Business24 Newspaper 9th June, 2021 by Business24 Online

WENESDAY JUNE 9, 2021

Akufo-Addo unveils 500 waste trucks

First National Bank launches its new #TheChangeables brand campaign

See page 5

See page 9

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NO. B24 / 206 | NEWS FOR BUSINESS LEADERS

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Cargo movers see AfCFTA driving business recovery By Patrick Paintsil

By Benson Afful

p_paintsil@hotmail.com

affulbenson@gmail.com

owned by the coronavirus pandemic, transporters of cargo are now seeing a steady rise in the volume of goods that they cart to landlocked countries which use the nation’s ports. Shocks to supply chains and reduced industrial activities after the coronavirus outbreak curtailed cargo traffic through Ghana’s ports, reducing volumes for both transit and domestic hauliers.

he Executive Director of energy think tank Institute for Energy Security (IES), Nana Amoasi VII, says government should empower the Ghana National Petroleum Corporation (GNPC) to take over the exploitation of stranded hydrocarbon resources. Cont’d on page 3

AGI, GUTA woo UK investors

Cont’d on page 2

SIGA to recommend 10 SOEs for listing

Stephen Asamoah Boateng

ExxonMobil exit: IES proposes operatorship status for GNPC

he State Interest and Governance Authority (SIGA) will recommend 10 state-owned enterprises (SOEs) for listing on the Ghana Stock Exchange, as the government looks to attract private capital to improve their operations. SIGA is exploring various strategies including divestiture and joint ventures to “enhance the efficiency of performing SOEs and revive the struggling ones,” Director-General of SIGA Stephen AsamoahBoateng said. Consolidated Bank Ghana, Cont’d on page 2

By Eugene Davis ugendavis@gmail.com

he CEO of the Association of Ghana Industries (AGI), Seth Twum Akwaboah, has asked investors from the UK to take advantage of opportunities in Ghana as the country implements its post-pandemic economic recovery strategy. Cont’d on page 5

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Cont’d on page 2

Editorial / News

WENESDAY JUNE 9, 2021

Editorial

Transporters need right push to thrive in AfCFTA

he implementation of the single continental market for trade has been met with applause from players in almost all sectors of the economy. The reason is obvious. In this arrangement, there are limitless opportunities for business growth and expansion, jobs and wealth. The latest group of workers to throw their weight behind the continental project are those in the transport and logistics sector, specifically truckers and haulers who cart cargo through the nation’s transit corridors. Coming from the heels of a pandemic that seriously harmed their businesses, transporters say the AfCFTA will be their trump card to speedy recovery.

To them, an open market means more cargo to move across borders, especially from one landlocked country to another, something that is not permissible currently despite numerous existing trade protocols. But the fortunes of these critical businesses in the shipping industry in their dealings continent-wide will come from prudent policies and interventions from both government and direct stakeholders. This is because Ghanaian transporters been faced with serious challenges from their counterparts in landlocked countries for quite a long time. They have now asked

government to use the Ecowas protocols as a case study to identify similar issues that may arise and tackle it head on. This is a noble call to action because the role of government in trade facilitation is very vital to the success or otherwise of those that engage in the business itself. We urge that trade stakeholders will heed this call to action and help return the cargo transport and logistics sector back to sustainable path. This paper believes that for AfCFTA to succeed, it needs a wider stakeholder buy in and as such it is refreshing to see important players identifying opportunities they can leverage.

Cargo movers see AfCFTA driving business recovery Continued from cover

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But the situation is reversing gradually, according to Ibrahim Musa, the Executive Secretary of the Joint Association of Port Transport Unions ( JAPTU), who sees brighter prospects due to the coming on stream of the single continental market. “So far, on the state of the business, we think it’s good; but then we also believe it can even be better than it is now, especially with the take-off of the African Continental Free Trade Area (AfCFTA). This market now gives us access to the entire continent to do trade. So, we want to believe that with the expansion of our ports and the role that the Shippers Authority is playing, we should be able to move more cargo,” he told Business24 in an exclusive interview. He said the single market presents huge opportunities for jobs and wealth creation along the cargo transport value chain. “For us, anything that translates into more cargos means good news and good jobs for our members and, by extension, more revenue for the state. If cargo volumes are up and we are supposed to trade freely without

barriers, it means that now, we are going to get greater access to certain countries,” he added. However, to tap into this potential, Mr. Musa said policymakers would have to correct the ills of the cargo transport sector. Citing the constraints of the Ecowas Trade Liberalisation Scheme (ETLS) as a test case, he said: “With ECOWAS there were significant trade barriers. Even though on paper you were supposed to have easy access, in practice it was different. We want

to believe that ECOWAS has been a good test case for us to scale up to AfCFTA.” JAPTU is a body of about 5,000 members from nine Ghanaian transport associations and includes truck owners, truckers and hauling companies. As a union, it works to ensure that the right policies are implemented to make the transport environment more congenial for trade and also courts importers in landlocked nations to do business through Ghana’s ports.

WENESDAY JUNE 9, 2021

SIGA to recommend 10 SOEs for listing Continued from cover which was formed out of seven dissolved banks in the financial sector crisis, is part of the first batch of SOEs to be recommended for listing, persons familiar with the matter said. The rest include cement producer Ghacem, Ghana Gas Company, Twifo Oil Palm Plantation, TDC Development Company, and Ghana Rubber Products. SIGA will submit the proposal to the Ministry of Public Enterprises to be forwarded to Cabinet for approval. “Indigenous investors interested in ownership of SOEs should make funds available,” Mr. Asamoah-Boateng said. President Nana Akufo-Addo’s government is targeting to revive viable SOEs whose operations have been hampered by debt, lack of financing, and poor corporate governance practices. “We seek to leverage the capital market to improve the productivity of SOEs and create jobs while safeguarding the state’s investment,” Public Enterprises Minister Joseph Cudjoe said.

