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WEDNESDAY DECEMBER 8, 2021
BUSINESS24.COM.GH
Wednesday December 8, 2021
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2021 AEC: Reforms, debt initiatives come under the spotlight as Africa enters ‘critical’ phase
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GCAA negotiating with banks to complete ANS Centre By Eugene Davis ugendavis@gmail.com
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egotiations have begun with banks to raise finance for the completion of the Air Navigation Services (ANS) Centre at the Kotoka International Airport (KIA), Minister of Transport Kweku Ofori Asiamah has told Parliament. The ANS Centre, a five-storey building with a basement, is about 92 percent complete, according to the Minister. It will deliver air traffic management (ATM) services, communications, navigation and surveillance Cont’d on page 2
Construction of the ANS Centre forms part of government’s vision of making Ghana an aviation hub within West Africa.
Ghana and South Africa pledge closer economic ties By Henry Martinson
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By Patrick Paintsil p_paintsil@hotmail.com
hana and South Africa have expressed their resolve to strengthen cooperation in all areas of economic engagement, especially in innovation, value addition, digital technology, health, energy and infrastructure, Cont’d on page 3
Fisheries ministers confer to advance regional fisheries cooperation
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he Fisheries Committee for the West Central Gulf of Guinea (FCWC) announces
Both leaders have reiterated their commitment to the African Continental Free Trade Area (AfCTFA)
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Cont’d on page 2 Cont’d on page 2
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Editorial / News
WEDNESDAY DECEMBER 8, 2021
Editorial
Building right synergies critical to fight against fisheries crimes
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he challenge of illegal, unregulated and unreported fishing (IUU), popularly referred to as “saiko” remains a major hurdle to regulatory bodies and stakeholders interested in fisheries activities across Africa. The unapproved practice denies affected economies several millions of dollars of fisheries revenue on yearly basis. The call to deepen regional collaboration has been loud and telling and it is only through regional cooperation and other expertise and knowledge sharing partnerships that can bring this canker under control. The Fisheries Committee of West and Central Gulf of Guinea (FCWC) was borne out of this strong need for
enhanced regional cooperation to safeguard the livelihoods of coastal dwellers whilst promoting effective ocean governance and marine resources. Come December 15-17, fisheries ministers from the six partner states that establishes the cooperation will convene in Abidjan, Cote d’Ivoire to assess the progress of work and chart the path for enhanced measures and support mechanisms to deepen fisheries supervision and management in West Africa. This is the right time to discuss the pertinent issues of “saiko” and other fisheriesrelated crimes that continue to toll hugely on the profitability, sustainability and safety of such a dominant economic area. Aside the harm of “saiko”,
other concerns including indecent working conditions for workers along the fisheries value chain continue to impede the growth of the industry rendering workers unproductive and undermining efforts to tackle the challenges of the sector. It is our fervent hope that this upcoming ministerial conference will come up with practical recommendations that will help West Africa’s coastal states, especially the six nations that form the partnership to properly and sustainably manage their fisheries sector. No single country can fight the canker of IUU fishing and its related seaborne crimes, it demands building the right synergies and partnerships.
GCAA negotiating with banks to complete ANS Centre Continued from cover
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(CNS) systems, meteorological services for air navigation, and aeronautical information management (AIM), among others. It will be the secondlargest in Africa after a similar facility in South Africa. Appearing before lawmakers at Parliament House in Accra on Tuesday to answer questions related to his sector, the Minister said the advent of the coronavirus stalled the project. “The ANS Centre commenced in January 2017 and was expected to be completed by December 2020. However, due to the Covid-19 pandemic, which significantly impacted the finances of the Ghana Civil Aviation Authority, the project has stalled,” he said. “The authority is now negotiating with our bankers to finance the rest of the project. Hopefully, if negotiations go well as planned and the finances are secured, we should be able to complete the project by the first quarter or middle of next year.” Construction of the ANS Centre forms part of government’s vision of making Ghana an aviation hub within West Africa and a destination of choice for travellers, the Minister added. To support anticipated
increases in traffic volume, Ghana has undertaken efforts to upgrade its airports. For example, Kotoka International Airport in Accra received a new terminal in early 2018. The terminal has a 1,250-passenger-per-hour and 3,500-bag-per-hour capacity. Kumasi, Ghana’s second-largest city, is in the second phase of upgrades to its international airport, including a runway extension to accommodate larger aircraft, as well as new arrival and
departure halls. Meanwhile, the Minister also indicated that feasibility studies for a new airport in either the Central, Western or in between both regions, which would complement the agenda to transform Ghana into the transportation hub of West Africa, are ongoing. He added that the feasibility studies will determine the level of infrastructure and a suitable location.
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News
WEDNESDAY DECEMBER 8, 2021
Ghana and South Africa pledge closer economic ties Continued from cover with the private sectors of both countries in the lead. This is part of a resolution reached between President Nana Akufo-Addo and his South African counterpart, Matamela Cyril Ramaphosa, during the latter’s three-day visit to Ghana. Both leaders also reiterated their commitment to the African Continental Free Trade Area (AfCTFA) and expressed confidence that trade between the two countries would increase exponentially under the framework of AfCTFA. To this end, they committed their respective governments to create an enabling environment to drive the private sector as a catalyst to increase trade between the two countries. They further deliberated on the need to ensure sustainable food production and security in Africa, and welcomed the signing of an MoU for cooperation in agriculture between the two countries as a timely and essential
development that will assist in adding value to their respective agricultural products, create jobs and reduce poverty. The two leaders also
acknowledged the devastating impact of the COVID-19 pandemic on their respective economies and emphasised the need to cooperate in the field of research
and vaccine development in order to promote mutual learning and knowledge sharing in an effort to fight the pandemic.
Fisheries ministers confer to advance regional fisheries cooperation Continued from cover the holding of the 13th session of its Conference of Ministers meeting from 15 – 17 December 2021 in Abidjan, Côte d’Ivoire, inperson and online. The ministers of the six FCWC Member States (Benin, Côte d’Ivoire, Ghana, Liberia, Nigeria, Togo) or their representatives are expected to attend this year’s meeting organized on the theme “Using innovative technology to increase oversight of safe, fair and legal fishing.” The ministerial conference on the 17 December 2021 will be preceded by a two-day Advisory and Consultative Session (ACC) from 15 -16 December 2021, that convenes the directors of fisheries ministries and the heads of MCS to deliberate on the theme, review working documents and prepare the recommendations for the Ministers to adopt. “We selected a technologyfocused theme for 2022 because the region and our partners have demonstrated how technology
can be innovatively used to surmount the challenges that the COVID-19 presents to our activities. This is the first in-person conference of ministers since COVID-19 struck, so we are eager to use this opportunity to celebrate the resilience that our region and partners have shown, and to further explore the ways technology can be used to improve our fisheries,”
said FCWC Secretary-General, Seraphin Dedi. Key discussions this year will include the workplan of the regional working group on aquaculture; the review of the protocols for the pilot joint patrol and the regional observer programs; the standard operating protocols (SOPs) for the Regional Monitoring Control and Surveillance Centre (RMCSC); and the adoption of a regional closed season. The Fisheries Committee for
the West Central Gulf of Guinea (FCWC) is an intergovernmental body established in 2007, with a Secretariat hosted in Tema, Ghana. The FCWC facilitates cooperation in fisheries management between its member countries: Liberia, Côte d’Ivoire, Ghana, Togo, Benin, and Nigeria. These countries have several shared fish stocks and identified the need for cooperation and shared management of these resources.
