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WEDNESDAY JANUARY 26, 2022
BUSINESS24.COM.GH
Wednesday January 26, 2022
Ghana, Rwanda, Senegal jointly establishing COVID-19 vaccine manufacturing plant
NO. B24 / 297 | News for Business Leaders
Global Media Alliance is the PR Agency of the Year
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Restoration of benchmark value reversal will boost rice production—Farmers By Benson Afful
By Eugene Davis
affulbenson@gmail.com
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ugendavis@gmail.com
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ice farmers have said the implementation of the reversal of the benchmark value policy will ensure that the country produces over one million metric tonnes of milled rice locally to make Ghana selfsufficient in rice production. According to the farmer group, this will create over 500,000 jobs in the economy and save about US$500million of foreign exchange annually. In contrast, the group said the decision by government to suspend the reversal Cont’d on page 2
Appiatse Explosion: Gov’t to prioritise health and safety in mining sector
he Minister of Lands and Forestry, Samuel Abu Jinapor, says government will inaugurate a ministerial committee of technocrats to conduct enquiry into the Appiate incident as well as make recommendations on improving health and safety issues in the mining sector. Presenting a statement on the floor of Parliament on steps the government has taken, he said: “We
The cost of imported white rice landed in Ghana after all taxes and charges is 25percent cheaper than milled white rice produced in Ghana.
Covid sparks innovation in private sector – Dr. Agyepong News desk report
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he Executive Chairman of Jospong Group of Companies ( JGC), Dr. Joseph Siaw Agyepong, has stated that the coronavirus pandemic has allowed the private sector to innovatively use local resources to produce personal protective
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Netherlands and Ghana working together for a healthy and prosperous 2022
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he start of a new year offers an opportunity for reflection as well as for celebration. Unfortunately,
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Editorial / News
WEDNESDAY JANUARY 26, 2022
Editorial
Time to prioritise and safeguard local interests
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overnment will have to choose between enforcing a policy that could create over 500,000 jobs in the economy and save about US$500million of foreign exchange annually or back down on its implementation and put over 100,000 livelihoods in danger. Rice farmers in the country have indicated that the decision by government to suspend the reversal implementation of the reversal of the benchmark value puts the jobs of over 100,000 persons engaged along the rice value chain at risk. To them, it was important that government implemented its decision to reverse the
benchmark value discount policy, particularly for rice, to save the hundreds of thousands of jobs that remain under threat of collapse in the rice sector. Currently, the cost of imported white rice landed in Ghana after all taxes and charges is 25percent cheaper than milled white rice produced in Ghana. The relatively low landing cost of imported rice in Ghana is partly due to the 50 percent discount enjoyed by rice importers and partly due to dumping strategies from the exporting countries. It is therefore obvious that the reversal of the policy would increase the competitiveness of the Ghana rice industry, create jobs and position the Ghanaian
farmers and millers to be able to participate in the single continental as exporters of rice. “We have the strongest belief that implementation of the reversal of the benchmark value discount policy on rice and investing the accrued revenue in subsiding farming and milling activities will reduce production cost and position the Ghanaian farmer and miller to produce and sell at a lower cost than imported rice over time. The pandemic has shown that, as an economy, we will resort to local production and it’s only proper that we build local capacity in a staple commodity like rice.
Restoration of benchmark value reversal will boost rice production—Farmers Continued from cover
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implementation of the reversal of the benchmark value will cause over 100,000 persons who are directly engaged in rice valuechain activities stand to risk their livelihoods. The farmers added that the country’s quest to be selfsufficient in rice production by 2024 would remain a mirage if rice imports continue to enjoy a 50 per cent discount on import duties values as granted by this benchmark policy while local rice production faces high input costs and little or no support from the government for millers. “The decision had serious consequences on the survival of the local rice industry and we appealed to the government to reconsider the indefinite suspension of the policy,” the group said. They said it is important government implemented its decision to reverse the benchmark value discount policy, particularly for rice, to save the hundreds of thousands of jobs that remain under threat of collapse in the rice sector. On 13th January 2022, the Ghana Revenue Authority issued a communique, citing a directive from the Office of the President for the indefinite suspension of the implementation of the reversal of the benchmark value
discount policy. “The directive came as a huge surprise to rice farmers and millers because of the numerous engagements and consultations with all stakeholders for over two years after which the prudent decision to review the policy was reached and announced by the Honorable Minister of Finance in 2022 budget presentation in Parliament,” the farmers said. The benefits that come with the implementation of the reversal of the benchmark value discount are not only limited to increased revenue for the government but also a fulfilment of the government’s own agenda of making Ghana self-sufficient in rice production by 2024. It is also part of the industrial transformation agenda of the One District One Factory and Planting for Food and Jobs programmes. They said the reversal of the policy would increase the competitiveness of the Ghana rice industry, create jobs and position the Ghanaian farmers and millers to be able to participate in the Africa Continental Free Trade Area as exporters of rice. “The benchmark value discount policy reversal is one good policy of the government that has the tendency to raise revenue to help address the various challenges facing farmers and improve the quality of rice produced and
at the same time, protect the local farmers and millers against dumping from highly subsidized rice from the importing nations.” The statement said the suspension of reversal of the benchmark discount policy was retrogressive and the fastest way of collapsing the local rice industry. The impact on rice millers in 2019 after the announcement in April 2019 was devastating because by June of 2019 prices of imported rice in Ghana went down by some 20 per cent forcing local rice millers to take a 15 per cent to 20 per cent price hit, eroding all margins that year. Currently, the cost of imported white rice landed in Ghana after all taxes and charges is 25percent cheaper than milled white rice produced in Ghana. The relatively low landing cost of imported rice in Ghana is partly due to the 50 percent discount enjoyed by rice importers and partly due to dumping strategies from the exporting countries. “We have the strongest belief that implementation of the reversal of the benchmark value discount policy on rice and investing the accrued revenue in subsiding farming and milling activities will reduce production cost and position the Ghanaian farmer and miller to produce and sell at a lower cost than imported rice over time,” it said.
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News
WEDNESDAY JANUARY 26, 2022
Covid sparks innovation in private sector – Dr. Agyepong Continued from cover equipment (PPE) including nose masks and hand sanitisers to help contain the spread of the virus. He explained that this became feasible because of the “boldness” of President Nana Addo Dankwa Akufo-Addo to initiate a public private partnership to embark on a massive disinfection exercise across the country. Dr. Siaw Agyepong made the observation while delivering an address at the opening of the 73rd annual New Year School and Conference (ANYSC) on Tuesday, January 25, 2022. This year’s New Year’s School, which is being held at the Great Hall of the University of Ghana, is on the theme; “Covid-19 and Socioeconomic Dynamics in Ghana.” Meanwhile Dr Siaw Agyepong has been appointed as a member of the University of Ghana’s (ANYSC) Advisory Team. Despite the devastation effects of Covid, he said local resources
have come handy in the production of elements which are assisting in the fight against Covid in the country. “With the onset of the pandemic and in the wake of the closure of air, land and sea borders, Ghana came out with what he termed home grown measures to contain the spread of the pandemic,” Dr Siaw Agyepong noted. He recounted that a total of 45 waste treatment plants across the country comprising 16 solid waste
treatment plants, 16 liquid waste treatment plants and 13 medical wastes plants were currently undergoing construction. Dr Siaw Agyepong thus entreated Ghanaians to actively get involve in reviving the economy back on track. According to him, the national disinfection exercise saw the disinfection of about 2,500 markets across the country within two days, adding that it has also offered employment to some
2,500 people. “…over 77,000 schools, churches and mosques benefited from the nationwide disinfection operation which has helped in curbing the spread of the virus,” he further said. The Chancellor of the University of Ghana, Mrs. Mary ChineryHesse, who was the Chairperson for the opening, was upbeat that the government's “Obaatanpa” programme will seek to boost socioeconomic development in the mist of the pandemic. She explained that New Year School event provided a unique platform for birthing ideas for national development, stressing that it (the New Year School) has continued to birth themes which have set the tone for worth consideration, particularly the times that country has found itself. She gave the assurance that the annual event will go beyond the normal rhetoric and continue to bridge the gap between academia and industry.
