Business24 Newspaper 22nd November, 2021 by Business24 Online

MONDAY NOVEMBER 22, 2021

BUSINESS24.COM.GH

Monday November 22, 2021

NO. B24 / 277 | News for Business Leaders

Ghana’s fintech has enormous untapped prospects

Rebuilding the infrastructure of Sino-American relations

See page 5

See page 11

Ofori-Atta says 2022 budget will yield substantial new revenue By Eugene Davis ugendavis@gmail.com

By Patrick Paintsil p_paintsil@hotmail.com

he Millennium D e ve l o p m e n t Authority (MiDA) has handed over an ultramodern air-conditioning and refrigerator testing facility to the Ghana Standards Authority as part of its ongoing projects to promote efficiency in the energy sector. The test laboratory, which cost approximately US$1.88m, is part of the sub-

he Minister for Finance, Ken Ofori-Atta, says the 2022 budget’s revenue measures, which include a new electronic transactions levy and intensification of tax compliance, will generate total revenue equivalent to 3 percent of GDP next year. The Minister, who was speaking at a post-budget workshop for Members of Parliament in Ho on Saturday, described the economy’s medium-term Cont’d on page 2

Standards Authority gets US$1.88m aircon and fridge testing facility

Cont’d on page 3

Ken Ofori-Atta

Absa Bank signals strong local business support

anaging Director of Absa Bank Ghana Abena OseiPoku has given a strong indication that the bank will be relentless in its support for local businesses across key sectors of the economy. She said the move reflects the bank’s Africanacity brand promise, which embraces the spirit and ingenuity of the African to achieve great success. Cont’d on page 3

Mastercard Foundation, Stratcomm Africa advocate reinforcement of Covid-19 preventive protocols By Eugene Davis ugendavis@gmail.com

a s t e r c a r d Foundation and Stratcomm Africa have partnered on a campaign to reinforce the need to scale up messages on the Covid-19 preventive measures in order to prevent Cont’d on page 5

Cont’d on page 2 Cont’d on page 2

Editorial / News

MONDAY NOVEMBER 22, 2021

Editorial

A big boost for the nation’s energy efficiency agenda

he Ghana Standards Authority has secured an ultramodern testing laboratory for air-conditioners and refrigerators thanks to the benevolence of the Millennium Development Authority under its Power Compact Programme. The test laboratory which costs approximately US$1.88million, is part of the sub-project activities under MiDA’s Energy Efficiency and Demand Side Management (EEDSM) Project and was funded from the US$316million Ghana Power Compact Program. The ultramodern facility, which is the first of its kind in West Africa, will ensure that only approved energy efficient cooling appliances are allowed into the market thereby reducing the high

energy demand and pressure on the national electricity grid, while improving customers’ confidence in any cooling equipment they purchase. Air-conditioners and refrigerators are known heavy consumers of electricity and it was only proper for them to be tuned to the energy requirements of the country. GSA’s new test laboratory will help ensure that these high energy-consuming electrical appliances meet the Energy Commission’s standards and support Ghana’s national appliance standards and labeling systems program. This is a big boost to government’s drive to advance the use of energy efficient

gadgets in all households as part of concerted efforts to reduce the pressure on the national grid and to control the raging menace of climate change. We can only implore the beneficiary institution to make good use of the facility to ensure that it achieves the purpose for which it has been established. The menace of climate change has become a hanging albatross that needs to be shot down but we can only that with a strategic and committed approach for which the control of hazardous emissions from air-conditioners and refrigerators will play a big part. We say a big Thank You to MiDA and the US government for this climate-saving gesture.

Ofori-Atta says 2022 budget will yield substantial new revenue Continued from cover

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prospects as bright, with GDP growth projected to increase from 4.4 percent in 2021 to 5.8 percent in 2022 and an average of 5.6 percent from 2022–2025. Last year, GDP growth fell to a record low of 0.4 percent on account of the Covid-19 crisis, with industrial activity and services bearing the brunt of the pandemic’s impact. The Minister said inflation is expected to stay within the target band of 6–10 percent over the medium term, while the fiscal deficit is forecast to decline to 7.4 percent of GDP in 2022 and to fall further to less than 5 percent of GDP in 2024. Ofori-Atta told MPs it was time for Ghana to build on the foundations laid before the pandemic. “With the interventions we offer through this budget, and with an understanding of burden sharing, we shall unleash a new cadre of entrepreneurs and nation builders.” The highlights of the budget include a plan to create one million jobs within the next three years through YouStart, an initiative to support youth entrepreneurship. Under the initiative, the government will

support young entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them launch and operate their own businesses. An amount of GH¢1bn has been allocated to the initiative in the 2022 budget. The budget also included a controversial new tax on electronic transactions, such as mobile money and international

money transfers. This tax will be levied as a 1.75 percent charge on the value of electronic transactions exceeding GH¢100 to provide increased funding for road construction as well as other public programmes. The budget also announced the abolition of road tolls on all public roads.

News

MONDAY NOVEMBER 22, 2021

Absa Bank signals strong local business support Continued from cover

peaking at the commissioning of Ghana’s first offshore sea vessel, Flat Confidence, in Takoradi, Mrs. Osei-Poku said the bank decided to fund the vessel acquisition due to its long-term commitment to local content development in the Ghanaian economy. “Absa Bank has always been intentional and deliberate about our support for the key sectors of the Ghanaian economy. This reflects our Africanacity brand promise which embraces and champions the ability of the African to excel against all odds. Our financing of Flat C Marine Services company in purchasing this vessel is a glimpse into the future of endless possibilities for Ghana’s local businesses. We want to further assure that we are always open for business and will remain passionate about our overall commitment to the key sectors of Ghana’s economy.” The Flat Confidence vessel is operated by Flat C Marine

Services company, which received a contract award from Tullow Oil Ghana. The vessel is currently operating on the shores of Ghana to support the burgeoning oil and gas sector. Absa Bank’s support will open up opportunities for other local businesses to access finance from such leading banks.

It also highlights the bank’s role as an important player in the Ghanaian economy, supporting key growth sectors including smalland medium-scale enterprises, oil and gas, energy, manufacturing and agriculture. Absa Bank has a strong heritage in Ghana and has consistently

demonstrated dynamism in meeting specific customer needs and stimulating economic growth. The commissioning brought together key stakeholders in the oil and gas sector, including government representatives from the relevant ministries, Petroleum Commission, oil and gas companies, and traditional leaders in the Western Region.

