Business24 Newspaper 5 December 22

Page 1

WASSCE results prove Free SHS is working well – Akufo-Addo MONDAY, DECEMBER 5, 2022 COM GH Stor y on page 2 Stor y on page 4 Stor y on page 2 Stor y on page 5 Woodin to launch e-commerce platform FBN Bank opens East Legon Branch ECA pushes for scaling up local vaccine manufacturing in Africa
By
Davis Stor y on page 3 Stor y on page 4
By Eugene Davis
Eugene

WASSCE results prove Free SHS is working well –Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has described the results of the 2022 batch of students who wrote the West Africa Senior Secondary Certi cate Examination (WASSCE) as the best in the last eight years.

According to President Akufo-Addo, “six (6) years on following the implementation of the Free Senior High School policy, which has guaranteed a minimum of Senior High School education for 1.7 million Ghana ian children, the highest such enrolment in our history, I can state, without equivocation, that I am very proud of the policy and of its results thus far.”

Delivering an address at the 70th Anniversary Celebration of Opoku Ware Senior High School, on Saturday, 3rd December 2022, the President noted that the 2022 WASSCE results of the third batch of the “Akufo-Addo graduates” shows 60.39% of students recording A1-C6 in English, as opposed to 51.6% in 2016.”

In Integrated Science, he noted that 62.45% recorded A1-C6 in Integrated Science in 2022, as opposed to 48.35% in 2016, with the 2022 result being a slight regression from the 2021 pass rate of 65.70%.

President Akufo-Addo added that 61.39% of students recorded A1-C6 in Mathematics, as com pared to 33.12% in 2016; and 71.51% recorded A1-C6 in Social Studies, as compared to 54.55% in 2016.

“Lest we forget, the 2021 batch of students, who also obtained very commendable results, were the pioneers of the double track system, which elicited a lot of vili cation and unfounded criti cism on its introduction,” he said.

The President continued, “The 2022 results are the best of the last eight (8) years. Surely, there can no longer be any controver sy about the validity of the Free SHS policy and its consequential measures. It is working, and working well.”

In his address, President Akufo-Addo told the gathering, which included the Asantehene, Otumfuo Osei Tutu II, and the Chairperson of the Council of State, Nana Otuo Sriboe II, histo ry, and the experiences of devel oped nations, have shown the world that the most e cient way to create a society of opportuni ties, and, thereby, guarantee the future of our nation, is by invest ing in education and skills train ing of our youth.

This, he said, is because “it is the people of Ghana, Ghanaians like you and I, and especially the youth of today, who are going to build Ghana. Without an educated populace, we cannot transition from the status of a developing to a devel oped nation.”

It is for this reason, President Akufo-Addo stated that, in spite of the economic di culties confronting our nation, “Gov ernment has devoted even more resources for the running of the Free SHS policy. From a budget of GH¢2.3 billion in 2022, a 28.6% increase has been applied to this year’s budget for Free SHS, i.e., GH¢2.96 billion.”

Just like he did at the Farmers’ Day Celebration, the President called on all Ghanaians, in these di cult times, to support the scal measures that the Govern ment has proposed to enable us achieve the goal of restoring macroeconomic stability and promoting inclusive growth, whilst protecting the poor.

“I am optimistic the policies outlined in the 2023 budget will go a long way to address the economic challenges with which we are faced,” he added.

2 | THEBUSINESS24ONLINE COM News 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 Copyright @ 2019 Business24 Limited All Rights Reser ved L imi t e d

ECA pushes for scaling up local vaccine manufacturing in Africa

The Group Head of Marketing and Corporate A airs at the insurance group, Hollard Ghana, Cynthia Ofori-Dwum fuo, is the Chartered Institute of Marketing Ghana's (CIMG) Mar keting Practitioner of the Year, 2021.

She was honoured at the just-ended 33rd Annual Nation al Marketing Performance Awards ceremony at the Labadi Beach Hotel.

This year's event was under the theme "Creative Marketing and Innovation in a Volatile Global Economy." CIMG recognised Cynthia for leading Hollard Gha na's innovative brand-building e orts. In addition, they cited her for excellence in marketing insights, people, corporate and reputation management, CSR, and sound marketing strategies. According to the Institute, this set Cynthia and Hollard apart as corporate achievers for 2021.

Cynthia expressed gratitude to the Governing Council of CIMG for the honour. She said, "Thank you! It's ful lling to be acknowledged by the presti

gious CIMG for our quest to create and secure a better future through inventive marketing. Impactful marketing happens at the con u ence of visionary leadership, an enabling environment, purpose, hard work, a fantastic team, and a great brand style. It takes a village, so I thank Hollard, my family, and the extended community for their supportive advocacy. "Akpe na wo," to Group CEO Patience Akyia nu, MDs Daniel Addo and Nashiru Iddrisu, and the larger purple team, especially Elorm Senah and Aviel Benni Derry."

"Marketing insurance is no small feat, especially in this volatile global economy. It requires the right expert to drive strategic brand and customer initiatives that are attractive to target audi ences. Hollardite Cynthia has been remarkable at promoting our vibrancy and business purpose. Her impactful work with her team has resulted in our group's excep tional brand growth. Also, her collaborative work with our People Team has seen increased sta engagement and company

pride.”

“Furthermore, through our unconventional brand engage ments, she has undoubtedly spurred a burst of competitive activity in our previously quiet insurance industry. As a result, she has contributed to increas ing insurance penetration in Ghana while making us a favour ite. We are proud of her CIMG achievement and dedicate the win to our customers, partners, and stakeholders for being receptive audiences. As a mar keting-oriented company, we will continue to serve them better through our original products, distinctive distribu tion channels, and customised policies 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 pres tigious SABRE (Superior Achievement in Branding, Rep utation, and Engagement) Inno vator 25 list by globally respect

ed PRovoke Media. Moreso, she is called one of the Top 10 Women in PR by Women in PR Ghana and listed by Avance Media among the 50 Most In u ential Young Ghanaians in Lead ership and Civil Society.

Cynthia is currently the Group Head of Marketing and Corpo rate A airs at Hollard Ghana. Previously, she held senior roles at top advertising and communi cations 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 sever al boards, including the execu tive council of the Institute of Public Relations Ghana.

She is an Accredited Public Rela tions Professional (APR) with an MA in Professional Communica tion from Clemson University, USA, and a BA in Economics from Kwame Nkrumah Universi

MONDAY, DECEMBER 5, 2022 | FEATURE 3
Tex Styles Ghana Limited -man ufacturers of Woodin,GTP and Vlisco fabrics is expected to launch its retail online platform sometime middle of December, the Sales Director at Texstyles Ghana, Emmanuel Debrah Kissi has said.

ater Accra region last Thursday. According to him, under this e-commerce initiative, they are focused on turbo-charging their online business both in Ghana and internationally and also see a real opportunity in extending the number of countries where they can run an online channel.

Bene t

For Mr. Debrah Kissi, the bene ts of introducing and expand ing their online presence is enormous, “You can sit at the comfort of your home, to be able to choose any design that we have, di erent colour, we are collaborating with DHL and Ghana Post to be able to deliver it straight to your address or wherever you are located, we expect this should be able to help, you don’t have to drive all the way through tra c just to go and buy a six piece yard of Nustyle or any GTP product.

