Business24 Newspaper 6th September, 2021 by Business24 Online

MONDAY SEPTEMBER 6, 2021

BUSINESS24.COM.GH

Monday September 6, 2021

NO. B24 / 244 | News for Business Leaders

Global food commodity prices rebound in August

Insurance In Africa: CEO of Allianz Africa shares insights with EMBA Finance class

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Ursula raises concerns over digital gender disparity By Patrick Paintsil p_paintsil@hotmail.com

A commercial court ordered earlier this year that 30 percent of Sankofa revenues be placed in an escrow account.

Eni reels under High Court order in unitisation impasse By Benson Afful affulbenson@gmail.com

nternational oil giant Eni says an order by an Accra High Court for it to set aside

30 percent of revenue from company of revenue for future the production of oil from the investment. Sankofa field in a bank account Eni and its partner Vitol, in a until the determination of a suit notice of arbitration filed against filed by Springfield, a Ghanaian Cont’d on page 2 exploration firm, will deprive the

he Minister for Communications and Digitalisation, Mrs. Ursula Owusu-Ekuful, has stressed the need to bridge the digital gender disparity, especially in an era where technology is driving the future of jobs, innovation, social wellbeing, inclusive growth and sustainable development. "Nation building requires the contribution of all, and technology is the key driver of growth and economic Cont’d on page 3

GACL investigates KLM flight incident Eric Asubonteng (in blue suit) addresses the Committee of Mines and Energy. Seated by him is Sulemanu Koney, chief executive officer of the chamber.

Mines chamber wants VAT exemption for exploration firms By Eugene Davis

ugendavis@gmail.com

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By Benson Afful affulbenson@gmail.com

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Cont’d on page 2 Cont’d on page 2

Editorial / News

MONDAY SEPTEMBER 6, 2021

Editorial

Digital journey must be gender neutral

he Ministry of Communications and Digitalisation is pursuing the rapid adoption and use of technology in all sectors of the economy as part of the national digital transformation agenda to engender efficiency, improve productivity and drive growth in both public and private enterprises. Unfortunately, the participation and opportunities for women in all of these innovations is very minimal, according to industry data. In 2017, an UNESCO report titled “Cracking the code: Girls and women’s participation in STEM” estimated that only 35percent of students in that discipline in higher education globally were women, whilst

differences were observed within STEM disciplines and specific countries. The picture was even more worrying when it came to information and communication technologies where only 3percent of women in tertiary education opted for that course. It is also estimated that women hold 24percent of all jobs in the digital economy as at 2018. Government, working through the sector ministry, has over the years sought to remedy the situation by introducing some interventions targeting access, STEM, gender, application of ICT and administrative arrangements. It is obvious that to address the digital gender gap, there is a need to increase access to the internet

by investing in infrastructure to extend coverage in underserved areas, increase levels of digital literacy through ICT education and ensure online safety by intensifying awareness creation. Gender neutral digital adoption and use could offer women, and girls, in particular, opportunities to overcome hurdles they may face in the physical world adding, digital access can empower women and girls, help expand their sense of self in the world, increase civic engagement, and raise awareness of their rights. It could also facilitate flexible working hours, enabling women combine their caregiving roles and careers effectively, working from home with digital platforms.

Eni reels under High Court order in unitisation impasse Continued from cover

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the government and the Ghana National Petroleum Corporation (GNPC), said the High Court’s interim application against the oil company for the preservation of revenues generated by Sankofa field is imposing a significant constraint on the company’s ongoing use of funds derived from the project. The Italian oil company said it believes the Springfield proceedings are not expected to be determined until late 2022 or 2023 at the earliest. “The substantial prejudice inflicted by the Preservation of Funds Order on the claimants’ interest is compounded by the fact that all current revenues are devoted to meeting operational costs and repaying historical investment costs,” Eni and Vitol said in the arbitration notice. “It bears emphasis that this substantial interference with the claimants’ business and assets is all premised upon Ghana’s unlawful purported directives, which are the subject matter of this arbitration,” the companies added. The commercial court, which ordered earlier this year that 30

percent of Sankofa revenues be placed in an escrow account, said its decision would protect the interests of Springfield while allowing Eni to continue operating and cover costs. Springfield, which operates the Afina oilfield neighbouring Eni's Sankofa offshore field, had asked the court to preserve revenue from Sankofa until a deal was reached to combine the projects. However, Eni said it has appealed the Preservation of Funds Order on various grounds, adding that the decisions of the Ghanaian courts in the Springfield proceedings to date raise serious and legitimate concerns about

whether it will have access to effective justice in the country. Background to the case In April 2020, the Ministry of Energy in a letter signed by the former Minister, John Peter Amewu, directed Eni and Springfield Exploration to unitise their fields—Sankofa and Afina. The decision resulted from a series of engagements and analysis of post-drill data, which showed that the Afina discovery in the West Cape Three Points-2 block, belonging to Springfield, and Eni’s Sankofa field in the Offshore Cape Three Points contract area straddle.

News

MONDAY SEPTEMBER 6, 2021

Mines chamber wants VAT exemption for exploration firms Continued from cover

he Ghana Chamber of Mines has proposed to government to exempt exploration companies from the payment of VAT to reduce the risk and cost of the activity. According to the president of the chamber, Eric Asubonteng, one of the main factors accounting for the decline in exploration capital is the surcharge of VAT on exploration expenditure. Addressing Parliament’s Committee of Mines and Energy before it went on recess, he said exploration is the most critical activity that guarantees continuous production of minerals, as it provides a pipeline of new projects and reserves to replace depleted ore bodies. He added that exploration is a high-risk activity without inflows of revenue and therefore relatively expensive, which is worsened by the imposition of VAT on services consumed by such firms. “More so, a large share of the

exploration licences—617—is held by Ghanaians, who are usually constrained in raising capital for finance their work programmes.” Another factor hindering exploration is the high land-holding cost, with Mr. Asubonteng arguing that relative to the country’s peers in the

sub-region, Ghana has a higher cost—comprising annual mineral rights fee, exploration permit fee, processing fee, EPA permit fee and ground rent—of holding land for exploration purposes. “Land-holding cost for exploration firms in Ghana is about twice and thrice the

equivalent rate in Burkina Faso and Côte d’Ivoire,” he said. He also told Parliament that whilst there is limited scope for value addition to gold, there is significant potential for value addition to non-precious minerals, particularly bauxite and manganese.

Ursula raises concerns over digital gender disparity Continued from cover and social transformation in the recent history of the world,” she said at the 75th anniversary celebration of St Monica's Old Students Association (SMOSA) at the Fiesta Royale Hotel in Accra. “Even though we see prospects, the digital revolution is revealing an underrepresentation of women in terms of contributing to this transformation,” she added. According to her, the gross

under-representation of girls in Science Technology Engineering and Mathematics (STEM) disciplines is not just an educational challenge but a developmental concern which needs to be addressed “if we are to harness the benefits technology offers for our people”. She made particular reference to a 2017 UNESCO report titled "Cracking the code: Girls’ and women’s education in STEM", which estimated that only 35 percent of STEM students

in higher education globally are women, with differences observed within STEM disciplines and specific countries. "The picture is even more worrying when it comes to information and communication technologies. It is estimated that only 3 percent of female students in higher education opt for information and communication technology (ICT) studies, which also means women make up just a fraction of the workforce in these STEM-related fields,” she said.

