1
WEDNESDAY NOVEMBER 3, 2021
BUSINESS24.COM.GH
Wednesday November 3, 2021
Reduction in interest rates to ease access to property acquisition
NO. B24 / 269 | News for Business Leaders
Ghana to have first National E-Pharmacy in sub-Saharan Africa - Bawumia
See page 7
See page 17
Ghana ready to combat climate change, President declares News desk report
P
resident Nana Addo Dankwa Akufo-Addo has said Ghana acknowledges the importance and effects of climate change, and the urgent need to combat it, stating that the country equally acknowledges the importance of protecting its development. “We believe that a balance must be struck and maintained between our social, economic and environmental imperatives,” the President said when he delivered Ghana’s statement at the UN Climate Change Conference, COP 26, currently ongoing in Glasgow, Scotland. Cont’d on page 2
Avanti Communications boss, Reuben Oshomah, speaks to Business24 in an exclusive interview B24: What is Avanti basically known for? Avanti boss: Avanti Communications is the leading KA-band high throughput satellite capacity partner to the communications industry across EMEA focused on driving connectivity across Africa. Our mission is to work in partnership with the people of Africa to empower growth, protect communities Cont’d on page 5
President Nana Addo Dankwa Akufo-Addo
WTO boss highlights trade’s role in ambitious climate action at COP26
T
rade can and must make a contribution to a comprehensive climate action agenda, Director-General Ngozi Okonjo-Iweala declared in her engagements with world leaders and stakeholders at the United Nations COP26 Climate Summit in Glasgow, Scotland, highlighting the need for ambitious yet fair commitments
JL Properties to construct 10,000 homes in 10 years By Eugene Davis ugendavis@gmail.com
G
hanaian real estate company JL Properties has set a target to construct 10,000 homes across the country in the next 10 years and explore more opportunities Cont’d on page 3
Cont’d on page 3
Cont’d on page 2 Cont’d on page 2
2
Editorial / News
WEDNESDAY NOVEMBER 3, 2021
Editorial
Indeed, digital policy is a good economic policy!
T
here is no iota of doubt that digitalizing the Ghanaian economy will yield more positive result to the national development discourse as affirmed by Vice President Dr. Mahamudu Bawumia in his sermon on Ghana’s digital journey yesterday. “I have heard people say I am abandoning economics for digitization. Far from abandoning economics, the reality is that in this era, if you don’t digitize you will not have much of an economy, period! Indeed, digital policy is economic policy!” Dr. Bawumia said in a public lecture at Ashesi University. According to him, the sustained digitalization drive has built a solid foundation for a globally competitive nation in
the emerging digital revolution, and truthfully, the results have been clear and emphatic looking how technology is transforming both the business and social landscape. In the banking sector, for instance, digitalization has led spurred the uptake of digital banking products, improved online transactions and e-commerce with the ongoing piloting of the E-cedi as the icing on the cake. As a result of government’s unshaken will to digitize the economy, Ghana now boasts robust systems based on integrated data, unique identification numbers for its populace, a digital addressing system for properties and locations, and one that ensures transparency, promotes
accountability, discipline and trustworthiness. Digitalisation promotes an inclusive system, minimizes corruption in the delivery of public systems and enhances the operations of government institutions for efficient service delivery, as the Veep rightly said. At the heart of the government’s digital journey is the formalizing of the informal sector, a critical economic area that holds the chunk of Ghana’s working populace yet pays very little of what is due the state, in terms of taxation. Now we have a system that has broadened the tax base and built the vehicle for domestic revenue mobilization, and we can only hope for better times ahead with a fully digitized economy.
Ghana ready to combat climate change, President declares 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
President Akufo-Addo stated that climate change is the greatest threat to the realisation of the Sustainable Development Goals, as it has an enormous impact on the fundamentals required for survival on earth. “Even though we, in Africa, are the least of the contributors to this phenomenon, responsible for less than four percent of the global volume of carbon emissions, we suffer the most because our agrarian and resource-driven economies are peculiarly susceptible to the effects of climate change, and our capacity to withstand its shocks is weak,” he said. Agriculture, water, energy, and the extraction of mineral resources, the President said, are essential drivers of developments in African countries, but, at the same time, are characteristically sensitive to changing climate. With the African Development Bank stating that Africa will need some US$3 trillion “in mitigation and adaptation by 2030” to enable her implement nationally determined contributions, he noted that the question of
financing Africa’s commitments naturally arises. “The Almighty has blessed our lands with abundant natural resources, and it would be wholly unfair for the world to demand that Africa abandons the exploitation of these same resources needed to finance her development, and help us to cope better with the threat of climate change, at a time when many countries on the continent have only just discovered them,” President Akufo-Addo said. He continued, “The development and industrialisation of the wealthy nations of today were also hinged on the exploitation of their natural resources. This development came at the expense of pollution and the emission of greenhouse gases. Even today, the western world is responsible for 76 percent of carbon emissions.” Africa, the President said, is naturally very disappointed by the failure of the wealthy nations to honour their commitments of making available US$100 billion annually to the poorer countries to assist the continent in the fight against climate change, and by the unavailability of the technology
transfer that will help Africa find sustainable ways of charting a path out of this existential crisis. “Those same nations are, however, insisting that we abandon the opportunity for rapid development of our economies. That would be tantamount to enshrining inequality of the highest order, a totally unacceptable conclusion,” he added. President Akufo-Addo stressed that “we must find a solution that is equitable and fair; a solution that levels the playing field; a solution that recognises the historical imbalances between the high emitters and low emitters. Ghana, therefore, supports the call for debt-for-climate swaps, which will address a multitude of issues in one fell swoop.” He thus urged world leaders to use COP 26 as “a turning point to create a more prosperous, greener and fairer world, which maintains the balance between the social, economic and environmental requirements of all nations of the earth, rich and poor.” Success in this endeavour, he added, is the greatest inheritance the world can leave for current and future generations.
3
News
WEDNESDAY NOVEMBER 3, 2021
WTO boss highlights trade’s role in ambitious climate action at COP26 Continued from cover that ensure a green transition that is just and inclusive to all economies. The Director-General highlighted trade and the WTO's role in a wide breadth of approaches to climate action in her panels and bilateral meetings, covering carbon emission reductions, the conservation of forests as critical carbon sinks, climate adaptation, and finance. On carbon reduction and pricing, she championed a coordinated approach at the high-level event organized by Canada and the Carbon Pricing Leadership Coalition, saying: "Let's move towards a global carbon price. We have a great deal of fragmentation and we are hearing increasingly from businesses that they are finding regulations difficult to navigate and sometimes it results in higher prices for consumers and others. We also have members who are afraid this measure is somehow
disguised protectionism which will prevent them from selling products abroad. Their issues need to be respected as we develop these systems." "The WTO provides a forum where we can initiate this dialogue and involve developing and least-developed countries in
the conversation. Leaders should task the International Monetary Fund, Organisation for Economic Co-operation and Development, World Bank and the WTO to work together and come up with a global approach," she said. Halting deforestation and establishing sustainable markets
for agriculture must also be part of the comprehensive trade and climate agenda, she said at a session of the World Leaders Summit on Forests and Land Use, organized by the United Kingdom, host of COP26, and the UN Framework Convention on Climate Change.
