Business24 Newspaper 27th September, 2021 by Business24 Online

MONDAY SEPTEMBER 27, 2021

BUSINESS24.COM.GH

Monday September 27, 2021

NO. B24 / 253 | News for Business Leaders

Fidelity Securities outperforms funds’ benchmarks for 2020

African leaders call for additional IMF SDRs for pandemic recovery

See page 5

See page 7

Bad loans up, credit growth down By Business24 Reporters

he proportion of bank loans classified as nonperforming rose to 17.3 percent in August from 15.5 percent a year ago, according to the latest banking sector performance statistics released by the Bank of Ghana (BoG). The increase in bad loans has coincided with slackening credit growth despite a marginal fall in the average interest rate on bank loans since a year ago. Whereas bank credit to both the public and private sectors

A chat with the President of Accra Business School Distinguished UK Professor Cedric Desmond Bell (CDB) tells Business24 why he chose to lead a Ghanaian university as its president.

See page 10

Cont’d on page 2

BOST to take delivery of 12-yrold pipelines from US by Dec. By Eugene Davis ugendavis@gmail.com

he Bulk Oil Storage and Transportation Company Limited (BOST) will take delivery of some pipelines from the United States of America by early December, MD Alfred Edwin Provencal has announced. The equipment will cost a total

BOST MD Alfred Edwin Provencal

Cont’d on page 3

Cont’d on page 2 Cont’d on page 2

Editorial / News

MONDAY SEPTEMBER 27, 2021

Editorial

Banks impressively pushing gov’ts industrial agenda

uch of the success of the government’s industrialization agenda is hinged on the readiness and commitment of its banks and other lending institutions to provide fiscal support to businesses that are championing this ambitious journey. Private sector businesses long for cheap and readily available financing to drive the growth of their investments, and this even truer for industrialists and enterprises that desire to undertake long-term capitalintensive products. According to Statista, the value of domestic credit granted to the private sector in Ghana amounted to approximately 11 percent of the country's Gross Domestic Product

(GDP) in 2020, underlining the relevance of the sector to national socio-economic activities. If the private sector is the engine of the economy like they say, then the financial sector is the oil that lubricates and stimulates the productivity of enterprises to engender the needed economic growth and that’s what makes the Stanbic Bank/Keda (Ghana) Ceramics Company Limited so applaudable. Through the bank’s AfricaChina Banking Proposition (ACAP) designed to assist clients who engage in international trade with China, it has injected some €10.71m towards local ceramics production. The ACAP brings together the Industrial and Commercial

Bank of China’s (ICBC)’s financial and global reach and Standard Bank’s deep expertise in Africa to facilitate trade transactions. This intervention adds to other business-enabling innovations that have gone to support businesses, create sustainable employment and income, and promoted community development through improved access to crucial services such as health care, housing and education. We urge the banks and financial services providers to continue to serve the business community as we seek to build a nation that offers socio-economic opportunities for businesses and individuals looking into the future.

Bad loans up, credit growth down Continued from cover

Your subscription -- along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana well-informed. We value your support and loyalty. Contact Email: hello@thebusiness24online.net Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

grew by 15.6 percent year-onyear in August 2020, the growth rate decelerated to 8.7 percent in August this year, the central bank data showed. The data, which was released on Friday ahead of today's monetary policy committee press briefing, also reported an average interest rate on bank loans of 20.5 percent in August compared with 21.4 percent twelve months before. It appears, as non-performing loans worsen and potential credit losses mount, that banks have become more risk-averse, which explains the weak growth in their lending despite robust deposit mobilisation from customers. The situation does not seem to have had a significant impact on economic activity, however, as the Composite Index of Economic Activity (CIEA), by which the BoG monitors the strength of the economy, increased in real terms by as much as 20 percent year-on-year in July compared to an increase of 3.9 percent in the same period last year. This implies the monetary policy committee is not likely to worry so much about economic growth as it resets its policy rate today. On the contrary, the recent weakness of the cedi and the rise in inflation—from 7.5 percent in May to 9.7 percent in August—

will weigh considerably on the committee's mind, leading most analysts to forecast that it will vote to keep the policy rate at 13.5 percent for the next two months. “We expect the BoG to refrain from cutting rates and to stay on hold at 13.5 percent, in line with the unanimous consensus,” said the macroeconomics research unit of Goldman Sachs, the global investment bank, in a note to clients last week. “The cedi weakened post the interest-rate cut in May

Dr Ernest Addison, Governor of the central bank

and inflation has picked up significantly, which now restricts the Bank of Ghana’s space to ease policy, in our view,” the bank’s analysts added. They further forecast the BoG to stay on hold at 13.5 percent until the end of 2022, arguing that “the global and domestic developments, especially on inflation, exchange rate, and the financial accommodation front since the last meeting, make for a generally hawkish backdrop in the context of monetary policy.”

News

MONDAY SEPTEMBER 27, 2021

BOST to take delivery of 12-yrold pipelines from US by Dec. Continued from cover of US$63m and has been stuck in the US for over 12 years. An additional US$8m has already been used to repair some of the yet-to-be-shipped pipelines, which had been damaged due to exposure to weather conditions over the period. Speaking at the Minister’s press briefing in Accra, Mr. Provencal said: “We have finished with [the] pipelines in the US, and as l speak to you, these pipelines are being loaded onto ships, and by November or early December, they will be transported to Ghana.” Processes for the procurement of the pipelines from American Tank & Vessel Inc. (AT&V) began in 2009 after the US Exim Bank guaranteed a loan of US$79.4m to cover the export sale and related local project costs in Ghana. The project was expected to support the expansion of oil storage capability at the Mami Water Depot, from 120,000 metric tons to 230,000 metric

The equipment will cost a total of US$63m and has been stuck in the US for over 12 years.

tons, and the construction of two 70-kilometre pipelines to transport petroleum into the interior areas of Ghana. Due to some managerial issues, however, the pipelines after 12 years are yet to arrive in Ghana. The additional pipelines which

will finally arrive in the country in December will increase the TemaAkosombo pipeline capacity from the current 6 inches to 12 inches, thereby improving the delivery of petroleum products within the country. Meanwhile, according to the

2020 Auditor-General’s report, BOST lost a contract sum of US$5.1m to American Tank and Vessel Inc. (AT&V) due to lack of proper financial planning to ensure that funds were made available for the completion of the project.

Emirates Pavilion ready to welcome visitors at Expo 2020 Dubai

xpo 2020 Dubai’s mustsee aviation attraction is gearing up to open its doors to the public on 1 October. Located in the Opportunity District, and within walking distance of the Al Wasl Dome, the Emirates Pavilion offers a preview for the future of commercial aviation, reframing the role that science and technology will play in the next 50 years of air travel, as it welcomes visitors to experience two floors of interactive multisensory installations. From today, visitors to Expo 2020 Dubai can plan their visit to the Emirates Pavilion and book their preferred date and time slots in advance. Construction on the Emirates Pavilion began in March 2019 and was completed in June 2021. During its design and construction phases, the Emirates Pavilion followed a number of sustainability principles, using non-hazardous, regional, reusable and recyclable materials in its overall structure, and incorporated different design solutions to reduce energy and water consumption.

The Emirates Pavilion’s towering four storey design and façade are modelled around an aircraft’s wings taking flight, with 24 aluminium cladded fins that curve around two sides of the

building structure. The Emirates Pavilion’s exterior lighting includes an 800 metre LED system, which illuminates in vibrant colours at night.

The interior’s bright, ultramodern design lets in ample natural light and serves as a backdrop for the immersive experiences, and can welcome 120 people an hour.