“It is also estimated that women hold just 24 percent of all jobs in the digital economy as at 2018 and the statistics have not changed," she added. To address the digital gender gap, there is a need to increase access to the internet by investing in infrastructure to extend coverage in underserved areas, increase levels of digital literacy through ICT education, and ensure online safety by intensifying awareness creation, she said. The minister said her outfit is poised to facilitate the adoption and use of technology in all sectors of the economy, including education, as part of the digital transformation agenda to engender efficiency, improve productivity and facilitate growth. "Government is taking cybersecurity seriously because it has potential to undermine all the gains we have made with respect to the use of technology, especially by women and girls. In this respect, the Cyber Security Law has been passed [and] there is also provision made for dedicated funding for the Cyber Security Authority," she added.

MONDAY SEPTEMBER 6, 2021

News

MONDAY SEPTEMBER 6, 2021

AWTN, AfCFTA sign partnership to boost intra-regional trade

he Africa World Trade Network (AWTN) has partnered the Africa Continental Free Trade Area (AfCFTA) Secretariat to accelerate intra-regional trade and investment through exhibitions, meetings and events. The partnership seeks to mobilise private sector actors across Africa to drive the attainment of strategic objectives that underpin the Africa Continental Free Trade Area Agreement. The partnership between AWTN and the AfCFTA Secretariat is meant to work towards three common objectives that support continental trade and investment promotions across Africa and promote the overall objectives of the Africa Continental Free Trade Area Agreement: • To co-organise and host forums that support continental trade and investment promotions in Africa and promote the overall objectives of the AfCFTA agreement • To support the growth

and development of Africa’s commercial community; and • To collaborate on matters of common interest, in the pursuance of enhancing intratrade in the Continent Speaking at the signing ceremony, Board Chair of AWTN, Otwasuom Osae Nyampong VI, said: “Intra-regional trade promises a real win for Africa, and the AfCFTA Secretariat is at the forefront of this significant progress in the continent’s history; it is a second Pan-African victory after Independence. AWTN on its part has recognised this watershed moment and will act as a catalyst to boost trade relations among member states and businesses across the continent.” Otwasuom Osae Nyampong VI emphasised: “Like the AfCFTA Secretariat, AWTN is headquartered in Accra, which has been recognised as a beacon for transformative development in the sub-region. In this partnership, AWTN commits to

initiate and escalate innovative programmes to mobilise investment opportunities that will enhance sustainable trade across Africa as envisioned by the AfCFTA.” On his part, Mr. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, reiterated his commitment to ensuring that the AfCFTA is effectively implemented such that there is shared and inclusive economic growth. He underscored “after many years of talks and negotiations, we are now focussed on rolling out the AfCFTA across the continent”, and identified young Africans and women in trade as segments of society that must benefit

from the implementation of the Agreement. Secretary-General Mene further noted “it is Africa’s time, and through the AfCFTA we have a unique opportunity to turn a new page on Africa’s economic development and growth trajectory”. Wamkele Mene further articulated the need to enhance the platforms of engagement between the public and private sectors. He highlighted “It is for this reason that partnerships such as this between the private sector, government and developmental institutions are needed to help collaborate and find solutions to our daily challenges”.

GACL investigates KLM flight incident Continued from cover

he Ghana Airports Company Limited (GACL) has commenced investigations into the circumstances that caused the aborted take-off of a KLM flight from the Kotoka International

Airport on Friday. The GACL said the pilot of the flight reported a bird strike close to the windshield of the aircraft. "The Rescue and Fire Fighting Service (RFFS) of GACL was at the scene immediately to provide emergency fire cover. The aircraft was subsequently

towed to the parking bay, where passengers disembarked and were transported to various hotels around the airport," it said. The airports operator further said KLM has commenced processes to get passengers back to their final destinations as soon

as possible. "Management of Ghana Airports Company Limited wishes to assure the general public that it has a robust Wildlife Management System in place and remains committed to the highest safety standards at the airport," the GACL said.

MONDAY SEPTEMBER 6, 2021

News

MONDAY SEPTEMBER 6, 2021

Wall Street banks competing for social media visibility ratings: Wells Fargo tops-IBNA research By: Messan Mawugbe (PhD)

oes it really matter to a bank to be social media visibility conscious as a business giant on the Wall Street with assets in over $ 2. 87 trillion? Certainly, it does. Largest banks in the United States have been investing in social media strategies as part of their overall digital technology business development initiatives. With the banking competition towards the digitally-savvy millennials market growing, social media presence has become a must-do business strategy than a choice. The dynamic nature of the social media platforms presents banking business with the opportunity to cultivate consumer trust, consumer retention, engaging in consumer conversation, and afford consumers a space to talkback on banking products and services which subsequently leads to brand authenticity and credibility. Banking businesses thrive on public and consumer trust, and social media offers a competitive space where consumers measure trust it reposes in competitive banking brands based on shared social media narratives across various platforms. It is against

these backdrop that banks need to pay critical attention to their social media presence and the overall visibility strategy. Unfortunately, many banking institutes consider social media as trivial spaces, it is far from that, it requires a scientific business engineering in order for brands to achieve relevance and trustworthiness. Don’t just be a Bank, be a Social Voice: Banking today is about meeting consumers on their connective spaces, thus, social media platforms where they are connected. According the Pew Research, over 72% of American adults are connected to a social media platform. Similarly, from a Deloitte data, over 50% of the

population in Canada are socially connected. Effective banking in this era of digitalization means offering listening voice and a twoway transparent social media engagement to customers. Social media engagement provides positive brand image building, offers insight into consumer needs and complaints, subsequently allows for enhance strategic brand communication, positioning, and improved revenue returns. For banks to maximize on social media returns, it needs a continuous monitoring of brands social media visibility, social media mentions, social media reach, social media interactions around the brand, social media sentiments and reviews relating to the brand.

The measurement of these social media visibility values led the Institute of Brands Narrative Analysis (IBNA), brands’ media narrative monitoring agency to measure how the largest banks of the United States are competing for social media visibility ratings. In an analysis of over 1million social media narratives relating to the largest banks in the United States, from the 3rd of August to the 1st of September, 2021, Wells Fargo & Co bank toped in the following social media visibility categories: social media reach, social media mention, social media interactions, but failed slightly in positive sentiments as its negative sentiment soared above its positive sentiment ratings. JP Morgan Chase the largest bank in the United States, with a balance sheet of $2.87 trillion gained the second position with less negative sentiment ratings. Citigroup. TD Bank, Bank of America followed JP Morgan Chase in descending order. The study chart is revealed in the following USA Banks social media ratings: By: Messan Mawugbe (PhD). Founder of the Institute of Brands Narrative Analysis (IBNA). Email: nekzy@yahoo.com (USA: 09,2021)

SIM card registration begins October 1

he much-awaited SIM card registration will commence from October 1 to December 31, 2021. All existing mobile network subscribers are supposed to present their Ghana-Cards to enable them to register while foreigners will provide their passports and travel documents for registration. Business entities are also to provide their business registration documents from the Registrar General's Department for registration. Ghanaian network subscribers are eligible to register up to 10 sim cards across all mobile networks while foreigners can register three. Mrs Ursula Owusu-Ekuful, the Minister of Communication and Digitalisation, who announced this at the minister's briefing in Accra said those who failed to register their existing sim cards would have them blocked.

