Business24 Newspaper 7 December 22

By Eugene Davis

Stor y on page 2

Stor y on page 2

Parliament approves 2023 budget despite minority’s opposition

By Eugene Davis

Parliament has approved the 2023 budget in spite of resis tance from the opposition National Democratic Congress lawmakers over the inclusion of a debt exchange programme and increased value-added tax.

Finance Minister Ken Ofori-Atta last month proposed a budget that aimed to narrow Ghana’s enormous de cit with spending cuts and new revenue-generat ing measures. It also included a domestic debt restructuring programme.

The House has been debating the statement since November 29, after it was presented by the Finance Minister.

The minority group had raised concerns during the nal debate about some of the revenue generation measures, including the removal of a threshold on the Electronic Transaction Levy

and a 2.5% increase in VAT.

The approval paves the way for estimates for ministries, depart ments, and agencies, (MDAs) to be referred to the various com mittees for scrutiny.

The approval paves the way for estimates for ministries, depart ments, and agencies, (MDAs) to be referred to the various com mittees for scrutiny.

Minority Leader, Haruna Iddrisu reiterated his call for the govern ment to drop its decision to increase the VAT rate by 2.5 percent and scrap the E-levy threshold warning such a move will not get the support of the minority caucus.

“Without going further we in the NDC minority group will ercely resist and ght the imposition of this additional tax on Ghanaians

and Ghanaian businesses because Mr. Speaker it will only exacerbate and increase the hardship they’re already going through, will increase the cost of doing business for many Ghanaians, and it will make it di cult for ordinary Gha naians to cope,” Mr Iddrisu said.

But the majority leader Osei Kyei-Mensah-Bonsu said the 2.5% increase in VAT will go into the construction of roads.

“About 25% of questions that are asked in this Chamber relate to Roads. Some roads have begun and the intention is to ensure that they don’t deteriorate, they’re not left unattended to, so the 2.5% increase in VAT we have been told primarily is going to be used for road construction. If you don’t want your roads to be construct ed, tell us that you don’t want your roads to be constructed,” he said.

Ghana’s debt amounts to more than 100% of its gross domestic product, and payments to service that debt regularly range between 70% and 100% of government revenue.

The country is in talks with the International Monetary Fund for a support package to help relieve its debt distress, and hopes to secure a sta -level agreement in coming weeks.

Ghana Link, CUPIA sign agreement to expand single window system into sub-region

Ghana Link Network, operators of the Integrated Customs Man agement Systems (ICUMS) at the nation’s ports, has signed an agreement with its technical part ners Customs of Korea (CUPIA) to work together to deploy its tech nology in other African countries.

The partnership entails a Memo randum of Understanding (MoU) and the introduction of new models for ICUMS aimed at enhancing revenue assurance and security.

According to Raymond Amaglo, Director of Operations, Ghana Link Network, the ceremony was

Continued from page 2

to sign a Memorandum of Understanding between Ghana Link accepting to work with its partner, share resources, share technology together to help deploy this system especially across neighbouring countries and even other parts of Africa.

“The UNIPASS system is a robust system, and we have been work ing together with them to netune it to suit our conditions in our country, so this is a bespoke system that was devel oped for us, they have a good understanding of the customs processes and procedures and with their background, interna tional standards, they apply with regard to the development of their systems, this is a very good addition to our team.

The UNIPASS system is among the top three in the world when you talk about single window systems across the world, so we thought it was a good idea to partner with them, to pick from their rich experiences and

resources and that is what has enabled us to come this far with the deployment of ICUMS.

They get to deploy this technolo gy to as many countries across the world as possible and we are partnering them in that regard.”he told the press at the o cial signing ceremony in Accra on Tuesday.

Mr Amaglo said the goal of Ghana Link was to ensure that on a very constant basis, they improve their processes at the ports to ensure that no country matches Ghana in trade facilitation.

He added that they would also ensure that that ICUMS is e cient to bring about cost and time reduction in the doing of business at the various ports of entry in Ghana.

AfCFTA

Further he pointed out that the new technology has been designed to aid importers and exporters trading under the

Africa Continental Free Trade Area (AfCFTA). “We had worked on December 2020, to ensure that on the 1 of January when AfCFTA was taking o , Ghana has the host coun try were ready with our system, the AfCFTA processes enabled on ICUMS and it has been ready from the 1st of January 2021,

The AfCFTA protocols have some advantages for importers and exporters, when it comes to payment of duties there is a reduc tion, so the system has been provi sioned to recognize all the reduc tions or concessions that are avail able to people when they take advantage of it.”

Ghana Link are the lead company when it comes to the project in the Gambia. “But then again because of our partnership with CUPIA, we are going along with them to ensure that the positives or advantages we have derived from here are replicat ed in the Gambia as well, we have an agreement with the government to deploy a national single window for the Republic of Gambia.

The Deputy Director, Legal at the Gambia Revenue Authority (GRA), Ebrima Sallah said the single window system will enhance the revenue base and remove the human interface. “It ensures that all importers connect to the system, for the clearance of goods you use the system, all tari lines in the existing custom laws will be uploaded in the system.

The human interface will be reduced when it comes to revenue collection, revenue authority is moving from a manual system to a more robust digital system.”

ICUMS, which is the name of the Ghana version of Universal Pass (UNI-PASS),built by Korea Customs, is a new all-in-one customs management solution owned by government. Ghana Link Network Services Limited, which has a 10-year contract with the Ministry of Trade and Industry, partnered Korea Customs to intro duce UNI-PASS in Ghana.

