Business24 Newspaper 16th Feb 2022

WEDNESDAY, FEBRUARY 16.2022

NO. B24 / 306 | NEWS FOR BUSINESS LEADERS

B U S I N E S S24.C O M.G H

AirtelTigo acquisition deal in final stage, says Ursula

GH¢2bn ApedwaKsi by-pass projects begin in March MORE ON PAGE 2

T

he Minister of Communications and Digitalisation, Ursula Owusu Ekuful, has told parliament that the processes leading to the state acquisition of AirtelTigo Ghana from its parent holding company, Bharti Airtel International, Netherlands B.V. has reached its ‘closing obligation’.

Government in November last year, reportedly acquired AirtelTigo from Bharti Airtel Ltd. and Millicom International Cellular SA, which had combined their local operations in 2017.

The third-largest mobile operator, with 20.1percent of the country’s voice subscribers in December last year, has been vying for second place with Vodafone Group Plc’s local unit that controlled 20.8percent market share at the same period.

MORE ON PAGE 2

AFCFTA: The key success factor in Africa’s long-awaited development // PAGE 05

GIPC promotes investment opportunities in Dubai // PAGE 02

2

| EDITORIAL/NEWS

WEDNESDAY, FEBRAURY 16, 2022

We can do better with cocoa consumption 1

Wash your hands 2

Cover your cough 3

If you are sick, wear mask Brought to you by

Despite Ghana being a leading cocoa producer, most of its people do not get to taste the end product from the commodity— chocolate. It is said that most farmers of the product do not get the perceived “luxury” of having a bite of chocolate.

This has prompted several suggestions on how cocoa products could be made affordable for the ordinary Ghanaian citizen with lowincome level.

Initiatives like the National Cocoa Day, Cocoa Week celebration and the current free cocoa drink program under the school feeding program by the government of Ghana for primary students

are interventions that seek to reverse this situation but have the yielded the desired outcomes?

Cocoa Value Chain Analyst, Mr. Eliseus Opoku-Boamah, says it’s time to intensify the promotion of cocoa from Ghana and to increase and sustain the consumption of cocoa products in Ghana by addressing cultural orientation, habits, and tastes.

To him, this must first start with demystifying the idea that chocolate and cocoa product is a luxury product.

Research has shown that consuming cocoa products with high cocoa content has health benefits which includes the ability to lower blood pressure, prevent the risk of cardiovascular diseases, and aids in weight management.

Ghana is the second world’s largest producer of Cocoa and according to the Ghana Cocoa Board, Ghana produced about 1 million tons of cocoa during the 2020/2021 crop season.

Despite the relative improvement in Ghana’s quest to become a cocoa consumption nation, its current per capita cocoa consumption, which hovers around 0.55 kilogramme, is still nowhere near what exist in Europe and America, main consumers of Ghana’s cocoa beans.

Activities around this year’s Chocolate Week celebration have been impressive and we hope that we are able to perk up Ghanaians’ appetite for the product to boost local consumption.

AirtelTigo acquisition deal in final stage, says Ursula continued from page 1

LIMITED 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 well-informed. We value your support and loyalty.

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

BY EUGENE DAVIS

Government is expected to provide capital to the mobile operator it bought for $1 in a bid to reach profitability within two years.

When the deal is finalised, AirtelTigo, will become a fullyowned state telecoms operator.

Appearing before parliament on Tuesday to answer a question posed by Sam Nartey George, Member of Parliament for Ningo-Prampram, on the status of the acquisition, the minister indicated: “The acquisition of telecommunication companies follows a process and that process is ongoing, there are faces in the process from contract signing, regulatory approval and closing obligations that parties will have to undertake.”

She added: “The contract is signed at a particular period and that is what has been announced.

The other closing obligation is what is ongoing and when we

conclude all of that, part of it been -if from the advise of the Attorney General that we need to comply with any provision of the law regarding the acquisition, it will be done in due course.”

Mrs. Owusu-Ekuful further disclosed that government is also considering giving a sovereign guarantee to help the service provider secure funds from other lenders.

Globacom Ltd, a Lagos-based telecommunication company is reported to own the remaining 2percent of subscriptions.

The government is also renegotiating some of the company’s short-term loans after its former shareholders wrote off the debt they were owed and once it is done, the company is expected to be in a good position to rebound, but analysts forecast

it could take up to two years, according to the minister.

She said that some of the debt was incurred trying to keep up with the competition. Unlike its two main rivals, AirtelTigo has not acquired a 4G license for instance, “putting it in a clear disadvantage.”

Government has taken a proactive interest in the sector, questioning market leader MTN Group Ltd. over its dominance even after successfully pushing for a local listing of the unit.

The National Communications Authority compelled MTN, with 57.2percent of subscribers as at the end of December last year, to cut the interconnect fee it charges for calls to non-MTN numbers by 30% for a two-year period, a move aimed at reducing its market dominance.

| NEWS

WEDNESDAY, FEBRAURY 16, 2022

3

GH¢2bn Apedwa-Ksi by-pass projects begin in March

BY EUGENE DAVIS

The Chairman of Parliament’s Committee on Roads and Transport, Kennedy Osei Nyarko, has disclosed that construction works on four major by-passes on the Apedwa-to-Kumasi Road will commence in March.

According to him, government has awarded eight separate contracts to eight local contractors fully resourced to kick-start the project.

The first by-pass will be at Osino, which is about 11.6kilometres, to be constructed by two local companies, First Sky Limited and Josh Moore Construction Limited, whilst the second by-pass, which is a 6.1km road at Anyinam, will be carried out by Nac Fememonth and Hardwick Limited.

The third by-pass is expected to be at Ngleshie, a 10.5kilometre road awarded to Resource Access Limited and Memphis Metropolitan, with the last one expected to be at Konongo, on a 13.5kilometre stretch by Kofi Job Company and Jobshop Construction Limited.

Addressing the press in parliament on Tuesday, he said: “Construction work will start from March, latest by first week in April, you will see the contractors all on site. It is going to cost the Ghanaian taxpayer Gh¢2bn for this project to go on.

These are going to by dual carriages that will ease traffic congestion and curb accidents on these stretches.”

He also adds that the economic benefits of the listed by-passes

KENNEDY OSEI NYARKO

to the nation, when completed, would be enormous.

Government recently has secured a facility to dualise the Tema Motorway-Aflao Road, and

according to Mr. Osei Nyarko, 17kilometres has been awarded whiles another funding is being sought to increase the mileage and reach of the dualisation of the

stretch.

Since 2017, about 1,445km of asphalt overlay works have been completed, with 243km done in 2021.

GIPC promotes investment opportunities in Dubai The Ghana Investment Promotion Centre (GIPC), in collaboration with the Ministry of Trade and Industry, and the Embassy of Ghana in the United Arab Emirates (UAE), will organise the Ghana Round-table Meeting during the Gulf Food Exhibition in Dubai World Trade Centre.

The event is expected to create a cohesive platform for key stakeholders from UAE and Ghana to explore trade and investment opportunities along the agricultural value chain.

The Ghana Round-table Meeting will feature informative dialogues from high-level dignitaries and avail a platform to showcase the latest trends and innovations in the agriculture industry.

GIPC said in a statement that it would also use the occasion to introduce the Ghana Investment

Week initiative, which would include a series of networking events from February to March 2022.

The investment week initiative is expected to bring Ghanaian companies along with other key industry players to Dubai-UAE to network and explore areas for collaboration with companies from around the globe.

Commenting on the initiative, the Chief Executive Officer (CEO) of GIPC, Mr Yofi Grant, said “Ghana Investment Week Dubai provides a platform for like-minded entrepreneurs and business people to share valuable insights, have engaging discussions, and establish key connections.”

He said it would cover a wide variety of cutting-edge topics, keeping the pulse on today’s business world.

4

WEDNESDAY, FEBRAURY 16, 2022

WEDNESDAY, FEBRAURY 16, 2022

| NEWS

5

AFCFTA: The key success factor in Africa’s long-awaited development

BY DINAH KALEO-BIOH HEAD, CLIENT COVERAGE, STANBIC BANK

For decades, the African continent had been characterized by fragmented markets that inhibit the economic growth of individual countries.

Prior to introducing the African Continental Free Trade Area (AfCFTA) in 2018 and its official commencement in January 2021, international trade statistics showed that 85 percent of Africa’s trade was with the rest of the world and only 15 percent within its borders.

AfCFTA, therefore, is an intervention that aims to defragment the continent and boost productivity of the economies of member states.

The defining change that AfCFTA brings is anchored on three main pillars – size, free movement, and trade. The sheer size of the continent makes AfCFTA an exciting prospect.

