Business24 Newspaper 7 November 2022 by Business24 Online

MONDAY NOVEMBER 7, 2022

Monday November 7, 2022

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Alan Kyerematen leading ambitious trade policy, six years on By Benson Afful affulbenson@gmail.com

MTN signs US$2m contract with GFA as headline sponsors of Black Stars

ix years after the successful implementation of the government’s flagship program, One District One Factory, under the leadership of the Trade Minister, John Alan Kwadwo Kyerematen, about 175 factories are currently operating in the country. Mr. Kyerematen spearheaded the ambitious industrialization policy with a mindset of creating jobs, increasing incomes while reducing unemployment among the youth of the country.

TN Ghana has signed a $2million agreement with the Ghana Football Association to be headline sponsors of the Black stars. The two-year sponsorship package will cover the Black Stars for the 2022 World Cup in Qatar and the next African Cup of Nations in 2024. In his remarks during a brief signing ceremony at the GFA, the Chief Executive Officer of MTN Ghana, Mr. Cont’d on page 3

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Parliament to probe GNPC’s offshore subsidiary -Atta-Akyea reveals By Eugene Davis ugendavis@gmail.com

he Chairman of Parliament’s Mines and Energy Committee, Samuel Atta-Akyea, has disclosed that its committee would not relent on assertions making the rounds that the Ghana National Petroleum

109 th Monetary Policy Committee meetings begin Nov 22

he Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 109th regular meetings from Tuesday,

Cont’d on page 3

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Central Region to become rice-producing Hub See page 4

fforts are underway to make the Central Region a rice-producing hub. This, according

to the Central Regional Minister, Mrs. Justina Marigold Assan, will enable the region to unleash its full

Cont’d on page 2 Cont’d on page 2

Editorial / News

MONDAY NOVEMBER 7, 2022

Alan Kyerematen leading ambitious trade policy, six years on Continued from cover

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President Akufo-Addo in 2018 launched the initiative and put in charge one of Ghana’s finest trade experts, Mr. Kyerematen, to ensure the implementation of the program. There is no doubt that the initiative is one of the policies that secured a landslide victory for President Akuffo-Addo in the 2016 general elections with a record 53.8 percent. As ambitious as the program may sound, some analysts have argued that this is one of the most impressive trade policies in Ghana’s history since independence as it seeks to establish a factory in each of the country’s 275 districts. The program has since generated more than 200,000 direct and indirect jobs and is expected to lift the country from an import economy to an exportdriven economy by adding value to the country’s raw materials. Having led the ministry expertly in the last six years, Mr. Kyerematen in 2020 when covid hit the country’s health system ensured that some pharmaceutical companies secured a grant to boost production. Ghana’s health system was put to a serious test after the emergence of the global pandemic, for this reason the government, through the trade ministry, secured a grant of GHc15 million for local pharmaceutical manufacturers under the 1D1F initiative. Eleven pharmaceutical companies benefited from the grant that was secured from local partners in partnership with the ministry. Local textile manufacturing industries were also resourced to produce COVID Protective Gear which made them abundantly available and saved government from using hard-earned foreign exchange to import them. Also, the new strategic economic growth poles such as the establishment of vehicles plants, pharmaceutical manufacturing and garment production which have received dedicated attention by the ministry are also creating highly-skilled job opportunities for Ghanaians. Mr. Kyerematen’s drive at the

ministry has made the country witnessed the production of local vehicles by auto giants such as Suzuki, VW, Nissan, Sino Trucks among others under the Automotive Development Policy which was being implemented by the trade minister. These global auto makers produce the vehicles locally and export to other African market and this will boost Ghana’s competitiveness under the Africa Continental Free Trade Area (AfCFTA), a development which was headed by Mr. Kyerematen’s ministry. As someone who is passionate about job creation, he said his ministry is focusing on strategic poles such as the Strategic Anchor Industries Initiatives which is developing new strategic growth poles to diversify the economy and the industrial parks which are providing support to private business promoters to establish industrial parks in each of the 16 regions to improve access to land, utilities and business support services for industrial development. The AfCFTA vision

Ghana was selected as the secretariat for the largest single market and the secretariat building was commissioned by the African Union on August 17, 2020, with the vision to end the paradox of Africa being the richest in terms of resources yet the poorest in material wealth. With AfCFTA, it is estimated that intra Africa trade will increase by US$35billion annually. Under the AfCFTA, the 1D1F policy which has been designed as a comprehensive industrial transformation agenda to drive the manufacturing sector will play a key role for Ghana to harness the opportunities that the agreement presents. Mr. Kyerematen who led Ghana’s team that secured the nod for the secretariat to come to Accra believes that Ghana is uniquely positioned to become the new commercial capital for Africa. It’s estimated that the total cost of about 20 categorised items imported into the country amounted to US$10 billion annually. According to data from the Ghana Trade Advocacy Network, values for various products imported include tin tomatoes-$1

billion, rice-$800 million, Sugar and confectionery-$300 million, flour-$600 million, poultry and meat-$400 million, fish-$245 million, fresh tomatoes from Burkina Faso – $100 million and toilet rolls and tissue-$100 million. The rest are cooking oil-$300 million, pharmaceutical and chemicals-$750 million, soaps and cosmetics, plastics-$500 million, paper-$600 million, tiles and ceramics-$200 million, iron and steel products-$600 million, cars and spare parts-$2 billion, furniture-$250 million, textiles and apparel-$250 million, home appliances-$900 million and beverages-$200 million. However, trade experts believe that with government’s determination to ensuring that the country produces its own products locally the cost of import to the country is expected to be reduced drastically in the long term as the factories begin to operate at their peak. Recently, President Akufo-Addo together with his trade minister, Alan Kyerematen, began a tour on various regions to commission some factories in fulfillment of the government’s promise towards the 1D1F initiative. This goes a long way to buttress the point that the minister has stayed true to his words of creating jobs for the youth through the government’s industrialization agenda. Among this remarkable progress made towards the initiative, there are plans to also revamp the Kade Match factory, which was set up to produce a critical household item to Ghanaians, by second quarter next year. The Aveyime rice project, another project which is needed in this critical moment, is expected to receive support to start production as well in early next year to reduce the country’s huge reliance on the importation of rice. It’s therefore undeniable fact that, the successful implementation of the 1D1F policy will jumpstart the country’s economy and put it on the path of recovery, as dynamic trade minister Alan Kwadwo Kyerematen continue to steer affairs of the ministry with his vision of creating jobs through value addiction of the country’s raw materials.

