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WEDNESDAY NOVEMBER 24, 2021
BUSINESS24.COM.GH
Wednesday November 24, 2021
Digitalizing Africa's mines
NO. B24 / 278 | News for Business Leaders
Redefining engagement with China
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Bawumia calls for prudent use of resources by state enterprises By Benson Afful affulbenson@gmail.com
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ice President Dr. Mahamudu Bawumia has urged heads of state agencies to adopt a more efficient use of public resources in order to maximise the value of what has been entrusted to them. Speaking at the closing ceremony of a retreat for board chairpersons, heads and deputy heads of government institutions at Nkwatia-Kwahu, Dr. Bawumia told the heads of state institutions that state agencies have crucial roles to play if Ghana's quest for less reliance on foreign support Cont’d on page 2
is to be achieved, hence the need for them to adopt innovative ways of transforming their respective agencies for the benefit of all Ghanaians. "As heads of institutions, we have a responsibility to constantly represent the Ghanaian people in a transparent and accountable manner," Dr. Bawumia said. "It is our responsibility to always maximise the value of what has been entrusted to us for the benefit of everybody." Ghana Beyond Aid Ghana Beyond Aid, the Vice President noted, is a long-term project, which requires enormous resources from both the public and commercial sectors, in keeping with the goal of becoming
‘Reversal of benchmark value policy will protect local businesses’
IATF 2021: ‘African states need strong industrial value chains for AfCFTA’
By Eugene Davis ugendavis@gmail.com
By Patrick Paintsil p_paintsil@hotmail.com
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he Minister of Information and a member of Parliament’s Finance Committee, Kojo Oppong Nkrumah, has backed local businesses to thrive following the removal of the benchmark value
he Secretary-General of the AfCFTA Secretariat, Wamkele Mene, has indicated the need for African countries to focus on growing their manufacturing sectors to
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Editorial / News
WEDNESDAY NOVEMBER 24, 2021
Editorial Is blanket removal of the benchmark policy the way to go?
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overnment’s blanket implementation of the benchmark value policy, which saw significant reduction in duty cost on some imports to the country, became the bone of contention between the nation’s top trade associations, the Association of Ghana Industries (AGI) and the Ghana Union of Trader Associations (GUTA), in the latter part of its implementation. The former argued that it wasn’t feasible to have the policy, which sought to cushion industrialists—who import raw materials for local production—to be extended to general importers who carted finished and cheaply priced goods to sell on the local
market, but the latter was having none of that. Fortunately, or not, the policy has been withdrawn and importers who bring in the listed goods that attracted the significant drop in duties now have to pay the full cost of clearing their consignments from the ports. If the benchmark value policy was to offer some respite to the importing public, and if its blanket implementation was poor, the same can be said of its blanket reversal. We cannot take away the fact that local industries will still import raw materials for production and the cost of securing those inputs will
affect how competitively the end product will be priced to compete on local or external markets. As we seek to build a robust industrial base for the single continental market, this is the wrong time for the government to roll back some of the interventions that could go to better the lot of local industry. Was a targeted implementation of the policy the best option? And could we have done same with its reversal? Information Minister Kojo Oppong Nkrumah says its reversal will inure to the benefit of local businesses, but to what extent?
Bawumia calls for prudent use of resources by state enterprises Continued from cover
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less reliant on the charity of external donors. Stressing the significant roles the public sector, in particular, is expected to play towards driving Ghana closer to the vision of Ghana Beyond Aid, he urged the heads of institutions to "harness and use the country's own resources to transform the economy effectively and efficiently for a rapid, but a sustainable growth path." "Ladies and gentlemen, to reform our specified entities in realising a Ghana Beyond Aid, heads of institutions need to be more professional and transparent in their approach to public investments, as well as greater efficiency in the use of all public resources. "It necessitates a shift in thought and attitude so that we can begin to do things differently— smarter, more efficiently and effectively, and with a greater feeling of patriotism and civic responsibility." Building technological capabilities The Vice President also implored the heads of state institutions to uplift the technological capabilities of their respective organisations, in line with government's digitisation agenda, in order to boost their operations for the benefit of Ghanaians and also to contribute
effectively towards the economic transformation of the country. "To achieve the vision of Ghana Beyond Aid in the shortest possible time, we need to improve our technology capabilities,” Dr. Bawumia said. "According to Alexis Ohanian, you needed to open a factory to participate in the industrial revolution; this time around, you only need to open a laptop to participate in the internet revolution. There is a global paradigm shift, and we must not be left behind in this 4th Industrial Revolution,” he added. "This has been my primary inspiration for the digitisation agenda; that is, to apply technological innovation to transform the ways and means by which we engage in our everyday production and exchange of economic activities. Whether at home, at our offices, farm and factory, whether it is person to person, person to business, business to business, or person and business to government, transparency and efficiency are our watchwords. "Our economic transformation can best be aided by digital transformation to overcome some of our development challenges. “For example, our use of drone technology in the delivery of medical supplies has helped us to overcome many challenges in the delivery of health care services to the people who live far in the rural areas and far from urban centres. "We save lives, provide more
efficient management and distribution of critical medical supplies and gain more equitable access to the health care system. "When we apply technological innovations to the passport office, to DVLA, to the distribution of pre-mix fuel and fertilizers, we are improving on our production and service delivery capabilities to transform the economy. "That is why as heads of public institutions we take this opportunity to implore each one of you to join us in this transformation. Somewhere in your organisation, somewhere in your production and delivery of services for a fee, technological innovation and digital transformation procedures can lift the performance of your organisation, or help the organisation overcome the obstacles we have faced for several years. It is all in innovations of processes, procedures and data management."
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‘Reversal of benchmark value policy will protect local businesses’ Continued from cover policy. Government, in the 2022 Budget Statement, has proposed to restore the benchmark values of imports by suspending the 50 percent discount on selected general goods and the 30 percent discount on vehicles. According to Mr. Nkrumah, the decision to restore the benchmark values will boost the local economy. “We live in an economy where a good number of the things we consume are imported. In the last three to four years, we have made a lot of investments in supporting local industries. The administration has put before this house a policy that says that we will keep the benchmark that has been discounted; however for some 40 products which we produce here in Ghana, it will not be in our interest to keep discounting,” he said.
He added that the reversed discounts on poultry products, rice, palm oil, toiler paper, chocolate, water, tomato paste, ketchup, and furniture will serve local businesses well. He further said the policy change is consistent with
government policy to promote local industry and improve foreign exchange earnings. “We are committed to a programme of turning our enterprising traders into manufacturers of widgets, tools, and other machinery necessary as inputs for industrial
growth.” If Parliament approves the 2022 budget, all items under the 32 categories currently enjoying port clearing discounts will no longer enjoy that special dispensation. The items include sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker, and mosquito coil. Other items are vehicles, ceramic tiles, aluminum products, cartons, textiles, and fruit juices, among others. Mr. Nkrumah urged his colleagues to support the budget since the government is making available GHc16bn to support infrastructure. “This budget, unlike many budgets in times past, forecasts a lot of money to support infrastructure. The most important problem, unemployment, will be addressed in this budget.”
IATF 2021: ‘African states need strong industrial value chains for AfCFTA’ Continued from cover boost the contribution of regional value chains to intra-Africa trade. “We need to start with the manufacturing sector and develop an industrial base and we can graduate from there; at the same time, we can pursue [a] services sector development strategy as we implement the AfCFTA,” he said at a high-level forum at the just-ended Intra Africa Trade Fair in Durban, South Africa. Mr. Mene also called for clearer plans by African governments towards industrialisation and a deliberate campaign for consumption goods produced in Africa. “Once we start developing our own productive and manufacturing capacities as a continent, we will have to follow that through with a campaign to encourage African consumers to buy Made in Africa,” he added. The AfCFTA Secretary-General cautioned that if the continent indeed wants to see the AfCFTA effectively implemented, it should be owned by private businesses and not governments, trade diplomats and negotiators. He further indicated: “If we don’t want this to succeed, we would leave it only to government and trade negotiators who know little about running a business.