MONDAY SEPTEMBER 27, 2021

News

MONDAY SEPTEMBER 27, 2021

Fidelity Securities outperforms funds’ benchmarks for 2020

idelity Securities Limited (FSL), the asset management subsidiary of the bank, exceeded its performance benchmarks for the 2020 financial year for its flagship funds, Fidelity Balanced Trust and Fidelity Fixed Income Trust. This was announced at the maiden virtual Annual General Meeting (AGM) of unit holders of Fidelity Balanced Trust and Fidelity Fixed Income Trust. The Fidelity Fixed Income Trust and Fidelity Balanced Trust, the flagship collective investment schemes of FSL, were introduced to the market in October 2019. The Fidelity Fixed Income Trust closed the year 2020 with a return of 18.74percent against its benchmark of 17.15percent. The return since the inception of Fidelity Fixed Income Trust in October 2019 is 19.29percent, outperforming its benchmark of 17.29percent for the same period. Fidelity Fixed Income Trust is a unit trust that has its underlying assets in predominantly highquality fixed income securities like government bills, notes and bonds. The Fidelity Balanced Trust

on the other hand is a unit trust with its underlying assets in both equities and fixed income. The Trust returned 11.68percent on a net asset value basis in 2020, outperforming its benchmark of 0.27percent. Since its inception in October 2019, the Fidelity Balanced Trust’s annualised rate of return is 15.70percent against its benchmark of -4.79percent. Sam Aidoo, Chairman for the AGM of Fidelity Balanced

Trust and Fidelity Fixed Income Trust, and a board member of FSL stated, “The performance of our maiden flagship products, the Fidelity Fixed Income Trust and the Fidelity Balanced Trust attest to our determination to provide value for money on all of our investment products. We are deeply grateful to all our clients for having confidence in us to manage their hard-earned funds. We remain your credible partner

in your journey to financial independence.” Akwasi Adu-Boahene, Head of Fidelity Securities Limited, remarked that “The strong results posted by Fidelity Balanced Trust and Fidelity Fixed Income Trust are attributable to our ardent approach to asset selection and our commitment to skillfully identifying opportunities in the market to build value for Unit Holders.” FSL’s collective investment schemes are suitable for individual investors, corporate organizations, groups, associations and pension funds. Clients can conveniently top up their investments using the Fidelity Mobile App, cheques and cash deposits at all our branches nationwide, intra bank transfers, and USSD shortcodes. FSL is committed to safeguarding client funds as the team continues to be prudent in security selection to outperform benchmarks on a risk-adjusted basis. Additionally, as FSL looks towards the future, it will continue to deliver innovative products and services that are tailored to the needs of its clients.

GOIL opens two stations in Accra and Keta

t is part of a strategy to make readily available, the company’s quality products to customers countrywide. The first service station is in Accra near the Circle over pass and the popular Obra spot. The new station has two pump islands with two nozzles each, and will dispense Super XP Ron 95 and Diesel XP. It is also equipped with a modern lubricant centre to service all types of vehicles. The station is strategically positioned to serve vehicles in and around the busy travelling enclave of the city. It is also expected to serve a wide customer base especially passenger and trotro vehicles who desire to enjoy the benefits of quality fuels and lubricants from GOIL at their convenience. The Group CEO and Managing Director of GOIL Company Limited, Mr. Kwame Osei Prempeh, touted the efficacy of GOIL’s XP Ron 95 and Diesel XP and entreated drivers especially public transport owners and

trotro operators to spread the good news about the company’s quality fuels and lubricants. He promised GOIL will continue to make available quality products for all customers countrywide. The Head of Fuels Marketing, Augustine Boateng said the opening of the new station is part of efforts to make products available to customers without struggle.

In attendance at the ceremony were Helen Kyerematen, Zonal Manager South; Offei Anor, Former Chief Director Ministry of Roads and Highways; Superintendent Imam Hussein from the Ghana Police Service, Rebecca Aidoo - CEO Ronayia Company Limited. Others are Nana Berndt CEO, Kitchen World; Owusu Prempeh, GNPC; Mr. Richard Aryee, Vice

chairman, Circle-Kasoa station and Kofi Annan, Circle- Kasoa Station Manager. In another development, GOIL has opened another station in Keta, in the Volta Region. The sod for the commission of the station was cut by Togbe Sri III, Paramount chief of Anlo, the Chief Executive for Keta and other chiefs of the area.

MONDAY SEPTEMBER 27, 2021

News

MONDAY SEPTEMBER 27, 2021

Canada Ghana Chamber holds networking session for members By Ibrahim Mashud ugendavis@gmail.com

he Canada Ghana Chamber of Commerce has organized an in-house presentation session for members to market their products and services as way of building partnerships and new business leads. The in-house presentation which featured some business entities that were registered with the chamber took place at the Silver Star Tower in Accra. The President of the Canada Ghana Chamber of Commerce, Mr. Alexander Nortey, in a welcome address, indicated that the event aligns with the chamber’s mandate to promote businesses and trade opportunities for members. He added that: “The chamber seeks to provide business relationships and networking opportunities and services that promote trade between Canada

and Ghana.” Some members that featured in the presentation included CYBERTEQ Falcom Limited, RHEYMA Systems and Associates Limited, and REIPCO Limited. The companies, in their various presentations, admitted that their services have reached greater heights through their membership with chamber. They acknowledged that their relationships with the chamber have been profitable and encouraged other Ghanaian businesses to register with the chamber to growth their brand and productivity. The Executive Secretary of the chamber, Mrs. Edwina Atta-Sonno said the objective of the in-house presentation was to provide an opportunity for their members to meet and network. She encouraged participants to capitalize on the occasion to network and get to know each other and establish good

relationships. The Canada Ghana Chamber of Commerce is an organization whose prime mission is to promote the interest of its members by providing advocacy

business information and networking opportunities. They also provide services that encourage bilateral trade between Canada and Ghana.

African leaders call for additional IMF SDRs for pandemic recovery

frican leaders descended on New York this week, calling on UN member states to mobilise billions of dollars through the IMF issuance of additional Special Drawing Rights (SDRs) – Fund reserve assets made up of a basket of currencies. Countries across the continent hit by a combination of Covid-19 and low commodity prices are facing an unprecedented liquidity crisis as governments scramble to shore up crumbling economies. The president of DR Congo, Félix Tshisekedi, said that an uneven recovery risk deepening the gap between Africa and the rest of the world. Speaking in his capacity as chair of the African Union (AU) he said: “The African Union supports all initiatives to finance the African economies affected by Covid 19, particularly… a fresh allocation of 650bn special drawing rights by the international monetary fund to meet the financing needs of countries facing difficulties due to the pandemic.” Addressing the assembly in

person, he called for UN member states to carry out the objective reached at the Paris Summit in May, of persuading rich countries to reallocate 100bn in IMF SDRs to African states. “The 33bn special drawing rights allocated to Africa are insufficient given the immensity of Africa’s needs for its economic recovery,” he said. “This is why the UN and its member states must support the

objective of the Paris Summit of reaching 100bn SDR for Africa.” Part of this allocation could contribute to increasing the capital of the African Development Bank (AfDB) and World Bank, he added. Rwanda’s president Paul Kagame joined the call for additional SDRs to give African economies, paralysed by a solvency crisis, room for maneuver.

“A further reallocation of new SDRs to countries that need them most will help create the fiscal space for a faster and more equitable recovery from the pandemic,” he said addressing the assembly virtually. Also speaking live from the UN complex in Manhattan, Zambia’s newly democratically-elected President Hakainde Hichilema said vaccines would also play a crucial role in rebuilding after the pandemic. “Recovery from the pandemic hinges on mass vaccinations, before considering reforms and other facilities that tend to fail when countries lockdown their economies. During his US trip, Hichilema is due to meet IMF and World Bank officials in Washington, his spokesman revealed on Thursday. The debt-laden southern African economy requires an IMF deal and restructuring of its debt with China to stay afloat. He will also become the first African president to visit the White House under the administration of Joe Biden.