JL Properties to construct 10,000 homes in 10 years Continued from cover in the West African market. Already, the company has collaborated with a state agency to build 4,000 housing units,
while a similar arrangement is in the pipeline for the construction of 1,500 housing units for workers of the Korle-Bu Teaching Hospital. Speaking at the launch of the
company’s 10th anniversary in the real estate industry, the Executive Chairman, Dr. James Orleans-Lindsay, said JL Properties will soon venture into 3D concrete printing, which will
make it possible to build a home in 16 days. He added that they have had discussions with consultants from Nigeria, China, African Development Bank, and ECOWAS Bank for Construction and Development regarding the 3D concrete printing designs and construction. “In three years time, the 3D concrete factory is expected to take off, which is expected to “feed off our construction and we [will] sell to the outside world.” JL Properties’ specialty, Dr. Orleans-Lindsay said, is to develop disused sites in the city. Each home is built to high international standards using modern technology and fittings to stand the test of time. Over the next 10 years, JL intends to affirm its company as the biggest sub-regional real estate developer. Already, it has set up an office in Côte d’Ivoire, with plans to open an office in Sierra Leone in February as well as in Nigeria and Liberia. JL Properties has developmental sites dotted across the capital in areas including Weija, Adenta, East Legon, Achimota, Kanda, and East Airport.
4
WEDNESDAY NOVEMBER 3, 2021
5
News
WEDNESDAY NOVEMBER 3, 2021
Avanti Communications boss, Reuben Oshomah, speaks to Business24 in an exclusive interview has shown exceptional learning Continued from cover and unlock opportunities for individuals, businesses, and governments by creating better connections across the continent. B24: This year, Avanti Communications signed a partnership agreement with Clear Blue technologies. How does this partnership help strengthen the services of Avanti in order to impact meaningfully on the socioeconomic development of Africa? Avanti boss: Our recent partnership with Clear Blue Technologies will accelerate the rural rollout of low-cost connectivity solutions in areas where network coverage and broadband services have been limited or non-existent. Everyone is entitled to a more connected life and the benefits that come with it, and this partnership is expected to deliver coverage to 400 million people living in remote areas within 3-5 years. As part of this joint rural deployment effort, Avanti provides critical, high throughput KA-band satellite connectivity and VSAT equipment, whilst Clear Blue Technologies deploys smart, off-grid solar-powered solutions with remote management and control. B24: Most Ghanaian (Africa) communities still face challenges in internet accessibility. What are some of the initiatives governments can take to expand internet accessibility? Avanti boss: Connectivity is a vital tool to empower people and strengthen communities. As governments plan their digital transformation, we believe that prioritising satellite internet accessibility will benefit the countries and territories that are often overlooked when it comes to terrestrial high-speed broadband. The pandemic has reminded us of how vital a strong technology infrastructure is for keeping people, government services, schools and health services connected. Satellite connectivity is often the only way for governments to connect rural and remote areas where terrestrial networks are currently limited or unreliable. Partnership is key to helping bring economical coverage to remote areas of the world with limited terrestrial networks, and
we believe governments should prioritise collective action to help improve internet accessibility across the continent. Governments should therefore look to partner with telecommunications operators and satellite providers to reach these areas. They also need to provide a conducive environment, in terms of adequate security and policies, that will encourage providers and investors to thrive. B24: As a leading name in pioneering satellite technologies, how is Avanti going to bridge the internet gap between rural and urban communities in Ghana? Avanti boss: Significant progress has been made over the past 30 years in connecting rural communities, but addressing the digital divide remains a huge challenge. This is due to the limited terrestrial networks in rural communities. As the number one high throughput satellite company in Africa, Avanti is rolling out rural and ultra-rural connectivity with Africa’s largest Mobile Network Operators (MNOs) and tower companies to provide lifeenhancing coverage to those living in hard-to-reach areas across sub-Saharan Africa—which would otherwise be impossible to reach using traditional terrestrial infrastructure. B24: What are some of the opportunities you think Avanti Communications will bring to marginalised Ghanaians? Avanti boss: As an organisation, we are committed to leveraging satellite technology to strengthen communities, and we believe education is a key step towards empowerment. Avanti recently partnered with the Global Partnership for Education (GPE) to help address barriers to girls’ education in Kenya and Ghana through targeted, context-specific awareness and information campaigns. We are proud to be working with the GPE to help break down some of the social barriers preventing girls from reaching their full potential. For the last seven years, Avanti has been leading a first-of-its-kind e-learning project that provides education to over 180,000 children in Kenya, mostly marginalised young girls. Avanti provides satellite-enabled broadband and personalised content in literacy, numeracy and life skills, and
outcomes for these children, such as doubling their numeracy learning rates. We have ambitious plans to roll out this project in Ghana soon. B24: What are some of the identified barriers to technology development, and how is Avanti going to tackle them?
Avanti boss: One of the main barriers impacting technology development is a lack of infrastructure and terrestrial networks. To tackle this issue, we recently launched Avanti EXTEND, a new managed service for rural connectivity. Avanti EXTEND provides highperformance and cost-effective 2G, 3G and 4G solutions to remote and hard-to-reach areas across sub-Saharan Africa. This enables MNOs and tower companies to provide reliable cellular service to the 100 million people living in these challenging locations that would otherwise be impossible to reach using traditional terrestrial infrastructure. Avanti EXTEND’s built-in and fully operational CAPEX solution integrates seamlessly into MNOs’ terrestrial networks to reduce network complexity and increase efficiency. It also offers the opportunity for MNOs and tower companies to undertake large deployments quickly and effectively, and scale operations to support long-term rural expansion at no additional CAPEX. This removes the need for them to manage satellite configurations, hub infrastructure or terrestrial networks to deploy a successful satellite cellular backhaul topology. B24: In terms of numbers, how many jobs or employment opportunities will Avanti create to reduce the unemployment figures in the country? Avanti boss: To help power growth, we have committed 75% of our total investment to help connect the continent. Avanti has established teams throughout Nigeria, South Africa, Kenya and Tanzania. Future commitments have been made to increase the number of teams as we continue to expand rural connectivity across the continent. We will be deploying cellular backhaul sites in several other countries across Africa, including Ghana, Ivory Coast, South Africa, Namibia, South Sudan, Kenya and Tanzania.
B24: What role will the internet play in a successful implementation of the African Continental Free Trade Area (AfCFTA), and what is needed to tap this potential? Avanti boss: The African Continental Free Trade Area (AfCFTA) has stated the importance to pursue and improve regional strategies to develop Africa’s digital economy. While e-commerce is thriving in some African countries, there is space for improvement. Connectivity is a vital tool that can help local businesses establish themselves on the global stage and improve the conditions of African economies. The pandemic has highlighted the growing digital divide, and we believe it is essential that AfCFTA works in partnership with service providers like Avanti to support the development of digital technologies across the content and improve trade. B24: Does the low internet penetration in most countries of the continent hinder economic growth? In what ways? Avanti boss: COVID-19 has been a challenge for everyone, but even more so for those living in unconnected communities. In a world where the global reliance on connectivity is evolving, the unconnected have become even further removed from the modern digital world and what it has to offer. We believe everyone has the potential to ‘Be More’, and connectivity empowers people to achieve their full potential. At the peak of the pandemic, we realised how much the digital divide was growing. Instead of watching it grow, we proactively identified opportunities to connect even more individuals, businesses, and communities. The internet is a major driver of economic growth. With low penetration, there will be fewer people contributing to the economy. For any economy to grow, there is need for more people to have access to the internet to bring about opportunities for remote work and commerce. More people need to be able to contribute through remote work and online commerce.