That’s why we’ll create the platform for African private sector engagement to ensure that they are part and parcel of the AfCFTA implementation process.” Another speaker at the forum on ensuring value chain development under the AfCFTA, Dave Coffey, CEO of African Association of Automotive Manufacturers, indicated that the continent has a weak industrial base and suggested some practical measures to help the automotive sector in line with intra-Africa trade. “One of the challenges of Africa is that it has a weak manufacturing base; I’ve seen this at firsthand. So, we need to bring in existing components manufacturers to partner on the ground and develop local capability. What’s very important is that there is huge opportunity in this single market that is going to facilitate the scaling of our competitive manufacturing and trade,” he said. Dave made a call to have a direct policy on the importation of used vehicles on the continent, considering that about 85 percent of vehicles that are sold in Africa are used. “We are a dumping ground for the developed world at the moment and that needs to stop. Importers of these used cars are
in fear that they will lose their business model, but that’s not the case. There is an absolute place for used vehicles, but the source of used vehicles will be substituted to vehicles assembled in Africa. So, within the free trade area, we need to harmonise the right standards; we need vehicles that come from the fleet assembled in Africa to be maintained at the right intervals, to return the residual values so that they can attract affordable finance,” he added. Dr. Amany Asfour, Interim Chair of the Africa Business Council, called for increased awareness and targeted financial and policy support for Africa’s private sector, especially small businesses, women and youth. She said: “What does the single market mean to the people of Africa and does it impact our daily lives, in terms of creating more jobs, improving trade in value added goods from the continent?We need to create awareness about the AfCFTA for all our categories, from large corporates and cross-border women traders, the young entrepreneurs and the big chambers of commerce.” She also called for all governments to set aside about 40 percent of their procurement for the private sector, including
small-sized businesses, women and youth. “If AfCFTA will succeed, it demands all of us coming together to have an affirmative action for our government procurement. Financial inclusion is very important; we need specialised and targeted financial products geared towards the private sector, especially SMEs, women and youth,” she indicated. Nana Osei Bonsu, Chief Executive of Private Enterprises Federation (PEF), bemoaned what he called disjointed government policies on the continent, particularly in West Africa. “The difficulties we have is a plethora of policies across board; there are a variety of policies that are disjointed, stumbling blocks and barriers to trade that affect businesses engaged in crossborder trading,” he argued.
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VP Bawumia Opens Ghana Digital Innovation Week
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one-week programme bringing together pacesetters and stakeholders in the digitization ecosystem has been launched in Accra by the Vice President, Dr Mahamudu Bawumia. The 'Ghana Digital Innovation Week" is designed to bring together entrepreneurs, investors, researchers, university faculties, venture capitalists, as well as other technical service providers such as accountants, designers, contract manufacturers and providers of skills training and professional development to provide a common platform for practical conversations on turning innovative ideas into useful reality to address societal problems. Under the auspices of the Office of the Vice President, Government, through the Ministries of Communication and Digitalization (MCD) and Environment, Science, Technology and Innovation (MESTI) also engaged at the highest levels, the governments of Israel, Germany and Rwanda, known for their innovative prowess, to help provide technical assistance.
Commending the organisers for the "excellent collaborative work done", Vice President Bawumia said it was imperative that all stakeholders "talk to each other" as the nation strives towards achieving a digital economy fit for the Fourth Industrial Revolution. "For far too long, things have been happening a in 'silolike' environment in the digital innovation space. It is important that all key stakeholders are brought together, in a common space, to have frank conversations and cross-fertilize each other. "This Ghana Digital Innovation Week will serve as a platform to discuss and define a common national vision that drives Ghana's digital innovation agenda, generates wide interest, and prompts concrete actions in the policy, legislative, regulatory spaces and the needed infrastructure. "Furthermore, let us use the opportunity of this conversation to highlight our nation's achievements in the digital innovation ecosystem and lead the conversation on how best Ghana can position itself to drive its development agenda through inclusive and collaborative
stakeholder participation in this ecosystem. "It is only through an open, inclusive and participatory process, where the voices of all can be heard, that we can craft Ghana's digital future and unleash the true potential that innovation holds," he urged. While outlining some of the deleterious effects of Covid 19, Dr Bawumia maintained that technology provides one of the surest ways of recovering from the pandemic through accelerated and inclusive development. "To rebuild our postpandemic economy, there is an urgent need of investing in innovative technology to leapfrog the obstacles to inclusive development. There is perhaps no more important development revolution facing us now than the fast-approaching digitization
and leveraging of technology to develop our country, Ghana." Cross-border cooperation, he emphasised, is key. "To achieve this inclusive and accelerated development, all stakeholders must work together in order to grow Ghana and African countries' innovation ecosystems. "Tapping on the experience, expertise and networks of all countries, particularly our PanAfrican brothers and sisters, will not only offer us a wealth of lessons and insights, but will also help us build effective collaborative innovation ecosystems. "Innovation sees no boundaries. But for us to explore its full potential, we must join hands within our local ecosystems in Africa and elsewhere to strengthen our foundations accelerate innovations."
USAID, Trade Ministry host Ghana Agribusiness Investment Summit
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he United States Government, through the U.S. Agency for International Development, and Ghana’s Ministry of Trade and Industry will host the Ghana Agribusiness Investment Summit November 16-18, 2021. The virtual summit, which opens on Tuesday, will bring together over 400 stakeholders in the agribusiness sector, transaction advisors, financial institutions, and investors, along with representatives of the United States and Ghana governments, non-governmental organizations, development agencies, and the donor community. The theme for the summit is “Building a Resilient and Sustainable Ecosystem for Agricultural Financing.” USAID Ghana Mission Director Sharon Cromer joined the Honorable Deputy Minister of Industry, Michael Okyere Baafi to open the summit, which is part of the USAID-supported Feed the Future Ghana Mobilizing Finance in Agriculture (MFA) initiative.
Deputy Minister of Trade and Industry Michael Okyere Baafi
“A more developed Ghana is a stronger trade partner for the United States. We look forward to continuing to support Ghana as it continues along its journey towards prosperity, sustainable growth, and self-reliance in agriculture. Innovative financing tools will be key to mobilizing private capital to support Ghana’s agricultural growth,” said USAID Ghana Mission Director Sharon Cromer, reaffirming the U.S. Government’s commitment to help Ghanaians move from subsistence farming and low value addition to become a leader in Africa’s agricultural development.
Deputy Minister of Trade and Industry, Michael Okyere Baafi, delivering the keynote address noted, “The agriculture sector plays a critical role in Ghana’s broader effort to achieve greater industrialization. Government, in recognition of the sector’s significant contribution to the national industrialization agenda, has introduced programs such as the One-District-One Factory (1D1F) Initiative, a nationwide effort to establish at least one major factory in every district in Ghana. " The summit connects 60 agribusinesses in the maize, soy, groundnut, cowpea, mango,
cashew, shea, and other highvalue export crop sectors to international and local investors, financial institutions, and transaction advisors working with the MFA to access investments. These investments will enable the agribusinesses to purchase agricultural inputs and machinery to increase production, improve food security, and stimulate inclusive economic growth. To register for the summit, visit: https://events.hubilo.com/2021ghana-agribusiness-investmentsummit/login The MFA Activity is a four-year, $19 million activity that will improve access to finance for farmers and agribusinesses in Ghana. Using a two-pronged approach, MFA facilitates access to loans and investment, and helps financial institutions to better understand the agribusiness sector and develop appropriate financial tools for farmers and agribusinesses. The Activity is expected to help 81,493 agricultural enterprises receive $261 million in finance, leading to $500 million in new sales.
