Business 24 Newsletter 11 November 2022

Christopher Mbii wins medals at GCB's 2nd Invitational Golf Tournament

Failure to remove Fin.Min will hurt Economy -Muntaka

Akufo-Addo says Ghana committed to increasing share of renewable energy

By Eugene Davis

President Nana Addo Dankwa Akufo-Addo has assured the global communi ty of Ghana’s full commit ment to increasing the coun try share of renewable energy in the energy mix.

Speaking at a High-Level Event on Sustainable Energy for All, organised by Bloomberg Philanthropies, on the sidelines of COP27 in Sharm el-Sheikh, Egypt, President Akufo-Addo stated that “we will continue to increase the share of renew able energy in our electricity generation mix, as well as explore the options of hydro gen gas and other clean energy sources to meet our energy needs”

According to President Akufo-Addo, “Energy transi

Hollard headlines Splendor Concert 2022

Hollard Life, has partnered with Crafted Nation and Gospel Artiste Pastor Siisi to organise this year’s edition of the nation’s premier live wor ship concert dubbed the Hol lard Splendor Concert. The event is scheduled for Friday, 18th November 2022, at 6 pm at the National Theatre in Accra.

The much-anticipated gospel concert organised under the theme: “Azusa” is expected to host over 1500 attendees from all walks of life to praise the Almighty God in an ambi ence of worship and to host the Holy Spirit, who convicts many unto salvation. The celebrated international acts billed for this year’s show include MOG Music, Puleng March, Ko Peprah, Luigi Maclean, Rev John Asubon teng, Alexandra Aboagye and our host Pastor Siisi Baidoo. Speaking on the essence of the partnership, the Group Chief Executive O cer of Hollard Ghana, Patience Aky ianu, said that as a company that does well by doing good, this concert is our way of saying thank you to our customers, stakeholders, and partners.

“As a purposeful company that puts its customers rst in everything we do, we are

ers to a gospel concert treat this November at the National Theatre. We understand that 2022 has been challenging, and we want to use this opportuni ty to ease the burden and close the year on a good note. Entry is at no charge, and we can’t wait to meet our community there,” she added.

“In the rst 4-year journey of Splendor, many lives have been blessed, and this year promises nothing short of that. With Azusa as the theme for this years’ service, I hope that Splendor will continue to be the beginning of a new wave of revival. A revival that will live on for decades to come and abide with God's people”.

“The good news is this. It's hap pening on Friday, Nov 18th, at the centre of Accra, The National Theatre. With Hollard Ghana on board, it is compli mentary to anyone interested in attending”, Pastor Siisi Baidoo noted.

Since 2018, the much-loved worship concert has been known for its elegant outlook and apt spiritual atmosphere, which leaves patrons reminisc ing days after the event. This invitation is open to everyone who wants to worship and praise God for his goodness.

About Hollard Ghana

The country's favourite insur ance group is Hollard Ghana,

with subsidiaries Hollard Insurance and Hollard Life Assurance. The group com bines its deep local knowl edge of the market, having operated in Ghana for 25 years as Metropolitan Insur ance, with the world-class expertise of an international insurance brand in 18 coun tries worldwide. With feet rmly planted on Ghanaian soil but headquartered in South Africa, Hollard deliv ers innovative insurance solutions customised to the unique risks Ghanaians face. Hollard, through its subsid iaries, o ers various life and general insurance products, including funeral, personal accident, motor, business, travel, home, and more, and can be reached via the following means: 0501603967 (Hollard Insur ance) and 0501533698 (Hol lard Life). Beyond various nationwide o ce branches and Hollard 2U franchise shops, Ghanaians can nd Hollard at Shell Fuel Station Welcome Shops, Melcom stores and online at ww w.hollard.com.gh and www. jumia.com.gh for all their insurance needs.

About Crafted Nation Crafted Nation (CN) is a non-denominational music and outreach ministry based in Accra and headed by Siisi Baidoo, a sensational gospel artist. The team has a core mandate of winning souls, achieved through music and the word of God at our evan gelism outreaches, crusades and worship services.

Splendor, the annual wor ship service, has seen steady growth since the rst edition, held in 2018. Currently, the service seats over a thousand ve hundred patrons to whom we minister excellent gospel music and lead in wor ship. Patrons travel far and wide to attend, both for the worship experience and to learn from the excellence of its organisation.

Address Crafted Nation P.O. Box DT 2470 A denta, Accra Phone contacts +233 54 620 9838, +233 54 552 1222 +233 26 050 6030

Christopher Mbii wins medals at GCB's

Sensational Christopher Mbii recorded an impressive net score of 63 to win GCB Bank's Second Classic Medal Golf Com petition held last Saturday at the Bok Nam Kim Golf Club in Accra.

Mbii, a banker playing of handi cap zero beat a eld of 15 to win the ultimate prize of the Men Category A which was contest ed by golfers with handicap indexes up to 13.6.

He beat John Quarshie (net 73)

by ten strokes to win the ultimate prize while Dacosta Amofa Owusu nished third with a net score of 74.

The Men Category B was won by Chief John Asafo-Adjaye who beat Nana Yaw Bamfo and Sangchul Han on countback after they all ended with a net score of 68.