Standards Authority gets US$1.88m air-con and fridge testing facility Continued from cover project activities under MiDA’s Energy Efficiency and Demand Side Management (EEDSM) Project and was funded from the US$316m Ghana Power Compact Programme. The ultramodern facility, which is the first of its kind in West Africa, will ensure that only approved energy-efficient cooling appliances are allowed into the market, thereby reducing the high energy demand and pressure on the national electricity grid while improving customers’ confidence in any cooling equipment they purchase. “The management of MiDA are excited to be handing over this valuable and much-needed asset to the good people of Ghana through the Ghana Standards Authority in good time. It is our prayer that the facility will be put to good use and that it will yield the intended benefits, ensuring that only energy-efficient cooling appliances are allowed into the Ghanaian market,” chairperson

of MiDA Prof. Yaa Ntiamoa-Baidu said in a speech read on her behalf. The laboratory is equipped with a Balanced Ambient Room Calorimeter (BARO), a test chamber for the evaluation of the capacity and performance of Room Ambient Calorimeters (RACs) compliant with the ISO 5151 standards. Trade and Industry Minister Alan Kyeremanten said in a

speech read on his behalf that the new testing laboratory will support Ghana's energy efficiency agenda. “This facility will support the government’s efforts towards implementing a national programme to enforce performance labelling of ductless room air-conditioning systems as part of its policy and commitment to energy sufficiency and promotion of renewable energy sources and energy efficiency,” he said. US Ambassador to Ghana

Stephanie Sullivan said the facility will expand the capacity of the Ghana Standards Authority and the Energy Commission to assess the energy performance of appliances like air conditioners and refrigerators imported into the country. She said the setting up of the new facility aligns with the objective of the MCC Ghana Power Compact to advance energy efficiency programmes to reduce electricity demand, conserve today’s energy resources, and prepare Ghana to address the challenges of a changing global climate. “The stakes on climate change couldn’t be higher, so we need to take every step possible to mitigate its effects, including conserving energy and promoting efficient energy consumption through projects like the Air Conditioner and Refrigerator Test Laboratory. It will help ensure high energyconsuming electrical appliances meet the Energy Commission’s standards and support Ghana’s national appliance standards and labeling systems programme,” she noted.

MONDAY NOVEMBER 22, 2021

News

MONDAY NOVEMBER 22, 2021

Ghana’s fintech has enormous untapped prospects

Financial Analyst, Martin Kwame Awagah, says Ghana’s financial technology (fintech) sector has numerous prospects that investors can tap into to increase customer reach and profit. The prospects, which cut across every sector of the economy with the services sector being major beneficiaries, he said, presented

economic gains to the country, including augmenting financial inclusiveness. Speaking at a virtual media briefing ahead of the 2021 Ghana Fintech Outlook report and awards night, Mr Awagah, said, investors could tap into the opportunities in Ghana’s banking and financial services, telecommunications, health,

education, and agriculture sector to increase profit. The Ghana Fintech Outlook project was introduced in 2020 by Arkel Consult and Abjel Communications to educate Ghanaians on how to work in an ecosystem and transform the financial status of Ghana through digitalisation. He said, “When you look at mobile money operations alone in Ghana, the prospects in the fintech sector are huge and bright. In a report by the Bank of Ghana (BoG) recently, MoMo transactions outweighed the banking sector’s volume of transactions in the country.” “So, that is just a narrative to tell you that the prospects of fintech are large, because MoMo, is a fintech platform and that is where we are seeing a lot of changes, and fintech in providing financial inclusiveness,” Mr Awagah who also is a financial inclusion professional, added. MoMo transactions for the first half of 2021 was GH₵89.1 billion, a 97 percent increase from the GH₵43.8 billion that was recorded in the same period last year. He, however, raised concerns over the lack of data on the

fintech sector in the country, noting that many businesses were losing huge sums of money due to unavailability of data on the sector. Mr Awagah who is the Director of Akel Consults and Management Services Limited, said that although the fintech ecosystem was endowed with many prospects, “the lack of data actually affect business operations in terms of profitability, scaling and growth.” “Data is the new oil, so we need to realign our focus on how we can leverage on data to be able to achieve economic empowerment and growth in all sectors of the economy,” he urged. The Chief Executive Officer (CEO) of Abjel Communications, a communications agency, Adisa Amanor-Wilks, also said, the speeding up of economic development in the country required availability of data to all stakeholders. “For every economy to develop, and for any sector to be able to accelerate action, data is so key. For a country like ours we really need to get our data together and be able to provide this data to track how the sector is developing.” GNA

Mastercard Foundation, Stratcomm Africa advocate reinforcement of Covid-19 preventive protocols Continued from cover a possible fourth wave in the country. The two organisations said they believe building the capacity of community members and sensitising them to the dangers of the virus was the way to go, adding that even though the country’s infection rate seems to have taken a downward trend, it is not totally out of the woods. Speaking with the press during a community engagement in Tema, a partner at Stratcomm Africa, Myra Ankrah, said: “Stratcomm Africa believes that communication is a critical tool for national development and livelihood enhancement. For us, therefore, partnership with the Mastercard Foundation falls in line with our continuous effort to facilitate change using communications. As a mature communications agency with

cultural sensitivity as our hallmark, we are able to deliver messages, including healthrelated messages, effectively in different cultural contexts. Today, the Mastercard Foundation, Stratcomm Africa and the local creative industry are working together to drive the message of preventive care for our families, our communities and ourselves

in a compelling and fun way.” She added: “When you look at our environment, we have realised many people have dropped the ball—we either don’t wear our masks [or] we don’t sanitise. We need to interact with people to get them to change.” She said the campaign is aimed at ensuring that young people thrive and do not die through

sickness and are encouraged to follow the preventive protocols. Ace actress Joselyn Dumas, who is an ambassador for the campaign, applauded the initiative and urged all and sundry to take up the preventive protocols. “We were quite serious as a people last year at the height of the pandemic, but I felt like this year all of us have dropped the ball when it comes to the preventive measures. So this is very important. We have to look out for each other. Role play is key because when people see it, they tend to associate and believe it more,” she told Business24 in an interview. The initiative is expected to reach different communities across the country, and organisers plan to interact with close to 2,300 people by the time the campaign for the year ends.

MONDAY NOVEMBER 22, 2021

News

MONDAY NOVEMBER 22, 2021

Rainforest Alliance rolls out Community Listening Program By Reuben Quainoo

s part of its efforts to help address challenges hampering the cocoa and forestry sectors in the country; Rainforest Alliance has taken another judicious step by introducing the Community Listening Program (CLP) in the Western North Region of Ghana. The program was launched in Sefwi Datano and will be implemented in areas where RA operates in the country. Country Director for Rainforest Alliance Ghana, Mr. Kwame Osei said the objective of the program is to get the inputs and feedback more systematically from those at the center of their mission. He explained that the work of Rainforest Alliance is to cultivate rural prosperity, bring real, measurable benefits for farmers, forest communities, and indigenous peoples around the world. Mr. Osei said, RA, works with millions of farmers and with forest communities all over the world to promote sustainable and climate-smart practices and improve livelihoods, both of which are critical to building farm and farmer resilience, reducing deforestation, and increasing biodiversity. “We work with forest community members, smallholder farmers, farm workers, and farm owners to ensure Rainforest Alliance programs reflects their needs and interest on an ongoing basis” he said. Chief Programme Officer, Rainforest Alliance, Ria Stout

explained that the programme will enable them to receive honest and open feedback at the community level in the local language. She added that the birth of this innovative approach to listening to communities will allow the Rainforest Alliance and its partners to get to the core of what matters most to the farmer. “Farmers issues are on my heart and I believe that sustainable agriculture, and a targeted set of innovations, the Farm Requirements can help farmers produce better crops, adapt to climate change, increase their productivity, set goals to achieve their sustainability performance and target investments to address their greatest risks” she pointed out. Senior Director Africa for Rainforest Alliance, Rene Magermans indicated that they are introducing this program because it is an essential tool to support sustainable agricultural production and protect the forest.

FDA cautions animal rearers to stop using antibiotics as growth promoters

he Food and Drugs Authority (FDA) is cautioning people who rear animals to stop using antibiotics as growth promoters in food producing animals. In statement issued on their social handle on Sunday afternoon, November 21, 2021, the FDA said using antibiotics as growth promoters increases

antimicrobial resistance in people who consume such animals. "Stop using antibiotics as growth promoters in food producing animals as this ends up on our dining tables increasing antimicrobial resistance. Help stop antimicrobial resistance by spreading the awareness," the statement read.

