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SMEs urged to compete for talent through focus on meta-skills
What the Olympic medal count says about China and America
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Tullow commits to US$4bn Ghana investment By Benson Afful affulbenson@gmail.com
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By Eugene Davis
he Managing Director of Tullow Ghana, Wissam Al Monthiry, has reiterated the company’s will to invest over $4bn in Ghana’s oil sector in the next 10 years. He said the investment is meant to maximise value from the Jubilee and TEN fields and deliver consistent revenue to the Government of Ghana and value to the country. “Tullow’s initial analysis suggests that the benefit to Cont’d on page 2
FDA registers 1,103 food products under Progressive Licensing Scheme ugendavis@gmail.com
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he Food and Drugs Authority (FDA) has to date registered 1,103 food products under the Progressive Licensing Scheme (PLS), CEO Delese A. Darko has said. Cont’d on page 3
Ghana Value Maximisation Plan is expected to deliver over 50 wells and consistent revenue to Tullow and Ghana
Energy Minister sells Ghana’s oil sector to investors By Benson Afful affulbenson@gmail.com
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inister of Energy Dr. Mathew Opoku Prempeh has told investors at the ongoing Offshore Technology Conference (OTC) in the United States that Ghana’s upstream space has a lot of untapped hydrocarbon resources, both
Absa Group sees increased earnings in halfyear, resumes dividend payment
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bsa Group Limited, one of Africa’s largest financial services providers, reported an increase in interim earnings and resumed dividend payments as the economic Cont’d on page 5
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Editorial / News
WEDNESDAY AUGUST 18, 2021
Editorial
FDA’s progressive licensing scheme is a gamechanger
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he Food and Drug Authority’s progressing licensing regime that provides assistance to small and medium manufacturers to improve on the safety, quality and wholesomeness of their products is a big deal for Ghanaian consumers. The broad-based innovation from the authority seeks to improve standards and market acceptance of locally made products that are sold on the market, especially basic consumables, healthcare and cosmetic products. Domestically, the PLS is aimed at accelerating the growth of the local food industry to an extent that all grocery shops and supermarkets will be stocked
with at least 60percent of made in Ghana food products. It will lead the transformation of the local food manufacturing industry can only be possible if regulators such as the FDA decide to ensure that the Small scale and cottage-sized food processors conform to the safety and quality requirements so that these food products can be traced and recalled whenever necessary. It is not a doubt that the scheme will facilitate trade for small and medium producers of food products and other basic consumables. “As a result of this intervention, the profiling of consignments at the ports is now done with relative ease and
efficiency especially because time and space is of essence in port operations,” the authority says. Phyto and phytosanitary conditions are a big deal in accessing global markets and steps such as this comes handy if we can open market opportunities for local industrialists , especially with the implementation of the single continental market. We urge a strong collaboration with it’s sister state agency, Ghana Standards Authority (GSA) would enable it to empower Ghanaian to be market-ready and ensure the availability of more quality, affordable and safe products on the domestic trading space.
Tullow commits to US$4bn Ghana investment Continued from cover
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Ghana from this investment programme will be substantial, manifested through a combination of oil entitlements, government royalties, oil company tax payments and gas sales,” said Mr. Al Monthiry at the opening of the Ghana pavilion at the Offshore Technology Conference (OTC) in the United States. He added that this substantial benefit highlights the continuing contribution of the oil and gas
industry to Ghana’s economy. “Tullow’s intent and commitment is to continue investing in Ghana through its Ghana Value Maximisation Plan,” he said. The plan is expected to deliver over 50 wells and consistent revenue to Tullow and Ghana. In April 2021, Tullow began a multi-year, multi-well drilling campaign and will drill four wells in total this year, consisting of two Jubilee production wells, one Jubilee water injector well and one TEN gas injector well.
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Managing Director of Tullow Ghana, Wissam Al Monthiry
The J56 production well came on stream in July 2021 and is performing in line with pre-drill expectations. The Ghana Value Maximisation Plan is also focusing on a programme of operational turnaround which is targeting 95 percent uptime at both FPSOs. Tullow is also making sure that both the Jubilee and TEN fields continue to be consistent and reliable suppliers of natural gas, which contributes significantly towards Ghana’s domestic energy supply.
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Energy Minister sells Ghana’s oil sector to investors Continued from cover onshore and offshore, which the country hopes to explore through partnerships with private companies. He assured investors that the country’s Exploration and Production (E&P) licences are awarded through open, transparent and competitive public tender processes. “However, E&P licences may be awarded through direct negotiations without public tender if direct negotiations represent the most efficient manner to achieve optimal exploration, development and production of petroleum resources in a defined area. Either way, prospective contractors must have requisite technical and financial abilities to undertake petroleum activities,”
Dr. Opoku Prempeh added. He said there are also farmin opportunities in some of the existing licences for prospective
investors to operate through existing petroleum agreements without having to go through block application and negotiation
processes. He said Ghana’s sedimentary basins are de-risked and highly prospective, and the country’s petroleum industry is regulated by clear, predictable and suitable fiscal, legal and regulatory regimes. In addition, he said the congenial business atmosphere, the hospitality of the Ghanaian people and the country’s relative political stability should make every investor consider Ghana as an investment destination. “Today, we cut the ribbon to present and showcase Ghana’s pavilion at the OTC, to demonstrate to the world that truly, our petroleum industry is awash with exciting investment opportunities. We are here not only to tell the world about our flourishing upstream industry but also create awareness about opportunities in the downstream industry.”
FDA registers 1,103 food products under Progressive Licensing Scheme Continued from cover The PLS is a government initiative being implemented by the FDA that involves a
three-stage licensing regime to support small business units improve on the safety, quality and wholesomeness of their products.
