Investment Times Newspaper 2023 Edition | Issue 14

Foundation opens multifaceted library in Kumasi, its third

Government works on tax incentives to position Ghana as a film hub

Government, through the National Film Authority, has nalized work on a tax incentive policy for the lm sector.

This, according to the Chief Executive O cer of the authority, Juliet Asante, is a critical policy in government’s agenda to positioning the country as a lm and content hub and a shooting destination, working to attract investments into the sector whiles energizing the local

sector.

“Ghana is calling the world to shoot in Ghana to energize the production value chain, as well as invest in cinemas to open up the exhibition space,” she said, adding that these are major gaps that all African countries face.

“Working to attract lm shoots is an up-scale strategy in the lm market place that only a few countries are able to pursue. All countries on this agenda of pitching to attract lm

Three years of helping customers

The videos circulating on social media, about leading businesswomen, paying glowing tributes to Absa bank for its support and in uence in their enterprises, tell it all.

When a bank is relentless about its business purpose and determines to pursue it, no matter the odds; the

results are priceless.

It has been three years since Absa Bank, o cially established its presence in Ghana. In that time, the bank has been a beacon of hope for Small Scale Enterprises (SMEs) and a trailblazer in its innovative approach to banking.

AfDB’s AFAWA hits $1bn investment milestone in lending to women entrepreneurs in Africa

By Benson Afful

From March 31, 2023, passengers arriving in  Ghana with the Ghana Card will not be required to ll out landing cards since their particulars will be accessed electronically. Stakeholders in the transport and aviation industry arrived at the decision after a meeting with the Vice-President, Dr Mahamudu Bawumia, in Accra.

In a Facebook post, Dr Bawumia said: “I held a productive meeting on improving the competitiveness of the Kotoka International Airport (KIA) with key stakeholders, including the Minister of Public Enterprises, the Minister of Transport and

Frankfurter Botschaft to host invest in African energy reception

By Kestér Kenn Klomegâh

After extensive negotiations these several months, Germany has accepted to host the "Invest in African Energy Reception" at Frankfurter Botschaft on February 23, primarily aims at showcasing investment opportunities across Africa's burgeoning energy sector as the next signicant phase on the organization's European investment tour. The Invest in African Energy gathering at Frankfurter Botschaft is organized by the South African based African Energy Chamber (AEC).

Following successful Invest in African Energy Receptions held in London last year and Oslo in January 2023, in

partnership with global energy market research rm, Rystad Energy, and leading pan-African nancial services provider, the African Export-Import Bank , the AEC's German leg of the Invest in African Energy European Roadshow aims to maximize energy investment partnerships be-

tween Africa and Europe’s largest economy.

Featuring German, European and global investors, private and public sector institutions, African energy policymakers and companies as well as stakeholders across both the

Ghana Card holders will no more fill landing cards — Dr Bawumia

BoG defends financing of gov’t expenditure last year

shoots have between 20-45% average tax incentives,” Juliet added. She said countries that have gone down this line include, the US, UK, Australia, Canada and many more. In Africa, she mentioned Morocco and South Africa as leaders in this direction and their economies have bene ted tremendously from this positioning.

“A tax incentive basically gives attractive tax reliefs to investors in the ecosystem of a country and it is a basic requirement to attracting foreign direct investment into the

lm sector at the magnitude that Ghana is pitching for.

It is also a crazy win for the local sector in attracting investments into the sector locally from companies as well as helping lm businesses to stabilize,” she said.

She said the move will bene t the local lm ecosystem - local brands and organizations that invest into the lm sector - foreign productions - foreign investors into the entire lm ecosystem

According to Juliet, who is also the Chairperson at the National lm and

Television Institute, the result of the drive to attract the attention and investment of lmmakers globally can already be seen in the many lms announced to shoot in Ghana as well as the investment interests in the building of infrastructures such as studios to support the shoot in Ghana campaign and the call on cinema investors to invest in exhibition to increase the number of cinemas in the country for the general wellbeing of the Ghanaian people.

Ghana Card holders will no more fill landing cards — Dr Bawumia

his deputy, the Ghana Airports Company Limited (GACL), the Ghana Immigration Service, the National Security and the Ministry of the Interior.”

“It was decided, inter alia, that airline passengers travelling to Ghana will, from 31st March 2023, no longer be required to ll out landing cards. This is because the same information can be obtained electronically,” the post added.

It also said processes passengers went through at the KIA would also be streamlined to avoid duplication and cut down time spent.

Dr Bawumia said the Ministry for the Interior and the Ghana Immigration Service (GIS) had been directed to ensure that the E-gate system was operational at KIA this year where passengers could use their passports or Ghana cards to access.

Frankfurter Botschaft to host invest in African energy reception

By Kestér Kenn Klomegâh

German and African energy value chains, the Invest in African Energy Frankfurt event will highlight energy investment, economic growth, energy resilience and environmental sustainability prospects for both Germany and Africa on the back of improved energy development, exploitation and trade ties.

It will also address the energy infrastructure development and energy monetization initiatives in partnership with global players, foreign investors and governments. As Africa's biggest gathering for energy ministers, energy policymakers, companies and investors – it will, therefore, be crucial for shaping discussions to nd pragmatic approach around the key role the continent's massive yet largely unexplored hydrocarbon resources play in driving making energy poverty history while triggering newfound socioeconomic growth.

"The Chamber is honored to expand its Invest in African Energy European Roadshow to Germany where we seek to unite African and German energy stakeholders. German companies have the technology and expertise which Africa needs to maximize its global energy leadership role and we hope platforms such as the Invest in African Energy will foster a new era of improved cooperation between the country and the African continent ahead of the 2023 edition of African Energy Week this October, where more industry changing deals will be signed and partnerships formed,"

said NJ Ayuk, the Executive Chairman of the AEC.