6
WEDNESDAY NOVEMBER 3, 2021
7
News
WEDNESDAY NOVEMBER 3, 2021
Dr Bawumia opens Fintech festival tomorrow
T
he Vice-President, Dr Mahamudu Bawumia, will tomorrow deliver the keynote address at the inaugural Standard Chartered Digital Banking, Innovation and Fintech Festival at the Kempinski Hotel in Accra. Dr Bawumia is expected to outline the government’s plan to make Ghana the true digital hub of Africa with a robust digitised financial technology ecosystem. The event will bring together local and international players in the Fintech ecosystem, seasoned experts and practising Fintech innovators to engage and share insights into how to adopt, leverage and scale digitisation, innovation and technology within the financial sector. It will be held on the theme: “Shaping the next phase of Ghana’s Financial Technology Landscape for the 21st Century”. The event is being organised in collaboration with the Bank of Ghana (BoG), SC Ventures and Enterprise Singapore. A statement issued by the Standard Chartered Bank said the event was part of activities to mark its 125th anniversary in Ghana and was expected to help showcase
the country’ digital infrastructure and the great strides made in the national digitalisation journey. The hybrid mode event will be held on November 3-4, this year. Other personalities expected to grace the event include the Minister of Finance, Mr Ken Ofori-Atta; the Minister of Communications and Digitalisation, Mrs Ursula Owusu-Ekuful, and the Governor of the Bank of Ghana, Dr Ernest
Addison. Others are the Chief Executive Officer, Africa & Middle East, Standard Chartered PLC, Mr Sunil Kaushal, and a member of SC Ventures, Mr Alex Manson. “In addition, a great line up of insightful panel sessions is planned over the two days,” it stated. It stated that the sessions would explore the impact and opportunities of the increasingly
robust and digitised financial ecosystem and the lessons we could learn from Ghana’s digitisation journey so far. “Participants will also discuss how financial sustainability, innovation and technology can maximise participation in addition to how to best leverage digital banking, tokenisation and trust corridors to lift African trade flows,” it stated.
Reduction in interest rates to ease access to property acquisition
T
he conversation on the housing deficit in Ghana is still topical as the demands for homes are unmet, partly due to the availability of resources to scale up supply, and then the inability of the wider population to access funds to either build or buy. For all players in the entire value chain of housing, the availability of funds is a crucial need, but the expense of borrowing these funds depends on interest rates. Higher interest rates can add to the overall cost of both the provision and acquisition. Lower interest rates can reduce the overall cost of these expenditures. This means that changes in interest rates can impact changes in consumption and investment spending, and thus aggregate demand. Typically, interest rates are influenced by inflation and the overall economic conditions within the country. While the government of Ghana may be doing a lot to ease the fragility of the economy; volatile interest rates and high-risk investment within the economic ecosystem, players within the real estate
financing, suppliers, and property acquisition will need to take measures and enact initiatives to ease the burden on the wider demand public. One such player within the financial system is First National Bank, who recently announced the reduction in interest rates on all home loan products as part of the yearlong Year of Home Ownership-YOHO campaign.
Applicants of any of the bank’s home loan product can now get up to 1.5% interest rate discount on any amount. This was confirmed as one more approach to make it even easier for more Ghanaians to get onto the property ladder as the bank closes the curtains on the Year of Home Ownership-YOHO 2021. Mr. Delali Dzidzienyo, the Head
of Marketing and Corporate Affairs at First National Bank explained that this is also in response to the many applications coming through after the YOHO initiative was launched earlier this year. Delali said, “We are thrilled by the many applications that have come through since we made that bold declaration to help Ghanaians both home and abroad to acquire a property with our suite of home loan offerings. Even though we are aware of the huge housing deficit and the fact that property acquisition is relevant to many people, the massive adoption of this initiative reinforces the need for all within the housing sector to trigger some actions to fix this”. While there are interventions like the optimization of the process in acquiring a property, innovations with building materials such as NELPLAST’s plastic waste brick production can bridge the gap of the housing deficit. Ultimately, tackling the hurdle of high interest rates, for instance, will immediately impact property acquisition in Ghana.
8
Banking
WEDNESDAY NOVEMBER 3, 2021
Banking remains a game-changer – FirstBank of Nigeria CEO
From left to right: Victor Yaw Asante, FBNBank Ghana MD/CEO, Hon. John Kumah, Deputy Minister of Finance, Mrs. Elsie Addo Awadzi, Second Deputy Governor, Bank of Ghana, Dr. Adesola Adeduntan, FirstBank of Nigeria Limited & Subsidiaries CEO and Mr. Osei Gyasi, Head, Banking Supervision Department, Bank of Ghana
T
he Chief Executive Officer of First Bank of Nigeria Limited and Subsidiaries, the parent company of FBNBank Ghana, Dr. Adesola Adeduntan, has stated that banking remains a game-changer for countries like Ghana and Nigeria, for the facilitation of socio-economic development and bringing people together. Delivering his address at the FBNBank@25 Gala Dinner held in commemoration of the 25th anniversary celebrations of FBNBank Ghana, Dr. Adeduntan indicated that “banking has remained a game changer for West Africa since the 1890s when it was introduced into the subregion. Through the introduction of banking, we have enjoyed benefits like the monetization of our economies, improved trade, socio-economic development and the bridging of the gap between people and cultures. We are told of the support thriving businesses like Elder Dempster, A. G. Leventis, U.A.C. and others enjoyed from the banks of those days and how the introduction of formal businesses generated momentum in the socio-economic development of the then colonial territories which have become our countries now.” Dr. Adeduntan mentioned that the late 1890s also witnessed the birth of the First Bank of Nigeria,
adding that “for over 127 years, the First Bank of Nigeria has remained committed to this role, ensuring responsible support through generations to the growth of economies and businesses.” He explained that in line with the same enterprising spirit with which First Bank committed itself over generations to support the growth of economies and businesses, the Bank migrated its business to Ghana to set up FBNBank Ghana. According to Dr. Adeduntan, “working together with our stakeholders like the government, regulators and people of Ghana, we aim to leverage our experience and capabilities to become a major player in this country (Ghana). I am happy to say, our team in Ghana is capable and passionate about seeing this through and we from the parent company are ready to support.” He revealed that since taking over from the erstwhile International Commercial Bank in Ghana, FBNBank Ghana with the full support of First Bank of Nigeria has focused on delivering sustainable support to key sectors of Ghana’s economy with a dedicated focus on SMEs. He noted that FBNBank’s support continued throughout the peak period of the COVID-19 pandemic, ensuring that critical supply lines remained open. Thanking the key stakeholders,
including President Akufo-Addo, the government and people of Ghana, the Bank of Ghana and other regulators and also customers and clients of FBNBank Ghana, Dr. Adesola pledged their commitment to contributing significantly to Ghana through staking a stronger claim to becoming a major player in the country’s financial sector. He added “I would like to reemphasize that our commitment to Ghana is absolute as shown by our actions during the recent recapitalisation of banks in Ghana. FBNBank is ready and capable of going the long haul with Ghana just as First Bank has done in Nigeria.” FBNBank Ghana announced its 25th anniversary celebrations in January this year and has since rolled out a host of activities in commemoration of the significant milestone including the National Trade Forum, a Golf Tournament, Customer and Client Engagement events, a Corporate Responsibility & Sustainability Week and several staff events. The FBNBank@ 25 Gala Dinner was a key activity for engaging relevant stakeholders like government, regulators, customer, clients and staff of the Bank and to celebrate the successes of the last 25 years with the aim of positioning the Bank for the next significant milestone year.
Present at the event was a Deputy Minister of Finance, John Kumah, who represented President Akufo-Addo, Mrs. Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana, Ambassador Admiral Ibok, the Nigerian High Commissioner to Ghana, Mr. Yoofi Grant, Chief Executive of the Ghana Investment Promotion Council, Mrs. Mansa Nettey, the President of the Ghana Association of Banks and Managing Director of Standard Chartered Bank, Mr. John Awuah, Chief Executive of the Ghana Association of Banks and several Managing Directors of some of Ghana’s banks. FBNBank has in its 25 years of operating in Ghana remained focused on putting its stakeholders first. This, it has sought to do through the rich value and excellence of what the Bank contributes to the relationship with its stakeholders as a whole, particularly the customers. FBNBank Ghana is a member of the First Bank of Nigeria Limited Group which is renowned for its great customer service and general stakeholder engagement garnered over its 127 years of operation. FBNBank Ghana has 20 branches and two agencies across the country with over 400 staff. FBNBank offers universal banking services to individuals and businesses in Ghana.