Beatrice Dovlo pipped Hajia Zenabu Akoto and Abena Ntrakwa-Mensah to the ultimate prize on countback after they all recorded net

Failure to remove Fin.Min will hurt economy -Muntaka

By Eugene Davis

The Minority Chief Whip, Mohammed -Mubarak Munta ka has emphasized that the inability of Parliament to sup port the motion of censure against the Finance Minister, Ken Ofori-Atta will “hurt the economy” given that he has failed to live up to expecta tions.

Contributing to the motion on the vote of censure against Mr.Ofori-AAtta, on the oor of the house on Thursday, Hon. Muntaka who is the Member of Parliament for Asawase told parliament “If Finance Minis ter is removed, the budget of the country will not collapse,

our failure to remove him [Ofori-Atta] will hurt the econo my.”

He added that the nance minis ter remains part of the impedi ments that is preventing an expedited process of the IMF negotiations and reckons that “time for him to exit is now”.

According to him, should the Majority side of the house join their bid to remove the nance minister, it will breed new con dence and engender belief among the populace.

“The excuse that he should complete the IMF negotiations,

scores of 68.

The nearest to the pin prize went to Tafo Club's Victor King Bosor, while Floria Hur tubise picked the longest drive prize while 14-year-old Michael Nyarko of the Celebri ty Golf Club won the Longest Drive Prize.

In an interview after handing out the prizes, the Deputy Managing Director of GCB Bank, Emmanuel Lamptey urged corporate bodies to

support golf because of the values that it teaches.

"Golf is worthy of corporate support taking into account the health bene ts. Golf teaches tenacity, resilience and determination and that is what GCB Bank represents. We have been around for 70 years, sup porting Ghanaian businesses and we will continue to stand by them," he said.

present the budget, appropri ation -you and I know Mr.Speaker that it the budget of the country are prepared by technical people and even last year, the Majority Leader presented it when [Finance Minister] was not around. So, the budget will not collapse if he is removed, so there are equally competent people who will take the mantle. Our failure to remove the nance minister will hurt everyone, businesses, our constituents, this is a responsibility for all of us.”

The motion of censure was led last week Monday by the Minority Leader, Haruna Iddrisu, for the removal of the nance minister.

The motion is embedded with a seven-point allegation as grounds for the removal of the minister.

Among the seven-point allega

tions embedded in the motion are a despicable con ict of interest ensuring that the min ister directly bene ts from Ghana's economic woes as his companies receive commis sions and other unethical con tractual advantage, particu larly from Ghana's debt over hang.

In addition, the motion alleged an unconstitutional withdrawal from the Consoli dated Fund in blatant contra vention of Article 178 of the 1992 Constitution supposedly for the construction of the National Cathedral.

Moreover, illegal payment of oil revenue into o shore accounts in agrant violation of Article 176 of the1992 Con stitution.

Majority’s objection

Since the motion was led, the Majority in Parliament has

raised a preliminary objection on the motion of censure, saying the full facts needed to be made available to the min ister in order not to spring

The Deputy Majority Leader, Alexander Kwamina Afen yo-Markin, who raised the objection, said the manner in which the motion was crafted was unfair to Mr Ofori-Atta, insisting that the full facts needed to be made available to him in order for him to properly appreciate the facts and respond appropriately.

According to Article 82 of the 1992 Constitution, Parliament may, by are solution support ed by the votes of not less than two-thirds of all the members of Parliament, pass a vote of censure on a Minister of State.

A motion for the resolution referred to in clause (1) of this article shall not be moved in Parliament unless-seven days' notice has been given of the motion; and the notice for the motion has been signed by not less than one-third of all the members of Parliament.

Inflation hits 40.4% in October

Ghana's year-on-year in ation rose to 40.4 per cent in Octo ber from 37.2 per cent in Sep tember, the Ghana Statistical Service (GSS) has announced. This means that in the month of October 2022 the general price level was 40.4% higher than in October 2021.

The Government Statistician, Professor Samuel K. Annim who disclosed this in Accra today said October's in ation rate was mainly driven by housing, water, electricity, gas and other fuels; furnishings, household equipment and routine household mainte nance; transport; personal care, social protection and miscellaneous goods and services as well as Food and non-alcoholic beverages. He said housing, water, elec tricity, gas and other fuels recorded an in ation rate of 69.6 per cent; furnishings, household equipment and routine household mainte nance recorded an in ation rate of 55.7 per cent; transport

recorded an in ation rate of 46.3 per cent; personal care, social protection and miscella neous goods and services recorded an in ation rate of 45.5 per cent.

Food-price increased to 43.7% from 37.8% in September, and non-food in ation rose to 37.8% from 36.8% after a

month of rapid cedi depreci ation.

Prof Annim said the Eastern region (51.1 per cent) main tained the lead as the region with the highest in ation and was followed by the Greater Accra region (49.1 per cent) and the Savannah region (47.6 per cent) in that

order.

He added that the Upper West region recorded the lowest rate of in ation (27.0 per cent) followed by the Northern region (27.3 per cent) and the Volta region (25.8 per cent).

The headline in ation rate is now four times the top of the Bank of Ghana’s target band of 6 per cent to 10 per cent.

The agency last month changed its reference year to

tion has become a global responsibility for us all, espe cially in view of the impact of climate change, and the global energy crisis brought forth by the Russian invasion of Ukraine.”