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WEDNESDAY DECEMBER 8, 2021
Private sector pivotal to Ghana-Guyana partnership success – Dr Bawumia
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ice-President Dr Mahamudu Bawumia says the success of the growing strategic partnership between the governments and peoples of Ghana and Guyana would hinge to a very large extent the productive participation of the private sector. Addressing a joint consultation meeting between government officials, captains of industry, and other private sector players from Ghana and Guyana in Georgetown, Guyana, as part of his three-day working visit, Vice President Bawumia stated that, though trade between the two countries had not been very high due to varied reasons, the recent upsurge in the economic growth of their respective economies provided the enabling environment for the private sector to enhance commercial ties between them. “It is our expectation, therefore, that the private sector through an innovative approach would partner with government to create sustainable growth by focusing on the pillars of development for economic prosperity. There is an economic imperative, at this momentous occasion in our relation for the two countries to broaden the scope of our engagements given the commonalities and the synergies in our economies. Areas of possible collaboration include Oil and Gas, Petrochemical sector, Agro-processing and Agriculture, Education, Mining
(extractive sector) and Tourism. “The Ghana Government welcomes the increasing collaboration between private sector operators from the two countries aimed at identifying potential investments and addressing the persistent trade imbalances in our ties," Dr Bawumia added. Some of the strategies the two governments may deploy in the meantime to boost cooperation include; exchange of trade missions, workshops and seminars, and linkages with the business community and other financial services to create the necessary incentives for attracting private equity in education, infrastructure, and energy for socio-economic development, the Vice President stated. He said the private sector should also promote entrepreneurial activity and interaction between universities and companies through innovation in research which all growth depended on, as well as other market instruments such as credit and economic subventions, and direct investments in health and fintech developing technology solutions. He said another important area requiring urgent attention was the issue of connectivity between the two countries. “For us to realise this commercial objective of promoting trade and investments between our two countries, it is crucial that the private sector should support the Air Services
agreement between Ghana and Guyana designed to improve air connectivity between countries in Africa and South America," Dr Bawumia stated. The Vice President noted that it was expected that the private sector or airlines will be able to fly without any restrictions to the desired destinations to promote the connection between the two Continents. One of the strategies to be adopted by both sides, he said, was to embark on a promotional drive to sensitise the business community about the potential benefits associated with sustainable air linkages in one of the largest aviation projects in the world. The President of Guyana, Mohamed Irfaan Ali, on his part, said the strategic partnership between the two countries was being facilitated at the highest levels of government, and assured the private sector of a speedy resolution of any challenges they might face. “This forum is a clear indication that the private sector of the two countries will be the engine
for this strategic partnership. It is the beginning of the process to integrate our people, the private sector, and find common ground to examine common opportunities, build common strategies, and how to make use of them. “This not a simplistic, business engagement. It is about bridging the divide, expanding and creating markets and new opportunities, sustaining industry, and building capacity. "It is a People-to-People engagement for shared prosperity, based on actionable measures. The high level representation here, from Guyana and Ghana, means red tape and bureaucracy will be removed. This is an opportunity to have direct and meaningful conversations, and I urge you all to make good use of the opportunities," he assured. “You have two governments ready to engage and work with you. Let us combine the power of our partnership and seize the opportunity to be dynamic, global players,” President of Guyana urged.
Gov't implementing strategic programmes to mitigate effects of climate change - Abu Jinapor
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he Minister of Lands and Natural Resources, Mr Samuel Abu Jinapor, says government is implementing two major interventions to urgently respond to the effects of climate change. They include the Ghana Cocoa Forest REDD Programme (GCFRP) in cocoa forest landscape, mainly in the southern part of the country and the Ghana Shea Lands Scape Emission Reduction Programme in the Northern Savannah zones of Ghana. Mr Abu Jinapor made this known at the opening of the 12th Bosphorus Summit, in Istanbul, Turkey. Those programmes, he said, would enhance the ecosystem while improving livelihoods, create opportunities for farmers,
women groups and forest users in general. Mr Abu Jinapor said, in tandem with the vision of President Nana Addo Dankwa Akufo-Addo, Ghana successfully planted seven million seedlings nationwide on June 11, this year under the flagship Green Ghana initiative. He also stated that a robust Afforestation Programme, which sought to restore the degraded landscape across all ecological zones and inculcate the culture of tree planting among Ghanaians, would soon be rolled out, as part of government's Master Plan on landscape restoration. The Minister called on various countries, institutions and the private sector actors to collaborate with Ghana and exchange the rich experience and best practices in landscape
restoration. The Minister urged the participants at the summit and the International Community to deliberate on the effects of climate change on the ecosystem, which links forest and sustainable Livelihoods. He said: "Let us invest in technology and science that prevents the impact of climate change on the Livelihoods of the people we lead". The Minister was of the view that, " We can only achieve our aim if global climate actions are real and verifiable, and this we must do, by embracing real and verifiable emissions reduction initiatives". On his part, the Chairman of the International Cooperation Platform (ICP), Mr Rona Yircali, said the time had come for
the International Community to reaffirm its commitment towards the enhancement of the environment. He hoped discussions at the summit including climate change and the importance of agriculture would help to make the world a better place to live in. The 12th Bosphorus Summit is being hosted by Turkey's Commercial Capital Istanbul, attended by ministers of state, diplomats, experts and academics from Ghana, Angola, Jordan, Turkey, Kosovan, Palestine, Denmark, Belgium, UK, USA, Norway, Azerbaijan and many other countries worldwide. Discussions will focus on cyber security, artificial intelligence, conflict resolution, transport and Industrialisation.
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News
WEDNESDAY DECEMBER 8, 2021
Access Bank to hold 3rd Capacity Building Session on SME growth
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ccess Bank, Ghana will hold an SME capacity building forum as part of its efforts to support the growth of SMEs in the country. The Takoradi edition to be held at the Akroma Plaza in Takoradi on Wednesday, 8th December, 2021, is on the theme “Boosting Digital Skills for Emerging Opportunities”. It is the third in the series of clinics organized by the Bank in partnership with OpenLabs Technology Centres. The Accra and Kumasi editions saw over 4,000 SMEs receiving financial support and a boost in their knowledge on technological trends, helping to promote their business growth. To strengthen SMEs and ensure enhanced levels of access to credit facilities and other allied support, Access Bank says it continuously engages SMEs through capacity building sessions, aimed at driving the essence of digitalization for SMEs growth in the country. MD of Access Bank, Mr. Olumide Olatunji, assured participants
of an insightful time of learning and skill acquisition. “We can never exhaust the conversation around business growth through digitalization. Participants should look forward to practical sessions that will keep them ahead of existing trends and pave way for more business opportunities”, he
noted. A participant of the past two SME capacity sessions, shared some emerging outcomes of the clinics on his business, saying the whole agenda of digitization has opened him up for new market ideas and opportunities. “The introduction of the Instant
Business Loans came in timely for me when i needed some quick funds to support my business. I have restructured my business to go international”, CEO of C-MEC Co Ltd. shared. The Takoradi edition will be facilitated by Penielle Amankwah, Campus Head for OpenLabs
Stanbic Bank wins coveted Bank of The Year award
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hana’s foremost financial institution, Stanbic Bank Ghana, has been named as the ‘Bank of the Year’, Ghana by The Banker Bank of the Year Awards. This was announced at a global virtual awards ceremony held on Wednesday December 1, 2021. Speaking on the award, Chief
Executive of Stanbic Bank Ghana, Kwamina Asomaning, said the award is a product of massive investments aimed at understanding customers and designing tailored solutions that meet their needs. He said, “Increased adoption of mobile money payment services and the proliferation of solutions
by Fintechs over the past few years, has deepened the levels of financial inclusion and provided consumers with increased convenience and flexibility. Evidently, the COVID-19 pandemic has accelerated these trends, forcing banks to intensify their efforts at digitalisation.” “At Stanbic Bank, we are
devoting significant resources to better understand the evolving needs of our clients within this context, and to design digital solutions that address these needs in a manner that produces consistently positive customer experiences,” Kwamina Asomaning added. Kwamina Asomaning also dedicated the award to all the hard-working staff and customers of the bank. According to him, “This could not have been possible without the commitment and dedication of all our staff across the country on one hand and the loyalty and trust of our customers and clients on the other hand. The bank is grateful to them and I dedicate this award to them”. The Banker "Bank of the Year Awards are among the most coveted and highly recognized awards in the global banking industry. Regarded as the industry standard for banking excellence, The Banker’s Bank of the Year Awards 2021 highlights those institutions that have outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic.