Sustainability

Tex Styles Ghana intends to build on this initiative once they start rolling it out, as they have already set up a customer service team to handle it.

“Currently what we have done is

before the launch of the e-com merce platform, is that we have an online whatsapp shop, that we take orders from and we give them to our partner shops based on where you are located across the country, so basically this is what we do now.”

Challenges

Last year and this year, Tex Styles Ghana posted some losses which has a ected their sales and their margins reduced as well, owing to agging economic situation in the country and coronavirus respectively.

“The exchange rate is one of the major challenges we are having as a country, because most of the things we buy are in USD and Euros, so buying it and selling in Ghana Cedis, after that you have to change it back, so the deprecia tion has really hit us, which is why we are resorting to increas ing the price but unfortunately, we are not able to increase at the rate the cedi is depreciating as well the in ation, our margins are reducing.

This year has really been a di cult year, we have actually e ect

ed about 25percent averagely to try and close the gap that we have and then with the piracy once we have our own designs coming from China, same designs but at 30percent cheap er and 20percent in terms of higher margins ,customers go for that and it hits us, so our rate of sales is reducing in the trade which is a ecting us, same period we had already done about 17m yards but currently we have done about 15m yards and the December is not really looking good, we are not really seeing the euphoria around, so sales is not really going to be as the past years especially as we have increased prices by 25 percent, so it is going to really impact it, as in terms of volumes.”

On how the company can over come some of its challenges, the Sales Director explained that government can help the com pany regarding the Residual Fuel Oil (RFO), which has been withdrawn and is having a toll on their production.

“Beginning of the year, we were enjoying 55percent subsidy , around July 15percent was with

drawn so we were enjoying at least 40percent, e ective 1st November the entire 40percent is gone and so our utility cost is gone up by that margin and we are paying full 100 percent price for the cost of RFO and is actually even a challenge getting it because currently what is avail able will just last up till end of December, if we don’t get any BDC bringing some stock in the country, this year we have had to shut down about twice or thrice based on the unavailability of RFO, rst we need it available and if government can subsidise, maybe we might not get the 55percent , even if its 20percent it will help us, so we can reduce our cost of production.”

Targets

The company has a target of 21m yards but are unable to meet it due to challenges “This year we were supposed to do about 21m yards overall [GTP alone we were supposed to do about 17m yards, but as we speak, we have done about 15m so we expecting about 20 – 25percent gap for the end of year. Next year, with the way things are going, if we can do anything it will be around 13 –14m.” he added.

FBNBank opens East Legon Branch

deliver a great lifestyle with priority service, comfort, securi ty, luxury and access to nancial advisory services as the bene ts to customers.

The commissioning ceremony was attended by clients, custom ers, sta and key personalities. The ceremony included a tour of the branch which o ered guests the opportunity to have a look inside the branch to enable customers experience the delight, convenience and securi ty in the banking hall and Premi um Banking lounge.

promise of putting our stake holders rst.”

FBNBank in a short but impres sive ceremony has o cially opened its new East Legon Branch as it continues to focus on its e orts to bring banking services closer to the doorstep of its customers and clients.

The East Legon branch of FBN Bank, the 23rd and 27th distinct footprint in its branch network, is located on the main Lagos Avenue, opposite the Radford

University. This branch is special ly designed to o er retail, com mercial and premium banking services to its customers and clients around East Legon and its environs. This new branch is expected to attend to the needs of Small Medium and Enterprises (SMEs), retail customers and also that of the signi cant student population in that catchment area. It also o ers FBNBank’s Premium Banking which aims to

Delivering the welcome address, Mr. Victor Yaw Asante, Managing Director and Chief Executive O cer of FBNBank said, “the setting up of this branch is in line with the Bank’s agenda to put in place the right structures to cater for individual and corporate clients, some of whom are in East Legon and its environs. As we continue to get closer to our customers and clients, and also continue to develop customized products and services to suit their needs, even for prospective clients, we bring alive our brand

Mr. Asante mentioned that, “FBNBank is aware of the height ened role of banks in the current economic situation and it is well placed to partner with its customers to navigate these uncertain times. He added that, “this branch has therefore been speci cally located to support the growing business and human population in the East Legon enclave all in alignment with our customer-centric agenda. Over the last few years, we have seen a number of businesses estab lished here to meet the growing needs of the fast-growing human population. Quite a number of these businesses happen to be SMEs. In addition to this, this enclave accommodates several tertiary institutions with their huge youth population not to mention the numerous residents here who all need an exciting banking relationship like what FBNBank o ers.”

FBNBank in the past ve years has improved on its o ering by introducing several unique prod

MONDAY, DECEMBER 5, 2022 4 | NEWS

ucts aimed at SMEs and retail customers. The Bank has within that same period opened new branches at Osu, Tip Toe Lane, Atomic Junction and Abossey Okai. Other branches, like Ring Road Central, Tema Community One Market Square and Kanesh ie, have been refurbished, recommissioned for an

improved interaction and experi ence for all customers and clients. The Bank has also added an agency at GPHA focused on servicing port-related businesses.

FBNBank has in its 26 years of operating in Ghana remained focused on putting its customers and communities rst. This, it

has sought to do through the rich value and excellence of what the Bank contributes to the relation ship with its stakeholders as a whole, particularly the Custom ers. FBNBank Ghana is a member of the First Bank of Nigeria Limit ed Group which is renowned for its great customer service and general stakeholder engagement

garnered over its 128 years of operation. FBNBank Ghana has twenty-three (23) branches and three (3) agencies across the country with close to 500 sta . FBNBank o ers universal bank ing service to the individuals and businesses in Ghana.

Vodafone brings back ‘Unlimited Christmas’ promotion for broadband customers

users will enjoy unrestricted browsing for 30 days after paying a minimum of two months’ worth of their current xed broadband package.

“Christmas is here, and we want to reward our customers for their loyalty and make it easy for them to stay in touch with their loved ones during the holidays,” said David Umoh, Director of the Consumer Business Unit at Voda fone Ghana.

customers during the holiday season,” he continued. This o er is available to all exist ing and new customers who make a minimum payment of two months’ worth of their current xed broadband pack age between December 1st and 31st.

Mr Umoh urged all Vodafone xed broadband customers to take advantage of the o er while it lasts.

ers ahead of the holidays. Under this o er, both new and existing Vodafone broadband

Speaking on why Vodafone customers have always been enthusiastic about the Unlimited Christmas o er over the years, David explained, “One reason this o er is always so well-re ceived is because it satis es our customers’ need to stay connect ed to the people and things they love. We are always exploring ways to make connectivity more a ordable and accessible to our customers, which is the reason we have brought back the Unlim ited Christmas promotion to provide greater value to our

To enjoy this o er, customers need only dial *900# on any Vodafone mobile number or visit https://myvodafone.voda fone.com.gh or download MyVodafoneApp on the Google & App store to make payment.

New customers can visit www. b.vodafone.com.gh or any Vodafone Retail Shop to check the availability of the bre service in their community and subscribe to the ultrafast bre broadband service.

A new way to homeownership by Absa Bank

There are two kinds of people in this world. Those that regard retirement as a necessity to be planned for. And those that pay it no mind.

For those in the former category, retirement is a certainty of work ing life. It is inevitable for every salaried worker and must be approached with care and good planning. The necessities of life; shelter, food and clothing are guarantees that every pensioner must have; including access to good healthcare.

