Business24 Newspaper 12th January, 2022

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WEDNESDAY JANUARY 12, 2022

BUSINESS24.COM.GH

Wednesday January 12, 2021

MTN reviews data prices for broadband services

NO. B24 / 291 | News for Business Leaders

Inflation heresies

See page 5

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GARDJA proffers proactive measures to grow agric sector

By Patrick Paintsil p_paintsil@hotmail.com

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he Ghana Agriculture and Rural Development Journalists Association (GARDJA) says there is the urgent need to create conducive environments for the marketing of farm produces for the benefit of Ghanaian farmers and growth of the nation’s dominant sector.

To achieve this, the association believes that government will have to use its purchasing power to push capital to the agriculture value chain by sourcing locallygrown farm products.

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Benchmark value reversal resumes January 17

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he suspension of the implementation of the reversal of reduction of values of imports on selected items has been extended for a further two weeks, to Monday, January 17.

The extension, according to the

UMB, 2 others among banks with lowest lending rates to SMEs -report

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niversal Merchant Bank (UMB) has been named among other universal banks with the lowest interest rate on loans offered to small and medium scale enterprises in the country, according to the Bank of Ghana “Annual

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Editorial / News

WEDNESDAY JANUARY 12, 2022

Editorial

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Structured measures needed to grow dominant agric sector

overnment’s commitment to revamping and positioning the nation’s dominant economic area for sustainable growth and wealth creation is not in doubt with its flagship Planting for Food and Jobs Programme (PFJ).

Several targeted actions have been rolled out in support of this initiative which seeks to promote food-sufficiency, the creation of employment opportunities along the value chain as well as enhance agro-processing.

But despite these interventions, the agriculture sector is suffering with most Ghanaians yet to feel the real impact of these measures on the food markets, according to the Ghana Agricultural and

Rural Development Journalists Association (GARDJA).

Data from the Statistics, Research, and Information directorate of the Ministry for Food and Agriculture shows that between January and October 2021, the prices of major food crops like maize, yam, cassava, tomatoes, rice, and yam increased by between 12 and 73percent.

This data tells that it was more difficult for people to buy the foods they need to stay satisfied and healthy but of course with justifiable reasons including external shocks from the virus pandemic.

Poor management situations like delayed release of funds for major policy interventions

like the fertiliser subsidy programme, and external shocks like Covid-19 disruptions to the global agriculture supply chain and climate change harmed the agric sector last year.

Fixing them will require clearly thought through policy initiatives, and enhanced commitment from various stakeholders to help develop the sector, particularly from government.

We agree with the association that making Ghana self-sufficient in food production and building an improved agricultural sector to help provide the teeming youth of the country with the necessary jobs will only take a structured management.

GARDJA proffers proactive measures to grow agric sector Continued from cover

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“Government needs to make use of its purchasing power to make life better for smallholder producers. It’s illogical to have government funded initiatives like the School Feeding Programme relying on imported food products,” it said in a statement signed by its president Richmond Frimpong.

The group is also calling for the decentralized management of the agriculture sector with the right support systems and structures that will help to position Ghana as a food-sufficient nation with numerous jobs along its agricultural value chain.

According to GARDJA, the decision of government to move departments of agriculture from the Ministry of Food and Agriculture (MoFA) to be under the direct supervision of the local assembly was a plausible step.

They however argued that this measure must be complemented with conscious efforts by government to channel adequate resources to provide quality extension services to farmers, support them with mechanization services as well as subsidized inputs.

“The local assemblies should prioritise agricultural activities and make sure they provide

Agric Minister Dr Owusu Afriyie Akoto

adequate investments at their levels to support farmers in their enclaves.

Money is needed to finance the transportation and logistical needs of extension officers so they can get research outputs and scientific and innovative techniques to the farmers. The local government system must support financially,” the further stated.

GARDJA predicts that fixing the challenges of the agriculture sector will require clearly thought

through policy initiatives with enhanced commitment from various stakeholders to help develop the sector.

The statement added: “Minus immediate bold interventions, 2022 is likely to come along with even more drastic increase in prices of food stuff, deepening inequalities among the farming population and an increase in Ghana’s dependence on foreign foods, as well as loss of agricultural jobs. Immediate government action is needed now.”

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News

WEDNESDAY JANUARY 12, 2022

Benchmark value reversal resumes January 17 Continued from cover Ghana Revenue Authority (GRA), is to allow for efficient transitional arrangements to be made to ensure a smooth implementation.

It is also to allow a storage-free period for vessels that discharged on December 31, 2021 to go through clearance without being affected by the reversal of the policy.

Although the implementation of the reversal took off on January 4, the GRA was compelled to temporarily suspend the action following challenges at the ports.

The initial suspension was to last 24 hours from January 5 to January 6, but before that could elapse, it was extended to January 17.

A statement from the GRA confirming the extension

indicated that effective January 17, any bill of entry (BoE) presented without payment of duty and other taxes or deposit of security

(where it is a suspense cargo) would be affected by the policy.

A BoE, according to the statement, shall require

reprocessing to be affected by the new policy, while reprocessing would be required to reverse the effect of the policy on duty and taxes for any assessed BoE that was affected by the earlier January 4 or 6, 2022 period.

Confusion, agitation Before the announcement of the temporary suspension, freight forwarders had complained about the confusion the implementation of the decision was causing at the port.

The freight forwarders said the confusion had arisen because the directive was taking retrospective effect and that had not helped matters.

When the reversal took off last Tuesday, some of the freight forwarders who managed to process their items before January 1, 2022, said they had been instructed to restart the process for the new benchmark value to be applied.

UMB, 2 others among banks with lowest lending rates to SMEs -report Continued from cover Percentage Rates (APR)” report.

The central bank’s 2021 Annual Percentage Rates (APR) report revealed that “on loans offered to SMEs, First National Bank, UBA and UMB offered the lowest lending rates of 19.52%, 19.56% and 21.80% respectively for oneyear tenor.”

UMB has been at the forefront providing funds for start-ups and SMEs as part of the bank’s support to government’s youth entrepreneurship drive and private sector revitalization.

The UMB Centre for Businesses and UMB PPP Incubator Centre, initially launched in 2017, are the bank’s response to the gap in the provision of dedicated financial and non-financial services to SMEs in Ghana.

With offices located in Madina, Ashtown and Kasoa, the UMB centres for blusinesses are equipped to offer free advisory services for greenhorn entrepreneurs, connecting local businesses and entrepreneurs to suppliers in other markets such as Asia and Europe, as well as business loans.

UMB, through the UMB PPP Incubator Centre, in 2018, provided a credit facility to the tune of US$10.7million to the

Central Sugar Company Limited to produce starch in commercial quantities from cassava from their base at Prang in the Pru District of the Bono East Region; first-ever One District, One Factory project financed by a private financial institution.

Although the processing factory was constructed by the China National Building and Material Company (CNBM), a local steel company, Isopanel Company Limited was contracted to fabricate and install all the steel structures for the factory as part of efforts to promote active local content participation.

In Ghana, the food crops subsector is dominated by smallholder farmers whose planting practices are characterized by, inadequate use of technologies, low use of quality seeds and fertilizer as well as porous market linkages.

These issues collectively hinder growths in farm productivity.

In response, the Government through the Ministry of Food and Agriculture (MoFA) initiated the first flagship module– Planting for Food and Jobs (PFJ) campaign in 2017.

The Planting for Food and Jobs initiative formed the basis of UMB’s relationship with Glofert Limited – a wholly Ghanaian

company in the business of providing environmentally friendly, affordable, and quality fertilizers to farmers in Ghana and across Africa.

UMB, in 2020, provided support of about USD7.6m under the government’s 1D1F policy to support the operations of Glofert Limited.

In a nation such as Ghana, where SMEs make up about 90% of registered businesses and provide 70% of employment to the teeming youth, it is understandable why a financial institution like UMB will consider the sprawling SME ecosystem in Ghana as the key driver for economic growth, prosperity, and a tincture for unemployment – and as such SMEs cannot be

relegated to the fringes in any economic discourse.

Commenting on the story, Charlotte Lily Baidoo- General Manager for SME Banking at UMB noted ‘’SMEs are the drivers for economic growth in the country as they give employment to more than 70percent of Ghanaians. As a Bank our DNA is SME. We were established in 1972, as a policy bank to grow Ghanaian SMEs to take over the commanding heights of the economy, and we have stayed true to this mandate. These findings reflect our commitment thereof. In 2022 we expect to consolidate this with more innovations, within the framework of government initiatives and market dynamics.’