Delese A. Darko is the Food and Drugs Authority boss
Speaking at a press soirée in Accra, which was organised to deepen the FDA’s relationship with the media, Ms. Darko revealed that from April to July, 421 food products were registered, after 278 had been registered from January to March 2021. From July to December 2020, 404 products were registered. A total of 163 cosmetic products were also registered. Through the promotion of PLS, “FDA aims at having over 60 percent of food and cosmetics products sold in A-rated supermarkets to be Made-inGhana brands,” she said. A recent study by Konfidants, a research and advisory firm, in 11 retail outlets in Ghana found that out of 7,983 brands (from 19 product categories), 5,943 (74 percent) were foreign brands, with only 2,040 (26 percent) Made-in-Ghana brands. “We trust that with increased awareness of the PLS, more and more [local brands] will be duly registered and be able to make it to these A-rated supermarkets and compete effectively with other similar brands from abroad,” Ms. Darko added. The CEO also disclosed that the FDA and the management of Meridian Port Services (MPS)
have entered into a collaboration to assist in the development of a national risk-based profiling of imported regulated products categorised into red, yellow and green. As a result of this intervention, the profiling of consignments at the ports is now done with relative ease and efficiency, she said. On the approval of vaccines, she stated that so far six vaccines have been approved for importation, distribution and use in the country, comprising the Sputnik V vaccine, Covishield vaccine (Astrazeneca), Covid-19 Vaccine Janssen ( J&J), Moderna (Spikevax) vaccine, PfizerBioNTech (Comirnaty) vaccine, and Covid-19 vaccine solution. According to the CEO, the FDA has recently been certified under the 2021 ISO accreditation and is well placed to provide quality and reliable testing of products for registration, which is expected to boost consumer confidence and make locally registered products meet international standards. She added that it was her hope that the interaction with the media would further augment the partnership in promoting the initiatives and programmes of the authority and support its cause to win public confidence in its regulatory function.
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NALAG, partners to drive women participation at local level By Eugene Davis ugendavis@gmail.com
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he National Association of Local Authorities of Ghana (NALAG) has said increased participation of women in politics and government is essential to building and sustaining democracy as well as shoring up the economy. With Ghana lagging behind other sub-Saharan countries in female participation in political governance, NALAG in partnership with the Federation of Canadian Municipalities (FCM)—and with support from Global Affairs Canada (GFC)—is implementing a six-year project, from 2021–2027, aimed at increasing women’s capacity to lead in local governance and local government capacity to deliver inclusive and gender-responsive services. Speaking at a stakeholders’ meeting in Accra, the General Secretary of NALAG, Kokro Amankwah, stated that the
gathering aimed at promoting women in local leadership in the Metropolitan, Municipal and District Assemblies (MMDAs). “Local authorities and CSOs should be positioned in implementing programmes towards achieving the Sustainable
Development Goals, of which Goal 5 enjoins everyone to ensure that women and girls have equal opportunities in all areas of life— in this case, local governance.” According to NALAG, in the last local-level elections, less than 10 percent of women got elected
into MMDAs. Mr. Amankwah said over the years, women have been constrained from entering local-level politics by the lack of finances for campaigning and time constraints as they also need to manage domestic responsibilities. Sheriff Amarh, National Project Coordinator, Partnerships for Municipal Innovation – Women in Local leadership (PMI-WILL), said the low representation and participation of women in governance motivated the birth of the project. “We realised that the numbers at the local level are very low. For instance, we have about 9,000 assembly members in the country, but the number of women elected and appointed is less than 10 percent. At the national level, you would realise women representation is woefully inadequate, even though they constitute 52 percent of our population.”
Absa Group sees increased earnings in half-year, resumes dividend payment Continued from cover effects of the pandemic eased in the first half of 2021 compared with the same period a year earlier. Group headline earnings grew five-fold to R8.6bn, which is higher than pre-pandemic levels, supported by resilient pre-provision profit growth and a significant decline in impairments. While earnings increased strongly, the improvement is off a low base a year earlier. Absa generates most of its income from its operations in South Africa. “These results are testimony to the decisions that we took during the crisis around supporting our customers and taking a cautious approach to preserving capital and liquidity,” said Jason Quinn, Absa Interim Group Chief Executive. The Group further strengthened its capital reserves during the period and maintained a strong liquidity position in the first half. “Pleasingly, our headline earnings exceeded pre-COVID
levels and our common equity tier 1 capital ratio strengthened further to the top end of our target range,” said Punki Modise, Absa Group Interim Financial Director. “The Group’s balance sheet remains resilient and returns are now above cost of equity.” The recovery was broad-based as all business units reported strong growth from a low base in the prior year. Retail and Business Banking (RBB), which generates most of the Group’s income, grew headline earnings eight-fold to R4.2bn, whilst Corporate and Investment Banking’s (CIB) headline earnings more than doubled to R4bn, driven by solid growth across the franchise. Absa continued to play a role in society this year, building on last year’s substantial efforts to support customers, staff, communities and stakeholders in difficult times. “Absa’s response to the pandemic and more recent incidents in South Africa has continued to be comprehensive, compassionate and reflective of
the best of Absa’s values,” said Quinn. Absa announced R500m of pricing relief for customers in South Africa in February and reinstated its Siyasizana payment relief programme in August to assist retail customers with existing credit facilities after they were impacted by unrest and looting in July. It also extended tailored credit solutions to business banking customers and made donations totalling R12.5 million to assist with immediate needs such as food relief and infrastructure restoration in affected areas. Absa made significant progress
Jason Quinn, Absa Interim Group Chief Executive
in a number of key areas during the reporting period, including in sustainability. Absa published its first Task Force on ClimateRelated Financial Disclosures (TCFD) report in March, and it was the first South African bank to announce sustainable finance targets. The Group aims to finance or arrange more than R100bn for environment, social and governance-related projects by 2025. Absa currently expects the South African economy to grow 4 percent this year from last year’s 7 percent decline, a slightly improved outlook compared with the 3 percent growth forecast in March.
