1 Wednesday November 17, 2021
WEDNESDAY NOVEMBER 17, 2021
BUSINESS24.COM.GH
NO. B24 / 275 | News for Business Leaders
2
WEDNESDAY NOVEMBER 17, 2021
Wednesday November 17, 2021
BUSINESS24.COM.GH
We must reset and present Africa as an investment destination Vodafone Ghana CEO
NO. B24 / 275 | News for Business Leaders
Enterprise Group expands to West Africa…goes into health insurance business
See page 6
See page 8
H1 domestic tourism arrivals hit 353,000 By Eugene Davis
Republic Bank unveils marketleading digital suite By Patrick Paintsil p_paintsil@hotmail.com
P
ugendavis@gmail.com
ublicly listed lender Republic Bank Ghana Plc, a subsidiary of Republic Financial Holdings, has unveiled its suite of digital banking offerings as it seeks to explore techbased solutions to enhance operational efficiency and customer satisfaction. The bank’s newly launched digital product mix comprises RepublicMobile App, a mobile banking app; RepublicUSSD *414#; and RepublicOnline, an internet banking service.
T
he first half of the year recorded 353,087 domestic tourists, with the number expected to increase before the close of the year, the Minister of Tourism, Arts and Culture, Ibrahim Mohammed Awal, has told Parliament. According to him, domestic tourism arrivals, which plummeted from over 669,000 in 2019 to slightly over 200,000 in 2020, have been increasing since the launch of the Domestic Promotion Campaign. Appearing before Parliament
Cont’d on page 3
Cont’d on page 2
Cocobod targets 1.5m-tonne production in medium term By Benson Afful & Emmanuel Kwarteng
AfCFTA should provide means to optimise Africa’s fossil fuels—expert By Eugene Davis
C
ugendavis@gmail.com
T
hief Executive Officer of Cocobod Joseph Boahen Aidoo has said the country is likely to hit 1.5 million tonnes of cocoa production in the medium term owing to rehabilitation
he African Continental Free Trade Area (AfCFTA) project should provide the needed mechanism to ensure the Cont’d on page 5
Cont’d on page 3
Cont’d on page 2 Cont’d on page 2
3
Editorial / News
WEDNESDAY NOVEMBER 17, 2021
Editorial
Tourism sector’s revival signals some hope for industry players
T
he COVID-19 pandemic had a significant impact on the nation’s tourism and hospitality sector as the fear spreading the virus by travelers and revelers caused saw most businesses in those areas of the economy going to sleep. This situation had a dire ripple effect across the value chain with harsh implications to jobs and livelihoods. The Ghana Tourism Authority estimates that 275,000 jobs were at risk in the sector as a result of COVID-19 whilst approximately 40 per cent of employees of hotels, restaurants, travel and tour operators took their leave and a further quarter been laid off. It is therefore heartwarming to
see the sector bouncing back to life according to sector minister, Dr. Mohammed Awal, who said on the floor of Parliament that there has been a significant jump in data on domestic tourism. According to him, domestic tourism arrivals, which plummeted from over 669,000 in 2019 to slightly over 200,000 in 2020, has seen a steady increase. These impressive revival of the hospitality and tourism sector is the product of structured actions and programmes including raffles and other rewarding initiatives that have been instituted by the sector ministry to reverse the fortunes of an industry that has grossly harmed by the resurging
coronavirus pandemic. Initiatives like Experience Ghana, Share Ghana—which enjoins the traveling public to share experiences about tourism sites across the country that they visited to entice foreign visitors—as well as the sharing of promotional materials, brochures, and leaflets across regional offices across the country has helped greatly in boosting domestic tourism. We applaud the minister for his vision to revive a sector that has been hugely hit by the pandemic, especially as the viral crisis still hovers around and we can only hope for the best for the once vibrant tourism and hospitality business.
H1 domestic tourism arrivals hit 353,000 Continued from cover
Your subscription -- along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana well-informed. We value your support and loyalty. Contact Email: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742
on Tuesday to answer questions related to his sector, he said the COVID-19 pandemic has impeded international mobility; hence, the Ministry and the Ghana Tourism Authority have refocused attention on domestic tourism. To this end, a domestic tourism campaign was launched by President Akufo-Addo in June to create awareness on the need for Ghanaians to patronise the country’s tourist and attraction sites. The campaign, dubbed “Experience Ghana, Share Ghana”, is ongoing, the Minister said. Giving further details, he said a Travel, Share and Win component of the campaign was initiated to drive domestic tourism. Also, a Discover, Write and Win promotion is about to start, whereby the public is required to select a tourist site or a must-see activity in their communities and write about it in such a way that it would attract visitors for tourism purposes. Mr. Awal said promotional materials, brochures, and leaflets have been printed and distributed across regional offices to boost domestic tourism. Furthermore, he stated that tourist clubs have been
formed across the tertiary institutions, Senior and Junior High Schools through the Ministry’s partnership with the Tourism Society of Ghana (TOUSOGHA) to promote domestic tourism and encourage excursions to major tourist and attraction sites. “GTA, Tour Operators Union of Ghana (TOUGHA) and Ghana Hotels Association are collaborating to package tours at affordable rates to various tourist sites. Already, TOUGHA has organised familiarisation tours to Central, Ashanti, Volta and Western Regions to acquaint themselves with the current state of tourist sites in the country,” he said. “A Tourist Bus (Coach) has been acquired by GTA to promote City Tours starting from Accra. This is to be replicated in major cities in Ghana. So far, several people have patronised the Accra City Tour. We expect
patronage to go up significantly during the Christmas holidays,” he added. The Ministry, he said, is currently embarking on tourist sites upgrades through the provision of visitor receptive facilities, toilets, landscaping, and parking spaces to enhance visitor experience and encourage repeat visits to the tourist sites. So far, the following sites have been upgraded: Tetteh Quarshie Cocoa Farm and Exhibition Centre, Tafi Atome Monkey Sanctuary and Cultural Village, Anomabu Heritage Site, and Nzulezu Visitor Facility. The following sites are to be upgraded soon: Yaa Asantewaa Heritage Museum, Ejisuo Pikworo Heritage and Slave Market, Bonwire Kente Museum, Aburi Botanical Garden, Zenga Crocodile Pond, Salaga Slave Market, and Kwame Nkrumah Mausoleum Craft Village.