Appiatse Explosion: Gov’t to prioritise health and safety in mining sector Continued from cover will inaugurate a ministerial committee of technocrats to conduct an enquiry into this incident next week. The team will look into the whole gamut of health and safety in Ghana and not just explosives and proffer solutions
and recommendations which will be implemented to make our country a safe destination for mining.” The minister also assured parliament that the Appiatse community would be rebuilt and that the and hinted of policy reforms to existing legislations on health and safety in the nation’s
extractives business. “The committee will be given one month to present its report, it is imperative that out of this calamitous event, we want to draw useful lessons and get to a situation where we can confidently say never again,” he added. According to Mr. Jinapor,
government has started reconstructing the roads at Appiate and the Appiate Support Fund has also been launched. The fund, he said, will among other things provide relief items to persons affected by the explosion which occurred last Thursday in the Prestea HuniValley Municipality of the Western Region. He further disclosed that government has taken some very far-reaching steps by suspending the operations of Maxam Company Limited, the company at the centre of the explosion, as well as Jesidek Ghana Company, which was responsible for the transportation of the explosives and is awaiting the report of the incident soon. He announced the establishment of the Appiatse Support Fund, whose committee is chaired by Rev. Dr. Joyce Aryee, to solicit support from individuals, corporate institutions, and wellmeaning Ghanaians. The fund will be managed with supervision from the Ministry of Lands and Natural Resources. The explosion according to report, has killed at least 14 people and wounded more than 100 others as well as flattening several buildings in the area.
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WEDNESDAY JANUARY 26, 2022
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News
WEDNESDAY JANUARY 26, 2022
Prez Akufo-Addo urges youth to take advantage of YouStart initiative to create jobs
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resident Nana Addo Dankwa Akufo-Addo has urged the youth to take advantage of the government's YouStart initiative, a vehicle the government intends to use to create 1million jobs in the next three years. President Akufo-Addo in an
address at the 73rd annual New Year School and Conference said the YouStart initiative which becomes operational in March 2022 was the most comprehensive initiative to provide an effective solution to the country's youth unemployment challenge. "It will support young
Netherlands and Ghana working together for a healthy and prosperous 2022 Continued from cover due to COVID-19 the Netherlands Embassy in Accra is not able to host the customary New Year’s reception. Instead, we will organize a virtual get together, Thursday, 27 January, as from 7 PM, on our Facebook page (Embassy of the Kingdom of the Netherlands in Accra). Participation is open to all contacts and friends of the Netherlands, after registration for the event. On behalf of all colleagues at the Embassy of the Kingdom of the Netherlands in Ghana, I
do wish the Dutch Community in Ghana and members of the Ghana Netherlands Business and Cultural Council (GNBCC) a happy, healthy and fruitful New Year. I would also like to use this opportunity to wish the people of Ghana and all our partners a prosperous 2022. We look forward to continued good relations, collaboration and engagements in 2022, hopefully in person and if not then, through our many social media outlets. Gelukkig nieuwjaar! – Afehyia pa!
entrepreneurs to gain access to capital, training, technical skills and mentoring to enable them to launch and operate their own businesses as well as employ others," President Akufo-Addo said. He said under the initiative young entrepreneurs could apply
for support through a dedicated YouStart online portal. The support that will be offered as part of the programme includes; skills training and development, entrepreneurial support, business advisory services, competitive credit and starter packs as well as mentoring and access to markets. President Akufo-Addo said successful applicants of the YouStart programme will be eligible for starter packs including soft loans ranging from GH₵10,000 to GH₵50,000 as well as standard loan packages of between GH₵100,000 and GH₵400,000 at concessional rates. "Successful applicants will be eligible for soft loans of up to GH₵50,000 to help start-ups, young graduates, school leavers and small businesses to expand," he said. “Starter packs for equipment acquisition) of up to GHC50,000 for individuals and GHC100,000 for associations and groups. A standardised loan package of between GH₵100,000 to GH₵400,000 at concessional rates for SMEs through financial institutions”. Organised by the School of Continuing and Distance Education of the College of Education of the university, this year’s school and conference, the 73rd edition, is on the theme: “COVID-19 and socioeconomic dynamics in Ghana”. It is expected to close on Thursday, January 27, 2022.
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WEDNESDAY JANUARY 26, 2022
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News
WEDNESDAY JANUARY 26, 2022
Vodafone Ɛɛkɔso Promo rewards over 175,000 customers
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IMG Telecommunications Company of the Year, Vodafone Ghana, has so far rewarded over 175,000 customers with cash prizes, data and talk time in its recently launched Ɛɛkɔso promotion. The unique campaign is open to all customers, who earn red coins when they recharge their airtime with scratch cards, via an electronic recharge or buy data via Vodafone Cash. Customers across the country continue to redeem their red coins for Vodafone Cash, data to access the internet, and minutes for talk time from a GHC 2 million prize pool set aside for the campaign. Some Vodafone customers who have already taken advantage of this promotion aimed at relieving their financial strain during and after the holiday season recounted their experiences. Kofi Gyimah, a customer in the Eastern Region, said: "I was doing errands and found myself without data. Incidentally, I needed data to buy data through my bank app. Thanks to the promo, I was able to quickly redeem some data and sort myself out. " I didn't even believe it at first, but a friend convinced me to try
it. I was able to redeem some data that I used for business and browsing. And now I've been telling my friends to try it. " According to Patience Gozo, Ashaley Botwe in Accra. "I needed to buy some groceries for my children, but I didn’t have enough money. Then I remembered that I had accrued some red coins, which I could convert into cash. So I cashed out GHC 150. I was very happy. I hope to cash out some more before the campaign ends, "said Roselyn
Frimpong, Sunyani in the Bono Region. In his remarks, the Mass Segment Manager of Vodafone Ghana, Dennis Awuah, encouraged customers to continue using Vodafone services to participate in the ongoing promotion. ''We still have lots of amazing gifts for our customers. We urge customers to frequently recharge, build their red points, and redeem their prizes. From now to the end of March, there is
still an opportunity for customers to win up to GH 500 cash, more data, and lots of talk time minutes in the Ɛɛkɔsoo Promo", he said. Emphasizing the dynamics, Dennis noted that the promotion is simple, uncomplicated, and open to all Vodafone customers. Customers can dial *533# or visit My Vodafone App to check and convert their red coins to cash, internet data, or talk time, which can be used to call all networks.
Ghana, Rwanda, Senegal jointly establishing COVID-19 vaccine manufacturing plant
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resident Nana Addo Dankwa Akufo-Addo has stated that Ghana is on her way to establishing a domestic manufacturing plant for COVID-19 vaccines. He said with the Presidents
of Senegal, Mr Macky Sall, and Rwanda, Mr Paul Kagame, the three would inspect production facilities needed for that in Germany on February 16, 2022. "We are going to build a pan African project with these two
sister African states where initially the fill and finish plant will be located in Ghana. "BioNtech of Germany, a health and technology company which now works with Pfizer, has agreed to be our partner
and will contribute awesomely to the construction if a modern production facility for other vaccines such as those for malaria and tuberculosis in Ghana," President Akufo-Addo said. President Akufo-Addo disclosed this when he opened the 73rd edition of the annual New Year School and Conference at the Great Hall of the University of Ghana at Legon on Tuesday ( Jan 25, 2022). He said the government would continue to work proactively to protect the citizens from the ravages of the pandemic. He, therefore, urged all Ghanaians to get vaccinated and help end the spread of the virus in the country. He said the government was determined to work with all stakeholders through the COVID-19 crisis and all the challenges it had brought in its wake and appealed to all Ghanaians to stand shoulder to shoulder with the government as it worked to return the nation onto the path of progress and prosperity.
