Business24 Newspaper 9 November 2022

WEDNESDAY, NOVEMBER 9, 2022

.COM.GH

N E WS F O R B US IN E SS L E AD E RS

Investor withdrawal stalls Accra Sky Train project

By Eugene Davis Story on page 2

Cynthia Ofori-Dwumfuo is CIMG Marketing Practitioner of the Year Story on page 3

Board Chairman of Stanchart retires Story on page 4

Calm returns to VALCO as management take steps to restore full operations Story on page 5

Story on page 4

2

|

News/Editorial

THEBUSINESS24ONLINE.COM

Horticulture fast becoming the new job-making machine “When the last tree dies, the last man dies” they the environment and hence human life, and at a time that economies are grossly feeling the harsh outcomes of climate change, the need to preserve our environment and green resources have become even more critical.

Aside the enviro-friendly outcomes, there is proven economic potential in the green economy, Recent statistics put proportions of the youth (15 to 35) that are unemployed and seeking work at 34.2percent. Unemployment is therefore considered by many to be the most critical issue It is trite to say that with the right national and individual orientation, policies, and drive, Ghana’s

wealth and job creation as well as a sustainable Now in is tenth year, the annual Garden and Flower Show challenges and motivates the youth and businesses in the sector to aspire to grow and reach their full potential, in order to improve their livelihoods and impact society.

This year’s theme “Growth Unleashed” preps the mind of young Ghanaians to burst forth and to grow beyond the norms to achieve a blooming environment.

The global horticulture market is estimated to be valued at USD 20.77 Billion as of 2021 and is projected to reach US$40.24bn by 2026 at a compound annual growth of 10.2percent whilst

valued at US$475.6m in 2020 and is expected to millions of jobs to the country’s teeming youth. reach US$725.4m by the end of 2027, growing Stratcomm Africa is leading the charge to green annually at 6.3percent during 2021-2027.

L im ited Copyright @ 2019 Business24 Limited. All Rights Reserved.

Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellinformed.

We value your support and loyalty.

Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

Investor withdrawal stalls Accra Sky Train project

By Eugene Davis

The proposed Accra SkyTrain system failed to materialize due expected to undertake the project, the Minister for Railways Development, John Peter Amewu has told parliament.

Government in February 2018, signed a Memorandum of Understanding (MOU)with Africa Investor on behalf of the consortium, to enable Africa Investor to undertake pre-feasibility studies on the project.

The pre-feasibility studies were undertaken which revealed positive outcomes for the project.

Appearing before parliament on Tuesday to respond to a question on the status of the project, he indicated that Africa Investor and GIIF were tasked to undertake the detailed Feasibility Study within nine months from date of signature as per the terms of the MoA to determine the feasibility and bankability, after which works would have commenced by January,2020.

However, he said “Africa Investor later informed the Ministry that, in light of the Covid-19 pandemic and the travel restrictions that prevailed at the time, their technical team could not travel to Ghana to undertake the feasibility studies. In this regard out of the transaction and the agreement automatically expired.”

The minister, nonetheless assured that government still has an interest in the project and “will look at it when our situation improves.”

A world class consortium led by Ai Capital (“Africa Investor”) came together to jointly develop and implement the Accra Sky Train system. The consortium approached the Ghana Infrastructure Investment Fund (GIIF) to team up to play the role of the anchor Ghanaian investor and the local development part-

ner in the project.

Upon obtaining Board approval, a ten percent equity stake in the project development company.

The cost of the whole project was estimated at US$1.9bn after the initial pre-feasibility studies undertaken by Africa Investor. However, for a project of this magnitude and complexity a very detailed feasibility studies were required to form the basis for entering into a full concession agreement for its development.

The proposed Accra SkyTrain system is an integrated elevated light rail urban transit system which aims at providing an safe and accessible public transport network which could be used as the backbone for an integrated public transport solution for the Greater Accra Metropolitan Area.

WEDNESDAY, NOVEMBER 9, 2022

The SkyTrain is a proven transportation technology with successful operations in many countries including Brazil, Bangkok and Dubai. It uses a patented Air Propulsion system that provides entirely silent operation; it is watts/passenger kilometer which is than a modern diesel bus, despite providing high station-to-station speeds.

It has very limited impact on the environment - no noise, no pollution and no congestion and is thus tion in congested urban settings like Accra. Since the Sky Train operates on an elevated runway

Bus Rapid Transit (BRT) which

3

| FEATURE

Business Loans For all your business loans, visit any of our 114 branches nationwide or talk to us on 0302-216000 TERMS AND CONDITIONS APPLY

cbgbankltd Tel: +233 (0)302 21 6000 www. cbg.com.gh

It is designed to operate continuously for twenty-four (24) hours daily and three hundred and

Cynthia Ofori-Dwumfuo is CIMG Marketing Practitioner of the Year The Group Head of Marketing and to Group CEO Patience Akyianu, MDs Daniel Addo and Nashiru group, Hollard Ghana, Cynthia Iddrisu, and the larger purple Ofori-Dwumfuo, is the Chartered team, especially Elorm Senah and Institute of Marketing Ghana's Aviel Benni Derry."