With Ghana being a signatory to the Paris Agreement and other international conven tions, which require the coun try to reduce her carbon diox ide emission levels, he indicat ed that it has become impera tive for Ghana to develop plans and strategies toward the creation of a net-zero energy sector, whilst aggres sively pursuing the nation’s economic development.

“Our updated Nationally Determined Contributions, under the Paris Agreement, a rm the country's resolve to address the impacts of climate change and build a resilient economy for our people”, he stressed.

President Akufo-Addo contin ued, “Ghana’s position on energy transition is to contin ue the responsible exploita tion of our natural resources for our development and tran sition at our own pace. The Government of Ghana is mind ful of the actions of the devel

oped countries in relation to energy transition, and their e ect on us.”

To this end, he told the gather ing that it has thus, become nec essary for the Government of Ghana to develop an Energy Transition Framework that will guide the country, as the entire world moves towards realizing net zero

The President also said that the Government of Ghana, being mindful of the implications of such a framework and its imple mentation on the entire econo my, directed the Committee to undertake extensive stakehold er consultations, in addition to expert input, to produce the National Energy Transition Framework to guide its transi tion to a net-zero economy by 2070 in a just and equitable manner, as well as minimise possible stranded assets and job losses in the oil and gas sector.

The total cost of the transition is estimated at ve hundred and sixty-one billion dollars (US$561.8 billion), the President added.

Energy Transition

President Akufo-Addo also addressed the High-Level Meet ing on “Just Energy Transition”,

where he indicated that Ghana has developed a National Energy Transition Framework to provide the vision and guid ance for Ghana's energy transi tion.

In preparing this framework, the President stated that all existing policies were consid ered and the programmes that are being implemented towards achieving Ghana's Nationally Determined Contributions.

“Wide stakeholder consulta tions were held to ensure that the energy transition issues in various parts of the country were captured and addressed in the framework. These included organized and non-or ganized labour, market women, academia, Ministries, Depart ments and Agencies (MDAS), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs) and the international commu nity,” he said.

He explained that the Frame work provides the optimal and sustainable pathway for fuel supply security, diversi ed energy mix and cost-e cient electricity generation, with an estimated generation tari of less than US$4.5cents per kilo watt hour to accelerate the

socio-economic development of Ghana.

“Ghana aims to achieve universal access by 2024. The Energy Transition Framework will meet future electricity demand of 380 Terawatt-hours, with a corre sponding installed capacity of 83 Giga-Watts. Ghana's diversi ed energy mix will include 21 Gigawatts of renewable energy installed capacity, which will provide the opportunity to enjoy a greater share in the renewable energy carbon credit market,” he added.

President continued, “the transition will mitigate 200 million tons of carbon dioxide of Green House Gas emissions, minimising energy-related indoor air pollution and asso ciated diseases. It is estimated that forty-eight thousand, two hundred and eighteen (48,218) premature deaths will be avoided annually due to the improvement in air quality, resulting from the impact of the transition.”

-

Forecasts indicate that Qatar's economy

in

thanks to the World Cup boost…will Ghana consider hosting it anytime soon - Part 1

By Philip Gebu

The 2022 world cup begins on the 20th of November and Ghana has been fortunate to be part after all the twist and turns. This will be an opportunity for Ghanaian supporters visiting the oil rich country for the rst time. If you have not made plans to travel to Qatar, for the sake of the Black Stars please do travel for an experience of a life time. Will Ghana consider ever host ing the world cup? Well as things stands now, we are not there yet. Hopefully, in the near future we may consider putting in a bid.

Hosting the world cup is no joke. More than 1.2 million fans are expected to travel to Qatar to watch the World Cup. Fore casts indicate that Qatar's econ omy will grow by 3.4 percent in 2022 and 2023, thanks to the World Cup boost, but then slow down to 1.7 percent by 2024.n The CEO of the FIFA World Cup Qatar 2022, Nasser Al Khater, has said the pro t from the World Cup is expected to be around $17bn. He said the cost of infrastructure and construc tion expenses for the World Cup has reached $8bn, which is rela tively close to the cost of previ ous World Cups. Qatar has built expressways, seven soccer stadiums, hotels and skyscrap ers, spending at least $229 billion on infrastructure, according to budget documents. Around half of Qatar’s popula tion is employed in the con struction industry. Hosting this type of tournament obviously come with many bene t to the country as demonstrated by the investment made by Qatar. If Ghana ever happen to host the world cup, the returns to the national economy through the multiplier e ect will be enor mous. Before then, we need to

demonstrate that we are in a position to host the tourna ment by investing heavily in infrastructure. That’s the only way out. It’s no wonder only South Africa has been the only host coming from the African continent. If we do not see the hosting of the world cup as a priority and work at it, we can be assured that, Europe, America and Asia will continue to host these tournaments and con tinue to bene t economically thus making their economy even much better than those of us in Africa.

The San Diego Tribune reports that the Ghana Foot ball Association will be smil ing to the bank after it was revealed that the country has receive $9 million for qualify ing to the World Cup. Should Ghana progress out of Group H, the country will make an additional $4 million while a quarter nal place will see the West African nation make $25 million. The winner of the World Cup will receive $42 million as prize money. Meanwhile, an initial $2 million was given to every country that quali ed to begin preparation. As the country desperately needs some dollars injection into the economy, all Ghanaians should be praying Ghana goes past thee group stages to the quarter nal and for the rst time reach the semi nal. It is also reported that Ghana will spend over $8 million at the 2022 FIFA World Cup in Qatar, according to the coun try's Minister of Youth and Sports, Mustapha Ussif.