UBA opens business office to meet banking needs of Ashaiman

Raquel Ross, Branch Manager at the Ashaiman Business O ce was elated about this opening, saying, “today’s customers have busy lives and we’re bringing our services closer to them. Together with the team we’re ready and well posi tioned to provide top-notch bank ing services to customers. It is my hope that the success of this new branch will lead to the opening of other new branches in other parts of Ghana in the near future.”

Driven by the Customer rst philos ophy, the expansion of the bank is aimed at providing excellent customer experience loaded with unparalleled solutions to help grow businesses in Ashaiman and serve customer banking needs.

United Bank for Africa (UBA) Ghana has o cially opened its latest branch to serve customers and the banking public through out Ashaiman and its environs. The opening ceremony was held on Wednesday, 30th November, 2022.

Speaking at the o cial opening, the Managing Director of UBA Ghana, Chris O kulu said: “Our customers and the communities that we serve are at the heart of everything we do, that’s why I am delighted that we have

invested in Ashaiman by opening this new Business O ce to better serve our existing clients and build new client relationships.”

“Knowing the immense econom ic importance of Ashaiman, I am very glad that we have taken the right steps to make our presence felt in this cosmopolitan area. We know through this expansion we can help boost SMEs through our banking services, advisory services and business clinics.”

Osei Gyasi, Head of Banking Supervision at the Bank of Ghana

in a speech read on his behalf com mended the bank, saying, “the entry of UBA into the banking indus try contributed immensely to the levels of competition in the banking space in Ghana. For the past 18 years the bank has evolved with Ghana’s changing landscape and has worked tirelessly to serve Gha naians. With the opening of this Business O ce, the bank would be contributing further to the deepen ing of nancial intermediation in Ghanaian industry. Also speaking at the ceremony,

This is part of the bank’s strategy to increase business presence and grow existing relationships as well as reach new customers and intro duce them to UBA’s unique solu tions to them.

The management and sta at UBA Ghana were joined by the chief of Ashaiman and his team, represen tatives of Bank of Ghana, Municipal Chief Executive for Ashaiman Municipal Assembly, customers, religious bodies to cut the ribbon to signify the o cial opening the Ashaiman branch.

The Ashaiman o ce is now open from Monday-Friday from 8:30am to 4:30pm.

Conclusion

The consequences of debt exchange programme will be dire for households and busi nesses in the short term but prudent management of the economy can resolve the current crisis. In an in ationary period (in ation rate is 40.4% as at

September, 2022) and depreciat ing cedi, Purchasing Power Parity (PPP) has already declined and this will be worsened by the debt restructuring. The memories of the 2017/2018 nancial sector clean-up are fresh on the minds of investors. This programme must be managed with utmost trans-

parency. Timely communication about the GDEP will help to avert unintended outcomes. To bring back investor con dence, government must demonstrate commitment, especially on the scal management. I dare say, politicizing the debt exchange programme will worsen Ghana’s

current economic crisis.

Emmanuel Amoah-Darkwah Economist/Partner @ C-KADD Global e.amoahdarkwah@ckaddglob al.com

During the event, Vodafone Ghana collaborated with the National Road Safety Authority,

and responsible behaviour. Speaking at the event, Ashiokai Akrong, Human Resource Direc-

deaths,” she said. “We want our communities to adopt this perspective for our

mutual bene t. So, we have launched this road safety cam paign to urge drivers and other road users to adopt behaviours that will guarantee that we all arrive home safely every single time,” she added.

She also announced one of Vodafone Ghana’s initiatives to motivate motorists to practise safe driving habits throughout the year. “As part of our com mitment to “‘100% Home Safe’, Vodafone Ghana will award a prize to the driver with the best safety record at the GPRTU awards and the National Road Safety Authority awards."

Felix Owusu, the Greater Accra Planning Manager for the National Road Safety Authority, praised Vodafone Ghana for channelling its resources to help reduce road accidents in Ghana.

Network International launches new Ghana office and datacentre

Network International, the lead ing enabler of digital commerce across the Middle East and Africa (MEA), has announced its new Ghana o ce and datacentre.

This launch will o er innovative solutions that drive revenue and pro tability to customers and help businesses and economies prosper by simplifying com merce and payments in the Ghana market.

This announcement was made during the BII World Payment Innovation Summit in Accra and it means that Network now has a presence on the ground and is ready to serve all customers including the 15 banks in the country, all card schemes and other third-party processors who decide to co-locate their services on the company’s infrastructure.

Dr. Reda Helal, Group Managing Director - Processing, Africa & Co-Head Group Processing, Network International, said, “We are delighted to be able to

support Ghana’s nancial institu tions, merchants, and consumers through our regional o ce. It is our mission to make payments easy by providing a secure platform for all businesses and institutions and the regional o ce and datacentre will help us achieve this.”

In adherence to the payment systems act in Ghana requiring service providers to be on soil and process cards issued in the coun try, Network has successfully completed its setup and has start ed migrating Banks, FinTechs and its payment partners onto its platform for local processing. This highlights the company’s resolve in complying with local regula tions, by having a domestic processing presence, as it has done globally in other areas with similar requirements such as Jordan, Saudi Arabia, and Nigeria.

Perry Addo-Quaye, Managing Director of Network International Ghana, said, “Ghana is an exciting market for digital payments and

innovation, and we are delighted to launch our o ce and data centre to o er customers, banks, and entrepreneurs smooth and secure payment services. We look forward to supporting busi nesses as they grow and reach new customers.”

The company aims to create more partnerships with business es in the digital payments space in Ghana and local banks and nancial institutions to o er customers more payment options and increase nancial inclusion. With o ces in Nigeria, South Africa, Kenya, Egypt and now Ghana, Network has a pres ence across Africa’s key markets, and the business operates across almost all other African coun tries.