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News
WEDNESDAY JANUARY 26, 2022
Fidelity Bank holds virtual networking event for young entrepreneurs
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he virtual networking was to enable the entrepreneurs to connect, share their business stories and provide feedback to Fidelity Bank and its partners on the benefits of the bank’s youth support programmes. The Bank, in a statement copied to the Ghana News Agency, in Accra, said the entrepreneurs, selected from different sectors of the economy, had benefitted from the Fidelity Young Entrepreneurship Programme, which consisted of the Fidelity Young Entrepreneurs Fund (FYEF) and Orange Corners Innovation Fund (OCIF). The Fidelity Young Entrepreneurs Fund (FYEF) was launched to provide both financial and non-financial support to enable youth-related businesses to survive and thrive. Under the Fidelity Young Entrepreneurship Programme, Fidelity Bank had disbursed over GHS 3 million loans to beneficiaries. Fidelity’s support of young entrepreneurs forms part of the Bank’s “Together We’re More” brand promise that views success as a collaborative effort among key stakeholders working together towards a greater good, said the statement. It said together with its
partners, the Bank would provide training programmes and up to GHC200,000 in financial support to strengthen and grow selected businesses. As part of the Bank’s longterm youth development strategy to support the related United Nations Sustainable Development Goals, Fidelity Bank joined other corporate partners and the Embassy of the Kingdom of the Netherlands (EKN), to launch EKN’s Ghana chapter of the Orange Corners programme. The programme runs an accelerator to build the capacity of youth enterprises and provides low cost financing where necessary, using a revolving fund mechanism developed and managed by Fidelity Bank. In his address at the maiden virtual networking forum, Mr Julian Opuni, Managing Director of Fidelity Bank Ghana, said: “It
is heartwarming to see that these young entrepreneurs are working hard and so effectively to grow and sustain their businesses. “These flagship youth initiatives, the Fidelity Young Entrepreneurs Fund and the Orange Corners Initiative, were established to give them the necessary support and our aim with this event is to solicit ideas on how to improve these initiatives to continue to meet the dynamic needs of young entrepreneurs. “It is our hope that the SMEs that benefitted from our financial and training programmes will grow to become big businesses that will significantly impact Ghana and beyond.” Some of the young entrepreneurs who attended the forum expressed their appreciation to Fidelity Bank and its partners for the ongoing assistance to grow their
Emirates launches new offers to Dubai
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mirates, the world’s largest international airline, has launched a new offer for passengers visiting Dubai with friends and family, when booking by February 6 2022. Two or more passengers travelling to Dubai from January 24 2022 to April 30 2022 will have the opportunity to save 25% on fares when travelling together. This special offer is valid for two or more travellers who book a return trip via emirates.com to Dubai in Economy or Business Class between January 24 2022 and February 6 2022 on the same booking reference. The offer is also available via travel and call
centre agents and Emirates Retail shops. Experience Dubai with Emirates In addition to this exclusive new offer, there are plenty more ways to save on your Dubai getaway with Emirates and take advantage of its incredible winter sun, beaches, outdoor dining and events including: Free Emirates Expo Pass: It’s an amazing time to travel to Dubai with the much-anticipated Expo 2020 mega event taking place until March 31 2022. Emirates customers visiting and travelling
through Dubai anytime during the final two months of Expo 2020, will be eligible to receive a free Emirates Expo Pass for every flight ticket booked with the airline. For more information on this promotion, please visit the dedicated offer page. My Emirates Pass – Expo Edition: Customers travelling to or via Dubai anytime until March 31 2022, get to explore the city for less with My Emirates Pass Expo 2020 Dubai. Enjoy exclusive discounts and benefits at over 500 retail, dining, and recreational attractions by simply showing their Emirates boarding pass. Earn a Mile a Minute in Dubai: Emirates customers can earn 1 Skywards Mile for every 1 minute spent in Dubai until March 31 2022. Existing and new Emirates Skywards members who sign up for the program before March 31 2022, can benefit from the offer Mile A Minute, and will earn up to
businesses, it said. They expressed optimism that the feedback that they shared with Fidelity Bank would be incorporated into the programmes to benefit participants. It said Fidelity had proven that by working together with entrepreneurs, they could help them realise their business dreams, which ultimately contributed to the economic growth of the nation. In a little over a decade, Fidelity Bank Ghana has grown from a discount house to a Tierone Bank and is now the largest privately-owned Ghanaian Bank in Ghana. The bank serves its about two million customers in 75 branches across Ghana and is a leader in the digital banking space. The bank has two subsidiaries, Fidelity Asia Bank Limited, which is a wholly owned subsidiary in Malaysia and Fidelity Securities Limited, an asset management firm. “In a short period of time, Fidelity Bank has become a household name in Ghana by adopting a customercentric culture and delivering consistently on the promise of making a difference in the lives of all stakeholders,” the statement said.
5,000 Skywards Miles. The offer is applicable on all Emirates flight tickets purchased until March 31 2022, for travel during Expo 2020 Dubai. Emirates marketed, flydubai operated flights with an Emirates (EK) flight number are also included in the offer. Visiting Dubai with friends & family Whether seeking a city break, a beach getaway, a relaxing retreat or a unique desert experience, there is something for every traveller when visiting Dubai. Dubai remains one of the world’s most popular holiday destinations, especially during the winter season, and visitors can choose from an array of hotels to stay at, to suit all budgets, as well as exciting entertainment, dining and shopping options for all ages. From sun-soaked beaches and heritage activities to world class hospitality and leisure facilities, Dubai offers a variety of worldclass experiences.
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Energy
WEDNESDAY JANUARY 26, 2022
Green nuclear power
By Hans-Werner Sinn
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ith its 2020 “taxonomy for sustainable activities,” the European Union found a way to use the European Central Bank to steer capital markets by directly subsidizing interest expenses for “green” investment projects. Many European politicians, especially those from Green parties in German-speaking countries, have applauded this approach. But now, they are dismayed to find that the European Commission, under pressure from France, will classify nuclear power as a type of green energy. Having emerged from the anti-nuclear movement, today’s European Greens never dreamed that this ostracized source of power would not only regain respectability but even be associated with their own brand. Their humiliation couldn’t be greater. But whether nuclear power is a form of green energy isn’t just a question of ideology. Huge sums of money are at stake, because the ECB will be offering banks particularly attractive refinancing conditions if they use EU-classified green bonds as collateral. The ECB also has made clear that it is more willing to buy up a disproportionate share of green bonds, thereby creating a new interest-rate structure
within capital markets. Now that environmentally friendly investment goals are increasingly benefiting from lower interest rates, significant portions of Europeans’ savings – accumulated over generations – are being diverted from other parts of the economy into projects classified as green. Viewed from the perspective of an economist, this is quite hairraising. We are seeing a wholesale redirection of capital – the most important non-human factor of production in a market economy – and it is being done in a way that blatantly violates the principle of allocation neutrality, a key postulate of economic theory. The economics of environmental externalities is straightforward. If the aim is to internalize negative externalities into the market – a worthy goal – it should be done through a direct pricing mechanism like a carbon tax or an emissions-trading system. By contrast, changing the interest rate – that is, the price of capital – merely invites a slew of costly allocation distortions, because capital, as a production factor in green enterprises, has only a very loose complementary relationship with avoiding environmental damage. Europe’s current approach therefore amounts to a scatter-shot policy. The EU’s Maastricht Treaty does not give the ECB the authority to engage in economic
and environmental policy; rather, monetary policymakers must secure an individual authorization and an extension of their remit. Such an extension requires unanimous consent from all EU countries by means of an amendment to the Treaty. This barrier should have ensured that the principle of allocation neutrality was upheld. But, as so often happens, EU policymakers have come up with legal trickery to avoid a formal Treaty change. Putting aside the fundamental legal and economic concerns about the ECB’s manipulation of interest rates, the prospect of nuclear power receiving a green classification is a welcome development. It also makes perfect sense, considering that nuclear power plants don’t emit CO2. In terms of the broader climate agenda, Green politicians made a huge mistake when they demonized nuclear power, and the rest of the world has recognized this. After all, the big shift away from nuclear power, and toward wind and solar, occurred only in Germany and a few other countries, following various accidents that received a great deal of media attention. New nuclear power plants are once again being planned and built throughout the world. Fifty-seven are currently under construction, 97 are planned, and 325 additional plants are being proposed.
