Investment Times Newspaper 2023 Edition | Issue 2

A better year for stock markets?

By Jim O’Neill

Although it has been almost a decade since I gave up a full-time job in nance, markets – and market oddities – still fascinate me, especially when they send signals that run against a widely held consensus among analysts and investors. Given all the disappointments in 2022, the outlook for the new year is quite downbeat. Major corporations are announcing layo s, and the International Monetary Fund is forecasting that at least one in three countries will experience a recesThe reasons for such pessimism are not hard to nd. The big in ationary surprises of 2022 triggered a massive and rapid tightening of monetary policies in most major economies, and key central banks have continued to talk tough. Although the US Federal Reserve reduced the size of its interest-rate hikes from 75 basis points to 50 bps in December, it has made clear that more rate hikes are likely – and that a rate cut is not in the cards for 2023. Making matters worse, many other problems, like Russia’s war in Ukraine, continue to simmer, threatening supply chains, markets, and economies around the world.

At some point in my career, I was introduced to an old almanac that o ered an endless array of heuristics about US stock markets’ past performance. One nugget that always stuck with me is the ve-day rule: If the S&P 500 index makes a net gain during the rst ve trading days of the calendar year, equities will perform well for the year overall. When I asked my colleagues to check it for the 1950-2014 period, they found that it held true more than 80% of the time.

Well, in the rst ve days of 2023, the market rose by just over 1%, which means there is over an 80% chance that it will be positive on the year – at least according to the ve-day rule. But before you rush to buy your favorite stocks, let me add a few obvious caveats. First, the stock market tends to rise more than it falls: down years are nowhere close to as frequent as up years. This is not particularly surprising, considering the prominent role that equity markets play in nance.

Second, the ve-day rule is not airtight. There is almost a 20% chance that a rising market during the rst ve trading days ends up being down on the year. Ultimately, economic condi-

Chinese Foreign Minister renews support for Africa's development

By Kestér Kenn Klomegâh

After his appointment as the new Chinese Foreign Minister, Qin Gang, chose to pay a working visit to Africa. Without mincing words, this choice has multiple geopolitical implications and signi cance for further strengthening relations between China and Africa.

In fact, details are not needed here, but readers could guess and imagine what these mean to both

China and Africa. At a glance, Minister Qin Gang was in Addis Ababa, the East African city and the capital of Ethiopia, the headquarters of the continental organization popularly referred to as African Union.

According to various reports, the Chinese Foreign Minister held discussions with African Union Commission Chairperson Moussa Faki Mahamat. The bilateral talks are related

to various strategic development issues in which China largely plays appreciable roles for the bene t of Africa and its people.

There is no need listing all the development questions here, but one important point is that Qin Gang's visit was principally connected to ribbon cutting ceremony marking the completion of the newly constructed

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The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by an average of 25 per cent.

The review will see all 234,000 legitimate pensioners on the SSNIT pension payroll as of the end of December 2022 have their monthly pensions increased by a xed rate of 19 per cent, plus a redistributed at amount of GH¢73.58.

Redistribution is a mechanism applied to the rate (indexation rate) to cushion members on low pensions, in conformity with the solidarity principle of social security.

By the increment, the minimum paid pensioner will receive GH¢430.58 while the highest paid pensioner receives GH¢169,725.89.

The Director-General of SSNIT, Dr John Ofori-Tenkorang, who announced this at a press conference in Accra today (January 13), said the projected expenditure on pensions only for 2023 will be GH 4.3 billion, GH 850 million more than last year. He said, “the Trust remains committed to paying all legitimate bene ts accurately and timeously.”

By Eugene Davis

Businesses with potential to export, expand their markets, grow at an accelerated rate that can create employment are eligible to apply for gov ernment’s newly introduced SME High Growth Programme under the Ghana Economic Transformation Project (GETP), CEO of Ghana Enter prises Agency (GEA), Kosi Yan key-Ayeh has said.

The SME High Growth Pro

Why do Ghanaians do so great as individuals, but flunk as a corporate? My Theory

Fidelity Bank launches action plan to promote genderinclusive banking

A better year for stock markets?

tions, not some hoary heuristic, will determine the outcome. After all, why should the rst ve days be determinative of anything? It is understandable that many retail and institutional investors would want to signal condence for the year, but there is no underlying economic reason why this period should be considered especially predictive.

Nevertheless, other recent developments o er some cause for hope. Commenta tors may soon change their

tune, and that could make investors more open to embracing a di erent collective narrative than the one that has been in uencing their behavior so far. I can see three reasons why that could happen. First, despite the war in Ukraine, many commodity prices – including natural gas – fell signi cantly in the second half of 2022. That not only increases the probability that in ationary pressures

Chinese Foreign Minister renews support for Africa's development

building - the African Centre for Disease Control and Prevention (Africa CDC) headquarters in Addis Ababa.

The building is one of the best-equipped centres for disease control in Africa, allowing Africa CDC to play its role as the technical institution coordinating disease prevention, surveillance and control in the continent in partnership with the national public health institutes and ministries of health in African countries.

Located in the African Village, south of Addis Ababa, the new site covers an area of 90,000 m2 with a total construction area of nearly 40,000 m2. It includes an emergency operation centre, a data centre, laboratory, resource centre, briefing rooms, training centre, conference centre, o ces, and expatriate apartments, - all constructed, furnished and equipped by the Government of China.

Ethiopia is part of a week-long tour of the continent, and was joined by Moussa Faki Mahamat, at the opening of the $80 million headquarters, which also built and equipped by China. Worth noting here that it nanced this complex's con-

struction, as it previously did for the headquarters of the AU itself, also based in the Ethiopian capital.

According to Gang the project was a testament to the growing relations between his country and Africa - is seen as the latest example of China's increasing investment on the continent. Beijing accelerated its involvement to tackle health crises after the Ebola outbreak in West Africa in 2014. Four years later, it announced its plan to build the Africa CDC headquarters. The agency led the continent's response to the Covid-19 pandemic.

During his talks, he also emphasized China's partnership with Africa in security and economic development. Gang rejected the idea that China is competing in Africa with the United States, which last month sought to reassert its in uence with a U.S.-Africa summit in Washington.

Instead, he underlined that what Africa needs is solidarity and cooperation, not block competition. China has invested heavily in infrastructure in African countries, including roads, railways and hospitals.

In his contribution, AUC Chairman Moussa Faki Maha-

vulnerable as was previously assumed. Equally important, several high-frequency indicators for late 2022 and early 2023 have been better than expected, notably in Europe.

Second, other in ation indicators have also been better than expected on both sides of the Atlantic, including the most recent US wage-data series. While the Fed and many other central banks insist that they will remain hawkish, I am reminded

you can know about the Fed is that it will change its message when the evidence changes. If the in ation picture continues to improve faster than Fed o cials expect, they will change their view.

Finally, one must not forget China, which suddenly abandoned its zero-COVID policy in December. Notwithstanding the massive surge in infections and hospitalizations, the end of lockdowns sets the stage for a big cyclical bounce in the Chinese economy – even with all the other structural challenges that Chinese

authorities must confront. Recall that there was a similar post-lockdown rebound in many other countries (even the United Kingdom, despite all its other problems).

Investors will seek further clues in what happens next. If markets manage to remain slightly more bullish through the end of the month, I suspect many commentators’ views will also shift. Then it will be time to consider whether things are really looking up – or whether the ve-day rule is best ignored.

other government o cials, and announced a partial cancellation of Ethiopia's debt to China during the visit, though neither side provided details. Ethiopia has borrowed $13.7 billion from China since 2000 and has been seeking to restructure its debt to foreign lenders since 2021.

Ethiopia is a key Chinese ally, partly due to its geopolitical signi cance in the Horn of Africa since the country is the seat of the African Union. It is also strategic for China as it seeks to expand its multibillion-dollar Belt and Road Initiative.

SSNIT increases pensions by 25%

mat told a joint press conference that Africa's lack of permanent representation on the Security Council is a "burning issue" considering that most issues on the council agenda are related to African countries. China is one of the council's ve permanent members.

In fact, the Security Council is made up of fteen members, ve of whom are permanent and have veto-wielding power: the United States, Russia, China, France, and Britain. The other ten positions are lled by other countries for two-year stints, ve of which are announced each year.