She said the registration would curb SIM Boxing and other criminal activities being perpetrated by fraudsters using fake sim cards. The exercise is in accordance with the Subscriber Identity Module Registration Regulations, 2011, LI 2006. The sim card registration should have been held in March, last year, but the Covid-19 pandemic delayed the process. The registration would be undertaken by agents of the mobile network operators at designated registration centres and Ghana Post Offices. It is expected that the exercise would build better demographic customer databases for mobile networks to help them develop better products and services. Additionally, the National Communication Authority would have accurate data to regulate the telecommunication industry and improve e-government services

for economic growth. Meanwhile, Mrs Owusu-Ekuful has announced that the Central Equipment Identity Registry would soon be established to address the smuggling and trade in counterfeit, stolen and sub-

standard mobile devices. Ghana would also be connected to the global database to access the IMEI of approved and blacklisted devices to help the authentication of mobile devices, she said.

News

MONDAY SEPTEMBER 6, 2021

KEDA generates US$34.8m in ceramics’ exports

he KEDA Ceramics Company Limited, producers of Twyford Ceramic Tiles in the Shama District of the Western Region, exported 10,540,800-meter square of ceramics and accrued US$34. 8m in foreign exchange for the country in 2020. The figure, represents a significant increase from the 7,156,800-meter square of ceramics recorded in 2019 with a total of US$22.9m, despite the scare of the COVID-19 pandemic. President Nana Addo Dankwa Akufo-Addo made this known when he commissioned the third phase of the company’s factory as part of his two-day tour of the Western Region. The construction of the third phase of the factory started in September 2019, and was completed in June 2021. KEDA Ceramics Company Ltd, located at Lower Inchabaan invested some US$150m in all three phases, resulting in an increased production capacity of 150,000 square metres of tiles per day. The company operating under government's "One District One Factory “initiative, currently

exports 60 percent of tiles produced to the West African market. Government also provided exemptions in the area of equipment, machinery, construction materials among others to enhance their operations. The President who was enthused about the fast progress and expansion of the company said its exports are expected to hit 12,355,200 metric square with $39.5 million as foreign exchange generation. He noted that the expertise

of KEDA Ceramics and the reputation for its best qualities has positioned the company to be competitive not only in Ghana, but the whole of West Africa and the world at large. President Akufo-Addo commended the promoters for having confidence in the government and the Ghanaian economy and assured them of government’s continuous support to expand operations and take advantage of the African Continental Free Trade Agreement. He also applauded the

traditional rulers and land owners for their unflinching support for the project and advised the workers of the company to put in their best devoid of any negative tendencies that might undermine the success of the company. The company has provided over 2,000 direct and indirect jobs and the figure is expected to increase to more than five thousand by 2022. Mr. Michael Okyere Baafi, a Deputy Minister of Trade and Industry, said the success story of KEDA Ceramics is a testament to the fact that with a friendly business environment and the appropriate incentives, such as the one that pertained under the 1D1F flagship programme, home grown companies could compete on the global market. He said, "The siting of the factory in the Western Region is a classic example of local enterprises harnessing the available resources to enhance the economic activities of the people within its catchment area". Mr. Baafi was happy about the usage of locally available raw material as the major input in the manufacturing of its products.

US donates 1.2million Moderna vaccines to Ghana

ore than 1.2 million doses of the Moderna COVID-19 vaccine donated by the United States arrived in Ghana on Saturday morning. US Ambassador Stephanie Sullivan, Deputy Minister of Health, Honorable Mahama Asei Seini, Deputy Minister for Foreign Affairs and Regional Integration, Honorable Kwaku Ampratwum-Sarpong, and the UNICEF Country Representative to Ghana Ms Anne-Claire Dufay received the vaccines at the Kotoka International Airport in Accra. Delivered through COVAX, the donations are part of the BidenHarris Administration’s global efforts to fight the COVID-19 pandemic. Ghana’s Ministry of Health and the Ghana Health Service will oversee vaccine distribution nationwide. “These vaccines will save lives here in Ghana. Vaccines, along with other preventive protocols, will help control the pandemic and slow the development of new variants. We stand with the Government of Ghana in its fight to stop the spread of COVID-19,”

said Ambassador Sullivan. The United States has worked closely with Ghana since the start of the pandemic and has contributed over $30 million to support public health efforts and the COVID-19 response in Ghana. These funds are addressing the immediate and medium-term effects of COVID-19 on the health, agriculture, and education sectors, including the hard-hit private sector. The 1,229,620 doses donated to Ghana by the United States

through the United States Agency for International Development (USAID) today are part of the Biden-Harris Administration’s commitment to share the U.S. vaccine supply with the world. The United States has already donated and delivered more than 125 million doses to more than 80 countries and economies worldwide. As we continue to fight the COVID-19 pandemic at home and work to end the pandemic worldwide, President Biden has promised that the

United States will be an arsenal of vaccines for the world. The United States and USAID will continue to support Ghana’s COVID-19 vaccination efforts, including future donations. USAID will also support vaccine preparedness efforts, including transport of vaccines to health facilities, detailed planning, and social and behavior change activities to encourage uptake of WHO-approved COVID-19 vaccines.

News

MONDAY SEPTEMBER 6, 2021

Abu Jinapor inaugurates new board for GIADEC

inister of Lands and Natural Resources, Samuel Abu Jinapor, has inaugurated the new Governing Board of GIADEC with a charge for members to give meaning to President Akufo-Addo’s vision of a “Ghana Beyond Aid” by delivering on GIADEC’s mandate of developing an Integrated Aluminium Industry (IAI) in Ghana. “As much as I recognise that a lot of work is being done in respect of the President’s vision of developing an Integrated Aluminium Industry in Ghana, we have to begin to move from plans, strategies, proposals or what we intend to do to what we have done in respect to the vision of an IAI,” he said. He added that “What the Ghanaian people are looking for ultimately is that we have this industry planted here in Ghana”. Mr. Abu Jinapor was however, full of praise for the Chief Executive Officer of GIADEC, Mr. Michael Ansah, for establishing a strong foundation for the takeoff of the IAI, two years since the

Corporation began operations. Chairperson for the newly constituted board, Dr Tony Oteng Gyasi, for his part, expressed his gratitude and that of the team to the President for the confidence reposed in them. He pledged the commitment of the board in steering the affairs of GIADEC towards the realization of a fully operational Integrated Aluminium Industry.