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Two institutions receive funding to research into catalytic capital
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wo institutions, Ashesi University and Impact Investing Ghana (IIGh), have received a grant from the Catalytic Capital Consortium’s (C3) Grantmaking Programme. The grant is to enable the two institutions conduct research on why, where and how catalytic capital has been deployed in Ghana to drive the growth of small and medium enterprises (SMEs). They are also to find out the positive and negative outcomes of the financing and what gaps still existed. Established in 2019, C3 is an investment, learning, and market development initiative created and led by John D. and Catherine T. MacArthur Foundation, The Rockefeller Foundation and the Omidyar Network. In a press release issued by Impact Investing Ghana, its Chief Executive Officer (CEO), Ms Amma Lartey, said the organisation had a strategic objective to mobilise catalytic funding to drive the
growth of SMEs in Ghana and West Africa. She said IIGh dealt in the kind of investment capital that intentionally strived towards building a more equitable and sustainable world, and it was willing to bridge the capital gaps left by conventional investing. “This kind of capital has greater patience, risk tolerance, concessionality and flexibility which is essential for Ghana’s
development. “This research will enable us to learn what has worked well in the past and what has not to give us a firm foundation to do this effectively,” the CEO stated. For his part, the Associate Professor of Entrepreneurship and Innovation, Ashesi University, Dr Gordon Adomdza, said “In our part of the world, early-stage funding is very limited. So, it makes a lot of sense
to understand how to deploy catalytic capital that entertains concessionary returns and paves the way for early-stage investors to support young entrepreneurs. “We at Ashesi are excited to be part of the Evidence-Based work stream of C3 Grantmaking programme to contribute to the understanding of this type of capital in our (entrepreneurship) ecosystem,” he stated.
Glovo extends operations to Kumasi
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lovo, a worldwide multicategory delivery player, has spread its operations to Kumasi, the capital city of Ashanti Region in Ghana, in line with the company’s vision to give everyone easy access to anything in their cities. Kumasi is the third city in Ghana to enjoy Glovo’s multicategory delivery services since it started operations in March 2021. Speaking on the expansion in Ghana, General Manager of Glovo Ghana, Pearlyn Budu said the extension to the Ashanti Region is aimed at providing the fastest and most convenient delivery service to customers outside Accra. “As part of plans to expand our footprint in Ghana, we are excited to launch operations in the Ashanti Region, starting with Kumasi. We are thrilled to have a presence in another city apart from Accra and Tema within a short period of operations in Ghana. We believe this expansion will allow us to provide the fastest and most convenient service to the people of Kumasi.” “We also seek to provide adequate opportunities for individuals and suppliers across Ghana to expand their businesses
and also to support digitization of Small and Medium-scale Enterprises (SMEs) in Ghana. To do this, over 98 per cent of our partners are SMEs. In Accra alone, we have over 1,400 partners, including pharmacies, groceries, electronics and restaurants. We
are also gradually increasing the use of local materials in our operations as part of our aim to increase revenue for local artisans in the industry. We look forward to more partnerships in Kumasi,” she added. Glovo is one of the world’s
leading multi-category delivery players who launched its operations in Ghana in March 2021. The on-demand platform aims to make the lives of Ghanaians easier by providing access to convenient delivery services. Glovo users are provided with access to different categories to choose from such as Restaurants, Super market, Drinks, Package Delivery, and Anything. Glovo has the ‘Anything’ category which is the most unique category, as it allows users to run errands from the comfort of their location. Users can also leave notes or a list of the items that they need, and Glovo couriers will deliver them. Also, in some locations such as Osu, East Legon, and Spintex, the app has the ‘Shops & Gifts’ category, which allows users to shop directly from various stores. On the Glovo app, orders can be made to be received on-demand or scheduled to be received on a date and time that is more convenient for the user. There are several payment methods that users can choose from. The platform accepts Mobile Money, Cash and Direct debit cards as means of making payments.
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WEDNESDAY NOVEMBER 24, 2021
Digitalizing Africa's mines
By Landry Signé
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ineral resources are a critical source of revenue for Africa. In 2019, minerals and fossil fuels accounted for more than a third of exports from at least 60% of African countries. jThe continent produces around 80% of the world’s platinum, two-thirds of its cobalt, half of its manganese, and a substantial amount of chromium, leaving it in a strong position to benefit from growing demand for these minerals. Moreover, Africa is believed to have some of the world’s largest untapped mineral reserves. Unfortunately, a lack of systematic geological mapping and exploration means that the full scope of the continent’s resources remains unknown. To unlock mineral-rich African countries’ full potential, mining companies and African governments must embrace Fourth Industrial Revolution (4IR) technologies. Artificial intelligence (AI), automation, and big data can help mining firms limit damage to the environment, improve working conditions, reduce operating costs, and boost productivity. The adoption of efficient renewable-energy systems already is helping the mining sector reduce its environmental impact. Autonomous 4IR technologies complement the clean-energy transition by cutting
fuel consumption in processes such as loading, hauling, crushing, and drilling. According to one estimate, driverless technology could lead to a 10-15% decrease in fuel use on mine sites. Better use of data and analytics can improve mine performance as well. Mining companies generate enormous amounts of data throughout their operations, but only a few use it in a way that provides real value. This represents a major missed opportunity, because advanced analytics can optimize mine planning, increase yields, and reduce equipment downtime. In South Africa, a 30-year-old mine boosted its mineral recovery by 2% by applying advanced analytics to its main processing steps. The Syama mine in Mali is another example of a site that has benefited from digitalization. In 2015, Resolute Mining took over operations at Syama and transformed it into the world’s first purpose-built automated mine. Employees use a fiberoptic network connected to above-ground control centers to manage and monitor all activities, from the clearing of the drill point to extraction, loading, and hauling. Although the initial investment was steep, the changes are expected to cut mining costs by 30% and improve overall efficiency. The machines can operate 22 hours a day, and there is no time lost due to shift changes.
4IR technologies will define the future of mining. But while they represent tremendous opportunities for boosting productivity, improving safety, and mitigating the environmental impact of mining, they also raise legitimate concerns. Many of the new technology-enabled jobs require skilled workers that the labor market cannot supply, implying limited employment opportunities in the absence of educational and training programs to reskill workers. One proposed solution is for mining companies to use the profits gained from the higher margins made possible by the introduction of new technologies to train relevant workers in AI and machine learning. And new curricula in schools can teach the tech skills the next generation will need for 4IR-enabled jobs – including with the mining companies. Another possibility is for mining companies to encourage the development of other local industries to reduce communities’ dependence on the mine for employment. In Mauritania, mining companies finance a number of ventures that encourage local economic development, including a jewelry production facility, a brickmaking plant, and an agricultural cooperative. Industry leaders and policymakers must work together to capitalize on the opportunities that digitalization brings. Many
mining companies are reluctant to invest in new operations that require a stable regulatory framework, because they do not trust African governments’ capacity to enforce compliance. As a first step, governments must change that perception. After all, the economic benefits of digitalization extend to governments and local communities. As mines become more productive – and more profitable – national governments will have more revenue to spend on investment in infrastructure, like roads, schools, and health clinics. Mines that embrace the digital transformation will increase their production, run more efficiently and effectively, and be more environmentally sustainable. They will set new standards for workers’ health and safety, and they could contribute to reskilling through educational and training programs. In short, they will disrupt Africa’s mining sector; but the advantages of digitalization, if harnessed correctly, will far outweigh the risks. Landry Signé, a professor and managing director at Thunderbird School of Global Management at Arizona State University in Washington, DC, is a senior fellow at the Brookings Institution, a World Economic Forum’s Young Global Leader honoree, and the author, most recently, of Unlocking Africa’s Business Potential.