According to several reports, European countries are seriously looking for more reliable energy suppliers. With Germany optimizing the diversi cation of its energy supply away from Russia due to the Russian-Ukraine war that began February 24, Africa appears to represent a perfect partner to drive the energy market stability.

While the demand for gas via liqueed natural gas continues to increase and take on a sizable share of the global energy mix, Africa is expanding its share of global gas supply.

With Africa requiring up to $1.7 trillion in the upstream gas sector to increase its gas production as the continent’s role in shaping global energy security intensi es through 2050, Germany has a key role to play in helping the continent maximize and monetize resources. African countries such as Senegal, Mauritania, Algeria, Tunisia, Mozambique, Republic of Congo, Namibia and Angola are well positioned to supply Germany, and the Invest in African Energy Frankfurt event represents an ideal platform for Germany to enhance energy ties with Africa and secure its energy future.

"Hydrogen projects have been on the platform of all Germany Africa energy investments. Natural gas has

seen new interest from Germany. Germany's launch of two LNG import facilities within 12 months highlights the country’s commitment to securing its energy supply via gas and LNG. Africa is well positioned to be the country's number one supplier and the Invest in African Energy Frankfurt event represents the ideal platform where improved Germany-African energy ties can be turned into reality,"  NJ Ayuk said.

Furthermore, while Africa is positioning itself as a global leader in green hydrogen on the back of the continent’s massive gas and renewable energy resources, with countries such as Angola, Namibia, South Africa, Mauritania and Egypt spearheading industry growth, the recent trip to South Africa and Namibia by German Economy Minister, Robert Habeck, in search of hydrogen to ensure energy security highlights the vital role African energy can play in shaping the energy transition and strengthening Germany's energy security.

In this regard, the AEC, through the Invest in African Energy Frankfurt event, is committed to heightening German energy investments in Africa to accelerate the continent's build-up of infrastructure across the entire green hydrogen value chain. This will in turn provide a win-win situation for both Germany and Africa as both parties seek energy market stability, economic expansion, environmental sustainability and GDP growth.

With over 600 million people across the African continent lacking access to reliable electricity and 900 million to clean cooking solutions, the continent's estimated 125.3 billion barrels of crude oil, 620 trillion cubic feet of gas and untapped renewables potential present a huge opportunity to alleviate energy poverty. In this scenario, Germany represents an ideal partner for the continent as it moves to maximize energy investments and make energy poverty history by 2030.

By exploring the bene ts and challenges associated with these exploration campaigns, investors play unique role in sustainable development as Africa has roughly 40 billion undeveloped barrels of oil and gas reserves in the energy industry. According to the World Bank, Russia also holds the world's largest natural gas reserves, the second largest coal reserves, and the eighth largest oil reserves. With the Russia-Ukraine crisis and Russia the leading energy supplier redirecting its search markets in Asian region, it has brought good opportunities for new partners for Africa.

Over the past years after Soviet collapse, Russia has expressed heightened interest in exploring and producing oil and gas in Africa. Emboldened African leaders and industry executives have accepted proposals, signed several agreements with Russian companies, but little have been achieved in the sector. With the rapid-

ly changing geopolitical conditions and economic fragmentation fraught with competition and rivalry, African leaders have to understand that Russia might not heavily invest in the oil and gas sector, not even in the needed infrastructure in this industry.

NJ Ayuk observes that Africa has already made an indelible mark in the oil and gas industry. Africans must therefore become more accountable, and plan better in the energy sectors. Some potential external investors, such as Russia, have for many decades shown interest in this sector but have not delivered promptly on their promises and signed agreements.

Some experts believe that Europe can look to Africa as preferred energy supplier. Africa is ready to welcome investors currently pulling out of Russia if they can genuinely invest in developing oil and gas infrastructure which Africa seriously lacks in this industry. For Africa at this point in time, that's a real opportunity and understandably Russia aspires to be the leading supplier on the global market and therefore seeks to marginalize potential producers such as Africa. In practical terms, it is very cautious making nancial commitments in Africa.

"The demand for oil and gas from Africa is on the rise, especially as we expect domestic usage to rise signicantly, driven by growing population and corresponding economic activi-

Juliet Asante is the CEO of the National Film Authority

ty. It is therefore key for countries across the continent to leverage existing oil and gas infrastructure to fast-track the development of assets that would otherwise have been stranded," said Verner Ayukegba, Senior Vice President of the African Energy Chamber. "We are delighted to continue working with interested investors and researchers to bring forward vital data that allows decision makers to drive investments in Africa's energy sector, that ultimately will lead to ending energy poverty in Africa by 2030."

According to Ayukegba, the African Energy Chamber continues to investigate how the accelerated investment and development of Africa’s infrastructure landscape will be key for ensuring oil and gas discoveries translate into long-term developments.

Currently, there exists an infrastructure gap across the continent, a gap

which signi cantly impacts exploration initiatives, bringing newfound challenges to project take-o and completion. Therefore, during the panel, speakers will explore this gap while making a strong case for alternative, expert-backed solutions.

If Africa is to make energy history in Africa by 2030, the continent needs to maximize utilizing all available resources. As such, African countries with energy resources have the potential to change the continent's energy landscape, especially at this time of unprecedented global changes and large-scale developments set to establish a multipolar system. In spite of these, Africa needs to boost its energy security and work consistently towards energy self-su ciency within the framework of the Sustainable Development Goals (SDGs) and within the African Union Agenda 2063.