The Payment Innovation Summit, presented by Network International, is a high-pro le summit that brings together policy makers and higher author ities from West Africa’s Digital Payments, Fintech, and Banking

sectors to pave the way forward into progressing West Africa’s quest to enhance access to nance by adopting superior methods in digital payment transformation.

About Network International Network International compris es a group of companies and is the leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing a full suite of technol ogy-enabled payments solutions to merchants and nancial insti tutions of all types and sizes, including acquiring and process ing services and a comprehen sive ever-evolving range of value-added services. Network International Holdings Plc (LSE: NETW) is the holding company for Network International and the group companies, including the DPO Group. https://www. network.ae/en

Regulatory cooperation within ECOWAS key to collaborative energy expansion efforts – OBG

discussed a range of topical issues, from the latest develop ments in oil and gas exploration and production to opportunities in the downstream and renew ables segments.

The summit shone a spotlight on the sector’s project pipeline, highlighting the openings that each phase will o er investors, from construction and optimisa tion to the distribution stage.

Ghana’s vast hydrocarbon potential and the opportunities for investors to participate in the broader energy sector’s develop ment were highlighted by Harry van Schaick, Managing Editor for Africa, Oxford Business Group (OBG), together with other economic analysts and industry experts recently at the Ghana Oil, Gas and Energy Summit 2022, which took place in Accra between November 14-15.

Organised by IN-VR, with the support of the Ministry of Energy of Ghana and the Ghana Invest ment Promotion Centre, the conference brought together high-ranking representatives from the public and private sectors to explore industry trends, openings and challenges.

Keynote speakers and panellists

The topic of funding and nanc ing for the energy industry was high on the agenda, alongside Ghana’s o shore plans for the Jubilee Field and the forthcoming contracts for the country’s lique ed natural gas projects.

Ghana’s pioneering local content policy was also discussed, togeth er with the role earmarked for renewables as part of longer-term e orts to cut emissions.

Van Schaick, who sat on the Regional Cooperation Panel which explored the theme “West Africa as the Global Upstream Powerhouse”, said the summit had provided a timely opportuni ty to analyse how Ghana can unleash its immense hydrocar bon potential most e ectively within the broader geographical context.

“Home to the sixth-largest proven petroleum reserves in Africa, Ghana is well placed to capitalise on an abundance of natural resources. However, we need to recognise that each indi vidual market in oil and gas, as well as the upstream sector in West Africa, is at a di erent stage of evolution,” he said. “We have already seen some cooperation and integration, especially in the electricity market within ECOWAS. I think a multi-national organisational e ort will be pivotal in bringing together a harmonised energy regulation framework in the West African sub-region.”

Many of the key topics explored at the summit will be given further in-depth coverage in the Energy and Utilities chapters of The Report: Ghana 2023, OBG’s forthcoming analysis of the coun try’s economic development and investment opportunities.

The report will explore the latest developments across the coun try’s energy sector and their broader implications for the economy, from new petroleum agreements signed and gas production and distribution plans to Ghana’s renewable energy policy.

The Report: Ghana 2023 will be produced with the Association of Ghana Industries, PwC Ghana and other partners. It will contain contributions from leading personalities in the public and private sectors. The analysis will mark the culmina tion of more than a year of eld research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastruc ture, banking and other sectoral developments. OBG’s publica tion will also contain contribu tions from leading representa tives across the public and private sectors.

The Report: Ghana 2023 will be available online and in print. It will form part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including ESG and Future Read iness reports, country-speci c Growth and Recovery Outlook articles and interviews.

Click here to subscribe to Oxford Business Group’s latest content: http://www.oxford businessgroup.com/country-re ports.

Clay Business Clinic for MSMEs slated for Dec. 9

preneurs with capacity building opportunities.

The Clay Business Clinic, an initiative by the Clay Group, which seeks to equip entrepre neurs, businesses, business enthusiasts and startups with the requisite tools and resources to guide their operations, scale their businesses and also create sustainable new markets is expected to come o this Friday, December 9,2022.

According to the Founder and CEO of the group, Kuukua

Adams, entrepreneurship contin ues to play a critical role in boost ing economic growth through the creation of new markets, contri bution to economic development and helping bridge the unemploy ment gap.

In light of this, Clay Group uses this medium to help with the many challenges MSMEs face in Ghana, as well as acknowledging that this is one of the ways of giving back and providing entre-

!

In a press statement issued by the company, it indicated that the second edition will bring together experts and representatives from the Ghana Revenue Authority and Food & Drugs Authority. This virtual event is scheduled for Friday, the 9th of December 2022 at 10:00am prompt. Participants will be taken through new tax policies, regulations and general information on the various regu latory bodies. Participants would also have the opportunity to ask questions to not only rule out some misconceptions, but leave well informed and misconcep tions ruled out. The theme for the 2nd edition is ‘State Business Partnerships: Working together for a business friendly environ ment’.

The maiden event, held virtually

on the 27th of July 2022, saw representatives from the Ghana Revenue Authority (GRA), Social Security and National Insurance Trust (SSNIT) and Petra Trust, participating. In an hour and thirty minutes, participants left the webinar well informed, and with a change of mind on the misconceptions surrounding these bodies.

Clay Group, a business process reengineering rm, o ers 360 business solutions to startups and SMEs. With two subsidiar ies, Clay Consult and Clay & Associates Ltd, the rm current ly operates as a vertically inte grated internal strategy provid er and a professional service solutions provider. The Clay Group is currently chaired by Ms. Kuukua Adams.