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ADB donates GH¢ 100, 000 to GHALCA for women's football
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he Agricultural Development Bank (ADB) has presented a cheque for One Hundred Thousand Ghana Cedis GH¢ 100, 000. 00) to the Ghana League Clubs Association’s (GHALCA) in support of the development of women’s football in the country. The donation was in fulfilment of the bank’s pledge at a fund raising event under the auspices of the First Lady Mrs. Rebecca Akufo-Addo for corporate Ghana to contribute towards the development of Women’s Football as well as the establishment of the First Women’s School of Soccer Excellence in West Africa and the inaugural edition of the First Lady’s Cup. Presenting the cheque at the Bank's Head Office in Accra, the ADB Managing Director, Dr. John Kofi Mensah said, the donation
was part of the Bank’s Corporate Social Responsibility to support sports especially women sports to positively impact society. “We support the call by the First Lady, for Corporate Ghana to support the development of women football in the country,” he said. According to Dr. Kofi Mensah,
women football equally deserved the same attention as men football since it was an avenue for more women to influence society and serve as role model in their various localities. “Just as many young men have become impactful in society as a result of playing football, giving equal attention to female football
will also create more role models in our society,” he said. Dr Mensah pledged the commitment of the Bank to support other areas of interest to ensure female football also developed up to an enviable level just like that of their male counterparts. The President of GHALCA, Mr. Kudjoe Fianoo commended the Bank for the gesture and assured the Management of the Bank that the funds would be utilized for its intended purpose. “We are going to commit the funds into the development of women football in the country to make sure we reap from it as a nation,” he said. At a ceremony last month, The First Lady raised over one million cedis (GH¢ 1,250,000) for the development of women's football in the country through cash and pledges from Individuals and corporate organizations.
GROHE commences plumbing training in Ghana
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lumbing training in Ghana has received a boost with the inauguration of a stateof-the-art training facility in Accra under the Grohe Installer Vocation Education (GIVE) Programme, an innovative brand strategy of sanitary industry leader, GROHE, which seeks to raise a generation of skilled installers for the sanitary industry. The ultramodern training facility, set up in collaboration with the Accra Technical Training Centre (ATTC), is expected to equip about 100 young people annually with the necessary knowledge and skills to effectively address the shortage of skilled installers, a deep seated menace within the sanitary industry. As part of the GIVE program, GROHE supports plumbing schools in creating a state-ofthe-art training framework by installing modern training facilities and providing learning material and experienced technical trainers. Speaking at the event, Christopher Penney, Leader, GIVE Program, LIXIL EMENA expressed optimism about GIVE in Ghana whiles commending the staff and management of ATTC for their support. “After about 18 months of intensive preparation towards the birth of GIVE in Ghana, it gives us so much joy to see this training
facility finally launched and ready to serve its purpose. Indeed, we are elated we have come this far as this marks a great milestone for GIVE.” “We are confident that this facility would be put to good use thereby helping us achieve the objectives of this Programme in the long run. We would also like to express our profound gratitude to ATTC for buying into GIVE’s vision and accepting to be partners in this regard,” he said. Taking his turn, Principal of ATTC, Mr. Arko Dometey, expressed his appreciation to GROHE for the training facility whiles urging students and trainers present to leverage the opportunities offered by GIVE to better their skill set and improve their lives. He mentioned that the newly inaugurated training facility would provide the avenue for continuous capacity building of trainee plumbers and trainers thereby keeping them abreast with the modern trends and techniques of the sanitary industry. The Principal also noted that the training facility has come in good time; an era where many experts are recommending an investment in the youth by means of world-class Technical & Vocational Education and Training (TVET) as a remedy to
the problem of unemployment which has reared its ugly head among many young people. “As a professional, it is important to constantly stay in touch with the latest industry trends and innovations. I therefore believe strongly that this training facility would play a pivotal role in the retraining and upskilling of already existing and trainee plumbers in the country. With adequate technical training and the required skill set, the issue of unemployment would gradually be a thing of the past among the youth,” he said. Johnson Ankamah, a beneficiary, on his part, lauded GIVE saying “We are grateful to GROHE for their kind gesture and for investing into our future.” The inaugural ceremony which brought together stakeholders in the country’s Technical
& Vocational Education and Training (TVET) space as well as key sanitary industry players also featured the training and retooling of over 20 students and trainers of ATTC’s Plumbing Department. Upon receipt of their training kits, the beneficiaries were taken through rigorous training in the installation of futuristic bathroom and kitchen fittings under the tutelage of Manfred Kühn, a well renowned sanitary expert. Globally, GIVE has been a vehicle through which society has been improved and the lives of many socially disadvantaged people impacted. Its training programmes, uniquely designed to equip young talents with knowledge of the latest technologies and sanitary innovations, is a force to reckon with.
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Rebecca Akufo-Addo attends Peace Mission summit in Abuja
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irst Lady Mrs Rebecca Akufo-Addo on Monday joined other African first ladies at the 9th Summit of the African First Ladies Peace Mission (AFLPM) in Abuja , Nigeria. The summit is being hosted by Mrs Aisha Buhari, First Lady of Nigeria, acting President of AFLPM, and it is aimed at finding measures to mitigate violent conflicts on the continent and minimize the negative impact on the people, especially women and children. The AFLPM, was established as an outcome of the September 1995 Fourth World Conference in Beijing, China on women. This was a forum where the significant initiative was taken to establish the African First Ladies Peace Mission by African wives of African Heads of State/ Presidents who came together as ambassadors of peace during the conference. The idea of the Peace Mission, therefore, arose from the need to provide succour to the helpless in crisis situations in Africa,
especially women, known to be the most vulnerable, and bear the greatest burden of violent conflicts, as they are usually defenceless, left with orphans, made slaves in war zones, often at the mercy of rampaging rebels, insurgents. These women are ultimately
left to nurse the wounded and contend with the resulting poverty. The coalition of AFLPM represents a critical stakeholder that could contribute to the mitigation of violent conflicts and minimize the negative impact on the people, especially women
and children of Africa. The AFLPM, has subsequently rendered support to women and children, as well as made a lot of contributions in fostering peace on the continent, in advocacy matters concerning the rights and protection of women, children, and the girl child from violence. Mrs Buhari who started receiving some of her counterparts ahead of Summit on Sunday November 21, expressed delight for the visit. Among the first ladies attending the meeting are Madam Maria de Fátima Vila Nova of Sao Tome and Principe, Madam Antoinette Sassou Nguesso of Congo Brazzaville and Madam Fatima Maada Bio of Sierra Leone. Other first ladies from Liberia, Niger and Namibia among other representatives of Zimbabwe, Cote d’Ivoire and Mauritaniania are in attendance. Ms Aliyu Abdullahi, the Special Assistant on Media to the Nigerian first lady, has described of the mission of the AFLPM as promoting peace and conflict resolution across Africa. GNA
VIVO Energy Ghana appoints Kader Maiga as Managing Director
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IVO Energy Ghana, the marketer and distributor of Shell branded fuels and lubricants, has appointed Mr. Kader Maiga, as its new Managing Director following Mr. Ben Hassan Ouattara’s end of tenure. Mr. Maiga comes on board with over 20 years of experience in the energy sector, including senior management positions with Shell and Vivo Energy. He holds a Master’s degree in Economic Science from the University of Wuppertal in Germany. Mr. Maiga’s career started in Shell as a retail manager for Guinea and Mali where he changed the face of retail business with his innovative and leadership approach to selling fuels and lubricants, progressing to become the Country Chairman for Mali. Following the transition from Shell to Vivo Energy in 2011, Mr. Maiga was appointed the MD of Vivo Energy Mali. He subsequently became the MD for Guinea, before becoming the MD for Madagascar in 2016 and the MD for Senegal in 2019. In each of the countries he has led, he has built very formidable
businesses. Commenting on the appointment, in a release issued in Accra yesterday, the Vivo Energy’s Executive VicePresident West Africa, Mr. Franck
Konan-Yahaut, said: “I would like to thank Ben Hassan for his time at Vivo Energy Ghana and I’m delighted that Kader has accepted the position as the new MD. I know that his vast experience
will be of great benefit to our business in Ghana as we continue to deliver the best product and services to our customers.”