“Through dialogue with farming and forest communities, we will distill and analyze their feedback on the effectiveness of our mission delivery and incorporate it into all aspects of our work” he indicated. Divisional Chief of Sefwi Wiawso Traditional Council and Patron of the Landscape Management Boards (LMBs), Nana Kofi Nkuah II speaking on behalf of the farmers revealed that programs implemented by the Rainforest Alliance have helped reduce rural poverty in the area. He used the opportunity to thank the Rainforest Alliance for helping build an alliance to protect forests, improve the livelihoods of farmers and forest communities, promote their human rights, and help them mitigate and adapt to the climate crisis. “In the area of restoration and preservation of forests and biodiversity, I am very happy that Rainforest Alliance together with its partners and communities raised and distributed over

200,000 tree seedlings from 2018 to 2021. These seedlings have been planted on fallow lands and agroforestry systems covering an area of over 1,500 hectares. In addition, four community nurseries have been established in the Sui landscape, and managed by the Landscape Management Boards (LMBs) to supply tree seedlings as a means of contributing to the mitigation of climate change and restoring degraded landscapes” he said. In attendance at the program launch were Ms. Abena Dufie Woode (Senior Project Manager for Landscapes and Environmental Agility Across the Landscape), Mr. Kwadwo Nti Baniako (Manager, Landscapes and Communities), Mr. Boamah Raymond (Sefwi Wiawso Forest District Manager), officials of COCOBOD, officials of MoFA and some cocoa farmers in the Sefwi Wiawso District who all took part in the Community Listening Program.

News

MONDAY NOVEMBER 22, 2021

FDA breaking down regulatory barriers to facilitate intra-Africa trade

frica is known to be the only continent which does not consume what it produces, with a total of less than 16% intra-Africa trade flows, compared to the 60%, 40 % and 30% intra-regional trade achieved in Europe, North America and The Association of Southeast Asian Nations (ASEAN) respectively. This came to light at the 2nd Intra-African Trade Fair, 2021 being organized under the auspices of the Secretariat of the Africa Continental Free Trade Area (AfCFTA). The event, which was opened in Durban, South Africa on Monday, 15th November 2021 by His Excellency, the President of the Republic of South Africa, Cyril Ramaphosa, had seven (7) other African heads of States present with a number of dignitaries and representatives of businesses all across Africa and beyond. It was noted that, the coming to being of the AfCFTA in January 2020 constituted one giant step towards the fulfillment of the aspirations of the Africa Union and that the AfCFTA agreement, commits businesses and governments to work at changing the sad narrative of intra-Africa trade to realize a single market for its over 1.2 billion people with a combined Gross Domestic

Product of US$3 trillion. Major barriers to an efficient trade system within the continent have been identified to include high cost of doing business, corruption, security concerns and varied certification requirements. The Food and Drugs Authority (FDA), Ghana together with other standards regulatory authorities are present at the on-going fair with the purpose of interacting with the business community to provide regulatory support that will facilitate trade across the continent. The event has also brought to the fore the urgent need for effective harmonization of country regulatory requirements to support this agenda. Studies so far have shown

that standards and regulations have a potential to either act as barriers or catalysts for trade. For example, stricter food safety regulations and standards are often portrayed as non-tariff barriers to trade but can be a powerful catalyst for investments in improving food safety management systems, especially when incentives for these investments are lacking in domestic markets. Furthermore, trade policy, standards and regulation interventions can have a positive impact on the quality of products and increase access to high-end export markets1 . The FDA has therefore

expressed its total support and commitment to several continental initiatives such as the adoption of the Africa Union model law on medical products regulation, support for the West Africa Medicines Regulatory Harmonization project and the establishment of the Africa Medicines Agency in the near future. Additionally, FDA continues to advocate for the simplification and reduction of the cost of compliance of businesses to regulatory requirements to facilitate trade through the introduction of its flagship programme -the Progressive Licensing Scheme, targeted at developing cottage, small and medium scale enterprises (MSMEs). It is expected that through these initiatives, Ghanaian businesses will be able to increase their export base and help to realize an ultimate boost in intra-Africa trade transactions by volume and value. To this end, the FDA looks forward to a successful fair that will yield over $40 billion trade and investment deals, as it brings together 1000 exhibitors and 10,000 conference delegates, trade visitors and think tanks to discuss the implementation of these pertinent continental trade issues.

ESPA calls for environmental service providers in Northern Ghana to join umbrella organisation

xecutive Secretary of the Environmental Service Providers Association (ESPA), Mrs. Ama Ofori Antwi has called on all environmental service providers including waste management companies to subscribe to ESPA for their own wellbeing. She said there is power in unity and together they can be a stronger advocacy group. She lamented about the lackadaisical attitude shown by some of their members in the regions to join and disclosed that there are several benefits that will accrue to members which is the more reason why the individual organisations or members should join ESPA which is currently working in collaboration with the Coalition of Non-Governmental Organisations in the Water and Sanitation Sectors (CONIWAS) to ensuring that the WASH sector is

fully regulated and recognised. Mrs. Ofori Antwi was a panelist at the Zoomlion and Graphic Communications Group's sanitation awareness campaign dialogue forum at Nalerigu in the North East Region. Zoomlion is in collaboration with the Graphic Communications Group to create more awareness about environmental sanitation in Ghana using dialogue and clean up campaigns throughout the regions to advance national change of attitude towards waste management and environmental sanitation. She said members of ESPA are endeavouring innovations to creating strategies to manage E-waste, Hazardous and Medical waste among others. She appealed to Traditional Councils and political leaders to embrace the sanitation bye laws and ensure that they are enforced

Ama Ofori Antwi

for a better Ghana. Corporate Affairs and Communications Director of Zoomlion Ghana Limited Mrs. Emma Adwoa Appiaa Osei-Duah in am interview with the media said throughout their tour and the dialogues in the regions she has observed that the people are unanimous in their quest for attitudinal change and for the authorities to enforce the laws. She called on the political leadership to develop the

attitude and political will for the enforcement of the bye laws. Mrs. Osei-Duah was of the view that the beginning of every new innovation is difficult but the results of enforcing the bye laws will be enormous and helpful to the people of Ghana. The programme ended on Thursday with a heavy clean up campaign in the Nalerigu township with all stakeholders busily desilting drains and sweeping the principal streets.

News

MONDAY NOVEMBER 22, 2021

Parliamentary Service Board proposes two percent of national revenue to fund legislature

he Parliamentary Service Board has proposed that two per cent of the total

national revenue collected be allocated to Parliament next year.

Speaker of Parliament, Alban K.S. Bagbin, who disclosed this at a workshop at Ho, said the

proposal was to ensure that the Legislature was adequately resourced to fund its work. "We have been fighting for this for sometime now," he said. "There are three arms of government - the Executive, Legislature and Judiciary are equal arms of government and must be treated as such." He said it was important for the Legislature to carry out its work independently in the interest of the people and also to continue to attract persons with the right calibre to become legislators. The 2022 Budget Statement and Financial Policy, Speaker Bagbin said, should, therefore, receive the requisite scrutiny to prevent any possible overspending by the Executive. The Post Budget Workshop was to prepare the Members of Parliament ahead of the debate on the statement and the approval of the appropriation.