News

MONDAY NOVEMBER 7, 2022

Parliament to probe GNPC’s offshore subsidiary -Atta-Akyea reveals Continued from cover Company (GNPC) has formed a subsidiary company without recourse to parliament. He indicated that the committee will interrogate the issues by summoning the three parties including the Minister of Finance, Energy and the CEO of GNPC. Contributing to the Committee on Employment, Social Welfare and State Enterprises annual financial performance report on GNPC for 2019 and 2022, Hon. Atta Akyea brought up the issue of subsidiary companies which has been set up by the national oil company. “There have been some assertions that some subsidiary companies have been set up without reference to this great house, I am tempted to believe that they did not come to this house to seek approval to set up these subsidiaries, so far as you are a statutory body and you need a vehicle to pilot your activities, you could do so, But a matter which has come to the fore, is that monies intended for this nation is in some foreign clients -offshore funds, the committee has decided that we are bringing before the whole committee the Ministry of finance, Ministry of Energy and GNPC to come and explain the kind of permutations that went into these arrangements and some monies found itself offshore, so this is a matter of great concern and it has been penciled because of travel arrangement of

the minister of finance, energy minister and GNPC MD but for sure your committee is alive to its responsibilities, there is no dispute about it, we are going to interrogate this issues and bring a good report on the consideration of the house.”he said. This follows an allegation made by the African Centre for Energy Policy (ACEP) that the GNPC is seeking to assign an interest in some of Ghana’s oil blocks to Jubilee Oil Holdings Limited, a company registered in the Cayman Islands. ACEP claims its checks have revealed that this company is registered with erstwhile CEO of the company, Dr. K. K. Sarpong, and Freddie Blay, Board Chairman of GNPC as directors. According to the Public Interest and Accountability Committee (PIAC) semi-annual report on the management and use of petroleum revenues from January – June 2022, following the acquisition of 7 percent interest in the Jubilee and TEN Fields by GNPC in 2021 (later ceded to its subsidiary -JOHL.). JOHL made its first lifting (944,164bbls) on the Jubilee Field in H1 2022, amounting to US$100,748,907.95. This amount was not paid into the Petroleum Holding Fund. Hon. Atta Akyea also stated that one challenge of GNPC which cannot be ignored is the hard fact that monies due GNPC can be taken from them by the Ministry of Finance for other purposes, explaining that state institution

will be deprived of the needed capital to do what is expected of it, which is one factor the committee observed. Further he said “anytime a state institution deviates from its mandate and is entangled in other matters, apart from those decisions being ultra vires, the statutes that gave birth to the state institutions, monies could be wasted, so it is about time we whip them into line -that your mandate have been clearly defined by law. [PNDC Law 64] because the mandate is very clear, when you go into other undertakings especially without parliamentary approval, a tendency is that you might have some serious problems and this is what we are doing as a committee to whip them into line. Given the financial situation of GNPC, I am of the view that they are going to move at the tortoise pace in delivering their mandate, there is a huge area of Ghana’s land space, it is called the Voltaian basin, it is said that we have huge reserves of crude oil and cash, not offshore but on our lands and I have observed small amount of capital they bring when they want us to approve their work programme, given the monies and their allocations which are coming in, trickles , I do not foresee a situation where GNPC will be able to work on the Voltaian basin which I am educated has more crude oil and gas than what we are experiencing now. It is imperative that GNPC finds

credible international partners or local investors accelerating the development of crude oil and gas in the Voltaian basin and I am of the view that if this is so done and there is an acceleration of that, our people will get good employment and it is going to help the nation so well, apart from the problem of crude oil which is now an international issue.” Gov’t urged not use GNPC to fund other activities The Committee on Employment, Social Welfare and State Enterprises of Parliament asked government to desist from using GNPC as its cash cow in funding activities unrelated to its mandate. Speaking in Parliament on Tuesday, the Ranking Member on the committee, Dr. Kwabena Donkor said “without the injection of new funds, GNPC is on the brink of bankruptcy.” “The financials don’t speak well of GNPC. The future is bleak for GNPC and, therefore, we must insist that GNPC stays on the straight and narrow path in its operations.” The Ranking Member on the Mines and Energy Committee of Parliament, John Jinapor, also said the GNPC is on the verge of collapse due to the decrease in its profitability. He noted that the gross profit margin had reduced from “50 percent in 2018, to 26 percent in 2019 to 0.3 percent in 2020.”

MTN signs US$2m contract with GFA as headline sponsors of Black Stars Continued from cover Selorm Adadevoh, expressed his excitement about the agreement with the GFA which he believes will help push the Black Stars to achieve excellence. He said, “Our sponsorship of the Black Stars is a reinforcement of the faith we have in this nation and in everything that is important to us including our

national football assets. Today, Qatar 2022 is before us. We believe that our Black Stars deserve all the support they need to excel as they take on the rest of the world. As a network of choice and based on our track record with football sponsorships, we deem it a great responsibility to contribute our quota towards building and investing in a formidable team who will go all out to excel and

bring back the joy, excitement, and unity that football brings to our society.” Mr. Adadevoh also shared highlights of activities MTN will be undertaking during the World Cup to keep its customers close to events in Qatar. He mentioned that MTN customers will receive regular updates from the camp of the Black Stars through its Ayoba Messaging app. He also mentioned that customers who travel to Qatar will enjoy special roaming offers during the World Cup. The President of the Ghana Football Association, Mr. Kurt Okraku expressed his profound appreciation to MTN Ghana for the support the company has given to the Ghana football association since the resumption of the FA Cup. He assured MTN that the Black stars will be motivated by

the support provided. He commended MTN for being a key promoter of football in Ghana and for also seeking the welfare of the Ghanaian people. He also praised MTN for creating platforms that helps develop the God given talents of young people to enable them to enjoy decent livelihoods. MTN has a long-standing relationship with the GFA following the title sponsorship of the FA CUP tournament since 2000 to date. MTN has a track record for sponsoring international football competitions over the years such as the FIFA World Cup Competition in 2010 in South Africa, the African Cup of Nations (AFCON 2008) hosted in Ghana, the FA Cup and other community football activations undertaken in the regions to unearth young football talents.