TEMPLARS brand will be welcom ing a 12-person team of highly experienced Ghanaian lawyers some of whom are dual-quali ed in the United States, the United Kingdom and other jurisdictions. These lawyers will work closely with their colleagues across TEM PLARS o ces in Lagos, Port Harcourt, and Abuja to provide clients with seamless high quality services in both markets.

track record of assisting local and international clients in navigat ing di cult markets.

Commenting on the news, Oghogho Akpata, Managing Part ner of TEMPLARS, said: “This is an extremely exciting step in Templars’ growth across Africa.

this demand and continue to support new and existing clients in solving whatever chal lenges their businesses face.

“I am grateful to our strategic partners at AMPEM for joining us in this shared mission.”

Ko Darko Asante,

Oghogho Akpata, Managing Partner of TEMPLARS

announced a collaboration to launch a new law rm to be known as TEMPLARS in Ghana.

The new rm will service clients across all sectors of the Ghanaian economy including mining, energy, infrastructure, nancial services, education, franchising, telecommu nications and ntech. It is also expected to provide a strategic base for accessing other key hubs in the West African region.

As a result of this collaboration, the

Despite recent macroeconomic challenges in both countries, Nige ria remains Africa’s largest econo my and Ghana the second largest economy in West Africa. Over the past decade and a half in particu lar, Ghana has not only grown to become one of Africa’s leading economies but has also increas ingly become a hub and destina tion of choice for both African businesses and international corporations.

The tie-up is a response to increas ing opportunities for businesses in the region, and the rising demand for service providers with deep local knowledge and a proven

“The Africa Continental Free Trade Area Agreement is open ing a new vista of opportunities across the continent, and, in spite of recent global economic headwinds, we have seen increasing demand from clients for sophisticated support across Africa.

“TEMPLARS already has a signi cant share of the Nigerian legal services market as well as deep client connections to Ghana and elsewhere in Africa, so a natural next step in our growth trajecto ry is to expand into these other markets where our clients and business relationships require our services.

“Our new o ce in Ghana means that we will be able to respond to

Founding

Partner of AMPEM Chambers added: This collaboration is a positive development for both clients and employees of the rm. It creates the right platform for our clients to bene t from a rare combination of our deep understanding of the Ghana market and international expertise of TEMPLARS..

It also realises AMPEM Cham bers’ seminal vision of collabo rating with law rms across the African continent in a manner that institutionalises common objectives in the practice of law and service delivery. Doing this under the Templars brand goes a long way in creating that desired pan-African institu

PLARS and Ghanaian law rm, AMPEM Chambers, have today announced a collaboration to launch a new law rm to be known as TEMPLARS in Ghana. The new rm will service clients across all sectors of the Ghanaian economy including mining, energy, infrastructure, nancial services, education, franchising, telecommu nications and ntech. It is also expected to provide a strategic base for accessing other key hubs in the West African region.

As a result of this collaboration, the

By Roger McNamee

TEMPLARS, AMPEM Chambers announce collaboration to expand services in the African market Disrupting the disruptors

TEMPLARS brand will be welcom ing a 12-person team of highly experienced Ghanaian lawyers some of whom are dual-quali ed in the United States, the United Kingdom and other jurisdictions. These lawyers will work closely with their colleagues across TEM PLARS o ces in Lagos, Port Harcourt, and Abuja to provide clients with seamless high quality services in both markets.

Despite recent macroeconomic challenges in both countries, Nige ria remains Africa’s largest econo my and Ghana the second largest economy in West Africa. Over the past decade and a half in particu lar, Ghana has not only grown to become one of Africa’s leading economies but has also increas ingly become a hub and destina tion of choice for both African businesses and international corporations.

The tie-up is a response to increasing opportunities for busi nesses in the region, and the rising demand for service provid ers with deep local knowledge and a proven track record of assisting local and international clients in navigating di cult mar kets.

Commenting on the news, Oghogho Akpata, Managing Part ner of TEMPLARS, said: “This is an extremely exciting step in Templars’ growth across Africa.

“The Africa Continental Free Trade Area Agreement is open ing a new vista of opportunities across the continent, and, in spite of recent global economic headwinds, we have seen increasing demand from clients for sophisticated support across Africa.

“TEMPLARS already has a signi cant share of the Nigerian legal services market as well as deep client connections to Ghana and elsewhere in Africa, so a natural next step in our growth trajecto ry is to expand into these other markets where our clients and business relationships require our services.

“Our new o ce in Ghana means that we will be able to respond to this demand and continue to support new and existing clients in solving what ever challenges their businesses face.

“I am grateful to our strategic partners at AMPEM for joining us in this shared mission.”

Ko Darko Asante, Founding Partner of AMPEM Chambers added: This collaboration is a positive development for both clients and employees of the rm. It creates the right platform for our clients to bene t from a rare combination of our deep understanding of the Ghana market and international expertise of TEMPLARS..

It also realises AMPEM Cham bers’ seminal vision of collabo rating with law rms across the African continent in a manner that institutionalises common objectives in the practice of law and service delivery. Doing this under the Templars brand goes a long way in creating that desired pan-African institu tion”.

Lamicare Foundation donates to Edwenase Rehabilitation Center

Lamicare Foundation, a Ghanaian based NGO with branches in Accra, Kumasi and Sunyani has donated items worth GHc15,000 to inmates at the Edwenase Rehabilitation Center in Kumasi, in the Ashanti Region.

The move forms part of activities to mark this year’s International Day of Persons with Disabilities (IDPD), as well as the re ecting the organi sation’s corporate social responsi bility programme christened ‘Benevolence Scheme’ aimed at addressing social challenges.