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WEDNESDAY JANUARY 12, 2022

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News

WEDNESDAY JANUARY 12, 2022

MTN reviews data prices for broadband services

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TN Ghana, leader in the country’s telecommunications space, has reviewed data prices for its Fixed Broadband services (Fibre Broadband and TurboNet) users.

The changes tooke effect from January 4.

A release issued in Accra by the Corporate Communications Department of the company said: “This has been necessitated by the need to align with market rates. In this regard, customers will enjoy 50 per cent bonus for the first three months ( January – March 2022) on every data purchase; and 25 per cent on the next three months (April -June 2022) purchases.”

It further said: “Unused data after the 90-day expiry can also be rolled over on purchase within three days after the date of expiry and customers’ existing data will not be affected by this change; any new data purchased will be added to the accumulated data.”

The Chief Enterprise Business Officer of MTN Ghana, Mr Sam Addo, said: “We have introduced 50 per cent bonus

on every purchase to reward our customers for their loyalty and allow customers to enjoy extended periods online to share files, watch movies, do their online trade and stay connected with friends and loved ones.”

MTN Ghana has re-opened most of its Service Centers across the country to the public.

However, the Ashaiman, Accra Mall, East Legon (Accra) and Nhyieso (Kumasi) offices remain

closed until further notice.

The Chief Customer Relations Officer of MTN, Mrs Jemima Kotei Walsh, in a press release expressed her appreciation to all customers for heeding the call to use the digital channels during the closure of the service centres.

She wished customers a Happy New Year and cautioned that since the COVID-19 pandemic was still prevailing, MTN would continue to ensure strict adherence to the

health and safety protocols to safeguard customers and staff at the Service Centres.

“MTN will continue to serve customers who contact it on its enhanced digital channels. In addition to these channels, field teams made up of retail vendors and MoMo agents across the country will be operating and will provide additional support,” Mrs Walsh said.

eTranzact santas reach out to children at Korle-Bu Hospital eTranzact, the premiere electronic payment provider in Ghana, brought smiles to children at the Korle Bu teaching hospital

during the festive season.

Anonymously dressed up as Santa Claus, eTranzact CEO and Executive Director shared

over 200 Christmas gifts across all floors of the Children to the delight of children and parents.

They were joined in by Dr

Winfred Baah, a Consultant Physician at Korle Bu, who was also dressed up as Santa Claus.

When contacted by Business24, eTranzact’s Corporate Social Responsibility (CSR) Manager, Yvonne Effe Faska, stated “ We just wanted to see smiles on the faces of these kids , some of whom have had a very rough time in the year 2021”.

On his part, Dr Winfred Baah, Consultant Physician at Korle Bu expressed his gratitude to eTranzact and its management for thinking about the children during the Christmas season.

“When eTranzact management contacted me and said that they wanted to donate gifts anonymously, I was very glad and said I will definitely facilitate the visit and help out”.

He further added: “I pray that more companies will follow this lead, and think of others and help others when they can.”

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WEDNESDAY JANUARY 12, 2022

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News

WEDNESDAY JANUARY 12, 2022

Place students at heart of education agenda – Kaleo-Bioh

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he Head of Client Coverage, Corporate and Investment Banking at Stanbic Bank, Dinah Kaleo-Bioh, has called on educational institutions to make students the centre of the policies for continuity and sustainability.

Dinah Kaleo-Bioh was speaking as the Guest Speaker at the 13th congregation of the Garden City University College, KenyasiKumasi.

Speaking on the theme “postCOVID-19 and the Educational Enterprise: Innovative Strategies to Stay in Business”, Dinah Kaleo-Bioh said the educational demands of the new normal requires a ‘Student Centricity Model’.

She mentioned that “The business of education or educational enterprise is becoming more costly to run because of all the challenges that have emanated from the Covid pandemic. Schools have been forced to invest more in IT infrastructure to stay on top of issues. Training programmes have had to be run at high cost for staff to be abreast with these new technologies. In fact, the investment into these

new technologies alone can be crippling”.

“Tertiary education has moved into the realm of what I call marketization, where these institutions have become fully functional corporate bodies that aim at providing quality services, ensuring growth on both the top line and the bottom line with an improved social image to attract the best students. This is especially true for private universities. The need to strategize is not just to stay afloat, but also to be resilient and sustainable irrespective of the storms in the business environment. These strategies

will need to be diverse enough to attract the attention of parents and students. I want to call this ‘The Student Centricity Model”.

This model puts students at the centre of whatever decision the school takes,” she added.

She also said advised educational institutions to adopt alternative modules to online teaching given the low level of internet penetration in the country.

She noted that “With the limited coverage and high cost of internet services in our country, it will be difficult for all our students to participate in the

live online learning sessions as is now increasingly practiced, but this should not prevent us from offering our services to more students. We may consider having pre-recorded modules online where students can choose to access these classes at midnight when bandwidth are at their cheapest.”

Dinah Kaleo-Bioh further encouraged educational institutions to prioritize investments in technology as technology is central to the delivery of all services, including education in this era. According to her, “Technology is at the core of strategies to deliver services in this era.

By this, all staff must be tech savvy. Staff must be trained to acquire adequate skills to operate within the technological environment and must have a warm attitude especially toward our paymasters i.e. the students.

In addition to that, you must be marketing oriented. All staff must be able to give anyone who walks into the institution some basic information on the programmes offered by the institution and other services that set the institution apart from the competition.”

Alex Awuah appointed MD of ARB Apex Bank

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r Alex Kwasi Awuah has been appointed Managing Director of the ARB Apex Bank Plc. A statement from the bank said the appointment of the Deputy MD as MD took effect from January 1, 2022 and would last for four years.

It added that the appointment followed a recommendation from the Board of Directors after a competitive and thorough interview and a no-objection letter issued by the Bank of Ghana (BoG).

The MD role of the Apex Bank, a mini central bank of the 145 rural and community banks (RCBs) in the country, became vacant in July 2021 upon the retirement of the former MD, Mr Kojo Mattah.

Mr Mattah served a four-year tenure and attained the statutory retirement age of 60 years in July 2021.

Expectation Mr Awuah is expected to bring his 25 years of experience to bear in repositioning the RCBs sub-

sector of the country.

His appointment also comes at a time when the 145 RCBs, currently operating from more than 800 branches and agencies across the country, are expected to implement a new corporate governance directive issued by the BoG from the first quarter of 2022.

Elevation Mr Awuah was the Deputy MD from June 2015 and also acted as MD of the bank prior to his appointment.

The statement said the chartered banker had vast experience covering central banking, universal banking and rural banking.

It described him as an astute banker who began his banking career in 1996 at the defunct Rural Finance Inspection Department of the BoG and later moved to the Banking Supervision Department as an Examiner until March 2005 when he joined the Agricultural Development Bank (ADB).

It said he worked in various

capacities at ADB; first as an Auditor in the Internal Audit and Assurance Department, a Manager in the Research and Planning Department and the Strategic Policy Coordinating Unit.

"He headed the Budgets, Planning and Strategy Unit at the Finance and Planning Department of the bank before moving to ARB Apex Bank Plc in November 2013 as the Head of the Internal Control Department. In that capacity, he was responsible for the audit of departments and branches of the bank."

"He was also in charge of the inspection of the RCBs in Ghana as a complementary service to the regulatory role of the BOG,"

the statement said.

Education The statement said “Mr Awuah holds an Executive Master of Business Administration (Finance option) and a Bachelor of Science in Administration (Banking and Finance option) from the University of Ghana Business School. He has also passed the Association of Chartered Certified Accountants, UK examinations, up to the professional level.”

It said he was a Fellow of the Chartered Institute of Bankers, Ghana, and served on the Executive Committee Member of the institute, having previously served as a Council Member.

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Maritime

WEDNESDAY JANUARY 12, 2022

GIFF President warns against Aflao to Akanu move

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eports reveal the Customs Division of the Ghana Revenue Authority are finally set to fully operationalize the Ghana-Togo joint border post at Akanu-Noepe in the Volta Region.

As a result, the President of the Ghana Institute of Freight Forwarders (GIFF), Eddy Akrong, has expressed dissatisfaction at the move, citing catastrophic implications to the border at Aflao, trade facilitation and revenue collection in general.