News

MONDAY SEPTEMBER 27, 2021

Interest in sustainable investing is at an all-time high – Stanchart research

tandard Chartered’s latest survey into the sustainable investing trends among emerging affluent, affluent and high net worth investors revealed that sustainable investing is at a tipping point, with awareness and interest at an all-time high. However, investor apprehensions – lack of measurement and transparency topping the list – are preventing sustainable investing from becoming more mainstream. The Sustainable Investing Review 2021, the Bank’s fourth study since 2018, revealed an upward trend in sustainable investing among more than 2,000 investors, surveyed in Mainland China, Hong Kong, Taiwan, Singapore, India, the UAE and UK. The allocation of sustainable investments in investor portfolios is on the rise: 13 per cent of investors already have more than 25 per cent of total investments channelled into sustainable solutions, compared to just 2 per cent of investors in 2020. The research identified trends across a four-stage adoption cycle: Awareness – 82 per cent know what sustainable investing is Interest – 81 per cent show interest in sustainable investing Intention – 40 per cent of those who have not yet invested in

sustainable solutions plan to in the future Adoption – 61 per cent have placed funds in a sustainable investment solution These insights, gathered amidst the ongoing pandemic and increasingly visible impacts of climate change, show that the majority of investors (72 per cent) have a growing sense of responsibility and are looking to do good with their wealth. Crossing the tipping point While there are positive trends in sustainable investing, investors shared a number of apprehensions that are holding them back from taking action i.e. crossing over from the stages of awareness, interest and intention

to actual adoption, with lack of transparency and impact measurement emerging as the top concern: Transparency of impact measurement: 69 per cent need more numerical evidence of the impact being achieved from sustainable investments The shock of the new: 51 per cent feel sustainable investing is simply too new The direct donation alternative: 43 per cent believe donations can achieve a more immediate social outcome The majority (74 per cent) of investors also indicated that they could become more comfortable with sustainable investing if advised by a financial expert on their investment decisions.

Marc Van de Walle, Global Head of Wealth Management, Standard Chartered, said: “With investor interest at an all-time high, we can expect more investment capital to move into sustainable investing solutions, presenting a huge opportunity to address pressing global challenges. To ensure we cross the tipping point, it is vital for the industry to collaborate and develop robust governance frameworks and address the concerns with transparency and measurement. At Standard Chartered, we continue to work with key stakeholders and incorporate the latest regulatory requirements as we sharpen our sustainable investing standards and framework for greater transparency.” He added: “The findings also highlighted the crucial role of professional advice: by providing personalised advice according to our clients’ sustainability goals, and access to the most relevant sustainable investment solutions, we can enable our clients to make a positive impact, along with financial returns.” Standard Chartered is working through the financial system to address the issues with globalisation and enable a more inclusive and sustainable world economy.

Eni’s first energy compact recognised by UN

ni has launched its first ever energy compact - a public commitment recognized by the United Nations - to accelerate progress towards the Sustainable Development Goal n. 7 - affordable and clean energy - and the Paris Agreement's objectives. Under its Energy Compact, Eni pledges to play a leadership role on climate targets at a global level, in line with the company’s strategic commitment to become an integrated zero carbon energy company by 2050. In particular, by 2030 the company has pledged to increase installed renewable capacity to more than 15GW, decrease Net GHG Lifecycle Emissions (Scope 1, 2, 3) by 25%, decrease Net Carbon Intensity (Scope 1, 2, 3) by 15% and reach Net Zero carbon footprint (Scope 1, 2) from the Upstream hydrocarbons production portfolio. “Through the energy compact,

Eni concretely shows the actions it aims to pursue in this decade to tackle the most urgent challenge for the energy sector: ensuring access to energy to all, while also accelerating energy transition to fight climate change. SDG 7 is pivotal to all the Sustainable Development Goals, as well as the Paris Agreement’ objectives, and the energy compact is a concrete tool to foster collective action toward this common goal" , said Claudio Descalzi, Eni’s Chief Executive Officer. Energy compacts consist in voluntary commitments, namely specific actions taken by companies, governments, and other stakeholders to achieve energy transition goals by 2030 – including universal access to affordable and clean energy. The Energy Compacts mobilized by Sustainable Energy for All (SEforALL) together with UN-Energy members will be

presented on Friday 24 September at the UN High-level Dialogue on Energy - the first inclusive global gathering on energy under the auspices of the General Assembly since 1981 - and during the PreSummit Energy Action Days on 22-23 September. The compacts will continue to be mobilized and updated throughout the current Decade of Action; progress on the Compact will be monitored on an annual basis, with results being published on an online platform, to ensure consistency on actions and a solid track record. In view of the High Level

Dialogue on Energy Eni has participated to Working Group 3: Enabling SDGs through Inclusive, Just Energy Transitions - that brought together key stakeholders to mobilize actions as a major milestone on the road to the Highlevel Dialogue on Energy. The working group’s Thematic Report will form the backbone of a global roadmap for achieving SDG 7 by 2030. Eni has committed to becoming an integrated zero carbon energy company by 2050, reaching carbon neutrality for both its products and operations.

News

MONDAY SEPTEMBER 27, 2021

Ghana gears up for Africa’s largest youth summit

he Government of Ghana is earnestly preparing to host African youth, youth leaders and top-ranking African government officials, including African ministers of youth, leading innovators, entrepreneurs, and senior UN officials from across the world for the 2021 edition of YouthConnekt Africa (YCA) Summit from 20th - 22nd October in Ghana’s capital city, Accra. The YouthConnekt Africa Summit will be on the theme: “Africa Beyond Aid: Positioning the Youth for the PostCovid Economy and AfCFTA Opportunities.” It will be a hybrid event hosted by Ghana’s Ministry of Youth and Sports and the National Youth Authority, in partnership with the United Nations Development Programme (UNDP). The summit will connect youth to thought-leaders, peers, resources, technologies, skills and economic development opportunities. The official programme includes customthemed panel discussions that

will focus on various topics including: • Positioning African Youth to take advantage of the African Continental Free Trade Area (AfCFTA) agreement • Easier & Affordable Tourism & Travel in the AfCFTA era • AfCFTA taking Africa beyond Aid: Youth for Intra-Africa Trade • C O N N E K T E D G I R L S : Africa Gets More If She Trades More There will also be the YCA Awards, creative side events, information on strategic youth initiatives among other contents. Since its inception in 2012, the YouthConnekt Summit has been serving as a high-level platform for youth leaders and development stakeholders to synergize around policies, programmes, and partnerships. The YouthConnekt Africa Hub has grown to a network of 23 African countries with long term sponsors and partners including the Korea International

Cooperation Agency (KOICA) and the Government of Rwanda. With senior level participation from various UN agencies, African ministers of youth, the private sector and youthled organisations, the Summit delivers extensive brand sponsorship opportunities for organisations seeking to engage with African youth and youth development segments at scale. There were over 10,000 participants from 91 countries in the 2019 Summit, which

attracted partners including Mastercard Foundation, African Development Bank, UN agencies, Rwanda Air; and speakers including the President of Rwanda – H.E Paul Kagame, UN Assistant Secretary-General and Director of UNDP Africa - Ahunna Eziakonwa, Alibaba Founder-Jack Ma, American Singer and Entrepreneur-Akon, and Ivorian Veteran FootballerDidier Drogba. This year’s event in Ghana promises to be bigger.

Former Hohoe MP picks 2021 Humanitarian Award

he immediate past Member of Parliament for Hohoe, Dr Bernice Adiku Heloo, has been awarded a humanitarian award for her valuable contribution and support to human development at the 2021 Humanitarian Awards Global ceremony in Accra. The former Legislator won the best Humanitarian award in HIV/ AIDS and other Communicable Diseases support category through her Non – Governmental Organisation (NGO), Pro-Link Organisation. Pro-Link Organisation has for the past twenty (20) years provided places of abode and support to persons living with HIV/ AIDS in nine support groups and other communicable diseases across the country. The NGO which also aims at preventing gender-based violence and the promotion of education in deprived communities has offices in all the former ten regions of Ghana. The 2021 Humanitarian Awards Global, held under theme: ‘Celebrating change makers’ is held annually to recognise, honour and celebrate volunteer leaders, NGOs, philanthropists,

corporations and professionals with the aim of rewarding their valuable contributions to society. Dr Bernice Adiku Heloo who is also a former deputy minister for the ministry of Environment, Science Technology and Innovation expressed gratitude to the organisers for the recognition and stated the award will inspire her to do more now that she is out of Parliament for benefit of the nation. She challenged young people to brighten the little corners in which they live through what she described as ‘little service’ to humanity to make the world a better place for all.