Three years of helping customers get things done

When the bank transitioned from the century-old Barclays heritage into Absa in 2020, it was with a mission to empower the nation's small businesses - the lifeblood of the economy. And it has been steadfast in its dedication, providing a range of nancial services and support to the small and medium-sized enterprises that fuel the country's growth. Like a nurturing mother, Absa Bank has helped to foster entrepreneurship and created jobs in Ghana, giving wings to the aspirations of many small business owners. This is not just a matter of economic pragmatism; it is a moral imperative.

Take for example, Francesca Sroda, a small business owner who deals in stationery items. It had always been her dream to expand her business but never had the means to go the extra mile. Absa Bank came to her rescue, providing her with the necessary funding and nancial advice to take her business to new heights. Today, Francesca’s business is thriving, and she employs over 20 people in her sphere of in uence.

However, Absa Bank's impact in Ghana is not limited to its commitment to small scale businesses

alone. The bank has also been a game-changer in the digital banking space, introducing a range of digital solutions that make banking more accessible and convenient for its customers and clients. With just a click of a button, Ghanaians can now manage their accounts online, make transactions using mobile banking and digital wallets, and access nancial services with ease. These digital solutions, like the ATM QR code, Absa mobile app and contactless cards, sparkle like diamonds in a sea of outdated banking practices. This is not just a matter of convenience; it is a matter of responsibility.

The bank's leadership is also committed to the principles of environmental, social, and governance (ESG) principles. The bank's operations have a positive impact on the country and its people, not just for the environment and the communities in which it operates but for the bank itself as well. This is not just a matter of expedience; it is a matter of integrity.

Moreover, Absa Bank is a leading employer in Ghana. It provides a range of employment opportunities and is committed to developing the

skills and careers of its sta . This not only bene ts the bank's employees but also contributes to the overall development of Ghana's workforce. This is not just a matter of fairness; it is a matter of destiny.

As we look to the future, it is clear that Absa Bank will continue to play a vital role in Ghana's nancial landscape. The bank's commitment to small scale businesses, its innovative approach to digital banking, and its adherence to ESG principles make it a valuable and respected member of the country's nancial community. But more than that, its actions demonstrate a commitment to the moral and practical responsibilities of a society. This is what makes Absa Bank truly stand out, and it is what will ensure its continued success in Ghana and beyond.

In this context, it is important to remember that a bank is not just an institution, it's a re ection of the values and aspirations of the society it serves. And Absa Bank is a shining example of a bank that serves the values and aspirations of its society. It re ects what a bank should be, and what a society should strive to be.

AfDB’s AFAWA hits $1bn investment mile stone in lendingto women entrepreneurs in Africa

This is yet another milestone for the bank following an historic summit last week to tackle the escalating challenges of food security in Africa. The Dakar 2 Africa Food Summit, co-hosted by the Bank and the Government of Senegal, was attended by 34 heads of state and government, more than 70 ministers, farmers’ representatives from the private sector and development partners.  AFAWA was launched in 2015 in Dakar during the rst Feed Africa conference (Dakar 1 Africa Food Summit).

Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development said: “I am incredibly proud of AFAWA’s nancing achievement. AFAWA’s benchmark reminds us that when we invest to grow Africa’s food systems, we must also invest in Africa’s women agripreneurs.”

Women run the majority of Africa’s agricultural sector small and medium-sized enterprises(SMEs), yet they face signi cant barriers to accessing nance. Across the continent, African women entrepreneurs face an estimated $42 billion gender nancing gap compared to men.

In the last two years, the Bank, through AFAWA, has multiplied the volume of investments toward women-owned small and medium enterprises sevenfold.

“By the end of December 2022, AFAWA-approved lending to women-led small and medium sized enterprises reached $1.051 billion. Of that, $135 million targets women in the agriculture sector,” said Malado Kaba, Director of the Bank’s Gender, Women and Civil Society Department.

“AFAWA’s approved lending reaches across 27 countries, and through 56 nancial institutions.

Already 4,115 women business owners have bene ted from AFAWA nancing instruments. This is just the beginning,” she added.

Already, nancial barriers to African women ‘agripreneurs’ growing their businesses, are being addressed through AFAWA investment. AFAWA is working to boost the professional and nancial capacities of over 200 women cooperatives in the staple crop food sector in Cote d’Ivoire. This includes training and access to a digital platform connecting women producers to buyers of agricultural products like wholesalers, retailers and consumers across Cote d’Ivoire.

Furthermore, AFAWA is working with Ecobank on the “Financing Climate Resilient Agricultural Practices in Ghana” project. The project mobilized $20 million from the Green Climate Fund, and

$5 million from Ecobank Ghana as co- nancing, to ll the gap for working capital to farmers. The AFAWA project aims to provide nancing and technical support to 400 women-led, farmer-based associations and women-owned small and medium enterprises, to foster their agriculture productivity and strengthen their climate resilience practices.

To accelerate progress toward unlocking $5 billion in lending for women by 2026, AFAWA has established a Guarantee Mechanism  which de-risks the women’s market and increases the ability of nancial institutions to lend to women business owners. AFAWA also launched the Women Entrepreneurship Enablers program, which provides up to $250,000 for women's business associations, incubators, accelerators, women-led cooperatives, and civil society organizations. The program increases

women SMEs readiness to access credit and scale their businesses. The program inducted its  rst cohort of 10 Enablers(link is external) in July 2022, who are expected to apply skills acquired in the Enablers program to reach more than 15,000 women-led micro and small enterprises.  The second call for proposals to the program drew more than 1,200 applicants. The second cohort will be announced later this year.

“In 2023, we will continue to work closely with our partners to accelerate their ability to lend to women-led micro and small enterprises. Ensuring that the enabling environment is inclusive to enhance women’s ability to access nancing will be critical. Thus, we will work closely with policymakers to ensure that the right reforms are in place to accelerate women-led small and medium enterprises’ nancial access,” said Kaba.

