Business24 Newspaper (March 18, 2020)

EDITION B24 | 19

WEDNESDAY MARCH 18, 2020

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Economist backs Eurobond cash for energy liabilities

MPC urged to stimulate to ease virus pain

BY DOMINICK ANDOH

The Monetary Policy Committee (MPC) of the Bank of Ghana should consider an interest rate cut to cushion businesses and individuals in the wake of the coronavirus pandemic, , a Senior Lecturer of the Department of Finance at the University of Ghana Business School, has said.

The policy rate, the interest rate paid on central bank loans to commercial banks, was held at 16 percent after the MPC’s last meeting in January. However, the significant impact of the coronavirus on various economies—which has seen new financial measures announced to support businesses in Europe and the US, such as tax breaks, interest rate cuts, mortgage payment suspensions, and billions of dollars in direct fiscal stimuli— has led to calls for the MPC to consider reducing the rate at its upcoming meeting.

“I foresee the MPC reducing interest rates as expected—because already, we were suffering from liquidity issues [amid] the banking sector clean-up.

It was gradually picking up,

BY PATRICK PAINTSIL

Economist and finance professor Godfred Alufar Bokpin has backed government’s decision to use part of the 2020 Eurobond proceeds to resolve debts in the energy sector, including the large contractual commitments to independent power producers (IPPs).

“The IPPs issue is the single biggest black hole in our financial landscape right now. We have signed agreements with investors which are known, and we don’t want to convey the message that we don’t respect contracts. To that extent, we cannot blame government for doing this because, already, there is a roadmap in the budget, so they [government] are just keeping to what they said they will do,” he told Business24 in an interview.

As part of ongoing attempts to resolve large energy sector contingent liabilities, which pose significant fiscal risks to the state, government has proposed a US$2billion Energy Sector Fund to re-finance the existing debt of IPPs. The proposal also includes the possibility of

DR. LORD MENSAH, UNIVERSITY OF GHANA BUSINESS SCHOOL

but looking at what has happened now, I foresee the MPC coming with a reduction in the policy rate,” Dr. Mensah told Business24.He, however, stressed that the slow transmission mechanism of monetary policy may require that other measures, such as fuel

price cuts, be taken to ensure funds get to businesses and people as quickly as possible.

“The transmission mechanism through which the MPC rate moves into the interest rate space is very very slow. So the impact might not necessarily be felt as expected now.

[Thus], they should look at other measures, possibly reducing fuel prices [or] finding a way to make sure that funds get to the people as quickly as possible—rather than using MORE ON PAGE 2

MORE ON PAGE 2

Gov’t reaches out to World Bank, IMF to tackle COVID-19

BY EUGENE DAVIS

Government will be falling on the Bretton Woods institutions to secure two facilities to tackle the coronavirus epidemic, Finance Minister Ken Ofori-Atta has told Parliament.

The separate facilities are ex-

pected to shore up the country’s case management and preparedness for the disease.

“We are currently in discussion with the World Bank to tap into a US$12 billion World Bank Group fast-track COVID-19 facility to help close the financing gap. With Ghana

also chairing the development committee of the World Bank, we are having quite a bit of influence in encouraging the bank to also look at the fragile states on the continent to give them grants immediately,” he said.

In addition, government is

discussing with the International Monetary Fund (IMF) to access part of a US$10 billion Rapid Credit Facility made available by the IMF to member countries to address the pandemic.

Discussions have also begun with other multilateral and

ECONOMIC INDICATORS

HALT UNIPASS DEAL-COALITION OF CSOS MORE ON PAGE 05

*EXCHANGE RATE (INT. RATE) EXCHANGE RATE (BANK RATE) *POLICY RATE

bilateral partners on potential assistance to close the financing gap, the Minister said.

On whether there are any conditionalities attached to the facilities, he explained: “The IMF facility that we are looking at is a Rapid Credit FaMORE ON PAGE 2

INTERNATIONAL MARKET

USD$1 =GH¢5.4651 USD$1 =GH¢5.5000* 16%*

BRENT CRUDE $/BARREL NATURAL GAS $/MILLION BTUS GOLD $/TROY OUNCE

GHANA REFERENCE RATE

16.11%

CORN $/BUSHEL

*INFLATION RATE

7.8%*

COCOA $/METRIC TON

PRODUCER PRICE INFLATION:

13.3%

COFFEE ¢/POUND:

91 DAY TREASURY BILL INTEREST RATE

14.6898%

SUGAR ¢/POUND

+1.00 ($52.90) +0.02 ($1.77) +4.90 ($1,599.70) +1.25 ($376.75) +11.00 ($2,661.00) +4.25 ($115.60) -0.33 ($13.81

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WEDNESDAY MARCH 18, 2020

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News/Editorial Economist backs Eurobond cash for energy liabilities continued from page 1

outright purchase of some IPPs to facilitate a reduction in sector liabilities.

This became necessary after government said it was no longer going to stick with “unbalanced contracts” with the independent power producers. Most IPPs sell power to the state under take-or-pay agreements, which oblige the buyer to pay for any output produced by the seller, irrespective of demand.

According to the economist, using some of the Eurobond cash to address the problem with IPPs is appropriate, since the liabilities involved are foreign-denominated.

He added: “Given that these [agreements] are binding— and to the extent that government plans to renegotiate or cancel take-or-pay agreements—these are outflows that we have to be able to meet.”

Prof. Bokpin said the strategy that was adopted in resolving the energy crisis a few years ago is what has created today’s crisis, calling for transparency on issues and discussions pertaining to the energy sector.

“Contracts with the IPPs were not properly synchronised, but to the extent that these things have already been done, we have to resolve them—and doing so will require money.”

He also bemoaned the fact that “there is not much transparency around the IPPs issue, and that is partly because we did not have a comprehensive plan towards addressing the energy crisis.”

LIMITED Copyright @ 2019 Business24 Limited. All Rights Reserved.

Editorial Team Dominic Andoh: Editor Eugene Kwabena Davis (Head of Parliamentary Business & Commodities) Benson Afful (Head of Energy & Education) Patrick Paintsil (Head of Maritime & Banking) Marketing Alexander Lartey Agyemang (Business Development Manager) Ruth Fosua Tetteh (Dept. Business Development Manager) Gifty Mensah (Marketing Manager) Irene Mottey (Sales Manager) Edna Eyram Swatson (Special Projects Manager ) Events Evelyn Kanyoke (Snr. Events Consultant) Finance/Administration Joseph Ackon Bissue (Accountant) Ampomah Akoto (Director of Operations)

Coronavirus pandemic: Stimulus package needed The coronavirus pandemic has affected almost every facet of the import-driven Ghanaian economy, just as it is seriously causing economic downturn in many economies around the globe. The tourism, manufacturing, aviation and hospitality industries are some of the heavily impacted sectors.

The response, however, has been varied. Many European countries, the UK and the US have announced measures to contain the spread of the

virus along with stimulus plans for specific sectors of their economies, to keep businesses afloat.

New financial measures to support businesses such as tax breaks, interest rate cuts, mortgage payment suspensions, and billions of dollars in direct fiscal stimuli have been announced by most of these economies.

In Ghana, so far, the US$100million commitment by government is meant to help procure the essential equipment necessary to help contain the virus. No stimu-

lus package announced yet.

The news that the Monetary Policy Committee (MPC) of the Bank of Ghana is scheduled to hold its regular, bi-monthly meeting from March 18-20 is very welcomed.

Dr. Lord Mensah, a Senior Finance lecturer at the University of Ghana predicts a rate cut and urged the government to reduce fuel prices.

“I foresee the MPC reducing interest rates as expected—because already, we were suffering from liquidity issues [amid] the banking

sector clean-up. It was gradually picking up, but looking at what has happened now, I foresee the MPC coming with a reduction in the policy rate,” Business24 agrees with the call by experienced Finance lecturer that the MPC must consider cutting interest rates, while government must also consider fuel price reduction among other measures, to ensure funds get to businesses and people quickly to ensure that businesses survive this dire economic situation.

Gov’t reaches out to World Bank, IMF to tackle COVID-19 continued from page 1

cility, and that will come to Parliament. It is typically a zero-interest-rate, five-year moratorium and five-year [re]payment [facility] with no strings attached. This is the type of facility they used for Mozambique during the Idai disaster.”

Even though the impact of the coronavirus is still unfolding, preliminary analysis undertaken by the Ministry of Finance shows that it will impact negatively on petroleum receipts—due to the collapse of international crude oil pricesd—customs receipts, expenditures (especially health-related), and financing conditions on the fiscal front.

More generally, it is affecting tourism, travel and conferences, foreign direct investments, inter-

Neville Mandimika- Research Analyst, Global Markets, RMB

national trade, food and nutrition, and poverty reduction.

Mr. Ofori-Atta further informed lawmakers that measures are being put in place to close a possible financing gap

in the 2020 budget occasioned by the effects of the pandemic.

These measures may include withdrawal from the Ghana Stabilisation Fund, he said.

Minority wants accountabil-

ity The Minority spokesperson on finance, Cassiel Ato Forson, asked for a breakdown of how the monies that will be secured are going to be used, insisting that the funds must be used strictly for their intended purpose.

