Business24 Newspaper 14th July, 2021 by Business24 Online

WEDNESDAY JULY 14, 2021

Fidelity Bank introduces ‘Edwapa’ account for businesses

Deepening the EUAfrican partnership

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NO. B24 / 221 | NEWS FOR BUSINESS LEADERS

WEDNESDAY MONDAY MAY JULY 3, 2021 14, 2021

Cocobod asked to fix LID, child labour concerns

World Bank, Ghana sign $200m deal to boost vaccine deployment

By Patrick Paintsil

he World Bank has announced a financing package to support Ghana to procure and deploy more COVID-19 vaccines as part of a drive to assist the country achieve herd immunity.

p_paintsil@hotmail.com

lobal CEO of Fairtrade Dr. Nyagoy Ngyong’o has implored the Ghana Cocoa Board (Cocobod) to step up its deliberations with companies working with cocoa farmers and other cocoa value chain actors to support the implementation of the Living Income Differential (LID) to ensure that farmers of the commodity get fair value from their sweat.

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Vanguard Life unveils two new products

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By Patrick Paintsil p_paintsil@hotmail.com

AngloGold submits proposal to acquire Corvus Gold

ngloGold Ashanti has announced it has submitted a nonbinding proposal to the board of directors of Corvus Gold Inc., under which its subsidiary, AngloGold Ashanti Holdings plc., has offered to acquire for cash all of the issued and outstanding common shares of Corvus which AngloGold does not already beneficially own.

anguard Life Assurance Company has launched two new life products—Old Students (OSA) Welfare Plan and Family Wealth Provider (FWP)—into the domestic insurance market. The OSA Welfare Plan is an existing off-line informal sector group life product that has been repackaged Cont’d on page 5

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Editorial / News

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Editorial Proposed LID is the best reward to the cocoa farmer

hana’s acclaimed global reputation as a leading cocoa production nation has offered little hope to growers of the commodity. After several decades of tilling the soil to grow cocoa, the farmers remain poorly motivated and less rewarded despite braving the odds to produce the nation’s leading foreign exchange earner. Paradoxically, whilst the primary producers of cocoa continue to live in poverty, middlemen and industrial enterprises whose existence depends largely on the cocoa bean continue to rake in millions of dollars with their minimal role and effort. It was therefore welcoming when Ghana joined hand with its French neighbour Cote D’Ivoire, as the top-two producers of

cocoa in the world, to demand fair pricing and value for money in the cocoa value chain. The historic partnership has birthed several good interventions notably the upward adjustment of price per tonnage and the proposed Living Income Differential (LID). LID prescribes an extra US$400 per tonnage of cocoa sold to bulk buyers and end beneficiaries of the commodity as an added income specifically to improve and cushion the livelihood of farmers who produce the commodity. The implementation of the LID is expected to begin in the 2021/2022 cocoa season should all parties agree to this arrangement. Business24 believes that the LID will be the gamechanger

for cocoa farmers, in terms of fair earnings and sustainable profit from their daily sweat and labour. This paper understands that COCOBOD clearly stated their stance on the LID at the recently held high-level meeting on cocoa in Accra where it justified why the top chocolate makers and cocoa consumers will have to pay a little more to growers of the commodity. Also, whilst a large number of companies are in favour of the LID, a few have shown that they are not in favour of this arrangement. We share in Fairtrade’s plea to COCOBOD to ensure that such a plausible and highly impactful intervention will see the light of day.

Cocobod asked to fix LID, child labour concerns Continued from cover

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The LID prescribes an extra US$400 per tonnage of cocoa sold to bulk buyers. It was introduced by Ghana and Côte d’Ivoire, the world’s leading producers of the crop, to improve the incomes and livelihoods of farmers. Dr. Ngyong’o also asked the state cocoa agency to engage the European Union on its threat to boycott Ghana’s cocoa on the grounds of child labour and abuse. Concerns about child labour in Ghana’s cocoa sector have been rife following a study by The Voice Network, a non-governmental organisation, which revealed the presence of children on most cocoa farms, with the European Union threatening to boycott cocoa that is linked to child labour. Speaking to agro producers at the 2021 West Africa Regional Fairtrade Congress and Convention in Accra, Dr. Ngyong’o said COCOBOD’s ability to address these issues would improve the living conditions of cocoa farmers, especially as they recover from the shocks of the pandemic. According to her, the pandemic caused massive job losses, adding that smallholder farmers with limited financial capacities were

severely affected, prompting the need to build resilience along the value chain. Dr. Ngyong’o said Fairtrade’s new strategy for 2021-2025 focuses on key pillars including digitalisation and transparency to drive the performance of agriculture. She therefore urged producers to embrace the fast pace of technological adoption in the sector. The two-day congress convened about 350 Fairtrade agro producers to take stock, deliberate on pertinent issues affecting the scheme, and proffer sustainable solutions to aid their recovery from the pandemic. The Chief Director of the Ministry of Trade and Industry, Patrick Yaw Nimo, indicated in his remarks that building producer resilience through trade would require sustained efforts at

export maximisation and trade facilitation. He said producers, especially Fairtrade farmers, would need to venture into value addition to make them globally competitive and to enable them take advantage of the single continental market. “AfCFTA offers huge emerging opportunities under the agreement for agro producers, and the potential for trade is enormous with the removal of non-technical barriers. IntraAfrica trade will be key in building resilience of producers across the agricultural value chain,” he said. He added: “Building resilience cannot be limited to innovations and value addition across the agricultural value chain; producers must build capacity to boost competitiveness and sustain their livelihoods.”

