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| WEDNESDAY MARCH 4, 2020

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Tough times ahead for local producers, SMEs

Let’s build graduate entrepreneurs …Accra Business School President tells varsities

By Patrick PAINTSIL

Ghanaian traders and manufacturers will have to gird up their loins with an anticipated flooding of the domestic market with imported goods originating from Europe in line with agreed terms of the Interim Economic Partnership Agreement (iEPA). This is because starting this year, over 6,000 liner items that will be imported from Europe will come under a duty-free and quota-free regime in reciprocity to similar terms that have been enjoyed by Ghanaian exporters as part of the deal. Deputy Trade and Industry Minister, Carlos Ahenkorah, who disclosed this on GPHA’s live interactive programme Eye on Port, however, assured that government is planning ways by which it could cushion local manufacturers and small and medium enterprises (SMEs) from the pressures of the liberalised market. “We have started with the 0 percentage rated goods. So, as we speak 2020, we are commencing the liberalisation of this trade agreement. From 2021, we are going to enter into the 5%, some 10% and some 20% items,” he disclosed on the programme. According to Mr. Ahenkorah,

By Benson AFFUL

Bishop Gideon Yoofi Titi-Ofei

The President of Accra Business School, Bishop Gideon Yoofi TitiOfei, has called for a conscious effort by university authorities to build graduate entrepreneurs, irrespective of their programme of study. “We should inculcate entrepreneurial training as a core subject in our tertiary programmes. There should be an intentional programme to get graduates to become entrepreneurial in their thinking,” he said. He said there is the need to have graduate-readiness programmes that will help young people fit into the job market when they

Carlos Ahenkorah

Ghana is exporting about 50,000 metric tonnes of banana resulting in about 5billion cedi worth of revenue and US$2.5billion worth of canned tuna to Europe annually as a result of the iEPA but the other side of the coin is that European goods to Ghana won’t suffer duties and quantity restrictions. The iEPA provides duty-free and quota-free access to all Ghana’s exports, agricultural or

manufactured, to the EU market, while Ghana will gradually and partially liberalise imports from the EU in an asymmetrical manner. Ghana is expected to liberalise its market for EU products by the first quarter of 2020 and with the liberalisation schedule to be concluded by 2029. The deputy minister admitted that the liberalisation of the iEPA trade agreement this year

is a tricky situation considering government’s aggressive industrialization agenda and its active role in the implementation of the AfCFTA. “If we are not careful local manufacturers will stop manufacturing and go up there and bring goods

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Let’s build graduate entrepreneurs continued from page 1

Editorial: Save our factories and private sector businesses! After enjoying duty-free and quota-free exports to the European market for some time now, under the interim Economic Partnership Agreement (IEPA), the tables are set to turn and the implications are seemingly terrible. Business24 understands that by the end of first quarter, over 6,000 liner items that will be imported from Europe will come under a duty-free and quota-free regime in reciprocity to similar terms that have been enjoyed by Ghanaian exporters as part of the deal. Per the deal, these items will suffer

ernment is already working out strategies to absolve SMEs and producers from the expected impact of the liberalisation of the iEPA agreement. We commend the Trade Ministry for their proactive gesture and at the same time encourage them to treat this as a matter of urgency. Obviously, opening our borders to trade without a clear-cut set of trade remedies to control the threat to local industries and businesses will have dire consequences on the Ghanaian economy. The time to act is now!

Cancelling UNIPASS within a year to cost US$93m continued from page 1

leave school. “I went to this particular university abroad where they have built about 300 offices that they give to their students who want to start a business. So, if you finish the university and you want to start a business, the university gives you an office. After three years, you should be able to move out of the office and get your own place. He, therefore, urged the government to create the enabling environment for start-ups to grow. He cited the cost of borrowing as one of the factors that can stifle graduates’ ability to create their own businesses. “Look at how much it cost to borrow money in the country, so the economy itself does not encourage entrepreneurship. So, young people finish school and they want to get a job instead of creating one themselves. The environment, philosophy and they way we do things actually encourage young people to look for job than to set up their own businesses. Ghanaian graduates face difficult employment odds when they leave school, as there are only 40,000 new places to be filled in the formal sector each year, compared to the almost 100,000 who graduate from the tertiary level annually. This shortage of jobs is due to various reasons including: the lack of diversification of the economy and the structural mismatch between skills most graduates possess and the requirements of employers.

no restrictions whatsoever and will compete with similar and like goods on the Ghanaian market. Coincidentally, the tables are turning at a time that we are gearing up for the implementation of the Africa Continental Free Trade Area (AfCFTA) which promotes competitive and fair trade among African countries. This development requires immediate and sustainable measures that will shield our manufacturers and small businesses from the anticipated pressures and shocks it bring to the local trading space. The Deputy Trade and Industry Minister, Carlos Ahenkorah, has indicated that gov-

This is what has raised suspicion that UNIPASS is pushing to start operations even though it has no system to operate with at the various ports so it can access the US$92.97 million compensation if government cancels the contract. Stakeholders Concerns President of the Ghana Institute of Freight Forwarders (GIFF), Mr. Edward Akrong in a separate interviews with journalists said: “UNIPASS system it’s all a mess because even we tried the URL and it was not working, not to talk of other challenges we have had with their so called superior system. “If we do not do this right,

there is going to be pure recipe for chaos, there will be a serious disruption. The government must withdraw the letter immediately, UNIPASS is not ready” He quizzed “What is broken that you would want to fix, there is absolutely no problem with the current system. You have over Ghc10, 000 to 15,000 declarants hitting your system at the same time, so there has to be serious stress test to make sure that they can withstand all that pressure. So far we have not seen any report to say that all these stress tests have been done. Many civil society groups have added their voice to that of the importers, calling on government to rescind its decision on UNIPASS until its promoters have been able to demonstrate a tested and superior system.

Tough times ahead for local producers, SMEs continued from page 1 and that would affect our brothers and sisters who are working. “One thing government looks out for and that is why we industrialise is to get work for our people. So, if you allow the goods to be manufactured outside and brought in duty free on top, the only privilege that the Ghanaians will get is the labourers who will unstuff the goods from the containers to the warehouse,” he said. According to Mr. Ahenkorah, the situation could also have a direct impact

on the country’s participation in the single continent-wide market. “When the European union imported goods begin to compete with African goods that will actually pose a serious concern to the implementation of the AfCFTA,” he said. He, however, noted that his outfit will be embarking on regional sensitisation to educate traders and manufacturers on the new EPA agreement that have been signed and how it is going to affect local manufacturers. He said the EU has agreed to give Ghana a grant to do the

stakeholders sensitisation because they don’t want any problem and they want everyone to understand and agree. The Economic Partnership Agreement (EPA) came about as a result of criticisms from some developing country members of the multilateral trading system on the non-reciprocity of the preferences that had been granted to ACP member states for a long time and needed to change that discriminatory arrangement. By late 2007 it became apparent that the December 2007 deadline for concluding the regional negotiations for the smooth take

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Dominic Andoh: Editor Eugene Kwabena Davis: Head of Parliamentary Business & Commodities Benson Afful : Head of Energy & Education Patrick Paintsil : Head of Maritime & Banking Eliezer Mensah: Head of Production Marketing: Alexander Lartey Agyemang: Business Development Manager Ruth Fosua Tetteh: Deputy Business Development Manager

off of the EPA will not be met. Non-least developed or developing countries like Ghana and Cote d’Ivoire in West Africa therefore risked being reverted to the less favourable GSP measures. As a result of the above, Ghana and Cote d’Ivoire signed on the Interim EPAs (iEPA) to protect and prevent the disruption of exports to the EU, because the main EPA could only come into force after all countries within the West African region have signed and ratified the Agreement.

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

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NEWS

Aviation convention centre for Dichemso, A/R By Dominick Andoh

Feasibility studies on the siting of an aviation convention centre at Dichemso, a suburb of Kumasi, is expected to be carried out this year. The cost of the feasibility is part of a GHC 24.7million earmarked for initial viability studies on various proposed aviation infrastructure by the Aviation Ministry. Joseph Kofi Adda, Aviation Minister, notes that the facility, if the feasibility studies show that it is viable, is expected to host major international aviation events in the country. It is also expected to serve as an alternative to the Accra International Conference Centre for non-aviation related activities held in the middle and northern parts of the country. “One concrete example of leaving a landmark outside of Accra is to construct an Aviation Convention Centre in Kumasi to host international ICAO activities. “This facility would also provide an alternative to the Accra International Conference Centre and help promote conference tourism.”

