Business24 Newspaper 14th April, 2021 by Business24 Online

WEDNESDAY APRIL 14, 2021

BUSINESS24.COM.GH

NO. B24 / 182 | NEWS FOR BUSINESS LEADERS

IMF projects higher budget deficit in 2021

WEDNESDAY APRIL 14, 2021

Gov’t, Aker Energy keen to revive Pecan field By Eugene Davis ugendavis@gmail.com

he Ministry of Energy will set up a technical team to work with oil and gas company Aker Energy to revive its offshore Pecan field development, after a final investment decision was postponed in the wake of the Covid-19 crisis. Cont’d on page 3

MTN Momo announces second layer validation process By Eugene Davis ugendavis@gmail.com

Dr. Albert Touna Mama, IMF Resident Representative in Ghana

By Joshua Worlasi Amlanu macjosh1922@gmail.com

he International Monetary Fund (IMF) has projected an endyear fiscal deficit of 12.6 percent

of gross domestic product (GDP) for Ghana, above the government’s projection of 10.8 percent including financial sector costs. According to the April 2021 edition of the IMF’s Fiscal

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

POLICY RATE

14.5% 14.77%

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

Cont’d on page 2

INTERNATIONAL MARKET US$1 = GHC 5.7606

GHANA REFERENCE RATE PROJECTED GDP GROWTH RATE

Monitor, the fiscal deficit will remain elevated in the medium term, but is expected to return to its pre-pandemic level by 2026, largely aided by revenue increases.

4.2% GHC 5.13

obile financial services company, MTN Mobile Money Limited has announced the introduction of an additional security feature that allows its mobile money agents to verify the identity of customers who come to do ‘cash out’ transactions.

BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE

CORN $/BUSHEL

$543.75

COCOA $/METRIC TON

$123.55

COFFEE $/POUND:

Cont’d on page 3

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Editorial / News

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Editorial

Mobile money directives in customers’ interest

arlier this month, MTN Mobile Money made it mandatory for its customers to present an ID card in order to withdraw funds lodged in their wallets. According to MTN, the directive is part of measures to address the growing incidence of fraudulent activities on its network. The service which has more than 15 million active users has been fraught with fraud with many consumers demanding action from the service provider to keep them safe. The company responded by introducing an additional layer of security that ensures that the details of persons undertaking cash-out transactions are captured in order to leave a trail that could help investigators

should the need arise. Apart from that, the company has gone ahead to introduce another step that will allow its agents to access a limited biodata of customers making a withdrawal in order to crosscheck with the ID cards presented and ensure they match. Previously, agents were unable to access the details of persons who come in to withdraw money from their wallets. This added feature received the blessing of the regulator which is keen on ensuring that the mobile money platforms are devoid of unscrupulous persons. But just like any other innovation, the latest directive would not go without apprehension. Already, the

latest update has created some discomfort for customers with agents also lamenting the loss of sales due to customers’ inability to present ID cards. Indeed, these were expected but this paper would like to urge that customers especially must exercise some form of patience as this recent update is targeted at creating a robust system they can trust. When everyone -- agents and customers – complies with these directives rather than find a way around them, what we would have is a system with integrity that makes transactions safe for everyone. That notwithstanding, MTN must pay attention closely to its customers for feedback regarding the implementation of these guidelines.

IMF projects higher budget deficit in 2021 Continued from cover

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The Fund further predicted that the deficit will decline to 9.1 percent of GDP in 2024 and 6.8 percent of GDP at the end of 2026. Referring to Ghana and other low-income developing countries, the Fund noted that near-term debt vulnerabilities remain high, and added that “financing large deficits is challenging, given limited market access and restricted ability to increase revenues in the near term.” The Fund said for these countries, average debt levels are projected to peak in 2021 while continuing to climb in some countries. “Nonetheless, the average debt is projected to stabilise over the medium term, with elevated debt service relative to tax revenues in many countries (exceeding 20 percent in Ghana, Kenya, Nigeria, and Zambia) and debt distress risks in several others.” It advised policymakers to balance the risks from large and growing public and private debt with the risks from premature

Ken Ofori-Atta, Finance Minister

withdrawal of fiscal support, which could slow the recovery. “Credible medium-term fiscal frameworks are critical for attaining such balance, setting a path for rebuilding fiscal buffers at a pace contingent on the recovery.

This effort could be supported by improving the design of fiscal rules or recalibrating their limits to ensure a credible path of adjustments or legislation, such as ‘preapproving’ future tax reforms.”