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Feature
WEDNESDAY NOVEMBER 24, 2021
Redefining engagement with China
Javier Solana
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ver since then-US National Security Adviser Henry Kissinger visited China in 1971, engagement with the People’s Republic has been a fundamental feature of US diplomacy. Yet the deterioration of US-China relations in recent years suggests that this policy may have reached its end. Last week’s virtual summit between US President Joe Biden and Chinese President Xi Jinping can be interpreted as a last-ditch attempt to save the bilateral relationship. This is a positive step: engagement has played a crucial role in discouraging confrontation between the United States and China. That is why the US should recommit to engagement, but with an updated approach that takes into account an increasingly global agenda. During the Cold War, the US envisioned engagement with China as a way to integrate the country into the international system, rather than containing or isolating it. In a 1967 essay in Foreign Affairs, future President Richard M. Nixon argued that, “We simply cannot afford to leave China forever outside the family of nations, there to nurture its fantasies, cherish its hates, and threaten its neighbors.” The end of the Cold War left the world in a historically unusual situation: the US was the world’s sole hegemon. The country’s foreign policy, including the export of democracy and liberal values, thus defined the global agenda. This state of affairs gave rise to an effort to promote liberalization in China. “A National Security Strategy for a Global Age,” issued by President Bill Clinton’s
administration in 2000, described an approach to engagement focused on encouraging China to “undertake important political and economic reforms.” Nowadays, engagement with China is not very popular among US policymakers. Former President Donald Trump’s administration rejected it outright. Some foreign-policy realists have echoed this claim, arguing that China’s accession to the World Trade Organization in 2001 facilitated its rise as a strategic competitor to the US. According to this view, the US was naive to think that economic liberalization would bring political reform, let alone result in China becoming a responsible member of the international community. This perspective has come to permeate American politics in recent years. At a time when Republicans and Democrats seem unable to agree on anything, they are united on the need for a tough China policy. But this stance has a fatal flaw. Engagement is valuable not only for its ability to change China by spurring political and economic liberalization. Engagement also shapes the international environment in which China’s rise occurs in ways that discourage the country from confrontational behavior. In fact, US-China engagement has created the necessary, albeit insufficient, conditions to forestall conflict. By deepening bilateral trade and investment, engagement has entangled the two economies to an unprecedented degree. Exports to China supported 1.2 million US jobs in 2019, while the Rhodium Group estimates that at the end of 2020, US investors held $1.1
trillion in equities issued by Chinese companies. As Joseph S. Nye has argued, the deterrent effect of interdependence increases the costs of confrontation for both the aggressor and the victim. For example, in 2010, the Chinese People’s Liberation Army urged the government to sell some of the country’s dollar holdings to punish the US for selling arms to Taiwan. The People’s Bank of China pushed back, citing the potentially large costs to the Chinese economy. The government sided with the PBOC. But while economic interdependence may help to deter confrontation, it will not necessarily lead to cooperation. This much has been clear during the COVID-19 crisis. As the pandemic unfolded, the US and China failed to forge a common response, resorting instead to mutual blame, propaganda wars, and conspiracy theories. Today, urgent imperatives that transcend borders – such as the management of global public goods – are defining geopolitics. Following the recent United Nations Climate Change Conference (COP26) in Glasgow, the goal of limiting global warming to 1.5° Celsius above pre-industrial levels remains alive, but just barely. Achieving it will require a Herculean effort, underpinned by US-China cooperation. In this context, it is vital that the US and China adopt a framework for engagement that is oriented toward solving global problems and supporting cooperation even in times of disagreement. A detailed framework on science and technology, developed by Carnegie Mellon University’s Valerie J. Karplus, suggests a strategy of embracing low-risk,
high-reward opportunities for cooperation in times of tension, and pursuing more ambitious initiatives when relations are in better repair. At the same time, the US and China must embed a principle of regularity in their relationship. In uncertain times, confrontation will most likely happen by accident. To mitigate this risk, the two powers should heed the advice of former US Secretary of State George Shultz, and commit to “tending the diplomatic garden” – that is, treating diplomacy not as an ad hoc pursuit, but as a habit. In the post-Cold War period, the US approach to engagement with China suited the times. But the US is no longer the world’s only superpower. In the coming era, the US will be one of two superpowers surrounded by geopolitically relevant middle powers. This means not only that the US must change its approach, but also that middle powers – which represent a larger share of the world economy than the US and China combined – must contribute to managing the SinoAmerican rivalry. Engagement will therefore have to become a shared responsibility, requiring other actors to step up. This would have a positive impact on international security, leaving humanity in a better position to face the pressing global challenges we face. Javier Solana, a former EU high representative for foreign affairs and security policy, secretarygeneral of NATO, and foreign minister of Spain, is President of EsadeGeo – Center for Global Economy and Geopolitics and Distinguished Fellow at the Brookings Institution.
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News
WEDNESDAY NOVEMBER 24, 2021
BoG raises policy rate by 100 basis points to 14.5 per cent
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he Monetary Policy Committee (MPR) of the Bank of Ghana has increased its policy rate by 100 basis points from 13. 5 per cent to 14.5 per cent, citing inflationary pressures. “Inflationary pressures are becoming embedded in most advanced and emerging market economies with potential implications for the current supportive financing conditions driving the recovery,” the Bank of Ghana said in a statement. It said the headline inflation had risen consistently from the low of 7.5 per cent in May 2021 to 11.0 per cent in October, driven by both food and non-food price increases. The statement said all the Bank’s core measures of inflation had increased, indicating broadbased underlying inflation pressures, with the potential of deanchoring inflation expectations. “Currently, headline inflation is above the upper limit of the medium-term target band and the Committee noted significant risks to the inflation outlook,” it said. These risks include rising global inflation, high energy prices, uncertainties surrounding food prices and investor behaviour. The Committee noted that these elevated inflationary risks, required prompt policy action to re-anchor inflation expectations to safeguard the central bank’s
price stability objective. The statement said the global economy had continued to recover but the intensity of supply constraints, including slack in the labour markets and shortages in intermediate goods, has moderated the pace of growth. It said overall, the risk to the near-term global outlook is tilted to the downside in the wake of the resurgence in Covid-19 transmission rates in some advanced countries and pre-mature monetary policy normalization due to persistent price pressures. The statement said the increased concerned about the strength of the recovery and the stronger US dollar has exerted currency pressures in some emerging market and frontier
economies. In the domestic economy, the recovery in the real sector was progressing at a steady pace. It said high-frequency economic indicators reflected increased momentum in the pace of economic activity, close to prepandemic levels. The statement said consumer and business sentiments had turned around, driven by perceived improvements in economic prospects, although consumers expressed concerns about current household finances. The Committee decided that macro prudential policy measures and regulatory reliefs announced at the onset of the pandemic should remain in place to support a more robust recovery of the
economy. Commenting on the rate hike, Mr Emmanuel Tsigbey, Chartered Economics Analyst, said basically, any Central bank would be alarmed by a 47 per cent rise in inflation (7.5 per cent in May to 11 per cent in Oct, 2021) over five months. The central bank would “take steps to curtail it by hiking its MPR and that is exactly what the BoG has done.” “The Central bank will be lending to commercial banks at a relatively higher rate and given this, commercial banks will do the same when transacting with their customers,” he added. The Analyst said with time, government securities would become attractive and as investors take positions in these securities, the government through the Central bank ends up mopping excess funds in the system, which would have been used for consumption leading to a rise in inflation. Mr Collins Appiah, Financial Economist with Services Integrity Savings and Loans, told the GNA that “I am not surprised by the policy rate hike.” He said the inflation rate had steadily been on the rise and looking at the rising oil prices and their impact on the exchange rate, the Bank's only option was to increase the rate to tame inflation. GNA
Empowering African businesses through technology - CITSYS role
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xperts say the use of information technology (IT) can help businesses in Africa to overcome the challenges they face in establishing successful companies. Africa’s connectivity gap can frustrate many innovators. With a vision to provide added value to customers, CITSYS Limited empowers African businesses for growth by developing and delivering cutting edge technology-driven solutions for clients across sectors. A media release issued by the company said that particularly in the evolving corporate landscape today, the need for information technology (IT) systems and processes that can adapt to contemporary work environments that combine localised and remote working methods was crucial.