The first country that seriously considered abandoning nuclear power entirely was Sweden, following the 1979 Three Mile Island accident in Harrisburg, Pennsylvania. But it has kept most of its nuclear power plants, and it has long since given up on an exit. Similarly, despite the 2011 Fukushima accident, Japan has once again fully embraced nuclear energy, following a safety review and modernization of its power stations. Even more promising, there is ongoing research into new types of nuclear power plants, including designs based on thorium and models that avoid the old nuclear-waste storage problem by using reprocessed fuel rods. These are inherently safer than the old power plants. Viewed in this global, twentyfirst-century context, Germany has become the wrong-way driver on the Autobahn. No wonder the Greens are internally divided. Most of them are still fuming, but some of the party’s more astute members are secretly happy that nuclear energy is available as a cheap, CO2-free alternative to fossil fuels. With its adjustable energy supply, nuclear power will be crucial for those periods when a protracted wind or solar lull threatens to bring electricity generation to a halt. Best of all, German Greens can save face by simply blaming the French.
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News
WEDNESDAY JANUARY 26, 2022
JICA reiterates commitment to improving nutrition in Africa
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he Japan International Cooperation Agency ( JICA) has reiterated its commitment to improving nutrition in Africa as part of the Tokyo Nutrition for Growth (N4G) summit which was held last year December. On January 19, 2022, the international Press Division, Ministry of Foreign Affairs of Japan hosted an online press briefing on JICA's commitment in Africa regarding nutrition improvement. The program was addressed by Mr. Amameishi Shinjiro, Deputy Director General and Group Director for Agriculture and Rural Development 2 ( Africa, Middle East and Europe), Economic Development Department, JICA, and Ms Ibi Tomomi, Director, Health, Team3, Health Group2, Human Development Department, JICA. The theme for the briefing was "JICA's commitment in Africa regarding Nutrition improvement". Ms. Ibi Tomomi, Director Health Team3 Health Group2 Human Development, JICA, expatiated on JICA's enumerated commitments
towards the nutritional goals set. In a graphical presentation, she explained how JICA intends to implement this project. She mentioned that with the initiative of this thematic aim highlighted at last year's Tokyo 2021 Nutrition summit, it became obvious to throw more light on Africa. Ms. Ibi explained the definition of nutrition under the programme, adding it it composed of two segmented definitions - undernutrition and overnutrition. Undernutrition, she said comprised of wasting, stunting, underweight, malnutrition deficiency whilst overnutrition encompasses obesity, overweight, and overdose of malnutrition- she added. She wrapped up her presentation by saying "the world is suffering from the double burden of malnutrition coupled with the covid situation, and hence the growing international momentum for improved nutrition in especially Africa". Mr. Amameishi Shinjiro, the Deputy Director-General and Group Director for Agriculture
and Rural Development to Africa, Middle East and Europe, JICA explained in detail the essence of JICA's commitment to this course and how paramount it is to the African Sub Region. He also answered a few questions from participants. JICA's co-operation in the African Region is foundational on protecting people's lives, livelihood and dignity. Mr. Amameishi mentioned that JICA will create a world that is resilient to various threats including infectious diseases and climate change. He explained that a multisectorial approach in advocacy, capacity development and accelerating implementation would be adopted to achieve the
initiative for food and nutrition security in Africa (IFNA), where over 200m children in Africa are targeted. He again mentioned that JICA is committed in this course by promoting the Coalition for African Rice Development (CARD) project with existing examples in Zambia and Madagascar. JICA's nutrition policy is further boosted by the 2021 Tokyo nutrition summit where commitments were made by African Governments. In Ghana, the Nutrition for all policy is evident in the Northern Region where lead companies like Aijinomoto, through the production of Koko Plus is fully operational.
Global Media Alliance is the PR Agency of the Year
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lobal Media Alliance (GMA), a leading marketing communications company in Ghana, has been adjudged the PR Consultancy of the Year at the Institute of Public Relations (IPR) Ghana National Excellence Awards and Presidential Ball held at Akosombo. Speaking on winning the prestigious award, Emma Wenani, Chief Director at GMA expressed her gratitude to all employees in the PR team for their hard work and dedication, to the media for their great support, and most especially to their clients for the unique opportunity to serve them. “I must say I am very proud of our PR Team. They are an exceptional team; they work extremely hard and they take on client roles with a lot of zeal. I am truly honored to be working with such a dynamic group of Communications Experts and dare I say some of the best minds in the industry.” she said "We have won several awards including the coveted Golden World Awards from IPRA, and we couldn't have done it without
our clients. We work with clients in different industries from FastMoving Consumer Goods (FMCG), Banking, Telecommunications, Mining, Real Estate, Hospitality and Tourism, Public Sector, NonGovernmental Organizations just to mention a few. This may sound like a cliche, but we are where we are because of our clients, and
we cannot thank them enough. To both existing and potential clients, let me assure you that we will continue using International Best-Case Practices and Standards in performing our tasks in order to achieve our vision." she stated. Paa Kwesi Forson, Head of PR who picked up the award on behalf of GMA expressed his
gratitude to the organizers for the award and the PR team at GMA. "I am honoured to have picked the award on behalf of my team and GMA as a whole. To IPR Ghana, I say thank you for the recognition.” Dedicated the award to the hard-working staff of GMA for working tirelessly to meet the needs of clients even during the height of COVID-19 Pandemic, he said "special thanks to each and every member of the PR team for demonstrating a work ethic that has resulted in the company receiving such a prestigious award. It is especially rewarding when you are acknowledged by your peers for the excellent work and contribution in the Public Relations field". The event was organised by the Institute of Public Relations Ghana, as part of activities of its Annual General Meeting (AGM). Global Media Alliance is a leading Marketing and Communications company with broadcasting and entertainment assets such as YFM Accra, Kumasi and Takoradi, eTV Ghana and Happy FM.
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Feature
WEDNESDAY JANUARY 26, 2022
Are vaccination mandates government overreach?