"It is unacceptable that others decide in the place of others. It is not fair. We need a new order at the international level which will respect the interests of others," he said.

Moussa Mahamat underlined the fact that "Africa refuses to be considered to be an arena of exchange of in uence. ...We are open to cooperation and partnership with everybody, but our principles, our priorities and our interests have to be respected. The partnership we have with China is based on these principles."

While in Addis Ababa, Gang also met with Ethiopian Prime Minister Abiy Ahmed and

Beijing was willing to expand bilateral cooperation in various elds and would "encourage more Chinese companies to invest in Ethiopia and participate in the reconstruction process", he said, according to a Chinese foreign ministry readout.

According to the Chinese Loans to Africa Database at Boston University's Global Development Policy Centre, China pledged US$13.7 billion in loans to Ethiopia between 2000 and 2020 that have gone into building roads, power dams and railways.

He will also visit Gabon, Angola, Benin and Egypt. Reports indicated that China has strong security ties to Egypt and Angola. Visiting Benin and Gabon shows ambitions to expand Beijing's Belt and Roads infrastructure - building drive – long focused mainly on the Indian Ocean region – into western Africa.

Qin Gang now 56, who was appointed in December, is on his rst overseas visit as foreign minister and started a week-long trip to Africa. The new foreign minister is following in the footsteps of his predecessors, who have for more than three decades started each year with a trip to Africa. It shows that China attaches great importance to the traditional friendship with Africa and the development of China-Africa relations.

The Social Security and National Insurance Trust (SSNIT) has increased monthly pension payments by an average of 25 per cent.

The review will see all 234,000 legitimate pensioners on the SSNIT pension payroll as of the end of December 2022 have their monthly pensions increased by a xed rate of 19 per cent, plus a redistributed at amount of GH¢73.58.

Redistribution is a mechanism applied to the rate (indexation rate) to cushion members on low pensions, in conformity with the solidarity principle of social security. By the increment, the minimum paid pensioner will receive GH¢430.58 while the highest paid pensioner receives GH¢169,725.89.

The Director-General of SSNIT, Dr John Ofori-Tenkorang, who announced this at a press conference in Accra today (January 13), said the projected expenditure on pensions only for 2023 will be GH 4.3 billion, GH 850 million more than last year.

He said, “the Trust remains committed to paying all legitimate bene ts accurately and timeously.”

Gov’t launches SME High Growth Programme

-Ghc160m

earmarked

-2,000 SMEs targeted

gramme is a Challenge Fund, funded by the World Bank and managed by the GEA, with the aim of the grant scheme to support productivity and competitiveness enhancing initiatives by high growth SMEs to accelerate their growth.

Speaking with the media during the national launch of the SME Grant Programme in Accra on Wednesday, she said “We want to make the emphasis on technical assistance because more and more, we realise that people want the funding -but we don’t want it to be only focused on the funding because it does not solve the problem.

business/Agro-processing, Education, Manufacturing, Food and Beverage, Textile and Garment, Construction, Tourism and Hospitality, Trade/Commerce of locally produced goods, Transport and Logistics, Healthcare or Pharmaceutical industries in Ghana.

Basis of Assessment Enterprises shall be de ned and di erentiated by these three key variables; employee size, annual sales/turnover amount, historical productivity, nancial growth and exports.

issued by a Ghanaian government authority such as passport or the Ghana card.

SMEs with majority Ghanaian shareholding (51percent or more) are eligible to apply to the SME High Growth Programme. Applying SMEs must be registered under Ghanaian law as a limited liability company, a partnership or sole trader and must be majority owned by a Ghanaian national.

been earmarked for the agship SME High Growth Programme targeting SMEs nationwide, for general training, capacity upgrades, consulting, and nancing for selected and quali ed SMEs.

The Grant Programme’s support is expected help at 2000 SMEs to become investment ready (capable attracting both local and foreign capital into their business), increase sales and more importantly build their capacities to export and culminate into job creation and job sustainability.

GHS 7.2M – GHS 21.6M.

A Deputy Trade and Industry Minister, Nana Ama Dokua Asiamah-Adjei who launched the programme, reiterated government’s commitment to fully implement all initiatives under the Ghana Economic Transformation Project, including the Grant Programme, for the full bene t of SMEs across the country.

Oxford Business Group signs MoU with PwC Ghana for 2023 analysis

To be able to transform and accelerate growth, we need technical assistance, we are looking at people who are really committed to want to go through the technical assistance programme to be able to transform and we take it to the next level.”

Required Information

Ghana’s far-reaching digitisation programme and its implications for businesses operating across the economic sectors will be explored in a forthcoming report by the global research and advisory company Oxford Business Group (OBG).

A business Tax Identi cation Number (TIN),Business Registration Certi cate or Certi cate of Incorporation, all shareholders and directors of the business must have and supply their Ghana Card Number, in lieu of which their Personal TIN must be supplied, nancial statements or income statement for the years 2019 to 2022.

orandum of understanding (MoU) with PwC Ghana as it begins work on The Report: Ghana 2023. Under the agreement, PwC Ghana will team up for a third time with OBG to produce the Tax chapter of the report and other content for the Group’s suite of research tools.

The new SME High Growth Programme is designed to build on and consolidate the successes so far. It designed to provide training and capacity building necessary to lead to operational e ciency of the enterprises, boost their competitiveness and scale up their operations for further job creation.

country moving to introduce policies and reforms aimed at ensuring new growth is sustainable and more inclusive.

Over GHS 65 million has been disbursed/committed to 800+ SMEs between September 2021 to December 2022.

The SME High Growth Programme will target high growth SMEs across ICT, Agri-

The Report: Ghana 2023 will shine a spotlight on the wide-ranging tax reforms under way, which form a key part of broader e orts to boost revenue and bring about scal consolidation.

All business owners must have valid identity documents

Focal points will include the newly introduced e-levy, nancial sector recovery levy, energy sector levy and Covid-19 recovery levy, alongside other key developments, such as the implementation of tax identication numbers.

The report will also map out Ghana’s growth prospects, providing in-depth analysis of the heightened activity evident across the extractive industries, which has been a major contributor to the

The MoU was signed by Ramona Tarta, OBG’s Country Director for Ghana, and Ayesha Bedwei Ibe, Tax Leader, PwC Ghana and PwC Global Tax and Legal Services People Leader.

Through this partnership a grant support of GHs160m equivalent of US$20m has

Commenting after the signing, Ibe said that OBG’s forthcoming report would be a valuable research tool for investors eyeing Ghana’s potential, coming against a changing business landscape marked by ambitious scal and tax reforms.

“Ghana is keen to attract investment for key sectors of the economy identi ed as ripe for

The criteria for selection include, the entrepreneur must have majority Ghanaian shareholding (51% or more) in the business, must be registered under Ghanaian law as a limited liability company, a partnership, or sole trader.

“Ghana is taking steps to restore macroeconomic stability and boost GDP in the recovery phase, which is key to instilling investor con dence and increasing in ows,” Tarta said. “PwC Ghana has long been instrumental in supporting a wide range of businesses looking to establish themselves and expand their presence in the country, combining in-depth knowledge of changes to the local tax and scal environment with the bene ts of a global professional resource base. I’m thrilled that our analysists and, in turn, the international investment community will continue to benet from their expertise in analysing this important market.”

Applicants are encouraged to read the detailed eligibility criteria to determine eligibility before applying, Small enterprises should demonstrate an employee size of 6 – 30 and/or annual sales between GHS 180,000 – GHS 7.2m, Medium enterprises should demonstrate an employee size of 31 – 100 and annual sales between

“From the policy point of view, the Ministry of Trade and Industry will do the needful just as GEA will undertake the direct implementation of the GET Project in line with Government’s priority to support achieve economic transformation.

The Report: Ghana 2023 will mark the culmination 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, infrastructure, banking and other sectoral developments. OBG’s publication will also contain contributions from leading representatives across the public and private sectors.

I like to admonish and encourage all bene ciaries to use every Cedi of grant received for the intended purposes. That way, I rmly believe without any doubts that SMEs will be able to grow and expand their operations with full gains. Whiles, Ghana at large and the citizenry bene ts most through jobs and wealth created, foreign exchange earned from value-added exports and much more.”

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.

Click here to subscribe to Oxford Business Group’s latest content: http://www.oxfordbusinessgroup.com/country-reports

The Report: Ghana 2023 will be produced with the Association of Ghana Industries, PwC Ghana and other partners.

