Business24 Newspaper 13th October, 2021 by Business24 Online

WEDNESDAY OCTOBER 13, 2021

BUSINESS24.COM.GH

Wednesday October 13, 2021

NO. B24 / 260 | News for Business Leaders

Embassy of Spain Hispanic Day Publication

Newmont presents GH¢110m dividend to government See page 5

Inside

BOST assures of fuel safety despite product adulteration at Ksi depot

Gov’t seeks to boost electricity export to sub-region By Henry Martinson

By Eugene Davis ugendavis@gmail.com

overnment has announced that it is exploring opportunities and positioning Ghana to becoming a major exporter of reliable and competitive electricity in the Economic Community of West African States (ECOWAS) region. Speaking on behalf of President Akufo-Addo at the 7th Ghana Renewable Energy Fair 2021 in Accra,

he Bulk Oil Storage and Transportation Company (BOST) has assured the public that no adulterated fuel product is in the market despite alleged product adulteration at its Kumasi Depot over the last couple of days. According to a release from the Corporate Communications and External Affairs department of the

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Cont’d on page 2

Plan to increase renewable power generation laid out By Michael Asante Kankam

overnment says it is focused on boosting the contribution of renewable power to the country’s energy mix from the current 120 megawatts, which represents about 2.4 percent, to a targeted minimum Cont’d on page 3

Cont’d on page 2 Cont’d on page 2

Editorial / News

WEDNESDAY OCTOBER 13, 2021

Editorial

Let’s turn our attention to renewable power

eliable and cheap power is at the core of government’s industrial ambition much as it is the driver of every economic activity in the country. In its renewables, Ghana has huge prospect for power generation which must be adequately explored. Renewable energy use is increasing as demand and investment related to it also increases around the world. It has been estimated that demand for energy in Ghana is increasing by ten per cent per year, a trend that requires a corresponding increase at the supply side. Ghana is currently focused on expanding its renewable energy,

and its Renewable Energy Act of 2011 (Act 832) provides for the development, management, use, sustainability, and adequate supply of renewable energy for generating heat and power. Act 832 provides a framework to support the development and use of renewable energy sources and to help attract investment in renewable energy sources. The effort to expand renewable energy in Ghana is not only focused on the development of electrical and other alternative fuel sources, but also to reduce carbon emission and combat climate change, according to sources. As government’s ambitious

industrial picks steam, industry’s access to ready and sustainable power will be its cornerstone and we encourage the right authorities, both public and private, to work towards increasing the renewables share of the country’s energy mix. We welcome ongoing reforms that seek to reposition the power sector for growth and shared value to both consumers of the commodity and investors. This is how we can get the economy industrialised to spearhead the creation of the much-needed jobs and wealth for the youth of this country and to improve our attempt at import substitution.

BOST assures of fuel safety despite product adulteration at Ksi depot Continued from cover

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company, with the current robust Standard Operating Procedures (SOPs), “no adulterated product will find its way into our tanks, much less get to the market.” “The company wishes to further assure the public that the reported incident has not affected our operations in any way, and our fuel safety and security as a country is assured,” the statement noted. It further explained that BOST depends on three modes of transport for transferring products from its primary depot at Kpone in Tema to its other depots: Kumasi, Buipe, Akosombo and Bolgatanga. These modes are road, through bulk road vehicles popularly called tankers; river barges on the Volta Lake in partnership with Volta Lake Transport Corporation; and pipelines between Tema and Akosombo, Buipe and Bolgatanga, and from Tema Oil Refinery to the Accra Plains Depot. The reported incident concerns the bulk road vehicular (BRV) mode of transport, the statement said. It added: “As a standard practice, products are tested to confirm their chemical

composition before loading onto trucks. Upon arrival at their destination, [the] same product testing is carried out to ensure what was loaded onto the truck is what has been transported, before discharge is permitted.” Explaining the alleged product adulteration, the statement said: “During the pre-discharge testing of products aboard a BRV, it was discovered through the basic test that the chemical composition of the product at the destination differed from what was loaded on the truck. BOST made a call for confirmation testing which proved that the result of the basic test was correct: the product aboard the truck was

adulterated.” The statement added that the truck and its contents are being held at a safe place whilst investigations continue. Meanwhile, the driver of the truck is in police custody, helping the investigative agencies to get to the bottom of the matter. “Further pre-discharge tests disclosed eight more trucks had their contents adulterated. The drivers of these vehicles are nowhere to be found as we speak, but their respective trucks are being held pending the conclusion of the investigations. This brings the total number of trucks with adulterated contents to nine,” the statement said.

News

WEDNESDAY OCTOBER 13, 2021

Plan to increase renewable power generation laid out Continued from cover of 1,000 megawatts, or 10 percent in less than a decade. “The Bui Power Authority has infrastructure resources to ramp up to 250 megawatts of solar, and an assurance has been made by the ministry to support the authority to reach the full renewable energy potential,” Energy Minister Dr. Mathew Opoku-Prempeh disclosed at the 7th Ghana Renewable Energy Fair in Accra. He added: “The Bui Power Authority has already completed the installation of more renewable energy solar PV panels at Bui in the Bono Region.” According to the minister, there is growing interest to decarbonise the planet and limit global warming, a cause which green energy would hugely support. He indicated that government is working to reposition the nation as a major exporter of reliable and competitive power in

Energy Minister, Dr Mathew Opoku Prempeh

the sub-region as it seeks to open up the sector to investments. This, he said, would rake in foreign exchange earnings, contribute to the regional economic inclusiveness strategy,

as well as strengthen energy security and peace in the sub region. Cecilia Dapaah, Minister for Sanitation and Water Resources, applauded the Energy Ministry

for convening stakeholders in the energy sector to deliberate and brainstorm on matters affecting the industry and to proffer solutions that offer value to sector players and investors. She advised the Energy Ministry to ensure that the recommendations made at the end of the conference will be implemented in line with government’s effort to develop a sustainable energy economy. Professor Ebenezer Oduro Owusu, the chairman of the Governing Council of the Energy Commission, said the Ghana Renewable Energy Fair, now in its seventh year, aims at providing a platform for collaboration between the government, the private sector, and civil society for the promotion of renewable energy. This year’s event was on the theme “Removing Barriers to Renewable Energy Development in Ghana”.

Gov’t seeks to boost electricity export to sub-region Continued from cover Cecilia Abena Dapaah, Sanitation and Water Resources Minister, said “this will not only benefit Ghana in terms of foreign exchange earnings, but will also contribute to the regional economic inclusiveness strategy, strengthening energy security and peace in the sub-region.” The event, which was organised by the Energy Commission under the theme “Removing Barriers to Renewable Energy Development in Ghana”, saw participants

drawn from academia, private sector players in the energy and power sector, as well as Ghana’s development partners. According to some sector watchers, the government’s move to increase power exports to the sub-region will help make good use of the excess power in the country, which is estimated to cost over US$500m annually. Ms. Abena Dapaah lauded the Energy Commission for instituting the Senior High School Renewable Energy Challenge and charged them to ensure that the

winning project is developed into a marketable project. Minister of Energy Dr. Matthew Opoku Prempeh disclosed that government is exploring critical growth sectors of the economy to spur demand for electrical power as a measure to address the excess generation capacity problem. “The promotion of the Drive Electric Initiative (DEI) will create productive demand in our electricity sector and increase demand for both grid and off-grid renewable energy power systems in the country,” he said, adding that the Ministry will collaborate with the Ministries of Finance and Transport to ensure that the needed fiscal incentives are provided for the DEI, especially a scheme to grant tax waivers to electric vehicles. He also indicated that the amended Renewable Energy Act (Act 1045) encourages small-scale self-generation and net-metering renewable energy projects to help streamline the deployment of decentralised and distributed renewable energy generation. According to him, the amended act also “establishes a competitive

procurement obligation as well as mandates fossil fuel-based wholesale electricity suppliers and producers and other companies that contribute to greenhouse gas emissions to complement the global effort of climate change mitigation by investing in nonutility scale renewable energy technologies, particularly for offgrid electrification.” Deputy Chief Executive of the Volta River Authority (VRA), Ebenezer Tagoe, said VRA is set to roll out a number of renewable energy projects within the next five years, including 60MW Hydro and 50MW Solar PV Pwalugu Multipurpose Dam Project, 60MW Floating Solar PV on the Kpong Head Pond, and 75MW Wind Power Project Phase-1”. He added that VRA has successfully undergone a financial recovery programme and has transitioned into a sustainability plan which has “renewable energy and conversion of our simple cycle thermal plants to combined cycle as key elements for driving down our cost and carbon footprint.”

WEDNESDAY OCTOBER 13, 2021

News

WEDNESDAY OCTOBER 13, 2021

‘Agric mechnisation module makes impact’

he Agriculture Mechanisation Services (AMSECs) module of the Planting for Food and Jobs (PFJ) initiative is making an impact in the transformation of the agriculture sector in the country, the Food and Agriculture Minister, Dr Owusu Afriyie Akoto, has said. According to him, plans were underway by the government to increase the thirty-two (32) mechanisation centres set up in the 32 District Assemblies across the country. The Akufo-Addo administration in 2019 set up these mechanisation centres in various district assemblies with an initial importation of two hundred and sixty (260) tractors and other farm machinery from Brazil. “So far the district assemblies where these mechanisation centres have done well with the Planting for Export and Rural Development (PERD) module of the P&J in terms of the number of seedlings they have produced,” Dr Akoto contended. Dr Akoto made the observation when he paid a working visit to farmers under the PFJ on their maize farms in Gomoa West.

The farmers who were delighted to meet the agriculture minister said the PFJ has helped boost their maize yields. They also appealed with the minister to assist them with at least two (2) tractors. In addition to the mechnisation centres, Dr Akoto said his ministry supplied farm machinery to commercial farmers and the private sector at a discounted rate of 40%.