ECG Privatisation The minister said privatising Electricity Company of Ghana remains a top priority, as government looks to reduce commercial losses and improve

the operations of the national electricity distributor. “We remain committed to attracting private funds into ECG to enhance its service delivery while making it profitable,” said Mr. Cudjoe.

The government had earlier contracted Power Distribution Services as a concessionaire to run ECG, but the contract was terminated after it discovered the payment guarantees provided by PDS were invalid.

ExxonMobil exit: IES proposes operatorship status for GNPC Continued from cover Reacting to United States oil major ExxonMobil’s decision to relinquish its controlling stake and operatorship of the Deepwater Cape Three Points oil block, Nana Amoasi said the government may consider as part

of its strategic options improving the fiscal regime, reviewing petroleum agreements (PAs), and resourcing the state oil company to assume operatorship status of stranded hydrocarbon assets. “Since these fields, particularly ExxonMobil’s, are de-risked by virtue of the additional

information gathered, the GNPC, represented by its subsidiary Explorco, can attempt to appraise the fields and venture into full production if commercial discovery is made,” he told the Business24. He said to strengthen GNPC’s financial and technical capability,

a strategic partner can be sought to develop stranded fields. According to him, urgent action is required for the efficient exploitation of the resources as expeditiously as possible before the “green revolution”, which is directing more focus from investors into the renewable energy space. He explained that currently, oil companies are struggling to raise funds for projects because substantial amounts of global capital are being directed away from hydrocarbons to renewable energy projects. “The shift follows the unprecedented political and business momentum renewable energy is currently enjoying, with the number of policies and projects around the world expanding rapidly.” He warned that ExxonMobil’s exit from the country, coupled with the delayed submission of a Plan of Development (PoD) for the Pecan field by Aker Energy Ghana, while the energy transition is on, may result in the country’s hydrocarbon resources being stranded, thus denying the government badly needed revenue to support its budget.

WENESDAY JUNE 9, 2021

News

WENESDAY JUNE 9, 2021

Akufo-Addo unveils 500 waste trucks

he President, Nana Addo Dankwa Akufo-Addo, has announced that the next phase of waste management in Ghana is to convert trash to energy. He said this will add to the country’s energy capacity and ensure the realisation of the “Clean Ghana” agenda. “I will therefore reiterate my invitation for more private sector companies to collaborate with government in creating business opportunities in the waste management space, such as waste to energy, recycling, and composting,” said the President in Accra on Tuesday during the unveiling of 100 state-of-the-art waste management trucks and 25 disinfection equipment secured by waste management company Zoomlion. Speaking at the same event, the Greater Accra Regional Minister, Henry Quartey, said: “I stand to pledge the resolute commitment of the Regional Coordinating Council and all Metropolitan, Municipal and District Assemblies

(MMDAs) to ensure these trucks are put to judicious use while strictly adhering to maintenance regimes for a longer life span.” He stressed that his ministry will continue to collaborate with Zoomlion, its affiliates and the Environmental Service Providers Association (ESPA) to provide quality service to communities in the Greater Accra Region. For her part, the Minister for Sanitation and Water Resources, Mrs. Cecilia Abena Dapaah, commended the President for his unwavering commitment to ensure that Ghana becomes the cleanest country in Africa. She said under the presidency of Akufo-Addo, her ministry, the first of its kind in the history of Ghana, had achieved a lot in the sanitation space. “For the first time, many aged dumpsites have been evacuated across the country,” she added. The Executive Chairman of Jospong Group of Companies ( JGC), Dr. Joseph Siaw-Agyepong, said the unveiled trucks were part of a total consignment of 500

new waste trucks acquired by his group. “It is expected that the remaining trucks should arrive by the end of the third quarter of this year,” he added. Additionally, he revealed that JGC was expecting to receive over 5,000 motorised tricycles, which will be distributed across the

country to support the haulage of solid waste in the cities and communities. Dr. Siaw-Agyepong commended the Akufo-Addo administration for enabling the private sector to thrive and contribute to the social and economic development of the country.

AGI, GUTA woo UK investors Continued from cover According to him, “the macroeconomic stability in the country is quite encouraging, the exchange rate is within range, but interest rate is generally high, [even though] we have complained about it. However, I think it presents an opportunity for those who want to do business.” Speaking at a virtual UKLiberia Chamber of Commerce event under the theme “UK-West Africa Trade Opportunities in a Covid-19 Era”, he stated that about 80 percent of businesses were negatively affected by the pandemic. Areas of opportunities in Ghana, according to him, include agroprocessing, pharmaceuticals, salt production, automobile, cosmetics, construction, and energy. The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, also called for partnerships and

highlighted the significance of the African Continental Free Trade Area (AfCFTA), which he said would enable the country

achieve a competitive, export-led industrialised economy. He added that the greatest advantage to this partnership is

that the UK partners will have “unhindered access to AfCFTA through partnerships with the locals”.