Ghana Beverage Awards 2022 launched, nominations open

Integrated marketing communications company, Global Media Alliance, has launched the 7th edition of Ghana Beverage Awards (GBA) 2022 in Accra, thereby, paving way for the nominations period from 13th of January to 26th of February 2023.

Held at the Silverbird Cinemas, the launch brought together patrons, stakeholders and relevant players in the Ghanaian beverage industry.

Over the years, the awards scheme in accordance with its theme ‘Inspiring Excellence in Ghana’s Beverage Industry,” has contributed signi cantly to spotlighting compelling beverage brands within the local beverage industry. In addition, it has contributed greatly to the advancement of knowledge and the adoption of modern technology amongst industry players by ensuring that they continually

equip themselves with knowledge of the latest beverage production trends while complying with the highest standards of production.

Birthed on the back of the See Ghana, Eat Ghana, Wear Ghana & Drink Ghana Campaign, the Scheme has over the years not only supported the e orts of government in promoting the local beverage industry but has gradually gained traction among relevant stakeholders and has grown to become the reference point for identifying beverage companies who are in touch with the ever-changing needs of consumers.

Speaking at the launch, Chief Executive O cer for Global Media Alliance, Ernest Boateng lauded players in the beverage industry for their contribution to the growth of the nation’s economy.

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Fidelity launchesBankaction plan to promote gender-inclusive banking

Fidelity Bank Ghana has launched a ve-year plan to promote gender inclusion in accessing nancial services.

The Gender Action Plan is aimed at positioning the bank as the benchmark for gender-inclusive banking in the country.

Consequently, the bank, in partnership with AfricInvest and BIO Invest, has engaged Value for Women, a specialised advisory rm that works with organisations globally to advance gender equity, to develop a ve-year Gender Action Plan that translates the bank’s commitment into action.

A release issued in Accra yesterday said: “Through this commitment, Fidelity Bank will enhance product and service design to ensure that it meets the nancial and non-nancial needs of women and men in Ghana.

“Beyond that, the bank will consciously ensure equitable representation of men and women across all levels within the organisation.”

Building sustainable businesses

The Managing Director of Fidelity Bank, Julian Opuni, explained in the release: "As a responsible bank, we believe that gender inclusion is integral in building sustainable businesses and equitable economies. Over the years, Fidelity Bank has supported businesses, especially small and medium-sized enterprises (SMEs) to be run by both men and women.

“This ve-year plan we are adopting, however, will be a game changer for the bank and contribute signi cantly to

our e orts as a country in achieving the Sustainable Development Goals (SDGs), especially SDG5 on Gender Equality."

Mr Opuni said the action plan was developed following a holistic 360-degree gender diagnostic process in assessing the current state of gender inclusion at Fidelity Bank and opportunities for improving practices, as well as a series of collaborative workshops with senior and executive management.

"I am con dent that this initiative has the potential to be a key di erentiating factor for our bank, positioning us as a gender-inclusive bank for both employees and customers while boosting our business performance," he added.

Gender inclusion

Co-Founder and CEO at Value for Women, Rebecca Fries, said, “It has been an inspiring experience to work with Fidelity Bank Ghana as it embarks on its journey towards greater gender inclusion.”

It was clear from the beginning that the bank has strong ambitions on this front, and through visionary leadership, it is striving to set an example for gender-inclusive practices in the nancial services industry.

She said the gender action plan documented a holistic vision to support women as leaders, entrepreneurs and employees along with ensuring the bank provided a workplace that allowed all sta to grow and thrive.

“We look forward to supporting the bank in the coming ve years as they continue to implement these strategies,” she said.

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“For many years, our beverage industry has played a signicant role in contributing to the overall development of the Ghanaian economy. Additionally, beverages have been a source of joy during festivities held in Ghana, especially during the December period when most concerts and events were held.

It is thus imperative that we recognize and reward the hard work in the industry through avenues such as the Ghana Beverage Awards. We hope the recognition will continue to spur players in the industry to exude more excellence,” Mr. Boateng stated.

He further encouraged the public and beverage industry players actively contribute to celebrating excellence in the industry by partaking actively in the nominations.

As part of e orts to build ex-

citement ahead of the awards night, Global Media Alliance will organize the rst-ever Beverage Industry Forum on the theme “Strengthening the Presence of the Ghanaian Beverage Industry on the Global Market.” This event will provide the opportunity for thought-provoking conversations on relevant issues geared toward the growth and advancement of the Ghanaian beverage industry.

Conversations at the forum would evolve around the themes of local certi cation and global standardization, consumer in uence, and market dynamics, leveraging opportunities presented by the African Continental Free Trade Area to ensure maximum success on international markets, among others.

GBA 2022 would also feature two new categories -the Beverage Campaign of the Year and the Indigenous Beverage Brand of the Year to honour deserving bever-

age companies for their innovation and creativity in the crafting of unique marketing campaigns which have in uenced consumer behavior signi cantly and to highlight the transformation which our indigenous beverages have undergone.

GBA is proudly supported by the Food and Beverage Association of Ghana (FABAG), Consumer Protection Agency (CPA), Food Research Institute (FRI) under CSIR, Silverbird Cinemas, Perception Management International (PMI), Ministry of Trade and Industry, Ministry of Tourism, Arts & Culture and the Ghana Tourism Authority (GTA). It is partnered by Happy FM, Citi FM, YFM, Neesim FM Bolga, Neesim FM Tamale, nydjlive.com, Ghanaweb, eTV Ghana, Business and Financial Times and Daily Guide on the media front.

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Ghana

Airlines:

New national carrier to begin operations in 2023

Ghana Airlines, a new nation al carrier is expected to begin operating in the third quarter of 2023.

This is after the government of Ghana awarded Ashanti Airlines, and its operational and nancial Partners the Zotus Group the tender to operate Ghana Airlines out of Accra. The airline has also obtained its air carrier licence and is in the nal stages of obtaining the air operator certificate.

Ashanti Airlines was shortlisted among others through a competitive process and subsequently received Cabinet approval for the Strategic Partnership on February 24, 2022.

2023 with several domestic & regional routes with global and European routes, including London Heathrow and New York (USA) to follow shortly thereafter," the partners said in a statement.

The Zotus Group was co-founded by former England footballer Emile Heskey and Davison Simango.

The statement added that Heskey will lead a credible Board of Directors along with aviation start-up supremo Hitesh Patel, business development expert Davison Simango and well-known Public Relations Director, Alex Rayner.

The Future of Work

By Baptista Sarah Gebu (Mrs.) Baptista the author of the New Book: “Prepare for the Future of Work”. Building a team of e cient & e ective workforce is her business. Affecting lives is her calling! She is a Hybrid Professional, HR Generalist, strategic planner, innovative, professional connector and a motivator. You can reach her via e-mail on forealhrservices@gmail.com You can follow this conversation on our social media pages; @Sarahtistagh Facebook / LinkedIn/ Twitter / Instagram: FoReal HR Services. Call or WhatsApp: +233(0)262213313. Follow the hashtag #theFutureofWorkCapsules #FoWC This is to wish you all a happy, healthy, progressive,

promotional and prosperous New Year. Welcome to 2023! I congratulate all friends, partners and neighbours of the diaspora, recently granted Ghanaian citizenship. This is an invitation to you to support make Ghana great and strong. To create the kind of society we want, we all must work to build it. As we celebrate the New Year, we need to envisage making Ghana resilient. Ghana must develop skills tailored to the fourth industrial revolution so that the expertise of the Ghanaian workforce is aligned with 21st century markets, while facilitating the adoption of digital innovations by the informal sector.

Measuring Ghana’s economic, social and institutional performance in light with the targets

Heskey said: “There is a lot of work on-going already to get the airline ready for start-up, we are in the market sourcing aircraft to start our operations with a signi cant focus on cargo and passenger manifest from the British Government. It is with this support we anticipate a successful business model from the outset.” Zotus Group and Ashanti Airlines have worked diligently on the process, led by Ashanti Chairman, Dr. Ernest Sarpong and supported by Fort Group CEO, Mr Kwesi Taylor and Ashanti Airlines Managing Director Mr. Kojo Danso.