The collective GDP of African countries amounts to some USD2.5 trillion, making it the 8th largest economy, globally. Africa is also known to have one of the highest population growth rates globally, with 1.2 billion people living on the continent. This means at the get go, AfCFTA will provide 1.2 billion potential customers across 54

countries.

Beyond its groundbreaking size, AfCFTA promises to be a paradigm shift and a more profound commitment to integrating the continent by negotiating goods and services simultaneously.

The agreement is a potential economic game-changer for Africa’s development because of its potential to enhance intra-African trade and provide an opportunity for countries in the region to competitively integrate into the global economy, reduce poverty and promote inclusion. Intra-Africa trade, which currently stands at 15 percent is projected to increase to 50 percent in 2028 as a result of the opportunities created by AfCFTA. The agreement is also promising to remove trade taxes on at least 90 percent of all trade between African countries. By boosting intra-African trade and fostering regional value chains and production networks, AfCFTA is expected to drive Africa’s structural transformation.

Analysts believe that increasing trade through AfCFTA will provide the incentive for reforms to activate productivity and job creation, thereby decreasing the incidence of poverty on the continent. Indeed, the World Bank suggests that when the agreement is implemented, it could help lift an additional 30 million people from extreme poverty and 68 million people from moderate

poverty by 2035.

The third pillar involves the free movement of goods and people across the continent. Under the current dispensation, visa barriers, border control, and expensive air tickets, travel between African countries is quite challenging. Under AfCFTA, Africa’s entrepreneurs, professionals, workers and consumers, will be able to move across the continent, allowing them and the businesses they represent to take advantage of opportunities to trade in goods and services. What remains critical is the agility of entrepreneurs and business people to recognize these vast opportunities and make the jump to take advantage of the situation.

Businesspeople and entrepreneurs have to position themselves strategically to leverage the opportunities provided by the agreement. As a starting point, entrepreneurs must arm themselves with as much information as possible about any deals that are on the table to help navigate through the nuances of the agreement. Beyond learning about the agreement, value addition must be a preoccupation of businesses if AfCFTA is to benefit them. Value addition comes with the capacity building that enables African companies to progress from local players to regional players. The business community must adopt modern operations, strategies and

systems to ensure competitiveness.

In Ghana, there are a number of initiatives that are critical in ramping up local businesses to take advantage of the AfCFTA. This includes the National Export Development Strategy (NEDS). The NEDS seeks to build synergies with government’s flagship programmes, such as 1 District 1 Factory, Planting for Food and Jobs, Planting for Export and Rural Development, District Industrialization for Jobs and Wealth Creationto ensure that products emanating from companies operating under these programmes are competitive and marketable in the local and foreign markets.

Equally critical is the need for Ghanaian businesses to position themselves strategically to take advantage of this great opportunity.

Retooling and upskilling for businesses become an urgent imperative if the benefits of the AfCFTA are to be realized. It is worth noting that there are institutions with the requisite knowledge at the continental level to help local businesses.

The agreement has received considerable political attention across the continent and looks promising from all indications. But if the continent is to realize the full benefits of AfCFTA, local businesses must develop and position themselves to be competitive and attractive on the regional market.

2022 National Cocoa Week launched; expert urges increased domestic consumption

BY REUBEN QUAINOO

The 2022 National Cocoa Week celebration has been launched at Mampong in the Eastern Region of Ghana.

The event, which will be held on the theme: “Eat Chocolate, Stay Healthy, Grow Ghana”, with the subtheme: “Our Chocolate, Our Health, Our Wealth”, will be a week-long celebration, starting from February 12 to 22, 2022.

It is aimed at promoting domestic consumption of locally made chocolate and other cocoa products, as it highlights the nutritional and health benefits of consuming cocoa products and the economic and wealth creation potential of the cocoa value chain.

The programme is the initiative of the Ghana Cocoa Board (COCOBOD), in collaboration with the Ghana Tourism Authority (GTA) and the Cocoa Processing Company (CPC).

As part of the event, there will also be a cocoa health walk, a float, a donation, a durbar and exhibition, a movie premiere, among others.

Ghana is the second world’s largest producer of Cocoa and according to the Ghana Cocoa Board, Ghana produced about 1 million tons of cocoa during the 2020/2021 crop season. Despite the relative improvement in Ghana’s quest to become a cocoa consumption nation, its current per capita cocoa consumption, which hovers around 0.55 kilogramme, is still nowhere near what exist in Europe and America, main consumers of Ghana’s cocoa beans.

Cocoa Value Chain Analyst, Mr. Eliseus Opoku-Boamah, says it’s time to intensify the promotion of cocoa from Ghana and to increase and sustain the consumption of cocoa products in Ghana by addressing cultural orientation, habits, tastes, developing food recipes that contain cocoa products in our meals and demystify the idea that chocolate and cocoa product is a luxury product.

He said chocolate and cocoa products must be made affordable for the ordinary Ghanaian citizen with low-income level.

“Initiatives like the National Cocoa Day, Cocoa week celebration and free cocoa drink program under the school feeding program by the government of Ghana for primary students must be intensified and expanded possibly to secondary and tertiary students.

Research has shown that consuming cocoa products with high cocoa content has health benefits which includes the ability to lower blood pressure, prevent the risk of cardiovascular diseases, and aids in weight management” he said.

Mr. Opoku-Boamah indicated that citizens need more education on the

nutritional and health benefits of consuming cocoa products.

“Domestic artisanal processors have not been motivated and incentivized enough to increase local production of cocoa products”.

The value addition and benefits it brings on the economy which includes job creation along the entire cocoa value chain and productivity improvement which will lead to income generation, livelihoods and community development of producers must be enhanced” he added.

According to the cocoa expert, government must help intensify all government and private initiatives on the need to consume cocoa products, which he said, will bring back the focus, revive the attention and whip up the consumption of cocoa products.

“Government must provide special tax packages to local and artisanal processors of cocoa products so as to increase the production and supply of cocoa products. This may drive the prices of such products down and make it affordable for the ordinary Ghanaian to afford,” he added.

6

WEDNESDAY, FEBRAURY 16, 2022

WEDNESDAY, FEBRAURY 16, 2022

| NEWS

7

Health Ministry applauds Vodafone Ghana Foundation in Covid-19 fight The Minister of Health, Kwaku Agyeman-Manu, has commended Vodafone Ghana Foundation for its enormous support in the fight against Covid-19.

Agyeman-Manu praised Vodafone Ghana Foundation when the telco presented 461 cold-chain units to the Ministry of Health (MoH).

The equipment worth US$1 million, include 275 vaccine freezers, 184 ice-lined combination refrigerators and two walk-in cold rooms. The donation is expected to help boost Covid-19 vaccines storage and distribution across the country.

According to him, the telecommunication giant, Vodafone Ghana, over the years has supported the Government of Ghana in diverse ways to build a resilient health system.

“We commend Vodafone Ghana for their continued partnership in ensuring the improvement of quality healthcare for Ghanaians through their various health initiatives including the Healthline TV series and the community-based health

outreach programme, Healthfest.

We therefore look forward to collaborating with Vodafone on more groundbreaking initiatives”, he said.

The Minister of Health, Kwaku Agyeman-Manu further stated that his outfit will foster strategic partnership with Vodafone Ghana in the quest to achieve universal health coverage.

Since the COVID-19 outbreak began, the Vodafone Ghana Foundation has supported and protected frontline health workers fighting the virus.

Donations of personal protective

equipment (PPE) and medical supplies have been given to hospitals treating COVID-19 patients across the country.

Vodafone Foundation also introduced various revolutionary health initiatives which continue to assist the country in dealing with the pandemic. These initiatives include; Vodafone Healthline, an initiative that has supported hundreds of patients across the country who were in need of life-transforming surgeries and has also offered health education to millions of Ghanaians.

Vodafone Healthfest, this platform takes quality healthcare to deprived communities in various regions.

With a team of medical professionals, it offers free health screening and medication for specific ailments.

Register residents on the NHIS scheme; work with the Ghana Health Service (GHS) to extend government’s vaccination efforts to these communities. Benefitted over 40, 000 people since inception.

Vodafone Homecoming, this has contributed significantly to decongesting health facilities across the country as the Foundation pays the medical bills for insolvent patients. Over 2000 patients across the country have been reunited with their families through this program.

Vodafone Healthline Medical Call Centre, the medical call centre is being run by 50 doctors who continue to educate Ghanaians about COVID-19 in various local and international languages. The service, which is free, can be accessed via mobile phone by dialing 255. The centre has received over 30,000 calls since the pandemic and has directed hundreds of potential Covid-19 cases to the Rapid Response Team.

Ckrowd appoints two renowned international board members to drive growth and Africa’s leading position in the digital economy Ckrowd, Africa’s most preferred and premium content streaming platform, has announced the appointment of Katherine McVicker and Adeleye Fabusoro, as executive board members to its Advisory Board.