News

MONDAY NOVEMBER 7, 2022

109 th Monetary Policy Committee meetings begin Nov 22 Continued from cover November 22, 2022 to Friday, November 25, 2022. The meetings are to review developments in the economy, a release by the bank said. The meetings will conclude with a press conference on Monday, November 28, 2022 to announce the decision of the committee. The meeting comes at a time when the reading of the 2023 budget hangs in a balance due to the ongoing government, International Monetary Fund (IMF). Experts and the international financial markets will be waiting to see updates of numbers regarding the country’s debt among other things.

Majority Leader

Central Region to become rice-producing Hub Continued from cover agricultural potential in rice production. In pursuit of that, she revealed that a strong collaboration was being forged with Korea International Corporation, an expert organisation in upscaling rice production. Mrs. Marigold Assan was speaking to the media on Thursday, November 3, 2022, in Cape Coast, Central Region during the Minister of Food and Agriculture (MoFA), Dr. Owusu Akoto Afriyie’s,, working tour in the region. The visit to the Central Region formed part of the minister’s second leg working tour in five regions across the country. Already, the tour has seen him visit Western, Western North and Central Regions. According to her, though her region was currently eighth on the log of rice-producing regions, Central Region was poised to move to the 7th position. She noted that talks were already ongoing in that regard. She gave the assurance that with the measures put in place one can only hope for the best from the region. She added that Central Region

will institute a local market termed, "Farmers' Market where foodstuffs produced in the region would be assembled and sold to customers.

Furthermore, Mrs. Marigold Assan indicated that there were ongoing efforts to ensure that Ghanaians eat fresh foods from the farms while guaranteeing the

benefits of their nutritional value. In his response, the Minister of Food and Agriculture, Dr. Owusu Akoto Afriye, pledged his support to ensure that the nation rakes in the benefits of the Planting for Food and Jobs (PFJ) in the region. He is expected to visit Volta and Oti Regions in the coming days.

News

MONDAY NOVEMBER 7, 2022

The entrepreneurial State must lead on climate change

By Mariana Mazzucato

n recent weeks, several members of the Glasgow Financial Alliance on Net Zero (GFANZ) – a group of 450 financial institutions – have quit over concerns about the cost of delivering on their climate commitments. In dropping out, they have given the lie to the notion that private financial institutions can lead the transition to a carbon-neutral economy. What the transition really needs is more ambitious states that will go beyond market-fixing to become market shapers. The market-led approach is rooted in the belief that private financial institutions allocate capital more effectively than anyone else. The implication is that states should refrain from “picking winners” or “distorting” market competition, and confine themselves to “de-risking” green investment opportunities to make them more appealing to mainstream private investors. But modern economic history tells a different story. In many places and on many occasions, it is public actors that have taken the lead in shaping and creating markets that then deliver benefits for both the private sector and society more broadly. Many major technological breakthroughs that we now take for granted happened only because public entities made investments that the private sector found too risky. The real story is thus quite different from the prevailing myth. We owe many economic successes not to public actors that got out of the way, but to an “entrepreneurial state” that took the lead. Moreover, the market-led

approach is at odds with the goal of delivering a just global green transition in which the costs and risks are shared fairly within and between countries. “De-risking” assumes a strategy that socializes costs and privatizes profits. Private finance still has a crucial role to play, of course. But only the public sector can mobilize and coordinate investment on the scale required to decarbonize the global economy. The question, then, is what this approach should include. First, states should embrace their roles as “investors of first resort,” rather than waiting to step in only as “lenders of last resort.” Around the world, public financial institutions deploy many billions of dollars each year, and, owing to their distinct design and governance structures, they can supply the kind of long-term, patient, and mission-oriented finance that the private sector is often unwilling to provide. The evidence shows that direct lending from well-governed public banks can play a powerful market-shaping role by informing perceptions of future investment opportunities. Second, we must rethink the relationship between the public and private sector, especially when it comes to sharing risks and rewards. When public entities take risks to achieve societal goals, the private sector should not appropriate the financial rewards. For example, if a government is funding major renewableenergy projects and other green investments, it could take an equity stake in them. Returns can also be socialized by assigning a proportion of intellectual-

property (IP) rights to the state, allowing profits to be reinvested in new green projects. Importantly, firms benefiting from public finance should be subject to conditions that align their business activities with green industrial-policy objectives, fair labor practices, and other priorities. Third, to direct private investment to green activities, and to curtail investment in harmful ones, states must strengthen and update the rules governing financial markets. Such a regime could include central banks introducing allocative green credit policies, and regulators strengthening rules and standards to prevent greenwashing and regulatory arbitrage. Fourth, policymakers should recognize that debt finance – whether provided by the public or the private sector – is not necessarily a substitute for direct fiscal spending. The logic of repayable financial instruments is not easily reconciled with the public-good features of some climate-related investments. Investments in climate justice and reforestation will yield far-reaching returns, but not necessarily of the kind that can be used to repay a loan. Navigating these issues and delivering investment at the necessary scale will require strategic coordination across all areas of social, environmental, fiscal, monetary, and industrial policymaking. Finally, more must be done to provide sufficient fiscal space for countries in the Global South to pursue their own domestic decarbonization and adaptation agendas. Many countries, including those that