Aside the proposed Convention Centre for Dichemso, the Aviation Ministry also plans to undertake feasibility studies for ten aerodromes and six (6) other projects, the Report of the Committee on Roads and

Transport on the Annual Budget Estimate of the Ministry of Aviation for 2020 Financial Year has revealed. The studies will cover proposed new Takoradi and Upper East airports; development of

Ban on accident cars: Gov’t to lose GH¢802m in revenue By Eugene Davis

The country is expected to lose approximately GH¢802m in revenue when the Customs (Amendment) Bill, 2020 is passed into law, a Parliamentary report has revealed. This was contained in the Report of the Joint Committee on Finance and Trade, Industry and Tourism on the Customs (Amendment) Bill, 2020. As to how much revenue will be impacted by the passage of the Bill, the Committee was informed that the review in policy as contained in the Bill would lead to an estimated revenue loss of approximately GH¢802m. However, a Deputy Finance Minister, Abena Osei-Asare, maintained that the 800m loss will be partially offset by additional revenue from customs duties on vehicles not covered by the programmes. “We believe that it will be partially offset by the vehicles that do not fall in this range because people will still bring in vehicles, so we will still charge import duties, but we are looking at the long term as these companies come to set up here. It will increase jobs for our nation, make cars relatively cheaper compared to cars that are imported” she told Business24 at Parliament during the second reading of the Bill. The Bill seeks to amend the Customs Act, 2015 (Act 891)to provide incentives for automotive manufacturers and assemblers registered under the Ghana Automotive Manufacturing Development Programme(GAMDP), prohibit the importation of salvaged motor vehicles and specified motor vehicles over ten years of age into the country, increase the import duty on

Abena Osei-Asare – Deputy Minister for Finance

specific motor vehicles and provide import duty exemptions for the security agencies and officers of the security agencies. The Committee observed that Cabinet has already approved the Ghana Automotive Development Policy (GADP) in which various incentives have been provided for automobile manufacturers and assemblers registered under the Ghana Automotive Development Programme. The Bill, which is in its second reading on the floor of Parliament, engendered some debate with the Minority calling for a review of the Bill. According to Inusah Fuseini, the Member of Parliament for Tamale Central, government should develop a new regime to clearly state the type of activity so anyone coming to invest in the Automobile industry will know. He reckons the GH¢800m loss does not guarantee that the country can recoup it through the employment or taxes it will generate. On his part the Member of Par-

liament for Adaklu, Kwame Governs Agbodza, lauded the principle behind the Bill which he says will create Foreign Direct Investment for vehicle assembly in Ghana, however, he indicated that it remains problematic since it will not address employment issues in the country. The Minority also contend that the Bill, when passed, will put second hand car dealers out of the market. Information Minister, Kojo Oppong-Nkrumah, explained that vehicles above 10 years and a limited percentage of vehicles that are imported into the country, are the only ones to be affected as well as salvaged vehicles. The Minister for Trade and Industry, Alan Kyeremateng, also explained that: “The amendment is not seeking to ban used vehicles. Vehicles over the age of 10 years are the subject of this amendment bill”. Additionally, he disclosed that indigenous companies Kantaka and Neoplan have been engaged as to how they can participate in the programme.

airstrips and helipads at Mole, Yendi, Kete Krachi, Tarkwa, Obuasi, Koforidua, West Central and Kyebi. Why new aerodromes Total domestic passenger traffic increased from 415,158 in

2018 to 690,314 in 2019, representing an increase of a 40 percent increase in domestic passenger throughput. Many factors have been attributed to this significant increase in passenger throughput, including, the opening improvement in on-ground infrastructure such as the opening of the Wa Airport, increase in flight frequency by airlines and the Year of Return 2019 when Ghana took centre stage on the global tourism map. Major music and fashion events such as Afrochella and Afronation, under the Year of Return brand, also attracted a lot of tourists into the country who travelled to other parts of the country to reconnect with their roots. Ghana’s quest to be the aviation hub of the sub-region and the gateway to West Africa also means that she must invest in opening up various parts of the country. With the firm decision to establish a home-based carrier, the country stands to benefit by investing in on-ground infrastructure in various parts of the world where the home-based carrier can service.

Promasidor Ghana Crowned Champions of Standard Chartered (SC) Trophy 2020

Promasidor Ghana Limited has emerged winners of the Standard Chartered (SC) Trophy 2020. Standard Chartered hosted the annual soccer fiesta at the Athletics Oval of The University of Ghana on Saturday 29th February 2020. The tournament is hinged on the Bank’s sponsorship of Liverpool FC. 16 teams made up of clients of the Bank competed in the tournament. As winners, Team Promasidor Ghana Limited will represent Ghana in May at the Standard Chartered Trophy Final at Anfield. The winning package also includes a fournight trip to the UK. Whilst in the UK, the team will receive professional training from LFC legends and coaches at the Liverpool FC Academy to help them prepare for the “Final” tournament. They will also enjoy a complete tour of Anfield, home of Liverpool FC and watch the final Liverpool home match. The Standard Chartered Trophy is an international

5-aside football tournament that provides the Bank a platform to actively engage it’s clients, staff and stakeholders. Winners of the competition in Standard Chartered markets receive a four night trip to Anfied, the home of Liverpool FC to join winners from other markets to play in the Finals tournament to determine The Standard Chartered Trophy Winner every year. Speaking to the press after the tournament, Asiedua Addae, Head, Corporate Affairs, Brand & Marketing, Standard Chartered Bank Ghana Limited said: “The partnership between Standard Chartered and Liverpool FC has generated great excitement around our brand and provided outstanding opportunites for our clients. SC Trophy has become a permanent feature in the corporate sports calendar and offers our clients a great networking opportunity. We wish Team Promasidor all the best as they represent Ghana in Anfield in May”.

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F E AT U R E

Unleashing the Economic Power of Women

By David Malpass

Governments increasingly recognize that economies can reach their full potential only with the full participation of both women and men. To help countries achieve this goal, the World Bank Group is focusing on four key areas in particular. Girls are attending school in greater numbers than ever before, and women are increasingly entering the labor force and leading businesses. Although we should celebrate this progress, much work remains in order for a girl born today to have the same opportunities as a boy. Research from the World Bank and others shows that unleashing the economic power of women can contribute to global growth. Moreover, it is the right thing to do. Fortunately, more countries recognize that economies can reach their full potential only with the full participation of both women and men. The World Bank Group is supporting countries in achieving this goal in important areas, including the removal of discriminatory laws, investment to close gender gaps, broadening access to finance, and stepping up efforts to prevent gender-based violence. Encouragingly, our 2020 Women, Business, and the Law report – which measures how laws and regulations affect economic opportunities for women in 190 economies – highlights the progress being made. Since 2017, for example, Nepal, São Tomé and

Príncipe, and South Sudan have taken large strides to remove legal gender barriers. Likewise, Saudi Arabia changed its laws in order to protect women from employment discrimination, and to prohibit employers from dismissing a woman during pregnancy or maternity leave. And the United Arab Emirates amended its legislation to introduce equal pay and increase female representation in corporate boardrooms. Governments are also taking steps to ensure that women and men can balance parenthood with work. In the last two years, Fiji has lengthened paid maternity leave, and – along with Cyprus – introduced paid paternity leave. In addition, the United States recently adopted legislation to introduce paid family leave for federal employees. Gender-focused policies and programs can further enable girls and women to realize their economic potential. These include targeted investments aimed at encouraging girls to stay in school longer, so that they are empowered with the education and skills they need to participate in the labor force as adults. With World Bank support, for example, the Bangladeshi government provides girls with secondary-school educational stipends, and has introduced a life-skills curriculum. These measures have reversed the gender gap in secondary education, so that girls now outnumber boys in the classroom. It is no less important to boost women’s mobility and encour-

age them to seek paid work. Here, success requires reducing harassment in public transport, taking working mothers’ needs into account when setting bus or train schedules, and ensuring that journeys are safe, welllit, and accessible. In Lebanon, the World Bank aims to help increase women’s use of public transport by supporting efforts to revamp the transport sector with their needs in mind. Broadening women’s access to finance is also critical. The International Finance Corporation (IFC), the World Bank Group’s private-sector lending arm, estimates that, globally, women-led businesses face a credit gap of $1.5 trillion. The Women Entrepreneurs Finance Initiative (We-Fi), based at the World Bank, is designed to help address this funding shortage and help remove other barriers women entrepreneurs face. Backed by the governments of the US, Germany, Japan, Saudi Arabia, and the UAE, among others, the scheme aims to support 115,000 women-owned small and medium-size enterprises in over 50 countries, and to crowd-in more than $2.6 billion in private- and public-sector funding. Together with International Monetary Fund Managing Director Kristalina Georgieva and Ivanka Trump, I participated in the recent WeFi Summit in Dubai, where we discussed with government ministers from the Middle East and North Africa region how to unlock opportunities for women, including through improved access to finance.

