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MONDAY NOVEMBER 1, 2021
BUSINESS24.COM.GH
Monday November 1, 2021
African Development Bank, AfCFTA Secretariat partner to stimulate industry
NO. B24 / 268 | News for Business Leaders
A progressive monetary policy is the only alternative
See page 5
See page 7
Lands Commission going fully digital next year By Eugene Davis ugendavis@gmail.com
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he Executive Secretary of the Lands Commission, James Dadson, has said land administration services in the country are expected to be fully digitised and automated from next year. This is expected to be done through the involvement of the private sector as partners with the Lands Commission to enhance the efficiency and effectiveness of the services delivered to the public. Cont’d on page 2
Members of the Select Committee on Lands and Forestry on a working visit to the Lands Commission
Moves underway to standardise port charges across sub-region
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he Ghana Shippers’ Authority (GSA) has said there are moves to standardise port charges in the sub-region. The move, according to the GSA, is part of efforts to streamline port charges for the benefit of shippers in the wake of the African Continental Free Trade Area (AfCFTA).
Own your innovations, Ursula tells young tech minds By Emmanuel Kwarteng
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he Minister for Communications and Digitalisation, Ursula Owusu-Ekuful, has charged young African digital developers to own the intellectual property rights Cont’d on page 3
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Editorial / News
MONDAY NOVEMBER 1, 2021
Editorial
Standardisation of port charges in sub-region apt and timely
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he Ghana Shippers Authority (GSA) has hinted of ongoing efforts to streamline port charges for the benefit of shippers in the wake of the African Continental Free Trade Area (AfCFTA). Port charges are the fees that shipping operators and their customers pay to port authorities for the use of the port's facilities and services. They come in various forms, although some of the most common fees are ship dues, goods dues and, in the case of mixed-use or passenger ships, passenger dues. Apart from rent charges that’s paid to the terminal operator, much of these port charges borne by the shipper are on directly associated with the cargo release
procedures and other ‘avoidable costs’ that importers mostly fail to avoid. Aside the freight, which is the cost of transporting the cargo, there are other fees and charges associated with shipping. After paying for freight, an importer is charged an administrative fee pr container release fee for the process leading up to the release of the consignment by the shipping line. There is also a container cleaning fee, a container detention—which is a form of surety for the safe return of an empty container to the shipping line—and demurrage on containers that overstay at the port.
Also, if an importer fails to clear his goods within one week, Customs charges interest on the duties applicable. In Ghana, a number of trade associations in the maritime sector, including freighters, importers and exporters and brokers, have bemoaned what they described as arbitrary increases in these charges by shipping lines. The issue of port charges has been a longstanding bone of contention between shipping lines and the shipping community across the subregion and we can only hope for a collective decision to will inure to the benefit of all actors that are engaged in the shipping business across the region.
Lands Commission going fully digital next year Continued from cover
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This came to light when the Parliamentary Select Committee on Lands and Forestry paid a working visit to the Commission and toured some of its divisional offices. “We are hoping that by the end of this year, we will have fully cleared all the contractual issues with the engagement of the private sector. They are bringing on board both technical and financial support. Once we go through these legal and technical processes, we will commence full scale beginning next year,” the Executive Secretary said. Presently, the Lands Commission’s operations are mostly manually conducted. As part of Phase II of the Land Administration Project, the Ghana Enterprise Land Information System (GELIS) was developed as a foundation for a complete automation of land service delivery nationwide. Mr. Dadson said serving as a pilot for the complete digitisation programme, 10 percent of data in the Greater Accra Region, which is the most active land market in the country, has so far been scanned and digitised. He explained
that the Commission was putting some finishing touches to the expansion of its Greater Accra Regional Office and the completion of the Commission’s Head Office building to create the needed environment and space for the digitisation. “Once we have finished with that, we will go full-scale digitisation and ensure that as part of the private-public partnership that we are embarking upon, the whole country will be mapped, so every land transaction, every land registration across the country will be done in a digital environment,” he added. At the end of the working visit of the Parliamentary Select Committee on Lands and Forestry, its chairman, Francis Manu-Adabor, expressed satisfaction with the work done by the leadership of the Commission
so far in both pushing for the completion of their buildings and also pursuing their digitisation programme. “We see that they are almost ready to go into conveyancing that will be electronic. This is just to give people confidence, because you meet people outside and they are not too happy with the registration process--the way it keeps long and, secondly, the falsification of documents. Now, with the implementation of the new Land Act, punishment will be meted out to those who do the wrong things to destroy the name of the Commission,” he indicated. The Committee’s Ranking Member, Rashid Pelpuo, said they were looking forward to seeing the Commission operate digitally to avert cases of fraudulent land acquisitions.
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News
MONDAY NOVEMBER 1, 2021
Moves underway to standardise port charges across sub-region Continued from cover Chief Executive Officer of the GSA Benonita Bismarck revealed this when a fifteen-member delegation from the Nigeria Customs Command and Staff College, Gwagwalada, Abuja, paid a courtesy call on the GSA to familiarise itself with the operation of the Authority and pick up lessons to improve upon customs services in Nigeria. Ms. Bismarck said the GSA recently participated in the inaugural meeting of the Committee of Experts on Transport Costs in Abuja, which discussed ways to streamline port charges in the sub-region. “The expert body, made up of sector players, has been tasked to come up with a framework to guide operations at the port. The hope is to have some uniformity in port charges in the sub-region to spur regional economic growth,” Ms. Bismarck said. She reiterated the important
economic role Ghana and Nigeria play in the sub-region and mentioned various collaborations between the two countries in the shipping and logistics sector which have helped improve service delivery at the ports. She also used the opportunity to encourage the Nigerian
customs officers to put in their best to promote intra-Africa trade through the African Continental Free Trade Area (AfCFTA). A presentation was made on the operations of the GSA and its contribution to improving shipping and logistics services in Ghana.
The fifteen-member delegation was made up of the Comptroller of Customs, Olatunji Aremu; the Deputy Commandant and Director of Studies for the Staff College; three members of the directing staff; 10 students; and one member of the administrative staff.
Own your innovations, Ursula tells young tech minds Continued from cover of their innovations. The Minister, while delivering a keynote address at the 11th Ghana Information Technology and Telecom Awards (GITTA 2021), bemoaned the losses young developers faced owing to lack of intellectual property rights ownership. “One of my abiding regrets is how mobile money technology developed in Africa for Africans, yet we don’t own the intellectual property rights to that, and I think going forward we must insist that the minds and innovative brains that think through and
develop technologies that are geared towards solving peculiar challenges of the African continent, African young minds, should have the intellectual property rights,” she said. She said recognising, rewarding and protecting intellectual property are key to promoting excellence in digital innovation. “African young developers should have the intellectual property right protected and reap the suitable rewards from it, and not keep losing the talents that are abundant on this continent to those who recognise talents early and give us a small pittance and buy it off us and make millions out
of our sweat,” she said, adding that “intellectual property protection ensures that innovators benefit from their work, and it is one of the surest ways to engender digital innovation if the right environment is created.” The Minister also touched on the numerous benefits provided by new technologies in modern societies, which have increased exponentially owing to the outbreak of the Covid-19 pandemic. She said, "The application of ICTs in education, commerce and governance and other sectors has expanded beyond our wildest expectations."