are most exposed to accelerated climate breakdown, are facing significant debt overhangs. It is now imperative that Global North debtor countries – which are responsible for most of the emissions in the atmosphere – help to reduce these burdens through debt write-offs, debt restructuring, loss-and-damage compensation, or by replacing climate loans with climate grants. To limit catastrophic global warming, the funding for climate mitigation and adaptation must be scaled up dramatically. But the quality of the financing also matters. Rather than holding out hope that private financial institutions will translate their highly publicized trillion-dollar net-zero pledges into credible, accountable action, we should demand that states assume their proper role. That means mobilizing and directing finance toward clear and ambitious climate goals, and shaping financial markets to align with those goals. Closing the financing gap requires a radical redesign of the financial architecture and a substantive shift in financial flows. Neither will happen without policy interventions. To specify the changes that are needed, I will moderate an all-women panel at COP27 with Barbadian Prime Minister Mia Mottley, WTO Director-General Ngozi Okonjo-Iweala, Egyptian Minister of Planning and Economic Development Hala El Said, and Scottish First Minister Nicola Sturgeon. The challenges are urgent. If states fail to take the lead on climate finance, the green transition will remain out of reach.

MONDAY NOVEMBER 7, 2022

Akufo-Addo attends COP 27 Summit in Egypt, addresses UN Security Council in New York

he President of the Republic, Nana Addo Dankwa Akufo-Addo, left Ghana on Saturday, 5th November, 2022, to lead Ghana’s delegation to the World Leaders’ Summit of the United Nations (UN) Climate Change Conference (COP 27), being in Sharm elSheikn, in Egypt. The COP 27 Summit, which will be one of the largest gatherings of world leaders, will bring parties together to accelerate actions towards the goals of the Paris agreement of the UN framework Convention on Climate Change. The President 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 five (5) separate statements on efforts Ghana is

making to protect her forest and oceans, on sustainable energy and the energy transition, and participate in the Africa Adaption Acceleration Summit, being held

on the sidelines of the COP 27. President Akufo-Addo will, in New York, chair the High Level UN Security Council debate convened by Ghana, on 10th

November, 2022, as part of the programme of work for Ghana’s Presidency of the Council for the month of November. The President was accompanied by the Minister for Foreign Affairs, Hon. Shirley Ayorkor Botchey; 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 official of the Presidency and Foreign Ministry. The President will return to Ghana on Friday, 11th November 2022, 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.

Preserving our culture and heritage is a legacy for the future of unborn generations - Bawumia

he Vice President, Dr. Mahamudu Bawumia, has called for the preservation of Ghanaian culture and heritage as a legacy to unborn generations. Speaking in Anlo on Saturday at the 2022 Hogbetsotso Festival, which happened to be the 60th Anniversary of the festival, Dr. Bawumia umderscored the need for cultural sustainability, explaining that it is about "maintaining cultural beliefs, cultural practices, heritage conservation, culture as its own entity, and the question of whether or not any given culture will exist in the future." Stressing on the immense contributions of culture to economic development, especially through tourism, Dr. Bawumia commended the Chiefs and people of Anlo state, for preserving the Hogbetsotso, which he said continues to attract visitors to the area, for several years. "This festival has not been celebrated ever since the break out of the deadly Covid-19 pandemic, which brought many countries, businesses and organisations to their knees. Thanks to the good interventions and measures instituted by the His Royal Majesty, Torgbi Sri III and the good people of Anlo, this festival has once again seen the light of day," Dr. Bawumia said.

"The Anlo State, over the past 60 years, has strived and contributed in many ways towards the Development of our dear nation Ghana. So, as we celebrate the 60th Annual Hogbetsotso Festival today, we must look back even as we take stock of our achievements and challenges over the years and restrategise on how we can further accelerate the development of the Anlo State and Ghana at large," Dr. Bawumia said. "From their rich cultural heritage to cultural and creative industries, culture is both an enabler and driver of the economic, social, and environmental dimensions of sustainable development of our

people." "The people of Anlo have come this far with their unique culture and tradition and preserving such culture and heritage will be a legacy for the future and unborn generations". Dr. Bawumia also touted the tourism potential of the area, adding that issues affecting the area, such as poor road networks and the tidal wave, are being considered by the government to boost the tourism potential of the area. "A common knowledge is that Anlo Traditional Area, especially Anloga and Keta is one of the growing, well patronized and highly competitive tourist destinations in Ghana and

beyond. Aside the enormous tourism potentials of the districts, which draw hundreds of tourists here every week and several thousand every year, it is naturally, a peaceful area to sit and relax." The colourful festival, also attracted renowned traditional leaders of the country, including the Asantehene Otumfuo Osei Tutu II, the Ga Mantse Nii Tackie Teiko Tsuru II and the Omanhene of Kwahu Traditional Area Daasebre Akuamoah Agyapong II. The presence of the Asantehene in Anlo was even more historic, as his visit was the first time in over 120 years that any Asantehene has visited the Volta Region.

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MONDAY NOVEMBER 7, 2022

Driving the digitisation journey

hana’s digital space has been one of the bestperforming sectors that has grown on average by 19 percent per year between 2014 and 2020. With the Ghanaian government adopting digitisation as a key policy objective, a number of programmes designed to develop a more digitally accessible public sector and encourage transparency and efficiency have been introduced. In order to drive growth in all aspects of the country’s economy, ranging from the recently launched digital currency, to digital payment platforms, digitisation of records, and integration of government records, the digital journey has evolved. The private sector is not sleeping on its oars either. In the mid-year fiscal policy review of the 2021 budget statement and economic policy, it was clearly observed that the use of mobile money, door to door delivery via courier services and internet usage for business operations has increased significantly with about 77 percent of businesses increasing the use of the internet in marketing, New technologies have created new markets that have in turn created competition, with competitors driving new expectations. To succeed in today’s digital world, businesses must not only provide superior

