Business24 Newspaper 24th February, 2021 by Business24 Online

WEDNESDAY FEBRUARY 24, 2021

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NO. B24 / 163 | NEWS FOR BUSINESS LEADERS

WEDNESDAY FEBRUARY 24, 2021

Gas sector becoming a fiscal burden, IES warns

Gov’t considering water meters in MDAs to curb unpaid bills By Eugene Davis ugendavis@gmail.com

he Water and Sanitation Minister-designate, Cecilia Abena Dapaah, has indicated that government will explore the possibility of providing meters for public institutions as a billing mechanism in order to get them to pay for water consumption. Cont’d on page 3

Some miners operating underground

By Benson AFFUL affulbenson@gmail.com

nergy policy think tank Institute for Energy Security says the natural gas sub-sector is rapidly becoming a fiscal burden to the country due to poor energy strategies as well as delay in building relevant infrastructure to off-take processed domestic gas. The institute in an analysis

said government’s poor handling of the sub-sector is greatly contributing to the rising energy sector debt while threatening the sustainability of the entire energy industry. According to the think tank, while the petroleum industry has continued to attract investments into exploration and producing fields, leading to increases in natural gas production, the

ECONOMIC INDICATORS EXCHANGE RATE (INT. RATE)

POLICY RATE

14.5% 14.77%

OVERALL FISCAL DEFICIT

11.4% OF GDP

AVERAGE PETROL & DIESEL PRICE:

4.2% GHC 5.13

By Joshua Worlasi Amlanu macjosh1922@gmail.com

ngloGold Ashanti has projected its Obuasi mine as a key driver of its group gold production over the next two years.

Cont’d on page 2 INTERNATIONAL MARKET

US$1 = GHC 5.7606

GHANA REFERENCE RATE PROJECTED GDP GROWTH RATE

bottlenecks in the off-take of gas are imposing costs on the country. In 2020, gas production from the Jubilee, TweneboahEnyera-Ntomme (TEN) and Sankofa-Gye-Nyame (SGN) fields increased by approximately 60 percent over the volume produced in 2019 and was the highest recorded since 2010.

Back-to-life Obuasi mine to drive AngloGold production

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

CORN $/BUSHEL

$543.75

COCOA $/METRIC TON

$123.55

COFFEE $/POUND:

Cont’d on page 3

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Editorial / News

WEDNESDAY FEBRUARY 24, 2021

Editorial

Let the mass education begin

overnment will this morning receive the first batch of the covid-19 vaccines expected to signal a path to the post-pandemic era. The arrival of the vaccines comes amidst the second wave of infections which has proven more deadly with President, Nana Akufo-Addo already indicating his readiness to impose restrictions should the infection rate continue. Talks about an economic rebound are largely premised on the successful rollout of the vaccination plan. In all, nearly 20m Ghanaians are expected to receive the vaccine by the close of the year. Given that the rebound of the economy depends largely on vaccination

plan, d it is important that mass public education commences in earnest. There is no denying that there is a significant number of Ghanaians who are skeptical of the vaccine and its so-called side effects if any. Whereas the basis for this skepticism may be unfounded, it could still have a telling impact on how the vaccination plan turns out. The Information Ministerdesignate, Kojo Oppong-Nkrumah has already spoken of government officials taking the vaccine on live TV in a bid to sway the minds of people who have doubts on the vaccines’ efficacy. This paper believes that much as that move is commendable, there are more innovative ways

the government can use to get people to step up and be inoculated. The country’s economy depends on this. The more people get vaccinated, the less room for the virus to move and mutate. Beyond the comprehensive awareness creation, citizens equally have to take it upon themselves to convince their relatives and friends to get vaccinated. This paper would once again like to thank the World Bank for coming to the aid of Ghana by providing funds for this exercise. It is now left to government to ensure that, just like they handled the initial outbreak of the pandemic, the vaccination plan would be handled well.

Gas sector becoming a fiscal burden, IES warns Continued from cover

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The cumulative raw gas production (associated and nonassociated gas) in the first half of 2020 stood at 116,373.39 million standard cubic (MMscf ) and reached close to 240,000 MMscf at end-2020. A PIAC report revealed that raw gas exported to Ghana National Gas Company (GNGC) from the three producing fields during the first half of 2020 was 41,314 MMscf. However, the IES said the exported gas represented just 35.5 percent of produced gas, compared with reinjected gas of 59,101 MMscf, constituting 50.8 percent of produced gas. It said the total gas flared during the first half of 2020 was 9,600 MMscf, representing 8.2 percent of total gas produced. This, the institute said, shows re-injected and flared gas as constituting a significant portion of the total gas produced from the three fields. “It is therefore clear that the country has failed to make optimal use of its natural gas resource, hence the excess,” the IES said. It said in 2019, for instance, the volume of gas utilised by power generators and industries was just 82,125 MMscf, compared with 169,509 MMscf of total associated and non-associated gas produced.