"ICTs and the internet have made channels for various virtual platforms for teaching and learning, international conferences, church services, and business meetings, among others, and we learned the hard way during the pandemic that most activities can be done without physical interaction, which is a good thing for the industry, resulting in cost savings from international and local travels and physical convergence," she continued. She said government has taken it upon itself to finance the necessary infrastructure on which network operators will deliver services to underserved and unserved areas through a PPP arrangement. This, she said, will connect some four million citizens to voice and data telephony services as part of the government's digital transformation agenda. The Ghana Information Technology & Telecom Awards (GITTA) has become the cornerstone event that promotes and celebrates governments, IT operators, ISPs, infrastructure providers, fintechs, banks and other stakeholders.
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MONDAY NOVEMBER 1, 2021
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News
MONDAY NOVEMBER 1, 2021
Second edition of the Gas Challenge launched in Accra By Dennis Attuquaye
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he Ghana National Gas Company, organizers of “The Gas Challenge” has launched the tertiary edition of the competition at the Bediako Memorial Auditorium of the GNAT Hall - Accra. The Chief Executive Officer of
the Ghana National Gas Company, Dr Ben K.A Asante, who launched this year’s edition was of the view that gas is the future, hence the Gas Challenge is aimed at building the necessary capacity and also create awareness about what the gas industry is all about. “Gas is going to be the bridge between the fossil fuel and for
renewable energy. We are very excited to be in this industry and we know that with your presence here today we are looking forward to what is going to happen in future and also to build the necessary and requisite capacity. It is in this light of building capacity and raising the consciousness and the awareness of what gas is about that the 2021 edition of the gas challenge is being held,” he stated.
Also in attendance were Joseph Cudjoe the Minister for Public Enterprises, Mrs. Augustina Abena Asare (Head of the Government Relations Department of Ghana National Gas company and the Head of the Planning Committee of the Gas Challenge). The competition is expected to be held in three zones, thus zone one (1) being schools in the Greater Accra Region, Zone Two (2) comprising of schools in the Ashanti and Bono Regions and Zone three (3) will host schools in the Western Region. The competition which is geared towards demystifying the gas industry saw competitors from the University of Ghana(UG), Reginal Maritime University(RMU) and the Ghana Communications Technology University(GCTU) making up Zone 1, with the University of Ghana coming out as winners of Zone 1 with 63 points. Similar contests are expected to be held in Kumasi and Takoradi in the quest to get the three slots filled for the final scheduled to be held in Accra on Wednesday 24th November 2021.
African Development Bank, AfCFTA Secretariat partner to stimulate industry
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frican Development Bank Group President, Dr. Akinwumi A. Adesina, said on Friday that the Bank will integrate the African Continental Free Trade Area (AfCFTA) into its country and regional integration strategies. Receiving AfCTA SecretaryGeneral Wamkele Mene, in Abidjan, Adesina said “the implementation of the free trade area will become a key component of the Bank’s lending program. We want to have a critical mass of AfCFTA-aligned investments.” Adesina said the Bank would support the AfCTA Secretariat in implementing its various trade and industrial initiatives and programmes. “We have a responsibility to ensure that that the African Continental Free Trade Area is an industrial hub. The zone should become an area for manufacturing, not merely for trading,” Adesina stressed. He said the Bank would work closely with the AfCTA Secretariat to ensure that Africa produces at scale. “We require a large industrial manufacturing zone that generates income and
competes on a local and global scale,” the African Development Bank chief said. Mene said the secretariat would help member states remove trade barriers to boost intra-African trade. “But we cannot do so without the support of the African Development Bank,” he said, explaining … “we would just be a trading hub with no real output.” Wamkele Mene said that the African Continental Free Trade Area provided Africa with a great opportunity to develop the necessary infrastructure to support trade and benefit small and medium enterprises. He sought the Bank’s continuous support. “We want the initiative to run as an African initiative supported by our heads of state and our development finance institutions,” Mene said. Adesina assured the AfCTA chief of the Bank’s long-term support for the continental initiative. He said it would provide institutional support, particularly in the areas of industrialization, finance, infrastructure, and logistics. The Bank and the Secretariat are to put together an Africa industrialization forum for more
directed Bank support. “We want to ensure that industries emerge in a more structured manner in Africa,” the African Development Bank president said. Both leaders agreed to draft a memorandum of understanding to strengthen their relationship and facilitate effective collaboration. The African Development Fund, the Bank group’s concessional lending arm, provided support for the establishment of the AfCFTA Secretariat in Accra, Ghana through a $5 million institutional grant to the African Union.
Several senior management officials of the Bank participated in Friday’s meeting, including Senior Vice President Bajabulile “Swazi” Tshabalala, Vice-President for Regional Development, Integration and Business Delivery Khaled Sherif, Vice President for Private Sector, Infrastructure and Industrialization Solomon Adegbie-Quaynor, Special Adviser to the President on Industrialization Professor Banji Oyelaran-Oyeyinka, and Director of the Industrial and Trade Development Department, Abdu Mukhtar.
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MONDAY NOVEMBER 1, 2021
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Opinion/Analysis
MONDAY NOVEMBER 1, 2021
A progressive monetary policy is the only alternative By Yanis Varoufakis
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s the coronavirus pandemic recedes in the advanced economies, their central banks increasingly resemble the proverbial ass who, equally hungry and thirsty, succumbs to both hunger and thirst because it could not choose between hay and water. Torn between inflationary jitters and fear of deflation, policymakers are taking a potentially costly wait-and-see approach. Only a progressive rethink of their tools and aims can help them play a socially useful post-pandemic role. Central bankers once had a single policy lever: interest rates. Push down to revitalize a flagging economy; push up to rein in inflation (often at the expense of triggering a recession). Timing these moves, and deciding by how much to move the lever, was never easy, but at least there was only one move to make: push the lever up or down. Today, central bankers’ work is twice as complicated, because, since 2009, they have had two levers to manipulate. Following the 2008 global financial crisis, a second lever became necessary, because the original one got jammed: Even though it had been pushed down as far as possible, driving interest rates to zero and often forcing them into negative territory, the economy continued to stagnate. Taking a page from the Bank of Japan, major central banks (led by the US Federal Reserve and the Bank of England) created a second lever, known as quantitative easing (QE). Pushing it up created money to purchase paper assets from commercial banks in the hope that the banks would inject the new money directly into the real economy. If inflation appeared, all they need do was push down on the lever and taper the asset purchases. That was the theory. Now that inflation is in the air, central banks are nervous. Should they tighten policy? If they don’t, they can expect the ignominy suffered by their 1970s predecessors, who allowed inflation to become embedded in the price-wage dynamic. But if they follow their instincts and shift their two levers, tapering QE and modestly raising interest rates, they run the risk of triggering two crises at once: A jobs bonfire, as increasing interest rates reduce aggregate demand and dampen investment, and a financial crash,
as markets and corporations, addicted to free QE money and over-extended, panic at the prospect of withdrawal. The 2013 “taper tantrum,” which occurred after the Fed merely suggested that it would rein in QE, would pale in comparison. Central banks are terrified of this scenario because it would render both their levers useless. Though interest rates would have risen, there would still be little room to reduce them. And politically prohibitive amounts of QE would be necessary to reflate submerged financial markets. So, policymakers sit on their hands, emulating the hapless ass who could not work out which of its two needs was weightier. But, by presupposing that the two levers must be moved sequentially and in tandem, central banks’ conundrum assumes a past that need not be repeated. Historically, sure, the second lever, QE, was invented only after the first, interest rates, had stopped working. But why should we assume that with inflation rising again, the sequence must now be reversed by eliminating QE first and then raising interest rates? Why can’t the two levers be moved simultaneously and in the same direction, implying a two-prong monetary policy that hikes interest rates and QE (albeit a different form)? Interest rates should indeed be raised. Lest we forget, even in times of zero official interest rates, the bottom 50% of the income distribution are ineligible