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AngloGold submits proposal to acquire Corvus Gold Continued from cover AngloGold currently holds a 19.5 percent indirect interest in Corvus, which is incorporated in British Columbia, Canada, and listed on the Toronto Stock Exchange and NASDAQ. Corvus owns North Bullfrog, Mother Lode and other exploration assets located in southern Nevada’s Beatty District, which are in close proximity to, or contiguous with, AngloGold’s exploration assets of Silicon, Transvaal and Rhyolite. Christine Ramon, AngloGold’s Interim Chief Executive Officer, said: “The proposal is fully aligned to our strategy of growing ore reserve, building low-cost production and generating sustainable returns. We have a unique opportunity to combine Corvus’ assets with our own— in the world’s top-ranked mining jurisdiction—to create a meaningful new production base for AngloGold Ashanti in the medium and longer term.” The combination of Corvus’ and AngloGold’s Nevada assets further consolidates one of the largest new gold districts

in Nevada and provides the opportunity for AngloGold to establish, in the medium and longer term, a meaningful, lowcost, long-life production base in a premier mining jurisdiction. Consolidation of the Beatty District has the potential for significant synergies from economies of scale and integrated infrastructure including processing facilities. The combined asset base allows for streamlined engagement with federal, state and local stakeholders to advance and achieve shared sustainability goals and other district benefits, such as opportunities to design projects incorporating renewable energy, as well as develop conservation and other local projects in conjunction with the Beatty community. AngloGold has a long track record of operating gold mines in the United States, where it operated the Cripple Creek & Victor mine in Colorado from acquisition in 1999 through to its sale to Newmont Corporation in 2015 and the Jerritt Canyon Gold mine in Nevada from acquisition in 1999 through to its sale in 2003.

AngloGold is currently still conducting closure monitoring activities at the Big Springs mine in Nevada that was closed in 1994. The company has a North American regional office in Denver, Colorado, from where it manages its U.S. business interests as well as a global greenfield exploration portfolio, including its portfolio in the United States.

AngloGold said it is focused on working closely with Corvus’ board of directors and management in a friendly manner to agree the terms of, and implement, the proposed transaction. It added that it has completed all technical, legal and financial due diligence that would impact the value of the proposal.

World Bank, Ghana sign $200m deal to boost vaccine deployment Continued from cover The US$200m deal will help vaccinate 13m people while strengthening and positioning Ghana’s health systems to better respond to future health crises. Of the amount, US$137.15m will be used to procure a range of vaccines, and the remaining for expanding the country’s cold chain infrastructure. In addition to the latest facility, Ghana has drawn a total of US$430m from the World

Bank to combat the COVID-19 pandemic. While this phase of the project focuses on enhancing the vaccination drive, the initial components were aimed to strengthen the country's response. “The funds will go a long way towards implementing a robust COVID-19 vaccination programme, strengthen the health system for large-scale vaccines deployment, and widen both the scale and scope of ongoing social welfare protection

programmes,” Finance Minister Ken Ofori-Atta told the media in Accra. A total of 802 people have died from the coronavirus in the country, with 92,764 recoveries or discharges. The country experienced a surge in infections and fatalities in January 2021, entering a second wave of rising COVID-19 infections. Constraints in the supply of vaccines have slowed the country's mass vaccination drive, with about 900,000 people

vaccinated since March when the programme started. This has left many that received the first dose uncertain over when the second jab would be administered. The World Bank is hopeful the additional financing will support Ghana to scale up its vaccination programme towards accelerating economic recovery. "We think this is critical to Ghana because it will support the whole system to be better prepared to deliver vaccines, which is critical in the recovery," World Bank Country Director Pierre Laporte said at the signing ceremony in Accra. J&J to supply 500,000 doses monthly Johnson and Johnson will begin a monthly supply of 500,000 doses of its vaccine to Ghana from September, according to the Director-General of the Ghana Health Service. Dr. Patrick Kumah-Aboagye said the deal with the US drugmaker, coupled with other facilities, will address shortages and ensure regularity of vaccine supply.

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News

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Vanguard Life unveils two new products Continued from cover and digitally-enabled in response to the new normal, whilst the FWP is a retail mass product that offers an attractive cover with competitive premiums and comprehensive benefits. Chief Executive Officer George Kojo Addison said at the official launch that the new products affirm Vanguard’s future-fit strategic roadmap that seeks to provide customer-centric, digitally-friendly and risk-prudent solutions and services. “It is expected that the introduction of these new products will be a harbinger of greater things to come as we look forward to leading in the provision of more affordable life insurance solutions now and in the future,” he added. According to him, the OSA and FWP were capital-efficient and well-timed to drive the recapitalisation efforts of the business, and they signalled greater innovations to come from the company. The Family Wealth Provider is

a flexible product that offers both cover and optional savings with good returns to meet the short- to medium-term financial needs of the policyholder. “This, we believe, is the silver bullet for the numerous challenges universal life products

continue to present to industry players,” Mr. Addison said, adding that the two products will be run on a robust system and infrastructure to ensure efficient administration. The Commissioner of Insurance, Justice Yaw Ofori,

applauded the leadership of Vanguard Life for the innovative products and entreated them to deploy sound governance and risk control practices to safeguard the investments of both policyholders and investors. He encouraged other industry players, as providers of riskmitigation products and services, to be proactive in the changing business climate, adding that the National Insurance Commission, the industry regulator, was ready to support more of such innovative investments. Mr. Ofori said the NIC was putting in place a robust legal and regulatory framework to protect consumers, instill public confidence and ensure rock-solid insurers capable of onboarding present and future risks. “The Commission will work with relevant bodies and agencies to provide quality and responsible leadership to ensure that insurance becomes pertinent and beneficial to the insuring public, and also to facilitate government’s drive to enhance financial and insurance inclusion.”