The former MP encouraged lawmakers who she noted are already engaged in humanitarian work on daily basis through their numerous developmental initiatives to do more in service to humanity. The event attracted a large number of humanitarians, stakeholders and change-maker in various fields across the globe. International Evangelist, Founder and President of Worldwide Miracle Outreach, Rev Dr Lawrence Tetteh in a keynote address abhorred character assassination of the hard-won reputation of people and said it is important for a nation to

honour people who distinguish themselves. He advocates an all-handson deck approach and the encouragement of one another since life is a transient. "Let us use our position to win friends, encourage people because whatever we have today is transient, we all have a responsibility to let all hands be on deck to make Ghana a better place” he said. Other award categories include best Humanitarian Civil Servant of the year, best Humanitarian Health Worker of the year, best Humanitarian Prison Support NGO of the year, best Child Education humanitarian of the year and best Community Child Protection of the year, Sustainable Development Goals (SDGs) and many others. Organisers of the event say over 500 entries were received for the various categories. Guests who graced the event includes the Hungarian Ambassador to Ghana, Tamas Feher, Deputy Director, Embassy of Hungary, David Bekesi, Managing Director Euracare, Mari Ellis among others.

The interview

MONDAY SEPTEMBER 27, 2021

A chat with the President of Accra Business School Distinguished UK Professor Cedric Desmond Bell (CDB) tells Business24 why he chose to lead a Ghanaian university as its president.

B24: Why should students study with Accra Business School (ABS)? CDB: I think that the four main reasons in my opinion why students should study with Accra Business School (ABS) are that firstly, ABS is very studentcentric. Students are very much at the heart of the institution. Our whole focus is in enhancing their career opportunities. I think that is the first point that I will make. Secondly, we are a very flexible secondary delivery mechanism. We teach substantially at weekends to maximise the potential for students to join us to up-skill and up-scale themselves, so it is not a traditional five days week time experience. Thirdly, there are opportunities to gain international qualification at ABS by virtue of our recently secured collaborative partnership. Lastly, there are also opportunities for the students to experience, in short periods of study, the opportunity to study abroad with our partners. B24: What is distinctive about the teaching and learning experience at ABS? CDB: I think it is very much skill-based. One of the aspirations of Accra Business School is to deliver graduates who are job creators rather than job seekers. We like to feel like our courses are highly relevant to the very competitive 21st century global market place. Sadly, it is no longer the case that just because you have a degree you will get a job. You now have to be very sure that the degree you are studying will in fact enable you to gain employment, and the right kind of employment, before you start a degree. So we feel that the courses we offer are highly relevant to today’s fast-moving economic scenario. B24: What new developments are taking place at ABS in the coming years? CDB: Well, we have a number of very exciting developments coming through in the next academic year. Two in particular are almost over the line. We have established a partnership with a UK university, which will increase the range of courses of business and management we can offer.

Secondly, we are diversifying into computer sciences with the partnership with an Irish university, The Institute of Technology. We will rename it Technological University of Sytistal on the 1st of January 2022, and we feel that these programmes, both the increased range of business courses plus the computer science courses from the Institute, will make an immeasurable contribution to widening the career horizons of our existing streams, but also enable us to attract more students because we feel that they are particularly relevant to the economic needs of Ghana and West Africa. B24: What are the unique selling points of ABS? CDB: We are in the business of

skill orientation. It used to be the case when I was studying that if you went to the university, you got a job and by and large you stayed in the same career or job for the rest of your working life. That’s not the case today, so we are very much skills-oriented and the aim is to ensure that young people can move seamlessly between careers during their working lives. That’s one of the distinctive features I believe of our delivery programme. We have scope teaching and learning materials written by a very distinguish group of academics in the UK, pioneered under the label of Cambridge International Education Service. That’s another unique selling point. We are very much job creators rather than job seekers. We also want to build young people who can think for themselves, who can think

creatively and solve problems outside the box. We’re hoping to be the leaders of the next generation for Ghana. B24: Why did you as a distinguished international academic come to ABS? CDB: Obviously, as I have indicated, I have been privileged in my career to work in many different capacities, in the UK, Ireland, France, Malaysia and Southern Africa to name but a few. What appealed to me about Accra Business School was the opportunity. I very much enjoy work, I feel there is a vibrancy, there is enthusiasm and energy by the institution and excellent facilities. Also, I suppose most important of all, I subscribe very much to the Christianity aspect of the school.

News

MONDAY SEPTEMBER 27, 2021

Exposure annual tuition-free sales & marketing performance training held

he corporate sales performance training powerhouse, Exposure Business Events in conjunction with its other consulting brands, has the 6th execution of their annual premium tuition-free sales & marketing training summit under the theme: “Driving Business Performance – Sales & Marketing Imperative” in Accra. The strategic event, which commenced its journey in 2016, is focused to offer patrons and clients, now and in the immediate future, great value at performance training for their sales and marketing workforce. Over the years, the sessions have treated relevant topics from sales closing strategies, persuasion architecture, service quality and excellence, amongst others. The highpoints of this year’s training centred on performance constructs, Insight and valuebased selling, re-thinking customer service, sales, service and marketing frameworks for delivering value to the everchanging customer. During his keynote address, the Lead Consultant and Principal Trainer at Exposure Consult

Limited, Rev. John Thompson, intimated that performance is the catalyst and key that drives business performance. More critically with sales & marketing as the heartbeat and pulse of every business, today’s workforce must embrace the concept of performance in order to give value to their business, clients, investors and all stakeholders. More so, without measurable outputs and results particularly at sales and marketing, investments, valuable time and efforts all go to waste. As it were, the concept of performance is what sustains serious brands and businesses of the future. Without performance acumen and measurable outputs, the future for most business looks bleak, he further stressed. Delegates at this year’s event were empowered to develop a performance culture and acumen by a special address on the concept of performance by

Godwin Manful, Head of Sales & Marketing Blue Skies Ghana Limited. He motioned the need for passion and perseverance for today’s salesforce and corporate professionals. He impressed upon the participants about having a willingness, determination, the agility and the passion not to try at sales and marketing but to win through the power of performance as he exposed the delegates to selected global personalities who have excelled in their chosen careers through performance. The training session also witnessed the invaluable contributions, thoughtful analysis and performance insights shared by the Director of Sales & Administration of Exposure, Lauretta Thompson, during the group presentations and cases. With the firm’s commitment of raising the bar at each execution, this year’s summit ensured

personal presentations, group presentations, working sessions and assignments coupled with the sharing of insights and field experiences by the facilitator during the application modes, amongst others. The session also had media, telecom infrastructure and power solutions, hospitality (food, beverage, conferencing, catering and accommodation), manufacturing (water, food and antiseptics) as the industries represented at this year’s training summit. Unlike the previous sessions with male dominance, this year’s edition had over 60% of the delegates to be women showing a positive shift and appetite for sales and marketing by women. This year’s event was successfully executed at Apaade Lodge on Thursday 23rd September, 2021 and supported by Business 24 limited as media partner and Blue Skies Ghana Limited.