(CIMG) Marketing Practitioner of the Year, 2021.

"Marketing insurance is no small She was honoured at the just-ended feat, especially in this volatile 33rd Annual National Marketing global economy. It requires the Performance Awards ceremony at right expert to drive strategic the Labadi Beach Hotel. brand and customer initiatives that This year's event was under the are attractive to target audiences. theme "Creative Marketing and Hollardite Cynthia has been Innovation in a Volatile Global Econ- remarkable at promoting our omy." CIMG recognised Cynthia for vibrancy and business purpose. leading Hollard Ghana's innovative Her impactful work with her team has resulted in our group's excepthey cited her for excellence in mar- tional brand growth. Also, her keting insights, people, corporate collaborative work with our People and reputation management, CSR, and sound marketing strategies. engagement and company pride.”

According to the Institute, this set “Furthermore, through our unconCynthia and Hollard apart as corpo- ventional brand engagements, she rate achievers for 2021. has undoubtedly spurred a burst of Cynthia expressed gratitude to the competitive activity in our previGoverning Council of CIMG for the ously quiet insurance industry. As honour. She said, "Thank you! It's a result, she has contributed to increasing insurance penetration prestigious CIMG for our quest to in Ghana while making us a favourcreate and secure a better future ite. We are proud of her CIMG through inventive marketing. achievement and dedicate the win Impactful marketing happens at the to our customers, partners, and stakeholders for being receptive an enabling environment, purpose, audiences. As a marketing-oriented hard work, a fantastic team, and a company, we will continue to serve great brand style. It takes a village, them better through our original so I thank Hollard, my family, and products, distinctive distribution the extended community for their channels, and customised policies supportive advocacy. "Akpe na wo," curated for every need", Patience

added.

About Cynthia Eyram Ofori-Dwumfuo In 2021, Cynthia was named a top 25 innovator in Europe, the Middle East & Africa in the prestigious SABRE (Superior Achievement in Branding, Reputation, and Engagement) Innovator 25 list by globally respected PRovoke Media. Moreso, she is called one of the Top 10 Women in PR by Women in PR Ghana and listed by Avance Media Young Ghanaians in Leadership and Civil Society.

Cynthia is currently the Group Head at Hollard Ghana. Previously, she held senior roles at top advertising and communications agencies and worked in the USA, UK and pan-Africa. Consulting, she coordinated local and international projects, some funded by Rockefeller Foundation and CGAP/World Bank.

Cynthia is the Board Chair for the Springboard Roadshow Foundation and serves on several boards, including the executive council of the Institute of Public Relations Ghana.

She is an Accredited Public Relations Professional (APR) with an MA in Professional Communication from Clemson University, USA, and a BA in Economics from Kwame Nkrumah University of Science and Technology.

4

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

Board Chairman of Stanchart retires The board chair of Standard Chartered Bank (SCB), Dr Emmanuel Oteng Kumah, has retired.

October 29, 2022, having served out three terms of three years each on the board.

A release from the Ghana Stock Exchange (GSE) said a new chairman of the board would be appointed in due course.

Who is Dr Kumah An International Economic Consultant and former advisor to the International Monetary Fund (IMF), Dr Kumah, replaced Dr

Ishmael Yamson as Board Chairman of the Standard Chartered Bank Ghana Limited (StanChart) almost a decade ago.

A former Division Chief, IMF Resident Representative in Djibouti and Deputy Division Chief at the Balance of Payments and External Debt Division of the fund, he led the board to further consolidate the bank’s position during his tenure.

He brought to the bank his 25 years of experience from the IMF.

From paper to digital: How Vodafone transformed the credit purchase process James is busy every day. As an experienced credit vendor based in Accra, he tells me that the little tote bag slung around his shoulders used to be packed with scratch cards. Those days are now long gone. "Right now, the Vodafone scratch cards are not in the system anymore. If you want to buy credit, I will either do a credit transfer for you or you buy it yourself from your Vodafone Cash wallet," he tells me as he serves a customer with practised ease.

James’ observations are not only true for Accra. The reality is similar nationwide. Digital top-up methods have gradually replaced the traditional Vodafone scratch cards.

This remarkable journey began two years ago when the telecommunications provider launched a concerted campaign to digitise its customers’ top-up processes.

Starting from scratch "Digitalising the top-up process was a key part of our strategy for two main reasons," explains Samuel Sarpong, Vodafone Ghana’s Sales and Distribution Managmodernise Vodafone’s top-ups.

"First, we wanted to improve the experience of our customers by ple, to buy a scratch card, you hope that they have the exact denomination of cards you need.

Otherwise, you’d need to buy a lot of cards just to get the amount you want. A lot of times, customers would misplace the cards or accidigits."

Samuel went on to explain how er’s ability to buy scratch cards in person. "The moment it rained, customers would have to brave the elements to get scratch cards from agents and vendors."