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Gov’t, Aker Energy keen to revive Pecan field Continued from cover According to the Parliamentary Select Committee on Mines and Energy’s report on the 2021 budget estimates of the Ministry of Energy, the technical team will work with Aker Energy on a new plan of development for the field, given that many of the assumptions underpinning the existing plan of development have been altered by the impact of the pandemic. Aker Energy, a subsidiary of Norwegian-based oil exploration and production firm Aker Energy AS, announced last year—after oil prices plummeted in the wake of the coronavirus pandemic—that a final investment decision for the Pecan project had been put on hold. It added that it was working actively to confirm the feasibility of a phased field development by executing conceptual studies. “The phased development of the Pecan field and the utilisation of a redeployed FPSO vessel will substantially reduce the CAPEX and, hence, reduce the breakeven cost,” the company

said in a statement on June 5. “In addition, it will increase the possibility of reaching a commercially feasible project that will allow for an investment decision,” it added. With the current vaccination programmes and recent improvement in the oil price, the company has “given indication of reviving its work programmes”, the select committee’s report revealed. Aker Energy had planned to develop the Pecan field with a

purpose-built FPSO (floating, production, storage and offloading vessel) connected to a subsea production system at 2,400 metres below sea level. However, the agreement for the FPSO was terminated last year together with the project’s suspension. Aker Energy holds a 50 percent participating interest in the licence, with Lukoil Overseas Ghana Tano Limited (38 percent), Ghana National Petroleum Corporation (10 percent) and

Fueltrade Limited (2 percent) as the other shareholders. The block holds discovered resources of between 450-550m barrels of oil equivalent. The government is counting on projects such as Pecan to progress so as to help Ghana maintain a rising volume of oil production to support government revenue generation and the creation of a petroleum hub in the west of the country.

MTN Momo announces second layer validation process Continued from cover This added feature comes on the back of an earlier decision requiring agents to demand valid ID cards before undertaking cash out transactions for customers. The new feature, expected to commence today is christened a ‘second layer validation’ and comes in handy to perform the simple function of enabling MoMo agents to have access to the bio data of the person withdrawing funds from their mobile wallets and compare it with the details

on the ID card before carrying out the transaction. Previously, agents were unable to access the details of persons who come in to withdraw money from their wallets. Speaking at a media interaction on its earlier directive to mobile money agents on ID requirement, CEO of MTN Mobile Money Limited, Eli Hini, said that the second layer validation process is a security feature that gives additional information to agents to verify the true identity of the person doing the transaction.

Eli Hini is the CEO for Mobile Financial Services at MTN Ghana

“With the introduction of the new ID Card requirement initiative, feedback was picked and a major concern was real time validation of customer information before a transaction is carried out which is difficult and looks impossible because transaction time is limited and may lead to failure or time-out severally, therefore, customers could not even carry out their transactions at all. Even if we want to carry out a real-time validation process, then it will mean that only the specific

ID used to register the sim will be accepted, therefore people with new IDs or different form of nationally accepted IDs will have their transactions terminated for data mismatch. But with what we have done, validation is processed based on data captured against the IDs that are accessible from our end,” he said. He further stated that with this new system, MoMo agents have no excuse of saying we only captured data we cannot verify because the data of the person doing the withdrawal on the MTN system will be given to them, -then they compare it to that of the person standing in front of them. “If you are performing a transaction, the name on the ID card must tally with the one on the system, it cannot be anyone else. So, you cannot proceed when the names do not tally, the agent must immediately discontinue with the process and advise the person because he may be a fraudster. Agents who default on this directive maybe cautioned on the first instance but when repeated maybe blacklisted, he added.

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News

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Mobile money accounts grow to 1.2 billion in 2020

Driven by the global pandemic, transactions increased by 65%

he GSMA’s annual ‘State of the Industry Report on Mobile Money’ has revealed a dramatic acceleration in mobile transactions during the COVID-19 pandemic as lockdown restrictions limited access to cash and financial institutions. The report found that the number of registered accounts grew by 13 percent globally in 2020 to more than 1.2 billion – double the forecast. The fastest growth was in markets where governments provided significant pandemic relief to their citizens. Providing more opportunities in the formal economy To minimise the economic toll of COVID-19, many national governments distributed monetary support to individuals and businesses. The value of government-to-person payments quadrupled during the pandemic, with the mobile money industry working hand-in-hand with administrations and NGOs to distribute social protection and humanitarian payments quickly, securely, and efficiently to those in need. Facilitating this type of direct income support payments is one example of how mobile money provides a financial lifeline to underserved communities. Mobile money providers have also provided in-kind support,