for cheap credit and end up borrowing at usurious rates via payday loans, credit cards, and unsecured private loans. It is only the rich that benefit from ultra-low interest rates. As for governments, while low official interest rates allow them to roll over their debt cheaply, their fiscal constraints seem impossible to loosen, so much so that public investment is constantly lacking. For these two reasons, 13 years of ultra-low interest rates have contributed to massive inequality. This rising inequality has enlarged the savings glut, as the ultra-rich find it hard to spend their mountainous stash. Because burgeoning savings represent the supply of money, whereas puny investments represent the demand for it, the result is downward pressure on the price of money, which keeps interest rates pinned to their lower zero bound. Central banks must, therefore, muster the courage to raise interest rates in order to break this vicious cycle of unbearable inequality and unnecessary stagnation. Of course, central banks fear that hiking interest rates will render governments bankrupt and cause a serious recession. That’s why the increase in interest rates should be supported by two crucial policy moves. First, because a serious restructuring of both public and private debt is unavoidable, central banks should stop trying to avoid it. Keeping interest rates below zero to extend into the future the bankruptcy of
insolvent entities (like the Greek and Italian states and a large number of zombie firms), as the European Central Bank and the Fed are currently doing, is a fool’s wager. Instead, let us restructure unpayable debts and increase interest rates to prevent the creation of more unpayable debts. Second, instead of ending QE, the money it produces should be diverted away from commercial banks and their corporate clients (which have spent most of the money on share buybacks). This money should fund a basic income and the green transition (via public investment banks like the World Bank and the European Investment Bank). And this form of QE will not prove inflationary if the basic income of the upper middle class and above is taxed more heavily, and if green investment begins to produce the green energy and goods that humanity needs. Central banks are not constrained to choose between paralysis and contraction. A progressive monetary policy would lift interest rates while investing the fruit of the money tree in climate action and reducing inequality. If it helps to sell the policy, call it “sustainable monetary tightening.” Yanis Varoufakis, a former finance minister of Greece, is leader of the MeRA25 party and Professor of Economics at the University of Athens.
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News
MONDAY NOVEMBER 1, 2021
Winners of MTN@25 Mega promo receive prizes…20 more brand new Hyundai Sonata vehicles up for grabs
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TN Ghana has presented the first five (5) brand new Eighth Generation Hyundai Sonata Vehicles to the first set of winners of the MTN @ 25 Mega Promo. The winners drawn from data collated from the first month of the promotion consist of 3 national winners and 2 regional winners selected from the Ashanti and Ahafo regions. The first five winners are Mr Kofi Anane, Mr Boakye-Yiadom Osei Owusu, Miss Grace Amoah, Mr Eric Osei Agyeman and Miss Angela Dodzi Bakah. About 200 customers also received cash prizes up to GHC5,000 while 8,000 customers received airtime which were transferred to them digitally. MTN Ghana expressed its commitment to continue to brighten the lives of Customers beyond the provision of distinct Customer Experience and telecommunication services. Noel Ganson, the Chief Marketing Officer of MTN Ghana said, “the Silver Jubilee celebration could not be complete without recognizing the significant contribution of our numerous Customers to the success of the company. “With you, our
Customers, we have been able to build a formidable business that provides value.” “The journey of rewarding 25 customers with the Hyundai Sonata, cash and airtime has just begun, therefore, all customers should take the MTN
@25 Mega promotion seriously to benefit”, he added. Rehina Adams, Showroom Manager of Hyundai Motors and Investments Ghana Limited mentioned that the 8th Generation Sonata’s features
include Push To Start, Remote Start Ignition, Voice Command Control and Shift By Wire Button. Other features include Reverse Camera and Reverse Sensors, Touch Screen with Internal Memory and Leather Seats.
Jospong Group steals show at Ghana Business Awards
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he Jospong Group of Companies ( JGC), once again, received the spotlight as it won four (4) out of thirteen (13) categories it was nominated at the 4th edition of the Ghana Business Awards (GBA) held at Kimpinski Hotel in Accra. The JGC emerged the Group of Companies of the Year, while its Executive Chairman, Dr Joseph Siaw Agyepong, received the Entrepreneur of the Year award. Two of its subsidiaries— Sewerage Systems Ghana Limited (SSGL) and Dredge Masters
Limited (DML)—were awarded the Sanitation Company of the Year and Community Impact of the Year awards respectively. In all, seventy (70) individuals and institutions, both public and private, received recognitions for their excellent performances and impacts on the social and economic development of Ghana. Some of the JGC nominated included JSA Logistics, Appointed Time Printing, Accra Compost and Recycling Plant, Kumasi Compost and Recycling, Integrated Compost and Recycling Plant,
Zoomlion Ghana Limited and other individuals among others. About JGC The JGC is one of the most diversified holdings companies in Ghana with operations in other African countries and Asia. The company has business interest in about fourteen (14) sectors of the economy with its biggest operations in waste management, ICT, and banking as well as automobile and equipment. Established in
1995, as a printing press, the company has since, its inception, experienced phenomenal growth and now has operations covering diverse sectors with over sixty (60) companies with a focus on delivering quality services and products using simple technology at competitive prices. Jospong Group’s core business is to identify gaps, churn out innovative businesses and build capacities to provide value, and nurture them to become market leaders; fit to play on both the local and international markets. About GBA Ghana Business Awards is a prestigious programme that recognises and rewards excellence across all sectors in Ghana. The awards provides a platform to recognise individuals and companies that play a significant role in the growth and development of their business sector while recognising the key functions within the sector that promote growth and sustainability
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News
MONDAY NOVEMBER 1, 2021
StanChart celebrates 125 years of operating in Ghana
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tandard Chartered Bank PLC has marked 125 years of operation in Ghana and commits to using its unique capacity to connect capital, people, ideas and best practices, both locally and globally backed by our network to address the significant socio-economic challenges and opportunities facing the world today. The Bank started its operations in 1896 as the Bank of British West Africa (BBWA) and has pioneered the development of financial markets in Ghana and supported
the socio-economic development of Ghana by putting its capital behind the opportunities to develop the country. The Bank has over the years focused on being client-centric, supporting its clients to grow and protect their wealth and providing digitised banking services through increased investments in technology. A technology-savvy bank that is small enough to be nimble, yet big enough to be relevant To mark the anniversary celebrations, Mrs. Mansa Nettey,
Chief Executive of the Bank, voiced her gratitude to clients and all stakeholders for their support and loyalty. ‘As we mark this milestone, we celebrate our clients and shareholders who have been with us throughout the years for their loyalty and continuous feedback.’ “Over the last 12 decades we have been pioneers of international trade and investment, connecting companies, institutions and individuals to some of the world’s fastest growing and most dynamic regions and facilitating the flow
of capital to where it is needed most to drive commerce and prosperity, however, the bank can do more.” She added that with this milestone anniversary, the Bank is pivoting to lead with our purpose and taking a stand by setting long-term ambitions to address the significant socio-economic challenges facing humanity and channel our resources to solve them. Hence, the bank has embarked on a new strategic direction that draws on our core capabilities in alignment with its purpose and brand promise, “Here for Good.” There are various activities lined up to mark the anniversary including a Digital Banking, Innovation & Fintech Festival on 3rd and 4th November and a number of community engagement initiatives including planting 1250 trees at the Ramsar Site, supporting 1250 young ladies from low-income communities in the Greater Accra, Western, Northern and Ashanti regions with Employability Skills. Additionally, employees will volunteer their time and skills to teach financial education to young people and also offer digital Master classes to MSMEs.