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SMEs urged to compete for talent through focus on meta-skills
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PMG Private Enterprise Skills City report predicts meta-skills and stackable skills will become increasingly important. To attract and retain talent in a competitive market, the report said small and medium sized businesses (SMEs) should recruit with a focus on meta-skills broad capabilities that aid the development of other skills - such as critical thinking, empathy and innovation. The business advisory firm’s new Skills City report finds that meta-skills help people adapt to change. This is vital for businesses which increasingly need an agile workforce, able to upskill as the company’s needs evolve and able to thrive in a hybrid working environment. But these skills are largely unrecognised formally in recruitment processes. SMEs risk struggling to compete with larger, better resourced businesses as the war for talent reheats but the report finds these employers could appeal to exactly the type of employees best suited to developing as the business grows by explicitly seeking meta-skills and soft skills. Importance of meta-skills in fast changing times Changed circumstances and behaviours during the pandemic have highlighted how quickly skills needs can change, with demand for digital skills having grown strongly and swiftly. This refers not just to those in tech careers but the ability to use new business systems. In a fast-paced world it is challenging to decide which specific skills to invest in for the future. Equipping the business with flexible human capital - an agile workforce - is a good strategy for addressing unpredictability. Importance of meta-skills in a hybrid working environment Following the lockdowns of the pandemic and in an increasingly hybrid working environment, people skills may be rusty; approaches to collaboration and training will need to be refreshed; and opportunities to watch and learn will be reduced. Team members with metaskills like the ability to learn from others, to develop others or to adapt to using new technologies will be valuable as many companies return to offices in a hybrid way.
Chris Hearld, Head of KPMG Private Enterprise, said: “an agile workforce needs metaskills to adapt to new roles and industries in a fast-changing world. These transferable skills lie behind strong performance in terms of effective collaboration, making the right judgement calls, and supporting colleagues. But they’re rarely included in job adverts or on CVs, alongside competencies. So, it is often unclear from people’s qualifications what meta and soft skills they bring. With their understanding of the strengths their business is built on, SMEs are well placed to map meta-skills when assessing their workforce requirements. Seeking them and stating they will be valued will help to put SMEs in the driving seat in the race for talent. These skills will rise in value and start to be referenced in recruitment processes. For example, sectors like retail and hospitality – where dealing with the public is part of the job – are ideally placed to sell themselves as a route to gain crucial people skills.” Collaboration and smarter training KPMG’s report found strong support from employers, local government agencies and local education providers for further collaboration to meet future skills needs, building on progress to date. In particular, there is more to
do around identifying the roles of education, training providers and employers in reskilling and upskilling. Neil Carberry CEO, Recruitment and Employment Confederation, said: “We can’t wait for government to bring about collaboration. Business leaders need to walk the walk, by engaging with colleges and training providers.” KPMG’s report states that business leaders should communicate their training needs as remote learning opens up economies of scale and scope. Education institutions and training providers have a wider catchment area if people don’t have to travel so often; that means they can offer more specialised training and still keep the virtual classroom full. More stackable, flexible training is part of the answer. Training providers can offer more specific bite-sized courses and businesses can become smarter at
understanding the skills already available within their workforce. Together this means SMEs will find accessing learning via education and training providers more affordable and valuable. Mark Essex, Director of Skills at KPMG, noted that when businesses recognise what they’ve already got in their skills base and make more granular decisions about the skills needed, they will make smarter training investments. “Rather than sheep dipping everyone from a skills point of view, as if starting from scratch, a top up approach, calling on targeting training is an effective way to help people bridge a skills gap to their next role, getting them ready for new challenges faster. “As well as developing the agility of their workforce, this will support their credentials as an employer of choice in a seller’s market.”
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‘Agenda 111’ to optimally advance Ghana’s healthcare delivery-President
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resident Nana Addo Dankwa Akufo-Addo on Tuesday performed a symbolic ceremony at Trede in the Atwima-Kwanwoma District, for the official commencement of the ‘Agenda 111’, which has the objective of increasing greater access to healthcare delivery across the country. The underlying factor, he said, was to build and equip as many hospitals as possible to advance Ghana’s agenda of becoming a ‘Centre of Excellence’ in medical care in the West African subRegion. In all, a total of 111 hospitals are expected to be constructed nationwide, each costing about
US$16.88 million, and scheduled to be executed within 18 months by a team of local contractors. Facilities to be provided include; Out-Patient-Department (OPD), maternity, obstetrics and gynaecology units, accident and emergency units, male, female, paediatric and isolation units. The rest are; ophthalmology, dental, physiotherapy and imaging units, as well as surgical and consultation units. Provision is also being made for support facilities such as kitchen, laundry, sterilisation and energy centres, with plans to construct a mortuary, staff accommodation for doctors, nurses and other health workers.
“Agenda 111 is the biggest investment in healthcare in Ghana’s history,” President Nana Akufo-Addo noted, saying the projects would provide about 25, 000 jobs for the people in the course of construction. Additionally, 20, 000 health professionals, including; medical doctors, nurses and pharmacists, are billed to be employed to work in the health facilities when completed. According to the President, the emergence of the COVID-19 pandemic had revealed the unequal distribution of health facilities in the country, a challenge which his administration was committed to
resolving. “These projects are carefully being executed to impact positively on the lives of the people,” he stated. President Nana Akufo-Addo, highlighting the benefits of the ‘Agenda 111’, emphasized that the government had resolved to expand the base of healthcare coverage for the wellbeing of the people. The implementation of the project would in the longterm contribute significantly to expanding the training of medical and other health professionals, he argued. He said the vision to make Ghana a medical travel destination would also come with its own advantages of growing the economy to an appreciable level, while offering jobs to the people. The President tasked Ghanaians, especially the local beneficiary communities, traditional leaders and the youth, as well as all actors in the local health sector to give their full support for the realization of the government’s mission. “These are projects meant to deepen healthcare delivery at all district levels and ensure that the Ghanaian can access high quality healthcare services,” he observed. GNA
IFC supports access to high-quality medical diagnostics in Ghana
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partnership between IFC and South African radiology specialist Bergman, Ross and Partners Incorporated (BRP), is expected to help increase access to world-class medical diagnostic services, including for COVID-19, tuberculosis, and other respiratory illnesses, for thousands of Ghanaians. Under the partnership, IFC will invest roughly $3 million in Quest Medical Imaging (QMI) Ghana, which is majority owned by BRP. The financing will help QMI build new medical diagnostic facilities in Accra to complement an existing facility in the city that provides ultrasound, fluoroscopy, digital X-ray, 3D mammography, computed tomography (CT), and magnetic resonance imaging (MRI). These technologies help referring clinicians with accurate diagnosis so they can appropriately treat diseases. The new facilities, expected
to be operational by the end of 2022, will help QMI serve in excess of 5,000 patients monthly, up from the 3,000 it serves today. Expanding access to diagnostic services is crucial in Ghana, which has a population of 30 million people, but fewer than two dozen CT scanners. The partnership announced today will increase the number of scanners and other diagnostic equipment in the country. Jack Bergman, BRP’s founder and managing partner, said, “We have seen a 50 percent surge in demand for our services in Ghana since the beginning of the
pandemic and we have responded by expanding our operations to seven days a week. With IFC’s support, the new facilities will help us meet the needs of our patients for world-class medical diagnostic imaging and analysis.” Ronke Ogunsulire, IFC’s Country Manager for Ghana, said, “As we deal with the present emergency, IFC is also thinking beyond the pandemic. IFC’s investment in the expansion of QMI increases Ghana’s domestic capacity for diagnostic services and strengthens the resilience of Ghana’s health system to deal with future stress.”