9
News
WEDNESDAY NOVEMBER 3, 2021
GEPA leads Chocolatiers to participate in 2021 edition of Salon Du Chocolat
G
hana Export Promotion Authority (GEPA), the national trade promotion organisation in charge of export development and promotion, is leading a team of Ghanaian chocolatiers to participate in this year’s Salon du Chocolat in France. The prime objective is to promote and aggressively market around the world, semiprocessed and tertiary cocoa products. The Fair is the global premier chocolate event that brings together chocolatiers and actors along the cocoa value chain under one big roof to showcase chocolate and other cocoa derivatives in vogue. The five-day annual event, which opened on October 28, 2021, is being held at Porte De Versailles-Paris France. It is the 26th edition after a year’s hiatus due to COVID-19. Over 700 exhibitors are in attendance for the duration of the 2021 fair. With tremendous support from Ghana’s Mission in France, GEPA for the first time took up the mantle to lead and mobilize products and garner support from Ghanaian chocolatiers and other stakeholders to ensure that a spectacular event is pulled off. And truly, GEPA’s stand,
with assorted and delectable chocolate products, has been the toast of visitors. Tastings, workshops, live demonstrations, music and dance infused with cultural symbols, are the many reasons visitors troop the fairgrounds where a sensuous and inviting aroma of cocoa fills the air and entices chocolate lovers across France and the entire world. Ghana’s participation this year is unique and appetizing because the emphasis was more on the tertiary segment of the value chain. As a corollary, GEPA brought on board members of the Cocoa Value Addition Artisans Association of Ghana, COVAAAGH to join the GEPA to promote Ghana’s value proposition in chocolate and other cocoa derivatives. More importantly, GEPA desires to ride on the burgeoning artisanal sector in Ghana and the premium value attached to Ghana’s cocoa, to create the
necessary links and synergies between chocolatiers in France and their Ghanaian counterparts. Ghana and Cote d’Ivoire produce close to 70percent of the total global output of cocoa beans yet manage a paltry slice of the $120bn chocolate industry. Poised to reverse the trend, the Deputy CEO of the Ghana Export Promotion Authority (GEPA), Mr. Samuel Dentu, observed, “as part of our national export development strategy, we are focusing on developing and promoting the tertiary industry of cocoa.” Mr. Dentu said GEPA wanted to lead the revolution to change the narrative by leveraging the secondary industry to increase the export of processed beans. “It is time to take it a further step forward to look at what can be done next with cocoa as far as the tertiary industry of cocoa is concerned,” he stressed. He highlighted the GEPA export strategy, which recognizes the
processed cocoa sector as a major plank in boosting export and as a source of foreign exchange. Ghana’s National Export Development Strategy was launched in the last quarter of 2020 with a revenue target of US$25.3 billion by 2029. The cocoa sector, a major earner for Ghana, holds untapped potential to unlock the fortunes to propel Ghana’s revenue targets. It holds the solution to unemployment challenges in Ghana if given the needed attention. Mr. Dentu was of the view that “Ghana as a major player in the cocoa value chain cannot be missing at an event such as the Salon du Chocolat.” “Ghana produced premium cocoa, and there is no chocolate in the world without a bit of Ghanaian cocoa,” he underscored. GEPA unveiled the African Cocoa & Chocolate Expo (ACCE) in 2019. He was hopeful that it could become bigger to reflect Ghana’s status as a major cocoa producer. He expressed satisfaction with the positive reviews of Ghana products at The Salon du Chocolat, an augury and a case for more local production. Consequently, he called for collaboration between all stakeholders to make that dream a reality.
GCB donates funds for Dagbon development
T
he Management of GCB Bank Limited paid a courtesy call on the Overlord of the Dagbon Kingdom, Ya-Na Abukari II, at his palace in Yendi in the Northern Region. The visit, led by the Managing Director of the Bank, Mr Kofi Adomakoh, formed part of his familiarisation tour of the region. The MD was accompanied by two board members of the Bank, Mr Osman Ayuba and Alhaji Alhassan Yakubu and the Deputy Managing Director, Operations, Mr Emmanuel Odartey Lamptey, to the palace. The MD donated funds including GHc30,000.00 to the Dagbon Development Fund (DDF) as contribution to the development of the traditional area. Mr Adomakoh and his entourage earlier interacted with selected customers of the Bank
and visited branches of GCB. Speaking at the palace, Mr Adomakoh explained that it was prudent to pay homage to the King because GCB has a heavy presence in Dagbon and other parts of the Northern Region. “We are committed to supporting the growth and development of the youth and
commercial activities of this country including the Dagbon area,” he said. The Ya-Na Abukari II on his part expressed appreciation to the Board, Management and Staff of GCB for the gesture saying this would strengthen the relationship between the Bank and the chiefs and people of the traditional area.
He commended the MD and decorated him with a colourful traditional smock adding that the donation was in line with the objective of setting up the DDF to accelerate the socio-economic development of the area. The Ya-Na urged other individuals and corporate institutions to emulate the gesture of GCB for the implementation of projects to speed up development of the area. Mr John Adamah, Head of Retail Banking, Alhaji Muniru Muktar, Head of Customer Service, Alhaji Mohammed Mipo, Tamale Regional Manager, Mr Leslie Ampofo, Head of Private Banking, Mr Kojo Kwarteng, Head of Corporate Affairs, Mr Kofi OseiAsibey, Business Manager, Mr Oldman Alhassan, Operations Manager of Tamale Aboabo Branch, GCB also accompanied the MD to the palace.
10
News
WEDNESDAY NOVEMBER 3, 2021
‘Young entrepreneurs need to persist with their ideas’
I
ndigenous entrepreneur and philanthropist Ernest Akwasi Appiah has advised student entrepreneurs to be persistent with their ideas to achieve entrepreneurial success. The Managing Director of the Agricultural Manufacturing Group (AMG) noted that the entrepreneurial journey was a
lonely and difficult one. He said if young people persisted over time, they would be rewarded through the value that their ideas create. He made this known when a team of student entrepreneurs and leaders of the University of Ghana Business School (UGBS) paid a courtesy call on him for
funding the establishment of the UGBS Innovation Hub (UGBS NEST) with GH₵520,000 in 2020. In early 2020, the coordinator of the UGBS NEST approached the alumnus of the university to provide support towards the establishment of an entrepreneurial hub. The UGBS Innovation and Incubation Hub (UGBS NEST) is an innovation centre that
nurtures student entrepreneurs, their innovation and incubates them at the hub till breakout. The first cohort of incubates comprising of five entrepreneurial teams were admitted into the hub in July 2021. These teams are undergoing mentorship, training and preparations for several international and local entrepreneurial pitches to refine their concepts and source for funding. On October 28, 2021, a team from the UGBS paid a courtesy call on Mr. Appiah. The UGBS delegation included Professor Justice Bawole, Dean of the UGBS; Mr. Emmanuel Poku-Sarkodie, School Administrator; Professor Bedman Narteh, Head of Marketing and Entrepreneurship; Dr. George Acheampong, Coordinator of the Innovation Hub; Mrs. Mammie Hutchful-Nortey, ORID Liaison for the hub, and the incubatees. Mr. Appiah, at the meeting and after the five teams had presented their innovations and businesses to him, presented the teams with a cheque amount of GH₵100,000 as seed fund to support their business activities.