Ghana Link’s Nick Danso wins “Excellence in Business Award”
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he Executive Chairman of the Ghana Link Network Services Ltd (Ghana Link), Mr Nick Danso Adjei, has been awarded “Excellence in Business Award” a lifetime achievement recognition at the 4th Ghana Business Awards held in Accra. The award is in recognition of Mr. Danso Adjei’s exemplary and visionary leadership to leverage technology to automate processes to facilitate trade and increase revenue for national development and successfully steering the implementation of the Integrated Customs Management Systems This is the second time Executive Chairman of Ghana Link has won a topmost award in just two months. At this year’s Ghana Shippers Awards, Mr Nick Danso Adjei won the Personality of the Year award for his exceptional leadership character, vision, integrity and focus to continuously provide direction to deliver projects that have directly impacted on increasing revenues while facilitating trade. Mr. Nick Danso Adjei’s contribution and achievements
in the ICT and Trade facilitation sector in the country and beyond remains pivotal in the development pursuit of the nation. This is demonstrated in the development and implementation of innovative and award-winning projects. Under the leadership of Dr Danso Adjei, Ghana Link is expected to deploy new modules and innovative projects (e-products) such as the E-Auction for the Ghana Revenue Authority (Customs Division and Domestic Tax Division) which aims to help the auctioning processes to be transparent and smooth, also soon the company is expected to work with the authorities at the Airport to deploy the Airport Passenger Information Systems also known as the APIS. These initiatives are to contribute to the country to strengthen help GRA build one of the most advanced tax and business regimes in Africa. The impact of the ICUMS has been a significant increase not only tax revenues but also the domestic tax revenue collections.
Commenting on the award on the sidelines of the event, Mr Danso Adjei noted that the award is a testament to the hard work he and his team of Directors and staff has put in running his businesses. Touching on entrepreneurship, Mr Danso advised the Ghanaian youth to be hard working and focused on achieving their goals and aspirations. He urged the youth who wish to venture into entrepreneurship to always take risks as that is necessary to attaining success in the business world. He however, quickly added that risks taken should be ‘reasonable’ and those that ensure that will surely achieve their intended goals. Mr Danso Adjei is the Executive Chairman of not only Ghana Link but he has also been very successful at starting and running other businesses like the Royal Nick Hotel, the Royal Light, Nick TC Scan (Ghana and Seirra Leone), Alic Inspection Company, Export Gold Ethanol Inspection Company, Global Export Company of Guinea Bissau, Misyl
a Energy BDC, Nick Petroleum and several other companies. The Ghana Business Awards is a prestigious awards programme that recognises and rewards excellence across all sectors in the country. The Awards provides a platform to recognize individuals and companies that play a significant role in the growth and development of their business sector while recognising the key functions within the sector that promote growth and sustainability. The event seeks to celebrate achievement, innovation and brilliance within the business environment of Ghana.
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MONDAY NOVEMBER 1, 2021
Conservation-oriented hospitality at Rosewood Cottage
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n a time when the world is seeking practical ways to address the climate crisis, Rosewood Cottage, a practice Hotel in Kumasi is showing the way to sustainable development in hospitality. Rosewood Cottage, run by the Presbyterian Centre for Vocational Instructors’ Development (PRECEVID), incorporates nature conservation into the services rendered. The Director of PRECEVID, Ms. Linda Agyei, explained that natural potentials are managed on the premises to remain unadulterated and pristine.“To that purpose, our land size of about 14-acres is largely conserved, with only 3-acres developed for the accommodation of guests. Seven acres have been used as herbarium, conserving rare plants to provide serenity, entertainment and insight into biodiversity.” The trendy glade of Rosewood Cottage is a 15-minute drive from KNUST, and situated on the Farmlands between Kyirapatre and Gyinase on the Lake Bosomtwe stretch.The Rosewood Cottage boasts of a herbarium with several species of plants, including mahogany, sapele , odum trees, and natural spices such as nutmeg, prekese
and ginger, as well as a portion for fruits, such as star apple and cashew. The herbarium is an attraction for tourists to learn about plants, their uses and botanical names boldly displayed on factsheets. “Although most people just love the adventure of exploring for themselves, there is a guided tour on request. Guests can navigate the ecological wonderland, herbarium and all, at the stylishly luxuriant retreat for lovers of nature,” said Madam Agyei. For those who love bird watching, the setting offers a range of local birds in their natural habitat. According to the Director, the concept was developed using volunteer camps with guests from different parts of the country, where everyone planted something with their name written on it. “After some years, the guests returned to find that what they planted had grown nicely. Some clients are eager to return and call the cottage regularly to check on the progress of what they planted.” People who appreciate ecotourism come from developed countries, such as Germany and Switzerland, for conferences and to admire the rustic architecture
and eco-friendly environment of the cottage. “Ten rooms at the cottage have been named after the old regional capitals of Ghana, with each room displaying the icon, history and culture of the region represented. There is so much information to absorb about a region, in terms of books and photographs, to educate and entertain guests in a unique way,” “The restaurant is known as the Prekese Restaurant, because it ensures that guests enjoy the medicinal value of the wonderful spice that cures many diseases. The bar, called Ginger Bar, promotes fresh fruit juices with a tinge of ginger. In fact, fresh fruit juice is served as a welcome drink for guests.” “It is work in progress but we confirm that the greater part of ingredients used in cooking is organic and grown naturally, free of chemicals. This ensures that the food has healing properties to promote longevity.” Madam Agyei explained the direct financial benefit from conservation at Rosewood Cottage. “ The hot water system is run on solar energy, using solar boilers. This helps to not only minimise the use of electricity, but to also make use of renewable energy.” Madam Agyei called on
hoteliers and clients to opt for conservation-oriented hospitality service to save the planet. “It is painstaking and capital intensive to develop and run ecotourism facilities, considering all the cultivation and conservation required. And it is obvious that hospitality is people-dependent, and cannot be replaced by machines. People want to be served and pampered, and there is the constant need to know better ways of making people feel pampered, while conserving nature.” PRECEVID’s school of hospitality develops professionals for the industry at both the operational and management levels, with unique training modeled on the hotel-school concept where training is done in the practice hotel for industrybased training. “Since inception in 2014, PRECEVID has trained over 300 school leavers and graduates who occupy various positions in the hospitality industry, with employers testifying to their professionalism. Also, we have trained over 200 TVET teachers in the CBT method. These trainees form a critical mass of hospitality professionals and trainers to drive the national strategy for domestic tourism.”