“Until the issue with excess natural gas is addressed, the GNPC would continue to be financially exposed due to the take-or-play clauses in gas contracts. In 2019, the GNPC had to pay a whopping US$168m for gas unutilised. The attendant revenue losses being borne by the GNPC will negatively affect its goal of becoming a stand-alone operator,” the IES cautioned. It said government must as a matter of urgency stimulate

relevant gas infrastructural projects to resolve the issue of unutilised domestic natural gas. “Beyond the use of natural gas by power generators, the commodity must be made more accessible to industries by building relevant infrastructure. There must be a radical shift of government’s priorities in the gas sub-sector, going back to the fundamental analysis of the strategic issues to address the demand-supply imbalances,” the think tank said.

WEDNESDAY FEBRUARY 24, 2021

Gov’t considering water meters in MDAs to curb unpaid bills Continued from cover Public institutions have incurred debts to public utilities over the years for non-payment of electricity and water that they consumed. This has contributed to the financial difficulties of the utilities, hindering investment in

their business and improvements to service delivery. Appearing before the Appointments Committee of Parliament on Tuesday, Mrs. Dapaah was asked what her plans were to address the indebtedness of public institutions to the stateowned Ghana Water Company

Limited (GWCL). She said: “Just like electricity meters, we hope in the long term to introduce meters into the system to make sure you pay as you use or pay and use. We are thinking through that.” She added that if the decision was firmed up, it would compel

Mrs. Cecilia Abena Dapaah

public institutions to pay for their water consumption and eliminate the debt problems. GWCL supplies potable water for domestic, institutional, and commercial purposes in urban and peri-urban communities in Ghana. According to a 2018 report by the company, public institutions pay just 12 percent of their water bills, compared with 90 percent payment by non-public customers. On the enforcement of the requirement for landlords to provide toilet facilities in their houses, the Ministerdesignate said that was mainly the responsibility of local governments, although she recognised that other stakeholders had a role in supporting enforcement. Mrs. Dapaah also informed members of the committee that due to population growth and increased demand for water, government was already taking steps to expand the Weija and Kpone facilities to improve water accessibility in the capital.

Back-to-life Obuasi mine to drive AngloGold production Continued from cover In a report to investors, the Johannesburg-listed company said it expects an average of two percent compound annual growth rate (CAGR) in gold production over the next two years, relative to 2020 production, from continuing operations. “The primary driver of production growth is related to Obuasi operating at steady-state, as well as Tropicana reverting to normalised production levels following the reinvestment in its life extension, and AGA Mineração, Siguiri and Sunrise Dam expected to increase production to higher levels,” the company said. The company further indicated that the development of ore reserve remains key to the longterm success and sustainability of AngloGold Ashanti; hence, it is committed to enhancing operational flexibility and extension of the lives of its existing mines by converting its mineral resource into better-defined ore reserve as well as growing its mineral resource base. “This focused investment program, now in its second year, continues to build on the positive momentum garnered

Gold nuggets

in 2020, and these investments are expected to position the company to add ore reserve as well as, where applicable, mineral resource.” At the end of 2020, the company said its Iduapriem mine produced 275,000 ounces (oz) of gold at a total cash cost of US$731/ oz, compared to 275,000oz at a total cash cost of US$815/oz in 2019. The 10 percent decrease in total cash costs resulted from capitalising pre-stripping costs at Teberebie Cut 2 and power subsidies received from the Government of Ghana to ease the

impact of COVID-19. However, this was partly offset by increased royalties as a result of the higher gold price received and the drawdown of ore stockpiles in 2020. The company noted that a decision was taken in the second half of 2020 to invest in and accelerate Teberebie Cut 2 waste stripping at the Block 7 and 8 pit, which will extend into 2021. It further stated that a portion of the high planned waste stripping in 2021 was brought forward to the fourth quarter of 2020. As a result, mined volumes

increased on the back of this investment, with the operation on track to bring forward ore delivery to the mill. “This strategic investment is aimed at assisting the operation in reaching the ore zone earlier, thereby increasing the confidence in gold production for 2021,” it said. Commercial production at Obuasi for Phase 1 was achieved effective October 1, 2020, with the mine producing 30,000oz at a total cash cost of US$1,145/oz in the fourth quarter of 2020.