30 m J&J vaccines destroyed in South Africa By Shoshana Kedem

hirty million Covid-19 vaccines manufactured by US pharmaceutical giant Johnson & Johnson ( J&J) were destroyed at the Aspen Pharmacare facility in South Africa in June, weeks before a deadly third wave hit the country. The destroyed doses, manufactured at Aspen’s Gqeberha facility, were compromised due to a contaminated drug substance supplied by J&J’s US partner Emergent Biosolutions, Aspen said. The doses were from the same factory that ruined 15m doses in March, a WHO conference heard on September 16. “I had a meeting with one of the manufacturers that is ‘fill and finishing’ in South Africa who told me that 30m doses of the Johnson & Johnson had to be destroyed a few months ago,” said Dr Ayoade Olatunbosun Alakija, who co-chairs the

African Union’s Covid-19 Africa Vaccine Delivery Alliance. “They are not the same as the ones that were destroyed in the US, these were the ones that had actually already been completed, filled and finished in South Africa. “They were destroyed because they were part of factories 5 and 6 that had problems and the factories are back running in the US, but unfortunately it has affected our backlog,” she told journalists at a WHO press conference on 16 September. Johnson & Johnson confirmed in an emailed statement that a “contaminated” batch of vaccines from their US manufacturing partner Emergent had been destroyed in June, but did not specify the exact number. “Specific COVID-19 vaccine manufactured at [Aspen’s] Gqeberha production site and designated for the South African market have to be destroyed due to the Good Manufacturing Practice risk of isolated material

in the drug substance supplied to Aspen by Johnson & Johnson from their contract manufacturing partner in the USA, Emergent,” the statement said. “This… has the potential to negatively impact the vaccine rollout across South Africa and Africa,” it added. The US pharma giant promised to supply uncontaminated vaccines “within a week,” and deliver additional vaccines to keep the country’s immunisation drive on track. “Over the next few weeks, Johnson & Johnson will be delivering substantial quantities of compliant finished vaccines to South Africa to replace the lost stock thereby ensuring the momentum in the South African vaccine initiative is maintained.” The New York Times reported in March that 15m vaccines were destroyed in an incident at an Emergent Biosolutions plant in Baltimore, USA, after workers mixed ingredients for the J&J vaccine and a coronavirus vaccine

developed by AstraZeneca, which is produced at the same plant. Dr Alakija stressed the need for honesty and accountability at every stage of the supply chain, from manufacturers producing vaccines, to those procuring and distributing doses to African countries. “I’m not talking about Emergent, I’m talking about transparency,” she said. “At the time that the doses had been destroyed we were being told on the African continent that these vaccines would be arriving next week. “Why were African leaders not told that the vaccine they were paying for had to be destroyed, and were therefore not in that supply chain? We need transparency.” In many cases vaccines are paid for by African countries with loans and tax dollars, galvanising the need for transparency in the acquisition process, she added.

News

MONDAY SEPTEMBER 27, 2021

Economic recovery is government’s top priority – Oppong Nkrumah

r. Kojo Oppong Nkrumah, Minister of Information, has said government’s topmost priority is economic recovery from the coronavirus pandemic and called on the media to offer the needed support. He said the coronavirus pandemic had affected the nation’s economy, and that as the construction of the executive arm of government was being completed with the nomination of heads of the local assemblies, economic recovery was being tackled head-on. The minister was addressing media practitioners in the Volta Region at the Volta Press Center in Ho on Friday, as part of a nationwide duty tour. He said as indispensable stakeholders, the media must help the government realize its objectives of vaccination against the coronavirus disease, which was the initial step towards recovery. Mr. Oppong-Nkrumah said the media must meet the government’s efforts with sensitization against vaccine intolerance, and assured that plans towards the inoculation of 20 million Ghanaians progressed

smoothly, adding that the local production of the vaccines would soon become a reality. “Covid has had a very negative impact on the Ghanaian economy, and the objective of government, therefore, is to very quickly recover his economy from the ravages of covid, why? So that we can bring back growth, attendant to the growth are the jobs that we are looking for, attendance to the jobs are the incomes “And when people have jobs and incomes, quality of life becomes better than it used to be previously”, he said, noting that over one million Ghanaians have already been vaccinated. The minister said the media’s role would also be paramount in ensuring that the government’s plan to inject 100 billion cedis into the economy under a program

known as the Ghana Cares Obaatanpa Programme, met its intended purpose of stimulating growth within the private sector. He said the said gains could only be realized when the participation of the private sector was speedily and smoothly facilitated, and so, media support was needed in encouraging the public sector to play its role. “We are finding, that the country needs to do a lot more to help people who want to invest and do business, quickly onboard their businesses. People need business operating permits, electricity, transformers, people need tax clearance certificates, and people need GIPC registration. “We are finding that sometimes it is we in the public sector who frustrates the efforts of the investors, land permits etc. And

so, government wants to call on you and the Ghanaian public and the public sector that we should step up our efforts at helping private investors to quickly onboard their investments. “Because we are entering an era, that in the medium term, about 70 per cent of the resources required to eject recovery is going to come from the private sector. So if we keep our same old attitude where we frustrate private sector investments, we will not see the onboarding as quickly as possible,” Mr. Oppong Nkrumah stated. He said President Akufo Addo had himself interrogated the speed with which companies onboard, and that “we need to do a lot more and to work a lot faster than we are, else some of our neighbouring countries that may be doing this faster would attract these same, particularly foreign investors and we will still be here worrying about why the recovery is not coming quickly as possible”. The minister further appealed to the media to help sustain adherence to the coronavirus protocols “because breakthrough infections persist despite vaccines”. GNA

AfDB boss says world has resources to end hunger

“

The world has the resources to end hunger,” African Development Bank President, Dr. Akinwumi A. Adesina, said in a message on the first day of the United Nations Food Systems Summit. Convened by UN Secretary General António Guterres, the event is billed by its organisers as “a historic opportunity to empower all people to leverage the power of food systems to drive our recovery from the COVID-19 pandemic and get us back on track to achieve all 17 Sustainable Development Goals (SDGs) by 2030.” The summit brings together thousands of youths, food producers, members of civil society, researchers, the private sector, women and indigenous people, all of whom are participating both physically and virtually in the summit. It is taking place on the sidelines of the 76th UN General Assembly in New York. In his opening address, Guterres said the participants

represented “energy, ideas and the willingness to create new partnerships,” and was a time to celebrate the dignity of those who produce and create the world’s food. Decrying the 246 million people in Africa who go to bed daily without food and the continent’s 59 million stunted children as “morally and socially unacceptable,” Adesina said that delivering food security for Africa at greater scale called for prioritising technologies, climate and financing. “The $33 billion per year required to free the world of hunger, is just 0.12% of $27 trillion that the world has deployed as stimulus to address the Covid-19 pandemic. I am confident that zero hunger can be achieved in Africa by 2030,“ Adesina said. The African Development Bank’s Feed Africa Strategy, through its Technologies for African Agricultural Transformation program - widely known as TAAT – has provided 11 million farmers across 29 African

countries with proven agricultural technologies for food security. Food production has expanded by 12 million metric tons while saving $814 million worth of food imports. “We are well on our way to achieving our target of reaching 40 million farmers with modern and climate-resilient technologies in the next five years,” the African Development Bank chief added. At a meeting on food security in Africa organized by the Bank and the International Fund for Agricultural Development (IFAD) earlier this year, 19 African heads of state called for the establishment of a facility for financing food security and nutrition in Africa. “The Facility for Financing Food Security and Nutrition

in Africa should be capitalized with at least $ 1 billion per year,” Adesina said. The welfare of the 70% of Africa’s population working in agriculture and agribusiness is a barometer of the state of the continent’s health. “If they aren’t doing well, then Africa isn’t doing well,” Rwandan president Paul Kagame said in a message at the official opening. The many other heads of state and government who spoke on Thursday included, Prime Minister Mario Draghi of Italy, President Felix Antoine Tshisekedi of the Democratic Republic of Congo, Prime Minister Sheikh Hasina of Bangladesh and Prime Minister Jacinda Arden of New Zealand.