However, perhaps the most important expectation is to have a place to lay your head when you transit into retirement. But this is where it gets tricky for most Ghanaians.

The country's real estate sector continues to see signi cant growth in the past few years due to the population boom in urban

real estate blitz. However, the cost of owning a home is beyond reach for most Ghanaians.

Investing in home ownership can consume more than half of one's working life with attendant com plications. Whilst access to long term loans is mostly the way out of this, such an opportunity tends to be limited and out of reach for many Ghanaians due to a diversi ty of economic factors.

Now thanks to Absa Bank, a new pension-backed mortgage prod uct has emerged, which is set to rede ne the concept of home ownership for workers in Ghana. Thanks to this new innovation, workers can use their pension contribution as security against their personal mortgages. With a maximum ticket size of up to

GHS5 million, every salaried worker can now enjoy the com fort of securing that dream house, and the comfort of not facing re-possession and loan defaults.

Managing Principal of Retail and Business Banking at Absa Bank, Kobla Nyaletey remarks: "We are always in the business of providing convenience for our customers every step of the way. Owning a home before going on pension sets the stage for a very comfortable life as you begin the new journey. Our pension-backed mortgage prod uct gives additional security and peace of mind as you transition from working to retirement. Overall, we are excited that we are among a few banks to intro duce this new product; it speaks to our commitment to helping our customers get things done.”

The pension-backed mortgage product provides up to 100% nancing to salaried workers at competitive rates, a tenure of 20 years with an insurance cover and guaranteed partnerships with reputable real estate com panies. With this package, there is no need to wait to go on pension before getting that new home you have always dreamt of. You can get it today.

MONDAY, DECEMBER 5, 2022 | NEWS 5
Vodafone Ghana has reintroduced its exciting Unlimited Christmas o er for xed broadband custom

Our focus has been to better the lives of Ghanaians – Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta, has said that the over reaching focus of the president Akufo-Addo government has been to do their utmost to make lives better for the citizens.

Appearing before the Adhoc Commit tee of Parliament hearing the censure motion brought against, Mr Ofori-At ta said everything that the adminis tration had sought to do was aimed at making the lives of the people better. He also assured the committee that he would be forthright in his respons es with the aim of aiding them to establish the truth.

He said the motion contained dispar aging remarks that attacked his integ rity and vowed to help give Ghana ians a balance views of issues.

“Hon Co-Chairs, during the course of my remarks this morning, you can expect forthrightness.

The proponents’ motion of censure has accused me of many things and includes some very disparaging remarks and attacks on my person and integrity.

“I am certain that Ghanaians will have a more balanced view of the events that led us here as I take the opportunity to speak to the matters raised,” he said, He said his principal re ections were to ensure that by the end of the proceedings, “the truth will have taken center stage.

He was hopeful that that truth would help dispell any unfounded doubts about his motives, competence, and character.

“Before I proceed with my detailed responses, I would like to make a personal comment to the Ghanaian people: Since, the Akufo-Addo government came into o ce in 2017, every thing we have sought to do was

aimed at making the lives of the people better.

“We have been focused on this vision to improve lives and in the rst four years, our e orts were leading to a reali sation of the vision,” he said. The nance minister went a step further to apologize to Ghanaians for the current hardships being faced by all.

“…Let me use this opportuni

ty to say to the Ghanaian people what I believe, with courage, every nance minister around the world may wish to say to his people now: I am truly sorry.

“He continued his opening remarks by outlining the achievements of the govern ment prior to global events that have torpedoed the develop ment agenda.

Bawumia launches $450m Gulf of Guinea Northern Regions Social Cohesion Project

West African countries, in the face of emerging extremism in the West African sub-region.

northern part of Ghana."

Vice President Dr. Mahamudu Bawumia has launched a multi-country development project dubbed, the Gulf of Guinea Northern Regions Social Cohesion (SOCO) Project in Bolgatanga.

The SOCO Project is a $450

million multi-country Credit Facility Project secured by the Governments of Ghana, Cote d’ Ivoire, Togo and Benin from the World Bank, and the project is aimed at improving facilities and security in the northern sectors and border towns of the four

Launching the project in Bolga tanga on Friday November 25, 2022, Vice President Bawumia revealed that out of the total amount of $450m facility, the Government of Ghana has secured US $150Million to imple ment the Project in forty-eight (48) Metropolitan, Municipal and District Assemblies (MMDAs) in six regions of the country, distrib uted as follows: Northern – eight (8) District Assemblies, North East – six (6) District Assemblies , Upper East - all the fteen (15) District Assemblies, Upper West –all the eleven (11) District Assem blies , Savannah - four (4) District Assemblies and Oti – four (4) District Assemblies. .

Dr. Bawumia described the proj ect as "a very important and timely intervention aimed at addressing some key emerging and recurring challenges in the

"The Project has been conceived and designed to address the e ects of the spill over of con icts and extremism from the Sahel Region; reduce vulner ability because of exposure to the impacts of climate change; strengthen local institutions; improve economic opportuni ties and build public trust," he added.

For the Ghana project, the Vice President further explained that the project will focus mostly on border communities in these regions, where the citizenry especially women and youth are exposed and susceptible to the threats of terrorism from the Sahel Region.

"This is very signi cant as coun tries all over the world are pursuing strategies to address these challenges in view of the anticipated worsening of the situation if the necessary

MONDAY, DECEMBER 5, 2022 6 | NEWS

interventions are not promptly instituted," said the Vice Presi dent.

"The project as conceptualized, takes cognizance of regional perspectives and impact of the issues that are common to the four countries, whilst enabling country led actions that respond

to local needs. It also leverages experience sharing on preven tion of the spillover e ects from the Sahel, fragilities, climate-related risks in the four (4) participating Gulf of Guinea countries, as well as, con ict prevention by the a ected countries," he added.

The project will also prioritize the needs of communities and strengthen local institutions to give the citizenry, especially the vulnerable, a voice to take part, in uence and play a vital role in prioritizing local development investments, as well as, promote social cohesion and build trust in

their communities.

For almost a decade, the living conditions of over sixteen million people living in the northern parts of Benin, Côte d’Ivoire, Ghana, and Togo have been threatened by the spread of con ict from the Sahel, which has led to increased

African leaders call for faster industrialization during African Union Summit

sectors.

“Africa has an abundance of natural resources, oil, gas, min erals and metals, as well as a vast blue economy that needs to be rapidly industrialized,” Adesina said. "The future of electric cars in the world depends on Africa, given its vast deposits of rare mineral resources, including lithi um-ion, cobalt, nickel and copper. The size of the electric vehicle market has been estimated at $7 trillion by 2030 and $46 trillion by 2050. Build ing precursor facilities for lithi um-ion batteries in Africa will cost three times less than in other parts of the world,” he

African leaders reviewed the continent’s progress in industri alization, economic diversi ca tion, and the African Continental Free Trade Area (AfCFTA) in the context of global shocks, debt vulnerabilities, climate change, and security concerns.

Twenty heads of state and government as well as their representatives attended the African Union Extraordinary Summit on Industrialization, Economic Diversi cation, and the AfCFTA in Niamey.

"Not so long ago, the juxtaposi tion of the words industrializa tion and Africa might have seemed incongruous. Today, the question it raises is mainly one of ways and means,” said Nigerien President Mohamed Bazoum, the summit’s host. “This in itself is proof that we are on the right track. A Nigerien proverb says, " You cannot stop a river,” he added.