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WEDNESDAY DECEMBER 8, 2021
Ghana Agribusiness Investment Summit held
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VER 400 stakeholders in the agribusiness sector, transaction advisors, financial institutions, and investors took part in the recent Ghana agribusiness investment summit. The virtual summit which is part of the US Agency for International Development (USAID) supported Feed the Future Ghana Mobilising Finance in Agriculture (MFA) initiative, also brought on board representatives of the United States (US) and Ghana governments, nongovernmental organisations (NGOs), development agencies, and the donor community. It was organised by the USAID and the Ministry of Trade and Industry on the theme, “Building a Resilient and Sustainable Ecosystem for Agricultural Financing”. The USAID Ghana Mission Director, Ms Sharon Cromer, reaffirmed the US government’s commitment to help Ghanaians move from subsistence farming and low value addition to become a leader in Africa’s agricultural development. “A more developed Ghana is a stronger trade partner for the US.
We look forward to continuing to support Ghana as it continues along its journey towards prosperity, sustainable growth, and self-reliance in agriculture. “Innovative financing tools will be key to mobilising private capital to support Ghana’s agricultural growth,” she said. In a keynote address, the Deputy Minister of Trade and Industry, Mr Michael Okyere
Baafi, said the agriculture sector played a critical role in Ghana’s broader effort to achieve greater industrialisation. “Government, in recognition of the sector’s significant contribution to the national industrialisation agenda, has introduced programmes such as the One-District-One Factory (1D1F) initiative, a nationwide effort to establish at least one
major factory in every district in Ghana," he said. The Ghana Agribusiness Investment summit connects 60 agribusinesses in the maize, soy, groundnut, cowpea, mango, cashew, shea, and other highvalue export crop sectors to international and local investors, financial institutions, and transaction advisors working with the MFA to access investments. These investments will enable the agribusinesses to purchase agricultural inputs and machinery to increase production, improve food security, and stimulate inclusive economic growth. The MFA is a four-year $19 million activity that will improve access to finance for farmers and agribusinesses in Ghana. Using a two-pronged approach, MFA facilitates access to loans and investment, and helps financial institutions to better understand the agribusiness sector and develop appropriate financial tools for farmers and agribusinesses. The activity is expected to help 81,493 agricultural enterprises receive $261 million in finance, leading to $500 million in new sales.
World Children Day: Vodafone Ghana Foundation donates to Cape-Coast Teaching Hospital
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s part of efforts to provide quality medical care delivery, Vodafone Ghana Foundation, the charity arm of Vodafone Ghana has presented medical items worth thousands of Ghana Cedis to the Paediatric Ward of the Cape-Coast Teaching Hospital (CCTH). The gesture forms part of activities to mark this year's World Children’s Day. The World Children’s Day is celebrated on 20 November each year to promote international togetherness, awareness among children worldwide, and improving children's welfare. The health-related items donated include pulse oxymetres, infrared and digital thermometres, suction machines and bedsheets. Speaking at a colourful event to climax the day, Head of the Vodafone Foundation, Reverend Amaris Nana Perbi, said his outfit remains committed to using technology to deliver high impact projects such as these to address key developmental problems
especially in the areas of health and education. “In line with our “Birthday Stars” initiative, the kids were engaged through Excitherapy (Excitement Therapy), Digifun (Digital Fun) & Games. Today’s event compliments Vodafone Ghana Foundation’s aim of making the world a better place as this occasion contributes to the United Nation’s Sustainable Development Goals (SDGs)”, he said. November birthday stars; the Veteran Gospel Musician, Madam Helena Rhabbles and Hitz FM Presenter, Dr Pounds who graced the occasion entertained the kids with spirit-filled songs, games and gags. Receiving the items, a nurse at the Paediatric Ward of the CapeCoast Teaching Hospital (CCTH), Araba Favour thanked Vodafone Ghana Foundation for the kind gesture. “A special appreciation to Vodafone Ghana Foundation for the donation and for choosing Cape-Coast Teaching Hospital,
Peadiatric medical ward. We are very grateful. Also, we want to show our profound gratitude to Mama Helena Rhabbles and Dr. Pounds for putting smiles on the faces of the children and also bringing out their creative sides. On behalf of all the medical staff on duty, we say thank you”, she said. The Birthday Stars initiative was launched in 2020 by the
Vodafone Ghana Foundation with the aim of getting staff involved in at least one CSR activity of the Foundation by the end of each year. As a result of this, Vodafone Ghana Foundation has seen an increased number of employees volunteering to support developmental projects that address specific needs of Ghanaians.
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Agribusiness
WEDNESDAY DECEMBER 8, 2021
Collaborating to create value across the agricultural value chain- Stanbic Bank
Benedict Obeng Head, Business Development & Origination, and Acting Head of Agribusiness, Stanbic Bank
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hroughout Ghana’s history, agriculture has been recognized as the most important sector, employing half of the country’s population while at the same time contributing significantly to the economy. A quarter of the country’s entire GDP depends on crops such as cocoa, maize, yams, and cassava. It is a known fact that agriculture contributes up to 54 % of Ghana’s GDP, and accounts for over 40 % of export earnings, while at the same time providing over 90 % of the food needs of the country. But in recent times, however, the sector has experienced slower growth than other sectors of the economy such as services and industry. To make the situation even more worrying, Ghana commenced the commercial production of oil in 2011, further affecting the growth of the sector as concentration shifted to the oil and gas sector of the economy. Deliberate steps by both
government and private actors to reverse this trend over the years, have met mixed results. Amid this stop and start cycle, the planting for food and jobs initiative was launched in 2017 to promote food security and immediate availability of selected food crops on the market and also provide jobs. Other Agric interventions including the renewed focus on cashew and oil palm production, an aggressive drive for the consumption of locally produced food, an industrialization drive through the ‘One District, One Factory’ policy, to mention a few are all efforts aimed at repositioning the agriculture sector. All the attempts across the decades have a common thread; the realisation that the rewards would be greater when the value chain is deepened. For the past 14 years, Stanbic Bank Ghana, through its agricultural proposition, has been working to improve the agriculture sector across selected agribusiness value chains. With a deep understanding of the full range of activities within the sector, Stanbic Bank’s
knowledge-based approach has been aided by the deployment of smart digital solutions to scale up the state of agriculture. Beyond this, the Bank also leverages on the experience of its parent organisation, the Standard Bank Group in agriculture funding to assist in the rollout of enhanced agriculture services. The Bank also has support systems that augment the work of private extension officers in Agriculture enterprise development. Massive investments in digitization have proven useful in scaling the agribusiness value chain. The Bank, through its digitization drive has been able to deploy remote sensing, digitization of small loans and generate insights from data to gain deeper understanding of the sector. This is being done because Stanbic Bank regards itself not only as a financier, but also as an integral contributor to the development and transformation of agriculture. In September last year, Stanbic Bank signed a Memorandum of Understanding with agricultural and processing machinery, TIAST
Group, to finance buyers of cassava processing equipment to boost the sector in the country. The strategic cooperation will provide financial assistance to cassava entrepreneurs for 2 to 5 years of equipment finance lease service, and a complete closed-loop financial support service. The agreement will also help entrepreneurs to design capacity, match the standardized production line equipment to provide spare parts and consumables supply, standardized training of local technicians and off-take service. As part of the agreement, the Bank is also working with its partners within the agribusiness sector to facilitate a USD$5.8 million funding for the construction of a cassava/starch processing factory in Jomoro in the Western Region of Ghana. These interventions are carefully thought through strategies aimed at enhancing Ghana’s agricultural value chain. Through such interventions and tailor-made solutions, the Bank has become beacon for all within the agribusiness value chain.