“That was an Akufo-Addo decision in Cabinet that farmers’ machinery imported into the country should attract a subsidy of 40% in order to support the farming industry,” he disclosed. “In the next months, before the end of year, we are expecting another batch from Brazil and we will continue to expand the numbers in the commercial area,” he said. He added that, “The demand

generated by these machinery is such that Gomoa is expanding very rapidly, and we have been told that its maize and other crops under PFJ”, he noted. Dr Akoto, however said the purchase of the tractors and farm machinery will not be on credit bases this time around. He was of the view that the farmers would have to be able to use the proceeds from the work that they have done in the last 2 years to pay off and buy off in cash whatever equipment they will need to expand the facility.” Earlier, the minister paid a courtesy call on the Oguamanhene, Osabarima Kwesi Atta II, where he informed him that President Nana Addo Dankwa Akufo-Addo ouldl be celebrating this year's Farmers’ Day in Cape Coast. From the chief’s palace, the minister visited Ghana Productive Safety Net Project (GNPSP) at Ekumfi where he interacted with about 121 coconut farmers. And here the farmers seized the chance to appeal to the minister to support them with cutlasses, safety boots among others.

Newmont presents GH¢110m dividend to government

ewmont Golden Ridge Limited (Akyem Mine) HAS presented GH¢110,781,444.45 as dividend to the government for the 2021 financial year. The dividend represented government's free carried interest share in the Company in the Birim North District of the Eastern Region. Mr. Francois Hardy, the Senior Vice President for Africa region, Newmont Golden Ridge Limited, presented the dummy cheque to Mr. Samuel Abu Jinapor, the Minister of Lands and Natural Resources in Accra. Mr. Hardy said, in compliance with the Government's COVID-19 protocols, the company invested US$2.2 million to support the Ghana Chamber of Mines' efforts, and assisted its host communities with much needed medical supplies to the local health facilities, virtual learning via radio and also helped government institutions across the country. He said the company took its fiscal responsibilities seriously in line with its purpose of creating value and improving lives through sustainable and responsible mining.

"We

continue to demonstrate transparency through publishing what we pay. "In 2020, our Ahafo and Akyem mines paid GH¢1.83 billion in corporate income tax, mineral royalty, PAYE and others," he added. Mr. Hardy stated that the company also paid GH¢947million to the Ghana Revenue Authority in fulfilment of its corporate tax obligation and reiterated its commitment to growing its operations for the benefit of all stakeholders. Meanwhile, he said, the company's board of directors had approved between $750 and $850 million capital investment in developing a new mine in the Tano North District of the Ahafo Region. That investment, he said, would potentially create additional jobs and yield higher dividends in

order to pay more royalties and taxes to the government. Mr. Hardy expressed the company's appreciation to the government for the support. Mr. Jinapor, in his remarks, lauded Newmont for fulfilling its tax obligations and asked the mining firm to pay its dividend annually. He assured of government's commitment to create a conducive

environment for mining firms in terms of fiscal, operational and legal regimes for their mutual benefits. The minister said the AkufoAddo-led government's vision was to make Ghana the hub of mining in Africa and would provide the necessary security for mining concessions and take proactive measures to protect their interests.

WEDNESDAY OCTOBER 13, 2021

Opinion/Analysis

WEDNESDAY OCTOBER 13, 2021

The Ghanaian factory of the future? The ‘new normal’ business environment By Edward Gomado

he corporate and business world has experienced several significant events over the years. Ranging from financial crises to political events and health crises, such as the COVID-19 pandemic. In taking steps to resolve the health crisis, many have reimagined the new normal in a world that is now more inward-looking than before. Consequently, contingency planning and incorporation of the uncertainty around future events has become a core consideration in decisions taken by companies. Productivity and efficiency have also been brought to the fore during this pandemic which presents opportunities for automation and smarter ways of working, which thrive in a virtual society. It has become evident that the previously ‘established’ way of doing things was impacted and companies thriving in this situation were the ones that were willing and able to re-adapt and remodel to take advantage of their strengths and create new opportunities in this post-crisis world. This involved a longer-term focus in relation to the decisions taken by businesses, increased use of the internet in online marketing and e-commerce activities. Other key themes in the response to this pandemic revolved around the ability to harness information processing capabilities to derive insights into the ripple effects of the pandemic on market forces, competition, business reengineering as well as future trends. It is evident that the world is changing swiftly as uncertainty surrounding trade, economic growth, regulations and geopolitics looms. At the same time, the Fourth Industrial Revolution (4IR), also known as Industry 4.0 can open opportunities for growth even during economic downturns through greater productivity and efficiencies. Fourth Industrial Revolution (4IR) The Fourth Industrial Revolution (4IR), also known as Industry 4.0, is the unfolding age of digitalization—from the digitally connected products and services we consume, to advancements in smart cities and factories and increasingly common automation

of tasks and services in our homes and at work, has finally come of age and it’s pervading virtually every aspect of modern life. From consumers to manufacturers to cities, 4IR advancements are more accessible and less costly than just a few years ago but 4IR is more than technology: as it gradually shapes how we live and work (and even play), it also ushers in a revolution of experience. Imagining Smart Manufacturing – looking beyond COVID-19 Globally, the modern factory is already a highly complex environment. The promise — if not the full reality — of the Fourth Industrial Revolution (4IR) has pushed a few leading organisations to digitise virtually every aspect of manufacturing. In such environments, advanced machines and robots are equipped with a wide array of sensors connected to highpowered analytics engines in the cloud that assess performance, manage production schedules, maintain supplies and orchestrate all the activities on the factory floor. Most of the technologies on which the Fourth Industrial Revolution (4IR) depends are in place — at least in theory: Advanced robotics and 3D printing, artificial intelligence (AI) and machine learning, sophisticated sensors and the Internet of Things (IoT), cloud computing, advanced data analytics, virtual and augmented reality. Most manufacturing companies understand the value of these technologies whether they are in the supply chain, in production processes or incorporated into the products and services sold to customers,

however only a few have made the big bets necessary to implement these technologies throughout their operations. In Ghana, where the concept of the 4IR is still being processed, imagine that factory transformed by the implementation of 5G networking. The significantly greater speeds of 5G — up to 10 Gbps, far faster than wi-fi — and its near-zero latency should alleviate concerns about the speed and reliability of earlier wireless protocols as observed in environments that have experienced 4IR. By eliminating the need for wired connectivity, 5G will supplement the high-speed manufacturing environment with a far greater degree of flexibility. The sheer richness of the 5G-enabled factory, which will have the capacity to maintain connections among far more sensors than either wired or previous wireless facilities, offers the potential to connect just about anything. Key Steps to an effective pandemic response as manufacturers contemplate this ‘factory of the future’, however, the scope of the problems from COVID-19 may seem daunting, especially as the world experiences the third wave, particularly for industrial manufacturers with integrated global supply chains and complex operating environments. But that’s no excuse for inaction. For governments, businesses and institutions, the essential elements of a high-level response are quite similar. Repair. First, stakeholders need to fix the economic damage of the crisis. Governments must address

increased national debt, a reduced tax base, and higher short-term spending. Businesses will need to address vastly weaker balance sheets, steep revenue declines and, in many cases, weakened supply chains and stressed or depleted employee bases, given reduced staff numbers to ensure physical distancing. Rethink. Both governments and businesses need to review their response to the pandemic, understand best practices, and prepare for the next inevitable crisis. Companies must rethink their operating model, supply chain and business model. Countries need to consider what is essential to localise for reasons of security, economy and crisis management. More broadly, both nations and organisations need to rethink what success means, identifying new measures of material, social and environmental progress that can guide our efforts. Reconfigure. Organisations must make the systemic rethinking concrete by reconfiguring public and business institutions. This represents a much more fundamental redesign of organisations than the repair process entails. The crisis has put into strong relief the uncomfortable truth that a host of institutions around the world are simply not ready for the 21st century. It’s essential that systems including healthcare, legal, education and taxation be reconfigured to become more efficient, effective and resilient. Report. In a period of great uncertainty, people will call for more transparent information on a broader range of issues. Investors, regulators and stakeholders will demand more disclosure and information in real time on everything from cash flow to the health of employees. Restart. A host of organisations — in both the public and private sectors — will need to restart in a changed world, because they were either shut down owing to government fiat or forced to for financial reasons. Edward Gomado is a Partner in PwC Ghana and the Consumer and Industrial Products and Services Leader. He is the Family Business/Private Company Services Leader for West Africa. He is passionate about creating value for high-net-worth individuals and organisations.

News

WEDNESDAY OCTOBER 13, 2021

Government zeros price stabilisation and recovery levies

resident Nana Addo Dankwa Akufo-Addo has granted approval to zero the price stabilisation and recovery levies on petrol, diesel and Liquefied Petroleum Gas (LPG) for two months. The approval follows advice from the National Petroleum Authority (NPA) to mitigate the impact of rising prices of petroleum products on the world market on consumers. The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on premix fuel and residual fuel oil. The NPA on Monday said the prices of crude oil and refined petroleum products had seen sharp increases on the world market due to a rise in demand of oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies. It said because pricing of petroleum products in Ghana was deregulated, changes in prices of

petroleum products on the world market had a direct impact on prices at the pumps. The authority said the outlook of prices on the global market showed an upward trend, hence the need to seek government’s intervention to lower the levies to cushion consumers from feeling the full impact of the rising prices.

“At this time, it is important that the PSRL, which is currently sixteen pesewas per liter (GHp16/ Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogram (GHp14/Kg) on LPG are zeroed to cushion consumers,” it said. It said the NPA would work with the Ministries of Energy and

Finance to quicken the legislative processes to give immediate effect to the directive by the President. "We are grateful to the President for granting the request to zero these levies to minimise the effect of rising prices of petroleum products on the world market on consumers in Ghana," it added.