including the distribution of personal protective equipment (PPE) and hand sanitising gel at agent counters. “We see that mobile money is a powerful tool for expanding the financial inclusion of women in low- and middle-income countries,” said John Giusti, the GSMA’s Chief Regulatory Officer. “This year’s report, however, found that across markets women are still 33 percent less likely than men to have a mobile money account. The GSMA and its members are committed to closing this gender gap by addressing the barriers that prevent women from accessing and using mobile financial services.” Closing the gap requires a collaborative and concerted effort. Many providers have committed to increasing the proportion of female customers. One example of an innovative

approach to this is launching micro-entrepreneur products that can be used in markets where women represent the majority of vendors and customers. Increasing global financial equality For the first time, more than $1 billion was sent and received in the form of remittances globally every month via mobile money. Despite early fears that transactions would decline as people worldwide suffered job losses and income cuts during the pandemic, it remains clear that diasporas continue to support family and friends back home. As a result, the total value of transactions increased by 65 percent to an annual total of $12.7 billion in 2020. In working towards achieving the Sustainable

Development Goals (SDGs), the GSMA remains committed to reducing inequalities among countries when sending money internationally. According to GSMA’s research, mobile money provides an affordable channel for connecting people to vital financial resources. The mobile money ecosystem has been strengthened by an increasing number of strategic partnerships established between money transfer organisations and mobile money providers. Driving regulatory change As the COVID-19 pandemic negatively impacted people’s lives and weakened economies, regulators responded with a variety of measures aimed at reducing the impact. The research found that the pandemic gave fresh urgency to the need for regulatory change to facilitate greater digitalisation. In many markets, transaction limits were increased to allow more funds to flow through mobile money. Additionally, as demand rose for non-physical payments, some regulators classified mobile money agents and their supply chains as essential services. Over 50 percent of mobile money agents were continuously active throughout the pandemic, which was crucial for service continuity and maintaining liquidity.

BoG extends suspension on banks’ dividend pay out By Joshua Worlasi Amlanu macjosh1922@gmail.com

he Bank of Ghana has extended its directive to banks and Specialised Deposit-Taking Institutions (SDIs) to desist entirely from declaring or paying dividends to their shareholders. The central bank in a statement issued on Tuesday said that the directive, which was first issued at last year, was as a result of the uncertainties surrounding the pandemic and its potential impact on the banking sector. “Banks and SDIs shall seek prior written approval from the Bank of Ghana before declaring or paying dividends or distributing reserves to shareholders, and making any irrevocable commitments regarding the declaration or payment of dividends to shareholders,” the Bank said.

The Bank said that the approval would be given when the banks and SDIs meet the minimum criteria, which includes compliance with the capital adequacy ratio of 13%, cash reserve ratio of 10%, and non-performing loans (NPL) ratio

of below industry average at all times. The central bank stated that the measures it took during the pandemic have ensured that the banking sector has generally remained robust and resilient.

However, it shall continue to monitor developments in the industry to identify emerging risk and potential threats to the safety and soundness of the banking sector.

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News

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GCX trades raw cashew nuts for the first time

he Ghana Commodity Exchange (GCX) earlier this week undertook its maiden auction of raw cashew nuts on its trading floor. Commenting on the sale, GCX’s CEO, Mrs. Tucci Ivowi said, “we decided to undertake this reserve cashew auction to demonstrate to the actors in the cashew value chain how the GCX structured trading concept which includes; commodity quality testing, grading, weighing, packaging and standardization operates and to prepare our cashew value chain market actors on how to trade on the Exchange as an alternative and a more structured market for trade.” The Exchange currently trades maize, sesame seed, rice, soya beans, sorghum and is working on adding on cashew. With the growth of cashew production in the Bono, Bono East and Ahafo regions, cashew production in Ghana has recently been geared towards generating revenue through export. Thus, the introduction of Cashew unto the electronic trading platform of GCX will undeniably reap many benefits