Finance Ministry engages GPHA on new procurement regulations

delegation from the Ministry of Finance has held a sensitization workshop with top management

of the Ghana Ports and Harbours Authority on the Public Private Partnership Act and the Public Investment Management

Regulations introduced in 2020. This program forms part of a nationwide sensitization program to provide information to State

Owned Enterprises (SOEs) on the rights, guidelines and due processes necessary to stay within the legal boundaries for procurement and infrastructural investment. Lead at the Infrastructure Sector of the Public Investment and Assets Division at the Ministry of Finance, Daniel Yeboah Forson outlined some of the new modules entrenched in the regulations. He stated that the Law mandates GPHA to set up what we call the Public Investment Unit to help develop and prepare their project ahead of time. “As a government entity they need this training to ensure that the P.I Unit will know what the functions and roles they need to play when it is set up,” he said. Mr. Yeboah-Forson said, implementation of these laws, will help state agencies like the Ghana Ports and Harbours Authority to adequately prepare, secure funding, cut cost and complete projects within projected timelines.

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News

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GCB boss calls for investment into renewable energy

he Managing Director of GCB Bank Limited, Mr. Kofi Adomakoh, says there is no reason why banks will not invest in renewable energy and other projects to spearhead the development of the national economy. He explained that banks including GCB, largely look at the viability of the projects and conduct due diligence before investing in such projects. Speaking at the Sunref Ghana conference in Accra, Mr. Adomakoh said banks are willing to support and invest in projects that are viability and sustainable. Sunref Ghana is an initiative that develops viable market in sustainable energy and environmental services and consolidates a financing market for green investments (energy efficiency, renewable energies), improves energy security, and facilitates access to green finance for companies and individuals. The conference, which was on the theme ‘Towards a Greener Future’, was developed by the Agence Francaise De

Development (AFD) with financial support from the European Union, Energy Commission, GCB Bank and CalBank. It is a lending programme that promotes green growth and a turnkey offer to finance green investment for businesses. Mr. Adomakoh while lauding the Sunref Ghana initiative, called for the development of technical capacity of beneficiaries and entrepreneurs so as to meet

requirements of lending and enhance sustainability. He said GCB, as lead bank in financing national strategic projects, would play a critical role for the benefit of indigenous entrepreneurs. He cited the involvement of the bank in the government flagship programme of One District One Factory (1D1F) initiative as a typical model to empower local entrepreneurs to upscale

development. Mr. Adomakoh noted that there is the need for Ghanaian industries especially cottage industries to benefit from synergies, adding that the programme would bring some value. Touching on alternating funding sources for Ghanaian and African businesses, he pointed out that there is available funding which entrepreneurs are not tapping into and urged them to take advantage of these. The Managing Director of CalBank, Mr. Philip Owiredu, reiterated that one key factor considered by banks in financing project is risk. The Team Leader of Sunref, Norman Michaud, explained that the project would help strengthen the capacity of local stakeholders, companies, businesses, associations, sustainable energy agencies, ministries and partner banks. He explained that the projects offer credit line, investment grant, technical assistance and partnership and urged partner banks to make funding available.

Coronavirus: World Bank support strengthens clinical management of Covid-19 in Ghana

hana embarked on intense actions to contain the coronavirus outbreak since the first two cases were confirmed on 12 March 2020. Public health measures such as mandatory wearing of facemasks in public places, social distancing, and hand hygiene were instituted to curtail the spread of the virus. For optimal care of those infected with coronavirus, various guidelines were adapted and isolation/treatment facilities were quickly identified and equipped to receive and manage suspected and confirmed cases. However, as the pandemic raged on, it became evident that more needed to be done to adequately equip treatment facilities especially those managing severe to critical Covid-19 patients to improve clinical outcomes and reduce case fatality rates. The World Bank through the Pandemic Emergency Financing Facility (PEF) provided funds to WHO to enhance the capacity of Ghana’s health system for case management, improve quality of care and early case detection. As a result of this provision, treatment facilities in all 16 regions of Ghana have received critical medical supplies such as

oxygen concentrators, patient monitors, arterial blood gas analyzers, electrocardiograms, nasal oxygen cannulas, and pulse Some 360 multidisciplinary health staff were also trained to effectively manage Covid-19 patients in isolation, treatment facilities and at home. Today, Ghana’s health system has improved capacity to monitor and manage diseases requiring intensive care. Consequently, a greater proportion of those infected with Covid-19 requiring intensive care and ventilator support have higher chances of survival. Careful screening, triaging, diagnosis, timely linkage to care, and contact tracing are all essential steps in the management of Covid-19 patients. To efficiently achieve these, healthcare workers responding within these various health facilities had to be adequately protected to reduce their chances of contracting Covid-19. Personal Protective Equipment such as KN95, medical masks, examination gloves, face shields, isolation gowns, coveralls, goggles, gum boots, and shoe covers was supplied to healthcare workers across the country.