The bene t of sport tourism Sport tourism refers to the

experience of travel to engage in or view sport-relat ed activities. Two very important groups are involved in sports tourism; the athlete or sport men and women and the spectators which also include the media. Over the past 30 years researchers have de ned ‘sports tourism’ in many di erent ways. A universally accepted starting point is that provided by Standeven and De Knop (1999) in their book ‘Sports Tourism’ “All forms of active and passive involve ment in sporting activity, participated in casually or in an organised way for non-commercial or busi ness/commercial reasons that necessitates travel away from home and work locali ty”. According to the National Tourism Laboratory and eCommerce of the University of Illinois it is generally recog nized that there are three types of sport tourism: Sport Event Tourism, Active Sport Tourism, and Nostalgia Sport Tourism.

1. Sport Event Tourism Sports event tourism includes hallmark events such as the Olympic Games and the World Cup football championships, the African Cup of Nation, the All African Games etc.

2. Active sport tourism Those individuals who travel to participate in sporting events comprise the active sport tourism category. These participatory events can take on a wide variety of forms in a wide variety of sports. Golf, kayaking, tennis, shing, snow-mobiling and sur ng are just a few exam ples of the sports that people

travel to participate in. One researcher has gone one step further and subdivides this type of sport tourism into “Activity participants” and “Hobbyists”. Activity participants are those individuals who are amateur participants who travel to take part in competitions in their chosen sport, while Hobbyists are those individuals who engage in sport related travel as a form of leisure. Subdividing the sport participants in these various categories enables the gathering of the data and analy ses being very e ective.

3. Nostalgia Sport Tourism? Nostalgia sport tourism involves traveling to famous sport-related attractions. Example visiting the Ohene Djan Sport Stadium, the Azumah Nelson Sport Com plex, and the Elwak sport stadi um etc. A tour of the facilities and learning about the history and signi cance of such edi ce is vital in promoting this kind of tourism in Ghana most espe cially among the youth. The regional inter-schools have been an avenue to unearth new talents. It must also be used as a means of promoting domestic tourism. Many students may not know how the name Elwak came about yet they nd them selves there participating in the competition. The annual Sheikh Sharubutu Ramadan Cup is a football esta, which is named in honour of the Nation al Chief Imam, Sheikh Usman Nuhu Sharubutu. It brings together various Zongo commu nities to compete in a one-day football gala as part of activities marking the end of Ramadan every year and to promote unity among the youth in the Zongo communities. If these sport events are organised

will grow by 3.4 per

cent

2023,

regionally, coupled with some sightseeing tours, it will enable many Ghanaians visits other regions thereby con tributing to the local econo my of the host region.

In Barcelona 2001 the (then) Secretary-General of World Tourism Organization (UNWTO), together with the (then) President of the Inter national Olympic Committee, were joint signatories to a communiqué recognising sports and tourism as “forces for mutual understanding”

EUROSPORT (a multimedia eDiscovery broadcaster) has recently estimated that sports tourism is worth $US800bn constituting +10% of the inter national travel and tourism receipts. In some destina tions, sports tourism accounts for 25% of all tour ism receipts rising to as much as 55% in Australia and parts of New Zealand. According to the World Trade Organiza tion, travel done exclusively for the purpose of attending or competing in an organized sporting event has been esti mated as a multibillion indus try in the world. Unlike Qatar expecting 1.2 million visitors, in the 2010 world cup in South Africa, a

study by the South African Tourism revealed that just over 300,000 tourists visit ed the country. This led to a radical change of mindset from tourists who visited the country during the tournament – most of whom were skeptical about the country before the World Cup because of what they had read in the media about the country before they arrived. Amongst other things, the tourism report noted that most people who visited the tip of the Southern African continent are keen to come back and explore the coun try further as tourists.

The growth of sports tour ism over the past few years has led to the successful organization of many sports event across the globe. Following the success of the 1992 Barcelo na Olympics, Spain has become one of the top four most visited destinations in the world. Over the years, researchers on sport tour ists have focused on their economic impact upon a host community, although measuring spending

patterns is a di cult proposi tion. Globally, the economic impact of tourism is one of the most researched but least understood areas of tourism. Philip Gebu is a Tourism Lec turer. He is the C.E.O of FoReal Destinations Ltd, a Tourism Destinations Man agement and Marketing Company based in Ghana and with partners in many other countries. Please con tact Philip with your com ments and suggestions. Write to forealdestinations@g mail.com / info@forealdesti nations.com. Visit our web site at www.forealdestina tions.com or call or WhatsApp +233(0)244295901/02642959

01.Visist our social media sites Facebook, Twitter and Instagram: FoReal Destina tions

L i mi t e d

Copyright @ 2019 Business24 Limited All Rights Reser ved

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

Disquiet on the Western Front

By Sergei Guriev

The timely release of a new lm version of Erich Maria Remarque’s All Quiet on the Western Front o ers a remind er of the close parallels between World War I and the current war between autocra cies and democracies. The ghting now is in Ukraine, but, as in WWI, the broader war has several fronts: the energy front, the grain front, and, less well noticed, the Western front. Across Western capitals, autocrat-backed lobbyists, enablers, fellow-travelers, and “understanders” are trying to undermine the democratic world’s unity and weaken its resolve to maintain sanctions against Russia and arms deliv eries to Ukraine.