4
News
WEDNESDAY NOVEMBER 17, 2021
Cocobod targets 1.5m-tonne production in medium term Continued from cover programmes being carried out in various cocoa-growing areas in the country. Speaking at the 2021 maiden Orange Cocoa Day event at the residence of the Netherlands Ambassador to Ghana, the Cocobod CEO said close to 20 percent of productive cocoa farms in the country have been devastated by the cocoa swollen shoot virus disease, which has led to low productivity and low income for farmers, saying, “We’re working to rehabilitate all such devastated areas, including even over-aged cocoa farms.” He reiterated Cocobod’s commitment to ensure cocoa sustainability as well as tackle climate change challenges. “Cocobod acknowledges that deforestation and forest degradation have serious consequences on biodiversity and climate change,” he said. “In an attempt to preserve the environment and restore the forest, fight climate change and enhance lives of farmers and their communities, the government of Ghana through Cocobod is
implementing programmes within the cocoa landscape, as well as collaborating with stakeholders to address issues that affect sustainability of cocoa production,” he added. He indicated that Cocobod’s environmentally friendly and socially responsible measures include the Environmental and Social Management System (ESMS) and Environmental and Social Management Plan (ESMP), which aim at identifying and managing potential environmental challenges while seeking to minimise social and economic risks. The Netherlands Ambassador to Ghana, Jeroen Verheul, speaking at the event, urged stakeholders to nurture and adopt market-based models to foster cocoa sustainability. “Some of the market-based models that need nurturing and adoption are the Rural Service Centres (RSCs). This model addresses the issue of access to improved agronomic services, creates employment for the youth and promotes continuity in the cocoa sector,” he said, adding that these sustainability
Chief Executive Officer of Cocobod Joseph Boahen Aidoo
issues can be addressed by both policy and on-the-ground activity implementation. The Orange Cocoa Day event was put together by the Netherlands embassy to continue discussions to deepen understanding on cocoa sustainability issues that have been with the sector for a long while. Hammond Mensah, Programme Manager, Cocoa Rehabilitation and Intensification Programme, Solidaridad, said recognising the strategic relevance of cocoa to the economies of West African countries and the Netherlands, the Dutch government is funding the second phase of the Cocoa Rehabilitation and Intensification Programme (CORIP11) in Ghana, Côte d’ Ivoire, Sierra Leone, and Liberia. CORIP11 is implemented by Solidaridad and seeks to use public funds to leverage private sector investments from commercial banks and impact investors for cocoa rehabilitation and intensification. The programme follows the
successful implementation of CORIP 1, which demonstrated the business case for developing the West African cocoa production sector through rural service centres led by the private sector. Mr. Mensah said under the second phase of the programme, rural service centres are established by young entrepreneurs with support from Solidaridad as private sector-driven vehicles to deliver production and marketing services for smallholder cocoa farmers. “Solidaridad facilitates concessional financing for these entrepreneurs to build service centres to enable them to render services to cocoa farmers in hard-to-reach communities. The rural service centre aligns with Solidaridad’s strategic plan to improve sustainable cocoa production through the small and medium enterprises,” he added. So far, 51 service centres have been established by youth entrepreneurs under the programme, he said.
Republic Bank unveils market-leading digital suite Continued from cover Subscribers to any of these digital platforms will be able to transact financial services such as mobile money transactions; carry out instant interbank transfers; access seamless investments, micro loans and brokerage services for stock market dealings; as well as undertake bancassurance. According to the bank, its digital services are the best on the market, with its robust security systems, and are suitable for a wide range of superior financial services for both customers and non-customers. “People build apps with artificial intelligence in mind; we
have built our app with people in mind. Republic Bank’s suite of digital services is an omni channel that allows users to start a transaction from one platform and end on another without any hitches,” Managing Director Farid Antar said at the media launch in Accra. He added: “We at Republic Bank pride ourselves as the most diversified bank in Ghana. Digital suite brings to the ordinary Ghanaian, the student, the entrepreneur, the executive, the young and the old all financial solutions right on their phones, be it smartphone or yam phone, wherever they may find themselves.” Mr. Antar said the bank
recognises that digitalisation is the future and called on the general public to leverage the newly rolled out digital products “to step into success”. “Our target is to reach every Ghanaian wherever you are with our innovative products and services. We are confident that we will meet this target. Why? Because our digital suite of products has been designed to
suit every Ghanaian.” The RepublicMobile Ghana app is now available on Play Store for android phone users and App Store for iOS phone Users. The USSD service can be accessed by dialing *414# on any network, and the RepublicOnline can be accessed via the website of Republic Bank, www. republicghana.com
5
WEDNESDAY NOVEMBER 17, 2021
6
News
WEDNESDAY NOVEMBER 17, 2021
We must reset and present Africa as an investment destination - Vodafone Ghana CEO
T
he Chief Executive Officer (CEO) of Vodafone Ghana, Patricia Obo-Nai, has tasked policymakers to make fundamental changes to Africa’s macroeconomic environment to position the continent as a preferred investment destination. According to her, policymakers in Africa must introduce innovative ways to change the African narrative to help attract investors. “Africa should be more deliberate in creating an enabling environment to encourage investment on the continent. Having gone through the pandemic, we cannot leave it doing businesses as usual. We must look at the way we incentivise investors to come in. We must be deliberate about interest rates and also look at the direct-to-consumer resource generation,” she said. She stressed the importance of human capital, saying, “Both the government and private sectors should invest in human capital to enable us to take advantage of the transformation happening in the world.” Madam Patricia Obo-Nai made these comments at the sixth edition of the Global Business Forum (GBF) Africa held in the
United Arab Emirates. As part of her submission, she outlined major interventions to stimulate private investment. Even more so because the COVID-19 pandemic caused a significant impact on foreign direct investment (FDI) in Africa, with flows to the continent declining to $40 billion in 2020, from $47 billion in 2019. She further stressed that effective public-private partnerships and collaborations are the way to change the narrative for Africa. “There’s no way the private sector alone or government can drive access to affordable and reliable internet connectivity. There should be a partnership between the government and the private sector to drive this idea. Unfortunately, we are nowhere near mobile access penetration. The media age for Africa is 19 years. For Ghana, it is about 21 years. The population is expanding and with COVID-19, we have seen a surge in digital adoption and the use of technology.” She added, “The reason Africa has not benefited from all this is fundamental to the digital divide. We’re interested to note that almost 3.7 million people don’t have access to the internet - not because the services are not
present - but because they don’t have the devices.” Madam Patricia Obo-Nai further hinted at the interpositions required to lift the profiles of businesses operated by women in Africa. “Women are 50% of the population of the world. And if you go into the Africa statistics, it’s probably 90% of women in the informal sector. When faced with a pandemic, they are the most affected. What they need is structure. It’s amazing when you put digital in the hands of these women. I experienced it myself when trying to get them access to devices and teach them how to
access credit. For me, the investor should not look at the size of the woman’s business today. Look at the potential, the idea that exists and the capabilities of the resources that are available to develop a business,” she emphasised. The GBF Africa 2021 brought the trade and investment community together to explore bilateral trade opportunities between Dubai and Sub-Saharan Africa. The Forum was held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
AfCFTA should provide means to optimise Africa’s fossil fuels—expert Continued from cover continent makes the best use of its fossil fuels before they become globally unattractive, Dr. Ibrahim Mayaki, CEO of AUDA-NEPAD, has suggested.
Dr. Ibrahim Mayaki
The just-ended UN climate conference in Glasgow, COP 26, pledged to speed up the end of fossil fuel subsidies and reduce the use of coal. However, many African countries continue to discover more oil and gas
resources. Speaking on a platform, “Climate Change: Securing Africa's Future”, jointly hosted by ACET and AUDA-NEPAD to discuss the outcomes of COP26 for Africa, Dr. Mayaki said: “Rather than phasing out fossil fuels, we need to create an internal demand for oil and gas resources, since it serves as a benefit to big oil nations like Nigeria, Angola and Algeria.” He added: “Traditional clients have set a target of ending fossil fuel use by a particular time, so I think AfCFTA could provide the needed mechanisms to ensure Africa makes the best use of its fossil fuel before it becomes globally unattractive.” Dr. Mayaki, who is a member of ACET’s Transformation Leadership Panel, also called for the pursuit of renewable energy targets. Nick Westcott, Director of Royal African Society and a board member of ACET, asked
developed countries to accelerate funding to low-income countries to help tackle the effects of climate change. He added that African countries have to work together in dealing with climate mitigation and adaptation, arguing further that countries should focus on energy transition as well as conserving energy biodiversity. Leslie Ndlovu, CEO of Africa Risk Capacity, said pre-arranged financing should be mainstreamed and accessible to all Africans that need them. “Being able to achieve this is extremely important for Africa to be able to emerge out of the poverty trap and to better deal with climate shocks which inevitably will become increasingly more frequent and severe.” Kingsley Y. Amoako, the founder and President of ACET, said African countries need to seize the opportunities from climate change to transform their economies.