Bazoum called on African coun tries to entrench the rule of law to catalyze the emergence of the African private sector, unleash the energies of African entrepre neurs, and simplify the business environment.

"Inclusive, coherent, and sequenced industrialization that

we want cannot be imposed and can only be achieved by creating synergies between the private and public sectors to empower small and medium sized enterprises and create quality jobs. .”

Bazoum added: “the youthful ness of the population and its growth, which are a challenge, can constitute an asset, provid ed the demographic transition is well-managed.”

His Nigerian counterpart, Presi dent Muhammadu Buhari. echoed the sentiment. He said, “The African continent is bless ed with a large youth popula tion that can meet our labor shortages. Therefore, we need to tap into this abundant human resource by providing our youth with quality educa tion that is relevant to their goals and meets the require ments of the labor market.”

For President Paul Kagame of Rwanda, the way forward on industrialization entails invest ment in energy and infrastruc ture.

"The pace of industrialization in Africa is still too slow to achieve Africa's development goals under Agenda 2063,” said Kagame. “We need to invest more of our national budgets in

industrial policy, and signi cantly increase energy and infrastructure capacity."

In a speech read on his behalf, African Development Bank Presi dent Akinwumi Adesina noted that free trade areas had brought prosperity worldwide not by trad ing low-value products, but by industrial production. “It is, there fore, clear that Africa's prosperity must no longer depend on exports of raw materials but on value-add ed nished products,” he said.

Marie-Laure Akin-Olugbade, Afri can Development Bank acting vice president for Regional Develop ment, Integration and Service Delivery, represented Dr. Adesina and delivered the speech on his behalf.

“Across Africa, we need to turn cocoa beans into chocolate, cotton into textiles and garments, co ee beans into brewed co ee,” Adesi na said. He said the Bank was investing $25 billion to transform the continent's agricultural sector and unlock the agribusiness market, which is expected to reach $1 trillion in value by 2030.

The Bank chief also detailed e orts to develop spheres that will boost Africa's industrialization and economic diversi cation, includ ing the energy, health, natural resources, and pharmaceutical

During the summit, the African Development Bank, the African Union, and the United Nations Industrial Development Organi zation launched the inaugural Africa Industrial Index. The joint report showed that 37 out of 52 African countries have industrialized over the past 11 years. The study provides a country-level assessment of the progress made by the 52 Afri can countries based on 19 key indicators.

The 19 indicators in the index cover manufacturing perfor mance, capital, labor, business environment, infrastructure, and macroeconomic stability.

The index also ranks the level of industrialization of African countries along various dimen sions such as capital, labor endowments, , institutions, infrastructure, and macroeco nomic stability, amongst others.

South Africa has maintained a very high ranking throughout the 2010-2021 period, followed closely by Morocco, which is in second place in 2022. Egypt, Tunisia, Mauritius and Eswatini complete the top six over the period.

The report will help African governments to identify bench mark countries to better assess

MONDAY, DECEMBER 5, 2022 | FEATURE 7

GOIL, GTA show how

By popular request, Yours Truly continues this week, the conver sations around state enterprises that are proving to be the excep tions in the midst of abysmal SOE performance.

Four weeks ago, I gave a snap shot of an SOE where ex-sta have not been paid their ex-gratia 10 years after retirement. In one such organisation, work ers now go to work in alternate batches: a certain number per week.

What exactly is the problem? I know of one or two organisations which are su ering the e ect of dwindling demand for their prod ucts universally.

This week, I continue with SOEs whose performance is proof that the quality of manage ment/board is a factor of change. From what is unfolding at Ghana Oil Limited (GOIL), Ghana Tour ism Authority (GTA) and the Driver and Vehicle Licensing Authority (DVLA), I can hypothe sise that knowledgeable CEOs who feel good about themselves, con dent in their own abilities, and are driven by a vision bigger than themselves, are more likely to think with and empower line managers.

O, of course, they leave the corporate rod visible – just in case.

GOIL

I can say this about two CEOs, namely Mr Kwame Osei Prem peh (GOIL), who has been around since 2019, and Mr Kwasi Agyemang, GTA’s whizz since 2017.

To these, add Nana Akomea of STC, about which I wrote last week.

To those of us who saw how low GOIL sank before 2012 — all doom and gloom — with noth ing that attracted motorists to ll up or lubricate at its lling stations —the turnaround at this state oil marketer today is simply a case study at a Busi ness School at Legon or GIMPA.

I am old enough to know that once upon a time, all lling stations were known as Shell.

Today, it is GOIL. From pre-2012 levels when GOIL lling stations could be counted on the ngers, the company currently has over 440 active stations across Ghana.

The company is now the market leader, with an overall market share of almost 16 per cent out of over 200 OMCs.

Today, besides aviation fuel, GOIL has the biggest Marine Gas Oil storage facility in Ghana, bunkering to both international and local vessels and ships at Takoradi.

Hungrier still, this Ghanaian company has set its sights on upstream oil exploration in the Cape Three Points enclave, for which it is looking for a partner, on its own steam.

Ghana Oil-GOIL. What a name. The company is not likely to forget Frank Apeagyei, P.R and advertising guru, who coined the name years ago.

GTA

I have been around tourism since the mid-1980s, close enough to conclude that much of the high ying destination marketing by the authority is simply a factor of a CEO vision and management style.

I have seen sta empowered at GTA who had, for years, never dreamt of being entrusted with responsibility.

Akwasi Agyeman is a task master. His sin is that he will get the best out of a sta .

At GTA, there is a conscious policy to give everybody a chance to rise above ground

Glover and Ko Kingston made Ghana a must visit.

Then COVID struck.

But as the Ewe of Ghana are wont to say, “when sea dry you go by land”.

With ight bans from our major markets, GTA unleashed ‘Expe rience Ghana’, the most ambi tious domestic tourism cam paign to date (in my opinion), consciously opening up the country to Ghanaians.

From the north to the south, from the east to the west, Ghana ians went in search of excite ment, in a country where the Ghana Statistical Service had empirically found out (2018) that “Ghanaians don’t travel for leisure”.

The result is a subject for anoth er article.

But nothing beats the National Tourism Destination Single Window.

On the ‘Visit Ghana’ app and the Online Portal, tourists anywhere in the world can access informa tion about Ghana, and book a ight, hotel, restaurant or game reserve all in advance.

Coming soon: DVLA

The writer is Executive Director, Centre for Communication and Culture.

E-mail: ashonenimil@gmail.com

MONDAY, DECEMBER 5, 2022 8 | NEWS

Crypto’s well-worn path to crisis

Pernod Ricard ‘Metwi a, Mentwa’ drinkdrive campaign cautions drivers ahead of festive season

exposed to Terra-Luna. FTX attempted to halt the contagion, bailing out rms like Voyager and BlockFi. Some even com pared Bankman-Fried to the legendary J. P. Morgan, whose private nancial intervention famously curbed the Panic of

Ray III, who supervised the liqui dation of Enron, said that “such a complete failure of corporate controls and such a complete absence of trustworthy nancial information” was “unprecedent ed.”