WEDNESDAY FEBRUARY 24, 2021

News

WEDNESDAY FEBRUARY 24, 2021

Covid-19 testing at Kotoka: PPA approval was not needed -- Transport Minister-designate By Eugene Davis ugendavis@gmail.com

he Transport and Aviation Minister Designate, Kweku Ofori-Asiamah has explained that the Ghana Airports Company Limited, the operator of the country’s airports, did not need the approval of the Public Procurement Authority (PPA) before it engaged a company to undertake the covid-19 tests. Mr. Ofori-Asiamah, appearing before the Appointments Committee of Parliament on Tuesday, said: “a precondition for an application of the PPA Act, and for that matter, obtaining PPA approval, is the use of public funds in the procurement of goods, works and services. GACL did not procure the services of Frontiers with public funds. The company offered to provide laboratory services to the public with their own equipment. No public funds were expended in getting them to provide the services to the public, apart from the provision of office space.

Thus, the basic condition for an application of the PPA Act did not exist. In any case, GACL endeavoured to obtain PPA approval in respect of the contract for the rental of its space to the company. As stated already, the PPA indicated that the rental of office space falls outside the scope of the Procurement Act.”

The clarification comes on the back of the inability of several ministerial nominees’ inability to provide answers relating to the contractual agreement between the state and the company that is conducting the covid-19 test on passengers at the airport. “Sometime in July/August, 2020, the President announced the Government’s inclination

to reopen the borders of the nation to commercial air traffic, subject to the availability of an effective system for COVID-19 testing. Following this, Frontiers Healthcare Services Limited expressed the preparedness to provide such service to the public, whilst indicating that its equipment had been tested by the Food and Drugs Authority (FDA). Three ministerial nominees who had so far appeared before the Appointments Committee have failed to give a satisfactory account on the procurement processes that led to the award of a contract to Frontiers Healthcare Service to conduct COVID-19 testing at the KIA at a fee of US$150 per head. In the said rent agreement the GACL entered into with Frontiers Healthcare Services, the Transport Minister-designate revealed that the laboratory service provider was also required to make a payment of royalties of US$10 per test done to the GACL.

GhIPSS, partners intensify education on Ghana’s QR Code for payment

ice-President Mahamudu Bawumia launched the GhQR last year to add up to Ghana’s existing electronic payment channels as part of the larger cash-lite agenda. The use of GhQR is expected to experience significant growth as more than 15 institutions,

comprising 11 financial institutions and four payment service providers had gone live with the service. Speaking on the development, Archie Hesse, Chief Executive of GhIPSS, commended the institutions that have gone live with the service and expressed

hope that the remaining players in the industry would quicken their processes to enable customers to enjoy the service. The institutions offering GhQR include Vodafone Cash, AirtelTigo Money, GCB Bank, Absa Bank, Access Bank and Cal Bank and Fidelity Bank.

Mr. Hesse said the GhQR was a non-contact form of payment, which made it very ideal in the era of the Coronavirus pandemic as it ensures that both customers and merchants observe physical distancing. Mr. Hesse said the campaign would continue and urged the public to patronize the GhQR payment service. The payment service enables customers to scan displayed QR codes with their smart phones and pay, or dial displayed USSD codes with their phones to make payment. Ghana’s QR code for payment is universal which means that any customer whose bank or payment service provider offers the service can use it wherever it is displaced. “Anybody that has ever used a phone should be able to use QR code with ease, and after scanning or dialling the code, one can see the details of the transaction to be certain that they tally with how much is to be paid and who is being paid, before tapping to pay”, Mr. Hesse explained. He added that this feature gives customers a lot of confidence knowing that the right transaction has been effected. GNA

WEDNESDAY FEBRUARY 24, 2021

News

WEDNESDAY FEBRUARY 24, 2021

First National Bank Ghana declares 2021 as the year of home ownership

irst National Bank Ghana has declared 2021 as the ‘Year of Home Ownership’(YOHO2021) to help make home ownership a reality for many Ghanaians. Announcing the initiative in Accra, the bank described this as a catalyst in driving greater interest in property ownership using home loans (mortgages). It will be used to thoroughly engage consumers with relevant advice on home ownership options, introducing them to First National Bank Ghana’s innovative marketleading home loan solutions. Kojo Addo-Kufuor, Executive Head of Home Loans Business at First National Bank Ghana says, “YOHO2021 will send the message that home ownership provides stability and wealth building opportunities. We understand that housing is a critical need for many, and through the YOHO2021 initiative we aim to help make home ownership a reality for both resident and non-resident Ghanaians. We appreciate some of the perceived hurdles like income,