7
WEDNESDAY NOVEMBER 17, 2021
8
News
WEDNESDAY NOVEMBER 17, 2021
PIKIT customers to get better ecommerce and delivery services in Ghana
E
mmanuel Bekoe, Cofounder of PIKIT, an electronic market place and a delivery platform, has said customers will receive discounts on delivery delays for more than 10 minutes for assurance of timely services. PIKIT has been developed by the Onion Technologies Limited to make products and items from various shops, companies or individuals accessible for purchase and delivered to the doorsteps of customers. Explaining how responsive they are to the needs of their customers in an interview, he said “in terms of timely delivery, the customer receives discounts if delivery delays for more than 10 mins, provided the delay is from us, also items that are posted on the platform are of exact specifications as delivered. He continued that the platform validates items’ availability upon request and the items are of quality and very affordable”. PIKIT shall allowed certain partner stores from other
operational cities within the country to be able to offer their products through the Platform, and PIKIT mediates the link between the partner store and the user for online purchase and immediate delivery of the Products. The users of the
Platform and the consumers of those partner stores can request and do business on the Platform through PIKIT’s mediation. In a competitive world today, PIKIT being a new E-commerce platform has been able to Innovate an App Feature in which
payments by customers and to the vendors are much simpler than most of the others and there is live tracking of all riders to inform their decisions on immediate interventions. Mr. Bekoe also described the security of shipment and the technology that is used to communicate with customers in the interview, saying, “from the pickup point, our trained riders double check to make sure the item(s) being picked are properly packaged before they are sent away and Communication is done through Pikit app, SMS, WhatsApp calls and messages, emails, calls, among others”. Talking to other co-founder, Rohit Khattar, who brings on board over 20 years of I.T and customer service experience to the platform and has established successful companies in Nigeria, Benin, DRC, Cameroon and Togo on various projects, on whether the pikit app is already available to customers for use, he answered that, it will be launched and go live in Ghana in December, 2021 to ease the burden of customers on Christmas shopping.
Enterprise Group expands to West Africa …goes into health insurance business
E
nterprise Group PLC is on course to achieve its fiveyear (2012-2024) strategy, Group CEO, Mr. Keli Gadzekpo, has said. He said key aspects of the five year strategy included an expansion into the West African market and the identification of a strategic partner for its health insurance business. Speaking at the “facts behind the figures” series which is organised by the Ghana Stock Exchange (GSE), he said “this year, we have been able to realize the remaining two of the key objectives of our 2018 rights issue, as spelt out in our five year strategic plan. “We have expanded into Nigeria as part of our growth plans for the sub-region, and have concluded the acquisition of Acacia Health Insurance so we can bring our advantage to Ghanaians through unparalleled health insurance services,” he stated. Strong performance He
said
despite
a
tough
operating environment caused by the COVID-19 pandemic, Enterprise Group’s shares remained relatively stable, with some gains. He pointed out that the Group began the year with a share price of GHȼ1.40 and has since gained 79.3 per cent, ranking it sixth on the GSE in terms of year-to-date performance. The Group CEO said the
COVID-19 pandemic also accelerated the adoption and use of innovation to minimize the impact on day to day operations. Investment in technology Having invested significantly in technology, he said the business seamlessly rolled out its agile working system, enabling staff to work remotely, to ensure business
continuity. He said the Group currently has 20 per cent share of the Ghanaian insurance market ( i.e. life, insurance and health), and 24 per cent of Pensions Assets Under Management. He said its Transitions and Enterprise Properties also remained formidable operators in the funeral services and real estate industries, respectively.
9
News
WEDNESDAY NOVEMBER 17, 2021
IFC, Rehoboth Properties celebrate opening of landmark green homes in Ghana
I
FC and Rehoboth Properties today announced the first affordable housing project in Ghana to achieve IFC’s Excellence in Design for Greater Efficiencies (EDGE) green building certification, helping Accra reduce greenhouse gas emissions while conserving energy and water usage. Rehoboth’s 1,700-unit Knightsbridge community in the suburb of Kwabenya features efficient lighting, natural ventilation, low-flow faucets, and dual-flush toilets, among other energy efficient technologies, reducing electricity and water use by a third for residents. Adding to its green credentials, the Knightsbridge community was built from materials that require 50 percent less energy to manufacture, transport, and install compared to materials used in other buildings in Accra. A second IFC EDGE-certified development, the 1,400-unit Palms community in Accra, is expected to open in late 2022. “Rehoboth is proud to offer Ghanaians, for the first time, a triple-edged chance to save: save on purchase price, save on utilities, and save the Earth, leading to a significantly lower total cost of ownership over a
lifetime and beyond,” said Gideon Akrofi, Rehoboth’s CEO. “The first EDGE certification of an affordable housing project in Ghana demonstrates IFC’s commitment to supporting a greener, more inclusive postpandemic economic recovery. Green buildings will help Ghana
transition to a lower-carbon future as specified in the country’s commitments under the Paris climate change agreement,” said Ronke Ogunsulire, IFC Country Manager for Ghana. IFC’s EDGE program was launched in 2014 to support the construction of green buildings
and help fight climate change. The program is active in 170 countries. In Ghana, EDGE has certified 12 large buildings since 2017 in the health, hospitality, retail, and financial sectors, and is encouraging developers to adopt green building techniques.
GCB donates GHc100,000 to Covid-19 Trust Fund
G
CB Bank Ltd has donated an amount of GHS100,000.00 to the Covid-19 National Trust Fund to help support sensitization work and reduction in the spread of the Covid-19 pandemic.
The donation by the bank forms part of its corporate social responsibility of supporting and partnering state institutions to achieve national development agenda. The Deputy Managing Director
of GCB in charge of Finance, Mr. Socrates Afram, who presented the cheque to the Chairperson of the Trust Fund, Her Ladyship Justice Sophia Akuffo, on behalf of the Board, Management and Staff of the Bank, commended the Trust on the good work being done to minimise the spread and impact of the disease. He stated that GCB as a wholly owned Ghanaian bank and corporate citizen, anything that affects the people of Ghana is of great importance to the Bank. Mr. Afram said GCB Bank has mounted several educational campaigns, enforced stringent Covid-19 protocols and donated PPEs institutions and communities in its quest to stem the effects of the pandemic and save lives. The Ministry of Health, Judicial Service of Ghana, Metropolitan, Municipal and District Assemblies and about 650 medical doctors, nurses and other health services staff have benefitted from
donation and distribution of PPEs, water tanks, feeding, among others to help combat the pandemic. Her Ladyship expressed her appreciation to the Bank for the gesture and explained that although there are vaccines for the disease and that the Covid-19 battle is far from over. She therefore called for more financial support since the Trust is running out of funds and donations have slowed down. She also touched on the work of the Trust which involves continuous Covid-19 sensitization to encourage adherence to the Covid-19 protocols and vaccination drives, adding, “Mask Up, Covid Down’ meaning when you put your mask on, you cut down the power of Covid-19. Present at the donation ceremony included Mr. Kojo Kwarteng and Mr. John Adamah, Heads of Corporate Affairs and Retail Banking Departments respectively.