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VACANCY

WENESDAY JUNE 9, 2021

Feature

WENESDAY JUNE 9, 2021

TULLOW GHANA ESTABLISHES ADVISORY BOARD

th June 2021 - Tullow Oil has announced the constitution of a Tullow Ghana Advisory Board to provide strategic guidance and advice on its operations in Ghana and the delivery of its 10year business plan. The Advisory Board will also provide counsel on managing key relationships in Ghana and will assist with Tullow Ghana’s key objective of delivering shared prosperity to its host communities and the host country. The independent members of the Tullow Ghana Advisory Board are Phyllis Christian, Chief Executive Officer of Shawbell Consulting; Elly Ohene-Adu, Independent Consultant & Digital Financial Services Specialist; and Alex Hutton-Mills, Managing Director at Lincoln International LLP. Rahul Dhir, Tullow’s CEO, and Wissam Al-Monthiry, Tullow Ghana’s Managing Director, will attend all meetings of the Advisory Board with other senior Tullow executives joining meetings as appropriate. Commenting on the appointment of the Advisory Board, Wissam AlMonthiry, Managing Director of Tullow Ghana, said: “The Tullow Ghana Advisory Board will bring a depth of experience and expertise in support of our business in Ghana where we will continue to be a committed long-term investor. I look forward to working with the Advisory Board to further advance our business and interests in Ghana.” PROFILE OF THE BOARD Phyllis Marie Christian Chief Executive Officer, ShawbellConsulting Ms. Phyllis M. Christian is a seasoned Lawyer, with an extensive professional and experiential track record in the provision of legal, business advisory, institutional reform, and other professional services to organizations in Ghana and internationally. She is currently the CEO of ShawbellConsulting, a hybrid firm of lawyers and management consultants founded in 2002 with expertise in the provision of Legal, Governance, Institutional Development and Restructuring, Operational Systems and Processes, Strategic Planning, Policy Formulation, Regulatory Reform, PublicPrivate Partnerships and Capacity Building services to private sector organizations, Ministries, Departments and Agencies, and NGOs. Ms. Christian’s professional career has spanned several industries and sectors including Oil and Gas, Power and Renewable

Energy, Mining and Minerals, Cocoa, Transportation and Ports, Financial, Justice, and Health sectors since her call to the Ghana Bar in 1981, after graduation from the University of Ghana in 1977. She worked with multinational firms including Ernst and Young in Ghana, now EY, and Fidelity Investments in the USA, and was a Senior Legal Officer at the Ghana Cocoa Board prior to that. As a Legal Consultant, Phyllis has served global clients such as Transocean, Tap Oil, and Amazon International (Amazon.com) in Ghana. She has also provided professional services to strengthen key government institutions including the Petroleum Commission, the Ghana National Petroleum Corporation, and the National Petroleum Authority. Through her work, she has been engaged with Development Partners such as the AfDB/IFC, World Bank, DFID, EU, DANIDA, UNDP, GIZ, USAID, CIDA, and the Open Society Initiative. Phyllis is an avid proponent of indigenous participation in business, who has been listed as a leading legal practitioner in the International Who’s Who of Corporate and Energy Lawyers, leading ShawbellConsulting to win three (3) awards for best legal and consulting firm within Ghana’s oil industry. She has also held governance-level positions and was appointed Statutory Advisor to the Board of the Ghana Infrastructure Investment Fund in 2015. Phyllis has also served on the Boards of the Ghana Water Company, Community Water and Sanitation Agency, Prudential Bank, the Institute of Democratic Governance, and is Chairperson of the Ethics Committee of the Ghana Football Association. Ms Christian acquired International Law qualifications from her postgraduate study in the UK, and holds continuing educational credentials in Negotiating International Transactions, Negotiating Engineering Contracts; Financial Management, Value for Money, and Public-Private Partnership Transactions, among other disciplines. Elly Ohene-Adu Independent Consultant & Digital Financial Services Specialist Elly Ohene-Adu is a Digital Financial Services specialist with expertise in Financial Services, Payment Systems Regulation and Oversight, and Financial Inclusion policy formulation. Elly has nearly four decades of experience in central banking and financial services having worked with the Bank of Ghana where she specialized in payment system policy design,

implementation and oversight. She is accredited with the passage of ground-breaking regulations which allowed non-banks to issue electronic money thereby setting the path for the increase in financial account ownership and financial inclusion in Ghana. As a consultant, Elly has worked with the Alliance for Financial Inclusion (AFI), Bankable Frontiers and Associates (BFA), Better Than Cash Alliance (BTCA) and Central Banking Publications Limited (CBP). Under the auspices of BTCA, she developed Ghana’s first ever Digital Payments Roadmap published by Government in 2020. Elly has served as a resource person on discussion panels by the Bill and Melinda Gates Foundation (BMGF), the Smart Campaign and SWIFT. As a subject matter expert on financial inclusion, she has had speaking engagements with AFI, CPFI, CFI-Accion, CGAP and BTCA amongst others. She is currently a member of the boards of Ghana Interbank Payment & Settlement Systems (GhIPSS) and Bank of Africa Ghana Limited. She is also a Senior Technical Advisor with the UNCDF’s Better Than Cash Alliance (BTCA). Mrs. Ohene-Adu is a member of the Financial Inclusion Forum Africa and the Chair of its National Advisory Council. She has an MBA from the Ghana Institute of Management and Public Administration, a Postgraduate Diploma in Banking and Financial Services from Boston University, and a BA Hons in Economics and English from Kwame Nkrumah University of Science and Technology. Alex Hutton-Mills Managing Director, Pensions Ltd

Lincoln

Alex is a Partner in the Cardano Group, a specialist asset management firm, and a Managing Director at Lincoln Pensions Ltd (owned by Cardano), which he co-founded in 2008. He has over 20 years’ corporate finance experience and specialises in advising employers, capital providers and UK DB pension scheme trustees on the financial aspects of corporate transactions involving DB pension schemes. He has also acted as an expert witness for The Pensions Regulator. Alex has extensive experience in UK pensions matters and their