In Greater Accra Region, the hotbed of the COVID-19 outbreak in Ghana, 225 contact tracers were trained to identify and promptly link cases to care, and followup contacts of confirmed cases as part of reducing community transmission. The National Ambulance Service was also supported with funds and PPEs to facilitate timely safe transportation of confirmed

cases to treatment facilities across the country. Confirmed cases admitted to isolation or treatment facilities, especially the vulnerable were supported with personal effect items such as toothpaste, bathing towels, et cetera to cater for their hygiene needs while on admission. Source: World Bank

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Feature

WEDNESDAY JULY 14, 2021

Profiting from partnerships: Fintechs, telcos, banks & insurance firms in strategic plexus

n recent times, the provision and consumption of financial services in Africa has gone through tremendous transition, ably supported by the properties of digitization, and accelerated by the COVID-19 pandemic. This transition has led to several innovative financial services aiming at giving agility and convenience to consumers, especially the SMEs and underserved communities in rural Africa. Globally, fintechs market is growing but with an uneven performance across regions. The performance is even more pronounced and varied between emerging markets and developed markets. In emerging markets like Africa, fintechs start-ups have gained momentous traction and funding. Fintechs have innovative financial solutions aiming at reaching the underserved, informal and financially excluded masses. Fintechs explore the use of alternative data for financial services ideation, prototyping, and full-scale implementation. Rapid response survey conducted by the IFC revealed that, about 60% of global fintechs are launching new financial products, services and features. Value-added Non-Financial Services (NFS) were also among the top choices being considered by fintechs. Fintechs however have a challenge of accessing large customer data, e-KYC issues, and also prone to cyberattacks. As start-up disrupters in the financial ecosystem, fintechs are generally grubbing with the issue of user-confidence, as more SMEs are apprehensive about digital platforms which give rise to fraud and scammer activities. Telcos on the other hand have strong footprint in Africa and greater adoption rate. They have large customer data pools, and cover wider and larger geographical areas in rural Africa. With their innovative digital payment platform mobile money, they dominate the e-payment subsector in terms of volume and number of transactions. Around half of the World’s mobile money providers operate in Africa. Of the 77 mobile money markets in the world that have reached 1million 90-day active accounts, more than half are in Africa. This makes the region an enduring epicenter for mobile money innovation and promotion, giving rise to greater levels of

financial inclusion for SMEs and underserved communities in rural Africa. According to the GSMA, about 481million adults in Africa own mobile money accounts, representing 46% of the global mobile money accounts. Telcos however like fintechs, face risk of cyber-attacks, mobile money fraudsters, e-KYC issues, etc. Traditional banks (including rural and community banks, microfinance, credit union associations, etc.) also have strong public confidence on delivering financial services in Africa. They have large data pools on customers, strong physical presence in communities, and organized systems, structures, and controls for providing financial services. They occupy very important place in the minds of bankable adults in Africa. Traditional banks however lack scalable innovations on the use of data pools at their disposal to deliver nimble financial solutions to SMEs. For example, many microfinance firms and banks still rely on the use of traditional sources of financial data for lending decisions, checkable account services, remittance services, etc. Traditional sources of financial data such customer’s bank statement, sales and purchases invoices, bills payables etc. when used, have greater tendencies to slow down and sometimes refract lending decisions for SMEs. Even though, many traditional banks are making giant strides to adopt innovative financial solutions for their customers, much more still need to be done. The insurance subsector is also very pivotal in Africa’s financial inclusion drive. They have large “patient” funds, large data pool on customers, strong brand and physical presence in the indigenous markets they operate. They however suffer setback of providing nimble insurance services to the public, particularly

the SMEs and small-holder farmer in rural Africa. Generally, there exist insurancepolicy literacy deficit for SMEs and underserved communities in the informal sector. For example, wrong perceptions prevail that, insurance services are reserved for the rich and the formal sector. The informal sector, particularly the SME segments are most times not interested in insurance products, or rather have limited products/services options from the insurance firms which best address their insurable interests. Major risks faced by SMEs which require insurance solutions include; burglary and theft, fire, delayed receivables, health (illness of key-man), postharvest losses, road accidents in transporting farm produce, flood, and recently cyber risk. SMEs need micro-insurance services to cover these risks. It is estimated that, about 4billion of the world’s population are not using insurance services (un/ under-insured), many of whom are Africans. Insurance penetration in Africa still remains abysmally low at 2.8% against the global average of 6.3%. According to the World Bank, Africa’s agricultural insurance premium volume accounts for roughly US$200m, representing less than 1% of the global agricultural premiums of US$25bn. These statistics although worrying, present huge economic potentials and opportunities to scale in the sector. It must however be stressed at this juncture that, key players in the financial ecosystem discussed above have distinctive characteristics in their mode of operations, corporate goals, structure, and risk appetites. This makes it somewhat difficult to promote wholesale partnerships deals amongst them. Hence promoting strategic partnerships among players would require a surgical approach rather than random

advertisement. The approach must first of all begin by identifying the strengths and weaknesses of each potential partner, and thereafter developing compelling proposals to strike strategic deals. Such partnership should also cover the vulnerabilities of each potential partner, whilst leveraging on their respective strength. For example, insurance firms could partner fintechs for innovative, nimble, and userfriendly insurance solutions to the doorsteps of SMEs and underserved communities. Banks and microfinance institutions could, in like manner partner Insurance firms, telcos and fintechs, for scalable innovative solutions. Such strategic partnerships invariably generate enormous benefits to the participating institutions. Benefits include, increase in corporate sales, improved corporate image/ brand, wider service coverage, and access to cheap funding from Development Financial Institutions (DFIs). Mastercard Foundation, United Nations Capital Development Fund (UNCDF), IFC-World Bank, GIZGerman Cooperation, etc have already allocated large chuck of support funds in this regard. Author:

Samuel Kojo Darko Senior SME Training Consultant & Research Analyst Research Desk Consulting Ltd Accra, Ghana Email: sasdarko@gmail.com Tel: +233 549847220

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News

WEDNESDAY JULY 14, 2021

Pandemic year marked by spike in world hunger- UN report

here was a dramatic worsening of world hunger in 2020, the United Nations has said - much of it likely related to the fallout of COVID-19. While the pandemic's impact has yet to be fully mapped, a multi-agency report estimates that around a tenth of the global population - up to 811 million people - were undernourished last year. The number suggests it will take a tremendous effort for the world to honour its pledge to end hunger by 2030. This year's edition of ‘The State of Food Security and Nutrition in the World’ is the first global assessment of its kind in the pandemic era. The report is jointly published by the Food and Agriculture Organisation of the United Nations (FAO), the International Fund for Agricultural Development (IFAD), the United Nations Children's Fund (UNICEF), the UN World Food Programme (WFP) and the World Health Organisation (WHO). Previous editions had already put the world on notice that the food security of millions - many children among them - was at stake. "Unfortunately, the pandemic

continues to expose weaknesses in our food systems, which threaten the lives and livelihoods of people around the world," the heads of the five UN agencies, said in this year's foreword. They warned of a "critical juncture," even as they pin fresh hopes on increased diplomatic momentum. "This year offers a unique opportunity for advancing food security and nutrition through transforming food systems with the upcoming UN Food Systems Summit, the Nutrition for Growth Summit and the COP26 on climate change,” they said. The numbers in detail Already

the

mid-2010s,

hunger had started creeping upwards, dashing hopes of irreversible decline. Disturbingly, in 2020 hunger shot up in both absolute and proportional terms, outpacing population growth: some 9.9 percent of all people are estimated to have been undernourished last year, up from 8.4 percent in 2019. More than half of all undernourished people (418 million) live in Asia; more than a third (282 million) in Africa; and a smaller proportion (60 million) in Latin America and the Caribbean. But the sharpest rise in hunger was in Africa, where the estimated prevalence of undernourishment - at 21 percent of the population - is more than double that of any other region.

On other measurements too, the year 2020 was sombre. Overall, more than 2.3 billion people (or 30 percent of the global population) lacked yearround access to adequate food: this indicator - known as the prevalence of moderate or severe food insecurity - leapt in one year as much in as the preceding five combined. Gender inequality deepened: for every 10 foodinsecure men, there were 11 foodinsecure women in 2020, up from 10.6 in 2019. Malnutrition persisted in all its forms, with children paying a high price: in 2020, over 149 million under-fives are estimated to have been stunted, or too short for their age; more than 45 million - wasted, or too thin for their height; and nearly 39 million - overweight. A full three billion adults and children remained locked out of healthy diets, largely due to excessive costs. Nearly a third of women of reproductive age suffer from anaemia. Globally, despite progress in some areas - more infants, for example, are being fed exclusively on breast milk - the world is not on track to achieve targets for any nutrition indicators by 2030.

Fidelity Bank introduces ‘Edwapa’ account for businesses

idelity Bank has introduced the Fidelity ‘Edwapa’ account to provide customised financial services for self-employed individuals and sole proprietors. The account is accessible to individuals operating within both the formal and informal business sectors. The bank in a statement said

the ‘Edwapa’ account comes with enhanced features and benefits tailored to fit the unique business needs of self-employed individuals and sole proprietors. These, it said, include free insurance cover worth up to GH¢ 48,000, free inter-account transfers, a bundled monthly service fee, free subscription to Fidelity Bank’s various e-banking

platforms, as well as access to competitively priced loans. Nana Esi Idun-Arkhurst, Fidelity Bank’s Divisional Director for Retail Banking, said the Fidelity Edwapa account is specifically designed to provide self-employed individuals with a bespoke suite of financial, banking and advisory services to enable them to manage their finances and grow their businesses. She said one of the distinctive features of the account was the fact that both sole proprietors with registered businesses and those trading in their personal names, qualified to enjoy the benefits of the Fidelity ‘Edwapa’ account. Mr. Godfred Attafuah, Director, Channels and Sales, Retail Banking at Fidelity Bank, explained the insight that led to the conception of the ‘Edwapa’ account. “Several surveys continue to indicate that self-employed individuals and sole proprietors contribute immensely to the growth of the economy yet most of the banking products and services available on the market are not designed with

their particular business needs in mind,” he said. He said having noticed that gap, they set out to extend their product line with the addition of custom-made offers that met the needs of that influential yet often neglected business segment. Mr. Attuafuah said the undertaking birthed the account, which had now evolved into the Fidelity ‘Edwapa’ account with an expanded scope of benefits and features for target clients. “It also underscores the bank’s commitment to Ghana’s financial inclusion agenda,” he added. Fidelity Bank's introduction of the Fidelity ‘Edwapa’ account 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. “In this instance, Fidelity has proven that by supporting selfemployed individuals, it can help grow their businesses which will ultimately contribute to the economic growth of the nation,” he said.