Digital top-ups got rid of all these inconveniences.

"The second reason," continued Samuel, "is our commitment to reduce our environmental footprint and become more sustainable. Vodafone Ghana aims to use natural resources responsicant commitments to reduce our carbon emissions and help protect the environment."

Despite the small size of the scratch cards, it took over 350 million pieces of paper a year to produce them. Not to mention the ink, plastic, and other materials involved in the manufacturing process. Also, once the card was used, it was often improperly discarded, contributing to litter and environmental damage. Almost overnight, digitalising this process brought these problems to an end and reduced Vodafone Ghana’s carbon footprint.

Along came a pandemic COVID-19 took the world by surprise, heralding an era of uncertainty. For Vodafone Ghana and many other organisations worldwide, the pandemic underscored the urgent need to deliver services to customers in safe, contactless, and reliable ways. However, it also changed customer

behaviour in one fundamental way.

"During the pandemic, safety was at the forefront of our customers’ minds and ours, too," explained Angela Mensah-Poku, Vodafone Ghana’s Director of Digital and Commercial Operations. "Customers became more open to using our digital platforms, which sped up our digitalisation Slowly, the brand’s digital top-up services became more popular. But that was just the beginning. Vodafone Ghana needed to drive adoption. This meant ensuring that vendors always had access to credit and customers always had convenient ways to top up electronically. Among other strategies, Vodafone explored partnerships with banks and third-party payment platforms.

"We also sped up self-top-ups through Vodafone Cash, using incentives to reward customers for choosing digital airtime purchases. You may have noticed some of our competitors trying to follow suit in recent times," Samuel quipped.

said.

Vodafone Ghana has made tremendous progress toward achieving its Planet agenda.

Through this platform, the comby empowering customers, businesses, and governments to reduce their environmental footprints through its digital technologies.

"Digital airtime purchases are one way we’re doing that," explained Jacquelyn Makumator, Vodafone Ghana’s Sustainability Manager.

"We are rolling out our plan to power our exchanges with renewable energy. Through this project, Vodafone Ghana has already saved approximately 60,322 KWh of power. We rely on robotics to cial intelligence (AI) chatbot, TOBi, to manage customer enquiries, and internally for our HR processes. We are using machine learning to deliver our Made4Me

platforms like Instant Schools to connect educators and learners all over the country and we’ve used technology to help our disabled customers connect with our customer service through our SuperCare platform."

Vodafone Ghana is looking to the The new status quo and beyond future with optimism, with a focus Vodafone Ghana’s digital drive on digitalisation. "For us, digitalhas been so successful that, as isation is not just a part of our of 2022, they have entirely operations—it’s a commitment pulled out of all scratch card that has allowed us to innovate production.

"Today, 99.5% of our reloads are digital. There are still of Vodafone Ghana. "I believe that scratch cards in the system, but there is much more possible and those are the last of them. We much more to come," she are not printing anymore concluded. except in emergencies," Samuel

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

5

Calm returns to VALCO as management take steps to restore full operations Calm has been restored at the Volta Aluminium Company (VALCO) following a successful meeting held between Senior Management of VALCO, the Ministry of Lands and Natural Resources and leadership of the Industrial and Commercial Workers Union (ICU) together with VALCO local union executives regarding recent developments that attracted some media attention.

Business24 learnt that the parties have agreed to return to the nego-

tiating table to continue and complete their Wage negotiations.

Leadership of all the key stakeholders, including the CEO of VALCO, Mr. Dan Acheampong, Director of HR and Administration at VALCO, Mr. Festus Quaidoo, General Secretary for ICU, Mr. Morgan Ayawine, and Chairman of the local union, Mr. Edgar Tetteh, at their meeting on Monday, November 7, 2022, signed an Undertaking to demonstrate their commitment

to the process and lend their full support towards ensuring the resumption of full operations at VALCO. VALCO in recent weeks has dominated the media space following labour agitations by some workers who refused some Management Members entry into the facility, a situation that disrupted operations and led to a planned shutdown of the Aluminium Smelter.

VALCO Management, in a press statement noted that, in

line with the Board’s directive they worked with the Ghana Grid Company (GRIDCo) to take down the power to the operating line in an orderly fashion to save the Smelter in order to allow for a smooth restart.

With calm restored at VALCO, all employees at the facility are expected to be called in to resume work as their leadership continues the wage negotiation process with the

Achimota School Class of 2002 Announces Teachers’ Appreciation Day on 2nd December The 2002 Year Group of the Old Achimotan Association (OAA) is gearing up for yet another spectacular Teachers’ Appreciation Day in honour of the teachers at the school.

Every year, the year group marking its 20th anniversary of leaving the school is given the baton to host the event to appreciate the kind and hard-working individuals who created an everlasting impact on their lives while in Achimota School.