Capsules: Making Ghana resilient to develop skills tailored to the fourth industrial revolution aligned with 21st century markets, facilitating the adoption of digital innovations by the informal sector

It’s the era of skills and not paper certi cates, how are you preparing for the future of work and the challenges it presents?

Policy, strategies and action plans can support this drive. To begin with, the African Union’s Agenda 2063 talks about the Africa we want. We realize this blueprint and master plan document will support the transformation agenda for Africa, making it the global powerhouse of the future. The continent’s strategic framework aims at delivering on its goal for inclusive and sustainable development, serving as a concrete manifestation of the pan-African drive for unity, self-determination, freedom, progress and collective prosperity pursued under Pan-Africanism and African Renaissance. Same way, the Ghana needs policy, strategic and action plans directing concrete steps government, partners and stakeholders has to consider to supporting create the ideal Ghana we want. To this end, a policy directive on paper without proper implementation equates a mere advice; as “knowing and not doing is not knowing”.

Focusing then on the complete Ghana-nization of the body, soul and mind, the country needs to come to the realization that, we all need to re-focus our attention and energies on the most important things addressing issues of survival, prioritizing things that will promote among other things the –mental health of all its citizenry, building economic resilience and trust among others. Powerful as focus is, it yields commitment and creates results. To this end, Ghana must work again.

The genesis of the African Union’s Agenda 2063 was the recognition by African leaders that there was a need to refocus and reprioritize Africa’s agenda from the struggle against apartheid and the attainment of political independence for the continent which had been the focus of “The Organisation of African Unity” - (OAU), the precursor of the African Union; and instead to prioritize inclusive social and economic development, continental and regional integration, democratic governance and peace and security amongst other issues aimed at repositioning Africa to becoming a dominant player in the global arena.

As an a rmation of their commitment to support Africa’s new path for attaining inclusive and sustainable economic growth and development, African heads of state and government signed the 50th Anniversary Solemn Declaration during the golden jubilee celebrations of the formation of the OAU /AU in May 2013. The declaration marked the re-dedication of Africa towards the attainment of the Pan African Vision of “an integrated, prosperous and peaceful Africa, driven by its own citizens, representing a dynamic force in the international arena”. We need to now work towards the attainment of an integrated, prosperous and peaceful Ghana. This agenda must be driven by Ghanaians ahead of election 2024. How then can this agenda be supported by all when it appears believing in Ghana is a now crime? How did I know that? The hullabaloo surrounding the recent “secured” government bond and its coupon payments in media reports needs more to be desired. Are you also wondering if believing in Ghana is a crime? A number of economic predictions have been out already and many Ghanaians may be wondering if the year 2023 will be any di erent from the previous years. It’s a great time to continue to believe in Ghana and Africa nevertheless. We need to project that positive energy now more than ever. Despite all odds, know the grass is still greener here. Only a few will understand and appreciate this. With news and update on the recent government bonds, you may also be tempted to envision all is lost. Remember, this too shall pass. We have one Ghana as our banner; we need peace, unity and love to forge ahead into the unforeseeable future as we primarily work to protect lives of its citizenry.

Agenda 2063 is the concrete mani-

festation of how the continent intends to achieve this vision within a 50 year period from 2013 to 2063. Hit by the COVID-19 pandemic, the global economy contracted by at least some 4.5% as put forward by the Africa Development Dynamics report. The African continent, highly exposed to external shocks, experienced its rst recession in 25 years, with a decline in gross domestic product (GDP) of between 2.1% and 4.9% according to scenarios mapped out by the African Union since July 2020 in collaboration with the OECD Development Centre when external shock predictions were underway. You do not want to know of the recent trends. African governments earlier responded to this massive shock with lockdowns, social protection, and economic support with recovery measures. With the onset of the new Covid XBB.1.5 sub variant let’s prioritize our health as a nation and remember to introduce and sustain the natural pharmacy in our homes best situated in our kitchen. Our health in moments like this becomes our wealth. Let’s live our good health well.

To support make Ghana resilient, the country must focus on digital transformation strategies and re-take a new look wholistically at education in general to creating quality jobs and contribute to achieving Agenda 2063. When the nancial sector clean up began in Ghana, a number of jobs were lost. Research predicts global job lost between now and 2030 when new other jobs will be created as a result of the quick adjustments introduced to the world of work. Amazon recently announced more than 18,000 job cut in latest tech worker purge. Salesforce also announced to cut 10% of its workforce. By January 5, 2023 media reports has it that, tech layo s in January exceeded that of December gures in just 5 days into the new year.

Ghana must develop skills tailored to the fourth industrial revolution so that the expertise of the Ghanaian workforce is aligned with 21st century markets, while facilitating the

adoption of digital innovations by the informal sector. On the other hand, it must not be business as usual for our institutions of learning. The quick adjustment introduced to the world of work must be considered and factored. BBC News and other media reports has it that, nearly a third of most university courses still have hybrid teaching embedded. The changes may be slow pace but will happen per research. Our Ghanaian youth need sustainable income; training and support to acquire relevant business skills to support build the Ghanaian economy.

Eight years done the line, Africa’s Development Dynamics in its collaborative approach supports with insights on how the continent can be made resilient. This collaboration resulted from a solid and broad partnership between the African Union’s Commission for Economic A airs and the OECD Development Centre. A team of academic researchers, economists, statisticians, and other experts from Africa and diverse world regions contributed to its recent report which put forward some policy recommendations to each region as dened by the Abuja Treaty: looking at Africa in block groupings as Southern, Central, East, North and West Africa.

For Ghana to be more innovative, inclusive and attain sustainable growth, the agenda on digital transformation among others must be projected broadly. The country must identify and prioritize ambitious action plans for implementing. These plans must consider and ensure;

Ghana is working towards the attainment of universal access and digital solutions are best suited to local contexts. This will involve reducing inequali-

ties, especially between women and men, and between mega cities and rural areas, as well as the cost of accessing data, which is often higher than in other regions of the world.

Ghana must make digital technology a device for productivity, especially for small and medium sized enterprises (SMEs). A number of other African countries are leading the way in protecting intellectual property rights and digital security; a step in the right direction for emulation.

Ghana must develop skills tailored to the fourth industrial revolution so that the expertise of the Ghanaian workforce is aligned with 21st century markets, while facilitating the adoption of digital innovations by the informal sector.

Ghana must co-ordinate the multiplicity of digital strategies at the continental, regional, national and local levels to better prioritize, implement, monitor and evaluate progress. With the establishment of the Africa Continental Free Trade Agreement –AfCFTA, the component on establishing a single (digital) market in Africa should complement multi-sectorial approaches.

Moving forward, the government can drive the country’s digital transformation and trigger large-scale job creation, including outside the digital sector, through four complementary actions, by promoting the dissemination of digital innovations beyond large cities, prepare the country’s workforce to embrace digital transformation and guarantee social protection, remove barriers to innovation that prevent smaller rms from competing in the digital age and then deepen regional and continental co-operation for digital transformation. This is because coordinated opera-

tion can support the development of coordinated solutions as digital technologies pose new challenges to national regulators. Solution provision then must look at addressing issues arising from digital taxation, how security of our digital technologies can be looked at as well as addressing privacy, personal data protection and cross-border data ows. Let’s work towards a progressive future by preparing for it. The future of work presents prospects and challenges. My new book is out to help you prepare for the future and the challenges it presents.

Member countries of the International Monetary Fund will pay more in terms of interest rate for loans contracted from the fund. This is because the IMF has increased its lending rate on its Special Drawing Rights (SDR) from 0.89 per cent to 2.99 per cent, representing an increase of 2.1 percentage points.

The new rate which took e ect on January 6, 2023, means that Ghana would have to pay more should the Bretton woods institution approve the US$ 3 billion programme.

Ghana is currently seeking an IMF-support programme to the tune of $3.0 billion that will span a period of about three years to revive its struggling economy. This means the nation will pay an interest of 2.99% on the $3.0 billion over a period that will be determined by the terms and conditions of the Fund.

Already, the country is al ready seeking for debt can cellation via the G20 Common Framework pro gramme, despite only poor nations eligible for it.

Why do Ghanaians do so great as individuals, but flunk as a corporate? My Theory

It’s about bringing all we have to the the table as a collective. Somehow, we’re missing out on that.

Are we simply incapable of working together? Do we prefer ying solo? Then We are doomed.

So lemme get controversial.