Read2Lead Foundation opens multifaceted library in Kumasi, its third

Read2Lead Foundation, a non-pro t organization that was established eight (8) years ago to aid the next generation of leaders through reading has open its third library at Kotei, a suburb of Kumasi in the Oforikrom Municipality.

The 5,000-square-foot new library, which also has a community centre, o ces, private study rooms, and an ICT Lab with 20 modern computers is projected to serve 30,000 students, including those from Kumasi's Kotei R/C Primary School, Junior High School and students at the nearby Kwame Nkrumah University of Science and Technology (KNUST).

Samantha Boateng, Co-Founder of Read2Lead, stated that the third library was intentionally designed to not only support and serve school children within the Kotei community but also a desire to give back to her roots. The rst two libraries are located at the Gbawe Cluster of Schools in Accra, and Asuodei in the Ahafo Ano South Basic School in the Ashanti Region.

According to Ms. Boateng, the project broke ground in 2017 and was completed in February 2023. “I am from Kotei and building this library was purposely to give back to the community that has made me who I am today. Students who come to the library are able to access not only books but have access to private study rooms, an ICT Lab that o ers students di erent ICT courses and soon we will be adding other creative arts courses to empower these students and enhance their knowledge,” she said.

Francisca Boateng, the foundation's co-founder, in sharing the Read2Lead story, revealed that the drive to start the foundation was fuelled by a passion to improve schoolchildren's knowledge, and the realization that there are not enough libraries in Ghana increased the urge to give back to the Ghanaian community.

“It all began when I used to travel to Ghana from the USA to teach in schools. I told my daughter about this when I returned home, and she made the decision to assist by collecting

books from her school and friends. To help the schools where Read2Lead libraries are located, we collect and ship books, furniture for libraries and schools, and instructional materials,” she said.

Regional Director for Education, Ashanti Region, Dr. William Kwame Amankra Appiah who was guest speaker at the unveiling ceremony lauded Read2Lead’s Foundation for complimenting government’s e ort to bridge the illiteracy gap.

He noted that although government is giving its best to ensure that the Ghanaian child is aided with the best education, it is necessary that other stakeholders come on board to achieve that goal. “It is imperative that we all work hand-in-hand to deepen the collaboration that exists between the Ghana Education Service and various stakeholders in order to promote good quality life for all children irrespective of their economic and socio-cultural background,” he said.

In a speech read on behalf of the Oforikrom Municipal Director for Education, Dorothy Opare Baidoo, she reiterated that the Ghana Education Service has not relented on its e ort to open its doors to all who have the desire to supplement government's e ort to improve the educational, economic, and socio-cultural needs of the citizenry and charged the community to cultivate a maintenance culture to protect the facilities.

“I take this opportunity to charge the school authorities and the people of Kotei and its surroundings to make good use of this Library and the toilet facilities. Protect it as a valuable property because that is what it is and let it re ect in your lives,” she mentioned.

Former Deputy Minister for the Ashanti Region, Honourable Elizabeth Agyeman also urged parents to keep encouraging their wards to make use of the library so they can grow to become responsible leaders within the community and the nation at large. “The more we as parents encourage our children to spend time in the library, the more likely we are to produce the next

generation of responsible leaders for this town and the nation,” she added.

Chief for the Kotei Community, Nana Oppong Bensua said that there is no better companion than a good book and urged students in the community to use the newly build library as their study abode to acquire more knowledge and information.

“With the help of this library facility, replace the times you spend on your phones and TV with good books.

Once you start reading, you experience a whole new world. When you start loving the habit of reading, you eventually get addicted to it and it will help shape your life for good,” he added.

The Kotei R/C Basic School’s Management Committee (SMC) represented by Joan Preprah said: “The school management together with all the teachers and students are really grateful to Samantha and her team for blessing our community with this multifaceted library and a toilet facility.”

Other highlights at the opening included a presentation of citations to Gar-Field High School for their continuous assistance in assisting in Read2Lead’s e orts by coordinating students to help in the cataloguing, inventorying, and sorting donations for the foundation and a presentation to Mr. Douglas Yelbie for dedicating his time and foreseeing that the third project was a success.

The opening also made room for students of the Kotei Community R/C basic school to deliver poemsand cultural dance presentations.

About Read2Lead

Read 2 Lead is a non-pro t organization that seeks to empower the next generation of leaders in Ghana through literacy programmes and increasing access to books. Current Read2Lead libraries in Ghana include Gbawe Cluster of Schools in Accra, Ahafo Ano South Basic School in the Ashanti Region, and Kotei R/C Primary and JHS in Kumasi. The non-pro t organisation has so far impacted over 72,000 students and has in its library over 50,000 books to bene t these students.

MTN ‘save a life campaign’ is back after a two -year break

MTN Ghana Foundation has announced the comeback of its annual blood donation exercise dubbed “Save a Life” after a two year break due to the COVID-19 pandemic.

The program was initiated to give sta of MTN, its trade partners and the public the opportunity to show love on Valentine’s Day by donating a unit of blood to help save lives.

This year, the campaign will take

place in all 16 regions simultaneously on Tuesday, 14th February 2023 between 8am- 4pm. The annual Valentine’s Day blood donation exercise this year is targeted at collecting 4000 units of blood to stock various blood banks across the country.

Commenting on the upcoming event, Senior Manager for Sustainability and Social Impact, Robert Kuzoe reiterated the Foundation’s commitment toward the improve-

ment in health care delivery in Ghana. “By running this blood donation exercise, it is our desire to help alleviate the high numbers of maternal mortality cases since loss of blood is one of the leading causes of maternal deaths”.

Mr. Kuzoe urged people to go out in their numbers to all the bleeding points in the various regions to express their love on Valentine’s Day by

donating a unit of blood to help save a life.