Mrs. Tucci Goka Ivowi - GCX, CEO

for Ghana’s cashew value chain as well as market actors involved in the cashew sector in Ghana. The open and accessible price discovery system offered by GCX will reduce the difficulty that farmers, processors and traders of cashew face when it comes to determining the price of cashew. Mr. Robert Dowuona Owoo, the Chief Operations Officer had this to say, “We are grateful to you all for making time to be a part of GCX’s first Cashew Auction, as this signifies acceptance of the structured market that the Exchange hopes to bring into the Cashew value chain.” The support from UNIDO as we

work to develop the cashew value chain is overwhelming. From the facilitation of training sessions for warehouse managers, to training market actors and provision of cashew warehouse equipment is an illustration of the commitment on the part of UNIDO in developing the cashew value chain. According to the sellers and buyers who participated in the trade, the auction was a simple, transparent and beneficial process. There was a deep satisfaction with the participants considering the fact that they received contracts for their trade, with the guarantee from GCX that the seller would receive his cash

AGI launches Obaasima fortified foods

he Association of Ghana Industries (AGI) has launched fortified foods produced under the Obaasima food fortification project, a market-based approach which addresses micronutrient deficiencies by creating demand for fortified packaged foods. Obaasima is the first front of pack (FOP) seal that differentiates fortified nutritious foods from the rest in the market. Speaking at the launch of the fortified foods, Vice President of AGI, Humphery Ayim-Darke said,

“the Obaasima seal guarantees that food products carrying the seal fulfill certain nutrition criteria, including a minimum content of minerals and vitamins and maximum permissible levels of sugar and salt.” “Till date, five companies have met the projects’ criteria and have had their products confirmed as suitable to be fortified with 18 vitamins and minerals,” Mr. Ayim-Darke said. The five companies whose products have been fortified and currently sold on the market

are Tom Vita X and Tom Vita Regular from Yedent Agro Food Industries Limited. Gari mix from Oxy Industries Limited, Lola biscuits from Mass Industries Limited, Dunu Tom brown from Praise Exports and Lovit cereal from Premium foods Limited. He noted that these products have gone through all the processes necessary for registration at the FDA and the Obaasima secretariat. The Vice President noted that the entire project is focused on strengthening the local

settlement within five working days of the trade and buyer could pick up commodity within two working days of the trade upon full payment. This is fully in line with GCX’s objectives to help farmers sell their products at fair and competitive prices by providing them with real time price and market information while while assuring buyers of high-quality commodities. The seller of the 50,000kg raw cashew nut valued at GH¢280,000 sold at the auction is Kaksfour Commodities Ltd, a wholly Ghanaian private owned and licensed to undertake business in Cashew nuts trading and general Agri-business both in Ghana and internationally. The company is a registered Broker member of the Ghana Commodity Exchange (GCX) and the African Cashew Alliance (ACA) since 2019. Mr. Francis Peprah the representative of KAKSFOUR expressed great satisfaction in being able to get a better price than he quoted for his commodities during the auction and mentioned he is looking forward to having more of such trades.

structures that will successfully carry OBAASIMA into the future for the nutritional and health benefit of Ghanaians. In Ghana, the progress towards achieving key global nutrition targets such as overweight and obesity among women, and anemia in women of reproductive age have shown varying degrees of success. These health challenges among women and children are largely attributed to micronutrient malnutrition. A multi-stakeholder approach is imperative to tackling this prevailing challenge and attaining the SDG target. The Obaasima project, has offered food safety training to selected SMEs in the three Obaasima test markets, which are Ashanti, Western and Greater Accra regions. Also, 115 food and beverage businesses have benefitted from these training programmes over the last three years. The voluntary seal is jointly owned and steered by the Association of Ghana Industries (AGI) and the Ghana Standards Authority (GSA) and is anchored on the key donor partnerships from BMZ/GIZ, DSM, Sight and Life Foundation and Bill and Melinda Gates Foundation.

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News

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appsNmobile receives BoG’s Enhanced Payment Service Provider license appsNmobile Solutions, a fastgrowing Ghanaian payment service aggregator, has received a Payment Service Provider Enhanced License from the Bank of Ghana. The award of the license follows the passage of the Payment Systems and Services Act, 2019 (Act 987) which mandates all payment service providers to meet a set minimum capital requirements, governance and system standards before operating. The Chief Executive Officer of appsNmobile Solutions, Richard Bansah expressed optimism about the future and the Fintech ecosystem in the country following its license from the Central Bank. He added that the licensing regime will attract confidence and trust for the payment service

providers. This, according to him, “will enable payment service providers develop innovative products in partnership with

banks and other licensed companies to promote financial inclusion and ensure that endusers are the winners at the end

of the day. Today, there are many merchant points where mobile money is accepted, reducing the need to take cash out to make same payments.” In its quest to maintain a sound financial system, foster financial inclusion and innovation, protect the safety, security and stability of the financial sector, the Bank of Ghana redefined the categories and permissible activities for the financial technology companies with PSP Enhanced license holders allowed only to perform aggregation of merchant services, processing services, provision of hardware and software, printing and personalisation of EMV Cards, to terminate inward international remittances services, merchant acquiring, POS deployment and payment aggregation.