Leveraging technology, including by shifting more cash transactions to digital channels, can give women greater control over their own resources. Such innovations can deliver other benefits, too: a 2016 study in Kenya found that providing women with access to mobile money services increased household savings by more than one-fifth and helped to reduce extreme poverty among women-headed households by 22%. The private sector has been leading the way in mainstreaming digital financial services. In Egypt, financial services provider Fawry, an IFC client, enables more than 2.5 million transactions per day and recently launched the country’s first female e-payment agent network, with the aim of increasing women’s access to e-payments. But, in addition to discriminatory laws and lack of access to capital and assets, girls and women in many parts of the world also are shackled by norms that suggest a girl is of less value than a boy. Gender-based violence is one of the most pernicious manifestations of this deep-seated bias. Today, shockingly, one in three women worldwide has experienced physical or sexual violence. The good news is that countries are making progress in preventing and responding to gender-based violence. Work funded by the World Bank and the Sexual Violence Research Initiative in the Solomon Islands, for instance, shows that such violence is no longer accepted once communities,

supported by faith leaders and government service providers, speak out against it. And as best practices emerge regarding how to help survivors of violence, practitioners must join forces to share the lessons learned. Providing women’s networks with social support, violence risk training, and confidence-building programs also can help. This International Women’s Day, I would like to reemphasize that the World Bank Group stands ready to join forces with all stakeholders working to empower women and unleash their economic potential.

David Malpass, President of the World Bank Group

David Malpass is President of the World Bank Group. Copyright: Project-Syndicate

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F E AT U R E

Ashesi team launches student research journal for Science, Engineering, Entrepreneurship and Design A team of students supported by faculty at Ashesi has launched a new Science, Engineering, Entrepreneurship and Design (SEED) Research Journal. SEED will be published twice a year and aims to become a leader for student research and articles that explore innovation and connections within its four central study areas. The journal is the first of its kind and brings added momentum to Ashesi’s emerging research culture. Though launched with an initial cohort of student researchers from Ashesi, SEED hopes to connect with peers in other universities across Africa. The goal, according to the journal’s team, is to create a repository that celebrates student research work happening in universities on the continent Meet the Team The first volume of the SEED Journal was created with editorial leadership from Miquilina Anagbah ‘19, Jean Roberts ‘21, and Kristen Agyeman-Prempeh ‘21. Website and Graphic Design was led by Robert Boateng-Duah ‘20, Nana Akwasi Frimpong ‘21 and Christopher Anamalia ‘21. The student team received guidance from Engineering faculty, Dr. Elena Rosca. Additionally, research and articles in the first volume

were shared by Mumuni Mohammed ‘20, Major Kadonzvo ‘20, Mustapha Tidoo Yussif ‘20, Gbetondji Jean-Sebastien Dovonon ‘20, Samuel Atule ‘20, Ronny P.K. Panford ‘20, Opanin K. Akuffo ‘20, Edinam K. Klutse ‘20, Timothy Charles-Debrah ‘20, Emmanuel Nimo ‘20, and Kofi Anweara ‘20. Research Commitment Continues to be Embraced In 2019, the Academic Affairs Office at Ashesi has introduced a series of new initiatives across campus to support and encourage research and innovation. The Professor Stephen Adei Studio for Research Excellence, located in Ashesi’s Research and Learning Building, was established to coordinate these initiatives. Initiatives include the Archer-Cornfield Fellowship

for post-doctoral students to support research and teaching in Engineering and Computer Science; increased support for faculty professional development and research capacity expansion; as well as deepened efforts to grow institutional ties focused on research. To enable students to engage in more research, a Creative and Research Fellowship was also introduced in 2019. The programme allows students to pursue more projects of interest outside their regular academic course work while still earning credit. The introduction of the SEED Journal increases peer support for students conducting research. As it expands beyond Ashesi, it will also help establish a benchmark for broader undergraduate research in Africa.

Well-fed schoolchildren are key to fuelling Africa’s Growth -WFP The United Nations World Food Programme (WFP) joins the African Union (AU) and countries across Africa to celebrate the Africa Day of School Feeding on 01 March 2020, taking the occasion to underscore that investments in human capital through school health and nutrition programmes can garner huge pay-offs that extend far beyond the schoolyard. “Investing in the next generation is an investment in our common future. We see how school feeding programmes are changing the lives of millions of people across Africa and the world - especially girls - and unlocking their potential,” said David Beasley, WFP’s Executive Director. Across Africa, more and more countries have made school feeding a national priority, and over 30 million children now benefit from school feeding programmes across the continent. Ghana, Malawi, Kenya and Zimbabwe all feed over one million children, while South Africa and Nigeria each feed more than nine million children every day of the school year. In West Africa alone, governments are investing US$ 500 million a year on school feeding. School meals ensure that children are healthy and well-nourished, enabling them to attend school, learn, thrive, and fulfil their potential as adults. And preliminary results of a Harvard University analysis show that globally, for every dollar spent on a school meals programme

can bring returns of as much as US$ 20. On top of benefiting schoolchildren, home-grown school feeding programmes also boost rural and local economies, as smallholder farmers find new markets for their produce. And community members, often women, earn an income by preparing meals for children. The benefits extend beyond local economies, as countries that make human capital investments including through school feeding programmes - can reap long-term economic benefits. But sadly, today 73 million school children around the world go to school hungry, most of whom - 61 million - are in Africa. This year marks the launch of WFP’s new and ambitious school feeding strategy that builds on six decades of experience and focuses on the 73 million children who currently receive no school health or nutrition support. WFP has also recently teamed up with UNICEF on a joint initiative focusing on six African countries in the Sahel and the Horn of Africa, where the two agencies will provide a comprehensive package of health and nutrition services in schools. Alongside nutritious meals, schoolchildren will also receive critical nutrition and health interventions such as vaccines, deworming, and water and sanitation and hygiene services. WFP will also continue to support the AU’s School Feeding Cluster in advancing WFP’s home-grown approach to school feeding programmes on the continent.

WACWISA, UDS Organise 2nd International Conference on Irrigation and Agriculture Development The West African Centre for Water Irrigation and Sustainable Agriculture (WACWISA) under the auspices of the University for Development Studies (UDS) has organised the 2nd International Conference on Irrigation and Agriculture Development (IRAD 2020). The 3-day event which was held from Tuesday 25th to Thursday 27th February 2020 at the UDS International Conference Centre in Tamale, attracted participants from Ghana, Nigeria, Togo, Benin, Serro Leone, United Kingdom, The Netherlands, but to mention a few. Delivering his welcome address, the Pro-Vice-Chancellor of UDS and Director of the West African Centre for Water Irrigation and Sustainable Agriculture, Ing. Prof. Felix K. Abagale, said the Conference sought to create a platform for exchange of ideas and knowledge among stakeholders for the development of the agriculture sector in Africa in general and the irrigated agriculture sub-sector in particular. He noted further that the Conference would issue a communiqué on the state of irrigation and agricultural development in the sub-region; provide farmer education on recommended and appropriate methods for improved yield of irrigated cropping systems- especially

the use of agro-inputs; provide policy intervention briefs to improve irrigated food production and nutrition in Africa, as well as establish a relevant network of key sector players. While calling on the Government and development partners to support research, innovation and development, Prof. Abagale assured that the UDS was well positioned with human resources and/ or expertise in irrigation technology, water resources development and climate change to support the delivery of high

quality education and research for the benefit of Africa in particular and the world at large. Touching on the theme of the Conference, “ Water Resources Development for Sustainable Agricultural Systems”, the Pro-Vice-Chancellor and Director of WACWISA indicated that small dams and dugouts for harvesting flood and rain water contributed significantly towards achieving the Sustainable Development Goals (SDG 1, 2, 3, 4, 6, 12, 13, and 17). In a speech delivered on his

behalf, the Minister of Agriculture Hon. Owusu Afriyie Akoto, remarked that, the subject of irrigation was not only crucial, but also multi-dimensional. He observed that the Pwalugu Multi-Purpose Dam and Irrigation Project was strategically positioned to be used to harness flood water released from the annual spillage of the Bagre Dam, thereby “ turning our flood calamity in to a huge potential for agricultural production, job cre-

ation ,water supply, and rural industrialisation,” he added. Hon. Dr. Hafiz Bin Salih, Upper West Regional Minister, for his part, challenged the Conference to come out with innovative solutions to make water use more efficient while increasing agriculture productivity to meet the growing food needs. Prof. Seidu Al-hassan, immediate past Pro-Vice – Chancellor of UDS Chaired the Ceremony.