Speaking on the Eye on Port programme, Mr. Akrong cautioned government to tread cautiously with the imminent step.

According to the GIFF President, “a sharp deviation from the setup at Aflao would see a defoliation the economy of Aflao”.

He explained that what has become a booming economy at Aflao, the banks and office complexes is as a result of the border post.

Mr. Akrong stated that one other major challenge is the situation of the new joint border post.

“The problem with Akanu is that it is positioned in Togoland.

The whole idea is to secure revenue, but that is a national security matter. If we decide to let everything go through there and there are any frustrations, you

could see a deviation and people might want to find easier means of getting away. That is what we don’t want. We have to be careful on that front.”

“The electricity situation is also very erratic there and it gets dark at night. We are concerned about infrastructure. Are there enough offices for agents and all the other institutions to work?

Also, we are using ICUMS, but they are not using the same. But we need that to work. So, are we going to commute to Aflao for documentation and come back?” the GIFF Prez quizzed.

Mr. Akrong also revealed that the weighbridges at Akanu are dysfunctional which may cause revenue leakages for cargoes whose duties are calculated based on their weight.

He added that, “the parking situation for trucks has also not been resolved.”’

The President of the Ghana Institute of Freight Forwarders said due to the severe infrastructural backdrops, it may be wise to phase out the transition.

“We have to assess and see how to do this. We could start with transit because those are going out and we would not be losing revenue. But if we move everything there, it will first have an effect on Aflao. Secondly, the infrastructural challenges will not sit well with us.”

Shipping lines called out again for unfair trade practices

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hipping Lines operating in Ghana have once again been the subject of backlash from pundits within Ghana’s shipping sector.

Pundits continue to demand that these shipping lines operating in the country abide by the laws of the country in terms of the introduction and/or increases of charges and fees at the ports of Ghana.

The President of the Ghana Institute of Freight Forwarders, speaking on the Eye on Port programme, revealed that the port additional charges which was the subject of much controversy last year still persist, despite much reprehension from the shipping community.

“Throughout the year we made several efforts. We went to the Minister, who then instructed Shippers’ Authority to instruct the shipping lines to let them follow due processes before any increases or introductions in their fees. That was ignored.”

He indicated that his outfit would not relent but move in extra harder to see the desired outcomes.

Mr. Akrong also cited the incidence where shipping lines continue to charge demurrage on days they do not operate.

“We just went through the Christmas holidays where we had

a lot of holidays between 24th and 29th but when we come back, all the boxes that came on Thursday or Friday is attracting the same number of days to them. They won’t take it out of the demurrage days. Where is the fairness in that?” he bemoaned.

The GIFF President also lamented the growing incidence of Shipping Lines participating in freight forwarding business in efforts to realize ambitions of delivering end to end shipping services.

He however mentioned that it is the customs house brokerage aspect of the freight forwarding business that disturbs him.

Unfortunately, according to him, the financial muscle of the lines does not make it easier for Ghanaian freight forwarders to enjoy a level playing field.

He stated that the Customs Law 891 which reserves the Customs Brokerage business for Ghanaians is explicit and that the law should be applied indiscriminately.

Mr. Akrong said “although the competition laws are not helping, the local content law is enough to stop them. You can do everything in the whole chain, just leave the customs brokerage bit that is reserved for Ghanaians. They think they have a lot of muscle to hire the best lawyers when it comes to going to court. But this is a governmental matter and government should put their foot on the ground and demand they obey the laws of the country.”

The Executive Director of the Center for International Maritime Affairs, Ghana (CIMAG), Albert Fiatui called for a stronger regulatory measure that would

whip Shipping Lines into order.

He said, “I think the Shippers’ Authority is not able to bite enough. I do not know if they do not have all the powers that is needed, or the Ghana Maritime Authority is supposed to get an additional mandate to make sure there is some level of strict regulation when it comes to activities of our stakeholders.”

He also called on the Economic Management Team of government to fulfil their promise to meet with key stakeholders within the shipping subsector to resolve some of the lingering issues.

Mr. Fiatui clarified that he has no business being antagonistic to the business of shipping lines, but he is resolved to ensure that the right thing is done, and Ghanaians are treated fairly.

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News

WEDNESDAY JANUARY 12, 2022

Binance becomes official sponsor of AFCON 2021

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inance, the world’s leading blockchain ecosystem and cryptocurrency exchange, will bring its global brand and technology to African football, as it announces its partnership with the Confederation of African Football (CAF), as an official sponsor of the TotalEnergies Africa Cup of Nations (AFCON) tournaments 2021. The renowned football event will take place from January 9 till February 6, 2022 in Cameroon.

This sponsorship deal will make Binance the exclusive cryptocurrency & blockchain platform for the AFCON 2021 tournaments and marks the first time Binance will sponsor a largescale football event.

Binance will also be the official partner of the Assist of the Day / Binance Assist of the Week / Binance Assist of the Tournament, which will be promoted across CAF’s social media channels including Facebook, Instagram, Twitter, TikTok and across all six venues in five cities in Cameroon.

Veron Mosengo-Omba, CAF's General Secretary said, “I am delighted to welcome Binance as an official sponsor of the AFCON tournament this year.

Through this partnership with CAF, Binance will connect further

with its users and the African community through football. CAF is ready to embrace blockchainbased technology and its impact on the future of African football development. I am certain that together with Binance, we can take African football to a new level.”

As part of its mission to drive blockchain adoption and enable greater access to financial services for the world’s unbanked, Binance has provided free crypto education classes to over 541,000 Africans since 2020 - on topics ranging from user protection to building a career in blockchain.

Yi He, co-founder and CMO of Binance, said: “With a population of 1.2 billion Africans and the prevalence of blockchain technology & its use cases, we believe the African continent could lead the future of the blockchain industry. We will continue to put in our efforts in pushing the mainstream adoption of crypto, so that more people can understand crypto, and understand Binance."

The TotalEnergies Africa Cup of Nations tournament starts the sports calendar of the year for Africa. Emmanuel Babalola, Binance Director for Africa said:

“Football is the most popular sport in Africa, one that unites the entire continent and as the leading blockchain ecosystem, we are proud to be an official sponsor of the AFCON tournament. This corroborates our mission to take crypto mainstream across the continent.”

The TotalEnergies Africa Cup of Nations kicked off on Sunday, January 9, 2022 at 5PM (WAT) at Olembe Stadium in Yaounde, with the host country Cameroon facing Burkina Faso. More than 160 nations will live broadcast the tournament with an audience of over 300 million.

Eni awarded five exploration licenses in Egypt

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ni has been awarded five new exploration licenses by the Egyptian Ministry of Petroleum. The licenses, four of which as Operator, are in the Egyptian offshore and onshore, and follow the successful

participation to the 2021 competitive “Egypt International Bid Round for Petroleum Exploration and Exploitation” which was previously announced by the Egyptian General Petroleum Corporation and the

Egyptian Natural Gas Holding Company through the Egypt Exploration and Production Gateway.

The licenses are located in the Eastern Mediterranean Sea (Block “EGY-MED-E5” in partnership

with BP 50%-50% and Block “EGY-MED-E6” IEOC 100%), in the Gulf of Suez (Block “EGYGOS-13” IEOC 100%) and in the Western Desert (Blocks “Egy-WD7” in partnership with APEX 50%50% and “EGY-WD-9” IEOC 100%) with a total acreage of about 8,410 sqkm. The licenses are placed within prolific basins with proved petroleum systems able to generate liquid and gaseous hydrocarbons and can also rely on nearby existing producing and processing facilities and on a demanding market that will allow a quick valorization of the potential exploration discoveries.

The bid results are aligned with Eni’s strategy to keep exploring and producing gas to sustain the Egyptian domestic market and contribute to LNG export, thanks to the recent restart of the Damietta LNG plant.

Eni has been present in Egypt since 1954 and is currently the country's main producer with equity hydrocarbon production of around 350,000 barrels of oil equivalent per day.

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Feature

WEDNESDAY JANUARY 12, 2022

Op-Ed: You Matter

By Abena Osei-Poku, Managing Director of Absa Bank Ghana

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remember it like yesterday when 2020 came to an end.

It had been one of the most unprecedented years in history, especially due to the raging COVID-19 pandemic. 2021 was predicted to be a better year – a year in which the world will gradually glide towards the end of a dark tunnel with a ray of sunshine staring down at humankind.