The original German name of Remarque’s novel – Im Westen nichts Neues (“In the West Nothing New”) – is apt. There is nothing new about autocratic governments interfering in Western politics. The most notorious and best-document ed episode is Russia’s interfer ence in the 2016 US presiden tial election. But that was merely one of many examples. As we learned last month, China interfered in the US gov ernment’s investigation into alleged fraud and racketeering by the Chinese company Huawei, and it has since unleashed social-media bots to spread misinformation in the lead-up to the US midterm elections. Similarly, Italy’s recent election brought to power a coalition that includes Lega, which has advocated a pro-Russian position for many

years and allegedly received Russian government support. While Russian President Vlad imir Putin brazenly violates international law on the Ukrainian front, his lobbyists in Western capitals operate in covert ways that allow for plausible deniability. As I show in my recent book Spin Dictators, co-authored with Daniel Treisman, this is how the majority of nondemocrat ic regimes now function. Gone are the military uniforms of twentieth-centu ry tyrants. Today’s autocrats wear staid business suits and pretend to be democrats, and that has been su cient to grant them access to high-lev el meetings in Davos or at the G20, where they actively recruit former Western politi cians, lawyers, public-rela tions consultants, and think tanks to make their case in the West.

It is a cunning strategy. If an autocrat’s malign in uence operations are not discov ered, he can continue to receive capital and technolo gy from the West. But even if the Western public learns that corrupt autocrats’ money permeates their institutions, that merely helps the dicta tor’s narrative at home. “You think corruption is bad here,” he might say, “Just look at the West, where former politi cians have all sold themselves to the highest bidder.” Such messaging is essential, because modern spin dicta tors base their legitimacy not on outright terror but on a

carefully cultivated image of their own (relative) compe tence.

Another typical narrative goes something like this: “Yes, we interfere in Western elections, but they also interfere in ours.” This claim, too, happens to be at least partly true. The United States and Europe do support civil society and independent media around the world – and rightly so. But the big di erence is that the West is proud of pro moting democratic values and does so openly, whereas modern dictators interfere covertly, using illicit nancial ows rather than grants from publicly registered NGOs. This distinction underscores an important fact: whatever the weaknesses of Western democ racies, they still command a degree of soft power that their autocratic competitors could only dream of. Democracy remains popular around the world – among citizens of both democratic and nondemocratic countries. That is why modern dictators pretend to be demo crats.

To be sure, there is no shortage of criticism about how the US and Europe function. But that itself is a product of the press freedom and political opposi tion that one can nd only in democracies. But actions speak louder than words: Immigrants from around the world are eager to come to Europe or America, whereas few are trying to get into Russia or China.

The rst step toward meeting the threat on the Western front

is to acknowledge the prob lem. Until recently, Western politicians who supported and carried water for Putin paid no reputational cost whatso ever. And though most now feel obliged to say that they oppose the war, they continue to argue that sanctions should be removed. These politicians’ links to autocratic regimes should be investigated. If they are found to have broken the law, they should be punished; and if they are acting on auto crats’ behalf but operating in a grey area, they should be shamed, and new laws should be written to close o those channels of in uence.

Second, the West should reduce its dependence on trade with autocracies. Fortu nately, this has already begun with the push toward “friend-shoring,” a concept that is more economically sound than its critics allow, considering that the costs of war can easily outweigh the marginal gains from trade with autocracies.

Finally, the West should pay more attention to autocrats’ penetration of international organizations. One need not look far to see why this is a problem. Since 2021, Interpol has been run by an Emirati general who has been credibly accused of committing torture. And just this year, Hungary’s membership in the European Union signi cantly delayed the EU’s embargo on Russian oil, and Turkey’s membership in NATO threat ened to derail membership bids by Finland and Sweden. Modern autocrats are trying to use covert interference to pro tect themselves from sanc tions. Democracies must stand up to them. Just because it’s quiet doesn’t mean there isn’t a war on.

Critical leadership needed to solve Ghana’s economic

Critical leadership needed to solve Ghana’s economic chal lenges

Discussants at an economic dialogue say Ghana needs criti cal leadership to implement policies that will take the coun try out of the current economic hardship and make the econo my resilient in the future.

They said the failure to trans form the economic structure from a predominantly raw material driven to industralised one is largely due to the inabili ty of leaders to implement poli cies.

The dialogue was on the theme: “Fixing the Ghana Cedi; key to sustainable growth”.

They said it was time for leader ship to take bold steps to imple ment innovative policies and own majority stake in the coun try’s natural resources.

The discussants were Dr Agyapomaa Gyeke-Dako, and Dr Adu Sarkodie, both lecturers, Dr Joseph Obeng, President, Ghana Association of Traders Association (GUTA), Mr Edward Kareweh, General Secretary of the General Agriculture Work ers Union (GAWU), with Dr Sam Ankrah as Chairman of the pro

gramme.

Dr Gyeke-Dako, a Senior Lec turer at the University of Ghana Business School, said the depreciation of the Cedi and the current economic hardship were due to leaders often focusing on populist poli cies.

“Our leaders, therefore, neglect the very important things that would build our economy and make it resil ient,” the Development Econo mist said.