experiences for their customers, but deliver on their promises in a faster, more nimble ways. Comsys, a Ghanaian owned ICT-Telecoms firm is not just doing that but is driving the country’s digital agenda with its superior positioning to drive backend business connectivity needs which will end up giving the business community the opportunity to whirl wind digital experiences. Business support Comsys’ self-owned infrastructure across technology platforms have been key in delivering reliable connectivities across the nation. As expectations increase due to buy-into technology, the firm is also strategically prepared to continue to drive business inventions as its contribution to natural growth through ICT. The ICT solutions provider, which takes prides in its self-

owned nationwide fibre infrastructure, microwave and VSAT networks, has been interconnecting and supporting businesses over the years, through the provision of network connectivity solutions and support services to businesses. Interconnecting their branches for fast and reliable access to their data. Having earned a reputation for reliability, Comsys delivers value using state of the art technology to ensure business needs are met. Comsys has built reliable networks across Ghana for over a decade and continues to lead the industry as the reliable network provider resulting in increased users annually. “We have always had interest in making sure that business that come to us succeed. Our services users are our partners, and we work together. We always want them to be ahead

in their industries. We shall continue to find ways for them to exceed their goals within the connectivities and storage we give them. Whether it be saving time on transactions with customers or ensuring their storage and backup needs are met… whatever it might be in ICT Telecoms,” Jonathan Lamptey, CEO of Comsys said. Currently, he said Comsys drives and delivers any capacity from and to any location in the country as well as deliver superior full suite data centre solutions. He said the company has positioned itself as an industry leader with its bespoke services. “This doesn’t come as a surprise, having remained unbeatable within the enterprise solutions ecosystem since 2013, and is the incumbent enterprise solutions provider for over 10y years leading to Comsys scooped into the enviable GITTA ICT Hall of Fame Award for the decade. “This to us was an affirmation of unwavering commitment to our customers and contribution to business growth and economic development in Ghana’s digital space.” Mr Lamptey said. On what the future holds for the enterprise solution giant, the CEO said “We are aware we need to remain relevant for our partners to continue to look up to. Therefore, we shall remain the dependable solution provider.” Continuous improvement into our infrastructure is the way forward.

ECA Applauds Tanzania for its Record-Breaking Census Taking

he Government of the United Republic of Tanzania has launched its 2022 population and housing census initial results together with the Census Results Utilization Guidelines. The event was held on 31 October at the Jamhuri Stadium, Dodoma Region in Tanzania, under the auspices of Her Excellency Samia Suluhu Hassan, President of the United Republic of Tanzania. Also in attendance was Hon. Hemed Suleiman Abdulla, (MBM), Second Vice President of Zanzibar, Hon. Kassim Majaliwa Majaliwa (MP), Prime Minister of the United Republic of Tanzania, His Excellency Hussein A. Mwinyi, President of Zanzibar and Chairman of the Revolutionary Council, Honourable Philip Mpango, Vice President of the United Republic of Tanzania.

In his remarks, the director of the African Centre for Statistics at the Economic Commission for Africa (ECA), Oliver Chinganya, applauded Tanzania’s work on statistics. He said, “Tanzania has shown the importance of data and statistics by ensuring that the census is fully funded and providing the motivation for the statistics office to produce more high-quality data required for development planning and monitoring national and local development plans.” Mr. Chinganya explained that Tanzania is among the leading African countries to transform statistical operations by undertaking the 2022 digital census. He also applauded the government for its efficient and high-quality census-taking process, which was conducted in record time, with the delivery

of census results considered the fastest in the history of African census-taking. President Hassan encouraged all government leaders to use the results of the population census in planning for the country's economic development and improving the welfare of the

Tanzanian people. The government of Tanzania completed its 6th Population and Housing Census from 23 August to 5 September 2022. For the first time, the census included the Housing Census and the Census of National Physical Addressing.

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MONDAY NOVEMBER 7, 2022

Women shortchanged by digital finance

frica must invest in science, technology, engineering, and mathematics (STEM) education for women and girls, disciplines which would boost their economic empowerment and access to digital finance. Keiso Matashane-Marite, Acting Chief of the Gender Equality and Women’s Empowerment Section, Gender, Poverty and Social Policy Division at the United Nations Economic Commission for Africa (UNECA) says women and girls are marginalized economically. Women and girls face deep barriers in financial inclusion because they do not have the requisite skills and knowledge that STEM careers avail. Ms. Matashane-Marite, speaking at a media briefing to present the results of the African Women’s Report on ‘Digital Finance Ecosystems – Pathways to Women’s Economic Empowerment in Africa’, lamented the many barriers that prevent financial access for women in Africa. The study was done to promote economic empowerment of women and girls. “Without economic empowerment of women, substantive empowerment of women is an issue,” Ms. Matashane-Marite,” noted, arguing that economic empowerment for women is the right step in ensuring women are empowered in the social and political spheres.

Tied to its mandate, the ECA was providing technical support to member countries in promoting women empowerment through policy implementation and the transformation of the financial system. The Gender, Poverty and Social Policy Division at ECA has developed a result area on digital transformation to ensure that gender informs digitalisation in every aspect. “We have set out a number of pillars where we are starting… the first one is on STEM because we want to see African member states institutionalizing STEM education for girls and to see a movement just beyond policy pronouncement to implement the policy undertakings that have been done on STEM. STEM is critical,” said Ms. NatashaneMarite. Furthermore, the ECA is working with the African Union Commission in a campaign on financial inclusion for women. Ms. Natashane-Marite

revealed that the ECA was undertaking research on digital transformation in ‘making a case for ensuring that STEM does take root’. Digitalization, particularly in the financial sector, has the potential to be a critical backbone for economic and social transformation in Africa where the digital economy is envisaged to reach $300 billion by 2025 as a result of a fivefold increase in digitalization and internet use. “Digitalization is critical to the realization of all components of women’s empowerment,” said Mr. Syed Ahmed, the Lead author of the three-year study conducted jointly with the Graca Machel Foundation, highlighting that digital finance has a critical role to play in women’s economic empowerment’. Digital finance refers to digital forms of credit, savings, insurance and financial transfers. Mr. Ahmed noted that digital and mobile connectivity, digital