Swiftly rising interest rates have punctured the cryptocurrency bubble, exposing fragility, bad governance, and even fraud in many corners, most notably at the crypto exchange FTX. And FTX’s spectacular collapse comes on the heels of other recent failures in the cryptosphere, such as Terra-Luna, Three Arrows Capi tal, or Voyager Digital. No one should be surprised – not even at how many people were surprised. “There is no new thing under the sun,” Ecclesiastes reminds us. At FTX’s headquarters under the Bahamian sun, the rm’s advertis ing admonished customers not to “miss out” on “the next big thing” – blockchain-based currencies, nancial products, and non-fungi ble tokens. But only the assets were new. The narrative of the crypto crisis was established long ago.

Pernod Ricard Ghana, a subsidi ary of the No.2 worldwide producers of Wines and Spirits, in collaboration with Street Sense Organisation, has organ ised the second edition of its road safety campaign dubbed ‘Metwi a, Mentwa’ to sensitize drivers on the need to avoid driv ing under the in uence of alco hol.

increasingly bigger returns to outpace the market and beat their competition. This meant more leverage and more risk-taking.

When bubbles inevitably burst or shrink, pro ts ounder. Leaner circumstances expose fragility in the system – inapt regulations, poor governance, and bad actors that were once easily hidden. In the extreme, rms hide losses with fraud. As one rm falls, contagion spreads to exposed entities.

While details are still foggy, FTX’s sister hedge fund, Alameda Research, got into trouble over the summer as uncertainty rippled through the cryptosphere. In violation of FTX rules, Bankman-Fried used $8 billion in customer funds in an e ort to rescue Alameda, managed by his erstwhile romantic partner. Alameda’s loans, however, were allegedly backed by FTT, FTX’s now worthless in-house crypto token.

The implosion of FTX has badly damaged the cryptosphere’s vision of an unregulated, decen tralized nancial system, but that doesn’t mean the technology is to blame for the chaos. Other forms of digital nance and blockchain technology – like smart contracts – may yet improve payment systems and broaden nancial inclusion. Many central banks are entering the game, too, and launching their own digital currencies to shore up monetary sovereignty and nancial stability.

Station, Amasaman Lorry Station, Nsawam Main Station, Obra Spot Lorry Station, Neoplan Lorry Station, Tudu Central Lorry Park, and Accra-Tema Station

The collapse began, as nancial collapses often do, with a bubble. Investor demand outpaced reasonable near-term expecta tions of what cryptocurrencies could achieve. Impractical as a means of exchange, the uses of Bitcoin, Ethereum, and the rest

The ‘Metwi a, Mentwa’ campaign launch in December last year, aims at promoting responsible behaviour among high-risk com

FTX’s amboyant founder, Sam Bankman-Fried, wanted to take crypto mainstream, and big funds like Sequoia Capital and Singapore’s sovereign wealth fund, Temasek, invested in the project. Celebrities like Tom Brady and Larry David promot ed the exchange in Super Bowl ads. Former heads of state like Bill Clinton and Tony Blairca vorted with Bankman-Fried. A new nancial era was dawning, and the only thing investors feared was missing out.

The euphoria, however, surrounded a house of cards. The crypto rout began with the

Speaking at the second edition, Sustainability and Responsibility Manager for Pernod Ricard Ghana, Eunice Osei-Tutu, said the campaign seeks to strategically keep afresh the knowledge and education on drink-driving in the minds of commercial drivers ahead of the festive season in December.

Nations Sustainable Develop ment Goals (SDGs), in this instance SDG Goal 3 – Ensure healthy lives and promote well-being for all ages. The ‘Metwi a Mentwa’ programme falls within the fourth pillar of our roadmap ‘Responsible Host ing’ which is to ensure that we ght alcohol misuse in society by taking action on harmful drink ing and that our brands are enjoyed responsibly,” Ms. Osei Tutu added.

For her part, Mrs Gloria Laryea, a Member of Trustees of Board for Street Sense Organisation, said the event also formed part of their annual education and awareness creation during and after festivities.

The dominoes were set. The fateful nudge began with a public feud between Bank man-Fried and Changpeng Zhao, founder of the rival exchange Binance. Zhao said Binance planned to sell $529 million in FTT tokens, prompt ing FTX customers to begin withdrawing funds from the platform. FTX faced a massive liquidity crunch and soon became insolvent. After saying that Binance would purchase the crippled exchange, Zhao reneged when he saw FTX’s books. Bankman-Fried resigned as CEO soon thereafter, and the rm went bankrupt. Allegations of FTX’s fraud, waste, and abuse ooded the cryptosphere. Investors were caught atfooted by the sudden collapse. Nearly 40% of crypto hedge funds had invested in FTX. Many had likely assumed that big funds like Sequoia had done the appropri ate due diligence. Instead, excitement over FTX and its founder had substituted for sound assessment of fundamen tals, covering a deep rot. The current FTX administrator, John

She said: “We all know that during festivities, drivers rush to their destinations and return for more passengers, causing so much havoc in terms of road

Over speeding, wrong over taking and alcohol abuse are mostly the root causes of carnages on our road, she said and appealed to the drivers to adhere to road tra c rules and regulations to save more lives.”

Mrs Laryea said this year, the records had shown a decrease in road accidents and urged the drivers to work hard to sustain the success chalked.

Regulators are left with a conun drum. Overreacting to the unfolding crypto crisis could turn potentially bene cial appli cations of the technology into collateral damage. And while they may welcome crypto mar kets into the regulatory fold, they risk moral hazard as investors seek public protection against private loss. On the other hand, if regulators ignore crypto mar kets, instability might build (though crypto markets are still too small to pose systemic risks). The lessons of the crypto crash are neither new nor controver sial. Entities that operate like banks should be regulated as such or closed down. Speculative casinos should be monitored for signs of fraud. Auditors and regu lators must ensure the game is not rigged, and investors should be warned that gambling losses are not insured. Even James Bond’s Casino Royale, which was lmed near FTX’s island head quarters, had to abide by some rules. It is reasonable to expect the neighbors do likewise.

The sensitization e orts coupled with the distribution of campaign logo-branded re ec tive jackets and campaign logo stickers and other souvenirs are expected to serve as reminders to both drivers and other road users on the need to be respon sible on the road to prevent casualties during the festive season and beyond. This will be followed by a digital campaign to reach more drivers during the festive season.

MONDAY, DECEMBER 5, 2022 | NEWS 9
THURSDAY, DECEMBER 1 , 2022 | NEWS 6
Receive money from friends and family abroad at any CBG branch nationwide Remittance orldwide Money T e l: +233 (0)302 21 600 0 www cbg c o m gh cbgba nkl t d

The prospective national will be an avenue to promoting sport tourism

It is estimated that over 2000 Ghanaian supporters made it to Qatar to support the Black Stars. The e ect supporters play in driv ing the right mentality in footbal lers cannot be overlooked. Gha naian culture has been well displayed by our supporters and as usual the sound of the trum pets and the beautiful echoing music is such a pleasure that should motivate all the Ghanaian players on the eld.

How did they travel to Qatar? It’s obvious they travelled by air. Which airline? Qatar airways becomes the obvious choice though not con rmed. It is how ever a fact that they didn’t travel by any Ghanaian airline. Had the timing of the launch of the prospective national carrier coin cided with the beginning of the world cup, the supporters would have enjoyed the new carrier. They would have obviously paid less fare compared to other airlines used. Unfortunately that hasn’t been the case. We wait for the future.