Fidelity Bank to roll out social impact projects to mark 15th anniversary

idelity Bank has announced plans to execute a number of social impact projects as part of activities marking its 15th anniversary celebration. The bank said in a statement that the year-long celebration would focus on “giving back to society” in recognition of the support it had garnered from its customers and partners thus far. Fidelity Bank was licensed on October 6, 2006 and has since grown to become one of the prominent and thriving brands in the Ghanaian financial services industry. Announcing the impending anniversary celebrations in a special message of appreciation to the bank’s stakeholders, Mr Edward Effah, Board Chairman and Founder of the Bank, expressed profound gratitude to the Bank's customers, staff, and stakeholders for contributing to its success. “I want to assure everyone that Fidelity Bank will keep striving to provide value to all our stakeholders and we will continue to contribute towards the development of the banking industry as well as the economy of Ghana,” he said. In a separate message, Mr

Julian Opuni, the Managing Director of Fidelity Bank, said: “We have chosen to celebrate this momentous anniversary by giving back to you, to society and to the nation as a whole.” He said the Bank would, in the coming month, launch a variety of social impact initiatives to add on to the numerous projects it had executed. Outlining some of Bank’s

social interventions thus far, the statement said the Bank recently supported the construction of the Ghana Infectious Disease Centre with a donation of GH¢1,000,000.00. It said the Bank had also launched a Malaria Prevention Fundraising programme, supported the launch of the KorleBu Critical Care Fund, and also sponsored training programmes

for disabled persons. “The Bank also partnered with development-oriented NGOs, including USAID, Financial Sector Deepening Africa, GIZ, Solidaridad and SNV, to impact rural lives with financial services and to provide valuable medical guidance and treatment in the areas of mental health, tuberculosis, HIV, family planning, hypertension and diabetes, among others,” it added.

News

MONDAY NOVEMBER 22, 2021

NPA assists Korle Bu breast cancer patients with GH¢100,000

he National Petroleum Authority (NPA) has donated GH¢100,000 to the Korle-Bu Teaching Hospital (KBTH) for the treatment of breast cancer patients at the National Radiotherapy Oncology and Nuclear Medicine Centre. Dr. Mustapha Abdul-Hamid, the Chief Executive Officer of

NPA, who presented the cheque said the donation formed part of NPA Ladies Association activities to mark October as breast cancer awareness month. He said the Authority at the initial stage of the awareness creation of breast cancer invited experts from the National Radiotherapy Oncology and

Nuclear Medicine Centre to educate its staff on breast and cervical cancer. He added that the NPA held breast screening and organized health walks for its staff across the regions to commemorate the breast cancer awareness month. The NPA boss pledged the Authority’s support to provide

additional financial support to assist the centre to provide quality healthcare to the needy patients of breast cancer. Dr. Verna Vanderpuje, Deputy Director, Consultant Oncologist of the Centre commended the NPA for the gesture and said this was the first time the Centre was receiving such huge cash donation to support treatment of patients at the centre. She said it would go a long way to support treatment of patients and appealed for additional funding, which according to her, was very critical to helping patients to fully complete their treatment procedures. Dr. Vanderpuje said because of the expensive nature of cancer treatment, most patients often abandoned their session midway and reappeared in the Hospital only when their situations had deteriorated beyond any intervention. That often led to high mortality, she said, and appealed to private sector institutions and individuals to support the Centre to care for the growing number of needy patients.

Bawumia lauds BoG, FIs for roles in Ghana's efficient payment system

ice President Dr. Mahamudu Bawumia has commended the Bank of Ghana and financial institutions in the country for the immense roles they have played towards the successful implementation of Ghana's payment system. Speaking at opening of the 25th Annnual Banking Conference of the Chartered Institute of Bankers in Accra, Dr. Bawumia, who is a fellow of the Institute, enumerated a number of initiatives that have led to the country’s successful payment system, and commended the Central Bank's effective policies and the banks" investments. "An efficient payment system is crucial. Ghana’s progress in the payment and settlement systems have been spurred by the Central Bank’s efforts to deploy relevant domestic policies to support a well-organized payment system.," Dr. Bawumia said. "Ghana has made significant strides in this regard through the launch of Ghana Interbank Payment and Settlement System (GhIPSS), Real Time Gross Settlement System (RTGS), Cheque Codeline, Clearing System (CCC), the National

Biometric Smartcard (E-zwich) and the National Switching and Processing System (gh-Link)." "As banks continue to invest in digital platforms to facilitate ease in trade and transactions, adopting a more fintech approach will spur innovation for the benefit of their cherished clients." Dr. Bawumia also acknowledged the Bank of Ghana and the Ministry of Finance for introducing friendly policies, which made it possible for financial institutions to support businesses, as well as enhance digitas Covid-19 and its economic effects ravaged businesses. "Let me use this opportunity to acknowledge the Central Bank’s efforts in deploying

comprehensive reforms and interventions, especially during these unprecedented times, by providing the financial sector with various regulatory reliefs that allowed banks to provide financial support to critical sectors of the economy as part of the COVID-19 policy responses." "I also acknowledge the Ministry of Finance for launching various policy initiatives such as The National Financial Inclusion and Development Strategy, The Digital Financial Services Policy, The Cash-Lite Roadmap, among others as a way to deepen financial inclusion and accelerate the shift to digital payments." "Such policies among other strides, continue to project Ghana

as a nexus of digital payments. As we look to accelerate digitization on all fronts, leveraging the African Continental Free Trade Area (AfCFTA) is a step in the right direction." With the introduction of the e-cedi in the offing, the Vice President urged commercial banks to be proactive in developing digital assets and products for different categories of customers. "Banks should also leverage on the digitization agenda of the government to improve credit to the private sector," he added. "I implore all stakeholders to explore possible synergies and partnerships in advancing digital technological innovation in a bid to redefine the banking sector which will ultimately spur economic growth. "I reaffirm government’s efforts in spearheading the national digitization drive through robust policymaking initiatives and a conducive environment." Dr. Bawumia also urged the Chartered Institute of Bankers to lead the charge in capacity building for an innovation-driven Banking Industry.

Feature

MONDAY NOVEMBER 22, 2021

Rebuilding the infrastructure of Sino-American relations By Minghao Zhao

S President Joe Biden has been basking in the glow of his $1.2 trillion bipartisan infrastructure bill, which he signed into law on November 15. But Biden’s virtual summit with Chinese President Xi Jinping on the same day underlined the need for both leaders to invest some of their political capital in rebuilding the infrastructure which supports their countries’ increasingly brittle bilateral relationship. During their meeting, both presidents expressed a desire to avoid a new cold war. But no amount of summitry will steer US-China relations back on track without some fundamental agreement between the two countries. Fortunately, unlike former President Donald Trump’s administration, Biden does appear to want to restore normality to the relationship. As US National Security Adviser Jake Sullivan said after the meeting, “intense competition” between the two countries “requires intense diplomacy.” Likewise, China is exploring new approaches vis-à-vis the United States. True, top Chinese diplomats are far more assertive nowadays toward their US counterparts than they had been in the past, and China’s military buildup continues apace. But as the summit began, Xi smiled when greeting Biden, calling him an “old friend.” Given the unyielding tone of previous US meetings with senior Chinese leaders during Biden’s presidency, this was a clear indication that Xi wants to change the tenor of the relationship. Bonhomie aside, China and the US have actually made progress of late, particularly with a joint declaration to work together in the coming decisive decade to avert catastrophic climate change. The move is a possible early sign of a compartmentalized approach that would be conducive to both countries’ long-term interests. But many Chinese analysts fear that America’s deep political divisions could threaten the sustainability of US-China cooperation on climate change and other issues. A USA TodaySuffolk University poll conducted shortly before the passage of the infrastructure bill found that Biden’s approval rating had sunk to a new low of 38%.