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F E AT U R E

The Two Dark Sides of COVID-19 PROF. PETER SINGER AND PAOLA CAVALIERI

HISTORICALLY, tragedies such as the ongoing COVID-19 epidemic have sometimes led to important changes. The probable source of the new coronavirus – so-called wet markets, at which live animals are sold and slaughtered before customers’ eyes – should be banned not only in China, but worldwide. The apocalyptic images of the locked-down Chinese city of Wuhan have reached us all. The world is holding its breath over the spread of the new coronavirus, COVID-19, and governments are taking or preparing drastic measures that will necessarily sacrifice individual rights and freedoms for the general good. Some focus their anger on China’s initial lack of transparency about the outbreak. The philosopher Slavoj Žižek has spoken of “the racist paranoia” at work in the obsession with COVID-19 when there are many worse infectious diseases from which thousands die every day. Those prone to conspiracy theories believe that the virus is a biological weapon aimed at China’s economy. Few mention, let alone confront, the underlying cause of the epidemic. Both the 2003 SARS (Severe Acute Respiratory Syndrome) epidemic and the current one can be traced to China’s “wet markets” – open-air markets where animals are bought live and then slaughtered on the spot for the customers. Until late December 2019, everyone affected by the virus had some link to Wuhan’s Huanan Market.

At China’s wet markets, many different animals are sold and killed to be eaten: wolf cubs, snakes, turtles, guinea pigs, rats, otters, badgers, and civets. Similar markets exist in many Asian countries, including Japan, Vietnam, and the Philippines. In tropical and subtropical areas of the planet, wet markets sell live mammals, poultry, fish, and reptiles, crammed together and sharing their breath, their blood, and their excrement. As US National Public Radio journalist Jason Beaubien recently reported: “Live fish in open tubs splash water all over the floor. The countertops of the stalls are red with blood as fish are gutted and filleted right in front of the customers’ eyes. Live turtles and crustaceans climb over each other in boxes. Melting ice adds to the slush on the floor. There’s lots of water, blood, fish scales, and chicken guts.” Wet markets, indeed. Scientists tell us that keeping different animals in close, prolonged proximity with one another and with people creates an unhealthy environment that is the probable source of the mutation that enabled COVID-19 to infect humans. More precisely, in such an environment, a coronavirus long present in some animals underwent rapid mutation as it changed from nonhuman host to nonhuman host, and ultimately gained the ability to bind to human cell receptors, thus adapting to the human host. This evidence prompted Chi-

na, on January 26, to impose a temporary ban on wildlife animal trade. It is not the first time that such a measure has been introduced in response to an epidemic. Following the SARS outbreak China prohibited the breeding, transport, and sale of civets and other wild animals, but the ban was lifted six months later. Today, many voices are calling for a permanent shutdown of “wildlife markets.” Zhou Jinfeng, head of China’s Biodiversity Conservation and Green Development Foundation, has urged that “illegal wildlife trafficking” be banned indefinitely and has indicated that the National People’s Congress is discussing a bill to outlaw trade in protected species. Focusing on protected species, however, is a ploy to divert public attention away from the appalling circumstances in which animals in wet markets are forced to live and die. What the world really needs is a permanent ban on wet markets. For the animals, wet markets are hell on earth. Thousands of sentient, palpitating beings endure hours of suffering and anguish before being brutally butchered. This is just one small part of the suffering that humans systematically inflict on animals in every country – in factory farms, laboratories, and the entertainment industry. If we stop to reflect on what we are doing – and mostly we do not – we are prone to justify it by appealing to the alleged supe-

riority of our species, in much the same way that white people used to appeal to the alleged superiority of their race to justify their subjection of “inferior” humans. But at this moment, when vital human interests so clearly run parallel to the interests of nonhuman animals, this small part of the suffering we inflict on animals offers us the opportunity for a change of attitudes toward members of non-human species. To achieve a ban on wet markets, we will have to overcome some specific cultural preferences, as well as resistance linked to the fact that a ban would cause economic hardship to those who make their living from the markets. But, even without giving nonhuman animals the moral consideration they deserve, these localized concerns are decisively outweighed by the calamitous impact that ever more frequent global epidemics (and perhaps pandemics) will have. Martin Williams, a Hong Kongbased writer specializing in conservation and the environment, puts it well: “As long as such markets exist, the likelihood of other new diseases emerging will remain. Surely, it is time for China to close down these markets. In one fell swoop, it would be making progress on animal rights and nature conservation, while reducing the risk of a ‘made in China’ disease harming people worldwide.” But we would go further. Historically, tragedies have sometimes led to important changes.

Markets at which live animals are sold and slaughtered should be banned not only in China, but all over the world.

“Scientists tell us that keeping different animals in close, prolonged proximity with one another and with people creates an unhealthy environment that is the probable source of the mutation that enabled COVID-19 to infect humans”

Peter Singer is Professor of Bioethics at Princeton University and founder of the non-profit organization The Life You Can Save. His books include Animal Liberation, Practical Ethics, The Ethics of What We Eat (with Jim Mason), Rethinking Life and Death, The Point of View of the Universe, co-authored with Katarzyna de Lazari-Radek, The Most Good You Can Do, Famine, Affluence, and Morality, One World Now, Ethics in the Real World, and Utilitarianism: A Very Short Introduction, also with Katarzyna de Lazari-Radek. In 2013, he was named the world’s third “most influential contemporary thinker” by the Gottlieb Duttweiler Institute. Paola Cavalieri, an independent researcher based in Italy, is the author, most recently, of Philosophy and the Politics of Animal Liberation.

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MARITIME

Legality of freight and related charges — my two pence contribution (part 2) By Adam Imoru Ayarna

DDC - Destination Delivery Charge: A charge, based on container size, that is applied in many countries and tariffs to cargo. This charge is considered accessorial and is either added to the base ocean freight or stands alone. This charge covers crane lifts off the vessel, drayage of the container within the terminal and gate fees at the terminal operation. On-Carriage is the term given to any inland movement that takes place after the container is discharged at a port of discharge. Such activity can take place at the same location as the port of discharge, or at a location close to the port of discharge. It may be carried out either by the carrier using road or rail modes (Carrier Haulage) or by the merchant using road or rail modes (Merchant Haulage). Similar to the pre-carriage, there are a few activities that happen in a containerized shipment after the container has been discharged from the ship. All activities and charges levied or charges at origin during export is also charged at destination and more. Some of these charges are termed accessory charges. Example container cleaning fee. Note that shipping lines are obliged to deliver clean empty containers to shippers for shipment and Shippers through their consignees are equally obliged to return the empty containers to the shipping lines clean as was delivered to them otherwise there is a charge levied for the cleaning of the returned dirty or soiled empty container. CYRC - Container Yard Receiving Charge: In other jurisdiction this is a separate charge. DDC- Destination Delivery Charge: A charge, based on container size, that is applied in many tariffs to cargo. This charge is considered accessorial and is added to the base ocean freight or a stand-alone charge all depending on the cost structure of the specific shipping line in charge. This charge covers crane lifts off the vessel, drayage of the container within the terminal and gate fees at the terminal operation. Demurrage/Detention: A penalty charge against shippers or consignees for delaying the carrier’s equipment or vessel beyond the allowed free time. Demurrage applies to cargo; detention applies to equipment. If you store a container at the port beyond free days, then demurrage and detention applies. If you keep a container for too long on any other premise (not on the port’s premises), then only detention applies. DTHC -Destination Terminal Handling Charges: This is an additional cost, on top of the sea freight, charged by the shipping company for handling of containers at the container terminal when the container hangs on the crane ready for discharge or dropping container onto a trailer/truck. Examples include but not limited to the loading of the container on a truck, quay-

Adam Imoru Ayarna

side area and transport from the quay to stacking location from just below the crane. THCTerminal Handling Charge: Terminal Handling Charges are made by operators of container terminal facilities at both ends of the journey. They are not clearly understood by many buyers and sellers, and so are the frequent cause of disputes, especially as the Incoterms 2010 rules offers limited guidance. Terminal Handling Charges can cover a wide range of services, e.g. weighing or inspection of goods, provision of documents and so on. However, we will focus here on the charges made for the movement of containers at the destination terminal, i.e. unloading of the container from the arriving vessel and its transfer to the consignee’s vehicle. Container terminals vary in their operating practices and their complexity, but a typical

procedure may involve at least two separate activities: A) Unloading of the container to the holding area from the vessel for imports. B) loading of the container from stack/holding area to the quayside for loading on to the vessel for exports. C) Transfer of the container to the consignee’s vehicleperhaps many weeks later if the terminal has agreed to store it. Destination handling As like for the origin, cargo handling is also required in the destination before it can be released to a consignee. In short, destination handling includes transfer of the container from the ship to shore and from the port to the forwarder’s destination warehouse. It also includes un-stuffing of the container and preparing the cargo for the consignee to collect. Handling Fee: A fee for transporting, storing, or packaging goods.