News

MONDAY SEPTEMBER 27, 2021

EPA, UNDP to strengthen cooperation on climate action towards a green recovery

he Resident Representative of the United Nations Development Programme (UNDP) in Ghana, Dr. Angela Lusigi, commended the Environmental Protection Agency (EPA) for the country’s updated ambitious climate action plan: the Nationally Determined Contribution (NDC), and called for its implementation to serve as a building block for an inclusive and green recovery from the COVID-19 pandemic. She made the suggestion when the Executive Director of the EPA, Hon. Henry Kwabena Kokofu, paid a courtesy call on the UNDP. “The NDCs offer an important blueprint for climate action that can spur economic growth, technology transformation, job creation and address key social inequalities that are critical for COVID-19 recovery. As governments take bold action to address COVID-19, it is also a good opportunity for Ghana to mobilize more resources, especially from the private sector for the implementation of its NDC to ensure equitable, and resilient growth”, noted Dr Lusigi. The UNDP Resident Representative also expressed

UNDP’s commitment to continue to work collaboratively with the EPA to strengthen capacity to upscale strategic innovations and digitalization to facilitate EPA’s operation particularly on e-waste management towards transformation and resilience building. The Executive Director of the EPA, Henry Kokofu, expressed his agency’s appreciation to the UNDP for the long-standing cooperation between the EPA and UNDP. He thanked the UNDP for its support in facilitating the implementation of various multilateral agreements

on climate action, phasing-out of ozone-depleting substances and on mercury management. Mr. Kokofu also briefed Dr. Lusigi on the country’s preparation for the 26th UN Climate Change Conference of the Parties (COP26) to be hosted by the UK in October. He commended UNDP for its support towards Ghana’s participation. “We want to thank UNDP for supporting Ghana’s preparations for the COP26 and we are looking forward to use this year’s summit to explore new opportunities and frontiers of promoting green

transition within the context of sustainable development at all levels,” said Mr Kokofu. The discussion at the meeting also touched on the status of implementation of various ongoing joint initiatives including the steam boiler programme under the Performance Based-Payment mechanism, which is one of the innovative financing schemes being tested by UNDP to promote private sector engagement in climate finance. Under the steam boiler programme, selected small and medium-sized manufacturing companies in the food and beverage industries in Ghana, will be supported to adopt clean fuels and energy efficiency improvement practices to achieve higher boiler performance. The EPA and UNDP will also continue to collaborate on the implementation of the Article 6 of the Paris Agreement, following the signing of the historic agreement between the Government of Ghana and Switzerland, to enable the adoption of green and low carbon technology solutions including improved cook stoves and solar PV installations, across Ghana.

Ghana, hub for doing business — Vice-President Harris

he Vice-President of the United States of America (USA), Kamala Harris, has described Ghana as conducive for doing business in Africa. She said not only had the Ghanaian government created an enabling environment; it had also built confidence by upholding the rule of law and respect for human rights, ingredients for growth. Ms Harris, who gave the commendation during a visit by President Nana Addo Dankwa Akufo-Addo to the White House for bilateral talks, added: “We are confident in the Government of Ghana, Mr President.” The visit, which was aimed at strengthening existing ties of co-operation and friendship between the two countries, formed part of President AkufoAddo’s engagements in the US, where he is attending the 76th General Assembly of the UN. Addressing a press conference before the two leaders went into a closed-door meeting, VicePresident Harris said the meeting was also “a reaffirmation of

the strength of the relationship between the US and Ghana, and of course we have had deep historical ties or official bilateral relationship since 1957”. She said the atmosphere created by the government under the leadership of President AkufoAddo had attracted interest in Ghana, as evidenced by the number of American companies which were ramping up to Ghana to seek investment opportunities. Ms Harris said as an expression of its shared commitment to Ghana and global health, in line with the fight against the coronavirus disease (COVID-19) pandemic, the US would donate 1.3 million doses of the Pfizer vaccine to Ghana. That was in addition to some 1.2 million doses of the Moderna vaccine Ghana received from the US on September 4, 2021. “The US is proud to be a member of COVAX. We have already donated more than 1.2 million doses of the Moderna vaccine to Ghana. “I am proud to announce

that, shortly, we will be sending an additional 1.3 million doses of the Pfizer vaccine. None of us is immune to the ravages of the pandemic,” she added. Appreciation While expressing appreciation to the US for its support over the years, particularly in the fight against the pandemic, President Akufo-Addo appealed for assistance to help deal with jihadist insurgency in the Sahel, saying: “The other main preoccupation for us is to collaborate effectively to defeat the Jihadist insurgency in the Sahel.” He said the support could be in the form of retooling and building the capacity of the country’s Armed Forces and intelligence agencies to be able to deal with the threats and challenges the jihadists posed in the sub-region. “Many of those leading the jihadist insurrections in West Africa are people who came from

Iraq after they were driven out of that country, so I think if there is any information that can assist us to track down and deal with these people, it would be welcome,” he added. On Ghana-US relations, President Akufo-Addo expressed the hope that the collaboration would continue to “advance our mutual causes and strengthen the relations between our two countries”. “We want to develop our nation as a democracy where freedom and respect for human rights and the rule of law are paramount to our governance system,” he said.

MONDAY SEPTEMBER 27, 2021

Feature

MONDAY SEPTEMBER 27, 2021

The right war for the US and China By Andrew Sheng, Xiao Geng

he planet is heating up – and so are global geopolitics. With less than two months until the crucial United Nations Climate Change Conference (COP26) in Glasgow, the United States and China must commit to cooperate on the existential challenge global warming represents. But bilateral relations remain burdened by mistrust, antagonism, and even warmongering. Technically, the US and China are both willing to cooperate on climate change. But China wants to do so only in a broader context of constructive engagement. The US, by contrast, wants “climate cooperation à la carte,” so that it can maintain a policy of containment and competition in virtually every other arena. This mentality was on display last week, with the announcement of the so-called AUKUS security alliance. The US and the United Kingdom have now agreed to share advanced – and highly sensitive – technology with Australia, and to supply it with nuclearpowered submarines. The goal of the alliance, according to US President Joe Biden, is to advance the “imperative of ensuring peace and stability in the Indo-Pacific over the long term.” That is not how China sees it. As foreign ministry spokesperson Zhao Lijian put it, the AUKUS pact reflects a “zero-sum-game mentality” and “seriously damages regional peace and stability, intensifies the arms race, and undermines the Treaty on the Non-Proliferation of Nuclear Weapons.” The European Union is pursuing a far more constructive model of Western engagement in the IndoPacific. Just a day after the AUKUS announcement, the European Commission announced its EU Strategy for Cooperation in the Indo-Pacific, which emphasizes “engagement with the region to build partnerships that reinforce the rules-based international order, address global challenges, and lay the foundations for a rapid, just, and sustainable economic recovery that creates long-term prosperity.” The EU’s approach reflects its recognition of shared economic interests: exchanges between the EU and the Indo-Pacific region account for over 70% of global trade in goods and services, and over 60% of foreign direct

investment flows. And it aims to spur progress in other crucial areas, including “democracy, the rule of law, human rights, and universally agreed commitments,” such as the UN Sustainable Development Goals (SDGs) and the Paris climate agreement. Unlike the US, the EU recognizes that climate action and economic prosperity are more important than warmongering. Europe pledges to serve as a “reliable partner” to Indo-Pacific countries, bringing “added value” to its long-standing relationships in the region. (Some partners, it has recently been reminded, are not so “reliable”: the AUKUS agreement effectively torpedoed Australia’s $A50 billion ($36 billion) deal with France to purchase 12 conventional dieselpropelled submarines.) Unfortunately, the EU’s positive approach toward the Indo-Pacific will not do much to ensure that COP26 produces the ambitious commitments that are needed to avert catastrophic planetary warming. And make no mistake: current commitments are nowhere near enough. According to a recent Chatham House report, we currently have less than a 5% chance of keeping global warming “well below” 2º Celsius, relative to pre-industrial levels, as the Paris agreement stipulates. If global carbon dioxide emissions are not slashed before 2030, the report warns, an estimated 3.9 billion people will endure major heat waves 12 times more frequently than the historical average by 2040. Moreover, some 400 million workers per year are likely to be exposed to temperatures exceeding the threshold of safety. And the average proportion of cropland affected by severe drought will rise to 32% per year – more than three times the historic