Ekow-Afedzie, MD, GSE

impact on corporate finance transactions, in particular, M&A, capital markets and restructuring transactions. He has advised on multiple transactions across a variety of industries including UK and cross-border public and private M&A, debt and equity capital raisings, joint venture arrangements and refinancing and / or restructuring transactions. Previously at Citigroup, Alex was part of the Global Special Situations and Insurance & Pensions Structured Solutions Groups, acting as a principal, investing in a variety of situations in EMEA on Citigroup’s account. Alex qualified as a solicitor at Norton Rose working on corporate finance and restructuring transactions before moving to Shearman & Sterling, the Wall Street law firm, and subsequently onto Citigroup. He is a Senior Adviser to Lincoln International, the global midmarket investment bank, and is a trustee director of GOAL, a $200m development aid charity headquartered in Ireland, providing essential financial and operational aid in some of the most challenging jurisdictions and circumstances. Notes to editors Tullow is an independent oil & gas, exploration and production group which is quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE250 index. The Group has interests in over 50 exploration and production licences across 11 countries including Ghana where it operates the Jubilee and TEN fields. In March 2021, Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030. For further information, please refer to our website at www.tullowoil.com Follow Tullow on: Twitter: www.twitter.com/ TullowOilplc YouTube: www.youtube.com/ TullowOilplc Facebook: www.facebook.com/ TullowOilplc LinkedIn: www.linkedin.com/ company/Tullow-Oil

CONTACTS Tullow Oil plc (London) (+44 20 3249 9000) George Cazenove (Media) Matthew Evans (Investors)

Murrays (Dublin) (+353 1 498 0300) Pat Walsh Joe Heron

News

WENESDAY JUNE 9, 2021

First National Bank launches its new #TheChangeables brand campaign

irst National Bank has launched a dynamic new brand communication campaign, #TheChangeables, to celebrate Ghanaians and Africans in general who take challenges in their stride, transform obstacles into opportunities, and embrace change as a way of building a better future for themselves and others. According to the Head of Marketing and Corporate Affairs at the bank, Delali Dzidzienyo, First National Bank’s new #TheChangeables brand positioning represents its acknowledgement of the importance of change as a catalyst of personal, business, and economic growth, and highlights its commitment to being an effective agent of change. He describes “#TheChangeables” as passionate, strong, and resilient African people and businesses, with whom the bank wants to partner in creating even more positive change across Africa. “Despite the many challenges

Covid-19 brought, the pandemic also casts a very bright spotlight on the courageous, resilient and adaptable Ghanaian spirit,” Delali says, “and this spirit resonates so strongly with First National Bank that we felt compelled to embrace it and position it at the very core of who we are and what we do as a truly African bank ”. He added, “In the spirit of #TheChangeables, we are constantly refreshing our

solutions and service models to align with the step change in customers’ needs while upping the ante on our competitive advantage. We pride ourselves on putting customers at the centre of our financial solutions and the changes we are implementing demonstrate our commitment to value-based banking embedded in our offerings.” First National Bank states that #TheChangeables is not a move

away from its well-established brand purpose of helpfulness. “Rather, it is the next step in delivering on that purpose. #TheChangeables is far more than just another brand campaign,” says Delali, “it’s the tangible representation of a value system that recognises the journey that every person and/or business is on, and our role in providing the solutions they need to progress even further.” “The year 2020 taught us all that there really is no need to fear change, but that we should instead embrace it as a highly positive force in our lives,” Delali concludes, “and #TheChangeables not only celebrates the willingness and courage of change agents to do exactly that, but it also asserts First National Bank’s total commitment to supporting them through our platform based solutions as a trusted enabler of change and the preferred Bank of #TheChangeables.”

Vodafone Foundation supports five GIJ students

he Vodafone Ghana Foundation, the charity arm of Vodafone Ghana, has settled the fees of five students at the Ghana Institute of Journalism (GIJ) as part of its strategy to improve lives and communities through education. The foundation has presented a cheque for GH¢9,510 to the management of the school to cover the fees of the five final-year students who could not pay their fees for the 2020/2021 academic

year. Presenting the cheque at a brief ceremony, Head of Vodafone Ghana Foundation, Rev. Amaris Adjei Perbi, said the organisation was concerned about empowering and transforming society through education, hence the gesture. He said the move was also in keeping with the Foundation’s Kindred Partnership Project, which was launched recently to support its sustainable initiatives to drive social change, improve

lives and solve pressing social needs. “For us, this is not just any gathering but a relationship that we would want to establish with the GIJ and going forward, we would be able to focus on most of the priorities that we have in relation to education. We are excited to assist some students of GIJ with funds so they can continue their studies. We are also poised to maintain a longterm relationship with the school by providing the needed support in various projects and initiatives as a way to facilitate quality tertiary education in Ghana,” he said. He said under their educational portfolio they have the Instant School Platform (Virtual school) with various modules where students can subscribe to it for free and the Foundation intends to extend this service to students of GIJ. Rev. Amaris said that in line with the Foundation’s strategy in improving lives and communities through education, his outfit is partnering with the Ghana Library Authority to equip some Information and Communications Technology (ICT) centers in the

country. Receiving the cheque on behalf of the students, Rector of Ghana Institute of Journalism (GIJ), Professor Kwamena KwansahAidoo, commended Vodafone Ghana Foundation for the gesture and expressed the hope that the move would set the tone for more fruitful engagements between the two institutions. “Going forward, GIJ will effectively cooperate with the Foundation to harness available technological initiatives in equipping students with the requisite digital media skills needed to promote the work of industries,” Prof. Kwansah-Aidoo underscored. He said the GIJ had a scholarship foundation through which it sought to collaborate and cooperate with organisations to support the financial needs of students. For his part, Mr Okine, who is also an alumnus of the school, entreated the beneficiaries to take their studies seriously and produce good grades in appreciation of the gesture and pave the way for more support in the future.