By Jeffrey Frankel
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arlier this month, the US Supreme Court blocked President Joe Biden’s attempt to mandate that businesses with more than 100 employees require them to be vaccinated against COVID-19 or else wear face masks and be tested regularly. Was the Biden administration guilty of overreaching? In some countries, including Austria, Ecuador, and Indonesia, governments have imposed COVID-19 vaccine mandates on the entire population, or at least on all workers. Germany is currently mulling whether to follow suit. And many countries, including Italy, have imposed a vaccination requirement on subsets of the population, such as health workers or those over 50. But other governments, including in Denmark and the United Kingdom, have made vaccination a matter of individual choice. In some places, public opposition to compulsory COVID-19 jabs is as strong as the American anti-vax movement. The COVID-19 vaccines work. Unvaccinated people are approximately 15 times more likely to die from the disease than the vaccinated. Nonetheless, even among the majority of Americans who accept that the vaccines are safe and effective, some argue that individuals should be able to choose whether to get the jab. They regard government mandates in this domain as a bridge too far. A presumption that laissezfaire should be the default option in public policy makes sense to many economists: before proposing a government intervention, a particular market failure should be identified. Usually, this is not difficult to do. Environmental pollution is a
classic example, because other people not party to the harmful activity bear the cost of dirty air or water. As a result, the market will produce too much dirty air and water. Other categories of market failure include public goods, monopoly power, and an individual’s inability to make an informed decision (such as in the case of children). It would be very difficult to get everyone to agree on where to draw the line between cases where the benefits of government intervention outweigh the costs, and instances where they do not. But it should be easier to agree on an ordering of various practical applications according to the strength of the argument for intervention. Such a classification, in turn, might encourage clearer thinking about the merits of COVID-19 vaccine mandates. Consider the following 15 policy issues, arrayed in a proposed sequence from the strongest, most widely accepted case for government intervention, to the weakest. First, law enforcement by the police and criminal justice system is a bedrock function of government. Even die-hard libertarians agree that this is appropriate. Next, as also should be obvious, individuals may not possess tactical nuclear weapons. Third, we install traffic lights at busy intersections, and ask police to enforce compliance. The case for this is even stronger than the case for requiring seatbelts, because a larger share of the mortal danger from running a red light falls on others. I propose that a COVID-19 vaccine mandate for all workers (allowing for medical exemptions) should fall approximately at this point in the sequence, at policy number four. Fifth, all 50 US states require that children be vaccinated
against several communicable diseases: diphtheria, whooping cough, polio, measles, rubella, and chicken pox. The vaccines have virtually eliminated these six diseases, which used to kill millions, from the United States. Someone who approves of these requirements should also support a COVID-19 vaccine mandate. Sixth, we regulate air pollution, as noted above, because it is an externality that affects others’ health and well-being. Seventh, all 50 states also require vaccination for tetanus. Because tetanus is not a communicable disease, a purist libertarian might argue that individuals should be able to decide for themselves. But when it comes to children, there is a stronger argument for government intervention. Eighth, under longstanding legislation, the US Occupational Safety and Health Administration – the agency that was to promulgate Biden’s vaccine standard – also regulates many other workplace hazards, including asbestos, coal dust, and other air pollutants. Some libertarians might argue that people can choose not to work for employers whose work environments are known to be unhealthy. But, as with COVID-19, workers lack full information, and the government is better able to evaluate the science. Ninth, the government strictly regulates alcoholic beverages, including through high taxation, penalties for drunk driving, and prohibition of sale to minors. Similar restrictions apply to tobacco products, policy number ten in the list, although cigarettes – and even more so chewing tobacco – impose lower costs on bystanders than drunk driving. In both cases, society pays much of the cost when the consumer falls ill. (Cases seven and eight, as well.) After this, the case for
government intervention becomes weaker. Respect for individual freedom suggests that banning alcohol (or cigarettes) altogether would be going too far. It would also be unenforceable, as the US learned during the Prohibition era (1920 to 1933). Likewise, while a paternalist would point to gambling’s irrationality and addictiveness, a ban is unenforceable. Also, unlike with alcohol, virtually the entire burden of gambling falls on gamblers themselves. Government can exercise eminent domain and seize private property for public use. This is a huge encroachment on individual property rights, and yet the practice is common, even in the US. Furthermore, many conservatives support eminent domain when it comes to building an oil pipeline. Many addictive drugs, like heroin, are illegal. Most people support this, though others argue that its use should be a matter of individual choice. Let’s conclude with the most illogical of pandemic-related government policies. Florida Governor Ron DeSantis last year made it illegal for cruise lines and other private businesses operating in the state to require that their customers be vaccinated. But shouldn’t someone who defends property rights allow a private cruise line to judge for itself whether its potential customers want their fellow passengers to be vaccinated? The policy views of DeSantis and others like him evidently are not based on respect for individual rights, as they claim, but on something else. Many may judge that, in the case of policies five through ten, the benefits of government intervention outweigh the costs. If so, one should logically conclude that the same is true of COVID-19 vaccine mandates.
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News
WEDNESDAY JANUARY 26, 2022
GAEC appoints new Director-General
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he Board of the Ghana Atomic Energy Commission (GAEC) has appointed Professor Samuel Boakye Dampare as the new DirectorGeneral of the institution with effect from February 1, this year. This follows a decision of the board at its 122nd regular meeting held on Wednesday, November 10, 2021, which considered and approved the recommendations of the Search Committee. He takes over from Professor Benjamin Jabez Botwe Nyarko, who has reached the statutory retirement age and whose term of office ends on January 31, this year. Professor Dampare, by this appointment, becomes the ninth Executive Head and the fourth Director-General of the foremost scientific research institution in Ghana, with a niche in nuclear science and technology, GAEC. Until his appointment, he was the Deputy Director of Ghana Space Science and Technology Institute (GSSTI) of GAEC. He also served as the Vice Dean of the Graduate School of Nuclear and Allied Sciences (SNAS) of the University of Ghana–Atomic and the Head of the Neutron Activation Analysis Laboratory at the Ghana Research Reactor–1
(GHARR–1) Centre of GAEC. Prof. Dampare had his basic education at Maase Methodist School, Abuakwa and obtained his GCE Ordinary and Advanced Levels at the Ofori Panin Secondary School, Kukurantumi in the Eastern Region. Training An alumnus of the University of Ghana, he graduated with a Bachelor's degree and M.Phil. in Geology in 1996 and 2001, respectively. Professor Dampare obtained his PhD in Geology in 2008 at the Okayama University in Japan
through a Japanese Government Scholarship (Monbukagakusho). He was awarded a two-year post-doctoral fellowship by the Japan Society for the Promotion of Science ( JSPS) to conduct collaborative research at the same university. He has been a recipient of several awards and fellowships such as the Dean of the Graduate School of Natural Science and Technology Award for Academic Excellence, Okayama University (2006); Bank of Ghana Graduate Fellowship, University of Ghana (1998–1999) and MacCallien
Memorial Prize for Best Graduating Student in Geology given by Geological Society of Ghana in 1997. Professor Dampare's scientific career at GAEC started in 2002 as an Assistant Research Scientist at the Ghana Research Reactor–1 (GHARR–1) Centre. He rose through the ranks as research scientist to chief research scientist. He was conferred with Associate Professor in 2012 and full Professor in Nuclear Earth Sciences last year. As a researcher, he has undertaken works in many areas petrology, geochemistry, hydrology and hydrogeochemistry, uranium geology, environmental pollution and development of nuclear analytical techniques, among others. Professor Dampare has also participated in several training courses, workshops, consultative meetings and conferences, where he has presented his research findings and given invited talks and served on many boards and committees, both locally and internationally. He is also a member of several professional associations in Ghana and abroad.
Rotary Club of Tema-Community 25, Kingdom Exim support Zenu Cluster of Schools By Baptista S. Gebu
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he Rotary Club of TemaCommunity 25 on September 12, 2020 held a charter and fundraising dinner at the Rotary Center in Tema Community 5. This event was aimed at raising funds for the Club’s flagship project which was among other things to construct a washroom for Zenu Cluster of Schools within the Ningo Prampram District. Present were Rotarians, Rotractors and guests from District 9102 and beyond. Kingdom Exim Ghana Limited was equally present and pledged support to the club’s flagship project. On August 29, 2021 stakeholders conducted the project sod-cutting ceremony for Kingdom Engineering - the project contractors to commence work. On January 16, 2022 the club handed over its 8-seater washroom facility built by the Rotary Club of Tema – Community 25 in collaboration with Kingdom
Exim Group of Companies to Zenu Cluster of Schools in a beautiful handing over event held at the school premises at Zenu. The facility had washrooms for girls and boys as well as urinal for the boys and a changing room for girls. The concept of the changing room is to support the child girl stay in school during her menstruation period as the facility will support the girl child to have a place to change her menstrual pads. It is interesting to note that, on any given day more than 800 million women and girls are menstruating. Hence the stigma, taboos, and ignorance around periods harm women and girls every day. Menstrual Health and Hygiene (MHH) is important for the fulfillment of girls’ and women’s rights, a key objective of the Sustainable Development Goals (SDGs). Women and girls’ access to MHH is a component of genderresponsive WASH services. SDG 6.2 acknowledges the right to
menstrual health and hygiene, with the explicit aim to, “by 2030, achieve access to adequate and equitable sanitation and hygiene for all and end open defecation, paying special attention to the needs of women and girls and those in vulnerable situations”. Without considering needs for safe and dignified menstruation, the world cannot achieve the vision for sanitation and hygiene under Goal 6. Present at the flagship handing over ceremony was the Club President and fellow board members, Director of Service Projects under whose leadership the project was executed, Rotarians, Rotractors and guests
from District 9102 notable among them was AG Frank Ankamah. Staff and representatives from Kingdom Exim Group of Companies as well as Prince J. A. Mensah of Zenu Traditional area were equally present. the Assembly Man Hon. Jerry John Adjorlolo, Francis Mishiame representative of Municipal Director of Education - Mr. Authur, head and representatives of all 12 clusters forming the Zenu Cluster of schools, some representatives of the school PTA, selected pupils from the cluster and some community members and other stakeholders were present to grace the occassion.