More developers partner FNB for YOHO

hana’s leading provider of comprehensive home financing solutions, First National Bank (FNB) Ghana, has signed a Memoranda of Understanding (MOU) with three more real estate developers to collaborate in the provision of homes for Ghanaians as part of the bank’s ‘Year of Home Ownership’ (YOHO) initiative. The new YOHO partners are Vabb Homes, Green Opal and

Zaddington Properties. This brings to ten, the total number of real estate developers who have partnered with First National Bank Ghana to make home ownership easier for Ghanaians both home and abroad. The Executive Head of Home Loans Business at First National Bank Ghana, Kojo Addo-Kufuor, says: “Since the launch of the ‘YOHO 2021’ initiative, we have helped many who took

up the challenge to become homeowners. We are therefore delighted to have these four new partners on board.” The MoU offers potential home buyers varied benefits, including an average of 10% discount on the selling price of property or free fittings such a kitchen cabinet. In addition, some participating developers have offered to pay mortgage application fees on behalf of the buyers.

First National Bank has also enhanced its turn-around-time to offer prompt decisions on home loan applications, subject to all requirements being met. Furthermore, eligible mortgage applicants will enjoy a YOHO 2021 discount on their interest rates, subject to terms. “Even though housing is considered as a basic requirement, we in Ghana have a gaping deficit estimated at about two million housing units. YOHO 2021 was therefore launched to help Ghanaians change their status from being tenants to homeowners before the end of 2021” Mr. Addo-Kufuor says. The other partners on the YOHO partnership include SBJ Properties, Saka Homes, Adom City Estates, GHS Housing and Royal Prestige all within the Greater Accra region as well as Magijan Havens in Kumasi. The developers commended First National Bank for their leadership in introducing such a great initiative as YOHO 2021 and pledged their commitment to helping to reduce the housing deficit in Ghana.

News

WEDNESDAY OCTOBER 13, 2021

President Akufo-Addo receives Serbia’s highest national award

resident Nana Addo Dankwa Akufo-Addo has been decorated with the Medal of the Republic of Serbia, the highest state order of Serbia, by the President of the Republic of Serbia, Aleksandar Vučić, at a ceremony at the seat of the Serbian presidency in Belgrade. President Akufo-Addo received the award “for exceptional merits in developing and strengthening co-operation and friendly relations between the Republic of Serbia and the Republic of Ghana.” The order was awarded by the decree of the President of Serbia on the sidelines of the ceremony to celebrate the founding of the 60th anniversary of the NonAligned Movement (NAM). Earlier in the day, President Akufo-Addo delivered a statement at the plenary session of the Conference, where he indicated that since the days of Ghana’s first President, Kwame Nkrumah, one of the five (5) historic founding fathers of NAM, Ghana has remained a faithful adherent of its principles, i.e., respect for the territorial integrity and sovereignty of States, noninterference in the domestic affairs of States, and non-

aggression against States. “We believe that the strength of this Movement is determined not just by its numbers, but, more significantly, by the attachment to the principles that founded it.,” the President said. Recounting the words of Ghana’s first leader, Dr. Kwame Nkrumah, at the 1961 Conference in Belgrade, who bemoaned the hesitance of the world’s super powers to disarm, President Akufo-Addo stated that “60 years later, the great powers have not disarmed, neither has the threat of nuclear war receded. They are

still as powerful as they were then, and this has been highlighted by the COVID pandemic, and the unsavoury politics of vaccine nationalism we are currently witnessing.” He bemoaned the fact that member states of NAM have become global power play, and are subject to the benevolence of powerful countries, who give out their hoarded supplies at their own pace, not necessarily in tandem with realities. “The need for self-reliance today in the global south is as important as positive neutralism

was in the era of the Cold War. The impact of the pandemic on our populations has been severe. We must stand shoulder-to-shoulder, and be resolved to ensure that we are better prepared for future pandemics,” President AkufoAddo said. He continued, “We must not miss the opportunity of this occasion to take far-reaching decisions for a more equitable and balanced world, based on the principle of the equality of sovereign States. We should continue to work towards the global objectives of peace, development and interdependence.” The President reiterated Ghana’s belief that the NonAligned Movement is as relevant in this 21st century as it was in the 20th century, in protecting the interests of the developing world. “There will be challenges but, working hand-in-hand, we can move ahead together, and, indeed, much further, more so, when, through our co-operation and solidarity, we achieve the restructuring of the global financial system to facilitate the rapid development of our economies. The next sixty (60) years of our Movement must mark its empowerment to meet the wishes and aspirations of our peoples for development, dignity and diversity,” he added.

Jospong Group honoured for promoting women empowerment

he Jospong Group of Companies, one of the biggest logistics handling firms in Ghana has been honoured for promoting women empowerment in the country. The 2021 edition of Instinct Women Awards dubbed “Celebrating Women of Excellence,” held in Accra gave special recognition to the Group and one of its most revered women, Mrs Florence Larbi, for championing the course of women empowerment and development in excellence. The Jospong Group of Companies received an award for being Excellent in Promoting & Developing Women Leaders; while the Chief Operating Officer for the Environment and Sanitation Cluster of the Jospong Group; Mrs. Florence Larbi, also received an award for being an Exceptional Woman in Environmental Protection. JGC leads the way in women empowerment and development

in excellence with women generally constituting 42% of 3,500 being the total number of staff members in the company with more women occupying and playing leadership positions and roles than men. Among these numbers stands out a pacesetter and the longestserving staff, Mrs Florence Larbi – the Chief Operating Officer for the Environment and Sanitation Cluster of the Jospong Group, whose immense contribution undoubtedly has brought the group all the successes it has achieved. In a brief remark, Mrs Larbi dedicated the award to all staff members both men and women, especially women in the company, from the board, management and to the lowest rank, and appreciated them for their support to her in diverse ways in making her become who she is today. Besides, she also extended her appreciation to the organisers of

the award scheme for recognising the effort of the Jospong Group of Companies in raising women of excellence. Brief Profile of Mrs Florence Larbi: Mrs Florence Larbi is a Human Resource and Business Administration expert and the Chief Operating Officer for the Environment and Sanitation Cluster of the Jospong Group. She manages a core staff of 3,000 and

has oversight over 85,000 project staff. Florence is a product of the University of Cape Coast and University of Ghana Business School. She has successfully completed courses from the Graduate School of Governance and LeadershipGhana, and the Gamey & Gamey Academy of Mediation (affiliated to the Pulse Institute, CalgaryCanada).

News

WEDNESDAY OCTOBER 13, 2021

Rebecca Akufo-Addo, Costa Rica Vice President to attend 2021 GUBA awards

hana’s First Lady, Mrs Rebecca Akufo-Addo and the Vice President of Costa Rica, Epsy Alejandra Campbell Barr, will both attend the 2021 GUBA awards in Accra. The awards to be held on November 8, 2021, will mark a centenary of the passage and resilience of Nana Yaa Asantewaa, the influential warrior and queen mother of Ejisu, who rose to lead an Asante army against the British. The confirmation from the two high profile dignitaries, the First Lady and Vice President of Costa Rica, was followed by earlier confirmations of attendance by President Nana Addo Dankwa Akufo-Addo. “The First Lady has officially responded in a letter to our invitation to participate in the awards including some other notable dignitaries that we have so far invited. The list of high profile dignitaries is growing by the day”, GUBA Enterprise’s President and CEO, Dentaa Amoateng MBE indicated. The confirmation of attendance by the First Lady, according to GUBA’s President and CEO, goes a long way to affirm the importance the First Lady attaches to issues

Mrs Rebecca Akufo-Addo

concerning women and the need for them to be recognised at all levels. “The First Lady believes that this year’s awards which is to celebrate the role of women and how courageous and resilience they have been especially in this pandemic and in the last century, resonates with the event’s theme, “Celebrating a Symbol of Courage and Resilience”, Dentaa Amoateng MBE noted. 2021 marks exactly 100 years

of the death of Yaa Asantewaa, the last African woman to lead a major war against colonial powers in 1900, where she played the role of the Commander-in-Chief of the powerful Asante Empire. These events will observe an important moment in African history, one that is unique to the relations between the Republic of Ghana and the Republic of Seychelles and is expected to host several high-profile personalities from the diaspora.

While celebrating Yaa Asantewaa, the awards will also recognize the contribution of Black women in the diaspora and Africa. The 2021 GUBA Awards will also raise awareness on maternal mortality and call for measures to ensure safe child delivery across the continent. GUBA Enterprise believes that every child, born and unborn, has a great potential and must be given the opportunity to fulfill this potential.

African engineers commit to supporting AfCFTA

he Federation of African Engineering Organization (FAEO) has pledged its support towards the implementation of the African Continental Free Trade Area (AfCFTA) agreement to help boost free trade across the continent. They said the core aim of AfCFTA, which among others, is seeking to create opportunities for African countries to bring 30 million people out of extreme poverty and to raise the incomes of 68 million who live on less than $5.50 per day was laudable and needed the support of all. Mrs Carlien Bou-Chedid, the President of FAEO, speaking at the end of the 7th edition of the Africa Engineering Week and 5th Africa Engineering Conference held in Accra, said the meeting resolved to institutionalize its relationship with AfCFTA, Africa Union (AU) and the governments of all African countries “The first step is to establish a Memorandum of Understanding with AfCFTA, actively engage the

AfCFTA Secretariat and Heads of Member States in the delivery of solutions to the infrastructure required to ensure free trade across Africa,'' she said. Mrs Bou-Chedid noted that the African Engineers had resolved to begin some initiatives, including leading the harmonization of standards and codes across Africa by engaging the relevant regional bodies and innovating commercially to harness the natural resources of the Africa Continent. She said the group would establish an African Fulbright

Programme to teach African citizens and create an African University exchange programme among lecturers and students. The president noted that the group had resolved to promote ethical training in curriculum for engineering education, mentor more students in second cycle institutions to pursue engineering through aggressive outreach activities and convince governments of member states to increase funding towards research in engineering. They would also lead a training programme for intellectual

property rights, sign the Single African Air Transport Market, lead in the development of Infrastructure and establish an African Arbitration Center and train world-class Arbitrators as well as lead in promoting better collaboration between industry and academia. On Women in Engineering, Mrs Bou-Chedid said the participants resolved to encourage women to study and practice engineering by creating infrastructure, which would meet the needs of women. They also advocated facilities in infrastructure to cater for women in Small, Medium and Micro Enterprises and the promotion of gender consideration during planning, design, implementation and post-implementation stages of all projects. The conference, she averred, called for the formulation of policies that would enable women to access funding and inclusivity of women in all infrastructure projects as well as expand access to digital infrastructure.