Vodafone grabs 9 key awards at GITTA
V
odafone Ghana has picked nine key awards from two separate awards events held over the weekend. The Telco won six awards from the Ghana Information Technology and Telecoms Awards (GITTA), held at the Movenpick Hotel, and three awards from the Ghana Business Awards, held at the Kempinski Hotel. At GITTA, the industry awards, Vodafone won Business Telecom Business Service Provider of the Year, Unified Communications Provider, and the Digital Transformation Team of the Year. The Telco’s free mobile money transfer service won Most Innovative Product of the Year. In addition, Vodafone’s prolific Chief Executive Officer, Patricia Obo-Nai, was crowned with the coveted Industry Personality Award. Joseph Lamptey, with the IT team, won Most Promising Technology Professional of the Year. Vodafone also won the Telecoms Company of the Year for the second year running, the Corporate Social Responsibility (CSR) Company of the Year,
and the highly celebrated and admired CEO, Patricia Obo-Nai, won the Women of Excellence Award for the private sector at the Ghana Business Awards. Commenting on the awards, Patricia Obo-Nai, CEO of Vodafone Ghana, said, “These awards are a reinforcement of our commitment to delivering innovative technologies that connect people for a better future. I dedicate these awards to the team at Vodafone
who made these achievements possible, and to our loyal and cherished customers for choosing Vodafone. We will continue to provide great customer service and leverage technology to make a positive impact in society.” Vodafone continues to set landmarks in the areas of product innovation, customer experience, industry, community interventions and in deploying mobile technology for social and economic good. Vodafone,
as a brand, has championed technological innovations that are transforming lives and businesses across the country. Under the leadership of Chief Executive Officer Patricia OboNai, the Telco continues to receive an unprecedented number of local and international accolades for its unparalleled leadership, innovative products and services, and commitment to transforming lives and businesses.
11
Health
WEDNESDAY NOVEMBER 3, 2021
Climate change is a health crisis
By Julia Gillard, a former prime minister of Australia, is Chair of the Wellcome Trust.
T
he threat COVID-19 poses to human health is now well understood around the world. In contrast, the enormous health threat of global warming, with its broad array of persistent impacts on our wellbeing, is under-recognized and poorly understood. Yet climate change is harming human health right now. During the 2020 monsoon season in Bangladesh, for example, water flooded a quarter of the country. More than 1.3 million homes were damaged, and hundreds of people died. Rising sea levels caused by climate change will make such events more frequent in low-lying countries like Bangladesh. It also will bring the risk of flooding on a similar scale to more communities around the world. Severe floods do more than destroy homes. They cause raw sewage to flow into streets and contaminate drinking water, spreading infection. They also destroy crops, driving malnutrition. And rising sea levels turn drinking water saltier, which increases rates of high blood pressure, pre-eclampsia, and premature births. These are hardly the only health risks implied by climate change. Hotter temperatures lead to a higher incidence of heatstroke. And prolonged droughts, just like severe floods,
reduce agricultural productivity and output. The many ways global warming will affect our health are not yet fully understood. But its influence is becoming clearer as the changes to our environment become more dramatic. The world urgently needs a global strategy to minimize climate-related illness and death in the coming decades. As with the COVID-19 pandemic, developing effective solutions will require governments to work with scientists. Part of any effective approach will be aimed at limiting future warming, and part will be aimed at adapting to a hotter climate. But both imperatives must be pursued in ways that protect – or even enhance – public health. The United Nations Climate Change Conference (COP26) currently underway in Glasgow is an ideal opportunity for world leaders to demonstrate that they understand that global warming is a health crisis, and that they are learning from the successes and shortcomings of the pandemic response. In less than two years, COVID-19 has caused millions of deaths and disrupted our lives. We have seen scientists, governments, and companies cooperate to develop diagnostics, therapies, and vaccines. But we have also seen how narrow national interests and socioeconomic inequality can limit access to affordable options, prolonging the crisis. World leaders meeting at
COP26 have a perfect opportunity to show that they understand climate change is not only an urgent environmental challenge, but also one of the most urgent health challenges we have ever faced. Governments are not in this fight alone. Civil-society organizations need to support efforts in the coming decades to address the health challenges brought about by climate change. We must build a collaborative global process that generates, values, and – most importantly – uses scientific evidence to act on climate change and improve health for everyone. At the Wellcome Trust, we are committed to funding research that enables us to better understand and address the negative effects of global warming on health. We will also advocate strongly for evidence and research to be at the heart of policymaking. As with any health threat, prevention is better than a cure. There will not be a vaccine to inoculate people against the effects of heat waves, wildfires, droughts, or severe floods, so reducing the rate at which the global temperature is rising is the best preventive measure we have. That means reducing greenhouse-gas emissions. Fortunately, cutting emissions can have a direct, positive effect on health. For example, the global transition from fossil fuels to renewable energy could increase average life expectancy
globally by at least one year. Similarly, widespread adoption of diets rich in vegetables and low in meat will reduce greenhouse gases and decrease the risk of heart disease, cancer, and dementia. But while cutting emissions will reduce future harm, it will not eliminate the health threats that are already implied by decades of global warming. We have no choice but to adapt to life on a warmer planet. In response to the growing threat of floods, for instance, many coastal communities – including in Kenya, the United States, and Vietnam – are planting mangrove forests. Mangroves can grow in salt water, and they provide some defense against flooding. They also encourage biodiversity and can support fisheries and floating vegetable gardens. The task now is to design a series of creative options that people around the world can use to decide how best to protect themselves and their communities. Treating the inevitable symptoms of a hotter planet and helping communities adapt is the responsibility of local governments, but we also need a level of international coordination and new knowledge generation that can be delivered only by an agreed global strategy on climate and health. It won’t be easy, and time is not on our side. But science is.
12
News
WEDNESDAY NOVEMBER 3, 2021
Chifeng Jilong Gold to acquire Golden Star for US$470m
G
hana-focused miner Golden Star Resources says China's Chifeng Jilong Gold Mining has agreed to purchase all of the company’s shares for a total of $470 million in cash. The Transaction will be consummated through Chifeng’s majority-controlled subsidiary, Chijin International (Hong Kong) Limited. In a statement, Golden Star CEO Andrew Wray said the deal would help to deliver growth at Wassa. According to the statement, shareholders of GSR under the transaction would receive total consideration, payable in cash of $3.91 per Golden Star Share. “The consideration represents a 24.1 percent premium over the closing price of the Golden Star Shares on the New York Stock Exchange (NYSE) as of October 29, 2021, a 37.2 percent premium based on the volume-weighted average price of the Golden Star Shares on the NYSE over the 20 trading days ending October 29, 2021, and a 51.5 percent premium based on the volume-weighted average price of the Golden Star Shares on the NYSE over the 60 trading days ending October 29, 2021,” the statement said. The sale of GSR to Chifeng Jilong Gold, the statement said, had
been unanimously approved by the Board of Directors of Golden Star, adding that it was important that Golden Star Shareholders unanimously vote in favour of the acquisition of the company. “This offer, and the healthy premium being paid relative to recent trading levels, reflect the progress made in defining the future growth profile at Wassa as well as the repositioning of Golden Star with a streamlined corporate and financial structure. We believe that the transaction will benefit all of our stakeholders, with shareholders receiving an attractive premium in return
for the future growth potential, and with Wassa forming part of Chifeng’s larger portfolio of gold mines there will be a larger capital base to help deliver that growth,” the statement said. “Chifeng has a proven track record as a responsible operator and is well positioned to build on the platform and reputation we have worked hard to establish. We look forward to working with Chifeng over the coming weeks to close this transaction and transition to the new team,” Andrew Wray, CEO of GSR said. “We intend to invest significant financial and human capital into
Wassa to realize the mines’ full potential and in doing so expand our operating footprint into West Africa. Chifeng has an established track record as a safe and sustainable operator and is focused on creating value that will provide long-term benefits to all of our stakeholders including the people of Ghana,” Lyu Xiaozhao, President of Chifeng Jilong Gold said. Subject to the condition’s precedent being met, the transaction is expected to close in January 2022.