10
Feature
WEDNESDAY NOVEMBER 17, 2021
31 million smiles in Ghana as Jumia lights up the country with Black Friday discount sales
By Bennet Otoo, Jumia Ghana
‘
’God bless our homeland Ghana and make our nation great and strong’’
This anthem is sung with so much pride and love in Ghana and everywhere around the world on special occasions. Every Ghanaian has a dream. A dream that one day, our nation will develop into a great financially dependent one. A country so rich in natural resources has often been set back by a lack of technological knowhow among many other limiting factors. However, even amid all the setbacks that Ghana faces, there have been many positives in fields such as entertainment and sports with many of Ghana’s musicians, actors and footballers making us proud on the global scene. An area that still needs massive improvement is trade. With high taxes leading to high costs of items, rampant spikes in fuel prices leading to the high cost of delivery etc. E-commerce has over the past few years been a saviour to our dear nation. A throwback to the devastating covid-19 era when everyone was forced to stay home and stay safe proves this. E-commerce or online retail ensured that Ghanaians still got their needs sorted out without having to risk their lives. African e-commerce giants Jumia have over the past 9 years ensured that Ghanaians enjoy the best deals and discounts on their preferred products and services all year round. This blessing is
always climaxed by the Black Friday sale in November every year. Interestingly, each year comes with something better. In 2019, the iPhone XS Max was sold during Black Friday sales for 1Ghs in a treasure hunt. In 2020, many home and office products/ equipment were sold for up to 80% off. This year, Jumia has ensured that every Ghanaian is smiling because all their essential items are up for grabs at mindblowing discounts. The 5kg Royal Aroma rice is being sold at 1Ghs during daily flash sales. Ghana’s leading e-commerce company Jumia, has dubbed this year’s Black Friday campaign #EverydayIsBlackFriday to ensure that Ghanaians enjoy top deals and discounts every day from 5th to 28th November. Let’s look at some highlights from the #JumiaBlackFriday campaign so far.
out day by day. Fortunately, there are more flash sales to come and customers should be on the lookout.
● The 5kg bag of rice at 1Ghs - This sounds abstract and unbelievable. Customers were in disbelief when news broke that Jumia was going to have a daily flash sale where they could purchase the 5kg perfumed rice for just Ghs 1. Yes, Ghs1. Rice is a staple in Ghana and nearly 80% of households consume rice everyday. Therefore, it was no surprise that many people were on the alert. Within a matter of minutes, the stocks of rice got sold out. After the flash sale, customers still shopped for other rice brands on Jumia. Essential everyday needs are being sorted
● Food offers - Of course the foodies haven’t been left out in all of this. This year, #JumiaBlackfriday is ensuring that Ghana eats well and saves more. Throughout the campaign, customers can get 50% off all pizzas. In addition, Jumia prime subscribers enjoy free streetwise 2 from KFC every Wednesday. There are also massive deals on burgers, smoothies and other munchies from top restaurants in Ghana. Local food restaurants and vendors are also running huge promos where consumers can get up to 60% off on selected meals.
● Iphone 13 at 35% Off - Just a few months ago, Apple released the latest version of their iPhone series and many Ghanaians have been craving this new tech masterpiece. So many memes have been flying around social media about how costly the phone is and how some people may have to work a lifetime to be able to own one. As usual, Jumia has ensured that customers dont work all their lives to afford one. At a whopping 35% discounted price, customers on Jumia can purchase a brand new iPhone 13 and enjoy all the amazing features that come with it. There was a treasure hunt as well where one lucky customer was able to buy the iPhone 13 for Ghs 100. Incredible!
● Deliveries - How does free sound? One of the major highlights of this year’s #JumiaBlackFriday has been the affordable and sometimes free deliveries that customers are enjoying. Many customers who purchase items on Jumia have received their packages safely and conveniently from our well trained delivery agents for free or close to no fees. With pick-up stations actuated in most regional capitals, customers are also picking up their orders from the pick-up stations cose to them at relatively cheaper fees. The convenience is welcoming and customers are receiving their items faster than before. This is just the beginning. With a few weeks still left on the calendar, Ghanaians are still enjoying the benefits of this amazing campaign.The campaign will draw to its close on 28th November but every Friday from now till then, customers will get bigger deals in what Jumia calls ‘’Explosion Days’’. There is a lot more to look forward to this month of November because Jumia is giving all Ghanaians and foreign nationals in Ghana the opportunity to shop for essential products across dozens of categories at heavily discounted prices. If you ave not smiled yet, then you are missing out. Download the Jumia app today and enjoy the best that e-commerce has to offer. Remember, it’s not just Fridays because with Jumia, #EverydayisBlackFriday
11
News
WEDNESDAY NOVEMBER 17, 2021
Huawei, Rebecca Foundation begin Coding and Fintech training in rural areas
H
uawei Ghana in collaboration with Rebecca Foundation has begun a digital technologies training in Coding and Financial Technology (Fintech) for Junior High School ( JHS) students and women respectively, at rural areas in Ghana. The training comes as part of efforts to improve the digital literacy skills of children by exposing them to the basic coding skills and programming languages like HTML, Scratch and C++ as well as economically empower women at the Northern, Western and Eastern regions of Ghana to enable them take advantage of digital technologies to improve their livelihoods. The pilot of the training which begun on 8th November, 2021 at Damongo, in the Northern region, has benefitted 50 traders and 150 Junior High School students from Kurabaso JHS, Jafo JHS, Cathedral JHS, Yabum JHS, Presby JHS, ST. Anne's JHS, Jakpa JHS, Damongo Girls Model JHS and Canteen JHS. In a short kickoff meeting, Ghana’s First Lady and founder of Rebecca Foundation, H.E. Mrs. Rebecca Akuffo-Addo, commended Huawei for positively partnering the Rebecca Foundation to train more girls
and women especially in digital technologies to bridge the gender gap in ICTs. She mentioned that the Foundation is keen on embarking on activities and initiatives aimed at the socio-economic development of children and women across the country and the partnership with Huawei is in line with this objective. The Director of Public Relations for Huawei Ghana, Mrs. Jenny Zhou, indicated during the meeting that Huawei is passionate about grooming more women in technology and as a result
will continue to undertake such programs to positively impact societies. According to her, the initiative is in line with the 10th anniversary celebration of International Girls in ICT Day and Huawei’s Seeds for the Future- Women in Tech program aimed at stimulating the interest of girls and young women in tech through training, workshops, career guidance and mentorship. In his remarks, the Municipal Chief Executive, Hon. Karimu Kusubari of the West Gonja Municipality commended
Huawei Ghana and the Rebecca Foundation for bringing the digital technologies training to their doorstep and for including the district. He entreated the students to take the training seriously and impact other children with the knowledge earned. He also called on Huawei to expand the training to cover more students in the municipality next year. In addressing the students, Mr. Katribe Dramani, the Director of Education for the West Gonja Municipality also tasked the students to become ambassadors of ICT and ensure that what they have been taught, is put to good use. The training is expected to benefit cumulatively, 400 more women and children from Mpohor in the Western Region and Asamankese in the Eastern region of Ghana and empower students to become the future creators of technology by exploring programming to start building upon their computational thinking skills in their early childhood. This training comes as part of Huawei's promise to the President of Ghana, H.E. Nana Akuffo Addo to train 10,000 Ghanaians in ICT by 2024.
ADB wins Best Cocoa Financing Institution at Ghana Cocoa Awards
T
he Agricultural Development Bank Limited (ADB) has been adjudged the best Cocoa Financing Institution of the year at the Ghana Cocoa Awards (GCA). The award was in recognition of the bank’s contribution towards providing Licensed Buying Companies (LBCs) and local farmers with the needed financial assistance to purchase cocoa and taking banking closer to cocoa farmers in the country. At the third edition of the awards held at the Kempinski Gold Coast Hotel in Accra, thirty-seven institutions and individuals were recognised and celebrated for their contribution to the cocoa industry. The ADB Deputy Managing Director, Mr Alhassan YakubuTali, said the award was a recognition of the Bank’s continuous support to the cocoa sector and pledged the commitment of the Bank to continue granting Licensed
Buying Companies (LBCs) the needed financials assistance to buy from local farmers. “ADB will continue to finance cocoa, by providing the needed financial assistance to Licensed Buying Companies (LBC) engaged
in the purchase of the cash crop and that will also translate into support for farmers,” Mr YakubuTali said, “We dedicate this award to our hardworking cocoa farmers and customers within the cocoa value
chain, who have done business with us,” he said. He lauded the organisers of the GCA, saying the awards scheme was relevant in recognising the hardworking actors and heroes of Ghana’s economic backbone.