average – drastically undermining global food security. But cutting emissions is only the beginning. We must also pursue mitigation measures, such as protecting and restoring ecosystems, and invest in adaptation, so that countries can cope with the challenges that are now unavoidable, including natural disasters, resource scarcity, and human migration. As recent crises – from the COVID-19 pandemic to Hurricane Ida – have shown, systems that enable the rapid mobilization of whole-ofgovernment and whole-of-society responses are essential. So, beyond drastic emissions reduction, the fight against climate change will require comprehensive strategies that include prevention, preparedness, cooperation, and coordination on an unprecedented scale. As former UN Deputy SecretaryGeneral Asha-Rose Migiro once declared, this battle calls for a “war footing.” What happens if leaders do not prove up to the challenge at COP26? China, for one, will continue to act. Its dualcirculation strategy, introduced last year, signals to outsiders that if no global cooperation is achieved (poor external circulation), China will focus on delivering on its own domestic commitments (better internal circulation). As usual, China is pursuing an adaptive, systemic approach. The central government provides an overarching strategy, resources, and incentives, and local entities manage policy design and implementation. After all, while climate change is clearly a global challenge, it will affect different regions differently, making onesize-fits-all solutions inadequate. China is thus translating expansive goals into manageable targets, pursued at the national, provincial, and municipal levels,

and it is mobilizing not only local governments, but also business, civil society, and even willing foreign partners. What it is not doing is initiating futile arms races, which will only increase resource consumption, cause more environmental damage, divert funding that could otherwise be allocated toward climate-change mitigation and adaptation, impede global cooperation, and undermine human well-being. Climate change is already claiming casualties. Either everyone wins the fight against it, or no one does. The world’s great powers should prepare for war, but they must wage it against the right enemy. Andrew Sheng, a distinguished fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission. His latest book is From Asian to Global Financial Crisis.

Xiao Geng, Chairman of the Hong Kong Institution for International Finance, is a professor and Director of the Institute of Policy and Practice at the Shenzhen Finance Institute at The Chinese University of Hong Kong, Shenzhen.

MONDAY SEPTEMBER 27, 2021

Feature

MONDAY SEPTEMBER 27, 2021

Aquaculture is key to meet increasing food demand, says FAO

Woman cultivating seaweed on the beach in Tanzania.

quaculture is playing a critical role in global food production, but innovation and equity are required to ensure inclusive and sustainable growth, the Director-General of the Food and Agriculture Organization of the United Nations (FAO), QU Dongyu, has said. On the opening day of the Global Conference on Aquaculture Millenium+20 in Shanghai, the Director-General highlighted aquaculture as the fastest growing agri-food sector globally saying there is huge potential for further expansion in Asia, Africa, Latin America and the Caribbean. "Aquaculture production will continue to grow, but the benefits of this growth must be equitable and fairly distributed," Qu stressed, while noting the need to further develop "the human, social, cultural and economic dimensions of aquaculture". The conference, which adopted the theme "Aquaculture for Food and Sustainable Development", is the fourth to be held and is organized by FAO and China's Ministry of Agriculture and Rural Affairs, together with the Network of Aquaculture Centres in AsiaPacific (NACA). Her Royal Highness Princess Maha Chakri Sirindhorn of the Kingdom of Thailand who is FAO Special Goodwill Ambassador for Zero Hunger for Asia and the Pacific, is the Guest of Honour at the two-day event with representatives from the private and public sectors, academia and civil society. Aquaculture is vital for feeding the world's expanding population and the conference is considering a range of issues and opportunities ranging from

traditional family farming in vulnerable communities to cutting-edge technology. Themes to be discussed at the conference include: innovation, genetic resources, biosecurity, the social and human dimension, value chains and market access. Global consumption of fish has increased by 122 percent since 1990 and aquaculture now accounts for more than 50 percent of current fish consumption. That figure is expected to rise above 60 percent during the next decade. However, the impacts of the climate crisis and disruption to production and consumption caused by the COVID-19 pandemic have created challenges on the rate of growth and expansion of the sector. The Shanghai Declaration, which is expected to be adopted at the conference, is a call to action that will shape the future of aquaculture and seek to optimize the sector's contribution to global agri-food systems in line with the UN's 2030 Agenda for Sustainable Development. FAO's work Qu stressed aquaculture plays an important role in FAO's new Strategic Framework 2022-2031 through its Blue Transformation priority programme, with the objective of supporting 35 to 40 percent growth in global aquaculture by 2030. "FAO's Strategic Framework is based on the principles of the Four Betters: better production, better nutrition, a better environment and a better life for all - leaving no one behind," he said. "The Shanghai Declaration is a call for global action."

FAO recognizes the contribution of aquaculture to food security, by providing technical assistance through the implementation of the Code of Conduct for Responsible Fisheries. A key instrument that has been guiding the principles for sustainable fisheries and aquaculture around the world since 1995, the Code seeks to develop and implement efficient policies and legal frameworks which promote sustainable and equitable aquaculture development, especially in developing countries, with improved socio-economic benefits. FAO conducts a global review of the state of aquaculture, and on the request of its Members, it is also developing Guidelines for Sustainable Aquaculture (GSA) to provide practical guidance for government authorities and policymakers in their efforts to promote the Code of Conduct for Responsible Fisheries and advance their capacity in the development of sustainable aquaculture sectors. The UN organization has also developed innovative projects to promote aquaculture. For example, FAO has partnered with the United Arab Emirates to develop the country's fledgling aquaculture industry. With technical support from FAO, the UAE is investing in modern technologies to build sustainable and profitable aquaculture production that will maintain the country's fish supply, improve its food security and transform its agri-food system. In response to climate shocks and extreme weather events, FAO is working to support livelihoods

and increase resilience by rebuilding the prawn industry in Dominica and elsewhere through its Climate Change Adaptation of the Eastern Caribbean Fisheries (CC4FISH) project. The Global Conference The Director-General said aquaculture could also play a key role in FAO's Hand-in-Hand Initiative to accelerate agrifood systems transformation. Through the Global Sustainable Aquaculture Advancement Partnership, FAO is also collaborating with the Chinese Academy of Fishery Sciences. Qu told the conference: "Aquaculture already plays an important role in "Leaving noone behind" which means all our efforts and actions must focus on everyone everywhere, in order to end hunger and poverty." The sector needs to adopt an "holistic" approach with a focus on people and communities, specifically on the women, youth, elderly and indigenous communities who rely on aquaculture for their livelihoods, he said. The Global Conference also heard opening addresses from Tang Renjian, China's Minister for Agriculture and Rural Affairs; Frank K. Tumwebaze, the Minister for Agriculture, Animal Industry and Fisheries of the Republic of Uganda; Úrsula Desilú León Chempén, Vice Minister for Fisheries and Aquaculture, Ministry of Production of the Republic of Peru; Virginijus Sinkevičius, the European Commissioner for the Environment, Oceans and Fisheries; Huang Jie, DirectorGeneral of NACA and Peng Chenlei, Vice-Mayor of Shanghai.

MONDAY SEPTEMBER 27, 2021

Feature

MONDAY SEPTEMBER 27, 2021

Is doing business really dead?

By Kaushik Basu

ecent days have brought me a storm of emails and calls about the collapse of the World Bank’s most widely watched annual report, Doing Business (DB), which ranks countries by how easily and efficiently small businesses can operate in them. On September 16, the bank announced that it would discontinue the report after an independent investigation by the law firm WilmerHale revealed the Bank’s sordid efforts, starting in 2017 (I left the Bank in 2016, I hasten to add), to manipulate data in order to improve China and Saudi Arabia’s DB rankings. The Bank had suspended publication of the index last year, owing to “irregularities” in its data. As the head of the World Bank division that produced DB from 2012 to 2016, I found the WilmerHale report disturbing to read. Yes, countries have always lobbied and jostled to improve their rankings. But I never gave in to any of that pressure. Nor, to the best of my knowledge, did any of my predecessors. It was deeply disappointing to read about how this subsequently changed and what happened inside the Bank, including accounts of junior staff being “publicly threatened” and feeling “powerless to object to carrying out the data improprieties being requested by senior bank management.” This is the kind of behavior one expects under an authoritarian government, not at a premier Bretton Woods institution. The World Bank deserves credit for commissioning such