Presenting the budget last week, the Finance Minister Ken Ofori-Atta said Ghana's new national carrier will be called Ghana Airlines and will be launched in 2023. "Shareholders and partnership agreements were signed with the selected strategic partner for the home-based carrier, which will be known as Ghana Airlines. The airline is expected to be opera tionalized in 2023."

When the successful launch takes place next year, the promotion of sport tourism must be on the agenda. We all know sports unite people and we can attest to it from the recent Black Stars performance. We all celebrated forgetting our political colors. In understanding the role and importance the national carrier will play, data must be well anal ysed. Data show that the highest number of visitors to Ghana hail from North America and a direct ight from Ghana will keep the fare lower and enable tourist y at a cheaper fare. The next market to consider must be Europe and the West African coast. The ownership structure of this new airline we are told are astute Ghanaian business men who have succeeded in their various business and understand the need to be pro table. At least since the introduction of African World Airline, we have seen that Ghanaians can own and run a successful airline. The rst expe riences were not positive ones

and this time around we are convinced we shall be on the right course.

The role of a National Carrier

The role of a national carrier cannot be underestimated in tourism development in any nation. Sadly in Ghana, the story of our national carriers have been one associated with failure due to huge debt accumulated by our two previous national carriers and many other contributing factors. Some few years back, Ghana Airways was the pride of the continent. I remember Ghana Airways always been available to trans port our various national teams, the supporters, our pilgrims and stranded Ghanaians abroad back home. Ghana Airline must also play this same role. The cheap air fares made travelling abroad a ordable and that forced many other competing airlines to bring down their fares. Many foreign tourists trav elling to Ghana were proud to y Ghana Airways to experience the Ghanaian hospitality onboard. They were welcomed onboard with some Ghanaian dishes, a taste of what they were to expect whiles in the mother land. Ghana Airways Training Centre also trained many young men and women who are today doing well within the travel and tourism industry. When news of the sale and liquidation of the airline was made public to the sta , with unemployment staring them in the face, they resulted to divine intervention through prayer and fasting, regular all night sessions hoping a miracle will happen. Unfortu nately, that miracle never happened and the airline was eventually liquidated.

With the introduction of Ghana International Airline (GIA) by the President Ku our adminis tration, there was hope and we were all excited. Unfortunately, GIA could also not stand the test of time. It also collapsed after some few years in operation. There was another hope when the Mahama administration informed us a new airlines was about to begin operations. “The proposed new national airline is expected to take to the skies in October this year. After months of preparatory works and tying up of loose ends in respect of the defunct Ghana International Airlines”, Transport Minister, Fii Kwetey has said. “The start of the new airline will be a key milestone in the country’s quest

to deepen its participation in the aviation industry following the collapse of the erstwhile Ghana International Airlines about a decade agoPrior to the launch next year, we need to commend all those who played an import ant role to making this dream come true.

Economic bene ts of National carriers

Aviation provides the only world wide transportation network, which makes it essential for global business and tourism. It plays a vital role in facilitating economic growth, particularly in developing countries.

Air transport improves quality of life by broadening people’s leisure and cultural experiences. It provides a wide choice of holiday destinations around the world and an a ordable means to visit distant friends and relatives. Air transport helps to improve living standards and alleviate poverty, for instance, through tourism.

Air transport contributes to sustainable development. By facilitating tourism and trade, it generates economic growth, provides jobs, increases reve nues from taxes, and fosters the conservation of protected areas. Since the rst jet airliner ew in 1949, use of commercial aviation has grown more than seven ty-fold. This growth is unmatched by any other major form of transport and is essential to economic progress.

Demand for air services increases the in uence of air transport on the global economy, making possible the rapid movement of millions of people and billions of dollars’ worth of goods to mar kets around the world.

The industry plays a decisive role in the work and leisure of millions of people. It promotes an improved quality of life and helps to improve living stan dards. By facilitating tourism, air transport also helps generate economic growth and alleviate poverty – providing employment opportunities, increasing reve nues from taxes and fostering the conservation of protected areas.

Air transport facilitates world trade: air transport helps coun tries participate in the global market by increasing access to main markets and allowing globalisation of production. Air transport also encourages coun tries to specialise in activities in which they have a comparative advantage, and to trade with

countries producing other goods and services.

Air transport is indispensable for tourism, particularly for remote and island destinations. Tourism directly supports jobs in airlines and airports, and spending of visitors arriving by air creates a substantial number of jobs in the tourism industry.

Air transport boosts productivi ty across the global economy: improved transport links expand the market in which companies operate. As a result, companies are better able to exploit economies of scale there by reducing costs, and to specialise in areas of compara tive advantage. By opening up markets, air services expose companies to sti er competi tion, encouraging them to become more e cient.

Air transport improves the e ciency of the supply chain, for example, many industries use air transport to shorten delivery times as part of their just-in-time delivery systems, enabling them to deliver prod ucts to clients quickly and reliably and to reduce costs.

Air transport provides consum er welfare bene ts to individuals in terms of the increased avail ability of travel connections, and for local airport communities. These must be taken into account when considering envi ronmental impacts on, for example, air quality, noise and congestion in the vicinity of airports.

Air transport’s in uence on investment

Good air transport links in u ence where companies choose to invest. According to a survey14, 56% of companies consider international transport links to be an essential factor for locating businesses in Europe. Another survey15 found that 18% of businesses’ past investment decisions were directly a ected by the absence of good air trans port links, especially in hightech sectors. Around 28% of compa nies believe that innovation and investment in research and development would be very badly or fairly badly a ected if air transport services were constrained.

Reductions in barriers to inter national trade: most notably, the creation of free trade blocs such as the European Single Market, Air transport contributes to sustainable development Air transport makes a major

MONDAY, DECEMBER 5, 2022 10 | FEATURE

contribution to sustainable devel opment by supporting and promot ing international tourism. Tourism helps reduce poverty by generating economic growth, providing employment opportunities, increasing tax collection, and by fostering the development and conservation of protected areas and the environment. In e ect, protecting the environment attracts tourism and the develop ment of the tourism industry, which in turn makes it possible to nance the protection of nature and cultural heritage, thereby increasing the bene ts of protected

areas to the country. Moreover, the promotion of nature-based tourism is an e ective lobbying tool that favours nature conser vation over non-sustainable agricultural activities. It can also increase the sense of own ership and responsibility for natural resources, among local communities. With all these bene ts aligned, we can only hope for the best and we must pray we qualify for the next international tournaments where our supporters must be sure of a stress free travel.

Philip Gebu is a Tourism Lectur

er. He is the C.E.O of FoReal Desti nations Ltd, a Destinations Man agement and Marketing Company based in Ghana and with partners in many other countries. Please contact Philip with your com ments and suggestions. Write to forealdestinations@gmail.com / info@forealdestinations.com. Visit our website at www.foreald estinations.com or call or WhatsApp +233(0)244295901/0264295901.V isist our social media sites Face book, Twitter and Instagram: FoReal Destinations.

ASA supports Techiman Sabu-Zongo customers with free health screening

years. ASA Savings and Loans will always continue to ful l its corporate social responsibilities and always support the commu nity,” he said.