She explained that the normal sequence of transformation for every economy, especially the agrarian economy like Ghana was for it to develop the agri culture and manufacturing sectors, then services.

“But we’re seeing the contribu tion of services sector leading our growth in the economy. So, our structural transformation has not taken place the way we want, and I’ll blame it in a way to leadership,” she said.

Mr Kareweh said: “Our leaders are not of their own mind – if you sit and watch them and you know the pedigree they are and what they do, you’ll know very well that they’re

working for themselves and someone else and not for their people.”

He underscored the need for leaders to be intentionally and willing to implement policies to ensure that the country produced enough to meet local demands and export.

Dr Sarkodie, a Development Economist, bemoaned the structure of ownership in critical sectors of the Ghana ian economy particularly, gold and oil, which allowed the country to earn a little stake with foreigners having majority earnings.

He explained that such a situ ation made it possible for mul tinational companies in those sectors of the economy to repatriate their pro t, a major contributor of the deprecia tion of the cedi.

He noted for example that the Bank of Ghana reported that out of the $11.8 billion export earnings in the rst nine months of 2022, including gold ($4.2 billion), oil ($3.8 billion) and cocoa ($1.7 billion) Ghana earned less than $2 billion, with the rest going to foreigners.

Dr Sarkodie attributed that situ ation to leadership and said: “The political system must always be right for the econom ic system to function correctly, because there’s a dichotomy between political expediency and economic e ciency.”

Dr Ankrah who also blamed the current economic hardship to poor leadership, said: “For Ghana to succeed, Economists must provide leadership in charting new economic para digm, which will enable Ghana and Africa to take its destiny into its own hands.”

“This is the time for Ghana to once again show leadership on the continental stage by taking control of its economy and pro viding hope to its citizens,” he added.

Source: GNA

ABL launches corona beer

Accra Brewery PLC, a subsidi ary of ABInBev a leading manu facturer/distributor of beer and non-alcoholic malt beverages in Ghana has introduced a new beverage into the market. Known as “Corona extra”, the 47 per cent alcoholic beverage recognised as the world’s most premium beer essentially invites the consumers to disconnect from routine and reconnect with nature.

In a release issued by the com pany, it said “the premium beer, which is classic, authen

nature, going outside to live moments, and pausing to appre ciate all that is real and authen tic, this brand will be introduc ing some excitement into the Ghanaian market.

The Managing Director of ABL, Galo Rivera promoted the freshness of the new prod uct adding that “I am con dent that the Ghanaian recep tion to Corona beer will con

band, DJ Fui and dance performances by the DWP crew, and a feel of nature from the beach.

“Reform of the UN Security Council long overdue”

Foundation, on Wednesday, 10th November 2022, in New York, President Akufo-Addo noted that the Security Coun cil is constrained by its anach ronistic structure and meth ods, which undermine e orts to tackle contemporary chal lenges in the most e ective manner.

“The conversations around reforms, which have been going on for three decades without an end in sight, must, therefore,

tures of the Council to make it innovative in its approach,” he

According to the President, the current structure of the UN Security Council represents a long-standing injustice toward the countries of Africa, and the time is long overdue in address ing it.

“It is obvious that the contem porary world has moved on signi cantly from the post-1945 world, which gave rise to the

birth of the United Nations and the structure of the Secu rity Council. The world of 2022, and even less that of 2050, is not the world of 1945. The crisis of the multilateral nancial institutions and the United Nations system, which were born from the rubble of the Second World War, is a deep crisis,” President Akufo-Addo said. He continued, “It will contin ue until a fair system is put in place; a system that re ects the new balances, no longer based on who lost or won the Second World War, but on the major contemporary and future balances. These balances must take into account new realities such as demographic dynamics or access to resources, in a con text of scarcity.”

In its current state, the Presi dent noted that the Security Council is nding it increas ingly di cult to propagate the rule of law and democrat

ic principles.

“The use of the veto as an instrument of great power and interest is denuding the Securi ty Council of a great deal of legitimacy as the principal instrument for the mainte nance of international peace and security. The African Common Position on UN Reform, based on the Ezulwini Consensus, is of even greater relevance today than it has ever been. It is essential that it be brought back to the centre of global discourse,” he stressed.

President Akufo-Addo was con dent that it will only be through the reforms that are suggested in the African Common Position that will enable the Security Council to be e ective in addressing the challenges of our time.

“And it is only through its e ec tiveness at maintaining interna tional peace and security that the Council can remain credi ble, legitimate and relevant,” he added.

The Giving Capsules: The Africa We

Want. Part 1

news. Ko Annan is quoted to have said; “Knowledge is power. Information is liberat ing. Education is the premise of progress, in every society, in every family”. Let’s then know and understand the Africa we want in the Agenda 2063 blueprint. I serve you the Africa we want blueprint including its 7 aspirations and 15 agship projects.

and government signed the 50th Anniversary Solemn Dec laration during the Golden Jubi lee celebrations of the forma tion of the OAU /AU in May 2013.

10 year implementation plans which will ensure that Agenda 2063 delivers both quantitative and qualitative transformation al outcomes for the African people.

The Africa we want is possible and attainable we need a change mindset to accept this reality. I want to encourage you to see the glass as half full and not half empty as an expression of optimism. Just as how the master will appear when the student is ready, same way I envision the Africa we want is possible when we know about it, work towards it and build it together! It’s the power of choice. Let’s emanci pate ourselves from mental slavery and accept the grass is greener here. We need that change mindset rst. How can something considered of no value o er you value? The Africa we want is a possibility. Some food for thought here.