There’s more value for DStv premium customers
A
DStv premium subscription provides customers with access to multiple local and international channels that serve up world class movies, sports content and general entertainment for the entire family to enjoy. Customers who are new or existing, are being invited to unlock the full power of a Premium Subscription where they can access more value with the latest movies direct to your home on Box Office, access to more local and internal shows when they add Showmax to their DStv Account at no extra cost and they can watch their shows anywhere, anytime with DStv Now available for them to enjoy at no extra cost. “As part of our strategy to ensure that DStv customers can derive more value from our
products as well as to access content wherever they are and from whichever device they choose, we strive to continue to indulge with the very best in live sports and thrilling local and international content from across the globe,” This is not a limited or one-time offer but the ongoing value we aim to provide to our Premium subscribers said Alex Okyere, Managing Director, MultiChoice Ghana.
Our new Premium campaign will give customers access to even more content at no extra cost, here is a list of all that’s in store for our DStv Premium customers: • Box Office: allows customers to rent the latest blockbusters from the comfort of their own homes and keep them for 48 hours should they prefer to watch them later. • Showmax: allows customers to stream whole
seasons of the best local and international series, movies and kids entertainment including exclusive Showmax Original content that is not accessible to view anywhere else. What’s more, DStv Premium customers can add Showmax to their bill at no additional cost. • DStv App: this platform allows customers to take DStv with them wherever they go. Allowing them to stream live channels or use Catch Up to watch the latest episodes of their favourite shows. “With this campaign, we want to give our customers that premier feeling of being able to lose themselves in the most talked about and compelling content across our channels and platform,” said Alex Okyere, Managing Director, MultiChoice Ghana.
13
News
WEDNESDAY NOVEMBER 3, 2021
ADB MD and Bank win two Awards at Ghana Business Awards
T
he Managing Director of the Agricultural Development Bank, Dr. John Kofi Mensah has been honoured as the Public Sector Chief Executive Officer at the fourth edition of the Ghana
Business Awards held in Accra. Dr. Kofi Mensah was awarded for transforming the Agricultural Development Bank Limited (ADB) from a loss-making Bank in 201516 to a now Profit-Making Bank
IoD initiates conversation for dev’t of national corporate governance
T
he Institute of DirectorsGhana (IoD-Gh) is initiating a national conversation towards the development of a national corporate governance code to facilitate a national corporate governance reference for good corporate governance as a key necessity to support good corporate governance outcomes. The absence of a national code has led to the development of sector specific codes which do not cover the entire spectrum of the economy. Good corporate governance leads to desirable outcomes.
Ghana has witnessed the ravaging effect of corporate governance failures which has affected the economy very badly. The institute has invited stakeholders for a virtual meeting on Thursday, 4th November 2021. As a corporate governance institution whose mandate is to develop national capacity in good corporate governance, the Institute is of the firm belief that a national corporate governance code will further enhance sustainable job and wealth creation in Ghana.
with a strong balance sheet and also refocusing the Bank to its core mandate of agricultural financing. In all 65 Companies, Individuals and Institutions both public and
private received recognition for their excellent performance and impacts on the socio-economic development of the country. Aside the award to the Dr. Kofi Mensah, ADB also won the award for Corporate Social Responsibility Company of the year jointly with Vodafone Ghana Limited. The award was also in recognition of the Bank’s continuous sponsorship of the National Best Farmer awards and other Corporate Social Responsibilities activities the bank had embarked on. Commenting on the awards, the Managing Director dedicated both awards to the Bank’s Customers whose loyalty and confidence kept the Bank in business. “We dedicate the awards to our loyal customers who have been with us even in difficult times and have positively contributed to the current positive trajectory of the Bank”. He said. In its 4th Edition, the Ghana Business Awards is a prestigious programme that recognizes and rewards excellence across all sectors in Ghana. The award provides a platform to recognize individuals and companies that play a significant role in the growth and development of their business sector, while recognizing the key functions that promote growth and sustainability.
14
WEDNESDAY NOVEMBER 3, 2021
15
Feature
WEDNESDAY NOVEMBER 3, 2021
What South Africa must do
By Nouriel Roubini, Colin Coleman
S
outh Africa is at a crossroads. To save its democratic project, it needs to put itself on a path to inclusive, dynamic growth, creating a virtuous cycle that delivers on Nelson Mandela’s promise of “a better life for all.” For the past decade, the country has been locked in a low-growth trap, with falling per capita income, rising inequality, and skyrocketing unemployment, which is now at a record-high 34%. In a world beset by economic vulnerabilities, South Africa still manages to stand out for its poor performance and racially skewed outcomes – a tragic legacy of centuries of colonialism and apartheid. The combination of low growth, high unemployment, large deficits and debt ratios, and a lack of effective structural reforms has created an unstable disequilibrium. After being skillfully managed by Mandela and then by Thabo Mbeki, the country was torn asunder by Jacob Zuma’s decade-long reign of state capture and corruption. Zuma’s successor, Cyril Ramaphosa, is now trying to turn things around, but the challenge is enormous. The economy could go one of two ways. In one direction, weak growth leads to a fiscal crisis, further reducing incomes and employment, and inviting more civil unrest like that in July, when riots and looting swept the country. There is good reason to worry that South Africa is already on this path, given its troubled medium-term debt outlook. When a country runs a flat or negative primary budget balance
(excluding interest payments), real (inflation-adjusted) growth must exceed the real rate of interest on its debt stock. Otherwise, its debt-to-GDP ratio will grow continuously. That is what is now happening in South Africa. To avoid a debt crisis, real yields must decrease and/or real growth must increase. Austerity alone cannot fix the problem. To put itself on a firmer economic footing, South Africa needs a program to expand social welfare and recapitalize businesses while also undertaking structural reforms and pursuing fiscal consolidation. Social welfare can be expanded with a $55 monthly Unemployed Relief Grant. Costing 2% of GDP, this should be a multi-year, if not permanent, replacement for the $24 monthly Social Relief of Distress Grant that expires in April 2022. That program has been highly effective and thus merits being doubled. It would put more money into the hands of the 12 million unemployed, who would then spend it (unlike wealthy savers), stimulating economic activity and job creation. The new grant could be financed in part by government saving measures and tax reforms to remove deductions targeted at higher-income taxpayers. In the short term, however, it will require around $7 billion of additional debt on the government’s balance sheet. Fortuitously, that is roughly equal to the anticipated incremental corporate-tax revenues this year, following the recent commodity boom. Grants are not a panacea; but they have an integral role to play in attacking the unemployment
and growth crisis, as do other interventions such as wage subsidization, when properly applied. There is ample evidence to show that grants alleviate poverty and hunger, and help recipients start new businesses. Expanding this form of support is a no-brainer. South African businesses also need support in the form of recapitalization. Here, a sizable hybrid equity funding scheme for small and medium-size enterprises could go a long way, as would grants funded by the national treasury, in partnership with financial institutions. An injection of risk-sharing equity into eligible businesses would help to stimulate both investment and job creation. The government also should work with the state electricity utility, Eskom, to devise a credible operational and structural plan that includes recapitalizing the company’s balance sheet. The aim should be to normalize Eskom’s debt within a fiveyear period, thereby defusing a ticking financial time bomb while enabling a green energy transition with concessional funding. Ultimately, the government must demonstrate to rating agencies and investors that it has a credible growth plan that includes structural reforms, and that resets the fiscal path to align with faster medium-term consolidation as growth kicks in. Other reforms must target higher rates of fixed investment. Aside from a COVID-19 vaccination program, policymakers should focus on aggressive tourism marketing; fast-tracking bankable public-
private infrastructure, including ports and railways; implementing spectrum allocation; creating new incentives to adopt renewables, embrace electricvehicle production, establish data centers, and transform agriculture and mining; and reviewing industrial and labor policies to draw investment into both labor-intensive and highskilled production. The test of a credible fiscal consolidation path lies in the public-sector wage bill, which is currently consuming an unsustainable share of overall budget expenditures. The solution here requires that unions and the government agree to mediumterm public-sector wages without subsequent slippage. The key is to professionalize the public service, crack down on corruption, and improve the efficiency of public spending in health, education, and security. South Africa should deploy the best private- and public-sector expertise and skills available for these purposes. As GDP increases faster than debt, successful deficit reduction should result in the net tightening of bond yields, delivering significant savings on the government’s cost of borrowing. This is an interdependent package deal: extending the stimulus and implementing the structural reforms are prerequisites for meeting the fiscal consolidation targets over time. Successful implementation of the entire package would put South Africa’s economy and society on a more sustainable path, bringing Mandela’s original vision within striking distance. We dare not countenance the alternative.
