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WEDNESDAY DECEMBER 22, 2021
Wednesday December 22, 2021
BUSINESS24.COM.GH
NO. B24 / 290 | News for Business Leaders
The danger of digitalizing aid
Embrace digitalisation, it creates jobs” – Absa Bank MD See page 7
See page 8
E-levy deferred as Parliament adjourns until Jan. 18
NYA strategises to boost youth entrepreneurship By Patrick Paintsil p_paintsil@hotmail.com
By Eugene Davis
ugendavis@gmail.com
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he contentious Electronic Transaction Levy could not be approved following Parliament’s adjournment to January 18, 2022. The proposed levy, which was expected to come into effect on February 1, 2022, is a charge of 1.75 percent on the value of electronic transactions. It covers mobile money payments, bank transfers, merchant payments, and inward remittances. The originator of the transactions will bear the charge except for inward
Finance Minister Ken Ofori-Atta
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2022 will be good for the youth, says FBN Bank boss
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he Managing Director of FBN Bank, Victor Yaw Asante, says 2022 will be a year for the youth of the country, with the age category featuring topmost on the agenda of many, including the bank and the government. Speaking to the media on his
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he National Youth Authority (NYA) says it is currently strategising on how to boost the economic development of the youth by changing them from job chasers to job creators who can create profit for themselves under the African Continental Free Cont’d on page 3
Govt’s digitisation drive offers sports entities opportunity to maximise revenue— VP Bawumia
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ice President Dr. Mahamudu Bawumia has urged stakeholders in the sports industry to embrace government’s digitisation drive to maximise the potential of sports to the youth and the economy. Speaking at the 46th SWAG
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Editorial / News
WEDNESDAY DECEMBER 22, 2021
Editorial
ICUMS has lived up to expectations, discussions on second phase ongoing
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overnment’s quest to block revenue leakages and to curtail instance of undervaluation and inaccurate invoicing led to the introduction of the Integrated Customs Management System (ICUMS), an end-to-end single window platform at our ports, and the impact has been highly impressive almost two years into its take-off ICUMS has lived up to expectation as a single service provider that could address revenue mobilization challenges which were apparent in the multiplicity of service provider platforms previously used by the Customs Division, It has also helped to implement an effective and efficient trade facilitation and customs
management system that further reduces the time and cost of doing business. The UNIPASS-Ghana Project was birthed from government’s decision to engage a single service provider to develop and implement an end-to-end automated customs operational and management system that will efficiently serve port actors. The Customs Division of the Ghana Revenue Authority (GRA), other government agencies (OGAs) and relevant private stakeholders involved in crossborder trade are the primary users of the system. Ghana Link Network Services Ltd. (GLNS) is a Ghanaian owned company and was established in 2001 and initially went into the business of Destination
Inspection from 2003 to 2015. In September 2015, Ghana Link got a contract to run External Price Verification program for GRA – Customs. The first phase of the ICUMS has seen significant increase in the level of revenue generation at Ghana’s ports since its take-off in June, 2020 as the generation of a tax bill number for all Customs penalties, service charges, taxes and duties has drastically reduced leakages. It has greatly enhanced the revenue maximization efforts of Customs and we can only hope that the next phase will be an equally exciting journey for both the state and larger port community.
E-levy deferred as Parliament adjourns until Jan. 18 Continued from cover
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remittances, which will be borne by the recipient. There is an exemption for transactions up to GH¢100 ($16) per day. The bill to enact the levy had been presented to Parliament this week under a certificate of urgency, but deliberations by MPs took a chaotic turn on Monday after the majority and minority sides of the House clashed over whether the First Deputy Speaker and MP for Bekwai, Joe
Osei Owusu, could participate in the voting on the bill. The idea behind the tax, according to Finance Minister Ken Ofori-Atta, is to “widen the tax net and rope in the informal sector”. It is expected to generate GH¢6.9bn in 2022. Parliament’s inability to pass the levy “does not mean without it government cannot go on,” said Majority Leader Osei KyeiMensah-Bonsu. “Government will run. The budget has been approved and other sources of
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Ose Kyei-Mensah-Bonsu
Haruna Iddrisu
revenue will be applied into the new year, and when we come back we will do the needful to rescue what needs to be rescued in order for government to be able to perform its duties unhindered by anybody.” When Parliament reconvened on Tuesday, the Majority Leader prayed the First Deputy Speaker, Joe Osei Owusu, who was presiding, to adjourn the House until January 18, 2022, for cooler heads to prevail. According to him, the House was not serene to conduct business, considering the events of the previous night. The prayer was seconded by the Minority Leader, Haruna Iddrisu, who also said the adjournment would allow for more consultations on all pertinent issues. “It is important that we carry the country along, and we need to demonstrate to the country that our democracy is growing and will not suffer some unacceptable scenes and spectacles we’ve witnessed on the floor,” said Mr. Iddrisu. “So I can only concur with what the leader has said. So you adjourn the House sine die for some consultation on the outstanding issue.”
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News
WEDNESDAY DECEMBER 22, 2021
2022 will be good for the youth, says FBN Bank boss Continued from cover views of the recently read budget, Mr. Asante said: “From the plans revealed by the Minister of Finance, there seems to be a focus on the youth. This development is welcomed by FBN Bank, as it is in line with our own agenda for the coming year.” Explaining further, he added: “The youth are a key demographic group in Ghana and also across Africa. In Ghana we have about 57 percent of our population categorised as being under 25 years, and this number certainly increases when you raise the age benchmark for youth to 30 years. With such a significant percentage of our population in the youth bracket, it is imperative that they are catered for in any developmental plan.” He continued: “FBN Bank Ghana has accordingly factored them in our plans for 2022. Issues like career development, training, mentorship and entrepreneurship all feature prominently in what FBN Bank seeks to offer the youth of Ghana next year. In the area of business, Small and Medium Enterprises (SMEs) are a key
focus, and over the years we have been delivering significant value to that segment. With our focus on the youth, we believe we are best placed to support young entrepreneurs who decide to venture into self-employment with not just products but also the relevant skills and advice to ensure that they succeed.” The 2022 budget statement, themed “Building a sustainable
entrepreneurial nation: fiscal consolidation and job creation” and presented last month by the Minister of Finance, Ken OforiAtta, outlined the government’s plan to address one of the major problems facing the country: youth unemployment. According to Mr. Asante, young persons need to have a clear plan or vision of what they seek to do or achieve. He said they also need to
be prepared to learn or undergo a period of apprenticeship. “If a young person decides to be an entrepreneur, for example, he or she must have a good idea of what the business entails and how to go about it. In addition to these, they must be committed and be relentless in their push. These are some of the issues we would expect young persons to pay attention to.”
NYA strategises to boost youth entrepreneurship Continued from cover Trade Area (AfCFTA). Chief Executive Officer Pius Hadzide told Business24 in an interview at a youth entrepreneurship summit in Accra that the authority has taken a cue from the 2022 budget which seeks to provide the right state-backed investment climate for entrepreneurship and job creation. “As an authority, we want young entrepreneurs and manufacturers to leverage the AfCFTA and the opportunities
it guarantees all players of the market, and so we’re continually building education around it,” he said. Mr. Hadzide said the NYA has already rolled out a number of initiatives, such as the recently held Youth Connect Africa Summit, as a way of creating synergies and connections between young Ghanaians and their counterparts across the continent. “We believe that to be able to deepen integration and create the connections and linkages, young Ghanaian producers
and entrepreneurs will have to leverage these initiatives to scale up their business,” he added. The NYA boss further asked young entrepreneurs seeking to access the single continental market to place technology at the heart of their operations. “Technology is a platform that we [young entrepreneurs] have to leverage to be able to reach out across Africa. It’s a necessary part of the development process and we cannot do without it,” he indicated. He added: “The Ghanaian entrepreneur should be ICT-
savvy; that is the only way they can compete. We are in a globalised world, and COVID-19 has further exemplified the usefulness of technology.” The one-day youth entrepreneurship summit, on the theme “Amplifying the voice and support for the youth, women and SMEs in the AfCFTA”, convened young Ghanaian businessmen and relevant state agencies in entrepreneurship and trade promotion to discuss the existing support systems aimed at enhancing the capacity of youth-led enterprises in the AfCFTA. “Our key focus is to ensure that the support that the young people need to trade will be available to them—all the things they need to be available for them to produce more and trade more, because AfCFTA opens doors and markets,” said Solomon Adjei, Executive Director of the Ghana Startups Network, the summit organiser. “It will be important that we have some discussions to engage the people who are in charge to know the various support and initiatives in place for young entrepreneurs,” he added.