BRP’s digital systems enable its radiologists to import images from distant locations for analysis, something expected to allow QMI to expand outside Accra and into other parts of Ghana. BRP is also training Ghanaian technicians to undertake world-class medical diagnostics. IFC’s investment in QMI falls under IFC’s Global Health Platform, which mobilizes private investment to close the massive healthcare supply gaps created by the COVID-19 pandemic. This investment will be IFC’s third in healthcare in Ghana since the start of the COVID-19 pandemic. The combined value of those investments is more than $10 million. Over the last decade, IFC has provided over $4 billion in financing and advisory services to Ghanaian companies in sectors such as agribusiness, education, energy, healthcare, financial services, manufacturing, retail, tourism, and transport.
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Six common financial mistakes to avoid in your retirement years
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etirement is one of the greatest personal milestones and financial transitions one can achieve after many years of employment or of running their own business. Many retirees see retirement as a transitioning from the working grind to days of leisure and relaxation. However, there is another shift at play which is ending the days of earning an income and beginning the days of measured spending. Shadrach Kumi, the Ag. Head of Retail Banking at First National Bank Ghana says, “When entering retirement, you are shifting to measured spending and retirees need to have a clear game plan in mind on how they will manage their money and stretch it till the end. Even though many have planned and saved for years, entering retirement is not a time to set autopilot on your finances, but a time to understand your finances and develop a personal relationship with your money.” Shadrach shares six common mistakes retirees make during their golden years: 1. Overspending in retirement Many retirees start by pursuing all the things they didn’t get to do while working such as traveling, picking up a new hobby or renovating their homes. Retirees underestimate the amount of money they’ll spend in those first few years of retirement. With so
much extra time on their hands, it’s easy to make a lot of little purchases that add up to a lot of money over time. To avoid this mistake, create a detailed but realistic budget and stick to it. Be sure to work with your financial advisor to find a withdrawal rate that will stretch your money for as long as possible. 2. Withdrawing large sums of money Withdrawing large sums of money from your pension fund can put your portfolio at risk of running dry. If you withdraw large amounts of money frequently, you may suddenly need to make major changes in your lifestyle and spending just to get by. On the contrary, if you start out with a modest retirement lifestyle, you'll have a much easier time sustaining it without the need for drastic cutbacks. 3. Investing in high risk investment solutions Retirees need to consider their risk profile when looking at suitable investments postretirement. Unfortunately, time is limited to make up capital losses should they occur in high risk investments. Investing in a diverse range of mediumto low-risk investments is the key to success when looking to grow wealth sustainably into your golden years. Having a basket of asset classes that
move in different directions to each other is one way to shelter wealth against market volatility. Retirees should look to spread risk through a well-balanced and diversified portfolio of assets. 4. Falling prey to scams Retirees unfortunately are amongst the most targeted for scams. Fraudsters are always on the prowl, eagerly waiting and looking for ways to scam retirees of their pension pay outs and contributions. Always know who you are dealing with; sometimes people claiming to be phoning from the bank might not be from the bank. For instance, First National Bank will never ask you to share your username, password or OTP (One-Time Pin). 5. Cashing out pension too soon Ghanaians can retire from as early as 50, 60 or even 65. However, the biggest drawback to an early pension is that it will reduce the amount of money you receive each month. At the age of 60, when others are enjoying a higher monthly pay-out, you may regret the decision to start taking payments early especially if you did not save enough. It is essential to talk to a financial planner to help you break down how much you’ll get each month if you take your pension now versus waiting till you are above age 60.
6. Misconceptions about paying tax Most forms of retirement income are taxable. Many retirees are of the impression that their money does not get taxed when they retire leading them to withdraw large sums of money frequently. Speak with a financial planner or tax advisor about creating a taxefficient distribution strategy for retirement. This professional will look at your tax bracket, retirement accounts, tax free accounts, and pension funds to help you withdraw money in the most tax-efficient way. Shadrach concludes: “The story of retirement has changed drastically, and the rules are vastly different from years back. The path to retirement now, includes a mixture of saving strategies consisting of a steady pension contribution from your employer, retirement annuities, tax free saving investments and emergency savings. For seniors nearing retirement, reach out to your bankers and financial planners. First National Bank has a unique savings product to help you save and grow your money. This risk-free savings account will earn you more money if you are saving more, so that even after you’ve received your last paycheck you can still access some more money to meet your needs. The path to your financial freedom even after retirements, starts from saving.”