China is wary of the prospect of Republican victories in the 2022 US midterm elections and the 2024 presidential election, because Trump’s continued grip on the party risks a repeat of the diplomatic ructions that marked his presidency. At the same time, China thinks that now is an opportune moment to secure its political and economic position in the world. In autumn 2022, the Communist Party of China will hold its 20th National Party Congress. Now unchallenged within the CPC, and with “Xi Jinping Thought” woven tightly into Chinese public life, Xi’s long-term goals – China’s full “socialist modernization” by 2035, and a “great modern socialist country that is prosperous, strong, democratic, culturally advanced, and harmonious” by 2049 – have become fixed in stone. Xi is determined to prevent rocky relations with the US from interfering with these objectives. In many ways, therefore, USChina relations in the coming years may be hostage to both countries’ domestic politics. The looming midterm elections mean that the Biden administration is likely to take further tough measures against China, which will respond in ways that do not project weakness. Sustaining productive dialogue between Xi and Biden will thus be a constant challenge. During the recent summit, Biden said that the US and China must establish “commonsense guardrails” to prevent competition from veering into conflict. China did not respond positively, because many Chinese officials suspect that the concept is a trap that would embolden

the US to act more provocatively. But Chinese unwillingness to accept such safety barriers in the relationship will likely sow even more distrust in Washington. Instead of rejecting the guardrail concept outright, China should see it as an opportunity to establish some mechanisms or rules to prevent Sino-American collisions. Moreover, the window of opportunity for such an understanding may be closing. If China and the US cannot conduct serious negotiations on the concept in the next couple of years, one can be certain that a hostile Republican administration that could take office after the 2024 election would not erect any. Here, China can draw some lessons from its previous experience with President Barack Obama’s administration, when it declined to embrace the idea of a US-China “G2.” With his greater political authority, Xi could take bolder steps toward building reciprocal respect between the world’s two leading powers. For example, recognizing that strategic stability is essential, one topic that both sides have an interest in addressing is nuclear weapons. But the stability of US-China relations now hinges on Taiwan. The Biden administration apparently now believes that China’s policy toward the island has fundamentally changed. Shortly before the Xi-Biden virtual summit, Secretary of State Antony Blinken said that the US and its allies would be prepared to “take action” if China uses force against Taiwan. In Congress, there is a bipartisan willingness to abandon the old

policy of “strategic ambiguity” on the question of whether the US would defend Taiwan in favor of a straightforward security guarantee. During his discussion with Biden, Xi warned that supporting Taiwanese independence would be “playing with fire,” adding that China would take “resolute measures” if Taiwan appeared to be preparing for a declaration of independence. But Xi also sent a reassuring signal, emphasizing that, “We have patience and will strive for the prospect of peaceful reunification with utmost sincerity and efforts.” For his part, Biden pledged to adhere to the one-China policy that has underpinned US relations with Taiwan for more than 40 years, and not to support Taiwanese independence. But the US intends to strengthen its relations with Taiwan comprehensively and internationalize the issue of its status. Managing the unfolding longterm competition between China and the US will clearly require patience, and a single virtual summit – while highly welcome – is not enough to inspire hope for more stable bilateral relations. We are in the very early stages of what will likely be the central geopolitical rivalry of the twentyfirst century. The most one can reasonably hope for is that both sides build the diplomatic infrastructure to manage the bumpy road ahead. Minghao Zhao, a senior fellow at the Charhar Institute in China, is a member of the China National Committee of the Council for Security Cooperation in the Asia Pacific.

News

MONDAY NOVEMBER 22, 2021

Small-scale fishers celebrated for contributing to human well-being, safeguarding of natural resources

he United Nations International Year of Artisanal Fisheries and Aquaculture 2022 (IYAFA 2022) has been launched at a ceremony that highlighted how small-scale artisanal fishers, fish farmers and fish workers contribute to human well-being, healthy agri-food systems and poverty eradication through the responsible and sustainable use of fisheries and aquaculture resources. Food and Agriculture Organization of the UN (FAO) Director-General QU Dongyu in his address underscored that the vision underpinning the Year is aligned with FAO’s “4 Betters: better production, better nutrition, a better environment, and a better life for all – leaving no one behind.” The Year will also contribute, he said, towards reaching several of the objectives under the United Nations 2030 Agenda and the achievement of the Sustainable Development Goals. Looking forward to celebrating the Year “hand-in-hand with small-scale fisheries and aquaculture actors,” the FAO Director-General said: “Small-scale artisanal fisheries and aquaculture are small in

scale, but big in value!” A recent FAO WorldFish study indicates that the small-scale sector may account for the bulk of production considering that about 80 percent of the world’s aquaculture production comes from developing countries, with the number of artisanal farmers being much higher than those employed at farm level in mediumand large-scale aquaculture. The launch event included an address by Jorge Luis Prado Palomino, Minister of Production, Peru, who said that he hoped that IYAFA 2022 would strengthen artisanal fishing activity, ensure the sustainability in the use of resources, and accelerate efforts to achieve the elimination of poverty in Peru and worldwide. Maria Flachsbarth, Parliamentary State Secretary

of the German Federal Ministry for Economic Cooperation and Development, sent a video message underlining the importance of the world’s seas and oceans as a source of food and employment. She explained how the German government has invested 130 million euro for resource management through initiatives combating illegal, unreported, unregulated fishing, support of various marine management plans and for strengthening local value chains. Uganda’s Margaret Nakato: inspiring, positive, and passionate During the virtual ceremony, the FAO Director-General presented the Margarita Lizarraga Medal, to Margaret Nakato of the Katosi Women Development Trust in Uganda who he praised for her work in organizing women

in fishing communities to work together, empowering them with knowledge and skills, access to training, technology and markets. The award is bestowed to a person or organization that has served with distinction in the application of the FAO Code of Conduct for Responsible Fisheries. Thanking the DirectorGeneral and FAO, Nakato said the award will inspire the women she works with, to continue to support food security and the eradication of poverty. The ceremony also included testimonies relating to the innovative capacity of smallscale fisheries and aquaculture in the context of sustainable development. Manuel Barange, Director of the FAO Fisheries and Aquaculture Division, closed proceedings with a call for global action to help make IYAFA a significant year-long undertaking. “The Year provides a unique opportunity to elevate the profile of small-scale artisanal fisheries and aquaculture […] and to lay the ground for securing a future in which these sectors can realize their full potential in contributing to sustainable development” he said.