documentation, title issues and credit history, and we want to work with as many Ghanaians to overcome these to achieve their dreams of owning a property.” For the YOHO 2021 period, First National Bank will prioritise the provision of home loan solutions at competitive interest rates for qualifying Ghanaians. There will also be special packages for non-resident Ghanaians working in the diaspora, employees of corporate entities applying as a

group as well as self-employed and business owners. “We want to help many people to settle, be safe and comfortable with their families while pursuing their goals. Through a series of partnership announcements, client interactions and innovative market education campaigns, YOHO2021 will demonstrate how to start and successfully complete the journey to owning your own home”, Kojo further added. The bank will hold special joint

sessions with its key stakeholders to outline and address some of the challenges usually associated with the process of acquiring a property. These include the land agencies, credit bureau and a select group of service providers who facilitate the process of home acquisition in Ghana. First National Bank also confirmed that as part of planned activities, there will be an opportunity for existing homeowners to demonstrate how they have acquired a property with a home loan. The expectation is that such testimonials will help to allay the fears of those yet to apply for a home loan. “Clearly the journey will not be the same for everyone. Some may buy land and build; others may buy from an estate developer or possibly buy from auctioneers or estate agents. Regardless of your preference, First National Bank is here to provide home loan solutions that will ensure a successful conclusion to each individual’s journey”, Kojo concluded.

Covid: Airline industry travel pass ready ‘within weeks’

nternational Air Transport Association (IATA) says it expects its digital Covid Travel Pass will be ready “within weeks”. The pass is an app that verifies a passenger has had the Covid-19 tests or vaccines required to enter a country. It also verifies they were administered by an approved authority. The industry body sees the pass as essential for reopening air travel, as many countries still have strict restrictions or quarantines in place. “The key issue is one of confidence. Passengers need to be confident that the testing they’ve taken is accurate and will allow them to enter the country.” said Vinoop Goel, IATA’s regional director of airports and external relations. “And then governments need to have the confidence that the tests that the passengers claim to have is one which is accurate and meets their own conditions.” IATA said the Travel Pass is designed in a “modular” way, so that it can work with other digital solutions that are being trialled

around the world. It will be available on iOS and Android platforms, and is expected to be free to passengers. Singapore Airlines was the first airline to start trials of the travel pass in December. Etihad, Emirates, Qatar Airways, Air New Zealand are among the other airlines currently conducting trials, and IATA says it is discussing the pass with most airlines throughout the Asia Pacific region. “We are currently working with a number of airlines worldwide and learning from these pilots. And the plan is to go live in March,” Mr Goel said. “So basically we expect to have a fully functional working system over the next few weeks.” Paper versus app The closest paper equivalent to the app is the Yellow Card, a World Health Organization document which confirms passengers have been vaccinated. It is often used to prove that passengers have had yellow fever vaccinations required to enter some countries. IATA says the risk of fraud with

paper documents is too great. Europol recently revealed that a forgery ring in France had been selling negative test results to passengers at Charles de Gaulle Airport and fraudsters had also been apprehended in the UK for selling forged results. Malaysian police also reportedly recently arrested six Pakistani men suspected of forging negative results. “This issue has come to the forefront, because there is the risk of fraud with paper certificates,”

said Mr Goel. However, the insistence by some governments on paper documentation has proved an obstacle to the rollout of the IATA app. “We do have a case in the Republic of Korea that does require a paper certificate, so we are working with the government there to ensure they will allow digital certificates to be accepted,” Mr Goel said. BBC

WEDNESDAY FEBRUARY 24, 2021

Feature

WEDNESDAY FEBRUARY 24, 2021

Three Vaccine Assumptions for 2021

By Swee Kheng Khor

accinating the world against COVID-19 is one of mankind’s most critical non-wartime efforts ever. Many countries have developed ambitious, politically sensitive, and carefully sequenced vaccination plans, but executing them successfully will be a challenge. To succeed, policymakers should build three realistic assumptions into their vaccination planning for 2021 and beyond. delays are inevitable. More than two months after the world’s first COVID-19 vaccine injection on December 8, 2020, hopes of a rapid rollout are fading in many countries. Production holdups have triggered European Union threats of legal action and export restrictions. And there are several reasons to expect further delays. For starters, the manufacturing constraints are daunting. Firms must scale up or repurpose factories to produce billions of doses annually, and vaccine supply chains are still being built even as they are being stretched. For example, the Pfizer/BioNTech and CureVac vaccines use lipid nanoparticles manufactured by the same supplier. Moreover, capacity expansion through technology transfer – say, from AstraZeneca to Thailand’s Siam Biosciences – involves legal and technical hurdles. If new coronavirus variants reduce current vaccines’ effectiveness, vertically integrating the research-to-manufacturing process may enable a faster and more agile response. Other legal and regulatory obstacles also could cause delays. Many countries have signed bilateral advance purchase agreements (APAs) with vaccine manufacturers, most of which are subject to the vaccine gaining regulatory approval and involve phased delivery and a refundable