According to him, the Minister failed to provide details of the initial US$100 million anti-coronavirus funding announced by the President, calling it a “missed opportunity”.

“We think as a matter of urgency he should appear before us and give us the breakdown and background to that information, because it is important for us to be aware. What is happening is bad and scary, but we still have to do what is required of us by ensuring value for money, due diligence, and making sure we perform our oversight responsibility for expenditure,” he added.

MPC urged to stimulate to ease virus pain continued from page 1 monetary policy [alone] to get to the people or affected businesses,” Dr. Mensah added.

The MPC is scheduled to hold its regular, bi-monthly meeting from March 1820. Its assessment of the situation, according to a statement released by the central bank, will be communicated on March 23.

The central bank further instructed all regulated financial institutions to activate their business continuity and disaster recovery plans proportionate to the current circumstance and to review these plans as the situation changes.

Manufacturing, tourism likely to be hardest-hit Though the impact of the coronavirus is widespread, the sectors likely to be hardest-hit are the manufacturing and tour-

ism sectors, Dr. Mensah said.

“It is going to have a serious impact on the tourism and manufacturing sectors. Ghana is an import-driven economy, and most of the inputs that we need for our manufacturing base are all coming from somewhere, so if things are not flying in, obviously all these sectors will be crippled.”

The country’s manufacturing sector grew by a projected 6.7 percent in 2019 and was forecast in November to expand at about the same pace in 2020.

The travel and tourism industry contributed 5.5 percent to GDP in 2018, down from 5.6 percent the previous year. It, however, received a major boost following a successful Year of Return programme that earned the sector a reported US$1.9 billion in revenue.

NEWS

WEDNESDAY MARCH 18, 2020

Pay debts of power agencies ….to put lasting end to ‘dumsor’

BY EUGENE DAVIS The Minority spokesperson on Mines and Energy, Adam Mutawakilu, has urged government to clear the debts owed power agencies, including the Electricity Company of Ghana (ECG) and the Ghana Grid Company Limited (GRIDCo) in order to solve the recurring power outages, otherwise known as dumsor, for good.

Many parts of Ghana’s national capital, Accra, as well as other parts of the country have been experiencing power outages over the last 48hours.

GRIDCo, in a statement released on Tuesday, March 17, 2020 said the outages recorded on Monday, March 16, was due to a scheduled performance test on a new regulating and metering gas station in Tema. “This led to limited gas supply to powerplants in the Tema enclave. Additionally, some plants in the Aboadze enclave also experienced gas flow challenges; making them unable to generate power.

These two incidents led to disruptions in available generation, resulting in prolonged power outages in parts of the country on Tuesday,” the power transmitter explained.

However, Mutawakilu, reckons the problem of the recent power cuts is not a system issue but financial. “The agencies are not performing in terms of financials; this is system problem not generation. Over the last three years, they have not invested much in our infrastructure be it ECG or GRIDCO, that is what we are reaping today,” he told Business 24 in an interview at Parliament House.

West Africa’s second-biggest economy currently pays as much as $500 million per

year for power it doesn’t consume and is in talks to end the practice. Deals that obliged the government to pay for power regardless of whether or not the supplies were needed, have left the country with almost double the generation capacity it requires to meet peak demand of 2,700 megawatts.

The government is said to want to take over the companies’ loans from financial institutions through the stateowned Ghana Infrastructure Investment Fund at less onerous repayment terms.

Cheaper finance will lower the producers’ costs and in return the government would demand that it only pays for power it needs, analysts have suggested.

Today ECG is recording huge losses; “don’t you think if you improve it, it will help us? Government owes ECG US$1.3bn, settle that debt and see whether ECG will not be able to pay the IPPs. This a lazy approach by government,” he bemoaned.

Researcher allays public fear over GMOs

BY REUBEN QUAINOO Dr. Daniel Osei Ofosu, a Research Scientist at the Ghana Atomic Energy Commission has reiterated the safety of genetically modified foods for humans and the environment which will address food insecurity.

He reassured that before any GMO food is put onto the market, it would have gone through the necessary safety precautions.

“Biotechnology is a scientific method of enhancing food quality, safety and production and could cater for the myriad of challenges facing the Agricultural sector in Ghana and Africa in general” he added.

Dr. Ofosu said this after the Screening of the Movie Food Evolution directed by American Academy Award nominated director Scott Hamilton Kennedy and narrated by esteemed science communicator Neil deGrasse Tyson for the International Association of Students in Agriculture and related Sciences (IAAS), University of Ghana.

Food Evolution explores the brutally polarized debate that the introduction of genetically modified organisms (GMOs) into our food chain has generated over the years. Travelling from Hawaiian papaya groves to banana farms in Uganda to the cornfields of Iowa.

The Research Scientist said biotechnology had led to key development in areas such as industry, health and the environment in the developed world, saying that, “this is

why we believe that ongoing research on improved variety of crops must be embraced, to enhance food production for local consumption and for export, as well as poverty reduction through job creation.” he added.

He noted that ensuring food security was critical to the sustenance of the human race, particularly in Africa and, “That is why we need innovations in technology to deal with the mounting challenges in Agriculture,” he explained.

Mr. Obed Asamoah Manu, President for the International Association of Students in Agriculture and related Sciences (IAAS) University of Ghana, said GMOs will help solve the problems in the Agriculture sector, which series of researches had proven their

safety.

He said challenges of insect pest, poor rainfall patterns and post-harvest losses could be addressed through the use of the science available, which GE sought to address.

“At the mention of GMOs, most people think it’s all about chemicals, but rather the GMO products are coming to reduce agro-chemical spray,” he said.

Mr. Manu believes that once National Biosafety Authority is working in collaboration with the Food and Drugs Authority, mandated to ensure the safety of any product on the market are working, we are good to go. “if we don’t art fast climate change will push more than half of the Ghanaian people into poverty by 2030, due to climate effects on agriculture” he added.

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COVID-19: Universities move lectures online

BY BENSON AFFUL University students have rallied behind the government’s decision to shut down all schools for an initial four-week period to contain the spread of the coronavirus pandemic in the country.

The country has so far recorded six cases of the disease, prompting government’s decision to shut schools, ban all public gatherings, impose a travel ban, and devote US$100million to contain the virus.

Though this singular decision to shut down universities is expected to affect the academic calendar of the schools, some of the students who spoke to the Business24 in an interview said they are well prepared to have private studies in their homes as the school authorities also make provisions for online lectures for them.

“We are having online classes with our lecturers even though some of the courses are very technical which need further explanation, I believe that the lecturers will provide us with the necessary learning materials to cope with it,” Derick Boateng, a Business Administration student of the University of Professional Studies, Accra said.

He said the university has designed the online learning in a way that students are also required to sign an attendant sheet in order to monitor those who are not going to participate.

“For now, many of us have left school and we are doing private studies along with the e-learning adopted by the school.”

An Actuarial Science student of the University of Ghana, Joshua Baidoo, also told the Business24 that he is preparing himself for anything as long as the de-

cision taken by the school authority is in favor of the wellbeing of the students.

“We have the learning materials and the lecturers have also given us the course materials/outline to enable us study from our various homes,” he said.

Patience Aku Shika, who studies Information Technology at the University of Professional Studies, also believes the decision taken by the government to shut down the university is in a right direction but was quick to say that it will put pressure on students to finish their syllabus once school reopens.

“I don’t think it is a bad idea only that it will put pressure on us to finish our syllabus when the situation is contained,” she said.

The Registrar of the Accra Institute of Technology (AIT) told the Business24 this is the time for universities to resort to technology to drive lectures for students.

“So, in this this technological age, you cannot ask students to go home and expect them to come back when the virus is contained. This is the time for us to use technology,” he said.

A noticed from the Registrar of the University of Ghana announced the closure of the university with effect from Monday, 16th March, 2020, until further notice.

The notice, according to the university authorities, is in compliance with the directive by the President of the Republic that all universities should be closed, adding that the university is expected to operate as it does when there is no teaching.

Tarkwa-based University of Mines and Technology (UMaT) has also directed all staff and students to suspend lectures till further notice. However, the university said it will provide essential services such as health, security, provision of water and garbage collection to the university community.

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WEDNESDAY MARCH 18, 2020

NEWS

WEDNESDAY MARCH 18, 2020

Ghanaian victims case against Yahya Jammeh Families of Ghanaians who were murdered in The Gambia in 2005 have filed submissions to the Gambia Truth, Reconciliation and Reparations Commission (TRRC) demanding that Yahya Jammeh and the ‘Junglers’ must be brought to justice and compensation paid to the families and survivors.

In separate affidavit evidence they filed and notarized in Ghana and dispatched to the TRRC in The Gambia this week, the victims’ families recounted the torture they have been going through since they became aware of the unlawful killing and enforced disappearances of their family members in 2005.

The filing of the affidavit evidence comes after three members of the “Junglers” testified before the TRRC that they participated in the killing of the Ghanaians and other West African migrants on the orders of Yahya Jammeh. Following the testimonies by the Junglers, the Jammeh2Justice Ghana Coalition ( J2J Ghana), a CSO Coalition led by CDD-Ghana wrote to the TRRC arguing that the survivors and victims’ families qualified as victims within the meaning of the TRRC Act, 2017, and therefore, requested that the Ghanaian victims’ families and survivors be allowed to testify,

to which the TRRC agreed.