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WEDNESDAY DECEMBER 22, 2021
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News
WEDNESDAY DECEMBER 22, 2021
More women benefit from Huawei fintech workshop
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uawei Technologies Ghana has completed the latest session of its FinTech (Financial Technology) workshop which benefitted about 150 women in the Ga Central Municipality. The workshop which was in partnership in the Ministry of Foreign Affairs and Regional Integration (MOFARI) and the Ga Central Municipal Assembly comes as part of the ICT giant’s “Seeds for the Future Women in Tech” program aimed at equipping and empowering more women with the needed skills to take advantage of the booming digital economy. Through the Ga Central Municipal Assembly, women who are engaged in trading were selected to participate in the workshop which took the women through Mobile Financial Services in the country and how they can take advantage of these services to improve their business. They were taken through handon sessions to help them get more acquainted with various FinTech
platforms available for their use while helping them to undertake online transactions in a more secure and efficient manner. The workshop also presented a platform for the participants to get some of their concerns regarding security of their money, insurance, fraud and savings among others addressed.
They were encouraged to embrace digitalization in their business operations to maximize productivity and profits. Huawei rewarded 15 well performing participants with smartphones to help jump-start their digital journey and help them embrace FinTech in their businesses.
The program which was part of a massive Women in Tech campaign in the Ga Central Municipality by Huawei Ghana also offered a training to 1000 female SHS and JHS students in ICT Skill and Internet Safety and Basic Coding respectively. These activities aimed at boosting digital literacy while giving beneficiaries the opportunity to actively participate and realize the benefits of the digital economy. As part of the Global Leading ICT Company’s commitment in promoting gender equality, Huawei believes that more opportunities and support must be given to women to empower them as well as ensure they have access both to education and training to compete in the digital economy. Aside Ghana, Huawei through the Women in Technology initiative has already rolled out dedicated digital skills capacity building and empowerment programs for women in multiple countries, including Ireland, Argentina, Bangladesh, Kenya, and South Africa.
5th Young Entrepreneurs Awards honours over 30 young jobmakers
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he most prestigious awards scheme for young entrepreneurs and startups in Ghana, Young Entrepreneur Awards, organized by the Ghana Startup Network, has recognized and celebrated over 30 young Entrepreneurs across several sectors and regions over the weekend at the Accra City Hall. The awards places high value on innovative, enduring and daring individuals who realize bold and clear-sighted ideas to establish businesses that create job opportunities for others, thus complementing existing efforts to solving Ghana’s developmental needs. In his welcome address, Mr. Solomon Adjei, Executive Director of Ghana Startup Network, praised and congratulated all nominees for their courage and creating jobs in the country. All the nominees in this year’s edition received certificates in recognition of their successes as entrepreneurs. For the past six years, the Ghana Start-Up Network, with support from Pan African SMEs Network, Ghana Enterprises Agency (GEA), National Youth Authority (NYA), National Entrepreneurship and Innovations Program (NEIP), and other corporate organizations
have been organizing this program to recognize and celebrate Ghanaian job creators, in accordance with the SDG Goal 8. Speaking at the event, under the theme: Celebrating Young Entrepreneurs to Inspire Generations, the keynote speaker – Lawyer Dennis Owusu-Appiah Ofosuapea (Esq), thanked the various entrepreneurs for filling the void and creating jobs for themselves and their fellow citizens. Some of the entrepreneurs and businesses that went home with awards include; Kandwe Ephriam (EphisShea Butter Production Company Ltd) and Ivy Wereh (Cafmag Enterprise) as the Male and Female Agrobusiness Entrepreneurs, Abubakar Ali (Number 1 Construction and Real Estates Ltd) as the Construction and Real Estate Entrepreneur, Mariama Alhassan (Divas Touch) and Emmanuel Gyasi (EG Collections) went home with the Male and Female Fashion Entrepreneur awards, Michael Larbi (Marqmike Logistics) and Awura Akua Ansah Obiri-Yeboah (Western Montessori School) Male and Female Entrepreneurs, Adomba Konadu Yiadom (Star College of Communication)
and Koiwa Koi-Larbi Ofosuapea (Action on Preeclampsia) winning the Male and Female Social Entrepreneurs of the year. The other winners include; Alhassan Suleiman ( Jah Bless Marketing Link) and Ivy Yayra Tessu (Verdant Global Business Solutions Ltd) as the Male and Female Service Provider Entrepreneurs, Kwame Bekoe (Eurasian Express Ltd) and Hannah Hema Akomeah (Hannys Prime Ventures) Male and Female Start up Entrepreneurs, Sandra Serwa Kyere (Green Diversity Foundation) Green Entrepreneur, Anastacia Acquah (Anapat Choice Enterprise) Manufacturing Entrepreneur, Ronald Tagoe (Mnotify Chatbots Africa) as the Technology Entrepreneur of the year. As part of the recognitions, all the nominees of the student categories are specially recognized for their determination as
entrepreneurs while students Rita Sarpomaa Boahene (Sarps Trend), Deborah Brown (Neys Facility Management), Mellon Florence Mensah Williams (Mezmell local Bar) for the Female student category, while Korwutor Benedict Kofi (Mr.Joli Food Processors), Emmanuel Appiah (Smooth Outlook Enterprise), Bismark Mireku (Autonomous Business Center), Akudago A Daniel Akugiri (Do Stone Printing Press) and Justice Hutchful (Exclusive Calculators) are recognized for the Male Student Entrepreneurs category. Benefits for the winners include periodic capacity building seminars for the next one year, access to funding, mentors, and global markets, extended publicity/visibility of their brands, and a self-funded exchange program to a country yet to be announced.
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WEDNESDAY DECEMBER 22, 2021
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News
WEDNESDAY DECEMBER 22, 2021
Embrace digitalisation, it creates jobs” – Absa Bank MD
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anaging Director of Absa Bank Ghana, Mrs. Abena Osei-Poku, has dispelled the myth that the transition to digital technology is leading to perpetual job losses. She said whilst the tectonic shift to global digitalisation is affecting jobs, it is also creating new streams of employment for the benefit of the working population. Speaking at the 21st Graduation ceremony of the Ghana Institute of Management and Public Administration (GIMPA), Abena Osei-Poku charged the graduating students to make value-addition a non-negotiable aspect of their career lives. She said the transformative power of digitalisation is eroding labour intensive and repetitive jobs; however, new areas of responsibility and new industries are being discovered for cognitive non-routine tasks and creating several thousands of new and exciting opportunities. "Digital technologies have
introduced opportunities in Digital marketing, robotics, Mobile App development, Customer Experience, and the like. The model employee of the future is the one who gets out of their comfort zone, seizes the opportunity, and delivers value to their organisation. You may make mistakes but that is a part of it. Remember, however, to learn from them quickly, grow, remain relevant and add value wherever you find yourself," she said.
The graduation ceremony, which was on the theme, "Digitalisation and Employment in a changing world," was held at the forecourt of GIMPA's Greenhill campus. Using concrete examples and profound anecdotes, Abena Osei-Poku inspired and admonished the students to look beyond their degrees and pick up new skills, upgrade old ones and become lifelong learners if they want to thrive as employees or entrepreneurs.