Banking & Finance

WEDNESDAY OCTOBER 13, 2021

Six tips to help you get the most suitable credit for your needs

he reduced interest rates and reduced cost of credit gives consumers an opportunity to better manage their money by making smart decisions on credit. Yogesh Borkar, Head of Credit at First National Bank says, “in the last year, consumers who have obtained credit that is linked to variable interest rates have benefitted from consistent rate cuts. While indication is that the rate cut cycle may be coming to an end, the cost of credit has reduced and those who have managed their credit responsibly have better opportunities to unlock value to get the most suitable credit for their needs.” The view is further echoed by Yogesh, explaining that consumers who have a good credit history have more options to get the most suitable credit. This is very important, because these consumers have several types of credit to choose from, depending on the need. In addition to this, consumers who have not maintained their credit obligation have a chance to use the reduced interest rates to improve their prospects, he says. Yogesh shares the following tips to help you boost your prospects of getting the most suitable credit for your needs: 1. Stay committed to your current credit obligations It is always beneficial to make regular payments for all your credit obligations and if you’re unable to pay the amounts due on your accounts in full, pre-arrange with your credit provider for alternative payment measures. If you keep up with your payments, it becomes easy for a credit provider to re-evaluate your interest rate since you’ve proven to responsibly manage your credit. 2. Do not reverse authorised debit orders Reversing your authorised debit orders will negatively impact your account and credit history, which may affect your ability to get credit. Always allow your debit orders to go through as planned. 3. Have enough funds to avoid unnecessary penalties Align your debit orders with

your salary date. This will ensure that your credit commitments such as funeral cover, loans or credit cards are paid as you get paid. In the event that the transaction is declined because of insufficient funds, you will be held liable to pay a penalty fee which will have a negative impact on your credit history. 4. Pay more than your minimum payment The minimum monthly payment listed on your statement is the lowest amount you can pay on your account to remain in good standing with your credit commitments. Strive to pay any amount more than the monthly minimum even by GHS50 depending on the amount of the debt, but only if you can. If you keep it up, you’ll lower the longterm cost of your debt. 5. Make

sure

you

have

savings for a rainy day The response to the COVID-19 pandemic has taught many of us about the importance of having emergency savings for a rainy day. The conversation of saving can be intimidating and often customers are strapped for cash and don’t have the means to save large amounts of money. Consider starting small by activating bankyour-change on your account on the First National Bank App – it automatically helps you save as you swipe your card on your everyday purchases and rounds off to the nearest Cedi. Come year-end you would have built up an impressive balance. Having additional funds, will improve your financial position, putting you in good standing for lending. 6. Track your spending You can track your spending habits on your own to understand if you will make it for the month,

view your credit status and save smart. When you track your spending, you know where your money goes, and you can ensure that your money is used wisely. “First National Bank is constantly working to ensure that we ease your customers’ financial burdens by supporting them through simple, costeffective financial solutions that give them value, including a broad range of safe and secure banking channels to help them manage their money. Incremental changes in money management behavior can help consumers to maximise the potential of credit solutions. We are committed to providing customers with the right credit solution to meet their individual and/or family needs. Furthermore, customers have several channels they can use to take up the right credit anywhere, anytime,” concludes Yogesh.

News

WEDNESDAY OCTOBER 13, 2021

“Putting You First” is not limited to business activities – FBN Bank MD

he Managing Director of FBNBank, Victor Yaw Asante, has commended staff of the bank for the great display of community spirit for raising funds to support the construction of the Berekuso Community Hospital by the Rotary Club of Accra Ring Road Central. He indicated that the bank’s brand promise of putting stakeholders first is not limited to only business activities. The staff of the bank joined members of the Rotary Club of Accra Ring Road Central on a 7-kilometre walk at Legon to raise funds for the Berekuso Community Hospital project after which they made a donation of over GH¢12,000 towards the construction of the Hospital. Phase one of the project expected to cost GH¢250,000. Mr. Asante said, “Our staff continue to exhibit the true meaning of what we mean by ‘putting you first.” “In several ways, our people have over the years displayed passion and enthusiasm by going the extra mile to deliver value to our stakeholders on the strength of our brand promise. The FBNBank brand enjoins us to deliver the gold standard of value and excellence to our stakeholders ensuring that we

Grace Isaac Aryee, FBNBank Ghana Treasurer, fourth from right presenting the cheque to Mr. Charles Okyere, President of the Rotary Club of Accra Ring Road Central, fourth from left. Looking on is Victor Yaw Asante, Managing Director of FBNBank Ghana and representatives of the Bank and the Club.

commit fully to whatever we do for them and our staff have been at the forefront of achieving this. Being a Bank, most persons would assume that this applies only to our customers but that is not so. Our commitment is to our stakeholders which include our customers, our communities and our regulators and shareholders. By supporting the Rotary Club of Accra Ring Road Central with their own personal resources for the second year running, our staff have given true meaning and relevance to our brand promise. I am proud of their efforts and commitment even as we work together as a team to

deliver greater value to all our stakeholders. Our communities need a lot of development and it is great supporting Clubs and social groups like Rotary to deliver the much-needed assistance.” The President of the Rotary Club of Accra, Ring Road Central, Mr. Charles Okyere, commended the staff of FBNBank for their contribution and thanked them for their consistent support. He mentioned a similar support received from staff of the bank last year towards child-focused projects namely the renovation and construction of classrooms and library for the Golden Spring School in Tetegu and the purchase

of essential equipment for the children’s cancer unit at the Korle Bu Teaching Hospital. The Berekuso Health Centre project will be constructed on a parcel of land provided by the community and it shall have amenities like an Out-patient department, a maternity ward, male, female and children’s wards, a laboratory, a psychiatric unit, injection and emergency room, an antenatal unit, a pharmacy, stores, washrooms, consulting rooms and a public health section among others. FBNBank has in its 25 years of operating in Ghana remained focused on putting its customers and communities 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.

No MP against the principle of antiLGBTQ bill, Maj. Leader declares By Eugene Davis ugendavis@gmail.com

he Majority Leader in Parliament, Osei KyeiMensah-Bonsu, has stated that no Member of Parliament is against the principle of the Promotion of Proper Human Sexual Rights and Ghanaian Family Values Bill, 2021, currently before the House. Addressing the Parliamentary Press Corps in Parliament on Tuesday, he said MPs are representatives of the people and therefore would not turn their backs on them. He however urged all stakeholders to take out emotions and sentiments from the debate

on the bill, lest it clouds the rationale of the bill. The controversial bill has gone through the first reading and has been referred to the

Committee on Constitutional, Legal and Parliamentary Affairs for consideration and reporting back to the chamber. Mr. Kyei-Mensah-Bonsu

assured the general public that the House will not be oblivious of the provisions of Article 108(a) in the passage of the bill.

WEDNESDAY OCTOBER 13, 2021

Spain Hispanic Day

An exclusive interview with Spain's Ambassador to Ghana H. E. Javier Gutiérrez, on the Spanish Hispanic Day Celebration. B24: What is your assessment of Ghana-Spain bilateral relations over the years? Ambassador: Relations between Spain and Ghana-- which were formally established in 1967- have exponentially intensified during the past few years. Ghana is a priority, strategic country for Spain, not only in West Africa but also in the continent, among other reasons for its leadership in ECOWAS and AfCFTA. We share values such as respect for human rights, democracy and the rule of law. We both promote sustainability and the Agenda 2030 as guiding references for government action. Ghana is a relevant partner for Spain in the multilateral front, and we

have enthusiastically supported your membership of the United Nations Security Council for the period 2022-2023. The priority Spain attaches to Ghana is enshrined in the Spanish policy framework for the continent, the III Africa Plan Adopted in 2019. Furthermore, in March, we presented “Focus Africa 2023”, a programme that contains the guidelines for actions to advance our partnership with the continent and Ghana during the current term of the Spanish Parliament. H.E. President Nana Akufo- Addo was the guest of honour for the presentation of the programme in Madrid and on that occasion, he met H.M. King Felipe VI, H.E. President Pedro Sánchez and other public

authorities and business leaders. We hope we can reciprocate soon with a high-level visit. We have increased the frequency of our regular political consultations. Despite Covid, the last round took place in Accra in February. There is also a clear desire from our part to strengthen and consolidate the partnership with Ghana by deepening our bilateral relations and extending them into new areas, for instance, tourism. We want to use the current bilateral mechanisms, such as political consultations, to their full potential and have them function in a regular manner. We will also strive to increase the exchange of high-level visits and push forward bilateral treaties, for instance for double taxation.