finance readiness and ICT usage have enabled women’s access to digital finance. However, women have limited access to internet usage than men across Africa. Furthermore, women have other limitations such as affording digital tools, poor digital literacy, poor digital skills and restrictive social norms. The study recommended concrete policy responses to overcome these barriers such as lowering the risks of accessing credit by women, removing inherent, invisible and unwitting barriers to women’s access to financial products and services. Besides, financial laws at all levels of government should be amended to encourage mobile money uptake particularly for women, across Africa, thereby increasing savings ratios and enhancing their economic empowerment Mr. Ahmed urged. “Although mobile money services are more common in Africa than in other regions of the world, only 29 per cent of women in sub-Saharan Africa use mobile Internet, compared with 48 per cent of women globally,” said Mr. Ahmed, adding that “In Africa as a whole, approximately 12 percent of women have sufficient digital finance-related ICT skills, which is below the global average. Capacity development programmes are therefore clearly needed to enhance digital finance skills.”

Launch of the State of Instant and Inclusive Payment Systems (SIIPS) Report 2022

fricaNenda, the United Nations Economic Commission for Africa (UNECA), and the World Bank release the State of Instant and Inclusive Payment Systems in Africa report (SIIPS - Africa). The report builds on extensive consultations with industry leaders and experts in digital financial services as well as MSMEs and consumers across the continent. provides a detailed landscape of Instant Payment Systems (IPS) in Africa and highlights ways in which they can become more inclusive to leave no African behind in the digital era. Inclusive instant payment systems allow people to use any systems run by financial service providers to make payments immediately, at a low cost, to anyone and at any time. They are also a catalyst for financial inclusion as they accelerate low‑income consumers’ access to digital payment solutions and the

formal economy. The SIIPS - Africa report 2022 shows that IPS are growing rapidly, with 29 systems gone live on the continent in the past decade. Despite all the increasing interest in these IPS, only a few are showing signs of potential to reach a state of mature inclusivity due to regulatory challenges, lack of data transparency, and high costs for both payment system providers and end-users. Those challenges call for a collaborative effort between public and private stakeholders to ensure open access to shared payment infrastructure, healthy competition and access a range of services that meet consumers’ needs. The report also underlines that IPS need to take into account the lived reality of consumers more deliberately in order to address users’ needs and enable them to access various payment services through multiple channels, and

so trigger a more regular usage of digital payments. “Though IPS can play a pivotal role in creating universal access to financial services for all Africans, much remains to be done to understand how those systems can better reach and benefit underserved populations. AfricaNenda brings together leading experts and stakeholders from across the continent to drive and accelerate the development of cutting-edge payment systems. The report’s insights will contribute to unpacking the digital payment system landscape and help stakeholders design and implement IPS that better serve all Africans” says Robert Ochola, CEO AfricaNenda. "IPS is critical in the successful implementation of the African Free Continental Trade Area (AfCFTA) Agreement by providing instant and inclusive payment solutions for the majority of businesses

on the continent, including MSMEs. In making this a reality, ECA will continue to support African Member States leverage digital technologies for their socio-economic development. ECA reaffirms its commitment to partnering with AfricaNenda and other stakeholders to ensure financial inclusion across the continent" explains Mactar Seck, Chief of Technology and Innovation Section. Africa is one of the fastestgrowing regions globally, with strong economic growth and a rapidly expanding middle class. The continent is also set to benefit from an increased focus on infrastructure development by African governments and multilateral institutions. While this is expected to drive up incomes, there are concerns that more than 350 million Africans will be left behind due to lack of access to formal financial services.

MONDAY NOVEMBER 7, 2022

Feature

MONDAY NOVEMBER 7, 2022

Chinese projects protect sea turtles in Ghana

By Reuben Quainoo

hana's coastline on the Atlantic Ocean is home to at least three species of sea turtles. In this natural habitat, they live, breed, and prosper, but have also been constantly facing poaching, sea pollution, and some other threats. While many Ghanaians devote themselves to protecting the endangered species, more and more Chinese who engage in port projects in Ghana are joining in their effort. On Friday afternoon, Chinese workers of CRCC Harbor & Channel Engineering Bureau Group Limited undertaking the Jamestown port project in Ghana received a call from locals, crying for help to rescue two trapped sea turtles along the coast. The workers rushed to the

scene, located the two sea turtles in bad condition, and conveyed them carefully back to their base by the seaside. With the help of local workers, a temporary shelter for the turtles was quickly set up, and clean water and food were timely provided. "We consulted local animal protectors to make sure all procedures are done correctly, and the turtles recovered their strength quickly," said Hu Yuechuan, office director of the China-aided project. Later in the day, some Chinese workers carried the turtles to the beach and released them back into the Atlantic Ocean. They cheered when the two swam far and the heads poked out of the water. According to Hu, since last year, the Chinese staff have rescued four sea turtles stranded

onshore, from which they have gained more knowledge about the sea turtle and their prevention. "Such cases made us come to realize the importance of protecting the creature." In its response, the project established a task force engaging in the prevention, enhanced their regular patrol along the seaside, and encouraged local fishermen to share relevant information. "The sea turtle plays an integral part in the marine ecosystem, nobody should shy away from the responsibility of protecting them," Hu added. As China-Ghana cooperation flourishes in recent years, Chinese-aided or Chinese-built infrastructure projects sprung up across Ghana, many of which take eco-logical protection as a top priority. In east Ghana's Tema port, the Chinese-built and largest port in

the country, a sea turtle hatchery was built by Chinese workers as early as 2017 to safeguard the vulnerable species that are sensitive to noise and artificial lights. The Chinese project cooperated with the local wildlife society and residents nearby to meticulously care for the sea turtle eggs and create a favorable environment for them to breed, which was applauded by animal protectors. Justice Affukaah, a Ghanaian worker of the Jamestown port project, praised Chinese projects' efforts to conserve sea turtles. "They are shouldering their responsibility for protecting Ghana's eco-environment, which deserves a thumb-up," he said. Xinhua

News

MONDAY NOVEMBER 7, 2022

Should I stay or Should I go?