deposit. But APAs may be difficult to enforce, and international law must evolve rapidly for dispute resolution to be effective. The United Kingdom’s regulator was the first to approve the Pfizer/BioNTech vaccine because it benefited from rolling data submissions from clinical trials – an opportunity that should be accorded to other regulators, regardless of market size or wealth. A new approval process may be needed for vaccine variations in response to new coronavirus variants, perhaps modeled after the abbreviated approval pathway for seasonal variations in influenza vaccines. Furthermore, a populationwide COVID-19 vaccination program poses formidable logistical challenges and will require an all-of-society effort. Governments may need to provide around-the-clock or drive-through vaccination facilities, with proper coldchain support, while a robust adverse-event reporting system must accompany adequate indemnity protections. Wastage, sabotage, and weaponized vaccine hesitancy may occur. But countries can mitigate these potential problems by planning properly and learning from one another. The second assumption is that COVID-19 vaccines will aggravate global inequality in 2021. All OECD countries except Turkey have procured more doses than their population needs; Canada, for example, has enough for nearly six times its population. This “vaccine apartheid,” as UNAIDS Executive Director Winnie Byanyima calls it, means that rich countries will most likely achieve widespread vaccination coverage and economic recovery sooner, leaving poor countries far behind. COVID-19 vaccination programs could also worsen inequalities within countries, just as the pandemic itself has already

disproportionately affected ethnic minorities, women, immigrants, and the poor. The World Health Organization recommends vaccinating frontline health workers and the elderly first, but some advocate giving priority to ethnic minorities or the poor. Indigenous communities, migrants, and refugees could be marginalized further. Meanwhile, wealthy elites could secure early vaccinations through the private sector, the black market, or “vaccine tourism.” Big businesses may purchase vaccines for their employees or lobby for them to be given priority as “essential workers”; Amazon and Uber are already doing so. And “vaccination passports,” if implemented, could be discriminatory. Mitigating this inequality risk will require a multi-layered approach. The United Nations General Assembly and Security Council must govern global public goods more actively, while US President Joe Biden’s administration nee`ds to provide thoughtful and inclusive global leadership. Governments must sustain the financial and political support that the COVID-19 Vaccine Global Access (COVAX) Facility needs to make vaccines available everywhere in the world. The UN Human Rights Council’s Universal Periodic Review process for all member states could be expanded to include country-level COVID-19 outcomes and vaccine equity. And citizens, civil-society groups, and media must remain vigilant to prevent unequal vaccine distribution. Lastly, policymakers should assume that procurement decisions could become a proxy for the US-China rivalry. Geopolitics is already influencing public procurement, notably in some Western countries’ decision to bar the Chinese telecommunications firm Huawei from their 5G networks. When

it comes to vaccines, geopolitics could encroach on decisionmaking criteria like data, quality, availability, value, and cost. Vaccines could also feature in the US-China competition over global standards, which already encompasses artificial intelligence, smart cities, and lithium batteries. COVID-19 vaccines may require new standards for research methods, primary endpoints in trials, clinical outcomes, and production. Just as the US and the Soviet Union engaged in space and arms races during the Cold War, America and China could enter a vaccines race with the aim of gaining scientific prestige, standard-setting authority, soft power, and financial rewards. Competition is good if it gives countries a choice of cheap, cutting-edge vaccines. But it could turn ugly if superpowers weaponize vaccine supplies, prices, or patents, or use them as bargaining chips in “vaccine diplomacy.” If that happens – if choosing vaccines means choosing sides – small and medium-size powers can adopt a hedging strategy or “vaccine portfolio” approach, as Australia, Malaysia, and Singapore are doing already. But this could still leave countries caught in a bind if they are forced to choose whether to weight their portfolios toward the US or China. To escape the bind, such countries could use international mechanisms like COVAX, or band together for pooled procurement using models like the Pan American Health Organization’s Revolving Fund or UNICEF’s initiatives to strengthen vaccine procurement. COVID-19 vaccines offer a welcome glimmer of hope after a bleak first year of the pandemic. But translating this hope into effective action will require policymakers to be resourceful in mitigating delays, inequality, and geopolitical risk.