Release Fee: A fee charged by the destination port to release cargo for further movement or action. TAD - Transit Accompanying Document: A document accompanying uncleared goods during transit from one authorized location to another. In concluding, you may have noticed on your freight quotation/charge that the carrier has indicated that quotations are subject to their Terms of Carriage, including its choice of law and jurisdiction, which makes the quotation legal and binding. The quotation may also come with a plethora of its own terms and conditions. Once a quotation/charge has been accepted and the cargo has been shipped, there is no room for any dispute on that quotation because the carrier has been very clear in their offering. Even if there is no express acceptance of a quotation/charge

by a shipper, but shipper books the cargo with the carrier, the carrier will deem the act of booking of cargo to be an acceptance of its quotation/charge. It is therefore very important for a shipper to read and understand all the terms and conditions clearly and properly before agreeing to ship with that carrier on the basis of that particular quotation. Some shipping lines also have conditions like where there is an existing service contract between the carrier and the shipper and there is a separate quotation with additional charges or requests, in those cases, the quotation (incorporating the Carrier’s Terms for Carriage and Service Contract Terms) shall prevail over the service contract. Also remember that there is always a clause of subject to origin or destination charge as part of the charges/quotations and if one is serious, you will be able to assess these charges even if not explicitly not stated on a quotation/charge I know by now readers are asking, so are shippers/consignees at the mercy of carriers? Not at all. If the shipper understands the full scope of the carriage and breakdown of the carrier’s costs down to the last cent, there will be no ambiguity. It is prudent for you as the shipper/consignee to go through each and every item of the freight quotation/charge to understand the costs so that there are no grey areas between you and the carrier at the time of payment or cargo release. Remember that YOU are choosing the carrier, so you are entitled to ask them to explain all charges in detail. Don’t get ripped off because you didn’t check and query the charges in advance and when you do query later it may be too late. Disruptions and innovation are changing today’s supply chain at a rapid clip. Charges, especially ocean freight rates and bunker surcharges can change at a moment’s notice. You as a shipper/Consignee should take advantage of innovative freight benchmarking companies to compare what rate you should be paying to the carrier and whether the quotation provided by the carriers are in line with the market. It is important to note that not all charges have been stated in this article, and also you might see charges under different description, I can assure you that you are not being ripped off, just enquire and it will be explained. As I have always stated shipping does not like noise, so dialogue is the only way forward, because the trade is self-regulating, this is a global business and requires technical know-how, so lines guide their brand and will respect laws and regulation in existence, this is not an industry that require heavy regulation. It is a business of consciences.

Adam Imoru Ayarna is the Vice President of the Shipowners and Agents Association of Ghana (SOAAG), the umbrella body of shipping lines trading in Ghana

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NEWS

Stakeholders dialogue on illegal fishing Emirates Airline asks staff Stakeholders in the fishing industry have identified political interference as an impediment to the work of the Fisheries Enforcement Unit in combatting all forms of Illegal, Unregulated and Unreported (IUU) fishing activities in the country. According to them, the situation is frustrating as some ministers, Members of Parliament and traditional rulers condoned the illegalities in the fishing industry. This came to light during an IUU multi stakeholder platform meeting in Accra. The meeting forms part of the Far Ban Bo (Protecting Fisheries Livelihood) project being implemented by a consortium consisting of CARE, Friends of the Nation (FoN) and OXFAM with funding from the European Union (EU). DSP Sandra Akosaa Asiamah Tawiah, Head of Legal and Prosecution at the Ghana Marine Police Service, said prosecution challenges, investigation of IUU cases, payment of fines and use of obnoxious and explosive substances are some of the challenges working against the fight of IUU. She said in spite of the challenges, her outfit has made successful arrests of defaulters on light fishing, landing of juvenile fish, obstruction of mesh and use of chaffers involving Ghanaian and Chinese fishing vessels. DSP Tawiah urged key enforce-

to take one-month unpaid leave over coronavirus

ment agencies such as the Office of the President, fisher folks, civil society organizations, the media, traditional leaders and other stakeholders to take pragmatic steps to combat illegal fishing. Mr. Kyei Kojo Yamoah, Programmes Director of Friends of the Nation, said they would continue to promote community participation in monitoring IUU related offences. He said IUU monitoring groups have not had the courage to deal with the issues as many of their members participated in the illegal acts. Mr. Yamoah cautioned IUU monitoring groups who are involved to stop as they would face stiffer punishments when

caught. A Representative from the European Union (EU), Mr. Christopher Ackon, on behalf of the EU Ambassador and EU Director, urged the newly inducted IUU monitoring mobile application committee to take the right pictures, document, report and follow up on the illegalities in the fishing expeditions. Nana Kwesi Agyemang IX, the Paramount Chief of Dixcove Traditional Area, called on all stakeholders to sacrifice their time and help revive the fishing industry. He also appealed to government to subsidise the cost of outboard motors and make them available to fishermen. GNA

Phase II of PPMS to reduce fuel tax revenue loss, subsidy abuse-NPA

The National Petroleum Authority says phase II of the Petroleum Product Marking Scheme (PPMS) will see significant reduction in the fuel tax revenue loss and subsidy abuse. At the same time, there will be reduction in the retail outlet failure rate, which is indicative of the decrease in the malpractices in the distribution and sale of petroleum products as well as Improved quality of products at the retail outlets for consumers of petroleum products. Speaking at the launch of the Phase II of the PPMS, Chief Executive Officer, Hassan Tampuli said the launch has become necessary due to the importance his outfit places on engaging players in the downstream industry on any developments, big or small as far as the exercise of the regulatory mandate is concerned.

“The establishment of the Petroleum Products Marking Scheme (PPMS) has always been a well-thought-out initiative of the NPA and is ultimately aimed at ensuring consumer satisfaction with regards to the quality of petroleum products supplied to the market.” “As indicated in their 2017 report, the fuel marking programme, introduced in 2012, empowered the NPA to identify and legally deal with participants in the illicit trade of the retail chain of the petroleum downstream sector. All these were as a result of sustained Government policy to deal with the malpractices in the petroleum downstream sector. This will recoup Government revenue which is being lost through diversion of subsided petroleum products, Mr. Tampuli said.

Phase II of the PPMS is anchored on technological advancements in the markers as well as the detection proprietary equipment. The marker has been uniquely designed for the Ghanaian market with a chemical composition to aid in immediate equipment quantification and detection to enable the NPA make swift decisions on whether retail outlets have dumped or adulterated the petroleum products being offered for sale at retail outlets across the country. The marker concentration is also stored internally in the field device and the data transmitted in real time to a cloud system. The reason for this approach according to the NPA is to ensure that no individual including an NPA field officer can alter the test results.

Major international airline Emirates is asking staff to take unpaid leave for up to a month at a time due to the rapidly spreading coronavirus that has led to flight cancellations around the world. Emirates has canceled flights to Iran, Bahrain and to most of China because of the virus, and countries around the world have placed strict restrictions on entry of foreigners. The airline has more resources than it needs as a result of cutting frequencies or cancelling flights to some destinations, said Chief Operating Officer Adel al-Redha in a statement on Tuesday. “Considering the availability of additional resources and the fact that many employees want to utilize their leave, we have provided our employees the option to avail leave or apply for voluntary unpaid leave for up to one month at a time,” he said. Emirates Group, the stateowned holding company that counts the airline among its assets, has asked staff to consider taking paid and unpaid leave as it seeks to manage a “measurable slowdown” in its business, Reuters reported on Sunday, citing an inter-

nal company email. The group had more than 100,000 employees, including more than 21,000 cabin crew and 4,000 pilots, at the end of March 2019, the end of its last financial year. Major concerts and events in the United Arab Emirates, an air transit center that includes tourism and business hub Dubai, have been canceled or postponed as the coronavirus spreads in the Gulf. The airline industry’s largest global body IATA on Monday urged Middle Eastern governments to provide support to airlines as they try to manage the impact of the outbreak. Reuters

Ready to Transform Your Business With Technology? 5 Challenges to Overcome Technology, the change agent of our generation, is transforming the business landscape by enabling small and midsize businesses to streamline processes, improve productivity and get ahead of competitors. In a recent study conducted by SMB Group and my team at Vistage, 218 CEOs from small and midsize businesses shared their approach to digital transformation. Nineout-of-ten CEOs reported that technology is changing their business in significant ways: reshaping their industry, evolving their business practices, transforming their workplace and culture, and ensuring their survival and growth. Despite this, only half (51 percent) of CEOs have a digital business strategy underway. Why is this a problem? Without a well-defined strategy, CEOs end up learning lessons about digital transformation the hard way. This is especially true when it comes to technology integration, which many CEOs are ill-equipped to handle; only 37 percent of respondents said they have dedicated IT staff. Spare yourself the pain. Follow these five technology truths shared in our latest report. 1. Get used to this pace. Technological advancements won’t ever slow down. They’ll just continue to get faster. Blockchain, artificial

intelligence and 5G networks are already here, ushering in the next seismic wave of change. The reality is, you’ll always be under pressure to keep up with the next best thing -- but a clear strategy will help you know where to direct your investments. 2. Expect to spend. It’s not a good idea to shortchange investments on infrastructure, applications and IT talent that are critical to your business. Technology isn’t cheap and will usually cost more than you think. Accept the fact that quality comes with a cost, and the alternative is automating chaos. 3. Realize that transformation is hard. IT projects will always take longer, cost more and be more difficult to complete than you originally thought. The combination of shifting to digital-first thinking and transforming ingrained processes will test you, your team and your employees in ways you never considered. 4. Tighten up your cybersecurity. The benefits of using data to manage your customers, employees, operations and financials carry significant risk in the form of cyber threats. Every day, cybercriminals are working to exploit vulnerabilities in your digital security, and they’ll never let up. If you have digital IP, your business is all about your data, so you need to protect it as vigilantly as your cash and investments. 5. Remember that it’s still about people.