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News

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CSIR partners media to spotlight advances in agriculture and science technologies

ouncil for Scientific and Industrial Research (CSIR) with support from Canadian government has through the Modernisation of Agriculture in Ghana (MAG) program organised a partnership session for journalists in the Ashanti Region. Speaking at the welcome and opening session, Dr. Edward Yeboah Ag. Director of CSIR-Soil Research Institute shared CSIR’s strategic plan, which has a goal of promoting accelerated national socio-economic development through research and innovation, technology transfer and training in partnership with the media, private and public sectors. “This partnership session that bridges the gap between CSIR and media comes at an opportune time,” he added. Prof. Marian Quain, Deputy Director of CSIR-Crops Research Institute, encouraged journalists to develop an interest in science journalism to report accurately on science, technology, innovation and related information.

Participants at the capacity building in science, technology and agriculture for journalists in Kumasi

The Head of Corporate Affairs, Ms. Benedicta Nkrumah-Boateng, in her presentation on the topic ‘CSIR and The Media, Our Powerful past, Our Promising Present, Our Prosperous Future’ reiterated CSIR’s keen interest in developing stronger relations with the media with the creation

of a media corps or ambassadors”. “The process has started with selected media houses in Accra and following this engagement, ambassadors will be established for the middle and northern sectors of Ghana. Together, we will work to educate the public about

technologies, innovations and services provided by CSIR,” she said. Mr Donald Gwira, Communication Advisor, CSIR/ MAG, shared some acronyms commonly used by the CSIR that should be understood by the journalists. This, he said, should help journalists overcome the language barrier of understanding the nomenclature used by CSIR and the scientific and technology world. MAG is a budgetary support program extended to Ghana by Government of Canada. The program provides resources to support the delivery of agricultural advisory services to subsistence farmers and farmer groups in Ghana. The ultimate outcome is a more modern, equitable and sustainable agricultural sector that contributes to food security. Details about MAG program was presented by Prof. Joe ManuAduening, a MAG Focal person.

AngloGold appoints Alberto Calderon as Chief Executive Officer

he Board of AngloGold Ashanti has appointed Alberto Calderon as Chief Executive Officer of the company, effective 1 September 2021. Mr. Calderon has more than two decades of executive leadership experience in the global mining sector. Until March of this year he was CEO of Orica, the world’s number one commercial explosives maker. He was previously a senior executive at the world’s largest mining company, BHP, where his roles included Chief Commercial Officer and CEO of Aluminium, Nickel and Corporate Development; as well as CEO of Cerrejón, Colombia’s largest mining operation, and one of the largest coal mining operations in the world. Christine Ramon will remain as interim CEO until Mr. Calderon takes up his new position before resuming her role as AngloGold Ashanti’s Chief Financial Officer. Maria Ramos, Chairman of AngloGold Ashanti, said she is delighted to welcome Alberto as CEO of AngloGold Ashanti following a comprehensive global search in which the company considered several excellent candidates.

“We are confident that, in Alberto, we have the right person to lead this company forward and realise its outstanding potential, drawing on his huge leadership experience in the resources sector across a variety of geographies,” she said. Mr. Calderon said AngloGold Ashanti brings together a highquality portfolio and a strong commitment to deliver social, environmental and shareholder value that he relates to strongly on a personal level. “I think the company has an exciting future and I look forward to working with the Board and the AngloGold Ashanti team around the world to deliver on this potential,” he said. Alberto Calderon holds a PhD in Economics, a Master of Philosophy in Economics and a Master of Economics from Yale University, a Juris Doctor in Law and Bachelor of Economics from Andes University in Colombia. Alberto’s executive experience includes leadership roles across the mining, petroleum, and energy sectors. He was appointed CEO of Orica in May 2015 and had been a Board member of the company since 2013. He stepped down in February 2021, a year

Maria Ramos, Chairperson of AngloGold Ashanti

later than planned as he agreed to lead the company through the initial part of the COVID-19 pandemic. He was an executive with the world’s leading diversified mining company, BHP. During his time with BHP, Alberto held a number of key leadership positions, including Group Executive and Chief Executive Aluminium, Nickel and Corporate Development (2011 – 2013), Group Executive and Chief Commercial Officer (2007 – 2011, with responsibility for acquisitions and divestments, marketing, supply and information management) and President Diamonds and Specialty Products (2006 – 2007). His track record provides him direct experience in several of

AngloGold Ashanti’s operating geographies. His leadership of BHP Billiton’s aluminium business, which had smelters in South Africa and Mozambique, gives him excellent working knowledge of South Africa and its economic and political landscape. Alberto was also Chief Executive Officer at Cerrejón Coal Company, an integrated thermal coal mine in his home country of Colombia (2002 – 2006), and at the Colombian oil company, Ecopetrol (1999 – 2002). Prior to this, he held senior leadership positions in the International Monetary Fund and the Colombian government and has been a Board member of a range of private, public and nongovernment organisations.

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Maritime

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GSA bemoans uncleared containers at the ports amid global shortage

he Head of Freight and Logistics at the Ghana Shippers Authority, Mr. Fred Asiedu-Dartey has bemoaned the huge numbers of shipping containers that are uncleared at the Ports of Ghana by individuals and state agencies. According to him, the uncleared cargoes sitting at Ghana’s ports are compounding and severely impeding the flow of containers out of the country as well as congesting port terminals. Mr. Asiedu-Dartey averred that, “the law doesn’t allow customs to auction those goods belonging to state institutions, so you end up having containers sitting in the ports for 100 days, 300 days and some have done as far as 5 years, and this is unacceptable.” Speaking on Eye on Port on the global shortage of containers and its impact on Ghana’s shipping industry, he disclosed that the Shippers Authority is leading an industry-wide committee with the Shipping Lines, the Ghana Ports and Harbours Authority and the Customs Division of GRA