Other members of the board are Mr. Michael Ansah, CEO of GIADEC; Mr. Martin Kwaku Ayisi, Minerals Commission representative; Mr. Humphrey Ayim Darke, Association of Ghana Industries representative; George Mireku Duker, representative from the Ministry of Lands & Natural Resources. The rest are Madam Abena Osei-Asare, Ministry of Finance

representative; Ing. Dr Benjamin Ofosu Adoo, representative from the Integrated Aluminium Industry; Mr. Jaezi Orleans-Lindsey Esq., President’s nominee; Dr Henry Benyah, President’s Nominee; Nana Adutwumwaa Dokua, Okyenhemaa, President’s nominee; and Nana Amampene Boateng Twum II (Nyinahinhene), President’s nominee.

Prof Goski Alabi wins Africa's Most Respected CEO in Tertiary Education award

rofessor Goski Alabi, Consulting President of Laweh Open University College, has been adjudged Africa's Most Respected Chief Executive Officer (CEO) in Tertiary Education for 2021 at a ceremony in Dubai, United Arab Emirates (UAE). The event was organised by The Business Executive Magazine, the reputed leading periodical that covers the economy, business, finance, investment and socioeconomic development in West Africa. A statement issued by Laweh Open University College said the objective of the award scheme, among other things, was to provide top CEOs in Africa with a form of a benchmark for assessing their performance both in “quantitative considerations, public image and appreciation (as ascertained by public voting) when compared against their peers elsewhere on the Continent.

According to the organisers, Prof Alabi’s laurel was in recognition of her enormous contributions to tertiary education, particularly open and distance education in West Africa. Prof Alabi, who is also President of the African Council for Distance Education (ACDE), dedicated the award to the open and distance education community in Africa, saying “it will inspire us all to contribute our best to our nation and the continent.” She thanked God for the award and appreciated the support and votes she garnered from voters.

The statement recalled that in September 2020, Prof Alabi emerged as the Most Outstanding Female in Tertiary Education

in Ghana at the 6th Feminine Ghana Achievement Awards also organised by the Business Executive.

News

MONDAY SEPTEMBER 6, 2021

Dr Awal urges entrepreneurs to strive towards quality

r. Mohammed Awal, Minister for Tourism, Arts and Culture has urged

entrepreneurs in the country to strive towards quality products and services.

This, he said, is needed to make the government's efforts to support the private sector

effective. Dr. Awal who made this statement in Accra at the Eighth Made in Ghana Awards 2021 said the government is of the belief that investing into the private sector is key to achieving socioeconomic growth. The minister said the government would therefore continue to support the growth of entrepreneurs and commended business leaders for their resilience, even in the face of COVID-19, saying “successful entrepreneurs should build plans of secession, in order to ensure the survival of their business, when they are old and no longer able to run them.” A number of individuals and business entities were awarded for their outstanding performance in 2020. The event was also graced by a cross section of state dignitaries including members of the diplomatic corps, government officials, and prominent business owners. Organised by the Entrepreneurs Foundation of Ghana, the Made in Ghana Awards, is meant to support the country's local manufacturing and service industries, and ensure their continued survival and growth. GNA

National Petroleum Authority awarded HR Team of the Year

he National Petroleum Authority (NPA) has been adjudged the Human Resource Team of the Year at the maiden edition of the HR Role Model Excellence Awards held at Alisa Hotel in Accra. The prize is in recognition of the tireless work the HR department has done over the years, to ensure the authority continues to attract the best materials for the petroleum downstream sector. The petroleum downstream in Ghana encompasses all activities involved in the importation and refining of crude oil as well as the sale, marketing and distribution of refined petroleum products in the country. The various commercial activities of the industry include: importation, exportation, re-exportation, shipment, transportation, processing, refining, storage, distribution, marketing and sale of petroleum products. The National Petroleum

Authority was established by an Act of Parliament (NPA Act 2005, ACT 691) to regulate the petroleum downstream industry

in Ghana. As a regulator, the authority ensures that the industry remains efficient, profitable, fair, and at

the same time, ensuring that consumers receive value for money.

News

MONDAY SEPTEMBER 6, 2021

Global food commodity prices rebound in August

lobal food commodity prices rebounded rapidly in August after two consecutive months of decline, led by strong gains in the international price quotations for sugar, wheat and vegetable oils, the Food and Agriculture Organisation of the United Nations (FAO) has said. The FAO Food Price Index averaged 127.4 points in August, up 3.1 percent from July and 32.9 percent from the same month in 2020. The index tracks monthly changes in the international prices of commonly-traded food commodities. The FAO Sugar Price Index rose 9.6 percent from July, pushed up by concerns over frost damage to crops in Brazil, the world's largest sugar exporter. The increase was mitigated by good production prospects in India and the European Union as well as by a decline in crude oil prices and a weakening of the Brazilian real. The FAO Vegetable Oil Price Index increased by 6.7 percent in August, with international palm oil prices reverting to historic highs due to protracted concerns over below-potential production and resulting inventory drawdowns in Malaysia. Quotations for rapeseed oil and sunflower oil also rose. The FAO Cereal Price Index averaged 3.4 percent higher in August than July. World wheat prices jumped by 8.8 percent due to reduced harvest expectations in several major exporting countries. Maize prices, by

contrast, declined 0.9 percent as improved production prospects in Argentina, the European Union and Ukraine moderated the lowered production forecasts in Brazil and the United States of America. International rice prices remained on a downward trajectory. The FAO Meat Price Index edged up slightly in August, as strong purchases from China supported ovine and bovine meat prices and solid import demand from East Asia and the Middle East buoyed poultry prices. Pig meat prices, by contrast, fell due to China's continued decline in purchases and weak internal demand in Europe. The FAO Dairy Price Index was down marginally from July, as international quotations for milk powders declined amid a weak global import demand

and seasonally rising export availabilities in Oceania, more than offsetting rising butter and cheese prices. World cereal supplies remain adequate despite lower production prospects Global cereal production in 2021 is forecast to reach 2 788 million tonnes, up by 0.7 percent from the year before but below July's expectations, according to FAO's new Cereal Supply and Demand Brief, also released today. World wheat output is now expected to contract by 0.7 percent to 769.5 million tonnes this year, due predominantly to the negative impact of prolonged drought conditions in North America as well as adverse weather in Kazakhstan and the Russian Federation. Global coarse grains output is

forecast to grow by 1.3 percent in 2021 to 1 499 million tonnes, even as production in Brazil is expected to contract. Global rice output is seen rising by 0.9 percent yearon-year to reach an all-time high of 519 million tonnes, buoyed by record yields reported for Viet Nam. FAO now projects worldwide cereal utilization in 2021/22 to rise by 1.4 percent from the previous marketing year to 2 809 million tonnes, supported by a strong growth in feed use as well as higher food consumption. The July forecast for global cereal stocks by the close of seasons in 2022 has been lowered to 809 million tonnes, a 0.9 percent drop from opening levels. Global rice stocks are on track to reach their second highest level on record, while dry weather is expected to squeeze wheat inventories - with ending stocks in the United States of America reaching an eight-year low and those of Canada dipping to their lowest level in 40 years. Overall, the world stocks-to-use ratio for cereals is projected at 28.1 percent, down from 29.9 percent in 2021/22 "but still indicating a relatively comfortable supply from a historical perspective," FAO said. World trade in cereals is now expected to decline in 2021/22, contracting by 1.3 percent to 466 million tonnes with foreseen decreases in wheat and coarse grains outweighing a rising world trade of rice.