WEDNESDAY FEBRUARY 24, 2021

Feature

WEDNESDAY FEBRUARY 24, 2021

Business processes reengineering to be driven by technology in post Covid-19

usiness processes of most companies are rigid and un-adaptive to technology. The company owners and management are very adamant about change and technology. They are not forward-thinking or innovative. They have refused to accept that the digital age has changed everything. Regrettably, they are the victims of business collapse because their processes cannot adapt quickly to technology. They need Business Process Reengineering. COVID-19 has unpardonably claimed precious lives. COVID-19 has revealed how Information Technology (IT) has permeated every facet of human lives. Even though in the last two decades we have seen the increasing usage of IT in many activities, some managers do not believe IT to increase efficiency. A lot of managers have refused to innovate and adapt to the IT world we have created. During the almost worldwide lockdown in the early stages of the COVID-19 pandemic, founders of tech companies increased their worth. The demand for IT services highly driven by IT soared. Sadly, when COVID-19 was taking precious lives, it was making some astoundingly rich. Prior to the COVID-19 era, not so many organizations believed in staff working from home. There was no way MTN Ghana and Standard Chartered Bank Ghana, for example, were going to allow a large section of their staff to work

from home. Working from home was preserved for privileged few senior managers and critical technical personnel. COVID-19 has proofed that with technology and the right resources in place, every work can be done from home. For example, MTN Ghana Call Center Staff and Standard Chartered Bank Relationship Managers worked from home. Online shopping was doing well but those who thought they could be scammed had no option but to use these services. Virtual training was a no-go area for many but now, it is the most preferred option. Virtual meeting was meant for very top managers. But today, the next question when a meeting is announced is: can we have the meeting virtually? Delivery services indeed have seen a boom and continue to excel in this era. Why worry yourself to queue at the bank or ATM when you can conveniently use the bank’s mobile app to do every transaction? Prior to COVID-19, using ATM was even a challenge to many. Want to pay for goods and services? Even the charcoal seller has a Mobile Money account. Most pastors and church leaders never believed in streaming church services live on social media. COVID-19 has taught them that, you can spread the Gospel of Christ to more audiences via social media than their limited physical structures. For the offering, the first item to

catch your eyes is the rolling of the mobile money numbers at the bottom of the screen. They could hold all-night services and had 3,000 members connected instead of the 32 members in their church auditoriums. In education, some teachers and lecturers never heard of Zoom until COVID-19 publicized it. I witnessed one scenario in the early stages of COVID-19 when one of the top universities decided to train lecturers on using Zoom and Moodle to deliver courses and assess students. One old professor said it was not possible to effectively teach mathematics and effectively assess students because of the numerous mathematical symbols. By the time we finished with the training, he alluded that online teaching is the best. The concept of Telehealth or mHealth existed prior to COVID-19 but people showed no interest. Many patients, doctors, and other health professionals never believed in telehealth. You needed to see the physician physically for examination on every little health issue. Drug prescription must be done on the prescription form before it will be attended to. COVID-19 changed this perception and IT-phobia attitude in the health sector. Doctors have learned to diagnose patients via video calls without stress and get it right. People everywhere can receive professional health services

without any issue. Pharmacies can deliver prescriptions to patient homes via courier or delivery services after diagnosis from telehealth services. Companies, by the lessons from COVID-19, have now realized that they can reach more people with their products and services on social media than through the traditional mode of advertising. Company websites were either nonexistent or had never been updated five years ago when it was created. There was no need prior to COVID-19. Today, almost all the websites of many companies have been redesigned and the marketing manager demands a weekly report on the number of unique visits. The need for digital marketers is on the rise in the post-COVID-19 era. Any business: big or small, that refuses, either deliberately or ignorantly, to embrace technology and reengineer its business processes to include IT will soon be out of business. The race is already on and the best time to review your business process to integrate new efficient technology is NOW! Author: Emmanuel K. Gadasu (Data Protection Officer, Institute of ICT Professionals Ghana, and Data Privacy Consultant at Information Governance Solutions) For comments, contact author ekgadasu@gmail.com or Mobile: +233-243913077

WEDNESDAY FEBRUARY 24, 2021

Feature

WEDNESDAY FEBRUARY 24, 2021

Rotary Club of Accra – Ring Road Central clocks 35 years serving humanity

atience Gamor had a dream, having benefited from the benevolence of the principal of John Teye Memorial School. She started this dream and persevered even though she did not have the means or resources and she was dealing with a poor society who could not even afford to educate their children for as low as six dollars a term and the nearest government school was a distance. Losing one child who had drowned in a nearby lake intensified this determination. When the Rotary club of Accra – Ring Road Central came across Golden Spring School, it was in response to Patience’s request for books. The club’s assessment was that the needs for this community were more than books, rather a solid structure to educate the disadvantaged children classrooms, library and water and facilities. So, it was collectively agreed that this would be our 35th anniversary project because that is what we do, making dreams come true as we help the underprivileged. So, on the 16th of February the Rotary club of Accra – Ring Road Central launched its 35th anniversary celebrations during its weekly virtual meeting with the theme “35 years of Serving Humanity” The virtual launch commenced with the history of the club as told by Past District Governor Jeffrey followed by past presidents narrations of the club achievements over the last thirty five (35) years. The pictures supporting these narrations brought about such excitement and thrill. It was time for the president to