Continuing, the victims’ families who were assisted to file their affidavits by J2J Ghana, said the unlawful killing of their family members who were the breadwinners had led to significant loss of income to their families since 2005, hence their request to the TRRC to recommend adequate compensation to be paid to them.

Lead Counsel for the Ghanaian victims, Nii Kwei Amasah, explained that once the TRRC sets a date for the victims to appear before the TRRC, he will lead the survivors and representatives of the victims’ families to testify before the TRRC in The Gambia.

“We commend the TRRC for the opportunity given our clients to bring the perpetrators of these crimes to justice and to compensate the survivors and dependents of the murdered Ghanaians in the Gambia. We will cooperate fully with the TRRC to bring a finality to this matter”, lawyer Amasah added. J2J Ghana coordinator, William Nyarko said the submission of the affidavit evidence to the TRRC is an important step towards ensuring the participation of the survivors and victims’ families in the proceedings of the ongoing TRRC with the ultimate

purpose of securing justice, reparations, and bringing closure to the victims.

Programme Officer of J2J Ghana, Regina Oforiwaa Amanfo, explained that the affidavit evidence of seventeen (17) out of the approximately 53 Ghanaian victims were sent to the TRRC. She said J2J Ghana explained in a cover letter to the TRRC it is still locating and contacting victims and would send more of the affidavit evidence as they are filed. “We have scheduled 31st March, 2020 as the closing date for receipt of the affidavit evidence for dispatch to the TRRC; however, victims can also file and send their affidavit evidence directly to the TRRC,” she added. (Source: CDD-Ghana)

Chamber urges increased data sharing in agribusiness sector

BY REUBEN QUAINOO The Chief Executive Officer of the Ghana Chamber of Agribusiness, Mr. Anthony S.K. Morrison, has said that if Ghana wants to achieve the Sustainable Development Goal 2 then players in the sector must start sharing ideas and data to entice potential investments.

According to him, the youth constitutes the majority of the population and if they are armed and empowered with the right data and statistics, they will be able to run with such ideas to develop and grow viable agribusinesses.

“We require a new generation of doers and achievers to build mother Ghana and Africa if we really want to end extreme poverty and hunger on the continent,” he told Business24, in an exclusive interview.

According to him, most players in the agribusiness sector are very secretive and become very comfortable at the least success. “We glorify simplicity, always thinking of gargantuan success without any little start and always wanting to receive but fail to give,” he

pointed out.

He said the discussion had been that the youth could find employment in so many sectors but oftentimes agriculture is left out, the very sector that could employ the majority of the youth.

“We have not been able to meet these expectations because people don’t have the skills and knowledge to run with ideas; starting their own businesses that can change livelihoods, but the high degree of pull him down syndrome is disheartening, I am making it clear that unless this is addressed, it will be difficult

for us to achieve the Sustainable Development” he said.

Mr. Morrison cited cases where some African countries found oil and then they focused on the revenue from oil and abandoned agriculture.

Some countries also adopted wrong policies, he added.

“Remember even if you train all the agriculture scientists in the world, and the animal husbandry experts, or soil scientists, even those who are agriculture economists, and those who know how to do the business, if you don’t have the right set of policies and the environment that is conducive, you are not going to have agriculture move from this smallholder dimension to a real enterprise,” he said.

Mr. Morrison urged African countries to build capacity, but as they do, they should also retain and utilize capacity to be able to transform their economies.

“Anywhere agriculture has developed in the world you have excellent capacity building policy” he stated.

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Halt UNIPASS dealCoalition of CSOs

CONTINUED FROM PAGE 1

Coalition of CSOs in Ghana have called on President Nana Akuffo-Addo to as a matter of urgency terminate the 10-year sole sourced Ghana Link/UNIPASS contract with the Ministry of Trade and Industry.

According to the group the UNIPASS deal is a total rip off which will not serve the best interest of the country, adding that it’s a serious affront to the trade facilitation arrangement of the World Trade Organization (WTO).

Addressing a press conference in Accra yesterday, the group said the port remains a strategic asset of Ghana’s economy as far as trade facilitation, revenue mobilization and job creation among others are concerned.

Therefore, it said the ports’ management must not be used for experimentation especially when Ghana has gone through a whole process for close to two (2) decades and now has one of the world’s most enviable port management systems run by GCNET and WestBlue Consulting.

“We are confused with the irony in this whole decision especially because government in the last 3 years has touted in no small ways the massive revenue drive that these two existing vendors have helped achieve.

“In view of these and other facts, we hold the opinion that, in a situation that government decides to make changes in the Port System’s IT Infrastructure, we as a country, must do so with caution and try as much as possible to avoid disorder.

We think that the trajectory on which we are riding now is not only chaotic but suicidal”, the group said.

Associations from the Coalition of Civil Society Organizations that organized the press conference yesterday are Alliance for Social Equity and Public Accountability (ASEPA) and Good Governance and Advocacy Group Ghana

(GGAGG), Ghana First and Vanguard of Truth.

Mensah Thompson one of the leaders of the group expressed worry that the Ministry of Trade and Industry signed a contract with Ghana Link and has announced the replacement of GCNet and West blue systems with no plausible cause, above and beyond various contrasting suggestions by players and stakeholders in the industry.

Financial Analysis Touching on the fees of the both existing and Ghana Link/UNIPASS he said: “It has been shown in the Ghana Link/UNIPASS deal that the processing fee for the UNIPASS system will cost 0.75% of Free on Board (FOB) of every transaction matched up to the combined fee of GCNet (0.40% of FOB) and Westblue (0.28% of CIF) which sums up to 0.68% in simplified terms.

“This means that the fees charged by both GCNet and WEST BLUE are 0.7% cheaper than that which is to be charged

by UNIPASS. Considering this basic fact, it does not make business sense to replace the existing system”.

“We are also dismayed as to why the Ministry of Trade and Industry which is supposed to be the frontrunner in the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) which Ghana’s Parliament ratified and was given assent to under the previous government sign a 10-year agreement with a 0.75 % ad valorem fee knowing very well that the WTO/TFA has outlawed on fee structures such as these for the fact that they are not commensurate with actual work done,” Mr. Thompson said.

He warned government that the controversial deal could lead to revenue losses, administrative corruption and depletion of government holdings in the port system.

Mr. Thompson added that with the current outbreak of the deadly coronavirus which has led several Countries like Italy into total shut down, it has become even more dangerous to allow for the experimentation of this new UNIPASS system from Korea, second highest coronavirus infected country in the world.

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NEWS

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WEDNESDAY MARCH 18, 2020

Independence Match Play – Achimota Golf Club Vs. Ibb Golf Club Achimota Golf Club was established in 1934 to provide recreation for the staff of Achimota School, then the Prince of Wales College and has seen many changes and transformation over the decades to become Ghana’s premier destination for Golf.

As part of its activities to celebrate Ghana’s Independence, the Club has for over ten years, established a reciprocal relationship under which they play an inter-club -match play to commemorate the independence anniversary of their respective countries – Ghana and Nigeria.

The club hosted over 70 Nigerians from the IBB Golf Club from Abuja to a thrilling and competitive weekend of Golf at the Achimota Golf Club between the 6th and 8th of March 2020 to commemorate 63 years of Ghana’s Independence.

The Celebrations started with the Independence Cup for the Juniors and this was played in 2 categories - 9-Hole Stable ford and 18-Hole Stroke play (Red and Yellow Tees). Little Fahroni Jonah sealed the winner for the 9-hole junior competition. Gifty Achana and Philip Yeboah won the 18 Hole Stroke play competition with

a gross score of 92 on the Red Tee and 81 from the yellow tee respectively.

The much-anticipated Independence Day cup saw over 130 golfers from Ghana and Nigeria compete for the ultimate winning trophy. The keenly contested ladies competition saw Ms. Aliyah Iddriss win the silver category with a net score of 70, playing off handicap 18. She was followed by

the veteran golfer Mrs. Ama Morgan who carded a course par with handicap 20, winning on count back against Mrs. Phelicia Goosens with the same handicap. Mrs F. Olateju from Nigeria came first with a net score of 70 with handicap 24 in the Ladies Bronze category. She was followed by Mrs J. Ikinue who came second place on count back with a net score of 73 playing off handi-

cap 26 and third place by Mrs Mariatu Bah with a net score of 73 playing off handicap 25.

In the Men’s Silver Category, T. Tsegba from Nigeria won with an amazing net score of 66 to beat Ghana’s Frank Adu Jnr. who returned a net score of 68 to place second after a keenly contested round of golf.

The President of the Ghana Golf Association, Mr. Mike Aggrey came third with a net score of 70.

Mr M. Haruna from Nigeria, playing off handicap 24 sealed the day with an amazing net score of 65 to win the Men’s bronze category. Second place was Mr. Edward Owusu Manu with a net score of 67, playing off handicap 24. Mr. Felix Addo, a club Trustee and member of Achimota Golf Club, carded a net score of 68 to place third.

On the second day, the doubles match play commenced with a flag-raising event, during which a minute silence was held for 4 members of both teams including Ghana’s Paul Ondiwa who did not make it to this year’s celebrations as a result of their untimely

demise.