Where is the so-called ‘‘corporate Ghana,’ and can anyone show me any 5 indigenous Ghanaian-owned business in Ghana that have survived the lives of their founders or principals?

What I mean is that the single-owned businesses won’t take us anywhere. We are running glori ed ‘table top kingsway shops’ that only feed a family.

We don’t create the kind of unimaginable wealth that builds nations.

For a start, the majority of our business people are ‘necessity entrepreneurs,’ working just to survive.

On the ip side, and maybe what we need, are ‘opportunity entrepreneurs,’ people who understand how to gather the capital that competes with other capital and thereby build the kind of wealth that pushes a nation forward.

So I look back and ask: what businesses did our forefathers and mothers do? Farming?

Fishing? Hunting? Trading?

Why did my grandpa and your grandpa have farms next to each other, and yet spent all the time ghting and litigating over the boundaries? Why didn’t they sit, measure

the lands, merge the lands and efforts to create a new entity that was di erent from them, was more powerful and better resourced than them, and could do business in its own name, develop its own goodwill, acquire its own credit etc?

England discovered, almost by accident, the arti cial person, ‘persona cta,’ as Sinibaldo Fieschi who became Pope Innocent IV, named it. It was at rst a Canon law principle meant to describe the relationships between the bishop and the church, and so separate their existence from each other.

But mercantile England borrowed the concept and applied it to the joint businesses they established, so that the joint business had a life of its own, which was separate from the venturers. With that joint power, the mercantile class was soon gathering huge capital that any single operator could not have gathered on his own. With that wealth they could expand bigger and compete better.

Slave missions (the downside of my theory) became the prime example of this new business model.

No single person has the nancial muscle to rent a ship, kit it for slave capture, hire men with guns, prepare food for them and 100s of poor souls, come to West Africa (mostly Ghana) and wait for months for the ‘cargo’ to arrive from inland, then sail all the way to the new world, sell, and return to England with the money to be divided (dividend)

among the ‘owners’ according to how much each of them invested (shares) in the venture.

So they would come together, pool resources, record what each brought to the table, set down the rules of the trade, acquire a royal charter, and then o the ship sails to Ghana!

But these were single ventures that tended to wind up after each trip. Nevertheless, this concept of doing business through an ephemeral entity of joint resources that was considered a person, spread through Europe.

What it meant was that until pro ts are divided between the venturers either at the end of the venture or after an agreed period, the money of the business was and remained the money of the business. No one could dip his ngers into it at the end of the day to send his Secretary to buy him kenkey for dinner.

And all that you got was your portion of pro ts, and even that, after some of it has been ploughed back into the business so that the venturers didn’t always have to reinvest, but the entity would continue to feed them.

They distinguished between what was SEED and what was FEED!

This business model didn’t really ride on trust or friendship, but a brutal enforcement of the agreed body of rules. It required written agreements at the start, which determined

who brought what (share holders), and who runs what (directors), and how the busi ness is run, altogether be coming known as the memo randum and articles of incor poration.

Those rules were rigidly ap plied and taking money that hadn’t been ‘divided’ to you wasn’t just a breach of your duciary duties: it was treat ed as theft and you could go to jail for it!

That’s how the business enti ties survived even the lives of the principals, whose names literally took a back seat for the business to develop its own goodwill, grow, make wealth beyond their wildest dreams and pay taxes beyond the highest expectations of the countries.

When the principals died, the successors didn’t invade the entity’s o ce and distribute its assets as if the assets were part of the deceased’s estate. All the successors got, was the principal’s share of the business. The business re mained.

Ghana? No so. Often the com panies are formed only be cause the banks require it before you can open an ac count or obtain credit in the name of the business.

We mix corporate property and private property, with no distinctions between them. We run them like personal efdoms and chop all the money while at it. The son of the MD drives the company’s vehicle, at the cost of the company, when he’s not an employee.

The local business construct therefore lives on permanent life support, and dies with the

Let’s train more specialized nurses to boost healthcare delivery –G-DNA Prez

The (AtMI) globally

By Eugene Davis

The President of the Ghanaian-Diaspora Nurses Alliance (G-DNA), Prof. Yvonne Commodore Mensah has called for the training of specialized nurses in order to boost healthcare needs of the citizens and also advance the profession in the country.

Available data shows the nurse-patient ratio currently in Ghana is 1:18, which means that at any point in time, one nurse is attending to approximately 18 patients.

This statistic presents the need for the training of more nurses especially in diverse elds, it is to this end that the Ghanaian-Diaspora Nurses Alliance(G-DNA), a non-pro t organization looking to advance the course of nursing in the country has been launched.

Speaking to journalists at the launch of G-DNA at the University of Ghana, Legon in Accra last Friday, Prof. Commodore Mensah said “we hope to connect all Ghanaian nurses wherever they are -nurses who have Ghana in their DNA to come back home to advance nursing

progress in training more nurses but the progress that we have made in training basic nurses has not translated in progress in training specialty nurses, so we need nurses who are trained in diverse specialty areas such as cardiology, diabetes, infectious diseases, cancer and we need this specialized training to meet the healthcare needs of Ghanaians, so we know that a lot of chronic conditions are now more common such as hypertension, kidney disease, diabetes so we need to make sure that the nurses that

quate level of specialization and training to be able to care for these patients.”

Opportunities

Further she indicated that the initiative has some prospects for nursing in the country, she said “At this stage we are at the process of listening and learning and understanding the unique challenges nurses in Ghana face and that is why we have breakout groups as part of the launch today -to hear from the nurses and we will take this information and analyse some of the feedback we have received to use this infor-

mation to design programmes, webinars, conferences, seminars and some of those things will be o ered in person, virtual so if there are nurses in the diaspora who have training in di erent areas they can still contribute to this mission and help to teach their fellow Ghanaian nurses in these di erent areas as well.”

Bee ng up professional nurses

The Director General of Ghana Health Service, Dr. Patrick Kuma Aboagye conceded that there was the need to beef up the number of professional nurses in the country.

-

“Nurses leaving the country to Europe and other parts of the world, they are taking mainly the professional nurses and so there is the need for us to beef up the number of professional nurses, so what we are doing is rst to ensure that we expand the study leave for the auxiliary nurses so that in the next two to three years they can become professional nurses and also beef up the quality of nursing and healthcare in the country.

We have also established a system where we are looking around to do an assessment to see the real impact -what has been the real numbers that have left, we are

also ensuring that for those who have gone to study and have cer ti cates and are professional nurses, we assess and upgrade them, so we can balance of the proportion of auxiliary – profes sional nurses; because we need more professional nurses to ensure that services are done well.”

Prof. Lydia Aziato, Vice Chancel lor of the University of Health and Allied Sciences who was the keynote speaker at the event stated that there are limited op portunities for specialized training, funding for education and other capacity-building opportunities for nurses and midwives in Ghana, which compound their service delivery.

three include GSK, Johnson and AstraZeneca

“Although we have made signicant strides in increasing the number of schools of nursing and midwifery both in public and private institutions in the last decade, more work is still needed especially in the area of specialization.”

The 2022 Access Index has ranked pharmaceutical ally. GSK, Johnson AstraZeneca took positions in the

The G-DNA is global intervention to advance healthcare delivery by encouraging Ghanaian nurses abroad to contribute to advance nursing and midwifery education and practice in Ghana.

AstraZeneca’s in the 2022 Access Index (AtMI) re ny’s leading work global health systems, increase equitable patient access to

-Top

-The report shows pharmaceuticals address access

Energy 2022 Access to Medicine Index

(AtMI) ranks top pharmaceuticals globally

A year of opportunity for Africa

pharmaceuticals

treatments.

Johnson & Johnson shows that more are moving to medicines

By Landry Signé

Access to Medicine ranked the top 20 companies glob& Johnson and the top three list.

three position Access to Medicine ects the compato strengthen systems, as well as and a ordable life-changing

The past year has been challenging for Africa. After a hopeful 2021, during which the continent-wide GDP increased by nearly 7% and every region experienced real growth, the economy slowed in 2022 amid rising in ation, monetary tightening, and geopolitical tensions. But it was also a year when African countries were nally able to make their voices heard on the global stage. At the start of another critical year, with the continent’s GDP projected to increase at a relatively modest pace of 4.1%, governments can take several steps to boost economic activity and ensure a sustainable future.

mented AfCFTA, Africa’s combined consumer and business spending is expected to reach $6.7 trillion by 2030 and $16.12 trillion by 2050, transforming value chains and potentially reducing poverty across the continent.