B24: What are the key areas of cooperation between the two countries, and how can this cooperation be solidified in a mutually beneficial way? Ambassador: Spain being a bi-continental country, Africa is at the heart of our identity, and a priority of our external action. There is great potential for a reinforced dialogue and cooperation between our countries vis a vis the region. We support the leadership of Ghana in African stability and integration. We also have intense relations in the field of security, for instance against

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3 CONTINUED FROM PAGE 2 terrorism, organised crime, drugs and human trafficking. Spain participates in projects funded by the European Union, for instance, NORPREVSEC (security in the Northern region) and “Counterterrorism in Public Spaces”, in which both the Spanish Police and Guardia Civil are associated. I must point out the fruitful cooperation in the field of defence: the Spanish Navy and the Ghanaian Navy are cooperating to combat piracy in the Gulf of Guinea. We want to work with Ghana to tackle migration jointly and on an equal footing and contribute to creating a better future for young people. As a member of the European Union, Spain can play an active role vis a vis Ghana too. We account for 10% of the EU budget, are the fourth largest economy and are participating actively in the programming of EU cooperation with this country for the period 2021-2027. Spain has already ratified the EUGhana Economic Partnership Agreement and looks forward to its full implementation. Ghana is one of our top partners in the continent in economic terms: in 2019 it was our third export destination in sub-Saharan Africa. There are more and more Spanish companies investing in Ghana, and they are contributing to both countries’ shared prosperity. The measures adopted by the Ghanaian government to create a welcoming environment for companies are helping in that regard. Financial cooperation between Spain and Ghana has been productive. In the context of the debt relief programme, Ghanaian companies have executed projects in the field of infrastructure and sanitation with Spanish funding. Cultural diplomacy is an important aspect of our action. We aspire to increase the exchanges between our nationals, and people-to-people contacts. We would like to highlight the active engagement of Casa Africa in Ghana. Moreover, we have a vibrant community of Ghanaians in Spain and of Spaniards here that can be very helpful to promote closer ties between our civil societies. We are supporting programmes of academic cooperation, teaching of Spanish – a valuable tool to strengthen relations with Latin America-, and scholarships. We know that Ghanaians, like Spaniards, love sports, particularly football, and that is why we are promoting several initiatives in the field of the so-called “sports diplomacy”,

3 for instance through the Spanish Liga and the Ghana Football Association. Finally, we want to reinforce our cooperation with Ghana to address global challenges such as Covid-19 and climate change. In this connection, I would mention, inter alia, our support to Ghana to access Covid vaccines through COVAX, the training of nurses or donation of equipment; as well as the contribution that we make to the Green Climate Fund, which is funding projects in Ghana related to forestry and resilient agriculture. Other areas for reinforced cooperation in multilateral forums could be human rights and women empowerment. The situation in Afghanistan and other regions of the world reminds of the urgency to take action to protect the most vulnerable, especially women and girls. I trust that through the cooperation between Spain and Ghana we will build a prosperous, sustainable and just future for our peoples. B24: Your office has continuously promoted and facilitated foreign investments from Spain to Ghana, aside providing assistance to Ghanaian companies looking for Spanish products and services. What is the long-term goal for this strategy? Ambassador: The West African region and especially Ghana presents very interesting business opportunities for Spanish companies in various sectors. Ghana is the second largest economy of the region and a key player in regional relations, as evidenced by the re-election this year of H.E. President Nana AkufoAddo as chair of the Economic Community of West African States (ECOWAS). In addition, Accra (Ghana) is the Secretariat of the African Continental Free Trade Area (AfCFTA). All this drives Spain's desire to strengthen economic and trade ties. Since the 2008 economic crisis, Spanish companies have been very keen to explore new markets, operate in other parts of the world and our office helps them to settle in those markets. This comes from the fact that a strong economy is built not only based on the national market but also from the international one. By exporting and expanding to Ghana, Spanish companies will become more competitive and efficient, and they will diversify their risk. Nowadays, Ghana has become one of our main partners in Africa: in 2019 it was our

WEDNESDAY OCTOBER 13, 2021

Spain Hispanic Day third export destination in the continent. B24: The Ghanaian economy is currently embarking on an aggressive industrialisation drive. What are the prospects for trade between the two countries, and how does the Embassy intend to partner the Ghanaian government on this journey? Ambassador: The growth and development of the Ghanaian economy into a more industrial economy will create multiple opportunities for collaboration and cooperation between the two countries. As Ghana is developing the industrial sector, the needs and the demands will be different. We expect an increase in the demand of industrial intermediate inputs. Spain could become a key partner for this industrialization process that Ghana is experiencing as the expertise of the Spanish companies can speed up the process. The entry into force of the Economic Partnership Agreement (EPA) between the EU and Ghana is an opportunity to further deepen trade relations and boost Ghana’s industrialisation. As part of the strengthening of bilateral relations between the two countries, as I mentioned earlier, the President of Ghana visited Spain for the presentation of Focus Africa 2023. In the framework of this programme, we want to contribute to economic growth as well as inclusive and sustainable development in Ghana. We want to cooperate with Ghana in initiatives such as “Ghana beyond Aid” and “One district, one factory”. B24: Spain’s beverage and wine sector provides numerous opportunities for Ghanaian business owners to work with their Spanish counterparts. What is your office doing to facilitate linkages in this and other critical sectors? Ambassador: As you might know, for us, Spaniards, our gastronomy is very ingrained in our culture and our way of understanding life. We are very proud of our gastronomy, and we want to share it with the world. Just a couple of weeks ago, the wine specialised website w w w.w o r l d s b e s t v i n e y a r d s . com published the top 50 best vineyards in the world. Within the top 5, there is one Spanish vineyard (Bodegas de los Herederos del Marqués de Riscal, 2nd) and 4 within the top 50. This should give an idea of the dimension of the Spanish wine sector. If anyone wants to

explore a bit more in detail about the Spanish gastronomy, please visit the official website www. foodswinesfromspain.com The Embassy and its Economic and Commercial Office are very keen to promote Spanish beverages and wine in Ghana. Since 2015, we organise an annual event to promote Spanish wine in Ghana. It is an event where Ghanaian companies in the beverage distribution sector have the opportunity to taste new wines and learn about them. Last year, due to health restrictions, the event unfortunately could not be held. This year, we are organising a virtual event where local companies will have the opportunity to taste not just wine but a wide range of Spanish products. We are also willing to help local companies (restaurants, bars, food distributors) that are interested in including Spanish products in their offer. We encourage local companies to contact us to see how we can support them in incorporating Spanish products in their offer. B24: What is your view on the Ghanaian government’s Ghana beyond Aid agenda, and in what ways can Spain contribute to this ambitious agenda? Ambassador: We fully align with the President’s ideal of a ‘Ghana beyond Aid’. Ghana is a great country, a beacon of democracy and stability in the African continent, a regional or even world leader in some areas (gold and cocoa exports, for instance), and with a huge potential in so many other fields. Additionally, Ghanaians are dedicated and hard-working people. It is only logical to conclude that Ghana should be able to mobilize its own resources to foster growth, development and better life conditions for all, and we commend the Government in their efforts to achieve so. Of course, this ambitious plan needs support, particularly in the way of capacity building, and Spain is willing to provide it in several ways – indeed, Ghana is a priority country for Spain. For instance, we just signed an agreement to provide training in entrepreneurship in the field of tourism. This is just an example to show how we could exchange knowledge and good practices with Ghana in a field in which we are world leaders, but there are many other fields, from defence or economy, to culture or even sports.

WEDNESDAY OCTOBER 13, 2021

Spain Hispanic Day

b u s i n e s s 24 .c o m .g h

WEDNESDAY, 13TH JULY, 2021

Trade Councillor, Miguel Casero speaks on building Ghana-Spain bilateral relations B24: Tell us about your job as a Trade Counselor and your role in promoting trade between Spain and Ghana. Counselor: As Spain's Economic and Commercial Counsellor in Ghana, my focus is to improve and

strengthen economic and trade bonds between the two countries and to boost connections between Spanish and Ghanaian businesses and consumers. Therefore, the Economic and Commercial Office aims to promote and expand the internationalization of the

Spanish economy, for instance, by providing relevant economic and commercial information of Ghana, identifying business opportunities, organising meetings between Ghanaian and Spanish companies, etc. Our office was opened in

2009 as part of the Spanish Government's plan to increase its presence in Africa. We belong to a large network of offices around the world with almost 100 of them. From the Accra office we

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WEDNESDAY OCTOBER 13, 2021

Spain Hispanic Day

b u s i n e s s 24 .c o m .g h

WEDNESDAY, 13TH JULY, 2021

also handle the economic and commercial affairs of Liberia and Sierra Leone, thus covering the entire English-speaking region of West Africa. Apart from the Accra office, Spain also has three other offices in West Africa: Lagos, Abidjan and Dakar.

administration. There are currently two programs integrated within the Ghana Spain Debt Swap for Development program. One is the construction of 13 bridges throughout the country and the other is a water program which aims to build water supply systems for 35 communities in the Volta region.

B24: What has been the trend in Ghana-Spain commercial relations over the years and how do you plan to

B24: What specific support systems do you have in place for Ghanaian businesses seeking to export to Spain?

Counselor: In the last decade, we have seen a very positive trend in trade relations between Spain and Ghana. Looking at the data provided by the Spanish Customs Agency, we see an increase in both exports and imports between the two countries. This improvement in trade relations is due to several reasons. The first is the great economic progress that Ghana has made in recent years. In the last 40 years, Ghana has maintained a sustained growth of more than 5% of GDP. Also, the political stability has also helped to generate great interest for the Spanish companies in Ghana. There is a very important argument that makes Ghana a very interesting country for Spain. Ghana is positioning itself as a hub for the entire West African region, becoming an economic and industrial reference. Many Spanish companies perceived Ghana as the ideal place to establish their operational centre in the region and from here manage trade relations with countries such as Ivory Coast, Togo or even Nigeria. All this has been positively reinforced by different initiatives launched by Spain and the European Union, such as the recent implementation of the EPA (Economic Partnership Agreement). We hope that the entry into force of this agreement will strengthen and increase trade relations between the two countries. We firmly believe that the presence and investment of Spanish companies in Ghana is a great asset for both countries. Cooperation in key sectors such as renewable energy, agriculture and infrastructure represents a great opportunity for both countries. The foreign investment initiatives undertaken by the Ghanaian Government are a step in the right direction to foster and enhance existing business relationships. It is also important to highlight the existing relationship between Spain and the Ghanaian public

Counselor: We have an internal database where we include all the relevant information of any local company which is interested in doing business with Spanish companies. Several Spanish sectorial associations, as well as companies, have access to this database. When a Spanish company demands services offered by local companies, they may go to the database and find the information of the Ghanaian company there. In this sense, we encourage all Ghanaian companies to inform us about potential connections or interests in Spain. Also, in the event that a Spanish company requires the services or products of Ghanaian companies, the Commercial Office can search for local companies that fit the required profile and put them in contact. Finally, the Economic and Commercial Office is in close contact with several local organizations such as GEPA (Ghana Export Promotion Authority), sectoral associations and local businessmen. We work together and support each other.