Therefore, as a fully-owned Ghanaian IT company, CITSYS collaborates with the worlds most trusted technology brands to provide high-quality software products and solutions to secure, support and scale similarly homegrown businesses in Ghana and across the sub-region. “Since its inception, CITSYS has leveraged opportunities to create innovations in the IT sector, factoring in a keen awareness of customers’ need for dependable IT services delivered in record time towards maximising productivity and profit growth,” it said. At the core of CITSYS’ corporate mission is a commitment to consistently provide such reliable, transparent, innovative and trustworthy IT solutions to enable clients grow their businesses. Whether for home, small
businesses, enterprises or cloud services, CITSYS solutions and services directly benefit over 40,000 computer users, with ESET Endpoint Security, Microsoft 365, Azure, Mimecast, and Darktrace, among others being widely used. Experience The company’s vast experience within the sector has been honed through its years of supporting businesses, with staff strengths of five to over 6000, with enterprise security solutions and IT support. CITISYS has worked with over 120 businesses in sectors including finance, health, education, media, retail, nongovernmental and government institutions. Support services include managed IT support services,
retail managed support, backup, design, implementation and testing. From acquiring computers (hardware) and setting them up to work together (IT networking), to protecting the network from cyber threats (Enterprise Security Solutions), while keeping the system powered and running (Power Solutions). “CITSYS takes care of all IT needs so clients can focus on other crucial areas of their businesses,” it said. Depending on your goals and budget, CITSYS can be a part of your in-house IT team or a full-fledged IT department, with its team of specialists oncall and on-time, ensuring that managed IT customers receive a comprehensive, easily scalable product that works effectively at all levels
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News
WEDNESDAY NOVEMBER 24, 2021
IATF 2021 - Investors see clear opportunity to take advantage of AfCFTA at Africa’s largest in-person gathering
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he Intra-African Trade Fair (IATF) 2021, which took place from 15 – 21 November 2021, hosted on November 18 a day focusing on investments and investment opportunities: The Investment Forum looked at Africa’s investment landscape, with a focus on opportunities across four strategic sectors: Agriculture, Logistics, Technology and Tourism. With over 10,000 registered participants, IATF was Africa’s largest in-person B2B and B2G event of the year. The opening ceremony featured seven Heads of Government from Malawi, Nigeria, Rwanda, South Africa, Zambia, Zanzibar and Zimbabwe. The seven days programme organized by the African ExportImport Bank alongside the African Union put the spotlight, through various debates and discussions, on how the African Continental Trade Agreement will unlock Africa’s economic potential, enabling greater crossborder trading and developing industrial capacity which will take advantage of the continent’s natural wealth. During one of the panel discussions, Dr. Benedict Oramah, President of Afreximbank, noted that: "The IATF is not an ends in itself but rather is a means to an end. And the end game is the Africa we want; an integrated Africa that trades with itself, that uses trade to restore the dignity of Africans, and for trade to become an instrument of development
and that helps Africa gain respect internationally. So that others don't see Africa as a basket case but rather as a bread basket." The Investment Forum took place on the fourth day of the IATF 2021 programme, showcasing investment opportunities on the continent and promoting crossborder investment by African national champions, focusing on some key sectors and learning from investors and companies who are committed and invested in the African continent. The Investment Forum also served as a platform to launch of the IATF 2021 Project Book, which, in cooperation with African Investment Promotion Agencies, showcases a multitude of investment ready projects. While the impact of the COVID-19 pandemic and recovery was a common theme across the Investment Forum, Dr. Acha Leke, Senior Partner and Chairman, McKinsey & Company, Africa, spoke of the general optimism
investors feel about Africa, “The good news is that we didn’t lose 150 million jobs [in Africa in the pandemic], we did lose about 30 million. So generally, we were not as affected as we feared by the crisis which makes it more exciting on one hand for investors to come and continue to invest in these markets.” However, in his presentation, Leke did point out that Africa’s economic performance over the past few years, even before Covid-19 hit had been on a downward trajectory, something governments and investors will have to work hard together to reverse. One path towards transformation is leveraging technology. Panellists spoke about the innovation taking place in Technology in Africa. “Over the last two years we have seen a significant acceleration in digital adoption and that's been driven primarily by the pandemic,” commented Fabian Whate, head of South African-
based tech investment company Naspers Foundry, while pointing out that at least 60% of venture capital (VC) investment in Africa is into the fintech sector. This was echoed by the Hon. Bogolo Joy Kenewendo, Former Minister of Trade, Botswana, “Covid has certainly challenged us, many governments were challenged to start delivering services to people and they were forced to start talking about digitalisation.” Perhaps no industry was more adversely affected by the pandemic than tourism and on the Tourism sector dedicated panel, Cuthbert Ncube, African tourism board, South Africa, urged African tourism boards and governments to work together to help the continent’s tourism to recover from the pandemic, “we need to start breaking the barriers that had separated us. In the past two and half years, we have experienced the worst negative impact on our tourism sector. That brought our tourism economies to a standstill.” The organisers announced $36bn of deals signed during the week which saw just under 12,000 attend the event in person. The fair had 1,161 exhibitors with participants from 128 countries. As well as the Fair and the Forum, there were specific programmes dedicated to Automotive Manufacturing; Pharmaceuticals; Creative Industries; Start-ups; and the Youth throughout the week.
ADE report credits AfDB with impressive results despite Covid-19
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he African Development Bank (AfDB) played a critical role in supporting millions of people across the continent, affected by the impact of the Covid19 pandemic in 2020. This is according to its latest Annual Development Effectiveness Review (ADE) released on Tuesday. The pandemic caused fiscal deficits to double and indebtedness to rise sharply, reducing the capacity of African countries to invest in economic recovery. The African Development Bank responded swiftly with a Covid-19 Response Facility that provided $3.6 billion in emergency budget support. The funding went into key areas such as health, social protection, and economic assistance, benefitting 12.3
million vulnerable households across 31 countries. For instance, in Côte d’Ivoire, Ghana and Senegal the Bank helped to subsidize water and electricity bills for vulnerable households. In Sierra Leone, it supported the training and protection of 11,000 frontline health workers. With the Bank’s support, Ethiopia’s daily Covid19 testing capacity quadrupled. And in Morocco, the Bank helped the country upgrade health infrastructure, allowing for efficient patient care. The Annual Development Effectiveness Report notes that small and micro-enterprises supported by the Bank generated revenues of $2 billion, helping them weather the pandemic in 2020. Through its Technologies for African Agricultural
Transformation (TAAT) program, the Bank’s support for food security and agricultural development reached 11 million farmers in 28 countries and avoided $814 million in food imports. While many African countries are still grappling with the pandemic, the Bank Group President Dr Akinwumi A. Adesina is optimistic about Africa’s speedy return to growth and prosperity. “The African Development Bank’s resolve to support the continent to realize its full potential is stronger than ever, and we look forward to working hand in hand with African countries to help them realize their goals.” Projects funded by the Bank in 2020 connected 260,000 people to electricity supply. Around 16.4
million people benefited from improvements in agriculture. About 9.2 million people gained access to better transport services, and 8.3 million people benefited from new or improved water and sanitation. “This year’s edition takes place against the backdrop of an unprecedented global pandemic and economic crisis. And yet, despite all these challenges, the Bank has made some remarkable achievements in 2020, both at an operational and at a corporate level.”, said African Development Bank Senior Vice President Bajabulile “Swazi'' Tshabalala. As a development agency, we are proud of our achievements and we must continue to enhance the quality of our operations and increase the development impact of our work.