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Maritime, Trade and Logistics

WENESDAY JUNE 9, 2021

Truckers educated on safe handling of hazardous cargo

he Ghana Shippers Authority has organized a workshop on the handling and transport on hazardous cargo through the country’s transit corridors. Truck drivers operating along Ghana’ major transit routes were schooled on the risk and precautionary measures regarding the transporting dangerous or hazardous cargo such as chemicals, explosives, fertilizers etc. The seminar forms part of the GSA’s planned activities for the haulage transport sector in line with its mandate of promoting and protecting the interest of shippers in Ghana. The Chief Executive Officer of the Ghana Shippers’ Authority, Ms. Benonita Bismarck, in a speech read on her behalf admonished truck drivers to endeavour to follow laydown road traffic regulations and ensure that they transport cargoes along the major transit corridors in a safe and secure manner. She emphasized the importance of the transit trade to the Ghanaian economy. According to Ms. Bismarck transit trade generates an estimated GH¢134 million annually. She commended truck drivers for their important role in the haulage of transit cargo and

promoting transit trade along our major corridors. General Manager, Marketing and Cooperate Affairs at the Ghana Ports and Harbours Authority (GPHA), Mrs. Esther Gyebi-Donkor who chaired the seminar, called on truck drivers to play their role effectively in promoting the transit business. She called on truck drivers to unite their front through the umbrella body, Joint Association of Port Transport Union ( JAPTU), for the benefit of the port economy.

Mrs. Gyebi-Donkor underscored the importance of transit traffic to the port and the economy and the urgent need to help streamline activities of the haulage transport sector. She further called on the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service and other security agencies to ensure the smooth passage of transit trucks along trade corridors and avoid harassing transit truck drivers since it is negatively impacting on the transit trade business. Mr. Lovelace Sarpong, a Deputy Director at the Environmental Protection Agency (EPA) took

participants at the seminar through the various classes of dangerous cargo and the procedures in handling and reporting when accidents occur. He underscored the importance of truck drivers’ knowledge on the types of dangerous cargo being carried and the mitigation measures to be adopted when accidents or related incidence happen. There were other presentations on road traffic regulations and the Role of the truck driver in avoiding unnecessary shipping cost. In all over 300 truck drivers from Ghana, Mali, Niger and Burkina Faso attended the workshop.

World Ocean Day: High time for global rules on fishing subsidies—WTO

arking World Ocean Day on 8 June, Dr. Ngozi Okonjo-Iweala, DirectorGeneral, and Ambassador Santiago Wills of Colombia, chair of the fisheries subsidies negotiations, have called on WTO members to deliver a long-awaited

agreement to curb funding for harmful fishing. The opportunity to find compromise solutions at the 15 July ministerial meeting must not be squandered, they said. “Two decades is too long for ending subsidies that finance the

relentless overexploitation of our ocean. Governments need to deliver a WTO fisheries subsidies agreement now,” DG OkonjoIweala said. First launched in 2001, WTO discussions on fisheries subsidies were given new impetus in

2015 when the international community made concluding a WTO agreement a target of the UN Sustainable Development Goals. The WTO’s 11th Ministerial Conference in Buenos Aires in 2017 reiterated the call for a fisheries subsidies agreements. “WTO rules on fishing subsidies will help to prevent the collapse of global fish stocks. We need these rules for the sake of the environment, food security and livelihoods worldwide. It’s time to turn the tide in favour of ocean health and a globally sustainable blue economy,” the WTO boss said. “It will take hard decisions from 164 members, but it is doable. We now have a complete negotiating text in front of us to help close the gaps,” Ambassador Wills, the chair added, referring to a new draft text he introduced last month in preparation for the virtual meeting of ministers on 15 July.

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Companies

WENESDAY JUNE 9, 2021

MTN bags seven awards at the 6th Finance Innovation Awards

TN won seven awards at the 6th Africa Finance Innovation Awards held over the weekend, making the organisation the highest recipient of the night. MTN received awards in the following categories: • Investor Relations Team of the Year • Corporate Performance Team of the Year • Finance Team of the Year – Telecom • Finance and Innovation Award - Telecom In addition to the corporate awards, MTN received three personality awards. The acting Chief Finance Officer of MTN Ghana, Kobina Bentsi-Enchill was adjudged the Most Promising CFO of the Year. MTN Group Chief Financial Officer, Madam Tsholofelo Molefe and the former Chief Finance Officer of MTN Ghana, Mr. Modupe Kadri were named among top 25 CFOs in Africa. The Finance team has also

been recognised as the Team of the Year for the fourth consecutive time and for the second consecutive time, MTN was adjudged Investor Relations Team of the Year and Corporate Performance Team of the Year. Receiving the awards, the acting CFO at MTN Ghana, Kobina Bentsi-Enchill expressed appreciation to the organisers for the awards. He dedicated the awards to the Finance Team, MTN Customers, Suppliers and Vendors. Commenting on the awards, the Chief Executive Officer of MTN, Selorm Adadevoh commended Kobina for his leadership skills and congratulated him for the Can Do, team spirit and the zeal exhibited in ensuring the Finance team continues to deliver on its mandates in Ghana and beyond. “MTN as a good corporate citizen continues to abide by the laws of Ghana and ensures prompt filing and payment of taxes over the years which was acknowledged by the President of Ghana, Nana Addo Dankwa Akufo Addo in his address at the launch of MTN’s 25th Anniversary

Acting Chief Finance Officer, Kobina Bentsi-Enchill adjudged Most Promising CFO of the Year

celebration” he added. Selorm thanked Kobina and the Finance team for the sterling performance and congratulated Tsholofelo Molefe and Modupe Kadri for being named among the top 25 CFOs in Africa. The 6th Africa Finance Innovation Awards recognised corporate institutions that have gone beyond responding and recovering by transforming and rebuilding their organization in the new normal for a stronger future following the adverse impact of the COVID-19

pandemic on Africa’s economic development. The Finance Innovation Awards has been rebranded over the years. The awards organized by Instinct Business, from inception named the awards CFO Awards, rebranded to Ghana Finance Innovation Awards and now Africa Finance Innovation Awards. MTN Ghana’s Finance Management and Innovation continues to be recognized over the years. MTN has won 15 awards from 2016 to 2019.