The 2022 Teachers’ Day Appreciation (TAD) is scheduled for 2nd December at on the Achimota School campus and will feature many exciting activities including a thanksgiving service at the Aggrey Chapel and a dinner and awards event to climax the day’s celebration.

Teachers’ Appreciation Day is about interaction with teachers who taught the organising year while they were students. With most of them having retired, it is a good time of going down memory lane with their teachers, the teachers themselves reconnecting, and also

the year group supporting their teachers in cash and in kind.

Commenting on the upcoming event, the President of the year group, Oheneba Boachie said, “The 2002 year group is excited to be given the chance to appreciate our teachers. Great teachers deserve to be recognised for their hard work and dedication. Teachers play a key role in the lives of students. Given how we entrust teachers with the care and future of children, every day should be teachers’ appreciation day.

“We remember all that our teachers did for us. They did not just teach us but impacted our lives positively and come 2nd December, we look forward to making them feel very special.”

In rallying support from Akoras, Senanu Gbormittah remarked, “Borrowing from the words in our school song, we remember use this opportunity to encourage every member of the OAA 2002 Year Group to get involved and

participate actively in Teachers’ Appreciation Day event, as we remember those who made it for us to be the school of whom we boast.”

The organising committee applauds all old students for their contributions and commitment towards the event. All individuals, old students and corporate bodies interested in supporting this year’s event can email oaaclassof2002@gmail.com.

6

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

Predecessors Awards launches 5-star project in Johannesburg Following the historic Prestigious Annual Predecessors Awards which honored 25 heroes on September 21 in Ghana, the organizers began a four-country launch of a 5-Star Project in Johannesburg, on Sunday October 30, 2022.

Unveiling the projects, the Global President of Relevant Achievers Impacting Nations (Rain Foundations) – Mr. George Kingsley Acquah ESQ delighted the guests as he touched on the Legacy, Foundation, Authority, Successor, and Appreciation Projects. walks of life. A special highlight of the occasion was the maiden launch of EMERGE, a book by Babusi Sibanyoni, a young South African leader, philanthropist and entrepreneur.

Speaking with the renowned Ghanaian writer and Founding President of Rain Foundations, Raphaelle Antwi, he mentioned that after the South Africa launch, the team would launch the Project in Ghana, France and USA. The sixteen-member delegates from Ghana included members of Rain Foundations and Happy Health Haven – Organizers of Predecessors Awards Worldwide.

The Predecessors Awards Worldwide 5-Star Project will be kickstarted in the year 2023.

Absa Bank is CIMG Bank of the Year on the back of a strong performance in 2021, culminating in a record-breaking GH¢1.1 billion GH¢1.6

billion

in

revenues,

balance sheet.

In a release issued in Accra, Absa Bank attributed these to a relentless commitment to always be a step ahead in assessing the bespoke needs of its customers and clients and going the extra mile to create convenience for them.

“The bank also produced a

Absa Bank made a strong impression at the Chartered Institute of Marketing (CIMG) awards held in Accra.

Absa Bank, for the second time in a row, won the “Bank of the Year” while its Managing Director, Abena Osei-Poku won the

Marketing Woman of the Year award.

The CIMG Awards is one of the foremost platforms in Ghana, rewarding excellence in marketing, leadership and transformation in the corporate world.

Absa’s recognition is coming

the year under review, including the transformative partnership with Mastercard Foundation to build the capacity of 5,000 small and medium sized enterprises (SMEs) in Ghana to create 50,000 years.

Absa Bank also collaborated with a Ghanaian company, Flat C

Marine Services, to deliver a wholly-owned Ghanaian currently operating on the shores of Ghana and supporting the burgeoning oil and gas sector,” it added.

Commitment Commenting on the awards, Ms Osei-Poku said: “There is absolutely no way this would have been possible without the relentless work ethic and commitment of our colleagues, management team, our board and all other stakeholders.

Acknowledgments like these encourage us to do more in our customers and clients. They are the reason we are in business,” she added.

| NEWS

MONDAY, SEPTEMBER 5, 2022

7

Samsung GalaxyA series the most special and that is because it says etched in your memory for a long time if not the rest of your life.

Thanks to technology and the emergence of smartphones, we can now take a moment on a leisurely moments and relive them all over again. The new Samsung Galaxy A series can help you reminisce about all the good feelings of nostalgia

Our continent is picturesque and pleasing to the eye and would make excellent snapshots or even background to your next short fun video. The Galaxy A04/A04s/A04e series was built with great features and designed with the user-friendliness to help their users make their lives easier and more entertaining.

With the smartphones’ amazing

cameras, it wouldn’t be shocking

supports Bluetooth and Wi-Fi. The incredible large battery

Galaxy experience. At a cost of $2001 or below, the new Galaxy A series presents the best opportunity to enter the awesome and innovative Galaxy world.

long battery life after just one charge, meaning you can stay connected for longer, capture

The Galaxy A series has impressive features and your eyes will attest as you revisit all your captured display resolution and allows you to enjoy a full, immersive visual experience. The Galaxy A04s comes with 50MP high-resolution awesome triple-camera that lets you capture clear, bright photos of any of your life’s special occasions.