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News
WEDNESDAY DECEMBER 8, 2021
Putin stresses broadening economic cooperation with African states
By Kester Kenn Klomegah
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ussian President Vladimir Putin has reiterated some aspects of Russia's foreign policy agenda when he received letters of credence from 20 foreign ambassadors, including seven from Africa, who had arrived in the country to begin their duty tour. The seven new African ambassadors are from Republics of Angola, Benin, Ghana, Guinea, Nigeria, Mauritania and Somalia. The ceremony formally marks the official beginning of the ambassadors' duties in the Russian Federation, and it usually takes place twice a year in the St. Alexander Hall of the Great Kremlin Palace. President Vladimir Putin made concrete reference to his earlier speech delivered in November at the expanded meeting of the Foreign Ministry Board, in which he outlined the priorities of Russia's foreign policy and gave a detailed overview of the current difficult international situation, as well as approaches to settling acute global and regional problems. He has been consistently pursuing the idea that it is possible to effectively cope with the numerous challenges and threats only through joint efforts of the entire global community, that Russia was ready for such cooperation. “In fact, I believe that without joining the efforts of all states, without establishing mutually beneficial and equal cooperation it will be impossible to address such difficult global problems and achieve success in fighting climate change, or countering terrorism and organized crime, or ensuring sustainable development,” the
Russian leader stressed. During his speech at the ceremony, Putin said Russia was ready to raise economic cooperation including developing investment and deepening trade, as well as increasing humanitarian assistance to African countries. Putin told Ambassador Augusto da Silva Cunha form the Republic of Angola, that Russia has long friendly relations with Angola. “What matters most is that, together with our Angolan friends, we intend to fully develop a comprehensive cooperation, to promote political dialogue and carry on joint work in trade, investment, and culture among other things.” These, in particular, were discussed during the Angolan Foreign Minister's visit to Russia in October. At the ceremony was Akambi Andre Okounlola-Biaou from the Republic of Benin. He was reminded that Russia continues expanding interaction with Benin. Notably, it is currently drafting an intergovernmental agreement on military cooperation and a memorandum of understanding in the area of sport. Russian companies are interested in participating in joint geological prospecting, energy and infrastructure projects in Benin. Ghana's ambassador Lesley Akyaa Opoku-Ware is serving her second term in Moscow. Putin noted the steady development of the bilateral relations, and pointed to efforts at expanding interaction in the field of trade and energy, including the peaceful nuclear development in that country. “We jointly produce minerals and hydrocarbons. And, of course, we will continue to train professionals for various sectors of Ghana's economy,”
Putin added. With the Republic of Guinea, represented by the newly arrived Ambassador Maju Kake, Russia hopes that political life in this West African country will soon stabilize, and will attain a national accord. For many years, Russia has been offering substantial investment into the Guinean economy. Russian companies have been producing and processing mineral commodities in Guinea. According to Putin, it is now time to implement new interesting projects, including those in the sphere of energy, infrastructure, fisheries and agriculture. Abdullahi Yibaikwal Shehu is the new ambassador from the Federal Republic of Nigeria. Russia is satisfied with Nigeria as a key partner in Africa. Putin said: “We talked with President Muhammadu Buhari during the Russia-Africa Summit held in Sochi two years ago. We hope that the Nigerian leadership will support Russia’s initiative to hold another meeting between the Russian and African leaders in 2022.” Russia leader added “As for specific areas of bilateral cooperation, we find expansion of the detailed dialogue on topical problems related to supporting stability on the global hydrocarbon markets, countering terrorism and religious extremism, to be quite promising.” At the ceremony, Putin told Mohamed Mahmoud Dahi (Islamic Republic of Mauritania) that “There are favorable opportunities for expanding trade and economic ties with the Islamic Republic of Mauritania, including in the area of high-seas fisheries where we cooperate
closely.” Russia, however, appreciates Mauritania's substantial contribution to fighting terrorism in the SaharaSahel zone. With Hassan Abdi Daud from Somalia located in the Horn of Africa, Putin told him that Russia has advocated for an expanded cooperation with the Federal Republic of Somalia. Reports indicate that currently Russian-Somali relations are at a very low level, with Russia having sent humanitarian aid to Somalia several times. That the Somalian Government is working actively to strengthen the country's sovereignty and territorial integrity, it is fighting terrorism and extremism, striving to create favorable conditions for the socioeconomic revival. “We hope that all these efforts will be crowned with success,” asserted Putin. Putin hopes that with ambassadors' active participation, these relations will be filled with new content, further hopes for mutually beneficial projects and useful initiatives and, in general, will make rapid progress for the benefit of the people and in the interests of international security and stability. Due to the unfavorable pandemic situation, Kremlin still had to hold the ceremony for the newly arrived ambassadors to present their letters of credence in a strict and limited format. At the start of the gathering, Putin congratulated them on the official start of their diplomatic assignments in the Russian Federation. Russian authorities pledged to help and offer necessary assistance to all the foreign envoys in pursuit of their official assignments in the Russian Federation.