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African Business
MONDAY NOVEMBER 1, 2021
Bridging Africa's health-care divide
By Strive Masiyiwa, Gordon Brown
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or the past 30 years, everyone assumed that developed and developing economies were converging, with higher growth rates in Africa and elsewhere helping those countries to catch up. But African economies are now growing at only half the average global rate. Divergence is becoming the new order of the day. And with growing fiscal pressures, increasing debt, mounting inflation, rising interest rates, and supply-chain disruptions creating new barriers to growth, it is almost certain to get worse in 2022. This outcome is not inevitable, but the only way to reverse it is to extend the benefits of vaccination and other medical protections from the Global North to the Global South. As we write, only 8.5% of African adults have received one dose of COVID-19 vaccine. Of the 6.9 billion doses that had been administered globally by mid-October 2021, only 176 million ( just 2.5%) were in Africa. Under 1% of the population in a dozen African countries has been vaccinated, and the rate for the continent as a whole is just 5%, compared to 62% in high-income countries. Worse, the Access to COVID-19 Tools Accelerator (ACT-A) projects that there will be 200 million more COVID-19 cases in the coming year, three-quarters of which will be in low- and middle-income countries. Without vaccination, these infections could cause another five million deaths in the next year (exceeding the 4.9 million recorded deaths from the virus so far). Africa could become the
pandemic’s long-term epicenter. At their summit in June, G7 leaders committed to vaccinate the entire world by the end of 2022, promising Africa hundreds of millions of doses. But, because the event was run in the manner of a charity fundraiser (with each country simply offering to donate what it could), no operational plan or timetable was established. As a result, the COVID-19 Vaccine Global Access (COVAX) facility, the international bulkpurchasing agency that had initially hoped to allocate two billion vaccines by this December, was forced to cut its delivery projections to 1.4 billion. So far, it has only had enough supplies to release 406 million doses to 144 countries, with 326 million going to the 91 poorest countries. The world thus fell far short (by 200 million doses) of its goal to vaccinate at least 10% of the population in every country by the end of last month. In Africa, 39 of 54 countries missed the target. More donations were announced at a vaccines summit hosted by US President Joe Biden in September, where some progress was made toward setting a new hard target: vaccinating 40% of adults in every country by the end of this year. But, again, there was no agreement on a timetable or delivery plan, and the richest countries’ donations have yet to match their pledges. As a result, COVAX needs 500 million more doses by this December – and five billion more next year to achieve the overall global target of 70% vaccination coverage. Aware that these promises are not being met, African leaders have taken decisive action. The
African Union has formed the African Vaccine Acquisition Trust (AVAT) to coordinate its vaccinedistribution effort, and with a deal to purchase 400 million singleshot vaccines from Johnson & Johnson, shipments have been underway since August (to be completed in September 2022). Moreover, a purchase agreement with Moderna this month should provide another 100 million doses, with 50 million arriving in three batches between December 2021 and February 2022. Owing to its own efforts, Africa will be able to vaccinate up to 100 million people by the end of this year. It has secured enough future supply to vaccinate 35% of its population in 2022 – half the 70% target set by the World Health Organization. The problem it has yet to overcome lies with Western donors, whose unfulfilled promises have left a large shortfall. No one now doubts that, in the long run, Africa will need to create its own manufacturing capacity, just as it is now creating its own medicines agency. When it does, it will need technologytransfer licensing agreements and patent waivers. This is where the G20 comes in. While the International Monetary Fund, the World Bank, and the World Trade Organization are doing their best to coordinate vaccine efforts with the WHO and others, they do not control the flow of vaccines. The real power lies with the leaders of large, wealthy countries that have more vaccine doses than they need. It is they who could decide today to airlift millions of unused doses to where they are most needed, or to redirect their delivery contracts to COVAX. There is a way forward.
The four largest Western G20 members – the European Union, the United States, the United Kingdom, and Canada – currently have 240 million unused doses. They should agree to airlift these supplies, and they should ask other G20 members to join them in contributing unused doses and switching delivery contracts to COVAX. Africa will suffer most in a world that remains unprepared for future crises. That is why we need a Global Pandemic Preparedness Board of global health and finance ministers, as proposed by WTO DirectorGeneral Ngozi Okonjo-Iweala, Singapore Senior Minister Tharman Shanmugaratnam, and former US Secretary of the Treasury Lawrence H. Summers, with the support of a WHO commission led by former Italian Prime Minister Mario Monti. Through such a body, $10 billion could be mobilized every year to build the infrastructure needed to prevent a repeat of the COVID-19 crisis. While African, Asian, and Latin American countries with inadequate health infrastructure would stand to gain most directly from such investments, the benefits ultimately would redound to the entire world. The situation today calls for an extraordinary humanitarian effort. Additional resources must be made available to ACT-A and the 91 low-income countries that are hard-pressed to build the medical capacity they need. The alternative is unthinkable. A dangerous health-care divergence in a fractured world means more disease, more dangerous mutations of existing viruses, and more threats to everyone.
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Government commits extra $200 million to TVET sector By Christopher Arko
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overnment is committing an additional US$ 200 million to overhaul and transform the Technical and Vocational Education and Training (TVET) sector in the country. Dr Yaw Osei Adutwum, Minister for Education, said the additional funding was ample testimony of the government’s commitment to supporting the TVET sector, which is key to its transformation agenda. The Minister’s speech was read by Mr Benjamin Gyasi, Chief Director of the Ministry, at the closing session of the National Skills Competition and TVET EXPO 2021 in Accra. The TVET EXPO and Skills Competition attracted participants from second cycle technical institutions and technical universities across the country. Seventy-three competitors took part in the National Skills Competition in 14 skill areas such as Graphic Design, Fashion, Welding, Electrical Installation, Mechatronic, Auto Body Works, Cooking, Carpentry, Brick Laying and Hair Dressing, among others. Dr Adutwum explained that the government had committed more than US$700 million to revamp
and transform TVET over the last four years. He said the funds were being used to re-equip and retool TVET institutions and Technical Universities in a bid to make Ghana the hub of TVET excellence across Africa in line with President Nana Akufo-Addo’s vision. Dr Adutwum said the extra US$200 million being provided by the government was through the Jobs and Skills Project to ensure quality in the students produced as well as provide support for the Small and Micro Enterprises (SMEs) through the Commission for Technical and Vocational Education and Training (CTVET) and Ghana Enterprise Agency respectively. He said the government was retooling the entire educational
sector, making TVET a central pillar starting from the basic schools. He said technical institutions at the second cycle level were receiving facelifts and the whole TVET sector was being transformed by infrastructure, befitting retooled workshops and laboratories with the state-of-the art equipment. Dr Adutwum said during the COVID-19 lockdown with all borders closed Ghana was able to produce enough nose masks for the citizenry to significantly reduce the spread of the virus. “With the right equipment, tools, skills and mindset Ghana Beyond Aid is indeed plausible and possible,” he added. He said the TVET sector was undergoing a revolution and
charged Ghanaians to get on board as the government’s commitment was unwavering. He commended the country’s development partners and agencies for their continuous support to the nation. Dr Fred Kyei Asamoah, Executive Director, CTVET, in his comment, expressed delight in the success of the TVET EXPO 2021 and National Skills Competition and was thrilled about the kind of skills displayed by the youth at the exhibition. “This is the beginning of a skillful future for our beloved country Ghana… the geniuses by which we have been inspired by the mind-blowing display of knowledge and skills by these young ones who are indeed our future, give us hope as a country,” he said. He urged participants to ensure that the lessons learnt from the programme would inspire them to venture into skills and vocational training to be able to employ themselves. In all, the 44 competitors, who took part in the National Skills Competition for the 14 skill areas, were awarded medals for emerging as the winners, first and second runners-up. GNA
Gas explosion at SSNIT Premier Tower won't disrupt business - management assures
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anagement of the Social Security and National Insurance Trust (SSNIT) has allayed fears that a Saturday gas explosion that occurred at its Premier Tower in Accra will disrupt business activities of the Trust. The management said in a statement that though the explosion affected some of the glazed windows at the Pension House and Tower Block, "it will not interrupt the conduct of business." "Management of the Social Security and National Insurance Trust (SSNIT) wishes to inform the public that the explosion which occurred at the premises of Premier Towers in Accra in the morning of Saturday, 30th October 2021 will not affect the conduct of business at the Head Office," it emphasised. The statement said security
agencies were investigating the cause of the unfortunate incident and called for calm. It added that management had put in place all the necessary precautions to ensure the safety and security of staff and clients.