The Galaxy A04 and A04e both come with a Dual Camera - the 50MP primary camera is support2MP depth sensor.

For ease of connectivity, the series

moments and worry less about your battery dying2.

The remarkable Galaxy A series

is made for everyone from all corners of our beautiful continent regardless of age or gender. It has the perfect balance between price and great features and has reliable smartphones ideal for those passionate about memories, fun and family time, sentimental about play time and embrace the child within.

8

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

is set for December edition of The Ghana Garden and Flower Show of plants, garden ornaments, furniture and other gardenthemed items, such as clothing and many others, to contribute to sprucing up your homes and surroundings for Christmas whilst also contributing to the and Environmental Degradation.

The theme, UNLEASHING GROWTH - SPREAD THE LOVE, encourages all of us to take actions to contribute to a Greener, Cleaner, Healthier, Wealthier and a more Beautiful Ghana.

Esther A. N Cobbah, CEO of Stratcomm Africa and Convener of the Ghana Garden and Flower Movement, says, “Christmas is a time of love, we call on all to show love for each other and spread love, including showing love to the earth on which we live. Climate change and environmental degradation threaten our very existence and protect Mother Earth. As we are aware, COP27 is ongoing now and we encourage all to take responsibility and contribute to degradation. “We all have a role to play” she added: “There is health, beauty, wealth and more in protecting the earth, so this Christmas and beyond, go on, love the earth and spread the love”.

Earlier this year, the Movement celebrated 10 years since its

Strategic Communication Africa Limited (Stratcomm Africa) and the Ghana Garden and Flower Movement are set to deliver an enchanting December edition of the exciting Ghana Garden and Flower Show (GGFS). The December edition of the Show was introduced in 2021 to usher in the 10th anniversary of the main GGFS and has become a regular annual activity.

U N L E A S H I N G GROWTH-SPREAD THE LOVE is the theme for this Christmas edition of the Ghana Garden and Flower Show, which will take place from Thursday 8th December to Monday 12th December, 2022 at the Efua Sutherland Children’s Park.

terclasses for Adults and Children, Garden Playground for children, Christmas family activities, as well as a Paint and Sip Session. Stratcomm Africa’s annual end-of-year thanksgiving service, Praise Jam, will also once again take place in the Park on the 11th of December 2022.

The Show will witness exciting Garden and Flower Show exhibiactivities such as Exhibition, tors are poised to meet your gardening workshops and mas- garden needs with a wide variety

commitment to contributing to the realization of the UN Sustainable Development Goals (SDGs) through promoting a Greener, Cleaner, Healthier, Wealthier, more beautiful Ghana.

Stratcomm Africa, through the Ghana Garden and Flower Movement, continues to empower all Ghanaians to adopt Eco friendly lifestyles and help promote sustainable living.

9

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

Chinese projects protect sea turtles in Ghana

By Xu Zheng

Ghana's coastline on the Atlantic Ocean is home to at least three species of sea turtles.

In this natural habitat, they live, breed, and prosper, but have also been constantly facing poaching, sea pollution, and some other threats.

While many Ghanaians devote themselves to protecting the endangered species, more and more Chinese who engage in port projects in Ghana are joining in On Friday afternoon, Chinese workers of CRCC Harbor & Channel Engineering Bureau Group Limited undertaking the Jamestown port project in Ghana received a call from locals, crying for help to rescue two trapped sea turtles along the coast.

The workers rushed to the scene, located the two sea turtles in bad condition, and conveyed them

carefully back to their base by the seaside.

With the help of local workers, a temporary shelter for the turtles was quickly set up, and clean water and food were timely provided.

"We consulted local animal protectors to make sure all procedures are done correctly, and the turtles recovered their strength quickly," said Hu YuecChina-aided project.

Later in the day, some Chinese workers carried the turtles to the beach and released them back into the Atlantic Ocean.

They cheered when the two swam far and the heads poked out of the water.

According to Hu, since last year, four sea turtles stranded onshore, from which they have

gained more knowledge about the sea turtle and their prevention. "Such cases made us come to realize the importance of protecting the creature."

In its response, the project established a task force engaging in the prevention, enhanced their regular patrol along the seaside, and encouraged local information.

"The sea turtle plays an integral part in the marine ecosystem, nobody should shy away from the responsibility of protecting them," Hu added.

As China-Ghana cooperation Chinese-aided or Chinese-built infrastructure projects sprung up across Ghana, many of which take eco-logical protection as a top priority.

In east Ghana's Tema port, the

Chinese-built and largest port in the country, a sea turtle hatchery was built by Chinese workers as early as 2017 to safeguard the vulnerable species that are sensiThe Chinese project cooperated with the local wildlife society and residents nearby to meticulously care for the sea turtle eggs and create a favorable environment for them to breed, which was applauded by animal protectors. worker of the Jamestown port project, praised Chinese projturtles.