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Feature
WEDNESDAY DECEMBER 8, 2021
Hacking the tragedy of the commons
By Alex Friedman
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he word of the week, unfortunately, is Omicron. With yet another new COVID-19 variant dominating the headlines, the global spotlight on climate issues following last month’s COP26 conference is quickly fading. Humanity, after all, tends to focus on the most immediate threat. Still, our response to the pandemic could offer a roadmap for confronting climate change. Both crises involve a classic tragedy of the commons, which occurs when individuals disregard the well-being of society in the interest of personal gain. Yet the global reaction to COVID-19 demonstrated that some unlikely parties could come together, at risk to their individual interests, to accelerate the development, testing, and distribution (at least in the rich world) of successful vaccines. The climate crisis demands a similar approach. Deploying capital to mitigate global warming will require an alignment of unusual bedfellows in finance, technology, socialjustice activism, and beyond. Capital, along with government and religion, has been one of the three great levers of change in history. It has the power to alter the trajectory of entire civilizations. For many decades, capital flows have followed a simple rule defined by the Nobel laureate economist Milton Friedman: all that matters is shareholder returns. But the continuing viability of this maxim has been called into question by unprecedented wildfires, more
frequent and severe flooding, increasingly visible social inequities, and other worrying problems. There is now growing support for the idea that capital should be used for more than just financial returns, as demonstrated by the explosion of interest in ESG (environmental, social, and governance) standards for corporations. It is good news that investors are starting to demand greater transparency into how companies manage their ESG dynamics, and that executives and boards of directors are beginning to track relevant data to report to their investors. You can’t change what you don’t measure. But the ESG movement has largely focused on publicly traded companies. That is understandable, because such companies are where individual shareholders can influence behavior, as the hedge fund Engine No. 1 recently demonstrated with its successful campaign to install decarbonization advocates on the board of ExxonMobil. The problem is that there are fewer than 50,000 publicly listed companies in the world today, compared to more than 200 million privately held companies. If the lever of capital is going to be used effectively, it must include private companies. Not only do privately held companies represent the vast majority of employment and much of the world’s GDP, but they are also who public companies rely on for key inputs. Most of the recent net-zero commitments made by Fortune
500 corporations will have little meaning until there is greater clarity about what is happening in their supply chains. As matters stand, there is very little information about privately held companies’ ESG metrics. And much of the data that do exist is of poor quality, calculated by third parties using algorithms that do little more than guess at conclusions. What has been missing is a consortium model in which unusual bedfellows come together to solve a problem that cannot be addressed by any one group. Fortunately, there have been promising recent efforts to address this problem. For example, the ESG Data Convergence Project, a group of private-equity managers and limited partner investors, led by the Carlyle Group and the California Public Employees’ Retirement System, is working to standardize a set of ESG reporting metrics for privateequity managers. Similarly, the Institutional Limited Partners Association has put together an ESG Roadmap to identify best practices for private market investors who are interested in advancing ESG efforts at their organizations. Finally, at Novata, we have organized a highly unusual consortium of players representing interests that have likely never before come together. Its members include the Ford Foundation, the Omidyar Network, S&P Global, Hamilton Lane, and a wide range of private-equity firms and pensionfund investors in the US and Europe. It represents some of
the world’s leading foundations committed to social justice and inclusive capitalism, major players in financial data and analysis, the largest intermediary in the private markets, a diverse group of private-equity firms with longstanding commitments to ESG standards, and a set of leading pension funds that invest in the private-equity asset class. As a public-benefit corporation, Novata will provide an ESG “on-ramp” for privately held companies from around the world to track, store, and report on relevant data. This emerging ecosystem of partnerships in the private markets represents a new approach to collecting accurate ESG data, which is essential to using capital to tackle some of our greatest challenges. And, importantly, these efforts aim to complement rather than compete with each other to accelerate change in the private markets. In less than two years, we have seen biotech startups, pharmaceutical companies, academic institutions, governments, foundations, and think tanks come together to develop and roll out COVID-19 tests, vaccines, and other cuttingedge treatments. This stunning achievement came from cutting across traditional organizational and sectoral silos and reminds us that, when faced with an imminent threat, disparate interests can come together to chart a new course. The path is lit. Now we must follow it to address other problems of the commons before they become even more tragic.
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Interview
WEDNESDAY DECEMBER 8, 2021
Kayode Adebayo, Chief Executive Officer and founder of Ckrowd, speaks to Business24 1. How is Ckrowd briefly described or what is the trademark of Ckrowd? Ckrowd is a video monetization technology built to support African Content creators with features that allows them to generate great returns on their investment in videos. The technology supports short form and livestream videos, and it also supports pay per view as one of its revenue generating features. On Ckrowd, contents in Information, Education and Entertainment from Africa can be uniquely monetized on the platform by content owners. 2. Digital technology has become the subject of the day and thus an enabler for business growth. How does Ckrowd leverage on digital technology to promote African related contents? The supply of content from Africa has never been in doubt, and au contraire, it has continued to attract and interest. The appeal for content in information, education and entertainment from the African continent, continues to grow at an astonishing rate due to demand from Africans in the diaspora and Afro-Diaspora, who that are trying to keep up with happenings back home and those that are curious and seeking to connect with their origins, culture and heritage. 3. In what ways can African related content leverage on the wide range of Ckrowd resources to boost or get more customers in their businesses? Ckrowd was built with the intent of turning African Content Creators into enterprises. Up until this point, video content has always been mainly managed by western technology platforms, which have often exercised a monopoly and pay out a fraction of a penny per engagement of such contents on their platform. It’s has not been rewarding to African creators due to matters like high cost of data and below par internet penetration around the continent. With Ckrowd, video creatives can approach video creation like a business. Having a production budget, marketing budget, project income and able to calculate the profit margins per video. The content creator on Ckrowd received 70%
of the total revenue generated from exclusively publishing and distributing their live or ondemand content on Ckrowd.com 4. By what margin in terms of revenue do African content creators expected to generate through the distribution of exclusive videos & experiences on Ckrowd? Content creators on Ckrowd are able to dictate the amount charged to view their content per time, even if it’s live or on-demand content. The content creator also received the Lion share of the revenue by taking home 70% of the total amount generated from the exclusive content on Ckrowd. com. 5. What monetization strategies does Ckrowd offer to African content creators? Ckrowd monetization strategies for creatives includes the following: o Pay per view on Live Content. o Pay per view for OnDemand Content. o Subscription Royalties. o Revenue from exclusive
products sold on the e-commerce layer of Ckrowd. 6. Using Ckrowd’s dedicated marketing engines, what is the expected number of people to be reached across sub-Saharan Africa and by what means? Over the past months, Ckrowd has been focused on the West African market, specifically, the Nigerian market to onboard creators and consumers of content. At present, Ckrowd.com is able to reach 55million Nigerians through direct text messaging and WhatsApp Marketing, then 33 million Nigerians via email. MoUs are presently being signed to expand into Southern and East Africa, such as the one signed with Zimbabwean award winning media agency earGROUD. Our partners are eager to leverage our reach to the Western African Market to grow a strong audience for their content in Podcasts, TV series, Music Video and readers for their digital magazines. 7. What is the unique feature of Ckrowd from other competitors in the industry? Ckrowd
as
a
Technology
mimics an infinitely huge event venue sitting in the cloud. A venue that can allow you deliver live or on-demand content releases to the infinitely large online audience. The unique thing about the Ckrowd Technology is how it allows you to scale local and global engagement to your Live Teachings Series, Premiere of your Music Videos, Live Conferences, New release of your TV series etc. Ckrowd helps you gate access to your exclusive content for REVENUE, while enjoying the SCALE provided by the online traffic. Creators give their audiences exclusive access experiences, that is delivered only on Ckrowd and nowhere on the internet. If your music video or a new film can be released 2 months earlier to an exclusive audience of 10,000 followers, willing to pay $2 to watch it before everyone else and claim to be your SUPER FANS, while you send them personalized THANK YOU notes and offer to meet them at a digital meet and greet. Imagine calling most of them by name in this meeting. This is what Ckrowd.com is able to offer and more.