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AfDB COVID-19 Off-Grid Recovery Platform reaches financial close for $20 million SEFA investment
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he African Development Bank (AfDB) has reached financial close on financing agreements for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA) for the Covid-19 OffGrid Recovery Platform (CRP). The 5-year, $50 million blended finance initiative is designed to provide relief and recovery capital to energy access businesses, supporting them through and beyond the pandemic. The concessional loan agreements were signed with fund managers Lion’s Head Global Partners, Triple Jump, and Social Investment Managers and Advisors, following approval by the Board of Directors of the African Development Bank in December 2020 for a $20 million concessional investment from the Sustainable Energy Fund for Africa (SEFA), to establish the platform. “Lion’s Head is immensely grateful for the support from the AfDB, in particular the SEFA team and funders, for developing this innovative and catalytic co-investment instrument. African markets have been disproportionately
affected by COVID-19 due to lack of infrastructure, macro vulnerabilities especially in terms of currency and credit shocks and increasing global protectionism,” said Harry Guinness, Managing Director of the Off-Grid Energy Access Fund, part of the wider Facility for Energy Inclusion. “The COVID-19 Off-Grid Recovery Platform comes at a critical moment for early-stage energy access companies affected by COVID-19 and allows the Energy Entrepreneurs Growth Fund to continue releasing flexible capital into the sector at a time when risk capital is increasingly scarce”,
said Jan-Henrik Kuhlmann, Head of Sustainable Energy at Triple Jump. The Platform supports businesses commercializing solar home systems, green mini-grids, clean cooking, and other renewable energy access solutions in mitigating the impacts of the pandemic and ensuring a robust commercial recovery of the industry. Asad Mahmood, CEO and Managing Partner of Social Investment Managers and Advisors, said: “Many small businesses have suffered seriously during the COVID-19 crisis. The
African Development Bank’s relief efforts are market-driven and flexible and will help to leverage existing funds to ultimately assist energy distribution business in Africa.” “The impact of the COVID-19 pandemic is jeopardizing the immense progress that has been achieved over the last decade in electrification through off-grid technologies across Africa. We are pleased that this initiative will increase resilience of the sector and look forward to working closely with our partners to safeguard energy access services and enable continued business expansion through and beyond the crisis,” said Joao Duarte Cunha, Division Manager for Renewable Energy at the African Development Bank. Through this Platform and other renewable energy initiatives, the African Development Bank is committed to building a sustainable and more climateresilient future by catalysing private investment in low carbon infrastructure as a means to create green jobs, diversify national energy sectors, accelerate green growth, and increase the climate resilience of rural communities.
Minister charges Ghana Exim Bank board to drive export expansion agenda
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he Minister of State for Finance, Mr. Charles Adu Boahene, has inaugurated the Board of Directors of the Ghana Exim Bank with a call on members to take strategic steps to drive the country’s export expansion agenda. He urged the board to ensure that Ghana Exim collaborate with the African Continental Free Trade Area (AfCFTA) to build SME capacity, increase access to international markets and create more employment for the youth. To this end, the Ministry of Finance would expect GhanaExim to identify Ghanaian manufacturers with the potential to export; develop strategies to attract them and assist manufacturers to obtain long term financing support, specifically for export markets; and thereby boosting Ghana’s export base and foreign exchange earning capacity. “Thankfully, Ghana Exim Bank is located in the same premises
as the AfCFTA secretariat and with such proximity, we expect constructive collaboration between the two institutions towards creating funding programmes that will benefit SMEs to lead the export of highquality Ghanaian products and services to other African countries,” he said. Ghana Exim Bank has been the primary financing institution for the President’s accelerated industrialisation programme One-District-One-Factory, and has approved a total of GH¢2.1 billion in loan facilities for 122 projects between March 2017 and December 2020. To build on this success, the minister said the government is currently in the process of implementing policy actions through various institutions to build an ecosystem that would provide support and finance to at least 100 SMEs to create jobs for the youth and citizenry in line with Phase II of the Ghana CARES
programme. He said the Financial Sector Division of the Ministry of Finance was tasked to develop a performance framework for these institutions so that their performances could be monitored and reported to the Minister of Finance on a regular basis. Mr Adu Boahene said the establishment of the Development Bank Ghana opened a new opportunity for GhanaExim to build strategic partnerships with the Development Bank for financing and rolling out innovative pipeline projects that would drive Ghana’s import substitution initiatives and export promotion programmes for the
realisation of the President’s vision of a “Ghana Beyond Aid” and the Ghana CARES Programmme. “It is our hope that with the new board in place and with support from the Development Bank, we will continue to see growth in private sector advances as we seek to revamp our economy,” he said. On his part, the Board Chairman, Mr Kwadwo Boateng Genfi, said the members would make the institution one of the main driving forces behind the development of the Ghanaian economy in line with the President’s industrial transformation agenda.
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Telling the African story from an African perspective Kojo Akoi- Larbi Head of Communications at Stanbic Bank
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he African continent is a unique and diverse continent with rich history, cultures and traditions. The story of the continent has, however, been checkered depending on who is telling the story and for which audience. Africa, especially in the eyes of the Western media has focused on things going wrong. This is particularly detrimental because of the relative lack of other widely accessible sources of knowledge about the continent, especially by the African media. Representation of Africa, Africans and African issues in the international media has always been problematic, because of the flow of news and the fact that international media reports are influenced by Western ideas, ideology and political positions. It is a well-established fact that media frames that appear in news are influenced by stereotypes and prejudices that shape the production of editorial content. Evidence abounds of the negative portrayal of the African continent in elite global press, suggesting a socially constructed view of Africa, which some people have termed ‘Afro-pessimism’. Within this Afro-pessimism narrative is the dominance of certain types of imagery, representation, story angles and tone of coverage that reinforce Western stereotypes of the African continent. The dominant themes in the portrayal of Africa in the Western media include African political and financial corruption, Africa as a synonym for corruption, and Africa is a continent convulsed with tribal wars. One may argue that these portrayals are backed by historical antecedents such as the fact that there has been a perennial problem with a constant focus on the ‘democratic deficit’ of Africa with reference to dictatorships and/or rigged elections. There is also a plethora of cases of corruption involving state actors and people in public office on the African continent. What these reports fail to consider are the facts that African countries are confronting power structures that were either imposed on them or derived from the West. These issues bring to the fore the need for African media to
show resistance and a counter perspective about the continent by presenting a more positive account of Africa to the world. The critical question that arises, however, is whether or not African media houses have the capacity to resist the negative portrayal of the continent by the international media. Past interventions such as Pan-African News Agency (PANA), did not do much to address this issue despite the promise it had. With improvement in technology and information communication infrastructure, there are opportunities for Africans, both journalists and non-journalists alike, to tell their own story and change the dominant narrative
about Africa, Africans and African issues. The proliferation of citizen journalists and bloggers aided by the power of technology and the internet has also opened new avenues for Africans to tell their story. Many youths across the continent are blogging and vlogging daily about issues that they find relevant to their existence. This can be leveraged and used as a counter flow of news and information about the positive things happening all across the continent. Equally critical is the economic capacity of the African media to tell the African story. The control and direction of the flow
of global news and information is directly related to who has and controls economic power. Resisting the current narrative about Africa requires a lot of capital investment due to the fact that the process of gathering, organizing, and disseminating information via the media and especially across international borders is a capital-intensive venture. But as expensive as this venture may be, it will not be as expensive as the reputational damage the continent has suffered and continues to suffer. After all, if you do not tell your story, someone else will tell it for you.