Furthermore, Akinyemi has also been officially appointed as venture partner of the company. With these appointments, which are effective February 9, 2022, the Ckrowd’s Board will be expanded to 10 advisors.

They have been appointed this year and they will provide independent advice, strategic insight and foresight, support and scrutiny for the company’s growth. The new appointees come from a range of background across the music and entertainment sectors, bringing an impressive array of expertise in guiding Ckrowd to deliver its strategic objectives and implement new strategies to boost productivity and serve the global creators and digital economy.

Kayode Adebayo, CEO of Ckrowd said: Our goal is to build a formidable global team with capacity and experience around solving problems that talents face day to day in their career, the major ones being how to monetize their talents, knowing who exactly their consumers are

and understanding how to cater for them at scale.

So, I’m delighted to welcome these two experts to the Ckrowd Board. They join us at an exciting and important time as we launch new technology tools and strategies that starts to transform how we work and serve creators across different creative discipline. Each brings a wealth of experience from careers in innovation, music, law, entertainment and digital publishing - all critical elements of our future work. I look forward to working with them in the coming weeks and months.”

Katherine McVicker Katherine McVicker is the founder and director of Music Works International, and co-founder of Cultural Connections of Africa (CCA). In her 30-year career as an agent, specializing in jazz and world music, she’s helped to develop the international careers of a wide range of artists, including Norah Jones, Richard Bona, Lizz Wright, Wayne Shorter, Joshua Redman, Branford Marsalis, and Ladysmith Black Mambazo. Because of her work across the globe, she brings experience in working with arts professionals in many cultures and has successfully built partnerships and networks in Europe, Africa, Asia

and Latin America.

She said: “I’m honoured and excited to be on the Advisory Board for Ckrowd. The Ckrowd platform is at the forefront of streaming initiatives. In addition to provide unique content to Africans at home, the plan to go global and reach the diaspora of Africans and other Afro-descendent group living in other parts of the world, offers endless opportunities to grow and succeed. The focus on allowing artists to monetize their content also helps to address one of the major inequities in today’s digital market and evens the playing field for creatives to be treated fairly. Bravo, Ckrowd!”

Adeleye Fabusoro Adeleye is one of the

biggest indigenous language content creators for Africa Magic on DSTV. He is a consummate business executive and serial entrepreneur with specific focus on media and creatives. Armed with a Bachelor of Arts Degree in Theatre Arts B.A (Hons), an M.B.A. With focus on strategic management & marketing as well as a certificate in filmmaking from the prestigious New York Film Academy, he runs Rare Edge Media, a multimedia content production organization where he churns out flagship contents especially in the indigenous Yoruba language.

He commented: “Ckrowd is the next oil for content creators. It gives you the flexibility and capability to determine your income. Ckrowd will create closer affinity between the content creator and fans.

Importantly it is global. This is the time for Africa.”

These appointments will contribute to drive Ckrowd’s key focus on making an impact that matters in the communities in which it operates and strengthening the role of innovation, culture, entertainment and technology amongst content creators to inspire change, revenue growth and profile’s creativity, especially in lower-middle income countries.

8

WEDNESDAY, FEBRAURY 16, 2022

WEDNESDAY, FEBRAURY 16, 2022

9

| NEWS

Ghana Nigeria Business Council and GIPC to hold maiden CEO forum in Nigeria The Ghana Nigeria Business Council (GNBC) and the Ghana Investment Promotion Centre (GIPC) will hold a maiden CEO Forum in Nigeria this week.

The event will take place in Lagos and Abuja on Wednesday, February 16 and Thursday, February 17, 2022.

The event is in collaboration with the Ghana Export Promotion Authority (GEPA), Ghana Free Zones Authority, Ghana High Commission to Nigeria and Nigeria Ghana Business Council.

The theme for the maiden event is Ghana and Nigeria Stronger Together as the event aims to strengthen Ghana and Nigeria’s longstanding relationship, inform businesses of opportunities available in Ghana and also provide insight business operation laws to ensure compliance.

“As a council, we have progressively been making steps to further deepen ties, promote opportunities and drive engagement between businesses in Ghana and Nigeria.

“It is a great milestone that we

have reached by organising the CEO Forum with key government partners and stakeholders which shows our seriousness as a country in ensuring we continue to build our age old relationship with Nigeria” the Chairman of the Ghana Nigeria Business Council, Mr Reginald Laryea stated.

“The 2022 CEO Forum will be engaging 100 CEO’s in Lagos on Wednesday 16th February at Eko Hotel & Suites on Victoria Island and Thursday 17th February at NAF Conference & Suites in Abuja. We are really looking forward to this being one of many trips organised by the council with our partners to really drive home our enthusiasm to further project Ghana and Nigeria’s trade”, he further stated.

He added that each key stakeholder was happy to be partnering with the Ghana Nigeria Business Council on the event as they feel it is a laudable and necessary event for Ghana to embark on.

Ghana and Nigeria are the two largest economies in West Africa, and there are many opportunities to be explored within each country.

Beyond investment opportunities it is equally important for

representatives of both countries to understand operating laws and compliance requirements, as each country has its own sets of rules of engagement, as such, the upcoming forum will take the opportunity address such.

In 2016, Ghana and Nigeria saw the highest level of trade relations between the two nations, as trade passed $1 billion.

This value of trade became a benchmark of what the two nations can achieve on an annual basis in Non Traditional Exports (NTE’s)

(source: Ghana Export Promotion Authority).

“We would like to thank our sponsors Ghana Free Zones Authority, Ghana Investment Promotion Centre, Africa World Airlines (AWA), Media Majique, Alisa Hotels and Nartey Law Firm for coming onboard for this maiden event and also congratulating each of them in taking advantage of the opportunities sponsoring this event presents to them. We are fully booked for both Lagos and Abuja and look forward to a successful event, and are equally looking forward to hosting more similar events in the near future.”

Ms Nadia Takyiwaa-Mensah, Executive Secretary of the Ghana Nigeria Business Council said.

The Ghana Nigeria Business Council is a not-for-profit, nonpartisan business council, which has been in existence since 2015.

It seeks to promote trade between Ghana and Nigeria, encourage a smooth transition and provide the necessary support for interested parties to set up trade in Ghana.

There is also a sister organization located in Lagos, Nigeria which is the Nigeria Ghana Business Council.

African Corporate Governance Network (ACGN) signs MOU with University of Kigali The promotion of good corporate governance practices have come to the fore very strongly over the past two decades. From the Enron scandal to Big Four auditing firms being fined heavily in South Africa, the need for improved corporate governance practices in Africa and beyond, has never been more pressing.

To lead the promotion and spread of good corporate governance in Rwanda, the University of Kigali has signed an MOU with the ACGN to promote mutual institutional interests.

The African Corporate Governance Network (ACGN) and the University of Kigali signed the Memorandum of Understanding (MoU) to promote mutual institutional interest consistent with their mandates, policies and resources.

The MoU between the two institutions establishes an understanding and a cooperative working relationship to promote research in fields of common interest, development of curricula and exchange of materials and

documents.

The institutions will work together to promote collaboration in organising workshops, training and conferences and collaboration in consultancy services.

Also, short professional courses will be rolled out with the development of new marketdriven and technology-centred professional programmes.

The signing ceremony, had

Professor Robert Ebo Hinson, Interim Vice-Chancellor and Dr Michael Sanja, Deputy Vice-Chancellor, Institutional Development Research and Innovation (IDRI), signing on behalf of the University of Kigali.

Mr Rockson Kwesi Dogbegah, Chair, ACGN and Reverend Mrs Angela Carmen, Acting Board Secretary, signed for the ACGN. The five-year MOU may be

renewed for such consecutive periods as agreed by the University of Kigali and ACGN. The Centre for Economic Governance and Leadership will be the Lead Unit on behalf of the University of Kigali.

Both institutions pledged a commitment to work together to promote a mutually beneficial relation expressly provided under the MOU.

10

| AFRICAN BUSINESS

WEDNESDAY, FEBRAURY 16, 2022

AU welcomes $11.48m grant from ADF to strengthen delivery of Agenda 2063 The African Union Commission (AUC) will soon benefit from an $11.48 million grant from the African Development Fund to strengthen its governance and provide it with institutional support.

Approval for the grant, from the Fund’s regional public goods window, came a few days ahead of the 35th Ordinary Session of the African Union Assembly, which closed on Sunday in the Ethiopian capital Addis Ababa.

On the sidelines of the Assembly, African Development Bank President Akinwumi Adesina and African Union Commission Deputy Chair Dr. Monique Nsanzabaganwa met on Thursday, 3 February, to discuss the organization’s future and challenges.