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B24: What is your office doing to enhance foreign direct investments amongst the two countries?

Counselor: From the Commercial Office, we have different initiatives to promote foreign direct investments between both countries. We proactively seek business opportunities and inform Spanish companies of those sectors and opportunities where we believe Spanish companies have a comparative advantage. Also, on a monthly basis we organize trade missions to Ghana, encouraging companies to come in person. The objective of these missions is for Spanish businessmen to have a first contact with Ghana, meet potential partners and start building their own contacts. This type of mission has proven to be very effective, and we have several successful cases of Spanish companies that, thanks to these services, are already present in Ghana. All these actions are showing very positive results in trade relationships between both countries. Thus, Ghana has become very important for Spain (it is the fourth most relevant country in terms of trade in the region) and Spain is relevant for Ghana (it is the third most important European supplier for Ghana). Finally, from the Commercial Office we are seeing an increase in the interest that Ghana is awakening in Spain. The fact of being a country that enjoys great political stability, a reference in the region and with a solid economic system, is pushing more and more Spanish companies to venture into this market and use it as a gateway to the African continent. B24: What are the target business areas that you have identified for expertise and knowledge sharing for both Spanish and Ghanaian enterprises?

Counselor: We do not focus only on a few sectors, but our mission is to help the internationalization of Spanish companies regardless of their business area. Nevertheless, we have identified several areas that have shown greater development in recent years. There is a significant demand from Ghana, for construction material from Spain. One product that has a great reputation in Ghana is Spanish ceramics like tiles. The import of industrial machinery has also seen a large increase in recent years, as well as semi-finished industrial products. This is closely linked to the major industrialization process taking place in Ghana. Within the field of agriculture there is also a demand for agricultural products such as fertilizers and agrochemicals. There is also a growing demand for Spanish wines. The engineering sector is also a great opportunity between the two countries. Spain has large engineering companies, both civil and energy (oil & gas or electricity). These companies offer very high-quality services at a very competitive price. Several companies are already operating in Ghana with great success. On the other hand, several products from the Ghanaian market are in high demand from Spain. Cocoa is one of the main products demanded by Spain, but not the only one. Vegetable oils such as palm oil or coconut oil and seafood products such as fish and shellfish have an important demand in Spain. Hydrocarbons and gold are also among the main products that Spain buys from Ghana. Due to the geographical proximity of the two countries, there is a great facility for exchanging products and services. As mentioned previously, there is a great commercial opportunity for both countries.

WEDNESDAY OCTOBER 13, 2021

Spain Hispanic Day

An interview with the President of the Spain-Ghana Chamber of Commerce, Nadim Ghanem Parés' B24: Tell us about the Hispanic Day, the significance of the day and how it is celebrated in Spain.

Ghana Chamber of Commerce gathered to celebrate this important day.

in terms of creating the right connectivity among Ghanaian and Spanish businesses?

President of SGCC: The Hispanic Day is celebrated by all Hispanics in the world by over 400 million and has different interpretations, for us as a chamber of commerce it is the opening of trade routes and new markets to the new world that creates a unique culture full of richness and variety.

B24: Ghana has formidable bilateral relations with Spain. How would you assess the cooperation between the two countries over the years?

President of SGCC: The chamber organizes networking events together with Ghanaian and foreign chambers, GIPC and other organizations, to promote relationships among businessmen, we also organize seminars open to non-members to enhance networking.

B24: What are some lined activities to mark this special occasion in Ghana? President of SGCC: Due to Covid restrictions, it was limited to a small reception at the Spanish Embassy, all the personnel of the Embassy and the Commercial Office in addition to the Spain-

President of SGCC: We should always remember that there are very tight relations between Ghana and Spain in matters of security but also in trade, industry and construction and we foresee a bright future for Spain in Ghana, as Ghanaians value every day more, the quality and importance of Spanish products and services. B24: In what ways does your chamber seek to promote GhanaSpain commercial relations,

B24: What are the priority areas of the chamber’s presence and support to Ghana’s business sector? President of SGCC: We want to make sure that Spanish products and services are seen as top range, also we need to make sure the Spaniards see Ghana as a gateway to West Africa and perfect base

for their operations in the region. ade bonds between the two countries and to boost connections between Spanish and Ghanaian businesses and consumers. Therefore, the Economic and Commercial Office aims to promote and expand the internationalization of the Spanish economy, for instance, by providing relevant economic and commercial information of Ghana, identifying business opportunities, organising meetings between Ghanaian and Spanish companies, etc. Our office was opened in 2009 as part of the Spanish Government's plan to increase its presence in Africa. We belong to a large network of offices around the world with almost 100 of them. From the Accra office we

WEDNESDAY OCTOBER 13, 2021

Spain Hispanic Day

WEDNESDAY OCTOBER 13, 2021

News

WEDNESDAY OCTOBER 13, 2021

Ghana School Feeding Programme hailed as trailblazer in Africa

he Ghana School Feeding Programme (GSFP) has been described as a “trailblazer” in Africa as far as the implementation and development of the home-grown programme is concerned. According to a senior nutrition officer and project manager at the AUDA-NEPAD, Ms. Kefilwe Moalosi, Ghana has shown leadership and seriousness in the school feeding implementation in Africa, and still continues to show clear signs and commitment to reaching more school children. She noted that Ghana’s success stories, commitment, innovations and exemplary leadership in the school feeding implementation has compelled her outfit to make a strong case for Ghana to sturdily contribute to the forthcoming Africa School Feeding Day on the 1st of March, 2022. Speaking at a technical workshop on Home-Grown School Feeding Implementation Guidelines held in Accra, Ms. Moalosi disclosed that most African countries implementing school feeding programmes do not have a fully-fledged established secretariat with skilled, competent and effective management staff like what Ghana currently has. The validation workshop was supported by the World Food Programme (WFP). In line with their mandate to generate and preserve knowledge in Africa, the AUDA-NEPAD official noted that discussions were ongoing to develop a school feeding repository at AUDANEPAD to promote knowledge and experience sharing among

AU member states. In addition, she emphasized the need to create a platform for peer review mechanisms and country exchange visits among African member states where Ghana will play a critical role. Meanwhile, the review and validation workshop on the Home-Grown School Feeding Implementation Guidelines, Ms. Kefilwe Moalosi noted, will help determine if the format of the guideline is user friendly, practical and easy to follow; assess the operational challenges of using the guideline; determine if the draft guidelines cover all the necessary components of the Home-Grown School Feeding implementation; and address the common challenges experienced at country level. The National Coordinator of the Ghana School Feeding Programme, Dr. Mrs. Gertrude Quashigah expressed her profound gratitude to the AUDA-NEPAD, World Food Programme, Partnership for Child Development, Ministry of Gender, Children and Social Protection and other agencies that have supported the Ghana

School Feeding Programme over the years to become what it is presently. She said that the development of the Home-Grown School Feeding Guideline being spearheaded by the AUDA-NEPAD with support from WFP, was timely. The GSFP National Coordinator said the document will serve as a tool to augment the local efforts in strengthening the implementation of school feeding programmes, particularly in terms of food systems and nutritional quality. Dr. Mrs. Quashigah implored AUDA-NEPAD to really consider Ghana as host for the celebration of the upcoming Africa Day of School Feeding, since Ghana is a pioneer implementer of the Comprehensive Africa Agriculture Development Programme (CAADP) Pillar III, which is the anchor of the Home-Grown School Feeding programmes. According to her, when she took over as the National Coordinator of the School Feeding Programme, she has been able to introduce measures to address the main challenges of the programme especially in improving food quality, safety and hygiene.

Her administration, she noted, has also been able to increase the number of beneficiary children from 1,671,077 in 2016 to 3,448,065 in 2021; and also improved on the nutritional component of food served to pupils. “We in Ghana have developed a programme policy for the HomeGrown School Feeding; a draft Bill is awaiting parliamentary approval and currently reviewing our operational manuals. The GSFP has also subjected itself to assessment by independent external evaluators, and the recommendations of such assessments have been factored into restructuring the programme as a way of continuous improvement”. Ms. Emma Anaman, Programme Policy Officer for WFP assured the commitment of her organization to continue to partner with the Ghana School Feeding Programme to make it bigger and better for more children. She said children were the human capital of every country and that any investment in their future was not a waste. Ms. Anaman underscored the importance of Ghana School Feeding Programme which she said had ripple effects on every sector of Ghana’s economy. “Over 10,000 caterers, 38,000 cooks and several local farmers are working because of school feeding; and it is against this backdrop that we at WFP will want to see the GSFP bill quickly passed into law by the government to create more opportunities”.

Let’s inculcate savings habit in children -Access Bank MD

he Managing Director of Access Bank Ghana, Mr. Olumide Olatunji, has called for the need to inculcate the habit of saving in children at an early stage of their lives. He said this would help them to understand the importance of savings at an early stage of their lives and as they grow and earn more, they would learn to save and become wealth mangers of their own resources. The Managing Director said this in an interview with the media when the bank awarded finalists of its ‘Perfect Start Promo’ which was targeted at children. “We played our role to ensure we deal with financial inclusion in Ghana and we will continue to deepen that conversation. In Access bank, we have products for

the entire eco system but to catch them young is very important and that is why we targeted our early savers to start the discipline of saving at an early stage of their lives. “Now that they understand the conversation, we hope they will get used to it and it will become a habit,” he noted. The promo which was a digital campaign was aimed at protecting the dreams of children when the COVID-19 pandemic struck. The campaign engaged children in fun activities such as quizzy Sunday and Access got talent competition. The overall winner received a cash prize of GH¢50,000, with the first and second runner ups, receiving GH¢20,000 and GH¢10,000 respectively.