Ecobank provides $155,000 facility to aid maize farmers in Bono Region

cobank Ghana Limited has provided a $155,000 facility to support maize farmers and aggregators of Yedent Agro Company Limited in the Bono Region to expand their businesses. The facility, comprised four corn dehuskers valued at $50,000 and a Shacman double-decker articulator head and trailer acquired at $105,000. Speaking at the event which was on the theme: “Inclusive and Sustainable Finance for Agribusiness Value Chain”, Mr Daniel Sackey, the Managing Director of Ecobank Ghana Limited, said the Bank remained committed to positively impacting the communities they operated in and had chosen to support agribusiness value chains. He added that the Bank was doing that in partnership with government agencies such as the Ministry of Food and Agriculture (MoFA) through their Extension Officers and GIRSAL, private sector actors like Yedent Agro Company, and other international development partners. Mr Sackey noted that, “to further show our commitment

to developing agribusiness value chains”, Ecobank Ghana had a dedicated agribusiness desk that focused on the development of agribusiness by developing market relations and increasing access to finance. He said Ecobank Ghana, therefore, financed the acquisition of those facilities for the benefit of the aggregators and about 6,000 out-growers and smallholder farmers, comprising 60 per cent women from 83 communities within the Bono Region. Mr Sackey emphasised the dehuskers were intended to provide those communities with a mechanized way to dehusk the maize they produced, saying, that was a more efficient way to process the maize produced by farmers for the market. He added, “our women especially, will be spared the long hours they spend to dehusk and shell the maize manually”, saying, the inefficiencies associated with those traditional ways of handling farm produce contributed significantly to the high level of post-harvest losses experienced in Ghana. Madam Justina Owusu-

Banahene, the Bono Regional Minister said the financial institutions in Ghana tended to lend a disproportionately lower share of their loan portfolios to farmers due to high-risk factors associated with farming in the country. Hence, “Ecobank Ghana’s bold step to break such barriers was laudable and worthy of emulation by other banks”, she stated. “Not only did Ecobank Ghana understands the vision to transform Ghana's agroprocessing sector but also to offer its support in many ways by providing critically needed capital for the success of most farmers in the region and beyond”. Madam Owusu-Banahene commended the bank for its continuous effort in supporting the private sector industries and appealed to other banks to emulate that and tailor their lending facilities to support farmers to expand agricultural output to safeguard the country’s food security. Mr Asante Krobea, the Technical Advisor to the Minister, MoFA said the government’s investment in Agriculture since

the last five years had resulted in higher productivity of maize and other crops. He cited in 2016, Ghana produced just 1.7 million metric tons of maize, but now, it had risen to three million metric tons. Mr Krobea explained that the move by Ecobank was complementing government’s efforts through MoFA to adequately resource farmers with the supply of inputs and other materials – viable seeds and seedlings in addition to the implementation of programmes like cocoa rehabilitation to boost agriculture in the country. Mr Krobea said there was an existing government’s arrangement to absorb 50 per cent of interest covering loans contracted by aggregators through the Ministry of Finance and Economic Planning. Mr Samuel Kwame Ntim, the Chief Executive Officer of Yedent expressed appreciation to Ecobank Ghana for the funding support that had gradually brought the company its current level of success. GNA

Energy

MONDAY NOVEMBER 22, 2021

Africa walks development tightrope as calls for oil and gas restraint growth By Neil Ford

ressure is increasing on African countries to help tackle climate change by reining in their greenhouse gas (GHG) emissions and resisting the temptation to develop new oil and gas fields. Yet Africa accounted for just 4% of global GHG emissions between 1990 and 2017 despite the fact that it contains 17% of the world’s population. In addition, African per capita emissions are about a fifth of the global average, leading critics to complain that radical action on the continent will stifle potential economic development for a problem that has largely been created elsewhere. That has prompted a debate over whether richer countries should compensate Africa in order to keep its fossil fuels in the ground. The US has announced that it will quadruple its international climate finance to $11.4bn by 2024 to help developing countries cope with global warming but much more international investment in solar power, onshore wind, offshore wind and perhaps hydrogen is required if Africa is to forego its interest in dirty fuel extraction. Oil has long been one of Africa’s main export commodities, generating billions of dollars in revenue every year but also tempting governments to rely on hydrocarbon export revenues at the expense of developing a more diverse economic base. Still, the international trend is unmistakeable. As oil companies look to diversify, they themselves admit that production has already begun a long-term decline, with Shell predicting an 18% fall in its output over the course of the current decade. The big question is whether governments and the oil and gas sector are prepared to leave hydrocarbons stranded. Carbon capture utilisation and storage (CCUS) technology would allow oil and gas production to continue while producing far fewer emissions, yet there are real doubts over whether the added costs of CCUS will ever allow hydrocarbons to compete on price with renewables. Natural gas may have a rosier medium-term outlook. Considered by some to be a bridging fuel between hydrocarbons and renewables, it is likely to play a role in the power

generation mix for the foreseeable future, despite considerable carbon and methane emissions during production, transporation and usage. Indeed, a large proportion of the extractive industry’s emissions come from the power consumed during oil and gas production. The average offshore platform needs generating capacity of 50-100 MW, usually provided by natural gas but increasingly backed by renewables. The UK, for instance, has launched a tender for massive offshore wind farms to supply its offshore oil and gas industry. The same transition could be adopted by African producers, safe in the knowledge that any renewable energy projects developed for the purpose can be used for grid supply or hydrogen production when fields become exhausted or are phased out. Defence of hydrocarbons As might be expected, both Opec and the African Petroleum Producers Organisation (APPO) want to see Africa’s renewable energy potential developed alongside hydrocarbons, not instead of them. At a meeting in Brazzaville in September, APPO secretarygeneral Omar Farouk Ibrahim said: “We will not allow billions of barrels of oil to go to waste and we will not be bamboozled into projects that we don’t need – ones which will not address energy poverty. We need to sit down and have an honest conversation about the energy transition.” Opec secretary-general Mohammed Barkindo agreed, arguing: “We in Opec also categorically reject the narrative that the energy transition is from hydrocarbons to renewables

because this narrative is completely misrepresenting science.” The African Energy Chamber has gone one step further, calling for African countries to boycott companies that block fossil fuel investment. “Financial institutions that discriminate against Africa’s oil and gas industry in the name of climate change are wrong and desperately need to change both their mindsets and actions,” it said in a statement issued in July. Yet an increasing number of institutional investors and banks are doing just that, so the smaller oil and gas companies who have traditionally identified new finds before developing them or selling them on to the big players are finding it difficult to secure funding. There are growing fears in the industry that a large proportion of African oil and gas reserves will never be tapped. Forecast falls in oil investment may have finally enabled the passage of Nigeria’s Petroleum Industry Act (PIA) earlier this year. After two decades of trying, the government finally managed to pass the redrafted legislation, which aims to produce a profound transformation in the Nigerian oil and gas sector. The Act sets out new terms of investment on both exploration and production, while offering more commercial rates for natural gas production in an effort to ensure that gas is marketed within the country rather than being flared. Abuja has set a target of boosting oil production from an average of about 1.6m barrels per day (b/d) at present to 4m b/d as a result of the PIA’s passage but such targets have been set before to little effect. Still, the PIA’s

passage is a sign that the country is keen to exploit its resources properly before the world turns inexorably against fossil fuel. Gas expansion In contrast with the oil sector, demand for gas is continuing to rise, partly in order to compensate for the slower development of coal-fired power plants. The International Energy Agency forecasts a 3.6% rise in global gas demand this year as the recovery from the Covid-19 economic shock continues, followed by average annual growth of 1.7% over the next three years. Forecast rising consumption means that there should still be scope for new African liquefied natural gas (LNG) projects, including those planned in Mozambique and Tanzania. Plans for the Trans-Saharan Gas Pipeline from Nigeria through Niger to Algeria have also been revived by the Algerian government, which is keen to maximise its exports to Europe. Poor relations between Morocco and Algeria make the construction of new subsea capacity from Morocco to Spain less likely but Algeria could build on its existing pipeline links with Italy. The biggest new gas field under development is the Zohr field in Egypt, which is considered the biggest ever gas find in the Mediterranean with estimated reserves of 30 trillion cubic feet. Operator Eni has already ramped up production to 3.2bn cu ft/day since the first gas was produced in 2019. The development of Zohr and other new fields has enabled Egypt to halt its LNG imports, increase its own LNG exports and consider new piped gas exports.