UCC ranked among top global universities with high research influence

he University of Cape Coast (UCC) has been ranked among top universities in the world in terms of field weighted citation impact (research influence) of Times Higher Education’s scholarly research outputs. UCC has thus, become the only university in Ghana to ever achieve this feat since the inception of the Times Higher Education Annual Rankings in almost two decades. The university was also ranked the number one university in Ghana, the top university in West Africa, and among the top five universities on the African continent. It was the highest-ranked new entrant out of the 138 universities that made their debut in the 2022 global university ranking league. “The formidable reputation of

our scholarly research outputs each year is indicative of the solid track record of UCC during the past six decades, and contributed to this achievement.”, the University said in a statement to celebrate the achievement. According to management of the university, UCC had demonstrated that its pedigree in higher education and the impact of its scholarly research were unparalleled in Ghana and Africa. “This achievement gives expression to the vision of UCC—To be a University with worldwide acclaim that is strongly positioned for innovative teaching, research, outreach and professional development”, the university said. “The entire University of Cape Coast fraternity particularly, the Chancellor, Chairman of the

University Council, past and present university management, the Vice-Chancellor, Pro-ViceChancellor, registrar, the director and staff of the Directorate of Research, Innovation and Consultancy (DRIC). " The Times Higher Education ranking committee, faculty, administrators, students, alumni, friends and family, local and international partners are very proud of this remarkable achievement that positions UCC as a university that is breaking new grounds in higher education.” The annual Times Higher Education (THE) World University Rankings (WUR), is the most prestigious global ranking. It aims to provide the definitive list of the best universities, (1622 institutions in 99 countries in 2021), evaluated across five key

areas of teaching, research, citations, international outlook and industry Income. The 2022 World University Rankings include more than 1,600 universities across 99 countries and territories, making them the largest and most diverse university rankings to date. It is the only global university rankings league table to judge research-intensive universities across each one of their core missions: teaching (the learning environment); research (volume, income, and reputation), international outlook (staff, students, and research); citations (research influence); and industry income (knowledge transfer). Times Higher Education (THE) uses 13 carefully calibrated performance indicators to provide the most comprehensive and balanced comparisons.

MONDAY SEPTEMBER 6, 2021

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MONDAY SEPTEMBER 6, 2021

Ethiopian Airlines debunks allegation of illegal wildlife transport

thiopian Airlines has debunked allegations of illegal wildlife transport by some activists saying it takes maximum care in air transport of live animals. The Airline said: "As an International Air Transport Association (IATA) member carrier, Ethiopian Airlines takes maximum care in air transport of live animals and strictly

follows all national, regional, and international regulations on the transport of live animals.” This is in line with IATA and ICAO procedures besides various governmental regulatory procedures. The wildlife transport is carefully managed by various regulatory authorities both within the exporting and importing countries as well as by

international authorities such as CITES, an international United Nations treaty comprised of 178 countries. The comapny said the transport of all wildlife was conducted in full compliance with IATA live animal regulations for all species. "Ethiopian Airlines has several live animals transit rooms at its hub at Addis Ababa Bole International Airport, which are

climate controlled," it added. It said Ethiopian Airlines actively monitors compliance and has refused shipments that were found not in compliance. It said the Airline had procedures in place to exercise due diligence to the best of its ability when scheduling consignments for shipments, ensuring that shippers presented in advance a copy of all required licenses and permits, including CITES (if required) as well as any import permits, and health documentation. "We utilise the IATA live animal checklist to ensure each step of the process is in compliance," the airline said. It said Ethiopian Airlines had contributed to conservation by assisting in the transport of endangered species between rescue centres or from conservation breeding sites, quite often at no cost as its contribution to conservation efforts. The Airline said any organization that opposed legal trade of wildlife should direct their efforts to the countries that had authorised the trade within their respective laws and policies.

Founder of Transform Africa visits Ghana

he Founder of Transform Africa, Dr. Rollan Roberts, is set to roll out a series of plans to allow strategic impactful investment to accelerate the economic, utility, educational, social, and healthcare transformation of Ghana. The organization is a subsidiary of Transform Africa. It currently has offices in 28 African countries with a reach of over 8 million Africans weekly through its business and entrepreneurship programs, women’s empowerment, and vocational training, men’s mentorship and development program, and Afrimerica Youth Bible Clubs, while supplying advanced clean water, technology, mobile medical clinics, road and technology infrastructure. Transform Africa solves complex systematic and structural challenges throughout Africa and serves the needs of many governments across the continent. Dr. Rollan Roberts is a resource for African presidents, ministers, government and business leaders on matters of national security,

cybersecurity, clean water, education, entrepreneurship, waste-to-energy and literacy. Speaking at a press briefing

earlier in August at the Kempinski Gold Coast City Hotel, Dr. Rollan Roberts said, “it is a great honour to join such an esteemed United

States of America delegation in support of critical nationbuilding and stabilizing work in Ghana”.

MONDAY SEPTEMBER 6, 2021

Feature

MONDAY SEPTEMBER 6, 2021

The G20 must recommit to COVAX

By Seth Berkley is CEO of Gavi, the Vaccine Alliance.

t is one year since the international community gave its backing to the COVID-19 Vaccine Global Access (COVAX) facility to lead a worldwide effort to end the acute phase of the pandemic. The initiative aimed to ensure that every country, and not just those with sufficient money or resources, could access life-saving vaccines once they became available. As G20 health ministers prepare to meet in Rome on September 5-6, they are in a position to ensure that COVAX fulfills its mission. A year ago, no one knew when or even if it might be possible to develop a safe and effective vaccine against COVID-19, let alone the 20 that are available today. But since making its first international deliveries in February, COVAX – a partnership established by the Coalition for Epidemic Preparedness Innovations, the World Health Organization, UNICEF, and Gavi, the Vaccine Alliance – has delivered more than 235 million vaccine doses to 139 countries. Only China, India, and the United States have delivered more. This start to the largest and most complex vaccine rollout in history has given hope to millions of people and laid solid foundations for how we respond to future pandemics. Yet, so much more could, and should, have been achieved by now. It is unacceptable that only 1.8% of people in low-income

countries have received their first dose of a COVID-19 vaccine, compared to 82% in high- and upper-middle-income countries. This shocking inequality is as economically senseless as it is destructive to human life, with the latest estimate of the cost of the slow rollout amounting to $2.3 trillion. The world was woefully unprepared for a pandemic, and this is reflected in the challenges COVAX has faced. By the time initial funding arrived, wealthy countries had already locked up early vaccine supplies. Export bans affecting key suppliers, and difficulties experienced by many manufacturers in scaling up production to the required level, also undermined COVAX’s ability to access doses early. Given increasing global vaccine inequity and the rise of new, more contagious coronavirus variants, we must put these challenges behind us. Thanks to the support of almost all G20 governments, alongside that of foundations and private businesses, COVAX has now raised nearly $10 billion and secured more than 600 million donated doses. All the preparations are in place for the most comprehensive vaccination effort that the world has seen. Based on the committed orders COVAX has placed with vaccine manufacturers and the additional donations, hundreds of millions of new doses should now be available each month. We need to make sure they reach poorer countries and get into people’s arms. To avoid further delays,