16
WEDNESDAY NOVEMBER 3, 2021
17
News
WEDNESDAY NOVEMBER 3, 2021
Eni strengthens its presence in UK offshore wind market E ni strengthens its presence in the UK offshore wind market today by entering into an agreement with Equinor and SSE Renewables to acquire a 20% stake of the 1.2GW Dogger Bank C project. Dogger Bank C is the third phase of the world largest offshore wind farm (3.6 GW) currently under construction. Production will start in subsequent phases with the first phase (DBA) commencing in 2023 and the following respectively in 2024 and 2025. Once completed, Dogger Bank will generate around 18 TWh, enough renewable electricity to supply 5% of the UK’s total demand, equivalent to powering six million UK homes. Financial close of project financing for the site is expected before the end of 2021. The closing of the transaction is expected in 1Q 2022, subject to customary closing conditions. Once the transaction is complete, the new shareholding
structure will be comprised of SSE Renewables (40%), Equinor (40%) and Eni (20%) for all the three Dogger Bank project phases (A, B and C). The alignment in the participating interest across the three phases will facilitate the capture of material synergies during construction and
operation. Claudio Descalzi, Chief Executive Officer of Eni, commented: “Through this important transaction we continue to accelerate our growth strategy in renewable energy, as well as strengthening our presence in the offshore wind
market in Northern Europe, one of the most promising and stable markets in the world. This is new capacity further enhances and expands Eni’s portfolio that integrates renewables and retail, a fundamental strategic lever for the decarbonisation of emissions related to the use of our products by our customers. It is therefore a new concrete step in our process of complete reduction of the net emissions of industrial processes and products.” Eni decided this year to merge its Renewables and Retail businesses by combining a growing pipeline of renewable projects with an attractive growing customer base. By entering the Dogger Bank C project, Eni adds 240 MW of renewable capacity to reach its 2025 target to develop more than 6 GW of installed capacity from renewable sources, while growing its level of involvement and expertise for the future development of further offshore wind projects.
Ghana to have first National E-Pharmacy in sub-Saharan Africa - Bawumia
G
hana is set to become the first country in subSaharan Africa to have a national scale E-Pharmacy and one of only a few countries in the world with a national scale E-pharmacy, the Vice President, Dr Mahamudu Bawumia, has disclosed. This would involve the digitization of pharmacies across the country and enable consumers to have access to a wider scale of pharmacies in their quest to purchase medicines, while giving regulators to confirm the authenticity or otherwise of drugs being purchased. Speaking on the theme “TRANSFORMING AN ECONOMY THROUGH DIGITALIZATIONTHE GHANA STORY” on Tuesday, November 2, 2021 at the Ashesi University, Berekuso, Vice President Bawumia said the introduction of digitization in the sale and regulation of drugs formed part of President Akufo-Addo’s vision to make life better and government services more accessible to the ordinary Ghanaian. “Patients or people generally face difficulties when trying to find medicines in pharmacies. They have no way of knowing
which pharmacies have the medicines. They could go to five pharmacies before getting lucky. Sometimes patients are directed to go to specific pharmacies to buy the medicine, denying them any advantage there might be of choosing from a lower priced shop. People also don’t know what the prices of the medicines are at different pharmacies and tend in their time of vulnerability to just buy at the prices offered when they find the drug. It is also difficult to tell whether the medicines are genuine or fake. There is also the problem of drug abuse with prescription medicines like Tramadol. “To address these problems, in 2019, I challenged the Pharmaceutical Society of Ghana to digitize the operations of pharmacies in Ghana. Following this and working with my office, the Pharmacy Council in collaboration with the private sector has completed work on a digital platform for all pharmacies in Ghana and a pilot of 45 pharmacies is currently ongoing. “Basically, the digital E-Pharmacy platform will offer the opportunity to everyone through a mobile phone to upload your prescriptions and find out
which pharmacies near you have the medicines. Secondly you can compare the prices for the same drug offered by different prices so that you can buy from the lowest priced pharmacies.” Consumers will also be able to order the drug and pay for it on the phone through mobile money or GhQR (Scan and Pay), etc. The medicines are then delivered to the customers at home through a courier service. As well, “The E-Pharmacy will enable Ghana address the issue of drug abuse. Those prescribed controlled medicines like Tramadol for example will only be given a one-time CODE sent
via SMS (once the prescription is uploaded) to use at the pharmacy. The e-pharmacy platform will also check fake or counterfeit medicines because the platform will be linked to the FDA which will monitor the batch numbers of all products real time. Any drug for which the FDA does not have a batch number will be classified as fake.” The E-Pharmacy is scheduled to be launched before the end of the year, making Ghana the first country in sub-Saharan Africa to have a national scale E-Pharmacy and one of only a few countries in the world with a national scale E-pharmacy.
18
WEDNESDAY NOVEMBER 3, 2021
19
ICT
WEDNESDAY NOVEMBER 3, 2021
Samsung solidifies its brand value with top-five ranking in Interbrand’s Best Global Brands 2021 Lee, MD of Samsung Ghana. The company ranked fifth in Interbrand’s 100 Best Global Brands with a brand value of USD 74.6 billion, achieving a 20% increase compared to 2020
S
amsung has announced that it had reaffirmed its position as a top-five brand in Interbrand’s Best Global Brands 2021. According to the Best Global Brands list announced by the global consulting firm Interbrand on October 20 2021, Samsung ranked fifth with a brand value of USD 74.6 billion, a 20% increase compared to last year. On the back of its strong financial performance, which has recovered to reach pre-pandemic levels, the company’s brand value surged by 20% this year, twice the average brand value growth rate among the top 100 brands in 2021. Since entering the top five for
the first time last year, Samsung has maintained its position for two consecutive years with its largest increase in brand value since 2013. According to Interbrand, major factors that played a critical role in Samsung’s growth include: - Its transition to a customercentric management system, highlighted by the establishment of a new CX (customer experience) team dedicated to prioritising customer experience and values - Its ongoing efforts for sustainable development, including various campaigns guided by its CSR vision, ‘Together for Tomorrow! Enabling People,’ as well as company-wide initiatives
that promote sustainability, such as the use of eco-packaging for TVs and the Galaxy Upcycling programme - The launches of innovative products including the Galaxy Z Foldable series, Neo QLEDs, and the Bespoke line-up of home appliances. - Leading the development of advanced technologies such as artificial intelligence (AI), 5G, automotive, and robotics through consistent investment. “It is very encouraging to see Samsung reach the top five in the world last year and then achieve enormous double-digit growth this year—our biggest leap in brand value since 2013,” Lucas
“We promise to leverage our customer-centric management model to keep listening to our customers. This is how we will repay the massive support we have received from customers in Ghana and around the globe.” Interbrand evaluates businesses’ brand value based on a comprehensive analysis of multiple factors including financial performance, brand influence on purchase, and brand competitiveness. Meanwhile, on October 12, Samsung was also ranked No.1 by Forbes as the World's Best Employers 2021 for the second consecutive year. As a global organization with employees and businesses around the world, Samsung has, once again, been chosen as the number one employer. Each year, Forbes surveys around 150,000 employees from 58 countries working for businesses with operations in multiple nations or regions, and this year asked respondents to rank their satisfaction with their employers’ COVID-19 responses and score their employers on image, economic footprint, talent development, gender equality and social responsibility.