"Members and clients may visit our offices to access any service on Monday, 1st November 2021." On Saturday, October 30, a gas explosion at the Premier Tower of SSNIT killed one person and left two others injured.
The blast, according to the management of SSNIT, was caused by two gas cylinders, which were being used to cut an old metal garbage container into pieces by two scrap dealers.
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Ghana Link picks two awards at 4th Ghana Business Awards
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hana Link Network Services (Ghana Link), the technical operator of trade facilitation tool, the Integrated Customs Management System (ICUMS), picked two awards at the fourth edition of the Ghana Business Awards (GBA) held on Friday, October 29, 2021 demonstrating its leadership position in the trade facilitation space. The awards comprise the Indigenous Company of the Year Award which went to the Ghana Link Network Services Ltd and the Excellence in Business Award which went to the Executive Chairman of Ghana Link Network Services, Nick Danso Adjei, as a special recognition of his immense contribution to the nation’s economic development through the operation of numerous businesses, particularly the deployment of the ICUMS which has helped government increase revenue mobilisation from its land, Air and sea borders. The ICUMS currently connects over 8,000 players in the trade facilitation ecosystem in a day including Freight Forwarders, Shippers, Courier Companies, over all Ministries, Departments and Agencies, regulatory bodies including the Ghana Food and Drugs Authority, Environmental Protection Agency, the Ghana Standards Authority, and Oil
Marketing Companies, among others. With the ICUMS managed by Ghana Link has been touted by freight forwarders, importers and exporters, port clearing agents and the trading community at large as the best trade facilitation tool which has come to reduce the then long workflow process that existed prior to its rollout and ease of doing business at the ports in particular. It has also come to ramp up government’s revenue generated from the country’s points of entry – land, Air and sea borders – especially at the seaports even at the time that cargo volumes reduced due to the outbreak of the Covid 19 pandemic. Commenting on the award, Mr Nick Danso Adjei who is the Executive Chairman of Ghana Link Network Services Limited said the company has worked extremely hard towards the deployment and successful implementation of the trade facilitation tool the ICUMS, further thanked his team being the management and staff of Ghana for their contribution and effort to see to the implementation of the ICUMS. “I also want to thank the government for believing in the capability of our company Ghana Link, not forgetting the Trade and Finance Ministry’s, the Ghana Revenue Authority –
Management and Staff of Ghana Link Network Services Ltd
Customs Division, Ghana Port and Harbours Authority, Meridian Port Services (MPS), Freight Forwarding Community and all other stakeholders for supporting Ghana Link in its efforts to get the ICUMS implemented” Mr. Danso Adjei said. Comparing Ghana to Nigeria he pointed out that despite the West African Country promising to deploy a National Single Window (NSW) System which is similar to the ICUMS at its seaports last year to help them also increase revenue and smoothen their clearing processes like Ghana has done, for some reason they have failed to do so with the dream remaining on the drawing board and as such the country is making some N1.08 trillion losses (Ghs 15.9 billion) yearly. Mr Danso Adjei again noted that “We are continually developing modules that will improve the system and bring efficiency into our operational space as a
company while we continue to play a critical role collaborating with the Ministry of Trade & Industry and the Ghana Revenue Authority (GRA) to continuously deploy new services built on a culture of excellence in service delivery, innovation, integrity and professionalism.” The Ghana Business Awards is a prestigious awards programme that recognises and rewards excellence across all sectors in the country. The Awards provides a platform to recognize individuals and companies that play a significant role in the growth and development of their business sector while recognising the key functions within the sector that promote growth and sustainability. The event seeks to celebrate achievement, innovation and brilliance within the business environment of Ghana.
COP26 imperative for addressing global climate emergency - UN Climate Change head declares at opening By Lydia Kukua Asamoah
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he 26th Session of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP26) Sunday opened with a call on delegates to urgently consider the requisite actions to deal with the climate emergency facing the world. “We are on track for a global temperature rise of 2.7C, while we should be heading for the 1.5C goal," Madam Patricia Espinosa, United Nations Climate Change Executive Secretary, told the delegates in the Scottish City of Glasgow. "Clearly, we are in a climate emergency. Clearly, we need to address it. Clearly, we need to support the most vulnerable to cope,” she emphasised. The conference, being attended
by more than 30,000 delegates and some125 heads of states, is being held amidst the strict adherence to COVID-19 protocols. They are among other tasks, expected to commit resources to solve the problems causing global warming and promote the creation of good green jobs, for cheaper, cleaner power. Madam Espinosa, explained that the devastating loss of lives and livelihoods in the course of the year due to extreme weather events “clarifies how important it is to convene COP26 despite the impacts of the pandemic still being felt". Delegates are, however, mandated to take a coronavirus lateral flow test everyday of the two-week meeting and show the results to security personnel before allowed to enter the main event centre.
The organisation of the annual events was called off in the heat of the pandemic in the year 2020. President Nana Addo Dankwa Akufo-Addo, who is leading Ghana's delegation to the conference would Monday deliver a statement on the country’s position on climate change, with the measures put in place to combat the threat it poses to the West African nation. The President would also deliver separate messages on the country’s efforts at protecting its forests and ocean and also participate in the Africa Adaptation Acceleration Summit being held on the side-lines of COP26. The COP President, Mr Alok Sharma, thanked delegates for travelling to Glasgow as he outlined the urgent need for action.