Suffice it to say that this year has been a step up from the previous one. Now as we bring the curtains down, what highlights pop up for you? Some of us made resolutions and realised that we had exceeded them by mid-year; others parted ways with their resolutions before the first month elapsed. And there are still some, who did not even bother. .

Christmas is a favourite time of the year for many reasons. For me, it is a constant reminder of the Saviour’s birth and all that it means to us in the Christian faith. There is something very captivating about the carols, the family gatherings, the costumed masqueraders, and even the

harmattan feel. Beyond all these, Christmas is a reminder of life’s higher purpose. The charity theme that is usually commonplace at this time is one I also take very seriously, Three things to consider as we race towards the twilight moments of 2021: REST feeds the body, mind and soul Not all companies in Ghana have official break periods over the Christmas holidays. If you are fortunate enough to work in one that does, it is a great opportunity to get some rest.

After working for twelve months, the chance to put work on the back burner and enjoy some quality time with friends and family may not come around for another year. Make the most of this one. If you have the means, enjoying a change of scenery is a good idea. Travel out of the city for a few days with a good book or a group of friends. Whether it is reconnecting with nature or a fun activity, it rejuvenates you.

Engage in a relaxing hobby that will take your mind off things.

Try gardening if you can. You can even go on walks to reconnect

with yourself. It is important to remain in the present. Today is all that we have, and getting your batteries recharged will do you a world of good.

in the lives of your children.

Have you been as involved as you would have liked to be?

REFLECT for greater selfawareness

Finally, with an eye to the future, draw up a plan for the coming year with measurable goals. In my experience, having a definite plan works best. I write about my plans for work, personal development, family finances, my spiritual life and other areas that are important to me. I get that some people do not like the added pressure of New Year resolutions, but I cannot imagine going through the year without a plan of some sort, preferably written down with well-defined goals that are achievable. Sometimes, I have taken a personal retreat where I shut myself away from the world for a short time and come back with new ideas that have taken me to a new level. Make yourself a priority this festive season. As the architect of your life, nobody knows your journey better than you do. This Christmas, take time to Rest, Reflect and Regroup.

You will be the better for it. You matter!

This season is an opportunity to reflect and reset. Not all of us are able to do deep introspection.

To be fair, it is a skill to be learned, but as hard as you can, take a look back at the year and make an assessment. I have found the Christmas break to be a solemn enough time to analyse what went right and what went wrong. By noting where I can improve on myself, I have been able to avoid past mistakes.

Visiting a mentor to talk about life in general can bring a lot of clarity. As much as possible, leave the career conversations for another time. You should not forget to take a gift along. It does not need to be expensive. At the heart of it, it shows appreciation for your mentor in ways they may never forget. It helps if you know what your mentor likes. It makes selecting a gift much easier and more meaningful. If you are a parent, assess how you are doing

REGROUP for a better future.

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African Business

WEDNESDAY JANUARY 12, 2022

Russia's Covid-19 Vaccine Diplomacy in Africa

By Kester Kenn Klomegah

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ast December, the Russian Ministry of Foreign Affairs posted to the official website for public reading its endof-year report. The report offered the most significant activities and achievements, among them was the striking theme on Covid-19.

The report says in part: “Russia has contributed to the fight against the Covid-19 pandemic and to overcome its consequences.

Registration of the Sputnik V vaccine was ensured in 71 countries, significant volumes of domestic vaccines were supplied abroad, and agreements were reached on the localization and expansion of the production of Russian drugs in various regions of the world.”

The unexpected outbreak of the coronavirus in December 2019 made many governments, organizations and health institutions still struggling for scientific solutions to the epidemiological situations express solidarity and called for closer bilateral cooperation in the sphere of health.

Some countries showed practical concern by making quick deliveries of medications and diagnostic materials, immune-biological preparations and medical equipment. Besides that, scientists were on their toes looking for appropriate vaccines for the Covid-19.

In the process, Russia was the first to reach the goalpost. In less than a year, precisely on August 11, 2020, Russia became the first country to register a coronavirus vaccine named Sputnik V, developed by the Gamaleya Scientific Research Institute of Epidemiology and Microbiology.

Russian Foreign Ministry report last December says Sputnik V was registered in 71 countries. While it is yet to get final approval from World Health Organization (WHO), it is currently registered under the emergency use authorization procedure, according the statement from the RDIF website.

The RDIF is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy.

President Vladimir Putin has oftentimes praised the entire healthcare system, and particularly the hard-working team of scientists and specialists from different institutions for their efforts at research and creating a series of vaccines for use against the coronavirus both at home and abroad.

As the Foreign Ministry end-ofyear report indicated, a quarter of the figure cited of foreign countries that registered Russian vaccine are in Africa. Algeria was the first African country to register Russian vaccine. Ministry of Pharmaceutical Industry of Algeria registered Sputnik V on 10 January 2021 as follows from a post on their official Twitter account.

Reportedly, the vaccine registered in the following African countries: Algeria, Angola, Cameroon, Central African Republic, Djibouti, Ethiopia, Egypt, Gabon, Ghana, Guinea, Kenya, Mauritius, Morocco, Nigeria, Namibia, Seychelles, South Africa, Tunisia, the Republic of Congo (DRC) and Zimbabwe.

Experts say that by such a step is necessary for Russia to

reassert its geopolitical influence, and already engages in a keen competition with other foreign players on the continent.

However, a majority of African countries, where Sputnik V was registered, could not get supplies to purchase as promised.

Admittedly, Russia faces vaccine production challenges to meet the increasing market demand and to make prompt delivery on its pledges to external countries.

As vaccine production and distribution intensifies, rivalry and competition strengthen and the fight for market share and its associated disinformation abound worldwide.

An official media release in mid-February 2021 said that the Africa Vaccine Acquisition Task Team - set up by the African Union (AU) to acquire additional vaccine doses so that Africa can attain a target immunization of 60% - received an offer of 300 million Sputnik V vaccines from the Russian Federation. It was further described as a special offer from Russia.

As explained by John Nkengasong, Director of the Africa Centers for Disease Control and Prevention (Africa CDC): “Africa has to team up with development partners to achieve its 60% continent-wide vaccination in the next two years. I think that is why we should as a collective of the continent, and of course, in partnership with the developed world make sure that Africa has timely access to vaccines to meet our vaccination targets.”

Russia never delivered the 300 million vaccines. Chairperson Moussa Faki Mahamat visited Moscow mid-November. During their joint media conference after the closed-door meeting,

Minister Sergey Lavrov, of course, reaffirmed that Russia would continue rendering assistance to various African countries through various multilateral organizations and bilateral channels.

“In response to a request from African Union members, Russia provided aid to almost 20 states by supplying them with vaccines, medications, and individual protective gear, and by sending qualified specialists,” he explained. Sergey Lavrov and his counterpart Moussa Faki Mahamat however maintained silence over the offer of 300 million doses that was highly expected through the Africa Vaccine Acquisition Task Team of the African Union.

In the Situation Analytical Report on Russia-Africa, compiled by 25 Russian policy experts, headed by Sergei A. Karaganov, Honorary Chairman of the Presidium of the Council on Foreign and Defense Policy, and was released last November, Russia's consistent failure in honoring its several pledges over the years was vividly highlighted.

The report decried the increased number of bilateral and high-level meetings that yield little or no definitive results.

“In many cases and situations, ideas and intentions are often passed for results, unapproved projects are announced as going ahead. Russia's possibilities are overestimated both publicly and in closed negotiations.

The supply of Russian-made vaccines to Africa is an example.

Having concluded contracts for the supply of Sputnik V to a number of African states, Russian suppliers often failed to meet its contractual obligations on time,” says the report.

12

Interview

WEDNESDAY JANUARY 12, 2022

We will review Single Spine Pay Policy this year - Fair Wages Commission

T

he Fair Wages and Salaries Commission (FWSC) sayts it will, thisyear, commence processes to review the Single Spine Pay Policy (SSPP).

The Head of Public Affairs at the FWSC, Mr Earl Ankrah who made this known said the Commission was putting a team together, comprising all stakeholders from the public and private sectors to commence the review process soon.

He said the review would focus on job evaluation factors, allowances and non-core allowances, consolidation of certain allowances under the basic pay, the premium, and performance management among others.