"In the skills revolution, the ability to constantly evolve one's skillset will bring opportunities. Today, the average life span of a young graduate in most companies is less than 10 years. With the Hybrid working model made possible by technology, the blurring of locations opens opportunities to work from anywhere and for entrepreneurial activity. You only now require a handset and an Instagram account to be the model entrepreneur. So whilst I encourage you to look for jobs, explore the opportunity to innovate, create and start your own businesses and take advantage of the ability to scale quickly with technology," Abena Osei-Poku added. The graduation ceremony was chaired by the Chairman of the GIMPA Council, Mr. Kofi Darko Asante and host of attendees including, Vice Chancellor, Professor Kwaku Bonsu, Council Member, Professor Stanley Coffie and GIMPA Secretary, Mr. Julius Atikpui.
FanMilk MD mentors ‘FanMilk Business-for-Good Award’ winner, Teni Agana
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anaging Director of FanMilk PLC, Ziobeieton Yeo has commenced mentorship sessions with Teni Agana, winner of the 2021 EMYFanMilk Business-For-Good Award, at the recently held Exclusive Men of the Year Africa Awards (EMY Awards). The special award was introduced by FanMilk in partnership with the award organizers to honour an individual who operates a small business and uses the business to make a positive impact in the community. As a result, the winner of the category, Teni Agana, a visionary social entrepreneur, project manager, youth advocate, a teacher and founder and Managing Director of Loozeele Initiative – educational programme targeted at the youth in the northern parts of Ghana– would undergo a sixmonth mentorship deal with the MD of FanMilk. In addition to mentoring, Loozele Initiative will also receive Fanmilk product support for their activities. Speaking after the introductory session of the mentorship programme, Mr. Yeo expressed his willingness to share his experience to groom and support Ms. Agana and her business.
“She will learn a lot and I know I will as well learn a lot. People say in mentorship, what you put in is what you get and by the look of things, she is someone who is eager to see other perspectives. So, I am open minded and willing to share as much as I can from my personal story because I believe what you live in life is worth sharing for others to learn from. Also, the many years’ experience of business and leadership we have, she can be assured that we will share such experiences as much as possible with her. But what is important is for me to have an ear to listen to her ambition, joy and challenges and through constructive questioning help her find solutions. I believe that it's the best help and I am prepared to do that," he said For Teni Agana, a young lady who paid her way through high school by working as a kayayoo and now a university graduate and an entrepreneur, this award and mentorship means a lot to her Loozeele Initiative of empowering other young girls in the north. “This award tells us that people actually see the work we do, the impact on the girls and they appreciate us. It gave us a big platform to sell ourselves to the world. The interesting part
is that it also empowered our girls and tells us that everything is possible, especially being one of them and how far I've come,” she said. She added that her team is expecting to learn a lot from Mr. Yeo and that they believe this opportunity will give them the platform to better improve their business and impact as many lives as possible. “We have a lot of things to do next year, and we expect that we will share some of our ideas and seek his guidance because it has been a roller coaster and this is the first time we are getting someone to mentor us. I believe with his guidance we will further make better decisions as we envisage subsequent years to be great. This is not just for me, it is an opportunity for the about 50 ‘Kayayos’ and 20 girls we are working with now. And in the next five years you will be touching many lives and not just me,” she told the management of Fan Milk Ghana. She noted that currently there are about 200,000 Kayayos in Ghana and the Loozeele Initiative is passionate about reducing the numbers and tackling rural-urban
migration. Loozeele Initiative Loozeele Initiative is an initiative to reverse rural-urban migration targeted at the youth in the northern parts of Ghana. It comprises a literacy module, entrepreneurship module, and reproductive health module and youth empowerment. Loozeele seeks to empower young people to learn basic speaking, reading, writing skills, computer literacy, identify entrepreneurial opportunities, and empower them to be leaders as well as educating them on the various available career opportunities whilst mitigating teenage pregnancies and its negative impact. Overall, Loozeele hopes to improve the lives of the youth, empower them and even better reduce the rate of urban migration.
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Innovation
WEDNESDAY DECEMBER 22, 2021
The danger of digitalizing aid
By Becky Faith
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igital systems are critical to development and humanitarian activities, but they can expose some of the world’s most vulnerable communities to unforeseen risks. Recent examples from Afghanistan highlight these dangers. In September, it was reported that the UK Ministry of Defence had been involved in two separate data breaches, potentially compromising the safety of participants in the Afghan Relocations and Assistance Policy program, which is intended to protect people who had worked for British forces. These breaches followed revelations that the Taliban now control systems for digital identification that were built using international aid. As a former official with the United Nations High Commissioner for Refugees (UNHCR) put it, “The Taliban have been given the keys to the server room.” Moreover, information in the Tazkira, the digital identity cards used in Afghanistan, reportedly can be used to target ethnic groups. Organizations and governments tasked with providing cash assistance during humanitarian crises recognize the need for legislation to strengthen data protection, but finding staff with both data protection
expertise and knowledge of social protection systems is challenging and expensive. As datadriven systems are introduced into aid work, there is the potential for a significant power imbalance between technology providers, governments, and vulnerable populations. And the commercial incentives that drive the involvement of private-sector companies in this domain often are at odds with humanitarian principles – including that the collection and sharing of personal data should not put people at risk. But aid groups also are guilty of exposing sensitive data. Four years ago, UNHCR collected personal information – including biometric data – from ethnic Rohingya refugees in Bangladesh and, in contravention of its own policies, shared it with the government of Myanmar to verify people for possible repatriation. Similarly, a recently released internal audit of the World Food Programme’s (WFP) provision of digital assistance services in Iraq, Namibia, and Nigeria found that none of the projects had processes in place to ensure data protection and privacy. And research from the non-profit Somali Public Agenda revealed that while huge amounts of data are being collected in Somalia by aid groups and the government, the country has no policies
in place to ensure that this information is properly handled. Proponents of digitalization argue that it will reduce costs. But that may not be true. Unwanted Witness showed that the procurement process for the digital ID scheme in Uganda was conducted with limited public access to tender or contract documents through a “classified procurement” program, contrary to Uganda’s Public Procurement and Disposal of Public Assets Act, 2003. Likewise, an internal audit of the WFP’s SCOPE program, released in May, found that a system had only recently been put in place that could “rigorously account for the costs and benefits accrued from IT projects and investments.” The WFP has been using SCOPE, one of the largest systems in the world for beneficiary and transfer management, since the mid-2010s. Moreover, this was not an isolated case. In 2019, a group of civil-society organizations signed an open letter in response to the controversial agreement between the data analytics company Palantir and the WFP warning of a lack of transparency in procurement processes between humanitarian organizations and technology companies. The letter suggested that no thirdparty audits are possible under
the current arrangements, making it impossible to do a future cost analysis of this kind of collaboration. As private-public partnerships continue to grow in the development and aid sector, more research must be done to map the activities of corporate actors to ensure that these relationships are open to scrutiny. Increased transparency will enable donors and policymakers to verify that collaborations are delivering the financial benefits that drive enthusiasm for digitalization. The pressure the humanitarian aid sector faces from powerful donors and others to innovate and adopt digital technologies reflects the urgent need to make such assistance more effective. Digital systems can reduce transaction costs and improve the efficiency of aid, for example by providing funds to communities in remote areas via remote electronic cash transfers. But we must guarantee that the world’s most vulnerable communities are not forced to make themselves visible to governments that may not have their best interests at heart. Becky Faith, a research fellow and Leader of the Digital and Technology Cluster at the Institute of Development Studies, works on the Better Assistance in Crises (BASIC) Research program at IDS.