In addition to the free health screening, “we also plan to donate to orphanage homes, community schools, and award scholarship to the needy in soci

MONDAY, DECEMBER 5, 2022 11 | FEATURE
The ASA Savings and Loans Limited has organized a free health screen About 150 customers, mainly women who operate micro The Techiman Area Manager of ASA Savings and Loans, Seth
Business Loans r all your business loans, sit any of our 114 branches ationwide or talk to us on 0302-21 6000 RMS AND CONDITIONS APPLY l: +233 (0)302 21 600 0 www. cbg .com.gh cbgba nkl td
MONDAY, DECEMBER 5, 2022 12 | AFRICAN BUSINESS

Diaspora’s remittances, investment and

Africa’s 160-million-strong diaspora to its growth and development. The hybrid event took place against the di cult geopolitical backdrop of high global economic imbalances slowing direct investment into the continent as well as accelerating shifts in the job market. As a result, experts believe the $95.6 billion that Africans abroad remitted to the continent and their skills and expertise have assumed greater importance to Africa’s prospects. Participants agreed that more should be done to tap into and engage the diaspora community and leverage their strengths for Africa’s bene t.

These were key takeaways from the Thursday plenary of the two-day meeting titled, Development with out Borders: Leveraging the African Diaspora for Inclusive Growth and Sustainable Development in Africa. The African Development Bank hosted it in partnership with the African Union Commission, the International Organisation for Migration, and the African Conti nental Free Trade Area secretariat. The forum focused on several themes, such as securitizing remit tances, diaspora bonds, promoting trade and investment, enhancing research, innovation and technolo gy sharing. Securitized remittances would o er African governments robust investment collateral and a source of nancing through bond issuance. In addition to remittanc es, Africans overseas represent a source of much-needed direct investment, expertise and skills that can be transferred to business es and workers in their home coun tries.

The discussion also touched on

Development Bank President Dr. Akinwumi A. Adesina said that regardless of overseas success, Africans remain tied to the continent of their birth as a source of identity and pride. Consequently, the develop ment of Africa must be a priori ty for all Africans in the diaspo ra.

“The African diaspora has become the largest nancier of Africa! And it is not debt; it is 100% gifts or grants, a new form of concessional nancing that is the key for livelihood security for millions of Africans,” he said.

In contrast to the high level of remittance ows in 2021, o cial development assistance to Africa in 2021 stood at $35 billion.

Adesina added: “Because the ow of remittances to Africa is high, rising, and stable, it o ers huge opportunities to serve as collateral to secure nancing for African economies. African countries should securitize remittances to promote invest ments, especially for infrastruc ture on the continent.”

Dr. Adesina urged that Africans living in the Diaspora be given the right to vote in elections in their respective countries. He called for ministries to be set up to serve those in the Diaspora.

“I implore and encourage African governments to create the conditions for those living and working overseas to contribute meaningfully to national development or, even better, not to leave in the rst place,” he said. Africa loses

African heads of state committed to engaging the diaspora as far back as 2012 by establishing a database of diaspora profession als, an African Institute for remit tances, and an Africa diaspora investment fund, among other initiatives.

Wamkele Mene, Secretary Gener al of the African Continental Free Trade Area (AfCFTA) secretariat, said remittances o er a window of opportunity for Africa’s devel opment against a backdrop of declining foreign direct invest ment and foreign aid. He cited the Pan-African Payment and Settlement System, a collabo ration between the African Export and Import Bank (Afreximbank) and the AFCFTA secretariat, which works with Africa’s central banks to establish nancial market infrastructure for com mercial banks, payment service providers, card schemes and other intermediaries to handle payment and settlement service across Africa. He said operation alizing the AFCFTA, which came into force in January 2021, would ease the way for diaspora commu nities to invest in Africa.

The Director General of the Inter national Organization for Migra tion Antonio Vitorino, urged African countries to take a proac tive approach to their overseas communities. “Governments need to get to know their diaspo ra; this starts with knowing where the diaspora is located, what their skills and capacities are, and how willing they are to engage in development at home.”

Beyond remittances, Vitorino pointed to philanthropic engage

narrative and perceptions about Africa: “Africa is the oldest continent, the youngest conti nent, and soon to be the largest continent,” said Ambassador Rama Yade of the US-based Atlantic Council’s Africa and Europe centers.

Romi Bhatia, a Senior Advisor for Diaspora Partnerships at USAID, said there were still too many headlines in the western media focusing on disease or death and despair in Africa, causing U.S businesses to over emphasize the risk—both real and perceived—across the conti nent.

“Consequently, US companies are missing out on opportunities to build mutually bene cial trade and investment partner ships across the Atlantic,” he said.

African Union Commissioner for Trade and Industry, Albert Muchanga, echoed this. “If others see you invest in Africa and you generate high returns, their risk perception is likely to go down,” he said.

Muchanga also stressed that while the African Continental Free Trade Area is critical to deepening pan-African trade, African countries must also be involved in global trade.

The event is expected to deliver concrete solutions, recommen dations and a communique that will be shared with policymakers across the continent.

MONDAY, DECEMBER 5, 2022 | FEATURE 13

Ghana’s public institutions leak money like a sieve

high, rising, and stable, it o ers huge opportunities to serve as collateral to secure nancing for African economies. African coun tries should securitize remittanc es to promote investments, espe cially for infrastructure on the continent.”

Dr. Adesina urged that Africans living in the Diaspora be given the right to vote in elections in their respective countries. He called for ministries to be set up to serve those in the Diaspora.

“I implore and encourage African governments to create the condi tions for those living and working overseas to contribute meaning fully to national development or, even better, not to leave in the rst place,” he said. Africa loses around $2 billion annually through brain drain in the health sector alone.

skills and capacities are, and how willing they are to engage in development at home.”

Beyond remittances, Vitorino pointed to philanthropic engage ment and diaspora tourism as potential areas of mutual inter est for African governments and the diaspora.

Diaspora communities have a crucial role in changing the narrative and perceptions about Africa: “Africa is the oldest continent, the youngest conti nent, and soon to be the largest continent,” said Ambassador Rama Yade of the US-based Atlantic Council’s Africa and Europe centers.

Hundreds of academics and leaders of international institutions from around the world came together for an African Development Bank Forum on ways to harness the skills, wealth and dynamism of Africa’s 160-million-strong diaspora to its growth and development.

The hybrid event took place against the di cult geopolitical backdrop of high global economic imbalances slowing direct investment into the continent as well as accelerating shifts in the job market. As a result, experts believe the $95.6 billion that Africans abroad remitted to the continent and their skills and exper tise have assumed greater impor tance to Africa’s prospects.

Participants agreed that more should be done to tap into and engage the diaspora community and leverage their strengths for Africa’s bene t.

These were key takeaways from the Thursday plenary of the two-day meeting titled, Development with out Borders: Leveraging the African Diaspora for Inclusive Growth and Sustainable Development in Africa.

The African Development Bank hosted it in partnership with the African Union Commission, the International Organisation for Migration, and the African Conti nental Free Trade Area secretariat. The forum focused on several themes, such as securitizing remit tances, diaspora bonds, promoting trade and investment, enhancing research, innovation and technolo

gy sharing. Securitized remit tances would o er African governments robust investment collateral and a source of nanc ing through bond issuance. In addition to remittances, Africans overseas represent a source of much-needed direct investment, expertise and skills that can be transferred to busi nesses and workers in their home countries.

The discussion also touched on making economic growth more inclusive, deepening intra-conti nental trade and preparing Africa’s workers for the jobs of the future.