Speaking at the presentation last Saturday, the Founder of Lamicare Foundation, Carla Cornelius Bong koyire said the objective for the project was to sensitise the public and create awareness about the importance of inclusion, diversity and equalities for persons with disabilities in societies.

According to her, the organisation

is determined in its mission to improve lives and build communi ties through social works, and urged the government and the Ghana Federation of the Disabled (GFD) to review and if necessary, amend the Disability Act, 2006 (Act 715) to promote and protect the rights of PWDs in the country.

The organisation’s ‘Benevolence Scheme’ is one of the foundation’s major Initiatives to address and nd solutions to societal challeng es, which focuses on the less privi ledged.

Lamicare Foundation is commit ted to a more sustainable world through its goals of ; promoting sustainable communities, child-poverty alleviation and empowering young girls and women into being impactful mem bers of society.

“This rea rms our commitment as an organisation to continue to

promote the development of people and foster sustainable communities.” Ms. Bongkoyire said.

This year’s theme for Interna tional Day of Persons with Disabilities seeks to explore “Transformative solutions for inclusive development: the role of innovation in fuelling an acces sible and equitable world”.

The items presented included wheelchairs, crutches, bags of rice, tubers of yam, plantain, Indomie, toiletries, washing soaps, detergents, cooking oil, cartons of milk, drinks, bags of water, cash and cooked meals.

Africa’s responsibility to protect biodiversity

Africa is among the world’s most biodiverse regions. At least 50,000 plant species inhabit our biomes. Around 1,100 mammal and 2,500 bird species, and between 3,000 and 5,500 fresh water sh species, make their homes on our lands and in our air and waters. Our living organisms represent one-quarter of all biodiversity on Earth. We have a responsibility to protect them. Africa has big development ambi tions. Taking advantage of our signi cant human and natural resources, together with our mas sive market and robust trade links, Africans aim to achieve strong, inclusive growth that improves the lives of millions of people. Achieving this goal will require comprehensive econom ic modernization – a process that, historically, has tended to cause signi cant environmental harm. Already, rapid population growth, agricultural expansion, exploitation of wildlife, unsus tainable shing practices, defor estation and land degradation, urbanization, and infrastructure development have put Africa’s biodiversity under heavy strain. Add to that the e ects of climate change – to which Africa is partic ularly vulnerable – and the conti nent could lose more than half of its bird and mammal species by the end of this century. But we do not have to choose between environmental conser vation and economic develop ment. On the contrary, key economic sectors – including agriculture, forestry, and shing, which account for large shares of African countries’ GDP – depend on ecosystem services. The agricultural sector alone gener ates at least 50% of employment on the continent.

With sound strategies for manag ing our natural resources, we can build a future in which healthy ecosystems, and the biodiversity they support, are leading drivers of growth and development. Africa’s wildlife resources, for example, can yield signi cant

By Hailemariam Desalegn

economic value and opportuni ties.

A strategy for harnessing conser vation to drive sustainable economic growth would be trans formative. But the obstacles are formidable. Africa’s natural assets transcend legal, geographic, and political boundaries. Birds have no interest in politics; they care about natural shelter. Elephants

and consider Africa’s develop ment aspirations.

We cannot reach our goals for either development or conserva tion if we do not act in concert –rst on our own continent, and then on the global stage. On December 7, representatives of governments from around the world will convene in Montreal for the 15th Conference of the

strate at COP15 that we can own our conservation agenda and lay the groundwork for a prosper ous future. This is a critical opportunity for us to position ourselves as leaders in advanc ing an economic-development model that has conservation, sustainability, and respect for natural heritage at its heart. Acting as one, we can establish

fresh water.

Just as we share a network of rich ecosystems and natural assets, African countries also share the challenge of devising a viable strategy for protecting and preserving them. We will also share in the spoils of success – or the costs of failure. This under standing must underpin a common outlook that facilitates the concessions and expenditure needed in order to bring vast bene ts for our people and the planet.

African countries will have to build a consensus that bridges the gaps between our diverse approaches to environmental governance, without losing sight of local needs and demands. Any such agenda must be aligned with science-based global goals – such as the “30x30” goal of designating 30% the planet’s land and ocean area as protected areas by 2030 –

Nations Convention on Biologi cal Diversity to agree on a new set of goals for the next decade and beyond. African leaders must overcome divisions and seize this opportunity to defend our common natural heritage and capital.

This means pushing for a global agreement that includes the 30x30 goal, which studies show would increase economic output globally. African coun tries – including Ethiopia, Nige ria, Rwanda, and Senegal – were among the rst to champion this goal, and the continent as a whole can now ensure its adop tion. To this end, we must high light the importance of biodi versity conservation in ensuring our food supply, combating climate change, and sustaining inclusive long-term growth and employment creation. The stage is set for us to demon-

ourselves as a strong negotiating partner, capable of securing the needed nancial support to preserve our continent’s biodi versity. We have already demon strated such leadership poten tial, by advocating that all coun tries commit to earmarking 1% of GDP to close the biodiversity nancing gap and protect our planet’s natural assets. We owe it to our local and indige nous communities, to current and future generations, and to the thousands of unique species of fauna and ora that depend on our ecosystems to advance viable, long-term solutions to the biodiversity crisis. And as the stewards of some of the world’s richest, most biodiverse ecosys tems, we owe it to the entire global population.

Huawei Equips 500 Traders in FinTech

Huawei Ghana as part of its 2022 Women in Tech program, has equipped 500 traders in a Finan cial Technology workshop to bring them up to speed with advanced technologies and enable them transform their busi nesses digitally to suit current market trends.