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What the Olympic medal count says about China and America
By David Daokui Li
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he 2020 Tokyo Olympic Games provide a wealth of information for analysts of the great-power competition in which China and the United States are now engaged. It also offers three crucial lessons, which if heeded, could help to defuse bilateral tensions. Among educated and internationally savvy Chinese, no current topic is more despised than the bickering over Chinese and American medal counts at the Tokyo Olympics. Narrowminded nationalism holds scant interest for them, just as it does for most educated Americans – and, generally, for me. But, as an economist, I am not so dismissive toward the medalcount discussion. In fact, a country’s Olympic medal count can be very telling. First, it can reflect a country’s resources – how much physical and social capital it has accumulated. The larger and more prosperous a country’s economy, the more likely its citizens are to have the leisure time and material resources to invest in supporting their national teams’ preparation for the Games. Second, medals can be an indicator of a country’s social stability. A country ravaged by war or disease – such as, this year, COVID-19 – is unlikely to have the luxury of directing much attention, let alone funds, to its athletes. Viewed through this lens, the 2020 Tokyo Olympic Games provides a wealth of information for analysts of the
great-power competition in which China and the United States are now engaged, and offers three crucial lessons. Before laying out those lessons, we should set the stage. From day one of this year’s Games, China led the gold-medal count. As the Games unfolded, China and the US were neck and neck, in the closest race for golds the two countries had ever had. Then, on the final day of the Games, the American women’s volleyball team beat Brazil to win gold, and the US pulled ahead by one. In the overall medal count, America’s dominance was more pronounced. The US led throughout the Games, and ended up ahead by more than two dozen. With this, the first lesson comes into view: the US remains the world’s strongest superpower by a large margin. The world – and, more importantly, the US – should take this as a fact.1 America’s dominance in sports reflects its status as the world’s most powerful economy and its richest society, a place where people have abundant leisure time, access to a solid education, and the means for high consumption. Many people in the US forget this, and become paranoid about China “catching up.” When policymakers think this way – exaggerating the so-called China threat – they often support policies that are irrational, unnecessarily aggressive, and short-sighted. It is therefore imperative that the US keep in mind the first lesson from the Tokyo Olympics, remaining selfconfident, rather than treating
China as a grave threat. The second lesson from the China-US medal competition is that both countries should focus on addressing their own weaknesses and performing to their best ability, rather than trying to trip up the other. China did relatively well in this year’s Olympics – especially in light of the country’s widely perceived disappointing performance at the 2016 Games in Rio de Janeiro – as a result of intense training and hard work. By contrast, the US generally underperformed in Tokyo, winning significantly fewer medals than expected in areas where it is traditionally dominant, such as swimming and track and field. A defining moment was the men’s 4x100-meter relay, when the US team lost a significant lead – and a spot in the finals – after failing to pass the baton smoothly. The US team’s disappointing performance might partly reflect the domestic tumult of the last couple of years, particularly the disruptions to practice caused by the COVID-19 pandemic. And perhaps the social protests involving African Americans, who usually form the foundation of great US Olympic teams, played some role as well. The third lesson is perhaps the most important: learning and opening up are key to the success of all countries. Neither China nor the US is perfect. Both have flawed social, economic, and political institutions, and much to learn from each other’s best practices. China’s larger-than-life hero of the Tokyo Olympics was Su
Bingtian. Although Su did not win any medals, he broke the Asian record for the men’s 100-meter dash during the semi-finals, becoming the first Chinese athlete and the only Asian since 1932 to make it to the event’s finals (where he placed sixth). A major factor in Su’s success is that, unlike many of his Chinese peers, Su was trained by a renowned coach from the US – a world leader in track and field, especially in short-distance sprint events. Su’s coach introduced new ideas and applied a new framework to his training, helping him to become a more effective runner. In the China-US competition, both countries should follow Su’s example. China can keep learning from American best practices in a variety of areas. Likewise, the US should not brush aside China’s economic and social successes as pure luck or cheating. An openness to exchange and a genuine desire to learn would help both countries to perform better. And by defusing bilateral tensions, it would make the race less cutthroat. David Daokui Li, a former member of the monetary-policy committee of the People’s Bank of China, is Director of the Academic Center for Chinese Economic Practice and Thinking and Professor of Economics at Tsinghua University.