speak. Rotarian President Roma recounted the highlights of the club’s journey in the thirty - five (35) years. She emphasized the need to continue building on the club strengths and improving on its shortcoming to make the club attractive than it was now. She thanked organizations and individuals that have partnered with the club over the years. The goal to bring more players on board would increase the objectives of the organization to raise more funds and impactful projects ... more hands to serve more communities. District Governor Nominee Victor Asante, Chair of the anniversary committee, then outlined the activities for the celebration: an anniversary project – classroom building for the Tetegu community in Accra; public relations activities; a virtual fundraising drive, series of mini events and climaxed with a themed dinner dance. The virtual launch got even more exciting with special guest artiste, Samini, speaking on how passionate he was to be supporting charity activities. He expressed his interest in such opportunities and is looking forward to more partnerships. He ended the launch with a release of his new single “Craving”. This fun and dynamic Rotary club is poised for more service to its community and aims to impact the underprivileged in society, making their lives much better. Rotary arrived in Ghana in 1958. Today, sixty-three years after, Rotary in Ghana can boast of over fifty-six Rotary clubs and one thousand five hundred and seventy eight members across the country. The third club chartered in Accra was the

Rotary Club of Accra - Ring Road Central to address the challenge of the growing numbers of the existing two clubs in Accra. The determination and tenacity of the late Past District Governor George Takyi, a renowned Quantity Surveyor in Ghana, saw the Rotary Club of Accra - Ring Road Central translate from an idea, to a viable proposition and finally to reality on April 24, 1986. It is no wonder the club is described as “the most dynamic Rotary Club in Ghana” and this is well deserved and proven by the 35 years history of the club. Not only is the club the largest in the Rotary District 9102 made up of Ghana, Togo, Benin & Niger with eighty seven members, it has also undertaken various charity projects in different parts of Ghana, in furtherance of Rotary motto, “Service Above Self ”. Its projects span across healthcare; education; literacy; water and sanitation among others. Some of the notable projects include: A six-classroom building for Asempaneye Community in the Easter Region, Water & Sanitation projects in Osu Vocational School; Bawjiase Orphanage; Saboba Agricultural Station, Larteh Methodist JSS; Supreso; Tinkong Health centre; and some villages in the Central Region; building of a community library in Anyaa Awoshie for the Lila Childcare Foundation and the entire Anyaa Awoshie community; Provision of vocational and technical skills to about forty women to build their capacity to undertake economically viable ventures; a joint commissioning of a telehealth project in Jirapa district of the Upper West Region with the Rotary Club of Windsor

(1918) and the Herzog Hospital of Jerusalem; annual Medical and Eye Outreaches; Donation of items and cash to the Kressner Orphanage; Bawjiase Orphanage; Girl Science Students at Teshie Secondary School; Teshie State School for the Deaf and Dumb; Kaneshie Cripples Home and Rehabilitation Centre; Dodowa Library and other institutions; Mounting of fifteen (15) dustbins along the Aburi Hill Walkway; A facelift of the maternity unit at Ayirebi Health Centre in the Eastern Region; Donation of PPEs and other COVID related items to frontline health workers in Ghana and the Agblogloshie community and Kressner Orphanage, just mentioning a few. Some of the projects saw the club building partnerships with bodies such as USAID, Accra Metropolitan Assembly, Clutches4Africa, National blood Service Ghana, Rotary Club of Limay, MTN Foundation; Sight For Africa; Living Waters Hospital; Ghana Book Trust; Rotary Club of Windsor, Windsor – Roseland & Plymouth, all in Canada; Rotary Club of Nykobing F. Vestensborg; Rotary Club of Hoppers Crossing, Australia; Rotary Club of Lome Azur; Rotary Club of Ogba; The Herzog Hospital of Jerusalem and Syndicated Capital Rotary Club of Accra – Ring Road Central was the first club to have a Major Donor pay $10,000 outright to the Rotary Foundation; is a 100% Paul Harris Fellow club and has produced two District Governors. It sponsors one Rotaract club; two Interact clubs and has chartered five Rotary clubs – Rotary Club of Accra-Legon East, Accra – Dzorwulu, Accra – Osu Oxford Street, Akwapim Ridge and Accra – Industrial.