ADB, others support 4th AG-STUD bootcamp

everal organisations including the Agricultural Development Bank have committed financial and technical support towards the organisation of the 4th annual Agricultural Students career Guidance and Mentorship Dialogue & Bootcamp (AG-STUD AFRICA), an event by Agrihouse Foundation to be held from April 19-23, 2021. The list of organisations includes, OCP, MyBarnes, Holland Akokor, CDF Canada, ADDFRA, Sonal Global and Nanaam Ventures. This is the third time running ADB is supporting the 5-day bootcamp which seeks to build the capacity of the Ghanaian youth in innovative ways that feeds into the country’s agricultural objective of achieving food security, while providing them with sustainable employment. The annual bootcamp brings together agricultural students, beginner agribusinesses and start-ups to appreciate the pivotal role they are expected to play in building resilience and preparedness towards sustaining the food security of the nation through creative and innovative agriculture. The bootcamp employs military disciplinary drills, mentorship sessions, coaching,

educational tours, dialogues, role play, strategic competence-based capacity building and leadership sessions, to contribute to the mindset change, while attracting campers to appreciate the entire value chain cycle. The Head of Marketing and Communications at ADB, Selorm Amevor reiterated ADB’s desire to contribute to the future building of the Agri-Youth, through the AG-STUD bootcamp initiative. In their respective statements, CDF Canada and Holland Akokor both reiterated the need for corporate entities to support Agrihouse to lead the charge, in scaling up the bootcamp initiative, which has over the last four (4) years, trained and equipped about six hundred students directly, across the country. CDF Canada will be leading the campers through the 4R’s of Farming Practices, during the 5-day bootcamp, whiles Holland Arkokor will be sharing the, “An entrepreneurs’ journey”, with the campers. In a brief statement, Sonal Global, who will equally be leading the coaching session on Quality Food Production systems and standards, commended Agrihouse Foundation for creating a platform that continues to make impact positively on the agri-youth.

OCP noted they are keenly looking forward to the main event, while praising Agrihouse for being consistent with its efforts to increase young agripreneurs in the country. Nanaam ventures noted that the food security of the nation depends greatly on its youthful population, and therefore urged the student’s and beginner agribusinesses who will be part of the Bootcamp to take advantage of the learning opportunity to build their capacity. Schools and institutions participating in the 5-day bootcamp include Ejura Agric College, Kwadaso, Damango, Animal Health, Fair River, Asuanzi, Wenchi, Animal Health, All Nations, UCC, Christian College, UDS, Legon, KNUST, Central and University of Energy and Ohaw Agric Colleage respectively.

Ms. Alberta Nana Akyaa Akosa, Executive Director of Agrihouse Foundation, said, the 5- day bootcamp will be a scale up of the last 3 events, employing more practical, action oriented, creative and innovative structures, that will drive and engineer speed for growth, amongst the campers. This year’s Bootcamp which is on the theme: “We have Enabled and Established the Agri-youth! Time to Scale-Up them-Up to Feed Ghana,” is a call on corporate institutions, development partners, Government and stakeholders to join hands with Agrihouse Foundation, to support in scaling-up the Agribusinesses that have already been established while supporting other promising youth to identify and build career paths within the value chain.

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Feature

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Re-Engineering the Consciousness of the African Youth for Accelerated Development …Cont’d from Monday edition By Samuel Kumi Ayim I. Consciousness Re-Engineering The solution to empowering our youth is not in providing them the same dose of failed solutions - jobs, certificates, handouts, tokenism of political appointments, beautiful policy statements honoured only in their breach, etc. All of that is good, but not sufficient. The solution lies in consciousness reengineering. We need concerted programmes that will reach and fundamentally alter the subconscious programming of our youth. This is a sure way we can truly empower the youth and guarantee a better future of accelerated development of the continent. As Dr. Joseph Murphy states in The Power of the Subconscious Mind, “Every thought is a cause and every condition is an effect…the world within creates the world without… If you want to change external conditions, you must change the cause. Most people try to change conditions and circumstances by working on those conditions and circumstances. This is a terrible waste of time and effort”. To re-engineer the consciousness of the next generation of leaders, we need to deliberately inculcate new belief systems and systems of living. Vishen Lakhiani in his book, The Code of the Extraordinary Mind, posits that “extraordinary minds do not seek validation from outside opinion or through the attainment of goals. Instead, they are truly at peace with themselves and the world around them. They live fearlessly - immune to criticism or praise and fuelled by their own inner happiness and self-love”. That is the kind of new African youth we need if we are going to have any hope of accelerated development. The following are a few of the re-engineering points we need to work on (the list is endless): a) Re-engineer from ‘nothing good can come from the African or the black man…” to “God created the African with equal intelligence and abilities and s/he is therefore capable of achieving