The SSPP is a policy for salary administration for public sector institutions introduced by the government in 2010.

The FWSC said the review of the policy had become necessary after about ten years of its implementation.

“A complete overhaul of the single spine is under serious consideration. It is about ten years since its implementation, and the consultant’s recommendation was that the policy should be reviewed periodically,” Mr Ankrah, said.

He said the Commission could not undertake the review processes alone, hence the need to involve all relevant stakeholders particularly the beneficiaries of the SSPP and employers.

Mr Ankrah said the Commission would hold a stakeholder engagement session to kickstart the processes.

“It is a herculean task, which will involve all stakeholders. So, all the social partners will sit down and decide,” he said.

The government, in 2009, initiated the SSPP as a proposal to reinstate equity and transparency in public service pay administration.

The policy was implemented in

2010 to regulate the payment of public service workers, especially those under Article 190 of the 1992 Constitution, over a five-year period.

Despite the policy seeking to eliminate inequalities in the public sector pay structure, its implementation over the last decade has not been smooth, with stakeholders and beneficiaries constantly agitating that the policy had failed to address inequalities.

The Trades Union Congress (TUC) for instance has persistently called for a review of the Single Spine Salary Structure (SSSS), saying it has not served its purpose.

“Pay in the public sector is still very low, pay inequities are still very wide and there is an energetic attempt by some public sector entities to exit the SSSS, with some having already exited, bringing us back to the previous situation when there were multiple bargaining sectors within the public sector,” Dr Kwabena Nyarko Otoo, Director of the Labour Policy and Research Institute of the TUC, said at an Economic Forum on the 2021 midyear budget in Accra in August last year. credit: GNA

New Nissan Navara comes with latest technologies and fresh styling

A

uto Parts Limited has unveiled the new Nissan Navara pick-up, that delivers an enhanced level of safety, comfort and driving pleasure, while continuing to bring durability, reliability, and versatility.

Subhi Accad, Managing Director of Auto Parts Ltd. Said during the launch “it provides a world- class

Japanese engineering designed to include comfort, advance safety and dynamic performance”.

A reliable partner for work or travel, the new Nissan Navara comes in many best-in-class technologies, including an array of Nissan Intelligent Mobility features and safety system, making it the most advanced Navara yet.

The Nissan Navara offers a

powerful 2.5L intercooled turbo diesel engine giving you up to 140 KW of power and 450 Newton meters of torque. It comes with a 7-speed automatic or 6-speed manual transmission for all the horsepower and brain power to conquer all terrains.

Sales and Marketing Director of Auto Parts Ltd. Noor Accad, in a speech at the launch said “for

the first time, you have the choice oof four grades of purposely built double cabin models.

Zero compromises have been made whether your choice is the dominating Pro4X, the perfectly balanced and premium styles LE model or the practical but potent SE or XE workhorses.

She added that the all new Navara is purpose built in Africa for African conditions and was tested to meet and exceed the most severe roads While the Navara’s bold, masculine looks will certainly draw you in, its exceptional safety and supertough rugged body, along with a host of technological features that makes life hat much easier, are what seals the deal.

The new Navara is an extremely exciting model. The launch event was graced by H.E. Mr. Hinsanobu Mochizuki and H. E. Ms. Grace Jeanet Manson Ambassadors of Japan and South Africa respectively. Also in attendance were other diplomats and business leaders.

13

Comment/Analysis

WEDNESDAY JANUARY 12, 2022

Inflation heresies

By Dani Rodrik

T

he specter of inflation is once again stalking the world, after a long period of dormancy during which policymakers were more likely to be preoccupied by price deflation. Now, old debates have resurfaced on how best to restore price stability.

Should policymakers step on the monetary and fiscal brakes, by reducing spending and raising interest rates – the orthodox approach to fighting inflation?

Should they instead move in the opposite direction by lowering interest rates, a route followed

by Turkey’s central bank under the direction of President Recep Tayyip Erdoğan? Or should policymakers perhaps try to intervene more directly, through price controls or by clamping down on large firms with price-setting power, as some economists and historians in the United States have argued.

If you have a knee-jerk reaction to these policies – immediately endorsing one remedy while rejecting others out of hand – think again. Economics is not a science with fixed rules. Varying conditions call for different policies. The only valid answer to policy questions in economics is: “It depends.”

Orthodox remedies for inflation often have costly side effects (such as bankruptcies and rising unemployment) and have not always produced the desired effects quickly enough. Price controls have sometimes worked, during wartime for example.

Moreover, when high inflation is driven predominantly by expectations rather than “fundamentals,” temporary wage-price controls can help coordinate price-setters to move to a low-inflation equilibrium.

Such “heterodox” programs were successful during the 1980s in Israel and in a number of Latin American countries.

Even the idea that lower interest rates reduce inflation is not necessarily outlandish. There is a school of thought within economics – dismissed by most mainstream economists today – which associates inflation with cost-push factors, such as high interest rates (which boost the costs of working capital).

The inflation-producing effects of high interest rates is called the “Cavallo effect,” after former Argentine finance minister Domingo Cavallo, who discussed it in his 1977 Harvard doctoral thesis.

(Ironically, Cavallo would resort to a very different inflation-fighting strategy – based on a fixed exchange rate and full currency convertibility – when he assumed office in perennially high-inflation Argentina during the 1990s.) The theory has even received some empirical support in particular cases.

That is why ridiculing currently unfashionable ideas on inflation as “science denial” akin to rejecting COVID-19 vaccines, as some prominent economists have done, is so misplaced. In fact, when a particular claim about the real world appears inconsistent with existing theories, this is often an invitation for a young, smart economist to demonstrate that the claim can indeed be justified, under certain specific conditions.

The true science of economics is contextual, not universal.

What might a contextual approach to inflation imply today?

Current inflation in the US and many other advanced economies differs significantly from the inflation of the late 1970s. It is neither chronic (so far), nor driven by wage-price spirals and

backward indexation.

Inflationary pressure seems to derive largely from a transitory set of factors, such as the pandemic-related reallocation of spending from services to goods, and supply-chain and other disruptions to production.

While expansionary monetary and fiscal policies have boosted incomes, these policies, too, are temporary. The alternative would have been a dramatic collapse in employment and living standards.

Under current circumstances, then, policymakers in developed countries should not overreact to the spike in inflation.

As the historian Adam Tooze has argued, transitory inflation calls for a restrained response, whether through regulation or monetary policy.

The best argument against price controls is not that they are “incompatible with science” but that nothing so radical needs to be considered for now. The same caution would apply to orthodox policy as well: central banks should be patient before raising interest rates.

What about Erdoğan’s continued insistence that high inflation is the result rather than the cause of high interest rates?

The validity of his argument has always been in doubt, given that Turkey’s macroeconomic imbalances are legion and have been building up for quite some time.

Even when an argument cannot be settled beforehand, facts eventually allow us to distinguish among theories that do and do not make sense in a given place. In Turkey’s case, the evidence that has accumulated since policymakers embarked on Erdoğan’s experiment speaks loudly and clearly.

In particular, despite the

lowering of the Turkish central bank’s policy rate – the interest rate that the monetary authorities control directly – market interest rates have continued to rise. Depositors and savers have demanded higher rates, driving up the price of credit for borrowers.

This undermines the argument that lower policy rates could effectively reduce production costs for firms. It indicates that the rise in interest rates reflects more fundamental problems with the economy, uncertainty about the conduct of economic policy, and higher inflation expectations for the future.

Sometimes, as in Turkey’s case, the orthodox economic argument is indeed the correct one.

Experiments that depart from conventional policy can be costly.

But this does not mean that there are universal rules in economics or that the prevailing view among mainstream economists should determine policy. Otherwise, some of the most important policy innovations in history – think of the New Deal in the US or industrial policy in post-World War II East Asia – would never have occurred.

In fact, today’s dominant monetary policy framework, inflation targeting, is itself a product of the peculiar political and economic circumstances that prevailed in New Zealand during the 1980s. It sat uncomfortably with the theory of monetary policy of the time.

Economists should be humble when they recommend (or dismiss) various inflationfighting strategies. And while policymakers must pay attention to economic evidence and arguments, they should be skeptical when the economists who advise them display excessive confidence.