The fiercely contested matchplay saw some giants of golf in Africa including Retired General I.B.M Haruna of Nigeria. After the first day match-play, team Ghana led with 20.5 points against that of 12.5 for team Nigeria. The singles match play was the comeback platform for team Nigeria. However, the Ghana team was too formidable for their opponents and gave the visitors a run for their money. Ghana continued with the lead with 33.5 points against 30.5 points for the visitors. This saw Ghana lift the newly donated match play cup with a gross score of 54 points.

The cup was donated by Mr. Eddie Addo, former President of Achimota Golf Club.

Retired Gen. I.B. M. Haruna urged both countries to continue to use the spirit of these annual events as bridge building exercise towards the economic transformation for its people and the people of the region at large.

The Independence cup was headlined by Bank of Africa and supported by SMEC Ghana, Jaguar Land Rover, Mr. Paul Jacobs, Mr. Ibrahim Bah, Mr. Michael Obeng Appiah, Peak Golf Ventures and Qwench Mineral water.

The event was proudly produced

by Strategic Plus Solutions, your go-to event managers.

Jumia and Reckitt Benckiser Partner to Provide Consumers Access to Hygiene Products Jumia, the leading e-commerce platform in Africa, has announced a major partnership with Reckitt Benckiser, the global health products manufacturer to help consumers access hygienic products at the lowest price.

The partnership will provide a steady supply of hygiene products such as soap bars, disinfectants, and liquid hand wash at affordable pricing.

These products are facing a growing demand from consumers taking hygiene precautions to prevent the spread of the Coronavirus. Jumia will be taking 0% commission on Dettol, JIK and Harpic, and will reinvest the initial commission into discounts on the consumer price.

Reckitt Benckiser is financing free shipping nationwide on all listed products. Consumers will be able to access all products from the “Stay Safe” page on Jumia, co-owned with Reckitt Benckiser.

“At Jumia, our primary concern is the health and well-being of our teammates, consumers, partners and communities. We strive to continue operating so that customers continue to use ecommerce as a safe way to shop in this challenging time. We are proud to work closely with Reckitt

Benckiser through the “Stay Safe” campaign, which shares consistent information about Covid-19 and provides access to key hygiene products at the most affordable price possible for our consumers,” Romain Christodoulou, SVP Jumia Group.

The partnership will also provide critical information

around Coronavirus. Reckitt Benckiser has created the Mythbuster website to help update consumers on risks and best practices to avoid the virus from spreading. Jumia is creating several awareness campaigns which direct consumers to both the ‘Stay Safe’ page and the ‘Mythbuster’ website.

“Reckitt Bencksier is delighted to partner with Jumia to ensure that access to the highest quality hygiene and health products is a right, not a privilege.

By financing nationwide free shipping in all markets where Jumia operates, from capital cities to more rural areas, Reckitt Benck-

iser is providing a fair access to supply for all consumers, regardless of their location,” said Bart Meermans, SVP RB Health Africa/ Middle East / Turkey.

The partnership will cover 8 of the markets where Jumia operates, Algeria, Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa and Uganda.

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The Future of Work Capsules

Without decisive action Ghana will be sleepwalking into a world that widens existing inequalities and uncertainties

BY BAPTISTA SARAH GEBU (MRS.) A Universal Labour Guarantee, social protection from birth to old age and an entitlement to lifelong learning are among ten recommendations made in a landmark report by the ILO’s Global Commission on the Future of Work.

According to the ILO Global Commission on the Future of Work, our governments need to commit to a set of measures in order to address the challenges caused by unprecedented transformational change in the world of work.

The commission’s work was Co-chaired by South African President Cyril Ramaphosa and Swedish Prime Minister, Stefan Löfven.

It is considered unprecedented transformational change in the world of work because this has never happened or existed in the past. We all may be very conversant with the past life and history but not the future. Adapting and setting the agenda towards this unprecedented transformational change in the world of work, will offer very unique value propositions for our economy and industries as we attempt to deep dive ahead of schedule coming out with sustainable solutions to the discourse.

Among the many highlights of this commission’s report; the commission outlines a vision for a human-centered agenda that is based on investing in people’s capabilities, institutions of work and in decent and sustainable work.

We need to allow people to continue to work as they age, by having machines take on some physically demanding roles. Illustrating, a robot that can lift a hospital patient may extend the working life of a nurse who is treating the patient. We are all concerned about the impact of new technologies on the workforce and are interested in what we all can do to build a better work for ourselves and the next generation. If we take the right actions, we can shape the future of work in ways that meet the needs of workers, families, and their economies and societies. To do so, we first have to understand how work is changing, how firms can prosper and support good jobs and careers, and how to update the policies, institutions, and practices governing the world of work.

Listening to Peter Gumbel and James Manyika in the fu-

ture of work podcast we can realize that how long the automation could take will be based on research before we start seeing a critical mass of automation being adopted in workplaces. This change will happen occupation by occupation, technology by technology, and activity by activity.

Some research in a sample of about 46 countries has been conducted, which are a mixture of developed economies and developing economies, and across that sample, it looks as if by 2030 we could imagine a range that has a midpoint, something like 16 percent of occupations would have been automated—and there would be impact and dislocation as a result of these technologies.

Now that number has a very wide range: at the low end, it

could be very little, and at the high end, it could go all the way up to about 30 percent.

The reason for that range is because it depends on the rates of adoption, the nature of the country, the wage dynamics in that country, and the wage dynamics in the sectors in that country.

We’re going to see few different kinds of transitions. The first one is that the mixture of occupation is going to shift.

We know that when you take into account the activities that are easy to automate, relatively, and the ones that are relatively harder to automate, it will result in some occupations growing more than others. For instance, occupations that involve a lot of data gathering, data processing, or physical work are going to

decline. The relatively harder occupations, and activities to automate, like care work and work that requires empathy, judgment, and so forth, those occupations are going to rise.

The mix of occupations is going to shift substantially. That means that people are probably going to have to move and be transitioned from certain occupations into new occupations, ones that are going to be growing. So that’s one kind of transition.

Another kind of transition is going to be the skill requirements. We know that the skill requirements are going to shift for a couple reason. One, because people are moving to new occupations that are going to require higher skills, often, in order to do those oc-

cupations; we know the skill requirements are going to go up, if only because people are going to be working alongside highly capable and increasingly capable machines.

In order for people to keep up, adapt, and work alongside effectively with highly capable machines, they will require a very different set of skills. So, the skill transitions are going to be quite substantial.

Among the ten recommendations put forward by the ILO’s Global Commission on the Future of Work are: • A universal labour guarantee that protects fundamental workers’ rights, an adequate living wage, limits on hours of work and safe and healthy workplaces. On adequate liv-

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ALL ESTABLISHMENTS, INSTITUTIONS OR ORGANISATIONS WHOSE NATIONAL DAILY MINIMUM WAGE (NDMW) IS BELOW THE NEW NDMW OF GH¢11.82 ($2.16) TO ADJUST THEIR WAGES ACCORDINGLY EFFECTIVE JANUARY 1, 2020.

ing wage, in pursuance of the Labour Act, 2003 (Act 651) section 113(1) (a) and the Public Financial Management Act, 2016 (Act 921) the Minister of Employment and Labour Relations Mr. Ignatius Baffour Awuah announced at a media briefing in Accra and directed all establishments, institutions or organisations whose National Daily Minimum Wage (NDMW) is below the New NDMW of GH¢11.82 ($2.16) to adjust their wages accordingly effective January 1, 2020. This new NDMW reflects an 11% increase over the 2019 figure of GH¢10.65 ($1.94). The NDMW is the least wage any employer in the country can pay a worker in a day in Ghana.

These agreements are usually reached at the National Tripartite Committee meetings where negotiations are concluded and recommendations are made. This minimum wage is tax exempt.

The Minister also announced that the government and organised labour had agreed that the current base pay on the Single Spine Salary Structure should be increased by 12% across board for the year 2020 at the existing pay point relativity of 1.7%. Mr Baffour-Awuah further announced the base pay, had been increased from GH¢9.10 per day in 2019 to GH¢10.19 in 2020 and takes effect from January 1, 2020 also.

Mr Baffour-Awuah said the parties had also agreed to revise the prevailing rates of allowances expressed in the absolute amounts on the categories two and three allowances to new levels to take effect from January 2020. He advised government ministries, departments and agencies to take appropriate steps to give effect to the revised categories in accordance with new guidelines to be issued by the Ministry of Finance.

Ghana and for that matter, workers in Ghana deserve better monetary rewards.

We look forward to that time when the partnership among labour, government and employers will increase and enable Ghanaians attain a takehome pay that will actually take most Ghanaians home.

On safe and healthy workplaces, in the face of the novel coronavirus, do we have an Infectious Disease Management Plan to help us navigate our way as the world prepares for a global pandemic? According to the World Health Organization (WHO) Corona-

viruses (CoV / COVID-19) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERSCoV) and Severe Acute Respiratory Syndrome (SARS-CoV).

A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

Coronaviruses are zoonotic, meaning they are transmitted between animals and people.

Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans. Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

Standard recommendations to prevent infection spread include regular hand washing, avoiding handshake, covering mouth and nose when coughing and sneezing, thoroughly cooking of meat and eggs. We need to avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. For now, its prudent to avoid crowded places and mass events.

In Ghana some religious groups are reviewing their cultural practices on handshake.

Most people prefer to great in what we now term “the Corona way” by extending pleasantries with their feet and or elbows instead of their hands.

What policy change is underway in our organizations?

With the growing concerns about the new COVID-19 now a global pandemic, organisations and companies such as Twitter, Google, Microsoft, Facebook and hundreds of other organisations are telling their employees to work from home to help prevent possible infections from spreading in the workplace. The future of work will offer similar opportunities where employees will be able to work from home. It is going to be an employee’s

work.

Working from home or remotely is one great way organisations can leverage on the situation and still remain productive. Employees will need laptops, mobile phones and internet connectivity access which most phones, wifi and mifi’s could provide. How can one remain productive whiles working from home? Let’s look at some essential tips we can adopt to helping remain productive.

1. Managers, bosses and Human resource professionals must learn to trust their staff in these moments. I always say, when there are no systems and structure, employees take advantage of that loophole. Put in place guidelines to helping employees work from home.

These guidelines must be clear to everyone. Targets must be set and every staff must receive some kind of orientation about these guidelines. Employees must sign up for that.

Management must be concern about daily productivity and targets employees must meet instead of long unproductive hours to be spent. Tracking online hours of work will not be a great idea. What should be the focus? Productivity and target. Let me hear from you, if you work remotely? What works better for you.?

2. Create a dedicated work space at home which is free from distraction and offers you some kind of privacy. Get the right kinds of equipments to work with, including but not limited to a comfortable chair and table, get a Laptop to enable you move around with it if need be instead of a desktop computer which may not offer you value proposition in this moment. Think of things that make working remotely easier and fun.

3. From experience, I realized being able to work even in your pajamas was a great relief. Hitherto, I came to the realization that getting dressed whiles working remotely was rather the best thing to do. In that, you get prepared emotionally and psychologically to work. It offers you no panic situation if a colleague, boss or stakeholder request a video call.

4. You need to have a plan

for the day. Learn to follow that same schedules for your working day as you do whiles at work. If you are the type that typically will want to get current by commencing the days work by reading e-mails to enable you plan for the day, please stick to that schedule.

Prepare your mind for some distraction whiles at home.

5. Be discipline with your time management whiles at work. You should be able to let your friends and family know your schedule and respect it. Don’t reduce the day to flipping your phones from one WhatsApp or social media page to the other. It will not do you any good. Perhaps, your break times will be great moments to get up to date information with happenings of the day. Social media, the TV, phone calls, radio updates are all great.

6. Avoid locational meetings and call for conference calls and meetings instead. There are several ways we can meet to discuss issues online. Skype becomes one convenient avenue; these days Zoom and WhatsApp offers the same benefit. Choose what is most convenient for you. Be prepare to work on a reliable internet connectivity.

7. Your meetings can be grouped for each day to enable you become productive whiles working remotely. Having an up-to date contact list of all staff and stakeholders will be very useful. It will offer you a great opportunity to reach out to any colleague to discuss issues instead of long back to back e-mail correspondence. I always enjoy working first on a contact list to include full names, e-mail addresses, phone numbers of all staff, stakeholders, partners and others.

8. Remember to have frequent water breaks to help you meet your daily requirements of drinking at least 12 glasses of water each day. For your own mental and physical health, frequent breaks to stretch is equally helpful. Love your life and learn to protect your kidney by not holding on longer to the urge to pass urine.

“Countless opportunities lie ahead to improve the quali-

Baptista is a human resource professional with a broad generalist background. Building a team of efficient & effective workforce is her business. Affecting lives is her calling!

She is an HR Generalist, strategic planner, innovative, professional connector and a motivator. You can reach her via e-mail on bap. tista@outlook.com You can follow this conversation on Linked-In: Baptista Sarah Gebu and on twitter @SarahTista. Call or WhatsApp: +233(0)262213313.

Follow the hashtag #theFutureofWorkCapsules #FoWC

ty of working lives, expand choice, close the gender gap, reverse the damages wreaked by global inequality. Yet none of this will happen by itself the report stresses. Without decisive action we will be sleepwalking into a world that widens existing inequalities and uncertainties,” It outlines the challenges caused by new technology, climate change and demography and calls for a collective global response to the disruptions they are causing in the world of work.

Artificial intelligence, automation and robotics will lead to job losses, as skills become obsolete. However, these same technological advances, along with the greening of economies will also create millions of jobs – if new opportunities are seized. This is where our focus should be as a country.

How do we create millions of jobs with the new opportunities that we envisage to come our way?

The report is the culmination of a 15-month examination by the 27-member commission, which is made up of leading figures from business and labour, think tanks, academia, government and non-governmental organizations.

Pragmatic efforts must be employed by our government and most businesses to ensure that Ghana takes decisive action that will prevent us from been classified as sleepwalking into a world that widens existing inequalities and uncertainties. What notable pragmatic efforts employed by our government or our businesses and organizations are we particularly happy about? Your contribution to the discourse with the hashtag #theFutureofWorkCapsules #FoWC will be very helpful.

To be continued …

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Solo female travel on the rise, but what about the safety? take advice from and be cognizant of the details that you share. Similarly, while enjoying the nightlife is a part of exploring a new place that is highly recommended on your travel app by others, try to avoid taking drinks from strangers and keep an eye on your belongings when you’re out. If there are reviews on your travel or locations apps, always read about how safe it is for women. Seek support from the local women or other solo women travellers whom you meet during your trip.

VFS GLOBAL SHARES TOP SAFETY TIPS FOR THE FEMALE GLOBETROTTERS TO HAVE A MEMORABLE TRAVEL EXPERIENCE! Early this year, the first South Asian female was added to the growing list of women making history by visiting every country on Earth. She follows in the footsteps of the Ugandan-American travel blogger and former United Nations employee who achieved the same feat late last year. Solo female travel is not new phenomenon as there are increasingly more women taking such journeys now than a few decades ago.

Some countries are known to be less accommodating to solo women travellers than others, and while this doesn’t make them off bounds, it is best to be prepared.

Ms Gugulethu Yalo, Human Resources professional for Africa region at leading visa outsourcing and technology services specialist, VFS Global, outlines some important steps that the travel industry is taking to create a safer environment for all the fearless women wanting to explore all corners of the world. “When it comes to women travelling alone, safety and security element have become an important aspect is being addressed now more than ever.”

Gugulethu highlights the scenario now where many hotels and hostels are now offering female-focused options such as women-only sections or floors. “For added security, these women-only floors would only grant access to the women guests staying on those particular floors via security key cards. Some hotels have taken the trend a step further and have all-women staff on these floors.” Until these female-focused options become more widespread, she shares the following key tips for women who are travelling alone and want to prioritise their safety:

incidents and unsafe locations to those with May Day buttons and share your GPS coordinates if you are in trouble or locating a lost phone, use your smart devices to do research and understand more about the exotic destination you plan to visit.

Make the best use of technology

Share your itinerary and stay in touch

Thanks to digitisation and internet penetration, your phone can help you stay connected as well as the option to access practical Apps that will be extremely useful during your trip and help you be prepared. From Apps specifically designed to alert the solo women traveller about any

It is essential that you share your itinerary, along with your flight numbers and accommodation, with someone you trust beforehand. Always keep them updated of any changed plans including passing on your travel details if using ride sharing applications as many of them offer this option now.

Safer business trips

Blend in Every country has different cultural norms and traditions, and as a visitor, it is usually in your best interest to respect these. Similarly, it can be helpful to learn key phrases of the local language, so that you are able to communicate if necessary with the help your smart device including Translation Apps by speaking to it.

Plan your excursions in advance and do your research It is best to pre-plan your days as far as possible, taking into account travel time and the possibility of unforeseen delays. If an area that you’re wanting to explore poses potential risks, it may be worth

organising to go with a tour group or at least teaming up with other travellers. Refer to e-books and online travel guides that detail how safe a city is as well as blogs and credible accounts of other travelers who may have already been to these locations and written about their experience.

Keep your guard up While travelling is often seen as a time to try new things and be free of your everyday worries, it’s important to remain vigilant and avoid putting yourself into potentially dangerous situations. Meeting new people abroad is great, but be cautious of who you

A 2018 survey indicate over eight in ten women have encountered one or more safety concerns or incidents while travelling for business while many had concerns over safety during their personal time after work. Such events leave a lasting impact that affect their productivity and business outcomes or goals while travelling on work Companies like VFS Global make it a point to share destination guidance information for women travelling on business about the geo-political situation or whom to reach out in the case of an emergency.

Some share critical behavioral tips like specific restrictions at the locations they are visiting or cultural sensitivities. Spend time to understand your travel insurance details in advance, ensure you pack your safety and health essentials and be smart in terms of what you share on social media platforms.

“Making your safety a priority doesn’t negate from being a traveller, be it on work or on an adventure.” says Gugulethu. “No woman should avoid travelling based on concerns for their safety, but at the same time, it is important to stay cautious. At the end of the day, trust your instincts and rather be safe than sorry.”