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News
WEDNESDAY DECEMBER 22, 2021
West African Monetary Union: AfDB extends $400,000 grant for development of regional financial markets infrastructure
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he African Development Bank Group has approved $400,000 in grant funding for technical assistance to support automation of securities issuance by the West African Economic and Monetary Union’s Regional Financial Market. The grant will be sourced from the multi-donor Capital Markets Development Trust Fund, which is administered by the African Development Bank and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands. The grant will fund technical assistance to set up a digital platform, hosted by the Dépositaire Central/Banque de Règlement, to offer market stakeholders ready access to real-time securities data. It will also enable the automation of securities subscription and help reduce the holding period preceding subscription allocations and registration. The Dépositaire Central/Banque de Règlement serves as the settlement bank for the eightmember monetary bloc.
“We are delighted for this first partnership with the Dépositaire Central/Banque de Règlement, after the Bank’s earlier project to support the development of financial markets in the West African Economic and Monetary Union,” said Ahmed Attout, Manager of the African Development Bank’s capital markets development division. “The Bank support is expected to foster a world class regional trading platform and provides the
necessary financial infrastructure for a deeper domestic resources mobilization.” "We share with the African Development Bank a common desire to work to deepen and widen access to financial services and thus pursue our efforts to develop the market towards better collection of savings and the facilitation of transactions on the Regional Financial Market," said Mr. Birahim Diouf, Deputy CEO of the Dépositaire Central/Banque
de Règlement . "This project to digitize primary market issuance on the Regional Financial Market makes it possible to be even closer to investors by offering effective solutions adapted to their expectations and requirements." The Regional Financial Market is a key component of the regional financial system and plays a vital role as a complementary source of local currency and long-term financing for the Monetary Union’s economies.
Vodafone Platinum Night celebrates customers and stakeholders
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odafone Ghana has hosted an exclusive and spectacular event dubbed the Vodafone Platinum Night to celebrate its customers and stakeholders while gracefully ushering them into the Christmas festivities. The technology communications company’s numerous stakeholders, partners
and customers were recognised for their unwavering support and contributions over the years. Speaking at the event, Chief Executive Officer of Vodafone Ghana, Patricia Obo-Nai, said: "The past two years have been eventful for Vodafone Ghana; my team and I have had to adapt in unconventional ways with no playbook to learn from. In
the process, we have learnt to innovate with the little we have and work in more collaborative ways. What is more fulfilling for me is the impact we have been able to make on lives, including the unborn, the tangible relief we have brought to Ghanaians, especially at the peak of the pandemic, and also the future we are creating for our youth by
enabling them to become more digitally equipped." Patricia further commended the government and all stakeholders for their immense contributions to the growth of Vodafone Ghana in the last few years. ''We have accomplished a great deal because of our valued customers, our partners, and our stakeholders. We want to say a big thank you to the government of Ghana and our shareholders. You have always been willing and ready to help us. We will continue to partner with you to address the country’s social and developmental needs whilst building a company we can all be proud of. To our customers, vendors, distributors, and all partners, I say ‘Thank you’, "she added. The event brought together a host of dignitaries, including the Minister for Finance, Hon. Ken Ofori-Atta, who thanked Vodafone Ghana for its continued support. "Thank you very much for this opportunity and for pushing the government to do what is right. I am very confident that these kinds of conversations will lead us to the prosperity that we all look forward to, " he said.
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News
WEDNESDAY DECEMBER 22, 2021
SIC Insurance Plc to pay GH¢3m dividend to shareholder
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IC Insurance Plc has earmarked to pay dividend of 0.0153 per ordinary share to its shareholders. This translates to a total of GH¢3 million for the financial period ended December 31, 2020. Notwithstanding the challenges faced by businesses due to the devastating happenings in 2020 as a result of COVID-19, the company achieved a gross written premium of GH¢242.1 million at the end of the 2020 fiscal year as against the GH¢211.5 million it recorded during the corresponding period in 2019. This represents a 14.4 per cent performance over the result of 2019. The company’s 2020 Annual Report and Financial Statement declared profit before tax of GH¢28.3 million with GH¢5.74 million of the amounts paid as corporate tax, GH¢7.29 million paid as deferred tax and an additional GH¢719,711.00 as National Stabilisation Levy. This brought the company’s profit after tax position to GH¢14.55 million. The board chairman of the company, Dr Jimmy Ben Heymann, who announced
this at the company’s annual general meeting held virtually on December 14, gave an assurance that while there would be much to consider in the coming year, the focus of the board would be to continue the hard work and simplify the operations of the company, particularly through digital and technological innovation. The Managing Director of the company, Mr Stephen Oduro, in his report observed that at the beginning of 2020, global
economy had recorded its 10th uninterrupted growth so the general expectation was for this trend to continue for years ahead but within two months into the year the novel coronavirus shattered that expectation and brought about the steepest global recession in generations. He said the country witnessed partial lockdown, and on the insurance front, social distancing led to minimal in-person interaction with customers. “In response to the above
challenges, there was the need to quickly switch to the use of digital means of communication with customers and allow some trusted individuals and corporate entities to partially pay for equivalent partial cover and also plan to win over policyholders after the pandemic or when things eased down,” he said. Mr Oduro gave an assurance that the company remained committed to ensure that its sustainability project was on course. “We are working hard to leverage all the investment we are pushing into our digitalisation programme. “We will focus on developing winning partnerships and improve alternative distribution channels to deepen our reach,” he said. On the GH¢3 million dividend to shareholders, Mr Oduro in an interview with the media said he was hopeful the company could sustain it and even do more in future. “SIC Insurance has come a long way and through hard work and dedication we have stayed on course. At the beginning of every year, we set a goal for ourselves taking into consideration how we can satisfy the owners and shareholders,'' he said.
Can women benefit from green jobs? “Yes, but…” says report by UN Women, African Development Bank
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he transition to a green economy is expected to create many new jobs around the world, including in sub-Saharan Africa. But will the economic transformation offer women access to higher-paying, more stable jobs? According to a new report released by UN Women and the African Development Bank, the short answer is “yes”, but only if countries adopt strong enabling policies and programmes. The report, titled Green Jobs for Women in Africa, points out that women are well-positioned to benefit from primary-level jobs that will be created but not higher-paying ones in the renewable energy, infrastructure, or transportation sectors. This is despite the critical role African women play in the economy and in managing climate change in their communities. Oulimata Sarr, UN Women’s Regional Director for West and
Central Africa, said: “Some of the obstacles that women face to access green jobs in energy, infrastructure or the circular economy are rooted in social norms and changing those takes time. We are at an acceleration moment. We need to act now to ensure that the transition to the green economy in the region does not leave women and girls behind.” Among the constraints women face are gender segregation in education and employment, lack of access to formal-sector work, endemic financing gaps, as well as social norms that leave women shouldering the bulk of unpaid care work. Vanessa Ushie, Acting Director of the African Natural Resources Centre of the African Development Bank, said: “Women play a vital role in managing Africa’s natural capital assets and building climate resilience in our local communities. Carbon
credits provide an opportunity to reward women for the critical role that they play in protecting our mangroves, forests and other ecosystems essential for carbon sequestration and environmental sustainability across Africa.” The report’s recommendations include the provision of skills coupled with other more
ambitious interventions such as unpaid care services, removal of gender biases from national legislation or leveraging the opportunities offered by new green economic instruments like carbon credits to assign greater economic value to the unpaid work women do to mitigate climate change.