anything that any other race have achieved.” b) “The White man is better than me and therefore deserves my respect…” to “God created all races equal who deserve mutual respect and none should be subject to the other irrespective of their state of development.” c) “Education is only to acquire a certificate so I can get to a job…” to “Education is of value in and of itself and its purpose is to make me a better person so I can make meaningful contribution to my society.” d) “God will do everything for me, all I have to do is to pray...” to “God has endowed me with wisdom and power to change my circumstances; God won’t do for me what I can do for myself.” e) “Everyone ‘chops’ from his work…” to “I have to take only what I am legitimately entitled. It is my responsibility to protect the corporate resources not to abuse it.” f ) “We don’t eat honour and integrity…” to “Integrity and good name are better than undeserved riches.” g) “Somebody, my parents, my company, my government is responsible for my wellbeing...” to “I am responsible for my own well-being and that of others. I must always look for what I can do for my country not what my country can do for me.” h) “Time is just a range so hours and minutes don’t really matter…” to “Time is life and I must take it seriously. I ignore it to my own detriment.” II. Where Do We Start? Two critical recommendations: 1. Fundamental Transformation in Educational Systems Transformation, both in content and in methods of instruction to fundamentally re-engineer

the consciousness of the next generation of our population. Increasing enrolment is necessary. Reducing youth illiteracy is great. Expanding access to education is wonderful. But the fundamental question is: what are we teaching in the schools? We need to design curricula that will free our minds from the subjugation of our previous colonial masters and to instil the pride of the African in our mindset. We need education that will focus on using and transforming our rich natural resources to free us from the perennial problem of being producers of primary commodities for others. We need educational systems that produce the workforce we require to develop and to create wealth for ourselves. African educationists and other leaders need to design a set of content and methods of instruction that are relevant for addressing our challenges, the African way. Our educational systems should focus on developing in our youth, ‘Applyable’ Skills, Not Just Employable Skills - Yes, our system should be dynamic to reflect the needs of the market place and make our youth competitive and holistic in the current global world. But emphasis should be placed on training our people to be able to make use of the natural endowment of the continent as well as capable of using the modern technologies, i.e., with skills they can use immediately even while they are in school to create wealth for themselves and for the countries. These should include technical skills such as carpentry, masonry, dressmaking, farming, building and construction, etc. The new educational system should be an environment for reengineering the consciousness of the youth and embody the values

we wish to promote as a society: self-worth, purpose-driven living, emotional intelligence, leadership, creativity, innovation, critical thinking, problem solving skills, proper purpose of leadership etc. African history and values should be taught with emphasis on aspects that are progressive and self-empowering and critical review of those that are outmoded, counterproductive and dis-empowering. African heroes/heroine and achievers such as Kelvin Doe should be celebrated. 2. Exemplary Leadership by Adults - The most powerful message of empowerment of the youth is adult example - walking the talk. We cannot continue to speak virtue to the youth and practice vice on a daily basis. Action, it is said, speaks louder than words. What are our actions teaching the youth? The youth need integrity in their adult leaders more than they need jobs. Everything rises and falls on leadership. Daron Acemoglu and James Robinson in Why Nations Fail, the origins of Power, Prosperity and Poverty, identified political systems as the main catalyst for development or under-development. Who runs the current political systems? Who is reinforcing the disempowering consciousness? Adults! So it starts with us, the adults. Conclusion We conclude where we began: The problem of the African youth is largely that of mind-set and heart-set. We need deliberate policies to intentionally inculcate empowering ideas into the consciousness of the youth right from the home through to our formal educational system. We need to re-engineer the consciousness of the African youth. This should start with the current adults and leader figures living those values and ideals in their daily endeavours. Join in the discussion on May 26 from 9AM at the Ishmael Yamson & Associates Business Roundtable 2021 webinar. Register NOW at http://tiny.cc/ brt2021 to participate.