14

WEDNESDAY JANUARY 12, 2022

15

Feature

WEDNESDAY JANUARY 12, 2022

The transformation of Ankos masquerading in Sekondi-Takoradi - The Christmas city of Ghana

Dr. Hazel P. Berrard Amuah

G

rowing up, every child dreaded the sound of two pieces of metal making a specific rhythmic sound announcing the presence of masked individuals in very colorful clothing, moving from neighbourhood to neighbourhood, household to household, shop to shop and begging for alms during festive occasions like Christmas, Boxing Day, New Year and Easter.

We called these individuals “Ankos” and most of us would run and hide for fear of being caught by these Ankos. When children were being naughty at home, a common threat that they would be picked up by Ankos caused instant obedience and discipline.

Members of ANKOS were perceived to be wayward, dropouts etc. This however is no more the status and reputation of Ankos which is now a huge masquerading carnival in the West. The first Ankos club was formed in the sixties.

Formerly, Ankos which is the name of the first fancy group is now known as Bench fancy club.

Just as Pampers has become the household name for all kinds of diapers. Then came other fancy groups like Holy fancy club, Sunnato, Supreme, Tumus etc.

It was just for entertainment purposes then. More and more people from different walks of life joined, with brass band music playing mostly Christian and popular songs to just feel thankful for another year.

It then became an annual event where these clubs would sew new and different designed uniforms to impress the public.

The costumes are quite uniform, but those of each group differ in the details.

Many layers of thin brightly colors fabric and ricrac are sewn loosely to a base, building up dense patterns and textures.

They also challenge other fancy clubs with their marching and dancing skills.

The dance moves are tight, with a lot of high stepping and fancy interesting footwork.

On the day of the event the clubs move through the streets celebrating, dancing, and facing off when they cross paths with each other.

All kinds of fancy masks are worn, hair dyed, braided with fancy colours etc. As the groups increased in number, an association was formed to regulate the activities of the clubs and sanction those who flouted any of their rules.

The rules drive responsible conduct. Now we have the Taadi Fest which started as the Westside Carnival. It is becoming an important aspect of our tourism industry as people from all over the globe travel down to the Twin City just to have a feel of the carnival like the famous Caribbean carnivals.

During the festival, sponsors and other traders display their products and sell to the tourists and the general public. So economically, people do benefit from the carnival. With a club like Sunnato, students have been given gift items for good performance in their academic

work, others too have been given employment opportunities for joining the club, some are now masters of their trade. There was a tendency and reputation that all fancy club members were vagabonds or rascals, just because it was mostly the boys from the 'street'. But now we have members of parliament, lawyers, doctors, police, army officers, businessmen, nurses, etc. I am sure you can tell that I AM SUNNATO . Our core values in Sunnato are discipline and dedication. We have people from all walks of life in SUNNATO. I am a career family woman who proudly represents the traditions of the Western Culture displayed in this fun and exciting gathering of indigenes and visitors.

Today in Ankos, we have an allladies club to promote diversity and inclusion in our society. It is our hope to drive more tourism and responsible networking for education, business and employment through responsible masquerading.

Takoradi has clearly become the Christmas City of Ghana.

16

Feature

WEDNESDAY JANUARY 12, 2022

Connecting the strategy execution dots

I

n his bestselling book Execution, Larry Bossidy described how he drove performance at AlliedSignal as a CEO. He achieved success by personally negotiating performance objectives with Managers levels way below him.

The company outperformed the industry under his leadership but quickly gave up its gains shortly after he left the company.

Why did that happen? Because effective execution is a shared responsibility delivered through distributed leadership. Effective execution in large complex organisations arise from several effective decisions and actions at all levels of the organisation. Such decisions sometimes involve making tough trade-offs. For example, a sales person sticking to the company's choice of customer segments might mean turning away lucrative business opportunity which could have enabled him to meet his target. It takes a sales person with shared leadership understanding to be able to quickly make such a decision in a way it supports rather than compromise the company strategy.

While concentrating power at the top sure has some very powerful short-term advantages, it robs the company of the ability to execute strategy in the long run. When top management insist on making the last calls, middle level managers lose the ability and opportunity to exercise their skills and own results which stalls execution.

Organisations are frustrated in strategy execution because of misalignment between organisational design and strategy. A recent study conducted

by Brian Reuben Advisory interviewing senior executives from different industries in Nigeria revealed this frustration.

Their responses indicate that while some organisations in Nigeria sure have clearly defined path to value creation, the way work is organised, assets are deployed and efforts rewarded defeats the strategy from the start.

To be clear, execution is a designed system to get work done through questioning, analysis, and follow up. It is the operationalization of strategy by meshing it with reality, aligning people with goals, and delivering on expected results. This takes serious discipline, understanding and consistency. It requires everyone in the organisation not only having a clarity of

understanding about the strategy, it requires that they believe and are excited about it.

This is where leading the strategy come in. This is where the C-Suite should understand that strategy execution is not just about them. The CEO of Google, Sunda Pichai summarized this understanding in his thoughtprovoking speech at the Indian Institute of TechnologyKharagpur: When you’re trying to run something at the scale of Google, we have now over 60,000 people and…you rely on other strong leaders. A lot of what I do is… I have an outstanding leadership team.

It’s learning to let go and really empowering people at all levels of the organisation, and trusting them to doing the right thing.

As a leader, a lot of your job is to make those people successful.

It’s less about trying to be successful (yourself ), and more about making sure you have good people and your work is to remove that barrier, remove roadblocks for them so that they can be successful in what they do.

This is the mentality that works.

Execution also suffers as a result of the inability of the leadership to effectively communicate the strategy. Ask an average manager how he communicates their strategy and he will tell you about monthly review meetings, town hall meetings and emails. But that’s a lousy metric because it measures communication based on input.

To be clear, communication does not equal understanding, feedback is. Now, understand that feedback is not just a mere repetition of the strategy. What

you seek is the ability of your people to express your strategy in their own words. If your people cannot explain your strategy to a stranger in five minutes and ensure understanding, don’t expect execution.

Communication is a skill a manager has to deliberately learn. And don’t let certifications confuse you. Knowledge is demonstrated not by activities or action but by results. Effective execution requires not just leaders that communicate, it requires a communicating organisation. A communicating organisation is the organisation that communicates. It's not just about the tools, it’s more about the attitude. It’s about a culture of willingness to pass information is a timely, coherent and comprehensive way to ensure people have the ability and passion to make the right decisions in a timely manner. It is not many managers that understand the purpose and power of creating a communicating organisation but without its execution will suffer terribly.

The CEO of a London based professional service firm invested lots of efforts and time in communicating her company strategy. The management team met once a week and she ensured they began by reciting their company strategy and their key priorities for the year. She was convinced her efforts paid off when an inhouse survey showed 84% of her staff agreed that they have clarity on the company’s top priorities. She was however shocked when she engaged a consulting firm to carry out a survey, because fewer than one-

third could name even two of the company’s top five priorities in their own words. This is why communication must go beyond emailing and reviews.

Execution also suffers miserably in the hands of the executive who believes that execution means sticking to the strategic plan. Many managers have a hard time understanding that a plan could be a good guide for actions if everything can be static. Sadly, that’s not the case with the business environment.

Sticking to strategic planning defeats the very need for strategy.

A plan is something to hold in hand while being willing and able to respond to changes in a timely way.

Effective execution means your organisation supports and reward people who do things differently and willing to accommodate the mistakes that result from failed decisions. This is a double-edged sword and could defeat the very objective of management. But let’s face it, laws and policies are made for people, not the other way round. If someone understands a policy but can prove that a better result is at hand without hurting the values, culture or strategic direction of the organisation, then it should by all means be supported.

Dr. Brian Reuben is a strategist, researcher, author, advisor, speaker and teacher. His time is currently devoted to strengthening public and private institutions through strategic engagements with leaders. He works with governments, corporations and nonprofits around the world.

17

Feature

WEDNESDAY JANUARY 12, 2022

The Future of Work Capsules: Would 32 - hour work week be the standard future work week?

Will working fewer hours increase productivity?

By Baptista S. H. Gebu (Mrs.)

S

eason’s Greetings to you all. I am wishing you all the best in this coming holiday season. Enjoy a relax holiday.

The rapidly changing future of standard work week and the new normal 32 hour propose work week schedule is fast approaching and gaining grounds. The big question is, will working fewer hours increase productivity?

Thinking work life balance and flexibility this New Year. I have some ideas for you. For the future, work will be something we do and not a physical location we report to. Truly, the future of work is rapidly changing and this change is happening right across the globe. Are you prepared for the change?