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Feature
WEDNESDAY DECEMBER 22, 2021
Democracy's Vital Tasks
By Javier Solana
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iberal democracy is still alive, but showing clear signs of weakness. According to Freedom House, the world has experienced 15 consecutive years of global democratic backsliding. In an attempt to tackle the rising tide of authoritarianism, US President Joe Biden recently invited more than 100 world leaders to a virtual summit aimed at strengthening democracy globally. For a Spaniard of my generation, there are powerful reasons to highlight the value of democracy. Having lived part of my life under Francisco Franco’s dictatorship, I know what it means for a country to choose openness and prosperity. La Transición, Spain’s political process of regime change from dictatorship to constitutional democracy, was a historic feat, entailing the establishment of new representative institutions, the development of a welfare state, and integration into Europe. But defending democracy as a moral, just, and practical political system should not make us define the international environment as merely a clash between democracies and autocracies. After all, there is nothing wrong with countries meeting to address concrete global problems. What matters is that these gatherings contribute toward solving them. Although the Summit for Democracy participants made commitments to extremely important causes, such as protecting human rights, the event will be remembered more for its symbolic value than for its results. Proof of this is Biden’s decision to invite Taiwan, which will have done little to de-escalate tensions with China. On the other hand, the need for effective global governance is more urgent than ever in
today’s unpredictable and dangerous world. In addition to the nuclear threat that emerged in the last century, we must now contend with challenges such as cyberattacks, the weaponization of migration, the growing investment in military technology, and the malign potential of artificial intelligence. Dividing the world into two ideologically opposed camps, as Biden’s recent summit appeared to do, thus entails a major geopolitical risk. A split between free countries and autocracies could spill over into key international organizations, which are fundamental to resolving or managing global problems. For example, the World Trade Organization long ago ceased to be functional, as a result of its inability to create international trade rules that accommodate different economic systems. Adding an element of ideological separation between democratic and non-democratic countries to the existing divisions within the WTO will only make it more difficult to find solutions. Settling these disputes is vitally important if we are to avoid the dire consequences of an economic decoupling between the United States and China. Building the multilateral system after World War II was a historic achievement, but its institutions lack the tools to cope with an increasingly interdependent, complex, and dynamic world. The COVID-19 crisis has made this clear. Humanity was unprepared to combat the pandemic, and the World Health Organization was clearly underfunded. When former US President Donald Trump recklessly announced that he was withdrawing the US from the WHO, the Bill & Melinda Gates Foundation was poised to
become the organization’s largest single contributor. So, rather than emphasizing their ideological differences with other countries, democracies should instead recognize their responsibility to themselves and the world. In particular, they must address two critical, overdue tasks in order to revive their domestic and international legitimacy. The first task is to reduce domestic economic inequalities. Democracy proved itself after World War II by creating a welfare state that helped to ensure economic growth and social cohesion. But this cohesion has suffered major setbacks in recent decades, and was badly weakened by the 2008 global financial crisis and the COVID-19 pandemic. The socioeconomic inequalities that characterize our societies are a threat to democracy, because living increasingly separate lives makes collective political participation more difficult. Ultimately, inequality erodes our ability to act as citizens. Democratic backsliding in many countries stems in part from the dissatisfaction of citizens who have lost confidence that the political system can reverse the long decline in economic security and living standards they have experienced. The resulting political disenchantment has been a major source of support for populist nationalism. Democracies’ second task is to take a clear lead in creating the socioeconomic conditions necessary for the further development of the Global South. This could also facilitate adherence to democratic values in developing countries. As the rapid spread of the new Omicron variant has shown, we have a moral and practical imperative to ensure the equitable global distribution of
COVID-19 vaccines. Vaccination rates in Africa are dishearteningly low. While many citizens in rich democracies can now receive a third COVID-19 vaccine dose, only 8% of Africans are fully vaccinated. Moreover, there could be no more effective global advertisement for democracy than enabling rapid vaccination of people in the most vulnerable countries. Given that vaccinating 70% of the world’s population would cost only 0.13% of the G7’s GDP, wealthier democracies have a golden opportunity to increase their international legitimacy. Democracies could help their cause further by mustering the political will to fulfill their pledge to help the Global South finance its green economic transition. At the 2009 United Nations Climate Change Conference in Copenhagen, the richest countries promised to provide $100 billion per year to developing countries to help them meet the cost of mitigation and adaptation. But advanced economies have not kept their word. By fulfilling his 2020 presidential election campaign promise to convene a Summit for Democracy, Biden has shown that he is no Trump. But that may prove to be insufficient. Cooperating with someone who is ideologically like-minded is complicated enough. Doing so with someone who has a different worldview, perhaps even contradicting one’s own, is far more difficult. While we clearly need to strengthen democracy, our fundamental values should not prevent us from working with other countries to resolve the most urgent global challenges. I sincerely believe that this is what democracy requires.
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News
WEDNESDAY DECEMBER 22, 2021
FBNBank celebrates with Samini
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BNBank has announced its decision to join African dancehall artiste and renowned performer, Samini to celebrate his birthday and his musical legacy, all in the month of December, with the sponsorship of the “Samini Xperience Concert” which is set to thrill the artiste’s numerous fans. Samini, a Product Ambassador for FBNBank, turns 40 years this December and is expected to use the opportunity to engage millions of his fans and other music lovers. This will be immediately followed by the concert also in December which is by invitation only. As an Ambassador for FBNBank Ghana, Samini was at the forefront of promoting the Bank’s digital products in 2020 and 2021 through physical and digital engagement platforms and opportunities. Commenting, FBNBank Ghana’s, Country Team Lead for Marketing & Corporate Communications, Enoch Vanderpuye said, “Samini has been a right fit for our digital banking proposition. His personality and appeal, particularly his huge followership among Millennials and Generation Xers, in addition to his stature in
Enoch Vanderpuye, CTL, Mkt. & Corp. Comms., FBNBank Ghana
Emmanuel Andrews Samini
music, all position him favourably as a great influencer for FBNBank. His efforts in that regard have been remarkable. All these make this December a special month for him as he celebrates his 40th birthday, the Ruby Jubilee which is usually associated with the attainment of the milestone from which real life begins. Add this to the concert for the celebration of his musical works which is also scheduled for this month and we get an exciting period for one to experience the Samini brand. For us at FBNBank Ghana, it is a great opportunity to wish Samini a happy birthday and continued success in his music career. We also take the opportunity to join him to celebrate his good works and
the happy times they continue to bring us. In our 25th anniversary year, 2021, Samini has been very supportive of all our efforts to engage key stakeholder groups as we celebrate our critical milestone in our life as a bank in Ghana. For this and the many other ways he has been a great partner for FBNBank, we are grateful and we wish him all the best.” Samini, known in private life as Emmanuel Andrews Samini, remains one of the musicians in Ghana who has won numerous awards over the years and continues to be a positive rolemodel among the youth with an attractive following. His genre of music is a melodious mixture of high life, dance hall, reggae and hip-hop which he terms
Govt’s digitisation drive offers sports entities opportunity to maximise revenue—VP Bawumia Continued from cover Awards in Accra, Dr. Bawumia stressed that sports has become a global industry providing opportunities to the youth and contributing immensely to economies around the world. However, the Ghanaian sports industry, the Vice President noted, is lagging behind and has not realised its potential due to the failure to take advantage of the evolution of sports in different eras. “In a recent interview with CNBC, I said that Ghana cannot miss out on the 4th Industrial Revolution after missing out on the agriculture, industrial and ICT revolutions. Tonight, I want to state and urge all sports stakeholders in Ghana that Ghana sports cannot afford to miss out on the opportunities of digitalisation, after missing out on television revenue and sustainable sponsorship,” Dr. Bawumia said. “The digitisation agenda of the government offers sports entities
in Ghana a unique opportunity to transform their brands and maximise their revenue stream through e-membership, e-ticketing and e-commerce,” he added. “By adopting the concept of digitisation, which is the norm for all sports brands around the world, Ghanaian sports entities, especially football clubs, should be able to rake in more revenues from their fans, even if they are a few thousands of fans.” The Vice President said there can’t be a better time for the Ghanaian sports industry to embrace the use of digital technology as a means of generating income, after the growth of sports was badly affected by the impact of the coronavirus pandemic. Advancing a strong case for digitisation by Ghanaian sports entities, Dr. Bawumia referenced how clubs in Europe were able to keep themselves afloat during the peak of the pandemic through digitisation, when competitions
were suspended and games were played in empty stadia. “Thanks to the power of television and other digital technologies, a number of leagues and competitions that were temporarily suspended returned, and millions of people around the world were reached and served their favourite sports, even as the world strived to find a solution to the pandemic. And thanks to the power of sponsorship, merchandising, and digital technology, a number of European football clubs kept themselves afloat and, to a considerable extent, survived the debilitating impact of the pandemic. Even though these clubs and sports federations lost revenues due to the economic impact of the pandemic, their core operation was not affected, and most of them did not require stimulus packages to survive. The situation was, however, completely different in Africa, and here in Ghana in particular. Our sports federations and clubs were
“African dance hall.” Samini has released seven studio albums, with all being highly successful on the market. His success and recognition began when his first single, Linda, was released and subsequently appeared on other successful singles by other artists. On 13 December 2018, Samini was en-skinned as a Chief in his home town, Wa. The title given to him by the Wa Naa (Paramount Chief of Wa) is `Pebilii Naa’, which means `King of the Rocks’ in Wa. FBNBank has in its 25 years of operating in Ghana remained focused on putting its customers and communities first. This, it has sought to do through the rich value and excellence of what the Bank contributes to the relationship with its stakeholders as a whole, particularly the customers. FBNBank Ghana is a member of the First Bank of Nigeria Limited Group which is renowned for its great customer service and general stakeholder engagement garnered over its 127 years of operation. FBNBank Ghana has 20 branches and two agencies across the country with over 400 staff. FBNBank offers universal banking services to individuals and businesses in Ghana.