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News

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Germany and Ghana sign technical cooperation agreement

he Government of Germany, represented by Christoph Retzlaff, German Ambassador to Ghana, and the Government of Ghana represented by Patrick Nomo, Chief Director of Ghana’s Ministry of Finance, have announced the signing of a 20-million Euro grant-agreement to provide technical cooperation in the areas of Agribusiness and Renewable Energy and Energy Efficiency. Germany, through GIZ will partner with the Ghanaian Government to implement the two projects. The cooperation agreement demonstrates the importance Germany places on its partnership with Ghana and underscores the strong bond between the two countries. The Agribusiness programme will support the Government of Ghana’s efforts to boost the dynamic agro-processing sector with a high potential for growth. The programme aims at offering

micro-, small and medium enterprises opportunities to expand their businesses and create jobs, especially for the youth, and thus mitigating the negative economic impact of the Covid-19 crises.

The project on energy will support the Government of Ghana to bring more renewable energy to the country and improve energy efficiency in industry, households and public buildings. The two projects will

support Ghana in achieving inclusive and sustainable growth. “Ghana and Germany are close partners since Ghana’s independence in 1957. This partnership has grown even stronger in recent years with our bilateral Reform- and Investment Partnership and Ghana’s participation in the G20 Compact with Africa. Ghana is a key partner for us in Africa with strong democratic credentials and great economic potential. We support the ambitious vision Ghana Beyond Aid. Our aim with these new projects is to create jobs and protect the environment. This grant is part of our development cooperation with a volume of 130 Mio EUR per year,” said German Ambassador to Ghana, Christoph Retzlaff. Germany has supported Ghana’s sustainable development efforts with more than 1.5 billion euros since 1957 and has many joint achievements to be proud of in several areas of social and economic development.

Gateway Real Estate Africa and Appolonia City announce US$4m office development

ateway Real Estate Africa (GREA), a private real estate development company specialising in the turnkey construction in Africa, announced that it will build its first commercial office building in Ghana at Appolonia City, Greater Accra’s inclusive mixed-use new city 20 km from the centre of the capital. The Grade A commercial complex will offer both corporate office and retail space and will be anchored by Appolonia City to house its headquarters and sales office. USD 4 million will be invested to complete the first phase of this project. Construction of the 4-storey building is set to commence soon, with an anticipated completion in 2022. It will benefit from Appolonia City’s existing world-class infrastructure, such as roads, power, water, waste management and ICT. “We are pleased to partner with Appolonia City on our first office building in Ghana. Like all our real estate solutions across Africa, Appolonia City’s office building will have quality leases and strong counterparties, starting with Appolonia City itself,” commented Andre Janari,

GREA Chief Investment Officer. Appolonia City CEO Bright Owusu-Amofah said: “We are delighted to welcome Gateway Real Estate Africa to Appolonia City to develop the first office building. We already have high demand for office and retail space from companies and individuals wishing to enjoy our Live, Work, Play environment, with offices, homes, schools and shops all within walking distance.” Appolonia City is a 2,325acre master-planned new city in Greater Accra. Designed and delivered by Rendeavour, Africa’s largest city developer, Appolonia City is designed to cater for integrated living. With more than 500 homes completed or under construction, Appolonia City is rapidly becoming the destination of choice for companies and individuals moving away from Accra’s heavy traffic for a healthy, congestion free environment. The construction of GREA’s commercial office building will support Accra’s economy, thanks to GREA’s synergies with Ghanaian professionals such as construction specialists, highly qualified engineers and construction workers. GREA is affiliated with Grit

Real Estate Investment Group (Grit) and was launched by Greg Pearson and Bronwyn Corbett, founder members of Grit after recognising the need for bespoke turnkey developments in select African countries. Founded in 2014, Grit is the largest panAfrican real estate income group listed on several stock exchanges, including the main market of the London Stock Exchange. Grit currently operates across seven countries, with direct investments in five asset classes and 47 assets valued at circa USD 823 million. In Ghana, Grit has invested USD 45 million over the

last 3 years in prime commercial office space, including Capital Place, CADS II and 5th Avenue Corporate Offices in Accra. Sir Samuel Jonah, one of Africa and Ghana’s leading businessmen, is a member of the Grit board. Sir Samuel said: “Gateway Real Estate Africa’s investment in Appolonia City’s first office building is a demonstration of GREA and Grit’s vision for superior quality real estate in Africa and setting a benchmark for international investment in Ghana.” ends