WEDNESDAY FEBRUARY 24, 2021

Feature

WEDNESDAY FEBRUARY 24, 2021

No one is safe until everyone is safe

By Mohamed A. El-erian

ecognizing that “no one is safe until everyone is safe,” the G7 recently announced additional steps to facilitate globally more “affordable and equitable access to vaccines, therapeutics, and diagnostics” to combat COVID-19. But translating stated intent into effective action will require both bold political leadership at home and support for developing countries that goes well beyond financial aid. Getting it right won’t be easy, but the effort is essential if rich countries wish to avoid living in a fortress with the mentality to match. The current inequality in vaccine availability and deployment is stark. According to United Nations SecretaryGeneral António Guterres, just ten countries account for 75% of all COVID-19 vaccination so far. More than 130 countries have not administered a single dose. In the face of such inequality, the G7 agreed to increase pandemic-related aid to $7.5 billion and urged others, including G20 countries and multilateral organizations, to enhance their support for developing countries, be it through the COVAX facility or the Access to COVID-19 Tools Accelerator initiative. These actions are not just the right thing to do, given the considerable risks facing developing countries; they are also in the interest of developed countries. Unless the rest of the world is successful in combating

the virus, new variants will multiply and confront advanced economies with a seemingly never-ending series of potential lose-lose scenarios. The first stems from the risk of “importing” new variants that overcome existing vaccines and renew awful cycles of infection, hospitalization, death, and lockdown. Already, the battle against COVID-19 has been made harder by the emergence of new virus variants, like the Kent (England) and South African strains. Fortunately, although these variants have increased the speed of transmission, they appear not to have derailed the effectiveness of therapeutics and vaccines. Minimizing the risk of yet more destabilizing variants is crucial if countries are to turn the corner on a shock that has wrecked lives and livelihoods. The alternative is to adopt a bunker-like approach to borders. This is no longer a two-horse race. We are now all cheering for immunization to outrace not only the original virus, but also the new variants. If this does not occur, many countries – and particularly those that have made considerable progress in reducing infections and administering vaccines – will repeatedly face a difficult choice: either risk being disrupted by a new variant from abroad or sharply curtail the inward and outward flow of citizens, residents, and visitors. And neither option would be easily sustainable. There are other ways in which

helping others in their battle against COVID-19 is a national priority, particularly for Western countries and their allies. Already, China has enhanced its influence and standing in the developing world, both directly, through “mask diplomacy” (providing free face masks to reduce virus transmission), and indirectly, by showing that its governance model is more effective than Western countries’ in overcoming unanticipated adversity. Now, China is busy offering vaccines, as is Russia. The Africa Medical Supplies Platform, for example, recently announced that the African Union had been offered 300 million doses of the Russian Sputnik V vaccine, together with funding for countries that need it. An effective G7 approach to making vaccination more accessible to developing countries would help counter the view that it has abandoned the global stage. It is also consistent with the Biden administration objective of global re-engagement. The G7’s effectiveness in this domain will entail more than delivering fully on its latest set of important promises. Time is of the essence, be it in making the financial aid available to developing countries or donating to them developed countries’ anticipated and already-secured excess doses. The G7 must also go beyond such aid in at least two ways. First, where needed and when asked, member countries should provide technical assistance

and logistical support to overcome micro failures that disrupt local supply chains (an “imperfection” that undermined earlier vaccination efforts, such as against malaria, for too long, and can now be overcome more easily). Second, the G7 should press vaccine manufacturers to share their knowledge with local producers and facilitate their legal and operational ability to do so. The road ahead is difficult. There will be opposition at many levels, including from those wishing to spend money and effort only at home and those seeking to protect the current profit opportunities from COVID-19 vaccines and future profit opportunities from the scientific breakthroughs that the vaccines incorporate. But as hard as all this, the alternative is even harder: living with virus disruptions, living in national bunkers, or both. About the author Mohamed A. El-Erian, an advisor to Allianz (the corporate parent of PIMCO where he served as CEO and co-Chief Investment Officer from 2007-14) and to Gramercy, is President of Queens’ College, University of Cambridge. He is is the Rene M. Kern Practice Professor at The Wharton School at University of Pennsylvania and was Chairman of US President Barack Obama’s Global Development Council. Feature

WEDNESDAY FEBRUARY 24, 2021

Markets

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Markets

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WEEKLY MARKET REVIEW FOR WEEK ENDING FEBRUARY 19, 2021

CONTINUED ON PAGE 20

WEDNESDAY FEBRUARY 24, 2021

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WEEKLY MARKET REVIEW FOR WEEK ENDING FEBRUARY 19, 2021