“According to the National Blood Transfusion Service, about 36% of the national blood supply is from voluntary donations and this is not encouraging. We entreat our sta , stakeholders, and the entire public to help stock the blood banks especially after the end of year festivities and most especially post pandemic e ects of reduction in voluntary blood donation”, he said.

Since the inception of the initiative in 2011, over 20,000 units of blood have been collected.

The “Save A Life” project has earned the MTN Foundation some recognition including the “Highest Corporate Blood Donor” in 2013, the “Second Highest Corporate Donor” in 2014 and one of the Highest Corporate Donors” in 2015.

Oxford Business Group signs MoU with the Africa Medical Information Centre for new sectoral analysis

Ghana’s plans to transform its health sector through new partnerships, pioneering technology, infrastructural developments and policies aimed at extending the reach of services into rural areas will be mapped out in a forthcoming report by the global research and advisory company Oxford Business Group (OBG).

The Report: Ghana 2023 will shine a spotlight on the country’s rapidly changing health ecosystem, charting the facilities and services that are being rolled out by both the public and private sectors.

The key role that the latest technological developments are set to play in ushering in a new era of healthcare in Ghana will be a focal point.

Updates will also be given on the National Health Insurance Scheme. Other topical issues set for analysis include Ghana’s plans to expand the country’s pharmaceutical industry by increasing manufacturing production.

OBG has signed a rst-time memoran-

dum of understanding (MoU) with the Africa Medical Information Centre (AMIC) as it begins work on The Report: Ghana 2023. Under the agreement, AMIC will team up with OBG to produce the Health Chapter of the report and other content for the Group’s suite of research tools.

The MoU was signed by Ramona Tarta, OBG’s Country Director for Ghana, and Dr Akshay Rath, Medical Director, AMIC, and former UN physician.

Commenting after the signing, Dr Rath described OBG as an ideal partner for AMIC, given its reputation as a go-to source of accurate, reliable business intelligence for investors seeking untapped opportunities in emerging markets like Ghana and the wider region.

“Oxford Business Group will be highlighting the potential in Ghana’s health sector, while also identifying uncharted areas for medical research and making medical data and information accessible to end-users,” he said. “It is our hope at AMIC that the report will

help attract the investments that are needed, especially in the manufacturing of medical supplies and vaccines in Ghana, the sub-region and Africa as a whole.”

Tarta said AMIC’s decision to choose Ghana for its head o ce as part of broader plans to modernise healthcare delivery across the region aligned well with the national overhaul gaining pace of medical facilities and services.

“Ghana is set to bene t from a range of new services and facilities making use of cutting-edge technology, through a wealth of public-private partnerships that include screening initiatives, surgeries and second opinions for diagnoses,” she said. “As part of its preparations to spearhead healthcare improvements across the continent, the Africa Medical Information Centre has established extensive resources, including in-depth, credible industry data that will undoubtedly enhance our research. I’m delighted that our on-the-ground representatives and,

ultimately, investors eyeing Ghana’s potential, will bene t from this fruitful partnership.”

Also present at the signing, Dr Nitish Shetty, CEO of Aster Hospitals, Bangalore, one of AMIC’s partners, highlighted the pivotal role that AMIC was set to play in addressing gaps and challenges in Ghana’s healthcare system and others regionally.

“The African Medical Information Centre will be supported by all 30 of our hospitals in seven countries. Our 1500 doctors are leaders in their specialised elds and are keen to help with capacity-building locally, arranging training programmes and exchange programmes,” he said.

“Our aim is that over time, together with our stakeholders in Ghana and across the wider region, we can address the challenges they face in the medical eld, while paving the way for this centre to become Africa’s medical tourism hub.”

The Report: Ghana 2023 will be produced with AMIC, the Association of

Ghana Industries, PwC Ghana and other partners. It will contain contributions from leading personalities in the public and private sectors, including: Kwaku Agyaman-Manu, Minister of Health; Yo Grant, CEO, Ghana Investment Promotion Centre; Ken Ofori-Atta, Minister for Finance; Joseph Boahen Aidoo, CEO, Ghana Cocoa Board; and Ernest Addison, Governor of the Bank of Ghana.

The Report: Ghana 2023 will mark the culmination of months of 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, infrastructure, banking and other sectoral developments. 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 Readiness reports, country-speci c Growth and Recovery Outlook articles and interviews.

The new front line of the education crisis

By Gordon Brown

Pakistan’s catastrophic oods last year not only reminded us of the perils of climate change. They also exposed the fact that tens of millions of children are being systematically betrayed.

The torrential monsoon rains destroyed as many as 27,000 schools  and brought students’ education to a halt. Worse, despite diligent efforts by United Nations agencies and NGOs, millions of children remain out of school to this day. And with millions of young Pakistanis already excluded from access to education before last year’s disaster, the Indian subcontinent now has the largest out-of-school population in the world.

The link between climate change, forced displacement, and education has never been more glaring. Climate change is increasingly displacing populations on a massive scale, with devastating knock-on e ects in the form of school closures and other interruptions to education.

Even though developing countries

B

have contributed very little to climate change, it is their children who will su er the most from it. Almost half of the world’s children live in the 33 countries classi ed as being at “extremely high risk” of being severely a ected by climate change. Entire generations face the threat of being uprooted by oods, droughts, or wild res, all of which will result in a loss of learning and potentially a loss in their lifetime prospects.

In 2021, 95% of all internal displacement occurred in countries on the front line of climate change. In Somalia, for example, drought and famine-like conditions have forced some  2.9 million people from their homes, triggering con icts over access to food, water, and livelihoods, and adding to the critical need for psychosocial and mental-health support. Nor is Somalia alone. Millions more are being a ected in similar ways elsewhere.