"They are shouldering their responsibility for protecting Ghana's eco-environment, which deserves a thumb-up," he said.

Xinhua

10

| FEATURE

WEDNESDAY, NOVEMBER 9, 2022

WEEKLY MARKET REVIEW FOR WEEK ENDING November 9, 2022 MACROECONOMIC INDICATORS

STOCK MARKET REVIEW the week. The GSE Composite Index (GSE CI) remained unchanged for the week closing at year-to-date (YTD) loss of 11.80%. The GSE Financial Stocks Index (GSE FI) also remained

Market capitalization decreased by 0.08% to close the week at GH¢64,678.17 million, from GH¢64,729.79 million at the close of the previ0.28%.

Trading activity recorded a total of 516,886 shares valued at GH¢15,304,079.71 changing hands, compared with 12,764,578 shares, valued at GH¢37,703,219.96 in the preceding week.

MTN dominated volume of trades whiles New Gold dominated value of trades for the week,accounting for 68.35% and 95.66% of shares traded respectively.

The market ended the week with 1 decliner as indicated on the table below. ` Price Movers for the Week Equity Opening Price Closing Price Gain/Loss (%)

CURRENCY MARKET

The Cedi gained some ground against the USD for the week. It traded at GH¢13.0077/$, compared with GH¢13.0091/$ at week open,

0.01% and 53.83% respectively. This compares with YTD depreciation of 2.39% a year ago.

The Cedi strengthened against the GBP for the week. It traded at GH¢14.6948/£, compared with GH¢15.0665/£ at week open, 2.53% and 44.69% respectively. This compares with YTD depreciation of 1.02% a year ago.

The Cedi also strengthened against the Euro for the week. It traded at GH¢12.8857/€, compared with GH¢12.9326/€ at week open, 0.36% and 47.01% respectively. This compares with YTD appreciation of 3.72% a year ago.

The Cedi weakened against the Canadian Dollar for the week. It opened at

WEDNESDAY, NOVEMBER 9, 2022

11

| FEATURE GH¢9.5539/C$

but

closed

at

depreciations of 0.66% and 50.70% respectively. This compares with YTD depreciation of 4.34% a year ago.-

BUSINESS TERM OF THE WEEK

cial obligation maturing within one year.

ABOUT CIDAN CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

COMMODITY MARKET Oil prices settled up by more than 5% amid uncertainty around future interest rate hikes by the U.S. Federal Reserve and a looming EU ban on Russian oil. Brent futures traded at US$98.57 a barrel on Friday, compared to and YTD appreciations of 5.12% and 26.73% respectively.

Gold had its best percentage win in 2½ years on as the hedge funds that typically hammer the yellow metal at any given opportunity gave it a surprising love this time around.

Gold settled at US$1,676.60, from and YTD depreciation of 1.93% and 8.31% respectively.

The price of Cocoa recorded an increase for the week. The commodity traded at US$2,434.00 per tonne on Friday, from

GOVERNMENT SECURITY MARKET Source: Ghana Stock Exchange GOVERNMENT SECURITIES MARKET Government raised a sum of GH¢1,236.62 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢701.42 million raised in the previous week.

The 91-Day Bill settled at 33.34% p.a from 32.70% p.a. last week whilst the 182-Day Bill settled at 34.85% p.a from 34.26% p.a. last week. The 364-Day Bill settled at 34.80% p.a from 33.36% p.a. last week. The table and graph below highlight primary market yields at close of the week.

RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069 CORPORATE INFORMATION CIDAN Investments Limited CIDAN House Plot No. 169 Block 6 Haatso, North Legon – Accra Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351 Email: info@cidaninvestmens.com Website: www.cidaninvestments.com DisclaimerThe contents of this report have been prepared to provide you with general information only. Information provided on and available from

L imited Copyright @ 2019 Business24 Limited. All Rights Reserved.

Your subscription along with the support of businesses that advertise in Business24 -- makes an investment in journalism that is essential to keep the business community in Ghana wellinformed.

We value your support and loyalty.

Contact: editor@business24.com.gh Newsroom: 030 296 5315 Advertising / Sales: +233 24 212 2742

12

| AFRICAN BUSINESS

WEDNESDAY, NOVEMBER 9, 2022

13

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

14

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

Nationwide Medical Insurance Ceo Receives Outstanding African Professional Award In Health Insurance The African Outstanding Professionals Awards is a pan-African awards scheme designed to identify and publicly recognize capable and accomplished professionals across the various delin-

Nationwide Medical Insurance, Nancy Ampah has been adjudged the Outstanding African Professional in health insurance at the African Professionals Awards held in Ethiopia.

awards scheme is open to indigenous Africans and foreign nationals who are domiciled and professionally active in Africa.

The awards aim to encourage and promote professionalism in socio-economic activity all around the continent to support tive within the emergent global economy and society, and to directly identify professionals who are world-class in their activities.