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News
WEDNESDAY JANUARY 26, 2022
Ckrowd announces major software upgrade to change the creators’ economy in Africa
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krowd, Africa’s most preferred and premium content streaming platform, announces the launch of a software update to their flagship Ckrowd platform. The Ckrowd 1.4 version offers new features to support Live & OnDemand content publishing & monetisation for all, as their mission is providing inclusivity, value and profit for all creators, especially for those from emerging economies. With greater support for global content creators, they will now be able to receive revenue in dollars and local revenue simultaneously for the same content. This will provide greater visibility and increased global appeal also to creators in the Diaspora and emerging markets, where local based revenues are often ignored when discussing monetisation. The ability to use the company’s innovative geo-pricing technology for consumers from local and international markets is a critical feature for modernisation, global revenues and content definition. Several other improvements included in this release also build upon the strong foundation of features already available in the previous version Ckrowd 1.2. These include: • ‘Ckrowd Live’ to be used by creators to demand payment to exclusive viewers for live digital performances.
• Creators fixing prices for Live & On-Demand Content with advisory guidance from Ckrowd. • Creators to receive 70% of total income as pay out from Ckrowd for their exclusive content. • Increased usage of Geopricing Technology for consumers from local and international markets. • Support for Security authorization facility (SAF) guarding your virtual meetings. • Receive revenue for consultation meetings or live teaching classes. Kayode Adebayo, CEO of Ckrowd, said: “Our aim is to have a very thriving creators’ economy, while providing content consumers with unique and original experiences, unlike anywhere else on the internet.
We believe that until creators are able to connect with their super fans and exclusively and uniquely cater to them, the experiential dichotomies between these two parties aren’t complete. Ckrowd Technology enables Creators in any creative discipline to firstly cater to their super fans, while these super fans appreciate them financially for the personal access granted to them in chats, live and On-Demand content. Creators feel valued and can finance their own creative projects, operating as true SMEs and super fans are given a premium experience, that’s the Ckrowd promise.” Ckrowd 1.4 also supports African film producers, where due to monetary, bureaucratic, and infrastructural challenges, many films that cannot make it to the cinema are released exclusively
to their digital audiences. Additionally, many creators and professionals within the creative digital industry can employ Ckrowd Advert, whose large reach allows them to connect with more than 30million Nigerians at low-cost rates of 20 kobo or $0.43 per message via WhatsApp, SMS & Emails. This upgrade will also enhance the entertainment experience offered by Ckrowd 1.4, where creators and customers can look forward to an all-inclusive, new excitement, content creation and gratuitous consumption. Furthermore, it will offer creators the opportunity to generate high returns for their locally produced content and earn in their local currencies, whilst their content is distributed globally to audiences looking for truly exclusive and tailored experiences. The new Ckrowd 1.4 release will allow creators to better serve the fast-changing needs of users attracted to the Africa and Afroinspired creativity across music, cinema, theatre, gastronomy, literature, education and fashion just to name a few. The creator’s economy and Ckrowd’s continued commitment will be to improve the integration platform through new technology and innovation to support the next generation of international content mavericks, especially those across lower- and middle-income countries.
Chirano supports Appiatse explosion victims
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hirano Gold Mines has supported victims of the Appiatse explosion with some relief items, with a promise to provide more support to the community. Some of the items that were donated included bags of rice, oil, sardine, and mattresses. After last Thursday’s unfortunate incident, the Mines has been working closely with the National Disaster Management Organisation (NADMO) on priority relief items required. The items that were donated donation were therefore based on the recommendation of NADMO. The company once again extended their deepest condolences to the bereaved families and wished the injured speedy recovery. It also noted that it would continue to liaise with NADMO
and other relevant organisation
to provide support and relief to
the affected persons and families.
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WEDNESDAY JANUARY 26, 2022
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Feature
WEDNESDAY JANUARY 26, 2022
Horn of Africa: Swift aid for drought-affected farmers and herders needed to avoid a hunger crisis
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ver $138 million in urgent funding is needed to assist 1.5 million vulnerable people in rural communities in the Horn of Africa whose fields and pastures have been hard hit by an extended drought, the Food and Agriculture Organization of the United Nations (FAO) said today, as it released a comprehensive response plan calling for a range of support for agriculture in the region. In a region already prone to food insecurity associated with weather extremes, natural resource limitations and conflict, the COVID-19 pandemic and 2020-21 locust invasion have stretched the coping capacities of rural communities to the limit, undermining agricultural productivity. Now a third season of drought driven by La Niña is raising concerns that a large-scale hunger crisis could break out if the region’s food producing rural communities do not receive adequate assistance timed to the necessities of upcoming agricultural seasons. In Ethiopia, Kenya and Somalia, the worst affected countries, projections indicate that some 25.3 million people will be facing high acute food insecurity by mid-2022 – if that scenario should materialize, it would place the Horn of Africa among the world’s largest-scale food crises. The criticality of supporting rural livelihoods FAO’s Horn of Africa Drought Response Plan calls for over $138 million to help rural communities
withstand this latest threat – with $130 million of that total urgently needed by the end of February to provide time-critical assistance to highly-vulnerable, agriculturereliant communities in the three most impacted countries. "We know from experience that supporting agriculture at moments like this is hugely impactful – that when we act fast and at the right moment to get water, seeds, animal feed, veterinary care, and much needed cash to at-risk rural families, then hunger catastrophes can be averted," said FAO’s Director of Emergencies and Resilience, Rein Paulsen. “Well, the right moment is now. We urgently need to support pastoralists and farms in the Horn, immediately, because the cycle of the seasons waits for no one,” he added. In 2011, a severe drought contributed to a famine outbreak in Somalia that saw 260 000 people perish from starvation – most of them before an official famine declaration was made. In 2017, however, potential drought-associated famines in four countries in the greater Horn of Africa region were averted thanks to a concerted international push to act early and that prioritized helping rural communities cope with stresses before they spiralled into food crises. The clock is already ticking, Paulsen warned. The lean season that has just started is marked by limited grazing opportunities for pastoralist families, and their livestock will need nutritional and veterinary support. Crop-reliant
families, for their part, must have seeds and other supplies in hand to hit the ground running when the main Gu planting season begins, in March. FAO's plan of action FAO's drought response plan seeks to target support to 1.5 million of the most at-risk rural populations in Ethiopia, Kenya and Somalia. For pastoralist families, this would include providing animal feed and nutritional supplements and mobile veterinary health clinics to keep their livestock healthy and producing milk, transporting water to 10 000 litre collapsible water reservoirs set up in remote areas, and upgrading existing wells to run on solar power. In the case of crop-reliant families, FAO aims to distribute seeds of drought-tolerant earlymaturing varieties of sorghum, maize, cowpea and protein-rich mung bean and nutrient-dense vegetables, and arrange for preplanting land-ploughing services and access to irrigation as well as training on good agricultural practices. Cash for work programmes would allow able-bodied households to earn extra income by helping rehabilitate agricultural infrastructure, like irrigation canals or boreholes. Families not able to work for health or other reasons would receive unconditional infusions of cash. Providing rural families with extra disposable income gives them the means to buy food at market while they wait for their
harvests to come in. In Somalia, FAO’s plan calls for the provision of boats, equipment and training to help coastal communities who do not typically engaging in fishing secure a new and much-needed source of calories and protein, building on ongoing FAO work to promote the diversification of livelihoods in the country. If fully funded the agency’s plan would allow for the production of up to 90 million litres of milk and up to 40 000 tonnes of staple food crops in the first part of 2022, putting over 1 million highly food insecure people on a safe footing for at least six months. Durable solutions By allowing people to stay home and productive and preserve their livelihoods, while increasing their resilience, FAO’s intervention would lay the groundwork for longer-term stability and food security. “For years we have seen the same cycles of vulnerability and stresses undermining agricultural productivity in the rural communities of the Horn of Africa. It is time to invest more in addressing the drivers of hunger, and build people’s capacity to keep producing even when hit by shocks like drought, so that inevitable shocks do not inevitably descend into humanitarian crises,” said Chimimba David Phiri, FAO’s Subregional Coordinator for Eastern Africa (SFE) and Representative to the African Union and to the United Nations Economic Commission for Africa.