12
Opinion/Analysis
WEDNESDAY NOVEMBER 17, 2021
What killed macroeconomics? By Robert Skidelsky
T
he problem with quantitative easing (QE), quipped then-US Federal Reserve Chair Ben Bernanke in 2014 about the Fed’s bondbuying program, “is it works in practice but it doesn’t work in theory.” One could say the same about macroeconomic policy in general, in the sense that there is no robust theory behind it. Governments routinely “stimulate” the economy to “fight” unemployment, but with a theory that denies there is any unemployment to fight. Mathematical refinement aside, economics has returned to what it was a century ago: the study of the allocation of given resources, plus the quantity theory of money. Macroeconomics – the theory of output as a whole, which was invented by John Maynard Keynes – has virtually disappeared. For example, what causes unemployment? The standard textbook answer is “downward wage rigidity.” A hairdresser who asks for a wage of $14 per hour, but who can be profitably employed only at $13 per hour, is choosing not to be employed. That choice is thus voluntary, reflecting a preference for leisure, or a decision not to be a hairdresser. The same is true of all workers in an economy. On this view, what is called unemployment is a choice not to work. The key assumption here is that everyone optimizes: they choose the best available option for themselves. Work is always available at some price. Therefore, unemployment is optimal for the unemployed. Given the assumption, the logic is unassailable. So, if the government expands the money supply in an effort to increase employment, the only result will be inflation, because monetary expansion does nothing to increase the supply of labor willing to work. Monetary policy should thus concern itself solely with the objective of price stability, which is best entrusted to an independent central bank free from political temptation. Most sensible economists have quailed before the logic of their own assumptions. Thus, in their recent textbook Macroeconomics, MIT’s Daron Acemoglu, Harvard University’s David Laibson, and the University of Chicago’s John List identify three categories of “non-voluntary” unemployment: frictional, structural, and cyclical. Frictional unemployment arises
because job searches take time. Structural unemployment arises because wage rigidities prevent the quantity of labor demanded from matching the quantity supplied. Cyclical – or short-run – unemployment occurs because of “technology shocks, changing sentiments, and monetary/financial factors,” and is “amplified by downward wage rigidity and multipliers.” The multiplier, a neat formula for calculating the amplified effect of any upward or downward change in spending, is the one piece of macroeconomic machinery that has survived the death of Keynesian demandmanagement policies. Even this tool had largely fallen into disuse – multipliers were assumed to be zero – before the 2008-09 financial and economic shock revived it. Modern economic theory holds that obstacles to full employment are not inherent but contingent. Thus, they can be minimized by labor-market reforms designed to “unstick” sticky wages, and by better regulation of banks. In a cyclical downturn – a state of disequilibrium – most economists now grudgingly allow that expansionary policy can increase the short-run demand for labor even at the prevailing wage rate. This was the contribution of Keynes. As the Nobel laureate economist Robert Lucas remarked in 2009, “I guess everyone is a Keynesian in the foxhole.” As Lucas’s formulation suggests, macroeconomic policy nowadays is reserved for shocks. But because there is no model of shocks – which are unexpected by definition – stimulus policies are theory-free.
Such policies can be either monetary or fiscal. Central banks can increase the supply of money to private firms to boost their incentive to hire more workers, or governments can run budget deficits. “Monetarist Keynesianism” (in the form of QE) was the main response to the Great Recession of 2008-09. This is what Bernanke said worked in practice, but not in theory. In fact, it didn’t work in practice, either. Champions of QE argue that things would have been even worse without it. That is impossible to prove or disprove. The fact remains that recovery from the 2008-09 financial shock was far from complete when the new COVID-19 shock occurred in 2020, because a lot of QE money was hoarded, not spent. The COVID-19 pandemic impelled governments to fall back on “fiscal Keynesianism,” because there was no way that just increasing the quantity of money could lead to the reopening of businesses that were prevented by law from doing so. Fiscal Keynesianism in the big lockdown meant issuing Treasury payments to people prevented from working. But now that the economy has reopened, the practical rationale for monetary and fiscal expansion has disappeared. Mainstream financial commentators believe the economy will bounce back as if nothing had happened. After all, economies fall into foxholes no more often than individuals normally do. So, the time has come to tighten both monetary and fiscal policy, because continued expansion of either or both will lead only to a “surge in inflation.” We can all breathe a sigh of relief;
the trauma is over, and normal life without unemployment will resume. The relationship between theory and practice is thus not as Bernanke saw it. Monetary policy works in theory but not in practice; fiscal policy works in practice but not in theory. Fiscal Keynesianism is still a policy in search of a theory. Acemoglu, Laibson, and List supply a piece of the missing theory when they note that shocks are “hard to predict.” Keynes would have said they are impossible to predict, which is why he rejected the standard view that economies are cyclically stable in the absence of shocks (which is as useless as saying that leaves don’t flutter in the absence of wind). The supply and demand models that first-year economics students are taught can illuminate the equilibrium path of the hairdressing industry but not of the economy as a whole. Macroeconomics is the child of uncertainty. Unless economists recognize the existence of inescapable uncertainty, there can be no macroeconomic theory, only prudential responses to emergencies. Robert Skidelsky, a member of the British House of Lords, is Professor Emeritus of Political Economy at Warwick University. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.
13
News
WEDNESDAY NOVEMBER 17, 2021
Stock Exchange marks 31st anniversary amid impressive run for 2021
T
he Ghana Stock Exchange (GSE) has marked its 31st anniversary of trading on the floor of the Exchange by ringing the ceremonial bell in the presence of some industry actors including ministers, the sector regulator, chief executives of listed companies and licensed brokers. The 31st anniversary celebration was themed ‘Digitalising Stock Market Operations, a Catalyst for Capital Market Development’, highlighting the current digital wave that is sweeping across all business sectors including stock market operations. Minister of Public Enterprises, Joseph Cudjoe in his remarks, indicated that: “The national digitalisation agenda is on course and that no sector should be left out in this digital era”. He also advised that organisations should list on the Exchange to enhance their corporate governance and access patient capital to expand their businesses. On his part, the DirectorGeneral of the Securities and Exchange Commission, Rev Daniel Ogbarmey Tetteh said:
“The regulator will continue to provide the enabling environment to support the digitalisation of the capital market and also develop the relevant rules to guide the introduction of new products such as green bonds, asset-backed securities and other products.” The Exchange started its digitalization journey as far back as 2009, where its trading was fully automated, and brokers traded virtually without coming to the trading floor.