The outside media portals Africa as poverty stricken and needy, which is far from the ideal truth. Africa must tell the African story the Africa way. The ideal Africa we want must not wait for other continents to tell its perceived story mis construe from the idea reality.

Africa is not a country but a continent and civilization began in Africa. The current population of Africa is 1,416,097,444 as of Wednes day, November 9, 2022, based on the latest United Nations estimates. The Africa we want must invest into its own research. Most often than not, one is tempted to quote other sources due to non-availability and in some cases lack of rele vant data. The narrative is changing and its welcome

According to The Organiza tion of African Unity (OAU), the precursor of the African Union; the Africa we want must encompass these. “AGENDA 2063 is Africa’s blueprint and master plan for transforming Africa into the global powerhouse of the future. It is the continent’s strategic framework that aims to deliver on its goal for inclu sive and sustainable develop ment and is a concrete mani festation of the pan-African drive for unity, self-determi nation, freedom, progress and collective prosperity pur sued under Pan-Africanism and African Renaissance The genesis of Agenda 2063 was the realization by African leaders that there was a need to refocus and reprioritize Africa’s agenda from the struggle against apartheid and the attainment of politi cal independence for the con tinent which had been the focus of The Organization of African Unity (OAU), the precursor of the African Union; and instead to priori tize inclusive social and eco nomic development, conti nental and regional integra tion, democratic governance and peace and security amongst other issues aimed at repositioning Africa to becoming a dominant player in the global arena.

As an a rmation of their commitment to support Afri ca’s new path for attaining inclusive and sustainable eco nomic growth and develop ment, African heads of state

The declaration marked the re-dedication of Africa towards the attainment of the Pan Afri can Vision of an integrated, prosperous and peaceful Africa, driven by its own citizens, representing a dynam ic force in the international arena and Agenda 2063 is the concrete manifestation of how the continent intends to achieve this vision within a 50 year period from 2013 to 2063 thinking of the Africa of the future.

The need to envision a long-term 50 year development trajectory for Africa is import ant as Africa needs to revise and adapt its development agenda due to ongoing structur al transformations; increased peace and reduction in the number of con icts; renewed economic growth and social progress; the need for people centered development, gender equality and youth empower ment; changing global contexts such as increased globalization and the ICT revolution; the increased unity of Africa which makes it a global power to be reckoned with and capable of rallying support around its own common agenda; and emerging development and investment opportunities in areas such as agri-business, infrastructure development, health and edu cation as well as the value addi tion in African commodities.

Agenda 2063 encapsulates not only Africa’s aspirations for the future but also identi es key agship programmes which can boost Africa’s economic growth and development and lead to the rapid transforma tion of the continent.

Agenda 2063 also identi es key activities to be undertaken in its

Africa’s Seven (7) Aspiration for the Future. Agenda 2063 seeks to deliver on a set of seven aspirations each with its own set of goals which if achieved will move Africa closer to achieving its vision for the year 2063. These 7 aspirations re ect our desire for shared prosperity and well-being, for unity and inte gration, for a continent of free citizens and expanded hori zons, where the full potential of women and youth are real ized, and with freedom from fear, disease and want.

• Aspiration 1: A prosper ous Africa based on inclusive growth and sustainable devel opment.

• Aspiration 2: An inte grated continent politically united and based on the ideals of Pan-Africanism and the vision of Africa’s Renaissance.

• Aspiration 3: An Africa of good governance, democra cy, respect for human rights, justice and the rule of law.

• Aspiration 4: A peaceful and secure Africa.

• Aspiration 5: An Africa with a strong cultural identity, common heritage, shared values and ethics.

• Aspiration 6: An Africa, whose development is peo ple-driven, relying on the potential of African people, especially its women and youth, and caring for children.

• Aspiration 7: Africa as a strong, united, resilient and in uential global player and partner.

The Fifteen (15) Flagship Proj ects of Agenda 2063

The agship projects of Agenda 2063 refers to key programmes

“I am not African because I was born in Africa but because Africa was born in me - Osagyefo Dr Kwame Nkrumah”

and initiatives which have been identi ed as key to accelerating Africa’s economic growth and development as well as promoting our common identity by celebrat ing our history and our vibrant culture. The agship projects encompass infrastructure, educa tion, science, technology, arts and culture as well as initiatives to

Movement of People.

5.Silence the Guns by year 2020.

6.Implementation of the grand INGA Dam project

7.Establishment of a single Afri can Air-Transport Market (SAATM)

8.Establishment of an annual African Economic Forum

Let’s face neither east nor west but face forward.

“It is clear that we must nd an African solution to our problems, and that this can only be found in African unity. Divided we are weak; united, Africa could become one of the greatest forces for good in

able solutions to transform communities through diverse pro-poor initiatives. Pro-poor initiatives are initiatives that help to alleviate poverty. Bap tista is a realist, a able, simple and humane. You can reach us via e-mail on prohu maneafrique@gmail.com and follow this conversation on all our social media sites: Linked-In/ Twitter/ Face book/ Instagram: ProHu mane Afrique International. Call or WhatsApp: +233(0)262213313. Hashtag: #behumane #thegivingcap sules #prohumaneafriqueint

WEEKLY MARKET REVIEW FOR WEEK ENDING -NOVEMBER 11 , 2022

MACROECONOMIC

STOCK MARKET REVIEW

The Ghana Stock Exchange remained flat for the week. The GSE Composite Index (GSE CI) remained unchanged for the week closing at 2,460.31 points (0.00%), reflecting a year-to-date (YTD) loss of 11.80%. The GSE Financial Stocks Index (GSE FI) also remained flat for the week closing at 2,069.89 points (0.00%) , reflecting YTD loss of 3.81%.