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F E AT U R E

It’s now or never for national data strategies By: Prof. Diane Coyle

While the private sector is rushing ahead to amass as much data as it can, governments and public policymakers are only just beginning to grapple with the unique challenges posed by data-driven markets. As a critical resource that is unlike anything that came before it, big data demands a robust policy response Everybody seems to agree that data will play a fundamental role in the economy of the future, whether through health discoveries, smart energy grids, autonomous vehicles, or other areas of innovation. The problem is that nobody knows precisely how the new forms of economic value will be created, who will benefit, or what the regulatory response should be. In addition to enthusiasm about the power of big data, there are growing concerns about its potential to be abused, including in the case of facial recognition and other applications that involve a significant erosion of privacy. In any case, the volume of data being generated annually has grown at a staggering pace, increasing fourfold in just five years, by some estimates. Given this pace of growth, ensuring that the data explosion serves society’s interests has gained new urgency. Yet too little is known about who holds what data, or about the potential value of some forms of data as opposed to others. As an economic matter, data are fundamentally different from most other goods and services such as cars, haircuts, and indeed oil. Two features of data, in particular, make assessing their value difficult, while at the same time underscoring the distinction between their potential value to society and their private-market value. The first characteristic, in the economic jargon, is non-rivalry: data can be used by many people simultaneously. Once data are created and cataloged in a useful format, they can be furnished to additional users at low or even no cost. But, as with other public goods such as parks or roads, collecting, compiling, and formatting socially useful data may require significant upfront financing. That is why there are already so many restrictions on access to existing data; those who have built the databases need to recoup their costs. The second key feature of data concerns externalities: the value of data to any one user is closely linked to actions taken by others. The erosion of privacy is one oft-mentioned negative externality associated with the collection and selling of personal data. But an issue that has received less attention is the potential for data to yield positive externalities. Private companies already derive valuable commercial insights from combining data about individual customers into larger sets. But these benefits pale in comparison to what could be gained if the relevant data sets were not siloed in different public and private organizations. Of course, the specific informational content of any given data set also affects its value. Is the

data set for a population of users general or specific? Does it include geographic and temporal characteristics, and is it accessible and interoperable across different platforms? All of these considerations matter for determining use value. And while there is already a data market, data are far from becoming a standardized commodity whose value can readily be established through trades. Complicating matters further, the same data can have very different value to different users. The economic value – both commercial and in terms of wider economic welfare – of any specific data set is context specific. Yet, just as too much of the current policy debate treats all data as a homogenous good, so does the preoccupation with “personal” data and privacy – while an important issue – divert attention from the ways that data could be put to good public and social use. How can we broaden the scope of the current debate? First, we must accept that markets alone will not make the most of this new resource, owing to non-rivalry and various externalities. Because market forces will produce too much of some types of data and too little of other

types, governments will have to step in to ensure that the benefits of public and private data are being maximized. Specifically, that means maintaining fair competition in private, data-intensive markets (as envisioned in the European Commission’s newly proposed data strategy), and ensuring that private and public service providers can access and combine different sources of data. Governments should not be granting exclusive rights to public-sector data that could be used by other third parties to deliver social benefits. In fact, policymakers should even consider mandating that certain forms of private-sector data be made accessible to third parties, in order to ensure interoperability between platforms. To be sure, these proposals presuppose significant institutional innovation. Governments will need to support the institutions that will be trusted with protecting, monitoring, and controlling access to data. While some of these institutions will need to be created from scratch, there are already ongoing experiments with new forms of digital governance such as data trusts and data stewards. In addition to fostering institu-

tional reform, policymakers also will need to make some tough choices. There is a tradeoff between incentivizing investment in high-quality data and granting wide access to it. Policymakers will need to strike a balance between these concerns, perhaps by exploring the use of time-limited and non-exclusive rights or a data equivalent to patent pools. When it comes to funding public data, the financial and licensing terms of public-sector deals with private companies will need to be transparent, so that other parties can make a case for more valuable uses of the same data. On the pretext of commercial confidentiality, the official bodies that are currently selling access to public data are making it harder for themselves to get a good deal. They are effectively preventing competition, and thus undermining their own legitimacy by sowing distrust among the citizens whose data is being sold. Figuring out how to get the best out of data is still an inchoate effort. But as our new report for the Nuffield Foundation shows, the issues and tradeoffs involved are becoming clearer all the time. Above all, policymakers need to recognize the urgency

of the challenge at hand. Now is the time to start developing data strategies, policies, and regulations. Otherwise, the gains of the data age will be seized by a small number of big companies, and much of the potential benefit to society will be squandered.

By: Prof. Diane Coyle

Diane Coyle, Professor of Public Policy at the University of Cambridge, is the author, most recently, of Markets, State, and People: Economics for Public Policy (Princeton University Press, 2020). Copyright: Project Syndicate.

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AFRICAN BUSINES S

Oil’s freefall halted by hope of action from central banks, OPEC Oil rebounded from its worst week since 2008 as the world’s central banks sought to stabilize financial markets, while hopes grew that OPEC+ will deepen output cuts following the coronavirus outbreak. Futures rose as much as 4.4% in New York, after sinking 16% last week. Russia, which is due to meet other OPEC+ members in Vienna this week, is ready to cooperate even though it’s comfortable with current prices, President Vladimir Putin said Sunday. That came after a Chinese manufacturing gauge hit a record low and central bankers across the world pledged action to protect markets. Equities rallied Monday before dropping back as the Organization for Economic Co-operation and Development said the world economy may shrink this quarter. Sharp swings in oil in Asian hours showed the extent to which the virus is roiling markets, with crude volatility settling at a 14-month high on Friday. Oil use may not grow at all this year for only the fourth time in almost four decades, according to a growing minority of traders, investors and analysts. While economic stimulus in China and elsewhere may boost con-

sumption in the second half, it’s unlikely to completely make up for the current hit to demand. Against this backdrop, OPEC+ meets on Thursday and Friday to decide on policy. See also: Oil Looks Into Abyss as Virus Threatens Demand Contraction

“Hopes rise of further central bank stimulus,” PVM Oil Associates analyst Tamas Varga wrote in a report. “Even so, a sustained bout of strength remains a distant reality.” West Texas Intermediate futures for April delivery rose 2.6% to $45.93 a barrel on the

New York Mercantile Exchange as of 9:17 a.m. local time. Brent futures for May delivery climbed $1.03 to $50.70 a barrel on the ICE Futures Europe exchange, after gaining as much as 4.7% earlier. Another Chinese purchasing managers’ index fell to 40.3 in

February from 51.1 in January, according to figures released Monday. That came after the manufacturing PMI reading over the weekend of 35.7, which missed analyst expectations for 45. Worldwide deaths from the coronavirus have now surpassed 3,000, with South Korea, Iran and Italy emerging as hotspots. OPEC+ Meets OPEC and its allies are expected to agree on deeper production cutbacks when they meet in Vienna, a Bloomberg survey showed. All but two of 29 analysts, traders and brokers in a global poll predicted that the coalition will announce new curbs, with an average expectation of 750,000 barrels a day. Saudi Arabia has been pushing OPEC+ to act for several weeks, and Putin has signaled he’s willing to support them. Nevertheless, Russia said Monday it hadn’t received a proposal for a 1 million-barrel-a-day cut. The nation’s oil exports to Asia were almost unscathed in February amid the virus outbreak, potentially limiting its motivation to back deeper production curbs. Bloomberg