By Ian Buruma

t is not exactly clear how many Russians have left their country since the beginning of the war on Ukraine. Some say more than a million, some say less. But sheer numbers may be less important than the caliber of many leavers. They are among the most highly educated Russians: writers, computer scientists, journalists, filmmakers, musicians, academics, actors, and so on. Some leave because they have no choice. Journalists who were critical of the war, such as Yevgenia Albats, editor of The New Times, had to flee to avoid being arrested for spreading “fake news” or being “foreign agents.” Others leave because they find life inside Putin’s Russia insupportable. Olga Smirnova, prima ballerina of the Bolshoi Ballet, moved to Amsterdam. She said that she “never would have thought” that she’d be “ashamed of Russia,” but that the war made it impossible for her to stay. Hundreds of thousands of young men fled ahead of President Vladimir Putin’s recent “partial mobilization,” rather than risk being sent to fight in a war they never wanted. A friend of mine in Moscow told me that people who had a chance to leave and did now outnumber those who chose to stay. But some prominent figures who oppose Putin’s war are still

there for all kinds of reasons: they don’t want to leave their families behind; they cannot see a way to continue working anywhere else; they want to bear witness to what is happening in their country. The independent journalist Dmitry Muratov vowed: “We will work here until the cold gun barrel touches our hot foreheads.” Such choices are never easy. People in other times and other countries, such as Nazi Germany or Communist China, have faced a similar dilemma. If you leave, you risk becoming irrelevant in your own country, and an unwelcome guest abroad. If you stay, you could land in prison, or worse. Leavers are often criticized as cowards, or traitors, while dissidents who stay are squeezed between foreign powers and their own government. Russians who love their country but hate the war are in the same position as patriotic Germans who loathed the Nazis. They have very few friends. The choice between staying and leaving invariably provokes a great deal of self-righteousness on all sides. Those who are safely outside the country, shielded from the brutality of war and dictatorship, often insist that those who stay must demonstrate their opposition to the government. At a conference in Riga, the former chess world champion and political activist Garry Kasparov declared that Russians who want to be “on the right side of history should pack

their bags and leave the country.” Those who don’t, he said, “are part of the war machine.” The film director Kirill Serebrennikov was harassed by the Russian government for years, but he still refused to leave until the war proved to be the final straw. He put the problem of being a Russian who opposes Putin well: “This war is being waged by a president and politicians I didn’t vote for, but in the eyes of many, I am their unwitting accomplice.” Thomas Mann, the most famous German writer of his time, fled Nazi Germany as soon as Hitler came to power in 1933. With a Jewish wife and views that would have led to his arrest, he had no choice. His fierce attacks on Hitler’s regime were broadcast during the war on the BBC. After the war, Mann claimed that all Germans were tainted by Nazi crimes. He believed that writers who kept their heads down were tainted, too. This triggered a sharp response from writers such as Frank Thiess, who was not a Nazi but had chosen to remain in Germany. It was he who coined the phrase “inner emigration” for intellectuals who kept to themselves to stay out of trouble. People like Mann, Thiess asserted, had been cowards, who had turned their backs on their suffering compatriots. Thiess went further and claimed that those who stayed had shown more courage. He spoke for the many Germans who

stayed and never quite forgave those, like Mann or the film star Marlene Dietrich, who left. The bitter rift between people who should be on the same side but made different existential choices is one of the triumphs of oppressive regimes. It weakens the possibility of opposition even further. Whenever the Chinese government releases a few wellknown dissidents and allows them to move to the West, people are quick to hail such gestures as victories for human rights. In fact, this kind of banishment is an efficient way to get rid of critics who will soon be forgotten at home or dismissed as out-oftouch and irrelevant. The price of freedom abroad is often to lead lonely lives as bitter critics of people they left behind. The exodus of Russia’s best and brightest might turn out to be a boon for scientific, artistic, and academic institutions in the West. And it will certainly harm Russia’s long-term economic prospects. But Putin probably won’t mind, as long as he can stay in power. Russians who stay will suffer the long-term consequences of Putin’s militarism, possibly even more than the Ukrainians who are bearing the brunt of the war now. In the words of Ilya Kolmanovsky, a famous biology and science journalist, who finally left Russia because of the war, “with time, people will come to understand that Putin’s invasion was also an attack on Russia.”

Feature

MONDAY NOVEMBER 7, 2022

CCDA10: The curtains close in Windhoek on a note of hope

he activities of the Tenth Annual Conference on Climate Change and Development in Africa (CCDA10), ended on October 28, 2022, in Windhoek, the Namibian capital. A meeting that resulted in a series of resolutions. Aware of the growing seriousness of the impacts of climate change on our economies and since Africa, which represents 17% of the world's population, totals less than 4% of global emissions, African countries noted at the end of the meeting, the need to ensure a truly just transition for the continent. According to the participants, Africa must be at the forefront of defining, leading, and owning a just transitions agenda centred on people and aligned with the common fundamental principle of differentiated responsibilities.

The urgency of building resilient economies to close development gaps on the continent, creation of decent job opportunities, industrialization and empowerment of women, youth, and indigenous groups, must imperatively be considered. For ClimDev-Africa partners, developed countries must do more and faster to reduce their emissions. Furthermore, the use of natural gas as a transition fuel constitutes a convincing and credible argument in favour of the energy transition in Africa, in accordance with the Kigali communiqué on a fair and equitable energy transition in Africa and the common position of the African Union on energy transition. Africa must also deepen its regional integration and leverage the AfCFTA to utilize its abundant

clean energy resources to drive the global energy transition agenda. On financing for climate action and just transition, participants agreed that African countries and development partners should work together to, among other things, find innovative ways to leverage limited public resources, to mobilize the huge investments required for private sector climate action. Specifically, developed countries should urgently provide the oft promised $100 billion to restore confidence in our common climate change agenda. Africa's private sector and captains of industry should also come together to lead investment in climate action in Africa, including through initiatives such as ECA's "Team-Energy Africa" in partnership with the African

Energy Chamber and Sustainable Energy for All (SEforALL). In this regard, African governments urgently need to strengthen an enabling environment to attract foreign investment. In view of the rich natural resources that Africa has rich natural resources for carbon sequestration, our continent must be supported in the use of the resulting carbon credits, in order to mobilize resources from the voluntary carbon market to finance just transitions. African countries have finally been urged to adjust their legal and regulatory frameworks to ensure that Article 6 of the Paris Agreement works in their favour. These resolutions will be discussed at COP 27 scheduled in Sharm el-Sheikh, Egypt, this November 2022.