O cial gures tell us that prior to the recent oods in Pakistan, weather-related events were already a ecting

ten million children around the world each year. But some estimates have painted an even bleaker picture, putting the number at nearly 40 million  per year. Children displaced because of climate change thus represent a growing share of the 222 million crisis-hit boys and girls who require educational support. These children are increasingly missing out on a quality education, and thus are left without basic literacy or numeracy skills, let alone the additional quali cations they will need to enter the workforce.

The rapidly worsening education crisis challenges us to develop more innovative strategies for ensuring that all children are in school and learning. We will need to devise better, more imaginative ways to deliver education to people on the move. For example, curricula and other materials should be tailored more for a mix of online and in-person delivery, and school buildings should be used more e ciently by in-

troducing double shifts. We also should encourage more safe-school initiatives like those pioneered in Nigeria after the kidnapping of hundreds of schoolgirls. Once proven e ective, these creative solutions will then need to be replicated and scaled up to support refugees and displaced children everywhere.

To that end, we also will need to mobilize su cient nancing for vehicles like Education Cannot Wait, the UN’s global fund designed specically to address the link between climate change, forced displacement, and education. ECW has successfully rolled out education programs in dozens of crisis-a ected countries in recent years, and it remains fully committed to addressing “the obstacles that have prevented humanitarian and development actors from delivering quality education in humanitarian crises.”

ECW’s replenishment summit on February 16-17 thus provides a

timely opportunity not just to help children displaced by climate change and con ict, but also to emphasize that progress on the global education agenda is central to achieving the Sustainable Development Goals. SDG4 calls on the international community to ensure, by 2030, that “all girls and boys complete free, equitable, and quality primary and secondary education.”

To help reach the 222 million young people whose learning has been affected by con icts and disasters, ECW aims to raise $1.5 billion for the 2023-26 period – a mere rounding error compared to what governments spend on arms and fossil-fuel subsidies.

To have any hope of achieving SDG4, progress toward returning internally displaced and refugee children to school is essential. With millions of children’s futures hanging in the balance, we must ensure access to education in emergencies and support a global fund that works.

The Africa We Want Series with Baptista Africa’s blueprint and master plan for transforming Africa

True hegemons prevail not by force but by o ering hard-to-resist Faustian bargains. A prime example is the “Dark Deal,” which underpinned China’s economic miracle prior to the new cold war with the United States. That arrangement now hangs by a thread.

“Our Dark Deal,” a Chinese o cial once explained to me, “turns on the US trade de cit, which keeps demand for our manufactures high. In return, our capitalists invest the bulk of their dollar superpro ts into America’s FIRE [nance, insurance, and real estate]. Once this process got underway, America shifted much of its industrial production to our shores.” For nearly a half-century, the Dark Deal allowed China to convert its excess production – or net exports – into rights over property and rents in the US. It ensured that the dollar’s supremacy was just as functional to the interests of US rentiers as it was to Chinese capitalists.

The longevity of America’s global supremacy is, therefore, fully intertwined with China’s dilemma and, in a roundabout way, with

which re ect the hollowing out of its working and middle classes. Without the dollar’s global reign, America’s de-industrialization would not have accelerated, and Chinese capitalists would not have been able to extract colossal surplus value from Chinese workers and stash it in America’s rentier sector.

Whatever America’s rationale for targeting China, the cold war that the US launched under former President Donald Trump and escalated under President Joe Biden has placed enormous pressure on US conglomerates and the Communist Party of China alike to think beyond the Dark Deal which had hitherto been central to their respective interests. Whereas conglomerates like Apple can do very little to decouple from China without being ruined in the process, China has a risky but real alternative: deploy its homegrown  ntech industry to insulate itself from America’s hostile measures. Imagine bundling Google, Facebook, Twitter, Instagram, and YouTube in a single application. Then, roll onto the same platform Skype, WhatsApp, Viber, and Snapchat, add e-commerce platforms like

By Yanis Varoufakis

Amazon, Spotify, Net ix, Disney+, Airbnb, Uber, and Orbitz, and throw in PayPal, Charles Schwab, and every Wall Street bank’s app. Now stop imagining: This is what WeChat, Tencent’s mobile messaging app, already o ers its users, who exchange more than 40 billion messages daily. While streaming music or TV shows, WeChat users do not need to exit the app to send money to anyone within China – or to millions outside of China who have downloaded WeChat and opened a renminbi account with any number of Chinese banks.

and less subject either to the US trade de cit or to US policymakers’ power to regulate Chinese goods passing through their ports.

!

This amalgamation of China’s Big Tech and nance (cloud nance, for short) is a potential game changer. Compare a ton of aluminum shipped from Shanghai to Los Angeles to targeted advertisements peddled to Americans via TikTok. Both yield dollars for a Chinese company. But, whereas the aluminum-sourced dollars depend on a Chinese-produced lump of metal physically migrating to America on the coattails of the US trade de cit, the dollars earned by TikTok in the US do not. As Chinese cloud nance grows, China’s rich

So, here we are: As America’s new cold war threatens to squeeze Chinese conventional capitalism, China could end the Dark Deal that keeps it tied to US hegemony by mobilizing its homegrown cloud nance and pursuing a growth model that no longer relies on the US trade de cit. Were China to take this option, the domestic and global impact would be monumental.