About VFS Global VFS Global is the world’s largest outsourcing and technology services specialist for governments and diplomatic missions worldwide. VFS Global has Swiss parentage and is a portfolio company of EQT, a leading global private equity firm headquartered in Stockholm, Sweden. With 3446 Application Centres, operations in 150 countries across five continents and over 221 million applications processed (since inception in 2001) as on 31 January 2020, VFS Global is the trusted partner of 64 client governments.

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Coronavirus Pandemic: 50m jobs at risk Part 1

BY PHILIP GEBU I wanted to write on Ghana month this week following March having been declared Ghana month. The Wear Ghana Project which is a campaign that seeks to encourage Ghanaians to wear made in Ghana clothes and use other fashion accessories that are locally produced. The campaign runs throughout the year but reaches its peak in March with a series of activities such as seminars, symposiums, exhibitions, fashion shows, production of a fashion magazine and an awards night to honour fashion industry players, Ghanaians and institutions whose activities have promoted the fashion industry in Ghana. The first edition of the program indicated that, the Month of March has been designated as Wear Ghana Month. During the launch, the Hon. Dr Mustapha Hamid, current Minister for Zongo Development emphasized the need for the Wear Ghana Month (March) to be promoted both locally and international to make Ghana a tourism destination through fashion. Instead of celebrating Ghana months and promoting tours around the country, here we are faced with some restrictions due to coronavirus. I have no choice than to write on coronavirus. However, let us use this moment to promote made in Ghana products most especially hand sanitizers.

Following the recent recorded cases of coronavirus in Ghana, Government has announced a travel advisory which discourages all travels to the country until further notice. This comes following a successful 2019 ‘Year of Return’. We were all expecting a successful ‘beyond the return’ agenda, however coronavirus decided to put a halt to our plans. Unfortunately, success also comes with its own disadvantages. Kotoka International Airport has been trying to position itself as the number one connecting hub in West Africa after it was declared the best airport in West Africa. Obviously, the increase travelers to Ghana and those connecting will mean there will be a lot of pressure on KIA and obviously international travel having increased will have led to a threat. The six cases are really bad news for the country when others have just one or two cases. CNN reports that as at today, the number of infected persons is more that 182400 and killed 7100 worldwide according to Johns Hopkins University. Millions are under lockdown in Europe as some Asian countries close schools just as it’s happening in Ghana. Travels have also been curb. The travel ban announced in Ghana by Mr Kojo Oppong-Nkrumah, the Minis-

ter of Information said commencing Tuesday, March 17, 2020, any traveller who, within the last 14 days, has been to a country that has recorded at least 200 cases of persons infected of the Coronavirus (COVID-19) disease, would not be permitted into the Ghanaian jurisdiction, except for Ghanaian citizens and persons with a Ghana residence permit. The Government has also instructed airlines not to allow such persons to embark; and also urged border posts not permit such travellers into their jurisdiction.

He said per the advisory, there would be a mandatory 14-day self-quarantine for persons who are allowed to enter the Ghanaian jurisdiction.

“Guidelines for self-quarantine will be available at the various Ghanaian ports of entry.

Enforcement protocols are being deployed in collaboration with state security and health authorities,” However, persons who are found not to be unable to satisfactorily self-isolate would be quarantined by the State, he said. Mr Oppong Nkrumah said that any admissible traveller, who exhibited symptoms of COVID-19 would be quarantined and tested upon reaching Ghana.

We are really in bad times for the travel and tourism industry. The global coronavirus outbreak means millions of travel and tourism jobs are at risk, says a leading industry body. The World Travel and Tourism Council (WTTC) says up to 50 million jobs could be lost because of the pandemic.

Its chief executive, Gloria Guevara, said the outbreak “presents a significant threat to the industry”. The news comes

after thousands of international flights were cancelled and some insurance firms suspended travel cover for new customers. New figures from the WTTC suggest that the travel sector could shrink by up to 25% in 2020. Cruise ship firm Princess Cruises is suspending all operations for 60 days. One of its cruises was kept off the cost of San Francisco for five days after 21 passengers tested positive for the virus.

British Airways, EasyJet and Norwegian Air have all also cut flights in response to the outbreak. Korean Air even warned that the coronavirus could threaten its survival.

Australia’s Qantas is reducing international flights by nearly 25% in response to the outbreak and said the virus could wipe $100 million off of pre-tax profit from the second half of the company’s fiscal year. Chinese airline passenger numbers dropped by 84.5% last month, highlighting the huge economic impact on the country where the virus originated. Its aviation regulator said on Thursday that the drop had caused a 21bn-yuan (£2.35bn) fall in revenue. The International Air Transport Association (IATA) estimates that global air transport revenues will be reduced by 5% this year. Air France-KLM (AFLYY) warned that its earnings could fall by as much as $216 million between February and April because of the outbreak.

The coronavirus could result in 90 million fewer domestic trips and $115 billion in lost spending, according to the most severe scenario laid out

by Tourism Economics.

Ghana will not be the only

THERE WOULD BE A MANDATORY 14-DAY SELFQUARANTINE FOR PERSONS WHO ARE ALLOWED TO ENTER THE GHANAIAN JURISDICTION

country to be seriously affected. China’s tourism industry will be most affected due to the virus since tourism represents 11% of their GDP in recent years, growing in a steady rate of 7%. The World Tourism Organization (UNWTO) and the World Health Organization (WHO) through a joint statement have asked the tourism sector that their response to the outbreak of the Corona Virus be “measured, consistent and proportionate” to the threat posed for public health.

Closing borders, prohibiting travel in general and more extreme government policies will not stop the spread of the Corona Virus, said the World Travel and Tourism Council (WTTC). So far, Trip.com’s Sun said “millions of orders have been canceled,” referring to both domestic and international trips. But she said the company is already seeing signs of pent-up demand.

The sad aspect for Ghana and the world as a whole is that, The World Tourism and Travel Council analyzed previous major viral epidemics, and found that the average recovery time for visitor numbers to a destination was 19 months.

As at this stage we are not yet talking of a decrease in numbers to beginning planning for recovery. Its sad but Ghanaians must prepare for some rough times ahead especially those within the tourism industry. These are not good and happy times for us all. I have started feeling the heat and I know all those associated with tourism and travel are feeling same. The best thing do now is to focus on how to remain healthy and I think government interventions must be ad head by all as we prevent further spread and importation of the virus. This can only be achieved when we all co-operate. This is not politics matter an assisting government is necessary.

Philip Gebu is a Tourism Lecturer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Management and Marketing Company based in Ghana and with partners in many other countries.

Please contact Philip with your comments and suggestions. Write to forealdestinations@gmail. com / info@forealdestinations. com.

Visit our website at www.forealdestinations. com or call or WhatsApp +233(0)244295901/0264295901.Visit our social media sites Facebook, Twitter and Instagram: FoReal Destinations

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UMaT satellite campus at Akyem to cost GH¢3.6m A delegation from Akyem Afosu in the Eastern Region has paid a working visit to University of Mines and Technology (UMaT) to follow up on a request for setting up a Satellite Campus of the University at Akyem Afosu, which estimated to cost an amount of GH¢3.6million The delegation was led by the Chief of Akyem Afosu, Nana Kofi Owusu Amoh III, and was accompanied by some of his Elders, some Officials from Newmont Gold Corp Ghana, Officials of the Birim North District Assembly, Officials of the District Education Office and some opinion leaders.

According to Nana, they were in UMaT to follow up on the request and to see the way forward with the project.

Welcoming the delegation, the Vice Chancellor, Prof J. S. Y. Kuma informed them that the University Council had approved the request and that UMaT was ready to work with the stakeholders to get the Satellite Campus set up at Akem Afosu, if only the issues raised in the report submitted by the Committee the University set up to propose a strategy for the smooth take off of the campus were adequately addressed. These included a list of specific laboratory

equipment and quantities required for training students at the campus; proposing the required additional infrastructure to fill infrastructural gaps identified by the committee; estimating the cost of administrative functions, including transportation, stationery and computers required to facilitate the smooth running of the administration of the Campus.

Prof Kuma indicated that the

UCC nursing students hold health outreach at Bronyibima The Nursing Students Association (NUSA) of UCC in conjunction with Nursing students from Grand Valley State University (GVSU) has held health outreach at Bronyibima, near Elmina in the Komenda Edina Eguafo Abrem (KEEA) Municipal Assembly.

The outreach programme which was organised as part of the NUSA week-celebrations was aimed at educating, counseling and screening people in the community for some medical conditions.

In an interview, the President of NUSA, Mr. Theophilus Marfo said the community was one of the selected places where they had been conducting outreach programmes over the past years. “We will be checking the body mass index (BMI), malaria, blood sugar, counselling services and vitae signs that is pulse, perspiration and blood pressure,” he explained.

Mr. Marfo said the 2020 NUSA week celebration was organised to coincide with the visit of the GVSU team so that they could work together to bring their varied experience to bear. “Today being Ghana’s independence, we have

contributed our quota to help people in this community to get good health,” he noted.

The students educated community members on some disease conditions like Cholera, Malaria and Sexually Transmitted Infections and personal hygiene. They advised them on healthy lifestyles and practices in order to live long.