Nsanzabaganwa expressed the institution’s deep appreciation for the grant.

The grant will contribute to the Institutional Capacity Building

for the African Union Project, a program designed to improve the AUC’s capacity to drive Agenda 2063. Agenda 2063 is the African Union’s vision for “an integrated, prosperous and peaceful Africa, driven by its own citizens and representing a dynamic force in the global arena.” It includes programs to boost Africa’s economic growth and development and lead to

the rapid transformation of the continent.

In 2017, the AUC launched a comprehensive institutional reform process to make the institution more nimble, efficient and financially selfsufficient. The project will continue those reforms through upgrading its systems, as well as improving planning, coordination, and service delivery capacities.

Nsanzabaganwa said the funds will cover three main components: institutional strengthening; policy planning, coordination, and corporate service delivery; and project management. In addition, it contains important environmental and social safeguards and gender-sensitive considerations.

A portion of the funds would be allocated to the AUC’s Disaster Risk Reduction practices, and Climate Change Adaptation mechanisms, while support for

women will include developing the Commission’s Gender and Youth Mainstreaming Guidelines and Scorecard and related activities over and above the support towards the AU’s institutional reform.

The African Development Bank has been a longterm partner to the African Union’s development agenda, supporting programs such as its Development Agency-NEPAD program for infrastructure development in Africa. It also supports the African Continental Free Trade Area secretariat, the Africa Centres for Disease Control and Prevention and the Climate for Development in Africa Program.

The total cost of the project is $12.6 million, including an inkind counterpart contribution from the African Union. Success of the project is expected to encourage similar contributions from other development institutions.

AfDB approves $750,000 grant for the development of the regional financial market The African Development Bank on 9 February approved a $750,000 grant to drive reforms that will deepen the West African Monetary Union (WAMU) regional financial market and make it more competitive and attractive to investors.

The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the African Development Bank and financed by the Luxembourg Ministry of Finance and the Netherlands Ministry of Foreign Trade and Cooperation.

Under the second phase of the African Development Bank’s Regional Financial Market Development Support Project, the grant funding will cover the development of a monetary and financial code for the WAMU region. It will also promote the deepening of mortgage and securitization markets through capacity building and the overhaul of relevant legal and

regulatory frameworks.

The project is expected to define an operational framework for setting benchmark rates in close alignment with international best practices as set out by the International Organization of Securities Commissions.

“We welcome this continued partnership with the Conseil régional de l’épargne publique et des marchés financiers (CREPMF). It aims to improve financing conditions, support the economic and social development of West African

Monetary Union member countries, and increase the role of the regional financial market in financing the region’s economies,” said Ahmed Attout, head of the Capital Markets Development Division at the African Development Bank.

The Conseil régional de l’épargne publique et des marchés financiers, the regulatory authority of the regional financial market of the West African Monetary Union, is implementing the project.

Its Secretary General, Ripert

Bossoukpé, said, “this new commitment of the African Development Bank is in line with the dynamics of the structural transformation of the regional financial market to respond to the strong aspirations of the West African Monetary Union authorities and the private sector.”

The West African Monetary Union consists of eight countries of the West African franc zone: Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.

WEDNESDAY, FEBRAURY 16, 2022

11

| NEWS

Major chocolate companies fail in pledge to end deforestation, new study shows More than four years after the high-profile launch of the Cocoa and Forests Initiative (CFI), Africa’s top cocoa-producing nations continue to see huge areas of forest being destroyed to make room for cocoa production, according to a new data analysis by Mighty Earth.

The report titled: “Sweet Nothings: How the Chocolate Industry has Failed to Honor Promises to End Deforestation in Cocoa Supply Chains reveals that, even after the industry published action plans in 2019, Côte d’Ivoire lost 19,421 hectares – 74.9 sq. mi. – of forest within cocoa growing regions and Ghana lost 39,497 hectares – 152.5 sq. mi. This amounts to a combined area equivalent to the size of the city of Madrid/Seoul/Chicago.

“This report unwraps the unsavory side of the cocoa industry and shows the urgent need to break the link between chocolate products and deforestation,” said Glenn Hurowitz, CEO of Mighty Earth, the global advocacy organization working to defend a living planet.

“Chocolate companies like Nestlé, Hershey’s, Mondelez and Mars need to stop making empty promises and start working together with governments in the CFI to establish an open

and effective joint deforestation monitoring mechanism this year”.

Côte d’Ivoire and Ghana are estimated to have lost 80% to 90% of their forested area over the last few decades, in large part to make way for cocoa farms. Through a combination of satellite data analysis and on-the-ground field investigations, Mighty Earth has uncovered evidence of ongoing tropical forest clearance for cocoa.

This includes deforestation in designated protected areas that provide vital habitats for endangered wildlife – such as chimpanzees and pygmy hippos.

These forests are also critical carbon sinks, vital for slowing both the climate crisis and biodiversity loss.

According to the report, four and half years after chocolate companies and governments committed in the CFI to a ban on establishing any new cocoa farms, overall levels of deforestation remain near record highs.

Within cocoa growing regions, Côte d’Ivoire lost 19,421 hectares (ha) – 74.9 sq. mi. – (2%) of its forest since the CFI action plans were published in January 2019, whilst Ghana has lost an astonishing 39,497 ha – 152.5 sq.

mi. – of forest with a staggeringly high rate of deforestation of 3.9%.

This amounts to a combined area of tropical forest lost in the two countries equivalent to an area the size of the cities of Madrid, Seoul, or Chicago.

In Ghana, 2020 tree cover loss countrywide was 370% higher since January 2019 than it was between 2001-2010, and 150% higher than the average tree cover loss between 2011-2019, the study showed.

Also, average countrywide tree cover loss in Côte d’Ivoire has been 230% higher in the period since January 2019 than it was between 2001-2017, and 340% higher than the average loss during the 2000s.

The report discovered that deforestation is still found throughout protected areas in Côte

d’Ivoire and Ghana, with satellite data analysis and observations from Mighty Earth’s field investigation in Côte d’Ivoire revealing that cocoa expansion is playing a major role in this encroachment.

“All of this devastation is entirely preventable and should have been addressed long ago.

Meanwhile, forests continue to disappear, endangered species die, and communities suffer,” said Souleymane Fofana, General Coordinator of the Ivorian Human Rights organizations (RAIDH).

“The cocoa industry has the same tools and far more resources than Mighty Earth to track and prevent deforestation, but limited willpower and lack of transparency and accountability continue to be the biggest roadblocks to progress.”

MiDA brightens 523.68km of roads and streets across 20 MMDAs

BY PATRICK PAINTSIL

The Millennium Development Authority (MiDA), is illuminating 523.68km of roads and streets in and outside Accra with high energy-efficient and durable street lighting luminaires as part of its Power Compact Program.

The scope of this activity, which falls under the Energy Efficiency and Demand Side Management Project, covers the installation of 14,287 energy-efficient luminaires on 146 selected road sections and spans 20 Metropolitan, Municipal, and District Assemblies (MMDAs) in the Greater Accra and Eastern Regions.

The Street Lighting (SL) Project, is being implemented in two tranches. Tranche One Works have been completed and Tranche Two roads will be completed in April 2022, all at the total cost of $13.17m.

The Millennium Challenge Corporation (MCC), a United States Government Agency, is funding the Project under the Power

Compact Program signed with the Government of Ghana.

Tranche one works have been completed, with 177.76 km of street lighting either upgraded or fitted with new installations. Drivers, pedestrians and other users are evidently very safe as they now use these brightly lit roads at night.

The Tranche two works, comprising 345.92 km of Streets, including the GIMPA By-pass and roads that cover twenty (20)

MMDAs are ongoing.

According to MiDA, “street lighting is an essential road furniture.

It ensures security at night for road users in our communities, contributes to improved road safety, and enhances our quality of life and standard of living. Indeed, they have the potential to boost investments that aid economic growth and support efforts to reduce poverty.

The SL Project will help reduce

electricity consumption from street lighting by 40% and reduce the cost burden on the beneficiary Assemblies. Officials from these Assemblies, MiDA, and the three Project Contractors namely Elsewedy Electric T&D (Lot 1), Prefos Ltd (Lot 2), and Process and Plant Automation Ltd (Lot 3), have embarked on a final inspection of works ahead of the handing-over of the roads and streets to the beneficiary assemblies.

12

| NEWS

WEDNESDAY, FEBRAURY 16, 2022

ECA and partners offer training for women in data and statistics Addis Ababa, February 11, 2022 (ECA) – Today marked the end of the Women into Leadership training programme.

A programme to equip women within the African Statistical System, and in particular, the National Statistical Offices (NSOs) with the skills required to take a full part in developing themselves and leading their organisations on a programme of statistical modernisation.