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News
WEDNESDAY DECEMBER 8, 2021
Avanti and European Space Agency accelerate adoption of 5G with pioneering INSTANT5G project
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vanti Communications (“Avanti”), the leading provider of high throughput satellite capacity across EMEA, today announces the launch of INSTANT5G, a new research project endorsed by the European Space Agency, UK Space Agency and the Romanian Space Agency. The 5G via INtegrated Satellite and TerrestriAl CommuNicaTion (INSTANT5G) project aims to extend 5G coverage for Mobile Network Operators (MNOs) and Tower Companies (Towercos) via integrated satellite and terrestrial communication. This will allow the addition of managed 5G services on top of existing cellular services. As demand for greater reliability and data speed rises, the satcom industry is investing heavily in R&D to ensure the seamless integration of 5G platforms with network virtualisation. INSTANT5G will define and develop a softwarebased platform that will enable the convergence of satcom and mobile networks to aid 5G satellite connectivity services. INSTANT5G will create, trial and validate novel technologies, to deliver a software platform that virtualises resource and enables zero-touch service management of 5G satellite connections. This hybrid satellite-terrestrial network will help address the operational challenges that MNOs and Towercos face, and reduce the digital divide in regions like Africa, where inequalities are particularly prominent. By removing integration
complexities and high TCOs, the platform will enable satcom-5G convergence and seamless E2E network management across both terrestrial and satellite links. Avanti and the ESA are leading the INSTANT5G project, with support from academics and experts from the University of Surrey, CGI and LASTING software. Trials across Africa and Europe are planned to take place from 2023. Kyle Whitehill, Chief Executive Officer at Avanti, commented; “We are delighted to be able to take a leading role in shaping the services of 5G over satellite on this ground-breaking research programme, and proud to be working alongside renowned global partners and academic experts. At Avanti, we believe everyone has the power to ‘Be More’ and by helping to break down the barriers preventing MNOs and Towercos from accessing 5G coverage, we will unlock opportunities that will enable these businesses to thrive - it is a really exciting time for the satcom industry!” Elodie Viau, Director of Telecommunications and Integrated Applications at ESA, said; “Satellites play a crucial role in enabling seamless and ubiquitous connectivity to reduce the digital divide, support the digital transformation and enable new carbon-neutral applications and services. We are proud to explore novel technologies for the design and development of integrated space and terrestrial networks.” Professor Barry Evans,
University of Surrey, said; “The Institute for Communication Systems and 5 & 6G Innovation Centre at the University of Surrey is delighted to be collaborating with Avanti, Lasting and CGI on the integration of satellite and 5G mobile systems. The INSTANT5G project enables us to advance the state-of-the-art of 5G satellite backhaul that was set by the EU SaT5G project in which the University of Surrey had the Technical Management role. The advancement will be towards commercial and dynamic endto-end managed 5G services that include satellite links in the path, through innovation and demonstration. Our 3GPP compliant 5G Core Network, Management and Orchestration infrastructure and campus-wide Radio Access Network will be utilised in the project to test the end-to-end system including satellite backhauling via Avanti, and links to the ESA ECSAT hub.” Shaun Stretton, Senior Vice President of Satellite Communications and Space Data Platforms at CGI in the UK and Australia said; “This is another exciting project that will take us a step further towards ubiquitous 5G coverage built on a hybrid terrestrial and satcoms network. CGI is uniquely positioned to unlock these benefits through our experience and IT capabilities across the space and telecoms and our investment in unlocking the potential of 5G including our 5G accelerator lab.” Daniel Zirmer, Chief Executive Office at LASTING Software, added; “As a provider of
integrated cellular backhaul solutions, LASTING Software is very happy to be part of this consortium, working alongside leading industry players and using our significant expertise in 5G and multi-orbit satcom solutions to help drive innovation. Given LASTING Software’s solid collaboration with ESA, we are thrilled to join INSTANT5G as the first project in which have the opportunity to carry out demonstrations in a commercial context of the significant optimisations we have achieved in satcom technology solutions as part of previous and ongoing ESAsupported initiatives.” Satellite technology is making headlines as a solution for expanding the reach of broadband to not-spots that have so far been unreached by terrestrial operators. Avanti previously led the European Commision H2020 SaT5G project, working with fifteen organisations to develop prototype solutions to integrate satellite into 5G networks. The business also has a proven track record of helping MNOs and Towercos to expand their networks in rural and ultra-rural areas in Africa. The launch of INSTANT5G follows the recent introduction of Avanti EXTEND, a new managed satellite service to rural connectivity. The new service is set to provide reliable cellular service to millions of people living in remote and hard-to-reach areas across sub-Saharan Africa by providing high-performance and cost-effective 2G, 3G and 4G solutions to MNOs.
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News
WEDNESDAY DECEMBER 8, 2021
40,000 young women trained in STEM through Huawei’s Seeds for the Future Women in Tech program
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uawei Technologies Ghana has trained over 40,000 young women in STEM this year through its maiden digital technologies training program, “Seeds for the Future Women in Tech” aimed at equipping and empowering more women with the needed skills to take up roles in the tech ecosystem. The training which started in September, 2021 has benefitted Junior High and Senior High School girls in the Ashanti, Central, Eastern, Western, Greater Accra and Northern regions of Ghana. Through the Huawei Seeds for the Future- Women in Tech program, students were exposed to digital technologies like Artificial Intelligence, basic ICT skills training, coding programs and languages like Scratch, HTML and C++ whiles some students were taken through the needed guidelines to enable them stay safe on the cyberspace. Although majority of the beneficiaries were Senior High School students, some Junior High School students who took part in the basic ICT skills and coding
training shared experiences of how the training has given them the opportunity to create games, create stories and operate laptops on their own with little assistance. Traders at the Northern, Eastern, Western and the Greater Accra regions were also taken through a workshop on Financial Technology (FinTech) by industry experts from the Kofi Annan Centre of Excellence (AITIKACE) to boost their businesses, economically empower them and enable them to take advantage of digital technologies to improve their livelihood. In ensuring that the maiden edition of the Seeds for the Future Women in Tech program debuts successfully, Huawei Ghana partnered with the Rebecca Foundation, the Ministry of Communications and Digitalization and the Ministry of Foreign Affairs and Regional Integration to hold the training in the various regions. In partnership with the Ministry of Communications and Digitalization’s Girls in ICT program, Huawei successfully trained over 40,000 Senior High School girls in Artificial
Intelligence and Cyber Security in the Ashanti, Central and Eastern Region of Ghana. The Rebecca Foundation also partnered Huawei to train 600 Junior High School Girls in coding and 150+ women (traders) in Financial Technology. In collaboration with the Ministry of Foreign Affairs and Regional Integration, Huawei engaged the Confucius Institute at the University of Ghana to offer a Chinese Cultural experience workshop for about 150 women in the Ga Central Municipality and trained 1,000 Junior and Senior High School girls in coding
and basic ICT skills respectively. 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 ensure they have access both to education and training to compete in the digital economy. Aside Ghana, Huawei has already rolled out dedicated digital skills training programs for women in multiple countries, including Ireland, Argentina, Bangladesh, Kenya, and South Africa.
Kosmos Innovation Centre launches first pitch in AgriTech Challenge
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he Kosmos Innovation Centre (KIC), a nonprofit investor in young entrepreneurs and small businesses, has held its first pitch in the 2021 AgriTech Challenge Pro Competition for 25 start-ups. The AgriTech Challenge Pro Competition is an acceleration programme aimed at equipping existing start-ups with the right tools, funding, and support to bring their business ideas or products to market and prepare them to scale. The twenty-five start-ups pitched their business concepts to a panel of judges comprising Ghanaian business leaders and sector experts. For the past five months, the start-ups have been working on their business plans with Kosmos Innovation Center staff supporting them with technical assistance, business coaching and mentorship. As part of the training, the 25 start-ups conducted extensive market research journeys throughout Ghana and engaged industry stakeholders to collect data to inform their product development.
Mr Stanley Amamu, Programmes Coordinator, Kosmos Innovation Centre, in a statement copied to the Ghana News Agency, said the start-ups were involved in various aspects of the agriculture industry, including 10 in multiple sectors of the agricultural value chain, four in cereals, three in poultry, three in fruits and vegetables, two in
tree crops, two in livestock and one in legumes. The statement said: “A panel of judges is currently reviewing the performance of the start-ups after the pitch and those start-ups who qualify will advance to the next stage of the competition, which comes with additional training and the opportunity to secure seed funding.”