This won the Exchange the most innovative African Stock Exchange by African Investor (AI) in 2010.The flotation of MTN’s initial public offer in 2018 where investors bought shares using mobile money also contributed to the Exchange being adjudged the most innovative Stock Exchange in Africa by the same organisation. Before automation of trading, the Exchange had established an electronic clearing and settlement system culminating
in the establishment of Central Securities Depository in collaboration with Bank of Ghana. Managing Director of the Ghana Stock Exchange, Mr. Ekow Afedzie said: “The Exchange had no disruptions to its operations during the onset of COVID-19 since it had been operating electronically over the past ten (10) years.” He added that some licensed brokers and Ghana Fixed Income Market dealers have already launched digital tools such as Apps, web portals and USSD to make it possible for their clients to buy and sell shares and debt instruments electronically. “GSE will continue to invest in technology on this digitalisation journey to help enhance its operations and contribute to the development of the capital market as well as making a significant contribution to the economy of Ghana,” he added. As of November 12,2021, the GSE Composite Index had returned 53.02percent with a market capitalization of GHS65.24billion. The bond market had traded 178.76billion representing 65.39percent more than the full year of 108.41billion traded last year.
Abena Osei-Poku appointed as Chair of Ghana Stock Exchange Council
T
he Ghana Stock Exchange (GSE) Council is pleased to announce the appointment of Mrs. Abena Osei-Poku as the Chairperson of the Council effective October 14, 2021. She is the second female in twenty-six years to become the Chairperson of the Exchange after Mrs. Gloria Nikoi of blessed memory. She takes over from Mr. Ray Anselm Sowah, whose tenure ended at the last annual general meeting held on 28th July, 2021. As one of the three independent members on the Council representing the Associate members, Mrs. Abena Osei-Poku is also the Managing Director of Absa Bank Ghana - a systematically important player in the Ghanaian economy. Abena is credited with leading the successful Barclays transition from a “100-year-old household brand” into Absa. She is responsible for charting a transformational direction for the bank and for entrenching the new brand amongst key clients, customers, and all stakeholders.
Prior to this, she worked at Absa Group in South Africa as Managing Director responsible for the Corporate & Investment Banking business in East and West Africa. As a high-ambition leader, Abena combines effective commitment to high financial performance and social good. She has over 27-years panAfrican experience from Standard Chartered and Barclays Bank with various leadership roles in risk management, corporate governance, business management, strategy, client coverage and change management. She has broad board experience having previously sat on boards in telecommunications, banking, commerce, and hospitality. She is currently the Chairperson of the Advisory Board of the College of Health Sciences, University of Ghana. In addition, she sits on other executive fora and is an Honorary Member of the Chartered Institute of Bankers and an Honorary Fellow of the Chartered Institute of Marketing
Ghana. Abena is an alumnus of University of Ghana Legon and has an MBA from the Manchester Business School in the United Kingdom. She has participated in various leadership and other programs
worldwide. She is fluent in English with a working knowledge of French. The GSE Council would like to take this opportunity to wish her every success in her new role as the Chair of the council.
14
African Business
WEDNESDAY NOVEMBER 17, 2021
Africa’s Great Green Wall gives viable return on investments – research
A
frica’s Great Green Wall (GGW) programme to combat desertification in the Sahel region is not only crucial to the battle against climate change but also makes commercial sense for investors, a new study led by the Food and Agriculture Organization of the United Nations (FAO) and published in Nature Sustainability shows. For every US dollar put into the massive effort to halt land degradation across the African continent from Senegal in the west to Djibouti in the east, investors can expect an average return of USD 1.2, with outcomes ranging between USD 1.1 and USD 4.4, the analysis finds. “We need to change the rhetoric about the Sahel region,” to reflect the fact that despite its harsh and dry environment, “investors can get a viable return on their investment in efforts to restore the land”, says Moctar Sacande, International Projects Coordinator at FAO’s Forestry Division and one of the study’s lead authors. The analysis uses field and satellite data to track the land
degradation over the period 2001-2018 and then compares the costs and benefits of restoring the land based on different scenarios adapted to the local contexts. The results provide the final piece of economic transparency in a jigsaw, with the political will and technical know-how already in place and should encourage the private sector, which is showing increased interest, Sacande says. The greening and land restoration along this belt stretching 8,000 km across the continent is alrey underway. Communities are planting resilient and hardy tree species such as the Acacia senegal, providing gum arabic, widely used as an emulsifier in food and drinks and the Gao tree or Faidherbia albida, which helps to fertilise soil for the cultivation of such staples as millet, and for animal fodder. With technical support from FAO, more than 500 communities have seen improved food security and income generation opportunities. The total area the GGW programme encompasses remains limited, with only 4 million hectares out of a targeted
100 million, according to the study. A total of some 20 billion dollars has been pledged internationally to support the scaling up of the Great Green Wall programme, including USD 14.3 billion at a One Planet summit for biodiversity held in Paris in January this year and USD 1 billion from Amazon founder Jeff Bezos at the justconcluded COP26 climate conference. Concrete details of how these funds can be accessed are yet to be clearly mapped out, says Sacande, adding that unless some of the funding is delivered
urgently, it could be too late for planting to catch the limited rainfall expected in June and July. With its potential for carbon sequestration and restoring biodiversity and its emphasis on the socio-economic benefits to the impoverished communities inhabiting the region, the GGW straddles the key areas of climate mitigation, adaptation and resilience. It also addresses Sustainable Development Goals (SDGs) 1 (No poverty), 2 (No hunger), 13 (Climate action), 15 (Life on land) and 17 (Partnerships)) in the UN’s Agenda 2030.
Brand Africa to recognise and rank the “Best Places in Africa” for tourism, investment and citizen mobilisation and championing “made in Africa
B
rand Africa to recognise and rank the “Best Places in Africa” for tourism, investment and citizen mobilisation Brand Africa has launched “Brand Africa | Africa’s Best Places,” the pan-African initiative to recognize and rank the best places for tourism, investment and citizen mobilisation in Africa. The goal of the initiative is to inspire pride, raise the standards and grow the competitiveness of African places – countries, cities and destinations. The inaugural awards and rankings of the “Brand Africa | Africa’s Best Places” will be celebrated and published on 1 September 2022. The “Brand Africa | Africa’s Best Places” initiative builds on the inaugural Brand Africa Forum in 2010 which convened African and global place branding decision makers and thought leaders to reflect on how African nations individually and the continent collectively can develop a supranational competitive advantage. Every year since then, Brand Africa has announced the “Brand Africa 100
| Africa’s Best Brands” the widely referenced pan-African survey and ranking of brands in Africa, which over the past 10 years, has established that only 20% of the most admired brands in Africa are African. The initiative was announced by Brand Africa Chairman, Thebe Ikalafeng, on the sidelines of the Intra-Africa Trade Fair 2021 (IATF2021) which is taking place in Durban, KwaZulu-Natal, South Africa from 15 to 21 November 2021. “Despite being rich in valued mineral resources, enviable indigenous fauna and flaura, a youthful population and being the second most populous continent accounting for 17.5% of world population, Africa attracts roughly only five percent of the world's inbound tourism and FDI,” says Ikalafeng. “Recognizing Africa’s Best Places will inspire pride in African places, enhance their reputations and competitiveness, grow tourism and investment, and ultimately contribute to the greater development and image of the continent,” he concludes.