Winners for the talent competition also received consolation prizes. Mr Olatunji, said over 10,000 children participated in the promo since its inception in September 2020. “470 unique children have been rewarded over the course of the promo through their engagements in fun and rewarding activities. “Today, we celebrate and present the promised reward to our top four mega prize winners with their share of the over GH¢100,000 in prize money as well as reward children who displayed their exceptional talents in the Access got talent competition,” he stated. He encouraged the parents to keep up the good habit of savings for their children.

The Group Head of Retail Banking at Access Bank Ghana, Mrs Yvonne Antonio, also stressed the need for parents to continue the habit of saving and act as ambassadors for other parents. “I encourage you parents not to renege in the good work you have started, but to keep saving for the future of these bright stars. “I hope you will be ambassadors of Access Bank, encouraging other parents to save for their children,” she stated.

WEDNESDAY OCTOBER 13, 2021

Feature

WEDNESDAY OCTOBER 13, 2021

The Pandora Papers and the threat to democracy

By Katharina Pistor

he “Pandora Papers,” a new investigation led by the International Consortium of Investigative Journalists, has fueled outrage around the world. Politicians, businesspeople, sports stars, and cultural icons have been caught in the act of hiding their wealth and lying about it. But how likely is a reckoning for the lawyers and accountants who helped them? There is nothing new about the practices the ICIJ’s investigation uncovered. True, the sheer scale, sophistication, and legal fire power deployed to allow today’s ultra-rich and powerful to game the law may be newsworthy. But the only truly shocking revelation is that it took more than 600 journalists from around the world to expose these practices, often risking their own safety and professional futures. The difficulty of that task attests to how well lawyers, legislatures, and courts have tilted the law in favor of elites. To hide their wealth, today’s rich and powerful have availed themselves of centuries-old legal coding strategies. In 1535, King Henry VIII of England cracked down on a legal device known as “the use,” because it threatened to undermine existing (feudal) property relations and served as a tax-avoidance vehicle. But thanks to clever legal arbitrage, it was soon replaced by an even more powerful device: “the trust.” Legally encoded by solicitors and recognized by courts of equity, the trust remains one of the most ingenious legal tools ever invented for the creation

and preservation of private wealth. In the old days, it allowed the wealthy to circumvent inheritance rules. Today, it is the go-to vehicle for tax avoidance and for structuring financial assets, including asset-backed securities and their derivatives. Functionally, a trust alters the rights and obligations to an asset without observing the formal rules of property law; it thus creates a shadow property right. Establishing a trust requires an asset – such as land, shares, or bonds – and three personas: an owner (settlor), a manager (trustee), and a beneficiary. The owner transfers legal title (though not necessarily actual possession) over the asset to the trustee, who promises to manage it on behalf of the beneficiary in accordance with the owner’s instructions. Nobody else needs to know about this arrangement, because there is no requirement to register the title or disclose the identities of the parties. This lack of transparency makes the trust the perfect vehicle for playing hide and seek with creditors and tax authorities. And because legal title and economic benefits are split among the three personas, nobody willingly assumes the obligations that come with ownership. The trust became a favored legal device for global elites not through some invisible hand of the market, but rather by purposeful legal design. Attorneys pushed existing legal boundaries, courts recognized and enforced their innovations, and then lawmakers (many of them presumably beholden to wealthy donors) codified those practices into

statutory legislation. As previous restrictions were stripped away, trust law expanded its remit. These legal changes ensured that an ever-greater array of assets could be held in trust, and that the role of the trustee could be delegated to legal persons rather than honorable individuals like judges. Moreover, fiduciary duties were curtailed, the trustees’ liability was limited, and the lifespan of the trust became increasingly elastic. Together, these legal adaptations made the trust fit for global finance. Countries that lacked this device were encouraged to emulate it. An international treaty, the 1985 Hague Convention on Trusts, was adopted with this goal in mind. In countries where lawmakers have resisted the pressure to sanction trusts, attorneys have fashioned equivalent devices from the laws governing foundations, associations, or corporations – betting (often correctly) that courts would vindicate their innovations. While some jurisdictions have gone out of their way to be legally hospitable to private wealth creation, others have tried to crack down on tax and legal arbitrage. But legal restrictions work only if the legislature controls which law is practiced within its jurisdiction. In the age of globalization, most legislatures have been effectively stripped of such control, because law has become portable. If one country does not have the “right” law, another one might. As long as the place of business recognizes and enforces foreign law, the legal and accounting paperwork can be channeled to the friendliest foreign jurisdiction, and the deed

is done. National legal systems thus have become items on an international menu of options from which asset holders choose the laws by which they wish to be governed. They don’t need a passport or a visa; all they need is a legal shell. Assuming a new legal identity in this way, the privileged few can decide how much to pay in taxes, and which regulations to endure. And if legal obstacles cannot be overcome quite that easily, lawyers from leading global law firms will draft legislation to make a country compliant with the “best practices” of global finance. Here, tax and trust havens such as South Dakota and the British Virgin Islands offer the gold standard. The costs of these practices are borne by the least mobile and the insufficiently wealthy. But turning law into a gold mine for the rich and powerful causes harm well beyond the immediate inequities it generates. By potentially undermining the legitimacy of the law, it threatens the very foundation of democratic governance. The more that wealthy elites and their lawyers insist that everything they do is legal, the less the public will trust the law. Today’s global elites might be able to continue to conjure private wealth from law. But no resource can be mined forever. Once lost, trust in the law will be difficult to regain. The wealthy will have lost their most valuable asset of all. Katharina Pistor, Professor of Comparative Law at Columbia Law School, is the author of The Code of Capital: How the Law Creates Wealth and Inequality.

WEDNESDAY OCTOBER 13, 2021

Feature

WEDNESDAY OCTOBER 13, 2021

The real rot at the IMF

By Jayati Ghosh

here are many reasons to be critical of the International Monetary Fund and the World Bank, but the legitimacy crisis now confronting both institutions is not based on any of them. Instead, it has arisen for the wrong reasons, and this is serving to reinforce the real problems that have plagued the Bretton Woods institutions’ functioning. The current controversy stems from the World Bank’s alleged manipulation of its annual Doing Business index in order to improve the rankings of China and Saudi Arabia. It threatens to claim the scalp of IMF Managing Director Kristalina Georgieva, who was the World Bank’s chief executive officer at the time of the alleged improprieties. The World Bank appointed a US law firm, WilmerHale, to investigate the matter. But its report relies on innuendo rather than evidence, prompting the Nobel laureate economist and former World Bank chief economist Joseph E. Stiglitz to describe it as “a hatchet job” and part of an attempted coup against Georgieva. The investigation also conveniently focused primarily on China, thereby underplaying the possible role of World Bank President David Malpass in influencing the ranking of Saudi Arabia, which was surprisingly declared the world’s top reformer in the 2020 Doing Business report. The WilmerHale report is manna from heaven for Republicans in the US Congress, who are demanding that Georgieva resign. But the current moralistic fervor about data manipulation overlooks the fact that the Doing Business index –

which has now been discontinued – was deeply flawed and overtly political from the beginning. Unfortunately, it became hugely influential in driving investors’ perceptions and policymakers’ choices. The problems were legion. For starters, the indicators it used emerged directly from an orthodox “Washington Consensus” economic-policy approach, irrespective of its validity or applicability in different contexts. As the Columbia University historian Adam Tooze has noted, Doing Business was always “a rickety and unpredictable construction shot through with discretion and complex judgments.” My own critique centered on how the index viewed any government regulation as costly and undesirable, and treated taxation only as a cost rather than as a means of ensuring the infrastructure, institutions, and educated workforce that businesses need in order to function. In 2018, Paul Romer, then the World Bank’s chief economist, said that right-wing ideology at the Bank played a critical role in methodological changes that altered countries’ rankings, and apologized to Chile’s left-wing government for the artificial lowering of its rank. A more recent independent academic evaluation pointed out that the index measures only de jure rules rather than their de facto implementation, and “sometimes rewards policies that benefit business at the expense of broader social objectives.” Georgieva’s fate will be decided at this month’s annual meeting of the IMF Board. But even if she remains in her post, the Doing

Business controversy has damaged her stature and influence (which may have been the point). More important, this episode must not be allowed to obscure the real problems with the functioning of the Bretton Woods institutions: the disproportionate power of the United States; the IMF’s deeply procyclical approach to countries that seek its support, which contradicts its original mandate; and the G7 advanced economies’ unwillingness to enable multilateral institutions to address global problems. When the IMF was established in 1944, it fell far short of John Maynard Keynes’s vision of an international clearing union that would treat all countries equally. Instead – and unsurprisingly – the institution reflected countries’ relative power at the time. The US secured a decisive share of voting rights and quotas, and, together with Western European countries, could determine the IMF’s policies, programs, and allocations. Despite significant changes in the global economy since then, that internal power structure has remained essentially unchanged. Even after the most recent reallocation, in 2016, the US retains a 16.73% voting share, while the OECD countries have a combined share of more than 60%. During Donald Trump’s presidency, the US blocked a fresh quota allocation that, among other things, would have increased China’s share. The US and the European Union can exercise veto power over any IMF decision. And under a longstanding transatlantic “gentleman’s agreement,” the World Bank chief is appointed by the US, while the head of the IMF is from a European country.

