects of the project,” he adds. Another Italian training initiative is the Technical and Vocational Education and Training (TVET) Centres of Excellence being constructed by De Lorenzo, an Italian company, in collaboration with the Ministry of Education. De Lorenzo is a specialized manufacturer and supplier of technical and vocational training solutions, and its projects for Ghana are turnkey solutions, made up of the construction and equipment, as well as the connected services, such as installation, commissioning, and training of trainers.
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22 CONTINUED FROM PAGE 21 De Lorenzo believes that the quality of any TVET program and its products is dependent on the quality and quantity of personnel available to the program. Since competitive TVET systems need vocational teachers, trainers, instructors and specialists of high calibre, one full month’s training session is organised both locally and in Italy to help the trainers acquire confidence and the necessary technical training skills. The focus of this training is on the detailed use of the didactic/ training equipment provided, the use of the various training manuals, as well as maintenance of the equipment. The first TVET Centre of Excellence is located in Anyinam, in the Eastern Region, and will, among other activities, train students in food processing, focusing on transformation and value addition to various fruits such as mangoes and oranges to convert them into different finished products. The Centre will have a food processing laboratory with the capacity to process 100 kg/h of fresh fruit products. This laboratory can process raw material for the preparation of concentrated products such as juice and jam. Through this line, it is feasible to practically develop a small but complete fruit production cycle until the final packing solution. The main focus areas are fruit handling line; fruit preparation line; packing line and pasteurization batch; and drying production. The laboratory allows 30 students per class, who study
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in different working areas. It is structured to provide the teacher different learning solutions so that students can be divided into different groups of four or five, where each group will be allocated to a specific working area. A similar food processing line will be set up in Akumadan. Through the TVET Centres of Excellence, De Lorenzo aims to support the government of Ghana’s efforts to develop technical and vocational skills relevant for the 21st century, creating prosperity and equal opportunity for both male and female learners. UPSA–E4Impact MBA in Entrepreneurship In yet another example of the importance of training in Italy’s approach to cooperation, UPSA (University of Professional Studies Accra), the Catholic University of Milan, and E4Impact have joined forces to offer in Ghana the Global MBA in Impact Entrepreneurship and Innovation. UPSA is an acclaimed public university in Ghana and one of the region’s leaders in combining academic studies with professional certification. Università Cattolica del Sacro Cuore of Milan, on the other hand, is the largest private university in the European Union, with over 40,000 students, 1,650 faculty members, 5 campuses, 78 degree programs, and 79 research centers. E4Impact is the spin-off of the Catholic University of Milan aimed at growing entrepreneurs in Africa. On behalf of Università Cattolica, E4Impact manages 17 MBA programs in entrepreneurship in Africa,
with over 2,000 entrepreneurs accelerated through such programs since 2010. To offer the MBA in Impact Entrepreneurship and Innovation in Ghana, the two organizations have developed together a training and acceleration program uniquely designed to support Ghanaian entrepreneurs to start and grow their business in the country and beyond. The partners have selected faculty, business experts and mentors from Ghana, Italy and the United States, and the programme is fully recognized by the National Accreditation Board. The MBA is uniquely designed to support active and aspiring entrepreneurs in boosting their business. Its distinctive features include the following: • It combines excellent training with business acceleration services; • All training is designed to transfer tools necessary for entrepreneurs to grow their business; • Business acceleration services include: access to investors, coaching, networking, trips to Italy; • The MBA also give entrepreneurs access to a network of professionals who can further support participants; • The MBA offers all participants and alumni access to a B2B platform to do business across Africa; • The best entrepreneurs doing the MBA have the chance to interact with Italian businesses to go international; • The best 3 entrepreneurs across Africa win a monetary prize;
• The MBA adopts a flexible program that combines face training, online work, and networking; and • The MBA offers two degrees, one from the UPSA and the other from the Università Cattolica. Anybody who holds a first degree in any discipline and who has a business or a project to start a business can apply for the MBA. As of today, the MBA has graduated 2,000 entrepreneurs across Africa. Among these graduates, 87% increase their sales; 85% start yet another business; 81% increase their turnover; and 31% access funds within 1 year after completing the MBA. In Ghana, the MBA has already trained more than 150 entrepreneurs. These include Bola Ray, founder of Excellence in Broadcasting and Starr Radio; Stephen Eku, founder of Emigoh, the company manufacturing Yommi Yogurt; Amin Sulley Abubakar, founder of ZaaCoal, Africa’s largest organic charcoal plant; and Bobie Osei Ansah, founder of Farmer’s Hope, Ghana’s largest organic fertilizer producer. Today, UPSA and E4Impact are offering 2 scholarships for the next edition of the MBA to Ghanaian companies participating in the Ghana-Italy Agribusiness Digital Lab project, https://ghana-italy.digital.ice.it. It is a unique opportunity to benefit from highly qualified training and mentorship for entrepreneurs with innovative ideas in the agrofood industry.