Oil palm to the rescue of degraded mine sites in Ghana

olidaridad through its National Initiatives for Sustainable Climate-Smart Oil Palm Smallholders (NISCOPS) programme is helping to reclaim degraded mine sites in the Central region of Ghana with oil palm. The initiative has become necessary due to threats to the livelihoods of farmers in that part of the country as a result of the operations of illegal smallscale miners whose activities destroy arable lands and pose food security challenges to communities. Rosemary Addico, the programme manager for NISCOPS, indicated that Solidaridad is facilitating access to climateresilient oil palm seedlings, processing equipment and soil analysis tests in communities where the reclamation activities will be carried out. She made the remarks during the annual review meeting of the programme in Accra in response to concerns raised by the district Agricultural Director of the Upper Denkyira West district, Eric Twum, on the sorry state of mined lands in the district.

“Mining continues to compete with other land use activities in our communities. It is, therefore, crucial for sustainable land reclamation initiatives to be implemented to equip mining communities with skills to improve their economic activities. This will also ensure that these areas do not become ghost towns at the cessation of mining activities,” Eric said. The Agric Director said he was happy about the intervention by Solidaridad and the prospect to put the land back to productive uses. He pledged the incorporation of climate-smart interventions into the assembly’s mid-term development plan, and

to secure a budgetary allocation for their implementation. Oil palm is resilient, and one of the most suitable crops for reclamation of degraded mined lands. Its cultivation will not only help restore these lands and reduce climate change impact caused by illegal mining, but also expand the livelihood opportunities for beneficiary communities. “The reclamation activity reiterates NISCOPS key objective of empowering vulnerable communities with knowledge and skills to enhance production systems to increase profits for workers in the oil palm value chain while protecting the

environment, as well as joining efforts at mitigating the impact of climate change,” Rosemary said. This intervention forms part of Solidaridad’s agenda to reclaim sustainability for the millions of smallholder farmers experiencing poverty, inequality and struggling with the impact of climate change. The National Initiatives for Sustainable Climate-Smart Oil Palm Smallholders annual review meeting, which was organized by Solidaridad to evaluate 2020 implementation activities in the seven beneficiary districts, brought together the programme’s National Advisory Committee members and representatives from the district agric offices. The National Advisory Committee is made up of eight members who are representatives of ministries, public agencies and private sector entities related to oil palm. It provides policy guidance and support, as well as technical advice for the programme to ensure effective implementation and its alignment with Ghana’s climate agenda.

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Feature

WENESDAY JUNE 9, 2021

Building an inclusive digital future

By Lee Jong-Wha

he COVID-19 pandemic has accelerated the transition to a digital economy, which will hold the key to future growth and opportunities. That is why, as we prepare for the post-pandemic era, we must acknowledge that the digital economy’s potentially limitless benefits will not be equally distributed unless we take the right steps now. Mobile devices, the internet, cloud computing, and other innovations have created a hyperconnected global space in which billions of people can work and pursue more dynamic ways of life. Digital platforms have changed the way we consume, work, and create economic value, and digital assets such as computers, communications equipment, and software have helped firms reduce production costs and enhance efficiency. The digital transformation will continue to accelerate with the wider adoption of big data and the convergence of Fourth Industrial Revolution technologies such as 5G, artificial intelligence, and the Internet of Things. Already, a McKinsey Global Survey finds that the pandemic has led businesses to accelerate “the digitization of their customer and supply-chain interactions and of their internal operations by three to four years.” But the question is whether the benefits of this acceleration will extend beyond businesses to workers and consumers. By making old technologies, processes, and even entire industries obsolete, digitalization will continue to cause job losses. The World Economic Forum’s

2020 “Future of Jobs Report” predicts that many private companies will employ machines and algorithms more broadly than ever, hindering employment prospects across sectors and regions. AI, robots, and other new technologies could threaten 15% of the average company’s workforce as soon as 2025. Given such effects, the digital transformation could widen social and economic disparities and expand the wage gap between digitally skilled and unskilled workers. There is already a deep divide between socioeconomic groups and across regions when it comes to access to new digital technologies, and technological diffusion will be uneven across firms and industries as well. Small companies may have less capacity to adopt new innovations than larger ones, which in turn may try to block new competitors from entering the market. More broadly, it could take some time for the digital revolution to drive economy-wide productivity growth. Economists have long observed the “paradox” that the impact of information and communication technologies shows up “everywhere but in the productivity statistics.” Now that the pandemic has widened the productivity gap across firms and industries, traditional companies and small businesses may be slow to recover, while the tech giants flourish under conditions of heightened digital demand. The digital revolution also raises political concerns, such as when governments and corporations misuse data and technology. During the COVID-19 outbreak, some East Asian countries used