limited in maximising oportunities in television, sponsorship packages and e-commerce, even as they played in empty stadia. The difference was that while European sports federations and clubs had the luxury of leveraging lucrative television deals, sponsorship packages and e-commerce, our federations and clubs were limited in leveraging these opportunities which have become indispensable to sports development in this era.” The Vice President continued that the negative impact of Covid-19 on sports in Ghana should be an opportunity for all stakeholders to reflect and have a second look at what they have been doing in Ghana sports that has not gone on well. “Why have we not leveraged media rights, sustainable sponsorship and lately digitisation to re-position sports as a thriving industry in Ghana?” he asked. “The moment for action is now, and I want to urge SWAG to spearhead the campaign to get our sports entities to embrace digitisation. Digitisation should be the new oil and gold for our sports entities.”
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News
WEDNESDAY DECEMBER 22, 2021
40 girls complete STEM camp in Accra
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orty adolescent girls from various African countries have completed a Science, Technology, Engineering and Math (STEM) camp designed to stimulate their interest in the fields of STEM and to expose them to the renewable energy options available. The girls, between the ages of 13 to 18, were from Ghana, Ethiopia, Togo, Nigeria and Rwanda participated in the eight-days camp organised by the Visiola Foundation with support from the United Nations Population Fund (UNFPA) and GSR. Held under the theme, “Renewable Energy and Robotics for Sustainable Development, the camp took place at the West African Centre for Cell Biology of Infectious Pathogens (WACCBIP), Department of Biochemistry, Cell and Molecular Biology, University of Ghana. At the camp, the girls were taken through the science of renewable energy and were tasked to build demo projects to generate electricity, using solar, hydro and wind power. They showcased the prototype renewable energy devices at the
closing ceremony, after which they were awarded certificates and prizes. The girls were also equipped with knowledge and information about their sexual and reproductive health, sexual and gender-based violence and how they can be assertive and empowered in way that can readily position them for work related opportunities. Addressing the participants, the Co-Founder and President of the Visiola Foundation, Mrs Lade Araba, said that theFoundation aims to encourage more girls to pursue careers in STEM by gaining their interest early and
facilitating their success. She said, for the girls, their participation in the STEM camp was “their walk into greatness” and urged them “to embrace their greatness because every single one of you is destined for greatness.” Mrs. Araba appealed to the government to invest in STEM education for the girl child to increase the number of women in the STEM fields and enable them to contribute to national development. Speaking on behalf of the UNFPA Resident Representative, Mr. Niyi Ojuolape, Mrs Adjoa Yenyi, National Programme
Analyst – Adolescent Sexual Reproductive Health, said that STEM camps have a strong potential for increasing girls’ interest in science. “STEM is not only physics and mathematics, but must be seen as an integration of disciplines that develop creativity, research skills, teamwork and encourage the study of science and technology. Mrs Yenyi noted however that STEM education lags behind in Africa when compared to the rest of the world and was even lower for girls especially as many factors influence girls’ participation in STEM. She added that the UNFPA believes that STEM education is an accelerator for the achievement of the Sustainable Development Goal (SDG) agenda on good health and well-being as STEM provides girls much needed health information for proper growth and development including very critical reproductive health information that enables them to make informed choices. This, she said, will ensure that they are not derailed on their career and growth path by issues such as unplanned pregnancies.
Bawumia launches e-pharmacy digital platform today
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he Vice President, Dr. Mahamudu Bawumia, will, on Wednesday December 22, launch the e-pharmacy digital platform in Accra. At his recent digital economy public lecture at Ashesi University,
the Vice President revealed that steps had been taken to digitize the operations of pharmacies in the country, and the realisation of this vision, is the latest hallmark in government's digitization drive, which has seen the digitization of
many government sectors and services. The digitization of pharmacies, which will have the nation's pharmacies converged on one digital platform, is aimed at addressing difficulties of roaming
around looking for medicines in pharmacies and, promoting competitive pricing and reducing the ratr of drug abuse and the sale of fake drugs to unsuspecting members of the public. Through a mobile phone, as well as mobile money interoperability and universal QR Code services, the Ghanaian public will be able to enter their prescriptions into the digital platform, selct of pharmacy of their choice, pay for their medicines and have them delivered to their homes comfortably, without having to move around from one pharmacy to the other. The e-pharmcy is a culmination of a challenge the Vice President threw at the Pharmaceutical Society of Ghana. As part of government's digitization drive, Dr. Bawumia, in 2019, challenged the Pharmaceutical Society of Ghana to digitize the operations of pharmacies in the country. Following the directive, the Pharmacy Council worked in collaboration with the Office of the Vice President to ensure the successful realisation of the e-pharmacy.