and for the facility to succeed, we need support from G20 leaders in four key areas. First, we need doses, and we need them now. The premise of COVAX was always that the facility should be able to negotiate and buy its own doses. With our early vaccine access compromised, donations have played a vital role in maintaining our ability to keep doses flowing to those most in need. Of the 600 million doses pledged to COVAX to date, 100 million have now been delivered. We need more, and soon, with longer shelf lives and greater certainty so that recipient countries have time to plan their rollout. This can be achieved without jeopardizing high-income countries’ national vaccination efforts. We also need G20 leaders to support our call for transparency. COVAX has legally binding agreements with manufacturers for more than four billion doses, but has all too often faced delays in accessing them. Without greater clarity regarding firms’ order books, it is impossible to know whether these holdups are due to production challenges or preferential treatment for bilateral arrangements. Insisting that manufacturers are transparent about their order timelines can ensure a level playing field where no one – particularly those living in developing countries – gets bumped to the back of the vaccine queue because of another bilateral deal. In addition to ensuring that manufacturers keep

their commitment to COVAX, governments should make global vaccine access their highest priority. Countries with pending orders for doses that they currently do not need should allow COVAX to take their place in the queue so that we can get doses to needy countries now. Finally, lower-income countries require continued financial and technical support for their COVID-19 vaccine rollouts. Strengthening national health systems will help these countries to ensure delivery of doses and mitigate the pandemic’s secondary effects, and will leave in place infrastructure critical to future global health security. By recommitting to COVAX, G20 leaders will recommit to a multilateral solution that builds on the astounding scientific progress of the past year. Based on COVAX’s latest forthcoming supply forecast, when topped up with doses through bilateral deals, equitable COVID-19 vaccine access can protect up to 60% of the adult population in 91 lower-income countries. This would represent a huge step toward the WHO target of 70%, which is needed to suppress the coronavirus everywhere, and COVAX represents the best opportunity to achieve it. Failure would mean more lives lost, broken health-care systems, even deadlier and more transmissible variants, and a pandemic with no end in sight. The G20 must not allow that to be an option.

MONDAY SEPTEMBER 6, 2021

African Business

MONDAY SEPTEMBER 6, 2021

Uhuru rejects Bill on mandatory housing, amenities for refugees

resident Uhuru Kenyatta has rejected a Bill that would have compelled the State to provide housing and social amenities to refugees at special transit centres, saying it did not consider critical infrastructures such as police stations and prisons. The Refugee Bill, 2019l sought to compel the Interior ministry and counties to provide transit centres— temporary housing centres— for refugees and asylum seekers but did not include detention centres. President Kenyatta rejected the provision saying that it excluded detention centres like prisons, police stations, immigration centres and remands that are under the law used as holding grounds for refugees and asylum seekers. Mr Kenyatta’s rejection of the Bill comes at a time Nairobi has

said that it will close two camps holding over 400, 000 refugees by June next year, citing the facilities’ links to terrorism and

smuggling of small-arms. “The president notes that the effect of the omission of the proposed definition is in conflict

with section 4 and 12(3) (g) of the Persons Deprived of Liberty Act of 2014 which provides that detention facilities may be used as holding centres for refugees and asylum seekers,” read President Kenyatta’s message to Parliament. The Bill was on Wednesday returned to the National Assembly Committee on National Security and Administration to include the changes. Kenya has already declared plans to shut down two of the world’s biggest refugees camps— Kakuma and Dadaab— located in Turkana and Garissa counties respectively. The country informed the United Nations of its decision citing national security concerns over infiltration by militants from the Al Shabaab Islamist group and proliferation of small arms from war-torn South Sudan, Ethiopia, and Somalia. Businessdaily

Kenya, Uganda locked in new sugar trade row

ganda has protested a 79 percent cut on its scheduled sugar exports to Kenya, reigniting trade disputes between the two East African Community states. Uganda’s Agriculture minister Frank Tumwebaze said Thursday his country was “not happy” with restrictions on its sugar exports to Kenya. “We need an honest conversation about these trade restrictions from your side,” he said in a tweet addressed to his Kenyan counterpart, Peter Munya. Mr Tumwebaze was reacting to a notice by the Sugar Directorate in Nairobi that traders will only be allowed to import 18,923 tonnes of sugar from Uganda, down from 90,000 tonnes that Kenya had earlier said would be shipped in from its landlocked neighbour. Kenya’s Trade Cabinet Secretary Betty Maina and her Ugandan counterpart had in April this year agreed that Uganda would export 90,000 tonnes of sugar to Kenya as soon as the verification mission on the country of origin was completed. A deal between the two countries allowed Uganda to export surplus sugar into the country three years ago. But Nairobi delayed the implementation until late last year when the neighbouring state was allowed to ship in 20,000 tonnes

of the 90,000 tonnes surplus that it had requested. The change of plans by Kenyan authorities have rubbed their Ugandan counterparts the wrong way amid threats of retaliatory action. “Kenya imports about 450,000 tonnes of sugar. If your sugar board (trade police) allowed Uganda to export to Kenya its 150,000 tonnes still your sugar import demand would remain unmet. So nothing explains the restrictions on Uganda” Mr Tumwebaze said. “Should we also start a board to restrict or give permits to Kenyan margarine and plastics? Yes, we could check on their standards too!” The two countries struck a deal in April to resolve the persistent trade dispute between them following a seven-day visit by Kenyan officials led by Ms Maina to Kampala. In addition to discussing nontariff barriers (NTBs) affecting trade between the two countries, the Kenyan delegation sought assurances that the sugar exported to Kenya was wholly produced in Uganda. Kenyan producers argue that the commodity coming from the landlocked neighbour originates from third party countries -- a claim Kampala denies. Following the visit, the two

nations signed a framework of trade co-operation and agreed that Kenya would import up to 90,000 metric tonnes of Ugandan sugar per year from July 1, 2021. The officials also agreed to abolish a 35 percent excise duty on liquid petroleum gas cylinders manufactured in Uganda. “Kenyan authorities would immediately implement the March 2019 Joint Ministerial Commission Decision that allowed Uganda to export to Kenya, duty-free, 90,000 metric tonnes of wholly originating sugar annually,” a joint communique issued after the meetings read in part. The deal was uplifting for Ugandan sugar exporters who had previously been restricted to 11,000 metric tonnes per year allocated by the Common Market for Eastern and Southern Africa (Comesa) Council of Ministers. Official data shows that Uganda produces about 510,000 tonnes of sugar annually, of which about 360,000 are consumed locally and the rest offered to the regional export market. In reciprocation to Kenya’s concessions, Uganda committed to abolishing a 13 percent excise

duty on Kenyan-manufactured juices, malted beers, and spirits with effect from July 1, 2021 and scrapping a 12 percent verification fee on pharmaceuticals manufactured in Kenya. Uganda had introduced discriminative excise duties under the Excise Duty Amendment Act 2017. As part of the pact in April, Kampala also committed to abolishing the 20 percent excise duty on furniture and 18 percent value-added tax (VAT) on exercise books manufactured in Kenya with effect from July 1. Additionally, Uganda undertook to abolish the 18 percent VAT charged on processed poultry meat exported from Kenya and zero-rate drugs manufactured in Kenya with effect from July 1. Despite these pledges, both countries have reneged on implementing some of them— triggering intermittent disputes such as the latest one on sugar trade. Source: Businessdaily