The closing ceremony of the Women into Leadership Program was held in Nairobi, on February 11, 2022. The programme is organised by the Office for National Statistics of the United Kingdom (ONS-UK) in collaboration with the African Centre for Statistics (ACS) at the Economic Commission for Africa (ECA).

The trainees included 18 highperforming female middle managers drawn from the National Statistical Systems of Ethiopia, Ghana, Kenya, Malawi, Namibia, Rwanda, Sierra Leone, and Lesotho.

UN Under-Secretary-General and Executive Secretary of the ECA, Vera Songwe, deplored the fact that top leadership positions among national statistical offices (NSOs) in Africa are overwhelmingly occupied by men.

“The current percentage of women in leadership in Africa and more so in data and statistics stands at 16, which is worryingly low. We need to triple this number in the near future.”

Earlier in the week, director

of the Africa Centre for Statistics at the ECA, Oliver Chinganya, explained that the Women into Leadership Program “aims to create more diverse leadership teams capable of spearheading change and modernising statistics in Africa.”

Mr Chinganya noted that “women leaders, with diverse experience, ideas and perspectives, have led substantive reforms and improved the performance of National Statistical Offices (NSOs).”

The Women into Leadership Program provides training in leadership, communication, and negotiation, to help mould women into senior leaders.

The programme aims to equip women within the African Statistical System, especially the National Statistical Offices (NSOs), with the necessary selfdevelopment skills and the ability to lead their organisations on a programme of statistical modernisation.

Flora Jika is new Voltic Ghana Managing Director Flora Jika, who has been with the Coca-Cola beverages business for the past 14 years has been named as the new Managing Director of Voltic Ghana Limited.

Voltic Ghana is a subsidiary of Coca-Cola Beverages Africa.

Flora Jika began her career in the coal mining industry, being the first female mining engineering graduate at Anglo Coal.

She joined Coca-Cola in 2008 with her first role being a depot manager.

Her knowledge and expertise cut across engineering, supply chain, logistics and marketing and rose through the ranks at Coca-Cola.

Until recently, she was the Logistics Director at Coca-Cola Beverages Africa, South Africa.

“I am delighted to join Voltic at this time and I look forward to building a success story with the team,” she indicated in a response to the new role.

Flora Jika replaces Simon Everest. She is a member of WUMEA (Wits University Mining

Engineers Association) and SAIMM (South African Institute of Mining and Metallurgy).

She holds an undergraduate and a post graduate degree in Mining Engineering and

Industrial Engineering fields respectively, from Wits University.

Commenting on the new appointment, the Managing Director of Coca-Cola Beverages

Africa, Conrad van Niekerk said: “We are delighted to welcome Flora to the Voltic family and wish her the best as she steers the business into sustainable growth and profitability.”

WEDNESDAY, FEBRAURY 16, 2022

13

| F E AT U R E

Can Africa unite?

BY MALADO KABA

When African Union members pledge to “continue to speak with one voice and act collectively to promote our common interests and positions in the international arena,” they recognize that this is not an easy feat. As with Rome, the “Africa we want” – the global powerhouse of the future – will not be built in a day.

Convening for the European Union-African Union summit in Brussels this month, African and European leaders will discuss how the partnership between their two unions can be both deepened and broadened.

But when it comes to trade cooperation, the devil is in the details. The AU must heed the lessons (both the successes and the failures) of the EU’s own integration project. Only then can it build a strong foundation for a partnership of equals with Europe.

The EU is a globally recognized model of regional partnership and integration. Born from the ashes of war, suffering, and destruction, it used economic integration to create the conditions for lasting peace and security. It is now one of the world’s three largest trading powers, alongside China and the United States.

Africa is taking promising steps along the same path. There has been impressive progress in expanding its Regional Economic Communities (RECs) – country groupings designed to facilitate

economic integration – and in January 2021, the African Continental Free Trade Area entered into force. The hope now is that the AfCFTA will help lift millions of Africans out of extreme poverty by boosting growth, creating jobs, and increasing incomes – all while spurring us toward even deeper integration.

The AU and the EU, both together and individually, must focus their efforts on the appropriate vehicles for attaining this goal. For its part, the AU will need to establish stronger institutions capable of nurturing economic growth and ensuring that its gains are widely shared.

As recent coups in West Africa show, many African countries have a long way to go to establish good governance and thereby provide for their populations.

This is where the EU’s own past experiences (both the good and the bad) could prove useful, particularly when it comes to managing tensions between bilateral and multilateral initiatives.

For example, the subsidiarity principle – whereby the EU takes charge of an issue only when supranational governance is clearly more effective than national, regional, or local governance – has served the EU well.

How might we in Africa use this principle to strengthen relationships between RECs? One promising model, epitomized by the pan-European venture that created Airbus, is projects that tap into common economic interests.

African projects in this mold could mitigate vulnerabilities in the continent’s value chains and industrial capabilities – shortcomings that the pandemic highlighted.

African countries also can make better use of individual RECs’ competitive advantages to shape strategic programs to manufacture products that can be fully sourced and assembled on the continent. For example, an African electric vehicle program could rely on aluminum from Guinea, technical parts from Rwanda, and assembly processes in Kenya or Morocco.

As for the EU, it must empower continent-wide bodies such as the AU and the African Development Bank to support sustainable integration programs.

China’s recent allocation of $10 billion to African financial institutions could be a catalyst for strengthening these institutions and uncovering more homegrown financing solutions.

Again, we can look to the EU’s own experience to improve how we allocate funding for regional

integration, agriculture, and infrastructure development.

However, we must be mindful of the EU’s own fragmented trade policy toward Africa. If African countries are trading with the EU on bilateral terms, that could undermine trade integration within Africa itself.

It also weakens Africa’s ability to negotiate as a united bloc – “speaking with one voice.”

The EU-AU summit is an opportunity to consider vital questions about Africa’s economic future. Can Africans negotiate as one bloc, and will the EU commit to widening its cooperation beyond the traditionally aid-centered approach? Both questions are crucial, in part because Africa will need financing to support its climate mitigation and adaptation efforts alongside the project of regional integration.

When we sit down to negotiate with the EU, let us remember that achieving unity is a lengthy process, and that trade, development, and cooperation are not smooth, easily managed processes. There will be wrong turns, dead ends, and accidents.

But let us also remember that if Africans can speak as one, the EU-AU summit could take us further down the path of growth, prosperity, and, ultimately, unity.

14

WEDNESDAY, FEBRAURY 16, 2022

WEDNESDAY, FEBRAURY 16, 2022

| C O M M E N T/A N A LY S I S

15

Measuring poverty properly

BY NURUL IZZAH ANWAR

T

he 2019 Oscar-winning film Parasite attracted a global audience for its arresting portrayal of South Korea’s stark income inequality.

The movie’s rendering of a low-income household’s acute sense of alienation resonated widely, no doubt because similar sentiments are palpable in many other countries. And the gap between the haves and havenots is growing, thanks to the dual challenges of COVID-19 and climate change.

The poor suffer the most in times of crisis because they lack the social capital that protects those who are better off. To paraphrase Martin Luther King, Jr., the arc of inequality bends toward more inequality. That makes it imperative for policymakers to address the widening divide between rich and poor and craft adequate safety nets for those most in need.

The Multidimensional Poverty Index (MPI), which tracks nonincome measures of deprivation like education, health, and living standards, is an essential tool in mapping the scope of the problem. My country, Malaysia, joined the global network of countries that use the MPI in 2013, after years of using outdated methods to measure poverty.

In 2019, a scathing critique by then-UN Special Rapporteur on Extreme Poverty and Human Rights Philip Alston finally led the government to revise its definition.

The MPI continues to play a role in Malaysia’s response to income inequality. In April 2021, Fatimah Kari, an economics professor specializing in poverty at the University of Malaya, led an MPI survey among the bottom 40% of income earners in my constituency of Permatang Pauh in Penang. The goal of the survey was to reflect the impact of the pandemic on impoverished households.

Along with the usual measurements, the survey assessed income loss due to the pandemic, relative access to online education for children, and overall well-being in relation to home confinement

during lockdowns. The pilot project aimed to test a “COVIDadjusted” blueprint to measure poverty that could be adopted by Malaysia’s federal government for use at the national level.

Six months later, Mustapa Mohamed, a minister in the Prime Minister’s Department for Economic Affairs, announced the government’s intention to revamp the national MPI methodology in response to the study. The new methodology would complement the design of more robust safety net programs – news that was welcomed by legislators who have been urging the government to use the MPI to understand and meet the needs of lower-income households.

The change also was timely: in addition to the economic difficulties brought about by the pandemic, the country has been devastated by heavy rains.