MONDAY NOVEMBER 22, 2021

Feature

MONDAY NOVEMBER 22, 2021

Think small to fight climate change

By Kristina Skierka, Richenda Van Leeuwen

hen applied to droughts, wildfires, hurricanes, floods, or other extreme weather events, the term “unprecedented” is getting old. In August, when the Intergovernmental Panel on Climate Change released its latest report about the dire realities we face, a drought exacerbated by global warming already had been raging for years across much of southern Africa. It seems as though world leaders are finally ready to take meaningful action, but there’s a critical group regularly missing from key climate meetings like the recent United Nations Climate Change Conference (COP26) in Glasgow: local, climate-focused small businesses that already are making a difference in their communities. Small and medium-size enterprises (SMEs) working on climate adaptation and mitigation are a crucial but underestimated partner in the fight to reduce emissions. Even though climate financing options are increasing, SMEs’ role in sustainable development continues to be overlooked. Their predicament is one shared by more than 200 million SMEs of all types in developing countries that cannot get the funds they need to grow, facing an estimated $5.2 trillion annual financing

gap. International investors focus on getting dollars out the door through larger deals, while local capital is kept on the sidelines by high collateral requirements and unmanageable interest rates for early-stage businesses. SMEs represent 90% of businesses and provide more than 50% of jobs worldwide according to the World Bank, so they have a key role to play in creating opportunities in economies struggling to recover from the COVID-19 pandemic. Examples like SELCO India, a pioneering off-grid solar company, and Husk Power, an innovative pay-as-yougo renewable energy provider operating in Asia and Africa, show that with the right amount and type of financing and technical support, small businesses can improve lives through energy access – a key international goal. Off-grid renewables also help power sustainable mobility in both rural and urban settings. Small businesses also have an important role to play in greening agriculture. Land use for crop and livestock production accounts for 24% of global greenhouse-gas emissions, and farms are vulnerable to droughts, floods, and rising temperatures. Financing climatesmart agricultural entrepreneurs is essential for making our food systems more resilient. Here, too, off-grid renewable energy has become indispensable,

providing power for irrigation, processing grains, and operating the cold rooms and coolers needed to store dairy products, fresh seafood, and fruits and vegetables. In India, Technoserve is helping small farms withstand and adapt to the climate crisis and raise their productivity without increasing emissions. As these examples show, when small businesses have the financing and support they need, they can drive economic growth while mitigating emissions and supporting adaptation to climate change. That is because small businesses are more agile and adaptable – and respond to local needs much faster and more effectively – than large organizations. They also offer governments and policymakers an opportunity to try out new ideas, revealing both pitfalls and best practices before initiatives are scaled regionally or nationally. Achieving the global goal of net-zero emissions requires policymakers, investors, banks, and others to attend to SMEs’ needs much more effectively than they have in the past. For starters, the world needs far more finance vehicles and instruments that are tailored to small businesses working in the green economy. That means a mix of lower-cost, long-term capital and blended finance, as well as easier access.

The world also needs more business accelerators focused on adaptation to climate change. There are only 25 such green accelerators located in non-OECD countries. Funding research and establishing professional networks will drive support to businesses that have strong growth potential. Better metrics to assess success will be needed. That does not mean lowering environmental, social, and governance standards. Instead, it means devising indicators specifically for green enterprises in the SME sector to help them demonstrate their effectiveness and attract more investment. Finally, investors must not overlook women, who produce up to 80% of food in the Global South. Women also are the most vulnerable to the effects of climate change. Investing in female climate entrepreneurs benefits the climate, food production, and overall prosperity. Small businesses are integral to climate-change mitigation, adaptation, and resilience. Providing them the financing and support necessary to help them succeed is in everyone’s interest. Kristina Skierka is CEO of Power for All. Richenda Van Leeuwen is Executive Director of the Aspen Network of Development Entrepreneurs.

MONDAY NOVEMBER 22, 2021

African Business

MONDAY NOVEMBER 22, 2021

AfDB, Burundi sign agreement for US$29m grant to finance national energy access project

he African Development Bank Group and the Government of Burundi on Tuesday signed a $29 million grant agreement to finance Phase 1 of the Access to Energy Project, which is part of the country's infrastructure development program. The agreement was signed during an official meeting in Bujumbura between the African Development Bank Group's Director General for East Africa, Nnenna Nwabufo, and Burundi's Minister of Finance, Budget and Economic Planning, Domitien Ndihokubwayo. Nwabufo was in Burundi to reaffirm the Bank's commitment to the Burundian government's 2018-2027 National Development Plan. She was accompanied by Daniel Ndoye, the Bank's Country Manager in Burundi, and Marcellin Ndong-Ntah, Chief Economist for East Africa. Phase I of the Energy Access

Project will benefit not only the population but also private sector development, said Ndihokubwayo, welcoming the Bank's donation. The Minister stressed that cooperation between

the African Development Bank and the Government of Burundi was well under way. "The African Development Bank is once again pleased to expand the list of agreements signed with

Burundi," said Nwabufo. "Our support will not be limited to the energy sector. It will also take into account agriculture and job creation for young people in the coming years."

Africa Climate Change Fund showcases achievements at the sidelines of the COP26 in Glasgow

n November 8, the Africa Climate Change Fund held a public stakeholder engagement event titled “The Role of the Africa Climate Change Fund in building African climate finance readiness and resilience” in “Le Pavilion de la Francophonie” on the sidelines of the COP26 climate conference in Glasgow. A panel discussion was held with climate experts, Africa Climate Change Fund project owners, partners and high-level country representatives to raise awareness about the Fund among climate change stakeholders. The event, moderated by Arona Soumare, Principal Climate Change and Green Growth Officer at the African Development Bank, showcased the Fund’s work supporting African countries in unlocking climate finance through a portfolio of 16 projects. Soumare introduced the session with a quote from the recently published OECD report on climate change indicating that of the top 10 African countries receiving climate finance, only two are from Francophone Africa. He pointed to language barriers and inadequate capacity as some of the reasons for this.

He reiterated the role of the Africa Climate Change Fund in bridging the gap and offering opportunities to entities that otherwise would not have access to climate finance. Cécile Martin-Phipps, Director of the Francophonie Institute for Sustainable Development, indicated that through the institute, the International Organization of Francophonie supports Francophone African stakeholders with mobilizing climate finance, building capacity, and funding climate resilience projects, especially initiatives that focus on women. The Minister of Environment, Sanitation and Sustainable Development of Mali, Modibo Koné, acknowledged the relevance of the Africa Climate Change Fund to Africa and invited the Bank to increase its visibility and encouraged international climate funds and partners to increase its funding capacities. The Minister of Environment and Sustainable Development of Côte d’Ivoire, Jean-Luc Assi, acknowledged the support of the Africa Climate Change Fund, among others, to the accreditation of two national entities with the Green Climate Fund.