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Agribusiness
WEDNESDAY NOVEMBER 24, 2021
Making agrifood systems more resilient to shocks: Lessons from the COVID-19 pandemic
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ountries need to make their agrifood systems more resilient to sudden shocks of the kind witnessed during the COVID-19 pandemic, which has emerged as a major driver of the latest rise in global hunger estimates. According to a new report published today by the Food and Agriculture Organization of the United Nations (FAO), without proper preparation unpredictable shocks will continue to undermine agrifood systems. This year’s The State of Food and Agriculture (SOFA) report by FAO is entitled “Making agrifood systems more resilient to shocks and stresses.” It provides an assessment of the ability of national agrifood systems to respond to or recover readily from shocks and stressors. It also offers guidance to governments on how they can improve resilience. Today there are approximately 3 billion people who cannot afford a healthy diet. The SOFA 2021 report estimates that an additional 1 billion people would join their ranks if a shock reduced incomes by one-third. Moreover, food costs could increase for up to 845 million people if a disruption to critical transport links were to occur. The report defines shocks as “short-term deviations from long-term trends
that have substantial negative effects on a system, people’s state of well-being, assets, livelihoods, safety and ability to withstand future shocks.” Examples include extreme weather events and surges in plant and animal diseases and pests. Even before COVID-19 broke out, the world was not on track to meet its commitment to end hunger and malnutrition by 2030. And while food production and supply chains have historically been vulnerable to climate extremes, armed conflicts or increases in global food prices, the frequency and severity of such shocks is on the rise. The report’s publication could not be timelier. “The pandemic highlighted both the resilience and the weakness of our agrifood systems,” said FAO DirectorGeneral QU Dongyu at a virtual event for the launch, which also featured a presentation by FAO Chief Economist Maximo Torero Cullen and a panel discussion with policymakers and academics. Concrete action The world’s agrifood systems - the complex web of activities involved in the production of food and non-food agricultural products, as well as their storage,
processing, transportation, distribution and consumption, produce 11 billion tonnes of food a year and employ billions of people, directly or indirectly. The urgency of strengthening their capacity to endure shocks cannot be stressed enough. The report also presents country-level indicators of the resilience of agrifood systems in more than a hundred countries, by analysing factors such as transport networks, trade flows and the availability of healthy and varied diets. While low-income countries generally face much bigger challenges, its findings show that middle-income countries are also at risk. In Brazil, for example, 60 percent of the country’s export value comes from just one trading partner. This leaves it with fewer options if a shock hits a partner country. Even high-income countries such as Australia and Canada are at risk from a shock because of the long distances involved in the distribution of food. For nearly half of the countries analysed by FAO experts, the closure of critical network links would increase local transport time by 20 percent or more, thereby increasing costs and food prices for consumers. Based on the evidence of the report, FAO recommends that governments make resilience in
agrifood systems a strategic part of their responses to ongoing and future challenges. The key here is diversification - of input sources, production, markets and supply chains, as well as of actors – since diversity creates multiple pathways for absorbing shocks. Supporting the development of small and medium agrifood enterprises, cooperatives, consortia and clusters helps maintain diversity in domestic agrifood value chains. Another key factor is connectivity. Well-connected agrifood networks overcome disruptions faster by shifting sources of supply and channels for transport, marketing, inputs and labour. Finally, enhancing the resilience capacities of vulnerable households is critical to ensure a world free from hunger. This can be done through improved access to assets, to diversified sources of income and social protection programmes in the event of shocks. “The SOFA report reflects FAO’s efforts aimed at increasing resilience and sets out new indicators to help Members measure the resilience capacity of their agrifood systems and identify gaps for improvement,” Qu said.
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African Business
WEDNESDAY NOVEMBER 24, 2021
Hungarian govt delegation tours K’si wastewater treatment plant…commends Jospong Group
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he Deputy Speaker of Parliament in Hungary, István Jakab, has underscored the need for Hungary and Ghana to work closely to ensure that more compost and recycling plants are built to help in achieving the government’s vision of a clean Ghana. According to him, Hungary’s relationship with Ghana dates back to some sixty years (60) ago, adding that when the two countries form more partnerships they will bring about transfer of technology, knowledge and expertise in the waste management sector. The deputy Speaker of Hungary’s Parliament made the observation when he visited the Kumasi waste water treatment plant in the Bosomtwe District in the Ashanti Region on Monday, November 22, 2021. He was conducted around the facility by the Executive Chairman of Jospong Group of Companies ( JGC), Dr Joseph Siaw Agyepong,
and some of his top management members. The Kumasi waste water treatment plant is a collaboration between the ( JGC) and its Hungarian partners and the government of Ghana. István Jakab, who is officially visiting Ghana for the first time gave the assurance that the Hungarian government will not only support the government of Ghana but private businesses as
well. According to him, the Hungarian government will continue to support Ghana’s education sector, stating that already about 100 Ghanaian students have been offered scholarships by Hungary. The Hungarian Ambassador to Ghana, His Excellency Tamás Endre Fehér, who was also part of the Hungary delegation to Kumasi, commended JGC for the project, and wished JGC
more successes in all its business endeavours For his part, the Executive Chairman of JGC, Mr Joseph SiawAgyepong, was happy about the long relationship between Ghana and Hungary. He said the relationship between the two countries spans over a period of sixty-one (61) years. He used the chance to commend President Nana Addo Dankwa Akufo-Addo for his government’s immense support for private companies in the waste management sector. Furthermore, he praised the Ministry of Sanitation and Water Resources (MSWR) for its collaboration with his group. According to Dr Siaw Agyepong, the waste water treatment facility in Kumasi is in operation and has engaged about 60 workers with 95% of them from the Bosomtwe District. “About 70 to 80 tracks come to discharge waste water daily,” he revealed.
Sahara Group urges more intra-African collaboration He added: When we start "We are passionate at Sahara at Libya Energy Summit talking about energy transition, Group about bringing energy to life
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oremost African energy conglomerate, Sahara Group has reiterated the need for more intra-African collaboration to accelerate the continent's march towards access to sustainable energy solutions and ultimately, energy transition. Executive Director, Wale Ajibade who led Sahara Group's delegation to the Libya Energy and Economic Summit 2021 in Tripoli said collaboration geared towards promoting security on the continent remained critical to achieving sustainable development in Africa.
Ajibade said ensuing security of lives and property would enhance investment within the continent and also boost foreign direct investments needed to transform Africa's expansive oil and gas sector. "The importance of security and political stability in Africa cannot be overemphasized. We need to see more cooperation between governments, business, the civil society and other stakeholders in this regard to enable the continent rapidly grow its local capacity and global competitiveness," he said.
yes, it is well appreciated and accepted, but without the right investments and enabling environment, it will be difficult for us to transition to renewable energies. When we talk about green energy and renewable energy, there is a cost. How are we going to achieve the energy transition if the economies of our countries are not better?” Ajibade said Sahara Group would work with the government and good people of Libya to enhance access to energy in order to accurately economic growth and development.
Hakim Ben Lagha, Senior Crude Oil Trader, Sahara Energy Int'l Geneva, Wale Ajibade, Executive Director, Sahara Group, Mohamed Oun, Libya Oil and Gas Minister, Jérôme Espinasse, Head of Trading, Sahara Energy Int'l Geneva and Alex Cole, Head, Business Development, Central Africa, Sahara Group, at the Libya Energy and Economic Summit 2021 in Tripoli, Libya.
responsibly across the continent. We need energy to realise Africa's potential and all stakeholders will have to work together to achieve this. This conference is a huge step in the right direction and we are delighted to be part of the unfolding transformation in Libya," Ajibade stated. The Libya Energy and Economic Summit which ends today is the first large-scale international event to take place in Libya in over a decade. Participants expressed optimism for huge prospects in Libya’s oil and gas sector amid growing fortunes that have seen the country emerge as a foremost oil producer in Africa. The Libyan Government has since disclosed plans to increase oil production to 2.1 million bpd within the next four years; and increase gas production to 4.1 billion cf/d. Libya currently bas estimated oil and gas reserves of approximately 48 billion barrels and 1.5 trillion cubic meters, respectively. This target offers African and global investors huge opportunities within Libya’s midstream and downstream sector.