Pascal Soriot, Chief Executive O cer, AstraZeneca, said: "We believe it’s vital everyone has access to a ordable, sustainable, and innovative healthcare, particularly in low- and middle-income countries. This ranking re ects AstraZeneca’s strategic focus on improving access to medicines and to the crucial work with our partners to strengthen health system resilience.”

For starters, policymakers must foster trade and invest

Eight countries – Cameroon, Egypt, Ghana, Kenya, Mauritius, Rwanda, Tanzania, and Tunisia – began trading under AfCFTA’s Guided Trade Initiative last year. To build on this momentum in 2023, policymakers must accelerate the implementation of the agreement’s next phases, improve intra-African coordination, and call attention to early successes. Moreover, eliminating non-tari barriers by introducing reporting and monitoring mechanisms would reduce business costs and encourage countries to increase imports.

AtMI is an independent ranking of 20 of the world’s largest pharmaceutical companies and evaluates their impact on improving access to medicine in low- and mid-

Policymakers should also rely more on Fourth Industrial Revolution (4IR) technologies like

arti cial intelligence and cloud computing to create new value chains and strengthen economic resilience. To realize the transformative potential of these tools, political leaders must honor the infrastructure commitments they made at the African Union’s 2022 summit on industrialization and economic diversi cation. Policymakers should also consider investing in strategically important industries, such as pharmaceuticals, agriculture and agro-processing, the automotive sector, and logistics. Sub-Saharan governments must also invest in education, particularly in STEM (science, technology, engineering, mathematics) and digital skills, and seek partnerships with private-sector actors to expand access to information and communication services and mobile phones.

dle-income countries (LMICs). It focuses on three technical areas: Governance of Access; Research and Development (R&D); and Product Delivery. AstraZeneca moved up from 7th to 3rd position after performing well across all three technical areas.

importantly on its ability to redene its global status, governments must build on recent diplomatic breakthroughs. In the past few years, African governments have assumed a more prominent international role, presenting a united front in multilateral climate negotiations. US President Joe Biden has called for the AU to become a permanent member of the G20, which would help solidify the AU’s position as the world’s top agriculture negotiating group. Agreeing on a shared agenda would enable African leaders to secure funding for sustainability-related projects and hold the United States, China, and the European Union to their Given the impact of the COVID-19 pandemic, rising in ation, and climate change on income and wealth disparities across Africa, concerted action is becoming all the more important. Without it, the United Nations estimates that at least 492 million Africans will be pushed into extreme poverty by 2030, and at least 350 million will remain extremely poor in 2050. Moreover, despite recent progress toward gender equality in educational opportunities and political representation, African women are still more likely to live below the international poverty line, experience severe food insecurity, and leave the labor force to perform care work.

Such capacity building will, however, require African governments to address institutional decay. As Freedom House’s annual Freedom in the World report shows, 2022 was the 16th consecutive year of global democratic decline, and Africa is no exception. If allowed to persist, political instability, corruption, and lack of accountability can undermine even perfect policies. By working with partners and using evidence-based methodologies to monitor projects, assist in implementation, and guide decision-making, African countries could bridge the gap between policy goals and outcomes.

fers, was also highlighted as key to ensuring continuous supply of medicines in LMICs. Further more, the AtMI recognised AstraZeneca’s local capacity building initiatives and use of inclusive business models aimed at meeting the access needs of populations at the base of the income pyramid.

At the same time, because Africa’s economic future hinges

AstraZeneca was recognised by AtMI as the industry leader in Product Delivery, noting its application of tailored access strategies for di erent countries re ecting their income classi cations across all product categories. The Company’s approach to patent transparency and sharing of intellectual property assets, using technology trans-

To achieve the UN Sustainable Development Goals, African countries must focus on providing quality education, health care, and job-creation programs that leave no one behind, particularly women and young people. African development agencies like the AU’s Development Agency must be given the resources and authority they need to ful ll their mission.

AstraZeneca also performed well in the Governance of Access category re ecting robust compliance controls, and also in R&D for its access plans for projects in Phase 2 or of clinical development. Ongo ing company initiatives to support access to COVID-19 vaccines via manufacturing, procurement, and distribution agreements in the light of the pandemic were also recognised.

Lastly, ensuring a fair and sustainable green transition remains the most pressing issue facing Africa, the most climate-vulnerable continent. While African countries would need $2.8 trillion by 2030 to meet the emissions targets set by the 2015 Paris agreement, Africa’s annual inows of climate nance currently amount to only $30 billion. But governments can and must build on the momentum generated by the UN Climate Change Conference (COP27) in Egypt, which resulted in a groundbreaking decision to create a “loss and damage” fund to help developing countries mitigate the worst effects of climate change. Policymakers could mobilize such resources to invest in adaptation efforts and renewable energy.

African leaders must use this moment to accelerate the continent’s shift to a carbon-neutral economy. In what is sure to be a pivotal year for climate-change action, Africa can and must make signi cant progress toward a more equitable, sustainable, and resilient future.

Read more about the delivery of AstraZeneca’s Access to health care commitments in the 2021 Sustainability Report and Sustainability Data Summary.

Ms. Eunice Golloh, the President and Founder of Impact Wave Initiative, a women community driven non-pro t organization, has charged women to continue upgrading themselves in order to equip themselves to challenge the status quo and make a meaningful contribution to national development.

She made the call when her organization hosted its maiden “Impact Conference 2022” on Thursday 22nd December 2022 at the Holiday Hotel in Accra. It was a deep conservation about women empowering one another, looking out for each other and building synergies amongst themselves for growth.

In her welcome address, she said, “knowledge is an important currency today and there are several ways of acquiring knowledge now. With convenient online options to enhance skills and earn new certi cations, it is important for women to make sure that they remain ahead of the curve. This is one of the ways to ensure that people come to you for your expert knowledge and remain relevant”, she emphasized.

She further admonished women not to wait around, rather be more proactive and assertive.

“It is a well-known fact that women underestimate themselves all the time. On the other hand, men grab opportunities even if they feel they are not

It’s time we make systemati c effort towards self-sufficiency

—President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has underscored the need for Ghana to make a systematic and conscious e ort towards self-su ciency.

According to him, developing Ghana’s self-su ciency and its food security was one major challenge.

However, he bemoaned the fact that a lot of money was spent on importing, especially foodstu s, into the country.

“We spend a lot of our money importing foodstu s into Ghana, and it has been going on for too long. And I think now is the time that we are going to have to make this systematic e ort to be self-su cient and depend on ourselves for things that we eat,” he said.

President Akufo-Addo made the statement when he received a delegation of investors from Thailand, led by the Executive Chairman of the Jospong Group of Companies (JGC), Dr. Joseph Siaw Agyepong, and the Honorary Consul of Ghana in Thailand, Dr. Sicha Singsomboon, on Friday, December 30, 2022, at the Jubilee House, the seat of government.

The delegation, who comprised some twenty (20) investors, were in Ghana to cement a Ghana-Thailand Rice Project being spearheaded by the JGC, and to also explore other possibilities of investing in Ghana’s

agriculture sector.

The President expressed excitement at the partnership and collaboration between Ghana and Thailand in the rice sector.

“Countries like yours [Thailand] and others have done it. And if you have done it, others can also follow and emulate your example. And I am excited by the idea of getting into bed with people who are known to have succeeded,” he expressed.

In learning from Thailand, President Akufo-Addo was upbeat that Ghana will be moving towards a system of agricultural inputs that will reduce its dependence on agricultural chemicals imported from countries such as Russia and Ukraine.

“…and now we are going to be dealing with organic fertilisers, which is better for our soil, better for our pockets and generally as environmentally friendly and conducive than what we have been using up till today,” he noted.

“And if we are able to develop that here in Ghana, it will mean that we would not have to worry ourselves importing inorganic fertilisers from Ukraine and Russia so too much and be dependent on others,” he said.

He, therefore, tasked the Thai investors to endeavour to have some concrete understandings and arrangements with the various stakeholders in Ghana’s rice sector and agriculture industry in general.

ready and this makes a huge difference”, she added.