TECNO Mobile named 'Smartphone Brand of the Year'
T
ECNO Mobile has been named the 'Smartphone Brand of the Year' at the 11th edition of the Ghana Information Technology and Telecom Award (popularly known as the GITTA Awards) held on October 29, 2021. The event was organized by Instinct Wave to recognize, reward and showcase the pioneering ICT initiatives driving the Ghanaian private and public sector innovation with a vision of setting a benchmark to the region’s wave of development in ICT. It will be recalled that in 2020, TECNO Mobile Limited was adjudged the smartphone brand of the year for its popular CAMON 16 series. Its latest win is for premium and well sought-after devices like the TECNO Phantom X and CAMON 18 Series, which recorded 2,000 pieces in pre-order sales alone, a milestone that organisers said "goes on to prove the level of acceptance and confidence Ghanaians have in the TECNO smartphone brand". The award was also a
confirmation of TECNO's commitment to bringing cuttingedge technology to its patrons.
The GITTA has become the benchmark of excellence that promotes and celebrates
government, operators, ISP, Infrastructure providers, Fintech, Banks and other stakeholders.
20
Markets
WEDNESDAY NOVEMBER 3, 2021
WEEKLY MARKET REVIEW FOR WEEK ENDING OCTOBER 29, 2021
CONTINUED ON PAGE 21
21
WEDNESDAY NOVEMBER 3, 2021
WEEKLY MARKET REVIEW FOR WEEK ENDING OCTOBER 29, 2021
22
Markets
WEDNESDAY NOVEMBER 3, 2021
CONTINUED ON PAGE 23
23 CONTINUED FROM PAGE 22
WEDNESDAY NOVEMBER 3, 2021
24
BUSINESS24.COM.GH WEDNESDAY NOVEMBER 3, 2021
NO. B24 / 269 | NEWS FOR BUSINESS LEADERS
MONDAY MAY 3, 2021
WEDNESDAY NOVEMBER 3, 2021
Vodafone is the Telecoms Company of the Year
V
odafone Ghana has been declared ‘Telecom Company of the Year’ for the second consecutive year at the Ghana Business Awards (GBA) held at the Kempinski Hotel in Accra on Friday. Vodafone was recognised for its leadership in innovation, customer experience, industry, community interventions and in deploying mobile technology for social and economic good. The brand also won the Corporate Social Responsibility (CSR) Company of the Year, whilst the CEO of Vodafone Ghana, Patricia Obo-Nai, picked up the Woman of Excellence award. These prestigious awards come as no surprise since the Telco has continuously established itself as the most innovative mobile operator that delivers revolutionary products and initiatives for all consumers. Vodafone’s penchant for industry-first initiatives has led to innovations like zero money transfer charges on Vodafone Cash, which created a significant shift in financial inclusion; the Vodafone SuperCare service, which enables the speech and hearing-impaired to stay connected through a dedicated call centre and highly subsidised data bundles; and Too Moorch Data, one of the best mobile data products the industry has ever seen. Vodafone Ghana is leading the way in digital customer
experience, an approach that essentially blends digital and human interaction into a personal, instant, and convenient experience for customers. Its customer-engaging digital channels include My Vodafone App and TOBi, the artificial intelligence chatbot. These platforms are helping reduce customers’ risk of exposure to the virus during this pandemic. Vodafone has always been passionate about contributing to sustainable social change, focusing strongly on digital empowerment, diversity and gender, and the environment. One other area that the brand made significant contributions to is “health”. Through its Healthline programme, Vodafone has saved the lives of hundreds of Ghanaians across the country in dire need of surgery. The initiative has brought hope and relief to many
financially burdened families. Vodafone’s Healthline Medical Call Centre, which offers expert medical advice to Ghanaians via the phone in various local and international languages, has also played a critical role in driving awareness of the COVID-19 pandemic and referring suspected cases to the task force. Vodafone Business has won the Telecom Business Service Provider of the Year at the Ghana Information Technology and Telecommunications Awards for four consecutive years. Besides the bespoke products it offers, Vodafone Business has introduced initiatives that build the capacity of SMEs, future-proof their businesses and connect them to investment and partnership opportunities. The enterprise unit’s timely introduction of Your Business Online enabled thousands of SMEs to digitalise their businesses at the height of
the pandemic. Under the leadership of Chief Executive Officer Patricia OboNai, the Telco continues to receive an unprecedented number of local and international accolades for its unparalleled leadership, innovation, and commitment to transforming lives and businesses. Commenting on the awards, Patricia Obo-Nai, CEO of Vodafone Ghana, said, “We feel very honoured to receive these prestigious awards. We dedicate these awards to the team at Vodafone who made these achievements possible and to our loyal and cherished customers for choosing us. We will keep providing exceptional services to customers and continue to use technology to make a difference in society.” At the Ghana Information Technology and Telecommunications Awards (GITTA) held at the Movenpick Ambassador Hotel, Vodafone won the Most Innovative Product of the Year for its free mobile money transfer service, Telecom Business Service Provider of the Year, Unified Communications Provider, and the Digital Transformation Team of the Year. Vodafone’s prolific Chief Executive Officer, Patricia Obo-Nai, was crowned with the coveted Industry Personality Award, and Joseph Lamptey, with the IT team, won Most Promising Technology Professional of the Year.
MTN begins implementation of Onnet/Offnet parity measures this month in compliance with SMP directives
M
TN Ghana has commenced the implementation of an onnet/offnet parity measures on its network to ensure on-net/ off-net parity for Voice and SMS special plans, promotions and bundle offers to enable customers enjoy the same rate for calls on MTN and calls to other local networks. This was contained in a press statement signed by the Chief Corporate Services Officer and Corporate Communications Senior Manager respectively, which noted that in June 2020, MTN Ghana was declared a Dominant/Significant Market
Power (SMP) in the Voice, Data and SMS markets. MTN has complied with all the defined directives to date by the regulator. The objective is to increase competitiveness in the telecommunications industry. This initiative is one of the remedies imposed under MTN Ghana’s declaration as a Significant Market Power (SMP). Full details of the onnet/ offnet parity are available on the company’s website www. mtn.com.gh, our social media platforms and will be published in print media. MTN Customers can also dial *550# for details. T‘s & C’s
apply. The statement indicated that “We continue to engage the regulator to explore ways of promoting competitiveness in the industry while ensuring value for all our Customers through continued innovations in our
products and services.” MTN Ghana remains committed to pursuing its Ambition 2025 strategy which is anchored on building the largest and most valuable platform business to support Ghana’s digitalization agenda.