It said start-ups who did not qualify for the next stage of the AgriTech Challenge Pro Competition were eligible to join the Kosmos Innovation Center Fellowship, which offered networking opportunities, capacity building programs and coaching. Mr Joe Mensah, Chairman of the Kosmos Innovation Centre’s Board of Directors, said the Kosmos Innovation Centre continued to develop Ghana’s young entrepreneurs and challenge them to bring fresh thinking and innovation to the agricultural sector. Mr Mensah, also the Senior Vice President and Head of Business Unit Kosmos Energy, said with the new AgriTech Challenge Pro Competition, the KIC was expanding its offerings to more start-ups than before. Mr Benjamin Gyan-Kesse, Executive Director, Kosmos Innovation Center, said the centre continued to adapt to meet the needs of entrepreneurs, offering a full life cycle of support to help small and medium-sized businesses scale up and become sustainable.
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Feature
WEDNESDAY DECEMBER 8, 2021
What really matters in the Sino-American competition?
By Joseph S. Nye
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he United States and China are competing for dominance in technology. America has long been at the forefront in developing the technologies (bio, nano, information) that are central to economic growth in the twentyfirst century. Moreover, US research universities dominate higher education globally. In Shanghai Jiao Tong University’s annual Academic Ranking of World Universities, 16 of the top 20 institutions are in the US; none is in China. But China is investing heavily in research and development, and it is already competing with the US in key fields, not least artificial intelligence (AI), where it aims to be the global leader by 2030. Some experts believe that China is well placed to achieve that goal, owing to its enormous data resources, a lack of privacy restraints on how that data is used, and the fact that advances in machine learning will require trained engineers more than cutting-edge scientists. Given the importance of machine learning as a general-purpose technology that affects many other domains, China’s gains in AI are of particular significance. Moreover, Chinese technological progress is no longer based solely on imitation. Former US President Donald Trump’s administration punished China for its cybertheft of intellectual property, coerced IP transfers, and unfair trade practices. Insisting on reciprocity, the US argued that if China could ban Google and Facebook from its market for security reasons, the US can take similar steps against Chinese giants like Huawei and ZTE. But China is still innovating. After the 2008 global financial crisis and the ensuing Great
Recession, Chinese leaders increasingly came to believe that America was in decline. Abandoning Deng Xiaoping’s moderate policy of keeping a low profile and biding one’s time, China adopted a more assertive approach that included building (and militarizing) artificial islands in the South China Sea, economic coercion against Australia, and the abrogation of its guarantees with respect to Hong Kong. In response, some people in the US began to talk about the need for a general “decoupling.” But as important as it is to unwind technology supply chains that directly relate to national security, it is a mistake to think that the US can decouple its economy completely from China without incurring enormous costs. That deep economic interdependence is what makes the US relationship with China different from its relationship with the Soviet Union during the Cold War. With the Soviets, the US was playing a one-dimensional chess game in which the two sides were highly interdependent in the military sphere but not in economic or transnational relations. With China, by contrast, the US is playing three-dimensional chess with vastly different distributions of power at the military, economic, and transnational levels. If we ignore the power relations on the economic or transnational boards, not to mention the vertical interactions between the boards, we will suffer. A good China strategy therefore must avoid military determinism and encompass all three dimensions of interdependence. The rules governing economic relations will need to be revised. Well before the pandemic, China’s hybrid state capitalism followed a mercantilist model that distorted
the functioning of the World Trade Organization and contributed to the rise of disruptive populism in Western democracies. Today, America’s allies are far more cognizant of the security and political risks entailed in China’s espionage, coerced technology transfers, strategic commercial interactions, and asymmetric agreements. The result will be more decoupling of technology supply chains, particularly where national security is at stake. Negotiating new trade rules can help prevent that decoupling from escalating. Against this backdrop, middle powers could come together to create a trade agreement for information and communication technology that would be open to countries meeting basic democratic standards. One size will not fit all. In areas like nuclear non-proliferation, peacekeeping, public health, and climate change, the US can find common institutional ground with China. But in other areas, it makes more sense to set our own democratic standards. The door can remain open to China in the long run; but we should accept that the run could be very long indeed. Notwithstanding China’s growing strength and influence, working with likeminded partners would improve the odds that liberal norms prevail in the trade and technology domains. Establishing a stronger transatlantic consensus on global governance is important. But only by cooperating with Japan, South Korea, and other Asian economies can the West shape global trade and investment rules and standards for technology, thereby ensuring a more level playing field for companies operating abroad. Taken together, democratic countries’ economies will exceed
China’s well into this century; but only if they pull together. That diplomatic factor will be more important than the question of China’s technological development. In assessing the future of the US-China power balance, technology matters, but alliances matter even more. Finally, a successful US response to China’s technological challenge will depend upon improvements at home as much as on external actions. Increased support for research and development is important. Complacency is always a danger, but so, too, is lack of confidence or an overreaction driven by exaggerated fears. As former MIT Provost John Deutch contends, if the US attains its improvements in innovation potential, “China’s great leap forward will likely at best be a few steps toward closing the innovation leadership gap that the United States currently enjoys.” Immigration also will play an important role in maintaining America’s technology lead. In 2015, when I asked former Singaporean Prime Minister Lee Kuan Yew why he did not think China would surpass the US, he pointed to America’s ability to draw upon the talents of the whole world – a possibility that is barred by China’s ethnic Han nationalism. It is no accident that many Silicon Valley companies have Asian founders or CEOs. With enough time and travel, technology inevitably spreads. If the US lets its fears about tech leakage shut it off from such valuable human imports, it will surrender one of its biggest advantages. An overly restrictive immigration policy could severely curtail technological innovation – a fact that must not get lost in the heated politics of strategic competition.
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News
WEDNESDAY DECEMBER 8, 2021
2021 AEC: Reforms, debt initiatives come under the spotlight as Africa enters ‘critical’ phase
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articipants at the 2021 African Economic Conference have urged countries to implement crucial governance and economic reforms to see the continent through a historic crisis brought on by the Covid-19 pandemic. The conference brought together leading thinkers, development specialists and policymakers virtually and in Sal, Carbo Verde, to present their latest research on the challenges facing the continent, including mounting debt and an unrelenting health crisis. “The next few years are critical for our continent…The richness that Africa has and the capacity it has doesn’t deserve to have people living in such poverty. We need to make the right decisions to fight extreme poverty,” said Cabo Verde Deputy Prime Minister, Olavo Correia, at the closing ceremony of the three-day hybrid event on Saturday. Researchers at the conference identified three critical areas that need attention: human capital, institutions, and infrastructure, highlighting the critical role of the private sector role in each. Meanwhile, they shared their latest findings on the continent’s financial systems and called for reforms and greater capital market and monetary integration. The theme of this year’s
African Economic Conference is “Financing Africa’s postCovid-19 development.” Cabo Verde President José Maria Neves began the conference with an urgent call for universal vaccine access to curb the spread of the coronavirus, shortly after news had emerged of the Omicron variant. The new variant indicates that “we are not out of the woods yet,” said Eric Ogunleye, Advisor to the Chief Economist of the African Development Bank. “Thus, there is an even stronger need to close the huge financing gap for the continent to build back bolder, bigger, better, and sustainably,” he told the conference on Saturday. According to economic experts speaking during the third day of the conference, many African countries face the risk of defaulting if the G20’s Debt
Service Suspension Initiative is not extended beyond this year. The bigger risk is that countries will fail to borrow and service their debts as they reach the 70-75% debt ratio, said Dr Falilou Fall, Deputy Head of the Country Studies Division at the Organisation for Economic Cooperation and Development (OECD). Bartholomew Armah, Director of the Macroeconomic and Governance Division at the Economic Commission for Africa, advocated for new strategies for financing Africa’s Covid-19 pandemic recovery, including domestic resources, and a rethink of the global financing architecture. Citing the International Monetary Fund’s Special Drawing Rights, he said: “We need to rethink who is the target of these financing
resources.” Another solution lies in one of the continent’s most valuable resources: young people. Ahunna Eziakonwa, the UN Development Program’s Assistant Administrator and Regional Director for Africa, emphasized the importance of investing in the emerging generation, the fastestgrowing demographic group in Africa. “We have to ride on the confidence of the young people. Africa’s ability to make it out of poverty and inequality depends on this spirit of the youth,” she said. She also charged Africa with imagining a future beyond aid, where domestic resources account for the majority of development investment. That would require “urgent and coordinated action to stop the leakage of $90 billion of illicit finance flow that leaves Africa every year.” The 2021 African Economic Conference was organized by the African Development Bank, the Economic Commission for Africa, and the United Nations Development Program. Other high-profile participants included UN Deputy Secretary-General Amina Mohammed, Finance Minister of the Democratic Republic of the Congo, Nicolas Kazadi, and Nobel prize-winning economist Roger Myerson.