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Why vaccination should be compulsory
By Peter Singer
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lthough the first compulsory seat-belt laws met with strong objections when they were introduced 50 years ago, nobody bothers to complain about such a commonsense rule anymore. In mandating vaccination against COVID-19, governments today can offer the same basic justification for protecting both individuals and society. I’m writing from Victoria, the Australian state that became, in 1970, the first jurisdiction in the world to make it compulsory to wear a seat belt in a car. The legislation was attacked as a violation of individual freedom, but Victorians accepted it because it saved lives. Now most of the world has similar legislation. I can’t recall when I last heard someone demanding the freedom to drive without wearing a seat belt. Instead, we are now hearing demands for the freedom to be unvaccinated against the virus that causes COVID-19. Brady Ellison, a member of the United States Olympic archery team, says his decision not to get vaccinated was “one hundred percent a personal choice,” insisting that “anyone that says otherwise is taking away people’s freedoms.” The oddity, here, is that laws requiring us to wear seat belts really are quite straightforwardly infringing on freedom, whereas laws requiring people to be vaccinated if they are going to be in places where they could infect other people are restricting one kind of freedom in order to protect the freedom of others to go about their business safely. Don’t misunderstand me. I strongly support laws requiring drivers and passengers in cars to wear seat belts. In the US, such laws are estimated to have saved
approximately 370,000 lives, and to have prevented many more serious injuries. Nevertheless, these laws are paternalistic. They coerce us to do something for our own good. They violate John Stuart Mill’s famous principle: “the only purpose for which power can be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others.” The fact that the coercion is for the individual’s own good is “not a sufficient warrant.” There is a lot to be said for this principle, especially when it is used to oppose laws against victimless acts like homosexual relations between consenting adults or voluntary euthanasia. But Mill had more confidence in the ability of members of “civilized” communities to make rational choices about their own interest than we can justifiably have today. Before seat belts were made compulsory, governments ran campaigns to educate people about the risks of not wearing them. These campaigns had some effect, but the number of people who wore seat belts came nowhere near the 90% or more who wear them in the US today (with similar or higher figures in many other countries where not wearing them is an offense). The reason is that we are not good at protecting ourselves against very small risks of disaster. Each time we get into a car, the chance that we will be involved in an accident serious enough to cause injury, if we are not wearing a seat belt, is very small. Nevertheless, given the negligible cost of wearing a belt, a reasonable calculation of one’s own interests shows that it is irrational not to wear one. Car crash survivors who were injured because they were not wearing seat belts recognize and regret
their irrationality – but only when it is too late, as it always is for those who were killed while sitting on their belts. We are now seeing a very similar situation with vaccination. Brytney Cobia recently posted on Facebook the following account of her experiences working as a doctor in Birmingham, Alabama: “I’m admitting young healthy people to the hospital with very serious COVID infections. One of the last things they do before they’re intubated is beg me for the vaccine. I hold their hand and tell them that I’m sorry, but it’s too late. A few days later when I call time of death, I hug their family members and I tell them the best way to honor their loved one is to go get vaccinated and encourage everyone they know to do the same. They cry. And they tell me they didn't know. They thought it was a hoax. They thought it was political. They thought because they had a certain blood type or a certain skin color they wouldn’t get as sick. They thought it was ‘just the flu.’ But they were wrong. And they wish they could go back. But they can’t.” The same reason justifies making vaccination against COVID-19 compulsory: otherwise, too many people make decisions that they later regret. One would have to be monstrously callous to say: “It’s their own fault, let them die.” In any case, in the COVID era, making vaccination compulsory doesn’t violate Mill’s “harm to others” principle. Unvaccinated Olympic athletes impose risks on others, just as speeding down a busy street does. The only “personal choice” Ellison should have had was to get vaccinated or stay at home. If the International Olympic Committee had said that only vaccinated athletes can compete, that would have freed thousands of athletes from a
heightened risk of infection, and would have justified overriding Ellison’s desire to compete without being vaccinated. For the same reason, rules announced last month in France and Greece requiring that people going to cinemas, bars, or traveling on a train show proof of vaccination are not a violation of anyone’s freedom. This past February, when the Indonesian government became the first to make vaccination mandatory for all adults, the real tragedy was not that it was violating the freedom of its citizens, but that richer countries did not donate the vaccines it needed to implement the law. As a result, Indonesia is now the epicenter of the virus and tens of thousands of unvaccinated Indonesians have died. Peter Singer is Professor of Bioethics at Princeton University and founder of the non-profit organization The Life You Can Save. His books include Animal Liberation, Practical Ethics, The Ethics of What We Eat (with Jim Mason), Rethinking Life and Death, The Point of View of the Universe, co-authored with Katarzyna de Lazari-Radek, The Most Good You Can Do, Famine, Affluence, and Morality, One World Now, Ethics in the Real World, Why Vegan?, and Utilitarianism: A Very Short Introduction, also with Katarzyna de Lazari-Radek. In April, W.W. Norton published his new edition of Apuleius’s The Golden Ass. In 2013, he was named the world's third "most influential contemporary thinker" by the Gottlieb Duttweiler Institute.
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Gov't to allocate one percent of GDP to support research and scientific activities
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he government has announced that it will dedicate a minimum of one per cent of the country's Gross Domestic Product (GDP) to support research, science, technology, and innovative activities. To that end, the government is putting measures in place to establish a National Research Fund, which would be accessible to researchers and all potential innovators. Currently, a bill has been passed and the government is working on the regulatory framework for operationalising the fund. Dr Eric Nkansah, Technical Advisor and Director in charge of Tertiary Education at the Ministry of Education, announced this at the opening ceremony of the maiden African Mathematical School in Mathematical Methods in Analysis and Probability in Accra. The two-week workshop, organised by the African Institute for Mathematical Sciences, Ghana (AIMS Ghana) aimed at equipping participants with relevant skills on stochastic analysis, the analysis of partial differential equations, and
related numerical methods that can be employed. Launched on Monday, 16th August 2021, the two-week workshop brought together over 35 mathematics researchers from universities across Africa, which provides a platform for them to network and interact, to learn about cutting-edge research latest mathematical tools, and to share their ideas and experiences with world-renowned researchers and professors. The summer school is expected
to enrich multi-disciplinary research between different departments, schools in Ghana, Africa, and among Africans, as well as across research institutions worldwide. Dr Nkansah re-affirmed the government's unalloyed commitment towards promoting and advancing the study of Science, Technology, Engineering, and Mathematics (STEM) from the basic schools to the tertiary level. He expressed the government's
ambition of partnering with AIMS Ghana- a Centre of excellence for post-graduate training in mathematical sciences and researchtowards training between 50 and 100 PhDs in the next five years. "The hope of Africa lies in building a solid mathematics research foundation in our education. As Ghana and Africa strive to satisfy the socio-economic needs of the people, we need to anchor our development on the pinnacles of STEM education and research, training and developing young African mathematicians who will lead Africa in scientific breakthroughs," Dr Nkansah stated. He reiterated the government's vision of forming a strategic partnership with AIMS Ghana towards establishing a female STEM Senior High School soon. He believed that the summer school would increase the stock of knowledge of participants and help unlock the research capabilities of young researchers to make Ghana and the world a better place to live in. GNA
Kenyan High Commissioner visits CRIG BY Daniel Bampoe
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he High Commissioner of Kenya to Ghana, Eliphas M. Barine, has paid a working visit to the Cocoa Research Institute of Ghana (CRIG) located at Akyem – Tafo in the Abuakwa North Municipality of the Eastern Region.