Market capitalization decreased by 0.08% to close the week at GH¢64,678.17 million, from GH¢64,729.79 million at the close of the previ ous week. This reflects a YTD appreciation of 0.28%.

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

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

The market ended the week with 1 decliner as indicated on the table below. `

CURRENCY MARKET

The Cedi gained some ground against the USD for the week. It traded at GH¢13.0077/$, compared with GH¢13.0091/$ at week open, reflecting w/w gain and YTD depreciation of 0.01% and 53.83% respectively. This compares with YTD depreciation of 2.39% a year ago.

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

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

The Cedi weakened against the Canadian Dollar for the week. It opened at GH¢9.5539/C$ but closed at GH¢9.6170/C$, reflecting w/w and YTD deprecia tions of 0.66% and 50.70% respectively. This com pares with YTD depreciation of 4.34% a year ago.

GOVERNMENT

SECURITIES MARKET

Government raised a sum of GH¢1,236.62 million for the week across the 91-Day, 182-Day and 364-Day Treasury Bills. This compared with GH¢701.42 million raised in the previous week.

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

COMMODITY MARKET

Oil prices settled up by more than 5% amid uncer tainty around future interest rate hikes by the U.S. Federal Reserve and a looming EU ban on Russian oil. Brent futures traded at US$98.57 a barrel on Friday, compared to US$93.77 at week open. This reflects w/w and YTD appreciations of 5.12% and 26.73% respectively.

Gold had its best percentage win in 2½ years on as the hedge funds that typically hammer the yellow metal at any given opportunity gave it a surprising love this time around. Gold settled at US$1,676.60, from US$1,644.80 last week, reflecting w/w gain and YTD depreciation of 1.93% and 8.31% respec tively.

The price of Cocoa recorded an increase for the week. The commodity traded at US$2,434.00 per tonne on Friday, from US$2,302.00 last week, reflecting w/w gain and YTD depreciation of 5.73% and 3.41% respectively.

BUSINESS TERM OF THE WEEK

Unfunded Debt: This is debt or financial obligation maturing within one year

ABOUT CIDAN

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

RESEARCH TEAM

Name: Ernest Tannor

Email:etannor@cidaninvestments.com Tel:+233 (0) 20 881 8957

Name: Moses Nana Osei-Yeboah

Email:moyeboah@cidaninvestments.com Tel:+233 (0) 24 499 0069

CORPORATE INFORMATION

CIDAN Investments Limited

CIDAN House

Plot No. 169 Block 6 Haatso, North Legon – Accra

Tel: +233 (0) 26171 7001/ 26 300 3917 Fax: +233 (0)30 254 4351

Email: info@cidaninvestmens.com Website: www.cidaninvestments.com

Disclaimer

The 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.

L i mi t e d

Copyright @ 2019 Business24 Limited All Rights Reser ved

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

3Media Networks appoints Rashidatu Yasmine Abdulai as CEO

3Media Networks has appointed Rashidatu Yasmine Abdulai as Chief Executive O cer. The appointment, which took e ect on November 1, 2022 coincided with the launch of 3Media’s new strategic direction conceptual ized as ‘This is Culture’.

Rashidatu Yasmine Abdulai brings to her new position over 17 years of experience and expertise in in developing focused digital and traditional B2B strategies. She is a consum mate and an accomplished Mar keting Professional with a proven track record of generat ing new business through strate gic negotiation while cultivating new relationships with key deci

sion-makers. Rashida has a histo ry of leading sales and market ing, customer experience man agement and credit and collec tions success across various sectors including telecommuni cations and ICT. The new CEO of 3Media Networks has worked in senior roles at MainOne, Busy Internet, Vodafone Ghana and Tigo/Millicom Ghana.

Speaking on her new role, Rashi datu Yasmine Abdulai expressed excitement at the opportunity to join a young and vibrant team that is pushing the frontiers of television and entertainment in general. She said “I am excited to join 3Media Networks at this time

where the company is set to rede ne television and enter tainment experience in Ghana. We are a young and vibrant team and I am con dent and expectant on what lies ahead on the horizon for the 3Media.”

She also expressed gratitude to the Board of 3Media for their con dence in her to lead the company into the future. She added that “This is a company with a very rich history in Ghana and across the West Afri can Sub-Region and I am extremely grateful to the Board for having the con dence in me to lead the company into the future. It is a trust and con dence I do not take lightly at all

and I will dedicate my time here to ensuring that the company continues in the cutting-edge delivery of media products that we are known for.”

3Media Networks is a media and events management company that has over the years become known for their innovation, orig inality and delivery of revolu tionary media content and events concepts. Earlier this year, the company launched the 3Music TV Channel, a new and engaging music and lifestyle channel o ering refreshing con tent to both young and old music lovers and entertainment enthusiasts.