Nutrifoods Ghana launches new Perk Butter Shortbread
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lam’s Nutrifoods Ghana Limited, manufacturer and marketer of biscuits, has introduced of a new shortbread cookie into its range of Perk biscuits brand ahead of the Christmas season. According to the company, the product, the Perk Butter Shortbread, is the result of an extensive internal and external consumer research initiative intended to offer Ghanaian consumers that special soughtafter buttery taste in good shortbread cookies. Mrs. Kabuki Owusu Atakorah, Category Manager of Perk Biscuits said told journalists at the launch today that “Shortbread cookies are generally loved by Ghanaians; that explains why there are quite a number of imported brands on the market. Most people usually wait for special occasions to enjoy a pack of shortbread, but as a leader in the biscuit segment,
we at Nutrifoods have decided to respond to the needs of the Ghanaian consumer by producing their favourite cookie locally, so they may enjoy it every day at an affordable price.” Perk Butter Shortbread joins existing perk biscuit variants like Perk Milk Shortcake, Perk Choco Shortcake, Perk Strawberry Shortcake and Perk Milkrich cookies on the Ghanaian market. “Perk Butter Shortbread offers the consumer an indulgent, buttery and tasty biscuit that easily melts in the mouth,” said Mrs. Owusu Atakorah, adding that the new product’s attractive and premium packaging takes on from the recently refreshed brand visuals featuring a new logo and golden swoosh but comes in a contemporary deeper blue shade. “As a company that believes in anticipating the current and future needs of our consumers, we will continue to delight
them with tasty and accessible biscuits that meet their everyday needs,” said Mr. Jay Anjaria, Vice President and Head of Marketing of Nutrifoods Ghana. “Nutrifoods Ghana believes in world-class products that are developed to meet established Ghanaian consumer palate; and more importantly, manufacturing the biscuits locally helps us generate employment,” observed Mr. Amitabh Coomar, Senior Vice President and Business Head, Nutrifoods Ghana Limited, who added that Perk Butter Shortbread comes in an 81 gram pack and
available in all traditional markets, supermarkets, neighbourhood groceries, and mini-marts nationwide. Nutrifoods Ghana Limited produces an assortment of popular biscuits in the country, including household brands like Royal King Cracker, Milky Magic, Royal Digestive, and the Perk range of cookies. The company recently invested US$8.25 million in the expansion of its factory at Tema, upgrading the capacity of the facility with new state-of-the-art production equipment and technology.
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WEEKLY MARKET REVIEW FOR WEEK ENDING DECEMBER 2, 2021
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BUSINESS24.COM.GH WEDNESDAY DECEMBER 8, 2021
NO. B24 / 284 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY DECEMBER 8, 2021
Jumia and Ghana Post partner to enhance e-commerce penetration in Ghana with expedient deliveries and top-tier customer service
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umia, Africa’s leading e-commerce platform, has partnered with Ghana Post, the nation's postal operator, to expand its market-leading presence in Ghana. The strategic partnership seeks to transform the customer experience with faster and more efficient e-commerce flows. The new partnership supports Jumia’s commitment to leveraging its advanced technology and extensive network to provide a seamless and powerful platform for Ghanaians to purchase everyday needs online. Ghana Post will support Jumia by delivering packages to consumers via efficient and expedient courier services. ‘’Our overarching goal is to bring e-commerce closer to consumers and make online shopping accessible to all Ghanaians in conjunction with the Ghana Post’s network of branches covering all parts of the country, including rural areas. Jumia has extensive experience in the field
of e-commerce and logistics and joining forces with a trusted and well-structured company like Ghana Post further expands our horizon,“ said Tolulope George-
Yanwah, CEO of Jumia Ghana. This new agreement benefits consumers as it reduces delivery cost, guarantees faster delivery of orders shipped from overseas and
improves the level of service, thus heightening consumer confidence and boosting participation in the e-commerce market. As the national postal operator, Ghana Post is recognized for its innovation and commitment to making package deliveries safe, affordable and accessible. Deputy Managing Director of Ghana Post, Mr. Kwaku Tabi Amponsah said, “Our partnership with Jumia represents a positive step forward in meeting the online shopping needs of Ghanaians. With over 300 network branches and a leading track and trace system, we are well-positioned to serve the needs of all e-shoppers with fast, secured deliveries. When COVID-19 affected our world, Ghana Post’s innovation and resilience in serving communities and the world proved that innovation is not an accessory, but is instead the driving force behind recovery. Postal services are crucial to billions of people.”
Wakanda City of Return Expo 21 launched with an exhibition in Cape Coast
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he long-awaited Wakanda City of Return Expo 21 has been launched in Cape Coast with an exhibition of African artifacts, prints, and many others. More than 100 tents and exhibition booths have been erected at the Pempamsie Hotel, which has been busy with the activities of exhibitors and other stakeholders. Officials from the African Diaspora Development Institute (ADDI), Ghana Chamber of Commerce, Ghana Export and Promotion Authority(GEPA), Ministry of Trade and Industry, African Diasporans were at the official launching ceremony on Monday. The 10-day event with delegates from the United States of America, Europe, the Ghanaian business community, Government departments, trade associations, traditional authorities, and the media attending, had created a common platform to highlight viable, ready-to-go opportunities for local businesses to share investments opportunities that will assist in wealth creation. It formed part of the
Wakanda City of Return Project which specifically focuses on linking potential investors, facilitating sector presentation as a form of discovering areas of interest, supporting women and children through partnership development with local businesses and Government, and developing a more comprehensive action plan based on the result of the Expo. A cross-section of the exhibitors the Ghana News Agency (GNA) interacted with, said the fair had given them the platform to showcase their goods and businesses. In a separate interview, the exhibitors expressed satisfaction with the sales made so far, saying the expo had met most of their expectations. Mr Deladem Kisseih, the Marketing Manager of COAFS, said the opening of the fair had increased patronage and networking had been great. He added that they were looking forward to more of such events to display the country's rich potentials to help boost national growth. Madam Rita Ampiaba, a beads
seller said she came to the fair with expectations of networking and would collaborate with other businesses for positive outcomes. She said her focus was not on sales, but on creating the awareness that her brand was the best in Ghana and beyond. “Some Diasporans took time to familiarise themselves with processes bead making and we are happy for the experience. We will be part of this next time," she promised. Mr Philip Gbevo, a made-in Ghana Yogurt producer, said
he had made huge sales as the Diasporans enjoyed his products very well. He called on Africans to patronage their products to grow the economy instead of resorting to foreign products. Madam Abena Korsah, the Chief Executive Officer (CEO) of Vidash Catering Services told the GNA how sales bad been good throughout the expo, adding that a lot of Diasporans had promised to engage her services when the need arose. GNA