Officials repeatedly referred to the recent floods as a once-ina-century phenomenon, but the last major flood happened only eight years ago, displacing almost 300,000 people. The latest disaster affected an estimated 80,000 people across nine states.

In the immediate aftermath, NGOs and community groups stepped in to organize aid distribution. Ordinary Malaysian men and women risked their lives to rescue victims stranded in flood-stricken areas. These efforts contrasted sharply with the government’s relative unpreparedness.

The current administration has turned to quick-fix schemes to stave off the economic impact of the pandemic, with profound consequences for the entire budget. One program allows citizens to withdraw funds early from their retirement savings.

It has been reported that a total of RM101 billion ($24.1 billion) has been withdrawn from Malaysia’s Employees Provident Fund (EPF). Over six million members now have less than RM10,000 in their EPF accounts, and more than half of these have less than RM1,000.

In fact, some 22% of the government’s total pandemic economic stimulus consisted of withdrawals by Malaysians from their own retirement funds.

But with more than 15% of Malaysia’s population expected to be 60 years or above by 2030,

the scheme is a formula for disaster. Its loudest proponents include the disgraced former prime minister, Najib Razak, whose conviction for corruption last year has not deterred him from brazen Facebook posts that encourage cash-strapped retirees to deplete their savings further.

As Malaysia tries to recover from the pandemic and the floods, it has a chance to adopt effective policies to improve living standards in vulnerable communities. The development of a realistic MPI is a necessary first step, because it would enable the government to comprehend in detail the main challenges – from lack of sanitation and access to clean water to internet coverage for online education – confronting the poorest Malaysians.

Well-designed MPI studies can bring these important facets of people’s lives to policymakers’ attention, in addition to measuring the overall gap between the richest and poorest.

Equipped with this knowledge, governments, including Malaysia’s, can begin to mitigate the social tensions so brilliantly rendered in Parasite.

16

WEDNESDAY, FEBRAURY 16, 2022

| NEWS

Vodafone introduces Red Cloud to improve and secure the digital operations of businesses Vodafone Business has introduced ‘Red Cloud’, a cloud-based service meant to improve and safeguard digital operations, to IT Managers at the Vodafone Technology Forum, held in the Ashanti Region.

Vodafone Red Cloud is an advanced and affordable technology that offers businesses a more flexible, scalable, and costefficient IT infrastructure to help them achieve their business goals of keeping their data safe and applications performing at their best.

Speaking at the event, the Director of Vodafone Business, Tawa Bolarin, said SMEs can effectively improve their services without worrying about the cost of running data centres or an IT environment.

“At Vodafone Business, we support the growth of businesses by providing solutions that help organizations run efficiently, enabling them to focus on their core purpose without having to worry about their technology needs. We do this by working closely with you, IT Managers, and Chief Information Officers.”

She explained that Red Cloud is locally-hosted in a highly secured IT environment, with stringent security policies. ‘’From a latency perspective, you don’t have any issues because all your information is stored locally in the country. From a regulatory perspective, it’s an advantage

because, for some industries, the regulator doesn’t allow you to store data outside of the country.

We address that problem for you by having our technology experts sit down with you to understand your needs and to customize our platform to your business needs,” she added.

Tawa further said businesses can now focus on their core objectives and purpose while they entrust this aspect of their operations with

Vodafone.

“Any business today can focus purely on what it is designed for, its core purpose, and that core purpose is to serve its customers with its products and services to generate value, increase customers, increase revenue, and most importantly, reduce costs. Digitalisation is the only way businesses can achieve these goals by automating with the right tools and resources that allow you

to serve your customers better and to grow beyond your local boundaries,” she said.

According to Tawa, Vodafone’s Technology Forum is one of the platforms the four-time Enterprise Business Provider of the Year uses to connect with customers to understand how to support their businesses and provide them with the right technology solutions for them to grow and succeed in various industries.

3 Days Training Workshop Theme: Contemporary Stores and Inventory Management Company ProSupp Consult is a multidisciplinary professional service group drawn from diverse top quartile multinational and public firms providing dynamic procurement and supply chain management services and trainings.

Course Overview It has become imperative to focus on Strategic Stores and Inventory because most organisations are struggling with dwindling working capital and cashflows for effective operations; but still have high investments and cash locked-up in goods, spare parts, items, MROs, stationeries etc. The strategic application of Stores and Inventory helps to contribute to the efficient and effective utilisation of public and private financial resources; which significantly improves the competitive advantage of companies, financial and sustainable business objectives and an increased Return On Investment (ROI). Again, Public Sector Stores and Inventory Practitioners feel marginalised, but this course will let them appreciate how they can contribute strategically to the reduction of government’s expenditure.

This module is designed to put the public and private sectors’ Stores and Inventory systems in context. It will be based on an experiential learning; applying theory in a practical way to foster good practice and application.

The Facilitator The Facilitator is an Award Winning Procurement and Supply Chain Management Professional with over twenty years practice in both local and international organisations in various industries including Financial Institutions, United Nations, Construction, Embassies and Manufacturing.

Serves on Entity Tender Committees for a number of Public and Private Organizations.

An Adjunct Lecturer, Board Member, Independent Consultant and the Current President, Ghana Institute of Procurement and Supply.

Collins Agyemang Sarpong MGIPS, MCIPS, MBA, CIPP

COURSE OUTLINE • Inventory Control (Stock Controls) Definitions, Systems and Management • Best Practices for conducting an inventory counts • Stakeholder Management and Engagement for efficient operations • Economics of Stores and Inventory (Order Levels and EOQs) • Strategic Stores and Inventory (Cashflow and Working Capital Impact ) • Codification and Digitization for efficient operations • Different Inventory Modules, Methods and Techniques • Stores Space optimization • Practically undertake disposal of unserviceable items as per Act 663 • Heath, Security and Safety in the stores (OSHA Regulations) • Lowering carrying cost strategies • Case Studies • Development of 90 days Actions Plans Who should attend?

Public and private sector Stores and Inventory Managers, Supply Officers, Procurement Managers, Logistics Managers, Internal Auditors, Finance Managers, Entity Tender Committee Members and all responsible for overseeing Stores and Inventory operations in their organisations.

Date:

23rd - 25th February 2022

Theme: Fee:

Contemporary Stores and Inventory Management

GHC 2,000 per participant (Inclusive of Course Materials, Certificates, Lunch and Coffee/Tea breaks)

Venue:

Coconut Groove Hotel, 5th Mozambique Link, Accra

REGISTRATION Please make the necessary payment into the following account details;

Account name: ProSupp Consult, Account Number: 1114682 Bank: ABSA Bank, Branch: Osu. Please contact the ProSupp office on 0302733425 / 0546896814 for any assistance and clarifications and also please alert the office when you have made payment.

WEDNESDAY, FEBRAURY 16, 2022

17

| GLOBAL NEWS

Global Cloud robotics market will reach $40.29 billion by 2030, growing by 26.5% annually over 2020-2030, Says RRH Global cloud robotics market will reach $40.29 billion by 2030, growing by 26.5% annually over 2020-2030 considering the impact of COVID-19 pandemic. The market is driven by proliferation of the cloud technology, broad spectrum use of wireless technologies, the cost-effectiveness and enhanced process efficiency of cloud robotics, and the increase in the adoption of Internet of Things (IoT) and Artificial Intelligence (AI).

Highlighted with 94 tables and 155 figures, this 244page report “Global Cloud Robotics Market 2020-2030 by Component (Hardware, Software, Services), Robot Type (Stationary, Wheeled, Legged), Implementation Module (Peer, Proxy, Clone), Connectivity Technology (Cellular, BLE, WiFi/WiMAX, RF, Infrared), Deployment Mode (Public, Private, Hybrid), Business Model (PaaS, IaaS, SaaS), Application (Industrial, Commercial, Personal, Government), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global cloud robotics market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2017-2019 and provides estimate for 2020 and forecast from 2021 till 2030 with 2019 as the base year (Year 2020 is not appropriate for research base due to the outbreak of COVID-19).

Free Sample Report at: https:// www.researchreportshub.com/ sample-request/global-cloudrobotics-market/ In-depth qualitative analyses include identification and investigation of the following aspects: • Market Structure • Growth Drivers • Restraints and Challenges • Emerging Product Trends & Market Opportunities • Porter’s Fiver Forces The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most

• • •

likely) projection is used to quantify global cloud robotics market in every aspect of the classification from perspectives of Component, Robot Type, Implementation Module, Connectivity Technology, Deployment Mode, Business Model, Application, and Region.

Based on Component, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 20192030 included in each section.

• Hardware • Robot Devices • Robot Components • Software • Robotics Application Software • Software for Integrated Virtual Robots • Software for Cloud Data Storage and Analytics • Services • Deployment and Integration • Connectivity Management • Strategic Consulting • Training and Support Based on Robot Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 20192030 included in each section.