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WEDNESDAY DECEMBER 22, 2021
15
News
WEDNESDAY DECEMBER 22, 2021
Rainforest’s LEAP project shares PPEs in fight against Covid-19
By Reuben Quainoo
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ainforest Alliance, under its Landscape and Environmental Agility Across the Nation (LEAP) project, has donated critical personal protective equipment to health officials in Sefwi Wiawso, Akontombra, Bodi and Bibiani Ahwiaso-Bekwai Municipal areas to fight the new omicron variant pandemic on the continent. The donation was part of an ongoing effort by Rainforest Alliance and its partners to curb the COVID-19 pandemic in Ghana. The donated PPE’s comprises liquid soaps, hand sanitizers, transparent face shields, intra red thermometer, head gear, gown boot, surgical gloves, face mask and response kits among others. The exercise provided an opportunity for the over 1500 beneficiaries to be screened for various illnesses, including diabetes, hyperthesis B, malaria, HIV and also given COVID-19 vaccination. Mr. Kwadwo Nti Baniako, Manager Landscapes and Communities Rainforest Alliance, who presented the PPEs items to the health officials, said that it’s their desire to help boost residents and farmers immunity and maintain their wellbeing, especially as the Covid-19
pandemic continues to affect the lives of people across the globe. As part of the PPEs donations, the Landscape and Environmental Agility across the Nation (LEAN) project also provided free health screening to residents and farmers in Sefwi Wiawso, Akontombra, Bodi and Bibiani-Ahwiaso-Bekwai to fight the new omicron variant virus across the globe. Mr. Kwadwo Nti Baniako, Manager Landscapes and Communities Rainforest Alliance said that the outreach was to provide the community and farmers access to free medical care and medication because the body has its threshold of weakness. “As we eat and drink, we breathe in and out, take medicine, we don’t know what we are introducing into our system and as blood circulates through our system, if we don’t give the body good health maintenance, what it means is that, the body will end up breaking down. The Landscape and Environmental Agility across the Nation (LEAN) project funded by the European Union sponsored the exercise and was ably supported by Olam Ghana Limited. Other project partners included in the implementation of the LEAN project in other parts of the
country are Tropenbos Ghana, World Vision and Ecocare Ghana” he mentioned. Municipal Director of Health Service, Bibiani Ahwiaso-Bekwai in the Western North Region, Mr. Oppong-Darko Oheneba said COVID-19 vaccination is now mandatory for all including farmers. “We are still in the battle against COVID-19, so these items are going a long way to support the fight against COVID. We are grateful to Rainforest Alliance and their sponsors for this kind gesture and I must reiterate that these items would go a long way in the fight against the COVID 19 in the Western North Region. We are so happy to receive these items” he said. Municipal Health Director, Sefwi Wiawso Municipal Health Directorate, Dr. Francis Boakye Takyi said the items were very important contribution towards the emergency response to the fight against the Covid 19. “As Covid 19 came around, we have been receiving donations from government and some philanthropists. Let me say this; this organization called us some time back and informed us that they want to present some items to us. As a matter of fact, they came to us for a list of items we
needed as health directorate. Here we are today they have brought a lot of items beyond our expectations. On this note, we want to express our gratitude to Rainforest Alliance and European Union for this great support” he mentioned,” he said. Disease Control Officer, Sefwi Wiawso Muncipal, Mr. Koyaara Abraham, said the free health screenings included a comprehensive check-up performed by nurses and medical specialists. He explained that patients were also able to consult the doctors present on site, and collect drugs. “I wish that the initiative would be an annual affair to bring relief to the vulnerable about healthcare” he said. Mr. Isaac Brafi, Chairman, Sefwi Wiawso Landscape Management Board, expressed gratitude to Rainforest Alliance for the gesture and urged them to repeat the gesture often. In attendance at the screening and PPEs donation exercise were Ms. Abena Dufie Woode (Senior Project Manager for Landscapes and Environmental Agility Across the Landscape), Mr. Emmanuel Antwi Bawuah (Senior Associate Landscapes and Communities) and Kelvin Abraham Nartey (Senior Associate Landscapes and Communities).
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WEDNESDAY DECEMBER 22, 2021
17
News
WEDNESDAY DECEMBER 22, 2021
Optimism, as ECA annual review highlights major achievements with long-term value to member states
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he Economic Commission for Africa (ECA) has concluded its annual and fourth quarter (Q4) Accountability and Programme Performance Review Meeting (APPRM) and preparation of the 2022 Annual Business Plan (ABP) under the theme: “Strengthening Accountability and Joint Planning and Delivery to Advance Impactful Interventions”. The four-day meeting held virtually in Addis Ababa, Ethiopia on December 14 – 17, was officially opened and led by the UN Under-Secretary General and ECA Executive Secretary, Vera Songwe. Ms. Songwe said ECA is looking at how to strengthen its strategic directions (build, formulate, design, advocate, and integrate) in the context of the UN Secretary-General, Antonio Guterres’ Common Agenda that aims to promote realization of Agenda 2030. The Executive Secretary noted that 2021 has been a difficult year because of Covid-19 pandemic that has led to the loss of some ECA staff members and thanked the staff for their commitment on delivering their work despite the challenges. “As an institution we are on the right track. We are proud of ourselves of what we have done. Looking forward we need to challenge ourselves on whether
we are doing the right things so that we can do more and much better,” said Ms. Songwe. A report on the Executive Secretary compact presented during the meeting indicates that as an institution ECA has made progress and is on the right track on its performance in terms of achieving the programme objectives, delivering reforms and delivering as a leader in the UN. The session also learnt of progress made in key audit recommendations, timely completion of end of cycle evaluations and other indicators of achievement. Said Adejumobi, ECA’s Director of the Strategic Planning, Oversight and Results Division outlined a number of key achievements, such as the launch of the Liquidity and Sustainability Facility (LSF) at COP26, the global climate conference held in Glasgow, Scotland. Through this mechanism, African governments will save $11 billion in borrowing costs in the next five years, while fostering greener investments and sustainable development. Further, ECA had spearheaded the organization of the multistakeholder Africa Business Forum in collaboration with the Government of the Democratic Republic of Congo and other private sector partners. Held in November 2021 in
Kinshasa, the Forum was based on solid technical analysis that will foster the development of a robust Battery, Electric Vehicle (BEV) and renewable energy value chain and market in Africa, echoing ECA’s continued push to industrialise through value addition and opportunities to improve livelihoods. In addition, ECA made significant contributions in response to the COVID-19 Pandemic as a partner on the African Vaccine Acquisition Trust (AVAT) that aims to increase manufacturing and distribution of vaccines on the Continent. Other milestones include the 2021 African Economic Conference in Sal, Cape Verde, the launch of the ECA Young Economists Network and a coding camp that trained hundreds of young girls in Cameroon. “Joint, planning and delivery is a ‘work in progress’ for ECA. There is need for more cross collaboration among the SROs on programmes like regional integration, trade, implementation of African Continental Free Trade Area (AfCFTA),” said Adejumobi. Looking forward to 2022, the meeting articulated six possible areas of collaboration. These are: economic integration (AfCFTA); macro-economic policies (debt, macro-modeling and development planning); Private
sector development; climate change; migration; data and statistics. “The AfCFTA project needs to incorporate the free movement of persons, goods and services in its work. Without free movement of persons, trading and investments cannot be readily accelerated. Hence, ECA needs to work on this urgently, with the involvement of civil society,” urged Adejumobi. On the issue of migration, the meeting stressed the need to recreate the narrative on the regional and global discourse from an economic perspective. “The global orthodox perspective on migration is quite negative, which sees migration as a burden, liability, and anti-developmental. Whereas migration has historically being central to human and societal development,” he said, and added that the migration project should explore intra and extraAfrica migration in the areas of labour, skills, investments, and employment in creating a new narrative. The meeting also agreed on deepening the Commission’s work on strategic projects that are germane to Africa’s economic diversification. These include battery manufacture, renewable energy and just energy transition, and air transportation, which is important for reaping the benefits of the AfCFTA.