Do you really know what time it is in history? Are you aware of where the world is heading?

Things may not change back to normal be agile. This new odd normal is becoming the order of the day and you must be aware and prepare for this change. As a business entity, you may be working within a space where you cannot control every outcome both the external and the internal factors. You may make efforts to manage the internal which could be within your reach.

Understanding the times and seasons we are in will support your business idea and model to effectively operate at optimal

levels and be sustainable despite the changing times.

We have been long welcomed to this new normal unknowingly.

The covid-19 pandemic only reenforced certain stance. Reason the Covid pandemic is offering global economies what quick adjustment can be made to the future of work. To some it’s the odd new normal whiles to other, it’s the exciting new normal. May you find some time during this holiday festivity to think and reflect on few things. Do you really know what time it is? Where are we in history? Would things ever change for the best or worse? Are we all prepared for the change?

Understanding the times and season will lead you a step further to taking the right decisions and prepare for the unknown future.

I believe in an able God who is always more than able to take care of my todays and the future because He holds and owns the future. Be encouraged to know that what God cannot do does not exit. Entrust your unknown future to the known God. He will do you and your business good.

Are you still working the standard 5 days’ work week which is the 40-hour work week of an eight (8) hour schedule daily?

The news is that, 32 work week is quickly gaining popularity as the 4 days’ work week is becoming the standard work week effective 2022 per research. Aside the change in hours been reduced

from 40 –hours to 32 hours for most, the weekend for other countries are equally changing.

Around the world, workweeks can range from under 40 hours to close to 50 hours. Workplace laws and conventions in other countries vary. Those with workplace laws and conventions that are more favorable towards workers have shorter workweeks and more vacation time. These countries also have better overtime compensation, more regulation, and more favorable parental leave laws. Leisure and work-life balance are a priority in these countries. These nations are among the worlds happiest. On the other hand, those countries with longer workweeks tend to have lower life satisfaction.

In the past 18 months the working lives of millions of people have changed due to the Covid-19 pandemic. Remote employment has become the norm for many while a number of companies are now moving towards a hybrid system where staff split their time between the office and home. The “traditional” five-day working week – a 8:00 am-5:00 pm Monday to Friday routine – has become more flexible with the advancement of technology and the global outlook of the economy. However, the impact of the pandemic has already seen “changes to work patterns” and there is “growing support” from governments to introduce a four-

day working week.

The summary of the 32 hour week schedule legislation has it that, number of hours a person can work will not be limited however; employees will begin to earn time and a half after 32 hours of work. This will result in a 10% pay increase for now. As a business you will either have to pay your employees additional overtime or find other workers that will fill up the gaps. As labour markets become more competitive workers will feel empowered to enable to demand better working conditions at higher wages.

According to BBCNews, “It is an essentially political commitment, to attempt to massage labour market institutions towards a considerable reduction in the hours worked in the average working week over a decade” For United Arab Emirates According to the Arabian Business Report, “The UAE is the “first nation in the world to introduce a national working week shorter than the global fiveday week”, which the state news agency WAM reported. From 1 January 2022 the government entities and employees will work from 7.30am-3.30pm Monday to Thursday and Friday will be a half day, from 7.30am to midday.

CONTINUED ON PAGE 19

18

Feature

WEDNESDAY JANUARY 12, 2022

How Steve Job's 'Next Big Thing' changed the game

For every battle of the warrior is with confused noise, Isaiah 9:5 KJV On the 19th of August 2020, several news houses reported that Apple just crossed the $2 trillion market capitalization mark, becoming only the second company ever to do so. Apple Inc is definitely a heavyweight in the corporate world today. They occupy a prestigious position many companies only dream of. What began at a garage in California is today the most profitable company in the world with devices, services and ethos interwoven into much of modern daily life. Apple touches the lives of several people around the world in magnificent ways today, giving real meaning to life. That is the true meaning of business, to touch people's lives in an exceptional way while making profit out of it.

Not many however can easily remember that Apple almost signed for bankruptcy just 24 years ago. Things got so bad for Apple that every analyst report indicated that Apple was definitely out of the game. As a matter of fact, Dell CEO, Michael Dell responding to an interview on what he would do if he was the Apple CEO, said he will shut the whole thing down!

But Steve Jobs who just

returned to Apple as CEO after he was forced to leave the company in 1986 didn't think so. He thought Apple could not only survive but lead the market. In a 1998 interview after Steve Jobs has saved Apple, he said his next move was to wait for 'the next big thing'.

This next big thing as it turned out was a chaos that overtook the music industry about the same period. His ability to see through the pattern in the chaos gave him the edge to dominate the market.

The chaos was his profit.

Market leadership requires an understanding of your Industry and a unique positioning within the industry which gives the business the ability to create and capture value. As long as the industry structure remains unchanged and the business understands and executes their strategy effectively, the business will profit. If the business has a superbly unique business approach, it could lead the market.

But in highly competitive markets as many are today, designing and sustaining a unique position in any industry isn't a simple task. It takes a more-thancasual knowledge of strategy. It takes the executives committed to results rather than excuses, blames and complains. It takes the rare ability to recognize value lapses, competitive loop holes,

industry structural imbalances, competitive myopias, strategy gaps, tactical errors and the ability to leverage on them.

This was Steve Jobs advantage.

He had the ability see through the chaos in the music industry. He understood that the case in the industry wasn't about piracy as the stakeholders saw it, but about a structural imbalance created by disruption in technology. He knew that managing that imbalance was the key to victory, not court cases. The .mp3 technology had given too much power to music buyers, so reconceiving value delivery in the industry was key to leading the market. He was right, his 'next big thing' was here and he leveraged it so well. His response to this chaos was the iPod and iTunes store and they spelt the beginning of Apple's market leadership.

In 'Art of War for Executives' Donald Krause wrote, 'direct acttacks generate emotion. For this reason, develop certain devices which can be used to refocus attention.' Chaos is among the top tools that can get people hyper focused. During chaotic situations a great number of the stakeholders enter into what Wesley Wells called waking trance in 1924 and it refers to the concentration of attention on something. It means being hyper focused on a subject to the

exclusion of everything else.

Times of heightened focus are great moments for awakened executives because they know how to leverage them to their competitive advantage.

The key is to do your own thinking independently. You can't even rely on the media and research institutions to understand what is happening because their being compromised might be the real strength of the chaos. In times of chaos keep Newton's words in mind, 'an object either remains at rest or continues to move at a constant velocity, unless acted upon by a force.' So an industry structure will remain at rest or continue to move at a constant speed unless acted upon by a force.' This force will disrupt the state of the industry and give only those who understand it an unfair advantage over the rest of the competition.

Your job is to see things beyond how they appear to what they really are.

Dr. Brian Reuben is a strategist, researcher, author, advisor, speaker and teacher. His time is currently devoted to strengthening public and private institutions through strategic engagements with leaders. He works with governments, corporations and nonprofits around the world.

19

News

CONTINUED FROM PAGE 17 It’s not just the working hours that are changing in the UAE but also the weekend itself. The country will switch from a FridaySaturday weekend to SaturdaySunday to “better align the UAE with global markets” and to “boost work-life balance and enhance social wellbeing”.

While the change will be implemented for the public sector, the UAE’s private sector is “unlikely” to adopt a four-and-ahalf-day working week currently.

For Europe, America and Asia According to data published by the European Commission, the EU average usual working week was 37 hours in 2020. Work hours vary from region to region, but some European countries have looked at the possibility of introducing a four-day working week.

From 2015 to 2019 Iceland conducted the world’s largest pilot of the four-day working week. Cutting down from the traditional 40 hours to 35-36 hours, it was dubbed a “success” by researchers, German broadcaster DW reported.

According to Inc.com, Sweden tried a six-hour workday and “productivity improved”. And Finland’s Prime Minister Sanna Marin has also suggested a fourday working week or six-hour days. In March, Spain announced it would try the four-day working week. For the United Kingdom the big issue reported of calls for a 4 day working week which will boost workers and the planet, as the planet has grown louder since the Covid-19 pandemic forcing

WEDNESDAY JANUARY 12, 2022

greater flexibility on most.