Head of Freight and Logistics at the Ghana Shippers Authority, Fred Asiedu-Dartey (right) speaking on Eye on Port

to roll out a standard operating procedure to proffer effective solutions in the administration of the uncleared cargo list. There has been reported

shortage of shipping containers worldwide and this has caused severe disruptions in the global supply chain. As a result, some pundits in

Ghana’s shipping sector have called for a reorientation in the attitude towards shipping, while highlighting the impact of the shortage of boxes on Ghana’s maritime trade. Mr. Asiedu-Dartey reiterated the rippling effect of the astronomical increases on freight on the ordinary consumer. “Forty-footer containers from the North China area was around 3600 Dollars around June 2020, by December 2020. It had gone up to 7950 and by May 2021, it had gone up to 10,200 and as we speak, it is between 12,000 and 13,000 Dollars per 40ft container,” he revealed. He opined that another means of improving the circulation of boxes from the local perspective is to increase exports. Mr. Asiedu-Dartey said: “Imports coming in often do not have return cargo, so the cost of the repositioning of the container among other things, is built into the cost of the freight. Improving our export base will help to mitigate the freight costs.”

GPHA boss commends Burkinabe traders for solid business relations

he Director General of the Ghana Ports and Harbours Authority, Michael Luguje has praised the trading community in Burkina Faso for using Ghana’s ports and corridors ahead of other francophone countries over the years. The DG of GPHA, was speaking during a courtesy call by the Deputy Managing Director, in Charge of Support Services at the Burkina Faso Chamber of Commerce and Industry, Agarba Patricia Badolo to the Ghana Ports and Harbours Authority. He said: “We have competition from Togo, Cote d’Ivoire, Benin which are Francophone and also use CFA. Despite that Ghana is number two.’’ Michael Luguje assured of the ports of Ghana’s continued delivery of reliable services to the trading community of Burkina Faso and revealed major plans by government to provide alternative cargo transport routes to serve

Deputy Managing Director, Support Services at the Burkina Faso Chamber of Commerce and Industry, Agarba Patricia Badolo (left) and DG of GPHA, Michael Luguje (right)

the Sahelian regions. “There’s already a rail that is being constructed from Tema to the Volta Lake and the expectation is that we can build a small port at the lake and then build another small port in the North at the

end of the river so that cargo can move from port by rail to the water and then up North. So far, studies show that if you use that route, there is a cost-advantage,” the GPHA boss disclosed. The Deputy Managing Director

in Charge of Support Services at Burkina Faso Chamber of Commerce and Industry assured of continued collaboration with Ghana’s Port Authority to woo more traders to use Ghana’s ports.

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Feature

WEDNESDAY JULY 14, 2021

Deepening the EU-African partnership

By Werner Hoyer

lthough Africa still suffers some of the highest poverty rates in the world, the continent overall has massive potential to achieve broadbased, sustainable growth this century. International financial institutions must listen to forward-looking African leaders and adapt their investment strategies accordingly. Home to more than one billion people, Africa boasts the youngest, fastest-growing middle class in the world. With a median age 14 years younger than that of any other continent, Africa is on the cusp of profound political, economic, and social transformation. Around 20 million jobseekers enter the labor market every year in Sub-Saharan Africa. If these young people can be incorporated into the economy, they could contribute decisively to the region’s development and growth. To help Africa realize this demographic dividend, financial institutions and development banks must invest in the coming transformation. That means both promoting the private sector – the engine of job creation – and changing how we ourselves operate. Across all areas of economic development, investing in Africa’s future represents a win-win, because many of the continent’s biggest challenges are in fact global problems that will affect us all. COVID-19 has made this abundantly clear, offering a warning of what awaits us in an age of climate change. For Europe

to avoid the worst effects of global warming, it must engage with countries everywhere to help them achieve sustainability and climate resilience. Though Africa is blessed with great natural wealth, political and historical factors have left it afflicted with high poverty rates. Nine of the ten countries with the highest poverty rates are in SubSaharan Africa, and the economic fallout from the pandemic is estimated to have added another 32 million to the total. Still, the continent’s prospects are changing. Its oil and mining sectors now account for a minority of long-term capital inflows, because investors have come to focus on telecommunications, retail, and services. In SubSaharan Africa, an average of 90,000 users per day connect to the internet for the first time. Africa is quickly emerging as the new global center of mobile banking, a development that will expand its economies’ access to global markets, build resilience, boost transparency, and create jobs. In the European Investment Bank’s 2021 development report, which details our €5 billion ($5.9 billion) of lending in Africa last year, we offer a series of articles from experts highlighting the complexities facing development finance today. New issues range from how to calculate climate risk to expanding programs to save the forests of Ivory Coast, which are being cut down at an alarming rate to make way for cocoa production. Alongside the development report, we have also published A Partnership with Africa,

which delves deeper into key strategic and policy ideas driving contemporary development efforts. As one of the defining global issues of this century, climate change will intensify Africa’s challenges, including by displacing more people and making states and societies more fragile. Despite contributing less than 4% of global greenhouse-gas emissions, Africa stands to suffer the full impact of a warming planet. However, owing to Africa’s relatively low level of industrialization (reflected in its small contribution to global warming), there is a unique opportunity to leap-frog directly into a greener future. To succeed, African leaders must support innovation and adoption of the best available technologies. Basic goods such as water, renewable energy, and clean mobility must be made available to all. The EIB has operated in Africa since 1965, investing €59 billion in 52 African countries and honing a model from which other international financial institutions can learn. Last year, 71% of our financing for Sub-Saharan Africa was allocated to fragile states or least-developed countries, where we have sought to support positive changes underway, including rapid economic growth, improved political stability and integration, increased foreign investment, and more and better business opportunities. Underpinning this work is a willingness to listen to African leaders and to cooperate with ambitious, committed innovators. This allows us to respond directly to local needs and priorities while still working