Those whose conditions were complicated were referred to health facilities in the municipality for further attention.

Present at the outreach programme were some lecturers from the School of Nursing and Midwifery.

start-up funds required for the operationalisation of the campus was estimated at GH¢ 3,656,810.06.

Prof Kuma also suggested to the Chiefs to consider bringing on board the Political representatives from the area into the process of fund raising.

The Executive Director of the Newmont Akyem Development Fund, Mr. Paul Apenu informed the house that, the

Board of the Fund had in principle approved for the project to take off.

He, therefore, requested that the financial proposals should be forwarded to their office for consideration. He also suggested that all the other stakeholders should be allowed to do a broader consultation with their members and report back to the University.

He further informed the

meeting that Newmont had already a plan in place to establish a Technical and Vocational Institute in the area and so they would go back and submit a report on their proposed institute and the courses to run for UMaT to consider.

After a lengthy discussion on the various options for funding, it was agreed that UMaT will prepare and submit the amount of funds that would be needed to kick start the project for the first year and that the stakeholders would also consult on the tenets of the MoU to be signed and that UMaT will also provide a road map in the next 5 weeks for consideration by both parties.

It was also agreed that the proposed name of the campus would be UMaT Akyem Campus, Afosu.

Also present at the meeting were Assoc Prof V. A. Temeng, the Pro Vice Chancellor, Mr. A. K. Doku, the Registrar, Dr George Agyei, Chairman of the Committee of the Operationalisation of the Educational Infrastructure, Dr Isaaka Yakubu, Member of the Committee, Papa Yaw Attobrah, Head of Development and Maintenance Unit and Mr. Paul Yeboah, the University Relations Officer.

NAB assures Nigerian students of protection

The Executive Secretary of the National Accreditation Board (NAB), Dr. Kingsley Nyarko, has assured Nigerian students in Ghana of their continued protection and attainment of quality education. The NAB boss made this statement when a delegation from the National Association of Nigerian Students - Ghana Chapter (NANS - Ghana) led by their President, Mr. Ade-

bayo Samuel Ogunkoya, paid a courtesy call on him at his office. Dr. Nyarko also stated that they should not hesitate to contact the Board whenever they experience any difficulties, especially, those that relate to their education.

For his part, Mr. Adebayo Samuel Ogunkoya expressed his gratitude to Dr. Nyarko for the warm reception accorded him and his delegation.

The NANS - Ghana President

further remarked that Nigerians in general were very appreciative of the reception and protection Nigerian students are enjoying in Ghana especially under the tenure of Dr. Kingsley Nyarko as the Chief Executive of NAB. In conclusion, the President of NANS - Ghana appealed to the Executive Secretary to continue with his good works at NAB and never let down the high level he has set the bar.

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The COVID-19 Debt Deluge

BY JAYATI GHOSH Pandemics like COVID-19, alarming and destructive as they are, can serve a useful purpose if they remind everyone of the critical importance of public health. When a contagious disease strikes, even a society’s most protected elites must worry about the health of neglected populations.

Those who have advocated privatization and cost-cutting measures that deny health care to the most vulnerable now know that they did so at their own peril. A society’s overall health depends on the health of its poorest people.

More immediately, though, the COVID-19 crisis could have many severe economic effects, possibly pushing the global economy into recession. Supply chains are being disrupted, factories are being closed, entire regions are being locked down, and a growing number of workers are struggling to secure their livelihoods. These developments will all lead to mounting economic losses. A world economy already suffering from insufficient demand – owing to rising wealth and income inequality – is now vulnerable to a massive supply-side shock.

Another potential consequence of the pandemic is less recognized but potentially more important: increased financial fragility, implying the potential for a debt crisis and even a broader financial collapse. After COVID-19 is contained and policies are implemented to ease the situation, supply chains will be restored and people will return to work with the hopes of recovering at least some of their lost incomes. But that real economic recovery could be derailed by unresolved financial and debt crises.

Today’s financial fragility far predates the COVID-19 “black swan.” Given the massive accumulation of debt in both developed and developing countries since the 2008 financial crisis, it has long been clear that even a minor event – some “known unknown” – could have far-reaching destabilizing effects. Yet, until recently, rising asset prices – owing to a long period of extraordinarily loose monetary policies in advanced economies – disguised mounting debt levels. As the recent scare in global equity markets indicates, asset bubbles cannot last forever. By contrast, in the absence of active public pressure or state intervention to facilitate their resolution, debts do not deflate on their own.

A recent analysis by the United Nations Conference on Trade and Development shows how sustained debts could pose a larger problem for the global economy and financial system. In 2018, the total debt (private, public, do-

mestic, and external) across developing countries was equal to almost twice their combined GDP – the highest it has ever been. Particularly concerning is the build-up of private debt by non-financial corporations, which now amounts to nearly three-quarters of total debt in developing countries (a much higher ratio than in advanced economies).

According to UNCTAD, inherently volatile “foreign shadow financial institutions” have played a major role in fueling this accumulation, such that around one-third of private non-financial corporate debt in developing countries (with the exception of China) is denominated in foreign currency and held by external creditors.

Worse, more sovereign-debt repayments on short-maturity international bonds will soon be due. And foreign-exchange reserves, which have declined in many emerging markets and developing economies as a result of recent capital outflows, will be less robust in the face of further outflows as bond markets become more fraught.

These financial conditions, which would be worrying in the best of times, could spell disaster in the event of even a relatively mild economic shock. But now we are in the midst of a severe shock.

Consider Asia’s emerging economies, which are deeply integrated financially and economically with China – the epicenter of COVID-19 – and thus highly vulnerable. Dramatic decreases in exports, disruptions to the sourcing of raw materials and intermediate goods, and rapid declines in travel and tourism are already having severe employment effects across Asia’s economies.

And now these adverse outcomes are being compounded by financial concerns over the region’s already high debt levels.

After all, Asian financial markets were vulnerable even before the current shock, owing to falling margins, higher risks, and an excessive dependence on banks and shadow banking (a problem that has already been exposed in India). Worse, a significant share of stressed debt in the region is held by energy, industrial, and utility companies, all of which are directly affected by recent output and oil-price declines. With equity markets swooning, capital buffers have been further diminished.

These problems cannot be contained by policies adopted in any one country. More than ever, the global community needs leadership to address the immediate effects of the coronavirus pandemic and its

economic fallout. In addition to coordinated fiscal spending across countries, we urgently need to tackle the debt crisis that will soon unfold. It is time to start thinking about debt resolution and restructuring.

As Turkish economist Sabri Öncü has suggested, we can start by taking our cue from the London debt agreement of 1953, which dramatically

Jayati Ghosh

THE COVID-19 CRISIS COULD HAVE MANY SEVERE ECONOMIC EFFECTS, POSSIBLY PUSHING THE GLOBAL ECONOMY INTO RECESSION.

altered economic conditions for Germany, at that time a major debtor. The agreement between Germany and 20 external creditors wrote off 46% of the country’s prewar debt and 52% of its postwar debt, while the remaining debt was converted into longterm low-interest loans with a five-year grace period before repayment. Most significantly, Germany had to repay its debt only if it ran a trade surplus, and all repayments were limited to 3% of annual export earnings. This encouraged Germany’s creditors to be vested in its export success, creating the conditions for the subsequent boom.

This is the type of forward-thinking, coordinated debt-resolution strategy that is essential in today’s interconnected world. If we are collectively to survive not just the normal depredations of global markets, but also the existential threats posed by pandemics and climate change, there is no alternative.

Jayati Ghosh is Professor of Economics at Jawaharlal Nehru University in New Delhi, Executive Secretary of International Development Economics Associates, and a member of the Independent Commission for the Reform of International Corporate Taxation.

Copyright: Project Syndicate, 2020. www.project-syndicate.org

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‘COVID-19: Time to increase Ghana’s agricultural investment’

BY REUBEN QUAINOO This year’s COVID-19 coronavirus will not be the last. As a first step toward confronting the outbreaks to come, we must improve risk literacy and learn to live with uncertainty, rather than allowing ourselves to be held captive by it.

No one knows where or how fast a new virus will spread.

We cannot calculate the risks with confidence, and we will know only in hindsight whether we overreacted or underreacted. Given this uncertainty, how we respond to a viral outbreak is as crucial as the nature of the pathogen. And how we respond to the COVID-19 coronavirus should be guided by what we have learned from past viral epidemics.

Don’t bet on it. The 2009 swine flu epidemic killed hundreds of thousands, mostly in Africa and Southeast Asia. But in Europe, where the threat was comparatively small, the media updated the death toll and the number of suspected cases on a daily basis. In the United Kingdom, the government predicted that as many as 65,000 citizens might die from the disease. In the end, fewer than 500 died.

Predictably, such daily accounting triggered fear and led politicians to make hasty, ill-advised decisions – such as stockpiling medication – without examining the evidence.

All eyes were focused on the new, unknown virus, and not on protecting people from more lethal threats, such as seasonal influenza, which in 2009 killed orders of magnitude more peoplethan swine flu. It still does – as would be clear if the media bombarded us with hourly updates of the

flu-related death toll.

Similarly, millions of people, particularly in developing countries, die from malaria and tuberculosis each year.