"As COP President, I am committed to promoting transparency and inclusivity. And I will lead this conference in accordance with the draft rules of procedure, and with the utmost respect for the party-driven nature of our process,” he said. “In that spirit, I believe we can resolve the outstanding issues. We can move the negotiations forward. We can launch a decade of ever-increasing ambition and action. “Together, we can seize the enormous opportunities for green growth, for good green jobs, for cheaper, cleaner power. But we must hit the ground running to develop the solutions we need. And that work starts today. We will succeed, or fail, as one." GNA
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Women shea butter producers urged to take advantage of AfCFTA to boost profitability
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he Assistant United Nations Secretary-General and Director of the Regional Bureau for Africa of the United Nations Development Programme (UNDP), Ms Ahunna Eziakonwa has encouraged women in the shea butter production value chain in Ghana to leverage opportunities in the African Continental Free Trade Area (AfCFTA) to export their shea butter beyond Ghana’s borders for improved income. She made this call during a field visit to Women in Kumbungu in the Northern Region of Ghana, who have been supported by UNDP through the Global Environment Facility Small Grants Programme (GEF-SGP) to export organically certified shea products in the international market. “We need to do more to support our women to enable them to embrace quality, improve their production skills while taking advantage of AfCFTA to broaden their market access. This can be achieved through policy instruments, technological support, trade, and direct technical support”, she noted. Ms Eziakonwa underscored the critical role of women in promoting sustainable livelihoods and called for more partner support to help them to develop their entrepreneurial skills to increase production. She expressed UNDP’s commitment to continue supporting shea butter production through the new Green Climate Fund’s $54.5 million ‘Ghana Shea Landscape Emission Reductions Project’. She added that UNDP will continue to support other economic activities
by women for the advancement of inclusive and sustainable development. On behalf of UNDP, she further pledged an additional one million Ghana Cedis during the visit, to support the women shea butter producers to acquire more machinery to facilitate their operations. The Northern Regional Minister, Shani Alhassan Saibu commended UNDP for its continued support to promote inclusive development in the region. “I thank UNDP for its support to our women shea butter producers and for the pledge to commit additional funds to the project, as this would further improve the capacity of the women to do more to increase their incomes for the benefit of their families and community to help alleviate poverty”, Mr. Sani stated. On behalf of the women, Hajia Rabiatu Abukari, Producer of Malti Products and Director of Ripples Ghana (an NGO), who is leading the women shea producers, expressed gratitude to UNDP for providing them with equipment, training and for supporting them to acquire the international certification. She described the UNDP Africa Director’s visit as a recognition of their hard work and noted the visit and the additional support would motivate them to continue working harder. “The visit by Ms Eziakonwa is an indication that our work is being recognized and we are inspired by her encouraging words and the additional support.
We will work harder to continue to uphold quality standards in our operations and increase production to meet demand from local and international clients”, said Hajia Abukari. Through the Women in Fair Trade Certification and Sustainable Shea Butter Production project, 7,200 women in northern Ghana have been trained in sustainable shea butter production to help them produce products that meet international quality standards.
Currently, there are 244 women involved in the processing and 3,000 involved in the collection of nuts. The project has set up Maltitian Enterprise which exports Shea Butter to foreign markets such as Saudia Arabia, Germany, Canada, and the UK, with Fairtrade Certification. The focus is now on exporting to the US and European markets and other foreign markets, which makes up 80% of the market as well other African countries under AfCFTA.
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MONDAY NOVEMBER 1, 2021
7 Ghanaian women attends 41st WISTA conference
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even Ghanaian women from Women's International Shipping Trading Association (WISTA) Ghana have joined 170 women in the maritime industry to participate in the 41st WISTA International Conference in Hamburg, Germany. Ghana's delegation was led by the President, Ms Jemilat Jawulaa Mahama. Hosted by WISTA Germany, the conference was on the theme
“Shipping 2025, Today's Actions for Tomorrow Business,” was a hybrid (physical and virtual) event at Rothenbaum with 23 countries representing including Ghana. Speaking to the media after the conference at Hamburg in Germany, Ms Mahama noted that women leaders have to put in a lot more effort to promote the empowerment of the middle level women and also encourage the
up-and-coming young ones in the industry. She maintained that the future of shipping will be driven not only by technology but also decarbonisation of the ships that are coming out onto the market. She stated that Africa as a continent will have to put systems in place to catch up with the rest of the world so as to be competitive. Extensive review The Secretary General of
the International Maritime Organisation (IMO), Mr Kitack Lim, said there was the need to have an extensive review of its conventions on reducing pollution from the shipping industry which entered into force in 2020. The HR Committee Head of WISTA International and Former Head of Shipper Services of the Ghana Shippers’ Authority (GSA), Mrs Naa Densua Aryeetey, gave an overview of the committee report and announced the WISTA Personality Award. The Annual General Meeting (AGM) and Conference was the forty first after the first took place in 1981. WISTA International takes SDG 5 as a priority therefore gender disparity in the industry was highlighted with equitable access to leadership roles in the maritime sector remains a passionately debated concern. History seems to have contributed to its current state of affairs. A report of the gender survey undertaken by WISTA and International Maritime Organisation (IMO) showed that women are still underrepresented in the industry.
Facebook changes company name to Meta in major rebrand
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acebook has changed its corporate name to Meta as part of a major rebrand. The company said it would better "encompass" what it does, as it broadens its reach beyond social media into areas like virtual reality. The change does not apply to its individual platforms, such as Facebook, Instagram and Whatsapp, only the parent company that owns them. The move follows a series of negative stories about Facebook, based on documents leaked by an ex-employee. Frances Haugen has accused the company of putting "profits over safety". In 2015, Google restructured its company calling its parent firm Alphabet, however, the name has not caught on. Facebook boss Mark Zuckerberg announced the new name after unveiling plans to build a "metaverse" - an online world where people can game, work and communicate in a virtual environment, often using VR headsets.
He said the existing brand could not "possibly represent everything that we're doing today, let alone in the future", and needed to change. "Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we're building towards," he told a virtual conference. "We're now looking at and reporting on our business as two
different segments, one for our family of apps, and one for our work on future platforms. "And as part of this, it is time for us to adopt a new company brand to encompass everything that we do to reflect who we are and what we hope to build. "I am proud to announce that starting today, our company is now Meta." To an outsider, a metaverse may look like a version of VR, but
some people believe it could be the future of the internet. Instead of being on a computer, people in the metaverse might use a headset to enter a virtual world connecting all sorts of digital environments. It is hoped the virtual world could be used for practically anything from work, play and concerts, to socialising with friends and family.
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MONDAY NOVEMBER 1, 2021
The bonfire of the currencies?
By Benjamin J. Cohen
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eady or not, the financial world is being forced to face the possibility of a future without traditional notes and coins. Is cash going the way of the dodo? Should the prospect of its extinction be welcomed or feared? And what would its disappearance mean for domestic and global markets and politics? Two recent books by renowned economists have set the stage for the coming debates, highlighting two questions in particular. The first is whether cash should disappear. The second is whether it actually will disappear. Kenneth Rogoff of Harvard University and Eswar Prasad of Cornell University have much to say on both issues. DOES MONEY MAKE WORLD GO AROUND?