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TO U R I S M

Remembering the impact of the Great ones as we celebrate Black History Month Part 1 MARCH is here with us and technically Black History Month is over, however I cannot end this series without remembering the great impact of some countrymen in the field of music. This is to serve as a motivation for the young ones and to inspire them to greatness. Music is supposed to impact on society and the kinds of work done by the people identified in this article makes me wonder how the current crop of the so-called musicians are drifting away from the indigenous Ghanaian culture. Culture as we all know is also expressed through music and if we lose our identity and copy blindly then we may not have helped generations unborn. As we remember these great men, it is my hope that we shall reawaken the young ones and they will remember their identity, roots and realised the positive impact they ought to make on society. Dr. Ephraim Amu

at several points, including Koforidua, Nkawkaw, Asubone and Obomen. Amu joined 25 other newcomers at the college. Work and music By the time Amu completed his training, motor vehicles were more common so he could travel from Abetifi to Osino and travel by train to Koforidua, then take a motor vehicle to Frankadua. He made the remainder of the journey on foot from Frankadua to Peki, a distance of 18 miles. From 1 January 1920, Amu took up an appointment as a teacher at Peki-Blengo E.P. Middle Boarding School, where he taught songs and was keen on making his pupils able to read music well. He went to Koforidua to buy a five-octave Henry Riley folding organ for the school. He faced the problem of carrying the organ to Peki. After successfully reaching Frankadua by motor vehicle, he had to carry the organ on his head and walk the distance all night, arriving at Peki the following morning. Ea-

Dr. Ephraim Amu

He was born on 13 September 1899 at Peki-Avetile (also called Abenase) in the Peki Traditional Area of the Volta Region. Amu first went to school in May 1906 and at about age 12 he entered the Peki-Blengo E.P. Boarding Middle School, where he showed much interest and love for music and agriculture. According to him, he enjoyed the music played during church collections when the music teacher, Mr Karl Theodore Ntem, played soul-moving renditions on the organ. Amu and his music teacher struck a mutual agreement whereby Amu requested to be taught the skills of organ playing and in return Mr Ntem asked him to work on his farm on Saturdays. In 1915, Amu passed the standard 7 School Leaving Certificate examination and also passed the Abetifi Teachers Seminary’S Examination. In 1916 he and two other colleagues had to walk 150 miles from Peki to Abetifi with their boxes on their heads to start teacher training education. On their journey, they had to rest

ger to master his skills in music, Amu took music lessons with Rev. Allotey-Pappoe, a Methodist Minister stationed at Peki-Avetile. Amu composed several musical pieces, among them: 1. “Fare thee well” 2.”Mawɔ dɔ na Yesu” 3.”Nkwagye Dwom” 4.”Dwonto” 5.”Yetu Osa”6. “Israel Hene” 7.”Onipa da wo ho so” 8.”Yaanom Abibirimma” 9.”Yen Ara Asase Ni”10. “Adawura abo me”11. “Samansuo” 12. “Ale-gbegbe”13. “Mia denyigba lɔl̃ ɔ̃ la” Amu is particularly known for his use of the atenteben, a traditional Ghanaian bamboo flute; he promoted and popularized the instrument throughout the country, and composed music for it. African influence Of Amu’s compositions, “Yen Ara Asase Ni” has become a nationally acclaimed patriotic song that is performed at national functions. From 1926 Amu was transferred on promotion to Presbyterian Mission Seminary at Akropong on the recommen-

dation of the Synod Committee of the Eʋe Presbyteria Hame. At Akropong, he was seen in his actions and ideas as unorthodox. As a tutor in charge of gardening he requested students to use night soil to manure the college farm. The students found this unpleasant since it was a taboo for an educated man to carry human excreta. To prove that example was better than precept he would carry the excreta to the college farm himself ahead of the unwilling students. Dr. Ephraim Amu employed no one to sweep his rooms, wash his plates or run errands for him. No manual work was too menial or hard for him. He believed in using African cultural artefacts and good African technological and social inventions. He preferred the title Owura to “mister” as a prefix to his name. Dr Kɔku Ephraim Amu selected Twi names for the four new college dormitories that were completed in 1929. Upon request from Mr Ferguson, the Principal of Akropong Training college, Amu came out with a solfa and notation of the street song “Yaa Amponsa”, set to his own chaste words. His students enjoyed the new song, melody and the new words. “The street ballad Yaa Amponsa had new clothes” and was popular with great appeal and appreciation. Amu learnt to speak correct Akuapem Twi from members of his singing band. The Akropong Church singing band specialised in Amu’s type of African music during the period he led and taught the group. In 1927, inspired by the contents of Wasu, a journal published by the West African Students’ Union, Amu decided that he would wear African dress with pride. He decided not to wear warm unsuitable European clothes in tropical Africa. He made efforts to make the Christian church service more meaningful to African worshippers who were ashamed of their African clothing, language, music and even their African names. As part of his ingenuity and creativity Amu introduced bamboo lutes- odurogyaba, odurogya and atɛtɛnbɛn. In 1931 after Amu preached wearing his African attire on a Sunday, he was summoned to appear before the church court. The Rev. Peter Hall told Amu, “We were taken aback to see you conduct Sunday service in a native cloth. We hope you will not do this again.” Amu therefore in his polite manner took leave of the church session but decided in his heart to continue to work in the church as a catechist and music teacher rather than to become a minister of the Gospel to accept wearing unsuitable European dress. In June 1942, Amu married Beatrice Yao and presented a wooden box made of the finest wood instead of an imported steel trunk to his bride. On Saturday, 27 March 1965, the University of Ghana conferred the honorary degree of Doctor of Music on Ephraim Kɔku Amu at the University of Ghana, Legon. Early years and education. J. H. Kwabena Nketia Born in 1921 in Mampong J. H.

J. H. Kwabena Nketia

Kwabena Nketia was his parents’ only child. He first trained as a teacher at the Presbyterian Training College, Akropong. On a government scholarship he went to Britain at the age of 23 to attend the University of London from 1944 to 1949, beginning with two years of study in linguistics at the School of Oriental and African Studies. In 1949 he began three years’ study at Birkbeck College, University of London, and Trinity College of Music, London, obtaining a B.A. degree. In 1958 a Rockefeller Fellowship allowed him to go to the United States, where he attended Columbia University (studying with Henry Cowell), the Juilliard School, and Northwestern University, studying musicology and composition. He was a professor of music at UCLA and the University of Pittsburgh, and lectured in many prestigious universities worldwide, including Harvard University, Stanford University, University of Michigan, City University London, the University of Brisbane in Australia, the University of Kansas, Lawrence, and the China Conservatory of Music, Beijing. He was a professor of music at the University of Ghana, Legon, Accra, where he began teaching in 1952. He directed the International Centre for African Music and Dance (ICAMD). He taught at the Presbyterian Training College, Akropong, serving as the Acting Principal in 1952. According to GhanaWeb: “His concept and interpretation of time and rhythmic patterns in Ghanaian and other African folk music were revolutionary, and became standard for researchers and scholars around the world.” He introduced, for example, the use of the more readable 6

8 time signature in his compositions as an alternative to the use of duple (2 4) time with triplets that was used earlier by his mentor and teacher, Ephraim Amu. Although this practice undermined Amu’s theory of a constant basic pulse in African music, and generated debate, Nketia pointed out that the constant use of triplets in a duple time signature was misleading. Many scholars nowadays have found his theory useful in transcribing African music. He composed for both Western and African instruments, and wrote more than 200 publications, including his world-acclaimed The Music of Africa, which was translated into German, Italian, Chinese, and Japanese.

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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Allianz Global Corporate & Specialty

Press Release ALLIANZ RISK BAROMETER 2020: GHANAIAN BUSINESSES WORRIED ABOUT MACROECONOMIC AND MARKET DEVELOPMENTS • 9th annual survey on top business risks attracts record participation of 2,700+ experts from over 100 countries • Macroeconomic and Market developments are top concerns for businesses in Ghana • Business interruption, Climate change/increasing volatility of weather, Critical infrastructure blackouts, Cyber incidents, Natural catastrophes, New technologies as well as Political risks and violence are joint fourth with 18% of responses. Accra/Johannesburg – February 27, 2020: Macroeconomic and Market developments (41% of responses) rank as the most important business risks in Ghana in the ninth Allianz Risk Barometer 2020. Macroeconomic developments also ranks first in Nigeria, #4 in Africa and the Middle East, #7 in Cameroon, South Africa and Tanzania. Globally, Macroeconomic developments is a new entry in the top 10 risks for 2020 (11%), driven by corporate fears over a global recession and debt accumulation, particularly in the US and China, notably with regards to the private sector. Market developments is ranked fifth globally as 2019 was characterized by high market volatility, which will continue in 2020. Market developments is ranked #2 in Cameroon, #4 in Nigeria, #6 in Africa and the Middle East, #7 in Tanzania and #10 in South Africa. Each year Allianz asks CEOs, risk managers, brokers and insurance experts around the world to name their top three risk concerns for the year ahead. For the 2020 study, a record 2,718 experts from 102 countries and territories participated, including more than 350 from across the Africa and the Middle East region. This is the inaugural Allianz Risk Barometer report for Ghana. According to Gideon Ataraire, CEO of Allianz Life Insurance Ghana, “The Allianz Risk Barometer has been a point of reference for many businesses globally since its inception 9 years ago. We at Allianz are therefore excited to be delivering to businesses in Ghana, a report on what to watch out for this year as far as risks to their various businesses are concerned” Concerns about currency depreciation and inflation see Macroeconomic and Market 1