in line with EU policy. Over the last couple of months, we have held strategic discussions with the presidents of Senegal, Ghana, and Tunisia, as well as African Union Commissioner Josefa Sacko. The EIB also played an active role in the recent Africa summit that French President Emmanuel Macronhosted in Paris, and in the EU-Africa Green Investment Forum in April. At both events, leaders from both continents stressed the need for a stronger partnership. Many African leaders have responded to the COVID-19 pandemic with impressive determination. By acting together, Africa and Europe can face down the current health and economic crisis while mapping out shared investment priorities to achieve a sustainable and inclusive recovery. For our part, we at the EIB have refined our African operations significantly in recent years. And following discussions among EU policymakers on how to enhance the European financial architecture for development, we have been considering how to refocus our contributions to maximize their impact in the service of EU and African objectives. By improving how we deliver our development financing in close cooperation with the European Commission and the European External Action Service, we can help meet the growing need for ever-stronger economic and trade ties between Europe and Africa. In an age of climate change and global pandemics, our continents will sink or swim together.

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Health

WEDNESDAY JULY 14, 2021

Perfect products for a perfect health

Introduction Living a healthy lifestyle can surely increase your chances of staying healthy and away from diseases. However, aside staying healthy by eating good hygienic healthy foods, drinking clean water, exercising regularly and staying away as much as possible from mental and emotional stress, there is also another way to ensure that you have a perfect health. One of these ways is to consider good products that enhance your health and wellbeing. There are numerous products in the market seeking to promote health and well-being, however they end up giving its consumers unexpected side effects or results. This could be as a result inadequate research made into the products before it comes out into the market for consumption, or low-quality ingredients and chemicals which is used to make these products. Longrich range of products is the arising range of products that are taking over the market now and causing a lot of traffic in its sales and marketing. The products have become so popular in the country now that its competing companies who manufacture products of the sort are shaken in fear of competition. The products have been discovered to be purely organic with all of its ingredients being highly rich in nutrients, and every individual product

presenting more than the benefit it is expected to provide. This has raised many interests in its consumption and has taken over the supermarkets, shops and hospitals across the country and beyond. Therefore, the writer of this article decided to do a brief tour into the terrains of this Longrich range of products to find out the intelligent expertise behind this amazing organic health-oriented merchandise and what benefits they are known to possess. Longrich is a manufacturing company that has its factories based in Asia, USA, Europe and recently in Nigeria, Africa. It is widely known for the manufacturing of numerous varieties of products that are consumed on a daily/regular basis. All products manufactured by Longrich are well researched into by our research and development centers across the continents of Asia, USA and Europe. Due to this in-depth research that goes into each individual product before its manufacture, all products have a multi-purposebased benefit, which its consumer enjoys. All products again are purely organic and contain at least 90% natural ingredients and they target ensuring its consumer’s best health and well-being. Longrich is a Partner manufacturer for global companies such as Tesco, Marcs and Spencer, Walmart, Unilever,

Nestle, Carrefour, among many globally known companies. This article seeks to enlighten its readers about the various products available and manufactured by Longrich and the benefits one stands to achieve from using them. There are 4 major categories of product ranges in Longrich. Below are the breakdowns of the categories and the products available in these categories. Daily use cosmetics: White Tea Multi-Effect Toothpaste White tea & Peppermint freshening Mouth Spray Sheep Placenta SOD Milk Body Cream Anti-perspirant Deodorant, Natural Essence Bamboo Charcoal Soap, White Tea Nourishing Soap, Snake Oil, Herbal Extracts Moisturising Body Wash, Cleansing and Treatment 2in1 Hair Shampoo, Floral Water Hand Gel, Multivitamin Smooth Brightening Hand cream, Artemisin Range of Products Health care supplements Calcium Supplement, Arthro Supreviver Capsule, Seabuckthorn Berry Oil Capsule, Cordyceps Militaris Capsule, Cordyceps Militaris Decaffeinated Coffee, Cordyceps Militaris Black Ginger Capsule, Mengquian Female Fertility Capsule, Libao

Male Fertility Capsule, NutriV Rich Raw Vegefruit Nutrition Instant Drink, NutriV Rich Raw Vegefruit Slimming Instant Drink, Boehetang Green Tea, Boehetang Brown Tea, Boehetang Pink Tea, Vintage Herbal Liquor Superbklean sanitary care Sanitary Pads, Panty Liners Health care energy and power appliances and accessories Fujian Alkaline Cup, Classy Style Energy Cooking Pan, Classy Style Energy Shoes, Classy Style Energy Necklaces, Powerbank. Conclusion In conclusion, we can see that Longrich indeed has numerous products, impressive for a manufacturing company whose products are highly organic and multi-purpose based. The products can be identified as products that have a high target towards ensuring good health, well-being and longevity. Therefore, it will be necessary to consider giving the Longrich products a try and also enjoy these overloaded benefits they provide to consumers. Author: Patience Afi Offei (Longrich Products Ambassador, Organic Consultant) Accra, Ghana.

Brand Health

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Markets

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