Domestically, the shift away from export-oriented physical manufactures would cause aggregate xed capital investment to fall from around 50% of China’s national income to no more than 30%, with domestic consumption taking up the slack. Globally, China’s decoupling from the US trade de cit would permit its cloud nance, ably assisted by the People’s Bank of China’s own digital currency, to o er the rest of the world a renminbi-denominated, cloud-based payment system that bypasses fully the currently dominant dollar-denominated and

US-policed payment system. In the aftermath of the US and European authorities’ seizure of the Russian central bank’s reserves in response to the invasion of Ukraine, demand for this Chinese payment system, and China’s cloud nance more generally, is  already skyrocketing. Severing the link to the US trade de cit is no longer merely a hypothetical scenario. But do Chinese policymakers really want to pursue it? If they do, they will be ditching the industrial model at the heart of China’s economic miracle, incurring the wrath of China’s traditional capitalists, who crave access to the US trade de cit and to dollars. If they don’t, China’s economy will continue to rely on a deal that gets darker by the day, as the clouds of the new cold war gather. In the end, perhaps their hand will be forced if the Biden administration persists in its e ort to block China’s continued advancement as a technologically cutting-edge society. How and when the Dark Deal gives way to an all-in bet on China’s cloud nance will decide the future of US-China relations – and perhaps the future of us all.

Gulf Technology Systems Set To Provide Major Boost For Ghana's Economy

Leading Israeli technology rm, Gulf Technology Systems (GTS) is set to provide a major boost for Ghana's Economy, with the launch of its new economic growth program.

The GTS economic growth program for Ghana aims to drive economic growth and create employment opportunities through the development of six new projects in the agriculture and agro-industry sector.

The various projects under the program are aimed at increasing food production, promoting sustainability and creating economic bene ts for the people of Ghana.

The rst project is a large-scale chicken farm, which will provide a sustainable source of protein for the country. The farm will have its own processing facilities, allowing for the production of high-quality chicken products for both local and international markets. This will also create numerous jobs in the region, providing a much-needed boost to the local economy.

The second project is a tire recycling plant, which will aim to reduce the environmental impact of waste tires and promote sustainability. The plant will process waste tires into various useful products, such as rubber mulch and fuel, thereby reducing the amount of waste that ends up in land lls. This project will create jobs and promote the growth of the recycling industry in Ghana.

The third project is a cassava eld, which will be used for the production of starch, our and ethanol. Cassava is a staple food crop in Ghana and this project will increase the country's food production, making it self-sucient in cassava production. The production of starch, our and ethanol will also create new job opportunities and contribute to the growth of the country's agro-industry.

The fourth project is a mango plantation, which will provide fresh mangoes to local and international markets. This project will help to diversify

Ghana's agriculture sector and increase the production of this highly valued fruit. The mango plantation will also create new job opportunities and provide a source of income for the local community.

The fth project is a cocoa and cocoa products plant, which will produce high-quality cocoa products for both local and international markets. The plant will create new job opportunities and contribute to the growth of the country's economy.

The sixth project is a palm oil and sugarcane plantation, which will provide raw materials for the production of palm oil and sugar. This project will help to diversify the country's agriculture sector and increase food production. The palm oil and sugarcane plantation will also create new job opportunities and provide a source of income for the local community.

GTS will undertake over 300 projects in Ghana over the next ve years.

In conclusion, the new economic growth program of GTS in Ghana is poised to drive economic growth and create employment opportunities through the development of six new projects in the agriculture and agro-industry sector. These projects will increase food production, promote sustainability and create economic bene ts for the people of Ghana. The full implementation of these projects will have a positive impact on the country's economy and provide a brighter future for the people of Ghana.

About Gulf Technology Systems

About Gulf Technology Systems

GTS (Global Technology System) is an Israeli company that specializes in integrating Israeli high-tech technologies, countries and government bodies in the GCC's, in light of the new peace agreement and the normalization of relations between the countries.

The founder of GTS, Samuel Shay, also

heads the Israel-United Arab Emirates Business Forum, whose main goal is to turn the warm political relations between the countries into business ties between GCC's and Israelis.

GTS provides the creative ideas, the most advanced technologies in the world, and the best minds that have conceived them.

The leading technology company also provides training to locals who can operate the projects, while reducing dependence on foreign workers GTS, currently operate on full scale cooperation between Israel, GCC's and African countries for full tripartite activity between the countries.

For details on how to collaborate with Gulf Technology Systems, email us gulf@gts-il.com visit https://gts-il.com/about-us/

FX Insights

Rand hits three-month low as PMI signals contraction

Foreign Exchange Down

31%

Two weeks before Nigeria’s election, a scarcity of cash and fuel is stoking chaos in the country. After clashes at empty ATMs and accusations of banks hoarding new Naira bills, the Supreme Court on Wednesday suspended the central bank’s second deadline to end the use of old bank notes. Meanwhile, Africa’s biggest oil exporting nation continues to struggle with severe petrol shortages, with retailers unwilling accept old Naira notes and to sell at o cial subsidized rates. Amidst concern that cash and fuel shortages will prevent the mobilisation and payment of o cials by the Electoral Commission of Nigeria, its Chairman Mahmood Yakubu said on Wednesday that polling will go ahead as scheduled on Feb. 25 and that the Commission is working with the national oil company and the central bank to assure supplies. Turnout to the polling stations could prove the deciding factor, with a Stears poll this week putting Labour’s Peter Obi as favourite in the event of high voter turnout and the ruling APC’s Bola Tinubu given a low turnout. For the currency markets, the lack of physical cash has held the Naira stable against the dollar this week, trading at 747 from 748 at last week’s close. We expect renewed Naira weakness once the new notes are fully circulating and business returns to normal.

Foreign Exchange

Down 16%

Cedi climbs as Ghana sweetens debt restructuring

The Cedi appreciated against the dollar, trading at 12.05 from 12.25 at last week’s close as FX demand eased. The Bank of Ghana sold only $9.2m of dollars in the spot market last week, compared to $40m at the previous Jan. 30 sale. Ghana is sweetening its debt swap o er to encourage participation of local pension funds, which would under the latest plan receive their full interest payments but over a longer time horizon. Other bondholders will receive lower interest payments as part of the debt swap. Ghana is also expected to convert around GHS40bn of loans it owes to the central bank into bonds as part of the broader restructuring plan to unlock a $3bn IMF bailout. As the country continues to advance with its restructuring e orts, we expect the Cedi to appreciate in the near term.