The successful event, which attracted hundreds of young women from across the nation’s capital and beyond, provided a platform for women to share their real life experiences and discuss solutions to challenges women are confronted with.

The distinguished panellists and speakers at the event included Ms. Ablah Dzifa Gomashie, former Deputy Minister of Tourism of the Republic of Ghana, Ms. Abigail Nikoi, a Business Development Professional and Marketer, Ms. Pearl Laryea, a Pastor and Entrepreneur and Ms. Cordelia Ama Selormey, a Media & Communications Con-

sultant.

Impact Wave Initiative Founder urges women to upgrade themselves to challenge status quo

cated to assisting young women build themselves to their best potential through mentorship, workshops, and physical development. Its vision is to change the concept and mindset of today’s women to change the narrative.

Impact Wave Initiative is dedi-

He explained that this would bring forth a roadmap on how the two countries will grow and develop this relationship.

“But it is something that will be extremely bene cial to our country. We want to be able to work very closely with you to achieve our common goals. You have your new market to develop, and we also have our development that makes sense for our future. So let’s hold hands and do something pro table for you and for us,” President

Earlier, the delegation paid courtesy visits to the Ministers of Finance, Ken Ofori-Atta; Foreign A airs and Regional Integration, Ms. Shirley Ayorkor Botchwey; Food and Agriculture, Dr. Owusu Akoto Afriyie, and; Trade and Industry, Alan Kwadwo Kyerematen.

All the four ministers assured the investors from Thailand of government’s support to ensure that the Ghana-Thailand rice project becomes successful.

Early in 2022, the JGC com menced its integrated rice farm ing project. And in showing the seriousness JGC attached to the project, a team led by Dr. Siaw Agyepong visited Thailand to understudy the Thai rice sector in order to replicate their expe riences and strategy in Ghana.

The object of JGC was to partner with major rice industry players in Thailand to provide technical and equipment support for the entire rice value chain in Ghana with the aim of boosting rice production in Ghana.

Ms. Selina Bentoom, the Executive Director for African Foundation for Premature Babies & Neonatal Care (AFPNC), excellently moderated the event.

An insurrection foretold

By Robert Muggah

The storming of Brazil’s democratic institutions this weekend was no spontaneous “accident.” Conspiratorial plots and appeals for a military coup have been circulating on far-right social media for months, and they predictably intensi ed after Luiz Inácio Lula da Silva defeated Jair Bolsonaro in the presidential election last October. They sky-rocketed in the days before this weekend’s protests rocked Latin America’s largest country.

Most of the militants who targeted the National Congress, the Supreme Court, and the Presidential Palace simultaneously were menacing amateurs. Like most of the insurrectionists who stormed the US Capitol two years ago, they used the occasion to trash ofces and take sel es (including with several police o cers who seemed loath to intervene). But make no mistake: this violent assault constitutes the most signi cant threat to Latin America’s largest democracy since the 1964 coup that ushered in two decades of military dictatorship.

Far-right protesters’ belief that the 2022 election was somehow “stolen” from Bolsonaro is not surprising. For years, Bolsonaro, his sons, and a clutch of advisers, in uencers, and political operatives known as the “hate cabinet” have spoon-fed their supporters a steady diet of disinformation and misinformation.

The goal was always to undermine the foundations of democracy itself. During Bolsonaro’s four years in o ce, he

and his allies challenged the integrity of the electoral process and peddled spurious claims of rigged elections and malfunctioning electronic voting machines. Bolsonaro then lit the fuse for the attack and ed the scene of the crime. Rather than participating in Lula’s inauguration – in keeping with the country’s democratic tradition – he decamped to a rented house in Orlando, Florida. He has denied any involvement in his supporters’ behavior.

The parallels between Brazil’s violent protests and the January 6, 2021, insurrection in the United States are also not an accident. Bolsonaro is a fervent admirer of former US President Donald Trump, and he has been advised by former Trump aides such as Steve Bannon and Jason Miller, including in the weeks following his election loss. After meeting with Trump and his aides in November, Bolsonaro’s son, Eduardo, circulated a video of Bannon spewing conspiracy theories about Lula’s supposed use of voting machines to steal the election.

Following the January 6 insurrection in the US, Eduardo Bolsonaro claimed that, had the protesters been more or-

repower to assure nobody (among the rioters) would die, kill all the cops inside – or the congressmen they hate so much.” Bannon has since enlisted Eduardo Bolsonaro to serve as the South American emissary for his own global populist campaign, The Movement.

Like Trump in 2020, Bolsonaro refused to concede the election. Instead, he and his sons vigorously contested the validity of the process, tried to overturn the results in the courts, challenged the legitimacy of the incoming president, and urged their supporters to take to the streets.

Some of Bolsonaro’s most devout followers heeded the call, setting up physical encampments in the capital, Brasília, organizing protests, encouraging truckers to set up blockades, and spreading social-media messages advocating a military intervention to prevent Lula from assuming power – an endgame the Bolsonaro family regularly hinted at in the past. When the expected coup failed to materialize, Bolsonaro’s most devout supporters took matters into their own hands.

The insurrection was swiftly

shut down after Lula decreed a federal emergency. Over 1,000 rioters have been arrested. Yet, as in the US after January 6, millions of Brazilians were stunned to see their capital so easily overrun. The country’s top government bodies were breached in minutes, and while there is plenty of blame to go around, most of the attention has focused on the capital district’s governor, his head of public security, and complicit state police. Within hours, the Attorney General’s o ce called for the arrest of Brasília’s public security secretary (who was previously Bolsonaro’s justice minister), and the Supreme Court removed the governor of Brasília for 90 days, pending a full investigation. Lula, his minister of public security and justice, and the Supreme Court have vowed to prosecute all those involved.

The restoration of order does not mean that Brazilian democracy is safe. While the insurrection may unify parts of society against the radical fringe, social-media activity already suggests that polarization could deepen in an already bitterly divided country. Many militant demonstrators and right-wing sympathizers will feel emboldened by their assault. Some of those who were carted

away to jail will be held up as martyrs and heroic defenders of liberty and freedom. By labeling them “terrorists” and “fascists,” the government and the mainstream media risk alienating millions of Bolsonaro’s more moderate supporters.

Democracy can never be taken for granted. The same buildings, which house the so-called “tres poderes” (three powers), that were ransacked this weekend were the sites of a jubilant inauguration event just a few days earlier. Democracies start unravelling when large segments of the population lose faith in institutions and mistrust elected authorities and public servants. And as we have seen in Brazil and many other democracies around the world, social media tend to accelerate this process, especially when it is fueled by elected leaders who are themselves hostile to democracy, as was the case with both Trump and Bolsonaro. Bolsonaro left o ce facing over 152 impeachment requests, many of them for abuse of elected o ce.

The Lula administration now faces a massive challenge. Investigating the violent protests and restoring faith in democratic institutions will dominate the domestic agenda, diverting attention from e orts to address urgent social, economic, and environmental issues. Just under half of Brazil’s voters still either support Bolsonaro or view Lula and his Workers’ Party with lingering suspicion over the corruption scandals of his previous presidency in 2003-10. While this weekend’s scenes of vandalism may repulse most Brazilians, mishandling the fallout could deepen anti-democratic sentiments. As in the US, rounding up and jailing the insurrectionists is the easy part. Healing the divisions that motivated them will be

MobileMoney Limited (MTN MoMo) has rewarded its top performing Agents, Merchants, and Mobile Agents at the 2022 MTN MoMo Awards.

Over one thousand awards were given out during the Awards ceremonies held in Takoradi, Kumasi and Accra for vendors in the South-West, Northern Ghana, and South-East Business Districts of Mobile Money Limited.

Big Joe Ventures, located at Kasoa, Kingdom Books and Stationery (KNUST Branch) and My Kids Pride Links Limited, Tema emerged the overall winners for the various Business Districts, each taking home a prize of GHC 50,000 e- cash, a Motorbike, and a certi cate of honor as well as other prizes.

Other top-performing Agents, Merchants and Mobile Agents were rewarded with motorbikes, smart TVs, laptops, CCTV Camera's, E cash, certi cates among others. The winners were rewarded for their dedication and commitment to providing millions of Ghanaians with mobile nancial services nationwide. They were selected based on the value and volume of transactions done in the year under review, the number of new subscriptions and a zero record of fraud.