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WEDNESDAY JANUARY 26, 2022
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News
WEDNESDAY JANUARY 26, 2022
We must be decisive in preventing inequalities leading to migration, conflict - Bawumia at UN Security Council
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hana’s Vice-President, Dr. Mahamudu Bawumia on Tuesday participated in a UN Security Council debate in New York, and called for action to prevent domestic inequalities that led to urban migration and the creation of fertile grounds for conflict. Dr. Bawumia was speaking on behalf of President Nana Addo Dankwa Akufo-Addo during a debate on “War in cities: Protection of civilians in urban settings" presided over by Norwegian Prime Minister Jonas Gare Støre. Ghana became a member of the UN Security Council in January this year for a two-year term. Dr. Bawumia said: “The issue of poverty which is an important element in urbanization would need to be addressed. National initiatives would need to be supported to equalize access to economic opportunities in all parts of a country.” He said this would help manage the factors that drove migration, led to unplanned urbanization and nurtured the environment for conflict.
Dr. Bawumia is scheduled to meet UN Secretary-General Antonio Guteress later on Tuesday before travelling to Washington, DC., the US capital, on Wednesday to hold discussions with the US Assistant Secretary of State for Africa, Molly Phee, on Wednesday. They are expected to discuss the security situation in the Sahel, and political instability in West Africa whose regional body,
ECOWAS, President Akufo-Addo currently chairs. Dr. Bawumia expressed concern about the threat posed to civilian populations by extremist groups such as Boko Haram and Al Qaeda in the Magreb, organizations whose activities have become a growing threat in the West Africa. He said such groups “scapegoat civilians in their crusades and consider them as cannon fodder.”
The roles played by civilians in such wars demonstrated the complex nature of modern warfare, he said. Dr. Bawumia said the world had witnessed what he called “the horrific effects of urban conflicts” in places like Syria, Iraq and Yemen; but also much earlier in Liberia, Sierra Leone and Cote d’Ivoire where the civil wars were fought in cities, He said urban conflicts created opportunities for violent extremist groups to radicalize young people. Ghana is serving on the Security Council alongside two other African countries, namely, Kenya and Gabon. Kenya’s term elapses at the end of 2022 having been elected a year earlier. In November, Ghana will take over the Presidency of the Security Council on which it is serving for a fourth tenure since independence in 1957. Among other concerns, Ghana wants to galvanize the Council’s attention to address violent extremism in the Sahel and growing piracy in the Gulf of Guinea.
University of Ghana appoints Jospong unto its ANYSC Corporate Advisory Team
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he University of Ghana, Legon has appointed the Executive Chairman of the Jospong Group of Companies, Dr. Joseph Siaw Agyepong unto the Annual New Year School and Conference (ANYSC) Corporate Advisory team. The team was inaugurated by the President of Ghana, Nana Addo Danquah Akuffo- Addo at the 73rd Annual New Year School Conference organized by the University of Ghana and tasked with the responsibility to advice on how reports of the conference will help advance Ghana's strategic growth. The team is chaired by lawyer Samuel Okudzeto (Member of the council of state) and includes Hon. Ken Ofori Attah (Minister of Finance), Dr. Ernest Addison, Prof. Olivia Kwapong, Mr. Andrews Dotse and Mrs Regina Afari Boateng. Covid-19 challenged Ghana's private sector to be innovative Speaking at the conference which is on the theme "Covid-19 and Socio economic Dynamics in Ghana", the Executive Chairman of the Jospong Group
of Companies, Dr. Joseph Siaw Agyepong indicated that Covid-19 as a global pandemic brought innovation into Ghana's private sector as Companies had to innovate to cope with the challenges that came with the pandemic. Dr. Agyepong pointed out that the innovations such as local production of hand sanitizers, nose masks, hand washing machines, disinfection chemicals among others were some Initiatives local companies and SMEs had to venture into to create new job opportunities. "We at the Jospong group of Companies and Zoomlion Ghana Limited had to innovate in the areas of assembling technologies and equipments to undertake nationwide disinfection exercises. We had to learn from what the Chinese were doing and locally replicated that by designing and assembling vehicles that can undertake massive disinfection activities". Dr. Agyepong lauded the visionary leadership of the President Nana Addo Danquah Akuffo-Addo during the intensed
period of Covid-19 and his support to help local companies innovate to fight Covid-19. The President of Ghana, H.E Nana Addo Danquah AkuffoAddo in a statement as the guest speaker indicated that Ghana recorded one of the lowest Covid-19 deaths rate in the world and this was due to the prudent management of the Covid-19. He said Ghana was named alongside Korea as one of the best countries to have properly managed the Covid-19. The President noted that there were no lay off in the public sector as salaries of the public sector workers were not reduced He added that Ghana remained
self-food sufficient country despite the global food supply chain impact due to planting for food and Jobs initiative. The Chancellor of the University of Ghana, Mrs Mary Chinery-Hesse indicated that since the inception of the annual New Year school and conference in 1948 it has provided a unique platform for national discourse on development issues. "National and local government agencies, academia and other stakeholders have used this platform to deliberate Ghana's strategic growth". She said the new inaugurated ANYSC Corporate Advisory team will help stimulate economic growth of the country
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Comment/Analysis
WEDNESDAY JANUARY 26, 2022
Banks and the green leap forward
By Stuart P.M. Mackintosh
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any of us had hoped, perhaps naively, that global leaders gathering at the United Nations Climate Change Conference (COP26) in Glasgow last fall would significantly accelerate international and national efforts to slash greenhousegas emissions. It was not to be. Governments made some progress on methane emissions, deforestation, and the transition to electric vehicles. But other necessary action – above all, much more ambitious national pledges and plans – was postponed for another year. The world cannot afford to waste any more time. On current trends, we have ten years before we exhaust our global carbon budget, reach interlinked points of no return, and crash through the 1.5º Celsius limit on global warming that governments and scientists warn is essential if our children and grandchildren are to have a livable future. So, what is to be done? As a top priority, regulators and central banks should charge banks the real price for their polluting fossil-fuel portfolios, thereby permanently shifting incentives in favor of financing the green transition.
As the International Energy Agency has made abundantly clear, the exploitation and development of new oil and gas fields must stop. The IEA also warns that the world cannot build any new coal-fired power plants if it is to achieve net-zero emissions by 2050 and thus limit the increase in global temperature to a safe level. Tightening the capital requirements regarding the financing of fossil-fuel projects can help us meet this goal. Specifically, banks should be required to pay a “one-forone” capital charge for any new fossil-fuel lending – as recently proposed by an international coalition of investors, academics, and civil-society groups. In addition, regulators should introduce a capital charge for existing fossil-fuel loans. This levy would depend on the nature of the activity being financed and would increase over time. Changing banks’ investment incentives in this way would have immediate and rapid effects on their strategies and portfolios. In taking these simple but important steps, policymakers would align capital regulations with the growing international climate consensus among central banks, many of which now accept that their mandates contain an
implicit requirement to act on climate change in order to help ensure financial stability. The Basel Committee on Banking Supervision is currently considering how regulation should treat climate-change risks. These technocrats need to take the initiative and make climate polluters pay, thereby underscoring the absolute necessity of a halt to new fossilfuel lending. When bank lobbyists claim that such a step would be too costly, the appropriate response is: “Compared to what?” The reinsurer Swiss Re, which has some of the world’s best climate modelers, estimates that onefifth of all countries face possible ecosystem collapse because of biodiversity loss and forecasts that failure to act on climate change could cost as much as 18% of global GDP by 2050. The European economy could contract by 10.5%. This cost – the multitrillion-dollar, hot-house reality of inaction and delay – is too great to bear. In comparison, the problems of stranded assets and nonperforming loans that will emerge as investors increasingly shun fossil fuels are far easier to manage. Most banks will be able to absorb these losses and reorient their loan books to speed
the green transition. If some cannot make the shift because they are “all in” on fossil fuels, national regulators may need to establish “bad banks” to take the literally toxic assets off their books and restructure them. They have intervened in similar ways before, and they can do so again. Banks around the world can and should amplify and accelerate the green transition. Governments alone do not have the resources to pay for the shift to net zero. But governments and banking regulators, acting in concert, can change the incentive structures in the financial sector. That would help to redirect a huge flow of funds to necessary projects to ensure sufficient energy supplies to replace fossil fuels. Those new projects will boost productivity, foster growth, pull economies out of secular stagnation, and begin a decadeslong industrial transformation to what I call Green Globalization 2.0. Green globalization can bring about a more sustainable, resilient, equitable, and livable future, not only for humans but for all species on the planet. We know what is required. Bank regulators should be bold, and help banks and economies make the green leap before it is too late.