a transparent investigation, and now it has an obligation to act on its findings. Some senior officials will no doubt be shown the door. But this is also the time to take stock of the entire business of Doing Business. The bank’s decision to stop publishing DB is an understandable initial reaction. But I would advise the organization to use this interruption to develop a better report, instead of ending it for good. I have a long and complicated relationship with DB. Many progressive economists have railed against it because of its admittedly neoliberal bias. But the index also highlighted important shortcomings in many developing countries, where cronyism among big business and government, along with high bureaucratic costs, crush individual enterprise and cripple small businesses. When I was the Indian government’s chief economic adviser, I found DB’s data useful for pushing reforms that would help the small players. At that time, I had no idea that I would one day be in charge of the division producing the report. During my transition, I felt like a restaurant patron who had suddenly been asked to run the kitchen. It was an eye-opening experience for me to discover how the DB economies were evaluated. I could see that there was room for improvement, but what truly impressed me was the transparency and integrity of the exercise. It was an expensive operation in which the Bank collected data meticulously from all the economies – 189 at the time – and then constructed the rankings without regard to who

won or lost. We improved some of the data and the selection of items that we included in the index. But any such change would alter some of the rankings, giving the impression that some countries were doing better or worse than before, when in fact the shifts were entirely due to the changes in our criteria. For that reason, we had to hold back on many planned improvements. So, what might a new, improved DB look like? For starters, the bank should switch to collecting de facto data. Currently, the bulk of the DB ranking is based on countries’ de jure laws – the rules and regulations in the books – rather than on what actually happens on the ground. My own back-of-the-envelope calculation was that two-thirds of the ranking depended on the de jure. This causes an obvious problem. Properly devised crosscountry rankings, like the pre2017 DB, spur competition among governments. But authoritarian governments in particular can change their rule books through top-down orders – and thus improve their index score – even if this makes little difference to people’s lives. Gathering de facto data will require independent surveys and some randomized data collection, making DB more expensive to produce. But the World Bank can easily bear the additional burden. Second, DB currently does not include an indicator regarding labor laws and regulations (it did once have, but it was dropped). This is an unfortunate omission, which a revamped DB report should redress. Finally, every time the DB

report came out during my years at the Bank, I would be at pains to explain that it was about doing business. Achieving a high ranking must not be an all-consuming goal, because the health of a country’s economy also depends on fairness and social justice. But once such a game gets started, it is difficult to persuade countries that other things matter besides business. The World Bank now has an opportunity to correct this by creating a supplement to the DB report that ranks countries in terms of “Being Just.” The BJ supplement would assess how fair and just a country’s laws and regulations are. This can start as a small exercise, with a BJ ranking being published alongside the DB ranking. Such an initiative would be bound to generate interest among researchers to investigate the connections between being good for business and being fair and just. More importantly, it would create incentives for countries to excel in both areas. Last but not least, it would offer the World Bank an opportunity to rebuild its reputation for producing useful – and impartial – rankings. Kaushik Basu, a former chief economist of the World Bank and chief economic adviser to the Government of India, is Professor of Economics at Cornell University and a non-resident senior fellow at the Brookings Institution.

MONDAY SEPTEMBER 27, 2021

CONTINUED ON PAGE 21

21 CONTINUED FROM PAGE 20

MONDAY SEPTEMBER 27, 2021

BUSINESS24.COM.GH MONDAY SEPTEMBER 27, 2021

NO. B24 / 253 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

MONDAY SEPTEMBER 27, 2021

Jumia launches ''Brand Festival'' in Ghana

frica’s leading e-commerce ecosystem has announced the launch of its campaign titled "Jumia Brand Festival". This campaign is poised to support both local and international brands to scale their businesses in Ghana while reaching millions of consumers online. The campaign which started on Monday, September 20th will run until Sunday, October 3rd, 2021. It will also give customers a unique opportunity to shop for authentic items from their favorite brands at affordable prices. With a wide range of products from different categories and brands, customers can enjoy up to 60% discount on all items purchased on Jumia during this period. The ‘’Jumia Brand Festival’’ is a distinctive campaign which offers consumers the exclusive opportunity to buy from the official stores of the main local and international brands such as Lele, Nestle, Samsung,Unilever, Diageo, Voltic, Nokia, Nivea, Tecno, Pernod Ricard, Jameson and many others, Speaking about this

With the effects of COVID-19 and the need for quality items at affordable prices, Ghanaians can take advantage of the Jumia Brand Festival while looking forward to the upcoming Jumia Black Friday event. About Jumia

campaign, CEO of Jumia Ghana,Tolulope GeorgeYanwah, said ‘’There are many top local and international brands in Ghana with quality products and services on offer. With millions of consumers also needing these essential items from the top brands, it is important that we bring our consumers closer to these brands online. Convenience, safety, affordability and the assurance of getting high quality products are among the many benefits of the Jumia Brand Festival’’. Apart from enjoying great discounts and buying directly from top brands, customers have a plethora of benefits lined up during this campaign. With daily flash sales at 10 am,12

pm and 3pm, customers enjoy mind blowing discounts on specific brands at these times only on the Jumia app while getting hugely discounted products on the explosion days. There will also be brand days where certain brands will have products available at exclusively low rates during the campaign. Customers who order can pay via JumiaPay or pay via mobile money to the delivery agent. Orders can also be picked up at the nearest pick-up stations at reduced shipping fees. To discover the different products available for the Jumia Brand Festival, simply download the Jumia application or click on www. jumia.com.gh.

Jumia is a leading e-Commerce platform in Africa. Jumia is built around a marketplace, Jumia Logistics, and JumiaPay. The marketplace helps millions of consumers and thousands of sellers to connect and transact. Jumia Logistics enables the delivery of millions of packages through our network of local partners. JumiaPay facilitates the payments of online transactions within the Jumia’s ecosystem. With over 1 billion people and 500 million internet users in Africa, Jumia believes that e-commerce is making people’s lives easier by helping them shop and pay for millions of products at the best prices wherever they live. E-commerce is also creating new opportunities for SMEs to grow, and job opportunities for a new generation to thrive.

Stanbic completes €10.71m deal to support local ceramic production

tanbic Bank has completed a four-year deal with Keda (Ghana) Ceramics Company Limited to support the production of ceramics for the Ghanaian and West African market. The €10.71m Sinosure covered export credit facility is to finance the expansion of Keda Ghana’s production capacity to serve the local and regional markets. The project is in line with Ghana’s import substitution strategy and long-term vision to become an industrial hub in the sub-region. Speaking on the significance of the deal, Tim Mugodi, Head of Wholesale Banking at Stanbic Bank, said the deal is in keeping with the banks’ commitment to drive the growth of the African continent. “Our presence in Ghana over the past two decades has been a journey of growth and operations that create jobs and

socio-economic opportunities for businesses and individuals. The bank’s operations have contributed to interventions that support businesses, create sustainable employment and income, and promote community development through improved access to crucial services such as health care, housing and education. This Sinosure-backed deal is in consonance with both our commitment to drive Africa’s growth and our Africa-China Agent Proposition designed to ease business connections between Africa and China,” Tim Mugodi said. “The Keda Ghana deal is innovative and unique in many respects. The deal is the first ever Sinosure-backed corporate (nonsovereign) deal on the Ghanaian market and, in addition to other Sinosure buyers’ credit insurance facilities signed by Standard Bank, further cement[s] the

bank’s credentials as a key partner for China-Africa trade relations,” he added. The Managing Director of Keda Ghana, Li Wei, also said: “We have made plans to expand into various parts of Africa, and this deal will be critical in that expansion agenda. We are grateful to the Stanbic Bank team for the professional manner with which they approached this project. It gives us confidence knowing we have a strong and committed partner as we confront the opportunities of the future.” The deal cements Stanbic Bank’s Africa-China Banking Proposition (ACAP) designed to assist clients who engage in international trade with China. The ACAP brings together the Industrial and Commercial Bank of China’s (ICBC) financial and global reach and Standard Bank’s deep expertise in Africa to

facilitate trade transactions. Keda is the leading manufacturer of ceramic tiles in Ghana and produces to serve both the local and West African markets. The company is a joint venture between Guangzhou Sunda International Trading Company and Keda Industrial Group, a Shanghai-listed entity and the leading global ceramic machine supplier. The deal will enable Keda Ghana meet the growing demand for ceramics in West Africa and support the company’s “Made in China to Made in Africa” strategy.