contact-tracing apps, mobility data, cameras, and other digital technologies to contain the virus, but this surveillance often came at the expense of privacy. With the tech giants wielding such massive power through their command of user data, consumers are becoming more aware of the importance of data security and privacy protections. Addressing such questions is essential to preparing for the post-pandemic era, when all countries will need to embrace new ways of working, producing, and consuming. Digitalization can make a huge contribution to public health, the environment, consumer welfare, and wealth creation across society, but only if the public and private sectors work together to ensure inclusiveness. Most countries will need policies to narrow the gaps in digital skills and access, because a growing share of jobs will require more technological know-how. Education systems must do more to equip students with the knowledge and skills they will need in a digital future. And job training must keep all workers up to date on the latest digital technologies. Governments have a critical role to play on all of these fronts. It was state support and commitments that brought us revolutionary innovations like the internet, antibiotics, renewable energy, and the mRNA technology behind the development of the most effective COVID-19 vaccines. To fulfill their role as market makers, governments need to increase investments in physical infrastructure and human capital, and provide financial and tax

incentives to ensure equitable access to critical technologies. They should also be exploring ways to provide more grants, subsidies, and technical support for small and medium enterprises and start-ups, so that the benefits of digital revolution do not remain limited to a few large companies. When it comes to Big Tech, in particular, the rules and standards of the pre-digital economy no longer apply, which means that most countries will need to update their competition policies and regulatory frameworks to ensure free and fair competition. And along the way, they should establish clearer rules and standards for data security, digital ownership, and user privacy. Ultimately, though, effective governance requires a global consensus. Different national approaches will merely fragment the digital economy and invite tax and regulatory arbitrage. Fierce competition between the United States and China over 5G hardware, social-network platforms, and semiconductors has led to nationalistic and protectionist measures, pointing to the need for a more multilateral, cooperative approach. The goal must be to devise a new system to manage the cross-border exchange of digital information and technologies, while creating stronger rules and standards for digital trade. The world is still recovering from an unprecedented shock. But the sooner we prepare for the “new normal,” the better off we will be. And successful preparation will depend on whether we ensure digital inclusion.

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Feature

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Italy to showcase leading companies in agricultural mechanisation

he Ghanaian government’s vision for agriculture is ambitious yet achievable with the right mix of expertise, technology, and machinery. As a critical economic area, a resilient and productive agricultural value chain would have a transformational impact on growth, job creation, and living standards in the country. In Italy, Ghana has a trusted and ready partner for its aggressive drive to modernise and reshape the agricultural sector through the extensive deployment of machinery and tech-based agro innovations. In fact, a growing number of Ghanaian entrepreneurs are turning to Made in Italy technology, reckoning the competitive advantage it brings thanks to its features in terms of quality, reliability, and technical assistance. Consequently, the Italian Trade Agency (ITA), the government agency which champions Italian companies and investments abroad, has sought to establish the right linkages and partnerships at both policy and business-tobusiness (B2B) levels to boost agribusiness development in both countries. Mechanised agriculture has long been a stronghold of Italy, with a number of the global names in the production and supply of agribusiness inputs, machinery, and technologies being Italian brands. To link up these companies with firms along Ghana’s agribusiness value chain, ITA will on June 22 organize virtual B2B meetings between Italian and Ghanaian agribusiness companies under the Ghana-Italy Agribusiness Digital Lab project. The meetings will be hosted on a dedicated portal, https://ghana-italy.digital. ice.it, where interested Ghanaian

agribusiness firms can register for participation. The Italian companies specialising in agricultural mechanization that will take part in the B2B meetings are as follows: The BCS Group The BCS Group is a leading multinational company in the mechanisation industry that designs and manufactures machinery for agriculture and greens maintenance, represented by the commercial brands BCS, FERRARI, PASQUALI, and MA.TRA., and machines for producing autonomous electricity and welding units, represented by the brand MOSA. Headquartered near Milan, BCS is a global brand leveraging its business strategy of internationalization and expansion. The success of this strategy has seen the business consolidate its leading position in the countries where it has gained great experience and also expand into developing countries with greater needs for technology and mechanization. Today, the company boasts over 1,000 dealers and retailers throughout the world, and over 300 importers in all the continents. Metalmont Metalmont is an Italian engineering, manufacturing and marketing company of equipment for the mechanisation of cereal storage plants (silo and flat warehouses). Metalmont products include machines for the handling of cereals like wheat, soya, pulses, paddy rice, cocoa and coffee beans, and many other

agricultural bulk materials. It also produces equipment for material post-harvesting cleaning as well as high technology automation solutions for the mechanization of flat warehouses. Currently exporting to many countries across Europe, Middle East and some African countries, the company is known for its tailor-made solutions and readiness to partner local companies in the establishment of new businesses. To the Ghanaian farmer, Metalmont offers cost-effective solutions to mechanize cereal production and storage, helping to reduce post-harvest losses. Selvatici Selvatici is a 52-year-old company which produces high technology tools for intensive and high productivity agriculture. The company is specialised in the production of agricultural machinery for soil preparation, such as spading machines, double spading machines, posthole diggers with augers both mechanical and hydraulic for backhoes, and rear scrapers. In addition, there is a line for professional gardening, including aerators and sand spreaders. New tools have recently been introduced in the range, such as spading machines for two-wheel tractors, stone buriers, and bed formers. In addition to being very well known at national level, the company has for years developed an excellent sales network abroad, which currently accounts for more than half of its turnover, and it can also guarantee an efficient spare parts service. Tonelli Group SpA

Tonelli Group SpA manufactures a full range of mixers and plants for the processing of food in the patisserie, confectionery, and baking industries. With strong commitment to standards and quality, the company has an internal food technologist and laboratory that work with customers to fine-tune new recipes. Tonelli’s expertise would be a huge boost to the food processing and baking industries in Ghana. Grillo SpA Grillo SpA offers green and ecosensitive agricultural solutions. Founded in 1953, the company manufactures professional machines for agriculture and green maintenance. It has 5 production plants located in Cesena, Italy. It manufactures and distributes more than 20,000 machines every year across the world. Ma/Ag SRL Ma/Ag SRL was established in 1976 to explore winning and alternative solutions to the needs of mechanised agriculture, especially in the provision of ploughing equipment. The company produces innovative machinery for conservative agriculture, with the aim to grant high productivity levels, cost reduction, and an always decreasing impact on the environment. It has a branch that is devoted to the production of planters and has the capacity to design, produce and sell its entire production range with wide market coverage in both EU and non-EU countries across all continents.