The training which was focused on helping female entrepreneurs and traders adopt technology in their businesses and career also sought to provide the platform to motivate and mentor them to advance their digital skills capaci ty.

This year’s training in partnership with the Rebecca Foundation bene tted traders at Bantama, Nhyiaeso, Tepa, Anyinam, Nkwawkwa, Amasaman, Anyaa Sowutwom, Dome Kwabenya, Okaikwei South and Bortianor.

As part of the Financial Technolo-

gy training, traders across 10 districts were taken through courses in areas of Digital Payments Systems, Digital Market ing, Cyber Security and Privacy Protection.

Speaking during the training, the Minister for Works and Housing, Francis Asenso-Boakye, also thanked Huawei and the Rebecca Foundation for engaging traders in the Bantama Constituency. The initiative, according to him, will help boost the digital literacy of bene ciaries and give them the opportunity to actively participate and realize the bene ts of the digital economy.

“As a member of parliament, I remain committed to such part nerships aimed at equipping and empowering more females in Ban tama with the needed skills to take up active roles in the technology ecosystem.”

The District Chief Executive for

sah commended Huawei for involving traders in the Eastern region in the training. He encour aged the traders to take the train ing seriously as it will go a long way to improve their digital skills capacity, enhance their innova tive capabilities and position them advantageously amidst erce competition in the trading sector.

Mr. Akwesi Owusu Afrifa, Member of Parliament for the Ga West Municipality also applaud ed Huawei for the training and entreated the bene ciaries to take full advantage of the oppor tunity to increase the visibility of their business and build strong networks.

“Through this training, you can strengthen you online commerce prospects, build strong networks and expand your business at the

result,

The Director of Government and Public A airs at Huawei Ghana, Mrs. Jenny Zhou, said the Women in Tech initiative, comes as part of Huawei’s e ort to contribute its quota towards the achievement of the United Nations Sustainable Develop ment (UN SDG) Goal 5, which focuses on achieving gender equality by empowering more women and girls.

So far, about 25,000 females have bene ted from the training this year bring the total number of bene ciaries to 75,000 in a space of two years.

Ghana Exim Bank hosts Gambian Export Promotion Delegation

Facilitation of the Gambian Invest ment and Export Promotion Agency (GiEPA) led the six-mem ber delegation made up of o cials of GiEPA and representatives of the Gambian Ministry of Finance.

The delegation was on a two-day study tour of selected strategic government agencies to under study their management and operations.

the Bank’s processes, major mile stones, initiatives, award-win ning projects as well as some of its challenges in executing its mandate.

delegation through presenta tions before touring the Bank’s Knowledge Centre and the GEXIM MiG Town, a one-stop shop for everything Made –In-Ghana located at the Ground Floor of the Africa Trade House.

The Deputy Chief Executive O cer of the Ghana Export –Import Bank (GEXIM), responsi ble for Banking, Ms. Rosemary Beryl Archer, on behalf of the Chief Executive O cer, Mr. Law rence Agyinsam, on Thursday, 1st December 2022, hosted a Gambi an Delegation at the Bank’s head quarters at the Africa Trade House in Accra.

Mr. Modou Lamin Sowe, Director of Investment Promotion and

The Delegation had a full day program at the Bank, which involved strategic presentation of key departments to get a deeper insight into the Bank’s operation as well as its innovative approach es at championing the Govern ment of Ghana’s agenda to trans form the Ghanaian economy into an export-led-one.

Receiving the delegation, Ms. Rosemary Beryl Archer expressed the excitement of the Bank’s Exec utive Management to be hosting the delegation to share with them

“We are very excited to have you here with us today and as it is always said, we need to learn from best practices. At GEXIM, we have been focused on helping the Government to create indus tries and ensure the narrative is changed by reducing our depen dence on imports and rather increasing production for local consumption and exports. Earli er this year, one of our novel initiatives, Tuesday Market, an SME fair for our nanced SMEs and other Ghanaian manufactur ers to showcase and sell their products whilst harnessing their export potential was adjudged the Best SME Initiative in Africa at the African Union SME Awards held in Cairo, Egypt”, she added.

Various Departmental Heads of the Bank took members of the

They later visited the Bank’s “Tuesday Market on Thursday” held at the car park of the World Trade Centre in commemora tion of the 38th National Farm ers’ Day celebration.

Other members of the Gambian delegation included Mr. Gabriel A. Gomez, Senior Manager, Finance, GiEPA,Mr. Alieun Baye, Senior IT O cer of GiEPA,Mr. Omar K. Jammeh, Business & Export Development O cer, GiEPA. Mr. Hamang BL Manjang, Monitoring and Evaluation Specialist, Ministry of Finance of the Republic of The Gambia and Mr. Fansu Saidykhan, Financial Controller at the Ministry of Finance of the Republic of The Gambia were also part of the delegation to Ghana.

I would entreat you to learn from the experts present here and take the training seriously.”