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For Rogoff, cash is a curse. Paper currency, he argues, “lies at the heart of some of today’s most intractable public finance and monetary problems,” and thus should be phased out as quickly as possible. He highlights two big problems. On one hand, by permitting large recurrent and anonymous transactions, cash facilitates tax evasion and other crimes. High-denomination bills like US “Benjamins” ($100 notes) or Switzerland’s 1,000 franc note play a starring role in a broad range of criminal activities, from drug trafficking and money laundering to racketeering and extortion. On the other hand, cash handicaps monetary policy. The availability of currency effectively sets a “zero lower bound” on interest rates. Returns on Treasury bills or other fixed-income securities cannot fall much below zero so
long as people have the option of holding paper money, which at least pays zero interest. Cash therefore ties central bankers’ hands, inhibiting negativeinterest-rate policies. The Curse of Cash represents the culmination of a campaign that Rogoff has waged for more than two decades, and he pulls no punches in his advocacy of a “less-cash” economy. Written in accessible if somewhat colorless language, it is a clarion call for action – in effect, a manifesto for our times. The sense of urgency is palpable. Prasad, by contrast, is more in the forecasting business. He believes we are in the midst of a financial revolution that is being driven by “FinTech” – the ongoing wave of innovations in financial technologies that are dramatically disrupting traditional ways of doing business. In the vanguard are cryptocurrencies, a new class of financial instruments that threaten to displace conventional notes and coins. “The era of cash is drawing to an end,” Prasad declares, though he hesitates to offer any firm predictions concerning what will come next. Prasad’s text is relatively easy to read, showing flashes of humor despite the complexities of the subject. Its analysis, however, is ultimately inconclusive, because most of its discussions end cautiously (and rather unhelpfully) with words like “seem,” “may,” or “could.” In a book that aspires to be virtually encyclopedic in its coverage, Prasad’s takeaway message is that there remain “many unanswered questions.” Cryptocurrencies have become one of the hottest sectors in finance, led by Bitcoin, which is barely a decade old. New cryptocurrencies have since proliferated like dandelions;
according to the International Monetary Fund, there are around 9,000 digital tokens listed on various exchanges today. Earlier this year, the market value of all crypto assets surpassed $2 trillion – a tenfold increase in not much more than a year. The roots of the crypto boom go back to the dawn of the digital age in the last years of the twentieth century. Traditional notes and coins are creatures of an analog world, physical in nature and reliant on face-to-face interactions. Cryptocurrencies, by contrast, are digital – that is, based on encrypted strings of zeros and ones – and transferable through vast electronic networks. Once computers and the internet came to be part of our daily life, smart operators realized that it might be possible to create units of purchasing power that would be fully usable through cyberspace. The race was on to produce “virtual” money that could be employed as easily as conventional paper money or coins to acquire real goods, services, or assets. The earliest attempts to achieve this, going back to the 1990s, aimed simply to facilitate the settlement of payments electronically. These initiatives, which The Economist once playfully labeled “e-cash version 1.0,” included diverse card-based systems as well as network-based systems. Operating on a principle of full pre-payment by users, each scheme functioned as not much more than a convenient proxy for conventional cash – in effect, something akin to a glorified traveler’s check. Few caught on with the general public. Subsequent models, “e-cash version 2.0,” were more ambitious, aspiring to produce genuine substitutes for traditional notes and coins. Examples included Flooz
(using the comedienne Whoopi Goldberg as a spokesperson) and Beenz. But the impact of these schemes, too, was limited, because most were offered as a reward for buying products or services from designated vendors – constituting, in effect, updated electronic versions of ancient scrip. Vendor-specific media live on in airline mileage programs and the like; but they failed to provide a direct substitute for traditional currency. Most disappeared after the brief downturn in financial markets at the turn of the century. REVOLUTIONARY DAWN Then came Bitcoin, a revolutionary innovation introduced in 2009 by a person (or persons) who remains anonymous. Bitcoin could be called “e-cash version 3.0.” Designed as a decentralized payments system independent of governments and private financial institutions, the currency has soared in popularity. Since Bitcoin’s unheralded inception, its price has skyrocketed from $1 per unit to as much as $66,000 earlier this month. Many other digital currencies, including increasingly wellknown rivals such as Ether, Litecoin, and Ripple, have followed in its wake, especially over the past year. Prasad calls Bitcoin the “granddaddy” of cryptocurrencies. Digital money is now an established part of the global financial ecology, and has been declared legal tender in two countries, El Salvador and Cuba. Benjamin J. Cohen, Distinguished Professor Emeritus of International Political Economy at the University of California, Santa Barbara, is the author of Currency Statecraft: Monetary Rivalry and Geopolitical Ambition.
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MONDAY MAY 3, 2021
MONDAY NOVEMBER 1, 2021
Dr George Acheampong speaks on entrepreneurial resource mobilisation under scarcity
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r. George Acheampong, a Senior Lecturer in the Department of Marketing and Entrepreneurship at the University of Ghana Business School (UGBS), delivered an informative lecture on the theme “Entrepreneurial Resource Mobilisation in Scarcity”. The online lecture, which was
organised by the United States Embassy Public Affairs Section, was held on 26th October, 2021, and was aimed at educating entrepreneurs on how to secure additional financial, human, and material resources to advance their operations. Dr. George Acheampong, after thanking the Public Affairs
Section of the US Embassy, Ghana, briefly introduced the topic with a question on why entrepreneurship is being discussed by many people, but few are making use of the opportunities available. He introduced entrepreneurial resource mobilisation under scarcity to overcome some of
the constraints that people face in attempting to become entrepreneurs. In his presentation, Dr. Acheampong disclosed that the major constraint of entrepreneurs is not lack of money, but rather lack of resources. He used two case studies to show how one company succeeded with little money, while another failed even though they invested a huge amount of money. He further shared four main principles that can be used as a strategy to overcome the constraint of monetary capital when building an enterprise. These principles, according to the Senior Lecturer, are the bird in hand principle, money matching, lean startup, and bootstrapping. Dr. Acheampong concluded his lecture with some essential points; entrepreneurs should "never buy what they can rent, never rent what they can barter for, never barter what they can borrow, and never borrow what they can acquire for free." Subsequently, the lecture was crowned with an interactive question and answer session.
President Akufo-Addo attends COP 26 Summit in Scotland
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resident Nana Addo Dankwa Akufo-Addo is leading Ghana’s delegation to the World Leaders' Summit of the United Nations (UN) Climate Change Conference (COP 26) being held from October 31 to November 3, 2021, in Glasgow, Scotland. The COP26 Summit, which will be one of the largest gatherings of world leaders, will bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change. A press release issued by the Presidency said the President who left Accra on Sunday, will deliver a statement on Ghana’s position on Climate Change, as well as measures put in place to combat the threat it poses. He will also deliver three (3) separate statements on efforts Ghana is making to protect her forests and ocean, and participate in the Africa Adaptation Acceleration Summit, being held on the sidelines of COP 26.
Whilst in Glasgow, President Akufo-Addo will hold bilateral meetings with H.E. Uhuru Kenyatta, President of the Republic of Kenya; H.E. Mr. Jonas Gahr Støre, Prime Minister of the Kingdom of Norway; Hon. Robert Abela, Prime Minister of the Republic of Malta; Rt. Hon. Elizabeth Truss, MP, British Secretary of State for Foreign, Commonwealth and
Development Affairs; and Mr. Raphael Mariano Grossi, DirectorGeneral of the International Atomic Energy Agency (IAEA). The President was accompanied by the Minister for Foreign Affairs, Hon. Shirley Ayorkor Botchwey; the Minister for Energy, Hon. Matthew Opoku Prempeh, MP; the Minister for Environment, Science, Technology and Innovation, Hon. Dr. Kwaku
Afriyie, MP; the Minister for Lands and Natural Resources, Hon. Samuel A. Jinapor, MP; and officials of the Presidency and Foreign Ministry. The President will return to Ghana on Thursday, November 4, 2021, and in his absence, the Vice President, Alhaji Dr Mahamudu Bawumia, shall, in accordance with Article 60(8) of the Constitution, act in his stead.