Foreign Exchange

The Rand slumped to its lowest level since November, trading at 17.82 from 17.48 at last week’s close as energy shortages hamper economic activity. S&P Global’s South Africa Purchasing Managers’ Index fell to 48.7 in January from 50.2 in December, signalling a contraction in activity. The country’s capital expenditure also fell by more than a third last year as the government scaled back spending on infrastructure projects. The economy continues to be crippled by ongoing rolling power blackouts, with food insecurity and unemployment rising. We expect the Rand to continue its current downward trajectory in the short term as investors seek better alternatives.

Egypt Pound nears record low after Moody’s cut

The Pound weakened against the dollar, trading at 30.43 from 30.28 at last week’s close, continuing its slide towards its record low 30.50 hit in early January. Moody’s Investors Service cut Egypt’s credit rating one notch to B3, six levels below investment grade, citing reduced ability to deal with external macroeconomic shocks while the economy undergoes a structural adjustment towards private sector and export-led growth. Companies face deteriorating conditions as output prices rise at their fastest pace in six years and purchase cost-in ation is the highest in more than four years. We expect the Pound to continue depreciating until structural reforms start to take e ect.

Foreign Exchange

Down 93% Down 90%

Shilling strengthens as Uganda resists rate rise

Foreign Exchange Down

The Shilling strengthened against the dollar, trading at 3674 from 3684 at last week’s close. Uganda’s central bank kept its benchmark interest rate on hold at 10% for a second consecutive monetary policy meeting. The bank last raised by 100 basis points in October, with rates ending the year 350 basis points higher than they were at the start of 2022. Policymakers said the decision to hold rates was aimed at containing domestic demand pressure and supporting economic recovery. The bank said it expects in ation to slow to its 5% target by the end of the year despite in ation edging up to 10.4% last month. In the near term, we expect the Shilling to weaken amid continued food and energy price in ation. 4%

Foreign Exchange Down

10%

Kenya Shilling at new low while de cit narrows

The Shilling slipped to a fresh low against the dollar, trading at 124.92 from 124.62 at last week’s close amid sustained pressure from importers to meet their obligations and broader dollar strengthening. Shortages of foreign currency in Kenya have continued to weigh on business growth in the country. Despite such strains, the current account de cit was lower than forecast last year, coming in at 4.9% of GDP compared to 5.4% in 2021 on the back of increased exports and diaspora remittances towards the end of the year. The central bank had expected the de cit to hit 5.6% in 2022. With dollar demand continuing to outweigh supply, we expect the Shilling to remain under pressure in the coming days.

Murega

Mitch Diedrick

Forex

WEEKLY MARKET REVIEW FOR WEEK ENDING -

February 3, 2023

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WEEKLY MARKET REVIEW FOR WEEK ENDING - February

3, 2023

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WEEKLY MARKET REVIEW FOR WEEK ENDING - February 3, 2023

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WEEKLY MARKET REVIEW FOR WEEK ENDING - February

3, 2023

The desire to go to nursing school is all the rage nowadays

On Saturdays, I sit under a mango tree in my compound and try to distract myself from weighty matters by observing the mating behaviour of turkey birds (more on that some other time).

My reverie is usually interrupted by visits from young students hoping for sage counsel about admissions to universities.

They come from all backgrounds — General Arts, Science, Home Economics and Visual Arts — and invariably, they have one agenda.

A large number of them want to do nursing.

I do my best to o er alternative career choices that re ect their talents as presented to me, but no arguments make sense to them at that point. They are too far gone.

They have made their decision and they need validation.

Once, before I could suggest Geodetic Engineering to one of them, he was ready with his "rebuttal": “I want to do Nursing!” It's di cult to begrudge them for this obsession.

Nursing is one of the most prestigious professions with bright job prospects in the bargain.

Young people are fully conscious of the ‘employment desert’ on the increasingly tortuous road to survival.

It is also clear that far too many of us have been socialised into accepting that there is a mechanistic relationship between obtaining a university degree and a job.

It is not lost on young people that nurses, even if they have to wait for

several years, will eventually be posted by the government to some health facility.

It is not so straightforward for the majority of university graduates. Rational young people, one may argue, will not ignore this in the context of rising unemployment and cost of living. This really comes down to the "economics of career choice", one is tempted to say.

But we have travelled this path before.

In the early and mid-1990s (perhaps earlier) many non-science students were obsessed with reading Business Administration at Legon or BCOM at UCC. Some science students fell for the craze and switched camps.

Many secondary school leavers who did not immediately make the cut, stayed at home for years just to make the top grades that were required for the Business School Programmes.

Many of these people look back now and notice that there were many good alternatives; they were just not wise to these alternatives then.

Many have learned, painfully, that the relationship between what you learn in school and the returns is not necessarily linear.

This statement by Peter Cappelli of the Wharton School of University of Pennsylvania sits well here: “If I cannot nd a powerful, fuel-e cient, easy-to-park car for $15,000, that doesn’t mean there is a car shortage.”

\ So, what is my gripe?

I want to remind young people that if they do not get to study nursing, there are options worth considering, and that they can still go ahead to have brilliant careers.

This is also a reminder to policy makers and duty bearers that if ever there was a time to accelerate action on instituting career guidance, it is now.

But ultimately, we need new pathways and strategies for jobs and livelihoods for the teeming youth.

The population distribution in favour of the youth, the so-called "youth bulge", is a compelling reminder that we do not have the option to do nothing.

Dr Alhassan Musah, Dean of Students, UDS.