Commenting on the award, Nancy said, “I am humbled to receive this award amid the

recognition and honour it comes with. I thank the organizers for the recognition and the entire Nationwide team for their support. I dedicate this award to Nationwide Medical Insurance for their support as I steer the company forward to attain greater heights. Nationwide Medical Insurance continues to dominate the private health insurance industry due to the collective excited to lead”.

Nancy Ampah has been leading Nationwide Medical Insurance for over a decade and has substantial experience in research [School of Public Health] and health insurance, having worked with the National Health Insurance Scheme (NHIS) from its inception in manage-

ment.

Under her stewardship, Nationwide has received several awards, including being a four-time award winner of the health insurance company of the year and the private health insurance hall of fame award at the Ghana Insurance Awards.

The company has also joined the prestigious Ghana Club 100.

Nancy Ampah is a thought leader in health insurance, having presented and participated in several local and international conferences and seminars on the subject. She doubles as the Acting President of the Private Health Insurance Association of Ghana (PHIAG) and has more than 15 awards in health insurance and leadership to her credit.

Corporate Governance and Stakeholders Value System (Part 2)

The story of Chinese bamboos comes good corporate governance practices, as it paints a good picture of an institution that is built on a rocky foundation as compared to the one built on sandy foundation. Wind will blow, storms will come against each category of institutions, but the quality of their foundations will determine what will become of each institution.

The story has it that the Chinese bamboos, after planting, will show negligible signs of physical growth within ness or beauty to behold within this early period. However, within few weeks of the 5th year of planting,

Every business entity will experience storms and winds as they transverse through stages of development in life. These “winds” and “storms” are forces beyond the control of any business and as such, they are external in nature, just like the natural winds and storms which some legalistically (but erroneous, in my own view) call the ‘acts of God’. These forces could be competition, governmental policies, economic shocks, technological shift, shift in consumers behaviours etc. they will shoot up to an amazing height of about 80 feet tall.

What then were they doing in Corporate Governance Practices

busy taking root downward such that by the time they attained the potential heights, no wind or storm can easily bring them down. Such should be said of any business that is built to last through practices of good corporate governance.

Good corporate governance may not immediately yield the antees a rock solid foundation upon which the business will rest, now and in the future.

Often, while discussing concepts such as corporate governance, I have noticed that attentions are hardly focused on intrinsic values of stakeholders in ensuring practices of good corporate governance.

Attentions are rather focused on the charter of corporate governance, which are nothing but written documents that are meant to provide the needed guide to practices of good corporate governance. If these

were enough, how can we explain the collapse of Enron?

How can we explain the collapse of various institutions that started well but went bankrupt along say these institutions did not have any corporate governance enacted? No!, of course. Also, how can we explain that many of these institutions are audited by renown auditors? Authur Andersen, who happened to be one of the “Big 5”, was the Auditor of Enron. This also supports that having good corporate governance structure in place does not translate to good corporate governance practices. Indeed, there are institutions today who may not have enacted any governance rule but intrinsically are practicing corporate governance.

It becomes very important then, to have our searchlight on some hidden or intrinsic values of

15

| NEWS

various stakeholders that can help will soon bring the most promote practices of good corpo- stable-looking institutions down crumbling, if not stopped. They rate governance. do virtually everything possible to get around an established Ethical Leadership Research shows that businesses system to make gains by all possiwhose leaders act ethically are ble means. The major problem of more sustainable with better unethical leaders is to make according to a report published by the Chartered Management Institute (CMI) in October 2019.(1) of “The key point is long-term. Every stakeholder has intrinsic values which ultimately drive them in what they do. These intrinsic values must be in alignment with the enacted corporate values before good corporate governance practice can become a culture within a corporate environment rather than being an uphill task. In the part 1 of this series, I wrote that, having corporate governance framework in place is one of the simplest things to do while establishing corporate governance in an institution. This can be bought with money. However, it takes more than documents to establish a good corporate governance culture within an organization. Having an ethical leader or ethical Directors tion is a major boost to its good CG practices.

An ethical leader is the one that in doing what is right within the organization. An ethical leader work without any interference. A book titled “The smartest guys in the room” detailed the unethical practices of the bosses of Enron which eventually brought that company to its knees. To them, they were being smart! Unethical practices are not smartness at all, they are business cancers. They

People with integrity can naturally follow rules that speak to the

they are not actively stated. An institution that is serious about hiring people with integrity may engage ‘pre-integrity test’ during the pre-hiring screening processes. Even if it is not accurate, it They ‘buy’ the consciences of can help to a large extent. other unethical guys in the authorities, governments, societ- Greed ies, etc. What they fail to under- When people are greedy, they stand is that people may be are greedy! It takes more than bought, but the systems cannot following set of rules to become be bought. Systems are there to not greedy. Greedy people are stay while managers of systems will come, stay for some time and themselves at the expense of leave or get relieved. The people whosoever comes their ways. that are ‘bought’ today will not Greedy people can bypass any be there tomorrow. You will laid down principles to get at never be sure of when there will their goals and objectives, yet, be changes that will bring ethical they will make it look like they people to the position of authori- are stickler to laid down rules. ty of a particular system, which Greedy leaders reward those will signal the beginning of the who increased the fortune of the end! organization through dubious means and stigmatise and look Integrity down on those who are trying to Ethics and integrity go in the play by the rules. Greedy personsame direction within an organi- alities have insatiable craves for zation setting. Ethics are set of things – cars, houses, money etc. rules that guide stakeholders in a These are perks of life and they particular profession which if not are good if they come through followed, could lead to undesir- transparent manners or personal able results. Following those sources. However, greedy bosses rules make someone ethical.