The future of work is rapidly changing. Today, millions of Americans are enjoying flexible work because of the pandemic – and when it finally ends, they will want more, not less freedom the BBC reported. These workers are ready for a new normal and that’s exactly what a 32 – hour work week can provide Pilot programs run by governments and businesses in countries such as Iceland, New Zealand, Spain and Japan have experimented with a four –day work week and reported very promising results. There is a growing debate that highlights that our economy is composed not only of the white-collar workers and people from all backgrounds should benefit from the changing status quo. As you are aware, the pandemic has left millions of hourly workers unemployed or underemployed.

According to pilot studies, workers reported anywhere from a 25% to 40% increase in productivity, as well as an improved work/life balance, less need to take sick days, more time to spend with family and children, less money spent on childcare, and a more flexible working schedule which leads to better morale. This is a global paradigm shift that will bring into question everything we thought we knew about the workplace.

A 32-hour workweek won’t work for every business, but it has been wildly successful in some cases depending on your business model and nature of business and industry. Whether it’s a good idea or not will greatly depends

on many factors, including what you consider to be a good value for your money, business model, nature of business and industry you operate in.

Thinking work life balances this New Year. Here are some ideas for your business to consider.

There are plenty of ways to increase flexibility in your office.

Refer to my earlier publication on flexibility as soft skills for the future for more information.

An alternate work schedule that allows flextime and compressed workweeks for employees that are strong candidates for a nontraditional schedule could exist as put forward by the University of California. They define a compressed workweek as either where we experiment the 4/10 schedule: In this schedule employee’s work four, (10) hour days per week. This schedule is simpler to administer as you will have a standard workweek and hours. Then the 9/80 schedule: proposes a schedule where employees work 80 hours across a two week period, but throughout nine days instead of ten. This schedule can be more complicated to manage at first but calls for nine-hour days instead of ten-hour days, which many people find more sustainable in the long run.

There is no one schedule that will work best for everyone. You need to find a schedule that works best for you, your business, and your employees. Ideally, finding ways to increase work-life balance and flexibility will keep you and your employees stress-free and motivated.

Thinking about how to try

perhaps you can consider making an appointment with your boss and tell him or her that you're interested in a more flexible work arrangement. Show data on how you've already exceeded expectations, and mention that by being able to unplug during your time off you will prevent burnout and return back with renewed energy and fresh ideas.

He or she may be more open to the idea if you ask for a trial period, such as three months.

Enjoy a great Christmas and a prosperous new year.

By Baptista S. H. Gebu (Mrs.) Baptista is a human resource professional with a broad generalist background. Building a team of efficient & effective workforce is her business. Affecting lives is her calling! She is a Hybrid Professional, HR Generalist, strategic planner, innovative, professional connector and a motivator. Visit our website: www.forealhrservices.com E-mail us hello@forealhrservices.com for your management consulting needs. Follow this conversation on our social media pages Facebook / LinkedIn/ Twitter / Instagram: FoReal HR Services.

Call or WhatsApp: +233(0)262213313.

Follow the hashtag #theFutureofWorkCapsules #FoWC

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BUSINESS24.COM.GH WEDNESDAY JANUARY 12, 2022

NO. B24 / 291 | NEWS FOR BUSINESS LEADERS

MONDAY MAY 3, 2021

WEDNESDAY JANUARY, 2021

Responsible small-scale mining the way to go –Bawumia

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All too often, our problem solving tends to focus more on chasing and punishing wrongdoers and less on recognizing and rewarding those who do right. This is what makes this award different.

“This award recognizes players in the small-scale mining space who, despite the temptation to join the wrong-doing band wagon, have decided to stay within the relevant regulatory framework of the country and operate responsibly.”

These were the words of the Vice President, Dr Mahamudu Bawumia, when he delivered congratulatory remarks at the maiden “Responsible Small Scale Mining Awards” organized by the Ministry of Lands and Natural Resources in Accra on Wednesday, December 22, 2021.

Designed to recognize and reward responsible miners and other stakeholders in the small-scale mining industry, the Responsible Small Scale Mining Awards is to provide public affirmation for those who operate within the law, and reinforce Government’s desire to achieve sustainable, responsible small-scale mining working in partnership with all stakeholders.

At a ceremony attended among others by the Chief of Staff, Mrs

Frema Akosua Frema Osei-Opare, Minister for Lands and Natural Resources Hon Samuel Abu Jinapor and his two Deputies, Hon George Mireku Duker and Hon Benito Owusu Bio, Chief Executive of the Minerals Commission, and other stakeholders in the mining industry, Bright Kwabena Obeng of Obeng Mining Ventures was adjudged the Overall Best SmallScale Miner.

In brief remarks, Vice President Bawumia indicated that despite its significant contribution to Ghana’s economy, gold mining, especially small-scale mining’s negative impact on our forests, waters and farming have increasingly become major concerns.

Small scale mining, he noted, is not only competing with agriculture for land but is damaging waters and imposing huge costs on water

systems, hence the AkufoAddo government’s decision to re-engineer the governance framework of the sector through diverse interventions in an attempt to sanitize the SmallScale Mining (SSM) subsector in particular.

Government, he reiterated, would continue to play its watchdog role in ensuring compliance with the law while working with stakeholders to address the growing complexities in the mining sector.

“As a government the responsibility of being accountable for the stewardship of this sector by ensuring good governance in the exploitation of the minerals resources is not lost on us. We will continue to implement policies that will bring about a win-win situation for both government and industry players through effective

collaboration with all wellmeaning stakeholders like the Ghana Association of Small-Scale Miners,” he assured.

Dr Bawumia commended the Small-Scale Miners, saying, “To the membership of the Ghana Small Scale Miners Association (GNASSM), I wish to acknowledge your cooperation with government in the implementation of the various interventions.

“Even though some of these interventions have affected you in one way or the other, most of you decided to work with government in streamlining the sector by doing the right thing.

“It is, therefore, worthwhile recognizing your efforts for choosing to regularize your activities and continue to apply yourselves well to the obligations imposed on you by your mineral rights.

“I believe the awards will go a long way to motivate you to continue doing the right things when they matter most. The award should also increase your sense of responsibility in the generality of your membership towards the natural environment.

So that we shall together achieve the desired sustainability for the sub sector.”

Rotary Club of Tema-Meridian celebrates its 20th anniversary

T

he Rotary Club of TemaMeridian has celebrated its 20th anniversary.

The climax of the celebration was a fundraising dinner which took place in Tema. Present were member of the club, the Assistant Governor of Rotary, other Rotarians, Rotaractors and guests.

The launch of the 20th anniversary took place on the 25th of May this year which marked the day the club was chartered. The Club was charter at an impressive Charter Bal where the former First Deputy Speaker of Ghana’s Parliament, Hon Freddie Blay, was the Guest of Honour.

The club adopted Thursday and 6:30 pm as its meeting day and time respectively, while Published by Business24 Ltd. Nii Asoyii Street, Mempeasem East Legon-Accra, Ghana.

Rotary Centre, Rotary Avenue Community 5 Tema was adopted as the meeting venue. Since its formation, the club has undertaken numerous projects in Ghana and beyond. Speaking during the anniversary dinner, the president of the club Rotarian Kwaku Baah said, the club’s task now is to find common ground to shape together the change that will move this Club forward.

He encouraged members to make the Club more effective and responsive to the wishes and needs of its members and more realistic in its goals and commitments.

The Assistant governor Kofi Yerenkyi who was the special guest of honor applauded the club’s success, hard work, tenacity Tel: 030 296 5297 | 030 296 5315 Editor: Benson Afful editor@business24.com.gh +233 545 516 133

and continuous commitment to excellence.

He advised members to consider the next 20 years as an opportunity to build stronger relationships and do better in the communities.

He observed the many services projects the club had undertaken in the communities within the Team enclave and in other regions of the country.

These projects he said had not only put smiles on the faces of the beneficiaries but also brought sustained quality of life to them. Notable among them was the “Ghana Humanitarian Eye Mission” which was internationally executed by 4 clubs from 4 different districts; where an ambulance was

presented to the Prampram Health Centre and over 400 eye tests were carried out for the beneficiaries – thus living our motto “service above self”.

It started with the vision of one man — Paul Harris. The Chicago attorney formed the Rotary Club of Chicago on 23 February 1905, so professionals with diverse backgrounds could exchange ideas, form meaningful, lifelong friendships, and give back to their communities. Rotary’s name came from the group’s early practice of rotating meetings among the offices of its members.

Whatever Rotary may mean to us, to the world it will be known by the results it achieves.