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News

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Gov’t must reduce borrowing appetite—economist By Nana Kofi Koranteng

senior economist at Databank Research, Courage Martey, says government must reduce its borrowing from the domestic market to limit crowding out of the private sector. His comments followed the release of data which showed that the central bank and the rest of the banking system held GH¢83.1bn of the country’s total domestic public debt as at the end of March 2021. “Government will have to steadily scale down the borrowing because, at this rate, there is always a strong argument about a potential crowding-out effect.

Ken Ofori-Atta

So on the grounds of that, you will argue for government to slow down in terms of the borrowing,” said Mr. Martey.

“Ultimately, government has to also work out its finances and reduce the need for borrowing from the open market so that the

banks will have no option than to redirect this credit to the private sector,” he added. Regarding the composition of the domestic debt, Bank of Ghana held GH¢34.8bn, whilst banks and deposit-taking institutions held GH¢48.3bn. This represented 50.5 percent of the total domestic public debt of GH¢164.5bn. Commenting on the high NonPerforming Loans (NPLs) of the banks, Mr. Martey said: “We saw NPLs going up from 14.8 percent at the end of last year to 15.5 percent at the end of April. It means that the probability of loans taken not being repaid has gone up.” In order to help the economy to rebound, the senior economist urged banks to find innovative ways to lend to the private sector by balancing credit risks and the need to maximise profit.

Italy to showcase leading companies in agricultural mechanisation CONTINUED FROM PAGE 17 Urbinati Srl

Alignment of resources to critical areas under Ghana CARES Programme begins

he Ministry of Finance says the government has begun process of aligning resources towards critical areas under the Coronavirus Alleviation and Revitalization of Enterprises Support (CARES) also known as Ghana CARES Obaatanpa programme. In a release the Ministry said government is engaging the International Finance Corporation (IFC), in a two-day retreat to strategise on how to align IFC’s medium-term strategy to the priority areas outlined in the GH¢100 billion initiative. The workshop, to be held June 9-10, 2021, will among others, discuss government’s strategic plan for private sector development and unlocking long-term growth capital to support Ghanaian Micro, Small and Medium-Sized Enterprises (MSME) under a synergised CARES and IFC Ghana Strategy. IFC’s Vice President for Middle East and Africa, Sérgio Pimenta, will lead the IFC team with the Minister for Finance, Ken OforiAtta leading the Government team. Also scheduled to participate

in the workshop are the Ministers for Trade & Industry, Food & Agriculture, Communication & Digitalisation and Works & Housing. Private Sector representatives, and government agencies such as the Bank of Ghana, Ghana Investment Promotion Centre (GIPC), Ghana Infrastructure Investment Fund (GIIF), and Ghana Export-Import Bank (EXIM), are also scheduled to participate. Some of the critical areas for the deep dive sessions include agriculture and agribusiness, affordable housing, infrastructure financing and development, Entrepreneurship, manufacturing, and digitalization. The Ghana CARES Obaatanpa Programme was launched in November 2020 as government’s response to mitigate the negative impact of the COVID-19 pandemic and return the economy to a path of robust and sustainable growth over the next 3 years. At the end of the retreat, the Ministry said participants from the critical sectors will agree on IFC priorities aimed at supporting the government’s transformation agenda over the medium term.

Urbinati Srl designs and manufactures modular systems for the automation and mechanization of horticultural, forest and floral nurseries. Founded in 1978 by Nino Urbinati, the company has the vision of seeing “automation and mechanization in all nurseries in the world” and currently exports to over 95 countries, with a network of more than 50 official distributors worldwide. Urbinati proposes customised technical solutions for nurseries for the following phases: sowing, automatic and manual transplanting, filling—pots and trays—irrigation, germination, trays washing, handling, labeling, and trimming. NARDI Srl NARDI Srl has been manufacturing agricultural implements since 1895, and has a mission to produce implements for a modern and professional agriculture. Its strengths include: a comprehensive product range (mouldboard plough, disc ploughs, cultivators, disc harrows, rotary-hoes, mechanical seed drills and vacuum planter, fertilizer spreader, boom sprayer, mist blowers, etc.) for a wide range of HP tractor (30-600+); quality and reliability of the implements;

extensive sales network, customer support, training and spare parts service; participation in integrated agricultural mechanization and agronomic best practices projects; and 90 years of experience in Africa. NARDI also boasts important supplies to the governments of various countries, collaboration with important institutions (FAO, UNIDO, ICARDA), and production of the Delfino3s plow for the fight against erosion and desertification. Zanin F.lli Srl Zanin F.lli designs and develops machines and systems such as cleaners, dryers, conveyors, and storage systems for the industrial food farming and industrial sector in general. With more than 60 years of quality and experience, the company designs and builds highly specialised solutions and systems for the food industry. It has always been ahead of the times, and prides itself on keeping environmental sustainability at the forefront of its approach to design. All the above companies will showcase their expertise and technologies, as well as explore potential business relationships with Ghanaian agro-related enterprises, during the GhanaItaly Agribusiness Digital Lab on June 22. It is an opportunity not to be missed by the Ghanaian agribusiness sector.

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Markets

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