WEDNESDAY APRIL 14, 2021

Feature

WEDNESDAY APRIL 14, 2021

The key to beating covid-19

By Karina Gould

t has been a year since the coronavirus pandemic started dominating headlines and our lives. For so many here in Canada and around the world, it has been a period of unprecedented stress and grief. We have all been waiting to heave a sigh of relief once our families, friends, and communities receive their vaccines. It is only natural that we would focus on the health of our loved ones. But we must not forget that the virus observes no borders. Focusing solely on our domestic responses is not enough. At the same time that we focus on vaccinations for high-risk Canadians, we must also ensure that the rest of the world is on track to being vaccinated, too, and that everyone has access to safe and effective tests and treatments. Beating this virus anywhere requires beating it everywhere. Fighting a virus on a global scale is a daunting task, but there is much cause for hope. We cheered in December, when a personal support worker in Toronto received Canada’s first COVID-19 vaccine. But now that the global rollout of vaccines through the COVID-19 Vaccines Global Access (COVAX) facility is well underway, we have even more reason to celebrate. Since February 24, tens of millions of doses have been delivered to over 70 countries around the world, making this

the largest and most rapid global vaccination campaign in history. In Ghana and Ivory Coast, health-care workers and highrisk populations were among the first to be vaccinated with COVAX doses, and similar campaigns are now proceeding in Nigeria, Jamaica, and Albania. We are witnessing the global response at work, and we should recognize it for the important milestone that it is. populations were among the first to be vaccinated with COVAX doses, and similar campaigns are now proceeding in Nigeria, Jamaica, and Albania. We are witnessing the global response at work, and we should recognize it for the important milestone that it is. Canada joined COVAX last September because we believed wholeheartedly in its mission to accelerate the development and manufacture of COVID-19 vaccines and ensure equitable delivery. The facility was created to guarantee access to a wide variety of vaccines, and to put smaller and poorer countries on a more equal footing vis-àvis larger and wealthier ones. By purchasing in bulk, COVAX can spread doses around the world in the fairest and most cost-effective way possible. COVAX was designed as a truly cooperative partnership. With 190 participating countries, it represents more than 90% of the global population, and can command far more purchasing power than most countries could

on their own. Moreover, when COVAX was created, no one knew which vaccines would work, or which would be approved first. That is why Canada called upon COVAX to procure some of its own doses. Our agreement with COVAX complemented our other contracts, and increased our chances of carrying out a successful domestic vaccination campaign, while doing our part globally. Complementing our own procurement efforts, Canada has launched investments that will also help to make vaccines, therapeutics, and diagnostics affordable and accessible globally. Owing to our various advance purchase agreements, we could eventually end up with a surplus of vaccine doses. Precisely when that might happen will be determined in the coming weeks and months, as Health Canada completes its review of vaccine candidates, and as we confirm the deployment of vaccines in Canada. Regardless of when we reach a surplus, we will work closely with our international partners – including other countries, Gavi, COVAX, and vaccine manufacturers – to explore all possible options for delivering doses to those who need them. It will take time to vaccinate the entire global population. COVAX has already secured more than two billion doses for 2021, but we now need to muster the same spirit of global cooperation to ensure that this supply continues

to increase, so that no vulnerable populations are left behind. We can take heart in knowing that we are not starting from square one. Canada has been funding global health projects in developing countries for decades, and we will continue to do so. These investments are aiding the fight against polio, HIV, tuberculosis, malaria, and Ebola, and they have proved critical in helping countries respond to the COVID-19 crisis with proven, adaptable public-health responses, such as mass testing and contact tracing. If this crisis has taught us anything, it is that we must maintain the capacity to adapt to fast-changing conditions. Less than a year after the World Health Organization declared COVID-19 a pandemic, we had developed and approved safe and effective vaccines, which are now reaching the people who need them most. The importance of the COVAX facility cannot be understated. It is one of the signal achievements of the current era. For the first time ever, the world has come together to ensure equitable, universal vaccine access. Our global and domestic responses to the coronavirus are inextricably linked, which is why COVAX is our best bet for overcoming the pandemic. When international cooperation succeeds, we all succeed. About the author Karina Gould is Canada’s Minister of International Development.

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Markets

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WEEKLY MARKET REVIEW FOR WEEK ENDING APRIL 9, 2021

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WEEKLY MARKET REVIEW FOR WEEK ENDING APRIL 9, 2021

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