WEEKLY MARKET REVIEW FOR WEEK ENDING

DECEMBER 2, 2022

+$!02(!2%2+"!&"%#"!$*20) "# #%## &'( &)*+,- . 01 234)564!&'(!&)*+,-!7*)!#%## . 81 #%## ()*94:,4;!&'( &)*+,- </=1 >*&!(*?@:A!B5,4! #=/%%1 C44D?A!EF,4)G5FD!EF,4)4H,!B5,4 #I/I.1 EF7?5,@*F!7*)!J:,$!#%## .%/.1 KF;!(4)@*;!EF7?5,@*F!L5)64,! #%## #0 I1 >N;64,!'47@:@,!O1!&'(P! Q4R$!#%## S .1 #%## >N;64,!'47@:@,!L5)64,!O1&'(P S S1 (NG?@:!'4G,!OG@??@*F!&TUP!! Q4R$!#%## .S=/. '4G,!,*!&'(!B5,@*! Q4R$!#%## =I/V1

)*2!.&+$0.(*&0('"(L-4!&-5F5!Q,*:D!KW:-5F64 :?*H4;! -@6-4)! 7*)!,-4 +44D *F!,-4!G5:D!*7!R)@:4! @F:)45H4 GA! 8 :*NF,4) L-4 &QK!X*YR*H@,4!EF;4W!O&QK XEP 65@F4; %/8= R*@F,H!OZ%/%81P!,*!:?*H4!5, #$.S</.. R*@F,H$ )47?4:,@F6 5! A45) ,* ;5,4!O\L'P! ?*HH *7 88/S01 L-4 &QK!]@F5F:@5?!Q,*:DH!EF;4W!O&QK!]EP )4Y5@F4;!7?5,! 7*)!,-4 +44D :?*H@F6 5, #$%=S/0. R*@F,H O%/%%P$! )47?4:,@F6 \L'!?*HH *7!</.V1

^5)D4,!:5R@,5?@_5,@*F ;4:)45H4; GA! %/%<01!,*! :?*H4!,-4!+44D!5,! &TUS.$0##/=0 Y@??@*F$ 7)*Y &TUS.$0.=/8. Y@??@*F!5,!,-4!:?*H4!*7!,-4!R)43@*NH! +44D/!L-@H!)47?4:,H!5!\L'!5RR)4:@5,@*F *7!%/I81/!

L)5;@F6!5:,@3@,A! )4:*);4; 5 ,*,5?!*7 8%<$888 H-5)4H! 35?N4;!5,!&TU#$8##$=0./%< :-5F6@F6 -5F;H$ :*YR5)4;!+@,- #$.0I$.S% H-5)4H$ 35?N4; 5, &TU#$#0%$%#0/<< @F ,-4!R)4:4;@F6!+44D/

^L` ;*Y@F5,4;! 3*?NY4 *7!,)5;4H!+-@?4H!`4+! &*?;!;*Y@F5,4;!35?N4 *7!,)5;4H!7*)!,-4!+44D$! 5::*NF,@F6!7*) IV/S%1 5F;!V</<#1 *7!H-5)4H!,)5;4;! )4HR4:,@34?A

L-4!Y5)D4,!4F;4; ,-4!+44D!+@,- 8 5;35F:4)!5F;!8 ?5665); 5H!@F;@:5,4;!*F!,-4!,5G?4!G4?*+/!

)45F8=BG

)47?4:,@F6!+c+ 65@F! 5F;!\L' ;4R)4:@5,@*F *7! %/%%V#1! 5F;! I./8=1! )4HR4:,@34?A L-@H!:*YR5)4H!+@,-!\L'! ;4R)4:@5,@*F!*7!#/S=1 5!A45)!56*/ L-4!X4;@ -*+434)! ?*H,!6)*NF;H 565@FH,! ,-4!&>( 7*)!,-4 +44D/!E, ,)5;4; 5, &TU8S/%<I<cf$ :*YR5)4;! +@,-!&TU8I/0<#<cf!5,!+44D!*R4F$!)47?4:,@F6!+c+ 5F; \L' ;4R)4:@5,@*FH *7 8/#=1! 5F;! .V/<#1! )4HR4:,@34?A/!L-@H :*YR5)4H!+@,-!\L'! ;4R)4:@5,@*F *7!%/%S1!5!A45)!56*/

L-4!X4;@ 565@F ?*H, 565@FH, ,-4!KN)* 7*)!,-4!+44D E, ,)5;4;!5,!&TU8</=<00cg$!:*YR5)4;!+@,-! &TU8</S<%Vcg!5,!+44D!*R4F$!)47?4:,@F6!+c+ 5F;! \L' ;4R)4:@5,@*FH *7 %/=V1 5F;! I%/<%1 )4HR4:,@34?A L-@H!:*YR5)4H!+@,-!\L'! 5RR)4:@5,@*F *7!I/#01!5!A45)!56* L-4!X4;@! 5?H*! H,)4F6,-4F4; 565@FH,!,-4 X5F5;@5F! '*??5) 7*)!,-4!+44D E,!*R4F4; 5,!&TUV/=V%IcXe GN,!:?*H4;!5, &TUV/=I%ScXe$ )47?4:,@F6 +c+ 65@F 5F; \L'! ;4R)4:@5,@*F *7 %/.81 5F;! I8/<=1 )4HR4:,@34?A/!L-@H!:*YR5)4H!+@,-!\L'! ;4R)4:@5,@*F *7!8/V01!5!A45)!56*/

#$#### "$#### ($#### +$#### -$#### &#$#### &"$#### &($#### &+$#### &-$#### #&)#&)"" #&)#")"" #&)#*)"" #&)#()"" #&)#')"" #&)#+)"" #&)#,)"" #&)#-)"" #&)#.)"" #&)&#)"" #&)&&)"" #&)&")"" #JF;/>?)$I/+)*K$!;/>/$%)03$L*$ ")8)F+)0$%2..)>F3)* :0B /D@ 1:= 3<B !+#$## !'#$## !(#$## !*#$## !"#$## !&#$## #$## &#$## #&)#&)"" #&)#")"" #&)#*)"" #&)#()"" #&)#')"" #&)#+)"" #&)#,)"" #&)#-)"" #&)#.)"" #&)&#)"" #&)&&)"" #&)&")"" G-H$E).:7.9/>F)$7:$+;)$!;/>/$%)03$