Speaking at the various events, Ag. CEO of MobileMoney Limited, Shaibu Haruna, thanked various stakeholders for their immense contributions to the growth of the MoMo service. He attributed the growth of the service over the years to the relent-

less e orts of several stakeholders especially MoMo Agents, Merchants, and other valued partners.

He added that despite the challenges the service faced in 2022, the future of Mobile Money looks more promising with the emerging opportunities in digital payments and building a cash-lite economy. He also called on all stakeholders to help combat fraud.

“The next phase of our business will be more exciting as we work to roll out several innovations and initiatives in line with our Ambition 2025 strategy of leading digital solutions for Africa’s progress, driving socio-economic growth and creating more value for our valued partners and stakeholders,” he said.

Currently, MTN MoMo has over 276,000 agent points across the length and breadth of Ghana and over 240,000 merchant points and over 12 million active users. MTN MoMo Awards seeks to

celebrate and recognize the efforts of agents, merchants and mobile money agents who have contributed immensely to the growth of the service across the country.

Towards single African currency

By Benjamin Kwame Amankwa

The recent global economic challenges attributed to the COVID-19 pandemic and disruptions in supply and procurement as a result of the Russian-Ukraine war and the accompanying geopolitical issues have rekindled the debate on the economic integration of African countries. Notwithstanding the global effects of the con ict such as challenges in grain and fertiliser shipments, African countries with their fragile economies seem to be hard hit. According to the African Union Commissioner for Agriculture, Ms Josefa Sacko, Russia and Ukraine are major players in the export of wheat and sunower to Africa.

ow of development nance on the continent.

Surge

The surge in oil and gas prices is another challenge. The uctuations in global oil and gas prices have led to an astronomical increase in transport fares leading to a high cost of living, increased in ation, and instability of most African currencies. According to the 2022 African Economic Outlook report released by the African Development Bank, Africa’s Gross Domestic Product (GDP) is a ected by the lingering e ects of the COVID-19 pandemic, and Russia’s invasion of Ukraine.

In West Africa, Ghana is struggling under the weight of weak economic policies, mismanagement and huge debt. For the citizens of Ghana, the uncertainties of the new year in terms of the

and Catherine Pattillo, two main reasons account for the African monetary union. The rst reason is the Euro’s successful launch, which they claim has stimulated the regional quest for common currencies.

Secondly, they stated the desire of African countries to counteract the perceived economic and political weakness. While these may be the remote perceptions of most people, the demand for a monetary union, a single currency and even African integration cannot merely be because of these reasons.

The need for African countries to restructure their economies and insulate them against external shocks, and the need to have a relatively

unanimous agreement on its relevance and need, little to nothing has been achieved. Experts attribute the failure to severe scal problems, the lack of credibility of African central banks and nancial institutions, and the quest to link monetary unions to regional integration. The major challenge, however, has been the lack of political will on the part of African governments. In the year 2003, fty-three member states of the African Union renewed the call for a single African currency.

The plan was to create monetary unions in some existing regional communities, which will serve as an intermediary toward creating a single African central bank and curren-

within existing sub-regional com munities like the eco for West Africa has not seen the light of day.

Concerted e ort

The need for a common African currency cannot be overempha sised. It however requires a con certed e ort, commitment and decisive action by African gov ernments to achieve. African countries cannot continue blam ing external shocks for their eco nomic challenges. The global future is not dependent on aid from the West, as most African countries have relied on that for years. The forward match for Africa requires a joint commit ment toward creating a monetary union of Africa even if not an im mediate political integration.

The Writer is a Marketing & Com munication consultant

E-mail:benonymullray@g

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By H.E. LU Kun, Chinese Ambassador to Ghana

Put People and Life First

Over the past three years, the COVID-19 pandemic has wreaked havoc around the globe and posed enormous challenges to all countries including China. The Communist Party of China and the Chinese government, putting the people and their lives rst, have made every e ort to protect the lives, safety and health of the Chinese people. Though China accounts for 18.32% of the world's population, its total COVID-19 deaths are equivalent to 0.08% as of the worldwide. Over the past three years, China has e ectively responded to ve global COVID waves and avoided widespread infections with the original strain and the Delta variant. The life expectancy in China has increased steadily, with the average lifespan rising from 77.93 years in 2020 to 78.2 years in 2021. China was the only major economy to achieve positive growth in 2020. Its total economic output exceeded 17 trillion US Dollars in 2021 and accounted for 18.5% of the world economy.

Since the COVID-19 outbreak, China, upholding the vision of building a community with a shared future for mankind,

has made signi cant contribution to protect global public health. China shared the genome sequence of the virus at the earliest opportunity, making important contribution to the drug and vaccine research and development in countries around the world. We shared pandemic control and treatment information with over 180 countries and more than 10 international and regional organizations, dispatched 38 medical expert teams to 34 countries and has provided hundreds of billions of pandemic control supplies to 153 countries and 15 international organizations and provided over 2.2 billion doses of COVID-19 vaccines to over 120 countries and international organizations. The UN Secretary-General Antonio Guterres expressed thanks to China for its important contributions to the international cooperation in ghting the COVID-19 pandemic, especially in achieving a fair distribution of COVID-19 vaccines in developing countries.

Adjusting and Optimizing COVID-19 Policies

In the light of the marked decline of the pathogenicity and virulence in Omicron and the steady rise of China’s capacity for medical treatment, pathogen detection and vaccination, China has re ned its COVID-19 response

measures, shifting focus from stemming infection to protecting health and preventing severe cases. According to the recently released Notice on Provisional Measures on Cross-border Travel, starting from January 8, 2023, inbound travelers will no longer conduct nucleic acid testing on arrival, outbound travel of Chinese citizens will resume in an orderly manner. The purpose is to better coordinate COVID-19 response with economic and social development, and ensure the normalcy of people’s life and work. All countries go through a period of adaptation when shifting gear in their COVID-19 policies and China is no exception. China’s COVID-19 policy adjustment is science-based, timely and necessary. The ght against COVID-19 in the past three years has laid the foundation and created necessary conditions for the latest round of policy adjustment. Relevant Chinese authorities have shared the genome data of the virus from COVID cases in China via the Global Initiative on Sharing Avian In uenza Data (GISAID). China will continue to closely monitor the mutation of the virus, release epidemic information in a timely, open and transparent manner in accordance with the law, and work with the international community to meet the challenges of the epidemic. The overall COVID-19

situation in China is within expectation and under control. We are con dent that we will have an accelerated return of normal economic and social life and secure a complete and nal victory against COVID-19. Reinvigorate the World Economy China’s latest policy adjustment will create new conditions for stronger international exchanges and cooperation. As the economic recovery gathers steam after China continues to re ne COVID-19 policies, China's adjustment of its strategy has been well-received and supported by the international society. Foreign rms hold optimistic expectations for their performance in the Chinese market in the coming year. The WHO is pleased to see China loosening some of its COVID-19 restrictions. Foreign business communities in China, including the European Union Chamber of Commerce in China, are optimistic about China's recovery as they see the ability to revive from hurdles is rooted in the nation's culture. A senior executive of Henkel stated that the continuous optimization of pandemic control measures in China speaks to China's commitments to safeguard economic and social development amid the pandemic. A representative from the China-Britain Business Council said China's decision to ease border restrictions is extremely welcomed. Tourist destinations across the world

can't wait to welcome Chinese tourists as cross-border travel searches soar in China. According to J.P. Morgan Asset Management's forecast, China's GDP growth may rebound to over 5 percent in 2023.

China and Ghana Fighting the COVID Together

China attaches great importance to medical and health cooperation with Ghana, and has sent eleven medical expert teams to Ghana, making great contributions in helping Ghana ght against malaria, AIDS, cholera and typhoid. After the COVID -19 outbreak, China sent a charted ight to deliver medical supplies to Africa via Ghana. The adjustment of China’s COVID response measures provides new opportunities for closer economic and cultural exchanges between the two countries . We will continue to pull together with Ghana in the trying times, and deepen cooperation with Ghana in the eld of medical and health. We are con dent that economic, trade and people-to-people exchanges and cooperation will become even closer and robust in the coming days. The global pandemic is not yet over. China stands ready to make concerted e orts with the rest of the world to ght the pandemic together and protect the health and safety of the people, promote world peace and development, and advance the building of a community with a shared future for mankind.