The “Brand Africa | Africa’s Best Places” initiative is structured into two primary categories: (1) adjudicated awards and (2) rankings. In the adjudicated awards category, African private and public institutions, agencies and practitioners can submit entries for initiatives and campaigns for tourism, trade and investment, economic development and citizen mobilization implemented internally in Africa or externally for Africa. In the rankings category, an independent pan-African survey among citizens, visitors and investors will be undertaken to determine the best places for tourism, investment and to live. Reflecting on the pandemic and the context of the IAFT2021 whose theme is focused on the African Continental Free Trade Area (AfCFTA) which aims to accelerate intra-Africa investment and trade from 18% to 50% in 2030 through a single market for goods and services across 55 countries, Ikalafeng, who’s been to every country in Africa, believes that by highlighting “Africa’s Best Places”
brands,” will inspire and mobilize African entrepreneurs, grow tourism, trade and investment, and accelerate industrialization, which ultimately will contribute to Africa’s growth, competitiveness and distinctiveness in a postpandemic world where nations are increasingly having to look internally for sustainability. Dr. Keith Dinnie, the global authority in city, region and country brand management and author of the world's first textbook on nation branding: 'Nation Branding – Concepts, Issues, Practice' and editor of the book 'City Branding – Theory and Cases,' Kwame Senou, VicePresident at Opinion & Public in Benin and Ivory Coast and Vice-Chairman for Brand Africa Francophone Africa and Central Africa, New York based Eloine Barry, the CEO of Africa Media Agency, Kwakye Donkor, the CEO of Africa Tourism Partners, and broadcaster, actor, traveller, entrepreneur and philanthropist, Masego Maponyane are the inaugural members of the advisory council.
15
WEDNESDAY NOVEMBER 17, 2021
16
WEDNESDAY NOVEMBER 17, 2021
17
Feature
WEDNESDAY NOVEMBER 17, 2021
The smart climate money is on women
By Marjut Falkstedt
W
omen account for 43% of the agricultural labor force in developing countries, but account for only about 7% of investment in the sector. According to the Food and Agriculture Organization of the United Nations, investing more in female farmers could increase agricultural yields by up to 30% – almost enough to offset the decline in output expected by 2030 because of climate change. This is just one example of how climate and gender are deeply intertwined. Women’s livelihoods often depend on forests, rivers, lakes, and oceans, and their knowledge of these resources could spearhead conservation efforts. At the same time, women suffer more than men from climate change, because they tend to be poorer and often lack the financial wherewithal to recover from flooding, heat waves, or wildfires. But even as climate change profoundly affects women’s lives, high-level climate discussions or policy initiatives rarely consider their conditions, needs, and views. This is both unjust and short-sighted. Climate projects need women’s input to succeed, given the huge role they play as consumers, community leaders, workers, and entrepreneurs. We already know that investing in women is good business. Enterprises in which women occupy at least half of the leadership positions have higher sales growth, are more profitable, and generate a better return on their assets. And because women make roughly 80% of consumer
buying decisions, firms with stronger female representation often produce better-selling products. But investing in women also makes good climate sense. Women are more likely than men to start businesses focused on sustainability. Companies with women on their boards are likely to improve energy efficiency, reduce costs, and invest in renewable power generation. Similarly, firms that increased female representation on their boards over a five-year period were 60% more likely to reduce the intensity of their energy consumption, 39% more likely to cut their greenhouse-gas emissions, and 46% more likely to lower their water use. A growing number of investors evaluate companies not only on the basis of their financial performance, but also with a view to their environmental and biodiversity commitments and their efforts to promote gender equality. EcoEnterprises, a Latin America-based biodiversity investment firm, is tapping into that investor interest. It has a solid track record of helping environmentally sustainable businesses in the region to scale up their operations and provide economic opportunities for women in rural areas. Moreover, EcoEnterprises is owned and led by a woman, Tammy Newmark, and its management team is almost entirely female. The firm has raised money for three investment funds to date. The third fund – in which the European Investment Bank has invested about $20 million – will allocate 15% of its
capital to investments in womenowned or women-led companies, and will push for firms in its portfolio to employ women in 50% of jobs. Those objectives mean that the fund has qualified for the 2X Challenge, a global initiative supported by the EIB since its inception that aims to raise $15 billion to enhance women’s economic participation. One EcoEnterprises investment, an organic orchard in Colombia, is hiring women to rebalance its male-dominated workforce and has promoted two to senior positions as head of human resources and chief operating officer. EcoEnterprises has also invested in Ecoflora Cares, a fast-growing Colombian producer of environmentally friendly natural colorants for the food and personal care industries. Founded by Sandra Zapata, the company is actively expanding its supply network to include more women. Such investments show how biodiversity and gender equality can naturally complement each other. Focusing on the two objectives together enhances a project’s impact while reducing risk. If done right, climate-change projects could provide a unique opportunity to invest in women’s potential. The green economic transition is expected to create millions of jobs in the coming years. Ensuring that women have the skills to seize those new opportunities could help reduce persistent labor-market inequalities and gender-income gaps. But providing women with this chance requires integrating gender-sensitive policies into all
aspects of job recruitment and promotion. Likewise, achieving the UN Sustainable Development Goals hinges on improving women’s opportunities and economic participation worldwide. Recognizing this need, the EIB is increasingly weaving gender into its projects. We have been applying 2X Challenge criteria – which define levels of female employment and investment in women-owned and women-led firms – to our investments since 2019. Such internationally agreed benchmarks help the EIB and our partners to measure our gender impact better and evaluate what works best. In addition, the EIB recently co-developed a guide for gender-smart climate finance with CDC Group, the United Kingdom’s development finance institution, and the European Bank for Reconstruction and Development. The guide, compiled on behalf of the 2X Gender and Climate Finance Taskforce, provides investors with tools for integrating women into climate investments. “Bridging the gender divide is not only a matter of justice for women and girls,” UN Secretary-General António Guterres recently noted. “It’s a game-changer for humanity.” By directing climate resources effectively, the world could make significant – and simultaneous – progress in tackling both global warming and gender inequality. Marjut Falkstedt is SecretaryGeneral of the European Investment Bank.