The Africa Climate Change Fund interim coordinator, AudreyCynthia Yamadjako, provided an overview of the Fund, its current portfolio and new programs. She said: “The Africa Climate Change Fund, through its action of building the climate finance readiness of African countries, and its unique objectives of targeting local communities, national institutions and NGOs, is an instrument showing great complementarity with the international climate funds and promoting direct access. The huge interest received during our calls for proposals and requests for more engagement received from member countries shows that more needs to be done and more resources are required in the Africa Climate Change Fund to continue its action.” Susan Steffen and Jean Lemire, respectively representing Global Affairs Canada and the Government of Quebec, reiterated their commitment to the Fund, especially its support to countries and gender and resilience activities. Africa Climate Change Fund project coordinators from Côte d’Ivoire, Mali and Senegal shared their experiences as Fund

beneficiaries. Jean Yves Ande indicated that the Fund’s project has enabled Côte d’Ivoire to mobilize an additional $6 million from the Adaptation Fund to tackle climate-smart agriculture, helped to mobilize $62 million to establish a multi-risk early warning system and $10 million to promote agriculture-related products. Drissa Doumbia said the Africa Climate Change Fund project contributed to strengthening the technical capacities of the Agency for Environment and Sustainable Development of Mali and supported the development of a climate finance mobilization strategy. Alioune Kaere added that the project in his country, which is ongoing, will contribute to increasing the capacities of the municipalities in Senegal to access climate finance and facilitate access to information for cities.

MONDAY NOVEMBER 22, 2021

International News

MONDAY NOVEMBER 22, 2021

Alibaba: Shares dive after China spending slowdown warning Chinese consumption slows

A Alibaba shares have slumped by more than 10% in Hong Kong trade after the Chinese online retail giant warned of a slowdown in consumer spending.

he company forecast that its annual revenue would grow at the slowest pace since its stock market debut in 2014. The weak figures underscore the firm's struggles with increasing competition and Beijing's regulatory crackdown. On Thursday, Alibaba's USlisted shares ended the New York trading session more than 11%

lower. In the three months to the end of September, Alibaba's revenue rose by 29% to 200.7bn yuan ($31.4bn, £23.3bn), its slowest rate of growth for a year and a half. The company also said it expects its annual revenue to grow by between 20% and 23%, which is lower than analysts' forecasts.

libaba chief executive Daniel Zhang told investors that increasing competition and slowing consumption in China were the main causes of the weaker growth. Chinese shoppers have become more cautious about spending as new coronavirus outbreaks, power cuts and concerns about the property market weigh on sentiment. The latest figures do not include sales from this month's Singles Day, or "11.11 Global Shopping Festival". This year Alibaba's usually glitzy event was a more toned down affair than previously as Beijing cracks down on businesses and China's economic growth slows. Sales for the 11-day event rose

at their slowest rate since it was launched in 2009, up 8.5% on last year. However, customer spending still hit a fresh record high of 540.3bn yuan. Alibaba has come under intense scrutiny from Beijing as tough new rules have been imposed on the country's big technology companies. Earlier this year, it paid a record $2.8bn fine after a probe found it had abused its dominant market position for years. Alibaba also said it would change the way it conducted its business. The company's shares have lost more than a third of their value so far this year. BBC

EU accuses Lord Frost of 'political posturing'

he European Commission Vice-President Maroš Šefčovič has accused the UK's Brexit Minister, Lord David Frost, of "political posturing". Writing in The Mail on Sunday Lord Frost said "urgency" was needed from the EU to resolve the issues in the Northern Ireland Protocol. The protocol is the deal between the EU and UK agreed as a way to avoid a hardening of the Irish land border. Mr Šefčovič was speaking on Sunday on the BBC's The Andrew Marr Show. He said that in his meetings with stakeholders in Northern Ireland the message had been to "focus on the key priorities and problems we have to solve". He said the four problems he heard repeatedly were supply of medicines, a need to reduce customs formalities, reduce SPS (agrifood) checks and find a way to better involve Northern Ireland stakeholders in the dealings of the protocol. "If we can find a way to solve these problems we are opening the way for a smooth operation of the protocol," he said. "My feeling is the Northern

Irish people want us to work together to look for a way for the Protocol to work properly and in the smoothest possible way," he added. Lord Frost has said the solution is that "goods which both we and the EU agree aren't going to leave NI should not be treated as if they were moving from one country to another because they are not and goods going into Ireland should be checked in the Irish Sea to protect the EU's single market and avoid a hard border". Mr Šefčovič said the key word in Frost's article was the word

"urgency". "Sometimes I feel in our meetings I am the only one pushing for urgent solutions," he told the programme. "We have been putting proposals on the table on solving the uninterrupted supply of medicines to NI since June and I remember Lord Frost telling me that what is important for him is not only content but also process. "I was waiting to see if he can deliver on that solution jointly and I have to say that until today that has not been the case," he said.

"If we would still be in the mode of political posturing and bringing new problems to the table, I don't think we will solve the most pressing issues for Northern Ireland and so we may be acting alone to ensure the Northern Ireland people have the medicines they need," he added. Both men said that talks on Friday had brought some progress, with Mr Šefčovič saying there had been a "change of tone" and Lord Frost saying "significant gaps remain". BBC

Markets

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MONDAY MAY 3, 2021

MONDAY NOVEMBER 22, 2021

Hungarian Ambassador calls on UG’s vice-chancellor T he Hungarian Ambassador to Ghana, Mr Tamás Endre Fehér has paid a courtesy call on the Vice-Chancellor, Prof. Nana Aba Appiah Amfo. The Ambassador’s visit was to formally introduce himself as the newly appointed Hungarian Ambassador to Ghana and to follow up on discussions of collaboration between the University of Ghana and Hungary. Ambassador Tamás Endre Fehér congratulated the ViceChancellor on her appointment and sought the University’s assistance and cooperation in an upcoming event to celebrate sixty years of political relations and diplomatic ties between Ghana and Hungary. He also disclosed the interest of Hungary’s Eötvös Loránd University (ELTE) in pursuing academic collaboration with the University of Ghana. Prof. Nana Aba Appiah Amfo expressed her pleasure at the Ambassador’s visit and stated that she was very happy with

the intent to strengthen the cooperation between University of Ghana and Hungary as well as with universities in Hungary. She noted that the Center for European Studies was established with the aim of strengthening collaborations between the University of Ghana and Europe and anticipated fruitful engagement between the Centre and Hungary. She also indicated that the University was poised for more industry collaborations and

cooperation. Prof. Amfo wished the Ambassador well throughout his stay in Ghana. In brief remarks, Dr. Kwame Asah-Asante, Director, Centre for European Studies, appealed for facilitation of exchange and internship programmes for faculty and students from the University to universities in Hungary. In response, Ambassador Fehér announced the yearly scholarships that the Hungarian

Government offers to Ghanaian students at all levels of tertiary education. The Hungarian Ambassador presented a gift as a token of appreciation to the ViceChancellor. Present at the meeting were Prof. Idiko Csajbok-Twerefou, Head, Department of Modern Languages; Tamas Ary, Economic Counsellor, Embassy of Hungary and Judith Beres, Personal Assistant to the Hungarian Ambassador.

Binatone launches Black Friday, Christmas deals for customers

his gesture is for Binatone to cater for the various needs of its many customers with home and kitchen appliances

during this period. Speaking at a launch on Friday, November 19 in Accra, the company’s Head of Sales, Mr

Bighnesh Padhee disclosed that attractive deals were on offer for multiple Binatone products nationwide.

He noted that the gesture was to help identify trends and answer consumer needs with unique, affordable, and well-designed products. “This we believe is in the right direction to help satisfy our customers as they approach the festive season. “It is very important to ensure that you answer consumers needs with unique and affordable products and that is what we are looking forward to,” Mr Padhee said. He also highlighted some of the innovative products that were recently launched with affordable prices such as Air Purifier (AP 450) which enhances clean air, dust free fresh air, crisp and pure atmosphere and rice cooker with saute function, juicers, kettles, microwaves, ovens and kitchen machine among others. Binatone, founded in the United Kingdom in 1958, is consistently delighting customers with high quality, innovative products at affordable prices.