• Stationary Robots • Cartesian/Gantry Robots • Cylindrical Robots • Spherical Robots • SCARA Robots • Articulated Robots • Parallel Robots • Other Stationary Robots • Wheeled Robots • Single Wheel Robots • Two Wheeled Robots • Three Wheeled Robots • Four Wheeled Robots • Six Wheeled Robots • Tracked Robots • Legged Robots • One Leg Robots • Bipedal/Humanoid Robots • Tripedal Robots • Quadrupedal Robots • Hexapod Robots • Many Legs Robots • Flying Robots • Swimming Robots

• Robotic Balls • Swarm Robots • Modular Robots • Micro Robots • Nano Robots • Soft/Elastic Robots • Snake Robots • Crawler Robots • Hybrid Robots • Other Robot Types Based on Implementation Module, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.

• Peer-based Cloud Robotics • Proxy-based Cloud Robotics • Clone-based Cloud Robotics Based on Connectivity Technology, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.

• Cellular • 3G • 4G • 5G • Bluetooth Low Energy (BLE) • WiFi/WiMAX • Radio Frequency (RF) • Infrared Based on Deployment Mode, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 20192030 included in each section.

• Public Cloud • Private Cloud • Hybrid Cloud Based on Business Model, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 20192030 included in each section.

• Platform as a Service (PaaS) • Infrastructure as a Service (IaaS) • Software as a Service (SaaS) Based on Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 20192030 included in each section.

Industrial Use • Manufacturing • Automotive

Transportation & Logistics Other Industrial Sectors • Commercial & Professional Use • Healthcare and Medical • Agriculture • Retail and Consumer Service • Travel and Tourism • Home and Construction • Banking, Financial Services, and Insurance • Other Commercial Sectors • Personal & Consumer Use • Entertainment • Education • Personal Healthcare • Home Appliances • Cleaning • Other Personal Sectors • Government and Military Use • National Defense • Homeland Security • Space Management Full Report Detail: https://www. researchreportshub.com/globalcloud-robotics-market/17919/ Geographically, the following regions together with the listed national/local markets are fully investigated: • North America (U.S., Canada, and Mexico) • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Netherlands, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland) • APAC ( Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines) • South America (Brazil, Chile, Argentina, Rest of South America) • MEA (UAE, Saudi Arabia, South Africa) For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2019-2030. The breakdown of all regional markets by country and split of key national markets

by Component, Business Model, and Application over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

18

WEDNESDAY, FEBRAURY 16, 2022

| I N T E R N AT I O N A L

WEEKLY MARKET REVIEW FOR WEEK ENDING FEBRUARY 4, 2022 MACROECONOMIC INDICATORS

Trend in Market Indices - 2022

Best 5 Traded Equities by Value for the Week Ending 04/02/2022

3,000 2,500

6.6% 5.3% 5.0% 14.50% 12.96%

0.93% 0.62% 1.37%

2,000

15.16% 44.45%

1,500 1,000 500 0

12.60% 8.0%

37.47%

04/01/22 06/01/22 08/01/22 10/01/22 12/01/22 14/01/22 16/01/22 18/01/22 20/01/22 22/01/22 24/01/22 26/01/22 28/01/22 30/01/22 01/02/22 03/02/22

Q3, 2021 GDP Growth Average GDP Growth for 2021 2021 Projected GDP Growth BoG Policy Rate Weekly Interbank Interest Rate Inflation for December, 2021 End Period Inflation Target – 2021 Budget Deficit (% GDP) – Dec, 2021 2021 Budget Deficit Target (%GDP) Public Debt (billion GH¢) – Nov, 2021

GSE CI

GSE FSI

MTN

SCB

OTHERS

YTD Performance of GSE Market Indices

Best 2 & Worst 5 Performing Stocks YTD Return

0.50%

6.65

6.47

▼ 2.71%

Scancom PLC

1.11

1.08

▼ 2.70%

Cal Bank PLC

0.82

0.8

▼ 2.44%

GCB Bank PLC

5.24

5.2

▼ 0.76%

-30.00%

-4.00%

-35.00% GSE CI

-40.00%

GSE FSI

Best 5 Traded Equities by Volume for the Week Ending 04/02/2022

3.18%

0.23%

0.33%

0.18%

44.94%

51.13%

CAL

MTN

GCB

BOPP

ETI

OTHERS

Market Capitalization for Week Ending 04/02/2022 64,200.00

0.00%

64,100.00

-0.20%

64,000.00

-0.40%

63,900.00

-0.60%

63,800.00

-0.80%

63,700.00

-1.00%

63,600.00

-1.20%

63,500.00

-1.40% 02 /0 2/ 22 03 /0 2/ 22 04 /0 2/ 22

Gain/Loss (%)

PB C

L FM

SS CE

I

-7.14%

AC

-8.05%

-9.52%

-25.00%

-3.50%

2/ 22

Closing Price

-20.00%

/0

Opening Price

-3.00%

01

Price Movers for the Week

-15.00%

1/2 2

The Ghana Stock Exchange dipped for the second consecutive week on the back of declines by 4 counters. The GSE Composite Index (GSE CI) lost 38.04 points (-1.37%) to close at 2,728.76 points, reflecting yearto-date (YTD) loss of 2.17%. The GSE Financial Stocks Index (GSE FI) also lost 4.01 points (-0.19%) to close at 2,127.91 points, reflecting year-to-date (YTD) loss of 1.11%.

Market capitalization declined by 0.60% to close the week at GH¢63,713.60 million, from GH¢64,097.80 million at the close of the previous week. This reflects YTD decrease of 1.21%.

Trading activity witnessed a total of 5,917,395 shares valued at GH¢6,461,373.44 changing hands compared with 5,497,427 shares, valued at GH¢5,927,272.53 in the preceding week.

CAL dominated volume of trades for the week, accounting for 51.13% of volume traded whiles MTN dominated value of trades with 44.45% of total value of trades for the week.

The market closed the week with no price gainers and 4 price decliners as indicated on the table below.

-2.50%

ET

-5.00% -10.00%

L

-1.50%

31 /0

STOCK MARKET REVIEW

5.00% 0.00% CA

-1.00%

78.4%

15.00% 11.76% 7.53% 10.00%

L

-0.50%

EG

344.5

04/01/22 06/01/22 08/01/22 10/01/22 12/01/22 14/01/22 16/01/22 18/01/22 20/01/22 22/01/22 24/01/22 26/01/22 28/01/22 30/01/22 01/02/22 03/02/22

0.00%

TB L

9.5%

-2.00%

Benso Oil Palm Plantation

BOPP

9.7%

Debt to GDP Ratio – Nov, 2021

Equity

GCB

CAL

MARKET CAP

YTD%

-25.00% -33.33%

CURRENCY MARKET The Cedi continued its downward trend against the USD for the third consecutive week. It traded at GH¢6.1077/$ on Friday, compared to GH¢6.0226/$ at week open, reflecting w/w and YTD depreciations of 1.39% and 1.66% respectively. This compares with YTD depreciation of 0.01% a year ago.

The Cedi also lost grounds against the GBP for the week. It traded at GH¢8.2628/£, compared with GH¢8.0715/£ at week open, reflecting w/w and YTD depreciations of 2.32% and 1.64% respectively. This compares with YTD depreciation of 0.39% a year ago.

The Cedi again retreated against the Euro for the week as it traded at GH¢6.9743/€, compared with GH¢6.7109/€ at week open, reflecting w/w and YTD depreciations of 3.78% and 2.10% respectively. This compares with YTD appreciation of 2.04% a year ago.