And in the United States alone, hospital-acquired infections kill some 99,000 patients annually. Yet, these unlucky people get next to no attention.

Why are we more scared of what is less likely to kill us?

The psychological principle that makes us fear swine flu, avian flu, or COVID-19, but not the common flu is called fear of dread risks. It is easy to elicit fear of episodes in which many people die within a short interval, such as plane crashes

or epidemics. But when just as many or more people die over a longer period – as with car accidents or the seasonal flu – it is difficult to scare the public into wearing seatbelts or getting vaccinated.

Consider the paradigmatic millennial “virus”: terrorism.

After the traumatic events of September 11, 2001, many Americans stopped flying and drove instead. It has been estimated that in the 12 months following the attacks, an additional 1,500 people lost their lives on the road while trying to avoid the risk of flying – far more than the total number of passengers who died on the

four planes.

Terrorists strike first with physical force, which captures all the attention. Their second strike occurs with the help of our brains – our fear of dread risk that makes us jump from the frying pan into the fire.

This second strike can be costly. Within two years of the 9/11 attacks, the US economy had lost over $100 billion, owing to reduced travel, business interruption, and event cancellation, the federal government had spent half a trillion dollars on security measures, and the American people accepted more intrusive state surveillance as a condition of their safety. But an American today is more likely to be shot by a child than blown up by an Islamist terrorist.

It is not only terrorists whom we disproportionately fear.

Back in 2009, the Egyptian government ordered all pigs in the country to be slaughtered, even though no cases of swine flu had yet been reported there. The government simply exploited fear of dread risk to persecute Egypt’s small Christian minority.

Today, Asian minorities in the US and Europe are paying the price for COVID-19. Citizens of Asian descent are viewed with suspicion, and Chinese restaurants from Berlin to San Francisco are reporting a drop in business of 50% or more as customers shun them. And, of course, the media have a stake in ringing alarm bells and keeping us glued to their pages, platforms, programs, and podcasts.

Fortunately, disproportionate fear of things that are unlikely to kill us is not hardwired into our brains. That is why risk literacy is so import-

ant. We need to be taught the mathematics of uncertainty, meaning statistical thinking.

Just as being able to read enables people to understand texts, so statistical thinking enables us to understand and manage the risks we face.

Part of risk literacy is learning why we fear what we fear.

In fact, understanding uncertainty and understanding psychology go together. That can help the public ask the right questions – and politicians to make the right decisions.

For example, when swine flu spread, many governments followed the World Health Organization’s advice and stockpiled Tamiflu, a medication that was marketed to protect against the severe consequences of flu. Yet, many expert advisers to the WHO had financial ties to drug manufacturers, and there is still no evidence that Tamiflu is effective.

The US wasted over $1 billion, and the UK over £400,000 ($522,000), on this medication – money that instead could have been invested in improving health care.

Even with greater risk literacy, most politicians would need considerable courage to act on the basis of evidence rather than out of fear. But these are precisely the kind of leaders we need and would respect.

Achieving global risk literacy would give everyone a chance to approach situations such as the COVID-19 epidemic with a cooler head. This year’s novel virus will not be the last. As a first step toward confronting the outbreaks to come, we must learn to live with uncertainty, rather than allowing ourselves to be held captive by it.

GIPC announces safety measures on service delivery

BY KWASI ANKU The Ghana Investment Promotion Centre (GIPC) has announced several safety measures in the delivery of service for staff and patrons in the wake of the COVID-19 pandemic and in line with President’s directives.

As part of the measures, the GIPC said it would receive all applications and accompanying payments at the front desk of its offices in Accra, Kumasi, Tamale and Takoradi in line with the social distancing protocol for COVID-19.

A statement from the Centre and copied to Business24 on Tuesday March 17, postponed all its local and foreign engagement following the announcement by President Nana Addo Dankwa Akufo-Addo for the suspension of public gatherings.

It urged all staff to have respi-

ratory etiquette including covering their coughs and sneezes, frequently washing their hands, and has provided several hand sanitizing stations for use.

It said any GIPC staff, who had recently returned from official duty, post the Presidential declaration, had been requested to self-quarantine during the mandatory period for observation and to reduce risk of spreading the disease if they have been contaminated.

It said all enquiries should be made via telephone or via the Centre’s social media handles.

The statement said the Centre remained committed to serving its clients and encouraged the public to observe all precautionary measures issued by the Government.

Yofi Grant, Chief Executive Officer of the Ghana Investment Promotion Centre

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The world is at war Western countries are finally waking up to the sheer scale of the COVID-19 crisis, and now must marshal a societywide response. All countries should be following China in confronting the coronavirus directly with all available resources, and they should take a lesson from Germany in managing the economic fallout.

BY HANS-WERNER SINN The fight against COVID-19 is a full-on war. China seems to have won the first battle. Hong Kong, Taiwan, Singapore, and Japan have also chalked up visible successes in mitigating the outbreak, no doubt owing to their experiences in dealing with the 2003 SARS epidemic.

Europe and the United States, on the other hand, are only just awakening from their illusions of invulnerability. As a result, the epidemic is now raging across the West.

The hardest-hit Western country so far is Italy, which has particularly strong economic ties to China. Northern Italy is now the new Wuhan (the Chinese megacity where the coronavirus first emerged). With its health system overwhelmed, the Italian government has slammed on the brakes, shutting down the retail economy and quarantining the entire country.

All shops except pharmacies and grocery stores are closed.

People have been instructed to stay home and may enter public places only for necessary shopping or commuting to work. Many public and private debt obligations (such as housing rents and interest payments) have been suspended. Italy is attempting to slow down the economic clock until the coronavirus dies out.

Meanwhile, although Germany has had very few coronavirus deaths so far, the number of infections is now skyrocketing as quickly as anywhere else. In response to the crisis, the German government has introduced a short-time work allowance and granted generous credit assistance, guarantees, or tax deferrals for distressed companies. Public events across the country have been canceled. Schoolchildren have been told to stay home.

And Austria, for its part, has long since closed its border with Italy. Austrian schools, universities, and most shops have also been closed. Initially, France pursued a more relaxed approach, but it has now also shuttered its schools, restaurants, and shops, as has Spain. Denmark, Poland, and the Czech Republic have closed their borders with Germany.

US President Donald Trump has declared a national state of emergency. Congress has approved an $8.3 billion emergency program to fund efforts to contain the epidemic. Even larger sums are awaiting passage by the Senate. The federal government has also barred foreign travelers, first from China and Iran, and now from Europe.

Globally, not all responses to the crisis have been well targeted, and others have not been strong enough. Most worryingly, some governments have convinced themselves that they can merely slow down the spread of the virus, rather than taking the steps needed to halt it entirely.

The predictable overcrowding of hospitals in many heavily affected areas has already exposed the folly of such complacency.

On the economic front, a severe recession can no longer be avoided, and some economists are already calling for governments to introduce measures to shore up aggregate demand. But that recommendation is inadequate, given that the global economy is suffering from an unprecedented supply shock. People are not at work because they are sick or quarantined.

In such a situation, demand stimulus will merely boost inflation, potentially leading to stagflation (weak or falling GDP growth alongside rising prices), as happened during the 1970s oil crisis, when another important production input was in short supply.

Worse, measures targeting the demand side could even be counterproductive, because they would encourage interpersonal contact, thus undermining the effort to limit transmission of the virus.

What good would it do to give Italians money for shopping trips, when the government closes the shops and forces everyone to stay home?

The same arguments apply to liquidity support. The world is already awash in liquidity, with nominal interest rates close to or below zero pretty much everywhere. More interest-rate cuts into deep-red territory might help stock markets, but they also could trigger a run on cash.

The brutal decline in economic activities that epidemiologists say is required make crashing stock markets inevitable, given that central banks’ policy of excessively cheap money and pooled liabilities caused an unsustainable bubble. Because they used up their ammunition at inopportune moments, central banks bear responsibility for the bubble that has now burst.

What is really needed are fiscal measures to save com-

panies and banks from bankruptcy, so that they can recover quickly once the pandemic is over. Policymakers should be considering various forms of tax relief and public guarantees to help firms borrow if necessary. But the most promising option is a shorttime work allowance. This approach, which has been tried and tested in Germany, compensates for the underemployment of the workforce through the same channels that are already used for unemployment insurance. Better yet, it costs hardly anything, because it prevents the losses that would follow from increased real unemployment.

All countries should be replicating this part of Germany’s policy to prevent job losses.

But, most important, all governments need to follow China in taking direct action against COVID-19. Nobody on the front lines should be constrained by a lack of funds.

Hospital intensive-care units must be expanded; temporary hospitals must be built; and respirators, protective gear, and masks must be mass-produced and made available to all who need them. Beyond

that, public-health authorities must be given the resources and funds they need to disinfect factories and other public spaces. Hygiene is the order of the day. Large-scale testing of the population is particularly important. The identification of each case can save multiple lives. Surrendering to the pandemic simply is not an option.

Hans-Werner Sinn, Professor of Economics at the University of Munich, was President of the Ifo Institute for Economic Research and serves on the German economy ministry’s Advisory Council. He is the author, most recently, of The Euro Trap: On Bursting Bubbles, Budgets, and Beliefs. www.project-syndicate. org

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