Integrity is the quality of a these are clean entitlements by person that makes him honest virtue of status, roles and posiand fair in his handling of issues within or without a corporate books are manipulated to make institution. It is what a person is them legitimate acquisition, then While ethics may be more outward in nature, integrity is internal. Ethical people are mostly guarded to doing things right to avoid the penalty of not doing so while people of integrity are more intrinsically or self-motivated to do the right thing.

it is greed! This insatiable desire for things can cause even the watchdogs to be compromised.

Human is always the weakest link and greed is the driving force that makes the system’s ‘police’ look the other way. In our example of enron, not only were the top executives greedy, but they

WEDNESDAY, NOVEMBER 9, 2022

were also able to appeal to the consciences of others, using the emotion of greed to make them do the things they wont do normally. This made others like their traders, watchdogs, analysts and bureaucrats looked the other way. Although the corporate governance was in place, a culture of systemic bypasses by the top executives a matter of time before the bubble busted and a company that was touted as “the most innovative company in corporate America” by FORTUNE consecutively for 6 years between 1995 and 2000 came crumbling like pack of cards in 2001(1). No structure can last long on lies! Unfortunately, there is never a place called ‘enough’ when this cancer is allowed to fester. It leads its victim on until there is nothing more to feast on, until the balloon is busted.

I hope this serves as a wakeup call for the executives who are being manipulated by greed and in turn using their positions to reward unethical executives so that the greedy tracks can be covered or cleared.

Source:

1.

Enron – Case of Corporate Governance Failure, Rajwani Ishwar, September 2021.

Disclaimer: The views expressed are personal views and doesn’t represent that of the media house or institution the writer works .

About the writer George Babafemi, Executive Director, eTranzact Ghana Ltd Contact: babafemigeorge@yahoo.com, Cell: +233 244285147

16

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

17

| NEWS

WEDNESDAY, NOVEMBER 9, 2022

WWW.BUSINESS24.COM.GH

|

NO. B24/317 | NEWS FOR BUSINESS LEADERS

WEDNESDAY, NOVEMBER 9, 2022

for the Future 2022

Leading ICT Company, Huawei Ghanaian tertiary ladies the opportunity to take part in its global bility (CSR) program, “Seeds for the Future 2022”.

The program which began on October 31 climaxed today, November in Accra with a Tech4Good competition among 11 teams from Finland, Baltics, Iceland, Norway, Sweden and Ghana.

The Tech4Good project is an initiative started in 2021 under the Huawei Seeds for the Future digital skills training program. The program comes in the form of a competition designed to help young adults learn about latest trends in digitalization and enable them explore how digital technologies can address common societal problems.

the competition, two teams from Ghana (Peerless Techies and The Ace Seeds) and one team from Iceland (Niceland) made it to Good competition is expected to be announced on 9th November, 2022, after which a national awards ceremony will be held on 17th November, 2022 to celebrate outstanding student and teams from Ghana.

with the requisite leadership and ICT skills needed to keep them relevant in the ICT ecosystem. He further revealed that the Tech4Good project will build on their problem-solving skills and groom them to become independent thinkers with support from their designated project mentors.

ing from the initiative.

The Deputy Minister of Communications and Digitalization, Hon. Ama Pomaa Boateng during the

So far, the Huawei Seeds for the

launch of the 2022 Seeds for the Future Program in Ghana, the Deputy Managing Director of Huawei Ghana, Mr. Kweku Essuman Quansah indicated that, the dedication of this year’s Seeds for the Future program to females, falls in line with the company’s commitment to promote the participation of more women in STEM (Science, Technology, Engineering and Mathematics).

also applauded Huawei for its commitment aimed at harnessing the potential of young women, to enable them compete equitably in the ICT space.

females.

The program, according to Mr. Quansah, will equip participants

EDITOR: BENSON AFFUL editor@business24.com.gh | +233 545 516 133.

According to her Huawei, in partnership with the Ministry of Communications and Digitalization have successfully trained over 25,000 Senior High School (SHS) Girls in Cyber Security and Privacy Protection this year, with over -

PUBLISHED BY BUSINESS24 LTD. TEL: 030 296 5297, 030 296 5315.

The Deputy Minister of Communications and Digitalization encouraged the 2022 Seeds for the 8-days intensive online training seriously and place Ghana on top of the Global Seeds ladder.

220 tertiary students with 50 per