In his opening remarks, African Development Bank President Dr. Akinwumi A. Adesina said that regardless of overseas success, Africans remain tied to the continent of their birth as a source of identity and pride. Consequently, the development of Africa must be a priority for all Africans in the diaspora.

“The African diaspora has become the largest nancier of Africa! And it is not debt; it is 100% gifts or grants, a new form of concessional nancing that is the key for livelihood security for millions of Africans,” he said. In contrast to the high level of remittance ows in 2021, o cial development assistance to Africa in 2021 stood at $35 billion.

Adesina added: “Because the ow of remittances to Africa is

Deputy African Union Commis sion Chairperson Dr. Monique Nsanzabaganwa recalled that African heads of state committed to engaging the diaspora as far back as 2012 by establishing a database of diaspora profession als, an African Institute for remit tances, and an Africa diaspora investment fund, among other initiatives.

Wamkele Mene, Secretary Gener al of the African Continental Free Trade Area (AfCFTA) secretariat, said remittances o er a window of opportunity for Africa’s devel opment against a backdrop of declining foreign direct invest ment and foreign aid.

He cited the Pan-African Payment and Settlement System, a collabo ration between the African Export and Import Bank (Afreximbank) and the AFCFTA secretariat, which works with Africa’s central banks to establish nancial market infrastructure for com mercial banks, payment service providers, card schemes and other intermediaries to handle payment and settlement service across Africa. He said operation alizing the AFCFTA, which came into force in January 2021, would ease the way for diaspora commu nities to invest in Africa.

The Director General of the Inter national Organization for Migra tion Antonio Vitorino, urged African countries to take a proac tive approach to their overseas communities. “Governments need to get to know their diaspo ra; this starts with knowing where the diaspora is located, what their

Romi Bhatia, a Senior Advisor for Diaspora Partnerships at USAID, said there were still too many headlines in the western media focusing on disease or death and despair in Africa, causing U.S businesses to over emphasize the risk—both real and perceived—across the conti nent.

“Consequently, US companies are missing out on opportunities to build mutually bene cial trade and investment partner ships across the Atlantic,” he said.

African Union Commissioner for Trade and Industry, Albert Muchanga, echoed this. “If others see you invest in Africa and you generate high returns, their risk perception is likely to go down,” he said.

Muchanga also stressed that while the African Continental Free Trade Area is critical to deepening pan-African trade, African countries must also be involved in global trade.

The event is expected to deliver concrete solutions, recommen dations and a communique that will be shared with policymakers across the continent.

MONDAY, DECEMBER 5, 2022 14 | AFRICAN BUSINESS
MONDAY, DECEMBER 5, 2022 | FEATURE 15 THURSDAY, DECEMBER 1 , 2022 13 | NEWS

WEEKLY MARKET REVIEW FOR WEEK

MONDAY, DECEMBER 5, 2022 16 | AFRICAN BUSINESS THURSDAY, DECEMBER 1 , 2022 THURSDAY , DECEMBER 1, 2022 18 | MARKET REVIEW
ENDING
- NOVEMBER 25, 2022

to leave no one behind

eradicate poverty in all its forms, end discrimination and exclu sion, and reduce inequalities. Yet, some people who have important role to play as change agents, are often excluded. A deliberate e ort to empower those being left behind will bene t society at large. Yakubu is an example of someone who was left behind but now feels includ ed and empowered, thanks to a deliberate support.

“I was just sitting idle at the mercy of others but now I am happy to be busy for a good cause”, Yakubu Issakah, a person living with a mental health disability bene ting from a solar irrigation vegetable farming at Banda Ahenkro disclosed.

Like Yakubu, many people who often face exclusion only need a ‘little push’ or support to reach their full potential as humans. Reducing inequalities requires a conscious e ort in identifying who is being left behind and why they are being left behind to inform e ective measures to address the root causes. With a 24acre land from the chiefs, solar irrigation facilities from the United Nations Development Programme (UNDP) under the UNDP Global Environment Facili-

Ghana, Yakubu and about 250 persons with disabilities, are making a living with their envi ronmentally friendly vegetable farming.

Like Yakubu, Rebecca was writ ten o because of speech disability, but she is now play ing an important role in safe guarding the environment for our future. She is strictly follow ing lessons taught them in organic farming by using neem tree as a pesticide and compost, to grow fresh vegetables.

Addressing all forms of discrim ination

Mostly, a major cause of people being left behind is persistent forms of discrimination includ ing disability, gender, and age.

Yakubu is a man with a disabili ty who needed support. Just like him, by ensuring that the support provided is inclusive, Rebecca who is a woman also feels empowered to protect the environment while seeking to improve her livelihood. Similar to Rebecca’s experience, women like Hannah are driving change at the grassroots.

“Now, we can proudly say we have peace of mind. This is

because we are now able to contribute nancially to our families’ development”, noted Hannah Chiama, President of Ayorya Women Groundnut Farming Association.

Hannah leads a group of 300 amazing women in Ayorya, who needed access to land and nance to produce and add value to groundnut. With land from the chiefs and leadership from their Queen MotherNana Serwaa Kruwaa, they managed to access the UNDP GEF small grant to set up a groundnut factory. They now produce groundnut paste, oil, and vegetables for major mar kets in the Kintampo South District of the Bono East Region of Ghana.

Working across generations To succeed in leaving no one behind, we must also work across generations and build bridges.

“What is unique about our aquaponic project approach is that we are strengthening social networks because we connect young people to older farmers for experience and knowledge sharing”, stated young Zuweira Yakubu, Project Coordinator at Link Ghana – a grantee of UNDP GEF Small Grant Programme in Tain in the Bono Region.

Like the other interventions, through the UNDP GEF Small

Grant Programme, over 1200 farmers including young people are combining sh farming with vegetable and crop cultivation. All these initiatives are creating jobs and improving incomes, nutrition, and environmental sustainability.

“I never knew we can use water for sh farming and now I use the pond water to produce vegetables. I am also training my daughter who has graduat ed from the university in agri culture to take over, and also training six other young girls”, said Mr. Ko Nyamekye.

The stories of Yakubu, Rebecca, Hannah, Zuweida, and Ko are clear examples of how deliber ate support can help empower people and transform lives and communities.

Partnership is key

It is obvious that, people must always be at the centre of devel opment and development must be inclusive, equitable, and sustainable to the bene t of all. The success of our heroes and heroines in this story demon strates that inclusive develop ment is possible if a deliberate e ort is made to collaborate and support those being left behind.

It is also important to ensure that, while we pursue develop ment, this is not at the peril of the environment. Living in balance with nature means we make a conscious e ort to work together in addressing various forces including systemic discrimination, technological advances, climate change impacts, and con icts. This way, we can leverage the full potential of all, to advance the attainment of the Sustainable Development Goals (SDGs).

Addressing inequality requires actions at all levels. Working together will be critical in upscaling successful develop ment interventions to ensure that all segments of society including women, youth, and persons with disabilities lead decent, digni ed, and reward ing lives in a healthy environ ment.

WWW.BUSINESS24 COM GH | NO B24/317 | NEWS FOR BUSINESS LEADERS MONDAY,DECEMBER 5, 2022
effort
PUBLISHED BY BUSINESS24 LTD TEL : 030 296 5297, 030 296 5315 EDITOR: BENSON AFFUL editor@business24 com gh | +233 545 516 133
Deliberate

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.