2 3

developments as leading risks in Ghana. The Ghanaian Cedi ended 2019 with a depreciation rate of about 12.9% to the US dollar, based on data from the Bank of Ghana. This is the highest since 2015. The 12.9% decline in the value of the cedi is compared to about 8.8% depreciation in 2018, 4.45% in 2017 and 9.2% in 2016. Inflation shot up by 0.5 per cent in the month of November to reach 8.2 per cent, the highest since the rebased Consumer Price Index three months ago1. Changes in legislation and regulation is at #3 with 29% and could be attributed to the upcoming general elections in late 2020. The country has a history of fiscal profligacy in the run-up to polls and investors will watch whether the government is more cautious this time2 . Cyber risk and climate change, a must watch Business interruption, Climate change/ increasing volatility of weather, Critical infrastructure blackouts, Cyber incidents, Natural catastrophes, New technologies as well as Political risks and violence are joint fourth with 18% of responses. Critical infrastructure blackouts also features prominently in the region at #7, in Cameroon at #2, in South Africa and Tanzania at #5. “The Allianz Risk Barometer 2020 highlights that cyber risk and climate change are two significant challenges that companies need to watch closely in the new decade,” says Joachim Müller, CEO of AGCS. “Of course, there are many other damage and disruption scenarios to contend with, but if corporate boards and risk managers fail to address cyber and climate change risks this will likely have a critical impact on their companies’ operational performance, financial results and reputation with key

Ghana Web, Inflation jumps from 7.7% to 8.2%, December 11, 2019 Business Report, The 10 African Markets to watch in 2020, January 1, 2020 IBM Security, Ponemon, Cost Of A Data Breach Report 2019

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stakeholders. Preparing and planning for cyber and climate change risks is both a matter of competitive advantage and business resilience in the era of digitalization and global warming.” Cyber risks continue to evolve Cyber incidents’ ranks first in South Africa, third in Tanzania, fourth in Ghana, eighth in Nigeria and ninth in Cameroon this year. Businesses face the challenge of larger and more expensive data breaches, an increase in ransomware and spoofing incidents, as well as the prospect of privacy-driven fines or litigation after an event. A mega data breach – involving more than one million compromised records – now costs on average $42mn3 , up 8% year-on-year. “Incidents are becoming more damaging, increasingly targeting large companies with sophisticated attacks and hefty extortion demands. Five years ago, a typical ransomware demand would have been in the tens of thousands of dollars. Now they can be in the millions,” says Marek Stanislawski, Deputy Global Head of Cyber, AGCS. Extortion demands are just one part of the picture: Companies can suffer major BI losses due to the unavailability of critical data, systems or technology, either through a technical glitch or cyber-attack. “Many incidents are the results of human error and can be mitigated by staff awareness trainings which are not yet a routine practice across companies,” says Stanislawski. CEO of Allianz Insurance Ghana, Darlington Munhuwani remarked, “The results of the risk barometer validate what we are seeing on the ground in terms of the ranking of risks. Most of our clients now recognize that cyber risk is a c-suite topic. New regulations on the protection of data have also raised

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Press Release the awareness of the risk and its impact on businesses. A combination of prudent risk management practices and the optimal use of insurance markets are smart ways to deal with the growing threat of cyber risks.”

Allianz Global Corporate & Specialty climate risk is more costly than grappling with it. Therefore, every company has to define its role, stance and pace for its climate change transition – and risk managers need to play a key role in this process alongside other functions.”

Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2018, AGCS generated a total of €8.2 billion gross premium globally.

Cautionary Note Regarding ForwardLooking Statements New technologies present opportunities The statements contained herein may Larger and more complex business and risks include statements of future expectations interruption New technologies present considerable and other forward-looking statements that BI’s ranking in Ghana is a strong indication opportunities for businesses in Ghana. are based on management’s current views of the trend for larger and more complex BI. However, they can also bring risks, sometimes and assumptions and involve known and It also ranks in the top three risks in Tanzania with unintended consequences. According unknown risks and uncertainties that could (#1), Nigeria (#3), South Africa (#2) and to Allianz Risk Barometer respondents, the cause actual results, performance or events Cameroon (#2). Causes are becoming ever increasing utilization of Artificial Intelligence to differ materially from those expressed more diverse, ranging from fire, explosion (AI), which is an important driver of change in or implied in such statements. In addition or natural catastrophes to digital supply many industries today, is the new technology to statements which are forward-looking chains or even political violence. “Digital that also comes with the greatest future risk by reason of context, the words “may”, supply chains and platforms today allow for potential. “From chatbots to autonomous “will”, “should”, “expects”, “plans”, “intends”, full transparency and traceability of goods cars, more widespread implementation of “anticipates”, “believes”, “estimates”, but a fire at a data center, a technical glitch AI applications is transforming industry and “predicts”, “potential”, or “continue” and or a hack could bring large BI losses for society, bringing benefits such as increased similar expressions identify forward-looking multiple companies that all rely and share efficiencies, new products and less repetitive statements. the same system and which cannot switch tasks,” explains Michael Bruch, Global Head back to manual processes,” says Raymond of Liability Risk Consulting/ESG at AGCS. Actual results, performance or events Hogendoorn, Global Head of Property and may differ materially from those in such Engineering Claims at AGCS. More information on the findings of the statements due to, without limitation, (i) Allianz Risk Barometer 2020 is available general economic conditions, including in According to Darlington Munhuwani, CEO of here: particular economic conditions in the Allianz Allianz Insurance Company Ghana Limited • Top 10 global business risks Group’s core business and core markets, (ii) “The impact of business interruption in • Full report performance of financial markets, including a highly interdependent and integrated • Individual country and industry sector emerging markets, and including market environment can be devastating and far results volatility, liquidity and credit events (iii) the reaching. This is a risk that companies in frequency and severity of insured loss events, Ghana should continuously monitor not only Press contacts including from natural catastrophes and in terms of their operations but throughout Accra: Elaine Mary Arthur including the development of loss expenses, their supply chain.” (+233) 050 160 3961 elaine.arthur@allianz. (iv) mortality and morbidity levels and com trends, (v) persistency levels, (vi) the extent Climate change brings added risk of credit defaults, (vii) interest rate levels, complexity About Allianz Global Corporate & Specialty (viii) currency exchange rates including the Allianz Global Corporate & Specialty Euro/U.S. Dollar exchange rate, (ix) changing Climate change’s ranking in the top 10 (AGCS) is a leading global corporate levels of competition, (x) changes in laws and risks Ghana and the region is driven by risk insurance carrier and a key business unit of regulations, including monetary convergence management experts’ concerns about global Allianz Group. We provide risk consultancy, and the European Monetary Union, (xi) warming. An increase in physical losses is Property-Casualty insurance solutions and changes in the policies of central banks and/ the exposure businesses fear most (49% of alternative risk transfer for a wide spectrum or foreign governments, (xii) the impact of responses) as rising seas, drier droughts, of commercial, corporate and specialty risks acquisitions, including related integration fiercer storms and massive flooding pose across 12 dedicated lines of business. issues, (xiii) reorganization measures, and threats to factories and other corporate (xiv) general competitive factors, in each assets, as well as transport and energy links Our customers are as diverse as business case on a local, regional, national and/or that tie supply chains together. Further, can be, ranging from Fortune Global 500 global basis. Many of these factors may be businesses are concerned about operational companies to small businesses, and private more likely to occur, or more pronounced, impacts (37%), such as relocation of facilities, individuals. Among them are not only the as a result of terrorist activities and their and potential market and regulatory impacts world’s largest consumer brands, tech consequences. (35% and 33%). Companies may have to companies and the global aviation and prepare for more litigation in future – climate shipping industry, but also wineries, satellite The matters discussed herein may also be change cases targeting ‘carbon majors’ have operators or Hollywood film productions. affected by risks and uncertainties described already been brought in 30 countries around They all look to AGCS for smart answers to from time to time in Allianz SE’s filings with the world, with most cases filed in the US. their largest and most complex risks in a the U.S. Securities and Exchange Commission. dynamic, multinational business environment The company assumes no obligation to “There is a growing awareness among and trust us to deliver an outstanding claims update any forward-looking statement. companies that the negative effects of global experience. warming above two degrees Celsius will have a dramatic impact,” says Chris Bonnet, Head Worldwide, AGCS operates with its own of ESG Business Services at AGCS. “Failure teams in 33 countries and through the to take action will trigger regulatory action Allianz Group network and partners in over and influence decisions from customers, 200 countries and territories, employing shareholders and business partners. Ignoring over 4,400 people. As one of the largest

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