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Banking
WEDNESDAY NOVEMBER 24, 2021
Creating long term impact in the community: Absa Bank Ghana’s example
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he image of the ancient relic - built in 1894 – delightfully having its day in the sun in an environment of modernity, is unforgettable. This is the Cathedral Church of the Most Holy Trinity situated in the heart of Ghana’s High Street in Accra. Opposite this ancient wonder is the City Car Park, a reserved parking arena known to house the automobiles of most corporate organizations littered across the business center. Adjacent to this is Absa Bank - a leading financial service organisation with a heritage as old as the Holy Trinity Church itself. If it is true what they say about this cathedral building, then we should be according it more honour than it is currently receiving. It was apparently designed by the legendary Aston Webb - same British Architect who designed the Buckingham Palace and University of Birmingham in the UK. This fine Friday morning November 19, 2021 - a section of employees from the Legal and Compliance department at Absa Bank, have gathered on the compound of the Anglican Church. They are in conversation with teachers at a secondary school (Holy Trinity Cathedral Senior High School) that shares
the same compound with the church. The Absa Bank team is about to interact with the students on a skills training programme instituted by the bank. This is part of a long-term plan by Absa Bank to create impact in the communities where it operates. Multinational organizations like Absa Bank, operate with a focus on high financial performance and a commitment to impacting the communities where it operates. It places great emphasis on initiatives such as youth skills training and development to empower emerging leaders. These are soft skills that complement its core commercial mandate and endears the brand to stakeholders and the society. “We are making progress with the quality and output of our students. It hasn’t been an easy road. Science and Mathematics are still areas we need to tighten,” the Assistant Headmaster of the school tells Edem Ama Sekyi, Absa Bank’s Company Secretary just before the main session begins. Other bank employees join in. Soon the conversation gravitates towards the ongoing National Science and Maths Quiz, which is sponsored by Absa Bank. “Oh, we did well [in the competition] last year. We are
proud of the progress we made. Clearly, we have to do more,” another teacher, who had joined the small gathering, chips in. The conversation is immediately truncated because the team is alerted that the students are ready. Into the church auditorium they strode. Here eager students are gathered– teenagers from different class levels – seated with anticipatory looks strewn on their faces. When the session begins, the intensity and pace lose not a step. Led by Edem, the students are introduced to more than five members of the department, who tell interesting tales about their backgrounds and how they rose, against all odds, to become reputable professionals in the Bank. “I was born in Nima and sold bread as a hawker,” one of the employees began as he readied himself to engage the students. Even behind the masked faces, it was obvious the expressions of shock and disbelief on their faces. Next came Legal Officer, Sophia Haikins-Adarkwa, who outlines the rudimentary steps in becoming a legal and compliant professional. It was refreshing to see how the two parties fed off each other’s energy in the engagement session. In the end,
the impact of the activity was felt during the Q&A session. The students asked a ton of questions, their inquisitive attitudes clearly on display. A bank must stand for something where it operates and Absa Bank clearly leads the way in Ghana when it comes to that. For Managing Director, Abena Osei-Poku, Absa Bank’s unique role in society complements its long history in Ghana and highlights a winning strategy. “We bring possibilities to life – for our clients, customers, stakeholders and the society. A big organization like ours believes in operating with a conscience. It is not enough to execute our strategy, experience growth and transformation. We believe it is a higher purpose if we can also demonstrate real impact by what we do in society. Our social responsibility brings this to life in a unique way.” The session is now over. The teaching body and students express profuse appreciation and say their goodbyes. They will now return to their various classrooms for the day’s lessons to begin. The Legal and Compliance team make their way back to their offices. Satisfied and fulfilled.
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UGBS dean shares insight on teaching& learning in the pandemic: Challenges and opportunities for the future of higher education
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he Dean of the University of Ghana Business School (UGBS), Professor Justice N. Bawole, attended a virtual meeting organised by the University of Surrey. He spoke on the challenges and opportunities for the future of higher education. Prof. Bawole informed participants about how the University of Ghana has always had physical lectures rather than virtual education. Therefore, to suddenly commence a virtual form of education was not easy, as people did not readily accept e-learning as an authentic form of studying. However, due to the pandemic, the university has had to adopt and adapt to virtual teaching and learning, despite some of the challenges they face. He described the challenges as a “moving problem issue”, where once one problem is fixed, another problem comes up. Dr. Abdul-Razak Alhassan, a Senior Teaching Fellow at the University of Surrey, raised a question asked by a Tanzanian student studying in the UK. She wanted to know if universities took into consideration whether or not students had the devices and everything they needed to
study online. Prof. Andy Adcroft, the Deputy Dean of Surrey Business School, in responding, said they assumed that students who were about 24 to 26 years old were mostly online and hence would take to e-learning easily. He also added that they assumed if they replicated the way physical classes were held, then it wouldn’t make much difference. He said it was due to the urgency to get things done during the pandemic that there was no room for innovation and assumptions had to be used. Dr. Alhassan further spoke on the matter, using some of his students as an example. He said
that a student informed him that she only had access to a mobile phone, which she shared with the entire household and therefore struggled to get her assignments done. Prof. Bawole also added that the technological challenges were not only faced by students but by some lecturers as well. He explained that some lecturers had been used to the whiteboard method of teaching and did not have or use computers. Hence, some struggled to teach online during the earlier period. Furthermore, Prof. Bawole went on to say that some students were from rural areas and did not own mobile phones or laptops
so they could not join any of the online lectures. However, he had appealed for some laptops for such students and has received 40 of them. kAnother challenge mentioned was how, unlike in developed countries, students in the University of Ghana were unfortunate to have access to WiFi everywhere. Another important issue was that of culture and behaviour. In expatiating, he mentioned how students leave their microphones on, and everyone hears the noise in their background, which disturbs the class and makes teaching and learning difficult. Despite all these, one positive outcome is that now, a significant number of the lecturers and students who were sceptical about online classes have come to prefer virtual teaching and learning, and they believe that it is a good way to go. Nonetheless, this has also caused another challenge as the school has not invested in having both physical and online lectures. Because of this, when lectures are online, the school has to deal with a group of angry students protesting and also has to deal with another group of angry students during physical lectures.
Dr Ankrah to speak on Ghana’s economy on November 30
A
n economist, investment banker and global business strategist, Dr Sam Ankrah, will deliver an address
on Ghana’s economy on Tuesday November 30, 2021, the Institute of Chartered Economist, Ghana has announced.
The address is expected to delve into critical economic areas including measures in stabilising the economy, revenue mobilisation and maximisation as well as growth. The public address which will be held under the auspices of the institute is on the theme “Restoring Ghana’s macroeconomic stability and revitalisation: The word becoming flesh”. Dr Ankrah is an investment banker, a global business strategist and development economist. He has had more than 20 years successful experience in providing fiscal, strategic and operations leaderships in uniquely challenging situations. He has repeatedly produced sustained revenue and EBITA growth in dynamic and changing markets. Dr Ankrah has a proven track record in management, finance
and economics, investment banking, factoring, and forfeiting oil and gas, private pension management, and international trade. He acted as the local representative and investment advisor for various multinational corporations including SICPA Switzerland and TATA Energy. Dr Ankrah co-founded the NAM Fund, a social impact fund for Africa, which is established to contribute and align its investments towards upward mobility across the African Landscape. He is again a director and partner of the following Switzerland based investment firms, Kaitan Capital and Rampartners Switzerland. He is also the Board Chairman of Ngoya Etix DC Ghana Limited now Onix DC, the first-tier IV data center in Sub Saharan Africa.