MONDAY SEPTEMBER 6, 2021

Feature

MONDAY SEPTEMBER 6, 2021

Ecommerce expansion has catalysed development in Ghana’s rural areas

By Bennet Otoo, Jumia Ghana

n recent times, the cry for development in many of Ghana’s rural areas and hinterlands has been louder than ever. Roads, hospitals, schools and many other infrastructural developments seem to be ongoing at a slow pace. For the rural folk, improvement in their day to day lives is top of the list. According to Abraham Maslow’s theory of needs, the basic level of needs include food, water and shelter. Just above this, we find safety and security. This theory applies to every individual under the sun. A visit to Akwidaa, a village in the Western region of Ghana showed that rural folk are more interested in acquiring essential items such as groceries, toiletries, provisions, home & kitchen supplies, nose masks & sanitizers and clothing. This reiterates Maslow’s theory. In recent times. Many Ghanaians all over the country especially those in the big cities have become heavily reliant on online shopping / ecommerce as their main source of getting essential items. In the wake of the covid-19 pandemic and it’s new variant, ecommerce has emerged as the best way to stay safe. One may argue that there are challenges with ecommerce when it comes to rural areas. Notable among these challenges are internet access, smartphone adoption, lack of good access roads and the lack of adequate education among rural folk about ecommerce. Africa’s leading ecommerce ecosystem, Jumia, has provided a platform and

related logistics to ensure that everyone enjoys the benefits of ecommerce. Empowering indegineous people who reside in these communities with skills and equipment has helped change the narrative for many rural communities. These people are termed J-force agents and they are greatly driving ecommerce in these areas. With over 20,000 of such agents spread through all 16 regions of Ghana, the future is bright for the development of Ghana through ecommerce. Addison Amerlowo, a J-force agent who hails from Akwidaa, a village in the Western region of Ghana said ‘’ I have been working with Jumia for the past 2 years.I help people who have no smartphones or access to the internet to order items online. The people in these places buy from Jumia because of the reduced prices and convenience of delivery. They purchase essential items such as groceries, a bag of rice at 30ghs, cooking oil at 10ghs as well as clothing. I am also earning a lot from this job. I am able to pay for my basic needs like water, electricity bills while saving the rest to start school next year. Ecommerce provides more offers and choices, it provides great value for the people'’ Thanks to ecommerce, many rural folk can now easily access a wide range of affordable products and have them delivered in their villages where they collect their orders from Jumia’s pick up stations at reduced shipping fees. Today there are over 500 pickup stations all over the country. In addition, people in suburbs to

some of these big cities can get their orders taken to their homes or workplaces by delivery agents. Speaking also in her local dialect, Madam Anita Esaaba Johnson who is a widowed mother of 4 children had this to say ‘’ Taking care of 4 children all by myself has been very challenging. Two of my children are in senior high school and getting quality items like bags, shoes, clothing that will last longer has always been a problem. Even when I get them, because the goods are brought from far away, the prices are overwhelming. Getting provisions for them to take to school was also very challenging. Ever since the Jumia agents started helping us order items online, I am very relieved because I save a lot of

money when I buy online. I also get to pick up the items quicker than before at the Jumia pick up station in the neighboring town. The savings that I get from buying online helps me in other areas such as buying books and giving the children pocket money. I am planning on buying a smartphone soon so I can order by myself’’. Undoubtedly, ecommerce expansion to the rural areas has catalyzed development by offering affordability, convenience, safety and job opportunities to these communities. With innovation, technological advancements, education and adequate infrastructure, Ghana has the potential to see even further developments in these areas.

Feature

MONDAY SEPTEMBER 6, 2021

America's return to realism

By Eric Posner

S President Joe Biden’s speech defending the withdrawal from Afghanistan announced a decisive break with a tradition of foreignpolicy idealism that began with Woodrow Wilson and reached its apex in the 1990s. While that tradition has often been called “liberal internationalism,” it also was the dominant view on the right by the end of the Cold War. The United States, according to liberal internationalists, should use military force as well as its economic power to compel other countries to embrace liberal democracy and uphold human rights. Both in conception and in practice, American idealism rejected the Westphalian international system, in which states are forbidden to intervene in others’ internal affairs, and peace results from maintaining a balance of power. Wilson sought to replace this system with universal principles of justice, administered by international institutions. During World War II, Franklin D. Roosevelt revived these ideals in the Atlantic

Charter of 1941, which declared self-determination, democracy, and human rights to be war goals. But during the Cold War, the US pursued a resolutely “realist” foreign policy that focused on national interest and propped up or tolerated dictatorships as long as they opposed the Soviet Union. The two rivals had little use for international institutions or universal ideals except for propaganda purposes, instead using regional arrangements to knit together their allies. It was Europe that, in the 1970s, tried to advance human rights and assume a position of moral leadership to distinguish itself from the goliaths to its east and west. America’s commitment to human rights began at a moment of weakness. In the wake of the military and moral disaster of Vietnam, President Jimmy Carter and the US Congress sought to infuse American foreign policy with a moral center and reached for the language of human rights. President Ronald Reagan saw human rights as a convenient rhetorical cudgel for clobbering the Soviet Union. But both presidents continued to support dictatorships that served US

security interests, and neither used military force to advance humanitarian ideals. The era of US-led humanitarian intervention would have to await the end of the Cold War. The rhetoric outstripped the reality, but reality did change. As the sole global hegemon, the US embarked on a large number of wars, big and small, involving a confusing mélange of hardnosed security interests and idealistic rhetoric. In Panama, Somalia, Yugoslavia (twice), Iraq (twice), Libya, Afghanistan, and elsewhere, the US launched military interventions on both national-security and humanitarian grounds. The nonintervention in the Rwandan genocide of 1994 may have been the most consequential (non)event of this period, because it was reinterpreted with the benefit of hindsight as a missed opportunity to use military force to save hundreds of thousands of lives. The debacle was used to justify the wars in Afghanistan and Iraq, and to urge US military intervention in Sudan in the early 2000s, which President George W. Bush’s administration wisely resisted, despite mass killings that

amounted to another genocide. All of this led to an extraordinary burst of interest in international law and legal institutions. Multiple international tribunals were created, leading to the establishment of a permanent International Criminal Court. Human rights treaties and institutions were revived and strengthened. Principles of humanitarian intervention were advanced, including the now-forgotten “responsibility to protect.” Every Western university nowadays has a human rights center of some sort that is a testament to the idealism of that era. It was already clear that President Donald Trump repudiated this tradition of humanitarian or quasi-humanitarian military intervention, but Biden’s forceful renunciation of it is somewhat surprising. In his speech, he repeatedly emphasized the importance of identifying and defending America’s “vital national interest.” The word “national” is key, and Biden wasn’t subtle: “If we had been attacked on