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WEDNESDAY DECEMBER 22, 2021
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Feature
WEDNESDAY DECEMBER 22, 2021
A The key to the COVID-powered challenges of 2022
By Ngaire Woods
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fter a year in which people longed to get back to “normal,” it is now clear that COVID-19 will not make this possible. The pandemic, now heading into its third year, has profoundly affected individuals, communities, countries, and international cooperation, creating four tough challenges for 2022. Rebuilding trust will be critical to confronting all of them. The first challenge is that people’s relationship to work has changed. In some countries, lockdowns, the death of loved ones, and the general uncertainty of the pandemic have prompted or accelerated a rethink. In the United States, the number of workers quitting their jobs exceeded four million in each month from July to October 2021. Many young Chinese are joining the “lie flat” movement by opting out of long working hours, doing the bare minimum to get by, and striving for only what is absolutely essential for survival. The pandemic has deepened the divide between those who can work from home and the many who cannot. In 2022, people need to trust that going back to work will genuinely improve their lives. Getting to that point will require action by both governments and companies. Investment to help remedy the disruption in education caused by COVID-19 is crucial. Some 1.6 billion students in 180 countries were kept out of school as a result of the pandemic. Establishing programs to help students catch up – and gain the skills and training needed for the twenty-first-century economy – will help them get better jobs. Governments cannot do this alone, but they can at least set standards for education and
training. They also can create or strengthen firms’ incentives to invest in their workforce by requiring decent pay and working conditions. For their part, employers will need to reevaluate the workplace, demonstrate trust in their employees, invest in professional development, and accommodate new work patterns. The second challenge in 2022 is to stem the global trend toward authoritarianism. According to Freedom House, the pandemic has weakened checks and balances on government power in at least 80 countries, both rich and poor. Government surveillance, police brutality, and detention have increased, and in many countries free media and expression have been threatened or curtailed. Vulnerable groups such as ethnic and religious minorities and migrants have suffered disproportionately. Political corruption is flourishing, too. In Mauritania, according to the Freedom House report, ministers of the ruling party misused COVID-19 funds. In 2020, the prime minister and entire cabinet resigned. In the United Kingdom, Conservative Party members and supporters were given special “fast-track” access to bid for contracts to supply personal protective equipment. In dozens of countries worldwide, elections have been postponed or canceled, or certified results have been questioned. In 2022, citizens will need to find ways to hold their leaders accountable and to rebuild institutions and public trust. In some countries, this is already happening, reflecting how well governments do five things: provide or regulate public services; anticipate change and protect citizens; use power and public resources ethically;
consult their citizens and explain their decisions to them; and improve living conditions for all. The third challenge the world faces in 2022 is another pandemic. Although it is easy to think that COVID-19 eclipses all other public-health emergencies in our lifetime, our current focus must not blind us to other threats from infectious diseases. Earlier this month, for example, the UK’s chief veterinary officer warned of a “phenomenal level” of avian flu, with “huge human, animal, and trade implications.” In 2021, the world failed to distribute vaccines, treatments, and therapies for COVID-19 equitably or efficiently. The COVID-19 Vaccine Global Access (COVAX) facility was created to ensure immunization for all, thereby containing mutations of the virus and its spread. But wealthy governments instead competed to secure access to the vaccines for their citizens first. Trust and cooperation among governments is not an impossible ideal. The key is to design rules, institutions, and policy implementation in a way that assures countries that everyone is (mostly) complying. A deep flaw at the heart of the COVID-19 response has been a lack of transparency about how much governments are paying for vaccine doses – and to whom. In 2022, the world must urgently redesign and improve the global arrangements for vaccine research, distribution, and financing in order to ensure the minimum level of trust needed to make international cooperation possible. Finally, COVID-19 is transforming the economic rulebook for 2022. Economic nationalism is rising, accelerated by countries’ experiences trying to procure equipment, treatments, and vaccines. Add
to this the desire to achieve netzero emissions targets, and the result likely will be a proliferation of industrial policies, more protectionist trade measures, and greater skepticism toward foreign investors – all against a backdrop of tighter monetary policy and rising government debt. These trends are heightened by geopolitical alliances and rivalries, which are spilling over into economic deal-making. India and Russia recently stepped up their cooperation by signing 28 agreements in areas ranging from military cooperation to trade. And the European Union is now self-consciously adopting a defense and military planning term, “open strategic autonomy,” to frame its new approach to trade. Taiwan is a good example of how security concerns are being blurred with economic objectives. Its sovereignty has become bound up with a competition for control over the much-sought-after high-grade semiconductors it produces. The global economic challenges for 2022 are sobering. But even at the height of the Cold War, basic international agreements and institutions of mutual restraint were possible thanks to patient negotiation and arrangements that gave assurances to both sides. Trust is not a panacea to rising international tension, but a modicum of it, backed by broadly credible institutions, will be vital to contain that tension. There will be no return to the status quo ante after COVID-19, because the pandemic has changed too many things. The challenge for the coming year is to move forward by redesigning and reimagining our rules and institutions with an eye toward reestablishing trust in the domains of work, politics, public health, and economic policy.
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WEDNESDAY DECEMBER 22, 2021
WEEKLY MARKET REVIEW FOR WEEK ENDING DECEMBER 17, 2021
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BUSINESS24.COM.GH WEDNESDAY DECEMBER 22, 2021
NO. B24 / 290 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY DECEMBER 22, 2021
Africa’s youth renew commitment to the SDGs
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oung people in Africa have pledged to work harder and ensure that the continent achieves its Sustainable Development Goals (SDGs) by 2030. In a virtual discussion organized by the Economic Commission for Africa (ECA) under the theme “Africa’s Youth in The Decade of Action: Actors or Bystanders” on December 20, youth from across the continent agreed that they have a role to play in ensuring that Africa achieves the SDGs. In her keynote address, climate and environmental activist, Elizabeth Wanjiru Wathuti, commended her peers across Africa who are leaving no stone unturned to ensure that the SDGs are attained by 2030. She said, “as a climate activist, I have not been sitting back and feeling helpless…I started growing trees at the tender age of seven.” Ms Wathuti noted, however, that Africa’s youth need to be taken more seriously and that their voices and interests should be an integral part of decisionmaking processes. "Youth engagement doesn't mean inviting young people onto panels. Serious engagement means internalizing the fact that young people and future generations have the biggest stake Published by Business24 Ltd. Nii Asoyii Street, Mempeasem East Legon-Accra, Ghana.
in decisions made today.” United Nations SecretaryGeneral’s Envoy on Youth, Jayathma Wickramanayake, said Africa is blessed to have the world’s youngest population, with a median age of just 19.7 years. She expressed confidence in the youths’ ability to steer the continent’s trajectory in the twenty-first century, cautioning that “their success or failure will also be that of the continent as a whole.” Vera Songwe, United Nations Under-Secretary-General and ECA Executive Secretary, said despite the negative effects, COVID-19 has presented huge opportunities in the areas of innovation and tourism, showing that Africa has the potential to grow and create jobs for its youth. She urged young people to use such opportunities to “create their own jobs and become the employers and entrepreneurs for a prosperous Africa by 2030.” Ms Songwe cited an ECA youth programme called African Girls Can Code - which links girls across Africa, enabling them to learn the internet of things, artificial intelligence, and gaming - as an initiative that also creates jobs for young girls in Africa. Ms Songwe said with the African Continental Free Trade Tel: 030 296 5297 | 030 296 5315 Editor: Benson Afful editor@business24.com.gh +233 545 516 133
Area (AfCFTA), Africa can begin to manufacture on the continent and do value addition across the different sectors of our economy. She pointed out that young people are those most affected by the SDGs, stating “ they stand to gain the most from high-quality education, decent work, gender equality and a healthy planet – or to lose the most if the world fails to reach those goals. Their energy, ideals and initiatives are crucial for achieving the Goals.” Emma Theofelus, Namibia’s Deputy Minister of Information, Communications and Technology, said making data accessible to youth will go a long way to enhance Africa’s growth, adding “We need young people in decision-making positions. They should be at the tables where Africa's future is being discussed Adji Bousso Dieng, Founder of The Africa I Know, noted that what is missing is investment in science, technology, engineering and mathematics (STEM). “We don’t have the skills and infrastructure in place that can transform raw material into final products for export. This denies the youth the employment opportunity on the continent.” The need for increased collaboration to enhance growth in Africa was underscored by Thobo
Khathola, Managing Director of Lion Tutoring, who expressed hope that “the AfCFTA will enable us collaborate even more.” The issue of unemployment, poverty and lack of education was raised by Achalake Christian Leke, Executive Director of LOYOC Cameroon, who noted “this is a big problem for Africa” and needs to be tackled immediately. “This needs to be addressed if we want to see any progress on the continent.” The event served as a platform for young people to engage with leaders to renew their commitment to the 2030 Agenda and to advocate for urgency, ambition, and action to realize the Sustainable Development Goals; provide African youth a virtual hub to mobilize, reflect on their needs and aspirations, and establish coalitions for positive change through the achievement of the Goals. It was also an opportunity for young leaders to share best practices, experiences, and challenges in their work towards the Goals, and brainstorm concrete ideas and actions that young women and men can take in their respective communities, countries, and regions to ensure that Africa achieves the Goals by 2030.