The Cedi further depreciated against the Canadian Dollar for the week. It opened at GH¢4.7177/C$ but closed at GH¢4.7847/ C$, reflecting w/w and YTD depreciations of 1.40% and 0.90% respectively. This compares with YTD appreciation of 0.56% a year

WEDNESDAY, FEBRAURY 16, 2022

Weekly Interbank Foreign Exchange Rates Year Open

Week Open

Week Close

W/W Change%

YTD %

01/01/22

31/01/21

04/02/21

USD/GHS

6.0061

6.0226

6.1077

▼1.39

▼1.66

GBP/GHS

8.1272

8.0715

8.2628

▼2.32

▼1.64

EUR/GHS

6.8281

6.7109

6.9743

▼3.78

▼2.10

CAD/GHS

4.7416

4.7177

4.7847

▼1.40

▼0.90

YTD Performance of Selected Commodity Prices

Treasury Yield Curve 22 21.00 20

19.75

21.75

25%

20.20 19.7519.75

19.00 18.10

18

10% 5%

14

Source: Bank of Ghana

12.66

12

Exchange Rates: Ghana Cedi vs Selected Currencies

13.23

0% 01/01/22 -5%

10

08/01/22

15/01/22

22/01/22

29/01/22

yr

yr

Gold

20

yr

15

yr

7y r

yr

6

5

10

18 2

3y r

y 2y r

Da

y

y

-10%

91 Da

9.0000

20% 15%

16.74

16

36 4D a

Currency Pair

19

| GLOBAL ECONOMY

Cocoa

Brent Crude

8.0000 7.0000 6.0000 5.0000 4.0000 3.0000 2.0000 1.0000 0.0000 01/01/22 08/01/22 15/01/22 USD

GBP

22/01/22 29/01/22 EUR

CAD

YTD Performance of the Ghana Cedi against Selected Currencies 2.00 1.50 1.00 0.50 0.00 01/01/22 -0.50

08/01/22

15/01/22

22/01/22

29/01/22

COMMODITY MARKET

BUSINESS TERM OF THE WEEK

Crude Oil prices surged to seven-year highs on Friday, extending its rally into a seventh week on the back of ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers. Brent futures traded at US$93.27 a barrel on Friday, reflecting w/w and YTD gains of 3.60% and 19.92%. Gold prices inched up on the back of a weakening dollar, alongside continuing concerns over high inflation, and U.S.-Russia tensions over Ukraine. Gold settled at US$1,807.80 from US$1,784.90 last week, reflecting w/w appreciation and YTD loss of 1.28% and 1.14% respectively. Prices of Cocoa advanced for the week. The commodity traded at US$2,668.00 per tonne on Friday, from US$2,494.00 last week, reflecting w/w and YTD appreciations of 6.98% and 5.87% respectively. yields at close of the week.

Appropriation: Appropriation is the act of setting aside money for a specific purpose. In accounting, it refers to a breakdown of how a firm’s profits are divided up, or for the government, an account that shows the funds a government department has been credited with. A company or a government appropriates funds in order to delegate cash for the necessities of its business operations.

-1.00 Commodities

Year Open

Week Open

Week Close

01/01/22

31/01/21

04/02/21

77.78

90.03

Gold (US- 1,828.60 D/t oz.)

1,784.90

1,807.80

▲1.28

▼1.14

2,494.00

2,668.00 ▲6.98

▲5.87

-2.00 Brent crude oil (USD/ bbl)

01/01/22

31/01/22

04/02/22

91 Day TB

12.53

12.63

12.66

182 Day TB

13.21

13.23

13.23

364 Day TB

16.64

16.74

16.74

WoW Chg (%)

YTD Chg (%)

▲0.25

▲1.11

▲0.06

▲0.18

0.00

0.61

0.00

0.00

2-Yr FXR TN

19.75

19.75

19.75

3-Yr Bond

20.50

20.50

20.50

0.00

5-Yr Bond

21.00

21.00

21.00

0.00

0.00

6-Yr Bond

18.80

21.75

21.75

0.00

15.69

7-Yr Bond

18.10

18.10

18.10

0.00

0.00

10-Yr Bond

19.75

19.75

19.75

0.00

0.00

15-Yr Bond

19.75

19.75

19.75

0.00

0.00

20-Yr Bond

20.20

20.20

20.20

0.00

0.00

Source: Bank of Ghana

0.00

3,000

95

C O 2,500 C O 2,000 A & G O L D

B 90 R E N 85 T

1,500 80

1,000

75

500 0

70

Gold

Cocoa

/2 2

Current Yield %

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).

RESEARCH TEAM Name: Ernest Tannor Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957 Name: Audrey Asiedua Wiafe Email:aaudrey@cidaninvestments.com Tel:+233 (0) 57 840 2700 Name: Moses Nana Osei-Yeboah Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

International Commodity Prices - 2022

/2 2

Previous Yield %

YTD %

Source: www.investing.com

29 /0 1

Year Open

2,520.00

Chg %

93.27 ▲3.60 ▲19.92

22 /0 1

Security

Cocoa (USD/ MT)

1/2 2

Government raised a sum of GH¢1,303.05 million for the week across the 91-Day and 182-Day Treasury bills, compared to GH¢1,218.28 million raised in the previous week. The 91-Day bill gained 3bps to settle at 12.66% p.a whilst the 182-Day bill remained unchanged at 13.23% p.a.The table and graph below highlight primary market yields at close of the week.

15 /0

GOVERNMENT SECURITIES MARKET

1/2 2

CAD

/0

EUR

1/2 2

GBP

/0

USD

01

-2.50

08

-1.50

Source: https://www.investopedia. com/terms/a/appropriation-account. asp

Brent Crude

C R U D E

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 this report does not constitute any investment recommendation. The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.

B U S I N E S S 24 .C O M .G H

MONDAY, FEBRAURY 14, 2022

NO. B24 / 306 | NEWS FOR BUSINESS LEADERS

WEDNESDAY, FEBRUARY 16.2022

Aerospace composites market is expected to reach US$63.37bn by 2027 The rapid adoption of composites in aircraft and introduction of newer manufacturing technologies are the drivers for the growth of the market.

The global Aerospace Composites market is forecast to reach USD 63.37 Billion by 2027, according to a new report by Reports and Data.

The global aerospace composites market is expected to experience significant growth due to the increased production of aircraft due to the boom in the aeronautical industry.

The aerospace sector contributes to a significant share of the composite market due to the increased use of light materials for interior and exterior parts.

The increase in air traffic associated with the number of lowcost carriers coming to emerging Asia-Pacific and Latin American economies to facilitate air travel is expected to be a key driver for the aviation industry, which will lead to, the growth in the aerospace composites market.

Besides, the improved standard of living associated with the aerospace industry of laissez-faire in the Middle East has led to an increase in demand for cheap air

production needs have increased, which should be one of the main reasons for the penetration of aerospace composites in the market. Key participants include Solvay Group, Hexcel Corporation, Royal Tencate N.V., Teijin Limited, Toray Industries Inc., Royal DSM N.V., SGL Group – The Carbon Company, Mitsubishi Rayon Co. Ltd., Renegade Materials Corporation, and Quantum Composites, among others.

The COVID-19 impact:

travel, which is expected to have a positive impact on the market during the forecast period.

The aerospace composites market is expected to grow due to strong demand for commercial and military aircraft, helicopters, business aircraft, general aviation, and spacecraft manufacturing.

The growing demand for light and efficient aircraft is expected

to offer immense opportunities to manufacturers of composite parts, materials, and frames during the forecast period. Continued technological advances in the application of components and structures in aircraft are expected to result in high demand for aerospace composites.

With the growing demand for aircraft and pending orders,

The COVID-19 pandemic is expected to have a massive downward impact on the global Aerospace Composites market in 2020, the reason being the halt in the aviation industry. After the pandemic, however, trends discussed in the study of the global market do hold ground.

Also, supply chain disruptions and production shutdowns have resulted in a downgraded outlook for their manufacturing, which will lead to supply and demand gaps in the future. While the industry expects things to return to near normal state well before the end of 2020, negative demand shock caused by the crisis is likely to last.

Ghana Celebrates Africa Safer Internet Day Ghana joins one hundred and seventy countries in the world to celebrate the 2022 edition of the Africa Safer Internet Day (ASID).

The event is celebrated globally in February each year to promote the safe and positive use of digital technology for children and young people, and to inspire a national conversation about using technology responsibly, respectfully, critically, and creatively.

Director General of the National cyber security authority, Dr Albert Antwi Boasiako has therefore called on all stakeholders to get involved to raise awareness on online safety issues to promote a safer and positive use of digital technology, especially among children and young people.

In a statement, Dr. Antwi Boasiako said the Cyber

Security Authority (CSA) in collaboration with the Ministry of Communications and Digitalisation, Ministry of Gender, Children and Social Protection, Ministry of Education, UNICEF, Plan International, and all other children online protection partner agencies and stakeholders in Ghana will observe the day to create awareness and build nationwide understanding on the need for children to be guided to stay safe online.

“The celebration is expected to promote the safe and positive use of online technology by children and young people in Africa under the global focus, “Together for A Better Internet”, and raise awareness on emerging child online issues and current concerns and the need for all

stakeholders including parents, guardians, teachers, civil society, and religious bodies to get interested in the experiences of children and young people online.”

He added that “For every

awareness created, a child can be protected, secured, and saved from online criminal abuses like sextortion, cyberbullying, cyber grooming, sexting, possession and distribution of child pornography.

Published by Business24 Ltd. Nii Asoyii Street, Mempeasem. East Legon-Accra, Ghana. Tel: 030 296 5297 | 030 296 5315. Editor: Benson Afful editor@business24.com.gh. +233 545 516 133.