The visit was to familiarise himself with the roles of the institute. During the visit, the group discussed possible ways on how to generate more revenue for the local Tea and Coffee farmers. They also discussed ways to come up with a framework of Price Stabilization Mechanism
saying they are impressed by Ghana’s framework. Welcoming the delegation at the Conference room of the E.J.A. Asomaning block, D.r Francis Padi, Ag. Executive Director of CRIG, said that the institute is the backbone of research in the cocoa industry and the functions of the six Scientific Divisions and two
Units of the institute make CRIG a force to be reckoned with. “We market our cocoa based on quality not quantity and if we don’t follow the traditional practice, we will never get that quality we are known for irrespective of the information out there that, some countries now have mechanised cocoa production”, Dr Padi emphasised. Mr. Barine, commended management, research scientists, and staff of CRIG for the crucial role played in making Ghana the world’s number one quality premium cocoa producer. On a similar note, Kenya is one of the three tea producers in the world and the number one quality premium tea producer. Present at the meeting were Deputy Executive Director of CRIG (General Administration), Reginald Osafo Ofos,u, and Ag. Deputy Executive Director of CRIG (Coffee, Cashew, and Shea), Dr Samuel Lower. Mr John Mwaka, Dr. Daniel Amanda, Mr Dennis Olila, Mr Philp Cheruiylot, among others from the Kenyan High Commission.
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NO. B24 / 236 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY AUGUST 18, 2021
A story of perseverance: UGBS donates laptop to 2020 valedictorian
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raduating with a BSc. Administration degree (Accounting option) and a CGPA of 3.96, Ms. Sandra Lettu represented the crème de la crème of the 2020 graduating cohort of the University of Ghana Business School (UGBS). On 5th August, 2021, the Dean, Professor Justice Bawole, in the company of the School Administrator and the Assistant Registrar of UGBS, presented a brand-new laptop to Ms. Lettu as a congratulatory gift for excelling in her studies and gaining a scholarship to read a master’s program at the Ohio University in the United States of America (USA). Sandra’s achievements are the result of her perseverance and determination to surmount the many hurdles that have plagued her life and academic journey. The first of three children, Sandra graduated from the Methodist Day Senior High School, Tema, in 2016 and gained admission to the premier Business School in Ghana to pursue a bachelor’s degree in Administration, with a concentration in accounting. Sandra developed a keen interest in accounting during her secondary school days where she found herself excelling in her studies. Upon gaining admission to the University of Ghana, Sandra continued with her studies
towards attaining a degree in Accounting and emerged the valedictorian of the 2020 graduating class of the Business School. Sandra’s journey to the top has been fraught with numerous challenges that could easily cause anyone to throw their hands up in despair and give up on their dream. She recounted her humble beginnings with descriptions of how her parents struggled to make ends meet to provide for the family. “I’m not from a very wealthy family; my father was more or less hustling to put food on the table, my mom was equally hustling. So, it was more of, like, hustlers raising us, so things were pretty difficult for us”, she said. Despite being excited by her admission into the Business School, Ms. Lettu couldn’t help but wonder where the funds for settling her academic and residential fees would come from. As fate would have it, an uncle of hers took up the cost of her tuition for the first year. Unfortunately, she was not successful in securing accommodation on campus and had to commute to and fro for lectures, while residing with her benevolent uncle. However, from her second year, she received financial support through the Bright Lives Foundation, which sponsored her tuition and residential fees through to her final year. Although one burden had been lifted off
her shoulders, things seemed to take rather begin to go downhill. “But the problem was with my upkeep; things were pretty difficult, it wasn’t that easy, and things took a turn for the worst when I lost my dad in the third year so I had to take up some part-time jobs”, Sandra revealed. She catered for the needs of her younger siblings, her mother and herself through teaching stints at Galaxy International School while maintaining an excellent academic performance through the challenging times. Inspired by her circumstances, Sandra plans on establishing two foundations to cater for the needs of widows and orphans, and provide financial support to needy but brilliant female students By dint of hard work and perseverance, Ms. Sandra Lettu graduated as the valedictorian of the 2020 class of UGBS and has been awarded a scholarship to read economics at the University of Ohio in the United States of America. Ms. Lettu intimated that she discovered an interest in economics while pursuing her undergraduate studies
Kwadwo Genfi chairs Exim Bank
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resident Akufo-Addo has reappointed Kwadwo Boateng Genfi as Board Chair of Ghana Exim Bank The development comes after the Minister of State at the Finance Ministry, Charles Adu Boahen, inaugurated the board of the Ghana Exim Bank. Kwadwo Genfi will continue in the position with vast experience as a global business executive with wide-ranging expertise in financial management best practices, working capital finance, leading-edge solutions and trade, asset management.
He is also known for executing over 25 transactions ranging from US$500,000 to US$39 million
during his time working at US Exim Bank where he assisted in the organisation of seminars in
in accounting at the Business School. As a teaching and research assistant in the Business School, she was privileged to co-author a paper in energy economics with some professors in Australia [Pan, Lei & Biru, Ashenafi & Lettu, Sandra (2021). Energy poverty and public health: Global evidence. Energy Economics. 101. 105423. 10.1016/j. eneco.2021.105423]. Her dream is to pursue doctoral studies in economics in her dream university; Harvard University and produce Africa-relevant scholarly works on the subject of energy economics. She envisions becoming a pioneer of Energy Economics in Ghana in the years to come. Ms. Lettu believes that her story is an inspiration to anyone with a similar story and she encourages such people to never give up on their dream because “there would be light at the end of the tunnel so just keep fighting”. The University of Ghana Business School is proud to be associated with Ms. Sandra Lettu and wishes her the very best in all her endeavours.
Ghana, Côte d’Ivoire and Senegal respectively. Following the inauguration of the Ghana Exim board, Kwadwo Genfi will work close with other members of the board including CEO of Eximbank, Mr. Lawrence Agyinsam; Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana; Deputy Trade and Industry Minister, Hon. Michael Okyere Baafi; Afua Asabea Asare, Chief Executive Officer, Ghana Export Promotion Authority (GEPA); Nana Osei-Bonsu, CEO of the Private Enterprise Federation (PEF). Others are Mr. Peter Kwame Abrebese and Madam Catherine Quaidoo.