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21 CONTINUED FROM PAGE 20 September 11, 2001, from Yemen instead of Afghanistan, would we have ever gone to war in Afghanistan? Even though the Taliban controlled Afghanistan in the year 2001? I believe the honest answer is no. That’s because we had no vital interest in Afghanistan other than to prevent an attack on America’s homeland and our friends. And that’s true today.” America had no vital interest in introducing democracy to Afghanistan, in helping women escape a medieval theological regime, in educating children, or in helping to prevent another civil war. His decision to withdraw from Afghanistan was “about ending an era of major military operations to remake other countries. We saw a mission of counterterrorism in Afghanistan, getting the terrorists to stop the attacks, morph into

MONDAY SEPTEMBER 6, 2021

a counterinsurgency, nationbuilding, trying to create a democratic, cohesive, and united Afghanistan. Something that has never been done over many centuries of Afghan’s [sic] history. Moving on from that mindset and those kind of large-scale troop deployments will make us stronger and more effective and safer at home.” Biden also did say that human rights will remain “the center of our foreign policy,” and that economic tools and moral suasion can be used to advance them. This claim is in tension with his declaration that “vital national interests” should determine military intervention. Why wouldn’t vital national interests determine nonmilitary forms of intervention as well? Clearly, the role of human rights and other moral ideals in US foreign policy has been downgraded. The only question is whether the rhetoric will be toned town to match the

new reality. Of course, it was never very clear that US governments were actually motivated by humanitarian considerations. Critics often found more nefarious motives. Future historians may well argue that US foreign policy in the 1990s and 2000s was simply advancing a very ambitious vision of the national interest: America required all countries to adopt American ideals and institutions so that none would want to act against America. Or they might say that, like any empire, the US lacked the patience and wisdom to maintain a consistent stance in its treatment of its peripheries. In any case, idealism is not actually so idealistic when a country has enough power, and the only thing that is clear now is that America doesn’t. Resistance to its post-Cold War nationbuilding goals took the form of international terrorism. China and Russia did not obediently

embrace democracy. And much of the rest of the world has reverted to various forms of nationalism and authoritarianism. With the fall of Afghanistan to the Taliban, the limits of American power have finally become obvious. Many people, and not just the leaders of hostile powers, will celebrate America’s comeuppance. But it is doubtful that the moral superstructure of human rights will survive without any country willing to use military force to support it. Eric Posner, a professor at the University of Chicago Law School, is the author of the forthcoming How Antitrust Failed Workers.

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Insurance In Africa: CEO of Allianz Africa shares insights with EMBA Finance class

he University of Ghana Business School (UGBS) was privileged to host the Regional CEO for Allianz in Africa, Dr. Coenraad Vrolijk, as a guest lecturer in Professor Joshua Y. Abor’s EMBA Finance class. Allianz Group is one of the leading integrated financial services providers worldwide, offering a wide range of products, services, and solutions in insurance and asset management. In Ghana, Allianz has a Life Insurance company and a NonLife Insurance company. Dr. Vrolijk sought to use the platform to technically introduce the students to the African insurance landscape, and some of the nittygritty of the technical aspects of insurance in Africa and Ghana, as well as basic concepts in insurance. Dr. Vrolijk’s introduction covered some statistics concerning the insurance market in Africa (estimated to be worth approximately 80 billion dollars), citing that South Africa has the highest rate of penetration in Africa and holds about 50 billion dollars of the market, with the rest of the 30 billion dollars concentrated in countries like Morocco, Kenya, Egypt, Algeria, Nigeria, Angola, and Tunisia. According to him, insurance in

Sub-Saharan expands at a rate of about 10% per year. Educating the class on what can be insured and what cannot be insured with a focus on Non-Life Insurance, Dr. Vrolijk described Non-Life insurance as a social device that provides financial compensation for the effects of misfortune on non-life insured items. He revealed that three parties exist in the insurance process: the policyholder (the buyer), the insured item (your life or an item such as a car) and the claims payout (the payment of claims and the one who receives the payout). He also stated that the insurability of a non-life risk depends on the following factors: • A large number of units independently and identically exposed to risk (e.g., Cars) • Loss is definite in time,

place, cause and amount • Expected loss should be calculable • Loss should be unforeseen and accidental • Potential loss caused by a peril should be large enough to cause financial hardship Relating these factors to the ongoing COVID-19 pandemic, Dr. Vrolijk revealed that insurance companies have tried to avoid the payout of claims because it does not satisfy the first criterion. “The problem with the COVID-19 pandemic; and you may have seen this in lots of newspapers that insurance companies are trying to avoid paying out for the pandemic, is that a global pandemic is not independent. Either it hits all of us, which is what COVID-19 is doing right now, or it hits nobody”, he intimated.

Dr. Coenraad Vrolijk has been the Regional CEO for Allianz in Africa since January 2017 and is an Allianz Africa Regional Executive Board member. At Allianz, he was previously a senior advisor to the Board of Management of Allianz SE regarding Africa topics. Coenraad’s career includes 14 years of experience at McKinsey & Company, focusing on insurance in Europe, after which in 2011 he joined the asset management firm BlackRock as Managing Director, to build the Financial Markets Advisory team for Europe, the Middle East and Africa. Just before joining Allianz, Coenraad had his first experience in emerging market insurance as CEO at Rosewood Insurance Group. Under his leadership, Rosewood developed insurance businesses in countries like Pakistan, Rwanda, and Nigeria. Coenraad studied at Brown, completing a Ph.D. and a Master’s in Economics. He also holds a Bachelor of Science from the University of Bath, the UK, in Economics with Computing and Statistics. He is currently a supervisory board member for Africa Reinsurance Corporation (Africa Re), BIMA (MILVIK), the International Baccalaureate Organization as well as multiple subsidiaries of Allianz in Africa.

Prof Ebenezer Oduro Owusu appointed chair of Energy Commission board

he former Vice-Chancellor of University of Ghana, Professor Ebenezer Oduro Owusu, has been appointed chairman of the newly constituted

governing board of the Energy Commission. Prof. Oduro Owusu was sworn in with six (6) other members of the board by the Minister

of Energy, Dr. Matthew Opoku Prempeh, at the conference room of the Ministry of Energy. Inaugurating the board, Dr. Matthew Opoku Prempeh tasked

the members to conscientiously execute their duties by creating policies and strategies for all renewable resources such as water, geothermal, wind, biomass and solar. In his inaugural remarks, Prof. Oduro Owusu, on behalf of members, thanked government for the confidence reposed in them and assured the minister of the board’s preparedness to work together to help the commission achieve its mandate. Prof. Ebenezer Oduro Owusu, Professor of Entomology, comes into the position with great leadership skills and many other outstanding qualities. The University of Ghana congratulates Prof. Ebenezer Oduro Owusu for this achievement and wishes him a successful tenure.