!"#$%&'(2+,.("3()*+,+

/?/3>*+$")8)F+)0$%2..)>F3)*

J@?!R)@:4H!)*H4!H-5)R?A! ?5H,!+44D 5H!Y*)4!X-@F4H4! :@,@4H!G465F!)4?5W@F6!H,)@:,!5F,@ XJhE'!Y45HN)4H$! )5YR@F6!NR!-*R4H!7*)!5!7N??!)4*R4F@F6$!+-@?4!,-4! J(KX!D4R,!R)*;N:,@*F!H,45;A!57,4) @,H!?5,4H,! Y44,@F6 >)4F,!7N,N)4H!,)5;4;!5, dQe0I 0= 5! G5))4?!*F ])@;5A$! :*YR5)4;! ,*! dQe0< =8 5,!+44D! *R4F$! )47?4:,@F6 +c+ 5F;!\L'! 5RR)4:@5,@*FH *7 #/I01!5F;!8%/.%1 )4HR4:,@34?A

&*?;!G)*D4!7)44!,*!-@,!5!I Y*F,-!-@6-!5G*34!e8$0%%! 5F!*NF:4! ?5H,!+44D 5H!45H@F6!d/Q/!@F7?5,@*F!5F;! 9*GH!6)*+,-!R*@F,4;!,*!,-4!?@D4?@-**;!*7!HY5??4)! ]4;4)5?!B4H4)34!)5,4!-@D4H!7)*Y!-4)4*F &*?;

H4,,?4;!5, dQe8$0%V/S%$ 7)*Y dQe8$=I./%% ?5H,! +44D$ )47?4:,@F6!+c+ 65@F 5F; \L' ?*HH *7 </8=1 5F;!8/%.1!)4HR4:,@34?A

# "# (# +# -# &## &"# &(# # '## &6### &6'## "6### "6'## *6### #&)#&)""#&)#*)""#&)#')""#&)#,)""#&)#.)""#&)&&)"" ( I # M% I N H # % O % O P D ! O Q H &>+).>/+37>/8$%799703+5$E.3F)*$ @C@@ /FGH 3FIFJ DKLMN23KOHL !"#% !&#% #% &#% "#% *#% (#% '#% +#% ,#% #&)#&)"" #&)#")"" #&)#*)"" #&)#()"" #&)#')"" #&)#+)"" #&)#,)"" #&)#-)"" #&)#.)"" #&)&#)"" #&)&&)"" #&)&")"" G-H$E).:7.9/>F)$7:$")8)F+)0$ %799703+5$E.3F)* /FGH 3FIFJ DKLMN23KOHL

Q*N):4i!

!""#$%&&'''()*+,$"-#,.)/(0-1&",21$&.&.,3"-+,2! /*4(/$#

Binance reiterates its commitment to user transparency

the heart of the crypto ecosystem, they have succeeded in creating a network where millions of people can participate and reap the perks of nancial inclusion.

Although, in light of recent happenings, there has been an increased sense of urgency for crypto market regulatory initia tives – some of which are already underway and are likely to be accelerated following the collapse of the crypto exchange, FTX. The priority of these regulatory initia tives will likely focus on the custo dy and protection of customers’ digital assets, transparency, and the reporting of reserves, assets, and liabilities.

This is why in a time of uncertainty and doubt, Binance - the world's leading blockchain and cryptocur rency provider has recently taken active steps of its own to restore users’ con dence in the ecosys tem. Below are some of the initia tives they have introduced to the community:

Topping Up SAFU to US$1B: The Secure Asset Fund for

an emergency insurance fund that was set up to protect Binance users in extreme situations of loss and theft of their digital assets. Due to the recent market conditions, the fund originally valued at US$1B uctuated down to US$735m earli er in the year; it has however been topped up to US$1B. This insurance fund comprises BNB, BUSD, and BTC and the funds are raised by allocating 10percent of all trading fees accumulated on its platform in the case of emergency scenarios, giving Binance the ability to stay ahead of situations where users’ assets have been compromised.

Establishing the Industry Recovery Initiative (IRI): In a recent post, Binance explained that the initiative was set up with the aim of rebuilding the industry and protecting users. It also stated that it will devote US$1 billion in initial commitments to the recovery fund which may be increased to US$2 billion “if the need arises.” Binance stated that IRI is not an investment fund, but terms it a “co-investment opportunity for organizations eager

In addition, other investment rms including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have enrolled and committed an initial aggregate of US$50 million between them to participate in the initiative and Binance has already received 150 applications from companies seeking support.

Publishing its Proof of Reserves System (PoR): On Friday, 25th November, follow ing the disclosure of its hot and cold wallet, Binance published its bitcoin pro0f-of-reserves (POR) system, utilizing the Merkle Tree approach – which gives users the ability to verify speci c contents that were included within a particular set of “sealed” data. Users can verify their BTC asset balances and transactions held on the crypto exchange’s platform. Additional ly, Binance has also highlighted its future plans for the POR list which include:

PoR, including additional assets in the next two weeks, o Involve third-party audi tors to audit the PoR results.

o Implement ZK-SNARKs for POR, improving privacy and robustness, and proving the total net balance (USD) of each user is non-negative. K-SNARKs are powerful tools that provide privacy and simplicity bene ts to proof of reserves and liabili ties. This is because Binance o ers Margin and Loans services in certain countries, so audit results will show the Net Balance, Equity, and Debt of each user.

The crypto space is a rapidly evolving one and now more than ever, the crypto communi ty demands more transparency from crypto exchanges. Collab orations such as the Industry Recovery Initiative need to be an integral part of all crypto exchange e orts for the ecosys tem to have any chance of survival.