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Feature
WEDNESDAY JANUARY 26, 2022
The global consequences of American polarization
By Ana Palacio
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nother bitter battle has played out in the US Congress – and amounted to nothing. US Republicans have yet again used the filibuster to thwart legislation aimed at countering new voting restrictions around the country, and Democrats have failed to change filibuster rules to get it passed. The saga exemplifies the turmoil, polarization, and paralysis that have engulfed American politics and will undoubtedly shape November’s mid-term congressional elections. This state of affairs should worry the rest of the world. In recent years, American society has been riven by misunderstanding and mistrust. By creating algorithm-driven “echo chambers,” social-media platforms have compounded these problems, reinforcing people’s existing views, discrediting opponents, and facilitating the emergence of an over-zealous “cancel culture.” The honest self-reflection and open dialogue needed to enable reform and reconciliation have become all but impossible. As political leaders have learned to capitalize on polarization, the situation has deteriorated further. Former President Donald Trump’s populist, isolationist, and capricious rhetoric and policies exacerbated polarization and stoked volatility. Now, political scientist Barbara F. Walter warns, the United States is “closer to civil war than any of us would like to believe.” I have no desire to preach to Americans about what is in their political interest. That is a long-
standing habit of Europeans, and it is patronizing in the best of times. It is all the more inappropriate at a time when Europeans are confronting our own brand of extremism and deadlock. But the fact is that the fracturing of US society affects us all. Most obviously, America’s polarized politics are shaping its economic, climate, defense, agricultural, and foreign policies. The recent Republican-led initiative to impose sanctions on the Russian-German Nord Stream 2 natural-gas pipeline – despite the threat this would pose to both US President Joe Biden’s Russia strategy and America’s relationship with Germany – is a case in point. But the problem runs deeper than any individual policy. After decades of emphasis on economic considerations, geopolitics has again taken center stage globally, with ideology-driven greatpower competition intensifying at precisely the moment when liberal democracy has lost its shine and authoritarianism is gaining ground. This competition is playing out in various geographic arenas (Ukraine, Venezuela, Kazakhstan, Taiwan), and even bleeding into the economic sphere (as with Nord Stream 2 or the Chinese tech giant Huawei). The last time geopolitics defined world affairs, the US stood tall as a global leader and champion of Western interests and democratic values. Today, as the ongoing crisis on Ukraine’s border shows, the world needs America to reprise that role. Yet the US is a shell of the leader it once was, and domestic polarization is largely to blame.
There is no silver bullet. But a number of ideas have been advanced, from straightforward calls to stop giving extremists platforms to detailed proposals for revitalizing citizenship through compulsory national service. In some ways, the latter scheme gets to the heart of the challenge. Americans need to reconnect with a sense of shared ownership of their country and its trajectory. They must take responsibility for their future, including by contributing directly to the process of charting a path forward. Otherwise, popular buyin will remain elusive. The European Union is wellacquainted with this imperative. Like the US, the EU is becoming increasingly fragmented, as it has struggled to clarify its raison d’être in the modern age. To tackle this challenge, the EU has launched the Conference on the Future of Europe. The brainchild of French President Emmanuel Macron, the Conference entails a series of citizen-led conversations focused on clarifying Europe’s challenges and priorities and helping to “shape our common future.” As appealing as the concept may sound, however, the Conference looks a lot like an idealistic fig leaf covering bureaucratic inefficiencies. In any case, for the US even to attempt such an initiative, it would first have to achieve some consensus on what it means to be an American. Here, Republicans and Democrats currently subscribe to sharply contrasting visions, as the COVID-19 pandemic has made clear. If Americans cannot agree on a shared understanding
of their present – including, crucially, their country’s position in the world – how can they even begin to discuss a common vision for their future? The US has been here before. In the years leading up to World War II, the US was deeply divided, both by national policies which greatly changed the landscape (such as the New Deal) and by conflicting opinions of what US involvement in the war should entail. Yet WWII is now remembered as a “moment of American domestic comity.” While this shift can be partly attributed to Franklin D. Roosevelt’s deft political leadership, it was the Japanese attack on Pearl Harbor that secured broad public support for the US to enter the fray. But a common enemy works to unite a country only if everyone agrees on who that enemy is. Given that COVID-19 – a foe shared by the entire world – only hardened America’s partisan divide, it is clear that this is easier said than done. In clarifying America’s role in the world, an outsider’s perspective may be of use. NonAmericans tend to have a clear idea of what the US has historically represented: ingenuity, generosity, and democracy. The path to a reunited America, acting as a credible global leader, will be neither smooth nor straight. But, given how many actors are eager to take advantage of America’s decline, Europe must do everything it can to help the US make progress. Just as the US sought a “Europe whole and free” after the Cold War ended, Europe today needs to support an America healed and reconciled.
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NO. B24 / 297 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY JANUARY 26, 2022
Kobina Ansah is back to sue God this March after having an emergency wedding
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hen playwright Kobina Ansah launched his Emergency Wedding campaign, it caught a lot of attention. Despite being cancelled twice, the play brought to the theater thousands of patrons who were anxious to watch this wedding. Boy! They went home with loads of lessons! By popular request, Kobina Ansah and his team are bringing back their classic romantic comedy, I Want To Sue God!, this March. The play hinges on the plight of a young man who is dissatisfied with God after getting to know who his wife was after their wedding. Like all Kobina Ansah's plays, I Want To Sue God! carries a lot of lessons, especially for the youth who are about to enter marriage. The unmissable "I Want To Sue God!" is happening on Saturday, March 5th and Sunday, March 6th at National Theater. More details are on www.scribeproductions. com. Source: Scribe News
Media General’s 3Foundation launches campaign to support Apiatse Explosion victims
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edia General Group, Ghana’s leading media conglomerate through its Sustainability and Corporate Social Responsibility management structure, 3Foundation, has launched a campaign to support
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victims of the Apiatse explosion. Dubbed “Media General Support Apiatse Victims”, the campaign is to offer relief support to the victims of the Apiatse explosion, which occurred on Thursday 20th January 2022
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when a truck carrying explosives to a gold mine crashed with a motorcycle. Chief Operating Officer of the Media General Group, Kingsley Winfred Afful, revealed the group’s motive for launching the campaign. “As a responsible organization, it forms part of our responsibility to support efforts to bring relief to the affected people. We have committed ourselves to enriching lives and empowering Ghanaians across the country. We have carried out several projects over the years spearheaded by 3Foundation”, he highlighted. He further appealed to corporate Ghana and individuals to join in this campaign by supporting with cash or other relief items such as mosquito nets,
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tents, mattresses, food items, new and used clothing, bags of cement, roofing sheets and other building materials. Donations can be made at the offices of TV3 Network in Kanda, Accra, Connect FM in Takoradi and Akoma FM in Kumasi between 9 am and 5 pm daily. Cash donations can be made through MOMO (0242261550 TV3 Network, Reference – Apiatse Victims) or 3Foundation’s Zenith Bank account number 6010603927, Kojo Thompson Road branch. Chris Koney, Group Head of Corporate Affairs at Media General (020 8541480) and Ransford Osei Asare, General Manager of Connect FM (0244714984) have been appointed to manage this campaign.