18
WEDNESDAY NOVEMBER 17, 2021
19
Feature
WEDNESDAY NOVEMBER 17, 2021
Woman of the moment: Patricia Obo-Nai – The most decorated telecoms CEO
T
he first Ghanaian to become Vodafone Ghana CEO, Patricia Obo-Nai is arguably the most decorated telecom CEO in Ghana right now. She epitomizes, in many ways, the adage that “what men can do, women can do better.” Come to think of it; she became a telecom CEO only in 2019. So what others could not achieve in many years, she has achieved in just two years. Her performance at Vodafone, for years now, plus her exemplary leadership stand so tall that it became proverbial that once she is up for any top award, it was a done deal for her, no matter who the competition was. This year alone, she has raked in loads of prestigious telecom industry, business and leadership awards both in Ghana and Africa. The list includes the following: • Women Leadership Excellence Award at Ghana CEO’s Network Summit • Africa’s Most Respected CEO Awards in the continent’s Telecommunications Industry (Dubai, UAE) • Woman of the Year, EMY Africa Awards • Fifty Most Influential Corporate Women in Africa - by the Leading Ladies Africa • 100 Most Influential African Women - by Avance Media • Tech Industry Personality of the Year, Ghana Information Technology and Telecoms Awards, and • Woman of Excellence Award, Ghana Business Awards, just to name a few. • In the previous year, 2020, she bagged at least several laurels, which include: • Women of Excellence Awards, Ghana; • Te l e c o m m u n i c a t i o n s
Personality of the Year – National Communications Awards • STEM Leadership Award at Sustainability and Social Impact (SSI) Awards, • Telecom CEO of the Year – Ghana Information Technology and Telecom Awards • HR-Oriented CEO of the Year, HR-Focus Awards, and • Young Professional Role Model in Women Executive Leadership Award. • Glitz Africa also named her Woman of the Year, Telecoms. You may be getting tired already going through all of Patricia’s awards, but it does not stop there. Prior to ones listed above, she has won the following as well: • Most Respected CEO of the Year (Most Respect CEO Awards) in 2019, • PRESEC “Odade3” Honorary Torch Award, 2019. • She was listed as one of the 100 Most Inspiring Women Leaders in the Vodafone Group in 2018; • Distinguished Alumnus from the College of Engineering at KNUST in 2017 • Best Female Technologist Award at the Annual Ghana Telecom Awards (GTA, now GITTA) in June 2012. • Her passionate commitment to science, technology, engineering and mathematics (STEM) education, particularly for girls, has also won her STEM Woman Award (STEM Woman Project). • She was also named among top 50 Most Influential Female Leaders in Africa within the corporate and business sphere by Leading Ladies Africa. Obviously, Patricia did not only start excelling in technology today; and given the number of times she has been honored as
industry personality of the year, CEO of the year and Woman of the year, she is easily the TechGH24 Woman of the Moment. Patricia Obo-Nai is a highly ambitious leader with 24 years’ experience in the telecommunications industry. She is one of the leading figures in Ghana’s telecom sector. Patricia started her career as a Network Planning Engineer with Millicom Ghana Ltd (Tigo) in 2000. She rose to become the first female Chief Technology Officer (CTO) in the company and in the country in December 2006. She was instrumental in the transformation of the Tigo network from analogue to digital. Indeed, it became proverbial in the industry that Tigo’s network was the best in the country at the time Patricia and her colleague Lucy Quist were in charge of the network. It was therefore not a surprise that when Vodafone entered the country and went on a poaching spree, Patricia was one of the first people to be poached by Vodafone Ghana in 2011, and she became Technology Director of the company. She also served as Director of Fixed Business/ Customer Operations and Acting Director of Consumer Business before being appointed Chief Executive Officer (CEO) of Vodafone Ghana in April 2019, becoming the first Ghanaian to occupy that role after 10 years of Vodafone’s operation in Ghana. Under her leadership, Vodafone has churned out several winning innovations such as the award-winning free mobile money transfers to all networks – which has been a big winner and shot Vodafone to number two in the mobile money market. Other innovations under her include
Smart Surf router, which is a result of a partner with Surfline; the very popular 2Mooch Data, Medical Call Center, the customer service bot, ToBi, Business Runway, Your Business Online, Red Trader, Virtual Skills Fair, SuperCare and many others which continue to make waves in the industry. Patricia serves as an Advisory Council Member of the West Africa STEM Hub, an Advisory Board Member of the Global Young Academy, and a board member of the KNUST Engineering Education Project (KEEP) and the KNUST Foundation. She also serves on the boards of Restoration Community Chapel and Men of Honour, a notfor-profit organization. She is a member of the Ghana Institute of Engineers and the Executive Women Network. After her O-Level and A-Level education in St. Roses Senior High (Akwatia) and Presbyterian Boys’ Senior High (Legon), she went on to obtain a BSc in Electrical/ Electronic Engineering from Kwame Nkrumah University of Science and Technology (KNUST), an Executive MBA in Project Management from the University of Ghana Business School, and has executive education from Kellogg School of Management, London Business School, and INSEAD in France. Patricia is passionate about the future of young people and women in the digital age and is a strong advocate for STEM. She has been on a number of local and international platforms, including the UN General Assembly panel sessions advocating for youth and women. She is married and has 3 children. Source: Tech 24
20
Markets
WEDNESDAY NOVEMBER 17, 2021
WEEKLY MARKET REVIEW FOR WEEK ENDING NOVEMBER 12, 2021
CONTINUED ON PAGE 21
21
WEDNESDAY NOVEMBER 17, 2021
CONTINUED FROM PAGE 20
WEEKLY MARKET REVIEW FOR WEEK ENDING NOVEMBER 12, 2021
22
BUSINESS24.COM.GH WEDNESDAY NOVEMBER 17, 2021
NO. B24 / 275 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY NOVEMBER 17, 2021
Stanbic fosters partnership between Takoradi Technical University and Direct Aid
S
tanbic Bank Ghana, a leading financial institution in Ghana has facilitated scholarships for some physically challenged students of the Takoradi Technical University (TTU). This indeed is a testament of the Bank’s commitment to not only provide full financial services to its client but also to identify and support clients within their areas of expertise where necessary. A team from the Bank while on a routine visit to the Takoradi Technical University, identified a need through engagement with the school’s authorities. The Bank immediately referred the matter to another corporate client, Direct Aid, who expressed their readiness at looking into the matter to provide a solution. “Today, as we speak, I am happy to announce to you that, Direct Aid, has agreed to provide scholarships for five (5) physically
challenged students of the TTU starting in 2022,” said Farihan Alhassan, the head of Business and Commercial Clients at Stanbic
Bank Ghana. The Vice Chancellor of Takoradi Technical University, Prof. Frank John Eshun, expressed his
gratitude to Stanbic Bank saying: “We are thankful to Stanbic for the referral. This is the power of partnership, which we have been talking about all this while; partnerships that yield mutually beneficial results.” Fostering partnerships of growth remains high on the agenda of the bank’s activities in the country. This notwithstanding, the bank has invested significantly in various CSR initiatives across the country notably in the areas of health, education, and the environment. “We are open to ideas such as these, and it is heart-warming to know that our bank does not only take care of our financial needs but cares enough to make recommendations that bring about the growth of our organisation,” said the Country Director of Direct Aid, Sami Henedak Ahmed Mohammed.
Deputy Speaker of Parliament of Hungary visits Ghana
I
stván Jakab, Deputy Speaker of the Parliament of Hungary, is expected to visit Ghana between 20-26 November. The purpose of the parliamentary delegation’s visit is to strengthen the cooperation between the two Parliaments as well as to develop bilateral ties in the fields of agriculture and food industry. Mr. Jakab is an agricultural engineer by training, he is an honorary associate professor of the Hungarian University of Agriculture and Life Sciences (MATE), the president of the Association of Hungarian Farmers’ Communities and Cooperatives (MAGOSZ) and the founding president of Africa Knowledge Center of Hungary. Jakab will be received by Alban S. K. Bagbin, Speaker and Joseph Osei-Owusu, Deputy Speaker of the Parliament of Ghana. He is scheduled to meet with Dr. Kwaku Afriyie, Minister of Environment, Sciences, Technology and Innovation, Cecilia Abena Dapaah Minister of Sanitation and Water Resources, Alan Kyerematen, Minister of Trade and Industry and Dr. Owusu Afriyie Akoto, Minister of
Food and Agriculture. Mr. Jakab will pay a visit to the University of Ghana and will meet Prof. Ms. Nana Aba Appiah Amfo, Vice Chancellor, give a lecture on agriculture and use this opportunity to open an exhibition commemorating 60 years of the Ghanaian-Hungarian diplomatic relations in cooperation with the Centre of European Studies of the University of Ghana. The delegation plans to have an audience with Otumfuo Nana Osei Tutu II Asantehene, Chancellor of KNUST, Nana Otuobour Djankwasi II, Chief of Aburi and Osabarima Kwesi Atta VI, Chief of Cape Coast. Mr. Jakab will have a meeting with Dr. Joseph S. Agyepong, Chairman of Jospong Group, Prof. Victor Agyeman, Director General and the Directorate of the CSIR Council for Scientific and Industrial Research. He plans to meet Most. Rev. Charles G. Palmer-Buckle Archbishop, Rev. Dr. Lawrence Tetteh, the president of the Worldwide Miracle Outreach and Rev. Andy Odonkor Presbyterian Pastor. He will take a look at the Kumasi waste water treatment plant
built with Hungarian technology, the Hungarian reference farm at the CSIR in Kumasi, the CSIR Aquaculture Research and Development Center in Akosombo, the Akosombo Dam, the Aburi Botanic Gardens, the
Newill Academy in Koforidua donated by the Hungary Helps Program. His landmark visit will contribute to the friendly relations between Ghana and Hungary.