But perhaps the most damning criticism of the IMF relates to how its programs function. The Fund’s loans not only remain inadequate for countries facing balance-ofpayments problems, but also come with so many adverse conditions, including severe budget cuts, that most countries seek to avoid them. Despite this, the IMF even imposes interest surcharges on countries that are forced to borrow heavily from the Fund over a prolonged period, thereby worsening economic outcomes. The IMF’s focus on fiscal austerity has been much criticized, including by its own economists, but has persisted during the COVID-19 crisis. This betrays the IMF’s original raison d’être: providing countercyclical lending to countries in distress so that their economies could recover with less harm to their people. To her credit, Georgieva has sought to increase the IMF’s nonconditional financing through a new $650 billion allocation of special drawing rights (the Fund’s reserve asset). She has also called for less austerity in recovery packages and for reform of the international debt architecture. Perhaps this is why those who are trying to remove her also happen to oppose any progressive change at the Bretton Woods institutions. Jayati Ghosh, Executive Secretary of International Development Economics Associates, is Professor of Economics at the University of Massachusetts Amherst and a member of the Independent Commission for the Reform of International Corporate Taxation. Copyright: Project syndicate

WEDNESDAY OCTOBER 13, 2021

Feature

WEDNESDAY OCTOBER 13, 2021

Changing the Africa population narrative

By Katharina Pistor

conomic policy debates about Africa are too often clouded by calls for population control and lower fertility rates. And the United Nations is fueling the problem by projecting that Africa’s population will double by 2050. In fact, Africa’s overall fertility rate has fallen by more than 36% since 1970 to 4.2 births per woman, and is projected to decline to 2.1 births per woman later this century. Moreover, it is disturbing that so many commentators advocate population control for a region whose population was decimated by centuries of slavery and colonization. Partly as a result of that legacy, Africa has the lowest population density of any region, at 46 people per square kilometer, compared to 150 people per square kilometer in Asia and 112 in Europe. A far more salient statistic is that Africa is the world’s youngest continent, with more than 70% of its population aged under 30. Harnessing the potential of this youth cohort is both a key challenge and an enormous opportunity. To that end, the Africa Progress Group, chaired by former Nigerian President Olusegun Obasanjo, released a report earlier this year entitled Making Africa’s Population an Asset. The study is a welcome contribution to discussions about the relationship between the continent’s demography and its development. Africa’s past inability to invest sustainably in its young people and deploy them effectively to meet key development

challenges has been very costly. For example, despite the fact that unemployment rates have been at Great-Depression levels for decades, governments habitually rely on international partners to build infrastructure, instead of using public-works programs to expand job opportunities for young people. This has impeded learning by doing, marginalized young Africans, and exacerbated the debt-trap risks associated with the highly externally dependent growth model. Human capital constraints can also have implications for Africans’ health, as the COVID-19 pandemic has demonstrated. Countries that invested in their people and developed homegrown research and economic infrastructure were able to produce safe, effective vaccines in record time. African countries, which did not even enter the global race to develop COVID-19 vaccines, have thus remained on the sidelines in the worldwide scramble for doses. Africa has the slowest vaccination rate of any continent, with just 7.2% of its population having received at least one vaccine dose, far below the world average of 48.8%. The consequences of failing to capitalize on Africa’s population are just as glaring in the security domain. A continent of nearly 1.4 billion people that is confronted with transnational terrorist networks has opted to outsource its security imperatives, mostly to former colonial powers. Rather than fostering peace and security, this approach has contributed to the entrenchment of terrorist groups across Africa and rising casualties over the last decade. But Africa’s emerging youth

bulge presents more opportunities than risks. True, if today’s large cohort of young Africans cannot find gainful employment and earn satisfactory incomes, a demographic time bomb may materialize. Disenfranchised workers will become economic migrants, leading to a longterm brain drain, and targets for recruitment by transnational terrorist networks. But if Africa trains its young people well and creates sufficient opportunities for them to drive endogenous growth, then the region will reap a huge demographic dividend. History shows that investing in populations is the most effective route to successful demographic transitions, yielding high returns and setting countries on a strong long-term growth trajectory. For example, demographic dividends accounted for around one-third, or up to 40%, of East Asian countries’ remarkable economic growth between 1960 and 1990. Crucially, successive governments in the region created a favorable business and regulatory environment in order to take advantage of their countries’ human capital. In doing so, they expanded employment opportunities, accelerated income convergence with developed countries, and strengthened ownership of national development processes. Over time, declining poverty and increasing life expectancy accelerated the shift from quantity to quality in procreative decisions, leading to a steady fall in birth rates across East Asia. As countries become more affluent, their birth rates almost always decline. In Africa today, urbanrural differences in fertility rates

(with rates being significantly lower in built-up areas) are highly correlated with income and welfare disparities. But gloomy demographic forecasts have been proven wrong before. In his 1968 book Asian Drama: An Inquiry into the Poverty of Nations, the Nobel laureate economist Gunnar Myrdal predicted that Africa would enjoy better growth prospects than an overpopulated Asia. Like many back then, Myrdal regarded the Asian youth bulge as a demographic time bomb. But by relying on sustained investment in human capital to raise productivity, and positioning itself as a magnet for foreign direct investment, Asia became the “factory of the world” and converged rapidly toward developed economies’ income levels. Africa’s population can play a similar role in this century if policymakers treat and manage it as a precious asset. That means investing effectively in young people’s skills to increase local value added, instead of sustaining the costly integration of global value chains as providers of raw materials for extra-regional value chains. In the long term, as living standards increase under an endogenous growth model facilitated by sustained investment in human capital, the urban-rural fertility, income, and welfare gaps will also certainly narrow. Hippolyte Fofack is Chief Economist and Director of Research at the African ExportImport Bank (Afreximbank).

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Prof Abor speaks on AFCFTA: Africa’s private sector, diaspora and academia must collaborate

rofessor Joshua Y. Abor, from the Department of Finance at the University of Ghana Business School (UGBS) has advocated the need for having an effective collaboration between the private sector, academia, and the African diaspora community for the successful rollout of the African Continental Free Trade Area (AfCFTA). He made this proposal during a presentation at the 2021 Virtual African Academia Diaspora Homecoming event. Speaking on the subtheme “Rollout of the African Continental Free Trade Area: Implications for Academia-Private Sector-Diaspora Collaborations”, Professor Abor suggested that to ensure proper coordination, the implementation of AfCFTA should be aligned with areas of priority to African countries. These areas include industrialisation, infrastructure, and agricultural development. Commenting on the strategic objective of AfCFTA, which is to create a single market for goods and services that facilitate free movement of people across Africa,

Professor Abor indicated that the private sector must increase awareness about AfCFTA. He added that there is an advantage in partnering alongside other businesses and joint ventures with overseas businesses. “Trade associations must communicate the potential benefits of the AfCFTA to local businesses,” he said. “The private sector, made

of captains of the industry and experienced entrepreneurs, should lead businesses to invest into tradable areas to increase export revenue. We can talk about entrepreneurship and business development, but if we are focusing on AfCFTA, then we should be thinking of investing and promoting businesses that will produce goods and services which can be exported,” Prof. Abor reiterated.

The Professor of Finance, who is also a member of the Policy & Advocacy Advisory Committee of the Ghana National Chamber of Commerce & Industry, stressed the need for policies to attract the African Diaspora resources to improve upon African economies. He further added that these members in the diaspora, should be given a role in fostering trade and investment amongst the African member nations. The AfCFTA offers a wealth of opportunities for the African Diaspora community and those interested in doing business in the continent. Concluding his session, Professor Joshua Y. Abor disclosed that remittance flows to low-and middle-income countries (LMICs) reached a high record of US$529 billion in 2018. Again, in the same year, remittances to LMICs were about three times the size of aid receipts and about as high as Foreign Direct in-Flows (FDI). The event ended with other guest speakers sharing their subthemes at the event, with the audience also expressing their views on their presentations.

‘GIIF must be run without undue political interference’

r. Ken Ofori-Atta, the Minister of Finance, says the Ghana Infrastructure Investment Fund (GIIF) must continue to be run in the right way with strong corporate governance and without undue political interference in its operations. He said that would enable management to build on the impressive of the Fund and take it to the next level. Mr. Ofori-Atta made these remarks when he inaugurated a nine-member reconstituted Board of GIIF with Mr. Philip Addison as its Chairman and Mr. Solomon Asamoah as its Chief Executive Officer. GIIF is an US$325 million infrastructure investment vehicle established by the Government to invest and develop infrastructure assets in Ghana. He said the government through him as a supervisor would continue to provide oversight and strategic direction for the Fund, but day-to-day oversight would

rest with the Chairman and the Board. Mr. Ofori-Atta encouraged the Board to be bold and proactive without being reckless to make things happen in the infrastructure space for Ghana with creativity and purpose. He called on them to help unlock new sources of finance and investment for the country and work closely with other Ghanaian institutions both public sector and private, to raise the infrastructure investment skills levels and create more jobs. The Minister said the lack of fully developed infrastructure was one of the major impediments to economic activity and development in the country. "It also negatively affects the quality of life of our people," he said. He said by creating Ghana’s own infrastructure investment vehicle, GIIF, which will mobilize and invest alongside the private sector, the country would have

a Ghanaian owned entity to help drive our infrastructure agenda. He said GIIF has had a very productive first four years and now has a portfolio of 12 investments totaling US$290million. He said for each one dollar invested, GIIF had brought in 10 dollars of outside money so US$2.9billion would have been invested in Ghana. It has invested in seven sectors; transportation (airport and seaport); Power; ICT; tourism, mining, oil & gas, and affordable housing. "It is also a profitable institution providing a financial return to the government, furthermore, we are increasingly using GIIF to drive the government’s infrastructure agenda," he said. He said the government was utilizing GIIF’s technical and private sector skills to drive government initiatives such as the refinancing of the expensive debts in the power sector (Power-GIIF); Agenda 111 (Health GIIF) and PPP’s

(Accra Tema Motorway). The Minister said it helped to ensure key infrastructure assets remain under Ghanaian ownership and control and reduced reliance on foreign investors. Mr. Philip Addison, Chairman of GIIF, said the importance of helping Ghana address its infrastructure deficits was a vital part of the government’s agenda. He said both the President and the Minister of Finance frequently stated that unlocking private sector sources of funding for investment in Ghana’s infrastructure were priority areas for them. He said, “I have seen that GIIF is an important vehicle through which the government can drive this agenda.” “We pledge to do our part to help ensure that this institution is well governed and productive in achieving these ends,” he added.