MONDAY NOVEMBER 7, 2022

Market

MONDAY NOVEMBER 7, 2022

Markets

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WEEKLY MARKET REVIEW FOR WEEK ENDING October 28, 2022

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MONDAY NOVEMBER 7, 2022

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WEEKLY MARKET REVIEW FOR WEEK ENDING October 28, 2022

BUSINESS24.COM.GH MONDAY NOVEMBER 7, 2022

NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

MONDAY NOVEMBER 7, 2022

How Elon Musk sacked almost all Twitter staff in Africa office in Ghana

ne year after it opened an office in Ghana, its first in Africa, Twitter has laid off almost the entire workforce in the West African country in a massive global layoff which has hit workers at the microblogging site since Elon Musk bought the company a week ago. The layoff also comes three days after Twitter workers in Ghana officially resumed office in Ghana. Many were sacked as part of a purge Musk embarked upon since he took over the company. Elon Musk plans to cut 3,700 jobs at Twitter It is unclear how many workers were affected at the Africa Office, but reports say the social media firm plans to cut about 3,700 jobs. On Friday, November 4, 2022, many workers in its US office needed help logging in to the firm’s systems after the layoffs were announced. Most workers at the African office in Ghana worked from their homes and respective countries despite announcing the

company’s official presence on the continent. The workers formally resumed for the first time at the Ghana office since Twitter announced its presence in Africa. Workers resumed physically first time then fired A senior Partner Manager at Twitter Ghana and Nigeria announced this on the site and said the staff are resuming officially in the Ghana office for first time since the Twitter HQ’s office in Accra and ‘Tweeps in the

region left their home desks and convened to work as OneTeam The affected staff took to Twitter to express mixed reactions . One said: “Yep, the team is gone. The team that was researching and pushing for algorithmic transparency and algorithmic choice. The team that was studying algorithmic amplification. The team that was inventing and building ethical AI tooling and methodologies. All that is gone.” And a third wrote: It’s official.

It’s been an honour. Twitter Studio Managing Director Out. So much love to the team that rode the wave with me. Put up with my slack sappy love notes. Navigated big challenges + created awardwinning work. Onward we go. Tweep fam 4 life.” Workers begin mass action lawsuit According to the Guardian, Twitter is facing a class action lawsuit from ex-employees who say they were not given enough notice under US federal law. The workers complained that they were locked out of their work accounts on Thursday. In a company-wide memo, staff were told on Thursday, November 3, 2022, that they would receive an email to their email accounts if they were being laid off. Dozens of staff began posting on Twitter that they had been sacked before the email arrived after finding out they could not access their work email accounts or log into their laptops.

Emirates boarding pass unlocks hundreds of offers Dubai offers a variety of world- here: https://www.emirates.com/ in Dubai this winter gh/english/skywards/. class experiences.

mirates has today announced the return of its popular My Emirates Pass. Starting from 1st November 2022 to 31st March 2023, My Emirates Winter Pass enables customers to get more from their trip with exclusive offers at over 500 locations in the UAE. Emirates customers flying to or through Dubai can simply show their boarding pass and a valid form of identification to hundreds of retail, leisure and dining outlets, as well as famous attractions and luxury spas, to enjoy fantastic discounts throughout Dubai and the UAE. To see all My Emirates Pass offers, please visit https:// www.emirates.com/gh/english/ experience/my-emirates-pass/. In addition, Emirates Published by Business24 Ltd. Nii Asoyii Street, Mempeasem East Legon-Accra, Ghana.

passengers can also enjoy a complimentary ticket* to Tour Dubai’s one hour Creek Sightseeing Cruise, which gives unrivalled panoramic views of Dubai’s historic district from a traditional dhow boat. Explore more of Dubai with Emirates

Whether it’s catching up on major sports events such as the Emirates Airline Dubai Rugby Sevens and DP World Tour golf events, or immersing yourself in the festive celebrations this December, there is something for every traveller when visiting Dubai this winter season. From sun-soaked beaches and heritage activities to world class hospitality and leisure facilities, Tel: 030 296 5297 | 030 296 5315 Editor: Benson Afful editor@business24.com.gh +233 545 516 133

• Emirates Holidays: Customers can book their holiday to Dubai through Emirates Holidays. All Emirates Holidays include flexible booking options. Whilst for even more peace of mind, Emirates Holidays’ dedicated 24/7 On Holiday Service team will be there to support holidaymakers for every moment that they’re away. • Skywards partners: Members of Emirates’ awardwinning loyalty programme, Skywards, can earn Miles on everyday spends at retail outlets in the UAE, and redeem these Miles for reward tickets, upgrades, as well as tickets for concerts and sports events. Learn more about Emirates Skywards business24.com.gh

• Dubai Experience: Customers can now browse, create and book their own customised itineraries including flights, hotel stay, visits to key attractions, and other dining and leisure experiences in Dubai and the UAE, through Emirates’ Dubai Experience platform, and enjoy even more unique benefits. Emirates has safely restarted operations to more than 130 destinations, across six continents and currently operates 7 flights per week from the Accra to Dubai. For more information, visit emirates.com. Tickets can be purchased on emirates.com, Emirates Sales Office, via travel agents or through online travel agents.